MIRA INFORM REPORT

Report Date :

13.07.2013

IDENTIFICATION DETAILS

Name :	FOXCONN INDIA PRIVATE LIMITED
Registered Office :	SIPCOT High-Tech SEZ, SIPCOT Industrial Park, Phase – II, Chennai Bangalore Highway (NH 4), Sunguvarchataram, Sripermpudur – 602106, Tamilnadu
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	06.12.2005
Com. Reg. No.:	18-58224
Capital Investment / Paid-up Capital :	Rs.2349.681 Millions
CIN No.: [Company Identification No.]	U32202TN2005PTC058224
TAN No.: [Tax Deduction & Collection Account No.]	CHEF03368B
PAN No.: [Permanent Account No.]	AAACF9390F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Mobile Phones and Mobile Accessories.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 12000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears sharp fall in the profitability during December, 2011. However, general financial position of the company appears to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealing 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED BY

Name :	Mr. Vijayabalaji Parthasarathy
Designation :	Finance Department
Contact No.:	91-44-67113500/ 236402/ 235123/ 222019/ 236391
Date :	12.07.2013

LOCATIONS

Registered Office/Factory :	SIPCOT High-Tech SEZ, SIPCOT Industrial Park, Phase – II, Chennai Bangalore Highway (NH 4), Sunguvarchataram, Sripermpudur – 602106, Tamilnadu, India
Tel. No.:	91-44-67113500/ 47118700/ 67122000
Fax No.:	91-44-67122020/ 67113505
E-Mail :	lekshman@foxconn.com polly.ym.tang@foxconn.com sundar.anantanarayanan@foxconn.com sathyam@foxconn.com paul.chou@foxconn.com sriram.l@foxconn.com anantha.narayanan@foxconn.com sridhar.pv@foxconn.com vijayabalaji.parthasarathy@foxconn.com
Website :	http://www.foxconn.com

DIRECTORS

(AS ON 28.06.2012)

Name :	Jer Sheng Lee
Designation :	Director
Address :	2F, No. 4, Alley 255, Lane 150, Sec. 2, Fu-Dan Road, Ping Zhen Tao Yuan County, 324, Taiwan, Province of China
Date of Birth/Age :	11.10.1963
Date of Appointment :	15.10.2009
DIN No.:	02855736
Name :	Lee Chun Sheng
Designation :	Whole-time director
Address :	Sipcot High Tech Sez, Sipcot Industrial Park, Bangalore National Highway (NH - 4), Sriperumbundur, Chennai – 602106, Tamilnadu, India
Date of Birth/Age :	11.06.1954
Date of Appointment :	21.12.2011
DIN No.:	05178569
Name :	Mu Wong Chuang
Designation :	Managing Director
Address :	3034, Rosato C T, San Jose, CA 95135
Date of Birth/Age :	12.06.1956
Date of Appointment :	01.04.2012
DIN No.:	05235521

KEY EXECUTIVES

Name :	Mr. Sridhar P V
Designation :	Company Secretary
Address :	Flat No.3-D, Maran Enclave, No.23, West, Vanniar Street, Nesapakkam
Date of Birth/Age :	12.05.1970
Date of Appointment :	21.12.2011
PAN No.:	ABDPS0837R
Name :	Mr. Vijayabalaji Parthasarathy
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 28.06.2012)

Names of Shareholders	No. of Shares
Excel True Holdings Limited, British Virgin Island	23496809
Transworld Holdings Limited, British Virgin Island	1
Total	23496810

(AS ON 30.06.2012)

Equity Shares Break – up

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Mobile Phones and Mobile Accessories.

Products :

Products Description	Item Code No.
Parts for Mobile	85177090

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	ASVN Ramana Tower 52, Venkatnarayana Road, T Nagar, Chennai – 600017, Tamilnadu, India
Tel. No.:	91-44-66885000
Fax No.:	91-44-66885050
PAN No.:	AACFD3771D
Holding Company:	· Foxconn Beijing Trading Company Limited, Virgin Islands, British · Excel True Holdings Limited, China
Ultimate Holding Company:	· Foxconn International Holding Limited, India
Fellow Subsidiary:	· FIH (Hong Kong ) Limited, Hong Kong · Foxconn Precision Component (Beijing) Company Limited, China · Foxconn Precision Electronics (Lang Fang) Company Limited, China · Shenzhen Futaihong Precision Industrial Company Limited, China · Eliteday Enterprises Limited, Hong Kong · Foxconn India Developer Private Limited, India · Honhai Precision Industry Company Limited, China · Hongfujin Precision Industry (Shenzhen) Company Limited, China · Honxun Electrical Industry Hangzhou Company Limited, China · Transworld Communication Systems INC, China · Iris World enterprises Limited, Virgin Islands, British · FIH Europe Limited, Hungary · Foxconn Do Brasil Industria E Comercio Electronicos Ltda, Brazil · Foxconn Reynosa S.A de C.V, Mexico · Foxconn Technology (India) Private Limited, India · Foxconn Precision Electronics (Tai yuan) Company :Limited, China

