MIRA INFORM REPORT

Report Date :

07.12.2011

IDENTIFICATION DETAILS

Name :	MOLEX MICRON PRIVATE LIMITED
Formerly Known As :	MOLEX MAFATLAL MICRON PRIVATE LIMITED
Registered Office :	C-7 and 8, GIDC Electronic Estate, Sector – 25, Gandhinagar – 382 044, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	23.07.1998
Com. Reg. No.:	04-034430
Capital Investment / Paid-up Capital :	Rs.145.306 Millions
CIN No.: [Company Identification No.]	U30009GJ1998PTC034430
TAN No.: [Tax Deduction & Collection Account No.]	AHMM01103E
PAN No.: [Permanent Account No.]	AABCM3173G
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the manufacture of professional grade connectors, automotive connectors, cable harness, parts and components thereof.
No. of Employees :	Approximately 80

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 1140000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The Company can be considered for small business dealings at usual trade terms and conditions. Profit and Loss Account for the year 31.03.2010 is not available.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Jatin Patel
Designation :	Senior Finance and Accounts Manager
Contact No.:	91-79-66737792
Date :	06.12.2011

LOCATIONS

Registered Office/ Administration Office/ Factory :	C-7 and 8, GIDC Electronic Estate, Sector – 25, Gandhinagar – 382 044, Gujarat, India
Tel. No.:	91-2712-225338 91-79-66737799
Fax No.:	91-2712-226906
E-Mail :	sharda@novojuris.com
Website :	www.molex.com

DIRECTORS

As on 21.09.2010

Name :	Rajashekar Rajagopala Reddy
Designation :	Director
Address :	No.50, Balaji Nilaya, 1^st Main Road, Balajinagar, Dharamaram College, Bangalore - 560 029, Karnataka, India
Date of Birth/Age :	08.11.1969
Date of Appointment :	17.08.2010
DIN No.:	03189395
Name :	Mr. Gopala Krishna Rao Baburao
Designation :	Director
Address :	18A, Green City, Sector – 26, Gandhinagar – 362 026, Gujarat, India
Date of Birth/Age :	19.12.1952
Date of Appointment :	12.12.2008
DIN No.:	02501398
Name :	Mr. Girish Kumar Cherukad
Designation :	Director
Address :	Flat No. 112, A Block, Knightbridge Apartment, ITPL Road, Kundalahalli, Bangalore – 560 037, Karnataka, India
Date of Birth/ Age :	01.01.1969

KEY EXECUTIVES

Name :	Mr. Ramanlal Manganlal Patel
Designation :	Secretary
Address :	22, Ajanta Park, Opposite St. Xavier High School, Mamnagar, Ahmedabad – 380 052, Gujarat, India
Date of Birth/Age :	07.05.1925
Date of Appointment :	01.02.2001
Name :	Mr. Jatin Patel
Designation :	Senior Finance and Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.09.2010

Names of Shareholders	No. of Shares
Molex (India) Private Limited, India	4213906
Molex International Inc., USA	10316694
Total	14530600

As on 21.09.2010

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	71.00
Bodies corporate (not mentioned above)	29.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacture of professional grade connectors, automotive connectors, cable harness, parts and components thereof.
Exports :
Products :	Electrical and Electronic Connectors
Countries :	USA Europe Middle East Hong Kong
Imports :
Products :	Raw Material
Countries :	Germany
Terms :
Selling :	L/C, Cash / Credit
Purchasing :	L/C, Cash / Credit

PRODUCTION STATUS AS ON 31.03.2009

Particulars	Unit	Installed Capacity *	Actual Production
Connectors	Nos.	25000000	13954687
Parts of Connectors	Nos.	NA	26627869
Harness	Nos.	1500000	885150

Notes:

* The installed capacity is as certified by the management and relied on by the auditors, this being a technical matter.

* No installed capacity can be determined for parts of connectors.

