<PAGE>

                                                                   EXHIBIT 10.52

                                 Loan Agreement
                                 --------------

This Agreement is made at the Thai Farmers Bank Public Company Limited,
Navanakom Branch on June 27, 2002 by and between;

The Thai Farmers Bank Public Company Limited having its registered office at No.
1 Thai Farmers Lane, Ratburana Road, Khwaeng Ratburana, Khet Ratburana, Bangkok
10140 Thailand (hereinafter referred to as the "Lender"); and

Pemstar (Thailand) Company Limited having its registered office at 129/1 Moo 5,
Tumbon Banpoe, Amphur Bangpa-In, Pranakorn Sri Ayudhaya (hereinafter called the
"Borrower") .

Whereas, the Borrower wishes to borrow from the Lender the aggregate principal
amount of Baht 300,000,000.- (Baht Three Hundred Million Only) and ;

Whereas, the Lender is willing to lend the Borrower such loan upon the terms and
conditions of this Agreement hereinafter set forth.

Now, therefore, the Lender and the Borrower hereto hereby agree as follows ;

1.       The Borrower agrees to borrow from the Lender and the Lender agrees to
         lend the Borrower the aggregate principal amount of Baht 300,000,000.-
         (Baht Three Hundred Million Only) (hereinafter referred to as the
         "Principal"), provided that the Borrower shall draw the Principal from
         the Lender in accordance with the following terms and conditions;

         (a)      the Borrower will draw a portion of the Principal from the
                  Lender in the amount of Baht 200,000,000.- (Baht Two Hundred
                  Million Only) upon the completion of the mortgage registration
                  over the land title deed No. 4789 Tumbon Banlane, Amphur
                  Bangpa-In, Pranakorn Sri Ayudhaya together with the buildings
                  and/or constructions erected and/or to be erected thereon in
                  the future to secure the amount in clause 1(a) plus any
                  accrued interest thereon and to secure the amount which will
                  be provided by short-term loan to be evidenced by promissory
                  notes provided that such amount of short-term loan shall not
                  exceed Baht 100,000,000.- (Baht One Hundred Million Only) plus
                  any interest thereon; and

<PAGE>

         (b)      for the remaining portion of the Principal which is the amount
                  of Baht 100,000,000.- (Baht One Hundred Million Only), the
                  Borrower shall draw such amount upon the completion and
                  acceptance by the Lender of the Letter of Guarantee from
                  Pemstar Inc., United States of America, the Borrower's parent
                  company and the paid up capital of the Borrower must be at
                  least Baht 100,000,000.- (Baht One Hundred Million Only) .

         Provided, always, that, the Borrower shall draw the Principal from the
         Lender upon the Borrower's submission of the request for drawing and
         upon the terms and conditions set forth herein, as well as upon the
         Lender's sole discretion that such request for drawing of the Borrower
         deemed appropriate and necessary. For such request of drawing, the
         Borrower shall inform the Lender by virtue of execution and delivery to
         the Lender a Notice of Drawing in the form of APPENDIX A attached
         hereto which shall be deemed as an integral part hereof.

         The Borrower shall completely draw the Principal from the Lender within
         1 (one) year from the date of this Agreement (hereinafter referred to
         as the "Availability Period"). However, if the Borrower fails to comply
         with the aforesaid condition or fails to draw the Principal in
         compliance with the Availability Period, or if at any time in the
         reasonable discretion of the Lender there shall exist any situation
         which indicates that the performance by the Borrower of its obligations
         under this Agreement cannot be expected, the Lender may; by notice to
         the Borrower; suspend or cancel the right of the Borrower to draw the
         Principal. Upon such giving notice, any non-drawing portion of the
         Principal shall be suspended or cancelled as the case may be. The
         exercise of any right hereof by the Lender shall not preclude the
         Lender from exercising the rights under any other provision of this
         Agreement.

         Any prepayment made under this Agreement shall be made together with a
         fee at the rate of 2% (Two Percent) of the amount prepaid.

