MIRA INFORM REPORT

1. Summary Information

		Country	INDIA
Company Name	IRIS COMPUTERS LIMITED	Principal Name 1	MR. SANJIV KRISHEN
Status	SATISFACTORY	Principal Name 2	MR. SOM NATH ARYA
		Registration #	55-081490
Street Address	E-69, VASANT MARG, VASANT VIHAR, NEW DELHI – 110 057
Established Date	28.08.1996	SIC Code	--
Telephone#	91-11-26146808	Business Style 1	TRADING
Fax #	91-11-26149613	Business Style 2	--
Homepage	www.iriscomputers.net	Product Name 1	IT EQUIPMENT
# of employees	100 (APPROXIMATELY)	Product Name 2	--
Paid up capital	RS.37,492,610/-	Product Name 3	--
Shareholders	FOREIGN HOLDINGS-18.00% DIRECTORS OR RELATIVES OF DIRECTORS-81.00% OTHER TOP FIFTY SHAREHOLDERS-1.00%	Banking	AXIS BANK LIMITED
Public Limited Corp.	NO	Business Period	16 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (49)
Related Company
Relation	Country	Company Name	CEO
ASSOCIATE ENTERPRISES	INDIA	IMPACT IT SOLUTIONS PRIVATE LIMITED	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	2,802,972,000	Current Liabilities	2,272,185,000
Inventories	654,971,000	Long-term Liabilities	745,028,000
Fixed Assets	28,974,000	Other Liabilities	6,671,000
Deferred Assets	9,866,000	Total Liabilities	3,023,884,000
Invest& other Assets	0,000	Retained Earnings	435,406,000
		Net Worth	472,899,000
Total Assets	3,496,783,000	Total Liab. & Equity	3,496,783,000
Total Assets (Previous Year)	3,012,999,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	8,113,432,000	Net Profit	62,266,000
Sales(Previous yr)	8,650,997,000	Net Profit(Prev.yr)	64,201,000

MIRA INFORM REPORT

Report Date :

09.08.2012

IDENTIFICATION DETAILS

Name :	IRIS COMPUTERS LIMITED

Formerly Known As :	IRIS UNIFIED LEARNING LIMITED

Registered Office :	E-69, Vasant Marg, Vasant Vihar, New Delhi – 110 057

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	28.08.1996

Com. Reg. No.:	55-081490

Capital Investment / Paid-up Capital :	Rs.37.493 Millions

CIN No.: [Company Identification No.]	U72100DL1996PLC081490

PAN No.: [Permanent Account No.]	AAACI9670H

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Trading of IT Equipment.

No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 1892000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an 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.

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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BBB (Long term rating)
Rating Explanation	It is considered to have moderate degree of safety regarding timely servicing of financial obligation, it carry moderate credit risk.
Date	March, 2012

Rating Agency Name	CARE
Rating	A3 (Short term rating)
Rating Explanation	Having moderate degree of safety regarding timely payment of financial obligation, it carry higher credit risk.
Date	March, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	E-69, Vasant Marg, Vasant Vihar, New Delhi – 110 057, India
Tel. No.:	91-11-26146808/ 51661350/ 54/ 26782505
Fax No.:	91-11-26149613/ 26782510
E-Mail :	sanjiv.krishen@iriscomputers.net iriscare@iriscomputers.net rakesh.bihal@iris.com anilguptaca@hotmail.com rakesh.bihal@iriscomputers.net somarya@iriscomputers.net
Website :	http://www.iriscomputers.net
Locations :	Owned

Corporate Office :	A-155, Road No.4, Mahipalpur, New Delhi – 110 037, India
Tel. No.:	91-11-26782505
Fax No.:	91-11-26782510

DIRECTORS

As on 23.09.2011

Name :

Mr. Sanjiv Krishen

Designation :

Director

Address :

E-69, Vasant Marg, Vasant Vihar, New Delhi – 110 057, India

Date of Birth/Age :

24.03.1948

Qualification :

Graduate

Date of Appointment :

28.08.1996

DIN No :

01356670

PAN No.:

