MIRA INFORM REPORT

Report Date :

26.07.2007

IDENTIFICATION DETAILS

Name :	YAMAHA MOTOR INDIA PRIVATE LIMITED
Registered Office :	Aalianz House, Second Floor, 273, Captain Gaur Marg, Sriniwas Puri, New Delhi – 110 065
Country :	India
Financials (as on) :	31.12.2006
Date of Incorporation :	01.11.1995
Com. Reg. No.:	55-73540
CIN No.: [Company Identification No.]	U74899DL1995PTC073540
TAN No.: [Tax Deduction & Collection Account No.]	DELE01953A
PAN No.: [Permanent Account No.]	AAACE0481B
Legal Form :	Subject is a private limited liability company. Subject is a subsidiary of Yamaha Motors Company Limited, Japan.
Line of Business :	Manufacturing of Motor Cycles and Spares.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Maximum Credit Limit :	USD 19000000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an old and established company and a part of Yamaha Group worldwide. Directors are reported as experienced and respectable and resourceful businessmen. Trade relations are reported as fair. Company has huge accumulated losses. Payments are reported as slow but correct. The company can be considered for normal business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	Aalianz House, Second Floor, 273, Captain Gaur Marg, Sriniwas Puri, New Delhi – 110 065, India
Tel No.:	91 – 11 – 4180 2255
Fax No.:	91 – 11 – 4180 2200
E-Mail:	knm@knm.in msinghal@knm.in
Head Office / Corporate Office :	19/6, Mathura Road, Faridabad-121 006, Haryana, India
Tel. No.:	91-129-2284931/2284932/2284933/2284934/ 284935/2284936/2265101/ 2265102/ 2265103
Fax No.:	91-129-2284841
Administrative Office / Factory :	A-36 Mohan Co-operative Industrial Estate, Mathura Road, New Delhi – 110 044
Tel. No.:	91-11-26977817
Area :	Large Size
Location :	Owned – Industrial Area
Branch :	C-582, LGF, Defence Colony, New Delhi - 110 024, India
Tel. No.:	91-11-24336105
Fax No.:	91-11-24336083
Area :	Medium Size
Location :	Leased - Commercial Area

