1. Summary Information

		Country	India
Company Name	AUTOLIV INDIA PRIVATE LIMITED	Principal Name 1	Mr. Lars Axel Sjobring
Status	Satisfactory	Principal Name 2	Mr. Suresh Nandagopal
		Registration #	55-108041
Street Address	2^nd Floor, Sucheta Bhawanlok, Kalyan Samiti 11 A, Vishu Digambar Marg, New Delhi-110002.
Established Date	05.10.2000	SIC Code	--
Telephone#	91-80-27971250	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	Exporter
Homepage	nagaraju.lade@autoliv.com	Product Name 1	Seat belts
# of employees	600 (Approximately)	Product Name 2	Automobile Accessories
Paid up capital	Rs. 50,112,850/-	Product Name 3
Shareholders	Foreign holdings – 100%	Banking	Not Available
Public Limited Corp.	No	Business Period
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
Holding Company	Sweden	Autoliv AB	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	965,252,000	Current Liabilities	839,246,000
Inventories	420,420,000	Long-term Liabilities	66,133,000
Fixed Assets	244,291,000	Other Liabilities	76,869,000
Deferred Assets	19,484,000	Total Liabilities	982,248,000
Invest& other Assets	20,923,000	Retained Earnings	638,009,000
		Net Worth	688,122,000
Total Assets	1,670,370,000	Total Liab. & Equity	1,670,370,000
Total Assets (Previous Year)	1,194,357,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	3,897,240,000	Net Profit	342,319,000
Sales(Previous yr)	2,410,088,000	Net Profit / (Loss) (Prev.yr)	(98,136,000)

MIRA INFORM REPORT

Report Date :

21.11.2011

IDENTIFICATION DETAILS

Name :	AUTOLIV INDIA PRIVATE LIMITED
Registered Office :	Survey No.80/3, Chokkahalli Village, Doddalluru Gram Panchayat, Hoskote Industrial Estate, Bangalore-562114, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.10.2000
Com. Reg. No.:	55-108041
Capital Investment / Paid-up Capital :	Rs. 50.113 Millions
CIN No.: [Company Identification No.]	U343000DL2000PTC108041
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and exporter of Seat belts Automobile Accessories.
No. of Employees :	600 (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 2800000
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 / Factory 1 :	Survey No.80/3, Chokkahalli Village, Doddalluru Gram Panchayat, Hoskote Industrial Estate, Bangalore-562114, Karnataka, India
Tel No.:	91-80-27971250/51/53/54/55/57
Fax no.:	Not Available
E-Mail :	nagaraju.lade@autoliv.com devanad.achutan@autoliv.com
Website :	www.autoliv.com
Corporate Office / Head Office / Factory / Plant :	16,Visvekwaraiah Industrial Estate, 1^st Main Road, Off Whitefield Road, Mahadevapura, Bangalore -560048, Karnataka, India
Tel. No.:	91-80-30586300 / 6267
Fax No.:	91-80-30586302
E-Mail :	vipin.saini@autoliv.com
Factory 2 :	Plot 203, Sector 4, IMT, Manasar Gurgaon-122050, Haryana, India.
Tel. No.:	91-124-4768700
Fax No.:	91-124-4768724
Factory 3 :	Shed No.76/78 SIDCO Industrial Estate, Thirumazhisai Poonamalle Taluk, Thiruvallur, Chennai-602107, Tamilnadu, India
Tel. No.:	91-44-26811847
Fax No.:	91-44-26844846

DIRECTORS

As on 29.09.2010

Name :

Mr. Lars Axel Sjobring

Designation :

Nominee Director

Address :

Brunnsgrand 3, Apartments 52, Syockholm-11130, Sweden

Date of Birth/Age :

11.12.1967

Date of Appointment :

30.09.2009

DIN No.:

01999909

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status
1	U36109WB1992PTC054141	AUTOLIV SAFETY SYSTEMS INDIA PRIVATE LIMITED	Director	30-06-08	05-11-07	Amalgamated
2	U34300KA2000PTC056723	AUTOLIV INDIA PRIVATE LIMITED	Nominee director	30-09-09	13-04-09	Active

