MIRA INFORM REPORT

Report Date :

06.11.2012

IDENTIFICATION DETAILS

Name :	HAEFELY TEST AG
Registered Office :	birstrasse 300, Basel, CH 4052
Country :	Switzerland
Year of Establishment :	1904
Legal Form :	Private Subsidiary Company
Line of Business :	Subject is engaged in performing real estate related services (except lessors of real estate, offices of real estate agents and brokers, real estate property managers, and offices of real estate appraisers).
No. of Employees :	100 employees

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^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Switzerland	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Switzerland - ECONOMIC OVERVIEW

Switzerland is a peaceful, prosperous, and modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. Switzerland's economy benefits from a highly developed service sector, led by financial services, and a manufacturing industry that specializes in high-technology, knowledge-based production. Its economic and political stability, transparent legal system, exceptional infrastructure, efficient capital markets, and low corporate tax rates also make Switzerland one of the world's most competitive economies. The Swiss have brought their economic practices largely into conformity with the EU's, to enhance their international competitiveness, but some trade protectionism remains, particularly for its small agricultural sector. The fate of the Swiss economy is tightly linked to that of its neighbors in the euro zone, which purchases half of all Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled export demand and put Switzerland in a recession. The Swiss National Bank (SNB) during this period effectively implemented a zero-interest rate policy to boost the economy as well as prevent appreciation of the franc, and Switzerland's economy recovered in 2010 with 2.7% growth. The sovereign debt crises currently unfolding in neighboring euro-zone countries pose a significant risk to Switzerland's financial stability and are driving up demand for the Swiss franc by investors seeking a safehaven currency. The independent SNB has upheld its zero-interest rate policy and conducted major market interventions to prevent further appreciation of the Swiss franc, but parliamentarians have urged it to do more to weaken the currency. The franc's strength has made Swiss exports less competitive and weakened the country's growth outlook; GDP growth fell to 2.1% in 2011. Switzerland has also come under increasing pressure from individual neighboring countries, the EU, the US, and international institutions to reform its banking secrecy laws. Consequently, the government agreed to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The government has renegotiated its double taxation agreements with numerous countries, including the US, to incorporate the OECD standard, and in 2011 it reached deals with Germany and the UK to resolve outstanding issues, particularly the possibility of imposing taxes on bank deposits held by foreigners. These steps will have a lasting impact on Switzerland's long history of bank secrecy.

Source : CIA

Company name & address

Haefely Test AG

birstrasse 300

Basel, CH 4052

Switzerland

Tel: 41-613734111

Fax: 41-613734912

Web: www.haefely.com

Synthesis

Employees: 100

Company Type: Private Subsidiary

Corporate Family: 87 Companies

Ultimate Parent: Hubbell Incorporated

Incorporation Date: 1904

Fiscal Year End: 31-Dec-2007

Reporting Currency: US Dollar

Annual Sales: NA

Total Assets: NA

Business Description

Haefely Test AG is primarily engaged in performing real estate related services (except lessors of real estate, offices of real estate agents and brokers, real estate property managers, and offices of real estate appraisers).

Industry

Industry Jewelry and Silverware

ANZSIC 2006: 2419 - Other Professional and Scientific Equipment Manufacturing

NACE 2002: 3350 - Manufacture of watches and clocks

NAICS 2002: 334519 - Other Measuring and Controlling Device Manufacturing

UK SIC 2003: 3350 - Manufacture of watches and clocks

UK SIC 2007: 2652 - Manufacture of watches and clocks

US SIC 1987: 3873 - Watches, Clocks, Clockwork Operated Devices, and Parts

Key Executives

Name	Title
Reinhold Grob-Becker	Geschaftsleitung (Direktor)
Richard W. Davies	Verwaltungsrat (President)
Michael Gamlin	Technik
Gary Amato	Verwaltungsrat (Sekretär)
Claude Lambert	Verwaltungsrat

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1

2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

Corporate Overview

Location

birstrasse 300

Basel, CH 4052

Switzerland

Tel: 41-613734111

Fax: 41-613734912

Web: www.haefely.com

Sales USD(mil): NA

Assets USD(mil): NA

Employees: 100

Fiscal Year End: 31-Dec-2007

Industry: Jewelry and Silverware

Incorporation Date: 1904

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Geschaftsleitung (Direktor), Verwaltungsrat (Vizepresident):