DIRECTORS

Name :	Mr. Rajan Nanda
Designation :	Director
Address :	2, Friends Colony (West), New Delhi – 110 065, India
Date of Birth/Age :	16.10.1942
Date of Appointment :	01.11.1995
Name :	Mr. Tadayoshi Suganuma (Foreigner)
Designation :	Managing Director
Address :	B-63, Defence Colony, New Delhi – 110 024, India
Date of Birth/Age :	31.10.1937
Date of Appointment :	10.10.1996
Name :	Mr. Umesh Banerji
Designation :	Director
Address :	H. No. E-47, Sector 30, G B Nagar, Uttar Pradesh, India
Date of Birth/Age :	29.06.1943
Date of Appointment :	02.07.1999
Name :	Mr. Toshimitsu Lio
Designation :	Director
Address :	5-23-70, Hikuma, Hamamatsu-Shi, Shizuoka-Pref, Japan
Date of Birth/Age :	11.11.1950
Date of Appointment :	19.08.2000
Name :	Mr. Sudesh Kumar Taneja
Designation :	Additional Director
Address :	H. No. 650, Sector 14, Faridabad – 121 007, Haryana, India
Date of Birth/Age :	01.09.1947
Date of Appointment :	01.08.2001
Name :	Mr. Masahiko Shibuya (Foreigner)
Designation :	Director
Address :	92, Golf Links, New Delhi – 110 003, India
Date of Birth/Age :	01.02.1944
Date of Appointment :	26.05.2000
Name :	Mr. Koji Harada (Foreigner)
Designation :	Whole Time Director
Address :	N-95, Panchsheel Park, New Delhi – 110 017, India
Date of Birth/Age :	06.08.1948
Date of Appointment :	26.05.2000
Name :	Mr. Yoshio Hasegawa
Designation :	Whole Time Director
Address :	D-195, 1^st Floor, Defence Colony, New Delhi – 110 024, India
Date of Birth/Age :	11.03.1945
Date of Appointment :	26.05.2000
Name :	Mr. Takakuni Kuno
Designation :	Whole Time Director
Address :	S-88, Panchsheel Park, New Delhi – 110 017, India
Date of Birth/Age :	03.09.1942
Date of Appointment :	26.05.2000
Name :	Mr. Harminder Chawla
Designation :	Additional Director
Address :	C 8, Sector 23, Noida, India
Date of Birth/Age :	03.10.1967
Date of Appointment :	01.08.2001
Name :	Mr. Takashi Kajikawa (Foreigner)
Designation :	Additional Director
Address :	1-14-17, Kinosaki, Iwata City, Shizuoka-Pref, Japan
Date of Birth/Age :	03.07.1944
Date of Appointment :	01.08.2001
Name :	Mr. Kusuo Minami (Foreigner)
Designation :	Additional Director
Address :	4-37-12, Saiwai Hamanatsu City, Shizuoka-pref, Japan
Date of Birth/Age :	09.03.1948
Date of Appointment :	01.09.2001
Name :	Mr. Toshiaki Yoneda
Designation :	Additional Director
Address :	C-365, Defence Colony, New Delhi – 110 024, India
Date of Birth/Age :	01.02.1947
Date of Appointment :	01.09.2001
Name :	Mr. Yoshihito Konishi
Designation :	Whole Time Director
Address :	C-197, Ground Floor, Defence Colony, New Delhi – 110 024, India
Date of Birth/Age :	12.03.1954
Date of Appointment :	27.05.2002
Name :	Mr. Hiroshi Sakurai (Foreigner)
Designation :	Whole Time Director
Address :	Flat No. 15, Gauri Apartments, South End Lane, 3-4, Aurangzeb Road, New Delhi – 110 001, India
Date of Birth/Age :	27.07.1957
Date of Appointment :	01.06.2002
Name :	Mr. Yoshimi Watanabe (Foreigner)
Designation :	Additional Director
Address :	18-6, Ohizumi-cho, Iwatashi, Shizuoka-ken, Japan
Date of Birth/Age :	11.02.1946
Date of Appointment :	01.08.2002
Name :	Mr. Masaru Hayashi (Foreigner)
Designation :	Director
Address :	3-2, Midorieaoka, Iwatashi, Shizuoka, Japan
Date of Birth/Age :	28.02.1951
Date of Appointment :	25.02.2003
Name :	Mr. Hiroyuki Yanagi
Designation :	Managing Director
Address :	N-16, Panchsheel Park, New Delhi, India
Date of Birth/Age :	20.11.1954
Date of Appointment :	05.04.2004
Name :	Mr. Kenji Fujimoto
Designation :	Director – Finance
Address :	C-197, Defence Colony, New Delhi – 110 024, India
Date of Birth/Age :	26.09.1953
Qualification :	B A
Experience :	29 Years
