MIRA INFORM REPORT

Report Date :

14.06.2007

IDENTIFICATION DETAILS

Name :	TATA JOHNSON CONTROLS AUTOMOTIVE PRIVATE LIMITED
Registered Office :	Plot No. 1, Survey No. 235/245, Hinjewadi, Mulshi, Pune-411027, Maharashtra
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	05.01.1996
Com. Reg. No.:	25-15038
CIN No.: [Company Identification No.]	U34300PN1996PTC015038
TAN No.: (Tax Deduction & Collection Account No.)	CHETO2597A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Automotive Seating Systems, Accessories and Automotive Components.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 850000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	It is a well established joint venture company between Tatas and Johnson Control Inc., USA. The company is engaged in the business as manufacturers and suppliers of automotive seating systems and allied products. It is a closely held public limited company. Subject is making good progress in its turnover and profits. Financial position is good. Trade relations are reported as fair. Payments are correct and as per commitments. The company can be considered god for normal business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office/Factory :	Plot No. 1, Survey No. 235/245, Hinjewadi, Mulshi, Pune-411027, Maharashtra, India
Tel. No.:	91-20-22932115
Fax No.:	91-20-22932638
E-Mail :	tjc@tacogroup.com, umesh_gosavi@tjc.co.in
Website :	http://www.tacogroup.com
Location :	Owned
Factory :	Pune plant and foam unit Plot #1, Survey #235/245, Hinjewadi, Taluka Mulshi, Pune 411057 Maharashtra, India Tel: 91-20-22932115 Fax: 91-20-22932638 Chennai plant Plot #2, Ford India Supplier Park, SP Koil Post, Chengalpattu 603204, Chennai Tamil Nadu, India Tel: 91-44-27452811 Fax: 91-44-27453011 Engineering business 301-309, Sohrab Hall, 21, Sasoon Road, Behind Pune Railway Station, Pune 411 001, India Tel: 91-20-26000100 Fax: 91-20-26059104 Overseas offices Tata Johnson Systems Engineering 49200 Halyard Drive, Post Office Box 8010, Plymouth, MI 48170 USA Tata Johnson Controls Automotive Limited C/o Johnson Controls GmbH Main Building, Room No. 009 - 0046 Industriestrasse 20-30 51399 Burscheid, Germany K. R. Murali, CEO (Manufacturing & Engineering) Tel: 91-20-22932115 / 26000100 Gautam Bose, COO (Engineering) Tel: 91-20-2600100 Marketing - Pune: Amitabh Mathur, General Manager (Business Development and Exports) Email: amitabh@tjc.co.in Kiran Rathi, Head Purchase Pune Email: kiran.rathi@tjc.co.in Marketing - Chennai: T. S. Dharmender, Manager (Business Development) Email: ts.dharmendher@tjc.co.in D. Prashant, Plant Manager, Chennai Email: dprashanth@tjc.co.in Career opportunities Email: careers@tjc.co.in

DIRECTORS

Name :	Mr. Devender Sarup Gupta
Designation :	Chairman
Address :	Panorama Chambers, Ground 203, Walkeshwar Road, Mumbai-400006
Date of Birth/Age :	19.03.1950
Date of Appointment :	05.01.1996
Name :	Mr. Rajendra R. Bhinge
Designation :	Director
Address :	54-B, Miramar Nepean Sea Road, Mumbai-400036
Date of Birth/Age :	29.05.1952
Date of Appointment :	25.07.1996
Name :	Mr. Nitin R. Anturkar
Designation :	Director
Address :	7, Shubham Apartments, Kanchan Galli, Erandawana, Pune-411004, Maharashtra, India
Date of Birth/Age :	09.09.1959
Date of Appointment :	02.03.1999
Date of Ceasing :	14.06.2005
Name :	Mr. Raman K. Nanda
Designation :	Director
Address :	V-16, sacred Heart Town, Wanoworie, Pune-411040, Maharashtra, India
Date of Birth/Age :	15.03.1956
Date of Appointment :	17.01.2002
Name :	Mr. Cardwell J. Garrett
Designation :	Director
Address :	147 Scott Road, # 17-03/04, Goldbell Tower, Singapore-228223
Date of Birth/Age :	25.11.1945
Date of Appointment :	29.061999

