<PAGE>
Harvard Industries, Inc.
Harvard Capital Accumulation Plan
Financial Statements and Schedules As Of December 31, 1998 and 1997
Employer Identification Number 21-0715310
Together With
Report of Independent Public Accountants
<PAGE>
HARVARD INDUSTRIES, INC.
HARVARD CAPITAL ACCUMULATION PLAN
INDEX TO FINANCIAL STATEMENTS AND SCHEDULES
DECEMBER 31, 1998 AND 1997
INDEX
<TABLE>
<CAPTION>
Page(s)
<S> <C>
Report of Independent Public Accountants 4, 5
Financial Statements
Statements of Net Assets Available for Benefits, with Fund 6
Information at December 31, 1998 and 1997
Statements of Changes in Net Assets Available for Benefits, with Fund 7-10
Information for the Years Ended December 31, 1998 and 1997
Notes to the Financial Statements 11-14
Supplemental Schedules*
Item 27a - Schedule of Assets Held for Investment Purposes at 15
December 31, 1998
Item 27b - Schedule of Loans or Fixed Income Obligations at 16
December 31, 1998
Item 27d - Schedule of Reportable Transactions for the Year Ended 17
December 31, 1998
</TABLE>
* Other schedules required by Section 2520.103-10 of the Department of Labor
Rules and Regulations for Reporting and Disclosure under ERISA have been
omitted because they are not applicable.
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Administrator of
Harvard Industries, Inc.
Harvard Capital Accumulation Plan
We have audited the accompanying statements of net assets available for benefits
of the Harvard Industries, Inc. Harvard Capital Accumulation Plan (the "Plan")
as of December 31, 1998 and the related statement of changes in net assets
available for benefits for the year then ended, as listed in the accompanying
index. The financial statements of the Plan as of December 31, 1997 were audited
by other auditors whose report dated May 26, 1998 expressed an unqualified
opinion on those statements. These financial statements and schedules referred
to below are the responsibility of the Plan's management. Our responsibility is
to express an opinion on these financial statements and schedules based on our
audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all
material respects, the net assets available for benefits of the Plan as of
December 31, 1998, and the changes in net assets available for benefits for the
year then ended, in conformity with generally accepted accounting principles
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental schedules of Assets Held for
Investment Purposes, Loans or Fixed Income Obligations and Reportable
Transactions are presented for the purposes of additional analysis and are not a
required part of the basic financial statements but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The Fund Information in the statement of changes in net assets available
for benefits is presented for purposes of additional analysis rather than to
present the changes in net assets available for benefits of each fund. The
supplemental schedules and Fund Information have been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
Roseland, New Jersey
June 28, 1999
<PAGE>
HARVARD INDUSTRIES, INC.
HARVARD CAPITAL ACCUMULATION PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1998 AND 1997
<TABLE>
<CAPTION>
As of December 31,
------------------------------
1998 1997
------------ -----------
<S> <C> <C>
Investments, at contract value
Fixed Fund * $ 4,005,507 $ 7,085,895
------------ -----------
Investments, at fair value
Registered investment companies:
Vanguard 500 Index Fund * 26,335,469 21,616,760
Vanguard Federal Money Market Fund * 4,274,781 4,721,059
Vanguard Wellington Fund * 13,578,605 12,921,253
------------ -----------
44,188,855 39,259,072
Vanguard Retirement Savings Trust * 14,296,659 14,829,129
Harvard Industries Common Stock Fund 10,605 103,565
Participant loans 906,090 72,052
------------ -----------
59,402,209 54,263,818
------------ -----------
Total investments 63,407,716 61,349,713
------------ -----------
Contribution receivable:
Employer's 225,865 264,990
Employees' 295,398 338,805
Other receivables - 1,840
------------ -----------
521,263 605,635
------------ -----------
Net assets available for benefits $ 63,928,979 $61,955,348
============ ===========
</TABLE>
* Represents 5% or more of assets available for benefits.
