MIRA INFORM REPORT

Report Date :

2^ND June 2006

IDENTIFICATION DETAILS

Name :	JABIL CIRCUIT INC DIVISION OF CELETRONIX INDIA PRIVATE LIMITED
Registered Office :	Unit No. 9, SDF 1, Seepz, Andheri (East), Mumbai – 400 096, Maharashtra, India
Country :	India
Financials (as on) :	31.03.2004
Date of Incorporation :	20^th January 1998
Com. Reg. No.:	11-113090
CIN No.: [Company Identification No.]	U30007MH1998PTC113090
TAN No.: [Tax Deduction & Collection Account No.]	MUMC06022C
PAN No.: [Permanent Account No.]	AACCC3627J
Legal Form :	Private Limited liability company.
Line of Business :	Designers, Manufacturers, Assemblers, Importers, Exporters, Buyers, Sellers, Agents and Dealers of Components and Peripherals of Mini & Micro Computer Systems including detailed Components and sub assemblers thereof.

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 550000
Status :	Good
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	This is a successful venture of Tandons who are highly successful Non-Resident Indians settled in U.S.A. having multi-national operations. Available information indicates high financial responsibility of the company. Trade relations are fair. Financial position is good. Payment are usually correct and as per commitments. The company can be considered good for any normal business dealings. It can be considered as dealings a promising business partners in a medium to long run.

LOCATIONS

Registered Office	Unit No. 9, SDF 1, Seepz, Andheri (East), Mumbai – 400 096, Maharashtra, India
Tel. No.	91-22-28291919
Fax No.	91-22-28291176
E-Mail	mltandon@celetron.com
Website	http://www.celetron.com
Area :	Leased
Unit 1 :	Unit No. 60, SDF – II, Seepz, Andheri (East), Mumbai – 400 096, Maharashtra
Tel. No.:	91-22-28291101/02/03/04/05
Fax No.:	91-22-28290242
Area :	3,00,000 + sq.fts (Leased)
Unit 2 :	Pondicherry
Unit 3 :	Chennai, Tamilnadu – MEPZ
Unit 4 :	Celetronix India Limited, Circuits Division, SDF – 3, Unit # 85, SEEPZ Mumbai, Maharashtra, India
Tel. No.:	91-80-59553641
Fax No.:	91-80-55824415

