MIRA INFORM REPORT

Report Date :

03.03.2008

IDENTIFICATION DETAILS

Name :	DELL INDIA PRIVATE LIMITED
Formerly Known As :	DELL COMPUTER INDIA PRIVATE LIMITED
Registered Office :	Divyashree Greens, Ground Floor, SY Nos,12/1,12/2/A and 13/1A, Ghallaghatta Village, Varthur Hobli, Bangalore - 560071, Karnataka
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	27.11.2003
Com. Reg. No.:	08-32926
CIN No.: [Company Identification No.]	U729000KA2003PTC032926
TAN No.: [Tax Deduction & Collection Account No.]	BLRD02621D
Legal Form :	Private Limited Liability Company
Line of Business :	Provides Technical Support, Customer Service, etc.

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company and a subsidiary of Dell, USA. Available information indicates high financial responsibility of the company. Trade relations are fair. Business is active. Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	Divyashree Greens, Ground Floor, SY Nos,12/1,12/2/A and 13/1A, Ghallaghatta Village, Varthur Hobli, Bangalore - 560071, Karnataka, India
Tel. No.:	91-80-25357311
Fax No.:	91-80-25357309
Email :	gurudutt_a@dell.com
Website :	http://www.dell.com/ap/

DIRECTORS

Name :	Mr. William Joseph Amelio
Designation :	Director
Address :	24, Nassim Road, Singapore – 258400, Singapore
Date of Birth/Age :	25.11.1957
Date of Appointment :	27.11.2003
Date of Ceasing :	21.12.2005
Name :	Mr. Thomas Harold Welch
Designation :	Director
Address :	45001 Mantie Drive, Austin Texas - 78746, USA
Date of Birth/Age :	23.02.1955
Date of Appointment :	08.12.2003
Name :	Mr. Daniel Timothy Creedon
Designation :	Director
Address :	18 K Queen Astrid Park, Singapore- 266821, Singapore
Date of Birth/Age :	26.08.1965
Date of Appointment :	27.11. 2003
Name :	Mr. Felice Joseph Stephen
Designation :	Director
Address :	9 Rochalie Drive Singapore - 248263
Date of Birth/Age :	19.03.1957
Date of Appointment :	21.12.2005
Date of Ceasing :	29.12.2006

KEY EXECUTIVE

Name :	Mr. Aswath Gurudutt
Designation :	C – 301, Mantri pride, # 1, Mountain Cross Road, Jayanagar, 1^st Block, Bangalore – 560011, Karnataka, India
Date of Appointment :	Company Secretary
Date of Birth/Age :	25.12.1963
Date of Appointment :	10.03.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Dell International Incorporation	2499999
Dell International Holdings VIII B.V.	1
Total	2500000

Category	Percentage of Holding
Foreign holdings(foreign institutional investor(s), Companies(s) foreign Financial institution , Non-resident Indian or overseas corporate bodies or others	100.00

BUSINESS DETAILS

Line of Business :	Provides Technical Support, Customer Service, etc..
Products :	Computer Hardware
Exports to:	Malaysia
Imports from:	Malaysia

GENERAL INFORMATION

Suppliers :	DELL, Malaysia
Customers :	DELL, Malaysia
No. of Employees :	Around 1000
Bankers :	Citi Bank, M. G. Road, Bangalore – 560001

Banking Relations :	Unknown
Auditors :
Name :	K. S. Pai and Associates Chartered Accountants Ernst and Young Chartered Accountants Price Waterhouse and Company Chartered Accountants Address : Mittal Tower, C Wing, 47/6, M G Road, Bangalore – 560001, Karnataka, India
Ultimate Holding Company :	Dell Inc, USA
Folding Company :	Dell International Inc. USA
Fellow Subsidiaries :	Dell Asia Pacific Sdn., Malaysia Dell International Services India Private Limited, India

