MIRA INFORM REPORT

Report Date :

25.06.2012

IDENTIFICATION DETAILS

Name :	PHILIPS ELECTRONICS INDIA LIMITED
Registered Office :	7, Justice Chandra Madhab Road, Kolkata – 700020, West Bengal
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	31.01.1930
Com. Reg. No.:	21-006663
Capital Investment / Paid-up Capital :	Rs.575.172 Millions
CIN No.: [Company Identification No.]	U31902WB1930PLC006663
TAN No.: [Tax Deduction & Collection Account No.]	MUMP17956B
PAN No.: [Permanent Account No.]	AACCKO806B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Electronic Products.
No. of Employees :	3403 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (68)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 35200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	The company is a subsidiary of Koninklijke Philips electronics n.v. a multinational entertainment giant. It is a well established company having good track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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

LOCATIONS

Registered Office / Eastern Regional Office:	7, Justice Chandra Madhab Road, Kolkata – 700020, West Bengal, India
Tel. No.:	91-33-24753621/24753627/24964560/26912000 / 24867123
Fax No.:	91-33-24753839/24938722/26912499
E-Mail :	info@philipsindia.com k.ramachandran@in.philips.com r.j.wani@philips.com
Website :	www.philipsindia.com www.philips-star.com www.philips.com www.india.philips.com
Location :	Owned
Corporate Office / Northern Regional Office :	9th Floor, DLF 9-B, DLF Cyber City, Sector 25, DLF Phase - 3, Gurgaon - 122002, India
Tel. No.:	91-124-4606000
Fax No.:	91-124-4606666
Plants Locations / Warehouse :	Lamp Factory, Kalwa Kalwa Light Factory, 3, MIDC, Industrial Area, Thane-Belapur Road, Post Box No. 79, Thane - 400 601, Maharashtra, India Tel. No. 91-22-27600300-304 Fax No. 91-22-27600312 / 313 Consumer Electronics Factory, Pimpri Plot 80, Bhosari Industrial Estate, P. O. Box No. 12, Pune - 411 026, Maharashtra, India Tel. No. 91-20-27120541 (10 Lines) Fax No. 91-20-27122049 Enabling Technologies Group, loni Loni Kalbhor - 412 201 (Near Pune Central Railway), Maharashtra Tel. No. 91-20-26913156 Enabling Technologies Group. Kolkata 4 and 5, Canal West Road, Kolkata - 700 015, West Bengal, India Tel. No. 91-33-22447120 / 8243 / 1335 Fax No. 91-33-22440012 Luminaire Business Unit P/65, Taratolla Road, Kolkata - 700 088, West Bengal, India Tel No. 91-33-24014245 / 4 Taratolla Light Factory I, Taratolla Road, Garden Reach, Kolkata - 700024, West Bengal, India Tel. No. 91-33-24695446/24695466 Fax. No. 91-33-24692197 Mohali Light Factory Phase IX, Industrial Focal Point, SAS Nagar, Mohali, Chandigarh – 160062, India Tel. No. 91-712-2211137 Fax. No. 91-172-2121685 Vadodara Light Factory Kural Village, Padra Jambusar Road, Baroda District - 391403, Gujarat, India Tel. No. 91-2662-242333 (5 Lines) Fax. No. 91-2662-242308
Regional Offices / Branch :	Western Region Technopolis Knowledge Park, Mahakali Caves Road, Chakala, Andheri (East), Mumbai - 400 093, Maharashtra, India Tel.: 91-22-6691 2000 Fax : 91-22-6691 2499 Southern Region Temple Towers - 5^th Floor, Old No. 476, New No. 672, Anna Salai, Nandanam, Chennai – 600035, Tamilnadu, India Tel. 91-44-66501000 MFAR Manyata Teck Park, Nagavara, Bangalore – 560045, Karnataka, India Tel. 91-80-41890000 The Estate, 4^th Floor (North Wing), (Next to Manipal Centre), 121, Dickenson Road, Bangalore – 560042, Karnataka, India Tel No.: 91-80-66929898 6-3-1109/1/P/103, 3^rd Floor, Jewel Pawani Towers, Raj Bhavan Road, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India Tel No.: 91-40-66467676 Royal Philips Electronics Koninklijke Philips Electronics N. V. Breitner Center, Amstelplein2, 1096 BC Amsterdam, P. O. Box 77900, 1070 MX Amsterdam, The Netherlands Tel.-.31-20-5977777
Overseas Offices :	Royal Philips Electronics, Koninklijke Philips, Electronics N. V. Breitner Center, Amstelplein 2, Amsterdam, Holland

DIRECTORS

As on 10.06.2011

Name :

Mr. Susim Mukul Datta

Designation :

Director

Address :

No. 104 Bakhtawar, Lower Colaba Road, Opposite Colaba Post Office, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

01.08.1936

Date of Appointment :

31.03.1993

DIN No.:

00032812

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
U31902WB1930PLC006663	Philips Electronics India Limited	Director	31/03/1993	31/03/1993	-	Active	NO
U65991MH1995PLC087722	Tata Trustee Company Limited	Director	26/04/1995	26/04/1995	-	Active	NO
L17100MH1984PLC033143	Zodiac Clothing Company Limited	Director	25/06/1996	25/06/1996	-	Active	NO
L23200MH1979PLC021359	Castrol India Limited	Director	1/07/1996	1/07/1996	-	Active	NO
U66010WB1932PLC007490	The Peerless General Finance and Investment Company Limited	Director	12/08/1996	12/08/1996	-	Active	NO
L65999MH1986PLC147981	IL and FS Investment Managers Limited	Director	25/09/1996	25/09/1996	-	Active	NO
L40200WB1935PLC008184	BOC India Limited	Director	12/12/1996	12/12/1996	-	Active	NO
U65923MH1997PTC109992	Ambit Corporate Finance Private Limited	Director	7/06/1999	7/06/1999	30/11/2007	Active	NO
L24202MH1920PLC000825	Kansai Nerolac Paints Limited	Director	17/05/2000	17/05/2000	-	Active	NO
L70109AP1995PLC019116	Transport Corporation of India Limited	Director	31/10/2001	31/10/2001	-	Active	NO
U51392WB1965PTC026344	Chandras Chemicals Enterprises Private Limited	Director	7/01/2002	7/01/2002	-	Active	NO
L99999GJ1975PLC002859	Atul Limited	Director	28/10/2002	28/10/2002	-	Active	NO
U40101KA1986PLC007404	Bhoruka Power Corporation Limited	Director	23/12/2002	23/12/2002	-	Active	NO
U65929HR1998PLC037509	Rabo India Finance Limited	Director	1/08/2010	1/08/2004	-	Active	NO
U74140WB1996PTC079369	CHR Global HR Services Private Limited	Director	2/01/2006	2/01/2006	21/04/2008	Active	NO
U74899DL1995PLC104560	First Blue Home Finance Limited	Director	24/08/2006	24/08/2006	10/12/2010	Active	NO
U55101WB1990PLC049988	Peerless Hotels Limited	Director	27/08/2007	26/09/2006	-	Active	NO
U85110WB1989PLC046938	Peerless Hospitex Hospital and Research Center Limited	Director	27/08/2007	23/04/2007	11/08/2010	Active	NO
U85100MH1991PLC063096	Wockhardt Hospitals Limited	Director	9/09/2008	13/08/2007	3/08/2009	Active	NO
U63090WB2003PTC097044	Reach Cargo Movers Private Limited	Director	10/07/2009	6/11/2007	-	Active	NO
U51900MH1999PTC121703	Ambit Holdings Private Limited	Director	29/07/2008	30/11/2007	-	Active	NO
U55101WB1999PLC090672	Speciality Restaurants Limited	Director	21/07/2011	9/02/2011	-	Active	NO
U31909TN2004PLC053183	Door Sabha Nigam Limited	Director	29/09/2011	18/06/2011	-	Active	NO

Name :

Mr. Rajeev Chopra

Designation :

Managing director

Address :

D-939, New Friends Colony, New Delhi – 110065, India

Date of Birth/Age :

22.03.1963

Date of Appointment :

01.01.2011

DIN No.:

03396723

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
U31902WB1930PLC006663	Philips Electronics India Limited	Managing director	10/06/2011	1/01/2011	-	Active	NO

Name :

Mr. Jan Hendrik Gerardus Louwman

Designation :

Whole-time director

Address :

Flat No. 403, The Aralias DLF Golf Links, Golf Course Road, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

16.09.1965

Date of Appointment :

01.04.2010

DIN No.:

03038202

Name :

Mr. Subramanian Venkataramani

Designation :

Director

Address :

A 14/14, First Floor, Vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

16.06.1946

Date of Appointment :

13.03.2009

DIN No.:

00231228

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
U31902WB1930PLC006663	Philips Electronics India Limited	Director	12/06/2009	4/10/2006	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajiv Jivanlal Wani
Designation :	Secretary
Address :	A-13, Jai-Kirti Co-operative Housing Society – 76, Turel Pakhadi Road, Malad (West), Mumbai – 400064, Maharashtra, India
Date of Birth/Age :	14.12.1958
Date of Appointment :	14.02.1996
PAN No.:	AAAPW3553A
Name :	Mr. Rajeev Chopra
Designation :	Chief Executive Officer
Name :	Mr. ADA Ratnam
Designation :	Consumer Lifestyle
Name :	Mr. Jan-Hein Louwman
Designation :	Chief Financial Executive
Name :	Mr. Krishna Kumar
Designation :	Healthcare
Name :	Mr. Nirupam Sahay
Designation :	Lighting
Name :	Mr. Priyank Agarwal
Designation :	Strategy and Business Development
Name :	Mr. Vivek Sharma
Designation :	Chief Marketing Officer
Name :	Mr. Wido Menhardt
Designation :	Philips Innovation Campus
Name :	Mr. Yashwant Mahadik
Designation :	Human Resources

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Major Shareholders – Not Available

Equity Share Break up (Percentage of Total Equity)

As on 10.06.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	96.18
Bodies corporate	0.08
Other top fifty shareholders	0.43
Others	3.29
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electronic Products.

Products :

Item Code No. (ITC Code)	Product description
8539	Lamps
90181300	Diagnostic imaging equipments
HSN 94 05	Lamps Fittings

PRODUCTION STATUS AS ON 31.12.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production*
Lamps	pcs in ‘000	719,633	526,636	408,909
Glass shells	pcs in ‘000	668,000	569,951	448,245
Filaments	pcs in ‘000	1,500,000	1,050,000	598,027
Molybdenum wire	kgs	12,000	12,000	—
Diagnostic imaging equipments	pcs	NA	1,390	1,173

Note:

Licensed capacity excludes permissible increases as per various Government schemes. For delicensed industries, it includes registered capacities as per Industrial Entrepreneurs’ Memoranda filed with Government where commercial production against the same has commenced. Installed capacity is on single shift basis except for some items of lamps and lamp components and is as certified by management and has not been verified by the auditors, as it is a technical matter.

* Figures do not include wastages and internal consumption.

