MIRA INFORM REPORT

Report Date :

10.01.2012

IDENTIFICATION DETAILS

Name :	SAGAR SPRINGS PRIVATE LIMITED
Registered Office :	104, Angan Towers, 1^st Floor, Near Bhavans School Makarpura Orad, Vadodara – 390004, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.08.1981
Com. Reg. No.:	04-004574
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U31110GJ1981PTC004574
TAN No.: [Tax Deduction & Collection Account No.]	BRDS01864C
PAN No.: [Permanent Account No.]	AACCS5494F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Helical Coil Springs for Automotive Applications
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1480000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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.

INFORMATION PARTED BY

Name :	Mr. Sagar Shah
Designation :	Director
Contact No.:	91-9824397531
Date :	09.01.2012

LOCATIONS

Registered Office :	104, Angan Towers, 1^st Floor, Near Bhavans School Makarpura Orad, Vadodara – 390004, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9824397531 (Mr. Sagar Shah)
Fax No.:	Not Available
E-Mail :	sagarsprings@satyam.net.in kheradiaramesh@hotmail.com sagarsprings@sify.com
Area :	2000 Sq. ft
Location :	Owned
Factory :	Halol – Kalol Highway, Near Lucky Studio, Post Maghasar, Taluka Halol, Halol, Gujarat, India
Tel. No.:	91-2676-223904/220061
Fax No.:	91-2676-223904

DIRECTORS

As on 30.09.2011

Name :

Mr. Sagar Suryankant Shah

Designation :

Managing Director

Address :

4, Manisha Bunglow, Productivity Road, Near Dodsal, Society, Akota, Vadodara – 390020, Gujarat, India

Date of Appointment :

24.08.1981

DIN No.:

00219188

Name :

Mr. Suryankant Motichand Shah

Designation :

Managing Director

Address :

4, Manisha Bunglow, Productivity Road, Near Dodsal, Society, Akota, Vadodara – 390020, Gujarat, India

Date of Appointment :

24.08.1981

DIN No.:

00219180

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	U31110GJ1981PTC004574	Sagar Springs Private Limited	Managing director	24-08-81	24-08-81	-	Active	NO
2	U92142MH1996PLC098184	Poona Amusements Limited	Director	20-12-96	20-12-96	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Shah Suryakant Motichand	77500
Shah Suryakant Motichand HUF	32500
Shah Kantaben Suryakant	30000
Shah Sagar Suryakant	110000
TOTAL	250000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Helical Coil Springs for Automotive Applications
Products :	Coil Springs
Terms :
Selling :	Cash and Credit (30-60-90 Days)
Purchasing :	Cash and Credit (30-60-90 Days)

GENERAL INFORMATION

Suppliers :	Tata Steel Limited
Customers :	End Users and OEM’s Mahindra Sona Limited
No. of Employees :	200 (Approximately)
Bankers :	Bank of India – Race Course, Vadodara, Gujarat, India Small Industries Development Bank of India – Land Mark Building, Race Course, Vadodara – 390007, Gujarat, India State Bank of India – Halol Main Branch, District Panchamahals, Halol – 389350, Gujarat, India

Banking Relations :	--
Auditors :
Name :	Viral K Shah and Associates Chartered Accountant
Address :	104, Antrix Complex, Opposite World Trade Center, Sayajigunj, Vadodara – 300005, Gujarat, India
Tel. No.:	91-265-6538866
Mobile No.:	91-9824362211
PAN.:	AFGPS7070F

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs. 10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs. 10/- each	Rs. 2.500 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		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		367.064	322.941	286.095
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		369.564	325.441	288.595
LOAN FUNDS
1] Secured Loans		15.578	15.502	0.000
2] Unsecured Loans		40.087	32.285	28.993
TOTAL BORROWING		55.665	47.787	28.993
DEFERRED TAX LIABILITIES		6.717	4.904	4.670
TOTAL		431.946	378.132	322.258
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		80.968	53.607	41.752
Capital work-in-progress		0.000	0.307	0.000
INVESTMENT		7.630	6.954	6.054
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.694	23.727	29.724
	Sundry Debtors	170.188	131.595	85.458
	Cash & Bank Balances	128.036	147.688	130.474
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	92.633	79.472	53.315
Total Current Assets		415.551	382.482	298.971
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.522	27.077	24.519
	Other Current Liabilities
	Provisions	57.681	38.141	0.000
Total Current Liabilities		72.203	65.218	24.519
Net Current Assets		343.348	317.264	274.452
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		431.946	378.132	322.258