DIRECTORS

Name	Mr. Manohar Lal Tandon
Designation	Executive Chairman
Address	37, Merry Niketan, Mount Mary Road, Bandra (West), Mumbai – 400 050
Date of Birth	24.06.1939
Age	65 Years
Qualification	M. S. in Electrical Engineering, MBA
Experience	44 Years
Date of Joining	20.01.1998
Last Employment	Ultra Tek Devices Private Limited
Profiles :-	Mr. M. L. Tandon, with M. S. in Electrical Engineering from Purdue University USA and MBA from University of Santa Clara, USA, till 1978 was associated with IBM and held various managerial positions with IBM, USA as well as India and was instrumental in generating exports to other international IBM locations. On winding up of the operations by IBM in India, he preferred to remain in India and started a unit in Seepz in 1978 for the purpose of manufacturing Ferrite Recording Heads for Floppy Disk Drives. Subsequently, various units for manufacturing of different products were established by Mr. M. L. Tandon, amongst them were the two partnership firms namely Tancom Electronics (Established in the year 1982) and Advance Technology Devices (Established in the year 1986) for manufacture of Head Stack Assemblies (HAS), also known as Winchester recording head. Booth these partnership firms were manufacturing the same product and supplying it to the same customers. In order the consolidate the HAS business in one unit and at the same time corporatism its, the running business of these two partnership firms was sold to Tandon Technology Private Limited (TTPL – Now known as CIPL), so as to face the global competition effectively and gain advantages of economies of scale Manny Tandon is a pioneer in the electronic hardware exports from the Indian sub-continent. Under his leadership, Tandon Magnetic, Tandon Motors and Golden Systems Inc. have consistently ranked as the largest exporters of electronic hardware from India. Manny has served Director of Golden Systems, Inc. since 1993, when he was elected to Chairman of the Board. Since 1981, Manny has served as the Chairman of Tandon Motors Private Limited and of Eastern Peripherals Private Limited since 1982. From 1984 to 1993, Manny was the Managing Director of Eastern Peripherals and Ultra Tek. From 1978 to 1988, he was the Chairman of Tandon Magnetic. Prior to 1978, Manny held various managerial positions with IBM, India and was instrumental in generating exports from India to all international IBM locations. He has been the Chairman of the Electronics and Computer Software Export Council (ESC) and the SantaCruz Electronics Export Manufacturer’s Association (SEEMA) and has also served as the President of the Federation of Indian EPZS Industries Association.
Name	Mr. Bupendra V. Shah
Designation	Whole Time Director
Address	26, B/31, Takshila Mahakali Caves Road, Andheri (East), Mumbai – 400 093
Date of Birth	03.03.1940
Age	64 Years
Qualification	B. Com., F. C. A.
Experience	39 Years
Date of Joining	25.08.1998
Last Employment	Reliable Consultancy Services Private Limited
Name	Mr. Manek Lal K. Shah
Designation	Director
Address	3, Shanti Niketan, 218, Dixit Road, Vile Parle (East), Mumbai – 400 057
Date of Birth	11.05.1933
Qualification	B. Com., F. C. A.
Experience	40 Years
Date of Joining	18.04.2001
Name	Mr. Jawaharlal Tandon (American)
Designation	Director
Address	22750, La Quilla DR., Chatsworth, California – 91311
Date of Joining	28.10.1949 (In casual vacancy on the place of Mr. K. K. Batta)
Profile	Jay Tandon served as Chairman and Chief Executive Officer of Golden Systems, which he founded in 1985. Subsequently renamed Cortech Systems, the Company designed, manufactured and marketed switch mode power supplies. Mr. Tandon also founded and served as CEO and President of Tandon associates from December 1978 to July 1993 as well as Tantec, Inc. from March 1992 to August 1993. Both companies are involved in the manufacture and sale of components for the disk drive industry. Prior to founding the above-mentioned companies, Jay served in various capacities at Intel, Memorex and Amdahl. Jay graduated from the University of Santa Clara with a Bachelor of Science in Electrical Engineering.
Name	Mr. Bomy F. Dabhoiwala
Designation	Director
Address	14-B, Carter Road, Bandra, Mumbai – 400 050
Date of Birth	02.12.1943
Date of Joining	29.05.2001
Name	Mr. Gyan Mishra
Designation	Director (Head of Finance India Operations)
Other personnel
Mr. Umesh Thawani	Company Secretary
Management
Name	Mr. Krishan (Kris) Batta
Designation	Chief Operating officer
Name	Mr. Harol J. Earley
Designation	Chief Financial Officer
Profile	Harold Earley is a CPA with over 17 years experience and joined Celetronix as the Chief Financial Officer in May 2002. Prior to joining Celetronix, Harold was the Senior Vice-President of Finance for Amkor Technology Inc, a world leader in semiconductor packaging and testing. In his role with Amkor Technology, Harold was responsible for the worldwide financial operations and dealt extensively in M&A and capital market activities. He was also an integral part of Amkor’s IPO in 1997 and subsequent raising of more than $3 billion in public and private equity and debt. Harold is experienced in dealing with international operations, tax, and accounting issues. From 1992 to 1997 Harold was a partner in the accounting firm Siana Carr & O’Connor focusing on technology companies, and between 1985 and 1992. Harold worked for the international accounting firm KPMG. Mr. Earley holds a Bachelor of Science in Business Administration/Accounting from Drexel University.
Name	Mr. Hasib Khan
Designation	Vice President, Customer Accounts
Profile	Hasib Khan has 28 years of manufacturing, sales and customer support experience with companies such as Astrologic, Space labs, the Tandon Corporation and Tandon Associates. Hasib’s experience relates to the electronic parts supply to the Bio-medical industry, with geographical expertise in East and South-East Asia. Hasib also draws on a wealth of experience in material flow and logistics for JIT deliveries to manufacturing plants and for finished products to customer sites. Hasib earned his Bachelor of Science in Electrical Engineering from the Northrop Institute of Technology.
Name	Mr. Jim Schultz
Designation	Vice President, EOS Power Division
Name	Mr. Harish Grover
Designation	Vice President, Memory Divison
Name	Mr. Sandro Aquilina
Designation	Vice President, Set Top Box Division

