MIRA INFORM REPORT

Report No. :	502042
Report Date :	07.04.2018

IDENTIFICATION DETAILS

Name :	JABIL CIRCUIT INDIA PRIVATE LIMITED (w.e.f. 24.02.2003)
Formerly Known As :	PCB CONTRACT MANUFACTURING SERVICES (INDIA) PRIVATE LIMITED
Registered Office :	17^th Floor, Nirmal Towers, Nariman Point, Mumbai – 400 021, Maharashtra
Tel. No.:	91-22-66425687
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	27.08.2002
Com. Reg. No.:	11-136997
Capital Investment / Paid-up Capital :	INR 2941.946 million
CIN No.: [Company Identification No.]	U32109MH2002PTC136997
IEC No.: [Import-Export Code No.]	0302051139
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
TIN No:	27620038601
GSTN : [Goods & Service Tax Registration No.]	27AACCP7114K1ZB
PAN No.: [Permanent Account No.]	AACCP7114K
Reg. Number India :	PTC136997
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Dealers of printed circuit boards. [Registered activity and also confirmed by management]
No. of Employees :	Not Divulged

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 2000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a subsidiary of Jabil (Mauritius) Holding Limited. It was incorporated in the year 2002 and is a manufacturer and of printed circuit boards. As per Registrar of Companies, the date of filling its financials is shown as 31.03.2017 but documents related to it are not available from any other sources. As per available financials of March 2016, the company has registered decline in its revenue as compared to its previous year’s revenue and has reported a fair profit margin of 3.55%. Rating takes into consideration the company’s established track record of business operations marked by sound financial risk profile along with low solvency indicators due to zero debt balance sheet and good liquidity position. Rating also takes into account of strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. However, rating strength partially offset by vulnerability of its operating margins to volatility in raw material prices and intense competition from organized and unorganized players in the industry. Payments are reported to be regular. In view of aforesaid, the subject can be taken into consideration or 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	INDIA RATING
Rating	Long Term Rating [AA+ (SO) (Withdraw)]
Rating Explanation	High degree of safety and very low credit risk.
Date	11.11.2016

Rating Agency Name	INDIA RATING
Rating	Short Term rating [A1+ (SO) (Withdraw)]
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	11.11.2016

Reason for Withdrawn:

The ratings have been withdrawn as related debt is no longer utilized by the company and the respective bankers have provided a no objection certificate for the same.

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 07.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY (PARTIAL DETAILS)

Name :	Mr. Rohit Kochhar
Designation :	Alternate Director
Contact No.:	91-22-66425687
Date :	06.04.2018

LOCATIONS

Registered Office :	17^th Floor, Nirmal Towers, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-66425687
Fax No.:	Not Available
E-Mail :	sunil_kulkarni@jabil.com
Website :	http://www.jabil.com
Factory :	B-26, MIDC Industrial Area, Ranjangaon, Taluka Sirur, District Pune – 412 220, Maharashtra, India

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Rohit Kochhar

Designation :

Alternate Director

Address :

Farm No. 06, Pine Drive, DLF Chhattarpur New Delhi – 110074, India

Date of Birth:

24.10.1963

Qualification :

B.Com (H), LLB

Date of Appointment :

15.06.2015

DIN No.:

00005094

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74900GA2012FTC007130	WIRECO WORLDGROUP INDIA PRIVATE LIMITED	25/02/2014	-
U22300MH2010FTC209320	EDESIA MEDIA PRIVATE LIMITED	02/07/2013	-
U93030DL2009FTC196279	TRAVEL CHANNEL INDIA PRIVATE LIMITED	20/09/2016	-
U80900HR2014PTC052664	GEMS EDUCATION SOLUTIONS INDIA PRIVATE LIMITED	30/09/2015	-
U31908DL2008PTC180605	MAGNA DONNELLY SYSTEMS & ELECTRONICS INDIA PRIVATE LIMITED	08/07/2008	-
U72400DL2007PTC167314	ZONES CORPORATE SOLUTIONS PRIVATE LIMITED	23/08/2007	-
U73100HR2006PTC036465	I3 RESEARCH INDIA PRIVATE LIMITED	22/05/2008	-
U51909DL2006PTC146251	EMPERATRICE TRADING PRIVATE LIMITED	14/02/2006	-
U72200TG2007PTC055322	HYPERFACTORY IT SERVICES INDIA PRIVATE LIMITED	30/09/2011	-
U74140DL2005PTC133662	KOCHHAR BUSINESS SERVICES INDIA PRIVATE LIMITED	08/03/2005	-
U31101PY1996PTC001603	F.G.WILSON GENERATORS INDIA PRIVATE LIMITED	01/03/2004	-
U74899DL1994PTC062887	SNAP-ON BUSINESS SOLUTIONS INDIA PRIVATE LIMITED	05/08/2008	-
U30007MH2001PTC134224	CELEBIT TECHNOLOGY PRIVATE LIMITED	09/12/2016	-
U74900DL2012PLC231538	RENASCENCE ASSET RECONSTRUCTION COMPANY LIMITED	01/09/2012	-
U30007MH1998PTC113090	CELETRONIX INDIA PRIVATE LIMITED	15/06/2015	-