         The Borrower may cancel the whole or part of the unutilized commitment
         under this Agreement by giving the Lender not less than 30 (Thirty)
         days prior written notice to that effect specifying the date and the
         amount of the proposed cancellation. Any amount undrawn at the end of
         the Availability Period shall be deemed cancelled.


                                       2

<PAGE>

         Any cancellation shall be made together with a 1% (One Percent) flat
         fee on the amount cancelled.

2.       Upon receipt of a Notice of Drawing, the Lender shall advance to the
         Borrower the portion of the Principal as specified in the Notice of
         Drawing or the portion of the Principal that the Lender deems
         appropriate on such drawing date, and simultaneously the Borrower shall
         execute and deliver to the Lender the Receipt in the substantial form
         of APPENDIX B attached hereto which shall be deemed as an integral part
         hereof, evidencing the Borrower's receipt of such Principal being
         advanced by the Lender hereunder.

3.       The Borrower agrees to monthly pay interest to the Lender on the unpaid
         balance of the Principal from time to time outstanding, commencing from
         the drawing date until maturity (whether by acceleration or otherwise)
         at the rate per annum and in accordance with the period therefore as
         follows:

         3.1      at the rate of 5% (Five Percent) per annum for the period of
                  24 (Twenty Four) months, commencing from the execution date
                  hereof and;

         3.2      at the rate of Lender's MLR - 1% (Minimum Loan Rate subtract
                  from 1 Percent) for the period of 36 (Thirty Six) months,
                  commencing upon the end of the 24th (Twenty Fourth) month as
                  mentioned in sub-clause 3.1 above.

         The Lender's MLR (Minimum Loan Rate) shall hereby mean the most
         favorable rate as from time to time quoted and charged by the Lender to
         its prime customers for the loan which repayment period not less than
         one year, provided that the Lender's MLR (Minimum Loan Rate) shall be
         subject to change without any prior notice to the Borrower. The said
         Lender's MLR (Minimum Loan Rate) as of the execution date hereof is 7%
         (Seven Percent) per annum.

         The Borrower also agrees to pay interest, on the Lender's demand, on
         overdue Principal from time to time default up to the time of actual
         payment, at the default interest rate announced; from time to time; by
         the Lender and charged from the Lender's customers who defaulted in
         repayment or payment which as of the execution date hereof, the default
         interest rate is 13.50% (Thirteen Point Five Percent) per annum. The
         Borrower agrees and acknowledges that such default interest rate is
         subject to change, without any notice to the Borrower, by the Lender
         from time to time.


                                       3

<PAGE>

4.       The Borrower agrees to monthly repay the drawdown Principal to the
         Lender in 60 (Sixty) installments with each amount being in an amount
         of Baht 5,000,000.- (Baht Five Million Only) for every month.

         If the first drawdown is made within the 15th(Fifteenth) day of any
         month, the first repayment shall commence from the month in which such
         first drawdown is made and be payable on the last banking day of such
         month. If the first drawdown is made after the 15th(Fifteenth) day of
         any month, the first repayment shall commence from the next succeeding
         month and be payable on the last banking day of such month. The
         Borrower shall make such monthly repayment to the Lender within the
         last banking day of each month at the Lender's office and within the
         banking hours. The amount of each repayment installment shall be made
         equally and consecutively.

         However, the Borrower shall completely and fully repay the Principal
         and completely and fully pay the interest accrued thereon to the Lender
         within 60 (Sixty) months from the month in which the first drawdown is
         made.

5.       If any date or repayment and/or payment of the Principal and/or
         interest and/or fees and/or expense, etc. due by the Borrower under
         this Agreement shall fall on the Lender's holiday, the Borrower agrees
         to repay and/or pay such amount due on the business day preceding to
         any of the aforesaid dates.

6.       As collateral and as security for the Borrower's obligations and
         liabilities hereunder, the Borrower shall:

         6.1      provide for the Lender a Letter of Guarantee; from the
                  Borrower's parent company - Pemstar Inc., United States of
                  America - of which such Letter of Guarantee shall guarantee
                  the amount specified in Clause 1(b) and shall be in the form
                  acceptable and satisfactory to the Lender; and

         6.2      execute a first priority mortgage registration over the land
                  title deed No. 4789, Tumbon Banlane, Amphur Bangpa-In,
                  Pranakorn Sri Ayudhaya, together with the buildings and/or
                  constructions erected and/or to be erected thereon in the
                  future to secure the amount specified in Clause 1(a).