MAJOR SHAREHOLDERS

Names of Shareholders	No of Shares
Celtron Mauritius Limited	2,99,52,000
Local Shareholders	200
Partners of Advance Tech Devices	15,00,000
Promoters of Tancom Electronics	17,50,000
Total	3,32,02,200

BUSINESS DETAILS

Line of Business :	Designers, Manufacturers, Assemblers, Importers, Exporters, Buyers, Sellers, Agents and Dealers of Components and Peripherals of Mini & Micro Computer Systems including detailed Components and sub assemblers thereof.
Products :	Ø Head Stack Assembly Ø Set Top Boxes Ø Memory Modules Ø Amplifiers Ø Voice Coils Ø RFID
Exports to :	USA, Canada, Europe, Malaysia and far eastern countries.
Imports from :	USA, China, Taiwan, Korea, Singapore, Malaysia and Japan.
Terms :
Selling :	Credit (60 days) terms
Purchasing :	Cash or Credit (30 days) terms

PRODUCTION STATUS

Particulars	Unit	Installed Capacity	Actual Production
Head Stock & Sub Assemblers	Nos.	10500000	5103970
Smart Card Coils	Nos.	12000000	1398558
Voice Coils for others	Nos.	18000000	10977242
Memory Modules & other SMT Products:-
Memory Modules	Nos.	NA	1368459
FCBA	Nos.	NA	--
Other SMS Products	Nos.	NA	444.072
Total (Equivalent SMT Components)	Nos.	80631600	227419173
Other EMS Products	Nos.	25280700	14804167

GENERAL INFORMATION

Customers :	Wholesalers and OEM’s.
No. of Employees :	4,123
Bankers :	Ø State Bank of India Seepz Branch, Andheri (East), Mumbai – 400 096, Maharashtra (The company enjoys credit limits facility of Fund based Rs. 127.500 millions and Non Fund based facility of Rs. 52.500 millions from its’ bankers) Ø The United Western Bank Limited Overseas Branch, 121, Mittal Court, ‘C’ Wing, Nariman Point, Mumbai – 400 001, Maharashtra (The company availed Loan facility worth Rs. 150.000 millions dated 09.02.2002 hypothecated against Tangible Movable Properties & Assets and all the Present & Future book debts from its banker) Ø The United Western Bank Limited Overseas Branch, Nariman Point, Mumbai – 400 021 (The company availed Loan facility for Rs. 10.500 millions dated 28.09.2001 hypothecated against Good, Machinery and Vehicles from its banker)
Facilities :	SECURED LOANS : Working Capital Loans from Banks in 31.03.2004 Rs.115.970 and 31.03.2003 Rs.177.400 Add:- Interest accrued and due Rs. 0.202 (31.03.2003) Term Loans from Financial Institutions Rs.98.004 (Repayable within a year, Rs. Nil, Previous year Rs. 53.556 millions) Vehicle Loans Rs.12.628 in the year 31.03.2004 and Rs 5.934 in the year 31.03.2003 (Repayable within a year Rs. 5.720 millions, previous year Rs. 3.803 millions) Notes :- Secured by (a) hypothecation on inventories, book debts, other receivables, all movable plant and machinery, machinery spares, tools and accessories and other movables of the company, subject to prior charges, as applicable in favors of financial institutions referred to Note 2 below, (b) a lien over the company’s fixed deposits and (c) guarantees by a director and foreign corporate entities. Secured by (a) hypothecation of all moveable properties, including moveable plant and machinery, machinery spares, tools and accessories, and other moveable, present and future, subject to prior charges on inventories, book debts, other receivables in favors of banks referred to in Note 1 above, and (c) by a collateral security by way of deposit of title deeds in respect of immovable properties belonging to a director and a member of the company. Security by hypothecation of vehicles acquired out of the loan funds. UNSECURED LOANS 31.03.2004 Loan from Advance Technology Devices-149.483- Add :- Interest accrued and due-16.513 Total -165.996 -31.03.2003 Loan from Advance Technology Devices 149.483 Add :- Interest accrued and due-2.741 Total -152.224

