MIRA INFORM REPORT

Report Date :

26.07.2012

IDENTIFICATION DETAILS

Name :	THAI SUMMIT NEEL AUTO PRIVATE LIMITED
Registered Office :	601, Hemkunt Chambers, 89, Nehru Place, New Delhi – 110 019
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation/	02.12.2003
Com. Reg. No.:	55-123285
Capital Investment / Paid-up Capital :	Rs.510.000 Millions
CIN No.: [Company Identification No.]	U34300dl2003ptc123285
PAN No.: [Permanent Account No.]	AABCT9860D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Two Wheeler Parts.
No. of Employees :	1500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (35)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2200000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a Joint Venture between JBM Group of India and Thai Summit Group of Thailand. It is an established company having moderate track. Profitability appears to be low. However, the company has recorded a better increased in its sales turnover during 2011. Trade relations are reported as decent. Business is active. Payments are reported to be low but correct. The company can be considered for business dealing with slight caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loans = ICRA BBB-
Rating Explanation	ICRA BBB- Means Moderate Credit Risk
Date	21.02.2012

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	601, Hemkunt Chambers, 89, Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-42099920/ 26427104/ 29522570/ 571
Fax No.:	91-11-26427100/ 29521512
E-Mail :	papas@tsneel.com raviarora@jbm.co.in nishant@jbm.co.in guptarajiv1091@gmail.com
Website :	www.jbm-group.com http://www.tsneel.com
Factory 1 :	Plot No. 4, Sector 10, I.I.E Pantnagar, U. S. Nagar, Uttarakhand, India
Fax No.:	91-5494-250134
	91-5494-250133
Location :	Owned
Factory 2 :	Plot No.1 and 6, TVS Industrial Estate, Hosur – 635126, Tamilnadu, India
	91-4344-277756 275478/ 276318/ 276223
	91-4344-277785
Location :	Owned
Factory 3 :	Behrampur Industrial Area, Begampur, Khatola Road, Village Khandsa, Gurgaon – 122001, Haryana, India
Tel No.:	91-124-4199500/ 501
Fax No.:	91-124-4199549
E-Mail:	thaisummit@tsneel.com aupadhya@tsneel.com aupandhya@jbm.co.in
Factory 4 :	C-1, MIDC, Chakan Industrial Area, Chakan, Pune – 410501, Maharashtra, India
Tel No.:	91-2135-664000
	91-2135-664031/ 32
Factory 5:	Plot No.128, Village Rajpura, Bharatgarh Road, Nalagarh, District Solan, Himachal Pradesh, India
Tel No.:	91-1795-220152
Factory 6:	Plot No.322, Sector-3, Phase – II, GWC Bawal, Haryana, India
Branch Office :	Plot No. 8, Sector 10, I.I.E. Pantnagar, U. S. Nagar, Uttarakhand, India
Tel No.:	91-999-7304443
Other Branches :	Located at: v Delhi v Gurgaon v Noida

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Surendra Kumar Arya

Designation :

Director

Address :

Neelanchal No.7, Bandh Road, Chandan – Hulla, Mehrauli, New Delhi – 110 030, India

Date of Birth/Age :

10.11.1957

Date of Appointment :

02.12.2003

DIN No.:

00004626

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27109DL1982PLC084678	JBM INDUSTRIES LIMITED	Director	18/08/1982	18/08/1982	-	Active	NO
2	L29130DL1987PLC027342	JAY BHARAT MARUTI LIMITED	Managing director	10/06/2008	19/03/1987	-	Active	NO
3	U74899DL1990PLC101070	GURERA INDUSTRIES LIMITED	Director	16/11/1990	16/11/1990	-	Active	NO
4	L74899DL1994PLC063412	A TO Z SECURITIES LIMITED	Director	12/12/1994	12/12/1994	-	Active	NO
5	U74899DL1995PLC064073	JAY BHARAT EXHAUST SYSTEMS LIMITED	Director	05/01/1995	05/01/1995	-	Amalgamated	NO
6	U74899DL1991PTC044376	JBM BUILDERS PRIVATE LIMITED	Director	01/04/1995	01/04/1995	-	Active	NO
7	U74899DL1995PLC067432	JBM INTERNATIONAL LIMITED	Director	18/04/1995	18/04/1995	-	Active	NO
8	U35990DL1995PLC071596	JAYBHARAT BREED LIMITED	Director	09/08/1995	09/08/1995	28/07/2009	Amalgamated	NO
9	U74899DL1998PTC095612	ANS HOLDING PRIVATE LIMITED	Director	18/08/1998	18/08/1998	-	Active	NO
10	U34392HR1999PTC034392	NAGATA INDIA PRIVATE LIMITED	Nominee director	23/12/1999	23/12/1999	11/09/2009	Active	NO
11	L74899DL1996PLC083073	JBM AUTO LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
12	U27109HR1975PLC007910	JAICO STEEL FASTNERS LIMITED	Director	01/08/2000	01/08/2000	-	Amalgamated	NO
13	U34300TN1998PTC046810	JBM AUTO SYSTEM PRIVATE LIMITED	Director	16/03/2001	16/03/2001	-	Active	NO
14	U74899DL1997PLC086432	NEEL METAL PRODUCTS LIMITED	Director	01/05/2002	01/05/2002	-	Active	NO
15	L74899DL1992PLC050333	MINDA INDUSTRIES LIMITED	Director	29/01/2003	29/01/2003	-	Active	NO
16	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	02/09/2003	02/09/2003	-	Active	NO
17	U34300DL2003PTC123285	THAI SUMMIT NEEL AUTO PRIVATE LIMITED	Nominee director	02/12/2003	02/12/2003	-	Active	NO
18	U45201DL2003PTC120054	SATISH BUILDWELL PRIVATE LIMITED	Director	03/03/2005	03/03/2005	-	Active	NO
19	U74899DL2005PTC142456	UNITECH SAI PRIVATE LIMITED	Director	10/11/2005	10/11/2005	-	Active	NO
20	U70109DL2006PTC150012	SHREEAUMJI INFRASTRUCTURE AND PROJECTS PRIVATE LIMITED	Director	22/06/2006	22/06/2006	-	Active	NO
21	L19201HR1986PLC033185	LIBERTY SHOES LIMITED	Director	20/09/2006	20/09/2006	22/02/2012	Active	NO
22	U28111DL2006PTC155129	ARCELOR NEEL TAILORED BLANK PRIVATE LIMITED	Nominee director	01/11/2006	01/11/2006	-	Active	NO
23	U45201DL2006PTC144714	SHREEAUMJI REAL ESTATE SEZ PRIVATE LIMITED	Director	28/09/2007	14/11/2006	-	Active	NO
24	U74899DL2006PTC144713	SHREEAUMJI DEVELOPERS SEZ PRIVATE LIMITED	Director	28/09/2007	14/11/2006	-	Active	NO
25	U74140DL2007PTC158597	NEEL METAL FANALCA ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Nominee director	02/02/2007	02/02/2007	-	Active	NO
26	U13203DL2007PLC164433	ANS STEEL TUBES LIMITED	Director	06/06/2007	06/06/2007	-	Active	NO
27	U92100MH2007PLC172122	VICHAAR TELEVISION NETWORK LIMITED	Director	29/11/2007	29/11/2007	-	Active	NO
28	U29220DL2007PTC171360	JBM MA AUTOMOTIVE PRIVATE LIMITED	Director	12/12/2007	12/12/2007	-	Active	NO
29	U74140DL2008PTC172320	JBM ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Director	07/01/2008	07/01/2008	-	Active	NO
30	U45200DL2007PTC160649	MULTIVISION CONSTRUCTIONS PRIVATE LIMITED	Director	15/09/2008	30/06/2008	-	Active	NO
31	U27100DL2009PLC187584	JBM OGIHARA AUTOMOTIVE INDIA LIMITED	Director	13/02/2009	13/02/2009	-	Active	NO
32	U28900DL2010PLC211731	M J CASTING LIMITED	Director	23/12/2010	23/12/2010	-	Active	NO
33	U28113DL2011PTC212192	FJM CYLINDERS PRIVATE LIMITED	Director	05/01/2011	05/01/2011	-	Active	NO

