MIRA INFORM REPORT

Report Date :

07.02.2014

IDENTIFICATION DETAILS

Name :	INDIA JAPAN LIGHTING PRIVATE LIMITED
Registered Office :	Aalim Centre, 82, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600 004, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.12.1996
Com. Reg. No.:	18-037208
Capital Investment / Paid-up Capital :	Rs.700.000 Millions
CIN No.: [Company Identification No.]	U40109TN1996PTC037208
TAN No.: [Tax Deduction & Collection Account No.]	CHEI04150G
PAN No.: [Permanent Account No.]	AAACI2673L
Legal Form :	Private Limited Liability Company
Line of Business :	The subject is engaged in the business of Manufacturing Automotive Lighting Equipments and Allied Products.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 174200
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is a 50:50 joint venture between Lucas TVS and Koito. It is an established company having a moderate track record. There appears huge accumulated losses recorded by the company. The external borrowings seems to be huge. However, the company gets strong support from its holdings. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. In view of adequate market position and the support that it receives from its parents, 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB [Long Term]
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	14.05.2013

Rating Agency Name	CRISIL
Rating	A4+ [Short Term]
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	14.05.2013

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 :	Aalim Centre, 82, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600 004, Tamilnadu, India
Tel. No.:	91-44-28110063 / 28110074
Fax No.:	91-44-28115624
E-Mail :	tvvenkat@ijl.co.in
Factory :	No. 1, Puduchathram, (Via) Tirumazhisai, Thiruvellore High Road, Chennai – 601107, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Tirumala Kumara Balaji

Designation :

Director

Address :

34, Poes Garden, Chennai – 600 086, Tamilnadu, India

Date of Birth/Age :

12.07.1948

Date of Appointment :

27.12.1996

Din No.:

00002010

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	U35999TN1961PLC004678	LUCAS TVS LIMITED	Managing director	30/03/2012	24/08/1979	-	Active	NO
2	U34101TN1929PLC002973	T.V. SUNDRAM IYENGAR & SONS LIMITED	Director	31/08/1979	31/08/1979	-	Active	NO
3	U35999TN1930PLC005705	LUCAS INDIAN SERVICE LIMITED	Director	15/10/1979	15/10/1979	-	Active	NO
4	U24117TN1952PLC005704	DELPHI-TVS DIESEL SYSTEMS LIMITED	Managing director	01/04/2012	15/10/1979	-	Active	NO
5	L35999TN1962PLC004792	SUNDARAM -CLAYTON LIMITED	Director	28/11/1984	28/11/1984	-	Active	NO
6	L74999TZ1984PLC001456	TITAN COMPANY LIMITED	Director	01/03/1986	01/03/1986	-	Active	NO
7	L31901TN1984PLC011021	INDIA NIPPON ELECTRICALS LIMITED	Director	28/07/1986	28/07/1986	-	Active	NO
8	U40109TN1996PTC037208	INDIA JAPAN LIGHTING PRIVATE LIMITED	Director	27/12/1996	27/12/1996	-	Active	NO
9	U30007TN1997PTC038151	HARITA ELECTRONICS PRIVATE LIMITED	Director	09/05/1997	09/05/1997	-	Active	NO
10	L35921TN1992PLC022845	TVS MOTOR COMPANY LIMITED	Director	15/02/2000	15/02/2000	14/08/2008	Active	NO
11	U93090TN1983NPL010185	PUNARVASU SWASTHI PRIVATE LIMITED	Director	16/03/2000	16/03/2000	-	Active	NO
12	U93090TN1983NPL010186	HASTHAM SWASTHI PRIVATE LIMITED	Director	16/03/2000	16/03/2000	-	Active	NO
13	L85110TN1979PLC008035	APOLLO HOSPITALS ENTERPRISE LIMITED	Director	17/09/2001	17/09/2001	-	Active	NO
14	L30007TN1995PLC032941	TVS ELECTRONICS LIMITED	Director	18/07/2003	18/07/2003	04/08/2008	Active	NO
15	U50101TN2005PLC057476	TVS AUTOMOTIVE SYSTEMS LIMITED	Director	14/09/2005	14/09/2005	-	Active	NO
16	U65191TN1994PLC028851	TVS CAPITAL FUNDS LIMITED	Director	14/09/2009	28/08/2008	05/08/2013	Active	NO
17	U65920TN2008PLC069758	TVS CREDIT SERVICES LIMITED	Director	23/06/2010	03/05/2010	-	Active	NO
18	U65993TN2004PLC054696	SUNDARAM INVESTMENT LIMITED	Director	25/09/2013	05/08/2013	-	Active	NO

Name :