Banking Relations :	Good
Auditors :	Price Waterhouse Chartered Accountants
Address .:	Nariman Point, Mumbai – 400 021, Maharashtra
Holding Company :	Celetron Mauritius Limited Celetron International Limited, Bermuda
Associates :	Ø Celetron Power India Private Limited Unit # 72, Seepz Sez, Andheri (East), Mumbai – 400 096, Maharashtra --Manufacturer and Exporter of SMPS units Ø Tantec Magnetics Inc Ø Tandon Associates Inc Ø Tandon Associates Limited Ø Celetron Singapore Private Limited Ø 80, Marine Parade Road, 10-06 Parkway Parade, Singapore – 449269 Tel. No. : 65841-3201 Fax : 65-348-1577 Ø Fair play Group Inc Ø Advance Technology Devices (Partnership Firm) Ø Tancom Electronics (Partnership Firm) Ø Eastern Peripherals Private Limited Ø Radical Consultancy Services Private Limited Ø Reliable Consultancy Services Private Limited Ø Tandon Magnetic (India) Private Limited Ø Tandon Information Solutions Limited Ø Tandon Motors Private Limited Ø Tandon computes (India) Private Limited Ø Tandon Date Systems Services Ø Golden Computers Limited Ø Pen tax Engineering Private Limited Ø Celetron (Europe) Limited Unit 30-Greenlands Business Centre Studey Road, Redditch, B98 7HD, United Kingdom. Tel. No. : 9482234567 Fax. No. : 9482420221 Ø NSC Campus, Mahon Cork, Ireland Tel. No. : 353-21-480-6626 Fax. No. : 353-21-480-6627 Ø Celetron USA Inc, 2125-B Madera Road, Simi Valley, CA-93065 Tel. No. : 1805-955-3600 Fax. No. : 1805-582-4431 Ø Northern Calif., 303 Twin Dolphin Dr., 6^th Floor, Redwood City, CA – 94065 Tel. No. : 650-632-4652 Fax. No. : 650-377-4141 Ø Celetron Malaysia Sdn. Bnd 33, Jalan PJS, 11/24 Banar Sunway, 46150 Petaling Jaya, Selango Darul, Ehsan, Malaysia Tel. No. : 603-5632-4607 Fax. No. : 603-5632-4503 Ø Celetronix Lanka Private Limited Kandy Industrial Park, Pallekelle, Sri Lanka – 096 Tel. No. : 91-22-28291919 Fax. No. : 91-22-28291746 Ø Celetron Acquisition Corporation Ø EOS Corporation Ø GPS Sales & Services Pte Ø Memory 2 Memory Singapore Pte Limited Ø Memory Electronics Private Limited
Subsidiary :	Celebit Technology Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
30,000,000	Equity Shares	Rs. 10/-	Rs. 300.000 millions
3,300,000	1% of Redeemable Preference Share	Rs. 100/-	Rs. 330.000 millions
	Total		Rs. 630.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
29,952,200	Equity Shares	Rs. 10/-	Rs. 299.522 millions
3,250,000	1% of Redeemable Preference Share	Rs. 100/-	Rs. 325.000 millions
	Total		Rs. 624.522 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2004	31.03.2003	31.03.2002
SHAREHOLDERS FUNDS
1] Share Capital	624.522	624.522	624.522
2] Reserves & Surplus	652.234	559.592	556.251
NETWORTH	1276.756	1184.114	1180.773
LOAN FUNDS
1] Secured Loans	128.598	501.524	621.435
2] Unsecured Loans	165.996	152.224	149.483
TOTAL BORROWING	294.594	653.748	770.918
Deferred Tax Liabilities	71.554	0.000	0.000
GRAND TOTAL	1642.904	1837.862	1951.691
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]	788.043	721.741	724.549
Capital work-in-progress	61.219	7.021	8.155
INVESTMENTS	15.150	15.105	0.105
CURRENT ASSETS, LOANS & ADVANCES
Inventories	777.394	396.419	386.480
Sundry Debtors	4683.548	2005.119	2618.763
Cash & Bank Balances	115.753	97.371	214.219
Other Current Assets	12.757	7.664	--
Loans & Advances	55.817	39.629	52.515
Total Current Assets	5645.269	2546.202	3271.977
Less :
Current Liabilities	4799.459	1443.476	1995.343
Provisions	67.318	8.731	57.752
Total Current Liabilities	4866.777	1452.207	2053.095
Net Current Assets	778.492	1093.995	1218.882
MISCELLANEOUS EXPENSES	--	--	--
GRAND TOTAL	1642.904	1837.862	1951.691