Name :

Mr. Sergio Alonso Cadavid

Designation :

Director

Address :

14749, Waterchase Boulevard, Tampa, Florida, USA - 33626

Date of Birth:

25.12.1955

Qualification :

MBA

Date of Appointment :

12.12.2006

DIN No.:

01052401

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U30007MH1998PTC113090	CELETRONIX INDIA PRIVATE LIMITED	30/10/2007	-
U72200PN2004PTC019257	JABIL CIRCUIT TECHNOLOGY INDIA PRIVATE LIMITED	21/12/2006	-

Name :

Mr. Anoop Kumar Mehrotra

Designation :

Director

Date of Birth:

03.03.1959

Qualification :

CA

Address :

10-B, Tower D, Viceroy Park, Thakur Village, Kandivali (East), Mumbai - 400 101, Maharashtra, India

Date of Appointment :

10.10.2008

DIN No.:

02353302

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U30007MH1998PTC113090	CELETRONIX INDIA PRIVATE LIMITED	10/10/2008	-
U30007MH2001PTC134224	CELEBIT TECHNOLOGY PRIVATE LIMITED	10/10/2008	-
U72200PN2004PTC019257	JABIL CIRCUIT TECHNOLOGY INDIA PRIVATE LIMITED	28/02/2009	-

Name :

Mr. Otto Johannnes Theodorus Maria Bik (Dutch)

Designation :

Director

Address :

Tweerijten 30 Nuenen 5673 TV NL

Date of Birth:

19.03.1957

Qualification :

MBA

Date of Appointment :

02.01.2009

DIN No.:

02373775

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U30007MH1998PTC113090	CELETRONIX INDIA PRIVATE LIMITED	30/09/2016	-
U72200PN2004PTC019257	JABIL CIRCUIT TECHNOLOGY INDIA PRIVATE LIMITED	28/02/2009	-

Name :

Mr. Sunil Parshuram Naik

Designation :

Additional Director

Date of Birth:

S. No. 36/A, 15, Vanrai Colony, Mathora Niwas, Dhankwadi, Pune – 411043, Maharashtra, India

Date of Appointment :

09.12.2016

DIN No.:

07463213

Name :

Mr. Sanjay Jaysukhlal Ajmera

Designation :

Additional Director

Address :

C/204, Neelyog Tower, Rani Sati Marg, Near Triveni Hotel, Dhanajiwadi, Malad (East), Mumbai-400097, Maharashtra, India

Date of Appointment :

09.12.2016

DIN No.:

07663225

KEY EXECUTIVES

Name :	Ms. Hansa Vaidya
Designation :	Company Secretary
Address :	507/B Ashoka Apartments, Mahatma Phule Road, Mulund (East), Mumbai-400081, Maharashtra, India
Date of Appointment :	01.07.2008
PAN No.:	ADTPV7733M
Name :	Ayush Gupta and Company
Designation :	Company Secretaries
Address :	1105, Hemkunt House, Rajendra Place, New Delhi‐110008, India
Mob. No:	91-9899906425
Email:	pcsayushgupta@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2017

Names of Equity Shareholders	No. of Shares
Jabil (Mauritius) Holding Limited, Mauritius	288083625
Jabil Circuit Limited, Scotland	1931
Total	288085556

As on: 31.03.2017

Names of Preference Shareholder	No. of Shares
Jabil (Mauritius) Holding Limited, Mauritius	6109000
Total	6109000

AS ON 30.09.2017

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Promoters (Body corporate)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Dealers of printed circuit boards. [Registered activity and also confirmed by management]

Products/ Services :

ITC Code No.	Product Descriptions
84734090	Printed Circuit Board
85287100	Set Top Box
85177090	Trans Receiver

