1. Summary Information

		Country	India
Company Name	IFB Automotive Private Limited	Principal Name 1	Mr. Bijon Nag
Status	Good	Principal Name 2	Mr. Bikramjit Nag
		Registration #	21-46693
Street Address	Plot No Industrial Sector – 5, 1 East Kolkata Township, Tiljala, Kolkata – 700107, West Bengal, India
Established Date	12.04.1989	SIC Code	--
Telephone#	91-33-24428286	Business Style 1	Manufacture
Fax #	91-33-24421003	Business Style 2	--
Homepage	http://www.ifbautomotive.com http://www.ifbassl.com	Product Name 1	Fine Blanked Automotive Components
# of employees	Not Available	Product Name 2	Seating Systems
Paid up capital	Rs.50,800,000/-	Product Name 3	Door Systems and Automotive Motors
Shareholders	Bodies Corporate – 100%	Banking	ICICI Bank Limited
Public Limited Corp.	No	Business Period	23 years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ba (52)
Related Company
Relation	Country	Company Name	CEO
Associates	--	IFB Industries Limited	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	954,757,000	Current Liabilities	950,287,000
Inventories	213,194,000	Long-term Liabilities	0,000,000
Fixed Assets	461,041,000	Other Liabilities	60,650,000
Deferred Assets	0,000	Total Liabilities	1,010,937,000
Invest& other Assets	1,619,497,000	Retained Earnings	2,186,752,000
		Net Worth	2,237,552,000
Total Assets	3,248,489,000	Total Liab. & Equity	3,248,489,000
Total Assets (Previous Year)	2,971,610,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales (Including Other Income)	4,090,500,000	Net Profit	178,500,000
Sales (Previous yr) (Including Other Income)	3,299,202,000	Net Profit(Prev.yr)	239,503,000

MIRA INFORM REPORT

Report Date :

08.05.2012

IDENTIFICATION DETAILS

Name :	IFB AUTOMOTIVE PRIVATE LIMITED
Registered Office :	Plot No Industrial Sector – 5, 1 East Kolkata Township, Tiljala, Kolkata – 700107, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.04.1989
Com. Reg. No.:	21-46693
Capital Investment / Paid-up Capital :	Rs.50.800 millions
CIN No.: [Company Identification No.]	U29130WB1989PTC046693
TAN No.: [Tax Deduction & Collection Account No.]	BLRR00487E
PAN No.: [Permanent Account No.]	AABCI2766H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of Fine Blanked Automotive Components, Seating Systems, Door Systems and Automotive Motors.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 9000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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 :	Plot No Industrial Sector – 5, 1 East Kolkata Township, Tiljala, Kolkata – 700107, West Bengal, India
Tel. No.:	91-33-24428286
Fax No.:	91-33-24421003
E-Mail :	info@ifbassl.com mahesh@itbassl.com jpatnaikassociates@gmail.com anwar@ifbautomotive.com
Website :	http://www.ifbautomotive.com http://www.ifbassl.com
Corporate Office/ Factory :	# 16, Visveswariah Industrial Estate, 1st Main Road, Off Whitefield Road, Mahadevpura, Bangalore - 560 048, Karnataka, India
Tel. No.:	91-80-39884450
Fax No.:	91-80-39842778
E-Mail :	info@ifbassl.com info@ifbautomotive.com
Website :	http://www.ifbautomotive.com
Location :	Owned
Head office :	14, Taratala Road, Kolkata – 700 088, West Bengal, India
Tel. No.:	91-33-24014917
Fax No.:	91-33-24015479
E-Mail :	ifbassl@vsnl.com
Website :	http://www.ifbassl.com
Branch Office :	· 901-903, International Trade Tower, Nehru Place, New Delhi – 110 019, India · 58^th KM Stone, Delhi-Jaipur Highway, Village Binola, Gurgaon – 122 413, Haryana, India Tel. No. – 91-124-3209399/499 Fax No. – 91-124-3209006

DIRECTORS

AS ON: 06.07.2011

Name :	Mr. Bijon Nag
Designation :	Chairman cum Managing Director
Address :	4^th Floor, The Residency, 39 Humayun Kabir Sarani, Kolkata – 700053, West Bengal, India
Date of Birth/Age :	16.08.1942
Qualification :	Mechanical Engineer
Date of Appointment :	12.04.1989
Election ID No :	WB-23-150-00937
DIN No :	00756995