The accompanying notes to financial statements
are an integral part of these financial statements.
<PAGE>
HARVARD INDUSTRIES,INC.
HARVARD CAPITAL ACCUMULATION PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION
<TABLE>
<CAPTION>
For the Year Ended December 31, 1998
------------------------------------------------------------------------------
Participant Directed
------------------------------------------------------------------------------
Vanguard Vanguard Harvard
Vanguard Fed. Money Vanguard Retirement Common
500 Market Wellington Savings Stock
Index Fund Fund Fund Trust Fund
-------------- ------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Additions:
Investment income:
Interest and dividends $ 409,048 $ 237,281 $1,516,082 $ 871,557 $ -
Net appreciation (depreciation)
in fair value of investments 5,550,473 - 5,106 - (89,075)
-------------- ------------- -------------- -------------- --------------
Total investment income 5,959,521 237,281 1,521,188 871,557 (89,075)
-------------- ------------- -------------- -------------- --------------
Contributions:
Employer's 308,474 48,911 166,828 164,041
Employees' 1,560,264 200,328 852,293 802,401
Rollovers 95,953 3,148 42,903 3,224
Participant loan repayments 73,920 10,772 29,767 41,410 6
-------------- ------------- -------------- -------------- --------------
Total contributions 2,038,611 263,159 1,091,791 1,011,076 6
-------------- ------------- -------------- -------------- --------------
Other additions 279 (258) 608 (338)
-------------- ------------- -------------- -------------- --------------
Total additions 7,998,411 500,182 2,613,587 1,882,295 (89,069)
-------------- ------------- -------------- -------------- --------------
Deductions:
Benefits paid to employees 3,608,362 919,380 1,967,395 2,164,831 3,064
Participant loan withdrawals 442,361 68,304 151,889 311,121 360
Administrative expenses and other 28,429 9,547 15,565 22,881 206
-------------- ------------- -------------- -------------- --------------
Total deductions 4,079,152 997,231 2,134,849 2,498,833 3,630
-------------- ------------- -------------- -------------- --------------
Net increase (decrease) prior to
interfund transfers 3,919,259 (497,049) 478,738 (616,538) (92,699)
Interfund transfers 799,450 50,771 178,614 84,068 (261)
-------------- ------------- -------------- -------------- --------------
Net increase (decrease) 4,718,709 (446,278) 657,352 (532,470) (92,960)
Net assets available for benefits:
Beginning of year 21,616,760 4,721,059 12,921,253 14,829,129 103,565
-------------- ------------- -------------- -------------- --------------
End of year $ 26,335,469 $4,274,781 $13,578,605 $ 14,296,659 $ 10,605
============== ============= ============== ============== ==============
</TABLE>
The accompanying notes to financial statements
are an integral part of these financial statements.
<PAGE>
HARVARD INDUSTRIES, INC.
HARVARD CAPITAL ACCUMULATION PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION
<TABLE>
<CAPTION>
Year Ended December 31, 1998
-----------------------------------------------------------
Participant Directed
-------------------------
Fixed Participant Contribution
Fund Loans Receivable Total
---------- ----------- ------------ -----------
<S> <C> <C> <C> <C>
Additions:
Investment income:
Interest and dividends $ 311,425 25,368 $ - 3,370,761
Net appreciation (depreciation) -
in fair value of investments - - 5,466,504
---------- ----------- ------------ -----------
Total investment income 311,425 25,368 8,837,265
---------- ----------- ------------ -----------
Contributions:
Employer's - - 225,865 914,119
Employees' - - 295,398 3,710,684
Rollovers - - - 145,228
Participant loan repayments - (155,875) - -
---------- ----------- ------------ -----------
Total contributions - (155,875) 521,263 4,770,031
---------- ----------- ------------ -----------
Other additions - - - 291
---------- ----------- ------------ -----------
Total additions 311,425 (130,507) 521,263 13,607,587
---------- ----------- ------------ -----------
Deductions:
Benefits paid to employees 2,847,560 43,833 - 11,554,425
Participant loan withdrawals 34,343 (1,008,378) - -
Administrative expenses and other 2,903 - 79,531
---------- ----------- ------------ -----------
Total deductions 2,884,806 (964,545) - 11,633,956
---------- ----------- ------------ -----------
Net increase (decrease) prior to
interfund transfers (2,573,381) 834,038 521,263 1,973,631
Interfund transfers (507,007) - (605,635) -
---------- ----------- ------------ -----------
Net increase (decrease) (3,080,388) 834,038 (84,372) 1,973,631
Net assets available for benefits:
Beginning of year 7,085,895 72,052 605,635 61,955,348
---------- ----------- ------------ -----------
End of year $4,005,507 $ 906,090 $ 521,263 $63,928,979
========== =========== ============ ===========
</TABLE>
The accompanying notes to financial statements
are an integral part of these financial statements.
