MIRA INFORM REPORT

Report Date :

16.02.2012

IDENTIFICATION DETAILS

Name :	INTEX TECHNOLOGIES (INDIA) LIMITED
Registered Office :	D-18/2, Okhla Industrial Area, Phase -2, New Delhi – 110020
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.01.1996
Com. Reg. No.:	55-075672
Capital Investment / Paid-up Capital :	Rs.110.756 Millions
CIN No.: [Company Identification No.]	U72300DL1996PLC075672
PAN NO.:	AAACL4265L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers, Importers and Distributors of Computers Peripherals and Hardware Items.
No. of Employees :	200 + (Approximately)

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 1400000
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.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 / Corporate Office :	D-18/2, Okhla Industrial Area, Phase -2, New Delhi – 110020, India
Tel. No.:	91-11-41610224 / 25 / 26 / 43192200
Fax No.:	91-11-41610221 / 41610190
E-Mail :	intex@giasdl01.vsnl.net.in info@intextechnologies.com cs@intextechnologies.com intexcare@intextechnologies.com
Website :	http://www.intextechnologies.com http://www.intexindia.com
Area :	22600 sq. ft.
Location :	Leased
Production Unit :	Song Gang Town, Bao’an District Shenzhen
Area :	13200 sq. meteres
Branches Office :	Located at: · Ahmedabad · Bangalore · Mumbai · Chennai · Secunderabad · Kolkata · Bhubaneshwar · Indore · Jaipur · Kaloor · Patna · Jamshedpur · Ludhiana · Meerut · Lucknow · Roorkee · Himachal Pradesh · Gurgaon · Chandigarh · Cochin · Coimbatore · Dehradun · Jammu · Jamshedpur · New Delhi · Pune · Raipur · Guwahatl · Vishakhapatnam

DIRECTORS

As on 15.07.2011

Name :

Mr. Narendra Bansal

Designation :

Chairman cum Managing Director

Address :

E-227, W-4D-18, Western Avenue, Sainik Farms, New Delhi, India

Date of Birth/Age :

25.08.1963

Date of Appointment :

01.12.2004

DIN No.:

00058044

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL2000PLC104592	INTEX INFOSOLUTIONS LIMITED	Director	22/03/2000	22/03/2000	-	Active	NO
2	U45400DL1999PTC099040	INTEX INFRAPROJECTS PRIVATE LIMITED	Director	29/04/2002	29/04/2002	-	Active	NO
3	U72300DL1996PLC075672	INTEX TECHNOLOGIES (INDIA) LIMITED	Managing director	1/12/2004	1/12/2004	-	Active	NO
4	U74899DL2000PLC106521	INTEX MOBILE LIMITED	Director	1/1/2007	1/1/2007	-	Active	NO
5	U74899DL1995PTC074578	PEAK SECURITIES PRIVATE LIMITED	Director	28/09/2009	10/3/2009	-	Active	NO
6	U45400DL2010PTC205384	INTEX DEVELOPERS PRIVATE LIMITED	Director	7/7/2010	7/7/2010	-	Active	NO
7	U72200DL2010PTC210750	INTEX ENTERPRISES PRIVATE LIMITED	Director	25/11/2010	25/11/2010	-	Active	NO

Name :

Mrs. Alpa Bansal

Designation :

Director

Address :

E-227, W-4D-18, Western Avenue, Sainik Farms, New Delhi, India

Date of Birth/Age :

06.03.1969

Date of Appointment :

30.09.2004

DIN No.:

00058854

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL2000PLC104592	INTEX INFOSOLUTIONS LIMITED	Director	12/9/2001	12/9/2001	-	Active	NO
2	U45400DL1999PTC099040	INTEX INFRAPROJECTS PRIVATE LIMITED	Additional director	27/12/2011	29/04/2002	-	Active	NO
3	U72300DL1996PLC075672	INTEX TECHNOLOGIES (INDIA) LIMITED	Whole-time director	1/8/2009	30/09/2004	-	Active	NO
4	U74899DL2000PLC106521	INTEX MOBILE LIMITED	Director	1/1/2007	1/1/2007	-	Active	NO
5	U72200DL2010PTC210750	INTEX ENTERPRISES PRIVATE LIMITED	Director	25/11/2010	25/11/2010	-	Active	NO
6	U74899DL1995PTC074578	PEAK SECURITIES PRIVATE LIMITED	Director	30/09/2011	4/3/2011	-	Active	NO