Mr. Krishnavilasam Raghavan Anandakumaran Nair

Designation :

Director

Address :

7, Stone Link Avenue, Raja Annamalaipuram, Chennai – 600 028, Tamilnadu, India

Date of Birth/Age :

01.12.1939

Date of Appointment :

27.12.1996

Din No.:

00301904

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	U40109TN1996PTC037208	INDIA JAPAN LIGHTING PRIVATE LIMITED	Director	27/12/1996	27/12/1996	-	Active	NO
2	L31901TN1984PLC011021	INDIA NIPPON ELECTRICALS LIMITED	Director	01/04/1999	01/04/1999	26/03/2009	Active	NO

Name :

Mr. Arvind Balaji

Designation :

Director

Address :

34, Poes Garden, Chennai – 600 086, Tamilnadu, India

Date of Birth/Age :

08.12.1974

Date of Appointment :

16.06.2006

Din No.:

00557711

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	U35999TN1930PLC005705	LUCAS INDIAN SERVICE LIMITED	Director	22/09/2010	10/05/2004	-	Active	NO
2	U50101TN2005PLC057476	TVS AUTOMOTIVE SYSTEMS LIMITED	Director	14/09/2005	14/09/2005	-	Active	NO
3	U93090TN1983NPL010185	PUNARVASU SWASTHI PRIVATE LIMITED	Director	15/02/2006	15/02/2006	-	Active	NO
4	U93090TN1983NPL010186	HASTHAM SWASTHI PRIVATE LIMITED	Director	15/02/2006	15/02/2006	-	Active	NO
5	U40109TN1996PTC037208	INDIA JAPAN LIGHTING PRIVATE LIMITED	Director	16/06/2006	16/06/2006	-	Active	NO
6	U70101TN2007PTC063926	PROSPERTREE ESTATES PRIVATE LIMITED	Director	12/06/2007	12/06/2007	07/09/2011	Active	NO
7	U65993TN1995PLC030884	SYNERGY SHAKTHI RENEWABLE ENERGY LIMITED	Director	27/08/2008	06/08/2007	-	Active	NO
8	U35999TN1961PLC004678	LUCAS TVS LIMITED	Managing director	18/04/2013	13/12/2007	-	Active	NO
9	L31901TN1984PLC011021	INDIA NIPPON ELECTRICALS LIMITED	Director	26/08/2013	25/10/2008	-	Active	NO
10	U01400TN2009PTC070420	HARITA GREENS PRIVATE LIMITED	Director	09/01/2009	09/01/2009	-	Active	NO
11	U40104TN2009PTC070419	HARITA ARVIND ENERGY PRIVATE LIMITED	Director	09/01/2009	09/01/2009	-	Active	NO
12	U50404TN2009PLC071075	TVS MOTOR SERVICES LIMITED	Director	30/07/2010	22/04/2009	-	Active	NO
13	U24117TN1952PLC005704	DELPHI-TVS DIESEL SYSTEMS LIMITED	Director appointed in casual vacancy	16/06/2009	16/06/2009	-	Active	NO
14	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	03/09/2009	03/09/2009	-	Active	NO
15	U85320TN1999NPL041989	YOUNG PRESIDENTS ORGANISATION (CHENNAI CHAPTER)	Director	02/12/2013	07/10/2013	-	Active	NO
16	U74990TN2010PLC075028	TVS TRAINING AND SERVICES LIMITED	Additional director	15/10/2013	15/10/2013	-	Active	NO

Name :

Hiroshi Mihara

Designation :

Director

Address :

2-2-9, Kitamgome Ohtaku, Tokyo, Japan – 1430021

Date of Birth/Age :

19.02.1955

Date of Appointment :

10.09.2005

Din No.:

01733142

Name :

Miyazawa Kenji

Designation :

Director appointed in casual vacancy

Address :

Shera Gardens, No.2, Door No.4A, 4^th Floor, Appa Garden Street, Kilpauk, Chennai – 600010, Chennai – 600010, Tamilnadu, India

Date of Birth/Age :

25.04.1945

Date of Appointment :

26.12.2011

Din No.:

05313356

Name :

Yutaka Mikami

Designation :

Whole Time Director

Address :

29/14, 4The Main Road, Indira Nagar, Chennai – 600020, Tamilnadu, India

Date of Birth/Age :

28.09.1961

Date of Appointment :

30.06.2009

Din No.:

01879253

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	Company/ LLP Status	Defaulting status
1	U40109TN1996PTC037208	INDIA JAPAN LIGHTING PRIVATE LIMITED	Whole-time director	30/06/2009	18/09/2006	Active	NO

KEY EXECUTIVES

Name :	Venkataramanan Thinniyam Vaidyanathan
Designation :	Secretary
Address :	New No. 27, Old No. 10, Vyasar Street, East Tambaram, Chennai-600059, Tamilnadu, India
Date of Birth/Age :	25.05.1968
Date of Appointment :	10.07.2006
Pan No.:	AABPV1893K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Koito Manufacturing Company Limited, Japan	35000000
Lucas TVS Limited, India	35000000
TOTAL	70000000

AS ON 30.09.2013

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]	50.00
Bodies corporate	50.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

The subject is engaged in the business of Manufacturing Automotive Lighting Equipments and Allied Products.

