MIRA INFORM REPORT

Report Date :

19.04.2011

IDENTIFICATION DETAILS

Name :	OPNEXT SUBSYSTEMS, INC.

Formerly Known As :	Stratalight Communications Inc.

Registered Office :	2711 Centerville Road Suite 400, Wilmington, New Castle, DE 19808

Country :	United States

Date of Incorporation :	08.07.2008

Legal Form :	Corporation for Profit

Line of Business :	Optical systems and subsystems

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

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 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

United States

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

GEOPOLITICS - UNITED STATES

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal

Economic Risk: Nil

Currency: USD

Branch Situation: Stable

IDENTIFICATION

Ordered as:	Opnext Subsystem Inc
Address in the order:	151, Albright Way, Los Galos, CA 95032

Legal Name:	OPNEXT SUBSYSTEMS, INC.

Legal Address	2711 Centerville Road Suite 400, Wilmington, New Castle, DE 19808, USA (incorporators)
Operative Address	151 Albright Way, Los Gatos, California 95032, USA (headquarters)
Telephone:	(408) 385-3000	ID :	4571320
Fax:	(408) 871-0720	Legal Form:	Corporation for Profit
Email:	NA	Registered in:	Delaware
Website:	NA	Date Created:	2000
Manager:	Shri Dodani, President & Chief Executive Officer	Date Incorporated:	July 8th, 2008
Staff:	200	Stock:	100
		Value:	0.01 USD
Activity:	Optical systems and subsystems

BUSINESS

HISTORY
	The company was created in 2000. It was formerly known as Stratalight Communications Inc.
PRINCIPAL ACTIVITY
	The company is engaged in Optical systems and subsystems.
Products/Services description:
	The company provides spectrally efficient 40 Gbps and higher optical systems and subsystems to network systems vendors.
Sales are:
	Wholesale
Clients:
	Network systems vendors.
The subject employs 200 employee(s)
PAYMENTS
	regular
LOCATION
Headquarters
	The legal address of the company is that of the registrant officer: 2711 Centerville Road Suite 400, Wilmington, New Castle, De 19808, USA. However, it is headquartered at: 151 Albright Way, Los Gatos, California 95032, USA.
Comments on location:
	The company was incorporated in Delaware due to tax purposes, however, it is headquartered in California.

Shareholders - Manager - Related Companies

Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	The company is privately held. The mother company is Opnext Inc., which trades at the NasdaqGS stock exchange under the symbol "OPXT".
Management:
	Shri Dodani, President & Chief Executive Officer John Ralston, Vice President Bruce D Horn, Chief Finance Officer

Financials - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

We have contacted the company who refused to provide us any financial data without knowing the name of the inquiring party.

Legal Fillings

There are no UCC** files listed with the Secretary of State of Delaware.

There are no legal filings listed with the District Court.

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

For information:

* The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

** The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America.

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

Rating

Local credit bureau gave a correct credit rate.

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

Final Opinion

This is a medium sized American company. It employs 200 people and has been in business for 2 years.

There is no financial data available on the company and it does not have current payment experience.

The mother company had negative results in 2009.

We strongly suggest working with GUARANTEES.

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	N.A.	Public Records	NO
Indebtedness	N.A.	Payments	N.A.
Cash	N.A.

APPENDIX

Person Interviewed
	Operator
Comments
	The person contacted refused to provide any kind of information and ended the call before we could ask for her name.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.27
UK Pound	1	Rs.7208
Euro	1	Rs.63.66

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

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.