1. Summary Information

		Country	India
Company Name	LEO Circuit Boards Private Limited	Principal Name 1	Mr. Sudesh Sharad Rao
Status	Satisfactory	Principal Name 2	Mr. Sharad Kamlakar Rao
		Registration #	11-073271
Street Address	20 Acharya Nagar, Green Garden, Apartment Deonar Bombay, Mumbai – 400088, Maharashtra, India
Established Date	02.08.1993	SIC Code	--
Telephone#	91-22-67910717/ 18	Business Style 1
Fax #	91-22-67910719	Business Style 2
Homepage	Not Available	Product Name 1
# of employees	Not Available	Product Name 2
Paid up capital	Rs.1,827,800/-	Product Name 3
Shareholders	Directors or relatives of directors- 100%	Banking	Janakalyan Sahakari Bank Limited
Public Limited Corp.	No	Business Period	19 years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ba (44)
Related Company
Relation	Country	Company Name	CEO
	--		--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	16,590,000	Current Liabilities	15,727,000
Inventories	25,545,000	Long-term Liabilities	30,271,000
Fixed Assets	22,067,000	Other Liabilities	0,000,000
Deferred Assets	1,843,000	Total Liabilities	45,998,000
Invest& other Assets	586,000	Retained Earnings	18,805,000
		Net Worth	20,633,000
Total Assets	66,631,000	Total Liab. & Equity	66,631,000
Total Assets (Previous Year)	62,152,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales (Including Other Income)	65,640,000	Net Profit	2,114,000
Sales (Previous yr) (Including Other Income)	33,268,000	Net Profit(Prev.yr)	(7,053,000)

MIRA INFORM REPORT

Report Date :

13.03.2012

IDENTIFICATION DETAILS

Name :	LEO CIRCUIT BOARDS PRIVATE LIMITED
Registered Office :	20 Acharya Nagar, Green Garden, Apartment Deonar Bombay, Mumbai – 400088, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.08.1993
Com. Reg. No.:	11-073271
Capital Investment / Paid-up Capital :	Rs.1.828 Millions
CIN No.: [Company Identification No.]	U32109MH1993PTC073271
TAN No.: [Tax Deduction & Collection Account No.]	MUML02136B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and Supplier of Wireless Data, Printing Solutions, Solar Photo Voltaic, Single Sided Aluminum Clodded Printed Circuit Boards.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 83000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	20 Acharya Nagar, Green Garden, Apartment Deonar Bombay, Mumbai – 400088, Maharashtra, India
Tel. No.:	91-22-67910717/ 18
Fax No.:	91-22-67910719
E-Mail :	info@leolelctronics.com
Factory 1:	D-30/4, T.T.C. Industrial Area, M.I.D.C., Turbhe, Navi Mumbai – 400613, Maharashtra, India
Tel. No.:	91-22-67910717
Fax No.:	91-22-67910719
E-Mail :	purchase1@leoelectronics.co.in
Factory 2:	D-30/6, T.T.C. Industrial Area, M.I.D.C., Turbhe, Navi Mumbai – 400613, Maharashtra, India
Tel. No.:	91-22-27622377/ 27687657
Fax No.:	91-22-27687971
Email :	leocircuits@vsnl.com

DIRECTORS

(AS ON 29.09.2011)

Name :

Mr. Sudesh Sharad Rao

Designation :

Director

Address :

Flat No.1104, Wing – 2, Tower – A, Sabariaashiana Deonar Farm Road, Deonar, Mumbai – 400088, Maharashtra, India

Date of Birth/Age :

04.08.1960

Date of Appointment :

02.08.1993

DIN No.:

01088768

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U32109MH1993PTC073271	LEO CIRCUIT BOARDS PRIVATE LIMITED	Director	02-08-93	02-08-93	Active	NO
2	U64200MH2002PTC135879	LEO INTEGRATED TECHNOLOGIES PRIVATE LIMITED	Director	14-05-02	14-05-02	Active	NO

Name :

Mr. Sharad Kamlakar Rao

Designation :

Director

Address :

20 Safalya, Acharya Nagar, Green Garden, Apartment Deonar Bombay, Mumbai – 400088, Maharashtra, India

Date of Birth/Age :

25.03.1929

Date of Appointment :

02.08.1993

DIN No.:

02294838

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U32109MH1993PTC073271	LEO CIRCUIT BOARDS PRIVATE LIMITED	Director	02-08-93	02-08-93	Active	NO
2	U64200MH2002PTC135879	LEO INTEGRATED TECHNOLOGIES PRIVATE LIMITED	Director	14-05-02	14-05-02	Active	NO

Name :

Mrs. Kshitija Sudesh Rao

Designation :

Director

Address :

20 Safalya, Acharya Nagar, Green Garden, Apartment Deonar Bombay, Mumbai – 400088, Maharashtra, India

Date of Birth/Age :

07.10.1963

Date of Appointment :

02.08.1993

DIN No.:

02304748

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U32109MH1993PTC073271	LEO CIRCUIT BOARDS PRIVATE LIMITED	Director	02-08-93	02-08-93	Active	NO
2	U64200MH2002PTC135879	LEO INTEGRATED TECHNOLOGIES PRIVATE LIMITED	Director	19-05-02	19-05-02	Active	NO
3	U93090MH2009PTC197246	PERFECT IMAGE COSMETOLOGY PRIVATE LIMITED	Director	24-11-09	24-11-09	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2011)

Names of Shareholders	No. of Shares
Sudesh Sharad Rao	10335
Sharad Kamlakar Rao	685
Kshitija Sudesh Rao	6000
Amita S. Rao	1255
B. G. Desai	03
Total	18278

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture and Supplier of Wireless Data, Printing Solutions, Solar Photo Voltaic, Single Sided Aluminum Clodded Printed Circuit Boards.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
PCB	Nos.	NA	NA	432106
Assembles	Nos.	NA	NA	277450
Amonia	Nos.	NA	NA	4110
Printer	Nos.	NA	NA	1788

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Janakalyan Sahakari Bank Limited

140, Vivek Darshan Sindhi Society, opposite Bhakti Bhavan, Chembur, Mumbai – 400071, Maharashtra, India

· CITI Bank

· ICICI Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Long Term Loan
Cash Credit Jankalyan Sahakari Bank Limited (Secured against all Stocks and Book Debts of the company)	10.531	12.719
Term Loans
Janakalyan Sahakari Bank Limited Term Loan (Plant and Machinery) (Secured against Plant and Machinery; Factory Premises at D-30/6, MIDC, Turbhe, by way of collateral security; and personal guarantee of two directors)	3.715	4.988
CITI Bank Term Loan (Secured against mortgage of Punit Industrial Co-operative Society, at A-303,MIDC Turbhe, Navi Mumbai - 400705 and personal guarantee of three directors)	7.157	7.853
ICICI Car Loan (Secured against hypothecation of Motor Car)	0.564	--
Short Term Loan
Demand Loan (Secured against Factory Premises at D-30/4, MIDC, Turbhe owned by company)	6.002	--
Total	27.969	25.560
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Deferred Sales Tax Liability	2.302	0.000
Total	2.302	0.000

Banking Relations :	--
Auditors :
Name :	Karnavat and Company Chartered Accountant
Address :	2A, Kitab Mahal, First Floor, 192 Dr. D. N. Road, Mumbai – 400001, Maharashtra, India
PAN No.:	AAAFK1143L
Related Parties :	· Suchira Electroplaters · Leo Integrated Technology Private Limited

CAPITAL STRUCTURE

(AS ON 29.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Share	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18278	Equity Share	Rs.100/- each	Rs.1.828 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.828	1.828	1.828
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		18.805	16.692	23.745
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		20.633	18.520	25.573
LOAN FUNDS
1] Secured Loans		27.969	25.560	15.192
2] Unsecured Loans		2.302	0.000	0.000
TOTAL BORROWING		30.271	25.560	15.192
DEFERRED TAX LIABILITIES		0.000	0.000	0.128
TOTAL		50.904	44.080	40.893
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.067	23.939	26.699
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.586	0.487	0.487
DEFERREX TAX ASSETS		1.843	2.779	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.545	16.245	9.563
	Sundry Debtors	9.303	11.489	11.175
	Cash & Bank Balances	1.381	1.605	4.589
	Other Current Assets	0.000	0.039	0.061
	Loans & Advances	5.906	5.569	5.653
Total Current Assets		42.135	34.947	31.041
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	8.671	7.588	6.880
	Other Current Liabilities	7.056	10.484	10.454
	Provisions	0.000	0.000	0.000
Total Current Liabilities		15.727	18.072	17.334
Net Current Assets		26.408	16.875	13.707
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		50.904	44.080	40.893