7.       As the benefit hereof, the Borrower shall take out fire insurance
         against any loss and/or damage with full covering of the buildings and
         /or constructions erected and/or to be


                                       4

<PAGE>

         erected in the future on the lands under the title deeds mentioned in
         Sub-Clause 6.2 above, at the insurance value determined by the Lender.
         The Borrower shall obtain such insurance and/or renewal of the
         insurance policy throughout the period of time that the Lender has not
         been repaid in full amount of the indebtedness as specified hereunder.
         The Borrower hereby agrees that the insurance policy shall be endorsed
         to specify the Lender as the beneficiary under such the insurance
         policies in the event of loss occurring and the Borrower shall be
         responsible for all of the insurance premium. The insurance company
         and/or re-insurance company and form and substance of insurance shall
         have to be satisfactory to the Lender.

8.       Throughout the term of this Agreement and/or as long as the Borrower
         still obligates or still be liable to the Lender hereunder, the
         Borrower shall maintain the Borrower's Debt to Equity Ratio (D/E Ratio)
         at the ratio as follows:

         8.1      as of March 31, 2003; at the ratio not exceeding 2.3:1; and

         8.2      as of March 31, 2004; at the ratio not exceeding 2:1

9.       Upon a declaration of acceleration under Clause 11. and/or Clause 12.
         or on the maturity date of repayment under Clause 4. or on the interest
         payment date under Clause 3, the Lender is hereby irrevocably
         authorized at any time and from time to time, without notice to the
         Borrower to set-off and to appropriate and apply any and all deposits
         (general or special or otherwise) and any other indebtedness at any
         time held or owing by the Lender to or for the credit or the account of
         the Borrower against and on account of the obligations and liabilities
         of the Borrower to the Lender under this Agreement, irrespective of
         whether or not the Lender shall have made any demand hereunder and
         although said obligations, liabilities or claims or any of them, shall
         be contingent or immaturity.

10.      The Borrower covenants and agrees that so long as this Agreement is in
         effect and until all of the obligations of the Borrower incurred
         hereunder are paid in full, unless waived in writing by the Lender; the
         Borrower will:

         10.1     furnish to the Lender within 120 (One Hundred and Twenty) days
                  after the end of each fiscal year, copies of the Borrower's
                  audited financial statements for such fiscal year of which
                  certified by and authorized director of the Borrower including
                  other information respecting to the financial conditions and
                  operations of the Borrower as the Lender may from time to time
                  reasonably request,


                                       5

<PAGE>

         10.2     ensure that the representations and warranties of the Borrower
                  contained in this Agreement remain at all times true and
                  accurate,

         10.3     preserve and maintain its corporate existence and of its
                  rights, licenses, powers, privileges and franchises; conduct
                  its business in an orderly efficient and regular manner;
                  comply with the requirement of all governmental authorities
                  having jurisdiction; and keep proper books and records,

         10.4     promptly give notice to the Lender of all litigation and of
                  all proceedings by or before any governmental agency and of
                  all disputes concerning the Borrower or any of its assets
                  which may have a material adverse effect on the Borrower.

         10.5     upon request of the Lender, give any representative of the
                  Lender access during normal business hours to examine or make
                  extracts from such of the books records and documents of the
                  Borrower as may be pertinent to its ability to perform
                  hereunder and to inspect any of its properties.

         10.6     keep all its properties useful or necessary in its business in
                  good working order and condition.

11.      Until the payment in full of any all amounts payable by the Borrower
         hereunder, the Borrower agrees that the Borrower shall not, without
         prior written consent of the Lender which will not be reasonably
         withheld:

         11.1     create, incur or suffer to exist any mortgage, pledge, lien,
                  security interest of other charge or encumbrance upon or with
                  respect to any of its properties or assets, present or future
                  except to secure the indebtedness of the Borrower under this
                  Agreement.