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2004	31.03.2003	31.03.2002
Sales Turnover	8018.645	3456.433	10391.901
[including other income]
Profit/(Loss) Before Tax	219.999	(36.489)	387.343
Provision for Taxation	127.357	(41.562)	33.000
Profit/(Loss) After Tax	92.642	5.073	354.343
Export Value	8272.385	3461.556	10014.928
Import Value	7829.853	3085.245	9591.929
Total Expenditure	7798.646	3492.922	10102.612

KEY RATIOS

PARTICULARS		31.03.2004	31.03.2003	31.03.2002
PAT / Total Income	(%)	1.155	0.146	3.409
Net Profit Margin (PBT/Sales)	(%)	2.743	1.055	3.727
Return on Total Assets (PBT/Total Assets}	(%)	2.313	1.109	9.672
Return on Investment (ROI) (PBT/Networth)		0.173	0.030	0.328
Debt Equity Ratio (Total Liability/Networth)		4.042	1.778	2.391
Current Ratio (Current Asset/Current Liability)		1.159	1.7533	1.593

LOCAL AGENCY FURTHER INFORMATION

Performance

During the year under report, has been able to achieve the turnover projected in the last report. The company has achieved a turnover of Rs. 8010.600 millions as against Rs. 3435.100 millions achieved during the previous year. The profit before tax during the year under report amounted to Rs. 220.000 millions as against loss of Rs. 36.500 millions during the previous year. The net profit after making provision for taxation for the year (Rs. 7.200 millions), deferred taxation (Rs. 71.500 millions) as well as provision for taxation for previous years (Rs. 48.700 millions) amounted to Rs. 92.600 millions as against Net Profit of Rs. 5.000 millions for the previous year, after taking into account the excess provision for taxation for earlier years (Rs. 21.600 millions) and deferred taxation (Rs. 20.000 millions) written back.

The increase in the turnover of the company for the year under report is due to renewal of business with Western Digital Corporation (WDC), one of the major customers of the company, for supply of Head Stacks. Additionally, the other manufactured products like Memory Modules, Set Top Boxes and EMS activity for all prominent customers had also shown the upward trend in the business.

Celetronix Technology – a division of company situated at Pondicherry commenced production from November 2003 and had been supplying its products to established domestic customers. The sales of this division during the year under report amounted to Rs. 42.500 millions and during the first seven months of the current year amounted to Rs. 82.000 millions.

Current year results

The company has achieved a turnover of Rs. 4800.000 millions during the first seven months of the current year as against the turnover of Rs. 3800.000 millions in the corresponding period of the previous year. As per the arrangements earlier entered into, the company has been qualified to supply complete set top boxes from Company’s facilities in India and is in the midst of ramping up the production to increase the turnover substantially. On the other hand, as per mutual agreement, the arrangement with Western Digital Corporation for manufacture and supply of Head Stack Assemblies came to an end on 30^th September 2004. The companies are however, confident that the shortfall of Head Stack business will be made good by increase in the turnover of Set Top Boxes and Memory Products. The companies are hopeful of maintaining a level of turnover achieved by the company during 2003-04.

The company is also actively working with various customers for EMS work. Some of the business has already materialized. The company has decided to execute such new business from a new unit established at MEPZ-SEZ for which company had already obtained new Letter of Permission and purchased a building in MEPZ. It was expected to go into production shortly.

The Voice Coil operations of company were carried at two places. i.e., some parts at NEPZ-SEZ, Noida and rest at MEPZ-SEZ, Chennai and both the units were comparatively smaller in size. In order to achieve economies of scale and due to various logistical reasons, the company decided to concentrate operations at one place and therefore transferred the entire activity of NEPZ-SEZ, Noida unit to MEPZ-SEZ, Chennai.

Change of name

The company has been changed from ‘Celetron India Private Limited’ to ‘Celetronix India Private Limited’ with effect from 6^th April, 2004, vide fresh certificate incorporation consequent on change of name, issued by the Registrar of companies, Mumbai, Maharashtra.

It imports Head Gimble Assembly and Various Electronic Components.

It exports Head Stack Head Stack Assembly, Set Top Boxes, Memory Modules, Amplifiers, Voice Coils and RFID.