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	01.11.2004 to 31.03.2005 [5 Months]
SHAREHOLDERS FUNDS
1] Share Capital		25.000	25.000	25.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		307.006	38.880	25.358
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		332.006	63.880	50.358
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		332.006	63.880	50.358
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		162.893	72.592	43.529
Capital work-in-progress		238.154	0.000	3.287
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		110.998	100.171	2.522
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	705.134	503.214	305.383
	Sundry Debtors	1585.682	885.506	350.905
	Cash & Bank Balances	1446.669	372.304	231.846
	Other Current Assets	24.631	8.427	7.364
	Loans & Advances	322.039	506.289	294.194
Total Current Assets		4084.155	2275.740	1189.692
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	3805.599	2012.501	1061.237
	Provisions	458.595	372.122	127.435
Total Current Liabilities		4264.194	2384.623	1188.672
Net Current Assets		[180.039]	[108.883]	1.020
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		332.006	63.880	50.358

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	01.11.2004 to 31.03.2005 [5 Months]
Sales Turnover		7540.605	4828.733	1434.056
Other Income		44.540	4.595	7.244
Total Income		7585.145	4833.328	1441.300
Profit/(Loss) Before Tax		451.999	41.187	44.086
Provision for Taxation		183.873	27.665	18.478
Profit/(Loss) After Tax		268.126	13.522	25.608
Earnings in Foreign Currency :
	Income for Support Services	25.676	11.752	73.719
Total Earnings		25.676	11.752	73.719
Imports :
	Traded Items		2939.705	752.027
	Stores & Spares	8512.237	564.517	140.249
	Capital Goods		11.828	2.749
Total Imports		8512.237	3516.050	895.025
Expenditures :
	Prior period Adjustments	0.000	7.861	0.000
	Depreciation	48.153	9.953	5.675
	Other Expenditure	7084.993	4774.327	1391.539
Total Expenditure		7133.146	4792.141	1397.214

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	01.11.2004 to 31.03.2005 [5 Months]
PAT / Total Income	(%)	3.53	0.28	1.78
Net Profit Margin (PBT/Sales)	(%)	5.99	0.85	3.07
Return on Total Assets (PBT/Total Assets}	(%)	10.64	1.75	3.57
Return on Investment (ROI) (PBT/Networth)		1.36	0.64	0.88
Debt Equity Ratio (Total Liability/Networth)		12.84	37.33	23.60
Current Ratio (Current Asset/Current Liability)		0.96	0.95	1.00

LOCAL AGENCY FURTHER INFORMATION

Pursuant to an agreement dated November 1, 2004 [effective date] with Dell International Services Private Limited, formerly known as Dell Computer India Private Limited, the subject company has taken over all assets and liabilities relating to the Sale Division Business of Dell India Private Limited.

AS PER WEB SITE:

A Company is a trusted and diversified information technology supplier and partner employing 65200 employees worldwide working towards selling a comprehensive portfolio of products and services to customers worldwide. Dell is recognized by Fortune magazine as America's most admired company and No. 3 globally, designs, builds and delivers innovative, tailored systems that provide customers with exceptional value. Company revenues for the last four quarters were $54.2 billion.

Company was incorporated in 1996.Dell’s direct operations in India started in the year 2000 from Bangalore. Ever since its launch in India, Dell India has been growing at a tremendous pace. The major support factor for this growth has been the team, Dell’s direct model and the high levels of post sales service given to the customers. Dell India got the top rank for product and post sales service support in the DQ-IDC Customer Satisfaction Audit 2005. This feedback from customers is a clear indication of Dell's growing stature in India.

Press Releases

DELL REPORTS REVENUE OF $15.6 BILLION IN Q3; EARNINGS PER SHARE UP 26 PERCENT

Results Show Strength in Emerging Countries, Mobility and Enterprise Products

India, November 29, 2007

Q3 FY'08 Financial statements

Dell today reported results for its third quarter of fiscal year 2008, with revenue up nine percent year-over-year to a record $15.6 billion, operating income up 13 percent to $829 million and earnings per share of $0.34, a 26 percent increase over the prior year.

Cash from operations totaled $1 billion, while cash and marketable securities at the end of the quarter were $14.6 billion. The company plans to resume its share repurchase program in early December.

"We embarked this year on a long-term strategy to re-ignite growth and our Q3 results indicate we're making solid progress through investments in five key business priorities - consumer, emerging countries, notebooks, enterprise and small/medium business," said Michael Dell, chairman and CEO. "Initiatives to simplify IT will drive innovation across all industries, creating new value for customers and shareholders. For consumers we will continue to launch products that set the bar for design, personalization, and price performance - and we will make them available in more places than ever before."

