MIRA INFORM REPORT

Report Date :

17.06.2013

IDENTIFICATION DETAILS

Name :	LUK INDIA PRIVATE LIMITED (w.e.f. 06.12.2001)
Formerly Known As :	RANE CLUTCH PRODUCTS LIMITED
Registered Office :	P B No. 20 Royakottah Road, Hosur, Dharmapuri, Hosur-635109, Tamilnadu
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	22.03.1995
Com. Reg. No.:	18-010015
Capital Investment / Paid-up Capital :	Rs.225.000 Millions
CIN No.: [Company Identification No.]	U29199TZ1995PTC010015
TAN No.: [Tax Deduction & Collection Account No.]	CHEL03003A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Clutch Cover Assemblies and Clutch Driving Plates.
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 6410000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Company performance seems good. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal business dealings at usual trade terms and condition.

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

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 :	P B No. 20 Royakottah Road, Hosur, Dharmapuri, Hosur-635109, Tamilnadu, India
Tel. No.:	91-4344-222313/221265
Fax No.:	91-4344-222296
E-Mail :	mohansty@schaeffler.com

DIRECTORS

AS ON 27.06.2012

Name :

Mr. Joydeep Roy

Designation :

Managing Director

Address :

E-1, 165, Sobha Hibiscus, Outer Ring Road, Belandur, Bangalore-560037, Karnataka, India

Date of Birth/Age :

01.10.1964

Date of Appointment :

21.11.2006

Din No.:

01051460

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	U29199TZ1995PTC010015	LUK INDIA PRIVATE LIMITED	Managing director	21/11/2006	21/11/2006	Active	NO
2	U34300PN1997PTC015240	INA BEARINGS INDIA PRIVATE LIMITED	Managing director	01/10/2011	01/10/2011	Active	NO

Name :

Matthias Zink

Designation :

Director

Address :

Ottenhoffn IM, Schwarzwald, Hausacker 3, Ottenhofen-77883, Germany

Date of Birth/Age :

20.06.1969

Date of Appointment :

22.03.2010

Din No.:

02980544

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	U29199TZ1995PTC010015	LUK INDIA PRIVATE LIMITED	Director	27/06/2012	22/03/2010	Active	NO

Name :

Mr. Nitish Acharya

Designation :

Alternate Director

Address :

C-235, Nandanvan Society, New Sama, Vadodara-390008, Gujarat, India

Date of Birth/Age :

18.03.1960

Date of Appointment :

26.08.2011

Din No.:

02538284

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	U29199TZ1995PTC010015	LUK INDIA PRIVATE LIMITED	Alternate director	26/08/2011	03/12/2008	Active	NO

KEY EXECUTIVES

Name :	Mr. Satyanarayan Mohanty
Designation :	Secretary
Address :	103, 25, Konappana Agraharae City, Bangalore-560100, Karnataka, India
Date of Birth/Age :	05.06.1979
Date of Appointment :	30.09.2008
Pan No.:	ATOPM7349H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.06.2012

Names of Shareholders	No. of Shares
Luk Vermogensverwaltungsgesellschaft GmbH, Germany	22499999
Industie AUF Baugesellachaft, Germany	1
TOTAL	22500000

AS ON 27.06.2012

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 :

Manufacturers of Clutch Cover Assemblies and Clutch Driving Plates.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Clutch Products	87.08

PRODUCTION STATUS [AS ON 31.12.2011]

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Clutch Cover Assemblies and Clutch Driven Plates	Nos.	4615000 per annum	3766500 *	1874752
Clutch Release Systems	Nos.	500000 per annum	--	--
Kits	Nos.	--	--	1075856

NOTE: * As certified by the Management, and relied upon by the auditors, being a technical matter.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	ICICI Bank Limited, 110, Prakash Presidium, Mahatma Gandhi Salai, Nungambakkam, Chennai-600034, Tamilnadu, India · State Bank of India, Branch Hosur, Tamil Nadu, India

Banking Relations :	--
Financial Institution :	Fag Bearings India Limited, Nariman Bhavan, 8^th Floor, Backbay Reclamation, Nariman Point, Mumbai-400021, Maharashtra, India
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	Maruti Info Tee Centre, 11-12-1, Inner Ring Road, Koramangala, Bangalore-560071, Karnataka, India
PAN No:	AAAFB9852F
Holding Company :	Luk Vermogensverwaltungsgesellschaft GmbH, Germany (Earlier, LuK Lamellen- und Kupplungsbau Beteiligungs, Germany)
Ultimate Holding Company :	Schaeffler Technologies AG and Co KG, Herzogenaurach (earlier, Schaeffler KG Germany)
Fellow Subsidiaries :	· AFT Atlas Fahrzeugtechnik GmbH, Germany · FAG Bearings India Limited, Vadodara · FAG Roller Bearings India Private Limited, Vadodara · INA Bearings Private Limited, Pune · Luk (UK) Limited, Sheffield · Luk GmbH and Co. KG, Buhl · Luk Puebla S.A.DE.C.V, Mexico · Luk Savaria KFT, Hungary · Luk Truckparts GmbH and Co.KG, Germany · Luk Unna GmbH and Co. KG, Germany · Luk Transmission System LLC, USA · Luk Vermgensverwaltungsges. GmbH, Germany · Luk-Aftermarket Services Limited, Hereford · Schaeffler (Holding) China Co Limited, Shanghai, Jiading, Anting · Schaeffler Automotive Aftermarket Germany · Schaeffler Brasil Ltda, SOROCABA/SP · Schaeffler France S.A.S., France · Schaeffler Friction Products, China · Schaeffler Friction Products, Germany · Schaeffler Korea Corporation, Korea · Schaeffler Mexico, S. de R.L de C · Schaeffler Middle East · Schaeffler Middle East FZE, Dubai , United Arab Emirates · Schaeffler South Africa ( Pty) Limited, Port Elizabeth · Schaeffler Versicherungs, Germany · Schaeffler Japan Company Limited, Japan

