1. Summary Information

		Country	India
Company Name	GLOBAL INFONET DISTRIBUTION PRIVATE LIMITED	Principal Name 1	Mr. Muthu Chandrasekar
Status	Satisfactory	Principal Name 2	Vibu Venkatasubramanian
		Registration #	55-171871
Street Address	241, Ground Floor, Ghalib Apartment, Parwana Road, Pitampura, New Delhi-110034
Established Date	27.12.2007	SIC Code	--
Telephone#	91-11-40531589	Business Style 1	Distributors
Fax #	Not Available	Business Style 2	--
Homepage	http://www.globalfze.com	Product Name 1	Machines and Consumables from Xerox
# of employees	Not Available	Product Name 2	Mother Boards from Jetway
Paid up capital	Rs.176,105,000/-	Product Name 3	Hard Disc Drives from Western Digital
Shareholders	Foreign Holdings 99.80%, Directors or relatives of directors 0.20%	Banking	Yes Bank Limited
Public Limited Corp.	No	Business Period	3 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
Holding Company	UAE	Global Distribution FZE	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.12.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,161,978,000	Current Liabilities	1,082,318,000
Inventories	708,803,000	Long-term Liabilities	498,039,000
Fixed Assets	6,337,000	Other Liabilities	20,325,000
Deferred Assets	1,992,000	Total Liabilities	1,600,682,000
Invest& other Assets	16,099,000	Retained Earnings	118,422,000
		Net Worth	294,527,000
Total Assets	1,895,209,000	Total Liab. & Equity	1,895,209,000
Total Assets (Previous Year)	1,103,542,000
P/L Statement as of	31.12.2010		(Unit: Indian Rs.)
Sales	6,707,466,000	Net Profit	71,415,000
Sales(Previous yr)	3,183,733,000	Net Profit(Prev.yr)	36,871,000

MIRA INFORM REPORT

Report Date :

04.01.2012

IDENTIFICATION DETAILS

Name :	GLOBAL INFONET DISTRIBUTION PRIVATE LIMITED
Registered Office :	241, Ground Floor, Ghalib Apartment, Parwana Road, Pitampura, New Delhi-110034
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	27.12.2007
Com. Reg. No.:	55-171871
Capital Investment / Paid-up Capital :	Rs.176.105 Millions
CIN No.: [Company Identification No.]	U51101DL2007PTC171871
IEC No.:	0507080084
TAN No.: [Tax Deduction & Collection Account No.]	DELG10863G
PAN No.: [Permanent Account No.]	AADCG0161G
Legal Form :	Private Limited Liability Company
Line of Business :	Distributor of Laptops and Servers from Dell, Machines and Consumables from Xerox, Mother Boards from Jetway, Hard Disc Drives from Western Digital, Laptops from Lenovo, Peripherals from Phillips.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is progressing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and 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 :	241, Ground Floor, Ghalib Apartment, Parwana Road, Pitampura, New Delhi-110034, India
Tel. No.:	91-11-40531589
Fax No.:	Not Available
E-Mail :	sivaraman@globalinfonet.in
Website :	http://www.globalfze.com
Head Office:	Batra House, Lower Ground Floor, Plot No. 52, Sector 32, Gurgaon, Haryana, India
Branch Office :	Located At: New Delhi Ahmedabad Bangalore Bhubaneshwar Chandigarh Chennai Gurgaon Ghaziabad Guwahati Hyderabad Jaipur Kochi Kolkata Ludhiana Lucknow Mumbai Nagpur Pune Raipur Indore Dehradun

DIRECTORS

As on 23.05.2011

Name :

Mr. Muthu Chandrasekar

Designation :

Director

Address :

Po Box 17974, Dubai, Pin Code 097104, UAE

Date of Birth/Age :

28.06.1968

Date of Appointment :

15.02.2008

Din No.:

01918372

Other Directorship:

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	U51101DL2007PTC171871	GLOBAL INFONET DISTRIBUTION PRIVATE LIMITED	Director	26-06-09	15-02-08	Active	NO

Name :

Vibu Venkatasubramanian

Designation :

Director

Address :

Old No. 6, New No. 11, Thiruvengadam Street, Mandaveli, Chennai-600028, Tamilnadu, India

Date of Birth/Age :

20.03.1979

Date of Appointment :

31.10.2008

Din No.:

02393172

KEY EXECUTIVES

Name :	Ms. Shubhangi Garg
Designation :	Secretary
Address :	E-161, 3^rd Floor, Gautam Nagar, New Delhi-110049, India
Date of Birth/Age :	26.12.1985
Date of Appointment :	02.03.2010
Pan No.:	ARFPG3301E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.05.2011

Names of Shareholders	No. of Shares
Vibu Venkatasubramanian	34545
Geo Infonet Limited, UAE	4402620
Global Distribution FZE, UAE	13173330
Total	17610495

As on 23.05.2011

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]	99.80
Directors or relatives of directors	0.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Distributor of Laptops and Servers from Dell, Machines and Consumables from Xerox, Mother Boards from Jetway, Hard Disc Drives from Western Digital, Laptops from Lenovo, Peripherals from Phillips.

Products :

Product Description	Item Code
Laptops	84714110
Desktops	84714120
Monitors	84714120

GENERAL INFORMATION

Bankers :

• IDBI Bank, J – 13/ 17, Rajouri Gardens, New Delhi – 110 027, India
• ICICI Bank, Sakuntala Apartments, 59, Nehru Place, New Delhi – 110 019, India
• ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda-390015, Gujarat, India
• Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India
• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Facilities :

Secured Loan	As on 31.12.2010 [Rs. in Millions]	As on 31.12.2009 [Rs. in Millions]
Loans and advances from banks
Cash credit facility (repayable on demand)*	117.723	78.840
Buyers credit (repayable within one year Rs.378.693 millions)	378.693	0.000
Term loans from banks
Vehicles loans (secured by hypothecation of underlying vehicles )	1.623	2.403
Total	498.039	81.243
Unsecured Loan
Short term loans and advances Loans from a directors and their relatives	0.000	3.400
Total	0.000	3.400

Note: * Secured by

1. Hypothecation of stock and book debts.

2. Charge on all of the company’s movable assets except those financed by other banks.

3. Mortgage and charge in the form and manner satisfactory to the Bank of property of one of the deposits.

4. Lien on fixed assets.

5. Assignment of credit insurance policy in favour of ICICI Bank.

6. Unconditional and immovable corporate guarantee of Global FZE.

7. Unconditional an immovable personal guarantee of Mr. VM Chandersekar.

8. Unconditional and immovable personal guarantee of Mr. Neeraj Chauhan.

Banking Relations :	--
Auditors :
Name :	S.V. Ghatalia and Associates Chartered Accountants
Address :	Golf View, Corporate Tower-B, Sector 42, Sector Road, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-4644000
Fax No.:	91-124-4644050
Pan No.:	AACFS6921Q
Holding Company:	Global Distribution FZE, UAE

CAPITAL STRUCTURE

As on 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17610495	Equity Shares	Rs.10/- each	Rs.176.105 Millions

Note: Of the above 13173330 equity shares (Previous Year 17575950) equity shares of Rs.10/- each are held at the holding company, Global Distribution FZE, Dubai

