MIRA INFORM REPORT

Report Date :

12.11.2011

IDENTIFICATION DETAILS

Name :	STUMPP SCHUELE AND SOMAPPA SPRINGS PRIVATE LIMITED (w.e.f 06.12.2007)
Formerly Known As :	Allevard Springs (India) Private Limited
Registered Office :	139/2, Hosur Road, Koramangala, Bangalore – 560 095, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.08.1996
Com. Reg. No.:	038742
Capital Investment / Paid-up Capital :	Rs. 30.100 Millions
CIN No.: [Company Identification No.]	U29299KA1996PTC038742
TAN No.: [Tax Deduction & Collection Account No.]	BLRS28339D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Stabilizer Bars and all Varieties of Springs, all type of Automobile Components, Spare Parts and Accessories etc.
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 1083000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company had done good business in its very first year of operation. Trade Relations are reported as fair. Business is active. Payments are reported to be usually correct. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION DECLINED BY

Management is not co-operative

LOCATIONS

Registered Office :	139/2, Hosur Road, Koramangala, Bangalore – 560 095, Karnataka, India
Tel. No.:	91 80 25532335 (8 lines) / 40707400 / 25532858
Fax No.:	91 80 25530622 / 25532379
E-Mail :	csbmshenoy@rediffmail.com bmaheshshenoy@gmail.com mrramesh@sss-india.com ravi@ssssprings.com (International Sales – Ravi Machani) amarbabu@ssssprings.com (Domestic Sales – Amar Babu)
Website :	http://www.sss-india.com http://www.ssssprings.com
Regional Offices :	Located at : Pune : 91-20-5898956 / 656 Chennai : 91-4426810028 / 0727 Kolkata : 91-33-4222265 Delhi / Gurgaon : Plot No.131, Roz-Ka-Meo Industrial Area, Dist Mewat Sohna Gurgaon – 122103, India Tel. No. : 91 124 2210821/820
Sales Office :	PO Box 275, New Hudson, MI 48165-0275, USA
Tel. No.:	+1 (248) 4123367
Fax No.:	+1 (248) 2645000
E-Mail :	Derek@ssssprings.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Ramanna Gangadhar Machani

Designation :

Director

Address :

M. G. Brothers Automobiles Private Limited, Dargamitta, Nellore, Bangalore- 524003, Karnataka , India

Date of Birth/Age :

18.09.1958

Date of Appointment :

04.06.2009

DIN No.:

00267779

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	U28991AP1973PTC001666	Mg Metallic Springs Private Limited	Director	28-09-87	28-09-87	-	Active	NO
2	U15140AP1981PTC003335	M G Brothers Oil Mills Private Limited	Director	30-06-94	30-06-94	-	Active	NO
3	U34102AP1994PTC017819	M.G.Brothers Automobiles Private Limited	Managing director	30-06-94	30-06-94	-	Active	NO
4	U72900KA1995PTC020932	Indivillage Tech Solutions Private Limited	Director	15-08-96	15-08-96	-	Active	NO
5	U31901KA1960PTC001378	Stumpp,Schuele and Somappa Private Limited	Director	27-09-99	27-09-99	-	Active	NO
6	U05005AP2000PTC034868	M.G.Brothers Industries Private Limited	Director	06-07-00	06-07-00	-	Active	NO
7	U63011AP2003PTC040269	Ragova Developers and Auto Services Private Limited	Director	10-01-03	10-01-03	-	Active	NO
8	U29299KA1996PTC038742	Stumpp Schuele and Somappa Springs Private Limited	Director	04-06-09	04-06-09	-	Active	NO
9	U27109AP2008PTC060681	M. G. M Springs Private Limited	Additional director	01-04-11	01-04-11	-	Active	NO
10	U34103AP2011PTC074781	M.G.Brothers Automotives Private Limited	Director	01-06-11	01-06-11	-	Active	NO
11	U70102AP2011PTC074786	M.G.Brothers Real Estates Private Limited	Director	02-06-11	02-06-11	-	Active	NO

Name :

Mr. Ramesh Ramanna Machani

Designation :

Whole-time Director

Address :

