MIRA INFORM REPORT

Report Date :

28.11.2011

IDENTIFICATION DETAILS

Name :	FIBCOM INDIA LIMITED
Registered Office :	LGF – 84, World Trade Centre, Barakhamba Lane, New Delhi – 110 001
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.12.1994
Com. Reg. No.:	55-63318
Capital Investment / Paid-up Capital :	Rs.115.000 Millions
CIN No.: [Company Identification No.]	U74899DL1994PLC063318
TAN No.: [Tax Deduction & Collection Account No.]	DELF02338A/ DELF02549B
PAN No.: [Permanent Account No.]	AAACF2237P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Optical Networking Equipment and Management Systems.
No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 2345000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Profitability of the company appears to be under pressure. However, networth appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

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 DECLINED BY

Name :	Mr. Yash Johar
Designation :	Accounts Manager
Contact No.:	91-124-4349000

LOCATIONS

Registered Office :	LGF – 84, World Trade Centre, Barakhamba Lane, New Delhi – 110 001, India
Tel No.:	91-11-23414946/ 49
Fax No.:	91-11-23414945
E-Mail :	sales@fibcom.com vivek.sood@rediffmail.com vk.anand@fibcom.com gautam.tibrewal@fibcom.com
Website :	http://www.fibcom.com
Head Office :	34-3, Dinesh Jain Complex, Delhi Jaipur Road, Gurgaon – 122 001, Haryana, India
Tel. No.:	91-124-2332874/ 2332875/ 2302815
Fax No.:	91-124-2332889
E-Mail :	cs@fibcom.com
Area :	Leased
Location :	Industrial
Corporate Office/ Factory :	B – 125, Gautam Budh Nagar, Phase II, Noida – 201304, Uttar Pradesh, India
Tel. No.:	91-120-3850400
Fax No.:	91-120-3850401
Sales and Support Offices :	Located at: · Mumbai · Kolkata · Chennai · Bangalore · Gurgaon
Research and Development Centre :	Located at : · Noida · Bangalore · Denmark

DIRECTORS

As on 30.09.2010

Name :

Mr. Devireaddy Reddy Madhusudhana

Designation :

Managing Director

Address :

C – 84, Sector – 23, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

29.08.1964

Date of Appointment :

21.11.2007

DIN No.:

00899127

Other Directorship :

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
U74899DL1994PLC063318	Fibcom India Limited	Managing director	21/11/2010	8/09/2005	-	Active	NO
U74899DL1995PLC066700	Prima Telecom Limited	Director	15/09/2009	1/08/2008	-	Active	NO
U70102UP2010PTC040635	Sudha Infrastructure Private Limited	Director	17/05/2010	17/05/2010	-	Active	NO
U74900UP2010PTC040636	Thinkwell Management Consulting Private Limited	Director	17/05/2010	17/05/2010	-	Active	NO
U70200DL2008PTC185331	Prima Infratech Private Limited	Director	18/09/2010	20/08/2010	-	Active	NO

Name :

Ms. Shradha Suri Marwah

Designation :

Executive Director and Vice Chairperson

Address :

E-7, Panchsheel Park, New Delhi – 110 017, India

Date of Birth/Age :

22.03.1978

Qualification :

Master of Science in International Marketing Management, London (UK) and Master of Science in Information System from LSE (UK)

Date of Appointment :

08.09.2005

DIN No.:

00176902

Other Directorship :

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
U74899DL1988PLC030957	Rohan Motors Limited	Director	31/03/1998	31/03/1998	-	Active	NO
L74899DL1985PLC020134	Subros Limited	Managing director	12/05/2008	12/05/2000	-	Active	NO
U74899DL1995PLC066700	Prima Telecom Limited	Whole-time director	6/10/2008	9/08/2001	-	Active	NO
U74899DL1995PLC066703	Prime Cellular Limited	Director	7/09/2001	7/09/2001	-	Active	NO
U74899DL1994PLC063318	Fibcom India Limited	Whole-time director	19/09/2008	8/09/2005	-	Active	NO
U74899DL1994PTC060999	Mercantile Capitals and Financial Services Private Limited	Director	13/02/2006	13/02/2006	-	Active	NO
U70100DL2010PTC205523	Pia Infrastructure Private Limited	Director	8/07/2010	8/07/2010	-	Active	NO
U70200DL2008PTC185331	Prima Infratech Private Limited	Director	18/09/2010	20/08/2010	-	Active	NO
U93000DL2011FLC212269	Denso Subros Thermal Engineering Centre India Limited	Director	6/01/2011	6/01/2011	-	Active	NO