Name :

Mr. Ramesh Vaswani

Designation :

Director

Address :

M-155, Greater Kailash – II, New Delhi, India

Date of Birth/Age :

25.05.1942

Date of Appointment :

01.11.2006

DIN No.:

00449428

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L99999AP1947PLC000675	SANATHNAGAR ENTERPRISES LIMITED	Director	26/11/2005	26/11/2005	1/10/2007	Active	NO
2	U72300DL1996PLC075672	INTEX TECHNOLOGIES (INDIA) LIMITED	Whole-time director	10/11/2006	1/11/2006	-	Active	NO
3	U74899DL2000PLC106521	INTEX MOBILE LIMITED	Director	30/09/2009	25/06/2009	-	Active	NO
4	U45400DL2010PTC205384	INTEX DEVELOPERS PRIVATE LIMITED	Director	7/7/2010	7/7/2010	-	Active	NO

Name :

Mr. Indresh Narain

Designation :

Director

Address :

D-7/1, Vasant Vihar, New Delhi, India

Date of Birth/Age :

09.11.1944

Date of Appointment :

01.10.2007

DIN No.:

00501297

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L65993TN1978PLC007576	CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED	Director	30/07/2007	10/7/2006	-	Active	NO
2	L24219DL1985PLC020126	DHANUKA AGRITECH LIMITED	Director	26/09/2007	23/05/2007	-	Active	NO
3	U72300DL1996PLC075672	INTEX TECHNOLOGIES (INDIA) LIMITED	Director	2/8/2008	1/10/2007	-	Active	NO
4	L30007KA1991PLC039702	MINDTECK (INDIA) LIMITED	Director	11/9/2009	24/03/2009	-	Active	NO

Name :

Mr. Bharat Chadha

Designation :

Director

Address :

C-14, Greater Kailash Enclave- 1, New Delhi, India

Date of Birth/Age :

26.05.1937

Date of Appointment :

07.08.2007

DIN No.:

00298713

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L52110DL1986PLC025118	JAY USHIN LIMITED	Director	2/6/1999	2/6/1999	-	Active	NO
2	L31300DL1964PLC004255	DELTON CABLES LIMITED	Director	2/9/2003	2/9/2003	-	Active	NO
3	L31501HR1973PLC007543	SURYA ROSHNI LIMITED	Director	21/10/2003	21/10/2003	-	Active	NO
4	U72300DL1996PLC075672	INTEX TECHNOLOGIES (INDIA) LIMITED	Director	2/8/2008	7/8/2007	-	Active	NO
5	L40300MH1977PLC019594	LLOYDS METALS AND ENERGY LIMITED	Director	28/07/2009	28/07/2008	-	Active	NO
6	U74140DL2008PTC182376	INNOVATION HR CONSULTANTS PRIVATE LIMITED.	Director	22/08/2008	22/08/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rahul Prasad
Designation :	Company Secretary
Address :	H. No.1451, Sector – 15, Faridabad 121007, Haryana India
Date of Birth/Age :	13.07.1975
Date of Appointment :	01.04.2010
PAN No.:	ALXPP2706L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.07.2011

Names of Shareholders	No. of Shares
Narendra Bansal	9408940
Sanjay Bansal	2100
Sunil Bansal	2100
Alpa Bansal	477600
Kavita Bansal	15000
Intex Infra Projects Private Limited, India	90000
Ramesh Vaswani	5000
Suresh Gupta	5000
Bhanwar Bansal	6000
Total	10011740

As on 15.07.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	99.05
Other top fifty shareholders	0.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers, Importers and Distributors of Computers Peripherals and Hardware Items.

