1. Summary Information

		Country	INDIA
Company Name	AUTOLIV INDIA PRIVATE LIMITED	Principal Name 1	MR. SURESH NANDAGOPAL
Status	SATISFACTORY	Principal Name 2	MR. CHANG KET LEONG
		Registration #	08-056723 (New) 55-108041 (Old)
Street Address	SURVEY NO.80/3, CHOKKAHALLI VILLAGE, DODDALLURU GRAM PANCHAYAT, BANGALORE RURAL, HOSKOTE INDUSTRIAL ESTATE, BANGALORE – 562 114, KARNATAKA
Established Date	05.10.2000	SIC Code	--
Telephone#	91-80-30601300	Business Style 1	MANUFACTURER
Fax #	91-80-30601430	Business Style 2	--
Homepage	www.autoliv.com	Product Name 1	INTEGRATED SAFETY SYSTEMS
# of employees	NOT DIVULGED	Product Name 2	--
Paid up capital	RS.50,112,850/-	Product Name 3	--
Shareholders	FOREIGN HOLDINGS – 100%	Banking	MIZUHO BANK LIMITED
Public Limited Corp.	NO	Business Period	12 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (49)
Related Company
Relation	Country	Company Name	CEO
HOLDING COMPANY	SWEDEN	AUTOLIV AB	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,359,102,000	Current Liabilities	1,176,008,000
Inventories	513,334,000	Long-term Liabilities	308,646,000
Fixed Assets	687,593,000	Other Liabilities	38,519,000
Deferred Assets	3,887,000	Total Liabilities	1,523,173,000
Invest& other Assets	130,435,000	Retained Earnings	1,121,065,000
		Net Worth	1,171,178,000
Total Assets	2,694,351,000	Total Liab. & Equity	2,694,351,000
Total Assets (Previous Year)	2,307,477,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales and Other Income	4,875,205,000	Net Profit	189,322,000
Sales and Other Income (Previous yr)	4,694,108,000	Net Profit / (Loss) (Prev.yr)	293,734,000

MIRA INFORM REPORT

Report Date :

17.10.2013

IDENTIFICATION DETAILS

Name :	AUTOLIV INDIA PRIVATE LIMITED
Registered Office :	Survey No.80/3, Chokkahalli Village, Doddalluru Gram Panchayat, Bangalore Rural, Hoskote Industrial Estate, Bangalore – 562 114, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.10.2000
Com. Reg. No.:	08-056723 (New) 55-108041 (Old)
Capital Investment / Paid-up Capital :	Rs.50.113 millions
CIN No.: [Company Identification No.]	U34300KA2000PTC056723 (New) U34300DL2000PTC108041 (Old)
PAN No.: [Permanent Account No.]	AADCA6222E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of integrated safety systems for major automotive manufacturers.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 4685000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears sharp dip in profit of the company in the year 2012. However, liquidity position of the company appears to be good. Trade relations are reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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.

INFORMATION DECLINED

Management non-cooperative

(Contact No.: 91-80-30601430)

LOCATIONS

Registered Office Corporate Office 1/ Factory 1 :	Survey No.80/3, Chokkahalli Village, Doddalluru Gram Panchayat, Bangalore Rural, Hoskote Industrial Estate, Bangalore – 562 114, Karnataka, India
Tel. No.:	91-80-27971250/ 51/ 53/ 54/ 55/ 57/ 30601300
Fax No.:	91-80-30601430
E-Mail :	mohammad.ibrahim@autoliv.com devanad.achutan@autoliv.com nagaraju.lade@autoliv.com
Website :	www.autoliv.com
Corporate Office 2/ Head Office/ Factory 2 :	16, Visveswaraiah Industrial Estate, 1^st Main Road, Off Whitefield Road, Mahadevapura, Bangalore – 560 048, Karnataka, India
Tel. No.:	91-80-30586300/ 6267
Fax No.:	91-80-30586302
E-Mail :	vipin.saini@autoliv.com
Factory 3 :	Plot 203, Sector 4, IMT, Manasar Gurgaon – 122 050, Haryana, India.
Tel. No.:	91-124-4768700
Fax No.:	91-124-4768724
Factory 4 :	Shed No.76/78 SIDCO Industrial Estate, Thirumazhisai Poonamalle Taluk, Thiruvallur, Chennai – 602 107, Tamilnadu, India
Tel. No.:	91-44-26811847
Fax No.:	91-44-26844846
Factory 5 :	Plot No.44, Safety Street, KIADB Industrial Area, Kadakola, Mysore, Karnataka, India
Tel. No.:	91-421-3021419/ 21

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Suresh Nandagopal

Designation :

Nominee Director

Address :

# 145, Prestige Ozone, Whitefield, Hagadur Village, Bangalore – 560 006, Karnataka, India

Date of Birth/Age :