Name :

Mr. Bharat Bhushan Gupta

Designation :

Director

Address :

L – 19/17, Ground Floor, DLF – Phase – III, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

16.10.1955

Date of Appointment :

15.12.2003

DIN No.:

00004733

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U34300DL2003PTC123285	THAI SUMMIT NEEL AUTO PRIVATE LIMITED	Nominee director	15/12/2003	15/12/2003	-	Active	NO
2	U28111DL2006PTC155129	ARCELOR NEEL TAILORED BLANK PRIVATE LIMITED	Nominee director	01/11/2006	01/11/2006	-	Active	NO
3	U13203DL2007PLC164433	ANS STEEL TUBES LIMITED	Director	28/06/2011	01/11/2007	-	Active	NO
4	U28931DL2008PTC174381	INDO TOOLINGS PRIVATE LIMITED	Director	22/02/2008	22/02/2008	-	Active	NO
5	U29220DL2007PTC171360	JBM MA AUTOMOTIVE PRIVATE LIMITED	Alternate director	12/03/2008	12/03/2008	14/05/2009	Active	NO
6	U74999MP2004SGC020090	PITHAMPUR AUTO CLUSTER LIMITED	Nominee director	25/04/2008	25/04/2008	-	Active	NO
7	U34392HR1999PTC034392	NAGATA INDIA PRIVATE LIMITED	Nominee director	11/09/2009	11/09/2009	-	Active	NO
8	U27100DL2009PLC187584	JBM OGIHARA AUTOMOTIVE INDIA LIMITED	Alternate director	07/10/2010	07/10/2010	-	Active	NO

Name :

Mr. Anand Swaroop Khandelwal

Designation :

Director

Address :

C – 5A/ 14, Second Floor, Janakpuri, New Delhi – 110 058, India

Date of Birth/Age :

07.10.1960

Date of Appointment :

15.12.2003

DIN No.:

00004816

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899DL1995PLC067432	JBM INTERNATIONAL LIMITED	Director	18/04/1995	18/04/1995	Active	NO
2	U34300DL2003PTC123285	THAI SUMMIT NEEL AUTO PRIVATE LIMITED	Nominee director	15/12/2003	15/12/2003	Active	NO
3	U45201DL2003PTC120054	SATISH BUILDWELL PRIVATE LIMITED	Director	03/03/2005	03/03/2005	Active	NO
4	U45201DL2006PTC144716	SHREEAUMJI BUILDWELL PRIVATE LIMITED	Director	12/01/2006	12/01/2006	Active	NO
5	U45201DL2006PTC144715	SHREEAUMJI PROPERTIES PRIVATE LIMITED	Director	12/01/2006	12/01/2006	Active	NO
6	U45201DL2006PTC144717	SHREEAUMJI BUILDERS PRIVATE LIMITED	Director	12/01/2006	12/01/2006	Active	NO
7	U74899DL2006PTC144712	HICOM INFRASTUCTURE PRIVATE LIMITED	Director	12/01/2006	12/01/2006	Active	NO
8	U70109DL2006PTC149250	SHREEAUMJI BUILDTECH PRIVATE LIMITED	Director	27/05/2006	27/05/2006	Active	NO
9	U70109DL2006PTC150431	COMTECH INFRASTRUCTURE PRIVATE LIMIED.	Director	30/06/2006	30/06/2006	Active	NO
10	U35990DL1995PLC071596	JAYBHARAT BREED LIMITED	Director	30/09/2008	09/12/2006	Amalgamated	NO
11	U13203DL2007PLC164433	ANS STEEL TUBES LIMITED	Alternate director	26/09/2011	01/11/2007	Active	NO
12	U29220DL2007PTC171360	JBM MA AUTOMOTIVE PRIVATE LIMITED	Director	14/05/2009	12/03/2008	Active	NO
13	U45200DL2008PTC178619	JBM PROJECTS & INFRASTRUCTURE PRIVATE LIMITED	Director	27/05/2008	27/05/2008	Active	NO
14	U28910DL2008PLC185040	JBM MOTORS LIMITED	Director	19/11/2008	19/11/2008	Active	NO
15	U34300TN1998PTC046810	JBM AUTO SYSTEM PRIVATE LIMITED	Director	04/08/2011	23/02/2009	Active	NO
16	U80302DL2009PTC190802	JBM CADMIUM PRIVATE LIMITED	Director	02/06/2009	02/06/2009	Active	NO
17	U28931DL2008PTC174381	INDO TOOLINGS PRIVATE LIMITED	Director	20/08/2009	01/07/2009	Active	NO
18	U27100DL2009PLC187584	JBM OGIHARA AUTOMOTIVE INDIA LIMITED	Director	28/07/2010	21/09/2009	Active	NO
19	U28900DL2010PLC211731	M J CASTING LIMITED	Director	23/12/2010	23/12/2010	Active	NO
20	U34201TN2011FTC079145	YOROZU JBM AUTOMOTIVE TAMIL NADU PRIVATE LIMITED	Director	10/02/2011	10/02/2011	Active	NO
21	U74140DL2011PTC227157	JBM CORPORATE SERVICES PRIVATE LIMITED	Director	08/11/2011	08/11/2011	Active	NO