<PAGE>
HARVARD INDUSTRIES, INC.
HARVARD CAPITAL ACCUMULATION PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION
<TABLE>
<CAPTION>
Year Ended December 31, 1997
-----------------------------------------------------------------------------
Participant Directed
-----------------------------------------------------------------------------
Vanguard Vanguard Harvard
Vanguard Fed. Money Vanguard Retirement Common
500 Market Wellington Savings Stock
Index Fund Fund Fund Trust Fund
-------------- -------------- -------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
Additions:
Investment income:
Interest and dividends $ 454,047 $ 255,146 $ 1,102,111 $ 868,036 $ 654
Net appreciation (depreciation)
in fair value of investments 4,469,582 - 1,180,036 - (137,580)
-------------- -------------- -------------- -------------- -------------
Total investment income 4,923,629 255,146 2,282,147 868,036 (136,926)
-------------- -------------- -------------- -------------- -------------
Contributions:
Employer's 326,838 215,753 233,105 204,275 8,617
Employees' 1,516,301 240,043 946,190 998,824 26,610
Transfers and rollovers 60,499 7,476 75,850 15,792 7,831
-------------- -------------- -------------- -------------- -------------
Total contributions 1,903,638 463,272 1,255,145 1,218,891 43,058
-------------- -------------- -------------- -------------- -------------
Total additions 6,827,267 718,418 3,537,292 2,086,927 (93,868)
-------------- -------------- -------------- -------------- -------------
Deductions:
Benefits paid to employees 1,852,165 1,089,186 1,499,684 1,195,844 1,427
Administrative expenses and other 22,482 7,978 13,891 23,524 568
-------------- -------------- -------------- -------------- -------------
Total deductions 1,874,647 1,097,164 1,513,575 1,219,368 1,995
-------------- -------------- -------------- -------------- -------------
Net increase prior to interfund transfers 4,952,620 (378,746) 2,023,717 867,559 (95,863)
Interfund transfers 3,665,155 728,316 2,894,065 (13,907) 189,737
-------------- -------------- -------------- -------------- -------------
Net increase (decrease) 8,617,775 349,570 4,917,782 853,652 93,874
Net assets available for benefits:
Beginning of year 12,998,985 4,371,489 8,003,471 13,975,477 9,691
-------------- -------------- -------------- -------------- -------------
End of year $21,616,760 $ 4,721,059 $ 12,921,253 $ 14,829,129 $ 103,565
============== ============== ============== ============== =============
</TABLE>
The accompanying notes to financial statements
are an integral part of these financial statements.
<PAGE>
HARVARD INDUSTRIES, INC.
