MIRA INFORM REPORT

Report Date :

01.02.2014

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 :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Mr. Sunil Ved (Director) has provided us general information to us. Management of the company has failed to file its financials after 2010 with the government department. However, business is active. Payment are reported to be unknown. The company can be considered for business dealings on safe and secured 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Sunil Ved
Designation :	Director
Contact No.:	91-129-4196700
Date :	31.01.2014

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 sales@sasbraketech.com
Website :	www.sasbraketech.com
Location :	Owned
Corporate Office :	V-508, Hotel Atrium Hill View, Shooting Range Road, Surajkund, Shooting Range Road, Faridabad, Haryana 121001
Tel. No.:	91-129-4196700 / 2510409
Fax. No.:	91-129-2510407

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
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
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
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.
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

PRODUCTION STATUS (AS ON 31.03.2010)

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

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

50 (Approximately)

Bankers :

State Bank of India, Haryana, 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

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 30.09.2010

Authorised Capital : Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.2.845 Millions

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 Debt /Networth)		0.92	1.07	1.01
Current Ratio (Current Asset/Current Liability)		2.88	4.08	1.22

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
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	No
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	No

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.

UNSECURED LOAN

(Rs. in Millions)

Particular	As on 31.03.2010	As on 31.03.2009
- From Directors/Share holders/ other	4.781	0.000
Total	4.781	0.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10065364	28/07/2012 *	18,300,000.00	STATE BANK OF INDIA	SME BRANCH, A-5, SOUTH EXTENSION PART-1, NEW DELHI, DELHI - 110048, INDIA	B55845796
2	10064378	28/07/2012 *	30,000,000.00	STATE BANK OF INDIA	SME BRANCH, A-5, SOUTH EXTENSION PART-1, NEW DELHI, DELHI - 110048, INDIA	B55846018
3	10064419	28/07/2012 *	48,300,000.00	STATE BANK OF INDIA	SME BRANCH, A-5, SOUTH EXTENSION PART-1, NEW DELHI, DELHI - 110048, INDIA	B55845341

* Date of charge modification

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 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 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.62.48
UK Pound	1	Rs.102.95
Euro	1	Rs.84.600

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		12

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.