It is in trade terms with :-

· Western Digital, Malaysia

· Micron/Spectech, USA

· Celetron USA Inc

· Echo Star, USA

· ST Micro Electronics Asia, Singapore

· Yatfung Technologies, China

· LG Innotek Company Limited, Korea

Quality

The company’s production facilities are already ISO 9001:2000 certified and they are working for implementing the Environment management system that is the ISO 14001:1996 certification.

Profile

As a leading Electronic Manufacturing Service (EMS) provider, Celetronix has been delivering solutions to the needs of our OEM customers. For the past two decades, Celetronix has lived by one promise – provide value to customers in all aspects of our business by maintaining a focus on cost, quality and flexibility.

By leveraging its ISO 9001 certified global facilities, it enable customers in emerging technology markets to focus on their core competency of technology development and marketing while it supports the entire product lifecycle – from design to after – market services.

Realizing the significant cost and quality advantages of South Asia based manufacturing operations, Celetronix partners with customers to deliver manufacturing solutions that involve High Touch, High Engineering and High Technology content. Celetronix’s Indian sub-continent based manufacturing operations offer some critical advantages: areas of expertise include a number of patented technologies developed at Celetronix. These focus areas include the following :

• India offers access to an educated English speaking workforce.
• The most competitive labour wages in the world.
• Abundant and affordable engineering talent from world-class institute.

Company’s areas of expertise include a number of patented technologies developed at Celetronix. These focus areas include the following :

• EMS Services – PCA, PCB, flex circuits and chip-on-board.

• EOS Power – Cost effective power conversion solutions and sub-systems

• RFID – Design and manufacture of Radio Frequency identification solutions for a broad range of applications

• Memory – Low cost memory solutions for OEM

• OMS – Optical component assembly

The company’s fixed assets of important value include Building, Plant & Machinery, Furniture & Fixtures, Office Equipments and Vehicles.

Notes :

There are two company names in this inquiry :

JABIL CIRCUIT INDIA PRIVATE LIMITED and CELETRONIX INDIA PRIVATE LIMITED

IDENTIFICATION DETAILS

Name :	JABIL CIRCUIT INDIA PRIVATE LIMITED
Formerly Known As :	PCB CONTRACT MANUFACTURING SERVICES (INDIA) PRIVATE LIMITED
Registered Office :	5^thand 17^th Floor, World Trade Centre І, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
Date of Incorporation :	27^th August, 2002
Com. Reg. No.:	25-19257
TAN No.: (Tax Deduction & Collection Account No.)	PNEJ04704A
PAN No.: (Permanent Account No.)	AACCP7114K
Legal Form :	Private Limited Liability Company
Line of Business :	Assembling of Printed Circuit Boards (PCB) and Systems

LOCATIONS

Registered Office :	5^thand 17^th Floor, World Trade Centre І, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
Tel. No.:	91-20-27112082/27112085/27112086
Fax No.:	91-20-27112086
E-Mail :	d_sanyal@jabi.com
Head Office :	Plot No.80, MIDC, Bhosari Industrial Estate, Pimpri, Pune411026, Maharashtra State, India
Tel. No.:	91-20-27112082/27112085/27112086
Fax No.:	91-20-27112086
E-Mail :	d_sanyal@jabi.com
Area :	85000 Sq.fts
Location :	Owned Commercial Area
Factory :	Plot No.80, MIDC, Bhosari Industrial Estate, Pimpri, Pune411026, Maharashtra State, India
Tel. No.:	91-20-27112082/27112085/27112086
Fax No.:	91-20-27112086
E-Mail :	d_sanyal@jabi.com
Area :	85000 Sq.fts
Location :	Owned
Factory :	B-26, MIDC, Ranjangaon, Taluka Sirur, District Pune, Maharahtra, India
Area :	(Land) 79786 Sq.fts
Location :	Under Construction
World H.Q.:	10560, 9^th Street North, St. Peters Burg, Florida 337106, USA
Tel. No.:	7275779749