HARVARD CAPITAL ACCUMULATION PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION
<TABLE>
<CAPTION>
Year Ended December 31, 1997
-----------------------------------------------------------------------------
Participant Directed
----------------------------------------------
Benchmark
Money
Fixed Market Participant Contribution
Fund Fund Loans Receivable Total
-------------- -------------- -------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
Additions:
Investment income:
Interest and dividends $ 510,997 $ - $ 7,465 $ - $ 3,198,456
Net appreciation (depreciation)
in fair value of investments - - - 5,512,038
-------------- -------------- -------------- -------------- -------------
Total investment income 510,997 - 7,465 - 8,710,494
-------------- -------------- -------------- -------------- -------------
Contributions:
Employer's - - - 264,990 1,253,578
Employees' - - - 340,645 4,068,613
Transfers and rollovers - - - - 167,448
-------------- -------------- -------------- -------------- -------------
Total contributions - - - 605,635 5,489,639
-------------- -------------- -------------- -------------- -------------
Total additions 510,997 - 7,465 605,635 14,200,133
-------------- -------------- -------------- -------------- -------------
Deductions:
Benefits paid to employees 1,962,704 - 13,014 - 7,614,024
Administrative expenses and other 2,877 - - 645,617 716,937
-------------- -------------- -------------- -------------- -------------
Total deductions 1,965,581 - 13,014 645,617 8,330,961
-------------- -------------- -------------- -------------- -------------
Net increase prior to interfund transfers (1,454,584) - (5,549) (39,982) 5,869,172
Interfund transfers (931,098) (6,509,611) (22,657) - -
-------------- -------------- -------------- -------------- -------------
Net increase (decrease) (2,385,682) (6,509,611) (28,206) (39,982) 5,869,172
Net assets available for benefits:
Beginning of year 9,471,577 6,509,611 100,258 645,617 56,086,176
-------------- -------------- -------------- -------------- -------------
End of year $ 7,085,895 $ - $ 72,052 $ 605,635 $ 61,955,348
============== ============== ============== ============== =============
</TABLE>
The accompanying notes to financial statements
are an integral part of these financial statements.
<PAGE>
HARVARD INDUSTRIES, INC.
HARVARD CAPITAL ACCUMULATION PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
(1) DESCRIPTION OF PLAN:
The following description of the Harvard Industries, Inc. Harvard Capital
Accumulation Plan (the "Plan") is provided for general information
purposes only. Participants should refer to the Plan document for more
complete information.
General-
The Plan is a defined contribution plan subject to the provisions of
the Employee Retirement Income Security Act of 1974 ("ERISA"). In
general, an employee of Harvard Industries, Inc. and its U.S.
subsidiaries (the "Company"), whose terms and conditions of
employment are not determined by a collective bargaining agreement,
is eligible to participate in the Plan on the first day of the month
after 30 days of service have been completed. Participation in the
Plan is voluntary.
Contributions-
Participants may contribute from 2 percent to 12 percent of their
pretax annual compensation as defined by the Plan, in increments of
one percentage point. The amount of the Company's matching
contribution is equal to 50 percent of that portion of a
participant's contribution which does not exceed 2 percent of the
participant's compensation and 25 percent of that portion of a
participant's contribution which exceeds 2 percent but is not in
excess of 6 percent of the participant's compensation. The matching
contribution made on behalf of each participant begins upon the
participant obtaining credit for 1,000 hours of service.
Participant Accounts-
A separate account is maintained for each type of contribution by or
for the participant and contributions are allocated among the
investment options as directed by the participant. Plan earnings are
allocated and credited quarterly based on the balance of each
participant's account, as defined in the plan document. Each
participant is charged with an allocation of administrative expenses
on a quarterly basis.
Vesting-
Participants are immediately vested in their contributions, earnings
thereon and the Company's matching contributions.
<PAGE>
-2-
Investment Options-
Upon enrollment in the Plan, a participant may direct employee
contributions in any of the following investment options-
Vanguard 500 Index Fund: Seeks to provide long-term growth of
capital and income from dividends by holding all of the 500 stocks
that make up the unmanaged Standard & Poor's 500 Composite Stock
Price Index, a widely recognized benchmark of U.S. stock market
performance.
Vanguard Federal Money Market Fund: Seeks to provide high income
and a stable share price of $1 by investing in short-term
securities that are backed by the full faith and credit of the
U.S. government or by an agency of the government.