Name :

Mrs. Jyotsna Suri

Designation :

Director and Chairperson

Address :

N – 119, Panchsheel Park, New Delhi – 110 017, India

Date of Birth/Age :

20.07.1952

Date of Appointment :

20.12.2006

DIN No.:

00004603

Other Directorship :

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
U65910DL1983PLC015912	Deeksha Holding Limited	Director	10/06/1983	10/06/1983	-	Active	NO
U74899DL1988PLC030957	Rohan Motors Limited	Director	15/03/1988	15/03/1988	-	Active	NO
L74899DL1981PLC011274	Bharat Hotels Limited	Managing director	16/10/2011	2/11/1989	-	Active	NO
U74899DL1988PTC031773	Responsible Builders Private Limited	Director	20/03/1993	20/03/1993	-	Active	NO
U74899DL1994PTC060999	Mercantile Capitals and Financial Services Private Limited	Director	22/08/1994	22/08/1994	-	Active	NO
U74899DL1995PLC066703	Prime Cellular Limited	Director	24/03/1995	24/03/1995	-	Active	NO
U74899DL1995PLC066700	Prima Telecom Limited	Director	24/03/1995	24/03/1995	-	Active	NO
U55101JK1964PLC000286	Jyoti Limited	Director	17/01/1998	17/01/1998	-	Active	NO
U55101DL2001PLC112153	Udaipur Hotels Limited	Director	26/02/2002	26/02/2002	-	Active	NO
U55101DL2001PLC112164	Khajuraho Hotels Limited	Director	7/08/2002	7/08/2002	-	Amalgamated	NO
U74999DL2003PLC122354	Deeksha Human Resource Initiatives Limited	Director	22/09/2003	22/09/2003	-	Active	NO
U01121DL2005PLC140879	Premium Farm Fresh Produce Limited	Director	16/09/2005	16/09/2005	-	Active	NO
U36999WB2004PLC097656	Apollo Zipper India Limited	Managing director	30/11/2008	30/11/2005	-	Active	NO
U70101DL2006PTC148864	Prima Realtors Private Limited	Director	17/05/2006	17/05/2006	-	Active	NO
U70109DL2006PTC149732	Prima Buildwell Private Limited	Director	14/06/2006	14/06/2006	-	Active	NO
L52110DL1987PLC029757	Premium Exports Limited	Director	24/08/2007	16/10/2006	-	Active	NO
U67120DL1983PTC017257	Jyotsna Holdings Private Limited	Director	24/08/2007	16/10/2006	-	Active	NO
U74899DL1987PTC028123	Special Protection Services Private Limited	Director	25/09/2007	16/10/2006	-	Active	NO
L74899DL1985PLC020134	Subros Limited	Director	30/10/2006	30/10/2006	-	Active	NO
U74899DL1994PLC063318	Fibcom India Limited	Director	20/12/2006	20/12/2006	-	Active	NO

Name :

Mr. Ramesh Suri

Designation :

Director

Address :

N – 119, Panchsheel Park, New Delhi – 110 017, India

Date of Birth/Age :

14.05.1939

Date of Appointment :

08.09.2005

DIN No.:

00176488

Other Directorship :