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	L51109WB1974PLC029637	IFB INDUSTRIES LIMITED	Whole-time director	01/06/2007	01/04/1975	-	Active	NO
2	L01409WB1982PLC034590	IFB AGRO INDUSTRIES LIMITED	Director	19/02/1982	19/02/1982	-	Active	NO
3	U29130WB1989PTC046693	IFB AUTOMOTIVE PRIVATE LIMITED	Director	12/04/1989	12/04/1989	-	Active	NO
4	U36109WB1992PTC054141	AUTOLIV SAFETY SYSTEMS INDIA PRIVATE LIMITED	Director	05/03/1992	05/03/1992	05/11/2007	Amalgamated	NO
5	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	06/09/2007	06/09/2007	-	Active	NO
6	U74999DL2010PTC210739	MARUTI INSURANCE BROKING PRIVATE LIMITED	Nominee director	24/11/2010	24/11/2010	-	Active	NO

Name :	Mr. Bikramjit Nag
Designation :	Director
Address :	4^th Floor, The Residency, 39 Humayun Kabir Sarani, Kolkata – 700 053, West Bengal, India
Date of Birth/Age :	27.09.1973
Date of Appointment :	06.12.2000
DIN No :	00827155

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	U63040WB1991PLC051003	TRAVEL SYSTEMS LIMITED	Director	03/04/1996	03/04/1996	-	Active	NO
2	L01409WB1982PLC034590	IFB AGRO INDUSTRIES LIMITED	Whole-time director	27/01/2010	14/10/1997	-	Active	NO
3	U36109WB1992PTC054141	AUTOLIV SAFETY SYSTEMS INDIA PRIVATE LIMITED	Director	22/06/1999	22/06/1999	05/11/2007	Amalgamated	NO
4	U29130WB1989PTC046693	IFB AUTOMOTIVE PRIVATE LIMITED	Director	06/12/2000	06/12/2000	-	Active	NO
5	L51109WB1974PLC029637	IFB INDUSTRIES LIMITED	Managing director	31/10/2008	31/10/2008	-	Active	NO

Name :	Mr. Dulal Kumar Battacharya
Designation :	Director
Address :	112-B, Block -B, SNS, Arcade Airport Road, Bangalore – 560017, Karnataka, India
Date of Birth/Age :	05.12.1940
Date of Appointment :	06.12.2000
DIN No :	00883454

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	U18101KA1999PTC024724	Eco Crystal Private Limited	Director	04/02/1999	04/02/1999	-	Active	NO
2	U29130WB1989PTC046693	IFB Automotive Private Limited	Director	06/12/2000	06/12/2000	-	Active	NO

Name :	Mr. Siddhartha Chatterjee
Designation :	Director
Address :	79/2/1/2 Raja Naba, Krishna Street, Kolkata – 700005, West Bengal India
Date of Birth/Age :	07.01.1963
Date of Appointment :	18.08.2003
DIN No :	00818528

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	U29130WB1989PTC046693	IFB Automotive Private Limited	Director	18/08/2003	18/08/2003	-	Active	NO

Name :	Mr. Gautam Dasgupta
Designation :	Director
Address :	47/2, Hazra Road, Kolkata – 700019, West Bengal, India
Date of Birth/Age :	19.02.1946
Date of Appointment :	29.07.2010
DIN No :	03158000

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	U29130WB1989PTC046693	IFB AUTOMOTIVE PRIVATE LIMITED	Director	6/7/2011	29/07/2010	Active	NO

Name :	Mr. Raghu Venkararaman
Designation :	Managing Director
Address :	No.1, Wind chimes, 1^st Main Road, Temple Tress Row, Near Nirgu, S t Bed, Kmla BG, Bangalore – 560034, Karnataka, India
Date of Birth/Age :	30.09.1946
Date of Appointment :	20.07.2011
Email :	raghu.venkataraman@autoliv.com
DIN No :	02012383

