1. Summary Information

		Country	India
Company Name	HYUNDAI SEALTECH MANUFACTURING PRIVATE LIMITED	Principal Name 1	Mr. Ji Hun Chang
Status	Moderate	Principal Name 2	Mr. Kim Jungju
		Registration #	18-061929
Street Address	No. 49, Sengadu Village, Sriperumbudur, Sriperumbudur-602105, Tamilnadu, India
Established Date	03.01.2007	SIC Code	--
Telephone#	91-44-27658437/ 27658438/ 27658435	Business Style 1	Production
Fax #	--	Business Style 2	--
Homepage	--	Product Name 1	Automobile Components
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 130,100,500/-	Product Name 3	--
Shareholders	Foreign holdings (100.00)	Banking	Not Available
Public Limited Corp.	NO	Business Period	4 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	B (26)
Related Company
Relation	Country	Company Name	CEO
Holding Company	Korea	Hankook Sealtech Inc	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	95,875,000	Current Liabilities	112,538,000
Inventories	44,683,000	Long-term Liabilities	187,158,000
Fixed Assets	214,439,000	Other Liabilities	15,150,000
Deferred Assets	5,002,000	Total Liabilities	314,846,000
Invest& other Assets	52,940,000	Retained Earnings	(32,008,000)
		Net Worth	98,093,000
Total Assets	412,939,000	Total Liab. & Equity	412,939,000
Total Assets (Previous Year)	335,183,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	161,489,000	Net Profit	Na
Sales(Previous yr)	35,943,000	Net Profit(Prev.yr)	(41,074,000)

MIRA INFORM REPORT

Report Date :

01.10.2011

IDENTIFICATION DETAILS

Name :	HYUNDAI SEALTECH MANUFACTURING PRIVATE LIMITED (W.E.F. 09.02.2010)
Formerly Known As :	DONG-A SEALTECH MANUFACTURING PRIVATE LIMITED
Registered Office :	No. 49, Sengadu Village, Sriperumbudur, Sriperumbudur-602105, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	03.01.2007
Com. Reg. No.:	18-061929
Capital Investment / Paid-up Capital :	Rs. 130.101 Millions
CIN No.: [Company Identification No.]	U50300TN2007PTC061929
TAN No.: [Tax Deduction & Collection Account No.]	CHED05902B
PAN No.: [Permanent Account No.]	AACCD5097K
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in Production of Automobile Components.
No. of Employees :	Not available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 390000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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 :	No. 49, Sengadu Village, Sriperumbudur, Sriperumbudur-602105, Tamilnadu, India
Tel. No.:	91-44-27658437/ 27658438/ 27658435
E-Mail :	man@sealtech.co.kr sekarvanitha@gmail.com

DIRECTORS

(AS ON 24.09.2010 )

Name :

Mr. Ji Hun Chang

Designation :

Director

Address :

Hyundai Apartments 1-1005, Jaesong 2 Dong Heaundegu, Busan-612052, Korea

Date of Birth/Age :

19.05.1970

Qualification :

Experience :

Date of Appointment :

03.01.2007

DIN No.:

00921017

Other Directorship:

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	U35914TN2002PTC049010	Dong - A India Automotive Private Limited	Managing director	30/05/2002	30/05/2002	-	Active	NO
2	U25199TN2006PTC060667	Myung Sung India Precision Private Limited	Managing director	26/07/2006	26/07/2006	02/02/2011	Active	NO
3	U74992TN2006PTC061626	C J Polytech Private Limited	Director	30/11/2006	30/11/2006	20/07/2009	Active	YES
4	U50300TN2007PTC061929	Hyundai Sealtech Manufacturing Private Limited	Director	03/01/2007	03/01/2007	-	Active	NO

Name :

Mr. Kim Jungju

Designation :

Managing Director

Date of Appointment :

27.03.2007

DIN No.:

01779627

Name :

Mr. Seong Joon Chi

Designation :

Additional Director

Date of Appointment :

01.09.2009

DIN No.:

02401852

Name :

Mr. Joo Kon Choi

Designation :

Additional Director

Present Address :

Atrium Flat No. 303, II Floor, 22 Kalashetra Road, Thiruvanmiyur, Chennai-600041, Tamilnadu, India

Date of Birth/Age :

05.01.1957

Date of Appointment :

01.09.2009

DIN No.:

02615036

Name :

Mr. Nak Kwan Han

Designation :

Additional Director

Address :

Mokryun Apartment, 802-303 1053-4 Hogye Dong, Dongan Gu Anyang Si Gyeonggi Do 431080

Date of Birth/Age :

07.03.1948

Date of Appointment :

18.01.2011

DIN No.:

03395624

Name :

Mr. Danoh Lim

Designation :

Additional Director

Address :

Sanginyoek E Pyunhansesang 2 Danji, 204-1804, 87, Sangin Dong Dalseo Gu Daegu Metropolitan 704370

Date of Birth/Age :

05.06.1954

Date of Appointment :

01.04.2011

DIN No.:

03524346

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 24.09.2010)

Names of Shareholders	No. of Shares
Hankook Sealtech Inc, Korea	5204140
Hyundai Polytech Company Limited	7805910
Total	13010050

Equity Share Breakup (Percentage of Total Equity)

(AS ON 30.09.2010)

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 :

The company is engaged in Production of Automobile Components.