Name :

Mr. Suresh Nandagopal

Designation :

Nominee Director

Address :

# 145, Prestige Ozone, Whitefield, Bangalore-560 006, Karnatak, India

Date of Birth/Age :

14.01.1970

Date of Appointment :

15.09.2010

DIN No.:

03245760

Name :

Mr. Sven Gunnar Dahlen

Designation :

Director

Address :

Unit 21 A, Orchid Tower SOI, Sukhumvit 8, Sukhumvit Road, Klongtoey, Bangkok-10110. Thailand.

Date of Birth/Age :

27.05.1946

Date of Appointment :

05.10.2000

DIN No.:

01116498

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U36109WB1992PTC054141	AUTOLIV SAFETY SYSTEMS INDIA PRIVATE LIMITED	Director	28-05-97	28-05-97	Amalgamated	NO
2	U34300KA2000PTC056723	AUTOLIV INDIA PRIVATE LIMITED	Director	05-10-00	05-10-00	Active	NO

KEY EXECUTIVES

Name :	Mr. Nagaraju Lade
Designation :	Secretary
Address :	Flat B302,SJR Spencer Apartment ,Aswath Nagar, Varthur Main Road, Marathahalli, Bangalore -5600037, Karnataka.
Date of Birth/Age :	15.07.1966
Date of Appointment :	19.06.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Autoliv AB, Sweden	5011283
Autoliv East Europe AB, Sweden	01
Autoliv Asia ROH Company Limited, Thailand	01
Total	5011285

As on 29.09.2010

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 and exporter of Seat belts Automobile Accessories.
Products :	v Automobile

PRODUCTION STATUS (as on 31.03.2009):-

Particulars	Unit	Installed Capacity	Actual Production
Automotive Seatbelts	Nos	12.566	8.875
Airbags	Nos	1.440	0.100

GENERAL INFORMATION

Customers :

v Autoliv Thailand Limited

v Autoliv (Shangai) vehicle Safety System Limited

v Autoliv Argentine S.A

v Autoliv Development AB

v Autoliv Do Brasil Limited

v P.T. Autoliv Indonesia

v Autoliv Japan Limited

No. of Employees :

600 (Approximately)

Bankers :

Not Available

Facilities :

Unsecured Loans :	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
Short term loans and advances
From Banks	0.000	193.000
Other loans and advances From Autoliv AB, the holding company	66.133	51.925
Total	66.133	244.925

Banking Relations :	-
Auditors :
Name :	S.R. Batlibol and Company Chartered Accountant
Address :	12^th /13^th Floor, UB City, Canberra Block,No.24,Vittal Mallya Road ,Bangalore-560001, Karnataka, India.
Pan No.:	AALFSO506L
Holding Company :	Autoliv AB, Sweden

CAPITAL STRUCTURE

As on 29.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Share	Rs.10/- Each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5011285	Equity Share	Rs.10/- Each	Rs.50.113 Millions

Of the above -

(i) 5,011,283 (Prevoius Year: 2,511,783) are held by Autoliv AB, the Holding Company.

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		50.113	25.118	0.110
2] Share Application Money		0.000	0.000	50.016
3] Reserves & Surplus		638.009	284.249	0.000
4] (Accumulated Losses)		0.000	0.000	(54.832)
NETWORTH		688.122	309.367	(4.706)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		66.133	244.925	19.970
TOTAL BORROWING		66.133	244.925	19.970
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
Share Capital Pending Allotment (Amalgamation)		0.000	24.995	0.000
TOTAL		754.255	579.287	15.264
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		244.291	173.506	26.939
Capital work-in-progress		20.923	46.891	4.986
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		19.484	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	420.420	190.659	1.050
	Sundry Debtors	410.860	378.884	0.484
	Cash & Bank Balances	101.015	108.522	13.680
	Other Current Assets	0.005	0.970	0.146
	Loans & Advances	453.372	294.925	12.529
Total Current Assets		1385.672	973.960	27.889
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	839.246	603.622	44.516
	Provisions	76.869	11.448	0.034
Total Current Liabilities		916.115	615.070	44.550
Net Current Assets		469.557	358.890	(16.661)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		754.255	579.287	15.264