Name :	Mr. Jack Billy Hall
Designation :	Director
Address :	A1101, Far East International Plaza, Xian Xia Road, Shanghai,China-200051
Date of Birth/Age :	05.02.1965
Date of Appointment :	19.09.2002
Name :	Mr. Van Vang Nguyen
Designation :	Director
Address :	19, Jalan Berjaya, Singapore
Date of Birth/Age :	28.11.1950
Date of Appointment :	08.06.2000
Name :	Mr. R. R. Vasudevan
Designation :	Managing Director
Address :	Flat No. 115, New Market Plaza, Clover Village, Wanoworie, Pune-411040, Maharashtra, India
Date of Birth/Age :	24.09.1951
Date of Appointment :	18.09.2001
Name :	Mr. Shailesh S. Bettadapur
Designation :	Director
Address :	42, Merryn Road, Singapore-289491
Date of Birth/Age :	20.03.1960
Date of Appointment :	16.03.2004
Date of Ceasing :	06.03.1960
Name :	Mr. Sanjay Dube
Designation :	Alternate Director
Address :	14-B, Peregrine, 400 Veer Savarkar Marg, Prabhadevi, Mumbai-400025, Maharashtra
Date of Birth/Age :	26.04.1962
Date of Appointment :	26.12.2006
Name :	Mr. Lamach W Michael
Designation :	Director
Address :	17961 Ridgeview, North Ville, Michigan, USA – 48167
Date of Birth/Age :	8^TH May, 1963
Date of Appointment :	25^th March, 2003
Name :	Mr. Mahinder P Chugh
Designation :	Director
Address :	2792, Alisop Place, # 207, Troy M1, USA 48084
Date of Birth/Age :	17.04.1951
Date of Appointment :	14.06.2005
Name :	Mr. Jeffery S Edwardas
Designation :	Director
Address :	771, Kozono Ayase, Kanagawa, Japan-2521121
Date of Birth/Age :	29.09.1962
Date of Appointment :	09.12.2004
Name :	Mr. S Ashokan
Designation :	Director
Address :	701, Cypress Marigolo, Premises, Kalyani Nagar, Pune-411014, Maharashtra
Date of Birth/Age :	07.01.1958
Date of Appointment :	09.12.2004
Name :	Mr. Franz Cerwinka
Designation :	Director
Address :	1-5-3# 2301, Roppongi Maito KY, Tokyo, Japan-1066023
Date of Birth/Age :	14.09.1969
Date of Appointment :	06.03.2005
Name :	Mr. A T Ramkumar
Designation :	Director
Name :	Mr. Derrick Louis Williams
Designation :	Director
Name :	Mr. K R Murali
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Umesh M. Gosavi
Designation :	Company Secretary
Address :	Vasant 61B, Rambaug Colony, Paud Road, Pune-411038, Maharashtra, India
Date of Birth/Age :	07.02.1963
Date of Appointment :	14.03.2000

MAJOR SHAREHOLDERS

As on 10.09.2004

Names of Shareholders	No. of Shares
Tata Industries Limited	2667000
Tata Autocomp Systems Limited	126975

As on 31.03.2006

Names of Shareholders	No. of Shares
Foreign holdings	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Automotive Seating Systems, Accessories and Automotive Components.
Products :	v Automobile Sealing Systems v Accessories (Seat Covers) for automotive seating systems v Seating Systems and Components

PRODUCTION STATUS

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Automobile Sealing Systems	Sets	230000	230000	184693
Accessories (Seat Covers) for automotive seating systems				582