Name :

Mr. Nishant Arya

Designation :

Director

Address :

Neelanchal No.7, Bandh Road, Chandan – Hulla, Mehrauli, New Delhi – 110030, India

Date of Birth/Age :

01.11.1986

Date of Appointment :

24.09.2009

DIN No.:

00004954

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1997PLC086432	NEEL METAL PRODUCTS LIMITED	Whole-time director	01/07/2010	04/06/2005	-	Active	NO
2	U74140DL2007PTC158597	NEEL METAL FANALCA ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Nominee director	02/02/2007	02/02/2007	-	Active	NO
3	U13203DL2007PLC164433	ANS STEEL TUBES LIMITED	Director	06/06/2007	06/06/2007	28/06/2011	Active	NO
4	L29130DL1987PLC027342	JAY BHARAT MARUTI LIMITED	Director	30/08/2008	09/10/2007	-	Active	NO
5	U29220DL2007PTC171360	JBM MA AUTOMOTIVE PRIVATE LIMITED	Director	12/12/2007	12/12/2007	-	Active	NO
6	U74140DL2008PTC172320	JBM ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Director	07/01/2008	07/01/2008	-	Active	NO
7	U28111DL2006PTC155129	ARCELOR NEEL TAILORED BLANK PRIVATE LIMITED	Director	29/09/2008	06/06/2008	-	Active	NO
8	U28910DL2008PLC185040	JBM MOTORS LIMITED	Director	19/11/2008	19/11/2008	-	Active	NO
9	U27100DL2009PLC187584	JBM OGIHARA AUTOMOTIVE INDIA LIMITED	Director	13/02/2009	13/02/2009	-	Active	NO
10	U80302DL2009PTC190802	JBM CADMIUM PRIVATE LIMITED	Director	02/06/2009	02/06/2009	-	Active	NO
11	L74899DL1996PLC083073	JBM AUTO LIMITED	Director	04/09/2009	30/07/2009	-	Active	NO
12	U34300DL2003PTC123285	THAI SUMMIT NEEL AUTO PRIVATE LIMITED	Director	24/09/2009	22/09/2009	-	Active	NO
13	U45200DL2008PTC178619	JBM PROJECTS & INFRASTRUCTURE PRIVATE LIMITED	Director	02/08/2011	22/07/2011	-	Active	NO
14	U29253HR2012PTC046397	JBM KANEMITSU PULLEYS PRIVATE LIMITED	Director	02/07/2012	02/07/2012	-	Active	NO

Name :

Mr. Channarong Lelanpaparn

Designation :

Director

Address :

69/67, Moo – 3, Pravei – Bangkok, Thailand

Date of Birth/Age :

22.11.1952

Date of Appointment :

15.12.2003

DIN No.:

01474289

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U34300DL2003PTC123285	THAI SUMMIT NEEL AUTO PRIVATE LIMITED	Director	15/12/2003	15/12/2003	Active	NO
2	U27100DL2009PLC187584	JBM OGIHARA AUTOMOTIVE INDIA LIMITED	Additional director	28/03/2012	28/03/2012	Active	NO

