MIRA INFORM REPORT

Report Date :

14.03.2012

IDENTIFICATION DETAILS

Name :	SAS BRAKETECH LIMITED
Registered Office :	S-423 (Ground Floor), Greater Kailash, Part-II, New Delhi – 110048
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	08.12.1986
Com. Reg. No.:	55-026322
Capital Investment / Paid-up Capital :	RS.2.667 Millions
CIN No.: [Company Identification No.]	U74899DL1986PLC026322
TAN No.: [Tax Deduction & Collection Account No.]	DELS32379E
PAN No.: [Permanent Account No.]	AAACL0186F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Trading of Asbestos free brake lining, Disc brake pads and other motor parts.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 240000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company has started its business activities during the financial year 2008-2009. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered for small to mediocre 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

LOCATIONS

Registered Office :	S-423 (Ground Floor), Greater Kailash, Part-II, New Delhi – 110048, India
Tel. No.:	Not Available
Mobile No.:	91-9810075540 (Mr. Sunil Kumar Ved)
Fax No.:	Not Available
E-Mail :	gss_ca@rediffmail.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Sunil Ved

Designation :

Director

Address :

S-423, Greater Kailash-II, New Delhi – 110048, India

Date of Birth/Age :

07.05.1954

Date of Appointment :

08.12.1986

DIN No.:

00106158

Name :

Mr. Partap Chander Vaid

Designation :

Managing director

Address :

S-423, Greater Kailash-II, New Delhi – 110048, India

Date of Birth/Age :

11.08.1929

Date of Appointment :

08.12.1986

DIN No.:

00106182

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	U74899DL1986PLC026322	SAS BRAKETECH LIMITED	Managing director	8/12/1986	8/12/1986	-	Active	NO
2	U65910DL1997PLC084558	HEARWELL FINANCE AND LEASING LIMITED	Director	20/01/1997	20/01/1997	-	Strike off	NO

Name :

Mr. Narender Kumar Chopra

Designation :

Director

Address :

385, AGCR Enclave, Delhi – 110092, India

Date of Birth/Age :

09.12.1958

Date of Appointment :

03.03.2008

DIN No.:

00380488

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	U74140DL2001PTC110365	ICCH GLOABL CONSULTING PRIVATE LIMITED	Director	10/04/2001	10/04/2001	-	Active	NO
2	U74899DL1986PLC026322	SAS BRAKETECH LIMITED	Director	3/03/2008	3/03/2008	-	Active	NO
3	U24232DL2011PTC214139	IASO PHARMACEUTICALS PRIVATE LIMITED	Managing director	15/02/2011	15/02/2011	-	Active	NO

Name :

Mr. Ashok Kumar Kukreja

Designation :

Director

Address :

9, Firoze Gandhi Road, Lajpat Nagar-II, New Delhi – 110024, India

Date of Birth/Age :

19.08.1960

Date of Appointment :

10.11.2006

DIN No.:

00794374

Name :

Mr. Sudesh Bhimsen

Designation :

Director

Address :

House No. 1461, Sector – 14, Faridabad, Haryana, India

Date of Birth/Age :

03.01.1954

Date of Appointment :

10.11.2006

DIN No.:

00794434

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	U34300DL1997PTC087370	GULBROS BRAKES PRIVATE LIMITED	Director	19/05/1997	19/05/1997	31/01/2009	Active	NO
2	U74899DL1986PLC026322	SAS BRAKETECH LIMITED	Director	10/11/2006	10/11/2006	-	Active	NO

Name :

Mr. Anurag Handa

Designation :

Director

Address :

House No. 2421, Sector – 16, Faridabad, Haryana, India

Date of Birth/Age :

08.02.1966

Date of Appointment :

10.11.2006

DIN No.:

00794455

Name :

Mr. John Francis Kelleher

Designation :

Director

Address :

7, Delmere, Enfield, County Meath, Ireland

Date of Birth/Age :

12.06.1963

Date of Appointment :

07.05.2007

DIN No.:

01393242

Name :

Mr. Omar Essop

Designation :

Director

Address :

3, Aida Ave Dewetshof, Johannesburg, South Africa

Date of Birth/Age :

31.10.1962

Date of Appointment :

11.02.2008

DIN No.:

01981800

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Sunil Kumar Ved	31199
Urmila Vaid	200
Meenu Ved	200
Ashok Kumar Kukreja	33866
Anurag Handa	1766
Sudesh Bhimsen	55743
Meenu Ved /Shweta Ved	1666
Pratap Chander Vaid /Sunil Kumar Ved	34370
Jyoti Kukreja	59613
Ashok Kumar Kukreja /Anurag Handa	2666
Sudesh Bhimsen /Jyoti Kukreja	6666
Sudesh Bhimsen /Sunil Kumar Ved	6667
Sudesh Bhimsen /Pratap Chander Vaid	6667
Sudesh Bhimsen /Shweta Ved	1333
Sunil Kumar Ved /Shweta Ved	290
John Francis Kelleher /Ruth Kelleher	23754
Total	266666

Equity Share Break up (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 :

Manufacturing and Trading of Asbestos free brake lining, Disc brake pads and other motor parts.