No.456, Kothanur Cross, Arekere Village, I I M Post Bangalore- 560076, India

Date of Birth/Age :

15.03.1946

Date of Appointment :

12.08.1996

DIN No.:

00319941

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	U31901KA1960PTC001378	Stumpp,Schuele and Somappa Private Limited	Whole-time director	06-04-09	17-01-76	-	Active	NO
2	U51431KA1982PTC004953	Merkel Seals India Private Limited	Director	14-09-82	14-09-82	-	Active	NO
3	U34102AP1994PTC017819	M.G. Brothers Automobiles Private Limited	Director	30-06-94	30-06-94	-	Active	NO
4	U28991AP1973PTC001666	Mg Metallic Springs Private Limited	Director	24-03-11	29-09-95	-	Active	NO
5	U72900KA1995PTC020932	Indivillage Tech Solutions Private Limited	Director	05-08-96	05-08-96	-	Active	NO
6	U29299KA1996PTC038742	Stumpp Schuele and Somappa Springs Private Limited	Whole-time director	04-06-09	12-08-96	-	Active	NO
7	U29199KA1996PTC021251	Kern-Liebers (India) Private Limited	Additional director	02-11-96	02-11-96	01-07-07	Amalgamated	NO
8	U15140AP1981PTC003335	M G Brothers Oil Mills Private Limited	Director	11-11-96	11-11-96	-	Active	NO
9	U05005AP2000PTC034868	M.G.Brothers Industries Private Limited	Director	06-07-00	06-07-00	-	Active	NO
10	U74899DL1983PTC014947	Pawar Textiles Private Limited	Director	15-09-01	15-09-01	29-02-08	Active	NO
11	U29199KA2007PTC043306	Stumpp Schuele and Somappa Suspension Systems Private Limited	Managing director	29-06-07	29-06-07	-	Active	YES
12	U35900TN2007PTC064288	Daewon India Auto Parts Private Limited	Director	20-07-07	20-07-07	14-05-11	Active	NO
13	U27109AP2008PTC060681	M. G. M Springs Private Limited	Director	22-08-08	22-08-08	-	Active	NO
14	U29253KA2010PTC052534	Osram Automotive Lamps Private Limited	Additional director	07-04-10	07-04-10	20-01-11	Active	NO
15	U18201KA2010PTC054116	Yashram Lifestyle Brands Private Limited	Director	18-06-10	18-06-10	-	Active	NO
16	U70102KA2010PTC055397	Machani Infra Development Corporation Private Limited	Director	05-10-10	05-10-10	-	Active	NO

Name :

Mr. Satish Ramesh Machani

Designation :

Managing Director

Address :

No.456, Kothanur Cross, Arekere Village, I I M Post Bangalore- 560076, Karnataka, India

Date of Birth/Age :

01.10.1971

Date of Appointment :

04.06.2009

DIN No.:

00320532

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	U28991AP1973PTC001666	Mg Metallic Springs Private Limited	Managing director	24-03-11	20-10-98	-	Active	NO
2	U31901KA1960PTC001378	Stumpp,Schuele and Somappa Private Limited	Managing director	06-04-09	27-09-99	-	Active	NO
3	U74899DL1983PTC014947	Pawar Textiles Private Limited	Director	15-09-01	15-09-01	29-02-08	Active	NO
4	U72900KA1995PTC020932	Indivillage Tech Solutions Private Limited	Director	23-09-04	23-09-04	-	Active	NO
5	U51431KA1982PTC004953	Merkel Seals India Private Limited	Director	22-04-05	22-04-05	-	Active	NO
6	U64202KA2004PTC033986	Sysfore Technologies Private Limited	Director	27-06-05	27-06-05	25-06-07	Active	NO
7	U02919KA2005PTC037505	Kern-Liebers Springs and Stampings Private Limited	Managing director	20-10-05	20-10-05	15-12-07	Active	NO
8	U27109AP2008PTC060681	M. G. M Springs Private Limited	Director	22-08-08	22-08-08	-	Active	NO
9	U29299KA1996PTC038742	Stumpp Schuele and Somappa Springs Private Limited	Managing director	04-06-09	04-06-09	-	Active	NO
10	U29253KA2010PTC052534	Osram Automotive Lamps Private Limited	Director	15-02-10	15-02-10	20-01-11	Active	NO
11	U01403KA2011PTC056991	Css Grower Systems Private Limited	Director	09-02-11	09-02-11	-	Active	NO
12	U29120KA2011PTC057120	Nippon Electronics (Nel) Private Limited	Director	15-02-11	15-02-11	-	Active	NO
13	U70102KA2010PTC055397	Machani Infra Development Corporation Private Limited	Additional director	16-05-11	16-05-11	-	Active	NO