Date of Appointment :	01.03.2004
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. Haruo Tatsumi
Designation :	Director – Manufacturing
Address :	C-550, Defence Colony, New Delhi – 110 024, India
Date of Birth/Age :	27.01.1951
Qualification :	Graduate Mech. Engg.
Experience :	34 Years
Date of Appointment :	01.03.2004
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. A V Srinivasan
Designation :	Director
Address :	8078, Sector C – 8, Vasant Kunj, New Delhi – 110 070, India
Date of Birth/Age :	14.04.1951
Qualification :	B. Tech. and MBA
Experience :	28 Years
Date of Appointment :	03.03.2004
Last Employment Held :	Cement Manufacturers Association
Name :	Mr. Tokahiko Goan
Designation :	Director
Address :	3515-70, Nishikaizuka, Iwata City, Shizuoka-Pref, Japan
Date of Birth/Age :	09.03.1954
Date of Appointment :	01.08.2004
Name :	Mr. M J Singh
Designation :	Director
Address :	D-85, Panchsheel Enclave, New Delhi – 110 017, India
Date of Birth/Age :	20.08.1951
Qualification :	BE, IIT and MBA
Experience :	30 Years
Date of Appointment :	08.07.1975
Name :	Mr. Wataru Suzuki
Designation :	Additional Director
Address :	2-39, 2 Chome, Handayama, Hamamatsu City, Shizuoka-Pref, Japan
Date of Birth/Age :	29.10.1947
Date of Appointment :	16.02.2005
Name :	Mr. Tomotaka Ishikawa
Designation :	Executive Director
Address :	N-16, Panchsheel Park, New Delhi, India
Date of Birth/Age :	21.08.1950
Date of Appointment :	13.02.2006
Name :	Mr. Okamoto Masashi
Designation :	Vice President – Administration Centre, Finance, IT and CCD
Date of Birth/Age :	49 Years
Qualification :	B.E.
Experience :	25 Years
Date of Appointment :	01.04.1998
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. T Chikano
Designation :	Deputy General Manager – R and D
Date of Birth/Age :	47 Years
Qualification :	B. E.
Experience :	23 Years
Date of Appointment :	01.11.2000
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. T Oishi
Designation :	Vice President – Production Engineering
Date of Birth/Age :	51 Years
Qualification :	B. Mech.
Experience :	27 Years
Date of Appointment :	01.06.2000
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. K Nozue
Designation :	Deputy General Manager – Manufacturing
Date of Birth/Age :	52 Years
Qualification :	Graduate
Experience :	32 Years
Date of Appointment :	01.04.2003
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. H Yanagi
Designation :	Managing Director
Date of Birth/Age :	51 Years
Qualification :	MS, Industrial Engg.
Experience :	27 Years
Date of Appointment :	01.03.2004
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. A Shibata
Designation :	General Manager – Q. A.
Date of Birth/Age :	56 Years
Qualification :	B. Mech. Engg.
Experience :	31 Years
Date of Appointment :	01.08.2004
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. T O Gaswara
Designation :	CGM – Manufacturing
Date of Birth/Age :	51 Years
Qualification :	Graduate
Experience :	25 Years
Date of Appointment :	01.08.2004
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. K Matsuo
Designation :	Deputy General Manager – Manufacturing
Date of Birth/Age :	43 Years
Qualification :	Graduate, Mech. Engg.
Experience :	24 Years
Date of Appointment :	01.09.2004
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. K Matsuda
Designation :	Deputy General Manager – R and D
Date of Birth/Age :	52 Years
Qualification :	Graduate, Mech. Engg.
Experience :	31 Years
Date of Appointment :	01.12.2004
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. Y Ito
Designation :	Vice President – Marketing
Date of Birth/Age :	49 Years
Qualification :	Graduate
Experience :	26 Years