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	366.988	275.328	195.065
		Other Income	12.710	22.040	19.010
		TOTAL (A)	379.698	297.368	214.075
Less	EXPENSES
		Material Consumed	233.239	177.537	123.751
		Manufacturing expenses	33.120	22.241	15.495
		Employees remuneration and benefits	8.396	8.232	7.827
		Administration expenses	4.876	5.773	4.830
		Selling and distribution expenses	18.758	11.131	6.040
			298.389	224.914	157.943
		Increase/Decrease in stock	(1.734)	4.475	(4.310)
		Prior Period Adjustments	0.072	0.000	0.000
		TOTAL (B)	296.727	229.389	153.633
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		82.971	67.979	60.442
Less	FINANCIAL EXPENSES (D)		4.030	2.462	2.169
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		78.941	65.517	58.273
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.455	6.522	5.887
	PROFIT BEFORE TAX (E-F) (G)		68.486	58.995	52.386
Less	TAX (H)		21.438	19.234	16.095
	PROFIT AFTER TAX (G-H) (I)		47.048	39.761	36.292
Less	Prior period expenses		0.000	0.000	0.031
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		217.139	184.269	155.266
Less	Short Provision for taxation		0.010	0.000	0.704
Less	APPROPRIATIONS
		Transfer to General Reserve	4.705	3.976	3.629
		Proposed Dividend	2.500	2.500	2.500
		Tax on Proposed Dividend	0.415	0.415	0.425
	BALANCE CARRIED TO THE B/S		256.557	217.139	184.269
	VALUE OF IMPORTS CIF BASIS		NA	33.626	277.333
	Earnings Per Share (Rs.)		188.19	159.05	145.17

Expected Sales (2011-2012): Rs.400.000 Millions

The above information has been parted by Mr. Sagar Shah

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	12.39	13.37	16.95
Net Profit Margin (PBT/Sales)	(%)	18.66	21.43	26.86
Return on Total Assets (PBT/Total Assets}	(%)	13.79	13.53	15.37
Return on Investment (ROI) (PBT/Networth)		0.19	0.18	0.18
Debt Equity Ratio (Total Liability/Networth)		0.35	0.35	0.19
Current Ratio (Current Asset/Current Liability)		5.76	5.86	12.19

LOCAL AGENCY FURTHER INFORMATION

THE DETAILS OF SUNDRY CREDITORS:

Not Available

Check list by Info Agents	Available in Reports ( Yes/No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitutions of the Firm	Yes
Premises Details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person contacted	Yes
Designation of contact person	Yes
Turnover of Firm fort last three years	Yes
Profitability for last three years	Yes
Reasons For Variation<>20%	No
Estimation for coming financial year	Yes
Capital in Business	Yes
Details of Sister Concern	No
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details (if Applicable)	No
Market Information	--
Litigations that the firm / Promoter involved in	--
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	No
Incorporation details, if applicable	--
Last Account filed at ROC	--
Major shareholder , if available	--

FORM 8

Corporate identity number of the company	U31110GJ1981PTC004574
Name of the company	SAGAR SPRINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	104 Chandrakala Tower 1^st floor Indira Gandhi Marg, Nr Bhavans School, Baroda - 390004, Gujarat, India
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	Small Industries Development Bank of India, Land Mark Building, Race Course, Vadodara – 390007, Gujarat, India Email : kirtijain@sidbi.in
Nature of instrument creating charge	Deed of hypothecation
Date of instrument Creating the charge	23.03.2010
Amount secured by the charge	Rs. 17.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - 10% per annum Terms of Repayment - repayble in 48 monthly installments Margin - 33% Extent and Operation of the charge - the charge operates as security for the due repayment of not only interest but also further interest, additional interest, penal interest, cost and charges
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Universal Spring Coiling Machine Wafios Ag Germany Make Model FSE 83

TRADE REFERENCES

• Mahindra Sona Limited
• Tata Steel Limited

FIXED ASSETS:

• Air condition
• Air ventilator
• Business assets
• Computers
• Electrical installation
• Factory building
• Fax machine
• Furniture and fixture
• Land
• Mobile
• Office equipment
• Office premises
• Plant and machinery
• Vehicles
• Wind mill

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.52.73
UK Pound	1	Rs.81.34
Euro	1	Rs.67.01

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		63

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.