GENERAL INFORMATION

No. of Employees :

3403 (Approximately)

Bankers :

· Punjab National Bank, Kolkata, West Bengal, India

· Corporation Bank, Kolkata, West Bengal, India

· ABN Amro Bank N.V., Kolkata, West Bengal, India

· Standard Chartered Grindlays Bank, Kolkata, West Bengal, India

· Citibank N A, Kolkata, West Bengal, India

· Bank of America NT and SA, Kolkata, West Bengal, India

· Bank of Maharashtra, Lokmangal, 1501, Shivaji Nagar, Pune – 411 005, Maharashtra, India

· State Bank of India, CAG Branch, Jawahar Vyapar Bhawan, 11^th and 12^th Floor, 1 Tolstoy Marg, New Delhi 110001, India

Facilities :

SECURED LOAN	As on 31.12.2010 (Rs. in Millions)	As on 31.12.2009 (Rs. in Millions)
Finance Lease from Financial Institutions	102.000	105.000
Total	102.000	105.000
Finance lease is secured by underlying assets (Leased Vehicles) The total minimum lease liability for assets obtained on finance lease is Rs.122.000 Millions (Previous year – Rs.122 Millions) which includes interest of Rs.20.000 Millions (Previous year – Rs.17.000 Millions). The maturity profile of finance lease obligation is as follows:
Minimum lease payments
Payable within 1 year	52.000	56.000
Payable between 1-5 years	70.000	66.000
Present value
Payable within 1 year	41.000	47.000
Payable between 1-5 years	61.000	58.000
UNSECURED LOAN	As on 31.12.2010 (Rs. in Millions)	As on 31.12.2009 (Rs. in Millions)
Others:
External Commercial Borrowings	0.000	23.000
Interest accrued and due	0.000	22.000
Total	0.000	45.000

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	KMPG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India
PAN.:	AAASK1415H
Holding and ultimate holding company :	Koninklijke Philips Electronics N.V
Subsidiary Companies :	· Alpha X-Ray Technologies (India) Private Limited (AXTPL)* · Meditronics Healthcare Private Limited (MHPL)* * Ceased to be Subsidiary companies with effect from April 1, 2009.
Overseas Fellow Subsidiary Companies:	· Chicago Magnet Wire Corporation · Dynalite Intelligent Light Pty. Limited · Genlyte Thomas Group LLC · JJI Lighting Group Inc. · Philips and Yaming Lighting Company, Limited · Philips (China) Investment Company, Limited · Philips Argentina Sociedad Anónima · Philips Austria GmbH · Philips Automotive Lighting Hubei Company, Limited · Philips Chilena S.A. · Philips Colombiana de Comercialización S.A. · Philips Consumer Lifestyle B.V. · Philips Consumer Luminaires (Shenzhen) Company Limited · Philips Danmark A/S · Philips do Brasil Limiteda. · Philips Egypt (Limited Liability Company) · Philips Electronics (Thailand) Limited · Philips Electronics and Lighting, Inc. · Philips Electronics Australia Limited · Philips Electronics Hong Kong Limited · Philips Electronics Limited · Philips Electronics Nederland B.V. · Philips Electronics North America Corporation · Philips Electronics Singapore Pte Limited · Philips Electronics UK Limited · Philips Electronics Vietnam Limited · Philips Eletrônica do Nordeste S.A. · Philips Export B.V. · Philips France · Philips Industries Hungary Electronical Mechanical · Manufacturing and Trading Limited Liability Company · Philips Innovative Applications · Philips International B.V. · Philips IPSC Tamasi Kft. · Philips Lighting B.V. · Philips Lighting Bielsko Sp.z.o.o. · Philips Lighting Central America, Sociedad Anónima de · Capital Variable · Philips Lighting Electronics (Shanghai) Company Limited · Philips Lighting Electronics (Xiamen) Company Limited · Philips Lighting Industry (China) Company Limited · Philips Lighting Luminaires (Shanghai) Company Limited · Philips Lighting Maseru Pty. Limited · Philips Lighting Poland S.A. · Philips LumiLeds Lighting Company LLC · Philips Malaysia Sdn. Berhad · Philips Medical Systems (Cleveland), Inc. · Philips Medical Systems DMC GmbH · Philips Medical Systems MR, Inc. · Philips Medical Systems Nederland B.V. · Philips Medical Systems Technologies Limited · Philips Medizin Systeme Böblingen GmbH · Philips Mexicana, S.A. de C.V. · Philips Peruana S.A. · Philips Polska Sp.z.o.o. · Philips Solid-State Lighting Solutions, Inc. · Philips South Africa (Proprietary) Limited · Philips Taiwan Limited · Philips Technologie GmbH · Philips Ultrasound, Inc. · Philips Warehouse and Services B.V. · PT. Philips Indonesia · Respironics, Inc. · Witt Biomedical Corporation

CAPITAL STRUCTURE

As on 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
92000000	Equity Shares	Rs.10/- each	Rs.920.000 Millions
20000000	Non Convertible Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.200.000 Millions
	Total		Rs.1120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
57517242	Equity Shares	Rs.10/- each	Rs.575.000 Millions

(1) Of the above:

(a) 55290182 equity shares are held by Koninklijke Philips Electronics N.V.(“KPENV”), the ultimate holding company.

(b) 24757798 equity shares were allotted without payment being received in cash, comprising 21875 equity shares allotted pursuant to a contract and 24735923 (Previous year - 24735923) equity shares allotted pursuant to the schemes of amalgamation in earlier years.

(c) 16366000 bonus shares were issued as fully paid up by capitalisation of reserves in earlier years.

