MIRA INFORM REPORT

Report Date :

20.12.2011

IDENTIFICATION DETAILS

Name :	AMERICAN POWER CONVERSION CORPORATION (A.P.C.) B.V.

Registered Office :	Lot 1 Block 5, Phase II (2nd Street), Philippine Economic Zone Authority (PEZA), Cavite Economic Processing Zone, Rosario 4106, Cavite

Country :	Philippines

Financials (as on) :	31.12.2010

Date of Incorporation :	11.01.2002

Com. Reg. No.:	A200119166

Legal Form :	Foreign Corporation (Branch Office)

Line of Business :	Manufacturer, distributor and exporter of uninterrupted power supply (UPS) products

No. of Employees :	1,500 persons

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	No Complaints

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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Philippines

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

Company Details

Company Name:	AMERICAN POWER CONVERSION CORPORATION (A.P.C.) B.V.
Supplied Name:	American Power Conversion (APC) BV
Headquarter Address:	Lot 1 Block 5, Phase II (2nd Street), Philippine Economic Zone Authority (PEZA), Cavite Economic Processing Zone, Rosario 4106, Cavite, Philippines
Supplied Address:	Lot 3, Block 4, Phase III, Cavite Economic Processing Zone, Rosario Cavite 4106, Philippines
Telephone Number:	+63 (046) 437-1506; 437-0110 TO 13; 437-7272
Fax Number:	+63 (046) 437-3280; 437-0112; 437-1864

Note:

LOCATION: Headquarters and administrative office at captioned address.

Cav 3 (formerly Plant 4) is located at Lots 3-4, Block 4, Phase III, PEZA, Cavite Economic Processing Zone, Rosario 4106, Cavite.

Company Identification Details

Company Name:	AMERICAN POWER CONVERSION CORPORATION (A.P.C.) B.V.
Registered Number:	A200119166
Legal Form:	Foreign Corporation (Branch Office)
Date Incorporated:	11 January, 2002
Registered Capital:	USD 100,000
Listed at Stock Exchange:	No
Staff:	About 1,500

Note:

EMPLOYEES: About 1,500 including administrative, technical and plant personnel (regular and contractual) (per our available report dated July 11, 2011)

History

Verification with the local registry revealed the following correct registration details as of (December 15, 2011).

Company Background

Agency	Registration Date	Registration No	Term
Securities and Exchange Commission	11 January, 2002	A200119166	50 years

A Philippine Branch of subject organized and existing under the laws of Amsterdam, The Netherlands.

Also registered with the Philippine Economic Zone Authority (PEZA) in May 2002, primarily to manufacture and export uninterrupted power supply (UPS) products such as power converters, electronic equipment and parts, and regulators.

Commercial operation in the Philippines started on August 25, 2003. Effective said date; subject absorbed the operation, assets, liabilities, and employees of American Power Conversion (Phils.) Inc., which has stopped operating. In line with the transfer of operation to subject, the manufacturing plants of American Power Conversion (Phils.) Inc. were renamed Cav 1, Cav 2, and Cav 3 from Plant 1, Plant 3, and Plant 4, respectively. On January 2, 2006, the Securities and Exchange Commission approved the dissolution of American Power Conversion (Phils.) Inc.

Per company sources, Schneider Electric of France completed its merger with APC in February 2007. In the Philippines, subject and another Schneider subsidiary – MGE UPS Systems – have been integrated. Details, however, were not explained at great length. Also, no SEC have been found yet to support these claims.

Per latest available General Information Sheet as of January 24, 2011, assigned capital is USD 100,000.

Corporate Structure

Affiliates:

American Power Conversion Corporation (A.P.C.C.); A.P.C. Distribution Ltd.; A.P.C. Japan, Inc.; A.P.C. B.V.; A.P.C. Intl. Trade Shanghai; A.P.C. Australia Pvt. Limited; A.P.C. American; A.P.C. Brazil Ltd.; A.P.C. India Pvt. Ltd.; A.P.C. Uruguay; Merlin-Gerin Electronics (MGE); A.P.C. Sales & Services; A.P.C. (Suzhou) UPS Co. Ltd.; A.P.C. Gutor Electronic LLC; A.P.C. Denmark; A.P.C. China (Xiamen).

Shareholders

Information on shareholders is not available from the subject and other sources.

