MIRA INFORM REPORT

Report Date :

15.04.2013

IDENTIFICATION DETAILS

Name :	SANSERA ENGINEERING PRIVATE LIMITED
Registered Office :	261/C, Bommasandra Industrial Area, Hebbagodi Post, Anekal Taluk, Bangalore – 560 099, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.12.1981
Com. Reg. No.:	08-004542
Capital Investment / Paid-up Capital :	Rs.7.020 millions
CIN No.: [Company Identification No.]	U34103KA1981PTC004542
TAN No.: [Tax Deduction & Collection Account No.]	BLRS14664G
PAN No.: [Permanent Account No.]	AAECS2440M AAECS6759F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Auto Components such as Rocker Arms, Connecting Rods, Gear Shifters, Crank Shafts and Aerospace Components.
No. of Employees :	2900 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 7490000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a good track record. There appears slight dip in the profitability during 2011-2012. However, general financial position of the company appears to be strong. Performance capability is high. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and condition.

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	Long Term Rating: BBB+ (The CRISIL has suspended its rating due to lack of information.)
Date	March, 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 1 :	261/C, Bommasandra Industrial Area, Hebbagodi Post, Anekal Taluk, Bangalore – 560 099, Karnataka, India
Tel. No.:	91-80-27833056/ 27833442/ 27833642
Fax No.:	91-80-27833642
E-Mail :	support@sanseraindia.com sansera@vsnl.com
Website :	http://www.sanseraindia.com
Factory 2 :	No.8 (1106/8), A.M. Industrial Estate, G.B. Palya, Hosur Road, Bangalore – 560 068, Karnataka, India
Tel. No.:	91-80-25731078/ 25731088/ 25731227
Fax No.:	91-80-25731092
Factory 3 :	No.1, Bommasaandra-Jigani Link Road, Bommasandra Industrial Area, Bangalore, Karnataka, India
Tel. No.:	91-80-27839304/ 5/ 6/ 8
Fax No.:	91-80-27839307
Factory 4 :	Plot No.22 and 23, Sector-6, IMT Manesar, Gurgaon – 122 050, Haryana, India
Tel. No.:	91-124-4367600/ 03
Fax No.:	91-124-4367604
Factory 5 :	B-18, MIDC Industrial Area Chakan, Pune – 410 501, Maharashtra, India
Tel. No.:	91-2135-666228
Fax No.:	91-2135-666222
Factory 6 :	Plot No.18, Sector-09, IIE, Pantnagar, District Udham Singh Nagar, Uttarakhand, India
Tel. No.:	91-5944-250306/ 307
Fax No.:	91-5944-250308
Factory 7 :	Survey No.143/A, Bommasaandra-Jigani Link Road, Bangalore – 560 015, Karnataka, India
Tel. No.:	91-80-27839081/ 2/ 3
Fax No.:	91-80-27839309

DIRECTORS

As on 29.09.2012

Name :

Mr. Subramonia Sekhar Vasan

Designation :

Managing Director

Address :

Oriental Homes, No.51, Ranga Rao Road, Basavabagudi, Bangalore – 560 004, Karnataka, India

Date of Birth/Age :

02.03.1953

Qualification :

B. Tech (IIT) PGDM (IIMB)

Experience :

30 Years

Date of Appointment :

15.12.1981

PAN No.:

ACSPV4395H

DIN No.:

00361245

Other Directorship :

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	U34103KA1981PTC004542	SANSERA ENGINEERING PRIVATE LIMITED	Managing director	15/12/1981	15/12/1981	-	Active	NO
2	U28991KA1999PTC026145	GEAROCK FORGE PRIVATE LIMITED	Director	29/12/1999	29/12/1999	-	Active	NO
3	U29299KA2007PTC043270	SANSERA + STREPARAVA ENGINEERING PRIVATE LIMITED	Director	28/06/2007	28/06/2007	-	Active	NO

Name :

Mr. Fatheraj Premraj Singhvi

Designation :

Managing Director

Address :

Shanthi, No.232, Vishranti Enclave, Doddakalasandra Village, Kanakapura Road, Bangalore – 560 062, Karnataka, India