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
L74899DL1981PLC011274	Bharat Hotels Limited	Director	22/01/1981	22/01/1981	-	Active	NO
L74899DL1985PLC020134	Subros Limited	Whole-time director	20/09/2010	14/02/1985	-	Active	NO
U74899DL1985ULT020685	S.H.S. Transport Private Limited	Director	15/04/1985	15/04/1985	-	Active	NO
U74899DL1987PTC028123	Special Protection Services Private Limited	Director	26/02/1988	26/02/1988	-	Active	NO
U74899DL1988PLC030957	Rohan Motors Limited	Managing director	1/05/2008	6/05/1988	-	Active	NO
U65921DL1991PTC045994	Tempo Finance (North ) Private Limited	Director	11/10/1991	11/10/1991	-	Active	NO
U74899DL1994PTC060999	Mercantile Capitals and Financial Services Private Limited	Director	22/08/1994	22/08/1994	-	Active	NO
U74899DL1995PLC066703	Prime Cellular Limited	Director	24/03/1995	24/03/1995	-	Active	NO
U74899DL1995PLC066700	Prima Telecom Limited	Director	24/03/1995	24/03/1995	-	Active	NO
U55101JK1964PLC000286	Jyoti Limited	Director	17/01/1998	17/01/1998	-	Active	NO
U50404WB1985PTC038903	Sawalka Autotech Private Limited	Director	17/05/1998	17/05/1998	-	Under Process of Striking off	NO
U34300DL1998PTC094530	Sawalka Autotech Private Limited	Director	16/06/1998	16/06/1998	-	Active	NO
U70101DL1986PTC025586	R.R. Holdings Private Limited	Director	27/08/1998	27/08/1998	-	Dormant	NO
U74899DL1983PTC017127	R R Holdings Private Limited	Director	27/08/1998	27/08/1998	-	Active	NO
U74899DL1975PTC007775	Hemkunt Service Station Private Limited	Director	5/09/1998	5/09/1998	-	Active	NO
U74899DL1998PTC071981	Tempo Automobiles Private Limited	Director	23/10/1998	23/10/1998	-	Active	NO
U55101DL2001PLC112153	Udaipur Hotels Limited	Director	26/02/2002	26/02/2002	-	Active	NO
U55101DL2001PLC112164	Khajuraho Hotels Limited	Director	7/08/2002	7/08/2002	-	Amalgamated	NO
U74899DL1989PTC038256	Bee Pee Motors Private Limited	Director	5/12/2002	5/12/2002	-	Active	NO
U34300DL2003PLC120424	Global Autotech Limited	Director	20/07/2005	20/07/2005	-	Active	NO
U50300DL2005PTC139385	Rohan Auto Sales Private Limited	Director	5/08/2005	5/08/2005	-	Active	NO
U74899DL1994PLC063318	Fibcom India Limited	Director	8/09/2005	8/09/2005	-	Active	NO
U01121DL2005PLC140879	Premium Farm Fresh Produce Limited	Director	16/09/2005	16/09/2005	-	Active	NO
U36999WB2004PLC097656	Apollo Zipper India Limited	Director	30/11/2005	30/11/2005	-	Active	NO
U27104PB1972PTC003140	Teriot Steels Private Limited	Director	20/06/2006	20/06/2006	-	Active	NO
U99999DL1959PLC176013	Automotive Component Manufacturers Association of India	Director	8/09/2006	8/09/2006	-	Active	NO
L52110DL1987PLC029757	Premium Exports Limited	Director	24/08/2007	16/10/2006	-	Active	NO
U67120DL1983PTC017257	Jyotsna Holdings Private Limited	Director	24/08/2007	16/10/2006	-	Active	NO
U74899DL1988PTC031773	Responsible Builders Private Limited	Director	24/08/2007	16/10/2006	-	Active	NO
U65910DL1983PLC015912	Deeksha Holding Limited	Director	29/09/2007	16/10/2006	-	Active	NO
L29113DL1984PLC018415	Sona Koyo Steering Systems Limited	Director	18/07/2008	23/10/2006	-	Active	NO
U74899DL1994PLC063915	Autotech Ancillaries Limited	Director	2/07/2007	2/07/2007	31/07/2007	Active	NO
U50404CH1991PTC011061	Anbros Motors Private Limited	Director	29/09/2007	9/07/2007	-	Active	NO
U91990DL1956PLC001601	Chelmsford Club Limited	Director	26/09/2007	26/09/2007	-	Active	NO
U74899DL1990PTC039461	Trishul Leasing Private Limited	Director	3/03/2008	3/03/2008	-	Active	NO
U74140DL2004NPL130324	Federation of Automobile Dealers Associations Transfer From Mumbai to Delhi	Director	8/09/2011	8/09/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. V.K. Anand
Designation :	Company Secretary Senior General Manager - Finance and Accounts
Address :	2802, San Marino Apartments, Sector-54, Gurgaon, 121 003, Haryana, India
Date of Birth/Age :	11.05.1966
Date of Appointment :	09.06.2010
PAN No. :	AAAPA2086Q
Name :	Mr. Yash Johar
Designation :	Accounts Manager
Name :	Mr. A M Golpalakrishnan
Designation :	Executive Vice President Customer Support and PLS
Name :	Mr. Navneet Bhatia
Designation :	Vice President - Operations
Name :	Mr. A.K. Singh
Designation :	Executive Advisor - Human Resource
Name :	Mr. Rajiv Dewan
Designation :	Vice President Business Development
Name :	Mr. Naval Talwar
Designation :	General Manager - Sales and Marketing
Name :	Mr. Vikas Bhardwaj
Designation :	General Manager - Sales and Marketing
Name :	Mr. L.N. Vishwanathan
Designation :	Senior General Manager - Operations
Name :	Mr. J. Seetharaman
Designation :	Vice President Research and Development
Name :	Mr. Prakash Veer
Designation :	Executive Vice President Sales and Operations