GENERAL INFORMATION

Suppliers:	v Rohit Industries v Pradeep Plastic Moulders v Panse Autocomps Private Limited v Kartat Wire Industries Private Limited v Citizen Press Components v Suaan Techmechs Private Limited v Jeasons Industries Limited v Nippon Zip Industry v RGP Moulds Private Limited
	v
Customers :	v Audi v BMW v Daimler Chyrsler v Fiat v Ford v General Motors v Honda v Hyundai –Korea v Mitsubishi v Nissan v Peugeot v Renault v Rover v Skoda v Toyota v Vokswagon
No. of Employees :	600
Bankers :	Corporation Bank, Aditi Commerce Centre, Camp Branch, Pune-411001, Maharashtra, India
Facilities :	Outstanding limit as on 31/3/2003 (Rs. in millions) Term Loan : Rs. 71.729 Cash Credit : Rs. 34.916 (above loans are secured by hypothecation of stocks, book debts and movable fixed assets and by an equitable mortgage by deposit of the deeds of Land and Fixed Assets and by an equitable mortgage by deposit of the deeds of Land and Building. Sanctioned limit as on 19.02.2004 (Rs. in millions) Cash Credit : Rs. 120.000 millions Packing Credit cum FDBN/P/D : Rs. 120.000 millions DBC/BDD : Rs. 10.000 millions Withdrawak against clearing (WAC) : Rs. 30.000 millions Foreign Currency Term Loan : Rs. 55.700 millions Inland/Import LC : Rs. 25.000 millions Bank Guarantee : Rs. 5.000 millions

Banking Relations :	Satisfactory
Auditors :	M/s. A F Ferguson and Company Chartered Accountant
Address:	Allahabad Bank Building, Bombay Samachar Marg, Mumbai – 400001
Name of the partner:	Mr. G Shankar
Associates/Subsidiaries :	Ø Tata Autocomp Systems Limited Bombay House, 24 Homi Mody Street, Mumbai-400001 Ø Johnson Controls International BV 2 Mertinus Nijhofflan, 2624 EF Delet Netherland Ø Tata Industries Limited Bombay House, 24 Homi Mody Street, Mumbai-400001 Ø Johnson Controls Seatin SrL Subsidiaries Tata Johnson Systems Engineering LLC Manager Mr. Deepak Dighe Mr. R. Murali Mr. Madhav Shintre Financial details for the year ended 31.03.2003 was attached herewith of this subsidiary company.

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
12700000	Equity Shares	Rs. 10.00 Each	Rs. 127.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12700000	Equity Shares	Rs. 10.00 Each	Rs. 127.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		127.000	127.000	127.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		50.367	37.449	27.825
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		177.367	164.449	154.825
LOAN FUNDS
1] Secured Loans		102.109	123.845	88.072
2] Unsecured Loans		0.000	0.000	30.456
TOTAL BORROWING		102.109	123.845	118.528
DEFERRED TAX LIABILITIES		35.300	40.400	36.500
TOTAL		314.776	328.694	309.853
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		421.685	458.958	390.344
Advance on Capital Account		11.173	3.623	0.000
Capital work-in-progress		4.797	0.000	8.327
INVESTMENT		13.069	13.069	13.069
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	117.477	98.810	61.869
	Sundry Debtors	365.171	317.462	249.818
	Cash & Bank Balances	23.666	19.338	10.550
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	162.865	200.425	109.363
Total Current Assets		669.179	636.035	431.600
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	763.194	742.374	491.421
	Provisions	41.933	40.617	42.066
Total Current Liabilities		805.127	782.991	533.487
Net Current Assets		(135.948)	(146.956)	(101.887)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		314.776	328.694	309.853

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
Sales Turnover		3.194	2.754	2233.817
Other Income		0.037	0.400	0.000
Change in Stock		0.858	2.760	0.000
Total Income		4.089	5.914	2233.817
Profit/(Loss) Before Tax		0.144	0.155	198.642
Provision for Taxation		0.059	0.046	73.920
Profit/(Loss) After Tax		0.085	0.109	124.722
Earnings in Foreign Currency :
	Export Earnings	57.868	56.245	2035.175
	Income from Engineering Services	0.692	0.625	0.000
	Recovery for Employee Deputation	6.485	8.418	0.000
Total Earnings		65.045	65.288	590.133
Imports :
	Raw Materials	0.211	0.126	0.000
	Stores & Spares	3.353	3.551	0.000
	Capital Goods	16.056	49.902	0.000
	Others	1.092	3.321	0.000
Total Imports		20.712	56.900	0.000
Expenditures :
	Total Expenses	2959.930	2522.481	2035.175
	Financial Charges	13.429	6.360	0.000
	Depreciation	0.114	0.114	0.000
Total Expenditure		2973.473	2528.955	2035.175