(2) The Company bought back and extinguished Nil (Previous year - 5883479) equity shares at a price of Rs. Nil (Previous year – Rs.242/-) per equity share.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		575.000	575.000	634.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8231.000	7476.000	8197.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8806.000	8051.000	8831.000
LOAN FUNDS
1] Secured Loans		102.000	105.000	114.000
2] Unsecured Loans		0.000	45.000	46.000
TOTAL BORROWING		102.000	150.000	160.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		8908.000	8201.000	8991.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3282.000	3287.000	2325.000
Capital work-in-progress		242.000	176.000	500.000
INVESTMENT		0.000	5.000	442.000
DEFERREX TAX ASSETS		363.000	352.000	296.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4131.000	3608.000	2849.000
	Sundry Debtors	4161.000	3167.000	2979.000
	Cash & Bank Balances	4018.000	4251.000	5060.000
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3451.000	2840.000	1985.000
Total Current Assets		15761.000	13866.000	12873.000
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7521.000	7294.000	6011.000
	Current Liabilities	1335.000	449.000	323.000
	Provisions	1884.000	1742.000	1111.000
Total Current Liabilities		10740.000	9485.000	7445.000
Net Current Assets		5021.000	4381.000	5428.000
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8908.000	8201.000	8991.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Income	37002.000	32527.000	31004.000
		Other Income	156.000	137.000	449.000
		TOTAL (A)	37158.000	32664.000	31453.000
Less	EXPENSES
		Cost of goods sold	21834.000	18980.000	18620.000
		Expenses	13080.000	11238.000	10312.000
		Exceptional Items	(74.000)	(162.000)	(206.000)
		Prior Period Expenses	92.000	0.000	0.000
		TOTAL (B)	34932.000	30056.000	28726.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2226.000	2608.000	2727.000
Less	FINANCIAL EXPENSES (D)		39.000	51.000	56.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2187.000	2557.000	2671.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		754.000	707.000	565.000
	PROFIT BEFORE TAX (E-F) (G)		1433.000	1850.000	2106.000
Less	TAX (H)		544.000	675.000	755.000
	PROFIT AFTER TAX (G-H) (I)		889.000	1175.000	1351.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3684.000	2762.000	1695.000
Less	APPROPRIATIONS
		Transfer to General Reserve	89.000	118.000	136.000
		Proposed Equity Dividend	115.000	115.000	127.000
		Tax on proposed equity dividend	19.000	20.000	21.000
	BALANCE CARRIED TO THE B/S		4350.000	3684.000	2762.000
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1033.000	482.000	418.000
		Service revenue	3017.000	2580.000	2671.000
	TOTAL EARNINGS		4050.000	3062.000	3089.000
	IMPORTS
		Raw Materials	1038.000	698.000	804.000
		Stores & Spares	28.000	28.000	29.000
		Capital Goods	324.000	250.000	342.000
	TOTAL IMPORTS		1390.000	976.000	1175.000
	Earnings Per Share (Rs.)		15.46	18.97	19.71

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	2.39	3.59	4.29
Net Profit Margin (PBT/Sales)	(%)	3.87	5.68	6.79
Return on Total Assets (PBT/Total Assets}	(%)	7.53	10.78	13.85
Return on Investment (ROI) (PBT/Networth)		0.16	0.22	0.23
Debt Equity Ratio (Total Liability/Networth)		1.23	1.19	0.86
Current Ratio (Current Asset/Current Liability)		1.47	1.46	1.72

LOCAL AGENCY FURTHER INFORMATION

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	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three 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	--
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	No

FINANCE AND ACCOUNTS

The Company has delivered positive net cash from operations of Rs.565 million through improved sales performance. Healthcare industry is growing fast and would require funds to keep the momentum. Keeping the pace with the industry, the Company is providing innovative financing solution to its customers along with the selling of product and services. This gives the Company an edge in the market. As on the date of Balance Sheet, the Company has facilitated equipment financing to its end customers to the tune of Rs.960 million. The cash surplus was invested in financial instruments in accordance with Company Policy. The investment of Rs.5.0 million made in Rural Electrification Corporation Limited was redeemed on March 31, 2010. The investments of Rs.0.3 million made in Anyonya Sahayakari Mandali Co-operative Bank Limited by erstwhile Philips Glass India Limited, which got merged with the Company, was written off. During the current financial year the Company has transferred, unpaid dividend of Rs.0.9 million to Investor Education and Protection Fund.

BUSINESS PERFORMANCE

The Notes to the Profit and Loss Account for the year provide segment results. The required disclosure is made below for the Lighting, Consumer Lifestyle, Innovation Campus (Software) and Healthcare Sectors.

LIGHTING

The Sector grew by 24%, the highest ever in any year, on the back of strong performances across businesses. The growth was driven by continued channel expansion and increased extraction from the existing channel in the consumer segment and some big wins in the professional segment. Growth by businesses were – Lamps 17%; Professional Luminaires 36% ; Lighting Electronics 24% ; Consumer Luminaires 62% and Automotive 41%. The year witnessed Philips Lighting successfully completing the supply, installation and commissioning of 14 out of a total number of 16 sports stadia lighting. Besides, some major Street and Airport Lighting jobs were also carried out by Philips for the CWG. During the year, Lighting bagged the single largest order ever under the Global Carbon Credit Clean Definition Mechanism (CDM) scheme of the United Nations from the Kerala State Electricity Board and supplied 14.5 million units of Compact Fluorescent Lamps for distribution to households in Kerala. This order was successfully completed and it has established their credentials strongly in the CDM Market in India. This also augurs well for Philips Lighting at a time when India’s Bureau of Energy Efficiency (BEE) has embarked upon an ambitious project called Bachat Lamp Yojana (BLY) which aims at reducing India’s carbon footprints by replacing incandescent light bulbs with energy efficient Compact Fluorescent Lamps (CFL) across the country.

