MIRA INFORM REPORT

Report Date :

12.09.2011

IDENTIFICATION DETAILS

Name :	HEWLETT PACKARD FINANCIAL SERVICES (INDIA) PRIVATE LIMITED (W.e.f. 04.04.2003)
Formerly Known As :	COMPAQ FINANCIAL SERVICES (INDIA) PRIVATE LIMITED
Registered Office :	3^rd Floor, Calcot House, 8/10, M. P. Shetty Marg, Tamarind Street, Fort, Mumbai – 400023, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.01.2001
Com. Reg. No.:	11-130514
Capital Investment / Paid-up Capital :	Rs.5197.119 Millions
CIN No.: [Company Identification No.]	U65910MH2001PTC130514
Legal Form :	Private Limited Liability Company
Line of Business :	Company is engaged in the business of Financing IT Related Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 42000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. Profit and Loss of the company is not available.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Management Non-Co-operative

LOCATIONS

Registered Office :	3^rd Floor, Calcot House, 8/10, M. P. Shetty Marg, Tamarind Street, Fort, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-22042310/ 66308000
Fax No.:	91-22-22816192
E-Mail :	ashraf.ali@hp.com
Corporate Office :	305 B, Leo Building, 24^th Road, Off Linking Road, Khar (West), Mumbai – 400052, Maharashtra, India
Tel. No.:	91-22-61360360

DIRECTORS

(AS ON 27.01.2011)

Name :

Mr. Irving Harold Rothman

Designation :

Director

Address :

15, Schindler Court Chatham, New Jersey 07928 USA

Date of Birth/Age :

08.12.1946

Date of Appointment :

28.05.2001

DIN No.:

01910077

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U65910MH2001PTC130514	Hewlett Packard Financial Services (India) Private Limited	Director	28-05-01	28-05-01	Active	NO

Name :

Mr. George Daniel Mccarthy

Designation :

Director

Address :

91, Fairmount Avenue Chatham, New Jersey 07928, USA

Date of Birth/Age :

23.03.1949

Date of Appointment :

28.05.2001

DIN No.:

01904204

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U65910MH2001PTC130514	Hewlett Packard Financial Services (India) Private Limited	Director	28-05-01	28-05-01	Active	NO

Name :

Mr. Rajinder Vruddhula

Designation :

Director

Address :

9, Krishna Apartments, St. Louis Convent Road, Four Bungalows,

Date of Birth/Age :

30.10.1973

Date of Appointment :

28.10.2008

DIN No.:

02046121

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U65910MH2001PTC130514	Hewlett Packard Financial Services (India) Private Limited	Director	28-10-08	04-02-08	Active	NO

Name :

Mr. Anthony James O Connor

Designation :

Director

Address :

18, Napier Street, Lindfild, New South Wales 2070 Australia

Date of Birth/Age :

1.09.1962

Date of Appointment :

31.10.2008

DIN No.:

02415616

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U65910MH2001PTC130514	Hewlett Packard Financial Services (India) Private Limited	Director	13-10-09	31-10-08	Active	NO

Name :

Mr. David Anthony Gill

Designation :

Director

Address :

20 Newport Parkway Apartments 617, Jersey City 07310, USA

Date of Birth/Age :

21.04.1972

Date of Appointment :

14.07.2006

DIN No.:

01885406

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U65910MH2001PTC130514	Hewlett Packard Financial Services (India) Private Limited	Director	14-07-06	14-07-06	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashraf Ali
Designation :	Company Secretary
Address :	B2, 212 Jalvayu Towers, Sector 56, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	03.11.1979
Date of Appointment :	27.06.2007
PAN No.:	AGTPA6594Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 27.01.2011)

Names of Shareholders	No. of Shares
HPFS Ventures Holdings Limited, Mauritius	600090944
HPFS International Holdings IV BV	783000
Total	600873944

(AS ON 05.04.2011)

Names of Allottees	No. of Shares Allotted
HPFS Venture Holdings Limited, Mauritius	17970000
Total	17970000

(AS ON 30.09.2010)

Category	Percentage
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 :

Company is engaged in the business of Financing IT Related Products.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	S. Batliboi and Associates Chartered Accountant
Address :	12^th Floor, Canbera Block, UB City, 24 Vittal Mallya Road, Bangalore – 560001, Karnataka, India
Holding Company :	· Hewlett Packard Financial Services Ventures Holdings Limited, Mauritius
Ultimate Holding Company :	· Hewlett- Packard Company
Fellow Subsidiaries :	· Hewlett Packard AP (Hong Kong ) Limited · Hewlett Packard India Sales Private Limited · Hewlett Packard Singapore (Sales) Pte Limited · Hewlett Packard Financial Services (Australia) Pty Limited · Hewlett Packard Financial Services (Singapore) Pte Limited · Mphasis Limited

CAPITAL STRUCTURE

(AS ON 27.01.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
601683964	Equity Share	Rs.10/- each	Rs.6016.840 Millions
63609	Preference Share	Rs.10/- each	Rs.0.636 Millions
	Total		Rs.6017.476 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
600873944	Equity Share	Rs.10/- each	Rs.6008.739 Millions

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
614311966	Equity Share	Rs.10/- each	Rs.6143.120 Millions
63609	Preference Share	Rs.10/- each	Rs.0.636 Millions
	Total		Rs.6143.756 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
591711946	Equity Share	Rs.10/- each	Rs.5197.119 Millions

NOTE:

(Out of the above 590928946 Equity shares are held by HPFS Ventures Holdings Limited, the Holding company)

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		5917.119	5672.766	5454.866
2] Share Application Money		0.000	1943.738	0.000
3] Reserves & Surplus		4540.531	2135.667	91.627
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10457.650	9752.171	5546.493
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		111.027	197.052	136.164
TOTAL		10568.677	9949.223	5682.657
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.094
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	414.649	951.377	586.715
	Cash & Bank Balances	201.977	1384.738	876.013
	Other Current Assets	7879.589	6450.384	3782.858
	Loans & Advances	2823.475	1790.333	893.403
Total Current Assets		11319.690	10576.832	6138.989
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	329.780	414.898	376.833
	Other Current Liabilities	9.191	32.342	14.308
	Provisions	412.042	180.369	65.285
Total Current Liabilities		751.013	627.609	456.426
Net Current Assets		10568.677	9949.223	5682.563
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		10568.677	9949.223	5682.657

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
NET PROFIT	205.680	82.940	57.154
TOTAL IMPORTS VALUE	1261.356	825.230	447.790

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	0.07	0.06	0.08
Current Ratio (Current Asset/Current Liability)	15.07	16.85	13.45

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered Office of the company has been shifted from 20^th Floor, Nirmal, Nariman Point, Mumbai, Maharashtra, India, to the present address w.e.f. 20.02.2008.

SUNDRY CREDITOR DETAILS

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Sundry Creditor
- Total Outstanding Dues of Micro and Small Enterprises	--	--	--
- Total Outstanding dues to Creditors Other than Micro and Small Enterprises	329.780	414.898	376.833
Total	329.780	414.898	376.833

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.46.18
UK Pound	1	Rs.73.65
Euro	1	Rs.64.95

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--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
TOTAL		48

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.