MIRA INFORM REPORT

Report Date :

29.12.2011

IDENTIFICATION DETAILS

Name :	TYCO ELECTRONICS SYSTEMS INDIA PRIVATE LIMITED
Registered Office :	‘TE Park’ Site No.22B, Doddenakundi, 2^nd Phase Industrial Area, White Field Road, Mahedevapur PO, Bangalore – 560048, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.04.1995
Com. Reg. No.:	08-032692
Capital Investment / Paid-up Capital :	Rs.582.337 Millions
CIN No.: [Company Identification No.]	U29199KA1995PTC032692
TAN No.: [Tax Deduction & Collection Account No.]	BLRT02254A
PAN No.: [Permanent Account No.]	AABCT3357R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and Sale of Surge Arrestors, FRP Insulators, Suspension, Hardware Fittings etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 900000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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

LOCATIONS

Registered Office :	‘TE Park’ Site No.22B, Doddenakundi, 2^nd Phase Industrial Area, White Field Road, Mahedevapur PO, Bangalore – 560048, Karnataka, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	ravis@te.com tavis@tycoelectronics.com bopanna@tycoelectronics.com
Unit :	Hoody Village, K R Puramhobli Khata, Bangalore -560048, Karnataka, India

DIRECTORS

(AS ON 29.09.2011)

Name :

Mr. Ravi Krishna Sastry

Designation :

Director

Address :

311, BCC Layout, 8^th Main Road, Vijayanagar, Bangalore – 560040, Karnataka, India

Date of Birth/Age :

21.02.1976

Date of Appointment :

11.05.2006

DIN No.:

00332491

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29299KA1991PTC041452	TYCO ELECTRONICS TOOLS INDIA PRIVATE LIMITED	Director	3/12/2002	3/12/2002	-	Amalgamated	NO
2	U29199KA1995PTC032692	TYCO ELECTRONICS SYSTEMS INDIA PRIVATE LIMITED	Director	11/5/2006	11/5/2006	-	Active	NO
3	U72900DL2000PTC105543	TEI TECHNOLOGIES PRIVATE LIMITED	Director	30/09/2008	10/3/2008	14/09/2011	Active	NO
4	U31909MH1988PTC046882	XOL TECHNOLOGIES PRIVATE LIMITED	Additional director	3/6/2011	3/6/2011	-	Active	NO
5	U72900KA2000PTC028045	ADC (INDIA) COMMUNICATIONS AND INFOTECH PRIVATE LIMITED	Director	30/09/2011	12/9/2011	-	Active	NO

Name :

Mr. Sanjay Handu

Designation :

Director

Address :

Mantri Spiendor, Flat No. A Phase 2, 46/2, Geddalahalli, Hennur Main Road, Bangalore – 560077, Karnataka, India

Date of Birth/Age :

10.08.1960

Date of Appointment :

20.06.2001

DIN No.:

02242665

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29199KA1995PTC032692	TYCO ELECTRONICS SYSTEMS INDIA PRIVATE LIMITED	Director	20/06/2001	20/06/2001	-	Active	NO
2	U74999MH1984PTC033786	RAYCHEM-RPG PRIVATE LIMITED	Director appointed in casual vacancy	27/06/2008	27/06/2008	29/09/2009	Active	NO
3	U55101KA2008PTC047240	GREEN MIST HOTELS AND RESORTS PRIVATE LIMITED	Director	22/07/2008	22/07/2008	-	Active	NO
4	L32209KA1988PLC009313	ADC INDIA COMMUNICATIONS LIMITED	Managing director	1/4/2011	29/03/2011	-	Active	NO

Name :

Mr. Bukanakere Subrahmanyam Krishnaprasad

Designation :

Additional Director

Address :

38/F1, Padma Apartments, 8^th Main Road, Bangalore – 560003, Karnataka, India

Date of Birth/Age :

24.03.1966

Date of Appointment :

17.03.2011

DIN No.:

03532304

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29199KA1995PTC032692	TYCO ELECTRONICS SYSTEMS INDIA PRIVATE LIMITED	Director	29/09/2011	17/03/2011	Active	NO
2	U31909MH1988PTC046882	XOL TECHNOLOGIES PRIVATE LIMITED	Additional director	3/6/2011	3/6/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2011)

Names of Shareholders	No. of Shares (Equity)
Tyco Electronics Asia Investments Limited, Mauritius	17793592
Tyco Electronics Holdings S.a.r.l., Luxembourg	10
Total	17793602
Names of Shareholders	No. of Shares (Preference)
Tyco Electronics Asia Investments Limited, Mauritius	404401075
Total	404401075

(AS ON 30.09.2011)

Equity Shares Break – Up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture and Sale of Surge Arrestors, FRP Insulators, Suspension, Hardware Fittings etc.