Markus Schneider

Contents

· Industry Codes

Business Description

Financial Data

Industry Codes

ANZSIC 2006 Codes:

2419 - Other Professional and Scientific Equipment Manufacturing

NACE 2002 Codes:

3350 - Manufacture of watches and clocks

3320 - Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

NAICS 2002 Codes:

334519 - Other Measuring and Controlling Device Manufacturing

US SIC 1987:

3873 - Watches, Clocks, Clockwork Operated Devices, and Parts

3829 - Measuring and Controlling Devices, Not Elsewhere Classified

UK SIC 2003:

3350 - Manufacture of watches and clocks

3320 - Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

UK SIC 2007:

2652 - Manufacture of watches and clocks

2651 - Manufacture of instruments and appliances for measuring, testing and navigation

Business Description

Supplier of High Voltage Test Systems

More Business Descriptions

Haefely Test AG is primarily engaged in performing real estate related services (except lessors of real estate, offices of real estate agents and brokers, real estate property managers, and offices of real estate appraisers).

Testing Laboratories

Financial Data

Financials in:	USD(mil)
Date of Financial Data:	31-Dec-2007

1 Year Growth

Corporate Family	Corporate Structure News:
	Hubbell Incorporated Haefely Test AG
Haefely Test AG Total Corporate Family Members: 87