PRODUCTION STATUS (AS ON 31.03.2010)

Licensed Capacity: 200 HP (in Ltrs Per annum)

Installed Capacity: 1429 HP (in Ltrs Per annum)

Production: 17,379,087 (in numbers)

Note: Licensed and installed capacities are as certified by the management and being a technical data, auditors have adopted the same as furnished and certified by the management.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Loans and Advances From Banks	187.158	162.271
Total	187.158	162.271

Banking Relations :	--
Auditors :
Name :	Sukumar and Associates Chartered Accountant
Address :	No. 29, Devadi Street, Mylapore, Chennai-600004, Tamilnadu, India
PAN No.:	AANFS9673C
Holding company :	· Hyundai Polytech Co. Limited · Hankook Sealtech Inc
Associate Company (Co Subsidiary) :	Fine Polytech

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
14000000	Equity Share	Rs. 10/- each	Rs. 140.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13010050	Equity Share	Rs. 10/- each	Rs. 130.101 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		130.101	130.101	130.101
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.181
4] (Accumulated Losses)		(32.008)	(40.893)	0.000
NETWORTH		98.093	89.208	130.282
LOAN FUNDS
1] Secured Loans		187.158	162.271	99.774
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		187.158	162.271	99.774
DEFERRED TAX LIABILITIES		14.630	10.467	0.000
TOTAL		299.881	261.946	230.056
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		214.439	220.057	171.622
Capital work-in-progress		52.940	8.462	0.004
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		5.002	0.015	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	44.683	44.462	12.682
	Sundry Debtors	26.023	0.293	5.330
	Cash & Bank Balances	31.824	32.931	42.993
	Other Current Assets	0.018	0.014	0.000
	Loans & Advances	38.010	28.949	21.983
Total Current Assets		140.558	106.649	82.988
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	103.244	66.950	32.324
	Other Current Liabilities	9.294	6.210
	Provisions	0.520	0.077	0.344
Total Current Liabilities		113.058	73.237	32.668
Net Current Assets		27.500	33.412	50.320
MISCELLANEOUS EXPENSES		0.000	0.000	8.110
TOTAL		299.881	261.946	230.056

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	161.489	35.943	4.479
		Other Income	7.273	0.040	0.720
		TOTAL (A)	168.762	35.983	5.199
Less	EXPENSES
		Material Consumed		37.540	4.497
		Manufacturing Expenses		3.870	0.000
		Payments and Benefit for employees		5.671	0.000
		Administrative Expenses		9.092	0.000
		Preliminary Expenses written off	NA	0.060	0.000
		Extraordinary Items Foreign Exchange Fluctuation Loss		6.917	0.000
		Increase/ decrease in stock		(14.024)	0.000
		TOTAL (B)	NA	49.126	4.497
Less	PROFIT/ LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	(13.143)	0.702
Less	FINANCIAL EXPENSES (D)		NA	11.785	0.000
	PROFIT/ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	(24.928)	0.702
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	5.548	0.217
	PROFIT/ LOSS BEFORE TAX (E-F) (G)		NA	(30.476)	0.485
Less	TAX (I)		NA	(10.598)	0.304
	PROFIT/ LOSS AFTER TAX (G-I) (J)		NA	(41.074)	0.181
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	0.181	0.000
	BALANCE CARRIED TO THE B/S		NA	(40.893)	0.181
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	67.186	NA	NA
	TOTAL EARNINGS		67.186	NA	NA
	IMPORTS
		Raw Materials	34.111	NA	NA
		Capital Goods	41.218	NA	NA
	TOTAL IMPORTS		75.329	NA	NA
	Earnings Per Share (Rs.)		--	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	(114.15)	3.48
Net Profit Margin (PBT/Sales)	(%)	NA	(84.79)	10.83
Return on Total Assets (PBT/Total Assets}	(%)	NA	(9.33)	0.19
Return on Investment (ROI) (PBT/Networth)		NA	(0.34)	0.004
Debt Equity Ratio (Total Liability/Networth)		3.06	2.64	1.02
Current Ratio (Current Asset/Current Liability)		1.24	1.46	2.54

LOCAL AGENCY FURTHER INFORMATION

Background:

Subject was incorporated on 3^rd January 2007. The company commenced its commercial production on October 2008 as its manufacturing facility situated at 49 Sengadu Village, Manavala Nagar (B.O) Sriperumbudur Kancheepura, District. The company is engaged in Production of Automobile Components.

Note:

The Registered office of the company has been shifted from No. 29, Devadi Street, Mylapore, Chennai-600004, Tamilnadu, India to present address w.e.f. 01.10.2007

Fixed Assets:

· Land

· Building

· Plant and Machinery

· Electrical Fittings

· Vehicle

· Computer

· Furniture and Fittings

· Office 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.48.93
UK Pound	1	Rs.76.52
Euro	1	Rs.66.65

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--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
TOTAL		26

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.