Date of Appointment :	01.03.2004
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. M Nishimura
Designation :	Vice President
Date of Birth/Age :	49 Years
Qualification :	Graduate – Mech. Engg.
Experience :	14 Years
Date of Appointment :	06.02.2005
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. H Yoshihara
Designation :	Vice President
Date of Birth/Age :	39 Years
Qualification :	Graduate
Experience :	14 Years
Date of Appointment :	01.04.2005
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. S Kamiya
Designation :	Vice President
Date of Birth/Age :	47 Years
Qualification :	Graduate
Experience :	23 Years
Date of Appointment :	01.05.2005
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. T Maeda
Designation :	Senior Vice President
Date of Birth/Age :	51 Years
Qualification :	Graduate – Mech. Engg.
Experience :	25 Years
Date of Appointment :	01.06.2005
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. T Takeuchi
Designation :	Assistance to Director Finance
Date of Birth/Age :	25 Years
Qualification :	Graduate
Experience :	2 Years
Date of Appointment :	01.09.2005
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. T Maruyama
Designation :	Assistance to Vice President
Date of Birth/Age :	27 Years
Qualification :	Graduate
Experience :	2 Years
Date of Appointment :	01.11.2005
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. Y Yamagami
Designation :	Chief General Manager
Date of Birth/Age :	42 Years
Qualification :	Graduate
Experience :	18 Years
Date of Appointment :	01.12.2005
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. M Habu
Designation :	Deputy General Manager
Date of Birth/Age :	35 Years
Qualification :	B. Tech.
Experience :	12 Years
Date of Appointment :	01.09.2000
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. T Shimizu
Designation :	Vice President – Purchase
Date of Birth/Age :	49 Years
Qualification :	B. E.
Experience :	25 Years
Date of Appointment :	01.07.2000
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. Y Morita
Designation :	Chief General Manager
Date of Birth/Age :	44 Years
Qualification :	Graduate
Experience :	23 Years
Date of Appointment :	01.10.2004
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. K Horikoshi
Designation :	Deputy General Manager
Date of Birth/Age :	39 Years
Qualification :	Graduate
Experience :	15 Years
Date of Appointment :	01.10.2004
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. T Yamada
Designation :	Deputy General Manager – Marketing
Date of Birth/Age :	41 Years
Qualification :	Graduate
Experience :	18 Years
Date of Appointment :	01.01.2005
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. K Kuwabara
Designation :	Assistance to Vice President
Date of Birth/Age :	29 Years
Qualification :	Graduate
Experience :	2 Years
Date of Appointment :	01.08.2004
Last Employment Held :	Yamaha Motor Company, Japan
Name :	Mr. Masahiko Shibuya
Designation :	Managing Director
Address:	92, Golf links, New Delhi – 110 003, India
Date of Birth/Age :	01.02.1944
Date of Appointment :	11.06.2001
Date of Ceasing:	05.04.2004
Name :	Mr. Sudesh Kumar Taneja
Designation :	Additional Director
Address:	House No. 650, Faridabad – 121007, India
Date of Birth/Age :	01.09.1947
Date of Appointment :	01.08.2001
Date of Ceasing:	27.05.2002
Name :	Mr. Toru Watabiki
Designation :	Director
Address:	3 – 2 -3, Katsuragaoka, Kakegawa City, Shizuola – 4360038, Japan
Date of Birth/Age :	14.07.1947
Date of Appointment :	14.02.2007
Name :	Mr. Mukesh Kumar Gupta
Designation :	Director
Address:	R – 99/ 2A, Model Town – III, Delhi – 110 009, India
Date of Birth/Age :	01.08.1973
Date of Appointment :	14.02.2007

