MIRA INFORM REPORT

Report Date :

30.01.2012

IDENTIFICATION DETAILS

Name :	AT AND S INDIA PRIVATE LIMITED
Registered Office :	12/A, Industrial Area, Nanjangud, Karnataka-571301
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.05.1988
Com. Reg. No.:	025863
Capital Investment / Paid-up Capital :	Rs. 383.625 millions
CIN No.: [Company Identification No.]	U85110KA1988PTC025863
TAN No.: [Tax Deduction & Collection Account No.]	BLRA05803A
PAN No.: [Permanent Account No.]	AAECA2930J
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer and Exporter of Printed Circuit Board.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 342984
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company is under pressure. 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 with some cautions.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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/ Factory :	12/A, Industrial Area, Nanjangud, Karnataka-571301, India
Tel. No.:	91-8221-304000
Fax No.:	91-8221-228570
E-Mail :	info@in.ats.net
Sales Office :	Nanjan, 1015, Naurang House, 21, Kasturba Gandhi Marg, New Delhi-110001, Delhi, India

DIRECTORS

AS ON : 28.09.2011

Name :	MR. Steen Ejlsov Hansen
Designation :	Director
Address :	Eduard- Pfeiffer Str, 61, Stuitgart-70192
Date of Birth/Age :	28.10.1958
Date of Appointment :	11.03.2004
DIN No :	01260749

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	U85110KA1988PTC025863	At & S India Private Limited	Director	11/03/2004	11/03/2004	08/10/2010	Active	NO
2	U30007KA1997PTC022754	Sienna Ecad Technologies Private Limited	Director	28/07/2005	28/07/2005	04/06/2009	Active	NO

Name :	Mr. Moitzi Heinz
Designation :	Director
Address :	8740, Zeltweg, Australia
Date of Birth/Age :	05.07.1956
Date of Appointment :	11.03.2004
DIN No :	00323506

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	U85110KA1988PTC025863	At & S India Private Limited	Director	03/11/2004	03/11/2004	-	Active	NO
2	U30007KA1997PTC022754	Sienna Ecad Technologies Private Limited	Director	28/07/2005	28/07/2005	04/06/2009	Active	NO

Name :	Mr. Suryaprasad Hegde
Designation :	Managing Director
Address :	Templetrees Apartments, Siddartha Nagar, Mysore-570011, Karnataka, India
Date of Birth/Age :	19.05.1961
Date of Appointment :	16.06.2006
DIN No :	00043548

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	U85110KA1988PTC025863	At & S India Private Limited	Managing director	16/02/2006	16/02/2006	01/02/2011	Active	NO
2	U74999KA1993PLC046003	Dme (India) Private Limited	Managing director	03/02/2011	03/02/2011	-	Active	NO

Name :	Mr. Manfred Skledar
Designation :	Managing Director
Address :	B 307, Brigade Solitaire 147, 17 and 18, Alanahalli Layput, Mysore-570011, Karnataka, India
Date of Birth/Age :	04.03.1958
Date of Appointment :	01.04.2010
DIN No :	02984636
Name :	Mr. Madur Srinivas Reddy
Designation :	Director
Date of Birth/Age :	26.08.1964
Date of Appointment :	17.12.2010
Name :	Mr. Rakesh R Herald
Designation :	Director
Date of Birth/Age :	26.01.1954
Date of Appointment :	10.01.2011
Name :	Mr. Thomas Obendrauf
Designation :	Director
Date of Birth/Age :	21.08.1970
Date of Appointment :	26.09.2011
Name :	Mr. Gerstenmayer Andreas Martin
Designation :	Director
Date of Birth/Age :	18.02.1965
Date of Appointment :	11.02.2010

KEY EXECUTIVES

Name :	Mr. MNV Krishna Mohan Kumar
Designation :	Secretary
Address :	G03, Eltei Brigade Apartments, Princes Road, Yadavagiri Post, Mysore-570020, Karnataka, India
Date of Birth/Age :	26.05.1971
Date of Appointment :	01.01.2010
PAN No :	ACIPM2610G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 28.09.2011

Names of Shareholders	No. of Shares
Austraia Technologie and Systemchink AG	13362499
MNV Krishna Mohan Kumar	1
Total	13362500
Names of Preference Shareholders	No. of Shares
Austraia Technologie and Systemchink AG	2500000
Total	2500000

AS ON: 28.09.2011

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]		99.99
Other top fifty shareholders		0.01
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Printed Circuit Board.
Products :	Printed Circuit Boards.

PRODUCTION STATUS (As On : 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Printed Circuit Boards	Sq. Mts.	NA	304,064	274,696

Notes:

(i) The Company is exempt from the licensing provisions of the Industries (Development Regulation) Act, 1951.