Name :

Mr. Ravi Ramesh Machani

Designation :

Whole-time Director

Address :

No.456, Kothanur Cross, Arekere Village, I I M Post Bangalore- 560076, Karnataka, India

Date of Birth/Age :

08.08.1973

Date of Appointment :

04.06.2009

DIN No.:

00320603

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	U72900KA1995PTC020932	Indivillage Tech Solutions Private Limited	Director	05-08-96	05-08-96	-	Active	NO
2	U31901KA1960PTC001378	Stumpp,Schuele and Somappa Private Limited	Whole-time director	06-04-09	12-07-04	-	Active	NO
3	U28991AP1973PTC001666	Mg Metallic Springs Private Limited	Director	14-07-04	14-07-04	-	Active	NO
4	U51431KA1982PTC004953	Merkel Seals India Private Limited	Director	22-04-05	22-04-05	-	Active	NO
5	U64202KA2004PTC033986	Sysfore Technologies Private Limited	Director	27-06-05	27-06-05	-	Active	NO
6	U34300KA2006PTC039007	LANDP Somappa Comfort Systems (India) Private Limited	Director	17-04-06	17-04-06	-	Active	NO
7	U27109AP2008PTC060681	M. G. M Springs Private Limited	Director	22-08-08	22-08-08	-	Active	NO
8	U29299KA1996PTC038742	Stumpp Schuele and Somappa Springs Private Limited	Whole-time director	04-06-09	04-06-09	-	Active	NO
9	U29253KA2010PTC052534	Osram Automotive Lamps Private Limited	Director	15-02-10	15-02-10	20-01-11	Active	NO
10	U99999DL1959PLC176013	Automotive Component Manufacturers Association of India	Director	27-08-10	27-08-10	-	Active	NO
11	U70102KA2010PTC055397	Machani Infra Development Corporation Private Limited	Managing director	16-05-11	05-10-10	-	Active	NO
12	U29120KA2011PTC057120	Nippon Electronics (Nel) Private Limited	Director	15-02-11	15-02-11	-	Active	NO

Name :

Mr. Narsimhun Chakravarthi . Srinivasan

Designation :

Director

Address :

7C, Sukhi Apartments, 17 Rhenius Street, Richmond Town, Bangalore – 560025, Karnataka, India

Date of Birth/Age :

28.05.1945

Date of Appointment :

12.08.1996

DIN No.:

00471801

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	U29299KA1996PTC038742	Stumpp Schuele and Somappa Springs Private Limited	Director	12-08-96	12-08-96	-	Active	NO
2	U35204KA1996PTC020766	Aditya Auto Products And Engineering (India) Private Limited	Director	30-09-03	30-09-03	-	Active	NO
3	U02919KA2005PTC037505	Kern-Liebers Springs and Stampings Private Limited	Alternate director	01-07-07	20-10-05	31-08-10	Active	NO
4	U74140KA2006PTC040518	MTI Sourcing Private Limited	Director	15-09-06	15-09-06	-	Active	NO
5	U34300KA2006PTC040523	Multitech Industries India Private Limited	Managing director	15-09-06	15-09-06	-	Active	NO
6	U29199KA2007PTC043306	Stumpp Schuele and Somappa Suspension Systems Private Limited	Managing director	29-06-07	29-06-07	-	Active	YES
7	U35900TN2007PTC064288	Daewon India Auto Parts Private Limited	Director	20-07-07	20-07-07	14-05-11	Active	NO
8	U29253KA2010PTC052534	Osram Automotive Lamps Private Limited	Director	15-02-10	15-02-10	20-01-11	Active	NO

Name :

Mr. Machani Ramanna Ganganna

Designation :