Vanguard Wellington Fund: Seeks to provide income and long-term
growth of capital without undue risk to capital by investing about
65% of its assets in stocks and the remaining 35% in bonds.
Vanguard Retirement Savings Trust: Seeks stability of principal
and a high level of current income consistent with a two- to
three-year average maturity. The trust is a tax-exempt collective
trust invested primarily in investment contracts issued by
insurance companies and commercial banks, and similar types of
fixed-principal investments. The trust intends to maintain a
constant net asset value of $1.00 per share.
Harvard Industries Common Stock Fund: Seeks to provide the
potential for long-term growth through increases in the value of
the stock and reinvestment of its dividends. Effective June 15,
1997, this investment option is no longer available. Subsequent to
December 31, 1998, this fund was liquidated.
Fixed Fund: Seeks to provide a high level of income and a stable
unit value of $1 in most cases through investment contracts with
insurance companies.
Payment of Benefits-
Upon retirement, disability, death, or other termination of
employment, participants or their beneficiaries may elect to receive
the balance in their account in a lump sum payment. There is no
provision for periodic distributions.
Administrative Expenses and Other-
The Company may, at its discretion, pay the expenses of the Plan.
Administrative expenses of the Plan in the amount of $79,531 and
$71,320 for the years ended December 31, 1998 and 1997, respectively,
were allocated and charged to the participants' accounts on a
quarterly basis. Other deductions in Contributions Receivable in the
amount of $645,617 for the year ended December 31, 1997 represents a
reduction for the collection of the December 31, 1996 contribution
receivable.
Transfers and Rollovers-
Transfers and rollovers consisted of participant rollovers from other
plans.
Participant Loans-
Plan participants may borrow from their accounts a minimum of $1,000
with a maximum loan amount equal to the lesser of $50,000 or one-half
of their vested account balance. Loan terms range from one to five
years or for the purchase of a primary residence, a reasonable period
of time not to exceed fifteen years. A participant loan is secured by
the participant's account and is anticipated to bear a fixed interest
rate. Principal and interest are paid through payroll withholding
according to the terms of the loan agreement. A participant may not
have more than one loan oustanding at any time.
<PAGE>
-3-
(2) SUMMARY OF ACCOUNTING POLICIES:
Basis of Accounting-
The financial statements of the Plan are prepared under the accrual
basis of accounting.
Use of Estimates-
The preparation of the Plan's financial statements in conformity with
generally accepted accounting principles requires the Management to
make estimates and assumptions that affect the reported amounts of
assets and disclosures of contingent assets at the date of the
financial statements and the reported amounts of changes in assets
during the reporting period. Actual results could differ from those
estimates.
Investment Valuation and Income Recognition-
The Fixed Fund is stated at contract value, which approximates fair
value and other investments are stated at fair value based upon quoted
market price or net asset value (redemption value).
Purchases and sales of securities are recorded on a trade date basis.
Interest income is recorded on the accrual basis. Dividends are
recorded on the ex-dividend date.
Payment of Benefits-
Benefits are recorded when paid.
(3) INVESTMENT CONTRACT WITH
INSURANCE COMPANY (FIXED FUND):
The Plan has entered into an investment contract with Aetna Life
Insurance and Annuity Company ("Aetna"). Aetna maintains the
contributions in a pooled separate account. The account is credited with
earnings on the underlying investments and charged for plan withdrawals
and administrative expenses charged by Aetna. The contract is included in
the financial statements at contract value, which represents
contributions made under the contract, plus earnings, less withdrawals
and administrative expenses, because it is fully benefit responsive. For
example, participants may ordinarily direct the withdrawal or transfer of
all or a portion of their investment at contract value. There are no
reserves against contract value for credit risk of the contract issuer or
otherwise. The fair value of the investment contract at December 31, 1998
and 1997 approximates its contract value as reported to the Plan by
Aetna. The average yield was approximately 5.3 and 5.5 percent for 1998
and 1997, respectively, and the crediting interest rate was approximately
5.1 percent for 1998. The crediting interest rate is based on an
agreed-upon formula with the issuer, but cannot be less than 3 percent.