         11.2     create, incur, issue, assume or guarantee any debt or
                  liability for borrowed money other than the indebtedness to
                  the Lender hereunder,

         11.3     amend or permit to amend in any material or significant
                  respect of any of the provisions of its Memorandum or Articles
                  of Association, including any increase or reduction of its
                  capital, or issue or agree to issue any shares, debentures or
                  other securities of the Borrower or any rights or options with
                  respect to such securities,


                                       6

<PAGE>

         11.4     enter into any contract, which may have a material adverse
                  effect on the ability of the Borrower to service its debt,

         11.5     enter into any merger or consolidation, or sell, lease or
                  otherwise transfer all or a substantial potion of its assets,
                  except for the sale in the exercise of good business judgment
                  of any assets being no longer usable because of damage or wear
                  and tear otherwise being uneconomical for continued use,
                  except with in the normal cause of business.

12.      At the option of the Lender and without necessity of demand or notice,
         all obligations and liabilities of the Borrower hereunder shall
         immediately become due and payable irrespective of the period so
         specified in Clause 4. or any extension thereafter and all of the
         commitment of the Lender hereunder shall thereupon cease, upon the
         occurrence of any of the following events:

         12.1     default in payment of any obligation of the Borrower to the
                  Lender when it has been due;

         12.2     default in the due performance of any term, covenant or
                  undertaking of the Borrower in the this Agreement;

         12.3     default in payment of any indebtedness on its maturity;

         12.4     any representation or warranty given, made or deemed to be
                  made by the Borrower in pursuant to this Agreement is on prove
                  to have been untrue, incorrect or misleading in any respect
                  when given, made or deemed to be made;

         12.5     the dissolution, insolvency, failure in business of the
                  Borrower:

         12.6     commission of any act which could be presumed that the
                  Borrower is insolvent under the Bankruptcy Law:

         12.7     the Borrower's position has been materially changed which in
                  the opinion of the Lender may cause detriment to the Lender,
                  substantiated by the circumstances and information obtained
                  and considered to continue when this Agreement was made:


                                       7

<PAGE>

         12.8     the issuance of any notification, regulation, order,
                  instruction, directive, ruling, or any similar instrument of
                  the Bank of Thailand and/or Ministry of Finance thereby shall
                  prevent the Lender from granting any more credit facility or
                  restrict the credit granting activities of the Lender, or
                  further honoring of the drawing(s) hereunder may cause the
                  abuse of such notification, regulation, order, instruction,
                  directive, ruling, or instrument by the Lender:

13.      The Borrower represents and warrants:

         13.1     that it is a limited company duly registered and in good
                  standing under the laws of Thailand, is duly qualified and has
                  all licenses and permission required at this time and is in
                  the process of securing same to carry on it proposed
                  operations:

         13.2     that the making and performance of this Agreement and the
                  transactions contemplated herein are within the Borrower's
                  corporate powers, have been duly authorized by all necessary
                  corporate action, have received all necessary governmental
                  approvals, and do not contravene any law or result in the
                  breach of or constitute a default under any agreement,
                  instrument, order, or injunction by which the Borrower or any
                  of its properties may by bound or effected.

         13.3     that this Agreement will be legal, valid and binding
                  obligations of the Borrower enforceable against the Borrower
                  in accordance with their respective terms.

         13.4     that there are no pending or threatened actions or proceeding
                  before any court or administrative agency which may materially
                  adverse affect the Borrower's financial conditions or
                  operations.

14.      The Borrower shall bear sole responsibility for payment of stamp duties
         of this Agreement together with any expense paid by the Lender in
         connection with this Agreement.

15.      The Borrower agrees to pay and/or reimburse to the Lender for and
         against all expenses whatsoever incurred in connection with this
         Agreement, including legal fees in connection with the preparation,
         execution and enforcement of this Agreement.


