MIRA INFORM REPORT

Report Date :

16.07.2012

IDENTIFICATION DETAILS

Name :	MAGNA STEYR INDIA PRIVATE LIMITED
Formerly Known As :	STEYR INDIA PRIVATE LIMITED
Registered Office :	Kapil Zenith, Survey No. 55, Hissa No. 1, Bavdhan Khurd, Tal. Mulshi, Pune – 411021, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	15.09.1997
Com. Reg. No.:	11-014786
Capital Investment / Paid-up Capital :	Rs.300.000 Millions
CIN No.: [Company Identification No.]	U72200PN1997PTC014786
TAN No.: [Tax Deduction & Collection Account No.]	PNES04276G
PAN No.: [Permanent Account No.]	AAFCS3693H
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Technical Consultancy Services.
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 1200000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses in the records of the company. The company has earned minimal profits during the year ended 2010. Financial position of the company is under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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 – 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 / Corporate Office:	Kapil Zenith, Survey No. 55, Hissa No. 1, Bavdhan Khurd, Tal. Mulshi, Pune – 411021, Maharashtra, India
Tel. No.:	91-20-66751000
Fax No.:	91-20-66751297
E-Mail :	vilas.phule@magnasteyr.com office.india@magnasteyr.com

DIRECTORS

As on 29.06.2011

Name :

Mr. Chandrashekhar Mathur

Designation :

Director

Address :

A-12, East Nizamiddin, New Delhi – 110013, India

Date of Birth/Age :

10.02.1951

Date of Appointment :

15.09.1997

DIN No.:

00003232

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U67190DL1996PTC078228	R P MALHAN AND COMPANY PRIVATE LIMITED	Director	17/04/1996	17/04/1996	26/03/2008	Active	NO
2	U67190DL1996PTC078233	MOHINDER PURI AND COMPANY PRIVATE LIMTED	Director	17/04/1996	17/04/1996	-	Active	NO
3	U27205DL1996PTC082592	SWAROVSKI INDIA PRIVATE LIMITED.	Director	11/10/1996	11/10/1996	-	Active	NO
4	U29199DL1996PTC082591	ENGEL MACHINERY INDIA PRIVATE LIMITED	Director	11/10/1996	11/10/1996	-	Active	NO
5	U29299MH1997PTC109449	DEMAG CRANES AND COMPONENTS (INDIA) PRIVATE LIMITED	Director	16/07/1997	16/07/1997	02/06/2011	Active	NO
6	U72200PN1997PTC014786	MAGNA STEYR INDIA PRIVATE LIMITED	Director	15/09/1997	15/09/1997	-	Active	NO
7	U72200DL1971PLC005742	TECHNIP KT INDIA LIMITED	Alternate director	12/09/2011	01/03/2000	-	Active	NO
8	U27100MH2000PTC127807	THYSSENKRUPP ELECTRICAL STEEL INDIA PRIVATE LIMITED	Director	09/09/2000	09/09/2000	-	Active	NO
9	U24239DL1999PTC098162	THYSSENKRUPP ELEVATOR (INDIA) PRIVATE LIMITED	Director	17/06/2002	17/06/2002	14/05/2007	Active	NO
10	U74140DL1991PTC044890	ARBITER CONSULTING PRIVATE LIMITED	Director	31/07/2002	31/07/2002	-	Converted to LLP and dissolved	NO
11	U29295DL1995PTC166241	SMS PLASTICS TECHNOLOGY PRIVATE LIMITED	Director	10/10/2003	10/10/2003	-	Active	NO
12	U74140DL2004PTC124745	WTS INDIA PRIVATE LIMITED	Director	19/02/2004	19/02/2004	-	Active	NO
13	U51909DL2004PTC130091	ROTHENBERGER INDIA PRIVATE LIMITED	Director	19/10/2004	19/10/2004	31/12/2008	Active	NO
14	U74999DL2001NPL112520	INDO AUSTRIAN BUSINESS FORUM	Director	19/05/2005	19/05/2005	-	Active	NO
15	U34300DL2005PTC140947	RLE INDIA PRIVATE LIMITED	Director	20/09/2005	20/09/2005	15/12/2009	Active	NO
16	U74140DL1994PTC057018	ASM RESEARCH PRIVATE LIMITED	Director	17/10/2005	17/10/2005	-	Active	NO
17	U24222RJ2007FTC024955	PLANTAGCHEMIE INDIA PRIVATE LIMITED	Director	07/09/2007	07/09/2007	01/12/2007	Active	NO
18	U74140DL2008PTC176661	R P MALHAN AND COMPANY CONSULTANTS PRIVATE LIMITED	Director	11/04/2008	11/04/2008	-	Active	NO
19	U24200MH2000PTC123800	SEMPERTRANS-NIRLON PRIVATE LIMITED	Alternate director	06/04/2009	06/04/2009	17/04/2009	Active	NO
20	U74899DL1999PTC097862	PERGO INDIA PRIVATE LIMITED	Director	30/09/2009	18/08/2009	18/11/2010	Active	NO
21	AAA-8712	ARBITER CONSULTING LLP	Designated Partner	09/04/2012	09/04/2012	-	Active	NO