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	U36109WB1992PTC054141	AUTOLIV SAFETY SYSTEMS INDIA PRIVATE LIMITED	Director	30/06/2008	5/11/2007	-	Amalgamated	NO
2	U34300KA2000PTC056723	AUTOLIV INDIA PRIVATE LIMITED	Nominee director	30/09/2009	13/04/2009	15/09/2010	Active	NO
3	U29130WB1989PTC046693	IFB AUTOMOTIVE PRIVATE LIMITED	Managing director	20/07/2011	20/07/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Araz Anwar Ali
Designation :	Secretary
Address :	1A, Alamar Court, 242/271, Lloyda Road, Royapettah, Chennai-600014, Tamil Nadu, India
Date of Birth/Age :	20.04.1981
Date of Appointment :	22.10.2010
PAN No :	AGHPA7203N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 06.07.2011)

Names of Shareholders	No. of Shares
Bikramjit Nag	1
Dulal Kumar Battacharya	1
IFB Agro Industries Limited, India	955998
Nurpur Gases Private Limited, India	1660000
Asansol Bottling and Packing Company Private Limited, India	2464000
Total	5080000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of Fine Blanked Automotive Components, Seating Systems, Door Systems and Automotive Motors.

GENERAL INFORMATION

Customers :	· Maruti Udyog Limited · Mahindra and Mahindra · Ford · Hyundai · Tata Motors · General Motors · Honda · Toyota · FIAT · BEHR India · Tata Johnson Controls · Tata Toyo · Hanil Lear India Private Limited · Subros · Krishna Maruti Limited · BSL · TS Tech · Sanden Vikas
No. of Employees :	Not Available
Bankers :	· State Bank of India, Industrial Finance Branch, Bangalore – 560 025, Karnataka, India · Bank of India, Corporate Banking Branch, 25/1, Skip House, Museum Road, Bangalore – 560001, Karnataka, India · ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountant
Address :	Maruthi Info-Tech Centre, 11-12/1, Inner Ring Road, Koramangala, Bangalore – 560071, Karnataka, India
PAN No.:	AAIFB4734C
Associates :	· Nurpur Gases Private Limited · IFB Industries Limited · Asansol Bottling and Packaging Company Private Limited · IFB Agro Industries Limited
Subsidiaries :	· Thai Autotive and Appliances Limited (From 12.12.2008) · Global Automotive And Appliances Pte. Limited (from 21.11.2008)

CAPITAL STRUCTURE

(AS ON 06.07.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
5500000	Equity Shares	Rs.10/- each	Rs.55.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5080000	Equity Shares	Rs.10/- each	Rs.50.800 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		50.800	50.800	50.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2186.752	2008.241	1768.738
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2237.552	2059.041	1819.538
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		20.957	42.048	36.413
TOTAL		2258.509	2101.089	1855.951
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		461.041	542.400	577.987
Capital work-in-progress		7.839	11.958	27.733
INVESTMENT		1611.658	1117.888	902.748
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	213.194	198.700	157.537
	Sundry Debtors	517.716	492.973	406.447
	Cash & Bank Balances	124.654	351.881	331.065
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	312.387	255.810	199.941
Total Current Assets		1167.951	1299.364	1094.990
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	898.564	753.940	624.406
	Other Current Liabilities	51.723	71.179	79.207
	Provisions	39.693	45.402	43.894
Total Current Liabilities		989.980	870.521	747.507
Net Current Assets		177.971	428.843	347.483
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2258.509	2101.089	1855.951

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		3097.588	2665.505
		Other Income		201.614	107.192
		TOTAL (A)	4090.500	3299.202	2772.697
Less	EXPENSES
		Cost of Materials		2450.042	2107.248
		Increase/(Decrease) in Finished Goods	3728.600	(65.671)	18.527
		Administrative Expenses		532.223	511.171
		TOTAL (B)	3728.600	2916.594	2636.946
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		361.900	382.608	135.751
Less	FINANCIAL EXPENSES (D)		1.400	0.891	1.405
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		360.500	381.717	134.346
Less/ Add	DEPRECIATION/ AMORTISATION (F)		110.800	57.579	57.795
	PROFIT BEFORE TAX (E-F) (G)		249.700	324.138	76.551
Less	TAX (H)		71.200	84.635	7.068
	PROFIT AFTER TAX (G-H) (I)		178.500	239.503	69.483
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2008.200	1768.738	1699.255
	BALANCE CARRIED TO THE B/S		2186.700	2008.241	1768.738
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	26.040	17.301	11.437
	TOTAL EARNINGS		26.040	17.301	11.437
	IMPORTS
		Raw Materials	216.546	164.979	406.107
	TOTAL IMPORTS		216.546	164.979	406.107
	Earnings Per Share (Rs.)		35.14	47.15	13.68