Date of Birth/Age :

14.04.1955

Qualification :

B.Com, FCA

Experience :

36 Years

Date of Appointment :

26.02.2008

PAN No.:

AGHPS5273J

DIN No.:

00233146

Other Directorship :

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	U34103KA1981PTC004542	SANSERA ENGINEERING PRIVATE LIMITED	Managing director	26/02/2008	01/03/1991	-	Active	NO
2	U02693KA1992PTC013599	MULDER (INDIA)PRIVATE LIMITED	Director	13/10/1992	13/10/1992	-	Active	NO
3	U28991KA1999PTC026145	GEAROCK FORGE PRIVATE LIMITED	Director	29/12/1999	29/12/1999	-	Active	NO
4	U74999KA2006PTC040111	R.A.K. MULDER PORCELAIN PRIVATE LIMITED	Director	03/08/2006	03/08/2006	-	Active	NO
5	U29299KA2007PTC043270	SANSERA + STREPARAVA ENGINEERING PRIVATE LIMITED	Director	28/06/2007	28/06/2007	-	Active	NO
6	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	03/09/2008	03/09/2008	-	Active	NO
7	U74900KA2011PTC056928	EFF N' BEE HOSPITALITY PRIVATE LIMITED	Director	04/02/2011	04/02/2011	-	Active	NO
8	U29220KA1983PTC005690	FITWELL TOOLS AND FORGINGS PRIVATE LIMITED	Director	30/09/2011	24/06/2011	-	Active	NO
9	U51109KA2012PTC065155	MULDER TRADING PRIVATE LIMITED	Director	02/08/2012	02/08/2012	-	Active	NO

Name :

Mr. Unni Rajagopal Kothenath

Designation :

Director

Address :

Taravad Palanahalli, Yelahanka Post, Bangalore – 560 064, Karnataka, India

Date of Birth/Age :

17.07.1954

Qualification :

B.A., FCA

Date of Appointment :

01.03.1991

PAN No.:

ABGPR0823H

DIN No.:

00229915

Other Directorship :

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	U34103KA1981PTC004542	SANSERA ENGINEERING PRIVATE LIMITED	Director	01/03/1991	01/03/1991	-	Active	NO
2	U02693KA1992PTC013599	MULDER (INDIA)PRIVATE LIMITED	Director	24/09/1997	24/09/1997	-	Active	NO
3	U74140MH1998PTC116442	DFK CONSULTING SERVICES (INDIA) PRIVATE LIMITED	Director	04/09/1998	04/09/1998	17/02/2010	Active	NO
4	U29299KA2007PTC043270	SANSERA + STREPARAVA ENGINEERING PRIVATE LIMITED	Director	09/08/2010	09/08/2010	-	Active	NO

Name :

Mr. Devappa Devaraj

Designation :

Director

Address :

Flat No.202, “Parijat” #45/1 Apartment, Fair Field Layout, Race Course Road, Bangalore – 560 001, Karnataka, India

Date of Birth/Age :

06.06.1953

Qualification :

B.Sc., FCA

Date of Appointment :

20.04.1993

PAN No.:

AAJPD2185L

DIN No.:

00213235

Name :

Mr. Girish Nilkanth Kulkarni

Designation :

Director

Address :

701, Saket Apartment 104, M.B. Raut. Marg., Shivaji Park, Dadar (West), Mumbai – 400 028, Maharashtra, India

Date of Birth/Age :

07.07.1966

Qualification :

Graduate

Date of Appointment :

23.09.2006

DIN No.:

00062382

Other Directorship :

