MIRA INFORM REPORT

Report Date :

09.09.2011

IDENTIFICATION DETAILS

Name :	SUPER AUTO INDIA LIMITED
Registered Office :	505 Chiranjiv Tower, 43 Nehru Place, New Delhi-110019
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	06.06.1977
Com. Reg. No.:	55-008630
Capital Investment/ Paid-up Capital:	Rs.21.850 Millions
TAN No.: [Tax Deduction & Collection Account No.]	DELS24444A/ DELS21287A
CIN No.: [Company Identification No.]	U27310DL1977PLC008630
PAN No.: [Permanent Account No.]	AAACS4903R
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Pressure Die Casting and Sheet Metal Parts.

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 936000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well 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 :	505 Chiranjiv Tower, 43 Nehru Place, New Delhi-110019, India
E-Mail :	sanjay12497@rediffmail.com
Website :	http://www.superautoindia.com
Corporate Office :	Plot No. 50, Sector-6, Faridabad-121006, Haryana, India
Tel. No.:	91-129-2241320/ 5061137
Fax No.:	91-129-2240484
E-Mail :	contact@superautoindia.com
Sheet Metal Plant 1 :	Plot No. 84, Sector 6, Faridabad-121006, Haryana, India
E-Mail :	sheetmetal@superautoindia.com
Die Casings Plant 2 :	Gat No. 308, Nanekarwadi, Pune, Maharashtra, India
E-Mail :	diecast@superautoindia.com
Plant :	Plot No.13, Sector -6, Faridabad, India

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Sanjay Singhal
Designation :	Managing Director
Address :	House No. 1117, Sector-15, Faridabad-121007, Haryana, India
Date of Birth/Age :	05.07.1969
Date of Appointment :	30.09.1990
DIN No.:	01156413
Name :	Mr. Lalit Aggarwal
Designation :	Director
Address :	C-10, 1^st Floor, South Extension, Part-II, New Delhi-110049, India
Date of Birth/Age :	09.10.1968
Date of Appointment :	31.03.2001
DIN No.:	00418935
Name :	Mr. Rakesh Goel
Designation :	Director
Address :	Flat No. 702, Pecan Building, Merry Gold, Survey No. 15, Kalyani Nagar, Pune-411014, Maharashtra, India
Date of Birth/Age :	02.09.1972
Date of Appointment :	30.05.2008
DIN No.:	01458737
Name :	Mr. Shashi Bhushan Nayyar
Designation :	Director
Address :	House No. 240, Sector-14, Faridabad-121007, Haryana, India
Date of Birth/Age :	08.07.1944
Date of Appointment :	07.06.2007
DIN No.:	01638751
Name :	Mr. Kamlesh Singhal
Designation :	Director
Address :	House No.-117, Sector-15, Faridabad-121007, Haryana, India
Date of Birth/Age :	07.16.1941
Date of Appointment :	07.06.2007
DIN No.:	01639162

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Kamlesh Singhal	62000
Sanjay Singhal	1224700
Anjali Singhal	1600
Seema Singhal	1200
F.C. Singhal HUF	554000
Shrey Singhal	160000
Reechu Singhal	48000
Sanjay Singhal HUF	100000
Rajesh Mahajan	25000
Lalit Aggarwal	5000
S.B. Nayyar	2500
Saneeta Nayyar	500
Shruti Nayyar	500
Total	2185000

Equity Share Breakup (Percentage of Total Equity)

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pressure Die Casting and Sheet Metal Parts.

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Die Casting	M.T.	NA	12200	5996.473
Sheet Metal	M.T.	NA	2200	--
Sheet Metal Components**	Nos.	--	--	1086144
Dies	Nos.	--	--	40

* Includes production on Job work basis 207.173 M.T. (Previous Year 733.901 M.T.) and 37.820 M.T. (P.Y. 30.171M.T.) used as captive consumption for sheet metal.

**Includes NIL Nos. (P.Y.2046 Nos.) on Job Work Basis.

GENERAL INFORMATION

Customers :

· Yamaha Motors India (Private) Limited

· Honda Motor Cycle and Scooter India (Private) Limited

· Bajaj Auto Limited

· Mahindra and Mahindra Limited

· Honda Siel Power Products Limited

· Birla Yamaha Limited

Bankers :

Axis Bank Limited, Plot No. 40, SCO, Sector 7, Ballabhgarh-121006, Haryana, India

Facilities :

SECURED LOAN	AS ON 31.03.2010 (RS. IN MILLIONS)	AS ON 31.03.2009 (RS. IN MILLIONS)
From Bank
a) Term Loan	17.588	41.219
Interest accrued and due	0.000	0.301
b) Cash Credit	114.402	49.381
Interest accrued and due	0.117	0.027
Total	132.107	90.928
UNSECURED LOAN	AS ON 31.03.2010 (RS. IN MILLIONS)	AS ON 31.03.2009 (RS. IN MILLIONS)
From Corporate Bodies	94.300	43.760
From directors (Interest Free)	30.200	17.365
Sales Tax Department (Interest Free)	24.091	24.091
Total	148.591	85.216

Banking Relations :	---
Auditors :
Name :	Mehra Goel and Company Chartered Accountant
Address :	505, Chiranjiv Tower, 43, Nehru Place, New Delhi-110019, India
PAN.:	AABFN1488M

CAPITAL STRUCTURE

AS ON 30.03.2010

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
2185000	Equity shares	Rs. 10/- each	Rs.21.850 Millions

Note:

1500000 equity shares, issued as Bonus shares by capitalization of Reserves.