KEY EXECUTIVES

Name :	Mr. Umesh Kumar Ahuja
Designation :	Company Secretary
Address :	J 4/9, Rajouri Garden, New Delhi – 110 027, India
Date of Birth/Age :	19.02.1956
Date of Appointment :	10.10.1996
Name :	Mr. Girish Buttan
Designation :	Company Secretary
Address :	67, GRD Nagar, Laxmi Nagar, New Delhi – 110 092, India
Date of Birth/Age :	08.08.1968
Date of Appointment :	24.01.2001
Name :	Mr. Umesh Gupta
Designation :	Company Secretary
Address :	R-53/2/1, Model Town III, Delhi – 110 009, India
Date of Birth/Age :	05.04.1973
Name :	Ms. Ritu Vats
Designation :	Secretary
Address :	DP – 220, Maurya Enclave, Pitam Pura, Delhi – 110 088, India
Date of Birth/Age :	28.07.1975
Date of Appointment :	21.04.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Yamaha Motor Company Limited	20720000
Yamaha Motor Company Limited	26999999
Yamaha Motor Asia Private Limited	1
Yamaha Motor Company Limited	30000000

Category	Percentage of Holding
Foreign holdings (Foreign Institutional investor(s), Foreign companie(s), Foreign financial institution(s), Non-resident Indian(s) or Overseas corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Motor Cycles and Spares
Products :	Motor Cycles and Accessories
Brand Name:	YAMAHA/RX 135 CAT/CRUX/YD 125.
Imports :
Products:	v Raw materials v Spare parts v Machineries
Countries:	Japan and European Countries.
Terms :
Selling :	Credit (30 days) terms.
Purchasing :	Cash, L/C or Credit (30/60 days) terms.

PRODUCTION STATUS

Particulars	Unit	Installed Capacity	Actual Production
Motor Cycle	Nos.	384000	236665

GENERAL INFORMATION

No. of Employees :

About 217

Bankers :

· Standard Chartered Bank

17, Parliament Street, New Delhi – 110 001, India

· HDFC Bank Limited

· Credit Lyonnais Bank

Mercantile House, 6^th Floor, Kasturba, Gandhi Marg,

New Delhi – 110 001, India

Facilities :

Secured Loan

(Rs. in millions)

	31.12.2005	31.12.2004
Banks Cash credit and working capital / demand loans Term Loans Foreign Currency Loans Others	2145.100 0.000 0.300	1489.000 198.700 3.200
Others Interest accrued and due	0.000	0.700
Total	2145.400	1691.600

Banking Relations :	Satisfactory
Auditors :
Name :	S. R. Batliboi and Company Chartered Accountants
Address :	B-26 Qutab Institutional Area, New Delhi – 110 016, India
Tel. No.:	91-11-26611004/05/06/07/08/09
Fax No.:	91-11-26611012/26611013
Collaborator:	Yamaha Motors Company Limited, Japan.
Subsidiaries :	î YM Infotech Private Limited î Yamaha Motor Asia Pacific Private Limited î Yamaha Motor Taiwan Trading î Suoward International, Japan î Yamaha Motor India Sales Private Limited
Holding Company :	Yamaha Motor Company Limited 2500 Shingai Iwata, Shizuoka – 438 – 8501, Japan
Fellow Subsidiaries:	v Yamaha Motor Asia Pacific Private Limited v Yamaha Motor Taiwan Trading v Sunward International, Japan v Yamaha Motor India Sales Private Limited v Yamaha Motor Solution India Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
350000000	Equity Shares	Rs. 10.00 each	Rs. 3500.000 millions
41300000	Preference Shares	Rs.100.00 each	Rs. 4130.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
327000000	Equity Shares	Rs. 10.00 each	Rs. 3270.000 millions
37860000	Preference Shares	Rs.100.00 each	Rs. 3786.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2006	31.12.2005	31.12.2004
SHAREHOLDERS FUNDS
1] Share Capital		7056.000	5342.000	5342.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		210.000	210.000	210.000
4] (Accumulated Losses)		(2450.200)	(2745.300)	(2504.600)
NETWORTH		4815.800	2806.700	3047.400
LOAN FUNDS
1] Secured Loans		2128.500	2145.400	1691.600
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		2128.500	2145.400	1691.600
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		6944.300	4952.100	4739.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3043.400	3149.100	3317.100
Capital work-in-progress		75.500	33.800	38.200
INVESTMENT		0.300	1.000	1.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1595.800	823.400	1188.800
	Sundry Debtors	1441.100	271.300	520.400
	Cash & Bank Balances	56.100	26.700	84.200
	Other Current Assets	1470.200	1380.500	113.200
	Loans & Advances	585.300	350.700	344.300
Total Current Assets		5148.500	2852.600	2250.900
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	1165.400	935.400	1621.100
	Provisions	158.000	149.000	400.500
Total Current Liabilities		1323.400	1084.400	2021.600
Net Current Assets		3825.100	1768.200	229.300
MISCELLANEOUS EXPENSES		0.000	0.000	1153.400
TOTAL		6944.300	4952.100	4739.000