DIRECTORS

Name :	Mr. Otto Johgnnes Theodorus Maria Bik (Dutch)
Designation :	Director
Address :	Tweeriten 30, 5673 TV Nuenen, The Netherlands
Date of Appointment :	15^th November, 2002
Name :	Mr. Dipankar B. Sayal
Designation :	Managing Director/Executive Vice President of PCB Unit, Pune of Philips(P) Limited
Address :	463, Clover Watch Garden, 69, Kayami Nagar, Pune – 411 014, Maharashtra
Date of Birth/Age :	55 years
Qualification :	BE, MBA
Experience :	31 years
Date of Appointment :	15^th November, 2002
Other Directorship	Philips India Limited
Name :	Ms. Subhangi C. Bapat
Designation :	Director
Address :	Flat No. 8, Shubha Apartments, Alkapuri Co-operative Housing Society, Paud Road, Kothrud, Pune – 411 029, Maharashtra
Date of Appointment :	15^th November, 2002
Name :	Mr. William Edward Peters
Designation :	Director
Address :	5403, Mira Vista Dr. Palm Harbor, FL 34685, USA
Date of Appointment :	31^st October, 2003
Name :	Mr. Chris Alan Lewis
Designation :	Director
Address :	3978, Arlington Drive, Palm Harbor FL 34685, USA
Date of Appointment :	31^st January, 2003

Name :	Mr. Forbes Ian James Alexander
Designation :	Director (British)
Address :	1604, Country Trails Drive, Safety Harbor, FL 34695, USA
Date of Appointment :	31^st January, 2003
Name :	Mr. Rohit K. Kochhar
Designation :	Director (Alternate of William Edward Peters)
Address :	S-454, Greater Kailash – II, New Delhi – 110 045
Date of Appointment :	31^st January, 2003
Name :	Ms. Manjula A. Chawla
Designation :	Director (Alternate of William Edward Peters)
Address :	S-454, Greater Kailash – II, New Delhi – 110 045
Date of Appointment :	31^st January, 2003
Name :	Mr. Manishi V. Pathak
Designation :	Director (Alternate to Forbes Ian James Alexdander)
Address :	S-454, Greater Kailash – II, New Delhi – 110 045
Date of Appointment :	15^TH November, 2002
Name :	Ms. Neena S. Bhatia
Designation :	Company Secretary
Address :	Mumbai – 400 056, Maharashtra
Name :	Mr. Timothy L. Main
Designation :	President & Chief Financial Officer
Name :	Mr. Forbes I. J. Alexander
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS

Names of Shareholders	Percentage of Holding
Jabil Services Incorporation, Detroit	100%

BUSINESS DETAILS

Line of Business :	Assembling of Printed Circuit Boards (PCB) and Systems
Products :	Personal Computer Encasing Item Code 847100 Printed Circuit Boards (PCB) Item Code 852900
Terms :
Selling :	Advanced Payment (30 Days)
Purchasing :	L/C Terms on Cash (30 Days)

GENERAL INFORMATION

Customers :	Philips (India) Limited Videocon International Limited BPL (I) Limited
No. of Employees :	203
Bankers :	City Bank , D. N. Road, Fort, Mumbai 400001
Facilities :	-

Banking Relations :	Unknown
Auditors :	M/s Kochhar & Company Chartered Accountants
Associates/Subsidiaries :	Jabli Circuit

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

Efforts are continued for latest financials and if available, it will follow, soon.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		27.08.2002 to 31.08.2003
SHAREHOLDERS FUNDS
1] Share Capital		175.000
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(67.123)
NETWORTH		107.877
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		107.877
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		44.246
Capital work-in-progress		18.308
INVESTMENT		0.000
DEFERREX TAX ASSETS		6.079
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	19.528
	Cash & Bank Balances	52.281
	Other Current Assets	0.000
	Loans & Advances	5.821
Total Current Assets		77.630
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	23.612
	Provisions	14.774
Total Current Liabilities		38.386
Net Current Assets		39.244
MISCELLANEOUS EXPENSES		0.000
TOTAL		107.877

PROFIT & LOSS ACCOUNT

PARTICULARS	27.08.2002 to 31.08.2003
Sales Turnover [including other income]	78.045
Profit/(Loss) Before Tax	(61.185)
Provision for Taxation	(5.938)
Profit/(Loss) After Tax	(67.123)
Import Value	12.608
Total Expenditure	139.229

KEY RATIOS

PARTICULARS		27.08.2002 to 31.08.2003
PAT / Total Income	(%)	(86.00)
Net Profit Margin (PBT/Sales)	(%)	(78.39)
Return on Total Assets (PBT/Total Assets}	(%)	(50.20)
Return on Investment (ROI) (PBT/Networth)		(0.56)
Debt Equity Ratio (Total Liability/Networth)		0.35
Current Ratio (Current Asset/Current Liability)		2.02

LOCAL AGENCY FURTHER INFORMATION

HISTORY

Subject was incorporated on a Mumbai in Maharashtra under the name and style of PCB Contract Manufacturing Services (India) Private Limited Liability Company having Company Registration Number.