In the LED space, a breakthrough was achieved in the month of October 2010 with the launch of a locally developed 5 watt Consumer LED Retrofit Lamp. Initial market response to this product has been good and the plan is to launch this product in 7 key markets in the first phase and aim at targeted distribution. Similarly, 15 new locally developed products have been launched in the Professional Luminaires LED segment.

New products in all categories were introduced. Investments in sunrise businesses like Consumer Luminaires and Modular Switches were made to expand channel, increase range and improve reach and sales. Manufacturing capacity in both factories at Mohali and Vadodara were further enhanced to serve the needs of the local and global market. Their industrial footprint has been realigned to reduce cost and improve quality.

In 2011, the Sector kept its focus on the Consumer segment by continuing to drive energy efficient home solutions through CFLi and Consumer LED retrofit solutions, investing to grow the Consumer Luminaires business with Home Decorative Lighting solutions and managing GLS and TL through their lifecycle while sustaining its leadership position in traditional areas of strength. In the professional segment, the focus will be to drive conversion to LED Lighting solutions with target segments being Roads, Offices, Retail and Hospitality. Plans are in place to embark upon Solar street lighting in semi-urban areas in offgrid applications initially and extending later to ongrid, besides continuing the development of integrated solar LED Lighting solutions. Their Company plans to leverage on the Philips Dynalite solutions. The Sector intends to reap the benefits of the intended focus on LEDs, energy-saving products, new product categories to grow and improve its market share.

CONSUMER LIFESTYLE

In 2010 the sector continued to focus on strengthening market share in key categories such as Home Cinema Systems, Kitchen Appliances, Garments Care and Personal Care segments. These categories enjoyed a growth of 13% in 2010.

In Audio Video Multimedia (AVM), they continued their leadership position in DVD for 12 consecutive months, closing the year with a market share of 24%. In Home Cinema Systems, Philips strengthened its share to 34%, becoming a strong #2 player in the market, by launching full new portfolio in all quar tiles in 2010. In Mainstream audio segment, they maintained their market share in line with market development. During the year their Company received the “Best Audio System of the Year” award from NDTV Tech Life. The overall performance of AVM was impacted due to the change in business model in TV. With the announcement of Brand Licensing deal by Koninklijke Philips Electronics N.V (‘KPENV’) in April 2010, for manufacturing, distribution and sale of Television has impacted the top line for AVM products.

In Domestic Appliances, they strengthened their market share in Kitchen Appliances, becoming a strong # 2 player through distribution expansion and in-store excellence. In Garment Care, they strengthened their leadership position, by driving conversion of dry to steam irons. They continued to build the category of Personal Care in India through integrated media campaign for Hair Care and Grooming resulting in a growth of 54% in 2010.

Furthermore, the overall performance was supported by a strong performance in Accessories through focusing on “On the Go” segment. They also launched Mother and Child Care with the Philips AVENT brand in September 2010 strengthening their commitment to grow Health and Wellbeing categories. Philips AVENT won a silver award of “Best Breast Feeding Accessories” category from Mother and Baby magazine. Additionally Consumer Lifestyle continued to focus on building talent, competencies and processes to drive sustainable profitable growth through portfolio choices.

Going forward, Consumer Lifestyle will continue to strengthen its market shares in the key categories: DVD, Home Cinema Sound, Kitchen Appliances, Garment Care, Personal Care and Mother and Child Care. In addition, the Company will actively pursue potential Acquisitions in key categories.

HEALTH CARE

The Healthcare business operates in the Diagnostic Imaging segment, which includes CT, MRI, X-rays, Cardiovascular Systems, Nuclear Medicine, PET-CT and Ultrasound Imaging Systems. The business is also a significant player in patient monitoring/critical care. In 2010 the sector recorded a revenue growth of 43% across all the segments.

The imaging systems business recorded a growth of 58% during the year. Service revenues grew by 19% in 2010. The business recorded the highest ever growth in the premium ultrasound segment. The Respironics Home Healthcare business got integrated with the Philips India Healthcare organisation. In the first year of its operation, the business grew by125%. During the year the business expanded its footprints in tier II cities as well and this has contributed to the high order intake for the year. In order to expand the reach and to be closer to customers the healthcare sales and service team was reorganised during the year. New products were launched in patient monitors (Goldway), MRI (Hifu ) and Ultrasound (Xmatrix) categories.

In line with the channel expansion strategy in Patient Care and Clinical Informatics business, new channels were added in 2010. Business financing contributed significantly to the business growth during the year. The first Pay per use (PPU) was put in place at Piramal Diagnostics during the year. They have consolidated further with more PPU contracts during the year. In line with the overall growth strategy they plan to bid for public private partnership tenders floated by the Governments.

The ground breaking ceremony for the healthcare plant at Chakan near Pune (Greenfield project) was done in third quarter of 2010. The upcoming plant at Chakan will operate as Philips Centre of manufacturing excellence for imaging systems worldwide, will also have R and D facilities. Slated to go on stream in Mid 2012, it will help position India as global centre for international X-Ray (IXR) Systems for both local and import market. Koninklijke Philips Electronics N.V has chosen India as footprint for cardiovascular space globally.