AASPK3393E

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72100DL1996PLC081490	IRIS COMPUTERS LIMITED	Director	28/08/1996	28/08/1996	-	Active	NO
2	U80221DL2002PTC114903	COMPAREX INDIA PRIVATE LIMITED	Director	09/04/2002	09/04/2002	14/10/2011	Active	NO
3	U45201DL2004PTC123800	ZYGON INFRASTRUCTURES PRIVATE LIMITED	Director	07/10/2004	07/10/2004	07/09/2008	Active	NO
4	U72200DL2005PTC137596	YULAN SOFTWARE PRIVATE LIMITED	Director	14/06/2005	14/06/2005	-	Strike off	NO
5	U30007DL2005PTC142032	IMPACT IT SOLUTIONS PRIVATE LIMITED	Director	22/05/2006	22/05/2006	-	Active	NO
6	U28910DL2007PTC163399	IMPACT INFRASTRUCTURE PRIVATE LIMITED	Director	14/05/2007	14/05/2007	-	Active	NO
7	U72200DL2007PTC170127	Impact IT Outsourcing Private Limited	Director	02/11/2007	02/11/2007	-	Strike off	NO
8	U72900DL2009PTC189527	IRIS GLOBAL SERVICES PRIVATE LIMITED	Whole-time director	20/04/2009	20/04/2009	-	Active	NO
9	U71210DL2009PTC190128	IRIS CDP RENTAL PRIVATE LIMITED	Director	08/05/2009	08/05/2009	-	Active	NO

Name :

Mr. Som Nath Arya

Designation :

Director

Address :

M-98, Ground Floor, Saket, New Delhi - 110 017, India

Date of Birth/Age :

12.05.1944

Qualification :

B.E. Electronics (Hons)

Date of Appointment :

15.04.2005

DIN No :

00162973

PAN No.:

AAAPA3428L

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1991PTC045653	INTERGER MANAGEMENT SERVICES PRIVATE LIMITED	Managing director	13/09/1991	13/09/1991	-	Active	NO
2	U74899DL1991PTC045704	INTEGER LEASING AND FINANCE COMPANY PRIVATE LIMITED	Managing director	18/09/1991	18/09/1991	26/07/2010	Active	NO
3	U45201DL2004PTC123800	ZYGON INFRASTRUCTURES PRIVATE LIMITED	Director	07/10/2004	07/10/2004	07/09/2008	Active	NO
4	U72100DL1996PLC081490	IRIS COMPUTERS LIMITED	Director	15/04/2005	15/04/2005	-	Active	NO
5	U72200DL2005PTC137596	YULAN SOFTWARE PRIVATE LIMITED	Director	14/06/2005	14/06/2005	-	Strike off	NO
6	U30007DL2005PTC142032	IMPACT IT SOLUTIONS PRIVATE LIMITED	Director	22/05/2006	22/05/2006	-	Active	NO
7	U70109DL2007PTC162720	INTEGER INFRASTRUCTURE PRIVATE LIMITED	Director	30/04/2007	30/04/2007	-	Active	NO
8	U74140DL2007PTC163369	INTEGER CONSULTANCY SERVICES PRIVATE LIMITED	Director	14/05/2007	14/05/2007	26/07/2010	Active	NO
9	U72200DL2007PTC170127	IMPACT IT OUTSOURCING PRIVATE LIMITED	Director	02/11/2007	02/11/2007	-	Strike off	NO
10	U72900DL2009PTC189527	IRIS GLOBAL SERVICES PRIVATE LIMITED	Whole-time director	20/04/2009	20/04/2009	-	Active	NO
11	U71210DL2009PTC190128	IRIS CDP RENTAL PRIVATE LIMITED	Director	08/05/2009	08/05/2009	-	Active	NO

Name :

Ms. Kamini Talwar

Designation :

Director

Address :

A2/102, Uniworld City, Sector – 30, Village Silokhra, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

31.05.1960

Qualification :

M.Com, ICWA

Date of Appointment :

15.04.2005

DIN No :

01391323

PAN No.:

ACDPT1406A

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72100DL1996PLC081490	IRIS COMPUTERS LIMITED	Director	15/04/2005	15/04/2005	-	Active	NO
2	U72900DL2009PTC189527	IRIS GLOBAL SERVICES PRIVATE LIMITED	Director	01/05/2009	01/05/2009	-	Active	NO
3	U71210DL2009PTC190128	IRIS CDP RENTAL PRIVATE LIMITED	Director	08/05/2009	08/05/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2011

Names of Shareholders	No. of Shares
Sanjiv Kirshen	1822095
Deepa Krishen	909990
Newco Group Limited, British Virgin Islands	335331
Sanjay Krishen	1000
Som Nath Arya	59930
Kamini Talwar	130690
Prem Lata Arya	1605
Kanta Krishen	10
Som Nath Arya and Prem Lata Arya	69155
Sanjiv Krishen – HUF	43805
ESAPI Limited, Bahamas	342650
Rakesh Bihal	2000
Jairaj Singh	1000
Manoj Kumar	2000
Rajesh Kandpal	1000
R. Sundaesan	2500
Sameer Chaudhary	5000
Kuldeep Kumar	2000
Suresh Joshi	1000
Anil Singh	1000
Grechkesh Diman	2000
Kunal Tiwari	1000
Monica Bhatia	1000
Neena Jaswal	2500
Patel Nilesh	2500
Jayesh Bhavsar	1000
Vinod Kumar Mishra	2500
D.V.N. Sai Krishna	1000
Prasad M.K	2000
Total	3749261

As on 23.09.2011

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]		18.00
Directors or relatives of directors		81.00
Other top fifty shareholders		1.00
Total		100.00

BUSINESS DETAILS

Line of Business :

Trading of IT Equipment.

Products :

Item Code No. (ITC Code)	7210
Product Description	IT Products

v Electronic Equipments

v Service Warranty Packs

GENERAL INFORMATION

Customers :

v Arthur Andersen

v Bank of America

v Citibank

v Merrill Lynch

v Data Quest

v US Software

v Western GECO

v Delhi Police

v Defence Ministry

v NTPC

v Uttaranchal Govt.

v BHEL

No. of Employees :

100 (Approximately)

Bankers :

v Axis Bank Limited, 4/10, OPG House, Asaf Ali Road, New Delhi – 110 002, India

v HDFC Bank Limited, Sandoz House, Worli, Mumbai – 400 013, Maharashtra, India

v Indian Bank, Mehrauli Institutional Area, New Delhi - 110 016, India

v Axis Bank Limited, Plot No.2, CSR Building, Nelson Mandela Road, Vasant Kunj, New Delhi – 110 070, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Working capital loans banks secured	736.443	894.415
Loans taken for vehicles secured	0.655	0.137
Loans taken for other fixed assets secured	7.930	8.312
Total	745.028	902.864


Banking Relations :	--

Financial Institution :	3i Infotech Trusteeship Services Limited, 3^rd to 6^th Floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai – 400 703, Maharashtra, India

Auditors :
Name :	Jain Christopher, Srikanth and Srikanth Chartered Accountants
Address :	2^nd Floor, Uniworth Plaza, 20, Sankey Road, Bangalore – 560 020, Karnataka, India
Tel. No.:	91-80-23347000
Fax No.:	91-80-23316852
E-Mail:	odmin@jcssglobal.com
Website:	http://www.jcssglobal.com
PAN No.:	AADFJ0586H

Associates over which Key Managerial Personnel or their relatives are able to exercise significant influence :	v Magnum Computers, India v IRIS Unified Technologies Limited (Previously Known as IRIS Unified Learnings Limited) v IRIS CDP Rental Private Limited, India (CIN No.: U71210DL2009PTC190128) v IRIS Global Services Private Limited, India (CIN No.: U72900DL2009PTC189527) v Integer Management Services Private Limited, India (CIN No.: U74140DL2003PTC120938) v Integer Infrastructure Private Limited, India (CIN No.:U70109DL2007PTC162720) v COMPAREX India Private Limited, India (CIN No.: U80221DL2002PTC114903)

Associate Enterprises :	v Impact IT Solutions Private Limited, India (CIN No.: U30007DL2005PTC142032) v Impact Infrastructure Private Limited, India (CIN No.: U28910DL2007PTC163399)