16.      The Borrower shall fully indemnify the Lender for and against any
         expense, loss, cost damage or liability (as to the amount of which the
         certificate of the Bank shall, in the


                                       8

<PAGE>

         absence of manifest error, be conclusive) which any of them may incur
         as a consequence of the occurrence of any of any Event of Default, of
         any failure to borrow in accordance with the Drawing Notice or of any
         prepayment under this Agreement or of any increase in the cost to the
         Lender for maintaining the loan under this Agreement or otherwise in
         connection with this Agreement. Without prejudice to its generality,
         the foregoing indemnity shall extend to any interest, fees of other
         sums whatsoever paid or payable on account of any funds borrowed in
         order to carry any unpaid amount and to any loss (excluding loss
         profit) premium, penalty or expense which may be incurred in
         liquidating or employing deposits from third parties acquired to make,
         maintain or fund the loan (or part of it) or any other amount due or
         become due under this Agreement.

17.      This Agreement is executed in English. It shall be governed and
         construed by the Law of Thailand. In the event that it is necessary to
         file a lawsuit with this Agreement, the parties to this Agreement shall
         file the lawsuit with or submit the matter to the Court in Thailand.

18.      No failure or delay on the part of the Lender in exercising any right,
         power or privilege hereunder and no course of dealing between the
         Borrower and the Lender shall operate as a waiver thereof, nor shall
         any single or partial exercise by the Lender of any right hereunder
         preclude any other or further exercise thereof or the exercise of any
         other right. The remedies herein provided are cumulative and not
         exclusive of any remedies provided by law.

19.      If at time any provision hereof is or becomes invalid, illegal or
         unenforceable in any respect, the validity, legality or enforceability
         of the remaining provisions hereof shall not in any way be affected or
         impaired thereby.

20.      The provisions of this Agreement supersede all prior agreements or
         understanding orally or in writing inconsistent herewith, and shall
         constitute the only agreement between the parties with respect to the
         subject matter herein.

21.      This Agreement may be signed in any number of counterparts. Any single
         counterpart or a set of counterparts signed, in either case by all the
         parties hereto shall constitute a full and original agreement for all
         purposes.

22.      All correspondence and/pr notices sent by the Lender to the Borrower by
         registered post, or sent by hand, if sent to the address mentioned
         above, shall be deemed to have


                                       9

<PAGE>

         duly sent to the Borrower, irrespective whether they have been
         received. If such correspondence and/or notices cannot be sent because
         of a change of address or the building had been removed, without the
         Lender having been notified in writing by the Borrower, or if the above
         or the changed address cannot be located, the Borrower shall be deemed
         to have duly received and acknowledged such correspondence and/or
         notices.

23.      Each party hereto hereby declares and confirms that it has thoroughly
         read and understood all the terms of this Agreement and has found that
         such terms correspond with its intention and that prior to its
         execution of this Agreement, and has considered that such terms are
         fair and satisfactory for the purpose of the financial accommodation.


                                       10

<PAGE>

In Witness Whereof, the parties have caused this Agreement to be duly executed
as of the day and year herein above set forth.

         For and on behalf of Pemstar (Thailand) Company Limited

                   Signed  /s/ Laddawan Maisonti             The Borrower
                           -------------------------------
                           (By Laddawan Maisonti)

                   Signed  /s/ Buranee Arunpairojana         The Lender
                           -------------------------------
                           (By Buranee Arunpairojana)

                   Signed  /s/ Kent Nilubol                  Witness
                           -------------------------------
                           (By Kent Nilubol)

                   Signed  /s/ Wannee Phongsak               Witness
                           -------------------------------
                           (By Wannee Phongsak)


                                       11

<PAGE>

                                   APPENDIX A
                                   ----------

                                NOTICE OF DRAWING
                                -----------------

                                                       Date  June 28, 2002
                                                           --------------------


TO: THE THAI FARMERS BANK PUBLIC COMPANY LIMITED

                      Re: Baht 300,000,000.- Loan Facility
                      ------------------------------------

Dear Sirs:

Pursuant to the terms of Clause 1. of Loan Agreement dated June 27, 2002
between The Thai Farmers Bank Public Company Limited as the Lender and Pemstar
(Thailand) Company Limited as the Borrower, we ; Pemstar (Thailand) Company
Limited; hereby give you this notice that we wish to draw the Principal sum of
Baht 200,000,000 (two hundred million baht only).

