MIRA INFORM REPORT

Report Date :

13.08.2012

IDENTIFICATION DETAILS

Name :	MOLEX INDIA TOOLING PRIVATE LIMITED MOLEX (INDIA) PRIVATE LIMITED AMALGAMATED WITH MOLEX INDIA TOOLING PRIVATE LIMITED
Registered Office :	6A, Sadarmangla Industrial Area, Kadugodi, Bangalore – 560067, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.04.2001
Com. Reg. No.:	11-028945
Capital Investment/ Paid-up Capital:	Rs.550.000 Millions
CIN No.: [Company Identification No.]	U27109KA2001PTC028945
PAN No.: [Permanent Account No.]	AACCM6091N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of moulds, dies, and related spares. etc.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge 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 on a secured 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	6A, Sadarmangle Industrial Area, Kadugodi, Bangalore – 560067, Karnataka, India
Tel. No.:	91-80-41293550 / 41293500
Fax No.:	91-80-41293601
E-Mail :	girish.kumar@molex.com
Website :	http://www.molex.com
Location :	Owned

DIRECTORS

(As on 27.12.2011)

Name :

Mr. Christopher Kasthuri Raj

Designation :

Director

Address :

#1089, 15^TH Cross , 1^st Phase, 3^rd Block, Hbr Layout, Bangalore – 560066, Karnataka, India

Date of Birth/Age :

25.05.1964

Date of Appointment :

12.12.2008

DIN No :

02386725

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U30009GJ1998PTC034430	MOLEX MICRON PRIVATE LIMITED	Director	19/05/2004	19/05/2004	12/12/2008	Amalgamated	NO
2	U85110KA1996PTC021554	AUTOMOTIVE CONNECTORS INDIA PRIVATE LIMITED	Director	2/2/2007	2/2/2007	12/12/2008	Amalgamated	NO
3	U27109KA2001PTC028945	MOLEX (INDIA) PRIVATE LIMITED	Director	12/12/2008	12/12/2008	11/1/2012	Active	NO

Name :

Mr. Shankar Jayaram

Designation :

Additional director

Address :

#118, 13^th Main Sector – V, IISR Layout, Koramangla, Bangalore – 560038, Karnataka, India

Date of Birth/Age :

08.12.1969

Date of Appointment :

17.08.2010

DIN No :

03179130

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 27.12.2011)

Names of Shareholders	No. of Shares
Molex (India) Private Limited, India	11,00,000
Molex Incorporated, USA	2,69,50,000
Molex International Incorporation., USA	2,69,50,000
Total	55,000,000

(AS ON 27.12.2011)

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	98.00
Bodies corporate	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of moulds, dies, and related spares. etc.
Products :	Connectors (including connectors having wires)

PRODUCTION STATUS

Particulars	Unit	Licensed Capacity		Installed Capacity
		31.03.2011	31.03.2010	31.032011	31.03.2010
Moulds	Nos.	0.000	135	0.000	0.000
Dies	Nos.	0.000	80	0.000	0.00
Spares	Nos.	0.000	274,340,000	0.000	14,400,000

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Divulged

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans unsecured	51.764	31.471
Other debt unsecured	20.000	20.000
Total	71.764	51.471

Banking Relations :	--
Auditors :
Name :	S. U. Ghatalia and Associates Chartered Accountants
Address :	“UB City” Canberra Block, 12^th and 13^th Floor, No.24, Vittal Mallya Road, Bangalore - 560001,Karnataka, India
PAN No.:	AACFS6921Q
Holding Company :	Molex International Inc., USA
Ultimate Holding Company :	Molex Incorporated, USA Molex Interconnect (Chengdu) Company Limited, China
Subsidiaries :	· Molex Interconnect (Shanghai) Company Limited, Shanghai · Molex Far East – South Management Pte. Limited, Singapore · Molex Singapore Pte Limited, Singapore

CAPITAL STRUCTURE

(As on 27.12.2011)

Authorised Capital : Rs.600.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.229.492 Millions

(As on 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Share	Rs.10/- each	Rs.600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
55000000	Equity Share	Rs.10/- each	Rs.550.000 Millions

NOTE:

• 26,950,000) equity shares of Rs.10/- each are held by Molex Incorporated

• 26,950,000 equity shares of Rs.10/- each are held by Molex International Incorporated

• 1,100,000 equity shares of Rs.10/- each held by Molex (India) Private Limited

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		550.000	550.000	550.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(576.447)	(562.276)	(543.339)
NETWORTH		(26.447)	(12.276)	6.661
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		71.765	51.472	70.144
TOTAL BORROWING		71.765	51.472	70.144
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		45.318	39.196	76.805
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		72.398	77.936	116.685
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.294
	Cash & Bank Balances	0.099	0.256	0.372
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.989	9.671	6.922
Total Current Assets		7.088	9.927	7.588
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	30.430	39.547
	Other Current Liabilities	3.738	9.120	47.468
	Provisions	0.000	0.000	0.000
Total Current Liabilities		34.168	48.667	47.468
Net Current Assets		(27.080)	(38.740)	(39.880)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		45.318	39.196	76.805

