MIRA INFORM REPORT

Report Date :

12.04.2007

IDENTIFICATION DETAILS

Name :	JABIL CIRCUIT INDIA PRIVATE LIMITED
Formerly Known As :	PCB CONTRACT MANUFACTURING SERVICES (INDIA) PRIVATE LIMITED
Registered Office :	17^th Floor, Nirmal Towers, Nariman Point, Mumbai-400021, Maharashtra
Country :	India
Financials (as on) :	31.08.2005
Date of Incorporation :	27.08.2002
Com. Reg. No.:	11-136997
CIN No.: [Company Identification No.]	U32109MH2002PTC136997
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

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 500000
Status :	New Company
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is comparatively a new company engaged in manufacturing and marketing of all types and varieties of populated and / or Printed Circuit boards. The company’s performance during its first financial year for the period from 27^th August, 2002 to 31^st August, 2003, had been very poor, as it had incurred heavy losses. Trade relations are reported as fair. Payments are currently slow and delayed. Since it is a new company and its first full year of performance has been poor, The company may be considered for business dealings against safe and secured trade terms and conditions, at present.

LOCATIONS

Registered Office :	17^th Floor, Nirmal Towers, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-56370031
Fax No.:	91-22-56559750
Head 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
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 Johannnes Theodorus Maria Bik (Dutch)
Designation :	Director
Address :	Tweeriten 30, 5673 TV Nuenen, The Netherlands
Date of Appointment :	15.11.2002
Name :	Mr. Dipankar B. Sanyal
Designation :	Director
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 :	15.11.2002
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 :	15.11.2002
Name :	Mr. William Edward Peters
Designation :	Director
Address :	5403, Mira Vista Dr. Palm Harbor, FL 34685, USA
Date of Appointment :	31.01.2003
Name :	Mr. Chris Alan Lewis
Designation :	Director
Address :	3978, Arlington Drive, Palm Harbor FL 34685, USA
Date of Appointment :	31.01.2003
Name :	Mr. Forbes Ian James Alexander
Designation :	Director (British)
Address :	1604, Country Trails Drive, Safety Harbor, FL 34695, USA
Date of Appointment :	31.01.2003
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 :	01.03.2004
Name :	Ms. Manjula A. Chawla
Designation :	Director (Alternate of Chris Alan Lewis)
Address :	S-454, Greater Kailash – II, New Delhi – 110 045
Date of Appointment :	01.03.2004
Name :	Mr. Manishi V. Pathak (Alternate of Mr. Forbes Ian James Alexander)
Designation :	Director (Alternate to Forbes Ian James Alexdander)
Address :	S-454, Greater Kailash – II, New Delhi – 110 045
Date of Appointment :	01.03.2004
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 :	Director
Address :	1604, Country Trails Drive, Safety Harbor, FL 34695, U.S.A.
Date of Appointment :	31.01.2003
Name :	Mr. Mustafa S Motiwala
Designation :	Director
Address :	501-B, Dheeraj Gaurav Height II, Andheri Link Road, Andheri (West), Mumbai-400053, Maharashtra, India
Date of Appointment :	27.08.2002
Date of Ceasing :	15.11.2002
Name :	Mr. Anish Ghoshal
Designation :	Director
Address :	Maudestan, 2 D Monte Park Road, Bandra (West), Mumbai-400050, Maharashtra, India
Date of Appointment :	27.08.2002
Date of Ceasing :	15.11.2002
Name :	Mr. Ashok Nambussan
Designation :	Additional Director
Address :	Flat No.23, Capri, 9, Manav Mandir Road, Malabar Hil, Mumbai-400006
Date of Appointment :	23.09.2002
Date of Ceasing :	19.11.2002
Name :	Mr. William Dennis Muir Jr.
Designation :	Additional Director
Address :	6202, Pasadena Pt. Blvd, Gulfport, Florida-33707, US
Date of Birth :	23.09.1968
Date of Appointment :	28.09.2006
Other Directorships :	Celetronix Power India Private Limited Celebit Technology Private Limited Celetronix India Private Limited Jabil Circuit Technology India Private Limited
Name :	Mr. Meheryar Kakhushard Dastoor
Designation :	Additional Director
Address :	1918, Lago Vista Boulevard, Parlm Harbor Florida-346885, US
Date of Birth :	20.10.1965
Date of Appointment :	28.09.2006
Other Directorships :	Celetronix Power India Private Limited Celebit Technology Private Limited Celetronix India Private Limited Jabil Circuit Technology India Private Limited
Name :	Mr. Krishan Kumar Batta
Designation :	Additional Director
Address :	3885J, Cochran Street, # 180, Simi Valley, CA-93063, US
Date of Birth :	18.06.1963
Date of Appointment :	28.09.2006
Other Directorships :	Celetronix Powder India Private Limited Celebit Technology Private Limited Celetronix India Private Limited Jabil Circuit Technology India Private Limited