14.01.1970

Date of Appointment :

15.09.2010

DIN No.:

03245760

Name :

Mr. Chang Ket Leong

Designation :

Director

Address :

No.26, Building in Rancho Santafe on 333 Long Jinhui Road, Shanghai 201107

Date of Birth/Age :

14.02.1964

Date of Appointment :

29.09.2012

DIN No.:

05344642

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	U34300KA2000PTC056723	AUTOLIV INDIA PRIVATE LIMITED	Director	29/09/2012	18/06/2012	-	Active	NO

Name :

Mr. Devanand Achuthan

Designation :

Director

Address :

No.L5, Chaithanya Samarpan, Kannamangala Village, Bangalore – 560 067, Karnataka, India

Date of Birth/Age :

19.05.1974

Date of Appointment :

29.09.2012

DIN No.:

06446956

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	U34300KA2000PTC056723	AUTOLIV INDIA PRIVATE LIMITED	Director	29/09/2012	27/09/2012	-	Active	NO

Name :

Mr. Hans Niclas Claesson Nelson

Designation :

Director

Address :

Sveavagen 20 A, 182 60 Djursholm, Stockholm 18260

Date of Birth/Age :

31.03.1964

Date of Appointment :

29.09.2012

DIN No.:

06510932

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	U34300KA2000PTC056723	AUTOLIV INDIA PRIVATE LIMITED	Director	29/09/2012	27/09/2012	-	Active	NO

Name :

Mr. Per Holst Nielsen

Designation :

Director

Address :

No.163, Lane 258, Gaojing Rd., Xujing Town, Shanghai 201702

Date of Birth/Age :

06.11.1964

Date of Appointment :

29.09.2012

DIN No.:

06546590

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	U34300KA2000PTC056723	AUTOLIV INDIA PRIVATE LIMITED	Director	29/09/2012	27/09/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nagaraju Lade
Designation :	Secretary
Address :	Flat B302, SJR Spencer Apartment, Aswath Nagar, Varthur Main Road, Marathahalli, Bangalore – 560 037, Karnataka, India
Date of Birth/Age :	15.07.1966
Date of Appointment :	19.06.2009
Pan No. :	ABZPN6225A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Autoliv AB, Sweden	5011283
Autoliv East Europe AB, Sweden	1
Autoliv Asia ROH Company Limited, Thailand	1
Total	5011285

AS ON 30.09.2011

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 of integrated safety systems for major automotive manufacturers.

Products/ Services :

Item Code No. (ITC Code)	87082100
Product/ Service Description	Automotive Safety Seat Belts/ Safety Seat Belts
Item Code No. (ITC Code)	87089500
Product/ Service Description	Safety Airbags with Inflater System; parts thereof/ Air Bags
Item Code No. (ITC Code)	87089400
Product/ Service Description	Steering Wheels
Item Code No. (ITC Code)	87082900
Product/ Service Description	Webbing
Item Code No. (ITC Code)	39159030
Product/ Service Description	Waste Scrap of Acrylic Polymers and Methlyacrylic Copolymers
Item Code No. (ITC Code)	99839900
Product/ Service Description	All other professional, technical and business services n.e.c.
Item Code No. (ITC Code)	99834430
Product/ Service Description	Testing and analysis services of integrated mechanical and electrical systems

PRODUCTION STATUS (AS ON 31.03.2011):

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Automotive Seatbelts	Nos.	N.A.	12565890	12808419
Airbags	Nos.	N.A.	2671760	685448
Steering Wheel	Nos.	N.A.	340000	50042

* Installed capacity has been stated on the basis of annual installed capacity as at the balance sheet date. The installed capacity is as certified by the management and being a technical matter has been relied by the auditors.

GENERAL INFORMATION

Customers :

· General Motors India Limited

· Nissan Motors India Limited

· Hyundai Motors India Limited

· Toyota Kirloskar Motors Limited

No. of Employees :

Not Divulged

Bankers :

Mizuho Bank Limited

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)
SHORT-TERM BORROWINGS
Working capital demand loan from Mizuho Bank (Working Capital Facility from Mizuho Bank is secured by corporate guarantee given by Autoliv AB, the holding company. The facility is repayable on demand and carries interest @ 8.15% to 9.45% p.a.)	60.000
Total	60.000