CAPITAL STRUCTURE

After 23.09.2011

Authorised Capital : Rs.45.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.41.368 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3749261	Equity Shares	Rs.10/- each	Rs.37.493 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		37.493	35.693	35.693
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		435.406	373.140	308.939
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		472.899	408.833	344.632
LOAN FUNDS
1] Secured Loans		745.028	902.864	625.890
2] Unsecured Loans		0.000	0.000	27.450
TOTAL BORROWING		745.028	902.864	653.340
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		1217.927	1311.697	997.972

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		28.974	32.851	15.878
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		9.866	8.970	5.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	654.971	560.137	653.109
	Sundry Debtors	2719.765	2300.137	1504.527
	Cash & Bank Balances	30.492	60.262	10.461
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	52.715	50.642	94.367
Total Current Assets		3457.943	2971.178	2262.464
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2214.778	1645.384	1231.667
	Other Current Liabilities	57.407	49.991	49.383
	Provisions	6.671	5.927	4.320
Total Current Liabilities		2278.856	1701.302	1285.370
Net Current Assets		1179.087	1269.876	977.094

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		1217.927	1311.697	997.972

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	8113.432	8650.997	8137.136
		Other Income	113.325	138.874	97.418
		TOTAL (A)	8226.757	8789.871	8234.554

Less	EXPENSES
		Consumption materials changes inventories	7838.400	8411.519	7855.830
		Employee related expenses	63.999	67.441	60.758
		Administrative, selling & other expenses	104.936	81.071	86.837
		Prior Period Income/Expenses	0.072	0.169	0.000
		TOTAL (B)	8007.407	8560.200	8003.425

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		219.350	229.671	231.129

Less	INTEREST FINANCIAL EXPENSES (D)		119.365	123.783	131.625

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		99.985	105.888	99.504

Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.869	5.657	5.344

	PROFIT BEFORE TAX (E-F) (G)		94.116	100.231	94.160

Less	TAX (H)		31.850	36.030	34.168

	PROFIT AFTER TAX (G-H) (I)		62.266	64.201	59.992

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		234.610	170.409	110.417

	BALANCE CARRIED TO THE B/S		NA	234.610	170.409

	EARNINGS IN FOREIGN CURRENCY
		Export of goods	179.202	39.971	57.942
		Export of Services	10.939	10.651	0.000
	TOTAL EARNINGS		190.141	50.622	57.942

	IMPORTS
		Purchase	625.823	841.139	571.371
	TOTAL IMPORTS		625.823	841.139	571.371

	Earnings Per Share (Rs.)		17.40	17.99	16.81

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.76	0.73	0.73

Net Profit Margin (PBT/Sales)	(%)	1.16	1.16	1.16

Return on Total Assets (PBT/Total Assets}	(%)	2.70	3.34	4.13

Return on Investment (ROI) (PBT/Networth)		0.20	0.25	0.27

Debt Equity Ratio (Total Liability/Networth)		6.39	6.37	5.63

Current Ratio (Current Asset/Current Liability)		1.51	1.75	1.76

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	Yes
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

FINANCIAL RESULTS / OPERATIONS:

Subject completed the year with a revenue of Rs.8790.000 millions registering a 6.8% growth over last year. The net profit before tax was Rs.100.200 millions compared to Rs.94.100 millions for the last year.

Last year was a very challenging year for Iris, which has traditionally shown consistent growth of over 20%. One of the reasons for the slow growth was due to their conscious decision to extend credit very cautiously and also to focus on the profitable deals.

They further accelerated their efforts on inventory management in addition to improving the financial liquidity of the company. They not only successfully managed the finance cost but also increased revenue from cash discounts from vendors due to better financial liquidity

The worldwide slow down in the IT industry felt during last two years is showing signs of improvement. While they do expect increase in revenue during the current year (2010-11) yet they would continue their increased focus on the bottom line.

In addition we continue to add new products in our distribution profile.During last year we successfully started distribution of MSI notebooks.