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Wholesalers

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

Not Divulged

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Auditors :
Name:	S. R. Batliboi and Company Chartered Accountants
Address :	C-401, 4th Floor, Panchshil Tech Park, Yerwada (Near Don Boscoschool) Pune-411 006, Maharashtra, India
PAN No.:	ACHFS9180N
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Jabil (Mauritius) Holdings Limited
Ultimate Holding Company :	Jabil Circuit Inc. Corporate, (USA)
Fellow Subsidiary Companies :	Jabil Assembly Poland Sp.Z.O.O. Jabil Circuit (Singapore) Pte. Limited - Imac, (Singapore) Jabil Circuit Inc. - Mexico-(Guadalajara) Celetronix India Private Limited (U30007MH1998PTC113090) Celebit Technology Private Limited (U30007MH2001PTC134224) Jabil Circuit (Wuxi) Limited, (China) Jabil Circuit Hungary Limited, (Tiszaujavaros) Jabil Circuit Inc. - Us-San Jose, CA (California) Jabil Circuit Of Texas, LP, (US) Jabil Circuit Belgium N.V., (Hasselt-France) Jabil Vietnam Company Limited Jabil Circuit (Guangzhou) Limited, (China Huangpu) Jabil Circuit Sdnbhd (Malaysia-Penang) Jabil Circuit, SAS France-Brest Jabil Circuit (Singapore) Pte. Limited FKA, (Singapore) Jabil Circuit Hungary Limited Jabil Luxembourg MFG SARL, (Guadalajara-Mexico) Jabil Circuit Inc. - Us-Auburn Hills, MI (Michigan) Jabil Global Services - St. Petersburg, FL, US Jabil Circuit, Inc.-Tempe

CAPITAL STRUCTURE

AS ON 31.03.2016

Authorised Capital:

No. of Shares	Type	Value	Amount
434000000	Equity Shares	INR 10/- each	INR 4340.000 Million
66000000	Preference Shares	INR 10/- each	INR 660.000 Million
	Total		INR 5000.000 Million

Issued Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
288085556	Equity Shares	INR 10/- each	INR 2880.856 Million
6109000	Preference Shares	INR 10/- each	INR 61.090 Million
	Total		INR 2941.946 Million

FINANCIAL DATA

[All figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016 (7^th Months)	31.08.2015	31.08.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2941.946	3403.751	3403.751
(b) Reserves and Surplus	4232.057	4248.818	3349.936
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7174.003	7652.569	6753.687
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long-term liabilities	0.000	0.000	0.000
(d) long-term provisions	63.432	28.787	23.755
Total Non-current Liabilities (3)	63.432	28.787	23.755
(4) Current Liabilities
(a) Short-term borrowings	0.000	0.000	0.000
(b) Trade payables	7471.327	8804.660	5405.520
(c) Other current liabilities	376.816	211.186	98.971
(d) Short-term provisions	131.512	95.113	104.022
Total Current Liabilities (4)	7979.655	9110.959	5608.513
TOTAL	15217.090	16792.315	12385.955
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1802.058	1872.923	1430.903
(ii) Intangible Assets	2.006	1.583	2.506
(iii) Tangible assets capital work-in-progress	26.227	4.301	218.776
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.010	0.010	0.000
(c) Deferred tax assets (net)	89.909	61.097	110.384
(d) Long-term loans and advances	394.128	535.657	356.801
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2314.338	2475.571	2119.370
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4323.819	3265.061	2380.038
(c) Trade receivables	6211.661	5668.691	3566.892
(d) Cash and bank balances	2122.297	5233.078	3874.879
(e) Short-term loans and advances	70.567	42.785	205.980
(f) Other current assets	174.408	107.129	238.796
Total Current Assets	12902.752	14316.744	10266.585
TOTAL	15217.090	16792.315	12385.955

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016 (7^th Months)	31.08.2015	31.08.2014
	SALES
	Total Revenue from operations	18751.012	19315.549	19648.492
	Other Income	36.056	177.759	32.987
	TOTAL	18787.068	19493.308	19681.479
Less	EXPENSES
	Cost of Materials Consumed	16230.504	14620.915	15225.571
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(701.328)	728.657	(159.744)
	Employee benefit expense	406.300	529.677	441.821
	Other expenses	1308.743	1880.934	1607.579
	TOTAL	17244.219	17760.183	17115.227
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1542.849	1733.125	2566.252
Less	FINANCIAL EXPENSES	0.015	0.000	30.819
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1542.834	1733.125	2535.433
Less	DEPRECIATION/ AMORTISATION	253.574	241.986	207.039
	PROFIT/ (LOSS) BEFORE TAX	1289.260	1491.139	2328.394
Less	TAX	622.855	533.325	822.323
	PROFIT/ (LOSS) AFTER TAX	666.405	957.814	1467.519
	Earnings / (Loss) Per Share (INR)
	Basic	3.50	2.87	4.51
	Diluted	3.38	2.69	4.39

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016 (7^th Months)	31.08.2015	31.08.2014
Current Maturities of Long term debt	NA	NA	NA
Net cash flows from (used in) operations	(1232.397)	2249.050	3970.417
Net cash flows from (used in) operating activities	(1826.779)	1616.488	2970.693

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016 (7^th Months)	31.08.2015	31.08.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	120.91	107.12	66.26
Account Receivables Turnover (Income / Sundry Debtors)	3.02	3.41	5.51
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	168.02	219.80	129.59
Inventory Turnover (Operating Income / Inventories)	0.36	0.53	1.08
Asset Turnover (Operating Income / Net Fixed Assets)	0.84	0.92	1.55