The name of the company has been changed to the present w.e.f. 24.02.2003.

The company has been formed to takeover the PCB business of Philips (India) Limited. It is operating under the Heading style since February 2003. However, the company was registered as an independent corporate only on 14^th May 2004 under the heading style. Philips (India) Limited has sold the facilities to Jabli Services Incorporation, Florida, USA

The company recently changed it’s name from Jabli Circuit Technology (I) Private Limited.

(G) Business Organization:

1. Board of Directors: Mr. Deepankar Sanyal, Managing Director

Mrs. Shubhangi C. Bapat

2. Background Information of Managing Director:

Mr. Deepankar B. Sanyal, Executive Vice President of PCB Unit, Pune Of Philips (I) Limited, residence: 463, Clover water Garden, 69, Kalyani Nagar-411029

PCB Contract Manufacturing Services (India) Private Limited (“PCB India”). PCB India was the subsidiary of the Koniklijke Philips Electronics N. V., Netherlands (“KPENV”). However, with the acquisition of the entire shareholding of KPENV by Jabil (Mauritius) Holdings Limited (a group company of Jabil Circuits Inc., USA), the name of the company was changed to the present name, Jabil Circuit India Private Limited.

The company’s old registered office at Nirmal, 19^th floor, Nariman Point, Mumbai – 400 021, Maharashtra has been shifted to the above address w.e.f. 14.20.2002.

BUSINESS

Subject is engaged in the business as production and testing of any kind of PCB.

Subject is engaged in to establish and carry on India or elsewhere the business of manufacturing, producing, conceptualising, developing, designing, assembling, customising, importing, exporting, trading, distributing and otherwise dealing in and supplying all types, varieties and specifications of populated and or printed circuit boards on a contract manufacturing basis or otherwise for the manufacturers and or for all kinds of consumer electronic products, business electronic products and professional electronic products.

Profile

The company establishes long-term customers partnerships by delivering the most comprehensive manufacturing services available.

Their goal is to achieve customer satisfaction through excellence in design, supply chain management, manufacturing and repair solutions. Through its culture, its drive and the expertise of each individual employee, the company is uniquely positioned to provide best in class services to a global customer base.

Fixed assets

v Plant and Machinery

v Furniture

v Office Equipments

v Computers

Contacts

To contact us via e-mail or telephone refer to the options below.  To contact Accounts Payables, Human Resources or Operations at a specific location, refer to our Worldwide Locations pages.

General

Company Information Information (727) 577-9749

Investor Relations Beth Walters (727) 803-3349

Media/Public Relations Communication Department(727) 803-3349

Site Feedback Webmaster (727) 803-3349

Jabil Sales and Business Development

Americas Business Development (727) 577-9749

Europe Steve Geraghty (44) 1506 447017

Asia Pacific Steve Manning (65) 6840 6107

Japan Kimio Inagaki (81) 3 3452 8611

Warranty and Repair Sales and Business Development

Americas Lance Rinehart +1 (727) 803-3411

Europe Ronald Fenstra +31 653903030

Asia Dan DeBello +86 21 64858585
Ext 2301

Motherboard Support
Jabil provides manufacturing services to electronics and technology companies, including the assembly of printed circuit boards.  They do not provide end-user support for motherboard products.  For support, please contact the Original Equipment Manufacturer of the product you've purchased.

Related Companies:

Jabil Services Incorporation; Pitsburg, USA and it’s associates having a group turnover of USD $ 5.20 Billion, Employs 36500 people, established in 1996, CEO Mr. Pubilloy Hold

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 records 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. 46.17
UK Pound	1	Rs. 86.06
Euro	1	Rs. 59.14

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		63

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		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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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

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