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		21.850	21.850	21.850
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		212.272	186.794	167.283
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		234.122	208.644	189.133
LOAN FUNDS
1] Secured Loans		132.107	90.928	137.737
2] Unsecured Loans		148.591	85.216	52.821
TOTAL BORROWING		280.698	176.144	190.558
DEFERRED TAX LIABILITIES		56.186	54.402	47.489
TOTAL		571.006	439.190	427.180
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		433.355	392.531	333.206
Capital work-in-progress		26.186	10.826	32.110
INVESTMENT		5.380	5.380	5.380
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	69.751	44.151	37.082
	Sundry Debtors	252.993	151.681	155.912
	Cash & Bank Balances	9.389	5.318	1.662
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	31.361	28.899	35.963
Total Current Assets		363.494	230.049	230.619
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	205.908	164.873	156.806
	Other Current Liabilities	50.882	33.526	17.025
	Provisions	0.619	1.197	0.304
Total Current Liabilities		257.409	199.596	174.135
Net Current Assets		106.085	30.453	56.484
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		571.006	439.190	427.180

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1383.082	1100.023	1035.313
		Other Income	1.260	2.476	0.353
		TOTAL (A)	1384.342	1102.499	1035.666
Less	EXPENSES
		Manufacturing and Other Expenses	1299.042	1028.377	964.444
		TOTAL (B)	1299.042	1028.377	964.444
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		85.300	74.122	71.222
Less	FINANCIAL EXPENSES (D)		15.882	14.092	16.985
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		69.418	60.030	54.237
Less/ Add	DEPRECIATION/ AMORTISATION (F)		32.714	27.752	23.739
	PROFIT BEFORE TAX (E-F) (G)		36.704	32.278	30.498
Less	TAX (H)		11.226	12.767	10.488
	PROFIT AFTER TAX (G-H) (I)		25.478	19.511	20.010
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		122.644	103.133	83.078
Add	IMPACT OF TRANSITIONAL ADJUSTMENT OF GRATUITY		0.000	0.000	0.045
	BALANCE CARRIED TO THE B/S		148.122	122.644	103.133
	IMPORTS
		Capital Goods	7.263	26.452	21.147
		Raw Material	43.330	96.858	50.548
		Repair and Maintenance (Machinery)	0.423	0.060	0.096
	TOTAL IMPORTS		51.016	123.370	71.791
	Earnings Per Share (Rs.)		11.66	8.93	9.16

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.84	1.77	1.93
Net Profit Margin (PBT/Sales)	(%)	2.65	2.93	2.95
Return on Total Assets (PBT/Total Assets}	(%)	4.61	5.18	5.41
Return on Investment (ROI) (PBT/Networth)		0.16	0.15	0.16
Debt Equity Ratio (Total Liability/Networth)		2.30	0.18	1.93
Current Ratio (Current Asset/Current Liability)		1.41	1.15	1.32

LOCAL AGENCY FURTHER INFORMATION

Performance of the company and future outlook:

During the year, the company’s gross receipt were Rs. 1380.000 Millions as against Rs. 1100.000 Millions in 2008-09. Net Profit stands at Rs. 25.400 Millions in 2009-10 as against Rs. 19.500 Millions in 2008-09. The company has shown growth in revenue and further expects to improve it in the current year.

Form 8:

Corporate identity number of the company	U27310DL1977PLC008630
Name of the company	SUPER AUTO INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	505 Chiranjiv Tower, 43 Nehru Place, New Delhi-110019, India
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	Axis Bank Limited, Plot No. 40, SCO, Sector 7, Ballabhgarh-121006, Haryana, India
Nature of instrument creating charge	Deed of Hypothecation of Machinery and other movable fixed assets dated 17.04.2010
Date of instrument Creating the charge	17.04.2010
Amount secured by the charge	Rs. 70.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest BPLR – 3.75% @11% p.a. Presently Terms of Repayment The term loan shall be repayable in 36 monthly installment first 35 installment of Rs. 1.944 Millions and the last (36^th ) installment of Rs. 1.960 Millions Margin 30% Extent and Operation of the charge First charge on assets to secure a term loan Rs. 70.000 Millions including letter of credit limit for importing capital goods of Rs. 67.000 Millions and LER limit of Rs. 3.500 Millions. Both LC and LER limits to act as sub limits within the term loan limit.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Exclusive Hypothecation charge over assets/ machinery financed by the bank, purchased to be purchased with the proposed term loan and installed/ to be installed at… Plot No.13, Sector 6, Faridabad and Gat No.308, Nanekarwadi, Chakan, Tal. khed, District- Pune

Fixed Assets:

• Land
• Building
• Road
• Plant and Machinery
• Dies and Tools
• Generator Set
• Electric Installation
• Furniture and Fixture
• Office Equipment
• Vehicles
• Air Conditioner
• Computers
• Pollution Control Equipment
• Material Handling Equipment
• Measuring Equipment
• Assets not owned by company
• Computer Software

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.46.17
UK Pound	1	Rs.73.64
Euro	1	Rs.64.95

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		47

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.