Director

Address :

1/1400, HSB Colony, Yemmiganur, 518360, Andhra Pradesh, India

Date of Birth/Age :

03.02.1944

Date of Appointment :

04.06.2009

DIN :

02063513

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	U15140AP1981PTC003335	M G Brothers Oil Mills Private Limited	Managing director	21-12-81	21-12-81	-	Active	NO
2	U28991AP1973PTC001666	Mg Metallic Springs Private Limited	Director	23-09-88	23-09-88	-	Active	NO
3	U34102AP1994PTC017819	M.G.Brothers Automobiles Private Limited	Director	30-06-94	30-06-94	-	Active	NO
4	U72900KA1995PTC020932	Indivillage Tech Solutions Private Limited	Director	05-08-96	05-08-96	-	Active	NO
5	U31901KA1960PTC001378	Stumpp,Schuele and Somappa Private Limited	Director	27-09-99	27-09-99	-	Active	NO
6	U05005AP2000PTC034868	M.G.Brothers Industries Private Limited	Director	06-07-00	06-07-00	-	Active	NO
7	U27109AP2008PTC060681	M. G. M Springs Private Limited	Director	22-08-08	22-08-08	-	Active	NO
8	U29299KA1996PTC038742	Stumpp Schuele and Somappa Springs Private Limited	Director	04-06-09	04-06-09	-	Active	NO

Name :

Mrs. Deepa Anil Kumar

Designation :

Director

Address :

No.456, Kothanur Cross, Arekere Village, I I M Post Bangalore- 560076, Karnataka, India

Date of Birth/Age :

03.03.1976

Date of Appointment :

06.09.2010

DIN :

02741980

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	U31901KA1960PTC001378	Stumpp,Schuele and Somappa Private Limited	Whole-time director	25-05-07	25-05-07	-	Active	NO
2	U18201KA2010PTC054116	Yashram Lifestyle Brands Private Limited	Director	18-06-10	18-06-10	-	Active	NO
3	U29299KA1996PTC038742	Stumpp Schuele and Somappa Springs Private Limited	Director	06-09-10	06-09-10	-	Active	NO
4	U28991AP1973PTC001666	Mg Metallic Springs Private Limited	Additional director	24-03-11	24-03-11	-	Active	NO
5	U72900KA1995PTC020932	Indivillage Tech Solutions Private Limited	Additional director	28-03-11	28-03-11	-	Active	NO
6	U27109AP2008PTC060681	M. G. M Springs Private Limited	Additional director	01-04-11	01-04-11	-	Active	NO
7	U70102KA2010PTC055397	Machani Infra Development Corporation Private Limited	Additional director	16-05-11	16-05-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Stumpp Schuele And Somappa Springs Private Limited, India	3009990
Mr. M R Ramesh	10
Total	3010000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Bodies corporate	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Stabilizer Bars and all Varieties of Springs, all type of Automobile Components, Spare Parts and Accessories etc.

