MIRA INFORM REPORT

Report Date :

16.05.2013

IDENTIFICATION DETAILS

Name :	YAZAKI INDIA LIMITED (w.e.f. 13.02.2013)
Formerly Known As :	TATA YAZAICI AUTO COMPANY LIMITED
Registered Office :	Gat No. 93, Survey No. 166, High Cliff Industrial Estate, Wagholi Rahu Road, Kesnand, Pune – 412207, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.10.1997
Com. Reg. No.:	11-015436
Capital Investment / Paid-up Capital :	Rs. 1000.000 Millions
CIN No.: [Company Identification No.]	U34300PN1997PLC015436
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Wiring Harness.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 2700000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears some accumulated losses recorded by the company. However, the company is performed well during 2011-2012. The company slowly wiping out its losses. 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 slight caution. Note: Company name change from “TATA YAZAICI AUTO COMPANY LIMITED” to “YAZAKI INDIA LIMITED” with effect from 13.02.2013

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Term Loan: BBB +
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk
Date	July 2012

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.

INFORMATION DECLINED BY

Name :	Mr. Biswagit Chaki
Designation :	Financial Head
Contact No.:	91-20-66315116
Date :	14.05.2013

LOCATIONS

Registered Office :	Gat No. 93, Survey No. 166, High Cliff Industrial Estate, Wagholi Rahu Road, Kesnand, Pune – 412207, Maharashtra, India
Tel. No.:	91-20-66315116/ 66315152
Fax No.:	Not Available
E-Mail :	rakesh.sehgal@tatayazaki.com

DIRECTORS

As on 18.07.2012

Name :

Mr. Nigal John Thompson

Designation :

Director

Address :

2929 Parkridge, Dr ANN Arbor, MI 481032100, United Kingdom

Date of Birth/Age :

23.03.1953

Date of Appointment :

19.08.2011

DIN No.:

03578936

Name :

Mr. Koji Yoshinami

Designation :

Whole time director

Address :

4-25-16 Nishiochai, Shinjuku, KU Tokyo, Japan

Indian Address: Oakwood Residency, 1C Naylor Road, Pune – 411001, Maharashtra, India

Date of Birth/Age :

06.01.1948

Date of Appointment :

01.01.2012

DIN No.:

03578953

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	U34300PN1997PLC015436	YAZAKI INDIA LIMITED	Whole-time director	01/01/2012	27/07/2011	-	Active	NO
2	U63031TN1998PTC051285	YAZAKI WIRING TECHNOLOGIES INDIA PRIVATE LIMITED	Nominee director	28/07/2011	28/07/2011	29/09/2011	Active	NO

Name :

Mr. Kazunori Nishimoto

Designation :

Director

Address :

1-13-1-611 Park Heim Mizonokuchi Takatsu, Ku Samoto, Kawasaki City, Kanagawa Prefecture, Japan

Date of Birth/Age :

12.01.1955

Date of Appointment :

19.08.2011

DIN No.:

03581484

KEY EXECUTIVES

Name :	Mr. Rakesh Chandermohan Sehgal
Designation :	Secretary
Address :	HN 13/8, Jai Plaza, Sai Chowk Pimpri, Pune – 411017, Maharashtra, India
Date of Birth/Age :	14.03.1984
Date of Appointment :	15.09.2009
PAN No.:	BYFPS2729J
Name :	Mr. Biswagit Chaki
Designation :	Financial Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.07.2012

Names of Shareholders (Equity Shares)	No. of Shares
Tata Autocomp Systems Limited (TACO), India	44999437
Yazaki Corporation, India	45000000
TACO J/W Singhvi Rajendra	169
TACO J/W Mukhopadhyay Amitabha	56
TACO J/W Shasti Mchandra Raghavan	113
TACO J/W Driver Noshir	56
TACO J/W Thakur Singh Rameshwar	169
Total	90000000

Names of Shareholders (Preference Shares)	No. of Shares
Tata Autocomp Systems Limited (TACO), India	5000000
Yazaki Corporation	5000000
Total	10000000

Equity Share Break up (Percentage of Total Equity)

As on 18.07.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Wiring Harness.