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
PAT / Total Income	(%)	2.08	1.84	5.58
Net Profit Margin (PBT/Sales)	(%)	4.51	5.63	8.89
Return on Total Assets (PBT/Total Assets}	(%)	0.01	0.01	24.16
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	1.28
Debt Equity Ratio (Total Liability/Networth)		4.26	4.43	4.21
Current Ratio (Current Asset/Current Liability)		0.83	0.81	0.80

ABRIDGED BALANCE SHEET

Tata Johnson Systems Engineering LLC

SOURCES OF FUNDS		31.03.2003	31.03.2002
SHAREHOLDERS FUNDS
1] Share Capital		13.069	13.069
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.438	0.000
4] (Accumulated Losses)		0.000	(4.563)
NETWORTH		13.507	8.506
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.233	0.740
TOTAL BORROWING		0.233	0.740
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		13.740	9.246
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.761	0.991
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	11.488	2.740
	Cash & Bank Balances	2.306	4.494
	Loans & Advances	0.457	1.723
Total Current Assets		14.251	8.957
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	1.272	0.702
	Provisions
Total Current Liabilities		1.272	0.702
Net Current Assets		12.979	8.255
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		13.740	9.246

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2003	31.03.2002
Sales Turnover [including other income]	71.292	30.318
Profit/(Loss) Before Tax	5.002	(4.563)
Provision for Taxation	0.000	0.000
Profit/(Loss) After Tax	5.002	(4.563)
Total Expenditure	66.290	34.880

KEY RATIOS

PARTICULARS		31.03.2003	31.03.2002
PAT / Total Income	(%)	7.01	(15.05)
Net Profit Margin (PBT/Sales)	(%)	7.01	(15.05)
Return on Total Assets (PBT/Total Assets}	(%)	33.32	(45.86)
Return on Investment (ROI) (PBT/Networth)		0.37	(0.53)
Debt Equity Ratio (Total Liability/Networth)		0.11	0.16
Current Ratio (Current Asset/Current Liability)		11.20	12.75