Products :

PRODUCT DESCRIPTION	ITC CODE
Head Lamps	851220.01
Tail Lamps	851220.01
Head Lamp with Blinkers	851220.01
Automotive Lighting Equipments	851220.02

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Licensed Capacity	Installed Capacity @	Actual Production
Automotive Lighting Products	Nos.	3900000	3870000	1861288
Others **	Nos.	363137	253841	--

· @ As certified by management and relied upon by the auditors being technical matter.

· *excluding bought out items.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda, IF Branch, 252 A, TTK Road, Alwarpet, Chennai – 600 018, Tamilnadu, India

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· The Bank of Tokyo-Mitsubishi UFJ Limited, Seshachalam Centre, 6th and 7th Floor,, 636/1, Nandanam, Chennai - 600035, Tamil Nadu, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Rupee term loan from banks	143.400	273.367
Term loan from others	329.700	0.000
Short Term Borrowings
Working capital loans from banks	201.120	191.611
TOTAL	674.220	464.978
Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Rupee term loan from banks	268.643	89.946
Term loan from others	127.062	35.238
Short Term Borrowings
Rupee term loan from banks	340.000	290.000
Other loans and advances	65.195	0.000
Working capital loans from banks	0.000	49.450
TOTAL	800.900	464.634

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	ASV Ramana Towers, No. 52, Venkatnarayan Road, T Nagar, Chennai – 600 017, Tamilnadu, India
PAN No:	AACFD3771D
Joint Venture :	· Koito Manufacturing Company Limited · Lucas TVS Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
115000000	Equity Shares	Rs.10/- each	Rs.1150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
70000000	Equity Shares	Rs.10/- each	Rs.700.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	700.000	700.000	700.000
(b) Reserves & Surplus	(656.434)	(447.543)	(320.527)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	43.566	252.457	379.473
(3) Non-Current Liabilities
(a) long-term borrowings	868.805	398.551	520.164
(b) Deferred tax liabilities (Net)	4.400	11.069	1.045
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	873.205	409.620	521.209
(4) Current Liabilities
(a) Short term borrowings	606.315	531.061	216.659
(b) Trade payables	657.201	538.465	397.006
(c) Other current liabilities	532.202	193.728	193.670
(d) Short-term provisions	6.572	7.800	7.700
Total Current Liabilities (4)	1802.290	1271.054	815.035
TOTAL	2719.061	1933.131	1715.717
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1140.593	1182.457	1151.506
(ii) Intangible Assets	10.155	5.478	4.192
(iii) Capital work-in-progress	494.633	14.973	56.507
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	8.500	8.500	2.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	24.609	17.349	14.617
(e) Other Non-current assets	1.219	2.031	0.000
Total Non-Current Assets	1679.709	1230.788	1228.922
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	196.848	244.104	144.785
(c) Trade receivables	399.380	357.017	223.359
(d) Cash and cash equivalents	111.866	3.956	2.484
(e) Short-term loans and advances	133.757	81.005	87.045
(f) Other current assets	197.501	16.261	29.122
Total Current Assets	1039.352	702.343	486.795
TOTAL	2719.061	1933.131	1715.717

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL (A)	2422.300	2257.600	2223.600
Less	EXPENSES
		TOTAL (B)	2368.800	2110.700	1941.200
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		53.500	146.900	282.400
Less	FINANCIAL EXPENSES (D)		100.000	102.000	85.600
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(46.500)	44.900	196.800
Less/ Add	DEPRECIATION/ AMORTISATION (F)		162.400	171.900	182.900
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(208.900)	(127.000)	13.900
Less	TAX (H)		0.000	0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(208.900)	(127.000)	13.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(452.300)	(325.300)	(339.200)
	BALANCE CARRIED TO THE B/S		(661.200)	(452.300)	(325.300)
	Earnings / (Loss) Per Share (Rs.)		(2.98)	(1.81)	0.20

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(8.62)	(5.63)	0.63
Return on Total Assets (PBT/Total Assets}	(%)	(9.43)	(6.65)	0.84
Return on Investment (ROI) (PBT/Networth)		(4.80)	(0.50)	0.04
Debt Equity Ratio (Total Debt/Networth)		33.85	3.68	1.94
Current Ratio (Current Asset/Current Liability)		0.57	0.55	0.60

