MIRA INFORM REPORT

Report Date :

23.04.2011

IDENTIFICATION DETAILS

Name :	TACLE AUTOMOTIVE INDIA PRIVATE LIMITED
Registered Office :	Plot No. RNS-4, Renault Nissan Supplier Park, SIPCOT, Oragadam – 602 105, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	11.11.2008
Com. Reg. No.:	18-069830
CIN No.: [Company Identification No.]	U34100TN2008PTC069830
TAN No.: [Tax Deduction & Collection Account No.]	CHET11038G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Automobile Component Parts.

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Recently Commenced Business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a joint venture between Lear Corporation (Mauritius) Limited and Tachi-S Company Limited, Japan. Though the company was incorporated in the year 2008, the company has started its commercial activities in the year 2010. Business is active. Payment terms are unknown. Initially, the company can be considered for business dealings on a secured 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY (General Details)

Name :	Mr. Ravi
Designation :	HR Head
Date :	20.04.2011

LOCATIONS

Registered Office/ Factory 1 :	Plot No. RNS-4, Renault Nissan Supplier Park, SIPCOT, Oragadam – 602 105, Tamilnadu, India
Tel. No.:	91-44-67121100
Mobile No.:	91-9600088659 (Mr. Ravi)
Fax No.:	91-44-67121200
E-Mail :	ywang05@lear.com KRajkumar@lear.com
Website :	www.lear.com
Location :	Owned
Factory 2 :	Plot E-15, CMDA Industrial Complex, Maraimalai Nagar, Kancheepuram – 603 209, Tamilnadu, India
Tel. No.:	91-44-47400245/ 47/ 27453763/ 64
Fax No.:	91-44-27453765

DIRECTORS

As on 10.05.2010

Name :	Mr. Hiroshi Taguchi
Designation :	Director
Address :	3-3-8 Sengen-cho Fuchu-shi, Tokyo – 1830001
Date of Birth/Age :	18.01.1947
Date of Appointment :	11.11.2008
DIN No.:	02257560
Name :	Mr. Dennis Choon Hwee Chia
Designation :	Director
Address :	900, Dunearn Road , #08-20 , Blossomvale, Singapore 589473
Date of Birth/Age :	16.12.1968
Date of Appointment :	10.05.2010
DIN No.:	02266591
Name :	Kiyoji Kawamura
Designation :	Director
Address :	817- 2, Nobe Akirunoshi, Tokyo 1970823
Date of Birth/Age :	01.02.1949
Date of Appointment :	11.11.2008
DIN No.:	02257573
Name :	Hidetsugu Tanaka
Designation :	Director
Address :	3-153-9, Houngou-cho, Naka-ku, Yokohama, Kanagawa 2310843
Date of Birth/Age :	05.08.1965
Date of Appointment :	10.05.2010
DIN No.:	02975036
Name :	Takashi Matsushita
Designation :	Director
Address :	24-1-1103 Kitamachi, Shinjyuku-ku, Tokyo 1620834
Date of Birth/Age :	05.10.1951
Date of Appointment :	10.05.2010
DIN No.:	02975588
Name :	Christopher James Obey
Designation :	Director
Address :	47470 Adinborough Lane NOVI, Michigan 48374
Date of Birth/Age :	06.04.1956
Date of Appointment :	10.05.2010
DIN No.:	03006713
Name :	Mr. Amit Ajit Lal Sharma
Designation :	Alternate Director
Address :	444, Pocket – A, Sarita Vihar, New Delhi – 110 076, India
Date of Birth/Age :	10.05.1979
Date of Appointment :	24.09.2010
DIN No.:	02513254
Name :	Gideon James Jewel
Designation :	Director
Address :	18 Boulevard Maillot, Neuilly Sur Seine 92200
Date of Birth/Age :	26.03.1968
Date of Appointment :	11.11.2008
Date of Ceasing :	05.04.2010
DIN No.:	02247561
Name :	Ratindra Krishan Puri
Designation :	Director
Address :	A-195, New Friends Colony, New Delhi – 110 065, India
Date of Birth/Age :	10.12.1945
Date of Appointment :	11.11.2008
Date of Ceasing :	23.11.2009
DIN No.:	00391005
Name :	Mr. Paul Roger Jefferson
Designation :	Director
Address :	Room 2402, Building 2, Fortune Residences No. 258, PU Ming Road, Pudong, Shanghai – 200120
Date of Birth/Age :	23.09.1946
Date of Appointment :	11.11.2008
Date of Ceasing :	18.03.2010
DIN No.:	02231048
Name :	Warwick Anthony Bond
Designation :	Additional Director
Address :	Bunglow No. T 5-6 Florida Estate, Keshav Nagar Mundhwa, Pune – 400 036, Maharashtra, India
Date of Birth/Age :	26.03.1954
Date of Appointment :	23.11.2009
Date of Ceasing :	05.04.2010
DIN No.:	02514109

KEY EXECUTIVES

Name :	Mr. Ravi
Designation :	HR Head
Name :	Mr. K. Rajkumar
Designation :	Secretary
Date of Appointment :	23.11.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.05.2010

Names of Shareholders	No. of Shares
Lear Corporation (Mauritius) Limited, Mauritius	6537
Tachi-S Company Limited, Japan	6280
Total	12817