<PAGE>
-4-
(4) TRUSTEE:
Under the terms of a trust agreement between Vanguard Fiduciary Trust
Company (the "Trustee"), and the Plan, the Trustee manages the trust on
behalf of the Plan. The Trustee invests in various funds as designated by
the participants and maintains detailed records for each participant's
account.
(5) INCOME TAXES:
The Internal Revenue Service has determined and informed the Company by a
letter dated March 17, 1999, that the Plan met the requirements of
Section 401(a) of the Internal Revenue Code and was exempt from federal
income tax under Section 501(a) of the Code. The plan administrator
and the Plan's tax counsel believe that the Plan is currently designed
and operated in compliance with the applicable requirements of the
Internal Revenue Code. Therefore, no provision for income taxes has been
included in the Plan's financial statements.
(6) PARTIES-IN-INTEREST TRANSACTIONS:
Certain plan investments are shares of mutual funds managed by The
Vanguard Group. The Vanguard Group is the trustee as defined in the Plan
and, therefore, these transactions qualify as exempt party-in-interest
transactions. Fees paid by the Plan for investment management services
amounted to $79,531 and $71,320 for the years ended December 31, 1998 and
1997, respectively.
(7) PLAN TERMINATION:
The Company anticipates continuing the Plan indefinitely, but reserves
the right to discontinue contributions at any time and to terminate the
Plan at any time subject to the provisions of ERISA.
<PAGE>
HARVARD INDUSTRIES, INC. SCHEDULE I
HARVARD CAPITAL ACCUMULATION PLAN
ITEM 27(a)-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1998
EMPLOYER IDENTIFICATION NUMBER 21-0715310
PLAN #021
<TABLE>
<CAPTION>
(a) (b) Identity of Issue (c) Description of Investment (d) Cost (e) Current Value
- --------------------------------------- ----------------------------- ----------- -----------------
<S> <C> <C> <C>
Investments, at contract value:
Fixed Fund Unallocated Insurance
Contract $ 4,005,507 $ 4,005,507
----------- -----------
4,005,507 4,005,507
----------- -----------
Investments, at fair value:
* Vanguard 500 Index Fund Registered Investment Co. 14,494,150 26,335,469
* Vanguard Federal Money Market Registered Investment Co. 4,274,781 4,274,781
* Vanguard Wellington Fund Registered Investment Co. 11,590,580 13,578,605
* Vanguard Retire Savings Trust Common/Collective Trust 14,296,659 14,296,659
* Harvard Common Stock Fund Company Stock Fund 204,381 10,605
Participant loans 8.25% - 10% 906,090 906,090
----------- -----------
45,766,641 59,402,209
----------- -----------
Total assets held for investment purposes $49,772,148 $63,407,716
=========== ===========
</TABLE>
* Denotes party-in-interest
The accompanying notes to financial statements
are an integral part of this schedule.
<PAGE>
HARVARD INDUSTRIES, INC. SCHEDULE II
HARVARD CAPITAL ACCUMULATION PLAN
ITEM 27(b)-SCHEDULE OF LOANS OR FIXED INCOME OBLIGATIONS
YEAR ENDED DECEMBER 31, 1998
EMPLOYER IDENTIFICATION NUMBER 21-0715310
PLAN #021
<TABLE>
<CAPTION>
Amount received during
Original Amt reporting Year Unpaid Balance Interest Amount
Name/Address of Loan Principal Interest as of 12/31/98 Rate Overdue
<S> <C> <C> <C> <C> <C> <C>
Donna Hall $ 1,850 - - $ 1,850 9.50% $ 428
1014 Easter Dr.
Kingsport, TN 37663
Ginger Buford 11,331 41 465 11,206 9.75% 736
8137 Fulton Lucas
Liberty Center, OH 43532
William Danford 3,543 1,080 475 879 8.75% 904
945 Fried Ave.
Toledo, OH 43609
David Gilliam 1,550 266 45 1,284 9.50% 377
3715 Newport Hwy
Apt 1
Greenville, TN 37743
Gerald Adler 15,400 1,571 528 13,829 9.50% 1,453
2931 Algonquin Hwy1
Toledo, OH 43606
</TABLE>
The accompanying notes to financial statements
are an integral part of this schedule.