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.36	7.25	2.50
Net Profit Margin (PBT/Sales)	(%)	NA	10.56	3.26
Return on Total Assets (PBT/Total Assets}	(%)	15.33	17.59	4.57
Return on Investment (ROI) (PBT/Networth)		0.11	0.15	0.04
Debt Equity Ratio (Total Liability/Networth)		0.44	0.42	0.41
Current Ratio (Current Asset/Current Liability)		1.18	1.49	1.46

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	Yes
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	No
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

FINANCIAL HIGHLIGHT

The company recorded total Income of Rs.4090.500 Millions as against Rs.3299.200 Millions registering an Increase 24% over the previous year.

AUTOMOBILE INDUSTRY:

FDI inflow in FY10 for the auto components sector was recorded at US$ 1.2 billion which was around 4% of the total FDI inflow in the country. Total investment in this sector US$ 9 billion.

Vehicle production grew to 14 million in FY10. India is ranked at 7th in world wide car production at 14,049,830 units in FY10.

The India advantage:

Growing domestic demand for vehicles Global sourcing hub India offers the advantage of low manufacturing costs due to economies of scale, low design, research and labour costs, and local sourcing of tools and components. Potential R&D hub with huge skilled technical manpower base.

Proximity to the European Union (EU) and Middle East and Africa (MEA) markets India’s share in the global auto components market is expected to rise from 0.9% in FY09 to 2.5% in 2015. Enabling business policy and regulatory environment, such as: The most recent Union Budget gave further impetus to the automotive industry by increasing weighted income tax deduction for in-house R&D from 150% to 200%, and for outsourced R&D from 125 per cent to 175 per cent.

The Department of Heavy Industries and Public Enterprises has also suggested creating a fund worth US$ 0.2 billion (INR 10 billion) to modernize the auto components industry by providing an interest subsidy on loans and the purchase of new plants and equipments.

The import of technology/technological up-gradation with a royalty payment of 5% without any limit on the duration and a lump sum payment of USD 2 million is also allowed under the automatic route in the automotive sector.

2011 budget has thrown up some caveats - it is proposed that automakers importing pre-assembled parts pay 60 percent customs duty as against the 10% they were paying so far.

NATRiP was set up at a cost of US$ 388.5 million to promote R&D in the sector to enable the industry to adopt and implement global standards of vehicular safety, emission and performance standards. It will focus on providing low-cost manufacturing and product development.

The Automotive mission plan (2010-2016) is being envisaged to promote growth. It has issued recommendations such as, setting up a technology-modernization fund, with special emphasis on SMEs, increasing exports and related infrastructure and, setting up special auto parks and auto component virtual SEZs.

MARKET

The size of the auto components industry has been estimated at US$ 22 billion (Rs 120 billion) in FY10, growing at a CAGR of 20.4% since FY05. The industry is expected to grow beyond US$ 110 billion by 2020.

Among the 6,400 players present in the Indian market, about 600 constitute the organized sector and contribute more than 77% of the country’s total production of auto components. The unorganized sector mainly concentrates on low value-added segments of the industry and catering to the replacement market. Lower pricing, lower operating costs and exemption from excise duty.

Auto-comp industry by market type:

OEM – 69%

Replacement – 20%

Export – 11%

On the regional front, currently northern region accounts for around 41% of entire auto component players present in the organized sector.

PERFORMANCE DURING THE YEAR:

Within the ambit of above scenario the Company experienced sales growth of 30% to reach a gross turnover of Rs.4420.000 Millions.

The key reasons for the growth in sale are set out below.

High production by the car manufacturer. The mass production of various new programs such as Ford Figo, Alto K10, Toyota Etios, Tata Aria, Tata Super Ace commercial production of FSB Frames with recliner, slider assembly and towel bar assembly to TJC for Toyota ETIOS program Increase in Nano prodcution Increase volume of power window motor in Motor Division.

They recorded revenues and PBT during the Year ended March 10 of Rs.249.700 Millions (6.11%) and Rs.324.100 Millions (9.82%) for previous year.

Operating Expenses for the year ended March, 2011 stands at Rs 620.700 Millions in absolute term but in % terms it has reduced by 1.68% as against previous year.

