MIRA INFORM REPORT

Report Date :

26.10.2012

1. Summary Information

		Country	INDIA
Company Name	TAKATA INDIA PRIVATE LIMITED	Principal Name 1	TOYOJI IWANE
Status	MODERATE	Principal Name 2	ITARU KADO
		Registration #	55-164995
Street Address	303, BUILDING NO.10159, PADAM SINGH ROAD , KAROL BAGH, NEW DELHI – 110 005
Established Date	20.06.2007	SIC Code	--
Telephone#	91-11-28755214	Business Style 1	MANUFACTURING
Fax #	NOT AVAILABLE	Business Style 2	ASSEMBLING
Homepage	http://www.takata.com	Product Name 1	AUTOMOTIVE AIRBAG MODULES
# of employees	NOT AVAILABLE	Product Name 2	SEAT BELTS
Paid up capital	RS.800,000,000/-	Product Name 3	STEERING WHEELS
Shareholders	FOREIGN HOLDINGS - 75.00% BODIES CORPORATE - 25.00%	Banking	NOT AVAILABLE
Public Limited Corp.	NO	Business Period	5 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	B (27)
Related Company
Relation	Country	Company Name	CEO
HOLDING COMPANY	NETHERLANDS	TAKATA INTERNATIONAL FINANCE B.V.	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	745,867,000	Current Liabilities	635,456,000
Inventories	374,335,000	Long-term Liabilities	1,099,329,000
Fixed Assets	1,064,285,000	Other Liabilities	2,171,000
Deferred Assets	0,000	Total Liabilities	1,736,956,000
Invest& other Assets	94,314,000	Retained Earnings	(258,155,000)
		Net Worth	541,845,000
Total Assets	2,278,801,000	Total Liab. & Equity	2,278,801,000
Total Assets (Previous Year)	1,825,645,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	1,422,650,000	Net Profit	(136,840,000)
Sales(Previous yr)	810,690,000	Net Profit(Prev.yr)	2,470,000

IDENTIFICATION DETAILS

Name :	TAKATA INDIA PRIVATE LIMITED
Registered Office :	303, Building No.10159, Padam Singh Road , Karol Bagh, New Delhi – 110 005
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.06.2007
Com. Reg. No.:	55-164995
Capital Investment / Paid-up Capital :	Rs.800.000 millions
CIN No.: [Company Identification No.]	U32102DL2007FTC164995
TAN No.: [Tax Deduction & Collection Account No.]	DELT07367D
PAN No.: [Permanent Account No.]	AACCT7200N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing/ assembling of automotive airbag modules, seat belts and steering wheels.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2167000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	303, Building No.10159, Padam Singh Road , Karol Bagh, New Delhi – 110 005, India
Tel. No.:	91-11-28755214
Fax No.:	Not Available
E-Mail :	sujeet.kumar@takata.co.jp
Website :	http://www.takata.com
Head Office :	Unit No.506, Spazedge, 5^th Floor, Tower B, Spaze Building, Sector-47, Gurgaon-Sohna Road, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-4289603
Fax No.:	91-124-4289604
Neemrana Plant :	SP2-48 to 51, New Industrial Complex, MAJARAKATH, Neemrana, Alwar – 301 705, Rajasthan, India
Tel. No.:	91-124-4289603
Fax No.:	91-124-4289604
Chennai Plant :	Survey No.43/4, 215-Thennur Village, Ammanambakkam Post, Chengalpattu Taluk, Kancheepuram District – 603 002, Tamilnadu, India
Tel. No.:	91-44-27421312
Fax No.:	91-44-27420921
Warehouse :	Located at: v Noida

DIRECTORS

As on 28.09.2011

Name :

Toyoji Iwane

Designation :

Managing Director

Address :

9-11-9-201, Higashikasal, Edogawaka, Tokyo 1340084 Japan

Date of Birth/Age :

11.02.1968

Date of Appointment :

01.10.2011

DIN No.:

02358229

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	U32102DL2007FTC164995	TAKATA INDIA PRIVATE LIMITED	Managing director	01/10/2011	01/10/2008	-	Active	NO

Name :

Itaru Kado

Designation :

Director

Address :

1873-28, Totsukacho, Totsuka-Ku, Yokohama 2440003, Japan

Date of Birth/Age :

15.05.1953

Date of Appointment :

30.09.2009

DIN No.:

02800782

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	U32102DL2007FTC164995	TAKATA INDIA PRIVATE LIMITED	Director	30/09/2009	29/09/2009	-	Active	NO

Name :

Daniel Cho Fai Yip

Designation :

Director

Address :

7, Holt Road, # 07-04, Singapore 249445

Date of Birth/Age :

10.10.1959

Date of Appointment :

20.06.2007

DIN No.:

01871694

Name :

Mr. Sunil Prem Nath Kaul

Designation :

Nominee Director

Address :

House No.8, Atul Excellency, SR No.207/2, Kaspate Vasti Wakad, Pune – 411 027, Maharashtra, India

Date of Birth/Age :

13.08.1959

Date of Appointment :

28.09.2010

DIN No.:

00110549

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	U32102DL2007FTC164995	TAKATA INDIA PRIVATE LIMITED	Nominee director	28/09/2010	14/12/2009	-	Active	NO
2	U34300PN1997PLC107619	BEHR INDIA LIMITED	Managing director	16/07/2010	15/12/2009	-	Active	NO
3	U29117PN2001PLC018092	VICTOR GASKETS INDIA LIMITED	Director	27/07/2010	08/02/2010	-	Active	NO
4	U99999MH1998PLC118876	HALDEX INDIA LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
5	U74899DL1966PLC004919	MAHLE FILTER SYSTEMS (INDIA) LIMITED	Director appointed in casual vacancy	01/06/2011	01/06/2011	-	Active	NO
6	U99999MH1962PLC012316	PERFECT CIRCLE INDIA LIMITED	Director	06/03/2012	06/03/2012	-	Active	NO

Name :

Mr. Praveshkumar Shivvijay Shrivastava

Designation :

Nominee Director

Address :

40/41, Pratham Society, Near Wakad Telephone Exchange, Wakad, Pune – 411 027, Maharashtra, India

Date of Birth/Age :

04.02.1955

Date of Appointment :

02.12.2008

DIN No.:

02211719

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	U29309TN1997PLC038508	VALEO FRICTION MATERIALS INDIA LIMITED	Director	19/12/2005	19/12/2005	12/06/2012	Active	NO
2	U35999TN1997PLC039028	MANDO INDIA LIMITED	Director	01/01/2008	01/01/2006	-	Active	NO
3	U51505DL2008PTC179801	VALEO LIGHTING SYSTEMS INDIA PRIVATE LIMITED	Additional director	04/11/2008	04/11/2008	30/09/2009	Active	NO
4	U32102DL2007FTC164995	TAKATA INDIA PRIVATE LIMITED	Nominee director	02/12/2008	02/12/2008	-	Active	NO
5	U29130TN1997FTC037962	FAURECIA EMISSIONS CONTROL TECHNOLOGIES INDIA PRIVATE LIMITED	Director	12/12/2008	12/12/2008	15/06/2012	Active	NO
6	U74899DL1966PLC004919	MAHLE FILTER SYSTEMS (INDIA) LIMITED	Alternate director	02/06/2009	02/06/2009	10/06/2009	Active	NO
7	U74999MH1975PLC206199	ANAND AUTOMOTIVE LIMITED	Director	29/09/2011	24/09/2010	-	Active	NO
8	U35914PN2001FTC015991	YUTAKA AUTOPARTS PUNE Private LIMITED	Director appointed in casual vacancy	24/01/2011	24/01/2011	-	Amalgamated	NO
9	U51909DL1992PLC049978	CHANG YUN INDIA LIMITED	Director	01/08/2011	30/03/2011	-	Active	NO
10	U29130TN2008PTC066530	C Y MYUTEC AUTOMOTIVE INDIA PRIVATE LIMITED	Director	29/06/2011	29/06/2011	-	Active	NO

Name :

Yasuhiko Ueno

Designation :

Nominee Director

Address :

4-38-17, Kugayama, Suginami-Ku, Tokyo 1680082

Date of Birth/Age :

12.09.1956

Date of Appointment :

28.09.2010

DIN No.:

03132478

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	U32102DL2007FTC164995	TAKATA INDIA PRIVATE LIMITED	Nominee director	28/09/2010	29/06/2010	-	Active	NO

Name :

Yoshihiko Tanaka

Designation :

Alternate Director

Address :

147-13, Ooyabu-Cho Hikone City, Shiga Pref-5220053, Japan

Date of Birth/Age :

27.07.1953

Date of Appointment :

29.06.2010

DIN No.:

03132704

KEY EXECUTIVES

Name :	Mr. Sujeet Kumar
Designation :	Secretary
Address :	C-137, National Apartment, Plot No.4, Sector-3, Dwarka, New Delhi – 110 075, India
Date of Appointment :	01.09.2010
PAN No.:	AAJPK0878R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders	No. of Shares
Asia Investments Private Limited, India	20000000
Takata International Finance B.V., Amsterdam, Netherlands	59999999
Toyoji Iwane, Japan	1
Total	80000000

As on 25.06.2012

Names of Allottees	No. of Shares
Takata International Finance B.V., Amsterdam, Netherlands	35400000
Asia Investments Private Limited, India	11800000
Total	47200000

As on 28.09.2011

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]	75.00
Bodies corporate	25.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing/ assembling of automotive airbag modules, seat belts and steering wheels.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Foreign currency loans banks unsecured	523.099	656.496
Working capital loans banks unsecured	199.791	0.000
Working capital loans others unsecured	374.598	437.664
Interest accrued due other debt unsecured	1.841	8.640
Total	1099.329	1102.800

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	Golf View Corporate Towers-B, Near Gold Course, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-4644000
Fax No.:	91-124-4644050
Income-tax PAN of auditor or auditor's firm :	AALFS0506L
Holding Company :	v Takata International Finance B.V., Netherlands v Takata Corporation, Japan
Joint Venture :	Asia Investments Private Limited, Japan
Fellow Subsidiary Company :	v Takata Toa Co. Limited, Thailand v Takata Petri AG, Germany v Takata Petri Romania S.R.L., Romania v Takata Holding Inc., United States v Takata De Mexico S.A. De C.V., Mexico v Takata Shanghai Automotive Comp Co. Limited, China v Takata Philippines Corporation, Philippines v Takata Changxing Safety Systems Co. Limited, China

CAPITAL STRUCTURE

After 28.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
130000000	Equity Shares	Rs.10/- each	Rs.1300.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
127200000	Equity Shares	Rs.10/- each	Rs.1272.000 millions

As on 28.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/- each	Rs.800.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/- each	Rs.800.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		800.000	373.333	340.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(258.155)	(121.312)	(123.789)
NETWORTH		541.845	252.021	216.211
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		1099.329	1102.800	710.065
TOTAL BORROWING		1099.329	1102.800	710.065
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1641.174	1354.821	926.276
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1064.285	713.700	121.747
Capital work-in-progress		94.314	146.213	164.640
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	374.335	210.890	74.232
	Sundry Debtors	336.512	95.173	80.421
	Cash & Bank Balances	156.474	545.148	564.015
	Other Current Assets	10.100	0.125	6.112
	Loans & Advances	242.781	114.396	24.477
Total Current Assets		1120.202	965.732	749.257
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	609.434	428.702	89.934
	Other Current Liabilities	26.022	39.952	18.893
	Provisions	2.171	2.170	0.541
Total Current Liabilities		637.627	470.824	109.368
Net Current Assets		482.575	494.908	639.889
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1641.174	1354.821	926.276

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1422.650	810.690	95.301
		Other Income	NA	NA	0.205
		TOTAL (A)	NA	NA	95.506
Less	EXPENSES
		Raw Material Consumed	NA	NA	109.862
		Personnel Expenses	NA	NA	27.804
		Operating and Other Expenses	NA	NA	64.869
		TOTAL (B)	NA	NA	202.535
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	NA	(107.029)
Less	FINANCIAL EXPENSES (D)		NA	NA	4.916
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	NA	(111.945)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	NA	2.476
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		NA	NA	(114.421)
Less	TAX (H)		NA	NA	0.358
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(136.840)	2.470	(114.779)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(123.789)	(9.010)
	BALANCE CARRIED TO THE B/S		NA	NA	(123.789)
	EARNINGS IN FOREIGN CURRENCY
		Interest Income	NA	1.260	0.003
	TOTAL EARNINGS		NA	1.260	0.003
	IMPORTS
		Purchases of raw materials	NA	NA	169.897
		Plant and machinery	NA	NA	10.843
	TOTAL IMPORTS		NA	NA	180.740
	Earnings/ (Loss) Per Share (Rs.)		(1.71)	0.07	(6.43)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	(120.18)
Net Profit Margin (PBT/Sales)	(%)	NA	NA	(120.06)
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	(13.14)
Return on Investment (ROI) (PBT/Networth)		NA	NA	(0.53)
Debt Equity Ratio (Total Liability/Networth)		3.21	6.24	3.79
Current Ratio (Current Asset/Current Liability)		1.76	2.05	6.85

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	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	No
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	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

Note:

The registered office of the company has been shifted from 2^nd Floor, B - 7/7, Safdarjang Enclave, New Delhi – 110 029 to the present address w.e.f. 01.07.2008.

