Fine-line Circuits

The Company was incorporated as a Public Limited Company on October 9, 1989

under the name and style of `FINE-LINE CIRCUITS LIMITED' and registered with the
Registrar of Companies, Gujarat at Ahmedabad. The Certificate for commencement of
business was obtained by the Company on September 27, 1990.

The main objects of the Company are fully set out in the Memorandum and Articles of
Association and are also quoted elsewhere in this Prospectus. The immediate object of
the Company is to set up a
Project at SEEPZ Andheri (E), Bombay, for the manufacture of Professional Grade
Single and Double Sided PRINTED CIRCUIT BOARDS (PCBs) with a capacity of
2,40,000 sq.feet per annum.

The Company has been promoted by Mr.B.T. Doshi and Mr.Abhay Doshi.

Mr.B.T.Doshi has over 25 years of industrial experience. He is co-promoter to

Steelcast Ltd. (originally founded as Steel Cast Corpn. in 1960 and in technical
collaboration with Kurimoto Ltd.,
Japan), manufacturers of steel and ferrous wear resistant castings.

Abhay Doshi, Managing Director of the Company, is an Electronics Engineer and a Post
Graduate in MBA from University of California, at Berkeley, U.S.A.

The percentage change in EPS as on the year of buyback indicates that buyback has a
negative impact on EPS in case of Fine-India circuit Limited. On comparing the
percentage rise in EPS with the percentage of shares repurchased, it may be observed
that EPS rises in case of Fine-India circuit Limited. after offsetting the benefit arising out
of reduced number of shares post buyback.

The decrease in EPS post buyback in case of Fine-India circuit Limited may well
be due to a fall in operating profit out weighing the positive effect of lesser number of
shares on EPS as a result of buyback.
Effect of buyback on EPS
 11.3 % of shares reduced by Buyback
 Before Buyback (Rs. 15.71)
 EPS As On Year Of Buyback Amount (Rs. 9.62)
 EPS As On Year Of Buyback % change @ [(–) 38.77%]
 EPS As On Year After Buyback Amount (Rs. 11.44)
 EPS As On Year After Buyback % change # [18.92%]

Effect of buyback on Operating Profit

 Operating Profit as on Year before Buyback (Rs. 3226 million)

 Operating Profit as on Year Amount (Rs. 2058 million)
 Operating Profit as on Year % change @ (–) 36.21
 Operating Profit as on Year after Buyback Amount (Rs. 2302 million)
 Operating Profit as on Year % change # 11.86%

Ratio’s

Dividend per share

0.6

0.5

0.4

0.3

0.2

0.1

0
Mar '05 Mar '06 Mar '07 Mar '08
 Return on net worth
25

20

15

10

0
Mar '04 Mar '05 Mar '06 Mar '07

Earning per share

6
5
4
3
2
1
0
Mar
-1 '04 Mar '05 Mar '06 Mar '07 Mar '08
-2
-3

Book Value
25

20

15

10

0
Mar '04 Mar '05 Mar '06 Mar '07 Mar '08
SakSoft Limited

Saksoft Limited was incorporated on November 24, 1999 as `Sak Infotech Ltd.' under
the Companies Act, 1956 and obtained certificate of commencement of business on
17th January 2000. The name was changed to Saksoft Limited on September 30,
2002 and fresh certificate of Incorporation was received consequent to the change in
name.

The Registered Office of the Company, was transferred from NCT of New Delhi to
Chennai, Tamil Nadu, on October 11, 2004, vide a fresh certificate of registration from
the Order of the Company Law Board under Section 16(3) of the Companies Act, 1956,
and is situated at `Sri Ram Nivas', 38, V.K. Iyer Road, Mandaveli, Chennai - 600 028.
The corporate office and the whole time directors are based in Chennai and hence for
operational convenience the registered office has been changed from Delhi to Chennai.

The company was promoted with the objective of providing IT solutions for business
problems in the banking, financial and insurance sectors.
The company has its corporate office and main development center at Chennai (`Sri
Ram Nivas', #38 V K Iyer Road, Mandaveli, Chennai 600028, India).

The deployment of the internal accruals is as below:

Sr.No. Investment Description Amount (Rs. Lakhs)

1. HDFC Cash Management Fund 72.91

2. Deutsche Insta Cash Plus - Daily Dividend 104.11
3. FT India Monthly Income Plan 96.99
4. Templeton MIP - Half-yearly Dividend 98.65
5. Grindlays Floating Rate Fund 100.05
6. Cash & Bank balances 282.67
TOTAL 755.38

The company was promoted with the objective of providing IT solutions for business
problems in the banking, financial and insurance sectors.

