I found a iPhone AV cable which supports both component and composite video and its Apple certified so this works with latest firmware. It is only $27.99 on amazon (Skiva Technologies, LLC). It is much cheaper than other cables. Apple’s cables cost $100 for both component and composite. Another nice thing about this cable is that it has quick settings button to change aspect ratio, NTSC/PAL.

I also found $5 coupon for this cable. Use "5offmediaadapter" during checkout.

Cheers