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		176.105	176.105	36.632
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		118.422	47.007	95.096
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		294.527	223.112	131.728
LOAN FUNDS
1] Secured Loans		498.039	81.243	0.000
2] Unsecured Loans		0.000	3.400	3.200
TOTAL BORROWING		498.039	84.643	3.200
DEFERRED TAX LIABILITIES		0.000	0.000	0.007
TOTAL		792.566	307.755	134.935
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.337	5.547	1.188
Capital work-in-progress		13.901	0.000	0.000
INVESTMENT		2.198	0.000	0.000
DEFERREX TAX ASSETS		1.992	2.423	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	708.803	413.016	338.473
	Sundry Debtors	804.399	526.436	385.951
	Cash & Bank Balances	236.151	99.354	12.705
	Other Current Assets	1.697	0.819	0.036
	Loans & Advances	119.731	55.947	4.003
Total Current Assets		1870.781	1095.572	741.168
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1054.202	769.235	589.380
	Other Current Liabilities	28.116	16.230	15.683
	Provisions	20.325	10.322	2.358
Total Current Liabilities		1102.643	795.787	607.421
Net Current Assets		768.138	299.785	133.747
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		792.566	307.755	134.935

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Income	6707.466	3183.733	1220.862
		Other Income	81.637	15.250	0.103
		TOTAL (A)	6789.103	3198.983	1220.965
Less	EXPENSES
		Cost of Goods Sold	6513.526	3053.286	1173.317
		Personnel Expenses	50.841	31.849	12.585
		Operating and Other Expenses	77.275	51.612	26.357
		TOTAL (B)	6641.642	3136.747	1212.259
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		147.461	62.236	8.706
Less	FINANCIAL EXPENSES (D)		37.401	7.652	0.755
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		110.060	54.584	7.951
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.166	0.846	0.640
	PROFIT BEFORE TAX (E-F) (G)		107.894	53.738	7.311
Less	TAX (H)		36.479	16.867	2.511
	PROFIT AFTER TAX (G-H) (I)		71.415	36.871	4.800
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		41.671	4.800	0.000
	BALANCE CARRIED TO THE B/S		113.086	41.671	4.800
	IMPORTS
		Information Technology related Products	2410.354	660.013	128.053
	TOTAL IMPORTS		2410.354	660.013	128.053
	Earnings Per Share (Rs.)		4.06	2.25	0.38

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	1.05	1.15	0.39
Net Profit Margin (PBT/Sales)	(%)	1.61	1.69	0.60
Return on Total Assets (PBT/Total Assets}	(%)	5.75	4.88	0.98
Return on Investment (ROI) (PBT/Networth)		0.37	0.24	0.06
Debt Equity Ratio (Total Liability/Networth)		5.43	3.95	4.64
Current Ratio (Current Asset/Current Liability)		1.70	1.38	1.22

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The registered office of the company has been shifted from D-88, Okhla Industrial Area, Phase I, New Delhi-110020, India to the present address w.e.f. 16.04.2010.

BACKGROUND:

Subject is a wholly owned subsidiary of Global FZE, Dubai is engaged in the trading of information technology products and are distributors for Dell, Lenovo, Xerox, Western Digital Hard Drives, Jetway Motherboards. As is distributors of IT Products the company purchases goods from the above said vendors for selling them in India.

REVIEW OF OPERATIONS:

The Board of directors have immense pleasure to inform that the Company has shown all round excellent performance in its operations during the year under review. The Company has achieved an impressive growth in its business.

During the year, revenues for the year ended December 31, 2010 stood at Rs. 6707.400 Millions as compared to Rs. 3187.300 Millions representing a two fold increase over the previous year and profit after tax has been Rs. 71.400 Millions as against Rs 36.800 Millions in the previous year.

The business has been performed in a commendable manner, with productivity gains, growth in volumes and sustained margins. The business of the Company continues to be performed in a better manner despite several constraints in doing the business of IT Distribution. The Company’s ability to neutralize cost increase and improve margins together with purchasing efficiencies and expenses control helped in increasing the profitability. The performance had established a new milestone for the Company.

FIXED ASSETS:

• Computer and Peripherals
• Furniture and Fittings
• Office Equipment

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.53.23
UK Pound	1	Rs.82.87
Euro	1	Rs.69.13

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	5
--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	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		45

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.