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Actual Production
Brake Lining	Kg.	629912
Brake Lining (Ready Mix)	Kg.	97900

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
State Bank of India
-Term Loan (The loan is secured against entire fixed assets (present and future) of the company alongwith some personal properties of Directors/relatives and personal guarantees of the directors of the company)	32.796	35.069
-Working Capital loan (Hypothecation of entire current assets of the company and/or omnibus/counter guarantee in case of discounting against L/C, alongwith some personal properties of directors/ relatives and personal guarantees of the directors of the company)
- EEFC A/c (Non L/C Bills)	10.434	0.000
- EPC A/c	8.080	15.145
Total	51.310	50.214
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
- From Directors/Share holders/ other	4.781	0.000
Total	4.781	0.000

Banking Relations :	--
Auditors :
Name :	Gupta Sharma and Srivastava Chartered Accountants
Address :	A-5, (L.G.F) Gulmohar Park, New Delhi – 110049, India
PAN.:	AADFG5901D

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
266666	Equity Shares	Rs.10/- each	Rs.2.667 Millions

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		2.667	2.429	2.107
2] Share Application Money		0.000	2.103	22.235
3] Reserves & Surplus		58.184	42.389	10.280
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		60.851	46.921	34.622
LOAN FUNDS
1] Secured Loans		51.310	50.214	34.865
2] Unsecured Loans		4.781	0.000	0.000
TOTAL BORROWING		56.091	50.214	34.865
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		116.942	97.135	69.487
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		78.444	62.955	6.018
Capital work-in-progress		14.441	15.026	62.125
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.006	0.006
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22.772	14.599	2.999
	Sundry Debtors	11.652	8.184	0.000
	Cash & Bank Balances	(3.162)	(0.518)	2.190
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.528	3.046	2.045
Total Current Assets		36.790	25.311	7.234
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.899	5.555	5.868
	Other Current Liabilities	0.497	0.385	0.071
	Provisions	0.372	0.262	0.000
Total Current Liabilities		12.768	6.202	5.939
Net Current Assets		24.022	19.109	1.295
MISCELLANEOUS EXPENSES		0.035	0.039	0.043
TOTAL		116.942	97.135	69.487

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	53.230	31.429	0.000
		Other Income	0.006	0.890	0.000
		TOTAL (A)	53.236	32.319	0.000
Less	EXPENSES
		Consumption	24.992	12.876	0.000
		Administrative and Selling Expenses	13.338	5.612	0.000
		TOTAL (B)	38.330	18.488	0.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.906	13.831	0.000
Less	FINANCIAL EXPENSES (D)		5.192	4.077	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.714	9.754	0.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.306	5.472	0.000
	PROFIT BEFORE TAX (E-F) (G)		2.408	4.282	0.000
Less	TAX (H)		0.000	0.040	0.000
	PROFIT AFTER TAX (G-H) (I)		2.408	4.242	0.000
	BALANCE CARRIED TO THE B/S		2.408	4.242	0.000
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	43.751	23.958	0.000
	TOTAL EARNINGS		43.751	23.958	0.000
	IMPORTS
		Raw Materials	6.461	3.294	0.000
	TOTAL IMPORTS		6.461	3.294	0.000
	Earnings Per Share (Rs.)		9.47	18.27	0.00

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.52	13.12	0.00
Net Profit Margin (PBT/Sales)	(%)	4.52	13.62	0.00
Return on Total Assets (PBT/Total Assets}	(%)	2.09	4.85	0.00
Return on Investment (ROI) (PBT/Networth)		0.04	0.09	0.00
Debt Equity Ratio (Total Liability/Networth)		1.13	1.20	1.18
Current Ratio (Current Asset/Current Liability)		2.88	4.08	1.22

LOCAL AGENCY FURTHER INFORMATION

BUSINESS OPERATION AND FUTURE OUTLOOK

The company has achieved Gross Revenue of Rs.53.200 Millions in the second year of operations. The directors are satisfied about the Company's working especially in view of global recession.

FIXED ASSETS

· Factory Building

· Plant and Machinery

· Tools and Dies

· Generator

· Stabilizer

· Electrification Equipments

· Air Conditioner

· Computer

· Furniture and Fixtures

· Office Equipments

· Fire Fighting Equipment

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.85
UK Pound	1	Rs.77.97
Euro	1	Rs.65.62

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.