As on 10.05.2010

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Automobile Component Parts.
Exports :
Products :	Automobile Component Parts
Countries :	Japan
Imports :
Products :	Parts
Countries :	Taiwan, Japan, Ireland
Terms :
Selling :	Credit (60 days)
Purchasing :	Credit (60 days)

GENERAL INFORMATION

Customers :	OEM’s
No. of Employees :	200 (Approximately)
Bankers :	Citi Bank, Chennai Branch

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	TPL House, Second Floor, No.3, Cenatoph Road, Teynampet, Chennai – 600 018, Tamilnadu, India
Tel. No.:	91-44-66328400
Fax No.:	91-44-24311450
Joint Ventures :	Lear Corporation (Mauritius) Limited Address: c/o Multiconsult Limited, Rogers House, 5 President John Kennedy Street, Port Louis, Mauritius Tachi-S Company Limited Address: 3-3-7, Matsubara-Cho, Akishima – Shi, Tokyo, Japan
Affiliates :	Lear Corporation Japan Limited Tacle Seating (Thailand) Company Limited, Thailand Lear Corporation Southeast Korat Thailand APC Lear Automotive India Private Limited Lear Corporation USA South Field Lear USA SSD Divisional Office

CAPITAL STRUCTURE

As on 10.05.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.1000/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12817	Equity Shares	Rs.1000/- each	Rs.12.817 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.1000/- each	Rs.50.000 millions

Subscribed, Issued & Called up Capital :

No. of Shares	Type	Value	Amount
500	Equity Shares	Rs.1000/- each	Rs.0.500 million

Issued & Paid-up Capital :

No. of Shares	Type	Value	Amount
470	Equity Shares	Rs.1000/- each	Rs.0.470 million

Of the above:

470 equity shares are held by Lear Corporation (Mauritius) Limited, Mauritius

30 shares have been subscribed but not paid up by Tachi-S Company Limited, Japan

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.470
2] Share Application Money Pending Allotment		369.920
3] Reserves & Surplus		13.611
4] (Accumulated Losses)		(25.727)
NETWORTH		358.274
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		358.274
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		49.833
Capital work-in-progress		114.101
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.413
	Sundry Debtors	5.163
	Cash & Bank Balances	360.911
	Other Current Assets	0.000
	Loans & Advances	12.825
Total Current Assets		381.312
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	186.972
	Provisions	0.000
Total Current Liabilities		186.972
Net Current Assets		194.340
MISCELLANEOUS EXPENSES		0.000
TOTAL		358.274

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2010
	SALES
		Sales		0.000
		Service Income		0.000
		Other Income		0.261
		TOTAL		0.261
Less	EXPENSES
		Office Expenses		25.988
		Administrative Expenses
		Advertising Expenses
		TOTAL		25.988
	PROFIT BEFORE TAX			(25.727)
Less	TAX			0.000
	PROFIT AFTER TAX			(25.727)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			0.000
	EARNINGS IN FOREIGN CURRENCY
		Sales of products (samples and prototype)		4.377
	TOTAL EARNINGS			4.377
	IMPORTS
		Raw Materials and Components		2.859
		Capital Goods including Capital work in progress		16.008
	TOTAL IMPORTS			18.867
	Earnings Per Share (Rs.)			(93389.00)

KEY RATIOS

PARTICULARS		31.03.2010
PAT / Total Income	(%)	(9857.09)
Net Profit Margin (PBT/Sales)	(%)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(5.97)
Return on Investment (ROI) (PBT/Networth)		(0.07)
Debt Equity Ratio (Total Liability/Networth)		0.52
Current Ratio (Current Asset/Current Liability)		2.04

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office of the company has been shifted from Plot E-15, CMDA Industrial Complex, Maraimalai Nagar, Kancheepuram – 603 209, Tamilnadu to the present address w.e.f. 18.03.2010.

BACKGROUND:

The Company was incorporated on November 11, 2008. The Company is a 51:49 joint venture between Lear Corporation (Mauritius) Limited and Tachi-S Company Limited, Japan, respectively. The Company is in the process of constructing its plant for manufacture and sale of seats for Nissan passenger cars. The manufacturing facility of the Company is located at Renault Nissan Supplier Park Oragadam, Kanchipuram District, Tamilnadu - 602 105.

OPERATIONS:

During the period the Company has not earned any income other than interest income on the surplus funds received as share application money received from the Shareholders.

The development of Company's plant and office at Oragadam, Tamilnadu commenced in July 2009 and is nearing completion. The Company shall soon commence commercial production and supply of seating systems to Nissan Motor India Private Limited for the X02A car program. The Company had earlier successfully supplied the trial production car seats to Nissan Motor India Private Limited in February 2010.

FUTURE GROWTH:

The Company has been awarded new seat program namely X02B by Nissan Motor India Private Limited and there are discussions at advance stages for award of other businesses by Nissan/ Renault to the Company.

FIXED ASSETS:

Tangible Assets

· Leasehold Land

· Computer Equipment

· Plant and Machinery

· Electrical Installation

· Office Equipment

Intangible Assets

· 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.44.30
UK Pound	1	Rs.72.92
Euro	1	Rs.64.69

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	2
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		15

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.