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Hubbell Incorporated	Parent	Shelton, CT	United States	Electronic Instruments and Controls	2,871.6	13,500
Hubbell Caribe Ltd	Subsidiary	Vega Baja, PR	United States	Electronic Instruments and Controls		900
Hubbell Lighting - Progress Lighting Division	Subsidiary	Greenville, SC	United States	Appliance and Tool		500
Hubbell Lighting Inc	Branch	Bristol, PA	United States	Retail (Specialty)	93.0	500
Hubbell Lighting Inc.	Subsidiary	Christiansburg, VA	United States	Furniture and Fixtures	412.0	200
Hubbell Electrical Products	Subsidiary	Shelton, CT	United States	Electronic Instruments and Controls		300
Architectural Area Lighting	Branch	La Mirada, CA	United States	Furniture and Fixtures	28.9	135
Hubbell Lighting Inc	Branch	El Dorado, AR	United States	Electronic Instruments and Controls	76.3	100
Precision-Paragon	Branch	Yorba Linda, CA	United States	Electronic Instruments and Controls	45.8	60
Hubbell Lighting Inc	Branch	Cowpens, SC	United States	Furniture and Fixtures	11.8	55
Security Lighting Systems	Branch	Buffalo Grove, IL	United States	Electronic Instruments and Controls	38.2	50
Precision-Paragon	Branch	Hudson, WI	United States	Electronic Instruments and Controls	17.4	50
Precision-Paragon	Branch	Gainesville, FL	United States	Electronic Instruments and Controls	22.9	30
Beacon Products Inc	Branch	Bradenton, FL	United States	Retail (Specialty)	1.9	10
Hubbell Lighting Inc	Branch	Irving, TX	United States	Electronic Instruments and Controls	5.3	7
Hubbell Lighting Inc	Branch	Greenville, SC	United States	Electronic Instruments and Controls	5.3	7
Hubbell Lighting Inc	Branch	El Paso, TX	United States	Electronic Instruments and Controls	5.3	7
Hubbell Lighting Inc	Branch	Arden, NC	United States	Electronic Instruments and Controls	5.3	7
Hubbell Lighting Inc	Branch	Spartanburg, SC	United States	Electronic Instruments and Controls	5.3	7
Hubbell Lighting Inc	Branch	Spartanburg, SC	United States	Electronic Instruments and Controls	5.3	7
Hubbell Lighting Inc	Branch	Lyman, SC	United States	Electronic Instruments and Controls	5.3	7
Hubbell Lighting Inc	Branch	Spartanburg, SC	United States	Electronic Instruments and Controls	3.8	5
Hubbell Ltd.	Subsidiary	Burton upon Trent	United Kingdom	Miscellaneous Capital Goods	111.3	417
Chalmit Lighting Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Hubbell Uk Pension Trustees Ltd.	Subsidiary	London	United Kingdom	Business Services
Hubbell Power Systems Inc	Subsidiary	Aiken, SC	United States	Miscellaneous Fabricated Products	91.0	350
Hubbell Electrical Products	Subsidiary	South Bend, IN	United States	Electronic Instruments and Controls		344
Hubbell Electrical Dstrbtn	Branch	Arden, NC	United States	Miscellaneous Transportation	30.2	240
Hubbell Wiring Systems	Branch	Newtown, CT	United States	Electronic Instruments and Controls	53.0	200
Hubbell Industrial Controls	Branch	Archdale, NC	United States	Electronic Instruments and Controls	48.5	150
Hubbell Electrical Products	Branch	South Holland, IL	United States	Miscellaneous Transportation	6.3	50
Hawke International	Branch	Houston, TX	United States	Electronic Instruments and Controls	5.3	7
Hubbell Inc	Branch	Mankato, MN	United States	Electronic Instruments and Controls	5.3	7
Hubbell Inc	Branch	West Chester, PA	United States	Electronic Instruments and Controls	1.5	2
Hubbell Inc	Branch	El Dorado Hills, CA	United States	Electronic Instruments and Controls	1.5	2
Racoo, Inc.	Subsidiary	South Bend, IN	United States	Electronic Instruments and Controls	1.1	330
Hubbell Lighting Inc. Columbia Div.	Subsidiary	Spokane, WA	United States	Furniture and Fixtures		300
The Wiegmann Company	Subsidiary	Freeburg, IL	United States	Electronic Instruments and Controls	74.0	250
Kim Lighting	Subsidiary	City of Industry, CA	United States	Furniture and Fixtures	40.0	250
Hubbell-Columbia Lighting	Subsidiary	Bristol, PA	United States	Miscellaneous Fabricated Products	61.7	230
Gai-Tronics Corporation	Subsidiary	Mohnton, PA	United States	Communications Equipment	56.5	230
GAI-Tronics	Branch	St Rose, LA	United States	Electronic Instruments and Controls	13.1	13
GAI-Tronics	Branch	Johnstown, PA	United States	Electronic Instruments and Controls	7.1	7
GAI-Tronics	Branch	Monroeville, PA	United States	Electronic Instruments and Controls	7.1	7
GAI-Tronics	Branch	Moraga, CA	United States	Electronic Instruments and Controls	4.0	4
GAI-Tronics	Branch	Dayton, OH	United States	Electronic Instruments and Controls	1.0	1
GAI-Tronics	Branch	St Martinville, LA	United States	Electronic Instruments and Controls	1.0	1
GAI-Tronics	Branch	Noblesville, IN	United States	Communications Equipment	0.5	1
Hubbell Electric Products, Inc./ Killark Division	Division	Saint Louis, MO	United States	Scientific and Technical Instruments	90.4	205
Anderson Electrical Products	Subsidiary	Leeds, AL	United States	Retail (Technology)	190.8	200