	Third Quarter			Year to Date
(in millions, except share data)	FY'08	FY'07	Change	FY'08	FY'07	Change
Revenue	$15,646	$14,419	9%	$45,144	$42,950	5%
Operating Income	$829	$734	13%	$2,664	$2,243	19%
Net Income	$766	$601	27%	$2,268	$1,857	22%
EPS	$0.34	$0.27	26%	$1.00	$0.82	22%

All comparisons in this press release are year-over-year unless otherwise noted.

Profitability

Operating profit benefited from strength in mobility, solid demand in enterprise products and a continued favorable component-cost environment. These benefits were largely offset by costs the company is incurring as it restructures to improve productivity and execution, reduce headcount where appropriate, and invest in infrastructure and key growth priorities. For example, the company incurred $50 million, or $0.02 per share, related to employee reductions and asset disposals. In addition, the company incurred $28 million, or $0.01 per share related to the Audit Committee investigation which was concluded during the quarter and other related costs. Earnings for the quarter were positively impacted by an adjustment of $45 million, or $0.02 per share, to lower the company's effective tax rate for the year primarily because of a larger-than-expected mix of profits from outside the U.S.

"Our strong cash flow in the quarter demonstrates we are taking the right actions to create value. We are committed to a growth strategy that includes acquisitions as well as a long-term share repurchase plan, as we transition cash and investments to lower levels while retaining financial flexibility," said Don Carty, vice chairman and CFO, Dell.

Regional and Product Highlights

Revenue for the Americas Business, which includes corporate and public customers in the U.S., as well as Americas International, was up seven percent. The company maintained its No. 1 position in the U.S. commercial segment, with 34 percent of all units shipped¹. Americas International, which includes Latin America and Canada, had revenue growth of 19 percent year-over-year with 45 percent growth in Brazil. In addition, a Forrester Research survey² released earlier this month called Dell "clearly the No. 1 enterprise desktop and laptop supplier" to North American and European enterprises. The survey of 565 PC decision makers also showed that Dell in Q3 held "its sizable lead over the second-closest competitor" across the regions and company sizes in both product segments.

In Asia-Pacific and Japan, where the company is actively expanding its presence, revenue in the quarter grew by 18 percent on a 20 percent increase in units. Highlights in the region include India and China where revenue grew 47 percent and 22 percent, respectively.

Revenue increased 14 percent and shipments were up 13 percent in Europe, Middle East and Africa (EMEA). Revenue for servers and storage in the region were up 15 percent and 13 percent, respectively.

Sales outside the United States were up 16 percent and represented 46 percent of the company's overall revenue, reflecting continued strength in emerging countries.

Globally, revenue from mobility products increased 19 percent on a 25 percent increase in units. Revenue from both servers and storage grew eight percent and shipments of servers increased seven percent. Enhanced services revenue grew seven percent to $1.4 billion. Desktop PC revenue declined one percent as the industry continues to shift towards mobility. Software and peripherals revenue posted an increase of 11 percent.

Key Business Priorities

Consumer: While revenue for Dell's U.S. Consumer business declined six percent, the business segment made strong progress against key initiatives, including new product design, channels, product personalization and mobility. Consumers will be able to buy Dell products in nearly 10,000 stores including Gome, China's largest consumer electronics retailer, and Staples' 1,400 stores across the U.S. During the quarter, Dell closed the acquisition of ZING Systems Inc., a consumer technology and services company focused on always-connected audio and entertainment devices.

• Emerging Countries : China, Brazil and India registered strong unit growth of 26, 30 and 42 percent, respectively. Combined Brazil, Russia, India and China (BRIC) revenue growth during the quarter was 32 percent. The company plans to continue its initiative of tailoring solutions to meet specific regional needs, enhancing partner relationships to provide customer choice and flexibility, and expansion into these and other emerging countries that represent 85 percent of the world's population.