FORM 8

Corporate identity number of the company	U72100DL1996PLC081490
Name of the company	IRIS COMPUTERS LIMITED
Address of the registered office or of the principal place of business in India of the company	E-69, Vasant Marg, Vasant Vihar, New Delhi – 110 057, India E-Mail: rakesh.bihal@iriscomputers.net
This form is for	Creation of charge
Type of charge	Book debts Movable Property (not being pledge)
Particular of charge holder	Axis Bank Limited, 4/10, OPG House, Asaf Ali Road, New Delhi – 110 002, India E-Mail: form8.axisbank@gmail.com
Nature of instrument creating charge	Composite Hypothecation Deed (Current Assets, Movables, Plant and Machinery)
Date of instrument Creating the charge	07.09.2011
Amount secured by the charge	Rs.100.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per sanction Letter No.AXISB/NZO/RMG/2011-12/150A dated 28.07.2011 to be amended from time to time. Terms of Repayment As per sanction Letter No.AXISB/NZO/RMG/2011-12/150A dated 28.07.2011 to be amended from time to time Margin As per sanction Letter No.Axisb/Nzo/Rmg/2011-12/150a dated 28.07.2011 to be amended from time to time. Extent and operation of the charge Pari passu charge. Others The above is to secure the following :- Cash Credit = Rs.100.000 Millions WCDL = (Rs.30.000 Millions) sub limit of CC Letter of Credit = (Rs.50.000 Millions) sub limit of CC BG / SBLC = (Rs.5000.000 Millions) sub limit of LC
Short particulars of the property charged (Including location of the property)	Hypothecation by way of first pari passu charge over all present and future current assets and movable fixed assets of the company stored or to be stored at the company's godowns or premises or wherever else the same may be.

FIX ASSETS

Tangible Assets

v Leasehold Improvements

v Buildings

v Computers

v Office Equipments

v Furniture and Fixtures

v Vehicles

Intangible Assets

v Computer Software

WEBSITE DETAILS

COMPANY PROFILE

· Established in 1996

· One of the largest domestic IT distribution companies in India

· Largest IBM distributor in North India for 21 Quarters

· Achieved quota every quarter, consistently met high growth objectives

· Phenomenal growth, extensive domain knowledge and a formidable channel network

KEY MILESTONES

Subject started operations in 1996 with a modest turnover of Rs.50.000 millions and achieved a turnover of Rs.670.000 millions in 1999. This growth was achieved over a span of just 3 years by rapid expansion of the existing product portfolio and vendor base.
Augmenting the existing product distribution portfolio in 2003, the company has also made successful forays into high margin allied services viz. AMCs, facilities management and service providers.
The business has grown phenomenally since then and achieved a turnover of Rs. 6630.000 millions in a span of a decade, thus making it one of the few major and fastest growing players in the industry.

MANAGEMENT

Sanjiv Krishen, Chairman

Over 35 years experience in the IT industry. Managerial experience with multinational and Indian corporations such as IBM, IDM. International experience at top management level in a multinational distribution company representing IBM, Apple, Compaq, AT and T, Paradyne Data communications. 10 years as chairman of Subject.

Kamini Talwar, Director

Associated with the IT Industry for over 16 years with extensive experience in sales of Apple and IBM compatible computers. Has developed an extensive and loyal network of resellers for Iris over the last 12 yrs. Presently handles sales and reseller channels mgmt for all products distributed by Iris.

Som Arya, Director

Has more than 35 years experience with IBM, Siemens, HCL, IDM in India and abroad Has been with Iris since its inception in 1996. Presently manages commercial, finance, distribution, imports and support departments.

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.55.15
UK Pound	1	Rs.86.00
Euro	1	Rs.68.31

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.

2,802,972,000

2,272,185,000

654,971,000

6,671,000

MIRA INFORM REPORT

654.971

560.137

653.109

2719.765

2300.137

1504.527

30.492

60.262

10.461

0.000

0.000

0.000

52.715

50.642

94.367

3457.943

2971.178

2214.778

1645.384

57.407

49.991

49.383

6.671

5.927

4.320

2278.856

1701.302

1179.087

1269.876

977.094

0.76

0.73

1.16

1.16

2.70

3.34

0.20

0.25

6.39

6.37

1.51

1.75

KEY MILESTONES

Unit