CAPITAL STRUCTURE

(AS ON 31.12.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
23500000	Equity Shares	Rs.100/- each	Rs.2350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23496810	Equity Shares	Rs.100/- each	Rs.2349.681 Millions

NOTE:

Of the above 23,496,809 (Previous Year 23,496,809) equity shares are held by M/s Excel True Holdings Limited, BV Islands, the Immediate Holding Company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		2349.681	2349.681	2349.681
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		655.392	107.122	0.000
4] (Accumulated Losses)		0.000	0.000	(942.991)
NETWORTH		3005.073	2456.803	1406.690
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		3242.502	2956.115	3046.810
TOTAL BORROWING		3242.502	2956.115	3046.810
DEFERRED TAX LIABILITIES		148.456	38.636	0.000
TOTAL		6396.031	5451.554	4453.500
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2586.741	2711.259	2713.321
Capital work-in-progress		58.447	84.179	56.580
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	770.434	984.753	322.599
	Sundry Debtors	1328.968	1098.331	496.478
	Cash & Bank Balances	3020.354	1791.887	1750.418
	Other Current Assets	92.581	21.330	35.408
	Loans & Advances	343.600	174.352	149.045
Total Current Assets		5555.937	4070.653	2753.948
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1168.346	1027.496	852.012
	Other Current Liabilities	419.698	357.008	205.284
	Provisions	217.050	30.033	13.053
Total Current Liabilities		1805.094	1414.537	1070.349
Net Current Assets		3750.843	2656.116	1683.599
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6396.031	5451.554	4453.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
		TOTAL (A)	6970.359	6215.692	5292.086
Less	EXPENSES
		TOTAL (B)	5801.741	4830.034	4459.448
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1168.618	1385.658	832.638
Less	FINANCIAL EXPENSES (D)		0.671	0.123	18.106
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1167.947	1385.535	814.532
Less/ Add	DEPRECIATION/ AMORTISATION (F)		323.306	296.936	304.669
	PROFIT BEFORE TAX (E-F) (G)		844.641	1088.599	509.863
Less	TAX (H)		296.371	38.486	(2.875)
	PROFIT AFTER TAX (G-H) (I)		548.270	1050.113	512.738
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		107.122	(942.991)	(1455.729)
	BALANCE CARRIED TO THE B/S		655.392	107.122	(942.991)
	EARNINGS IN FOREIGN CURRENCY		NA	NA	947.321
	IMPORTS
		Raw Materials	NA	NA	2718.975
		Capital Goods	NA	NA	975.107
	TOTAL IMPORTS		NA	NA	3694.082
	Earnings Per Share (Rs.)		23.33	44.69	21.85

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	7.87	16.89	9.69
Return on Total Assets (PBT/Total Assets}	(%)	10.37	16.05	9.33
Return on Investment (ROI) (PBT/Networth)		0.28	0.44	0.36
Debt Equity Ratio (Total Liability/Networth)		1.68	1.78	2.93
Current Ratio (Current Asset/Current Liability)		3.08	2.88	2.57

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	No
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

UNSECURED LOANS

Particulars	31.12.2011	31.12.2010
	(Rs. In Millions)
Fully convertible debentures unsecured	720.000	720.000
Foreign currency loans others unsecured	2522.504	2236.115
Total	3242.502	2956.115
NOTE Foreign currency loan unsecured represents Loan from Holding company

OPERATIONS

During the year, turnover increased significantly (about-12%) as compared to the year 2 010.

BUSINESS OUTLOOK

During the year, though there is a significant increase in turnover, the profitability has steeply decreased by 22% due to pressure in margins and general increase in inflation factors, competition. However, the company maintained costs under control and took initiatives for growth in topline. The mobile manufacturing industry is fast growing and many players have entered the market. The market share of our primary customer has significantly declined in the global market. Therefore, your Company constantly works on updating the technologies in the Companies factories for increasing the productivity and efficiency.

FIXED ASSETS:

Ø Leasehold Land

Ø Building

Ø Plant and Machinery

Ø Furniture and Fixture

Ø Office Equipments

Ø Computers

Ø Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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.59.90
UK Pound	1	Rs.90.88
Euro	1	Rs.78.32

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--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		43

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.