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Deeksha Holding Limited, India	1437500
Mercantile Capital and Financial Services (Private) Limited, India	1149800
Jyotsna Suri	2875000
Ramesh Suri	100
Ramesh Suri (HUF)	100
Shradha Suri Marwah	5462500
Jyotsna Holding Private Limited, India	575000
Total	11500000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Bodies corporate	27.50
Directors or relatives of Directors	72.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Optical Networking Equipment and Management Systems.
Products :	· Test Equipment · Wireless Communication · Test Equipment · Wireline Communication

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Actual Production (Nos.)
Fibre Optic Transmission System/ Equipment – SDH/ DWDM	2564
Module	47596

Note: The Company is not required to obtain an Industrial Licence for its products. In view of the capability of the Company’s Plant to manufacture various types of Telecommunication products, it is not possible to estimate the installed capacity.

GENERAL INFORMATION

Suppliers :

· DSC Communication, Denmark

· IFU, Denmark

· Future Electronics, USA

· HP, Malaysia

· Erni GmbH, Germany

· Nichiman, Japan

· Kanyon Product, Hong Kong

· Murta Electronics Private Limited, Singapore

Customers :

· Mahanagar Telephone Nigam Limited, India

· Department of Telecommunication, Government of India

· DSC Communication, Denmark

· ITI Limited, India

No. of Employees :

Information declined by the Management

Bankers :

· Credit Lyonnis Bank, Connaught Place, New Delhi - 110 001, India

· American Express Bank Limited, Connaught Place, New Delhi - 110 001, India

· Punjab National Bank, International Airport, New Delhi, India

· Punjab and Sind Bank, Gurgaon, Haryana, India

· Oriental Bank of Commerce, A-Block, Connaught Place, New Delhi – 110 001, India

· IDBI Bank Limited, Indian Red Cross Society Building, 1, Red Cross Road, New Delhi – 110 001, India

· Centurion Bank Limited, Connaught Place, New Delhi, India

Facilities :

Secured Loans	As on 31.03.2010 Rs. In Millions	As on 31.03.2009 Rs. In Millions
Loan from Banks
Cash Credit	615.377	506.206
Total	615.377	506.206

Notes:

1) Secured by hypothecation as first charge ranking pari passu on the company’s entire stock of raw materials, semi-finished goods, finished goods, consumable stores and other movable assets such as book debts, receivables and other items, both present and future.

2) Secured by a mortgage and hypothecation as first charge ranking pari passu on the company’s entire immovable and movable fixed assets, both present and future, including movable machinery, machinery spares, tools and accessories.

3) Further, the above loans are also secured by personal guarantee of two directors of the company.