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	65.640	33.268	73.965
		Other Income		0.000	0.810
		TOTAL (A)	65.640	33.268	74.775
Less	EXPENSES
		Raw Materials and Stores Consumed		19.550	36.481
		Decrease/ (Increase) in Stock		(3.054)	2.909
		Manufacturing Expenses		5.567	6.885
		Payment to and Provision for Employees		7.783	7.829
		Administrative and Other Expenses		6.397	9.169
		Selling and Distribution Expenses		0.163	0.496
		Preliminary Expenses Written Off		0.000	0.032
		TOTAL (B)	58.954	36.406	63.801
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial Expenses)	(3.138)	10.974
Less	FINANCIAL EXPENSES (D)			2.519	0.988
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.686	(5.657)	9.986
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.637	4.131	4.121
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		3.049	(9.788)	5.865
Less	TAX (H)		0.935	(2.735)	3.838
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		2.114	(7.053)	2.027
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		16.692	23.745	21.717
	BALANCE CARRIED TO THE B/S		18.806	16.692	23.744
	IMPORTS
		Raw Materials	21.339	9.723	14.974
	TOTAL IMPORTS		21.339	9.723	14.974
	Earnings /Loss Per Share (Rs.)		115.63	(385.86)	110.89

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.22	(21.20)	2.71
Net Profit Margin (PBT/Sales)	(%)	NA	(29.42)	7.93
Return on Total Assets (PBT/Total Assets}	(%)	4.75	(16.62)	10.16
Return on Investment (ROI) (PBT/Networth)		0.15	(0.53)	0.23
Debt Equity Ratio (Total Liability/Networth)		2.23	2.36	1.27
Current Ratio (Current Asset/Current Liability)		2.68	1.93	1.79

LOCAL AGENCY FURTHER INFORMATION

Contingent Liabilities not provided for in respect of: (As on 31.03.201)

Counter guarantees given by the company to an associate company for guarantee given by them on behalf of the company to a bank in respect of various loan facilities, aggregating to Rs.11.022 Millions (Previous year Rs.11.022 Millions)

FORM 8:

Corporate identity number of the company	U32109MH1993PTC073271
Name of the company	LEO CIRCUIT BOARDS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	20 Acharya Nagar, Green Garden, Apartment Deonar Bombay, Mumbai – 400088, Maharashtra, India info@leoelectronics.com
This form is for	Modification of charge
Charge identification number of the modified	90160494
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Janakalyan Sahakari Bank Limited 140, Vivek Darshan Sindhi Society, Opposite Bhakti Bhavan, Chembur, Mumbai – 400071, Maharashtra, India jkbcredit@jksbl.com
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation of Stocks and Book Debts
Date of instrument Creating the charge	31.03.2011
Amount secured by the charge	Rs.6.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest 12.50% per annum with monthly rests Terms of Repayment Short Term Demand Loan of Rs.6.000 Millions shall be repayable in12 equal monthly installments of Rs.0.500 Millions per month commencing 1 month after the date of first disbursement. Interest is to be paid separately on monthly basis as and when debited Margin As per sanction terms Extent and Operation of the charge To secure Short Term Demand Loan facility of Rs.6.000 Millions granted by the Bank to the Company
Short particulars of the property charged	Hypothecation by way of First Charge in favour of the Bank: Stock of Printed Circuit Boards and electronic Card etc. and All stock in trade, Raw materials, goods in process and semi manufactured and manufactured goods, semi finished and finished products, and all other tangible/movable property now or any time belonging to the Borrower/s and lying loose or in case or being at the Borrower/s Place of Business at 303/307, A-Wing Punit industrial Co-operative Society MIDC, Turbhe, Navi Mumbai and Factory at D-30/4, 30/6 TTC Industrial Area, Turbhe, Navi Mumbai and Entire Book Debts arising out of the sale of company's Products.

FIXED ASSETS:

· Leasehold Land

· Factory Building

· Plant and Machinery

· Moulds and Dies

· Office Equipments

· Electrical Installations

· Computer Installation

· Furniture and Fixture

· Motor Car

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.49.94
UK Pound	1	Rs.78.25
Euro	1	Rs.65.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.