INNOVATION CAMPUS (PIC)

The innovation campus at Bangalore, besides proven expertise in software architectures, serviceability, viewing, platform and IT Support for the past decade, had also added electrical, mechanical and supply chain management capabilities last year, to its already vast portfolio of competence. Leveraging this in 2010, it has begun to create value products for the Indian market, in the area of pre-natal care. PIC has full ownership and is involved end to end in the creation of these products. In 2010 PIC expanded its area of expertise by starting a Lighting R and D group. It proved its competence in the area of Healthcare product development by getting the ISO 13485 Certificate for Hardware Medical Components and Software Development. IT Applications also proved itself as a reliable partner by winning the ISO 20000 certification for global support. While adding these feathers to its cap, PIC grew by over 300 competent engineers.

The campus hosts highly qualified doctors, techies and domain experts as part of its research team, which won the prestigious Zinnov Award for ‘Successful Incubation’, for having started incubation centers and successfully driving innovation out of these centers.

Sales (Export in Foreign Currency) amounted to ` 2.7 billion in 2010- (` 2.4 billion in 2009). PIC’s average employee strength during 2010 was 1198 Full Time Equivalents (879 in 2009). During the year personnel in the

Healthcare, IT Applications and Lighting increased.

In 2011, PIC will see growth in the activities in all the sectors, with healthcare in the lead. More than 300 engineers will be added, and activities “In India For India” will be ramped up. In addition, PIC has been set up as a global competence center for mobile applications. Together with other development centers in India and China, PIC plays a critical role in expanding the footprint of Philips in emerging markets.

FORM 8

Corporate identity number of the company	U31902WB1930PLC006663
Name of the company	PHILIPS ELECTRONICS INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	7, Justice Chandra Madhab Road, Kolkata – 700020, West Bengal, India Email Id : r.j.wani@philips.com
This form is for	Creation of charge
Type of charge	Book debts Floating charge
Particular of charge holder	State Bank of India, CAG Branch, Jawahar Vyapar Bhawan, 11^th and 12^th Floor, 1 Tolstoy Marg, New Delhi – 110001, India Email Id : manaw.prasad@sbi.co.in
Nature of instrument creating charge	Joint deed of hypothecation of all its stock of Raw Materials, Semi-Finished and Finished Goods, Stores and Spares not relating to Plant and Machinery (Consumable store and Spares), Bills Receivable, Book Debts but including documents of title to goods such as outstanding moneys, receivables including cash receivables both present and future executed on 7th October 2009 by the Company with its consortium banks
Date of instrument Creating the charge	07.10.2009
Amount secured by the charge	Rs.1400.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest State Bank Advance Rate, at present effective rate is 11.75% p.a. which is subject to change from time to time as per Bank/ RBI directives Terms of repayment Repayable on demand or as per mutual agreement between the parties Margin Raw Material (Imported/ Domestic) : 25% Spares/ Consumable: 25% Stock in process : 25% Finished Goods : 25% Receivables : 25% Extent and operation of the charge As per Eleventh Joint Deep of Hypothecation dated 7th October 2009
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All its stock of raw material, semi finished goods, finished goods, store and spares excluding spare relating to plant and machinery (Consumable stores and spares) lying in premises or Godowns in India Bills Receivables, Book Debts including documents of title of goods such as outstanding moneys, receivables including cash receivables by way of cash assistance Cash, including under cash incentive schemes or any other scheme, claims by way of refund of customs excise duties under duty drawback credit scheme or any other scheme

CONTINGENT LIABILITIES (AS ON 31.12.2010)

(a) Claims not acknowledged as debts by the Company – Rs.253.000 Millions

(b) In respect of disputed excise demands – Rs.346 Millions, income tax demands – Rs.635.000 Millions and service tax demands – Rs.375.000 Millions

(c) In respect of suppliers’ / customers’ demands and certain tenancy / customs / sales tax / service tax disputes for which the liability is not ascertainable.

The Company does not expect any reimbursements in respect of the above contingent liabilities. It is not practicable to estimate the timing of cash outflows, if any, in respect of (a), (b) and (c) above pending resolution of the legal proceedings.

FIXED ASSETS

• Software
• Land
• Buildings
• Leaseholds
• Land
• Improvements
• Other assets
• Machinery and equipment
• Furniture and fittings
• Vehicles

WEBSITE DETAILS:

HISTORY

The foundations of Philips were laid in 1891 when Anton and Gerard Philips established Philips and Co. in Eindhoven, the Netherlands. The company begun manufacturing carbon-filament lamps and by the turn of the century, had become one of the largest producers in Europe. By 1910, with 2,000 employees, Philips was the largest single employer in The Netherlands.

Stimulated by the industrial revolution in Europe, Philips’ first research laboratory was established in 1914 and the company started introducing its first innovations in the x-ray and radio technology. Over the years, the list of inventions has only been growing to include many breakthroughs that have continued to enrich people’s everyday lives.

1891 – 1915 From Light Revolution to Product Evolution

Philips began by making carbon-filament lamps and, by the turn of the century, was one of the largest producers in Europe. As developments in new lighting technologies fueled a steady program of expansion, in 1914 it established a research laboratory to study physical and chemical phenomena and stimulate product innovation.

1915 – 1925 Innovation and Diversification: X-rays and Radio Reception

In 1918, Philips introduced a medical X-ray tube. This marked the beginning of the diversification of the company’s product range and the moment when it began to protect its innovations with patents in areas stretching from X-ray radiation to radio reception.

1925 – 1940 First Televisions and Electric Shavers

In 1925, Philips became involved in the first experiments in television and, in 1927, began producing radios. By 1932, Philips had sold one million of them and had become the world’s largest radio producer. A year later, it produced its 100-millionth radio valve and started production of medical X-ray equipment in the United States. By 1939, when it launched the first Philips electric shaver, the company employed 45,000 people worldwide.