LOCAL AGENCY FURTHER INFORMATION

Form 8 Particular for creation or modification of charges

Corporation identity number or foreign company registrations number of the company	U34300PN1996PTC015038
Name of the company	TATA JOHNSON CONTROLS AUTOMOTIVE PRIVATE LIMITED
Address	Plot No. 1, Survey No. 235/245, Hinjewadi, Mulshi, Pune-411027, Maharashtra, India
This Form is for	Modification of charge
Type of Charges	Immovable property Book debts Movable property Floating charge
Particular of the charge holder	Corporation Bank Aditi commerce Centre, Camp Centre, Camp Branch, Pune Camp, Pune-411001, Maharashtra
Nature or description of the instrument creating charge	Fifth common supplemental deed of hypothecation dated 31.10.2006 Memorandum of deposit of title deeds dated 31.10.2006
Date of the instrument creating charge	31.10.2006
Amount Secure by the charge	Rs.220.000 millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest Cash credit limit cum PCL/PDFC-cum FDBN/P/D Rs.180.000 millions Cash credit : 10.50% p.a. subject to revision from time to time. For PCL upto 180 days : 7.50% p.a. For FDBN/P/D : Demand bills 7.50% p.a. upto 90 days 7.50% p.a., 91-180 days 9.50% p.a. For DBC/BDD : 10.50% p.a. for bank guarantee commission : 75% of the prescribed rates. Import/Inland : Commission 75% of the present prescribed rates Terms of repayment : Cash credit : running account repayable on demand subject to review/ renewal FDBN/P/D : Slight bills to be paid immediately after normal transit period and in case of usance bills tenor not to exceed 180 days from the date of shipment. Margin : Cash credig : Stock and book debts 25% for PCL : 10% For Inland/ Import LC : Cash margin 10% For Bank Guarantee : Cash margin 10% Extent and operation of the charge : Exclusive first charge for the additional / revised facilities within the aggregate of 220.000 millions together withal costs, charges, interests, expenses etc. and for payment of all principal moneys together with interest at the rates specified or at the Bank’s lending rate or at such other rate or rates as the Bank may determine from time to time and also all costs, charges and expenses incurred by the Bank up to the date of payment. Others : Save as expressly modified, all the terms and conditions set out and contained in the Principal deed of hypothecation dated 02.08.1997 shall remain in full force and effect.
Date of instrument modification prior to the present modification	19.02.2004
Particulars of the Property charged	All the present and future stock of goods at the borrower’s premises at Village Hinjewadi, Pune or any other premises; Present and future book debts; Present and future fixed assets of the borrower’s at Hinjewadi, Pune or any other premises. Land being Plot No.1, admeasuring 27620 Sq.mtrs. comprising of land bearing S No.235, Hissa No.2, 3, 4 and 5 and S. No.245, hiss No.4, 5, 6, 7 bn and 8, total admeasuring Hectares 10= 99.6 acres at Village Hinjewadi, Mulsi; Leased land admeasuring 2.96 acres at Village Chingalput T.N.
Parparticulars of present modification	The aggregate of the credit facilities has been increased from Rs.145.000 millions to Rs.220.000 millions Additional Security of the immovable property admeasuring 27620 Sq.mtrs at Hinjewadi, Mulsi and leased land admeasuring 2.96 acres at Chingalput District Kancheepuram, Tamilnadu has been provided to secure the modified credit limits of Rs.220.000 millions.

PROFILE

Subject was established in January 1996. TJC- Manufacturer of world class seating systems. (50:50) Joint venture with Johnson Controls Inc. (JCI) - world leader in automotive seating systems and associated products.

TJC combines established technical and marketing strengths of its parent companies with the drive and enthusiasm of a young enterprise – making it the market leader in India for automotive seating products.

Subject has QS 9000 & ISO 14001 certificates.

AWARDS & CERTIFICATIONS

Year : 2003

ACMA silver trophy for MFG excellence

Year : 2002

Jan 2002

Daimler Chrysler Best Supplier Award for year 2000.

Year : 2001

Mar 2001

Chairman’s Award for Customer Satisfaction (JD Power – Safari).

May 2001

ISO 14001 awarded.

May 2001

Best Case Study Award for ERP.

Sep 2001

Chairman’s Merit Award for Six Sigma Project.

Sep 2001

Won Team Rally Competition in JCI Asia Pacific Region.

Dec 2001

Six Sigma Master Black Belt award conferred on TJC employee.

Year : 2000

Mar 2000

JCI Chairman’s award for MEQ System improvement.

May 2000

Johnson Control Manufacturing System implemented.

Aug 2000

Business Operating System accreditation.

Sep 2000

MBIL Supplier Quality award for the year 1999.

Nov 2000

JCI Safety Gold Award.

Year : 1999

Dec 1999

MFG Pro Fastest Migration Award.

Year : 1998

Jan 1998

QS9000 accreditation from KPMG.

Aug 1998

JCI Chairman’s award for Safari seats design and delivery.

JV RELATED NEWS ITEMS

Ø Ford Motor Company honors Johnson Controls as one of its top suppliers by awarding two World Excellent Awards for 2001.

Ø Forbes 500” listings in 2002 ranks JCI as one of the top automotive component supplier.

Ø JCI appears for the 5th consecutive year on Industry Weeks Magazine list of ‘The world’s 100 best managed companies’.

Ø JCI (North America) is among a select group of suppliers to be honored with 2001 Honda Quality Performance Awards.

Ø New United Motor Manufacturing Incorporated (NUMMI) honored JCI for outstanding performance in supplying seat systems, headliners and foam pads for Toyota Corolla cars and Toyota Tacoma pick up trucks.