(ii) The Installed Capacity has been certified by the Company’s management and relied upon by the auditors, this being a technical matter.

(iii) Figures in brackets relate to previous year.

GENERAL INFORMATION

Bankers :

Punjab National Bank, Devaraj URS Road, Mysore-570001, Karnataka, India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2011	31.03.2010
From Banks:
- Cash Credit	2.522	5.337
Total	2.522	5.337

Note: Secured by way of a hypothecation of inventories and book debts and a second charge on fixed assets of the company.

UNSECURED LOAN	31.03.2011	31.03.2010
From Banks:
- Cash Credit	42.674	19.899
Foreign Currency Term Loans:
From Holding Company [Repayable within one year: Nil (2009: Nil)]	1694.072	536.085
From a Fellow Subsidiary [Repayable within one year: Rs.86,279 (2009: Rs.138,848)]	59.488	146.299
Total	1796.234	702.283

Note: Guaranteed by AT and S, Austria, the holding company, up to Rs.160,000 (2010: Rs.160,000)

Banking Relations :	--
Auditors :
Name :	Price Water House and Company Chartered Accountant
Address :	5^th Floor, Tower D, The Millenia, 1 and 2, Murphy Road, Ulsoor, Bangalore-560008, Karnataka, India
Holding Company :	· AT and S Austria Technologie and Systemtechnik AG, Austria
Fellow Subsidiaries :	· AT and S Asia Pacific Limited, Hong Kong (AT and S APAC) · AT and S China Company Limited, China (AT and S China) · AT and S Korea Company Limited, South Korea (AT and S Korea)

CAPITAL STRUCTURE

As On : 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs. 150.000 millions
2500000	1% Cumulative Redeemable Preference Shares	Rs. 100/- each	Rs. 250.000 millions
	Total		Rs. 400.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13362500	Equity Shares	Rs. 10/- each	Rs. 133.625 millions
2500000	1% Cumulative Redeemable Preference Shares	Rs. 100/- each	Rs. 250.00 millions
	Total		Rs. 383.625 millions

NOTES:

(i) Cumulative Redeemable Preference Shares (issued on December 16, 1996) are due for redemption at par within twenty years.

(ii) Of the above shares, 2,500,000 (2010: 2,500,000) Preference Shares and 12,500,000 (2010: 12,500,000) Equity Shares are allotted as fully paid-up pursuant to a contract without payments being received in cash.

(iii) 2,500,000 (2010: 2,500,000) Preference Shares and 13,362,499 (2010: 13,362,499) Equity Shares are held by AT and S Austria Technologie and Systemtechnik AG (AT and S), Austria, the holding company.

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		383.625	383.625	383.625
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		125.000	399.959	459.918
4] (Accumulated Losses)		(422.879)	0.000	0.000
NETWORTH		85.746	783.584	843.543
LOAN FUNDS
1] Secured Loans		2.522	5.337	0.000
2] Unsecured Loans		1796.234	702.283	572.192
TOTAL BORROWING		1798.756	707.620	572.192
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1884.502	1491.204	1415.735
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1567.868	903.812	606.781
Capital work-in-progress		330.871	203.836	216.513
INVESTMENT		0.385	0.385	0.385
DEFERREX TAX ASSETS		0.000	0.000	44.652
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	446.756	293.819	256.370
	Sundry Debtors	63.824	68.681	120.215
	Cash & Bank Balances	53.203	136.990	145.200
	Other Current Assets	11.965	11.016	2.850
	Loans & Advances	631.891	412.237	318.815
Total Current Assets		1207.639	922.743	843.450
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	569.169	306.690	145.697
	Other Current Liabilities	623.972	194.896	106.051
	Provisions	29.120	37.986	44.298
Total Current Liabilities		1222.261	539.572	296.046
Net Current Assets		(14.622)	383.171	547.404
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1884.502	1491.204	1415.735

