MIRA INFORM REPORT

Report Date :

18.01.2013

IDENTIFICATION DETAILS

Name :	XOL TECHNOLOGIES PRIVATE LIMITED (w.e.f. 04.06.2010)
Formerly Known As :	TEK ELECTROMECHANICAL PRIVATE LIMITED
Registered Office :	‘TE Park’ 22B, Doddenakundi Industrial Area, Whitefield Road, Bangalore – 560 048, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.04.1988
Com. Reg. No.:	25-063917
Capital Investment / Paid-up Capital :	Rs. 30.000 millions
CIN No.: [Company Identification No.]	U31909KA1988PTC063917
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of plastic moulds, hand tools, plastic connectors.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 510000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has incurred a loss in the current year. However, networth of the company is satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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 – June 30, 2012

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

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	‘TE Park’ 22B, Doddenakundi Industrial Area, Whitefield Road, Bangalore – 560 048, Karnataka, India
Tel. No.:	91-20-66405300
Fax No.:	91-20-66405302
E-Mail :	ravis@te.com prasannan-pv@tekelectromechnanicals.com info@tekcomponents.com
Website :	www.tekcomponents.com

DIRECTORS

As on 31.08.2012

Name :

Mr. Ravi Krishna Sastry

Designation :

Director

Address :

311, BCC Layout, 8^th Main Road, Vijaynagar, Bangalore – 560 040, Karnataka, India

Date of Birth/Age :

21.02.1976

Date of Appointment :

31.08.2011

DIN No.:

00332491

Other Directorship:

CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
U29299KA1991PTC041452	TYCO ELECTRONICS TOOLS INDIA PRIVATE LIMITED	Director	03/12/2002	03/12/2002	-	Amalgamated	NO
U29199KA1995PTC032692	TYCO ELECTRONICS SYSTEMS INDIA PRIVATE LIMITED	Director	11/05/2006	11/05/2006	-	Active	NO
U72900DL2000PTC105543	ELENTEC TECHNOLOGIES PRIVATE LIMITED	Director	30/09/2008	10/03/2008	14/09/2011	Active	NO
U31909KA1988PTC063917	XOL TECHNOLOGIES PRIVATE LIMITED	Director	31/08/2012	03/06/2011	-	Active	NO
U72900KA2000PTC028045	ADC (INDIA) COMMUNICATIONS AND INFOTECH PRIVATE LIMITED	Director	30/09/2011	12/09/2011	-	Active	NO

Name :

Mr. Viswanath Srinivasan

Designation :

Director

Address :

No. 401, The Good Earth, 1 Cambridge, 2^nd Cross Road, Ulsoor 51^st Division, Bangalore – 560 008, Karnataka, India

Date of Birth/Age :

29.12.1965

Date of Appointment :

03.06.2011

DIN No.:

01758140

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29199KA1995PTC032692	TYCO ELECTRONICS SYSTEMS INDIA PRIVATE LIMITED	Director	02/06/2000	02/06/2000	09/07/2010	Active	NO
2	U29299KL1995PLC009664	CII GUARDIAN INTERNATIONAL LIMITED	Director	29/08/2002	29/08/2002	-	Active	NO
3	U74999MH1984PTC033786	RAYCHEM-RPG Private Limited	Director	12/12/2002	12/12/2002	-	Active	NO
4	U72900DL2000PTC105543	ELENTEC TECHNOLOGIES PRIVATE LIMITED	Director	27/08/2004	27/08/2004	14/09/2011	Active	NO
5	L32209KA1988PLC009313	ADC INDIA COMMUNICATIONS LIMITED	Nominee director	10/02/2012	29/03/2011	-	Active	NO
6	U31909KA1988PTC063917	XOL TECHNOLOGIES PRIVATE LIMITED	Director	31/08/2012	03/06/2011	-	Active	NO
7	U72900KA2000PTC028045	ADC (INDIA) COMMUNICATIONS AND INFOTECH PRIVATE LIMITED	Director	30/09/2011	12/09/2011	-	Active	NO
8	U29113KA2008PTC045394	DEUTSCH INDIA POWER CONNECTORS PRIVATE LIMITED	Additional director	29/05/2012	29/05/2012	-	Active	NO

Name :

Bukanakere Subrahmanyam Krishnaprasad

Designation :

Director

Address :

38 / F1, Padma Apartment. 8^th Main Road, Bangalore – 560 003, Karnataka, India

Date of Birth/Age :

24.03.1966

Date of Appointment :

03.06.2011

DIN No.:

03532304

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29199KA1995PTC032692	TYCO ELECTRONICS SYSTEMS INDIA PRIVATE LIMITED	Director	29/09/2011	17/03/2011	-	Active	NO
2	U31909KA1988PTC063917	XOL TECHNOLOGIES PRIVATE LIMITED	Director	31/08/2012	03/06/2011	-	Active	NO

Name :

Sameer Ravikant Pagnis

Designation :

Director

Address :

481 / B, Swanand Building 2, Flat No. 17, Parvati Darshan, Aapli Sahakari, Griharachana Sanstha Maryadit, Pune – 411 009, Maharashtra, India

Date of Birth/Age :

19.05.1971

Date of Appointment :

18.08.2011

DIN No.:

03576690

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.08.2012

Names of Shareholders	No. of Shares
TE Connectivity India Private Limited, India	299999
Tyco Electronics Systems India Private Limited, India	01
TOTAL	300000

As on 31.08.2012

Equity Share Break up (Percentage of Total Equity)