Products :

Products Description	Item Code No.
Sub-Woofer	85181000
PC’s/ Notebooks	84713010
Cabinet / SMPS	84733099
Mobile Phone	85171210

PRODUCTION STATUS

As on 31.03.2011

Particulars	Licensed Capacity	Installed Capacity *	Actual Production
Power Generation (Wind Mill)	N.A.	9,600,000	5,877,898

* Taken as certified by the management.

GENERAL INFORMATION

No. of Employees :

200 + (Approximately)

Bankers :

· State Bank of India, Commercial Branch, A-5, South Extension Part-1, New Delhi-110048, India

· Central Bank of India, MID Corporate Finance Branch, JLN youth Center, 219, Deen Dayal Upadhyaya Marg, New Delhi-110002, Delhi, India

· Yes Bank Limited, 9^th Floor, Nehru Center, Discovery of India, Dr, Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term Loan Secured	120.287	69.822
Foreign Currency Loan Secured	144.429	115.606
Working Capital Loan	204.456	73.544
Total	469.172	258.972
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term Loan Banks Unsecured	4.790	0.000
Rupee term Loan Other Unsecured	3.403	0.000
Total	8.193	0.000

Banking Relations :	---
Auditors :
Name :	S. S. Kothari Mehta and Company Chartered Accountants
Address :	146-149, Tribhuvan Complex, Ishwar Nagar, Mathura Road, New Delhi – 110065, India
Tel. No.:	91-11-27377451/ 3922
Mobile No.:	91-9811075811
Fax No.:	91-11-27377451
PAN.:	AABFS6730L
Relatives Party * :	· Intex Infosolution Limited · Intex Mobile Limited (formerly, Whiteline Telcom Limited ) · Frontline Information Systems Private Limited · Intex Infraprojects Private Limited (formerly, Intex Journeys Private Limited) · Peak Securities Private Limited · Intex Industries · Kipav Industries · Intex Industries-Mannpura · Associated Tubewells (India) Limited

s

* As identified and certified by the management.

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12500000	Equity Shares	Rs.10/- each	Rs.125.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10011740	Equity Shares	Rs.10/- each	Rs.100.117 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		100.117	100.117	100.117
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		264.661	193.856	149.989
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		364.778	293.973	250.106
LOAN FUNDS
1] Secured Loans		469.172	258.972	287.729
2] Unsecured Loans		8.193	0.000	5.937
TOTAL BORROWING		477.365	258.972	293.666
DEFERRED TAX LIABILITIES		10.125	7.107	1.321
TOTAL		852.268	560.052	545.093
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		357.512	221.000	127.894
Capital work-in-progress		8.588	19.092	10.723
INVESTMENT		21.036	14.511	5.511
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	610.632	327.469	446.984
	Sundry Debtors	217.798	173.691	309.946
	Cash & Bank Balances	206.851	115.424	151.693
	Other Current Assets	6.071	3.488	2.005
	Loans & Advances	259.272	325.181	237.095
Total Current Assets		1300.624	945.253	1147.723
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	401.926	346.444	486.423
	Other Current Liabilities	282.653	166.993	149.966
	Provisions	150.913	126.367	110.369
Total Current Liabilities		835.492	639.804	746.758
Net Current Assets		465.132	305.449	400.965
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		825.268	560.052	545.093

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010 (9 months)	30.06.2009 (15 months)
	SALES
		Income	7353.689	4422.419	6195.267
		Other Income	24.822	12.783	25.176
		TOTAL (A)	7378.511	4435.202	6220.443
Less	EXPENSES
		Consumption Materials Charges Inventories	5533.643	3374.653	6004.153
		Manufacturing Other Operating Expenses	1622.092	935.127
		TOTAL (B)	7155.735	4309.780	6004.153
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		222.776	125.422	216.290
Less	FINANCIAL EXPENSES (D)		59.093	25.941	71.660
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		163.683	99.481	144.630
Less/ Add	DEPRECIATION/ AMORTISATION (F)		32.540	15.966	17.321
	PROFIT BEFORE TAX (E-F) (G)		131.143	83.515	127.309
Less	TAX (H)		25.353	16.260	45.484
	PROFIT AFTER TAX (G-H) (I)		105.790	67.255	81.825
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		188.512	149.689	79.577
Less	APPROPRIATIONS
		Transfer to General Reserve	10.580	5.044	0.000
		Interim Dividend	20.023	10.012	0.000
		Proposed Dividend	10.012	10.012	10.012
		Corporate Dividend Tax	4.950	3.364	1.701
	BALANCE CARRIED TO THE B/S		348.737	188.512	149.689
	IMPORTS
		Traded Goods	4128.065	2213.770	2977.008
		Others	0.000	0.000	0.000
	TOTAL IMPORTS		4128.065	2213.77	2977.008
	Earnings Per Share (Rs.)		10.57	6.72	9.43