1940 – 1970 Technology Breakthroughs: Introduction of Compact Audio Cassette

Science and technology underwent tremendous development in the 1940s and 1950s, with Philips Research inventing the rotary heads that led to the development of the Philishave electric shaver, and laying down the basis for later ground-breaking work in transistors and integrated circuits. The company also made major contributions to the development of the recording, transmission and reproduction of television pictures. In 1963, it introduced the Compact Audio Cassette. In 1965, it produced its first integrated circuits.

1970 – 1980 Continued Product Innovation for Images, Sound and Data

The flow of exciting new products and ideas continued throughout the 1970s. Research in lighting contributed to the new PL and SL energy-saving lamps, while Philips Research made key breakthroughs in the processing, storage and transmission of images, sound and data. These led to the inventions of the LaserVision optical disc, the Compact Disc and optical telecommunication systems. In 1972, the company co-founded PolyGram (Philips 60% and Siemens 40%), the enormously successful music recording label. In 1974, it acquired Magnavox and in 1975, Signetic, both in the United States.

1990 – 2000 Changes and Successes: Introduction of DVD

The 1990s was a decade of significant change for Philips. The company carried out a major restructuring program to return it to a healthy footing, simplifying its structure and reducing the number of business areas. Some of the businesses continued performing well and by 1995, Philips had sold 300 million Philishave electric shavers. Building on the success of its Compact Disc technology, in 1997 Philips cooperated with Sony to introduce another innovation that became the fastest growing home electronics product in history: the DVD.

21st Century: Philips Today

Moving into the 21st century, Philips continued to change and grow. Long aware that for many people Philips was no more than a consumer electronics producer, the company started projecting a new image that better reflected its products in the areas of Healthcare, Lifestyle and Technology. In 2004 Philips unveiled its new brand promise of “sense and simplicity”. Underlined by a sizeable advertising campaign, the company confirmed its dedication to offering consumers products that are advanced, easy to use and designed to meet their needs.

In September 2006, Philips sold 80.1% of its Semiconductors business to a consortium of private equity partners. This laid the foundation for a strong and independent new semiconductors company, named NXP, which was founded on the heritage of over 50 years of innovation at the heart of Philips. The sale marked a further milestone in the shift from cyclical activities to building of an applications-focused company, centered around innovation and its brand promise of “sense and simplicity”.

In September 2007, Philips communicated its Vision 2010 strategic plan to further grow the company with increased profitability targets. As part of Vision 2010, the organizational structure was simplified per January 1, 2008 by forming three sectors: Healthcare, Lighting and Consumer Lifestyle. These steps further position Philips as a market-driven, people-centric company with a strategy and a structure that fully reflect the needs of its customer base. With this set of businesses, Philips aims to build the leading brand in Health and Well-being.

PROFILE

Subject, a subsidiary of the Netherlands-based Royal Philips Electronics, is the leading Health and Wellbeing company. Today, Philips is a simpler and more focused company with global leadership positions in key markets of Healthcare, Lighting and Consumer Lifestyle, addressing people’s Health and wellbeing needs and aspirations as its overarching theme.

As one of the nation's most well-known and well-loved brands, Philips is a part of practically every Indian's life. With recent launch of Philips Respironics product categories in obstructive sleep apnea management and home respiratory care, home decorative lighting range and ALU range, Philips products find use in virtually every aspect of an individual’s daily life 24X7 - at home, at work, on the move and at rest. Philips stands as a source of easy to use, trendy and innovative internationally acclaimed products with superior design and technology that enhance the quality of consumers' professional and personal lives.

Philips has been operating in India for over 75 years and employs over 4,500 employees around the country.  The company has an excellent pan India distribution and after-sales service network.

PRESS RELEASE:

PHILIPS COMMENCES OPERATIONS AT GREENFIELD HEALTHCARE MANUFACTURING FACILITY IN INDIA

June 14, 2012

Chakan, India - In line with its strategy to expand the company’s industrial footprint in India, Royal Philips Electronics (NYSE:PHG, AEX:PHI) today announced commencement of operations at its first greenfield manufacturing facility for imaging systems in the country. Located in Chakan, near Pune, 200 kilometers east of Mumbai, the Philips Development and Manufacturing Center will play an essential role in Philips’ commitment to locally develop and produce meaningful products and solutions that help improve access to healthcare for people in India and other growth geographies.

With this multimillion euro investment, Philips has reinforced and optimized its production capacity in India. The facility will focus on diagnostic and interventional imaging solutions, initially developed for the Indian market and then for global markets. These solutions will primarily target cardiology (catheterization lab) and radiology (general X-ray) applications. The first products to be manufactured in the facility will be diagnostic X-Ray systems and the Allura FC – Philips’ first India developed catheterization lab. The Allura FC is used in the diagnosis and minimally-invasive treatment of cardiovascular disease, one of the leading causes of death in India. Both products are aimed at the value segment in India and abroad.

“This plant is an example of how Philips can combine its technology strengths and market knowledge to manufacture products for a healthier India,” said Rajeev Chopra, Managing Director & Vice Chairman, Philips India. “The Pune facility is producing X-ray and cath-lab equipment backed by Philips quality that is affordable for tier-two and tier-three towns and rural markets.”

The Pune facility was specifically designed with manufacturing flexibility in mind so that it can quickly adapt to changing market and product needs. Many of the products and components developed in Pune can also serve the needs of mature markets looking to replace or upgrade entry-level diagnostic devices.

