MIRA INFORM REPORT

Report Date :

10.11.2011

IDENTIFICATION DETAILS

Name :	SAN AUTOMOTIVE INDUSTRIES PRIVATE LIMITED
Registered Office :	Plot No. 429, Badkhal Pali Road, Village Bhakhari, Faridabad-121001, Haryana
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.09.2004
Com. Reg. No.:	05-035483
Capital Investment / Paid-up Capital :	Rs.10.351 Millions
CIN No.: [Company Identification No.]	U34300HR2004PTC035483
TAN No.: [Tax Deduction & Collection Account No.]	RTKS08625B
PAN No.: [Permanent Account No.]	AAICS3805N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of wide range of Automobile Component.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 292088
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office / Factory:	Plot No. 429, Badkhal Pali Road, Village Bhakhari, Faridabad-121001, Haryana, India
Tel. No.:	91-129-2484622/623/2482617
Fax No.:	91-129-2482617
E-Mail :	dinesh@sanautomotive.com info@sanautomotive.com mohit@sanautomotive.com
Factory 2 :	Indra Complex, Tigoun Road, Nehar Par, Old Faridabad, Haryana, India
E-Mail :	prasun@san-automotive.com

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Avinash Chander Gumber
Designation :	Director
Address :	205, Sector 16A, Faridabad-121002, Haryana, India
Date of Appointment :	17.09.2004
DIN No.:	00715414

OTHER DIRECTORSHIP

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U35999HR1998PTC033887	Jayem Auto Industries Private Limited	Director	10/03/1998	10/03/1998	30/05/2009	Active	NO
2	U34300HR2004PTC035483	San Automotive Industries Private Limited	Director	17/09/2004	17/09/2004	-	Active	NO

Name :	Nancy Gumber
Designation :	Director
Address :	205, Sector 16A, Faridabad-121002, Haryana, India
Date of Appointment :	17.09.2004
DIN No.:	00715487

OTHER DIRECTORSHIP

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U34300HR2004PTC035483	San Automotive Industries Private Limited	Director	17/09/2004	17/09/2004	-	Active	NO

Name :	Mr. Dinesh Gumber
Designation :	Director
Address :	205, Sector 16A, Faridabad-121002, Haryana, India
Date of Appointment :	17.11.2004
DIN No.:	00715597

OTHER DIRECTORSHIP

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U34300HR2004PTC035483	San Automotive Industries Private Limited	Director	17/11/2004	17/11/2004	-	Active	NO
2	U34300DL2005PTC137977	San Metal Components Private Limited	Director	24/06/2005	24/06/2005	-	Active	NO
3	U25190HR2007PTC037503	Crystal Foam Private Limited	Director	28/12/2007	28/12/2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Avinash Chander Gumber	393000
Nancy Gumber	565240
Arun Kumar Kashyap	10650
Nem Chand Garg	3100
Sunita Arora	7100
Dinesh Gumber	2000
Ambika Katria	4500
Kapil Kataria	12000
Kiran Sharma	2000
Neelam Ahuja	3000
Mohinder Goyal	1500
Rajneesh Kumar Sharma	1000
Shalini Sharma	2000
Uma Ahuja	3000
East West T Exfab Trandlinks Private Limited, India	25000
Total	1035090

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	76.21
Other	23.79
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of wide range of Automobile Component.
Products :	Press Tools Press Parts Deep Drawn Stamping Fabrication Racks/ Trolleys Telecom Shelter Sails Electric Panels

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of Patiala, Main Branch, Mathura Road, Sector 11, Faridabad-121004, Haryana, India
• ICICI Bank
• HDFC Bank
• IDBI Bank
• ABN Amro Bank
• Barclays Bank
• Citi Bank
• Kotak Mahindra Bank Limited
• Punjab National Bank, NIT, Faridabad 121002, Haryana, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Car Loan Swift A/c	0.359	0.513
Car Loan Innova	0.918	0.000
Car Loan Laura New	1.168	0.000
HDFC Bank Mcds Car Loan	1.761	2.707
CHOLAMANDALAM - 11	0.135	0.115
HDFC Fiat Car Loan	0.488	0.000
ICICI Bank Loan (Laura)	0.000	0.272
ICICI Bank Car Loan (Indigo)	0.091	0.239
ICICI Bank Car Loan (Scorpio)	0.153	0.364
IDBI Bank Loan A/C	0.550	2.120
SBP-C/C	39.521	18.375
SBP-MTL	18.438	22.806
SBP-MTL-1.5C	2.204	0.000
SBP-Term Loan	5.908	7.305
Total	71.694	54.816
Unsecured Loan
A.C. Gumber HUF	0.120	0.108
ABN Amro Bank	0.718	1.177
Bajaj Auto Finance	2.223	0.000
Barclays Bank Plc	0.933	2.154
Citi Bank Loan A/C	0.000	0.327
Danson Chemicals Private Limited	2.216	2.185
Kotak Mahindra Bank Limited	3.090	0.987
Laxmi Enterprises	1.108	1.093
Magma Fincorp Limited	2.323	0.000
Religare Finvest Limited	2.675	0.000
Ritu Mittal	0.166	0.182
S.C.B. Loan A/C -2	0.627	1.467
Seasons Furnishing Limited	2.770	2.732
SIDBI	4.670	0.000
Total	23.639	12.412

Banking Relations :	--
Auditors :
Name :	Deepak and Arora Chartered Accountant
Address :	A-13, Nehru Ground, Faridabad-121001, Haryana, India