PROFIT & LOSS ACCOUNT

PARTICULARS		31.12.2006	31.12.2005	31.12.2004
Sales Turnover		84.677	72.133	7326.900
Other Income		2.238	4.470	0.000
Total Income		86.915	76.603	7326.900
Change in Stock		4.851	(3.254)	0.000
Profit/(Loss) Before Tax		(9.805)	(2.267)	(2651.900)
Provision for Taxation		0.104	0.140	0.000
Profit/(Loss) After Tax		(9.909)	(2.407)	(2651.900)
Earnings in Foreign Currency :
	FOB Value of Exports	17.860	15.272
	Freight and Insurance	0.050	0.039	974.900
	Recovery of Japanese Tax	0.499	0.596
Total Earnings		18.409	15.907	974.900
Imports :
	Capital Goods	1.227	0.269
	Raw Materials	0.527	0.553	274.700
	Components, Spare Parts	2.235	1.572
Total Imports		3.989	2.394	274.700
Expenditures:
	Total Expenses	95.184	81.419
	Financial Charges	3.022	1.666
	Depreciation	(3.365)	(3.345)	9956.100
	Exceptional Income	0.000	10.814
Total Expenditure		94.841	90.554	9956.100

KEY RATIOS

PARTICULARS		31.12.2006	31.12.2005	31.12.2004
PAT / Total Income	(%)	11.40	3.14	(36.19)
Net Profit Margin (PBT/Sales)	(%)	11.58	3.14	(36.19)
Return on Total Assets (PBT/Total Assets}	(%)	0.12	0.04	(47.29)
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	(0.87)
Debt Equity Ratio (Total Liability/Networth)		0.72	1.15	2.22
Current Ratio (Current Asset/Current Liability)		2.34	2.63	1.11

LOCAL AGENCY FURTHER INFORMATION

Nature of Operations

Yamaha Motor India Private Limited is a wholly owned subsidiary of Yamaha Motor Company, Japan and is engaged in manufacturing and sale of motorcycles and spares. The company undertakes its operations from two manufacturing locations.

It is in trade terms with:

î Accord Enterprises Private Limited

î Associated Engineering Industry

î Blowell Auto Private Limited

î Bruk Electricals Private Limited

î Cubix Control Systems (Private) Limited

î Cowell Rubber Industry

î Jayme Auto Industries Private Limited

î Roop Polymers Limited

î S G Engineering Works

î Seitz Technologies India Private Limited

î Sunglow Bulbs Industries

î Surabhi Engineering Limited

î Wings (India)

î Paragon Industries

î Super Fastners of India

Name of the Company:	YAMAHA MOTOR INDIA PRIVATE LIMITED
Presented by	STANDARD CHARTERED BANK, NEW DELHI
1. Date and description of the instrument creating or evidencing the charge	Agreement of hypothecation of stocks and book debts dated 04.09.2003
2. Amount secured by the charge /amount owing on security of the charge	Rs. 400.000 millions
3. Short Particular of the property charged. If the property acquired is subject to change date of acquisition of property should be given	All stocks in trade both present and future consisting of raw material, finished goods, goods in process of manufacturing and other merchandise whatsoever and all present and future book debts, outstanding moneys, receivable, claims and bills etc. shall be hypothecated to the Bank by way of first charge on a pari – passu basis.
4. Gist of the terms and conditions and extent And operation of the charge.	Interest may be determined by the bank from time to time.
5. Names, address and description of the persons entitled to charge	Standard Chartered Bank 17 Parliament Street, New Delhi – 110 001, India
6. Date and brief description of instrument modifying the charge	Not Applicable
7. Particular of modification specifying the terms and conditions or the extent or operation of the charge in which modification is made and the details of modification	Not Applicable

