MIRA INFORM REPORT

Report Date :

05.04.2013

IDENTIFICATION DETAILS

Name :	SAN AUTOMOTIVE INDUSTRIES PRIVATE LIMITED
Registered Office :	Plot No. 429 Badkhal Pali Road, Village Bhakhari, Faridabad – 121001, Haryana
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.09.2004
Com. Reg. No.:	05-035483
Capital Investment / Paid-up Capital :	Rs.10.351 Millions
CIN No.: [Company Identification No.]	U34300HR2004PTC035483
TAN No.: [Tax Deduction & Collection Account No.]	RTKS08625B
PAN No.: [Permanent Account No.]	AAICS3805N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of wide range of Automobile Component.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 290000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears sharp dip in the profitability during 2012. However, trade relations are reported as fair. Business is active. Payments are reported to slow but correct. The company can be considered normal for business dealings with some 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB (Long Term Rating)
Rating Explanation	Moderate risk of default.
Date	February 23, 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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/ Factory :	Plot No. 429 Badkhal Pali Road, Village Bhakhari, Faridabad – 121001, Haryana, India
Tel. No.:	91-129-2484622/ 623/ 2482617
Fax No.:	91-129-2482617
E-Mail :	dinesh@sanautomotive.com info@sanautomotive.com mohit@sanautomotive.com
Factory 2 :	Indra Complex, Tigoun Road, Nehar Par, Old Faridabad, Haryana, India
E-Mail :	prasun@san-automotive.com

DIRECTORS

As on: 30.09.2012

Name :	Mr. Avinash Chander Gumber
Designation :	Director
Address :	205, Sector 16A, Faridabad - 121002, Haryana, India
Date of Appointment :	17.09.2004
DIN No.:	00715414
Name :	Nancy Gumber
Designation :	Director
Address :	205, Sector 16A, Faridabad - 121002, Haryana, India
Date of Appointment :	17.09.2004
DIN No.:	00715487
Name :	Mr. Dinesh Gumber
Designation :	Director
Address :	205, Sector 16A, Faridabad - 121002, Haryana, India
Date of Appointment :	17.11.2004
DIN No.:	00715597

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2012

Names of Shareholders	No. of Shares
Avinash Chander Gumber	393000
Nancy Gumber	565240
Arun Kumar Kashyap	10650
Sunita Garg	3100
Sunita Arora	7100
Dinesh Gumber	2000
Ambika Katria	4500
Kapil Kataria	12000
Kiran Sharma	2000
Neelam Ahuja	3000
Mohinder Goyal	1500
Rajneesh Kumar Sharma	1000
Shalini Sharma	2000
Uma Ahuja	3000
San Metal Components Private Limited, India	25000
Total	1035090

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2012

Category	Percentage
Directors or relatives of directors	76.21
Others	23.79
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of wide range of Automobile Component.
Products :	Press Tools Press Parts Deep Drawn Stamping Fabrication Racks/ Trolleys Telecom Shelter Sails Electric Panels

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of Patiala, Main Branch, Mathura Road, Sector 11, Faridabad - 121004, Haryana, India
• Small Industrial Development Bank of India, NH5-R/2, Neelam Badshah Khan Road NIT, Faridabad - 121001, Haryana, India
• ICICI Bank Limited
• HDFC Bank Limited
• IDBI Bank Limited
• ABN Amro Bank
• Barclays Bank
• Citi Bank
• Kotak Mahindra Bank Limited
• Punjab National Bank, NIT, Faridabad 121002, Haryana, India
• Punjab National Bank, Main Branch Nehru Ground, NIT, Faridabad - 121001, Haryana, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012
SBP‐MTL	6.699
SBP‐MTL‐1.5C	9.206
SBP‐TERM LOAN	2.472
Car Loan Innova	0.310
Car Loan Laura New	0.835
Car Loan Polo	0.225
Car Loan Swift	0.000
HDFC Bank Mcds Car Loan	1.775
HDFC BANK Lenia Car Loan	0.365
Axis Bank Car Loan Volvo	3.524
HDFC Fiat Car Loan	0.112
Foreign Commercial Borrowing	5.620
SIDBI	2.599
SBP-C/C	55.441
Total	89.183

Secured Loan	As on 31.03.2011
Secured Loan	79.449
Total	79.449

Banking Relations :	--
Auditors :
Name :	Deepak and Arora Chartered Accountants
Address :	A-13, First Floor, Nehru Ground, Faridabad – 121001, Haryana, India
PAN No.:	AAFFD3242G