Products :

Item Code No.	Product Description
87089900	Automaive Wiring Harness

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Wiring Harness	Nos	NA	83	5955
Glow Plug Strip	Nos	NA	NA	342
Tools	Nos	NA	NA	5

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Axis Bank Limited, Sai Capital, Second Floor, Opposite ICC, Senapati Bapat Raod, Pune – 411016, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Term loans from banks	448.890	266.000
Loans repayable on demand from banks	347.120	2.720
Other loans and advances	270.000	270.000
Total	1066.010	538.720

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	706, 'B' Wing, 7th Floor, ICC Trade Towers, International Convention CENTER, Senapati Bapad Road, Pune – 411016, Maharashtra, India
PAN No.:	AABFD7919A
Relate Party:	YazakI Corporation Japan, Japan Tata Autocomp Systems Limited, India (CIN: U34100MH1995PLC093733)

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
113000000	Equity Shares	Rs.10/- each	Rs. 1130.000 Millions
12500000	Preference Shares	Rs.10/- each	Rs. 125.000 Millions
	Total		Rs. 1255.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90000000	Equity Shares	Rs.10/- each	Rs. 900.000 Millions
10000000	Preference Shares	Rs.10/- each	Rs. 100.000 Millions
	Total		Rs. 1000.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1000.000	900.000	923.000
2] Share Application Money		0.000	25.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(325.600)	(432.290)	(599.485)
NETWORTH		674.400	492.710	323.515
LOAN FUNDS
1] Secured Loans		1066.010	538.720	499.988
2] Unsecured Loans		50.000	150.000	0.000
TOTAL BORROWING		1116.010	688.720	499.988
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1790.410	1181.430	823.503
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1287.140	1059.590	634.602
Capital work-in-progress		34.070	24.700	87.969
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1257.530	1092.560	666.798
	Sundry Debtors	769.660	515.590	373.708
	Cash & Bank Balances	55.400	25.570	18.383
	Other Current Assets	62.390	62.880	0.798
	Loans & Advances	372.810	309.940	245.331
Total Current Assets		2517.790	2006.540	1305.018
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1586.790	1505.990	1119.059
	Other Current Liabilities	361.290	326.260	47.663
	Provisions	100.510	77.150	37.364
Total Current Liabilities		2048.590	1909.400	1204.086
Net Current Assets		469.200	97.140	100.932
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1790.410	1181.430	823.503

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	7903.560	5737.220	3592.991
		Other Income	45.430	6.7100	16.713
		TOTAL (A)	7948.990	5743.930	3609.704
Less	EXPENSES
		Cost of materials consumed	5821.970	4119.870
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(21.530)	(61.030)
		Employee benefit expense	723.770	406.250
		Other expenses	957.170	864.910
		TOTAL (B)	7481.380	5330.000	2735.589
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		467.610	413.930	874.115
Less	FINANCIAL EXPENSES (D)		147.570	118.100	52.993
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		320.040	295.830	821.122
Less/ Add	DEPRECIATION/ AMORTISATION (F)		178.370	120.340	734.771
	PROFIT BEFORE TAX (E-F) (G)		141.670	175.490	86.351
Less	TAX (H)		29.430	8.300	0.000
	PROFIT AFTER TAX (G-H) (I)		112.240	167.190	86.351
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(432.291)	(599.485)	(685.836)
	BALANCE CARRIED TO THE B/S		NA	(432.291)	(599.485)
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Exports	16.500	13.340	NA
	TOTAL EARNINGS		16.500	13.340	NA
	IMPORTS
		Raw Materials	NA	2334.563	884.902
		Stores & Spares	NA	68.082	5.832
		Capital Goods	NA	250.393	38.292
	TOTAL IMPORTS		NA	2653.038	929.026
	Earnings Per Share (Rs.)		1.19	1.86	1.05

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.41	2.91	2.39
Net Profit Margin (PBT/Sales)	(%)	1.79	3.06	2.40
Return on Total Assets (PBT/Total Assets}	(%)	5.63	8.75	6.62
Return on Investment (ROI) (PBT/Networth)		0.21	0.36	0.27
Debt Equity Ratio (Total Debt /Networth)		1.65	1.40	1.55
Current Ratio (Current Asset/Current Liability)		1.23	1.05	1.08

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	Yes
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	Yes
24]	Banking facility details	Yes
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	Yes

REVIEW OF OPERATIONS

During the year, the Company has turnover of Rs. 7948.990 Millions. The profit for the year has been Rs. 112.240 Millions as against Rs. 167.190 Millions during the previous financial year.