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	UB City, Canberra Block, 12^th and 13^th Floor, No.24, Vittal Mallya Road, Bangalore – 560 001, Karnataka, India
PAN No.:	AALFS0506L
Holding Company:	Autoliv AB, Sweden
Ultimate Holding Company:	Autoliv, Inc., USA
Fellow Subsidiaries:	· Autoliv Inflator Co. Limited, China · Autoliv ASP, Inc. · Autoliv Australia Pty Limited · N.C.S. Pyrotechnie et Technologies SAS · Autoliv France SNC · Autoliv Hirotako Safety Sdn Bhd, Malaysia · Nanjing Hongguang Autoliv Vehicle Safety Systems Co. Limited · Autoliv Thailand Limited · Autoliv Sverige AB · Autoliv (China) Inflators · P.T. Autoliv Indonesia · Autoliv ATC · Autoliv Japan Limited · Autoliv Do Brasil Limited · Autoliv Romania -Iro Inflators division · Autoliv B.V. & Co. KG, Germany · Autoliv (China) Steering Wheel Co., Limited · Autoliv (Shanghai) Vehicle Safety Systems Co Limited · Taicang VOA Shenda Special Type Textile Products Co., Limited · Autoliv (China) Electronics Co., Limited · VOA Canada, Inc. · Autoliv North America · Autoliv Development AB · Van Oerle Alberton BV · Livbag, SAS · Autoliv Asia ROH Co. Limited, Thailand · Autoliv Corporation, Korea · Autoliv (Shanghai) Vehicle Safety Systems Technical Center Co, Limited · Autoliv Electronics Asia Pacific

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5011285	Equity Shares	Rs.10/- each	Rs.50.113 millions

Reconciliation of shares outstanding at the beginning and at the end of the reporting period

Particulars	As at 31^st March, 2012
	No. of Shares	Amount (Rs. in millions)
Equity Shares
At the beginning of the year	5011285	50.113
Issued during the year	--	--
Outstanding at the end of the year	5011285	50.113

Terms/ rights attached to equity shares

The Company has one class of equity shares having par value of Rs.10 per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividends in Indian rupees if any. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.

Shares held by holding/ ultimate holding company and/ or their subsidiaries/ associates

Out of equity shares issued by the Company, shares held by its holding company, ultimate holding company and their subsidiaries/ associates are as below:

Name of the shareholder	Amount
Autoliv AB, the holding company 5011283 equity shares of Rs.10 each fully paid	Rs.50.113 millions
Autoliv East Asia Europe AB, subsidiary of the ultimate holding company 1 equity share of Rs.10 each fully paid	Rs.10/-
Autoliv Asia ROH Co. Limited, subsidiary of the ultimate holding company 1 equity share of Rs.10 each fully paid	Rs.10/-

Details of shareholders holding more than 5% shares in the Company

Name of the shareholder	As at 31^st March, 2012
	No. of Shares	% holding in the class
Equity shares of Rs 10 each fully paid
Autoliv AB, the holding company	5011283	99.99%

As per of the Company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents legal ownerships of shares.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	50.113
(b) Reserves & Surplus	0.000
(c) Money received against share warrants	1121.065
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	1171.178
(3) Non-Current Liabilities
(a) Long-term borrowings	248.646
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) Long-term provisions	7.734
Total Non-current Liabilities (3)	256.380
(4) Current Liabilities
(a) Short term borrowings	60.000
(b) Trade payables	1072.532
(c) Other current liabilities	103.476
(d) Short-term provisions	30.785
Total Current Liabilities (4)	1266.793
TOTAL	2694.351
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	669.121
(ii) Intangible Assets	18.472
(iii) Capital work-in-progress	130.435
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	3.887
(d) Long-term Loan and Advances	431.495
(e) Other Non-current assets	0.475
Total Non-Current Assets	1253.885
(2) Current assets
(a) Current investments	0.000
(b) Inventories	513.334
(c) Trade receivables	635.351
(d) Cash and cash equivalents	36.378
(e) Short-term loans and advances	255.403
(f) Other current assets	0.000
Total Current Assets	1440.466
TOTAL	2694.351

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		50.113	50.113
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		931.743	638.009
4] (Accumulated Losses)		0.000	0.000
NETWORTH		981.856	688.122
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		209.167	66.133
TOTAL BORROWING		209.167	66.133
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		1191.023	754.255
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		349.240	244.291
Capital work-in-progress		329.444	20.923
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		23.052	19.484
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	456.157	420.420
	Sundry Debtors	603.569	410.860
	Cash & Bank Balances	65.278	101.015
	Other Current Assets	0.017	0.005
	Loans & Advances	480.720	453.372
Total Current Assets		1605.741	1385.672
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1016.770	769.346
	Other Current Liabilities	76.480	69.900
	Provisions	23.204	76.869
Total Current Liabilities		1116.454	916.115
Net Current Assets		489.287	469.557
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		1191.023	754.255