Name :

Mr. Klaus Drobnak

Designation :

Director

Address :

28.07.1968

Date of Birth/Age :

168 Xing Ye Lu, Apartment 1/302, Shanghai - 200020, China

Date of Appointment :

07.01.2008

DIN No.:

01921446

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72200PN1997PTC014786	MAGNA STEYR INDIA PRIVATE LIMITED	Director	16/09/2008	07/01/2008	-	Active	NO
2	U34300DL2006PLC156351	MPT AMTEK AUTOMOTIVE (INDIA) LIMITED	Director	30/09/2008	15/01/2008	30/09/2011	Active	NO
3	U29110HR2008PTC037708	MAGNA RICO POWERTRAIN PRIVATE LIMITED	Nominee director	14/03/2008	14/03/2008	25/03/2011	Active	NO

Name :

Mr. Klaus Konrad Badenhausen

Designation :

Additional Director

Address :

Liebenauer Hauptstr ABE, 317, Garz, Austria, Graz - 8041

Date of Birth/Age :

02.12.1952

Date of Appointment :

22.06.2010

DIN No.:

03149639

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72200PN1997PTC014786	MAGNA STEYR INDIA PRIVATE LIMITED	Additional director	22/06/2010	22/06/2010	20/03/2012	Active	NO

Name :

Mr. Erwin Max Haas

Designation :

Additional Director

Address :

Wulfern, Str. 24A, Steyr, Austria - 4400

Date of Birth/Age :

24.05.1954

Date of Appointment :

20.03.2008

DIN No.:

03272295

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.06.2011

Names of Shareholders	No. of Shares
Magna Steyr Fahrzeu Gtechnik AG and company KG	2999999
Engineering Center Steyr GMBH and Company KG	01
Total	3000000

Equity Share Break up (Percentage of Total Equity)

As on 29.06.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Technical Consultancy Services.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Pankaja Bhagwat Chartered Accountants
Address :	Suit 101-102, ORCHARD, Dr. Pai Parg, Baner, Pune – 411045, Maharashtra, India
Tel. No.:	91-20-27290771/27291772/27291773
Fax No.:	91-27290774
E-Mail :	pgbhagwat@vsnl.com
Website:	www.pgbhagwatca.com
PAN.:	AAAFB0762E
Holding Company:	· Magna Steyr Fahrzeugtechnik AG and Company KG · Magna Steyr AG and Company KG · Magna Auro Holding AG · Magna International Inc.
Fellow Subsidiary :	· Engineering Center Steyr GMBH and Company KG · Magna Powertrain Ag · Magna Powertrain AG and Company KG · Magna Steyr Automotive Technology (Shanghai) Limited · Magna Automotive Technology and Service (Shanghai) Company Limited · Magna Automotive (Poland) Sp Z O O · Magna Steyr France SAS · Magna Seating of America Inc · Magna Powertrain Inc · Magna International, India · Decona Germany GMBH · Magna International, Sailauf · Magna Closures Inc, Canada · Magna Closures Automotive Private Limited · Magna Steyr India S.rl · Magna Powertrain de Mexico S.A de C.V · Magna Powertrain Changzhou Company Limited · Magna Seating – CAM SLIDE · Magna Seating (Germany) GMBH