FUTURE OUTLOOK

During the year 2012-13 the Company plans to drive operational improvements at all plants and consolidate its operations.

A localization plan to reduce dependence on imports is also envisaged

INDUSTRY STRUCTURE AND DEVELOPMENTS

· Indian Economy

India's economic growth in the year 2011-12 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. However, 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.

· Indian Automobile Industry

Production

The cumulative production data for April-March 2012 shows production growth of 13.83 percent over same period last year. The industry produced 20,366,432 vehicles of which share of two wheelers, passenger vehicles, three wheelers and commercial vehicles were 76 percent, 15 percent, 4 percent and 4 percent respectively.

Domestic Sales

The growth rate for overall domestic sales for 2011-12 was 12.24 percent amounting to 17,376,624 vehicles.

Passenger Vehicles segment grew at 4.66 percent during April-March 2012 over same period last year. Passenger Cars grew by 2.19 percent, Utility Vehicles grew by 16.47 percent and Vans by 10.01 percent during this period.

The overall Commercial Vehicles segment registered growth of 18.20 percent during April-March 2012 as compared to the same period last year. While Medium and Heavy Commercial Vehicles (MandHCVs) registered a growth of 7.94 percent, Light Commercial Vehicles grew at 27.36 percent. In only March 2012, commercial vehicle sales registered a growth of 14.82 percent over March 2011.

Exports

During April-March 2012, the industry exported 2,910,055 automobiles registering a growth of 25.44 percent. Passenger Vehicles registered growth at 14.18 percent in this period. Commercial Vehicles, Three Wheelers and Two Wheelers segments recorded growth of 25.15 percent, 34.41 percent and 27.13 percent respectively during April-March 2012. For the first time in the history car exports crossed half a million in a financial year.

· India emerging as a preferred destination for manufacture of auto-components

Surge in automobile industry since the nineties has led to robust growth of the auto component sector in the country. In tandem with the industry trends, the Indian component sector has shown great advances in recent years in terms of growth, spread, absorption of new technologies and flexibility. Indian auto component industry has seen major growth with the arrival of world vehicle manufacturers from Japan, Korea, US and Europe. Today, India is emerging as one of the key auto components center in Asia and is expected to play a significant role in the global automotive supply chain in the near future.

The auto component industry is also expected to drive the growth of the engineering sector in view of its strong downstream and upstream linkages with many other segments of the engineering sector like raw materials, capital goods, intermediate products etc. Auto component industry supports industries like automobiles, machine tools, steel, aluminum, rubber, plastics, electrical, electronics, forgings and machining. India has also emerged as an outsourcing hub for auto parts for international companies such as Ford, General Motors, Daimler Chrysler, Fiat, Volkswagen, and Toyota.

India is emerging as a preferred destination for global auto component manufactures for setting up their manufacturing bases to meet global and domestic demand. This is due to India’s inherent low cost advantages, healthy domestic demand and availability of skilled labour. In 2010-11 auto component industry reported an investment of 2.3bn USD, which is likely to cross 2.5bn USD mark in 2011-12. The entry of global manufacturers boosted overall exports in the auto component industry, as these manufacturers export components from their operations based in India to meet their global requirements.

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Loans and advances from related parties	50.000	150.000
Total	50.000	150.000