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2506.000	1593.176	1806.254
		Other Income		241.917	156.721
		TOTAL (A)	2506.000	1835.093	1962.975
Less	EXPENSES
		Cost of Materials	NA	929.699	1004.373
		Manufacturing Expenses	NA	718.430	856.359
		TOTAL (B)	NA	1648.129	1860.732
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(411.000)	186.964	102.243
Less	FINANCIAL EXPENSES (D)		NA	37.241	23.404
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	149.723	78.839
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	147.640	148.376
	PROFIT BEFORE TAX (E-F) (G)		NA	2.083	(69.537)
Add	Prior Period Exceptional and Non Recurring Items		NA	0.000	0.000
Less	TAX (H)		NA	(59.117)	(15.727)
	PROFIT AFTER TAX (G-H) (I)		(698.000)	(57.034)	53.810
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	334.918	391.653
Less	APPROPRIATIONS
		Preference Dividend	NA	2.500	2.500
		Tax thereon	NA	0.425	0.425
	BALANCE CARRIED TO THE B/S		NA	274.959	334.918
	EXPORT VALUE		1851.410	1293.404	1456.239
	IMPORTS
		Raw Materials	1132.017	667.609	666.430
		Stores & Spares	176.656	69.484	96.651
		Capital Goods	501.490	344.051	45.962
	TOTAL IMPORTS		1810.163	1081.144	809.043
	Earnings Per Share (Rs.)		NA	(4.49)	(4.25)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(27.85)	(3.11)	2.74
Net Profit Margin (PBT/Sales)	(%)	NA	0.13	(3.85)
Return on Total Assets (PBT/Total Assets}	(%)	NA	0.11	(4.65)
Return on Investment (ROI) (PBT/Networth)		NA	0.00	(0.08)
Debt Equity Ratio (Total Liability/Networth)		35.23	1.59	1.03
Current Ratio (Current Asset/Current Liability)		0.98	1.71	2.85

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE REVIEW

A. FINANCIAL

The revenue increased by 37% compared to the last year. The volume registered an increase of 56.25% from 177,535 Sq. mts. of PCBs in 2009-10 to 277,390 Sq. mts. in 2010-11. PBIT has decreased to Rs. 411 Mio. The company has registered a net loss (Profit after Tax) of Rs. 698 million.

B. OPERATIONS

During the year, the company produced 274,696 sq. mtrs of printed circuit boards which is 54.70% less than 2009-10 production.

BUSINESS OUTLOOK

The company started the fiscal year with necessity to complete the Phase I of expansion at the earliet with huge order from Customers. In September 2010, expansion was completed and first PCB was manufactured. As you know, the company had to face a series of challenges in the wake of ramp-up. Some of the processes continue to pose difficulties which impacted the production schedule. They are happy to report that the team took up the challenge and found solution to most of the problems in a systematic way.

The initiatives started during earlier years on cost reduction and risk mitigation, which helped the company in tough time. Further actions were implemented to reduce the cost. With new local board of management, many initiates have been taken to stabilize the production and reduce maintenance cost due to expansion.

Based on the developments in the market, forecast and plan for next 4 years backed with strong customer base, increased revenue, and better cash flow, the company is confident of coming out of this years loss situation.

Form 8

Corporate identity number of the company	U85110KA1988PTC025863
Name of the company	AT AND S INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	12/A, Industrial Area, Nanjangud, Karnataka-571301, India
This form is for	Modification of charge
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	Punjab National Bank, Devaraj URS Road, Mysore-570001, Karnataka, India
Nature of instrument creating charge	Agreement Hypothecation of Movables Assets Forming Part of Specific Fixed /Block Assets
Date of instrument Creating the charge	20.02.2009
Amount secured by the charge	Rs. 210.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As may be prescribed by the bank from time to time Terms of repayment Working capital limits Repayable on demand Margin CC ( H ) - 25% ( Spares - 50%) PC/PCFC - 25% Export Bills / DD/BD/(LC) / DD /ILC/FLC / BG - NIL Extent and operation of the charge The charge shall operate to the extent of Rs.210.000 millions plus interest, commission, costs, expenses and other charges thereon. Other The said amount of Rs.210.000 millions comprises Fund Based Rs.160.000 millions; Non Fund Based ILC/FLC of Rs.50.000 millions
Short particulars of the property charged (Including location of the property)	Hypothecation by way of first charge on all current assets including stock of raw materials such as glass epoxy, copper clad laminates, glass epoxy prepregs , copper foils, Cooling oil, photo resist, book debts and current assets present and future and second charge on specific movable fixed assets as detailed in schedule attached to the hypothecation agreement and those to be acquired in future stored/installed at NO.12/A , Industrial Area, Nanjanagudu - 571301 or at any other place
Charge identification number of the charge to be modified	10028489
Particulars of the present modification	By the above, the amount secured by charge stands enhanced from Rs.160.000 millions to Rs.210.000 millions and the same is additionally secured by second charge on specific movable fixed assets of the company and continuing security of first charge on current assets of the company.

Fixed Assets

ü Freehold Land

ü Buildings

ü Plant and Machinery

ü Computers and office Equipment

ü Computer Software

ü Furniture and Fixtures

ü Motor Vehicles

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.49.64
UK Pound	1	Rs.77.79
Euro	1	Rs.65.05

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		28

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.