Killark Electric	Subsidiary	Saint Louis, MO	United States	Electronic Instruments and Controls	106.0	150
Gleason Reel Corporation	Subsidiary	Mayville, WI	United States	Scientific and Technical Instruments	49.8	150
Hubbell Canada LP	Subsidiary	Pickering, ON	Canada	Furniture and Fixtures	40.5	150
Hubbell Canada	Subsidiary	Montreal, QC	Canada	Electronic Instruments and Controls	27.6	80
Kurt Versen Co	Subsidiary	Westwood, NJ	United States	Furniture and Fixtures	32.1	150
Architectural Area Lighting/Moldcast Co.	Subsidiary	City of Industry, CA	United States	Furniture and Fixtures	14.0	140
Hubbell Wiring Device-Kellems	Subsidiary	Newtown, CT	United States	Furniture and Fixtures		139
Hipotronics, Inc.	Subsidiary	Brewster, NY	United States	Scientific and Technical Instruments	33.2	105
Pulse Communications, Inc.	Subsidiary	Herndon, VA	United States	Electronic Instruments and Controls	65.7	100
Hawke International	Subsidiary	Ashton-Under-Lyne	United Kingdom	Scientific and Technical Instruments		100
Bryant Electric Company	Subsidiary	Shelton, CT	United States	Electronic Instruments and Controls		100
Haefely Test AG	Subsidiary	Basel	Switzerland	Jewelry and Silverware		100
Hubbell Wiring Systems	Subsidiary	Milford, CT	United States	Electronic Instruments and Controls		100
Hubbell Wiring Device-Kellems	Branch	Marietta, GA	United States	Electronic Instruments and Controls	1.6	6
Wiring Device-Kellems	Subsidiary	Bridgeport, CT	United States	Electronic Instruments and Controls		85
Prescolite Inc.	Subsidiary	Spartanburg, SC	United States	Furniture and Fixtures		70
Hubbell de Mexico SA de CV	Subsidiary	Delvalle, Federal District	Mexico	Miscellaneous Capital Goods		70
Dual Lite Manufacturing Inc.	Subsidiary	Naguabo, PR	United States	Furniture and Fixtures		55
Hubbell Building Automation	Subsidiary	Austin, TX	United States	Computer Networks	17.1	40
Hubbell Power Systems, Inc.	Subsidiary	Columbia, SC	United States	Electronic Instruments and Controls		30
Hubbell Power Systems, Inc.	Subsidiary	Centralia, MO	United States	Electronic Instruments and Controls	130.0	1,000
CDR Systems Corporation	Subsidiary	Ormond Beach, FL	United States	Fabricated Plastic and Rubber		200
CDR Systems Corp	Branch	Palatka, FL	United States	Construction - Raw Materials	31.6	95
Hubbell Lenoir City Inc	Branch	Lenoir City, TN	United States	Construction - Raw Materials	25.4	125
USCO Power Equipment Corp	Branch	Leeds, AL	United States	Electronic Instruments and Controls	26.0	100
PCORE Electric Co Inc	Branch	Le Roy, NY	United States	Electronic Instruments and Controls	26.0	100
Hubbell Power Systems	Subsidiary	Wadsworth, OH	United States	Electronic Instruments and Controls	49.6	70
Hubbell Power Systems Inc	Branch	San Jose, CA	United States	Construction and Agriculture Machinery	4.9	6
Hubbell Power Systems Inc	Branch	Mooresville, IN	United States	Miscellaneous Capital Goods	3.8	4
Electro Composites	Subsidiary	Saint-Jerome, QC	Canada	Electronic Instruments and Controls	1.4	4
Hubbell Premise Wiring	Subsidiary	Mystic, CT	United States	Communications Equipment	30.0	25
Hubbell Premise Wiring	Branch	Ellicott City, MD	United States	Electronic Instruments and Controls	4.0	15
Hubbell Technical Center	Branch	Bridgeport, CT	United States	Electronic Instruments and Controls	2.6	10
Progress Lighting	Subsidiary	Ville de Laval, QC	Canada	Furniture and Fixtures		8
Hipotronics, Inc./ Haefley High Voltage Division	Division	Brewster, NY	United States	Scientific and Technical Instruments
Architectural Area Light	Subsidiary	City Of Industry, CA	United States	Engineering Consultants
Hubbell Western Distribution Center	Unit	Ontario, CA	United States	Miscellaneous Transportation

executive report

Board of Directors

Name	Title	Function
Gary Amato	Verwaltungsrat (Sekretär)	Director/Board Member
Richard W. Davies	Verwaltungsrat (Präsident)	Director/Board Member
Claude Lambert	Verwaltungsrat	Director/Board Member
Markus Schneider	Geschaftsleitung (Direktor), Verwaltungsrat (Vizepräsident)	Director/Board Member

Executives

Name	Title	Function
Reinhold Grob-Becker	Geschaftsleitung (Direktor)	Chief Executive Officer
Peter Schikarski	Geschaftsleitung (Vizedirektor)	Chief Executive Officer
Markus Schneider	Geschaftsleitung (Direktor), Verwaltungsrat (Vizepräsident)	Chief Executive Officer
Lukas Walder	Geschaftsleitung (Vizedirektor), Projektmanagement	Chief Executive Officer
Richard W. Davies	Verwaltungsrat (President)	President
Michael Gamlin	Technik	Engineering/Technical Executive
Roman SchÃnbucher	Produktion	Product Management Executive

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.08
UK Pound	1	Rs.86.69
Euro	1	Rs.69.37

INFORMATION DETAILS

Report Prepared by :

MNL

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	----

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%)

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.