MIRA INFORM REPORT

Report Date :

28.10.2014

IDENTIFICATION DETAILS

Name :	GESTAMP AUTOMOTIVE CHENNAI PRIVATE LIMITED
Formerly Known As :	GESTAMP SUNGWOO STAMPINGS AND ASSEMBLIES PRIVATE LIMITED
Registered Office :	B-12, RNS Park, Phase – II, Pillaipakkam Village, Sriperumbudhur – 603109, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.07.2011
Com. Reg. No.:	18-081706
Capital Investment / Paid-up Capital :	Rs.78.750 Millions
CIN No.: [Company Identification No.]	U28112TN2011FTC081706
TAN No.: [Tax Deduction & Collection Account No.]	CHEG11573C
PAN No.: [Permanent Account No.]	AANFS9673C
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Sheet Metal Components, Custom Chasis, Automotive Sheet Metal Components, Precision Sheet Metal Components and Sheet Metal Pressed components.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 1800000
Status :	Project Under Implementation Stage
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the company was incorporated during the year 2011. The company is yet to commence its commercial operations as the company project is under implementation stage. As per registrar of companies the date of Balance Sheet i.e, Financials filed is shown as 31^st March, 2013 but the documents related to the financials for the year 2013 are not available from any sources. As per available financial of 2012, net worth of the company appears to be strong. Business is active as per the status shown in registrar of companies. Payment terms are unknown. The company can be considered 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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION DECLINED

UNABLE TO CONTACT

LOCATIONS

Registered Office :	B-12, RNS Park, Phase – II, Pillaipakkam Village, Sriperumbudhur – 603109, Tamilnadu, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	vsubra@in.gestamp.com

DIRECTORS

(AS ON 28.09.2012)

Name :	Mr. Raman Nanda
Designation :	Additional Director
Date of Appointment :	01.12.2011
DIN No.:	00078198
Name :	Mr. Lee Myung Keun
Designation :	Director
Date of Appointment :	29.07.2011
DIN No.:	00426115
Name :	Mr. Francisco Jose Riberas Mera
Designation :	Director
Date of Appointment :	29.07.2011
DIN No.:	01732230
Name :	Mr. Francisco Lopez Pena
Designation :	Director
Date of Appointment :	29.07.2011
DIN No.:	01790019
Name :	Mr. Sung Ki Min
Designation :	Director
Date of Appointment :	29.07.2011
DIN No.:	02360985
Name :	Mr. Jeffrey Winston Wilson
Designation :	Alternate Director
Date of Appointment :	05.07.2012
DIN No.:	05150375
Name :	Mr. Ok Suk Jae Choong Koh
Designation :	Director
Address :	#803-704, Nedae Jimaeul Geonyeong Casville, 11852, Jukjeon-Dong 267, Suji-Gu Yongin Si Gyeonggi-Do Yongin Si 803704
Date of Birth/Age :	18.11.1952
Date of Appointment :	25.02.2013
DIN No.:	06513444
Email :	owenkoh@swhitech.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 28.09.2012)

Names of Shareholders	No. of Shares	%age holding
Sungwoo Hi-Tech Company Limited, Korea	3937500	50.00
Solblans S.A., Spain	3937500	50.00
Total	7875000	100.00

(AS ON 30.09.2012)

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]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Sheet Metal Components, Custom Chasis, Automotive Sheet Metal Components, Precision Sheet Metal Components and Sheet Metal Pressed components.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available
Facilities :	--

Banking Relations :	--
Auditors :
Name :	S R B C and Company Chartered Accountants
Address :	6/7^th Floor, Tidel Park, No.6, Rajiv Gandhi Salai, Taramani, Chennai – 600113, Tamilnadu, India
PAN No.:	ABSFS4151K
Entity having significant influence:	· Sungwoo Hitech Limited, Korea · Solblank S.A., Spain
Fellow Associate/ Subsidiary Company :	· Gestamp Sungwoo Hitech Limited · Sungwoo Gestamp Hitech Limited · Gestamp Kartek Corportation

CAPITAL STRUCTURE

(AS ON 26.09.2013)

Authorised Capital :

No. of Shares	Type	Value	Amount
16300000	Equity Shares	Rs.10/- each	Rs.163.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7875000	Equity Shares	Rs.10/- each	Rs.78.750 Millions

(AS ON 28.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7875000	Equity Shares	Rs.10/- each	Rs.78.750 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	78.750
(b) Reserves & Surplus	549.370
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1)+(2)	628.120
(3) Non-Current Liabilities
(a) long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	12.679
(d) long-term provisions	0.091
Total Non-current Liabilities (3)	12.770
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	3.303
(c) Other current liabilities	122.274
(d) Short-term provisions	4.137
Total Current Liabilities (4)	129.714
TOTAL	770.604
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	127.014
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	363.270
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	132.643
(e) Other Non-current assets	0.000
Total Non-Current Assets	622.927
(2) Current assets
(a) Current investments	0.000
(b) Inventories	0.000
(c) Trade receivables	0.000
(d) Cash and cash equivalents	131.223
(e) Short-term loans and advances	15.097
(f) Other current assets	1.357
Total Current Assets	147.677
TOTAL	770.604

KEY RATIOS

PARTICULARS	31.03.2012
Debt Equity Ratio (Total Debt/Networth)	0.00
Current Ratio (Current Asset/Current Liability)	1.14

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	No
12]	Profitability for last three years	No
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	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	No
24]	Banking facility details	No
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	No

NOTE:

The Registered office of the company has been shifted from, 2^nd Floor, Altius Olympia Technology Park, 1-SIDCO Industrial Estate, Guindy, Chennai – 600032, Tamilnadu, India, to the present address w.e.f. 28.09.2012.

FINANCIAL RESULTS

The Company has started its Green field project activity from October 2011 onwards. As of 31^st March 2012 the company has Capital Work In Progress of Rs.363.000 Million. The Directors are pleased to present that the Project will be completed by end of this calendar year and the transfer plans will fully be completed on the same time.

CORPORATE INFORMATION

Gestamp Sungwoo Stampings and Assemblies Private Limited (the Company) was incorporated in India on July 29, 2011. The Company is a Joint Venture Company established by M/s. SOLBLANK S.A,, Spain and M/s. Sungwoo Hitech company Limited, Korea to engage in the business of supply and manufacture of metal car components primarily to projects of customers in the automobile manufacturing sector.

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Land

· Building

· Furniture and Fixture

· 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.61.23
UK Pound	1	Rs.98.53
Euro	1	Rs.77.75

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		28

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.