Name :

Mr. Thanathorn Juangroongruangkit

Designation :

Director

Address :

157, Moo – 9, Dokmai Pravej – Bangkok, Thailand

Date of Birth/Age :

25.11.1978

Date of Appointment :

15.12.2003

DIN No.:

01474342

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U34300DL2003PTC123285	THAI SUMMIT NEEL AUTO PRIVATE LIMITED	Director	15/12/2003	15/12/2003	Active	NO
2	U27100DL2009PLC187584	JBM OGIHARA AUTOMOTIVE INDIA LIMITED	Director	28/07/2010	21/09/2009	Active	NO

Name :

Mrs. Somporn Juangroongruangkit

Designation :

Director

Address :

157, Moo – 9, Dokmai Pravej – Bangkok, Thailand

Date of Birth/Age :

17.04.1951

Date of Appointment :

15.12.2003

DIN No.:

02786287

Name :

Mr. Somchai Chongcharoenthaweesuk

Designation :

Director

Address :

99/179, M005 M Plukpi Lom – Bangkuntien, Rama-2, SA-MEA-DUM, Bangkuntien-Bangkok, Thailand 10150

Date of Birth/Age :

31.10.1954

Date of Appointment :

16.09.2010

DIN No.:

03163412

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U34300DL2003PTC123285	THAI SUMMIT NEEL AUTO PRIVATE LIMITED	Director	16/09/2010	20/04/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Thai Summit Autoparts Industry Company Limited, Thailand	5100000
Somporn Juangroongruangkit	10200000
Chanapun Juangroongrugkit	5100000
Thanathom Juangroongruangkit	5100000
Neel Metal Products Limited, India	25500000
Total	51000000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	10.00
Bodies corporate	50.00
Directors or relatives of directors	40.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Two Wheeler Parts.

Products :

Products Description	Item Code No.
Parts for two wheelers	87141900

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Actual Production
Licensed Capacity	N.A.
Installed Capacity (On Double Shift Basis) MT	105120
Production (In Nos.) Sheet Metal and Tubular Component for Automobiles	16077950

GENERAL INFORMATION

No. of Employees :

1500 (Approximately)

Bankers :

v HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

v Canara Bank,

Prime Corporate Branch - II, World Trade Tower, Barakhamba Lane, New Delhi – 110 001, India

v State Bank of India,

Industrial Finance Branch, Chennai, Tamilnadu, India

v Canara Bank,

M.M. reddy Complex, Old Bangalore Road, Hosur – 635109, Tamilnadu, India

v Standard Chartered Bank,

Narain Manzil, 23, Barakhamba Road, New Delhi – 110001, India

v ICICI Bank Limited

v State Bank of Mysore

v Axis Bank

v Yes Bank

v Kotak Mahindra Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	767.301	896.531
Rupee term loans financial institutions secured	0.000	30.004
Working capital loans banks secured	685.984	387.463
Loans taken for vehicles secured	0.556	0.612
Interest accrued due other debt secured	20.105	21.352
Total	1473.946	1335.962

Banking Relations :	--
Auditors :
Name :	Sahni natrajan and bahl Chartered Accountants
Address :	303, mansarovar, 90, Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-26224755/ 26433003/ 3004/ 3005/ 47347000
Fax No.:	91-11-26485081
E-Mail :	snb@snbindia.com
Income-tax PAN of auditor or auditor's firm :	AABFS5696R
Group Companies (As on 31.03.2010) :	v ANS Tubes v Arcelor Neel Tailored Blank Private Limited v Jaico Steel Fasteners v Jay Bharat Exhaust Systems v Jay Bharat Maruti Limited v JBM Auto Limited v JBM Auto Systems Limited v JBM Industries v JBM Cadmium Private Limited v Neel Industries Private Limited v Neel Metal Fanalca Environment Management Private Limited v Neel Metal Products Limited
Joint Venture and Associates (As on 31.03.2010) :	v Thai Summit Auto Parts Industry Company Limited v Thai Summit R and D Next Technology company Limited v Neel Metal Products Limited v PT Indonesia v ANS Steel Tubes Limited v Thai Summit Harness Public Company