PRODUCTION STATUS

As on 31.03.2010

Particulars	Unit	Installed Capacity	Actual Production
Springs	Tonnes	14000	9967

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of Travancore, Residency Road Branch, Aishwarya Castle, #10, Castle Street, Near Brigade Towers, Ashok Nagar, Bangalore – 560025, Karnataka, India
• State Bank of India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Term loan Primary Security: first paripassu charge on fixed assets of company and stump schuele and somappa private limited (SSSPL)	166.100	0.000
Collateral Security : equitable mortgage of company’s land and building on paripassu II charge a) 10.74 acres land and building bommasandra industrial area, Bangalore in the name of SSSPL b) 60000 Sq.ft. land and building at hosur road, gharvebhavipalya in the name of SSSPl c) Equitable mortgage of SSSPL’s land and building measuring 40.23 acres at thiruvallur, Tamilnadu. d) Paripassu II charge on misc. fixed assets (redual value – nil) e) SBH term loan – in addition to above paripaasu second charge on land and building and plant and machinery situated at hosur road, koramangala. Guarantee : i) personal guarantee of Mr. M.R. Ramesh Corporate guarantee of Stumpp, Schuele and Somappa Private Limited
Working Capital Loan – Cash Credit Primary Security: first paripassu charge on current assets of company	433.661	0.000
Collateral Security : equitable mortgage of company’s land and building on paripassu II charge f) 10.74 acres land and building bommasandra industrial area, Bangalore in the name of SSSPL g) 60000 Sq.ft. land and building at hosur road, gharvebhavipalya in the name of SSSPl h) Equitable mortgage of SSSPL’s land and building measuring 40.23 acres at thiruvallur, Tamilnadu on paripassu II charge basis i) Paripassu II charge on misc. fixed assets (redual value – nil) j) SBH Cash Credit – in addition to above paripaasu second charge on land and building and plant and machinery situated at hosur road, koramangala. Guarantee : i) personal guarantee of Mr. M.R. Ramesh Corporate guarantee of Stumpp, Schuele and Somappa Private Limited
Vehicle Loan (Hypothecation of respective vehicles purchase on hire)	9.013	0.000
Total	608.774	0.000
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Purchase bills Discounted Primary Security: first paripassu charge on current assets of company Collateral Security : i) PDCs of the company for the value of invoice factored under purchase bill discounting ii) paripassu II charge on fixed assets of company iii) paripassu II charge on specific immovable property valued at Rs.1285.000 millions in the name of SSSPL. Guarantee : i) personal guarantee of Mr. M.R. Ramesh Corporate guarantee of Stumpp, Schuele and Somappa Private Limited	168.729	0.000
Total	168.729	0.000

Banking Relations :	--
Auditors :
Name :	Brahmayya and Company Chartered Accountant
Address :	Khivraj Mansion, 10/2, Kasturba Road, Bangalore – 560001, Karnataka, India
PAN.:	AAASB9147R
Holding Company :	Stumpp Schuele And Somappa Private Limited CIN : U31901KA1960PTC001378
Fellow Subsidiary :	Stumpp Schuele And Somappa USA Inc Stumpp Schuele And Somappa GmbH

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
7,500,000	Equity Shares	Rs.10/-each	Rs.75.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,010,000	Equity Shares	Rs.10/-each	Rs.30.100 millions

Notes: All the above shares are held by Stumpp Schuele and Somappa Private Limited (SSSPl), Holding Company and its nominees.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		30.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		240.856	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		270.956	0.100	0.100
LOAN FUNDS
1] Secured Loans		608.774	0.000	0.000
2] Unsecured Loans		168.729	0.000	0.000
TOTAL BORROWING		777.503	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1048.459	0.100	0.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		327.509	0.000	0.000
Capital work-in-progress		15.089	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		5.614	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	294.949	0.000	0.000
	Sundry Debtors	395.647	0.000	0.000
	Cash & Bank Balances	89.507	0.110	0.100
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	250.775	0.000	0.000
Total Current Assets		1030.878	0.110	0.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	223.022	0.579	0.479
	Other Current Liabilities	62.888	0.000	0.000
	Provisions	44.721	0.000	0.000
Total Current Liabilities		330.631	0.579	0.479
Net Current Assets		700.247	(0.469)	(0.379)
MISCELLANEOUS EXPENSES (Preliminary Expenditure to the extent not written off)		0.000	0.569	0.479
TOTAL		1048.459	0.100	0.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	INCOME		1410.792
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		201.831
Less	FINANCIAL EXPENSES		66.297
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		135.534
Less/ Add	DEPRECIATION/ AMORTISATION		54.533
	PROFIT BEFORE TAX		81.001
Less	TAX		18.524
	PROFIT AFTER TAX		62.477
	BALANCE CARRIED TO THE B/S		62.477
	EARNINGS IN FOREIGN CURRENCY
		Export on FOB Basis	21.542
	TOTAL EARNINGS		21.542
	IMPORTS
		Raw Materials	272.876
		Capital Goods	20.357
	TOTAL IMPORTS		293.233
	Earnings Per Share (Rs.)		29.79

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.43	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.96	NA	NA
Return on Investment (ROI) (PBT/Networth)		0.30	NA	NA
Debt Equity Ratio (Total Liability/Networth)		4.09	5.79	4.79
Current Ratio (Current Asset/Current Liability)		3.12	0.19	0.21

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE:

The company has made a turnover of Rs.1410.792 millions and net profit of Rs.81.001 millions for the 8 months ended 31.03.2010. Being the first year of spring’s business under the new company there is no corresponding performance indicated for the previous year.

