MIRA INFORM REPORT

Report Date :

12.12.2011

IDENTIFICATION DETAILS

Name :	TRELLEBORG AUTOMOTIVE INDIA PRIVATE LIMITED
Registered Office :	B-190, Phase II, Gautam Budh Nagar, Noida – 201301, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.04.2000
Com. Reg. No.:	55-105242
Capital Investment / Paid-up Capital :	Rs.4.635 millions
CIN No.: [Company Identification No.]	U34300DL2000PTC105242
TAN No.: [Tax Deduction & Collection Account No.]	DELT03161E
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturers of Rubber Bonded Metal Parts.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 920000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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 :	B-190, Phase II, Gautam Budh Nagar, Noida – 201301, Uttar Pradesh, India.
Tel. No.:	91-120-2896386 -88 / 2563123 to 2563126
Fax No.:	91-120-2896390/ 2567675
E-Mail :	balesh.jain@trelleborg.com info@trelleborg.com baleshjain@trelleborg.com
Website :	http://www.trelleborg.com
Head Office :	232, Priyanka Tower, Moti Nagar, New Delhi – 110015, Delhi, India
Factory/ Warehouse :	24A, Site No.4, Sahibabad Industrial Area, Ghaziabad – 201010, Uttar Pradesh, India
Tel. No.:	91-120-2896386/ 2779929/ 2779731-33
Fax No.:	91-120-2896390/ 2775281
Area:	50000 sq. ft.
Location:	Lease
Administrative Offices:	6227, C – 6, Vasant Kunj, New Delhi – 110070, India
Tel. No.	91-120-4779731
Fax No.	91-120-4771045
E-Mail:	info@trelleborg.com
Website:	http://www.trelleborg.com
Overseas Office:	Located at : · Japan · china · Korea · Malaysia · Singapore · Sri Lanka · Thailand · Turkey

DIRECTORS

(AS ON 06.07.2011)

Name :

Mr. James Law

Designation :

Director

Address :

2849, Blue Ridge Path, Stevensville-49127, United States of America

Date of Birth/Age :

09.11.1955

Date of Appointment :

12.05.2003

DIN No.:

01436518

Name :

Mr. Balesh Kumar Jain

Designation :

Director

Address :

A-804, Eldeco Apartments, Sector-4, Vaishali, Ghaziabad-201010, Uttar Pradesh, India

Date of Birth/Age :

16.10.1966

Date of Appointment :

11.07.2005

DIN No.:

00678705

Other Directorships :

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	U34300DL2000PTC105242	TRELLEBORG AUTOMOTIVE INDIA PRIVATE LIMITED.	Director	11/7/2005	11/7/2005	-	Active	NO
2	U29219GJ2006PTC054208	TRELLEBORG MARINE SYSTEMS INDIA PRIVATE LIMITED	Director	21/11/2006	21/11/2006	30/09/2009	Active	NO

Name :

Mr. Dinesh Panditrao Pawar

Designation :

Executive Director

Address :

12, Ratandeep Co-operative Housing Society, Behind Ashirwad Stop, A/P Nasik Road, Nasik- 422101, Maharashtra, India

Date of Birth/Age :

10.07.1972

Date of Appointment :

31.08.2007

DIN No.:

01781929

Name :

Mr. Gary Wayne Madewell

Designation :

Director Appointed in Casual Vacancy

Address :

4, Clements PT, Henderson 42420

Date of Appointment :

04.05.2011

DIN No.:

03537729

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 06.07.2011)

Names of Shareholders	No. of Shares
Trelleborg International BV, Netherlands	463500
Trelleborg Holding AB, Sweden	20
Total	463520

(AS ON 30.09.2011)

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 :	Manufacturers of Rubber Bonded Metal Parts.
Products :	· Engine Mounting · Gear Box Mounting · Bushes · Rubber Parts · Strut Mounting · Microven Products
Brand Names :	‘Trelleborg’

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Engine Mounting	Nos	3510000	753570
Gear Box Mounting	Nos	137	--
Bushes	Nos	15326000	9991059
PU Part	Nos	1008000	738755
Strut Mounting	Nos	2500000	2202038
Microven Product	Nos	720000	25622
Hydro Mount	Nos	200000	1666
Tooling	Nos	Not Applicable	10

NOTES

(i) Installed capacity is as certified by the management and relied upon by the auditors, being a technical matter. The above installed capacity, which will vary depending on the production mix, has been computed based on the current period's production mix.

(ii) Figurer, in brackets are in respect of the previous year.