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	3897.240	2410.088	1.318
		Other operating Income	63.255	20.557	0.000
		Other Income	72.816	66.347	0.801
		TOTAL (A)	4033.311	2496.992	2.119
Less	EXPENSES
		Cost of sales of trading goods	343.911	81.859	0.546
		Raw Material Consumed	2592.825	1730.560	0.514
		Personnel Expenses	260.504	201.767	22.744
		Operating and Other Expenses	359.967	500.698	17.786
		Increase in Inventories	(32.911)	(13.790)	0.000
		TOTAL (B)	3524.296	2501.094	41.590
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		509.015	(4.102)	(39.471)
Less	FINANCIAL EXPENSES (D)		12.308	12.711	0.121
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		496.707	(16.813)	(39.592)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		78.546	75.753	1.362
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		418.161	(92.566)	(40.954)
Less	TAX (H)		75.842	5.570	1.342
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		342.319	(98.136)	(42.296)
	PRIOR PERIOD ITEMS		(11.440)	25.694	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		169.939	(54.833)	NA
Add	TRANSFER AS PER SCHEME OF AMALGAMATION		0.000	348.602	NA
Add	TRANSFERRED FROM PROFIT AND LOSS ACCOUNT		353.760	(123.830)	NA
	BALANCE CARRIED TO THE B/S		523.699	169.939	(54.833)
	EARNINGS IN FOREIGN CURRENCY		103.506	47.191	0.000
	IMPORTS
		Traded Goods	NA	93.140	0.546
		Raw Materials	NA	856.370	1.526
		Capital Goods	NA	33.128	23.204
	TOTAL IMPORTS		NA	982.638	25.276
	Earnings Per Share (Rs.)		94.75	(191.04)	-

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	8.49	(3.93)	(1996.04)
Net Profit Margin (PBT/Sales)	(%)	10.73	(3.84)	(3107.28)
Return on Total Assets (PBT/Total Assets}	(%)	25.65	(7.75)	(68.47)
Return on Investment (ROI) (PBT/Networth)		0.61	(0.30)	(8.70)
Debt Equity Ratio (Total Liability/Networth)		1.43	2.77	(13.71)
Current Ratio (Current Asset/Current Liability)		1.51	1.58	0.63

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

During the financial year, the Company’s total income was Rs.4033.311 millions as against Rs.2.497 millions achieved in the previous year. The Profit after tax was Rs.353.760 millions for the year against the Loss of Rs.123.830 millions for the previous year. Substantial increase in Sales is mainly attributed to full year effect of first airbag project. Further, the company has set up the steering wheel facility at its Manesar plant towards end of the financial year, which started its commercial production in July 2010. And the company as part of its long term strategy has decided to localize webbing a major component used in seatbelt assembly mainly for captive consumption, to that effect an MOU has been signed with the State Government of Karnataka in June 2010. Against the MOU, the land has been allotted by Karnataka Industrial Development Board (KIDB) in Kodakola, Mysore and construction of plant is in full swing to meet the commercial production deadline of June 2011. With all this exciting developments, your Directors are optimistic for a bright future with turn-around on account of the improved economy and expanded activities of the Company and the synergy out of the amalgamation of the companies, as mentioned above.

FUTURE PLAN OF ACTION

• Development of single sheet metal armature for Steering Wheel

• Damper less Steering Wheel development for diesel engine equipped vehicles

• CAE Method development for Seatbelt and Airbag cushions and

• Cushion development for dual occupant.

FIXED ASSETS:

v Leasehold Improvements

v Plant and Machinery

v Computers

v Electrical Fittings

v Furniture and Fittings

v Office Equipments

v Vehicles

v Intangible Assets

-Computers Software

-Technical Know how

-Patents

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.51.35
UK Pound	1	Rs.80.97
Euro	1	Rs.69.25

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	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	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.