FUTURE OUTLOOK:

The year 2010-2011, the directors foresee optimism in the economy owning to the stimulus package the government introduced to tide over recessionary conditions last year which as on date continues. The company is expected to grow at around 8.5% during the coming year and the auto industry in particular is expected to grow between 12 to 14%. The company is well poised to meet the challenge.

DESCRIPTION OF BUSINESS:

Subject (originally incorporated on 12.08.1996 as Allevard Springs (India) Private Limited) to carry on the business of manufacturers and supply of Stabilizer bars and all varieties of Springs, all type of automobile components, spare parts and accessories etc.

During the year 2009-10 the company entered into a Business Transfer Agreement with Stumpp, Schuele and Somappa Private Limited, the parent company, to purchase its springs division with effect from 01.08.02009

CONTINGENT LIABILITIES:

(Rs. in million)

Particulars	As on 31.03.2010
Counter Guarantee given by banks and outstanding	11.468
Letter of credits issued by bankers and outstanding	181.643
Capital Commitments Estimated Value of contracts remaining to be executed on capital account not provided for (net of advance)	3.489
Total	196.600

FORM 8:

Corporate identity number of the company	U29299KA1996PTC038742
Name of the company	STUMPP SCHUELE AND SOMAPPA SPRINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	139/2, Hosur Road, Koramangala, Bangalore – 560 095, Bangalore, Karnataka, India Email : csbmshenoy@rediffmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10233602
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	State Bank of India, Industrial Finance Branch, Residency Plaza, Residency Road, Bangalore – 560025, Karnataka, India Email : rjr.cs69@gmail.com
Nature of instrument creating charge	Memorandum of pari passu agreement between the participating banks in the multiple banking arrangements.
Date of instrument Creating the charge	20.06.2011
Amount secured by the charge	Rs. 875.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : As already reported in earlier form 8. Terms of Repayment : As already reported in earlier form 8. Margin : As already reported in earlier form 8. Extent and operation of the charge: Pari Passu first charge on entire stocks, receivables and other current assets of the company. Pari Passu first charge on movable and immovable fixed assets of the company. Pari Passu with State Bank of Hyderabad, State Bank of Travancore and Indusind Bank limited. Others: State Bank of India Rs 8.750 Millions State Bank of Hyderabad Rs. 3.400 Millions State Bank of Travancore Rs. 2.073 Millions Indusind Bank Rs. 1.900 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Pari Passu First charge on entire stock, receivables and other current assets of the company. Pari Passu second charge on movable and immovable fixed assets of the company.
Date of instrument modifying the charge	23.04.2011
Particulars of the present modification	There on change in the existing limit Rs. 8.750 Millions. The securities are shared on Pari Passu first charge entire stocks, receivables and other current assets of the company. Pari passu second charge on movable and immovable fixed assets of the company with State Bank of Hyderabad, State Bank of Travancore and Indusind Bank Limited, All other terms and condition remain unchanged.

FIXED ASSETS:

• Plant and Machinery
• Computers
• Electrical Installations
• Furniture and Fixture
• Vehicles
• Know-how

ASPER WEBSITE

PROFILE:

Subject are a part of the MG Brothers Group, a 60 year old enterprise which has various businesses such as Transportation, Auto Dealerships, Agriculture and Real Estate to name a few.

With a capacity to convert 15,000 tons of steel into springs each year; Stumpp, Schuele and Somappa is the "Number 1" spring maker of high quality springs in India. Established in 1960, Stumpp, Schuele and Somappa were the first spring manufacturing unit in the sub continent.

SSS has the capability of manufacturing 0.15mm wire diameter to 26mm wire diameter, for the automotive and various other industries the world over and with 12 plants manufacturing more than 4,000 varieties of springs, they have in their fold over 600 skilled professionals who are committed to quality and excellence.

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.50.28
UK Pound	1	Rs.80.08
Euro	1	Rs.68.45

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	YES
--AFFILIATION	YES/NO	YES
--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.