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010 (9 months)	30.06.2009 (15 months)
PAT / Total Income	(%)	1.43	1.52	1.32
Net Profit Margin (PBT/Sales)	(%)	1.78	1.89	2.05
Return on Total Assets (PBT/Total Assets}	(%)	7.91	7.16	9.98
Return on Investment (ROI) (PBT/Networth)		0.36	0.28	0.51
Debt Equity Ratio (Total Liability/Networth)		3.60	3.06	4.16
Current Ratio (Current Asset/Current Liability)		1.57	1.48	1.54

LOCAL AGENCY FURTHER INFORMATION

Future Outlook:

The company is operating in several business verticals which are product oriented and also market segment oriented, in the IT Hardware, Mobile Phone, Consumer Electronics and Security Software space. In each of these areas, the opportunities for growth are substantial.

PC penetration in our country is still very low as compared to the BRICS group of countries, Increasing emphasis on e-governance initiatives by the Central and State Governments, broadband wireless access roll out to 250,00 panchayats, spread of call center and BPO activities to Tier 2 and Tier 3 towns, UID’s “Adhar” project, etc. are driving the demand for IT Hardware across the length and breadth of India.

In mobile phone, India is the fastest growing market in the world and the penetration in rural India where 70% of us reside, is still below 30%.

Consumer Electronics demand is being fuelled by the rise in aspiration levels I the heartland and the higher consumer surplus due to rise in agricultural income

The Retail Vertical is beginning to gather critical mass with strengthened relationships across many reputed large format retail stores, TV shopping channels and own rapidly expanding chain of exclusive Intex Squares.

A renewed focus on Enterprise Sales should see us making some breakthrough in this market segment, an area which has been lying untapped all these tears.

In the light of the above scenario, we expect the company’s top-line to grow by about 35% + in FY 11-12 with an improvement in bottom-line also.

Awards and Recognitions

During the period under consideration, the company has been recognized by consumers and channel partners through various rankings and awards received. Some highlights are as follows:

Amongst the top 300 most trusted brands of the country, The Brand Trust report, Jan 2011

A score of 9.5(out of 10 and a place amongst the Top 10 Innovations for INTEX mobile phone V.SHOW (India’s first mobile phone with in – built projector) by Rajiv makhani on the popular show. Cell Guru-aired on NDTV India and NDTV profit, Dec, 2010.

SMB Champion Award from Intel, August,2010

Digit Magazine’s best buy Award for INTEX mobile phone in 2020 Elegant, April, 2010 edition.

CONTINGENT LIABILITIES

(In. Millions)

Particulars	31.03.2011	31.03.2010
a. Claims against the company not acknowledged as debts	2.950	0.000
b. Guarantees / Counter Guarantees given to bank on account of loans given by the bank to others	41.700	0.000
b. Demand raised by excise, entry tax, service tax and sales tax authorities in dispute	2.814	3.004