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
55000000	Equity Shares	Rs.10/- each	Rs.550.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
54765050	Equity Shares	Rs.10/- each	Rs.547.651 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
55000000	Equity Shares	Rs.10/- each	Rs.550.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
51000000	Equity Shares	Rs.10/- each	Rs.510.000 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		510.000	510.000	510.000
2] Share Application Money		13.142	1.142	1.142
3] Reserves & Surplus		31.470	12.349	0.000
4] (Accumulated Losses)		0.000	0.000	(6.230)
NETWORTH		554.612	523.491	504.912
LOAN FUNDS
1] Secured Loans		1473.946	1335.962	1260.860
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1473.946	1335.962	1260.860
DEFERRED TAX LIABILITIES		28.519	25.116	0.000
TOTAL		2057.077	1884.569	1765.772
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1777.912	1666.562	1624.048
Capital work-in-progress		124.541	120.254	155.961
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	267.949	244.499	142.771
	Sundry Debtors	1119.779	985.681	384.505
	Cash & Bank Balances	67.741	24.670	14.428
	Other Current Assets	81.672	36.334	0.000
	Loans & Advances	54.676	42.546	67.280
Total Current Assets		1591.817	1333.730	608.984
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1341.794	1143.015	522.477
	Other Current Liabilities	82.685	75.672	93.339
	Provisions	12.714	17.290	7.405
Total Current Liabilities		1437.193	1235.977	623.221
Net Current Assets		154.624	97.753	(14.237)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2057.077	1884.569	1765.772

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	8658.660	6031.341	4151.787
		Other Income	10.220	5.985	17.302
		TOTAL (A)	8668.880	6037.326	4169.089
Less	EXPENSES
		Raw Material Consumed		4748.307	3193.649
		Employees Remuneration and Benefits		422.931	302.019
		Manufacturing, Administrative and Other Expenses	8329.140	562.799	420.722
		Prior Period Expenses		0.000	1.281
		Increase/ Decrease in Stock		(15.987)	5.270
		TOTAL (B)	8329.140	5718.050	3922.941
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		339.740	319.276	246.148
Less	FINANCIAL EXPENSES (D)		177.920	145.507	140.252
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		161.820	173.769	105.896
Less/ Add	DEPRECIATION/ AMORTISATION (F)		137.180	119.964	113.865
	PROFIT BEFORE TAX (E-F) (G)		24.640	53.805	(7.969)
Less	TAX (H)		5.520	35.226	(2.963)
	PROFIT AFTER TAX (G-H) (I)		19.120	18.579	(5.006)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(6.230)	(1.224)
	BALANCE CARRIED TO THE B/S		NA	12.349	(6.230)
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Exports	NA	0.922	5.521
	TOTAL EARNINGS		NA	0.922	5.521
	IMPORTS
		Store & Spares	NA	2.513	0.000
		Raw Materials	NA	4.112	24.127
		Capital Goods	NA	7.157	2.736
	TOTAL IMPORTS		NA	13.782	26.863
	Earnings Per Share (Rs.)		1.27	0.36	(0.10)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.22	0.31	(0.12)
Net Profit Margin (PBT/Sales)	(%)	0.28	0.89	(0.19)
Return on Total Assets (PBT/Total Assets}	(%)	0.73	1.79	(0.36)
Return on Investment (ROI) (PBT/Networth)		0.04	0.10	(0.02)
Debt Equity Ratio (Total Liability/Networth)		5.25	4.91	3.73
Current Ratio (Current Asset/Current Liability)		1.11	1.08	0.98

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Passport No of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No

NOTE:

The registered office of the company has been shifted from Neel House, Lado Sarai Opposite Qutab Minar, New Delhi – 110 030 to the present address w.e.f. 03.07.2010.

BUSINESS PERFORMANCE:

The company recorded Net sales of Rs.9115.480 million as against Rs.6291.400 Million last year thereby recording an increase of 45%. The Company also recorded a Profit before Depreciation Interest and Tax of Rs.339.74 as against Rs.319.280 million in the previous year. There is a nominal increase in the profit as compared to 45% growth in sales. Market price for consumable and other items are increasing year on year. Automobile industry is experiencing good market growth.