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U34300PN1997PLC015436
Name of the company	TATA YAZAKI AUTOCOMP LIMITED
Address of the registered office or of the principal place of business in India of the company	Gat No. 93, Survey No. 166, High Cliff Industrial Estate, Wagholi Rahu Road, Kesnand, Pune – 412207, Maharashtra, India Email: Rakesh.Sehgal@tatayazaki.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10121247
Type of charge	Immovable property
CIN	U34300PN1997PLC015436
Particular of charge holder	Axis Bank Limited, Sai Capital, Second Floor, Opposite ICC, Senapati Bapat Raod, Pune – 411016, Maharashtra, India Email: Ruchi.Joshi@axisbank.com
Nature of instrument creating charge	Indenture of Mortgage dated 27th March 2012
Date of instrument Creating the charge	27.03.2012
Amount secured by the charge	Rs.50.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Agreement with the Bank Terms of Repayment As per Agreement with the Bank Margin As per Agreement with the Bank Extent and Operation of the charge Primary Security: 1st parri passu charge on the current assets both present and future (excluding bills discounted under EVFS Limit) alongwith State Bank of India. Collateral Security: Second parri passu charge on entire fixed assets (present and future)at the places described in the Agreement. Charge on Hypothecated and Mortgaged Property of the company shall continue till full repayment of Loan. Others Facility availed by the Company from Axis Bank - Cash Credit. Mortgage charge on immovable property is for Rs.1539.400 Millions (State Bank of India Rs.1489.400 Millions and Axis Bank Rs.50.000 Millions.)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of All the stock in trade both present and future, outstanding monies,receivables,claims and bills. Entire Movable Fixed Assets, both present and future excluding assets purchased from Finance of Specific Bankers. Description of immovable properties of Company : 1) All that piece and parcel of land bearing Gat No.93(Old Gat No.92)within S.No.166 adm.4H70 Aar equivalent to 47000 Sq.Mtrs.sit.at Vill. Kesnand, Tal. Haveli, Dist. Pune together with building/ factory shed/construction thereon bearing Grampanchayat Milkat No.1124 and additional being made thereon togetherwith all plant and machinery, equipments, fixed assets therein and right of way through Gat No.94 and Gat No.100 at Kesnand,Taluka Haveli Dist.Pune and all appurtenances thereto. 2) All that piece or parcel of Leasehold N.A.L and bearing Plot No.A-4 adm.5.207 Acres i.e. 21071.50 Sq. Mtrs. forming part of Survey No.1 of Mouje Kotpura of Sanand Tal.in the Regn. District Ahmedabad and sub- Dis. of Sanand Situate at TML Vendors Park at North Kotpura, Taluka Sanand, District Ahmedabad Together with all present and future superstructures being Factory Land and Building standing thereon and also together with all present and future immovable nature of Plant and Machineries attached to the earth or permanently fastened to anything attached to the earth.
Particulars of the present modification	Additional security by way of Mort. of imm. prop.of Co.-All that piece or parcel of Leasehold N.A.Land bearing Plot No.A-4adm.5.207Acres forming part of Survey No.1of Mouje Kotpura of Sanand Sit. at TML Vendors Park at North Kotpura, Tal. Sanand together with all present and future superstructures being Factory Land and Building standing thereon and also together with all present and future immovable nature of Plant and Machineries to secure Loan amt. of Rs.1539.400 Millions (SBI Rs.1489.400 Millions.and Axis Bank Rs.50.000 Millions.)

CONTINGENT LIABILITIES: (As on 31.03.2012)

a) Bill discounted with bank outstanding as on March 31, 2012: Rs.679.150 millions

b) The Company had received a show cause cum demand notice dated 12^th April 2006 from the Excise authorities in respect of certain irregularities and violation of the regulations relating to the 100% Export Oriented Unit detected by the Director General of Central Excise Intelligence the Company had approached the Settlement Commission which had rejected the Company’s contention. Aggrieved by the said order the Company has filed a Writ Petition in Bombay High Court. The said writ petition has been admitted and is pending hearing. The amount in dispute which has not been provided for in the accounts aggregates Rs. 98.470 millions as at 31st March, 2012. The Company has been legally advised that it has a fairly good chance to succeed in the matter. Arising out of these irregularities, the Company may also be liable to action/penalties under the Customs Act, 1962 and the Foreign Trade (Development and Regulation) Act, 1992.