On the 28th date of June, 2002.

We greatly appreciate all your dedicated service.

                                Very truly yours,

                   Signed   /s/ Laddawan Maisonti           The Borrower
                           -------------------------------
                           (By Mrs.  Laddawan Maisonti)

             For and on behalf of Pemstar (Thailand) Company Limited


                                       12

<PAGE>

                                   APPENDIX B
                                   ----------

                                     RECEIPT
                                     -------

                                                      Date June 28, 2002
                                                          ---------------------

We Pemstar (Thailand) Company Limited ("the Borrower"), have duly received from
The Thai Farmers Bank Public Company Limited ("the Lender") the Principal amount
of Baht 200,000,000 (two hundred million baht only) in accordance with the Loan
Agreement date entered in to by and between the Borrower and Lender.

In Witness Whereof, the Borrower has caused this receipt to be duly executed and
delivered to the Lender on the date as written above.

                   Signed   /s/ Laddawan Maisonti            The Borrower
                           -------------------------------
                           (By Mrs. Laddawan Maisonti)

             For and on behalf of Pemstar (Thailand) Company Limited

                   Signed   /s/ Kant Nilubol                 The Borrower
                           -------------------------------
                           (By Mr. Kant Nilubol)

                   Signed   /s/ Weera Ruedeesarnt            The Borrower
                           -------------------------------
                           (By Mr. Weera Ruedeesarnt)


                                       13

<PAGE>

                               GUARANTEE AGREEMENT
                               -------------------

                                        Executed at Rochester, Minnesota, U.S.A.
                                                             Date: June 25, 2002

1. In consideration of financial accommodation in the form of a mortgage loan
facility to Pemstar (Thailand), Ltd. with its registered office at Hi-tech
Industrial Estate (EPZ Zone 1), 129/1 Moo 5, Asia-Nakornsawan Highway, Ban-Po,
Bangpa-In, Ayutthaya 13160, Thailand (hereinafter called "the Borrower"), by
Thai Farmers Bank Public Company Limited with its registered office at 1 Thai
Farmers Lane, Ratburana Road, Bangkok, Thailand (hereinafter called "the Bank").
We, Pemstar Inc., a Minnesota U.S.A. Corporation, with our registered office at
3535 Technology Drive NW, Rochester, Minnesota 55901, U.S.A. (hereinafter called
"the Guarantor"), irrevocably and unconditionally guarantee to the Bank for any
due payment and/or for any due repayment, whether by acceleration or otherwise,
of any and all indebtedness or liabilities, whether direct or indirect, absolute
or contingent, joint, several or independent, of the Borrower to the Bank up to
the aggregate principal sum of Baht 100.00 million (Baht One Hundred Million
only), together with interest, commission, charges, expenses as may be due
thereon from the Borrower.

2. The Guarantor agrees that the Bank may, in its absolute discretion and
without prejudice to or in any way limiting or lessening the liability of the
Guarantor under this guarantee, extend credit to the Borrower in such amount as
the Bank may determine, whether for a greater or lesser amount than is hereby
guaranteed, grant extensions of time or other indulgences, change the interest
rate, take or give up or modify, vary, exchange, renew or abstain from
perfecting or taking advantage of any security, accept or make composition or
other arrangements, discharge or release any party or parties, realize on any
security and otherwise deal with the Borrower and co-guarantor and other parties
and security as the Bank may deem expedient.

3. This shall be a continuing guarantee and shall cover all liabilities of the
Borrower, and where more than one, the several obligations of each as well as
the joint obligations, including those incurred up to such time as the Bank
shall have been given notice in writing by the Guarantor to make no further
advantages on this guarantee.

4. This guarantee shall secure any balance due or owing from time to time and at
any time from the Borrower to the Bank, notwithstanding any payments from time
to time made to the Bank or any settlement of account or any other thing
whatsoever, and no payments made by or on behalf of the Guarantor to the Bank
shall be held to discharge or diminish the continuing liability of the Guarantor
hereunder, unless written notice is given to the Bank at the time of making such
payments that the same are being made for the purpose of liquidating such
liability and, until full payment of all indebtedness and liabilities (including
interest), present and future and whether or not payment thereof is guaranteed
hereby, of the Borrower to the Bank, the Guarantor waives all right of
subrogation and all benefit of our right to participate in any security now or
hereafter held by the Bank.

