MIRA INFORM REPORT

Report Date :

27.05.2011

IDENTIFICATION DETAILS

Name :	INGRAM MICRO INDIA LIMITED
Formerly Known As :	Tech pacific (india) Limited
Registered Office :	Gate No. 1A, Godrej Industries Complex, Eastern Express Highway, Pirojshah Nagar, Vikroli (E), Mumbai – 400 079, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.03.1996
Com. Reg. No.:	11-136340
Capital Investment / Paid-up Capital :	Rs.184.928 Millions
CIN No.: [Company Identification No.]	u72900mh1996plc2136340
TAN No.: [Tax Deduction & Collection Account No.]	mumt06887G
PAN No.: [Permanent Account No.]	aabct1296R
Legal Form :	A Closely held Public Limited Liability Company.
Line of Business :	Distributor of Computer Peripherals
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A ( 64 )

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 22989980
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

LOCATIONS

Registered Office :	Gate No. 1A, Godrej Industries Complex, Eastern Express Highway, Piroshah Nagar, Vikroli (E), Mumbai – 400 079, Maharashtra
Tel. No.:	91-22-67960101 / 67960149
Fax No.:	91-22-67960102 / 67960103
E-Mail :	sunil.j@ingrammicro.co.in
Website :	www.imonline.co.in
Location :	Owned

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Shailendra Gupta
Designation :	Director
Address :	No. 9, Nathan Road, #09-04, Regency Park, Singapore – 248 730
Date of Birth/Age :	17.09.1962
Date of Appointment :	01.09.2001
Name :	Mr. Stephen John Paine
Designation :	Director
Address :	Le Grove service apartments M – 206, 32 Orange Grove Road, Singapore – 258 354
Date of Birth/Age :	17.01.1958
Date of Appointment :	05.12.2006
Name :	Mr. Lai Siang Tung
Designation :	Director
Address :	31, pavilion Rise, Singapore – 658 666
Date of Birth/Age :	27.04.1970
Date of Appointment :	05.12.2006
Name :	Mr. Jaishankar Krishnan
Designation :	Director
Address :	J/16-2 Godrej Hill Side Colony, LBS Marg, Vikhroli (West), Mumbai – 400 079, Maharashtra
Date of Birth/Age :	20.07.1957
Date of Appointment :	27.10.2001
Name :	Mr. NG Wai Kong
Designation :	Director
Address :	BLK 4, Block Resvervoir View #0 310, Singapore – 479233
Date of Birth/Age :	24.10.1959
Date of Appointment :	09.07.2010

KEY EXECUTIVES

Name :	Mr. Joglekar Gajanan Sunil
Designation :	Secretary
Address :	F 105, Sumer Castle LBS Road, Thane (W), Thane – 400601, Maharashtra, India
Date of Birth/Age :	18.12.1964
Date of Appointment :	13.04.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders (As on 30.09.2010)	No. of Shares
Shailendra Gupta	1
Jaishankar Krishnan	2
Bimal Das	1
Sanjay Achwal	1
Mitradutta Mophapatra	1
Alolysious Fernandes	1
Ingram Micro Asia	18492710
Ingram Micro Asia Holdings Inc	100
Total	18492817

AS ON: 30.09.2010

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

BUSINESS DETAILS

Line of Business :

Distributor of Computer Peripherals

Products :

Item Code No. (ITC Code)	Product Description
84714101.1	Computers
847160.05/60.12/60.198/847170.00	Computer peripherals
847330.50/847330.99	Consumables

GENERAL INFORMATION

Bankers :

Central Bank of India, corporate Finance Branch, 1st Floor, M S Road, Fort, Mumbai – 400 023, Maharashtra, India

Facilities :

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Short Term loans from bank	2850.638	1261.405
Total	2850.638	1261.405

Note:-

The above loan is guaranteed by a corporate of Rs.6542.420 millions(March 31, 2009 Rs.7394.825 millions) given by Ingra Micro Inc., USA.

Banking Relations :

---

Auditors :

Name :

Price Waterhouse

Chartered Accountants

Address :

225, Veer Savarkar Marg, Shivaji Marg, Dadar, Mumbai – 400 028, Maharashtra

Holding Company :

· Techpac Mauritius Limited

Associates/Subsidiaries :

· Ingram Micro (India) Exports Pte Limited

· Tech Pacific Holdings Pty Limited, Singapore

· Tech Pacific Holdings Pty Limited, Australia

· Ingram Micro (NZ) Limited

· Ingram Micro Semiconductor Asia Pte Limited

· Ingram Micro (India) Exports Pte Limited

· Ingram Micro Lanka (private) Limited

· Ingram Micro INC, USA

· Ingram Micro Asia Holdings INC, USA

· Ingram Micro Asia Limited, Singapore

CAPITAL STRUCTURE

As on: 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
19000000	Equity Shares	Rs.10/- each	Rs.190.000 millions
1300000	1% Redeemable Cumulative Convertible Preferences Shares	Rs.100/- each	Rs.130.000 millions
		Total	Rs.320.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18492817	Equity Shares	Rs.10/- each	Rs.184.928 millions