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1035090	Equity Shares	Rs.10/- each	Rs.10.351 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		10.350	10.351	10.101
2] Share Application Money		23.004	16.354	9.554
3] Reserves & Surplus		39.668	11.683	2.642
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		73.022	38.388	22.297
LOAN FUNDS
1] Secured Loans		79.449	71.694	54.816
2] Unsecured Loans		31.644	23.639	12.412
TOTAL BORROWING		111.093	95.333	67.228
DEFERRED TAX LIABILITIES		4.444	3.688	2.181
TOTAL		188.559	137.409	91.706
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		120.771	81.332	60.070
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	85.253	38.236	9.625
	Sundry Debtors	81.338	104.678	81.765
	Cash & Bank Balances	2.257	11.395	5.626
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	18.169	9.444	5.883
Total Current Assets		187.017	163.753	102.899
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		104.400	69.453
	Other Current Liabilities	117.096	1.793	0.758
	Provisions	2.186	1.555	1.143
Total Current Liabilities		119.282	107.748	71.354
Net Current Assets		67.735	56.005	31.545
MISCELLANEOUS EXPENSES		0.053	0.072	0.091
TOTAL		188.559	137.409	91.706

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	392.314	266.098
		Other Income	NA	1.860
		TOTAL	NA	394.174	266.098
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	382.675	261.816
		Advertising Expenses
		TOTAL	NA	382.675	261.816
	PROFIT BEFORE TAX		NA	11.499	4.282
Less	TAX		NA	1.859	0.000
	PROFIT AFTER TAX		42.015	9.640	4.282
	Earnings Per Share (Rs.)		--	9.31	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	2.45	1.61
Net Profit Margin (PBT/Sales)	(%)	NA	2.93	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	4.69	2.63
Return on Investment (ROI) (PBT/Networth)		NA	0.30	0.19
Debt Equity Ratio (Total Liability/Networth)		3.21	5.29	6.22
Current Ratio (Current Asset/Current Liability)		1.56	1.52	1.44

LOCAL AGENCY FURTHER INFORMATION

Note: The registered office of the company has been shifted from Indra Complex, Tigaon Road, Faridabad-121002, Haryana, India to the present address w.e.f. 01.03.2008

FINANCIAL RESULTS:

The profit and loss account of the company shows a net profit amounting to Rs.42.015 millions.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10094812
Corporate identity number of the company	U34300HR2004PTC035483
Name of the company	SAN AUTOMOTIVE INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 429, Badkhal Pali Road, Village Bhakhari, Faridabad-121001, Haryana, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of Patiala, Main Branch, Mathura Road, Sector 11, Faridabad-121004, Haryana, India
Email	cakkminocha@gmail.com
Nature of description of the instrument creating or modifying the charge	SBP 630 Dt.30/03/2010 Agreement of Loan for Overall Limit Dt.29/03/2010
Date of instrument Creating the charge	29.03.2010
Amount secured by the charge	Rs.71.033 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest @1.00% above BPLR i. e 13.25%(CC), @1.50% above BPLR i. e 13.75%(TL) both on monthly rests subject to change from time to time linked with BPLR. Penal Rate:@2% p. a over and above the Normal Rate. Terms of Repayment Cash Credit : On Demand. MTL : As Per Agreement Margin 25% Extent and Operation of the charge Equitable Mortgage of Immovable Property measuring 12811 Sq. Yards located at vill Bhakri, Badkhal Pali Road, Faridabad with factory building constructed thereon bearing number as under: Title deed no. I Khasra No. 429/2 ( 7-18-0) , 430 ( 0- 4 -0) 8 Bigha 2 Biswa 414/3240 I Bigha 0 Biswa Title deed no. II Khasra No. 429/2 (7-18-0 ) , 7 Bigha 18 Biswa 640/3160 I Bigha 12 Biswa Title deed no. III Khasra No. 429/2 (7-18-0) , 7 Bigha 18 Biswa 640/3160 I Bigha 12 Biswa
Short particulars of the property charged	I) Equitable Mortgage of Immovable Property measuring 12811 Sq. Yards located at vill Bhakri, Badkhal Pali Road, Faridabad with factory building constructed thereon bearing number as under: II) Title deed no. I Khasra No. 429/2 ( 7-18-0) , 430 ( 0- 4 -0) 8 Bigha 2 Biswa 414/3240 I Bigha 0 Biswa III) Title deed no. II Khasra No. 429/2 (7-18-0 ) , 7 Bigha 18 Biswa 640/3160 I Bigha 12 Biswa IV) Title deed no. III Khasra No. 429/2 (7-18-0) , 7 Bigha 18 Biswa 640/3160 I Bigha 12 Biswa
Date of latest modification prior to the present modification	12.06.2009
Particulars of the present modification	Limit of amount secured enhanced from Rs.65.760 Millions to Rs.71.033 Millions. @1.00% above BPLR i. e 13.25%(CC), @1.50% above BPLR i. e 13.75%(TL) both on monthly rests subject to change from time to time linked with BPLR. Penal Rate:@2% p. a over and above the Normal Rate.

FIXED ASSETS:

· Fans and Electricals

· Car

· Tools and Dies

· Air Conditioner

· Fax Machine

· Computer

· Refrigerator

· Land and Building

· Plant and Machinery

· Truck

· Office Equipments

· Cycle and Rickshaw

· Water Cooler

· Generator

· Land

· Furniture

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.78
UK Pound	1	Rs.80.12
Euro	1	Rs.68.82

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.