GENERAL INFORMATION

Customers :	Industrialist Manufacturer
No. of Employees :	Approximately 80
Bankers :	State Bank of India, Gandhinagar Main Branch, Sector 10B, Near Old Sachivalay, Gandhinagar – 382 010, Gujarat, India Bank of Baroda, Ahmedabad, Gujarat, India
Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	UB City, Canberra Block, 12^th and 13^th Floor, No.24, Vittal Mallya Road, Bangalore – 560 001, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AALFS0506L
As on 31.03.2009
Holding Company:	Molex International Inc., USA
Ultimate Holding Company:	Molex Incorporated
Fellow Subsidiaries :	Molex Japan Company Limited Molex Interconnect (Shanghai) Company Limited Molex Singapore Pte. Limited Molex Trading (Shanghai) Limited Molex Taiwan Limited Molex Interconnect GmbH Molex (Malaysia) Sdn Bhd Molex Slovakia A.S. Molex (Thailand) Limited Molex Automotive SARL Molex Korea Company Limited Dongguan Molex Interconnect Company Limited Molex (India) Private Limited Molex Korea Company Limited Molex (India) Tooling Private Limited Molex Hong Kong/China Limited Molex Elektronik GmbH Ettlingen Automotive Connectors India Private Limited Molex Interconnect (Chengdu) Company Limited Molex SARL France

CAPITAL STRUCTURE

As on 21.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs. 10/-each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14530600	Equity Shares	Rs. 10/-each	Rs.145.306 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		145.306	145.306	145.306
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		139.788	99.012	70.173
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		285.094	244.318	215.479
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		285.094	244.318	215.479
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		66.504	63.902	75.740
Capital work-in-progress (including capital advances)		5.021	4.534	1.807
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		7.576	4.899	6.236
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	42.593	64.292	59.868
	Sundry Debtors	47.413	25.896	73.452
	Cash & Bank Balances	131.295	55.787	50.282
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	35.416	48.047	49.773
Total Current Assets		256.717	194.022	233.375
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	48.317	20.703	94.859
	Other Current Liabilities		0.501	2.417
	Provisions	2.407	1.835	4.403
Total Current Liabilities		50.724	23.039	101.679
Net Current Assets		205.993	170.983	131.696
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		285.094	244.318	215.479

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008
	SALES
		Sale of goods (Net)	258.275	305.398
		Other Income	22.601	20.969
		TOTAL	280.876	326.367
Less	EXPENSES
		Raw Material and Components Consumed	104.502	145.208
		Decrease in work in progress and finished goods	3.013	11.948
		Personal Expenses	16.958	16.108
		Operating and Other Expenses	94.938	87.062
		TOTAL	219.411	260.326
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		61.465	66.041
Less	FINANCIAL EXPENSES		2.149	0.949
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		59.316	65.092
Less/ Add	DEPRECIATION/ AMORTISATION		13.596	12.710
	PROFIT BEFORE TAX		45.720	52.382
Less	TAX		16.881	20.908
	PROFIT AFTER TAX BEFORE PRIOR PERIOD		28.839	31.474
Less	Prior Period Items		0.000	3.183
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		70.173	41.882
	BALANCE CARRIED TO THE B/S		99.012	70.173
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. value of Exports	216.665	236.133
	TOTAL EARNINGS		216.665	236.133
	IMPORTS
		Raw Materials	79.674	59.360
		Consumables and Spare Parts	4.687	1.706
		Capital Goods	3.557	1.615
	TOTAL IMPORTS		87.918	62.681
	Earnings Per Share (Rs.)		1.98	1.95

Particulars	31.03.2011	31.03.2010
Sales Turnover (Approximately)	400.000	350.000

Expected Sales (2011-2012): Rs.300.000 millions

The above information has been parted by Mr. Jatin Patel (Senior Finance and Accounts Manager).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	10.27	8.66
Net Profit Margin (PBT/Sales)	(%)	NA	17.53	17.15
Return on Total Assets (PBT/Total Assets}	(%)	NA	17.55	16.94
Return on Investment (ROI) (PBT/Networth)		NA	0.19	0.24
Debt Equity Ratio (Total Liability/Networth)		0.17	0.09	0.47
Current Ratio (Current Asset/Current Liability)		5.06	8.42	2.29

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	--
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FIXED ASSETS:

Tangible

• Land (Lease Hold)
• Building
• Plant and Machinery
• Moulds and Die
• Furniture and Fittings
• Vehicles
• Computer
• Office and Other Equipments

Intangible

• Software Licences
• Technical Know How

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 records 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.51.39
UK Pound	1	Rs.80.20
Euro	1	Rs.68.92

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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	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
-	NB	New Business	-

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

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