• Notebooks: Notebooks are expected to grow at six times the rate of desktop systems for the next several years, and Dell plans to increase the speed with which it introduces new products, while lowering costs and tailoring mobile devices for specific customer segments. The Dell XPS M1330 notebook was labeled a "dream machine" in Time Magazine's Best Inventions of 2007 issue earlier this month.

• Enterprise : Dell unveiled multiple products and marketing initiatives to help customers Simplify IT. These included new virtualization technologies that embed Citrix's XenServer on future PowerEdge servers, allowing customers to install and manage virtual machines almost immediately upon start up. On Demand Desktop Streaming will simplify desktop administration and management by combining all the benefits of traditional thin clients with the performance of standard desktops. Dell also completed the acquisition of Silverback Technologies, growing its Software As A Service (SaaS) IT monitoring and management capabilities.

• Small/Medium Business : New products for the SMB market included the PowerVault MD3000i which simplifies storage consolidation. In this, the fastest growing segment of the storage market - iSCSI, Dell also announced the planned acquisition of EqualLogic.

Company Outlook

The company continues to focus on strategic priorities that will provide better value to customers while driving a more optimal balance of liquidity, profitability and growth. As the company executes against these priorities it will continue to incur costs as it restructures to improve productivity and execution, reduce headcount where appropriate, and invest in infrastructure and acquisitions. These actions, which the company believes are necessary to drive long-term sustainable value, may adversely impact the company's performance. In addition, the company's near term results could be adversely impacted by a slower decline in component costs and a seasonal shift in mix to U.S. consumer and international regions.

Strategy Update and Earnings Call

Dell will conduct a 90-minute conference call today, Nov. 29, at 3:30 p.m. CST, to discuss its long-term strategy and Q3 results. Mr. Dell, Mr. Carty and Steve Schuckenbrock, president of Global Services and Chief Information Officer, will provide an update focused on the company's key growth priorities.

Annual Meeting and Analyst Meeting Update

The Company's annual meeting of shareholders will be held Dec. 4, 2007, at the company's Round Rock, Texas, headquarters. The Company also plans to conduct an analyst meeting on April 2 and 3, 2008, in Round Rock, Texas.

About Dell

Dell Inc. (NASDAQ: DELL) listens to customers and delivers innovative technology and services they trust and value. Uniquely enabled by its direct business model, Dell is a leading global systems and services company and No. 34 on the Fortune 500. For more information, visit www.dell.com, or to communicate directly with Dell via a variety of online channels, go to www.dell.com/conversations. To get Dell news direct, visit www.dell.com/RSS.

Special Note:

Statements in this press release that relate to future results and events (including statements about future financial and operating performance) are forward-looking statements based on Dell's current expectations. Actual results and events in future periods could differ materially from those projected in these forward-looking statements because of a number of risks and uncertainties including: general economic, business and industry conditions; our ability to maintain a cost advantage over our competitors; local economic and labour conditions, political instability, unexpected regulatory changes, trade protection measures, tax laws, copyright levies and fluctuations in foreign currency exchange rates; our ability to accurately predict product, customer and geographic sales mix and seasonal sales trends; information technology and manufacturing infrastructure failures; our ability to effectively manage periodic product transitions; any additional issues or matters that may arise from the ongoing SEC investigation; our ability to successfully remediate identified internal control deficiencies; our reliance on third-party suppliers for quality product components, including reliance on several single-source or limited-source suppliers; our ability to access the capital markets; litigation and governmental investigations or proceedings arising out of or related to accounting and financial reporting matters; our acquisition of other companies; our ability to properly manage the distribution of our products and services; effective hedging of our exposure to fluctuations in foreign currency exchange rates and interest rates; obtaining licenses to intellectual property developed by others on commercially reasonable and competitive terms; our ability to attract, retain and motivate key personnel; loss of government contracts; expiration of tax holidays or favorable tax rate structures; changing environmental laws; and the effect of armed hostilities, terrorism, natural disasters and public health issues. For a discussion of those and other factors affecting Dell's business and prospects, see Dell's periodic filings with the Securities and Exchange Commission.

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	Indian Rupees
US Dollar	1	Rs.39.92
UK Pound	1	Rs. 79.31
Euro	1	Rs. 60.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		72

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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