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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
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	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10400059	11/01/2013	440,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B66918806
2	10372472	27/08/2012	250,000,000.00	THE BANK OF TOKYO-MITSUBISHI UFJ LIMITED	SESHACHALAM CENTRE, 6TH & 7TH FLOOR,, 636/1, NAND ANAM, CHENNAI - 600035, TAMILNADU, INDIA	B56357379
3	10127269	14/10/2008	39,000,000.00	MARUTI SUZUKI INDIA LIMITED	11 TH FLOOR JEEVAN PRAKASH 25 KASTURBA, GANDHI MARG, NEW DELHI - 110001, INDIA	A48781835
4	10127266	14/10/2008	72,500,000.00	MARUTI SUZUKI INDIA LIMITED	11 TH FLOOR JEEVAN PRAKASH 25 KASTURBA, GANDHI MARG, NEW DELHI - 110001, INDIA	A48781470
5	10073211	17/10/2007	200,000,000.00	MIZUHO CORPORATE BANK LIMITED	4TH FLOOR, EAST TOWER, SOOD TOWER,, 25, BARAKHAMB A ROAD, NEW DELHI - 110001, INDIA	A25763145
6	10071100	03/10/2007	70,200,000.00	MARUTI SUZUKI INDIA LIMITED	11 TH FLOOR JEEVAN PRAKASH 25 KASTURBA, GANDHI MARG, NEW DELHI - 110001, INDIA	A24712481
7	10029508	20/07/2009 *	770,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH , 155 ANNASALAI, CHENNAI - 600002, TAMILNADU, INDIA	A67376921
* Date of charge modification

CASE DETAILS

CHENNAI COURT CASE STATUS INFORMATION SYSTEM

CASE STATUS:	PENDING
STATUS OF:	CIVIL MISC. APPEAL
CASE NO.:	475
YEAR:	2010
PETITIONER:	COMMISSIONER OF CENTRAL EXCISE
RESPONDENT:	INDIA JAPAN LIGHTING PRIVATE LIMITED
PET’S ADVOCATE:	K. RAVI ANANTHA
RES’S ADVOCATE:	--
CATEGORY:	CENTRAL EXCISE AND SALT ACT, 1944 (1 OF 1944)
LAST LISTED ON:	NO DATE MENTIONED
CASE UPDATED ON:	FEBRUARY 19, 2010

PERFORMANCE REVIEW:

The company, which currently operates in the passenger car, commercial vehicle and two wheeler domain, recorded growth of 8% as compared to last year. The company sales was affected significantly due to Maruti Suzukis Manesar Plant shut down for about two months during the year. However business from other new customers helped the company to register 8% growth in sales.

Sales in Chennai plant decreased by 10% and Bawal plant sales increased by 40% during the year. The capacity utilization at Chennai plant and Bawal plant were 60% and 64% respectively during the year. However, due to lower capacity utilization, increasing power cost on account of critical power situation in both plants and investments in employees to support future business opportunities, the operating margins were low during the year. The drop in revenues from development activities associated with new product development also contributed to the company making a loss for the year.

However with more businesses from new customers from financial year 2013-14 onwards the company hopes to turnaround in the near future.

BUSINESS DEVELOPMENT AND NEW PRODUCTS:

The Unit 2 of Chennai plant has been commissioned and supplies to Nissan India started from end April 2013 onwards. The supplies to Honda Motors Southern Plant would commence in the 1st half of the current year. The development work is nearing completion for almost 15 new models across various segments due for launch in the ensuing year and is in progress for 9 new businesses to be launched in the financial year

2014-15.

CORPORATE INFORMATION:

Subject was incorporated in December 1996. It is a 50:50 Joint venture between Lucas-TVS Limited, Chennai and Koito Manufacturing Company Limited, Japan. Lucas TVS limited is an acknowledged leader in Auto Electricals in India, While Koito Manufacturing Company Limited is the leader in Automotive lighting in Japan. Koito have been in the lighting business for 90 years. Apart from automotive lighting, they also manufacture specialized lighting equipments for ships and aircrafts. Koito also has ventures in USA, UK, China, Korea, Thailand and Taiwan. India Japan Lighting Private Limited is a TS-16949 and ISO -14001 Company.

FIXED ASSETS:

· Land and Building

· Plant and Equipment

· Factory Equipments

· Furniture and Fixtures

· Vehicles

· Computer 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 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.62.50
UK Pound	1	Rs.101.92
Euro	1	Rs.84.50

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--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	YES
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.