Technology Tie- up and Collaborators:

To cope up with the competition and for business growth, the company is developing association with foreign collaborator. Fisher Dynamics has sent a Hold Harmless Agreement to IFB for using IFB Sliders in Europe and North American Markets. In turn Fisher has also sent their F55 compact recliners to IFB. They continue their association with Witte, Kiekert and Brose. Additionally, the Company has also evolved its own technical base, design development competency to meet the latest requirement of the customers.

Exports

Indian automobile export grew at 29.64%.

Auto component exports from India were estimated at US$ 3.8 billion for FY10, witnessing a CAGR of 17.5% over the last 5 years. Exports are expected to grow to US$ 30 billion by 2020.

Europe – 40.4%

North America – 22.6%

Asia – 23.8%

The Company achieved 53% growth in exports at Rs 26.000 Millions in the year as against Rs 17.000 Millions during the previous year. At present the export customer base is limited to Johnson Controls and Summit which account for around 85% of the export and Ford which account for 15% of the export

FUTURE OUTLOOK:

Since the segment is technology-and capital-intensive it is likely to be led by existing major players in the short to medium term and the unorganized sector is unlikely to enter this segment. The trend of outsourcing may gain importance in this segment in the short to medium term.

The share of the replacement market is likely to grow. Replacement market companies are expected to focus on setting in place a wide distribution network, maintaining a wide range of products, pricing policy and building a brand image. Following the entry of global players, competition is expected to intensify in sub-segments. Indian companies are becoming more globally competitive in key segments of the auto components industry. Opportunities for manufacturers of EIS are increasing due to the growing recognition of electric start mechanisms.

Competition is expected to intensify in the electrical parts segment serving four-wheelers due to the increasing presence of multinational companies in the country.

India is expected to foresee the increased deployment of IT-enabled automobile support systems such as Global Positioning Systems (GPS), Anti-Braking Systems (ABS), Automatic Speech Recognition (ASR) and safety systems promoting innovation in the auto component industry.

SUBSIDIARY COMPANY:

The company has made additional investment of 535,000 USD in M/s Global Automotive and Appliances Limited, a wholly owned subsidiary company registered in Singapore under the local laws for investment in setting up of manufacturing facility of fine blanking components in Thailand, under the name Thai Automotive And Appliances Limited. The step subsidiary Thai Automotive And Appliances Limited has commenced its operation during 2009-10, they expect to achieve the cash break even by 2012.

BACKGROUND

The Company was incorporated in the year 1980 as a joint venture company by name RHW India Limited between RHW (Germany) and promoters of IFB. The Company changed its name to IFB Automotive Seating and Systems Limited (IFB ASSL) in the year 1999 and subsequently to company in the year 2003. The Company is mainly involved in the business of manufacture of auto components such as Recliners, Sliders, Window Regulator, Motor Assembly, Door Beam etc.

FORM: 8

Corporate identity number of the company	U29130WB1989PTC046693
Name of the company	IFB AUTOMOTIVE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No Industrial Sector – 5, 1 East Kolkata Township, Tiljala, Kolkata – 700107, West Bengal, India anwar@ifbautomotive.com
This form is for	Creation of charge
Type of charge	Book Debts Floating Charge
Particular of charge holder	ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India renu.agarwala@icicibank.com
Nature of instrument creating charge	Deed of Hypothecation dated November 03 2010
Date of instrument Creating the charge	03/11/2010
Amount secured by the charge	Rs. 250.000 millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest : As per sanctioned terms stipulated by the bank. Terms of repayment : As stipulated in the sanction letter. Margin : As stipulated in the sanction letter. Extent and operation of the charge : First charge by way of hypothecation of the Company’s entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares and such other moveable’s including book-debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, in a form and manner satisfactory to the Bank, ranking pari passu with other participating banks, if any. Other : NA
Short particulars of the property charged (Including location of the property)	First charge by way of hypothecation of the Company’s current assets in a form and manner satisfactory to the Bank, ranking pari passu with other participating banks, if any.

FIXED ASSETS

v Land

v Building

v Plant and Machinery

v Furniture and Fixtures

v Motor Vehicles

v Computers

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.53.34
UK Pound	1	Rs.86.09
Euro	1	Rs.69.37

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	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		52

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.