Subject is a 50:50 joint venture between TACO and JCI. It is one of the largest seating systems suppliers in India with products spanning passenger cars, commercial vehicles, utility vehicles, earth-moving equipment and two-wheelers.

Subject has one of the largest offshore engineering centres in India, dedicated to servicing the global automotive seating, interior and electronics design needs of Johnson Controls Inc (JCI).

The TJCAL edge

Manufacturing

Subject distinguishes itself from other seating system suppliers by providing its customers a complete solution — design, development, validation and programme management, efficient manufacturing and just-in-time - sequence (JIT-S) supply.

Engineering

• Strong domain knowledge, backed by manufacturing expertise
• Proven global delivery model
• Cost-effective and timely product development support
• More than 400 skilled automotive engineers
• World-class design and communication infrastructure

Products

Subject's products are designed and manufactured to meet aesthetic, comfort and safety requirements. They have won recognition from its customers and independent agencies such as JD Power. Product features are benchmarked with best-in-class products and meet stringent international safety regulations.

The company's product range includes seating systems and components like foam, head-rests, arm-rests, metal frames and seat trims.

Subject is in the process of launching electronic instrument clusters for passenger cars and utility vehicles, with contemporary technology from Johnson Controls.

Subject is in the process of launching Floor Center Console for Honda Civic by June 2006.

Services

v Design

v Layout and packaging

v Component and sub-system design

v Mechanisms design

v GD and T, tolerance stakking and product drawings

v Product modifications

v Value analysis and value engineering

v Manufacturing feasibility

v Design improvement

v Analysis

v Virtual test and validation

v Kinetics and kinematics analysis

v Crash simulation

v Mould-flow

v Sheet-metal formability

v Prototype development support

v Testing support

Engineering capabilities

In order to achieve this standard of comfort, safety and styling, TJCAL's state-of-the-art facility for design, development, prototyping and testing uses the latest technology and a highly capable team of engineers.

The computer-aided design and manufacturing facilities are equipped with the latest styling software, enabling the company's engineers to develop design concepts into solid models.

Subject can design and develop products that meet stringent international safety regulations. The facility's finite element analysis tools allow the simulation of test conditions so that destructive physical tests can be minimised.

Customers

Subject serves a wide range of auto industry segments, including passenger cars, utility vehicles, commercial vehicles, tractors and two-wheelers.

Its customers include:

Domestic

• Araco Automotive
• DaimlerChrysler
• Fiat
• Ford
• Honda
• Royal Enfield
• Skoda
• Tata Motors

Export

• John Deere
• Johnson Controls
• More than 40 Johnson Controls Inc customers and business units across North America, Europe and the Asia Pacific

Promoters and partners

Tata Johnson Controls Automotive Limited (TJC) is a 50:50 joint venture between Tata AutoComp Systems Limited and Johnson Controls Inc, USA.

Tata AutoComp Systems Limited

Established by the Tata Group, which has several decades of experience in the automotive industry, the TACO group of companies offers a range of products and services in the field of auto components to automotive vehicle manufacturers all over the world.

TACO has three major businesses — manufacturing, engineering and supply chain management. The group comprises the holding company, Tata AutoComp Systems Limited (TACO), its joint ventures with global auto component leaders and two subsidiaries in the plastics and stampings product areas.

The TACO group, with its 14 manufacturing plants, three engineering centre and three export-oriented units, is rapidly expanding its business with vehicle manufacturers and tier-II suppliers to the automotive industry. Its current original equipment customers include DaimlerChrysler, Fiat, Ford, General Motors, Honda, Hyundai, Mahindra and Mahindra, Piaggio, Tata Motors, Toyota, and Volvo.

Johnson Controls Inc, USA

A Fortune 500 company founded in 1885 and headquartered in Milwaukee, Wisconsin, USA, Johnson Controls Inc is a global market leader in automotive interior systems and facility management and control. The world's largest independent supplier of automotive interior systems, it operates in 285 locations worldwide.