CAPITAL STRUCTURE

As on 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.100/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.100/- each	Rs.300.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		300.000	50.000	50.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		300.000	50.000	50.000
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		70.000	293.000	228.000
TOTAL BORROWING		70.000	293.000	228.000
DEFERRED TAX LIABILITIES		0.000	0.000	5.085
TOTAL		370.000	343.000	283.085
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		44.919	46.008	57.918
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	4.778
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	70.026	45.287	65.914
	Cash & Bank Balances	48.696	34.330	43.696
	Other Current Assets	10.502	29.620	33.185
	Loans & Advances	50.233	53.620	39.978
Total Current Assets		179.457	162.857	182.773
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	50.560	55.412	67.468
	Other Current Liabilities	49.720	59.663	73.611
	Provisions	6.304	5.097	4.682
Total Current Liabilities		106.584	120.172	145.761
Net Current Assets		72.873	42.685	37.012
MISCELLANEOUS EXPENSES		252.208	254.307	183.377
TOTAL		370.000	343.000	283.085

m./PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Income	317.670	235.850	122.920
		Other Income	2.030	1.290	1.650
		TOTAL	319.700	237.140	124.570
Less	EXPENSES
		Cost of Revenues	237.520	230.810	139.370
		Expenses	64.670	58.490	60.000
		TOTAL	302.190	289.300	199.370
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		17.510	(52.160)	(74.800)
Less/ Add	DEPRECIATION/ AMORTISATION		15.410	18.490	13.410
	PROFIT/(LOSS) BEFORE TAX		2.100	(70.650)	(88.210)
Less	TAX		0.000	0.290	0.60
	PROFIT/(LOSS) AFTER TAX		2.100	(70.940)	(88.810)
	IMPORTS
		Capital Goods	5391.000	5489.000	9024.000
	TOTAL IMPORTS		5391.000	5489.000	9024.000
	Earnings Per Share (Rs.)		0.88	(141.86)	(177.62)

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	0.66	29.91	71.29
Net Profit Margin (PBT/Sales)	(%)	0.66	29.96	71.76
Return on Total Assets (PBT/Total Assets}	(%)	1.17	43.38	48.26
Return on Investment (ROI) (PBT/Networth)		0.00	1.41	1.76
Debt Equity Ratio (Total Liability/Networth)		0.59	8.26	7.48
Current Ratio (Current Asset/Current Liability)		1.68	1.36	1.26

LOCAL AGENCY FURTHER INFORMATION

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	No
16) Details of sister concerns	No
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	--
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

OPERATIONS PERFORMANCE

The revenue from Export Sales, during the period. Increased by INR 86.490 Million compares to the previous year by 61% Magna Steyr. Magna Power Trairv Engineering Center Streyr. Magna Interiors and Magna Seating have contributed to this increase. The have added 4 no of customer in Export Market Revenues from Domestic Sales has slightly decreased by INR 4.670 Millions compared to the previous year by 5%. The drop in the Domestic Revenues is due to the fact that one project under execution has been completed during the year and after recession the Domestic Market is yet to pick up. Later in the year they have added 3 No. of customer in Domestic Market.

The company has mode profit after tax of INR 2.100 Millions and due to the main reason of Increased Revenues resulting in higher operating profit with improved Capacity utilization. The Gross Profit are higher by INR 7.000 Millionms (by 28% higher as compared to previous year) during the current year after salting off sales. General and admin expenses.

OUTLOOK FOR THE CURRENT YEAR: 2011

The company strategy is to pursue its strategic goal to become the leading supplier of Automotive Engineering Services in India. To meet this. It is clearly necessary to develop in both competences in a phased manner. as per as Capacity is concerned. They are close to their targets.

Demand in the automobile sector is increasing, however, at a slow rate. Domestic Market Sales is also expected to grow. However at a slower rate. Further they have a tremendous pressure of strengthening rupee value against the Euro on their operations and profitability.

They expected to achieve turnover of INR 421.000 Millions in year 2011.

INCREASE IN SHARE CAPITAL

During the year they issued 2,500,000 equity shares of Rs. 100 each to Magna Steyr Fahrzeugtechnik AG and Company KG. Due to this, the authorized issued subscribed and paid up equity share capital increased from 500,000 equity shares to 3,000,000 equity shares as at December 31.2010.

FIXED ASSETS

· Tangible Assets

· Plant and Machinery

· Data Processing Machines

· Furniture and Fixtures

· Vehicles

· Intangible Assets

· Software

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.55.65
UK Pound	1	Rs.85.88
Euro	1	Rs.67.87

INFORMATION DETAILS

Report Prepared by :

KVT

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	2
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--CREDIT LINES	1~10	3
--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	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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.