Form 8

Corporate identity number of the company	U72300DL1996PLC075672
Name of the company	INTEX TECHNOLOGIES (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	D 18/2 Okhla Industrial Area Phase II, New Delhi – 110020, India cs@intextechnologies.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10020002
Type of charge	Immovable Property Book Debts Movable Property (not being pledge) Floating Charge Others (Personal Guarantee – Mr. Narendra and Mrs. Alpa Bansal
Particular of charge holder	State Bank of India, Commercial Branch, A-5, South Extension Part-1, New Delhi-110048, India Rakesh_jain@abi.co.in
Nature of instrument creating charge	Copy of recitals
Date of instrument Creating the charge	10.06.2011
Amount secured by the charge	Rs.744.300 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: CC-Base rate + 4.40%p.a., TL-I-base Rate + 4.65%p.a., TL-II-base Rate + 4.90%p.a., SLC-base rate + 5.40%p.a. Terms of Repayment: Terms loans- as per existing repayment schedule Margin: Stocks-25% Book-debts -30% cover period – 90 days LC-15% Bg-15% Extent and Operation of the charge: Pai-passu charge with Axis Bank and Central Bank of India
Short particulars of the property or asset(s) charged (including complete address and location of the property)	For working capital: First pari-passu hypothecation charge with Axis bank and Central Bank of India on entire current assets including raw-materials, stores, spares, stocks in process, finished goods, including goods in transit and all book debts / receivable both present and future. First pari-passu charge with Axis Bank and Central Bank of India on entire fixed assets of the company EM following company’s immovable properties on pari pasu basis. 1). Industrial Plot No.205, Block D, Sector-63, Noida measuring 4000 sq.mtrs. 2). Cellar unit A, Shop No.3(GF), Yash Complex Lad Society Road, Vastrapur, Ahemdabad 3). 201 and B/1, Platinum, Plaza, Vibhag IV, Opposite Pushkar Tower, Near Judge Buglow Bodakdev, Ahemdabad 4). Block No. LG-1, 3, 3 UG 1 and UG 2 Ravi Apartment 3, Chanderlok Colony, Indore. Pari-passu charge with Axis Bank, Central Bank on mutual funds in the name of Mr. Narendra Bansal and Alpa Bansal of Rs.56.700 Millions and in the name of company of Rs.20.700 Millions a on 15.10.2010 and on STDR in the name of Me. Narendra Bansal MD of the company Rs.4.300 Million For term Loam: Assets Financed by State Bank of India inclusive of equitable mortgage of land on which windmills are installed. All second charge on entire current assets of the company both present and future.
Date of instrument modifying the charge	21.02.2011
Particulars of the present modification	Now the existing charge of State Bank of India of Rs.744.300 Millions in secured by first pari-passu charge with Axis Bank and Central Bank of India for their working capital facilities of Rs.280.000 Millions and Rs.190.000 Millions, on entire current assets and residual value of fixed assets (WDV of fixed assets as on 31.03.2011 Rs.139.800 Millions excluding WDV of wind mills financed by State Bank of India and Saraswat) in favour Axis Bank Limited and Central Bank of India (Newly introduced in place of Yes Bank Limited)

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Building

· Leasehold Improvements

· Office Equipments

· Furniture and Fixtures

· Computers and Components

· Vehicles

WEBSITE DETAILS:

COMPANY PROFILE

Company is a 15-year-old IT Hardware, Mobile Phones and Electronics Company, headquartered at New Delhi. It has a pan-India presence though its own network of 35 offices and 500+ service points.

Brand 'Intex' covers 9 business segments- Computer Peripherals, Mobile Phones, PC, Consumer Electronics, Security Software, Power Electronics, Retail, Enterprise and International Business. It has built for itself a high credibility amongst its vast network of channel partners and several million satisfied end users by offering value-for-money quality products supported by effective service and a consistent policy of transparent, fair and ethical dealings.

The business segments cover a portfolio of 28 Product Groups spread across 350 items including Mobile Phones (Dual and Triple SIM), Multimedia Speakers, Desktops, TFT-LCD/LED monitors, LCD and CRT TVs, DVD players, Computer UPS, Cabinets, Headphones, Web Cameras, Security Software (Antivirus) to name just a few. In Computer UPS, INTEX occupies 1st position as the most selling brand as per the quarterly IDC Tracker. For several other product groups such as Multimedia Speakers, Keyboards, Mouse, Add-on cards, etc. also, company enjoys a market share in many states in India.

Sales are routed through a channel network comprising of 3000+ distributors and 20,000+ dealers spread across the country. The company launched its chain of exclusive retail outlets- INTEX SQUARE in Sep, 2009 and has opened 80 stores so far. Products are also available at more than 130 dedicated counters of reputed chains of hyper markets and specialty stores across the country.