“The opening of the Pune manufacturing facility is further proof of Philips’ commitment to innovation in India,” commented Gene Saragnese, CEO Imaging Systems at Philips Healthcare. “In order to make a difference in this market, we need local expertise, low-cost manufacturing capacity and close relationships with our customers. Equally exciting, several demanding customers in global markets are already using our ‘Designed and Made in India’ products, and the feedback is very positive.”

Philips conducted in-depth research to understand the on-the-ground requirements in India and worked closely with healthcare partners to gain better insight into their ‘Made in India’ needs. This research indicated that several factors, including low operating costs, energy-efficiency, easy serviceability and support for high patient volumes, are critical to increasing healthcare access in India and thereby improving patient outcomes. The Pune facility will deliver this type of ‘Designed for India’ product, enabling healthcare providers in the country to provide care to those communities who have not had access to high-quality healthcare in the past.

“India and other growth geographies have unique needs,” said Krishna Kumar, President, Philips Healthcare India. “We must meet the criteria that healthcare professionals demand in these growing markets, such as durability, dealing with interrupted power supplies, limited radiology technician time per patient, fast and easy-to-read diagnostic output, and affordability. Our ‘Designed and Made’ in India products tick all these boxes.”

In 2008, Philips initiated the expansion of its industrial and commercial footprint in India with the acquisition of Alpha X-ray Technologies and Meditronics, leading manufacturers of cardiovascular X-ray solutions and general X-ray systems, respectively. This enabled Philips to expand its portfolio and deliver lower cost products that meet the growing needs of customers in India and other global markets.

PHILIPS LAUNCHES THE 'AIRFRYER' - A REVOLUTIONARY KITHCEN APPLIANCES THAT FRIES WITH JUST AIR

May 29, 2012

New Delhi, India: True to its reputation for delivering innovation and simplicity to Indian homes, Philips today unveiled the revolutionary Philips AirFryer, which integrates intelligent design components and leading technology to create the perfect addition to the Indian kitchen. The new Philips AirFryer significantly reduces the need for oil for cooking a vast array of Indian dishes and makes it possible to cook using just air. The AirFryer is equipped with Philips’ patented Rapid Air Technology that uses fast-circulating hot air to create great-tasting fried food containing up to 80% less fat* and is a healthy alternative to traditional frying.

The Philips AirFryer also allows one to prepare scrumptious fried food very quickly and without the hassle and mess associated with conventional frying methods. It makes it easy to churn out an entire gamut of dishes from humble fries to gastronomic delights like Chicken Tikka, Samosa, Kebabs and even Choco Lava cake. It allows everyone to indulge their taste buds in a hearty home-cooked meal with a variety of AirFried dishes that contain up to 80% less fat and are 100% guilt-free.

“Philips understands that consumers are becoming increasingly conscious about their diet and discerning in their food choices today, opting for less oil and fat content in their food without wanting to compromise on taste. With the Philips AirFryer, they get the best of both worlds – air-fried food that retains the taste but not the fat. The AirFryer makes mealtimes convenient and absolutely fuss-free. This revolutionary new solution addresses consumers’ evolving needs, which is at the heart of all our innovations,” said ADA Ratnam, President - Consumer Lifestyle, Philips India.

Innovative Technology

With the AirFryer’s patented Rapid Air technology, consumers can now depend on air to cook their food and enjoy great-tasting fried food that contains up to 80% less fat*. The innovative appliance also comes with an Integrated Air Filter that prevents unwanted cooking smells and vapours. The AirFryer’s Adjustable Temperature Control helps pre-set temperatures of up to 200°C to make crispy and evenly-cooked fried food while cutting down food preparation time significantly. It also requires minimal heat-up time, so even when in a hurry, one can quickly and easily prepare a batch of great tasting fries without the oil** in just 12 minutes. For busy home chefs who appreciate an appliance that allows one to multi-task, the AirFryer also comes with an integrated timer to pre-set cooking times of up to 30 minutes which allows you to attend to other tasks while the AirFrying is on. The AirFryer also comes with a Food Separator Accessory that allows you to fry multiple foods at once without mixing the flavors together, so your samosas taste like samosas, and hara kebabs taste like hara kebabs.

Simplicity in Use

Cleaning up after cooking is also made easy thanks to its removable, dishwasher-safe parts and non-stick surfaces that can be easily cleaned. To top off the fat-reduced delicious meals, the Philips AirFryer comes complete with a recipe book containing 25 delicious recipes keeping in mind the Indian palate, conceptualized and developed by renowned Chef Vivek Saggar of the ITC group of hotels. The recipe guide provides inspiration to spice up mealtimes at home together with culinary tricks and handy time-saving tips for best results with the appliance. More recipes can also be found at www.philips.com/kitchen that houses a directory of recipes that are healthy, nutritious and tasty for the family.

Key product features:

Patented Rapid Air Technology – combines hot air with grill component to fry food

In-built timer – lets you pre-set cooking times to up to 30 mins

Adjustable temperature control

Food separator accessory – lets you prepare multiple foods at once

Integrated air filter – less vapours and odours

Price and Availability

Priced at Rs.0.015 Millions the Philips AirFryer will be available at leading premium retail chains across Delhi, Mumbai, Bangalore, Hyderabad and Indore from May 28, 2012 onwards.

* Compared to fresh fries prepared in a conventional fryer

** No oil required for frozen fries. For fresh fries, less than half a tea-spoon of oil can be used for browning the fries

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.56.99
UK Pound	1	Rs.88.97
Euro	1	Rs.71.57

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		68

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.