Its major products for the automotive sector are:

• Seating and interior systems — seating, overheads, doors, instrument panels, storage and electronics — for light vehicles, including passenger cars and light trucks
• Batteries

It supplies to automotive industry original equipment manufacturers the world over — Audi, BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai, MG Rover, Skoda, Mitsubishi, Nissan, Peugeot, Renault, Rover, Toyota, Volkswagen, AutoZone, Costco, Interstate Battery System of America, John Deere and Wal-Mart.

Manufacturing facilities

Subject uses Johnson Controls' manufacturing systems (JCMS) to deliver products of consistent quality at low costs. Driven by systems that assure quality, such as Six Sigma, Kaizen and continuous improvement, TJCAL's two manufacturing plants at Hinjewadi in Pune, India, and Chennai, India possess a range of facilities such as:

• Highly efficient cut-n-sew operations using a CNC Gerber cutter
• Microprocessor-based German Durkopp Adler sewing machines
• Automatic storage-and-retrieval
• Roll-through racking
• Mechanised seat loading
• Variable-speed conveyors
• Prototyping and trim engineering facility
• Fully equipped quality lab with 3D Faro arms, mannequins, foam hardness tester, profile projector and and composite durability machine
• Just-in-time-sequence (JIT-S) assembly
• Foam plant with robotic foam pouring
• Robotic welding metal plant for the welding of steel frames

All operations of the manufacturing facility are totally integrated through the MfgPro ERP system. The combined production area of Pune and Chennai plants is 7,550 square meter.

Engineering Facilities

As a part of the highly respected Tata Group, TJCAL Engineering is able to attract a team of the brightest Indian engineers. The team comprises specialists in the areas of structural engineering and analysis, design and tooling of plastic components, comfort and safety engineering, trim and aesthetics, product validation and testing, and prototype tooling development.

Access to Tata Johnson Controls' manufacturing division provides its engineers with experience of manufacturing technologies.

Subject Engineering's engineering facility uses all the leading design and analysis software to meet varied customer requirements. This includes:

CAD	IDEAS, CATIA, C3P, PDGS, UG
CAE	HYPERMESH, MEDINA, LS DYNA, ABAQUS
PDM	TcAE (iMAN), E-Matrix

Quality systems

In the effort to exceed the expectations of their customers, TJCAL Manufacturing has earned the following certifications:

• ISO/TS16949:2002
• ISO 14001:2004
• OHSAS 18000:1999
• ISO 17025:1999
• Ford MS 9000
• Ford Q1
• Sox

Customer Recognitions

• Best Supplier Award by DaimlerChrysler for 6 years in a row from 1999
• World Excellence Award - Gold by Ford Motor Company in 2004

It has also earned recognition within the industry, having been awarded the following industry awards:

• Manufacturing Excellence Award from ACMA for the years 2003, 2004 and 2005
• CII Exim Commendation Certificate for 'Serious Commitment to Excel' for the years 2004 and 2005
• Merit Certificate for Energy Conservation from Ministry of Power, Government of India

TJC follows the best of Johnson Controls and Tata Group operating systems. It follows the JCI global Business Operating System (BOS) in all its operations and is audited by KPMG every year for compliance to this system.

TJC Manufacturing has also adopted the Tata Business Excellence Model and has been awarded the 'Serious Adoption Award' for the year 2004.

It has an impressive pool of 35 assessors, extensively trained by Tata Quality Management Services (TQMS). In an effort to share knowledge, TJC assessors also help other Tata Group companies in their journey to business excellence.

Chief Executive Officer

K. R. Murali

Education: BE (Mechanical) from University of Madras

K. R. Murali joined Tata Johnson Controls in 1995 as engineering manager. In the first five years he has held positions of engineering manager and vice-president - Chennai operations, before taking over as the chief executive officer of the company in 2001. Mr. Murali has 19 years of experience. Before joining Tata Johnson Controls, Mr. Murali has worked with Chennai-based TVS Group (Brakes India Ltd) and Maruti Udyog Limited.

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.40.93
UK Pound	1	Rs.80.76
Euro	1	Rs.54.46

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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