Month Average Price No.of Shares No. of Trades Total Turnover (Rs.)
Feb-04 250.35 15127010 128679 3768948900
Mar-04 214.95 14130201 159269 3323416705
Apr-04 219.6 8376786 93839 1879127066
May-04 241.85 10811082 135157 2635451874
Jun-04 251 4352498 68618 1107966172
Jul-04 298.85 5332814 80711 1449344861
Aug-04 316.05 3461522 57509 1080244041
Sep-04 332.75 2850224 41853 905325178
Oct-04 342 3641484 52559 1325866099
Nov-04 369.75 5858843 28367 2122549804
Dec-04 383.65 1694977 25230 648022016
Jan-05 363 781835 11412 294344837
Feb-05 377.75 954692 17231 370105529
Mar-05 371.25 1043185 8163 401055719
Apr-05 330.8 576361 5578 201861845
May-05 348.9 1157765 5327 392206447
Jun-05 346.8 1352463 5258 481592551
Jul-05 355.45 1699617 7617 606912747
Aug-05 425.95 2221242 15199 839380597
Sep-05 452.35 2147913 12862 938885137
Oct-05 438.7 1857578 13759 872027912
Nov-05 451.25 776486 8816 354310391
Dec-05 495.45 2392569 18646 1147176569
Jan-06 483.35 986311 11665 477933544
Feb-06 466.2 1896941 11639 895524735
Mar-06 458.1 4546756 21303 2147612844
Apr-06 387.5 3184062 27915 1362913576
May-06 365.45 1135339 16499 418872790
Jun-06 336.4 763755 9580 243979550
Jul-06 271.45 1585274 11984 469074873
Aug-06 365.15 5447184 94279 1870900070
Sep-06 385.1 2084255 19670 798467831
Oct-06 416.7 1887465 35549 808268230
Nov-06 402.85 2116137 27488 862464257
Dec-06 417.75 1214803 13664 486962392
Jan-07 443.7 2157261 35429 952095523
Feb-07 421.45 1548944 24455 677209051
Mar-07 386.9 654112 11281 266069614
Apr-07 474.35 1002069 25133 441030755
May-07 532.45 4390253 85693 2298856816
Jun-07 518.1 4000908 75878 2150218051
Jul-07 471.8 3782848 62819 1940536734
Aug-07 526.75 7457472 116748 3323225301
Sep-07 469.9 6616545 106030 3128873544
Oct-07 404.8 3665551 54729 1685627441
Nov-07 313.2 3117002 44278 1040716547
Dec-07 331.55 1375016 27353 453409271
Jan-08 259.8 2017824 26693 553380552
Feb-08 241.15 1651674 32577 444618320
Mar-08 222.7 1488920 23856 311387613
Apr-08 266.05 1279563 24679 330313168
May-08 273.15 1266145 22165 349157866
Jun-08 216.2 302818 7721 76494190
Jul-08 212.6 1431069 15224 328980663
Aug-08 230.5 4125744 15907 943240200
Sep-08 177.65 1827630 10919 390960788
Oct-08 139.95 1470601 10073 263386249
Nov-08 142.55 875649 14308 111144150
Dec-08 128.8 265279 6999 35523487
Jan-09 122.25 387508 8413 49069591
Feb-09 97.75 1000131 10086 105914497
Mar-09 128.8 8386144 22618 928489339
Apr-09 161.55 1063223 19552 167002876
May-09 218.15 3973660 50322 761424734
Jun-09 258.95 1820810 41474 449592372
Jul-09 361.55 4710704 81116 1506726479
Aug-09 424.4 7374711 122003 2917160971
Sep-09 459.95 5354247 94272 2353147256
Oct-09 445.1 3311662 67305 1465230523
Nov-09 439.05 4186272 81535 1995723846
Dec-09 484.65 1824179 33157 853196269
Jan-10 465.05 1295258 22937 649697725
Feb-10 474.05 1144888 25731 542435606
Mar-10 535.15 1133191 29395 596301662
Apr-10 537.35 786066 19297 435260784
May-10 551.7 1919130 44507 1104294482
Jun-10 518.05 2254774 50508 1249153888
Jul-10 469.15 2488449 50004 1256646106
Aug-10 539.9 10623092 166276 5507484809

- The shares are having a standard deviation of 119.2213 over the span of 4 years
of review.
 Dividend Per Share Debt equity ratio
2.5 1
2 0.8
1.5 0.6
1 0.4
0.5 0.2
0 0
Mar '05 Mar '06 Mar '07 Mar '08 Mar '09 Mar '05 Mar '06 Mar '07 Mar '08 Mar '09

Profit Before Interest And Earnings Per Share

Tax 10
30 8
25 6
20
15 4
10 2
5
0 0
Mar '05 Mar '06 Mar '07 Mar '08 Mar '09 Mar '05 Mar '06 Mar '07 Mar '08 Mar '09

Return On Net Worth Book Value

35 50
30 45
40
25 35
20 30
25
15 20
10 15
10
5 5
0 0
Mar '05 Mar '06 Mar '07 Mar '08 Mar '09 Mar '05 Mar '06 Mar '07 Mar '08 Mar '09