Notes:- Of the above 18492710 (31 March 2009: Rs.7394825000) given by Ingram Micro Inc. USA

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		184.928	157.800	157.800
2] Share Application Money		0.000	27.128	27.128
3] Reserves & Surplus		5562.567	4409.547	3383.984
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5747.495	4594.475	3568.912
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		2850.639	1261.405	2701.135
TOTAL BORROWING		2850.639	1261.405	2701.135
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		8598.134	5855.880	6270.047
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.206	52.496	35.826
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.168	1.168	1.168
DEFERREX TAX ASSETS		238.449	258.054	284.689
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5637.486	3961.918	6596.606
	Sundry Debtors	8777.394	5243.954	7018.056
	Cash & Bank Balances	344.187	153.238	389.799
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1978.178	2033.119	1470.050
Total Current Assets		16737.245	11392.229	15474.511
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	7885.377	5633.543	9249.778
	Sundry Creditors	412.304
	Provisions	118.253	214.524	276.369
Total Current Liabilities		8415.934	5848.067	9526.147
Net Current Assets		8321.311	5544.162	5948.364
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8598.134	5855.880	6270.047

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	66298.263	66747.935	72595.880
		Other Income	263.724	203.249	156.612
		TOTAL (A)	66561.987	66951.184	72752.492
Less	EXPENSES
		Cost of Goods Sold	63289.481	63589.821	69048.965
		Salaries, Wages, Bonus, etc.	565.839	575.369	547.272
		Other Expenditure	807.762	932.868	306.607
		TOTAL (B)	64663.082	65098.058	69902.844
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1898.905	1853.126	2849.648
Less	FINANCIAL EXPENSES (D)		120.329	248.697	1197.406
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1778.576	1604.429	1652.242
Less/ Add	DEPRECIATION/ AMORTISATION (F)		20.952	23.098	25.274
	PROFIT BEFORE TAX (E-F) (G)		1757.624	1581.331	1626.968
Less	TAX (H)		604.605	555.767	570.436
	PROFIT AFTER TAX (G-H) (I)		1153.019	1025.564	1056.532
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4225.707	3200.143	2143.611
	BALANCE CARRIED TO THE B/S		5378.726	4225.707	3200.143
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	45.751	18.861
		Rebate	209.983	199.345
		Service Fee Charged to wholly owned subsidiary	41.520	46.007	292.426
		Expenses recovered	56.312	82.027
	TOTAL EARNINGS		353.566	346.240	292.426
	IMPORTS
		Traded Goods	18743.146	18905.084	26113.267
	Earnings Per Share (Rs.)		62.35	55.46	57.13

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.73	1.53	1.45
Net Profit Margin (PBT/Sales)	(%)	2.65	2.36	2.24
Return on Total Assets (PBT/Total Assets}	(%)	10.47	13.51	10.29
Return on Investment (ROI) (PBT/Networth)		0.30	0.34	0.46
Debt Equity Ratio (Total Liability/Networth)		1.96	1.55	3.43
Current Ratio (Current Asset/Current Liability)		1.98	1.95	1.62

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

The Accounts for the year were considered by the Audit Committee at its meeting held on July 9, 2010 and the financial statements were forwarded to the board along with comments and recommendation. During the year, the Company achieved total turnover of Rs. 66298.263 Millions and after providing for depreciation of Rs 20.953 Millions and Finance Cost of Rs. 120.329 Millions, the Company earned a profit before tax of Rs. 1757.624 Millions. After providing for Income Tax (Current tax — Rs. 58.500 Millions and Deferred tax of Rs. 19.605 Millions, the Profit after tax stood at Rs. 1153.019 Millions.

General economic down turn in US and Europe economies hampered the business sentiments in India during the year till end of the first quarter. Business saw stability during the subsequent quarters and growth commenced in the fourth quarter. Due to this business scenario, Company’s revenue dropped by 0.7%. However efficient management of working capital and continued focus on cost reduction initiatives and process enabled growth in PBT by 11.15%.

fixed assets:-

· Leasehold Improvement

· Machinery and Equipments

· Computer Hardware

· Vehicles

· Goodwill

· Assets taken on finance lease vehicles.

Website Details:

Profile:

Subject is the world's largest technology distributor, providing sales, marketing and logistics services for the IT industry worldwide. Ranked as No.67 in the 2009 FORTUNE 500 listing, the company operates in 34 countries with approximately 15,000 associates worldwide, with revenues of more than $35 billion for fiscal yearl 2007. Ingram Micro's global regions provide the distribution of technology products and services, market development services and supply chain management services to nearly 170,000 technology solution providers and 1,400 manufacturers. Ingram Micro is focused on maximizing shareowner value and achieving customer satisfaction through innovation in the information technology (IT) supply chain.

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 records 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.45.29
UK Pound	1	Rs.73.84
Euro	1	Rs.64.18

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		64

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.