KEY EXECUTIVES

Name :	Ms. Supriya Mohta
Designation :	Company Secretary
Address :	A-504, RNA Regency Park, Kandivali (West), M G Road, Mumbai-400067, Maharashtra
Date of Appointment :	01.11.2003

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares held
Jabil (Mauritius) Holdings Limited	17499999
Jabil Circuit Limited	1

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 (India) Limited
No. of Employees :	203
Bankers :	City Bank , D. N. Road, Fort, Mumbai 400001

Banking Relations :	Unknown
Auditors :	BSR & Company Chartered Accountants
Address :	703, 7^th Floor, Godrej Castlemaine, Next to Ruby Hall Clinic, Bund Garden Road, Pune-411001, Maharashtra, India
Associates/Subsidiaries :	Jabli Circuit

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
93000000	Equity Shares	Rs. 10/- each	Rs. 930.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
26500	Equity Shares	Rs. 10/- each	Rs. 0.265 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.08.2005	31.08.2004	31.08.2003
SHAREHOLDERS FUNDS
1] Share Capital		265.000	175.000	175.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(126.354)	(66.630)	(67.123)
NETWORTH		138.646	108.370	107.877
LOAN FUNDS
1] Secured Loans		0.256	0.498	0.000
2] Unsecured Loans		574.860	37.432	0.000
TOTAL BORROWING		575.116	37.930	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		713.762	146.300	107.877
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		266.989	86.196	44.246
Capital work-in-progress		250.006	8.979	18.308
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	6.079
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.617	1.115	0.000
	Sundry Debtors	27.949	27.884	19.528
	Cash & Bank Balances	246.671	51.671	52.281
	Other Current Assets	5.685	6.841	0.000
	Loans & Advances	54.538	43.695	5.821
Total Current Assets		340.460	131.206	77.630
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	114.204	47.277	23.612
	Provisions	29.489	32.804	14.774
Total Current Liabilities		143.693	80.081	38.386
Net Current Assets		196.767	51.125	39.244
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		713.762	146.300	107.877

PROFIT & LOSS ACCOUNT

PARTICULARS		31.08.2005	31.08.2004	31.08.2003
Sales Turnover		102.014	109.103	78.045
Other Income		8.904	1.576
Total Income		110.918	110.679	78.045
Profit/(Loss) Before Tax		(56.100)	6.777	(61.185)
Provision for Taxation		0.000	0.000	(5.938)
Profit/(Loss) After Tax		(56.100)	6.777	(67.123)
Total Imports		NA	NA	12.608
Expenditures :
	Raw Material Consumed	3.784	0.891
	Salaries, Wages, Bonus, etc.	46.734	40.971
	Managerial Remuneration	3.218	3.228
	Payment to Auditors	0.931	0.825	139.229
	Interest	1.950	0.000
	Insurance Expenses	1.364	0.588
	Power & Fuel	11.818	6.066
	Other Expenditure	97.219	51.333
Total Expenditure		167.018	103.902	139.229

KEY RATIOS

PARTICULARS		31.08.2005	31.08.2004	31.08.2003
PAT / Total Income	(%)	(50.58)	6.12	(86.00)
Net Profit Margin (PBT/Sales)	(%)	(50.58)	6.12	(78.39)
Return on Total Assets (PBT/Total Assets}	(%)	(9.23)	3.12	(50.20)
Return on Investment (ROI) (PBT/Networth)		(0.40)	0.06	(0.56)
Debt Equity Ratio (Total Liability/Networth)		5.18	1.09	0.35
Current Ratio (Current Asset/Current Liability)		2.37	1.64	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.

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

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.41.73
UK Pound	1	Rs.83.11
Euro	1	Rs.56.50

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		22

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	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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