TWO WHEELER INDUSTRY TRENDS

The automobile industry in general and two wheeler industry in particular has shown a tremendous growth over the recent years. The two wheeler domestic sales were 11.79 million units for 2010-11 against last year 9.36 million in 2009-10 an increase of 25.96.%

Category	2010-11 In Thousand Nos.	2009-10 In Thousand Nos.
Scooters	2074	1462
Motorcycles	9019	7341
Mopeds Other Two Wheelers	697	564
Grand Total	11790	9367

CONTINGENT LIABILITIES NOT PROVIDED FOR

Description	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
a) Shipping Guarantee	NA	0.400
b) Estimated amount of contract remaining to be executed on capital account and not provided for (Net of advances)	NA	41.099

form 8:-

Corporate identity number of the company	U34300dl2003ptc123285
Name of the company	THAI SUMMIT NEEL AUTO PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	601, Hemkunt Chambers, 89, Nehru Place, New Delhi – 110 019, India E-Mail: raviarora@jbm.co.in
This form is for	Modification of charge
Charge identification number of the modified	10179460
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Canara Bank, Prime Corporate Branch - II, World Trade Tower, Barakhamba Lane, New Delhi – 110 001, India E-Mail: crmgrdelhi1942@canbank.co.in
Nature of description of the instrument creating or modifying the charge	Agreement for creating second charge on movable property dated 14.12.2010
Date of instrument Creating the charge	14.12.2010
Amount secured by the charge	Rs.200.000 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest: As per sanctioned terms. Terms of Repayment: As per sanctioned terms. Margin: As per sanctioned terms. Extent and Operation of the charge: First Charge on inventory and receivables and all other current assets of the Hosur Unit. Others: The above is to secure OCC (Stocks and Book Debts) Limit of Rs.20.000 millions, Supply Bills of Rs.100.000 millions and ILC/FLC (DA/DP) Limit of Rs.80.000 millions aggregating Rs.200.000 millions granted to the Company together with all interests, costs, charges, expenses etc.
Short particulars of the property charged	Exclusive First Charge on inventory and receivables and all other current assets of the Hosur Unit.
Particulars of the present modification	Existing Credit facilities of Rs.200.000 millions stands collaterally secured by 2^nd Charge on Plant and Machinery, Tools, Jigs and Fixtures, Electrical Installations, Furniture, Fixture and Office Equipments, IT Equipments valuing Rs.349.570 millions situated at Plot No. 1 and 6, TVS Industrial Estate, Harita, Hosur (Tamilnadu). Now the account has been shifted to Canara Bank, Prime Corporate Branch - II, World Trade Tower, Barakhamba Lane, New Delhi Other terms and conditions remained the same.

FIXED ASSETS:

Tangible Assets

v Land – Leasehold

v Building

v Leasehold Improvements

v Plant and Machinery

v Tools, Jigs and Fixtures

v Electrical Installations

v Furniture, Fixture and Office Equipments

v IT Equipments

v Air Conditioners

v Vehicles

Intangible Assets

v Non-Compete Fee

WEBSITE DETAILS:

PROFILE:

Subject is a joint venture company between JBM Group of India and Thai Summit Group of Thailand. Having started its operations in April 2005, the company has latest and ultra-modern facilities in its various plants situated at Gurgaon, Hosur, Pune and Pantnagar. The facilities include Pressing, Welding, Pipe Bending, Painting, Special Purpose Machines (SPM's) and Powder coating machines.

Almost all major two-wheeler manufacturers (motorcycle and scooters) in India are this company’s esteemed and delighted customers.

A vast range of products of this venture include parts of the two-wheeler such as Fuel tanks, assemblies, guards, tubular frames and complete mufflers.

Their Thailand based JV partner, Thai Summit Group is a 30 years old group with over 30 plants dealing with the manufacturing of automotive and agricultural machine parts.

In India, subject is poised to become No.1 in part supplier of components for two wheeler manufacturers across India.

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.56.38
UK Pound	1	Rs.87.44
Euro	1	Rs.68.05

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		35

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.