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	L45204AP2001PLC057199	KSK ENERGY VENTURES LIMITED	Director	26/07/2002	26/07/2002	-	Active	NO
2	L74140AP1987PLC007870	DQ ENTERTAINMENT LIMITED	Alternate director	14/03/2003	14/03/2003	-	Amalgamated	NO
3	U51909MH2004PTC149347	GNS OUTSOURCING PRIVATE LIMITED	Director	21/11/2004	21/11/2004	-	Active	NO
4	U51909MH2004PTC149245	TOPWAVE TRADING COMPANY PRIVATE LIMITED	Director	25/11/2004	25/11/2004	-	Active	NO
5	U74999MH2004PTC150111	SUYASH OUTSOURCING PRIVATE LIMITED	Director	20/12/2004	20/12/2004	-	Active	NO
6	U72900MH1999PTC120346	MMODAL GLOBAL SERVICES PRIVATE LIMITED	Director	02/01/2006	02/01/2006	18/12/2012	Active	NO
7	U40109AP2005PTC047594	KSK ELECTRICITY FINANCING INDIA PRIVATE LIMITED	Director	29/09/2006	10/05/2006	04/02/2008	Active	NO
8	U67120KA1995PTC045373	ORDYN TECHNOLOGIES PRIVATE LIMITED	Director	30/09/2006	12/06/2006	27/03/2009	Active	YES
9	U51392KA1982PTC005086	BILL FORGE PRIVATE LIMITED	Director	29/09/2006	13/06/2006	30/06/2012	Active	NO
10	U34103KA1981PTC004542	SANSERA ENGINEERING PRIVATE LIMITED	Director	23/09/2006	13/06/2006	-	Active	NO
11	U29309TN1991PLC020805	SERVION T GLOBAL SOLUTIONS LIMITED	Director	27/08/2007	09/03/2007	-	Active	NO
12	U72200KA2006PTC038884	ENZEN GLOBAL SOLUTIONS PRIVATE LIMITED	Nominee director	08/01/2008	08/01/2008	-	Active	NO
13	U72200MH2004PTC149043	SUYASH IT SERVICES PRIVATE LIMITED	Director	01/05/2008	01/05/2008	-	Active	NO
14	L92113AP2007PLC053585	DQ ENTERTAINMENT (INTERNATIONAL) LIMITED	Director	15/09/2009	26/08/2009	-	Active	NO
15	U45201GJ2002PTC041354	GATIL PROPERTIES PRIVATE LIMITED	Director	26/07/2010	05/12/2009	-	Active	NO
16	U85110AP2003PTC042107	PHOENIX LIVING SPACES PRIVATE LIMITED	Nominee director	30/09/2011	14/10/2010	-	Active	NO
17	U40104AP2001PTC045088	VS LIGNITE POWER PRIVATE LIMITED	Director	28/07/2012	25/01/2012	31/01/2013	Active	NO
18	AAA-3185	BODHIVRIKSHA ADVISORS LLP	Designated Partner	23/12/2010	23/12/2010	-	Active	NO
19	AAA-5072	SURYATEJ ADVISORS LLP	Designated Partner	06/06/2011	06/06/2011	-	Active	NO
20	AAA-8922	SQUARE NINE HABITATS LLP	Partner	01/12/2012	24/04/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Note:

Shareholding details file attached.

As on 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	6.00
Bodies corporate	1.00
Directors or relatives of directors	93.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Auto Components such as Rocker Arms, Connecting Rods, Gear Shifters, Crank Shafts and Aerospace Components.

Products :

Item Code No. (ITC Code)	84099111
Product Description	Arm Valve Rocker
Item Code No. (ITC Code)	84099191
Product Description	SP Rocket
Item Code No. (ITC Code)	84831091
Product Description	Crank Shaft
Item Code No. (ITC Code)	87141900
Product Description	Gear Shifter
Item Code No. (ITC Code)	87141900
Product Description	Connecting Rod
Item Code No. (ITC Code)	88033000
Product Description	Aerospace Components

PRODUCTION STATUS (AS ON 31.03.2011)

Capacity in numbers

Particulars	Licensed Capacity	Installed Capacity
Rocker arms	NA	NA
Connecting rods	NA	NA
Crank shaft	NA	NA
Crank shaft assembly	NA	NA
Gear shifters	NA	NA

Particulars	Actual Production (In Nos.)
Connecting rods	2068.67
Crank shaft	335.70
Crank shaft assembly	1633.27
Gear shifters	5988.44
Rocker arms	19732.99

GENERAL INFORMATION

Customers :

Domestic

· Bajaj

· GM

· Hero Motors

· Honda

· Kirloskar

· Mahindra (2 Wheelers)

· PIAGGIO

· Maruti Suzuki

· Royal Enfield

· Suzuki

· Yamaha

· TATA

Overseas

· Ducati

· PIAGGIO

· FPT

· GM Korea

· Harley-Davidson Motor Cycles

· Moto Guzzi

· Motori Minarelli

· MBK

· Polaris

· Streparava s.p.a.

