MIRA INFORM REPORT

Report Date :

24.12.2012

IDENTIFICATION DETAILS

Name :	TRELLEBORG AUTOMOTIVE INDIA PRIVATE LIMITED
Registered Office :	232 Priyanka Tower, Moti Nagar, New Delhi – 110015, Delhi
Country :	India
Financials (as on) :	31.03.2012
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
PAN No.: [Permanent Account No.]	AABCT2293G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Rubber Bonded Metal Parts
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Trelleborg International BV, Netherlands.’ It is an established company having a satisfactory track record. The financial position of the company appears to be sound and healthy. Directors are reported as well experienced and knowledgeable businessmen. Trade relations are reported as decent. Business is active. Payment terms are reported as regular and as per commitment. The company can be considered 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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.

LOCATIONS

Registered Office :	232 Priyanka Tower, Moti Nagar, New Delhi – 110015, Delhi, India
Tel. No.:	91-120-2563123/ 24/ 25/ 26
Fax No.:	91-120-2567675
E-Mail :	baleshjain@trelleborg.com
Head 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 :	baleshjain@trelleborg.com info@trelleborg.com baleshjain@trelleborg.com
Website :	http://www.trelleborg.com
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, Delhi, 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: 23.07.2012

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
Name :	Mr. Dinesh Panditrao Pawar
Designation :	Director Appointed in Casual Vacancy
Address :	A-1/601, SEC-P I, Greater Noida – 201308, Uttar Pradesh, India
Date of Birth/Age :	10.07.1972
Date of Appointment :	31.08.2007
DIN No.:	01781929
Name :	Mr. James L. Law
Designation :	Director
Address :	B-190,Phase – II, Noida – 201305, Uttar Pradesh, India
Date of Birth/Age :	09.01.1955
Date of Appointment :	12.05.2003
DIN No.:	01436518
Name :	Mr. Gary Wayne Madewell
Designation :	Director Appointed in Casual Vacancy
Address :	4, Clements PT, Henderson, KY- 42420
Date of Birth/Age :	26.06.1948
Date of Appointment :	04.05.2011
DIN No.:	03537729

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 23.07.2012

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

Equity Share Break up (Percentage of Total Equity)

As on: 23.07.2012

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

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	NA	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 :

Not Available

Bankers :

• Hong Kong and Shanghai Banking Corporation, Connaught Place, New Delhi-110001, Delhi, India
• ICICI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Borrowings (Secured against hypothecation of tools and moulds)	6.505
Borrowings (Secured against hypothecation of stock in trade )	17.000
Borrowings (Secured against assets acquired under lease)	5.226
Total	28.731	72.434
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Borrowings	37.595	133.154
Total	37.595	133.154

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)
Memberships :
Ultimate Holding Company:	Trelleborg AB, Sweden (TA)
Collaborators :
Fellow Subsidiary Company:	Trelleborg Automotive Technical Centre GmbH, China Trelleborg Automotive Germany Gmbh, Germany Trelleborg Automotive Technical Center Gmbh, Germany Wuxi Trelleborg Vibration Isolater Company Limited, China Trelleborg Automotive Germany Trelleborg Automotive Spain Trelleborg Automotive USA Trelleborg Foseda AB, Netherland Trelleborg Automotive S.R.L, Romania Trelleborg Industrial AVS UK Trelleborg Sealing Solutions (India) Private Limited CIN No. U29130KA1997PTC022248 Trelleborg Singapore Trelleborg Automotive Mexico SA De CV Trelleborg Automotive Brazil Trelleborg Information Systems Services AB Trelleborg YSH, United States of America Trelleborg Sealing Solutions Polska Trelleborg Navex Spain

CAPITAL STRUCTURE

As on: 23.07.2012

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		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.635	4.635	4.635
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		276.895	224.700	206.467
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		281.530	229.335	211.102
LOAN FUNDS
1] Secured Loans		28.731	72.434	6.992
2] Unsecured Loans		37.595	133.154	9.555
TOTAL BORROWING		66.326	205.588	16.547
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		347.856	434.923	227.649
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		310.144	304.753	142.473
Capital work-in-progress		2.958	17.580	5.792
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		4.331	4.297	5.113
OTHER NON CURRENT ASSETS		0.020
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	139.115	111.856	71.983
	Sundry Debtors	210.508	240.887	118.017
	Cash & Bank Balances	24.238	5.529	38.069
	Other Current Assets	0.000	12.324	9.596
	Loans & Advances	49.369	42.392	28.627
Total Current Assets		423.230	412.988	266.292
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	228.760	269.835	164.832
	Other Current Liabilities	140.306	8.476	6.377
	Provisions	23.761	26.384	20.812
Total Current Liabilities		392.827	304.695	192.021
Net Current Assets		30.403	108.293	74.271
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		347.856	434.923	227.649

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL (A)	1660.844	1467.870	727.070
Less	EXPENSES
		Cost of Material
		Operating and Other Expenditure
		Prior Period Adjustments
		TOTAL (B)	1516.424	1392.521	656.595
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial Expenses)	(Including Financial Expenses)	(Including Financial Expenses)
Less	FINANCIAL EXPENSES (D)
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		144.420	75.349	70.475
Less/ Add	DEPRECIATION/ AMORTISATION (F)		66.259	45.701	45.628
	PROFIT BEFORE TAX (E-F) (G)		78.161	29.648	24.847
Less	TAX (H)		25.967	11.416	11.226
	PROFIT AFTER TAX (G-H) (I)		52.194	18.232	13.621
	EARNINGS IN FOREIGN CURRENCY
		F. O. B Value of Exports	76.033	76.033	48.517
		Service Income	5.919	5.919	7.991
	TOTAL EARNINGS		81.952	81.952	56.508
	IMPORTS
		Raw Materials	12.811	12.811	6.071
		Capital Goods	74.412	74.411	6.661
	TOTAL IMPORTS		87.223	87.222	12.732
	Earnings Per Share (Rs.)		112.60	66.86	29.39

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.14	1.24	1.87
Return on Total Assets (PBT/Total Assets}	(%)	10.66	4.13	6.08
Return on Investment (ROI) (PBT/Networth)		0.28	0.13	0.12
Debt Equity Ratio (Total Liability/Networth)		1.63	2.23	0.99
Current Ratio (Current Asset/Current Liability)		1.08	1.36	1.39

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	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	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	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	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

RESULT OF OPERATIONS

Turnover for the year increased by over 9% from Rs 1467.870 Millions to Rs.1660.844 Millions. Profit before taxation was Rs 78.161 Millions and profit after tax of Rs. 52.194 Millions.

In continuation of its efforts to reassess the useful life of the assets of the Company and functional status as at the Balance sheet date, the management has identified certain assets for impairment and made a provision of Rs. 4.990 Millions (previous year 16.520 Millions).

With the provision for impairment the depreciation for the year is higher by Rs 4.990 Millions with a consequential effect on the profit for the year and net worth of the Company

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 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. 55.09
UK Pound	1	Rs. 89.54
Euro	1	Rs. 72.77

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		50

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.