GENERAL INFORMATION

No. of Employees :

300 (Approximately)

Bankers :

· Hong Kong and Shanghai Banking Corporation,

Connaught Place, New Delhi-110001, Delhi, India

· ICICI Bank Limited

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loan Taken for Fixed Assets Secured	6.688	6.992
Finance Lease Obligation long term Secured	7.746	0.000
Other Debt Secured	58.000	0.000
Total	72.434	6.992
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Other External Commercial Borrowing	133.154	9.555
Total	133.154	9.555

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	47/6, M. G. Road, Bangalore -560001, Karnataka, India
PAN No.:	AADFP9359C
Holding Company :	Trelleborg International BV, Netherlands (TIB)
Ultimate Holding Company:	Trelleborg AB, Sweden (TA)
Associates/Subsidiaries :	· Trelleborg YSH Incorporation, USA (TAY) · Trelleborg Automotive Technical Centre GmbH, Germany (TATC) · Trelleborg Automotive Germany Gmbh, Germany (TAG) · Trelleborg Industri AB, Sweden (TIS) · Trelleborg Industrial AVS AB, Sweden (TIA) · Trelleborg Automotive UK Limited, United Kingdom (TAU) · Wuxi Trelleborg Vibration Isolator Company Limited, China (WTVIC) · Trelleborg Automotive China , China (TAC)
Fellow Subsidiary :	· Trelleborg Hercules Pte Limited, Singapore* · Trelleborg Automotive Spain (TAS) · Trelleborg Fosheda AB ( TF) · Trelleborg Automotive USA (TAUSA) · Trelleborg Automotive S.R.L. Romania ( TAR) · Trelleborg Singapore ( TS)* · Trelleborg Industrial AVS UK (TIAUK) · Trelleborg Sealing Soultions India Pvt Ltd (TSS) · Trelleborg Information Systems Services AB ( TISS) · Trelleborg Sealing Solutions Polska ( TSSP) · Trelleborg Navex, Spain ( TNS) · Trelleborg Automotive Maxico SA de CV (TAM) · Trelleborg Automotive Germany, Breuberg (TAGB)

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- Each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
463520	Equity Shares	Rs.10/- Each	Rs.4.635 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		4.635	4.635	4.635
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		224.700	206.467	192.846
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		229.335	211.102	197.481
LOAN FUNDS
1] Secured Loans		72.434	6.992	7.375
2] Unsecured Loans		133.154	9.555	28.382
TOTAL BORROWING		205.588	16.547	35.757
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		434.923	227.649	233.238
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		304.753	142.473	132.343
Capital work-in-progress		17.580	5.792	2.899
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		4.297	5.113	0.021
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	111.856	71.983	69.191
	Sundry Debtors	240.887	118.017	76.991
	Cash & Bank Balances	5.529	38.069	29.750
	Other Current Assets	12.324	9.596	9.328
	Loans & Advances	42.392	28.627	20.258
Total Current Assets		412.988	266.292	205.518
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	269.835	164.832	88.287
	Other Current Liabilities	8.476	6.377	5.059
	Provisions	26.384	20.812	14.197
Total Current Liabilities		304.695	192.021	107.543
Net Current Assets		108.293	74.271	97.975
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		434.923	227.649	233.238

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income			495.080
		Other Income			29.878
		TOTAL (A)	1467.870	727.070	524.958
Less	EXPENSES
		Cost of Material			295.679
		Operating and Other Expenditure			177.519
		Prior Period Adjustments			3.623
		TOTAL (B)	1392.521	656.595	476.821
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial Expenses)	(Including Financial Expenses)	48.137
Less	FINANCIAL EXPENSES (D)				3.041
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		75.349	70.475	45.096
Less/ Add	DEPRECIATION/ AMORTISATION (F)		45.701	45.628	21.080
	PROFIT BEFORE TAX (E-F) (G)		29.648	24.847	24.016
Less	TAX (H)		11.416	11.226	6.863
	PROFIT AFTER TAX (G-H) (I)		18.232	13.621	17.153
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	41.278
	BALANCE CARRIED TO THE B/S		NA	NA	58.431
	EARNINGS IN FOREIGN CURRENCY
		F. O. B Value of Exports	76.033	48.517	84.552
		Service Income	5.919	7.991	9.166
	TOTAL EARNINGS		81.952	56.508	93.718
	IMPORTS
		Raw Materials	12.811	6.071	6.435
		Capital Goods	74.411	6.661	1.920
	TOTAL IMPORTS		87.222	12.732	8.355
	Earnings Per Share (Rs.)		66.86	29.39	37.01

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.24	1.87	3.27
Net Profit Margin (PBT/Sales)	(%)	NA	NA	4.85
Return on Total Assets (PBT/Total Assets}	(%)	4.13	6.08	7.11
Return on Investment (ROI) (PBT/Networth)		0.13	0.12	0.12
Debt Equity Ratio (Total Liability/Networth)		2.23	0.99	0.73
Current Ratio (Current Asset/Current Liability)		1.36	1.39	1.91

LOCAL AGENCY FURTHER INFORMATION

NOTE

Registered Office of the company has been shifted from ZC-2 1^st Floor, Sah Vikas Group Housing Society, 68 I.P Extension, New Delhi-110092, India to the present address w.e.f. 15.01.2004.

FIXED ASSETS

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Motor Vehicles

· Moulds

· Data Processing Equipments

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.51.77
UK Pound	1	Rs.81.32
Euro	1	Rs.69.42

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.