CAPITAL STRUCTURE

As on: 31.03.2012

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
1035090	Equity Shares	Rs.10/- each	Rs.10.351 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.351	10.350	10.351
2] Share Application Money		23.004	23.004	16.354
3] Reserves & Surplus		41.113	39.668	11.683
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		74.468	73.022	38.388
LOAN FUNDS
1] Secured Loans		89.183	79.449	71.694
2] Unsecured Loans		36.994	31.644	23.639
TOTAL BORROWING		126.177	111.093	95.333
DEFERRED TAX LIABILITIES		5.166	4.444	3.688
TOTAL		205.811	188.559	137.409
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		133.021	120.771	81.332
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.619	85.253	38.236
	Sundry Debtors	87.506	81.338	104.678
	Cash & Bank Balances	76.524	2.257	11.395
	Other Current Assets	5.205	0.000	0.000
	Loans & Advances	0.766	18.169	9.444
Total Current Assets		175.620	187.017	163.753
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	99.895		104.400
	Other Current Liabilities	1.040	117.096	1.793
	Provisions	1.895	2.186	1.555
Total Current Liabilities		102.830	119.282	107.748
Net Current Assets		72.790	67.735	56.005
MISCELLANEOUS EXPENSES		0.000	0.053	0.072
TOTAL		205.811	188.559	137.409

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income			392.314
		Other Income			1.860
		TOTAL	427.088	489.784	394.174
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	424.922	447.769	382.675
	PROFIT BEFORE TAX		2.166	42.015	11.499
Less	TAX		0.721	0.000	1.859
	PROFIT AFTER TAX		1.445	42.015	9.640
	Earnings Per Share (Rs.)		1.40	NA	9.31

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.34	8.58	2.45
Net Profit Margin (PBT/Sales)	(%)	NA	NA	2.93
Return on Total Assets (PBT/Total Assets}	(%)	0.70	13.66	4.69
Return on Investment (ROI) (PBT/Networth)		0.03	0.58	0.30
Debt Equity Ratio (Total Liability/Networth)		1.69	1.52	2.48
Current Ratio (Current Asset/Current Liability)		1.71	1.56	1.52

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note:

The registered office of the company has been shifted from Indra Complex, Tigaon Road, Faridabad-121002, Haryana, India to the present address w.e.f. 01.03.2008

FINANCIAL RESULTS:

The profit and loss account of the company shows a net profit amounting to Rs.1.445 Millions.

UNSECURED LOAN

(Rs. In Millions)

	As on 31.03.2012	As on 31.03.2011
Unsecured Loans	36.994	31.644
Total	36.994	31.644

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U34300HR2004PTC035483
Name of the company	SAN AUTOMOTIVE INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 429 Badkhal Pali Road, Village Bhakhari, Faridabad – 121001, Haryana, India E-mail: dinesh@sanautomotive.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Small Industrial Development Bank of India, NH5-R/2, Neelam Badshah Khan Road NIT, Faridabad - 121001, Haryana, India E-mail: singhsp@sidbi.in
Nature of instrument creating charge	Loan agreement cum deed of hypothecation and letter of intent dated June 20, 2012
Date of instrument Creating the charge	13.07.2012
Amount secured by the charge	Rs.2.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest will be payable at the rate of 0.50% below SIDBI's Prime Lending Rate rising or falling therewith, with monthly rests. Current SIDBI PLR being 12.75% and current effective rate of 12.25 5p.a Terms of Repayment Loan shall be re repaid in 54 monthly installments first 53 installments of Rs. 0.046 Million and last installment of Rs. 0.046 Million. Margin 24.24% Extent and Operation of the charge 100% exclusive
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge by way of hypothecation of all movables including plant, machinery equipment acquired/to be aquired under SIDBI'S all schemes situated at Plot No. 429 Badkhal Pali Road Village Bhakari FBD First charge by way of hypothication of all the motor vehicles acquired/to be aquired under SIDBI'S all schemes situated at Plot No. 429 Badkhal Pali Road Village Bhakari FBD First charge by way of hypothication of all immovable of the borrower acquired/to be aquired out of SIDBI loan installed / situated at Plot No. 429 Badkhal Pali Road Village Bhakari FBD CGTMSE cover applicable

FIXED ASSETS:

• Fans and Electricals
• Car
• Tools and Dies
• Air Conditioner
• Fax Machine
• Computer
• Refrigerator
• Land and Building
• Plant and Machinery
• Truck
• Office Equipments
• Cycle and Rickshaw
• Water Cooler
• Generator
• Land
• Furniture

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 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 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.54.65
UK Pound	1	Rs.82.41
Euro	1	Rs.70.08

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.