Name of the Company:	YAMAHA MOTOR INDIA PRIVATE LIMITED
Presented by	MR. K FUJIMOTO – DIRECTOR AND COO.
1. Date and description of the instrument creating or evidencing the charge	Agreement of hypothecation of machinery dated 24.11.2003
2. Amount secured by the charge /amount owing on security of the charge	Short Term Loan of Rs. 450.000 millions
3. Short Particular of the property charged. If the property acquired is subject to change date of acquisition of property should be given	The term loan is secured on a pari passu basis by way of first charge on movable plant and machinery.
4. Gist of the terms and conditions and extent And operation of the charge.	As per the terms of loan facilities, the interest rate on the short term loans has been linked to PLR and is negotiable at the time of draw down. The tenor of the loan is maximum 1 year.
5. Names, address and description of the persons entitled to charge	Calyon Bank Mercantile House, 6^th Floor, 15 Kasturba Gandhi Marg, New Delhi – 110 001, India
6. Date and brief description of instrument modifying the charge	Limits enhanced for Rs. 450.000 millions to Rs. 550.000 millions in 2004 vide hypothecation agreement dated 24.11.2003 and now enhanced to Rs. 800.000 millions vide hypothecation agreement dated 29.11.2005.
7. Particular of modification specifying the terms and conditions or the extent or operation of the charge in which modification is made and the details of modification	The company’s credit facilities are secured by the way of pari passu first charge on the company’s fixed assets/ current assets in line with the term and conditions specified in the Banks offer letter dated 31.10.2005 and the hypothecation agreement dated 29.11.2005.

Name of the company	YAMAHA MOTOR INDIA PRIVATE LIMITED
Presented By	MR. K. FUJIMOTO, DIRECTOR FINANCE
1) Date and description of instrument creating the change	Goods Security Agreement dated 12.03.2005
2) Amount secured by the charge/amount owing on the securities of charge	Loan / Cash Credit facility of Rs. 800.000 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	The Loan / Cash credit facility is secured on a pari passu basis by way of first charge on all present and future goods, merchandise, products and / or raw materials, semi-finished and finished goods, stores and spares (including packing material), present and future book debts, etc.
4) Gist of the terms and conditions and extent and operation of the charge.	Interest on the loan / cash credit facility is payable at Citibank’s Prime Lending Rate.
5) Name and Address and description of the person entitled to the charge.	Citi Bank N. A., New Delhi
6) Date and brief description of instrument modifying the charge	Not Applicable
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Applicable

Corporate identity number (CIN) Foreign company registration number	U74899DL1995PTC073540
Name of the Company	YAMAHA MOTOR INDIA PRIVATE LIMITED
Address	C- 582, LGF Defence Colony, New Delhi – 110 024, India
This form is for	Modification of charge
Type of Charge	Hypothecation
Particulars of the charge holder	The Bank of Nova Scotia Dr. Gopal Das Bhawan, 28, Barakhamba Road, New Delhi – 110 001, India E-Mail: rajendra.gupta@scotiabank.com
Amount secured by the charge	Rs. 450.000 millions
Brief of the principal terms and conditions	As per the terms of the loan facility, interest at agreed rates is chargeable on the loan facility till such time the facility is fully liquidated. The facility shall be repaid as per the agreed terms as per the Hypothecation Agreement dated 01.08.2006
Description of the property charged indicating	It is a charge on v Stock in trade v Book debts
Particulars of the property charged	v Raw Materials v Work in Progress v Consumable stores v Spares v Finished Goods v Receivables v Other Current Assets
Brief description of the instrument modifying the charge under section 135	Hypothecation Agreement dated 01.08.2006
Date of Instrument	01.08.2006
Particular of the present modification	The overall limit of Rs. 300.000 millions is being increased to Rs. 450.000 millions. No other change in the terms and conditions.

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. 40.30
UK Pound	1	Rs. 82.97
Euro	1	Rs. 55.64

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		40

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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