CAPITAL STRUCTURE

AS ON 31.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
22500000	Equity Shares	Rs.10/- each	Rs.225.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22500000	Equity Shares	Rs.10/- each	Rs.225.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		225.000	225.000	225.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1378.307	1116.267	821.223
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1603.307	1341.267	1046.223
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		6.261	2.970	4.123
TOTAL		1609.568	1344.237	1050.346
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		735.970	460.760	415.226
Capital work-in-progress		234.789	14.837	5.309
INVESTMENT		0.003	0.003	0.002
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	672.752	338.070	213.439
	Sundry Debtors	814.799	577.342	476.482
	Cash & Bank Balances	183.750	153.171	112.252
	Other Current Assets	0.229	0.376	0.000
	Loans & Advances	102.329	329.200	240.154
Total Current Assets		1773.859	1398.159	1042.327
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	986.487	366.774	301.600
	Other Current Liabilities	79.277	96.154	45.716
	Provisions	69.289	66.594	65.202
Total Current Liabilities		1135.053	529.522	412.518
Net Current Assets		638.806	868.637	629.809
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1609.568	1344.237	1050.346

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
		Income
		Other Income
		TOTAL (A)	3906.685	2842.508	2152.383
Less	EXPENSES
		Office Expenses
		Administrative Expenses	3436.536	2328.210	1751.945
		Advertising Expenses
		TOTAL (B)	3436.536	2328.210	1751.945 [Including Financial Expenses]
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		470.149	514.298
Less	FINANCIAL EXPENSES (D)		0.098	0.139
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		470.051	514.159	400.438
Less/ Add	DEPRECIATION/ AMORTISATION (F)		80.971	72.292	70.901
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		389.080	441.867	329.537
Less	TAX (H)		127.041	146.823	112.541
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		262.039	295.044	216.996
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1001.967	706.923	489.927
	BALANCE CARRIED TO THE B/S		1264.006	1001.967	706.923
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	180.222	152.004	84.276
		Reimbursement of Expenses	1.285	20.189	0.000
	TOTAL EARNINGS		181.507	172.193	84.276
	IMPORTS
		Raw Materials	NA	NA	239.033
		Stores & Spares	NA	NA	8.879
		Capital Goods	NA	NA	23.531
	TOTAL IMPORTS		NA	NA	271.443
	Earnings / (Loss) Per Share (Rs.)		11.65	13.11	9.64

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	6.71	10.38	10.08
Return on Total Assets (PBT/Total Assets}	(%)	15.50	23.77	22.61
Return on Investment (ROI) (PBT/Networth)		0.24	0.33	0.31
Debt Equity Ratio (Total Liability/Networth)		0.71	0.39	0.39
Current Ratio (Current Asset/Current Liability)		1.56	2.64	2.53

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	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	No
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

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U29199TZ1995PTC010015
Name of the company	LUK INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	P B No. 20 Royakottah Road, Hosur, Dharmapuri, Hosur-635109, Tamilnadu, India
Type of charge	Movable Property [not being pledge]
Particular of charge holder	Fag Bearings India Limited, Nariman Bhavan, 8^th Floor, Backbay Reclamation, Nariman Point, Mumbai-400021, Maharashtra, India
Email	raj.sarraf@schaeffler.com
Nature of description of the instrument creating or modifying the charge	Hypothecation Deed dated 4th May 2012 executed at Hosur to secure the repayment of the working capital loan of Rs. 400.000 Millions made by FAG Bearings India Limited to Luk India Private Limited Hypothecation Deed.
Date of instrument Creating the charge	04.05.2012
Amount secured by the charge	Rs.400.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 11.5% Per Annum Terms of Repayment Repayable within one year from the actual date of final disbursement. Extent and Operation of the charge The charge extends to the movable assets of the borrower mentioned in the schedule 1 of the Hypothecation Deed.
Short particulars of the property charged	Plant and Machinery Non-Eou, at P.B. 20, Royakottah Road, Hosur-635 109, Tamil Nadu. Transport and Handling Equipments, at P.B. 20, Royakottah Road, Hosur-635 109, Tamil Nadu. Electrical Equipments, at P.B. 20, Royakottah Road, Hosur-635 109, Tamil Nadu. Tools and Patterns, at P.B. 20, Royakottah Road, Hosur-635 109, Tamil Nadu. Vehicles, at P.B. 20, Royakottah Road, Hosur-635 109, Tamil Nadu. Office Equipments, at P.B. 20, Royakottah Road, Hosur-635 109, Tamil Nadu. Other Fixtures, at P.B. 20, Royakottah Road, Hosur-635 109, Tamil Nadu. Data Processing, at P.B. 20, Royakottah Road, Hosur-635 109, Tamil Nadu. Software, at P.B. 20, Royakottah Road, Hosur-635 109, Tamil Nadu. SAP Software, at P.B. 20, Royakottah Road, Hosur-635 109, Tamil Nadu.

FIXED ASSETS:

• Freehold Land
• Building
• Plant And Machinery
• Computers
• Office Equipments
• Furniture And Fittings
• Vehicles

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.57.74
UK Pound	1	Rs.90.64
Euro	1	Rs.77.02

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	6
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.