<PAGE>
HARVARD INDUSTRIES, INC. SCHEDULE III
HARVARD CAPITAL ACCUMULATION PLAN
ITEM 27(d)-SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1998
EMPLOYER IDENTIFICATION NUMBER 21-0715310
PLAN #021
<TABLE>
<CAPTION>
Current Value
Identity of Party Involved/ Purchase Selling Lease Expense Incurred Cost of of Assets on Realized
Description of Asset Price Price Rental with Transaction Assets Transaction Date Gain
- --------------------------- ----------- ---------- ------ ---------------- ---------- ---------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Vanguard/Wellington Fund ** $ 3,567,896 $ - $ - $ - $ - $ 3,567,896 $ -
- 2,916,258 - - 2,515,577 2,916,258 400,681
Vanguard 500 Index Fund ** 4,546,048 - - - - 4,546,048 -
- 5,378,091 - - 3,674,100 5,378,091 1,703,991
Vanguard Retire Savings Trust ** 3,174,295 - - - - 3,174,295 -
- 3,706,426 - - 3,706,426 3,706,426 -
Vanguard/The Fixed Fund ** 311,425 - - - - 311,425 -
- 3,391,813 - - 3,391,813 3,391,813 -
</TABLE>
* Transactions or a series of transactions in excess of five percent of
the current value of the Plan's assets as of January 31, 1998, as defined
in section 2520.103-6 of the Department of Labor Rules and Regulations of
Reporting and Disclosure under ERISA.
** Denotes party-in-interest
The accompanying notes to financial statements
are an integral part of this schedule.
<PAGE>
SIGNATURES
The Plan: Pursuant to the requirements of the Securities Exhchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
HARVARD CAPITAL ACCUMULATION PLAN
HARVARD INDUSTRIES, INC.
PLAN ADMINISTRATOR
Date: June 28, 1999 By: /s/ Gerald G. Tighe
-------------- --------------------------------
Name: Gerald G. Tighe
------------------------------
Title: Senior Vice President
-----------------------------
General Counsel
-----------------------------
<PAGE>
EXHIBIT INDEX
FILED AS PART OF THIS ANNUAL REPORT ON FORM 11-K
Exhibit No. Description Page No.
- ----------- ----------- --------
23.1 Consent of Arthur Andersen LLP dated June 28, 1999 19-20
23.2 Consent of PricewaterhouseCoopers LLP dated 21-22
June 28, 1999
<PAGE>
[LETTERHEAD OF ARTHUR ANDERSEN LLP]
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
-----------------------------------------
As independent public accountants, we hereby consent to the incorporation by
reference of our report dated June 28, 1999 relating to the financial statements
of the Harvard Capital Accumulation Plan for the year ended December 31, 1998
which appears in this Form 11-K of Harvard Industries, Inc. into the previously
filed Registration Statements on Form S-8 (no. 33-90166 and No. 33-98748).
ARTHUR ANDERSEN LLP
Roseland, New Jersey
June 28, 1999
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
----------------------------------
We hereby consent to the incorporation by reference in the Registration
Statements on Form S-8 (no. 33-90166 and 33-98748) of Harvard Industries of our
report dated May 26, 1998 relating to the financial statements of the Harvard
Capital Accumulation Plan, which appears in this Form 11-K.
PricewaterhouseCoopers LLP
11 Madison Avenue
New York, NY
June 28, 1999