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	4875.205	4694.108	3897.240
		Other Operating Income			63.255
		Other Income			72.816
		TOTAL (A)	4875.205	4694.108	4033.311
Less	EXPENSES
		Cost of sales of trading goods	4624.008	4304.394	343.911
		Raw Material Consumed			2592.825
		Personnel Expenses			260.504
		Operating and Other Expenses			359.967
		Increase in Inventories			(32.911)
		TOTAL (B)	4624.008 (including financial and depreciation)	4304.394 (including financial and depreciation)	3524.296
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				509.015
Less	FINANCIAL EXPENSES (D)				12.308
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				496.707
Less/ Add	DEPRECIATION/ AMORTISATION (F)				78.546
	PROFIT BEFORE TAX (E-F) (G)		251.197	389.714	418.161
Less	TAX (H)		61.875	95.980	75.842
	PROFIT AFTER TAX (G-H) (I)		189.322	293.734	342.319
Less	PRIOR PERIOD ITEMS		0.000	0.000	(11.440)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		817.433	523.699	169.940
	BALANCE CARRIED TO THE B/S		1006.755	817.433	523.699
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. value of Exports	198.389	58.220	46.782
		Engineering Income		59.915	56.714
	TOTAL EARNINGS		198.389	118.135	103.496
	IMPORTS
		Traded Goods	NA	148.566	134.415
		Raw Materials	NA	1394.097	1516.093
		Capital Goods	NA	143.788	55.795
	TOTAL IMPORTS		NA	1686.451	1706.303
	Earnings Per Share (Rs.)		37.78	58.61	94.75

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.88	6.26	8.49
Net Profit Margin (PBT/Sales)	(%)	NA	NA	10.73
Return on Total Assets (PBT/Total Assets}	(%)	9.81	19.93	25.65
Return on Investment (ROI) (PBT/Networth)		0.21	0.40	0.61
Debt Equity Ratio (Total Debt/ Networth)		0.26	0.21	0.10
Current Ratio (Current Asset/Current Liability)		1.14	1.44	1.51

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	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	Yes
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) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

Unsecured Loans	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Term loans
Foreign currency loan from Autoliv AB (Foreign currency loan from Autoliv AB carries interest as per Autoliv Prime Rate as at the first day of relevant interest period. The loan was repayable in full by September 30, 2011, but has been renewed till September 30, 2015.) (The Company does not have any continuing defaults in repayment of loans and interest as at the reporting date.)	248.646
Total	248.646

Unsecured Loan	31.03.2011 (Rs. in Millions)
Working capital loans banks unsecured	60.000
Other debt unsecured	149.167
Total	209.167

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90250498	26/02/2002	2,635,000.00	FORD INDIA	CHENNAI, CHENNAI, TAMINADU, INDIA	-
2	90250018	11/04/1997 *	38,000,000.00	STATE BANK OF MYSORE	INDUSTRIAL FINANCE BRANCH, BANGALORE, KARNATAKA, INDIA	-

* Date of charge modification

Note:

The company changed its registered office from 2^nd Floor, Sucheta Bhawan Lok Kalyan Samiti, 11 A, Vishnu Digambar Marg, New Delhi – 110 002 to 16, Visveswaraiah Industrial Estate, 1^st Main Road, Off Whitefield Road, Mahadevapura, Bangalore – 560 048, Karnataka, India w.e.f. 24.12.2009.

The registered office of the company has been again shifted from 16, Visveswaraiah Industrial Estate, 1^st Main Road, Off Whitefield Road, Mahadevapura, Bangalore – 560 048, Karnataka, India to the present address w.e.f. 14.07.2011

OPERATIONS:

During the financial year, the Company’s total income was Rs.4875.000 millions as against Rs.4694.000 millions achieved in the previous year. The Profit after tax was Rs.189.000 millions for the year against the profit of Rs.294.000 millions for the previous year. Further, the company has set up a Webbing manufacturing facility at Kadakola Industrial Estate at Mysore, which started its commercial operations from July 2011. The facility produced 1.67 crores meters of webbing, during the financial year primarily for captive consumption.

Maruti Suzuki India Limited, who is one of their major customer with market dominance, had to go through labor unrest in September 2012 at its Manesar facility, could adversely affect our Manesar (Haryana) plant performance. Further, Macro Economic indicators are not very encouraging lately; and market is going through turbulent time as OEMS (car manufacturers) have reduced volume and delayed new launches. Despite the challenging times, the directors continue to focus on strengthening the operations by optimizing utilization of assets and trimming costs to emerge stronger from this turbulence.

CONTINGENT LIABILITIES:

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Guarantees given by the Company (bank guarantee)	14.326	14.762

Autoliv AB, Holding Company has also given a corporate guarantee for loan facility availed by the company amounting to Rs.60.000 millions (March 31, 2011: Rs.60.000 millions).

FIXED ASSETS:

Tangible Assets

· Leasehold Land

· Buildings

· Plant and Machinery

· Testing Equipments

· Tools

· Electrical Fittings

· Office Equipments

· Computers

· Furniture and Fixtures

· Vehicles

Intangible Assets

· Computers 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 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.61.69
UK Pound	1	Rs.98.59
Euro	1	Rs.83.67

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	SMN

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	5
--LIQUIDITY	1~10	6
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.