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Suspension/ Tension Fittings – fully assembled with forgings, Tubes fittings etc.	Nos.	--	75000	42844
Accessories – Vibration Dampers, Spares Midspan Jounts etc	Nos.	--	190000	101924
FRP Insulators	Nos.	--	200000	199349
Surge Arrestors	Nos.	--	400000	272614

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Other Debt Unsecured	270.000	660.000
Interests Accrued due other debts Debt Unsecured	1.952	2.733
Total	271.952	662.733

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte Centre, Anchorage II, 100/2, Richmond Road, Bangalore – 560025, Karnataka, India
PAN No.:	AAFD3771D
Holding Company :	· Tyco Electronics Asia Investments Limited, Mauritius

CAPITAL STRUCTURE

(AS ON 29.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
18000000	Equity Shares	Rs.10/- each	Rs.180.000 Millions
420000000	Preference Shares	Rs.1/- each	Rs.420.000 Millions
	Total		Rs.600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17793602	Equity Shares	Rs.10/- each	Rs.177.936 Millions
404401075	Preference Shares	Rs.1/- each	Rs.404.401 Millions
422194677
	Total		Rs.582.337 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		582.337	582.337	582.337
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.999	5.999	253.696
4] (Accumulated Losses)		(357.186)	(187.262)	(436.398)
NETWORTH		231.150	401.074	399.635
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		271.952	662.733	496.402
TOTAL BORROWING		271.952	662.733	496.402
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		503.102	1063.807	896.037
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.448	375.678	301.145
Capital work-in-progress		0.000	4.345	27.386
INVESTMENT		0.001	0.001	0.001
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	317.595	372.812
	Sundry Debtors	11.999	191.949	183.327
	Cash & Bank Balances	26.204	155.842	68.671
	Other Current Assets	301.215	0.000	0.000
	Loans & Advances	186.178	286.063	362.825
Total Current Assets		525.596	951.449	987.635
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	39.270	251.749	408.952
	Other Current Liabilities	0.673	10.374	3.609
	Provisions	0.000	5.543	7.569
Total Current Liabilities		39.943	267.666	420.130
Net Current Assets		485.653	683.783	567.505
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		503.102	1063.807	896.037

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES TURNOVER		630.000	1430.000	828.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(88.829)	105.682	16.871
Less	FINANCIAL EXPENSES		36.566	40.730	31.366
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(125.395)	64.952	(14.495)
Less/ Add	DEPRECIATION/ AMORTISATION		44.529	63.513	35.183
	PROFIT BEFORE TAX		(169.924)	1.439	(49.678)
Less	TAX		0.000	0.000	3.497
	PROFIT AFTER TAX		(169.924)	1.439	(53.175)
	EARNINGS IN FOREIGN CURRENCY		387.032	942.517	414.265
	IMPORTS
		Raw Materials Including Stores & Spares	176.496	579.703	503.734
		Capital Goods	3.237	105.083	156.164
	TOTAL IMPORTS		179.733	684.786	659.898
	Earnings Per Share (Rs.)		(9.55)	0.08	(2.99)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	(26.97)	0.10	(6.00)
Return on Total Assets (PBT/Total Assets}	(%)	(31.29)	0.11	(3.85)
Return on Investment (ROI) (PBT/Networth)		(0.74)	0.00	(0.12)
Debt Equity Ratio (Total Liability/Networth)		1.35	2.32	2.29
Current Ratio (Current Asset/Current Liability)		13.16	3.55	2.35

LOCAL AGENCY FURTHER INFORMATION

STATE OF AFFAIRS

The Company achieved a Sales Turnover of Rs.630.000 Millions as against Rs.1430.000 Millions for the previous year. The drop in sales is on account of the fact that the Company had operations only for the first six months of the fiscal year. The Company transferred its Energy Trade and Export Business to Raychem RPG Private Limited under a slump sale.

FIXED ASSETS:

· Land – Freehold

· Plant and Machinery

· Furniture and Fittings

· Data Processing Equipments

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.52.89
UK Pound	1	Rs.82.71
Euro	1	Rs.69.15

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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	YES
--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		27

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.