MIRA INFORM REPORT

Report Date :

14.12.2012

IDENTIFICATION DETAILS

Name :	LOGIC COMMUNICATIONS LTD

Registered Office :	30 Victoria Street, Hamilton, HM 12

Country :	Bermuda

Financials (as on) :	31.03.2012 (Consolidated)

Date of Incorporation :	28.03.1983

Com. Reg. No.:	9927

Legal Form :	Limited Company

Line of Business :	Telecommunications services provider

No. of Employees :	28 employees

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

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^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Bermuda

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

Bermuda - ECONOMIC OVERVIEW

Bermuda enjoys the fourth highest per capita income in the world, more than 50% higher than that of the US; the average cost of a house by the mid-2000s exceeded $1,000,000. Its economy is primarily based on providing financial services for international business and luxury facilities for tourists. A number of reinsurance companies relocated to the island following the 11 September 2001 attacks on the US and again after Hurricane Katrina in August 2005 contributing to the expansion of an already robust international business sector. Bermuda's tourism industry - which derives over 80% of its visitors from the US - continues to struggle but remains the island's number two industry. Most capital equipment and food must be imported. Bermuda's industrial sector is largely focused on construction and agriculture is limited, with only 20% of the land being arable.

Source CIA

GEOPOLITICS

POLITICAL DATA

ECONOMIC DATA

Form of Government: British overseas territory - Parliamentary system

Economic Risk: Nil

Currency: 100 BMD = 100.00 USD

Branch Situation: Stable

IDENTIFICATION

Legal Name:	Logic Communications Ltd
Trade Name:	Logic
Legal Address	30 Victoria Street, Hamilton, HM 12, Bermuda
Operative Address	30 Victoria Street, Hamilton, HM 12, Bermuda
Telephone:	(441) 296-9600	Registration Number :	9927
Fax:	(441) 295-1149	Legal Form:	Limited Company
Email:	services@logic.bm	Registered in:	Bermuda
Website:	www.logic.bm	Date Created:	1998
Manager:	Mr. Michael Edenholm - Chief Executive Officer	Date Incorporated:	Mar 28, 1983
Staff:	28	Stock:	N.A.
		Value:	N.A.
Activity:	Telecommunications services provider

BANKS

Name of the Bank	Bermuda Bank
Account Number	Confidential
Comments	N.A.

BUSINESS

HISTORY
	In 1998, Internet Bermuda Limited (IBL) and Bermuda Systems Limited (BSL) merged and formed Logic Communications Limited (Logic) to bring together the best of Internet access and hardware support to the Bermuda market. Since its creation, Logic has brought a world of changes to the technology landscape of Bermuda. In 1994, Logic (as IBL) was the first company to bring Internet to the island and Logic continues to lead the way through innovation and unparalleled customer service.
PRINCIPAL ACTIVITY
	Logic is Bermuda’s premier communications and information technology consulting company.
Products/Services description:
	It provides hardware, software, communications, professional services and strategic consulting. Logic also offers a suite of residential services. This includes long distance calling, broadband Internet, calling cards and technical support. The retail store offers a variety of technology related items for purchase including laptops, PCs, modems, digital picture frames and cameras.
Sales are:
	Wholesale, Retail
Brands:
	Logic, Microsoft, Cisco, HP.
Clients:
	Logic Professional Services has been successfully delivering IT consulting services to a wide variety of clients in insurance, banking, finance and the legal profession for over twelve years.
Suppliers:
	Microsoft, Cisco, HP.
Operations area:
	National, Local
The company imports from USA, Canada and Asia.
The company does not export
The subject employs 28 employee(s)
PAYMENTS
	made on a 55 days basis - monitored over the last 12 months
LOCATION
Headquarters
	The company is headquartered at 30 Victoria Street, Hamilton, HM 12, Bermuda.
The property is:
	Owned
Comments on location:
	The administrative offices, warehouse and service center of the company can be found at the above listed address.
Branches:
	10-12 Burnaby Street Hamilton, HM 11 Bermuda. Richmond House 12 Par-La-Ville Road, Hamilton, Bermuda
Business Overview:
	Logic remains at the forefront of Bermuda’s telecommunications market for corporate data services. For corporate customers Logic now offers network management services, IT managed services and eVault backup services. Logic has recently offered new bandwidth speeds to residential customers coupled with exciting promotional offers such as Apple TVs.

Shareholders

Manager - Related Companies

Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	The subject company is part of The KeyTech Group of Companies (KeyTech). KeyTech Limited (KEY.BH) is a holding company for a group of diversified telecommunications service providers and information technology companies. P.O. Box HM 1021, Hamilton HM DX, Bermuda Tel: +1 441 295 5009 Fax: +1 441 292 4984
Management:
	Michael Edenholm, Chief Executive Officer Ben Barlaba, Head of Sales and Business Development Jimmy Lim, VP of Network Services Diana Winfield, Head of Marketing and Customer Operations
Related Companies:
	Bermuda Yellow Pages Limited Cable Co. Ltd WestTel Limited (trading as Logic Communications Ltd. Cayman) The Bermuda Telephone Company Limited and others.

Financials

COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

Please find enclosed the consolidated financial statements for the year ended March 31, 2012 of KeyTech Limited.

We have contacted the company, who refused to provide us any financial data without knowing the name of the inquiring party.

Comments on the financial data: We contacted the company on behalf of MTV NETWORKS DE MEXICO SA DE CV, but the subject disclosed to provide any financial information

Legal Filings

The sources consulted record no detrimental legal or labor court information.

Rating

Local credit bureau gave a normal credit rate.

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

Final Opinion

The company has 14 years of experience.

They currently have the support of 28 employees for this reason it is considered a small sized company.

Logic is Bermuda’s premier communications and information technology consulting company.

The subject company is part of The KeyTech Group of Companies (KeyTech).

The company also deals with a well-known bank in Bermuda.

Also, our searches revealed that the payments are regular.

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	N.A.	Public	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

APPENDIX

Person Interviewed
	Ms. Julia
Position
	Administrative
Comments
	Ms. Julia with whom we spoke confirmed the management team on this said report but refused to provide more information of the company on grounds of confidentiality. Mr Jimmy Lim was not available.

KeyTech Limited - parent company of Logic Communications Ltd –FS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.23
UK Pound	1	Rs.87.53
Euro	1	Rs.70.94

INFORMATION DETAILS

Report Prepared by :

MNL

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	----

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%)

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