MIRA INFORM REPORT

Report Date :

18.01.2013

IDENTIFICATION DETAILS

Name :	HUECO ELECTRONIC (INDIA) PRIVATE LIMITED
Registered Office :	Survey No. 19, Yewlewadi, Kondhwa Road, Pune-411048, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.08.2004
Com. Reg. No.:	019635
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U41901PN2004PTC019635
TAN No.: [Tax Deduction & Collection Account No.]	PNEH04779F
PAN No.: [Permanent Account No.]	AABCH4660H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Electronic Parts.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 214000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Huco Automotive GmbH.’ It is an established company having a satisfactory track record. There appears some dip in the income earned from operation and profits during 2012. However, trade relations are reported as decent. Business is active. Payments are reported as usually correct and as per commitments. 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/Factory :	Survey No. 19, Yewlewadi, Kondhwa Road, Pune-411048, Maharashtra, India
Tel. No.:	91-20-30455161
Fax No.:	91-20-30455137
E-Mail :	r.matta@hueco.com
Location :	Owned

DIRECTORS

AS ON 25.08.2012

Name :

Christian Otto Gustav Friendrich Westerkamp

Designation :

Managing Director

Address :

Lutherstresse 7 Bad Essen-49152, Germany

Date of Birth/Age :

18.08.1972

Date of Appointment :

25.08.2012

Din No.:

02010331

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	Company/ LLP Status	Defaulting status
1	U41901PN2004PTC019635	HUECO ELECTRONIC (INDIA) PRIVATE LIMITED	Managing director	25/08/2012	24/10/2007	Active	NO

Name :

Mr. Ravi Magatram Matta

Designation :

Director

Address :

Flat No. O-3, Sacred Heart Town Wonowarie , Pune-411040, Maharashtra, India

Date of Birth/Age :

13.09.1960

Date of Appointment :

29.09.2007

Din No.:

00086281

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	U32109PN2006PTC021987	BAG ELECTRONICS (INDIA) PRIVATE LIMITED	Director	10/02/2006	10/02/2006	28/10/2009	Active	NO
2	U41901PN2004PTC019635	HUECO ELECTRONIC (INDIA) PRIVATE LIMITED	Director	29/09/2007	01/06/2007	-	Active	NO

Name :

Ernst Hermann Schophorster

Designation :

Director

Address :

Liegnitzer Strabe 6, Lubbecke-32312 Germany

Date of Birth/Age :

03.11.1943

Date of Appointment :

25.08.2012

Din No.:

03223163

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	Company/ LLP Status	Defaulting status
1	U41901PN2004PTC019635	HUECO ELECTRONIC (INDIA) PRIVATE LIMITED	Director	25/08/2012	30/10/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.08.2012

Names of Shareholders	No. of Shares
Christian Otto Gustav Friendrich Westerkamp	500
Ernst Hermann Schophorster	500
Huco Automotive GmbH, Germany	9000
TOTAL	10000

AS ON 25.08.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Electronic Parts.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (East), Mumbai-400013, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Vehicle Loan From HDFC Bank	0.225	0.000
TOTAL	0.225	0.000

Banking Relations :	--
Auditors :
Name :	SRBC and Company Chartered Accountants
Address :	C-401, 4^th Floor, Panchil Tech Park, Yerwada, Pune-411006, Maharashtra, India
PAN No:	ABSFS4151K
Holding Company :	Huco Automotive GmbH, Germany

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.1000/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.1000/- each	Rs.10.000 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		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		43.556	42.244	36.159
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		53.556	52.244	46.159
LOAN FUNDS
1] Secured Loans		0.225	0.000	0.146
2] Unsecured Loans		6.145	9.323	19.241
TOTAL BORROWING		6.370	9.323	19.387
DEFERRED TAX LIABILITIES		0.993	2.067	0.000
TOTAL		60.919	63.634	65.546
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.144	25.155	27.986
Capital work-in-progress		0.000	0.000	0.500
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.340	17.990	16.664
	Sundry Debtors	10.955	9.463	10.745
	Cash & Bank Balances	4.373	6.054	3.022
	Other Current Assets	1.039	2.580	0.000
	Loans & Advances	17.337	17.855	21.653
Total Current Assets		54.044	53.942	52.084
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.635	8.932	11.043
	Other Current Liabilities	1.196	1.948	0.634
	Provisions	5.438	4.583	3.347
Total Current Liabilities		16.269	15.463	15.024
Net Current Assets		37.775	38.479	37.060
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		60.919	63.634	65.546

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income From Operations	88.979	91.638	77.002
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX		2.438	8.222	9.198
Less	TAX		1.126	2.132	(26.956)
	PROFIT / (LOSS) AFTER TAX		1.312	6.090	36.154
	Earnings / (Loss) Per Share (Rs.)		131.20	609.00	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	3.15	10.39	11.49
Return on Investment (ROI) (PBT/Networth)		0.05	0.16	0.20
Debt Equity Ratio (Total Liability/Networth)		0.42	0.47	0.75
Current Ratio (Current Asset/Current Liability)		3.32	3.49	3.47

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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
7% Loan From Huco Automotive GmbH, Germany [Holding Company]	6.145	9.323
TOTAL	6.145	9.323

NOTE:

The registered office of the company has been shifted from 297, 298, 299 Indo German Technolony Park, Urwade, Taluka Mulshi, District Pune, Maharashtra, India to the present address w.e.f. 13.09.2007.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U41901PN2004PTC019635
Name of the company	HUECO ELECTRONIC (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No. 19, Yewlewadi, Kondhwa Road, Pune-411048, Maharashtra, India
Type of charge	Movable Property [not being pledge]
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (East), Mumbai-400013, Maharashtra, India
Email	cpu-retailassetoperations.rocefiling@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Agreement For Autoloan-Lan-22048829
Date of instrument Creating the charge	16.08.2012
Amount secured by the charge	Rs.1.725 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 10.75% per annum Terms of Repayment Term - 60 months. Repayment of 60 monthly installment of Rupees 0.037 Million per month on 7th day of each month starting from 07/09/2012. Last EMI due date 07/07/2017 Margin As Mutually Agreed Between The Parties Extent and Operation of the charge To The Extent of Rs. 1.725 Millions
Short particulars of the property charged	Vehicle name Volkswagen Jetta manufactured in year 2012 bearing engine number 036151 and Chasis number 552114.

FIXED ASSETS:

• Leasehold Improvements
• Plant and Machinery
• Research and Developments Equipments
• Office Equipments
• Furniture and Fixtures
• Computers
• Vehicles
• Moulds and Dies

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 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] 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.54.64
UK Pound	1	Rs.87.45
Euro	1	Rs.72.65

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		48

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.