Unsecured Loans	As on 31.03.2010 Rs. In Millions	As on 31.03.2009 Rs. In Millions
Intercorporate Deposits - From a Company	101.191	0.000
Total	101.191	0.000

Banking Relations :	--
Auditors :
Name :	V.K. Dhingra and Company Chartered Accountants
Address :	1-E/15, Jhandewalan Extension, New Delhi – 110 055, India
Tel. No.:	91-11-23528511/ 23638325/ 23536857/ 23550475
Fax No.:	91-11-23549789
E-Mail :	info@vkdco.com
PAN.:	AAAFV7051N
Trust under control of the Company :	· Fibcom India Limited Employees Group Gratuity Fund · Fibcom India Limited Employees Group Superannuation Fund

CAPITAL STRUCTURE

After 30.09.2010

Authorised Capital : Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.153.000 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11500000	Equity Shares	Rs.10/- each	Rs.115.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008 (6 Months)
SHAREHOLDERS FUNDS
1] Share Capital		115.000	115.000	115.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		471.328	525.508	576.649
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		586.328	640.508	691.649
LOAN FUNDS
1] Secured Loans		615.377	506.206	371.223
2] Unsecured Loans		101.191	0.000	0.000
TOTAL BORROWING		716.568	506.206	371.223
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
Deferred Payment Credits		0.000	0.000	30.436
TOTAL		1302.896	1146.714	1093.308
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		478.182	369.068	390.952
Capital work-in-progress		134.052	116.668	2.532
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		88.558	52.306	9.363
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	281.344	290.267	283.175
	Sundry Debtors	402.861	432.803	706.199
	Cash & Bank Balances	36.708	18.864	29.728
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	180.398	154.073	99.978
Total Current Assets		901.311	896.007	1119.080
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	262.635	264.536	409.956
	Other Current Liabilities	22.185	11.157
	Provisions	14.387	11.642	18.663
Total Current Liabilities		299.207	287.335	428.619
Net Current Assets		602.104	608.672	690.461
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1302.896	1146.714	1093.308

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008 (6 Months)
	SALES
		Net Sales	774.476	752.633	791.112
		Service Income	19.019	51.020	14.167
		Other Income	23.056	17.940	3.858
		TOTAL (A)	816.551	821.593	809.137
Less	EXPENSES
		Material Consumed	582.192	579.200	522.575
		Other Manufacturing Expenses	10.221	10.498	7.206
		Employees Related Costs	108.354	96.504	65.584
		Administrative, Selling and Other Expenses	110.867	98.961	90.835
		(Increase)/Decrease in Stock	(35.841)	(2.144)	0.945
		TOTAL (B)	775.793	783.019	687.145
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		40.758	38.574	121.992
Less	FINANCIAL EXPENSES (D)		73.743	91.190	43.726
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(32.985)	(52.616)	78.266
Less/ Add	DEPRECIATION/ AMORTISATION (F)		57.447	39.151	23.171
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(90.432)	(91.767)	55.095
Less	TAX (H)		(36.252)	(40.626)	12.273
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(54.180)	(51.141)	42.822
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		498.401	549.542	506.720
	BALANCE CARRIED TO THE B/S		444.221	498.401	549.542
	EARNINGS IN FOREIGN CURRENCY
		Export of goods	368.561	397.642	NA
		Sale of Goods within India	61.664	34.874	NA
	TOTAL EARNINGS		430.225	432.516	NA
	IMPORTS
		Capital Goods:
		- Technical Know-how	25.657	0.000	NA
		- Others	20.204	33.723	NA
		Materials, Components and Stores	377.935	428.945	NA
	TOTAL IMPORTS		423.796	462.668	NA
	Earnings/ (Loss) Per Share (Rs.)		(4.71)	(4.45)	3.72

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008 (6 Months)
PAT / Total Income	(%)	(6.64)	(6.22)	5.29
Net Profit Margin (PBT/Sales)	(%)	(11.68)	(12.19)	6.96
Return on Total Assets (PBT/Total Assets}	(%)	(6.56)	(7.25)	3.65
Return on Investment (ROI) (PBT/Networth)		(0.15)	(0.14)	0.08
Debt Equity Ratio (Total Liability/Networth)		1.73	1.24	1.16
Current Ratio (Current Asset/Current Liability)		3.01	3.12	2.61

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered Office of the company has been shifted from B-409, 4th Floor, Somdutt Chambers–1, 5-Bhikaji Cama Place, New Delhi – 110066, India, to the present address w.e.f. 01.10.2007

OPERATIONS:

During the year, Gross income of the Company grew marginally from Rs.845.600 Millions in the F.Y. 2008-09 to Rs.848.500 Millions in 2009-10.