· UD Trucks

· Yamaha

No. of Employees :

2900 (Approximately)

Bankers :

· CITI Bank N.A., 506-507, Level 5, Prestige Meridian 2, No.30, M.G. Road, Bangalore – 560 001, Karnataka, India

· Export-Import Bank of India, Centre One Building, Floor - 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	384.220	333.570
Rupee term loans from others (Vehicles purchased under hire-purchase agreements, hypothecation and mortgage of all movable and immovable fixed assets including plant and machinery, furniture and fixtures, equipments of the company)	366.490	0.250
SHORT-TERM BORROWINGS
Rupee term loans from banks	922.800	911.220
Working capital loans from banks	150.000	100.120
Total	1823.510	1345.160

Banking Relations :	--
Financial Institutions :	· Bajaj Finance Limited, 4^th Floor, Bajaj Finserv Corporate Office, Off Pune – Ahmed Nagar Road, Viman Nagar, Pune – 411 014, Maharashtra, India · Karnataka State Financial Corporation, Thimmiah Road, Bangalore – 560 052, Karnataka, India
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Maruti Info Tech Centre, 11-12/1, Inner Ring Road Koramangala, Bangalore – 560 071, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	ABVPM0614N
Subsidiary Companies :	· Fitwell Tools and Forgings Private Limited, India (CIN No.: U29220KA1983PTC005690) · Gearock Forge Private Limited, India (CIN No.: U28991KA1999PTC026145) · Sansera + Streparava Engineering Private Limited, India (CIN No.: U29299KA2007PTC043270)
Partnership firm in which the Company/ Director is a Partner :	· Sansera Exports, India · Singhvi Dev and Unni

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
96000	Equity Shares	Rs.100/-each	Rs.9.600 millions
4000	Preference Shares	Rs.100/-each	Rs.0.400 million
	Total		Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
64740	Equity Shares	Rs.100/-each	Rs.6.474 millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
96000	Equity Shares	Rs.100/-each	Rs.9.600 millions
4000	13.5% Participating Cumulative Redeemable Preference Shares	Rs.100/-each	Rs.0.400 million
	Total		Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
70200	Equity Shares	Rs.100/-each	Rs.7.020 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		7.020	6.990	6.990
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1865.520	1676.200	1464.418
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1872.540	1683.190	1471.408
LOAN FUNDS
1] Secured Loans		1823.510	1345.160	1092.676
2] Unsecured Loans		39.030	21.950	36.240
TOTAL BORROWING		1862.540	1367.110	1128.916
DEFERRED TAX LIABILITIES		106.200	99.900	134.707
TOTAL		3841.280	3150.200	2735.031
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1964.740	1778.500	1486.566
Capital work-in-progress		232.120	215.320	246.302
INVESTMENT		229.530	160.810	240.318
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	699.540	547.500	399.842
	Sundry Debtors	779.480	613.560	473.727
	Cash & Bank Balances	333.350	80.020	32.693
	Other Current Assets	3.440	3.500	0.000
	Loans & Advances	466.420	404.040	333.096
Total Current Assets		2282.230	1648.620	1239.358
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	472.820	356.560	369.672
	Other Current Liabilities	366.400	280.660	36.163
	Provisions	28.120	15.830	71.678
Total Current Liabilities		867.340	653.050	477.513
Net Current Assets		1414.890	995.570	761.845
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3841.280	3150.200	2735.031