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2011	31.03.2010
	SALES
		Income		9.352	23.011
		Other Income
		TOTAL		9.352	23.011
Less	EXPENSES
		Office Expenses
		Administrative Expenses		16.623	19.197
		Advertising Expenses
		TOTAL		16.623	19.197
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			(7.271)	3.814
Less/ Add	DEPRECIATION/ AMORTISATION			6.900	22.386
	PROFIT /(LOSS) BEFORE TAX			(14.171)	(18.572)
Less	TAX			0.000	0.365
	PROFIT /(LOSS) AFTER TAX			(14.171)	(18.937)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			(265.275)	(543.338)
	BALANCE / (LOSS) CARRIED TO THE B/S			(576.446)	(265.275)
	Earnings Per Share (Rs.)			(0.26)	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(151.53)	(82.3)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(17.83)	(21.14)	NA
Return on Investment (ROI) (PBT/Networth)		(0.54)	(1.51)	NA
Debt Equity Ratio (Total Liability/Networth)		(4.01)	(8.16)	17.66
Current Ratio (Current Asset/Current Liability)		0.21	0.20	0.16

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	(No)
5]	Type of Business	(Yes)
6]	Line of Business	(Yes)
7]	Promoter's background	(Yes)
8]	No. of employees	(No)
9]	Name of person contacted	(No)
10]	Designation of contact person	(No)
11]	Turnover of firm for last two years	(Yes)
12]	Profitability for last two years	(Yes)
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	(No)
15]	Capital in the business	(Yes)
16]	Details of sister concerns	(Yes)
17]	Major suppliers	(No)
18]	Major customers	(No)
19]	Payments terms	(No)
20]	Export / Import details (if applicable)	(No)
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	(Yes)
24]	Banking facility details	(Yes)
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	(Yes)
28]	Incorporation details, if applicable	(Yes)
29]	Last accounts filed at ROC	(Yes)
30]	Major Shareholders, if available	(Yes)
31]	Date of Birth of Proprietor/Partner/Director, if available	(Yes)
32]	PAN of Proprietor/Partner/Director, if available	(No)
33]	Voter ID No of Proprietor/Partner/Director, if available	(No)
34]	External Agency Rating, if available	(No)

OPERATIONS

The Company has discontinued the operation and has filed a scheme of merger with the three other Molex group Companies in the Company. During the year, other Income was Rs. 9.352 Millions as compared to Rs. 23.012 Millions in 2009-10. Profit before taxation is Rs (14.171) Millions during the year as against Rs (18.572) Millions in the previous year.

OUTLOOK AND EXPANSION

The Company has applied for the merger of Molex group companies into this Company, The Order of Molex Micron Private Limited is yet to be received and filed with the Registrar of Companies after which the final effect to the merger will come into force. The Company is expecting to meet the losses and register profits in the coming years.

NATURE OF OPERATIONS

Molex India Tooling Private Limited ('the Company') was engaged in manufacture of moulds, dies, and related spares. The Company is headquartered at Bangalore and has manufacturing facilities in Bangalore. Molex Incorporated, USA and Molex International Inc., USA together hold 98% of the shares in the Company.

The Company had applied for the debonding and approval in principle to withdraw from 100% EOU scheme. On May 7, 2010, the Company received the "Final Debonding Order" from Cochin Special Economic Zone ("CSEZ").

FUTURE OPERATIONS

In June 2008, in line with the overall corporate restructuring of Molex group's operations in India, the Company temporarily stopped its operations. The Company as at March 31, 2011, has accumulated losses of Rs.576 million and a negative net worth of Rs.26 million. During the year ended March 31, 2011, the Board of Directors

of the Company approved a composite scheme of merger wherein Molex (India) Private Limited, Molex Micron Private Limited and Automotive Connectors India Private Limited, group companies (collectively called as 'Transferor Companies') would merge with the Company and the assets and liabilities of these Transferor Companies would be transferred to the Company, on a going concern basis, at their respective book values as at April I, 2009 (the Appointed Date). The merger would be effective from the Appointed Date subject to receipt of necessary approvals including the approval of the High Courts for all the entities involved in the Composite Scheme. Approvals from the High Courts of Bombay and Karnataka have been received by the Company on July 26, 2011 and September 13, 2011, respectively. The approval from the High Court of Gujarat is yet to be received. Accordingly, management is confident that no adjustment is required to be made to the carrying values and classification of recorded assets amounts and classification of liabilities as at March 31, 2011. Accordingly, Management has prepared these financial statements assuming going concern basis and no adjustments have been made relating to the recoverability and classification of recorded asset amounts, or to amounts and classification of liabilities as at March 31,2011.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
Disputed Income Tax liability	1.156	1.061
Bank guarantees	0.000	0.250

FIXED ASSETS:

• Land and Buildings
• Plant and Machinery
• Equipments
• Computers

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.55.34
UK Pound	1	Rs.86.45
Euro	1	Rs.68.04

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		15

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.