With a vision for Future growth, the Company continued to invest in R and D activities and focused on building strong Sales network, robust customer support system. For this the Company has inducted talented manpower. However, as the Company is in growing phase the efforts resulted in escalation of Overall Fixed costs such as R and D, depreciation, employee cost, interest, administrative and selling expenses which affected the profitability of the company. The R and D initiatives will reap rich benefits and revenue from the F.Y. 2010-11 onwards and profit margins will improve considerably.

BUSINESS OUTLOOK:

The Indian telecommunications industry is one of the fastest growing in the world and it is expected that the trend shall continue in next 10 years to come, with thrust on telecom penetration in rural India. Recently, Indian Government has allocated 3G Spectrum to telecom operators which will give tremendous impetus to the growth of the telecom industry and would surely help Fibcom to explore new business opportunities. Thus, the telecom industry has huge business potential and is going to be high growth industry, it will also be very cost sensitive due to low rea1izatiois by Telecom operators.

The Company is engaged in optimized network solutions for various telecom operators and providing Telecom infrastructure development/Turnkey solutions to provide cost effective solutions thro’ High Technology Product development. The Company is progressively acquiring a strong and competent Team from Tellabs, Denmark to carry forward R and D activities independently on 6300 product platform along with long term Technology licenses for use in its Territories.

With world class R and D facilities, strong customer support capability and excellent manpower, the company is all set to take advantage of these growth opportunities available. The Company has superior and unique product architecture / features, which gives a distinct Technology edge in its Markets.

The full scale In-house R and D facility established last year is operational and all efforts in this direction are expected to reap rich benefits in the long run. New product development/new technology will definitely give cutting edge technology and will help company offering latest products/innovations to various existing as well as prospective customers.

FORM 8

Corporate identity number of the company	U74899DL1994PLC063318
Name of the company	FIBCOM INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	LGF – 84, World Trade Centre, Barakhamba Lane, New Delhi – 110 001, India E-Mail: vk.anand@fibcom.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge Others (Entire Fixed Assets and Current Assets)
Particular of charge holder	IDBI Bank Limited, Indian Red Cross Society Building, 1, Red Cross Road, New Delhi – 110 001, India E-Mail: mv.adam@idbi.co.in
Nature of description of the instrument creating or modifying the charge	Deed of hypothecation dated 4^th August, 2010 executed by company in favour of IDBI Bank Limited, thereby creating first pari-passu charge on entire fixed and current assets of the company as security for financial assistance of Rs.300.000 millions.
Date of instrument Creating the charge	04/08/2010
Amount secured by the charge	Rs.300.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BPLR minus 1.50% i.e. present effective 11.75% p.a. payable monthly Terms of Repayment 14 equal quarterly installments with a moratorium of 9 months from the date of 1^st disbursement Extent and Operation of the charge First pari-passu charge on entire fixed assets of the company present and future First pari-passu charge on entire current assets of the company present and future Others The above is to secure term loan of Rs.300.000 Millions sanctioned to the company
Short particulars of the property charged	A first pari-passu charge by way of hypothecation of entire current assets of the company including stock of raw materials, semi finished goods, consumable store, book debts and such movables as may be agreed to by the lenders, both present and future, and a first pari-passu charge on all the Borrowers moveable fixed assets including movable machinery, machinery spares, tools and accessories, present and future

CONTINGENT LIABILITIES AND COMMITMENTS: (As on 31.03.2010)

1) Estimated amount of contracts remaining to be executed on capital amount, not provided for (net of advances) Rs.0.614 Million.

2) Claims against the Company not acknowledged as debts:

a) Contingent Liability in respect of Income Tax cases: Rs.1.644 Millions

3) Details of Bank guarantees issued by the Company’s bankers and outstanding as at year end are as follows:

Particulars	31.03.2010 (Rs. in millions)
Various customers for execution of contracts	26.688
Total	26.688

FIXED ASSETS:

· Freehold Land

· Building - Freehold

· Leasehold Improvements

· Plant and Machinery

· Office Equipment

· Computer

· Electrical Installations

· Generator

· Furniture and Fixtures

· Motor Vehicles

· Computer Software

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.52.17
UK Pound	1	Rs.80.64
Euro	1	Rs.69.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.