The Company is of the view, inter alia based on legal opinion obtained, that there would be no liability devolving against the company in this matter and, accordingly no provision has been considered necessary.

c) In respect of Income Tax matters: Tax impact - Rs. 88.540 millions (excluding interest and penalty).

d) In respect of Service tax matters – Penalty - Amount not ascertainable.

e) In respect of Custom duty matters (including penalty) - Rs. 0.390 millions

f) (i) In respect of certain labour matters - Rs. 9.400 millions

(ii) In respect of other labour matters - Amounts not ascertainable

g) In respect of other excise matters – Rs. 17.010 millions plus interest and penalty thereon

h) In respect of sales tax matters – Pune: Rs. 102.640 millions (including interest of Rs. 71.990 millions)

i) Under the advance authorization scheme of Directorate General of Foreign Trade (DGFT), the Company has imported raw materials without payment of custom duty. This exemption is subject to the Company fulfilling the export obligation of USD 2.010 millions which is to be met within a period of 1.6 years. The Company has fulfilled the export obligation but the procedural formalities of closing the license and retrieving the Bank guarantee is pending. The ultimate liability, if any, on this account is not ascertainable.

FIXED ASSETS

• Land
• Buildings
• Other building
• Plant and equipment
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment

WEBSITE DETAILS

PRESS RELEASES

YAZAKI CORP ACQUIRES TATA'S STAKE IN JV - TATA YAZAKI AUTOCOMP

5 NOVEMBER 2012

Tata AutoComp has exited from JV - Tata Yazaki Autocomp Limited by selling its stake to JV partner Yazaki Corporation. Yazaki Corp will acquire 50% stake in JV and the final transfer will be completed in few months.

Tata Yazaki was incorporated in 1997 as an equal JV between Tata AutoComp Systems Limited and Japan’s Yazaki Corporation to manufacture wire harness in India for the automobile sector. The company has plants in Pune, Sanand, Patnagar, Jamshedpur and Bengaluru.

The company's products include integrated modular wiring harnesses that provide to the vehicle, battery cables, connectors and terminals that connect various sections and modules of the vehicle, and junctions and fuse boxes for car safety and protection.

Yazaki Corporation is a global automotive parts supplier with a focus on wire harnesses. It focuses on three areas: Electrical Distribution Systems (e.g. wire harnesses), Electronics and Instrumentation, and Components.

Tata AutoComp is a Tata Group company and is positioned as a manufacturing cum holding company for Tata group in automotive component sector. The company has three business units - Interiors and Plastics Division, Supply Chain Division, and TACO Engineering.

Recently in this space, Auto component firm Anand India acquired stake in Mando Steering Systems India, part of Korean company - Mando Corporation for an undisclosed amount. JBM Group has acquired the entire stake in its 50:50 JV - Thai Summit Neel Auto from its partner - Thai Summit Group.

TATA AUTOCOMP EXITS WIRING HARNESS BIZ

NOVEMBER 3, 2012

Tata AutoComp announced on Saturday it is exiting from its joint venture in wiring harness business. Tata Yazaki Autocomp Ltd was set up by Tatas and Yazaki Corporation of Japan in 1998 to manufacture wiring harness for automobile sector. The company has plants in Pune, Sanand, Pantnagar, Jamshedpur and Bangalore.

On Saturday the company announced that its JV partner Yazaki Corporation will be acquiring its 50 percent stake in Tata Yazaki. The final transfer will take place after completion of all the formalities in couple of months, the company said in a statement.

According to a report by rating agency CRISIL last year Tata Yazaki is the second-largest manufacturer of wire harness in India, with a share of close to 16 per cent in the domestic market. Tata Motors contributes to around 46 per cent of Tata Yazaki’s revenues, with Toyota Kirloskar, Volkswagen, Fiat India and Honda Siel Cars Ltd together contributing about 50 per cent.

The company's latest financial result is not known. But CRISIL report said that fr 2010-11 (based on provisional results), Tata Yazaki reported a net profit of Rs 160.000 Millions on on net revenues of Rs.5070.000 Millions as against a net profit of Rs 86.000 Millions on net revenues of Rs.3600.000 Millions for 2009-10.

Yoshinami, India Head Yazaki Corporation said: “India is a growing market and is now becoming an integrated part of our global strategy.'' “Since the formation of the JV in 1998, Yazaki Corporation has been a very supportive partner and has brought cutting edge technology into the JV which has helped TYA grow to this position. As a Tata Group company, we respect their desire to now take control over the JV” said Mr. Amitabha Mukhopadhya, President and Group CFO Tata Autocomp Systems 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 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.54.78
UK Pound	1	Rs.83.38
Euro	1	Rs.70.71

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.