Management Information

Name:	Position:
TOBOJKA, JAMES A. 240 Apitong St., Brgy. New Alabang, Ayala Alabang Village, Muntinlupa City	Managing Director
ASISTORES, MYRNA S. 255 San Juan St., General Trias, Cavite City	Financial Controller
LIU, PEARL T. 12/F, Net One Center, 26th Street corner 3rd Avenue, Crescent Park West, Bonifacio Global City, Taguig City	Resident Agent

Operation

Activities

Manufacturer, distributor and exporter of uninterrupted power supply (UPS) products such as power converters, emergency power units, surge protectors, automatic/manual battery chargers/automatic emergency lights and automatic line regulators.

Premises

Headquarters and administrative office at captioned address.

Balance Sheet

Unit: USD

	2010-12-31	2009-12-31
TotalCurrentAssets	278,960,209.00	229,591,525.00
Cash	1,565,561.00	6,994,424.00
ShortInvest	0.00	0.00
Receivable	172,977,965.00	158,583,264.00
Inventory	93,968,911.00	62,250,856.00
OtherCurrentAssets	10,447,772.00	1,762,981.00
LongInvestTotal	0.00	0.00
LongInvestSecurity	0.00	0.00
LongInvestEquity	0.00	0.00
LongInvestOther	0.00	0.00
FixedAssetsTotal	39,760,607.00	35,490,566.00
FixedAssets	99,115,154.00	86,782,835.00
DepreciationTotal	59,354,547.00	51,292,269.00
IntangibleAssets	0.00	0.00
OtherAssets	184,034.00	6,363,500.00
TotalAssets	318,904,850.00	271,445,591.00
TotalCurrentDebt	92,122,692.00	142,979,961.00
ShortLoan	0.00	0.00
AccountsPayable	88,558,195.00	142,754,857.00
OtherCurrentLiability	3,564,497.00	225,104.00
LongLiabilityTotal	1,064,942.00	731,310.00
LongLeases	0.00	0.00
LongLoan	0.00	0.00
LongLoanOther	0.00	0.00
TotalLiability	93,187,634.00	143,711,271.00
TotalHead Office Account	225,717,216.00	127,734,320.00
ShareCapital	0.00	0.00
CapitalPaid	100,000.00	100,000.00
LegalReserve	0.00	0.00
SurplusReserve	0.00	0.00
UndistributedProfit	0.00	0.00
RetainedEarning	225,617,216.00	127,634,320.00
OtherEquity	0.00	0.00
TotalLiabilityAndEquity	318,904,850.00	271,445,591.00

Profit & Loss Account

Unit: USD

	2010	2009
OperatingRevenue	0.00	0.00
SalesRevenue	831,669,008.00	623,652,757.00
InterestRevenue	82,168.00	147,965.00
OtherRevenue	1,808,674.00	144,706.00
TotalRevenue	833,559,850.00	623,945,428.00
SalesCost	647,322,876.00	514,506,181.00
GrossProfit	184,346,132.00	109,146,576.00
SalesExpenses	0.00	0.00
ManagementExpenses	78,199,870.00	48,622,119.00
FinancialExpenses	105,802.00	1,722,763.00
TotalExpenses	725,628,548.00	564,851,063.00
OperatingProfit	107,931,302.00	59,094,365.00
NonOperatingProfit	0.00	0.00
ProfitBeforeTax	107,931,302.00	59,094,365.00
Tax	9,948,406.00	7,151,107.00
NetProfit	97,982,896.00	51,943,258.00

Cash Flow

Unit: USD

	2010	2009
OperatingNetCash	3,872,450.00	13,254,890.00
InvestmentNetCash	-9,301,313.00	-7,613,991.00
FinanceNetCash	0.00	0.00

Bankers

No dealings based on credit exposure report with one million and above dealings as of June 30, 2011.

Public Records

No negative records (court cases, credit cards cancelled and delinquent accounts) found under the name “AMERICAN POWER CONVERSION CORPORATION (A.P.C.) B.V.” in our available database as of December 15, 2011.

Special Notes

Above information were based on the subject’s 2011 General Information Sheet, the latest available at the Securities and Exchange Commission and our available databases.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.96
UK Pound	1	Rs.82.04
Euro	1	Rs.68.91

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	----

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%)

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.