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of plastic moulds, hand tools, plastic connectors.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Indegenous
Wire Connectors	Nos.	--
20 Pair Modular Connectors	Nos.	--
Automotive Connectors	Nos.	12492145.00
Automotive – Moulded Components	Nos.	24699906.00
Automotive – Stamped Components	Nos.	75848263.00
Other – Moulded Components	Nos.	273286.00
Other – Stamped Components	Nos.	28080582.00
Press Tools	Nos.	16.00
Injection Moulds	Nos.	37.00
Crimping Moulds	Nos.	--
Raw Material	Nos.	457.00
Aerospace Components	Nos.	688503.00
Fuse Boxes	Nos.	921486.00
Miscellaneous	Nos.	148470.00
Export
Injection Moulds	Nos.	3.00
Stamped Components	Nos.	18703.00
Moulded Components	Nos.	82615.00
Press Tools	Nos.	--
Aerospace Components	Nos.	182606.00
Automotive Connectors	Nos.	--
Other – Moulded Components	Nos.	--
Other – Stamped Components	Nos.	--

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Union Bank of India

· Bank of Maharashtra, Deccan Branch

· Bank of Maharashtra, Camp Branch, Khudamurad Building, Sachapir Street Camp, Pune – 411001, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
Term Loan From Bank (Secured by Hypothecation of movable assets and mortgage of land and building at Wagholi and personal guarantee of the Directors) Note: The term loan outstanding at March 2011 was borrowed at interest rates that ranged from 9.5% to 12.25%. The number and amount of installments payable in March 2011 in respect of these loans ranged from 17 months to 46 months and Rs. 0.305 million to Rs. 1.800 millions respectively. These loans have been foreclosed during the year.	0.000	20.041
From Bank (Secured by Hypothecation of raw materials, work in process, Finished Goods, stores, spares, book debts and personal guarantee of the, Directors)	0.000	35.837
Total	0.000	55.878

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte Center, 100/2, Richmond Road, Bangalore – 560 025, Karnataka, India
Tel. No.:	91-80-66276000
Fax No.:	91-80-66276011
PAN No.:	AACFD3771D
Holding Company :	TE Connectivity India Private Limited [CIN No. : U31909KA1993PTC015007] Formally Tyco Electronics Corporation India Private Limited (From 03.06.2011)
Fellow Subsidiaries :	· Tyco Electronics Logistics AG · Tyco Electronics AMP korea Limited, Korea · Tyco Electronics Corporation, USA · Tyco Electronics AMP GmbH
Enterprise where KMP has significant influence :	· TEK Components Private Limited

CAPITAL STRUCTURE

As on 31.08.2012

Authorized Capital:

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs. 100/- each	Rs. 30.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs. 100/- each	Rs. 30.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		30.000	30.000	6.554
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		97.808	112.097	109.332
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		127.808	142.097	115.886
LOAN FUNDS
1] Secured Loans		0.000	55.878	91.405
2] Unsecured Loans		150.000	37.955	49.292
TOTAL BORROWING		150.000	93.833	140.697
DEFERRED TAX LIABILITIES		0.000	5.109	7.039
TOTAL		277.808	241.039	263.622
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		132.344	185.861	190.752
Capital work-in-progress		9.168	2.800	(0.512)
INVESTMENT		0.010	0.010	0.000
DEFERREX TAX ASSETS		8.908	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	55.345	43.712	49.033
	Sundry Debtors	125.787	109.461	96.961
	Cash & Bank Balances	12.152	6.400	0.145
	Other Current Assets	0.000	0.043	17.871
	Loans & Advances	9.592	10.676	1.155
Total Current Assets		202.876	170.292	165.165
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	52.620	69.220	54.954
	Other Current Liabilities	20.610	38.776	17.791
	Provisions	2.268	9.928	19.038
Total Current Liabilities		75.498	117.924	91.783
Net Current Assets		127.378	52.368	73.382
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		277.808	241.039	263.622

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	417.733	445.585	314.568
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	69.747	45.949
Less/ Add	DEPRECIATION/ AMORTISATION		NA	28.977	29.074
	PROFIT/(LOSS) BEFORE TAX		NA	40.770	16.875
Less	TAX		NA	14.559	6.378
	PROFIT/(LOSS) AFTER TAX		(14.289)	26.211	10.497
	EARNINGS IN FOREIGN CURRENCY		46.312	51.059	22.450
	CIF Value of Imports		92.594	83.977	77.774
	Earnings/(Loss) Per Share (Rs.)		(47.63)	87.37	160.16

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	NA	11.07	4.74
Return on Investment (ROI) (PBT/Networth)		NA	0.29	0.15
Debt Equity Ratio (Total Liability/Networth)		1.76	1.56	2.01
Current Ratio (Current Asset/Current Liability)		2.68	1.78	1.80

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	No
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 involved in	----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----
26]	Buyer visit details	----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The registered office of the company has been shifted from Survey No. 166/3, Gut No. 95, kesnand Village, Wagholi – Rahu Road, Pune – 412 207, Maharashtra, India to ‘TE Park’ 22B, Doddenakundi Industrial Area, Whitefield Road, Bangalore – 560 048, Karnataka, India w.e.f. 15.04.2012

STATE OF AFFAIRS:

The company’s total income as on March 31, 2012, was Rs. 417.733 millions. The loss for the year after taxes was Rs. 14.289 millions. The loss for the year is mainly on account of accelerated depreciation.

Unsecured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
Loan from related party	150.000	8.807
Loan from others	0.000	29.148
Total	150.000	37.955

FIXED ASSETS

· Freehold Land

· Buildings

· Plant and Machinery

· Air Conditioner

· Electrical Installation

· Tools, Dies and Equipments

· Office Equipment

· Furniture and Fixtures

· Computer and Software

· Vehicles

· Data processing Eqipment

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 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 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.54.64
UK Pound	1	Rs.87.46
Euro	1	Rs.72.65

INFORMATION DETAILS

Report Prepared by :

NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.