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	4631.300	3707.350	2660.968
		Other Income
		TOTAL	4631.300	3707.350	2660.968
Less	EXPENSES
		TOTAL	4383.740	3470.100	2484.277
Less	PROFIT BEFORE TAX AND PRIOR PERIOD ITEMS		247.560	237.250	176.691
	PRIOR PERIOD EXPENSES/ INCOME		15.890	(2.020)	9.134
	PROFIT BEFORE TAX		231.670	239.270	167.557
Less	TAX		48.820	3.040	30.741
	PROFIT AFTER TAX		182.850	236.230	136.816
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		811.050	622.893	NA
	APPROPRIATIONS
		Dividend	20.160	20.970	20.970
		Tax on Dividend	3.320	3.480	3.564
		Transfer to General Reserve	18.280	23.620	12.505
	BALANCE CARRIED TO THE B/S		952.140	811.050	622.893
	EARNINGS IN FOREIGN CURRENCY		496.440	297.710	264.597
	IMPORTS
		Raw Materials	NA	NA	19.124
		Capital Goods	NA	NA	27.049
		Consumables	NA	NA	9.181
	TOTAL IMPORTS		NA	NA	55.354
	Earnings Per Share (Rs.)		2613.16	3379.51	1957.31

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.95	6.37	5.14
Return on Total Assets (PBT/Total Assets}	(%)	5.45	6.98	6.15
Return on Investment (ROI) (PBT/Networth)		0.12	0.14	0.11
Debt Equity Ratio (Total Debt/Networth)		0.99	0.81	0.77
Current Ratio (Current Asset/Current Liability)		2.63	2.52	2.60

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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	Yes
17) Major suppliers	No
18) Major customers	Yes
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	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Deferred sales tax loan	0.000	5.720
SHORT-TERM BORROWINGS
Loans repayable on demand from others	19.130	0.000
Loans and advances from related parties	19.900	16.230
Total	39.030	21.950

BACKGROUND

The Company was incorporated on 15^th December, 1981 under the provisions of the Companies Act, 1956 with its registered office in Bangalore, Karnataka.

The Company is mainly involved in the business of manufacture of auto components such as rocker arms, connecting rods, gear shifters, crank shafts and Aerospace components.

FINANCIAL RESULTS

The Company has registered a year on year growth of 24.98% in turnover (excluding Excise duty and Services). FOB value of export is at Rs.496.440 millions registering a growth of 66.75% over previous year (Rs.297.710 millions). During the year the Company’s Aerospace ace division has obtained AS 9100C quality certification from LRQA.

Bankers Charges Report as per Registry

Corporate identity number of the company	U34103KA1981PTC004542
Name of the company	SANSERA ENGINEERING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	261/C, Bommasandra Industrial Area, Hebbagodi Post, Anekal Taluk, Bangalore – 560 099, Karnataka, India E-Mail: sansera@vsnl.com
This form is for	Creation of charge
Type of charge	Movable Property (not being pledge)
Particular of charge holder	Export-Import Bank of India, Centre One Building, Floor - 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India E-Mail: eximbro@eximbankindia.in
Nature of description of the instrument creating or modifying the charge	Unattested Deed of Hypothecation of Moveable Fixed Assets dated December 11, 2012 executed by Sansera Engineering Private Limited ("the Borrower") in favour of Export-Import Bank of India ("EXIM Bank") as security over the Borrower's entire moveable fixed assets acquired/to be acquired out of the loan of Rs.235.000 millions (with a sub-limit of Import Letter of Credit (ILC) ('the Loan') granted/to be granted by EXIM Bank.
Date of instrument Creating the charge	11.12.2012
Amount secured by the charge	Rs.235.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: INR: Exim Bank's Long Term Minimum Lending Rate (LTMLR) Plus 210 basis points p.a., (LTMLR at present is 9.90%) payable monthly on the 20^th day of every month. For USD: Libor (6m)+550 basis points p.a. Terms of Repayment: Term Loan: The loan shall be repayable in 60 monthly installments commencing after a moratorium of 9 months from the date of 01.04.2013. Margin: 20.58% Extent and Operation of the charge: Exclusive charge by way of hypothecation of the entire moveable fixed assets of the Borrower, present and future acquired/to be acquired out of the Loan of EXIM Bank.
Short particulars of the property charged	Exclusive charge over the whole of the Borrower's Moveable Fixed Assets both present and future, being financed out of EXIM Bank's Loan.

FIXED ASSETS:

· Land

· Buildings

· Factory Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer

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.54.44
UK Pound	1	Rs.83.77
Euro	1	Rs.71.33

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.