5. All demands, presentments, notices of protest and of dishonor and notices of
every kind or nature, including those of any action or non-action on the part of
the Borrower, the Bank, and co-guarantor or any creditor of the Borrower, the
Bank, and any co-guarantor or any other persons whomsoever, are expressly waived
by the Guarantor. The Guarantor hereby waives the right to require the Bank to
make a prior proceeding against the Borrower, any co-guarantor or any other
party or to prior proceed against or apply any security it may hold, and waives
the right

<PAGE>

to require the Bank to pursue any other remedy for the benefit of the Guarantor,
and agrees that the Bank may proceed against the Guarantor for the amount hereby
guaranteed without taking any action against the Borrower, any co-guarantor or
any other party and without prior proceeding against or applying any security it
may hold. The Guarantor waives the right to plead any and all statutes of
limitations as a defense to this guarantee and to any indebtedness or liability
hereby guaranteed, and shall constitute a further waiver by the Guarantor of the
right to plead any and all statutes of limitations as defense to the guarantee
and to any indebtedness or liability hereby guaranteed.

6. The Bank is not to be concerned to see or inquire into the powers of the
Borrower or its directors, officers, or other agents acting or purporting to act
on its behalf, the Guarantor hereby representing that such power exists, and
money in fact borrowed from the Bank in the professed exercise of such powers
shall be deemed to form part of the liabilities guaranteed, even though the
borrowing or obtaining of such money be in excess of the powers of the Borrower
or of the directors, officers, or other agents thereof, or shall be in any way
irregular or defective or informal.

7. The Guarantor agrees to pay a reasonable attorney's fee and all other costs
and expenses which may be incurred by the Bank in connection with this guarantee
or in the collection of any of said liabilities from the Borrower or the
Guarantor.

8. This guarantee shall inure to the benefit of and bind the successors and
assignors of the Guarantor, and shall be construed as the joint and several
obligation of the Guarantor with the Borrower. This guarantee shall be construed
in accordance with the law of Thailand. In the event that it is necessary to
file a lawsuit in connection with this Agreement, the parties hereto shall file
suit with or submit the matter to the Civil Court of Thailand. Notwithstanding
the foregoing, the Bank shall have the right to proceed against the Guarantor
under this Agreement in appropriate court of any country, as it deems expedient.
Notice of acceptance of this guarantee is hereby waived.

9. This guarantee is in addition to and exclusive of the guarantee(s) of any
other guarantor(s) and of any and all prior guarantees of any of the Guarantor
of indebtedness or liabilities of the Borrower to the Bank; and this guarantee
shall in no way limit or lessen any of the liability, howsoever arising, of any
of the Guarantor for payment of indebtedness or liabilities which are hereby
guaranteed.


                                       2

<PAGE>

         IN WITNESS WHEREOF, the Guarantor, by its authorized representative,
has caused this Guarantee Agreement to be duly executed on the date as herein
above set forth.

GUARANTOR
PEMSTAR INC.

By:  /s/ Allen Berning                  /s/ Linda U. Feuss
     ---------------------------        ---------------------------------------
                                        Witness
Its: Chief Executive Officer
     ---------------------------
                                        /s/ William Kullback
                                        ---------------------------------------
                                        Witness


State of Minnesota
County of Olmsted

This instrument was acknowledged before on June 25, 2002 by Allen Berning as
Chief Executive Officer of Pemstar Inc.


                                        /s/ Jayne M. Desorcie
                                        ---------------------------------------
                                        Notary Public


Sworn to before me this 25th day of June 2002 by Linda U. Feuss.

/s/ Jayne M. Desorcie
------------------------------
Notary Public

Sworn to before me this 25th day of June 2002 by William Kullback.

/s/ Jayne M. Desorcie
------------------------------
Notary Public


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