Company‘s manufacturing domain comprises of three manufacturing units belonging to the Group located at Jammu (30,000 sq. ft. and 20,0000 sq. ft built-up area) and Manpura (Baddi, HP) (51,000 sq. ft). The units have been producing desktops, multimedia speakers and PCBs and had also produced UPS, home UPS, notebooks and DVD players in the past. The company intends to vertically integrate backwards into manufacturing of more products and also bring in foreign technology from global leaders.

During the last 8 financial years, the company turnover has increased from Rs.320.000 Millions in 2001-02 to Rs.7330.000 Millions in FY 2010-11 (at a CAGR of 32% over the last 5 financial years). Our aggressive growth journey has been recognized by reputed IT trade journals. Dataquest has been rating 200 fastest growing IT companies in India, covering both Software and Hardware. Company has improved its ranking in this survey in the last 6 years from 108 to 87.

The company has also been recognized by consumers and channel partners through various rankings and awards received over the years. Some recent highlights are:

· Most visible Indian Brand, Best Multimedia Speaker and User Friendly UPS by NCN, May 2011.

· Best Peripherals Brand by Digital Terminal Magazine May 2011

· Amongst the Top 300 most trusted brands of the country, The Brand Trust Report, Jan, 2011

· A score of 9.5 (out of 10) and a place amongst the Top 10 Innovations for INTEX Mobile Phone V.SHOW (India’s first mobile phone with in-built projector) by Rajiv Makhani on the popular show- Cell Guru- aired on NDTV India and NDTV profit, Dec, 2010

· SMB Champion Award from Intel, August, 2010

· Digit magazine’s Best Buy Award for INTEX mobile phone IN 2020 Elegant, April, 2010 edition

· Largest selling brand in UPS category as per IDC India Q 2, 2009 Tracker-Market Review (August, 2009)

· A score of 9.1 (out of 10) for INTEX Mobile Phone IN 4495 by Rajiv Makhani on the popular show- Cell Guru- aired on NDTV India and NDTV profit.

· Intel Premier Partnership (IPP) Track I channel association with Intel (March, 2009)

· Best Value award for Intex Gaming Keyboard in Chip magazine, (February, 2009)

· Company is the most persuasive brand (in PCs) as per a survey on India's Favorite IT Brands in PC Quest (September, 2008)

· Recommended Award for Intex IT 22 TV LCD Monitor from AV MAX Magazine (October, 2008)

· Innovation Champion and Star Achiever award from Intel (December, 2007, June, 2008 and November, 2008)

· 'Special Commendation' medal from Indian Trade Promotion Organisation (ITPO) in IT and Electronics category at India International Trade Fair (IITF) (November, 2007)

· 'Best Buy' Award for Intex Platinum PC in Digit (September, 2007)

· 'Best Buy Silver' Award for Intex mobile phone- Infi in Digit (May, 2007)

The brand has now been growing beyond computer peripherals. Over the last 3-4 years, company has expanded its product offerings by adding more products with a consumer interface such as Mobile Phones, LCD TVs, DVD Players, TFT-LCD /LED Monitors, Desktop PCs, Antivirus and Internet Security, etc.

Company is ISO 9001:2008 certified. All India sales and service operations are managed on a world-class collaborative business solution- SAP. The after-sales service solutions are web enabled (e-service). Company’s own Virtual Private Network roll-out has also begun. Total Quality Management (TQM) and Business Intelligence initiatives have also been launched.

The company has a strong Centre for Design and Development in Delhi which is well-equipped with modern facilities and highly qualified engineers looking after product development, specifications, benchmarking, quality up-gradation, technology development and scanning, etc. This activity ensures that state-of-the-art products are offered as per the latest global standards.

One of the most valuable assets of the company is its team of more than 1800 employees with over 9000 man years of experience. The average age of an Company employee is 30 years. Company acknowledges the support and co-operation provided to the company by its dedicated network of channel partners and the hard work of its employees.

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.49.25
UK Pound	1	Rs.77.45
Euro	1	Rs.64.89

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		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.