LEVERAGE RATIOS

PARTICULARS	31.03.2016 (7^th Months)	31.08.2015	31.08.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.52	0.54	0.45
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.11	1.19	0.83
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.26	0.25	0.24
Interest Coverage Ratio (PBIT / Financial Charges)	102856.60	0.00	83.27

PROFITABILITY RATIOS

PARTICULARS		31.03.2016 (7^th Months)	31.08.2015	31.08.2014
Net Profit Margin (PAT / Sales) * 100)	%	3.55	4.96	7.67
Return on Total Assets ((PAT / Total Assets) * 100)	%	4.38	5.70	12.16
Return on Investment (ROI) ((PAT / Networth) * 100)	%	9.29	12.52	22.30

SOLVENCY RATIOS

PARTICULARS	31.03.2016 (7^th Months)	31.08.2015	31.08.2014
Current Ratio (Current Assets / Current Liabilities)	1.62	1.57	1.83
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.08	1.21	1.41
G-Score Ratio Financial (Networth / Total Assets)	0.47	0.46	0.55
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.62	1.57	1.83

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.08.2014	31.08.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	3403.751	3403.751	2941.946
Reserves & Surplus	3349.936	4248.818	4232.057
Net worth	6753.687	7652.569	7174.003
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.08.2014	31.08.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	19648.492	19315.549	18751.012
		(1.694)	(2.923)

NET PROFIT MARGIN

Net Profit Margin	31.08.2014	31.08.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	19648.492	19315.549	18751.012
Profit/ (Loss)	1467.519	957.814	666.405
	7.47 %	4.96 %	3.55 %

LEGAL CASES

HIGH COURT

Bench:-Bombay

Presentation Date:- 22/11/2017
Lodging No.:-	TPACL/394/2017	Filing Date:-	22/11/2017

Petitioner:-

Damco india private limited

Respondent:-

JABIL CIRCUIT INDIA PRIVATE LIMITED

Resp.Adv.:-

G.I. SHAIKH – APPLICANT – IN PERSON (0)

District:-

MUMBAI

Bench:-	SINGLE
Status:-	Pre-Admission
Next Date:-	25/04/2018
Coram:-	REGISTRAR(OS)/PROTHONOTARY & SR. MASTER	Stage:-	THIRD PARTY APPLICATION FOR DIRECTION AT 3:00 PM
Last Date:-	05/04/2018	Stage:-	THIRD PARTY APPLICATION FOR DIRECTION AT 3:00 PM
Last Coram:-	REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

Act :-

Code of Civil Procedure 1908

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	---
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CAHREGS: NO CHARGES EXISTS FOR COMPANY

CORPORATE INFORMATION

Subject was incorporated on August 27, 2002 as PCB Contract Manufacturing Services (India) Private Limited, which was a subsidiary of Koninklijke Phillips Electronics N.V., Netherlands (‘KPENV’). The Company’s CIN number is U32109MH2002PTC136997. The Company acquired the business involving assembly and customization of all types, varieties and specifications of printed circuit boards from Phillips India Limited (‘Phillips’) with effect from November 23, 2002 in accordance with the terms of the Business transfer agreement. On January 28, 2003, Jabil (Mauritius) Holdings Limited (‘the holding company’) and Jabil Circuit UK acquired the shareholding of PCB Contract Manufacturing Services (India) Private Limited from KPENV. Consequently, the name of the Company was changed to its present name. The principle shareholders are group companies of Jabil Circuit Inc (‘the ultimate holding company’). The Company has sub leased factory premises from Phillips India Limited at M.I.D.C Bhosari Industrial Estate, Pimpri, Pune from where the business was carried on till July 2005, subsequent to which the entire operations were relocated to its own premises at Ranjangaon near Pune. The Company’s principle activities at Ranjangaon comprise of assembling printed circuit boards for Set Top boxes. The Company has registered a part of its Ranjangaon factory under the Electronics and Hardware Technology Parks (‘EHTP’) scheme in June 2007. Commercial production under the EHTP scheme had commenced in July 2007 and is catering to overseas customers as well as customers within the country having an export setup. The Company had commenced commercial production of cell phone accessories at its Chennai unit (‘SEZ’) situated in Nokia Telecom SEZ Sriperumbudur, Tamil Nadu in October 2007, however the unit has discontinued operations from March 2009.

FIXED ASSETS

Tangible assets

• Land
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments

Intangible assets

• Computer software
• Goodwill

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 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	INR million
US Dollar	1	INR 64.99
UK Pound	1	INR 90.96
Euro	1	INR 79.51

INFORMATION DETAILS

Information Gathered by :	SWE
Analysis Done by :	VVK
Report Prepared by :	MTN

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	YES
--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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.