MIRA INFORM REPORT

Report Date :

06.03.2013

IDENTIFICATION DETAILS

Name :	AISIN AUTOMOTIVE HARYANA PRIVATE LIMITED
Registered Office :	Plot No. 97, 3^rd Floor, Sector-44, Gurgaon - 122002, Haryana
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.12.2011
Com. Reg. No.:	05-044651
Capital Investment / Paid-up Capital :	Rs. 710.000 Millions
CIN No.: [Company Identification No.]	U34300HR2011FTC044651
PAN No.: [Permanent Account No.]	AAKCA1851E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Dealing in all kinds of Automotive Components.
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 2820000
Status :	Yet to commence commercial operation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a subsidiary of Aisin Seiki Company Limited, Japan. It is a relatively new company and yet to commence with its commercial operation. However, capital base of the company is good. Payment terms are unknown. 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 :	Plot No. 97, 3^rd Floor, Sector-44, Gurgaon - 122002, Haryana, India
Tel. No.:	91-124-4408650
Fax No.:	91-124-4408673
E-Mail :	bhagwati.p.gupta@aisin-ahl.co.in

DIRECTORS

AS ON 27.09.2012

Name :	Makoto Saito
Designation :	Managing director
Address :	1-35-7, Tsuijicho, Kariya, Aichi 4480857, Japan
Date of Birth/Age :	20.06.1960
Date of Appointment :	28.12.2011
DIN No.:	05136037
Name :	Yutaka Miyamoto
Designation :	Director
Address :	No. 22, Sanbon Matsu Cho, Atsutaku, Nagoya City, Aichi Pref Japan
Date of Birth/Age :	18.10.1950
Date of Appointment :	22.12.2011
DIN No.:	03276658
Name :	Ito Hirotoshi
Designation :	Director
Address :	Nishi Machi Nishi 1-1, Chiryu City, Aichi-Ken 472-0023 Japan
Date of Birth/Age :	28.03.1961
Date of Appointment :	27.09.2012
DIN No.:	05329608

KEY EXECUTIVES

Name :	Mr. Bhagwati Prasad
Designation :	Secretary
Address :	H. No. 229, Sector 12A, Gurgaon - 122001, Haryana, India
Date of Birth/Age :	22.11.1975
Date of Appointment :	25.08.2012
PAN No.:	AIDPG9118N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2012

Names of Equity Shareholders	No. of Shares
Aisin Seiki Company Limited, Japan	165885000
Aisin Aisa Pacific Company Limited, Thailand	1065000
Total	166950000

Names of Preference Shareholders	No. of Shares
Aisin Seiki Company Limited, Japan	81000000
Total	81000000

AS ON 14.12.2012

Names of Allottees	No. of Equity Shares
Toyota Tsusho Corporation, Japan	13050000
Total	13050000

AS ON 27.09.2012

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
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Dealing in all kinds of Automotive Components.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Sucheta Bhawan, 11A Vishnu Digambar Marg, New Delhi – 110002, India
Income-tax PAN of auditor or auditor's firm :	AAFFP3698A
Holding Company :	Aisin Seiki Company Limited, Japan
Fellow subsidiaries :	Ø Aisin Asia Pacific Company Limited [wholly owned by Aisin Seiki Company Limited] Ø Aisin NTTF Private Limited [95% owned by Aisin Seiki Company Limited]

CAPITAL STRUCTURE

AS ON 27.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
181,000,000	Equity Shares	Rs. 10/- each	Rs. 1810.000 Millions
81,000,000	Preference Shares	Rs. 10/- each	Rs. 810.000 Millions
	Total		Rs. 2620.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
180,000,000	Equity Shares	Rs. 10/- each	Rs. 1800.000 Millions
81,000,000	Preference Shares	Rs. 10/- each	Rs. 810.000 Millions
	Total		Rs. 2610.000 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
71000000	Equity Shares	Rs. 10/- each	Rs. 710.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
71000000	Equity Shares	Rs. 10/- each	Rs. 710.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		710.000
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(6.072)
NETWORTH		703.928
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		703.928
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		546.967
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	163.236
	Other Current Assets	0.076
	Loans & Advances	1.650
Total Current Assets		164.962
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.198
	Other Current Liabilities	0.206
	Provisions	0.597
Total Current Liabilities		8.001
Net Current Assets		156.961
MISCELLANEOUS EXPENSES		0.000
TOTAL		703.928

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income
		Other Income
		TOTAL	N.A.
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	N.A.
	PROFIT BEFORE TAX		(5.271)
Less	TAX		0.801
	PROFIT AFTER TAX		(6.072)
	Earnings Per Share (Rs.)		(0.09)

KEY RATIOS

PARTICULARS		31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(0.74)
Return on Investment (ROI) (PBT/Networth)		(0.01)
Debt Equity Ratio (Total Debt/Networth)		0.00
Current Ratio (Current Asset/Current Liability)		20.62

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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 one year	No
12]	Profitability for last one year	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

CORPORATE INFORMATION

Subject has been incorporated on December 22, 2011 with the object of to carry on business of manufacturing including design, production, processing, fabrication, assembling, reparing, alteration, buying, importing, marketing, exporting, engineering, selling of Automotive components including engines, body, drive train, brake, chases related products and otherwise dealing in all kinds of automotive components of all type of automobiles. The Company is the subsidiary of Aisin Seiki Company Limited. Japan

REVIEW OF OPERATIONS AND FUTURE PROSPECTS

That being the initial stage of the company, during the financial year the company was fully involved into the process of setting up of its operations to put the base for the future performance of the company. The outlook remains encouraging and it is expected that positive trend will continue in furthering the growth of the company.

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 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. 54.65
UK Pound	1	Rs. 82.66
Euro	1	Rs. 71.21

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
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	2
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		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.