Economic Scenario/ Indian Automotive Industry

Compared with the previous year, 2009-10, the Indian economy showed far more resilience in the year with GDP growth registering 8.5 % as against 7.5% in the previous year. New vehicle manufacturers such as Volkswagen, Nissan and G.M. announced robust plans to introduce new models, specially in compact car range and increase their market share. Existing vehicle makers such as Honda Siel, Toyota, Maruti Suzuki and Tata Motors also came out with plans to offer many new models / platforms and expand their capacities. During the year and also on a continuous basis, the Company has vigorously pursued new business developments and opportunities. Additional business has been secured for one or more of the products, namely, seat belts, steering wheels, DAB, PAB and ECU from Honda Siel, Nissan, Ashok Leyland, Daimler, Renault Badge and total safety system in case of Tata Motors. The Company has also been able to make a breakthrough with Maruti Suzuki, the country’s largest vehicle manufacturer, by securing orders for one of its export models and is pursuing other opportunities with it. The Company is also working very closely for finalizing business with other prestigious customers such as VW.

During the current year, however, after fairly good growth in vehicle sales in the initial months, the Indian automotive industry has slowed down considerably as a result of several domestic as well as international factors. These include high raw material costs, high interest rates, rising inflation, increasing petrol prices etc. As a result, growth projection of the Indian economy has been curtailed and the Indian automotive industry may grow only in single digit. Additionally, the Company’s two existing and prestigious customers, namely, Honda Siel and Nissan have started suffering large production/ sales losses and delays in launch of new models due to disruption in component supplies from their suppliers in Japan consequent to earthquake/ tsunami in late March, 2011.

Developments concerning the Company

The Company’s main manufacturing Plant at Thenur near Chennai was the mainstay of sales during the year. QCC activities in this Plant, undertaken on a systematic and continuous basis, showed very satisfactory results when its QCC Team won the First Prize in Honda Siel Competition for the year 2010-11. The Company’s second Plant at Neemrana (Rajasthan) commenced commercial production in October, 2011, while the operations at Greater Noida were phased out. Requirements of Honda Siel are being met now from this Plant which will also cater to the requirements of some other customers such as Ashok Leyland, Alwar. For this purpose, first expansion phase of this Plant has been recently completed. Taking into account the availability of good engineering and technical capabilities in India on cost effective basis, it has been decided to set up Technology and R & D Center and Machine Building Center within Chennai Plant facilities to serve the needs of Indian operations as well as Asian region. These activities would be taken up in a phased manner.

Commercial Operations

During the year, Net Sales of the Company were Rs.1422.650 millions which included tooling sales of Rs.68.020 millions. Excluding tooling sales, remaining Net Sales of Rs.1354.630 millions, compared with Rs.810.690 millions in the previous year showed increase of 67%. As against budget of Rs.1402.680 millions, however, these showed negative variance of 3.42%. This was mainly due to much less sales to Honda Siel as the sales of its Jazz model did not pick up as per forecast. While the Company had made a small Net Profit of Rs.2.470 millions in the previous year, it suffered Net Loss of Rs.136.840 millions for the year 2010-11. Much higher raw material costs and provision for depreciation and amortization mainly accounted for these losses. Management has initiated and is reviewing steps to curtail raw material costs and other expenses

Authorized and paid up Share Capital

The authorized share capital of the Company was increased from Rs.400.000 millions to Rs.800.000 millions. With the subscription and payment of additional share capital during the year by both the shareholders, Takata International Finance B.V. and Asia Investments Private Limited in their respective ratios of 75:25, paid up share capital of the Company stood increased to Rs.800.000 millions, in line with Share Subscription and Shareholders Agreement. Additional share capital was raised to meet the operational and working capital needs.

FIXED ASSETS:

v Land – Freehold

v Land – Leasehold

v Building

v Plant and Machinery

v Office Equipments

v Computers

v Software

v Furniture and Fixtures

v Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.53.63
UK Pound	1	Rs.86.17
Euro	1	Rs.69.75

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.