MIRA INFORM REPORT

Report Date :

30.01.2012

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, Delhi
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
Legal Form :	Closely Held Public Limited Liability Company.
Line of Business :	Importers and Traders of Computers and Computer Peripherals.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1600000
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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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 :	E-69, Vasant Marg, Vasant Vihar, New Delhi – 110 057, Delhi, 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-110037, India
Tel. No.:	91-11-26782505

DIRECTORS

AS ON 23.09.2011

Name :

Mr. Sanjiv Krishen

Designation :

Director

Address :

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

Date of Birth/Age :

24.03.1948

Date of Appointment :

28.08.1996

DIN No :

01356670

Directorship in other companies:

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	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	-	Active	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	-	Active	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-110017, India

Date of Birth/Age :

12.05.1944

Date of Appointment :

15.04.2005

DIN No :

00162973

Directorship in other companies:

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	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	-	Active	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	-	Active	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 - 122002

Date of Birth/Age :

31.05.1960

Date of Appointment :

15.04.2005

DIN No :

01391323

Directorship in other companies:

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	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	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, India	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

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) 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 :	Importers And Traders of Computers And Computer Peripherals.
Products :	v IT Products v Electronic Equipments v Service Warranty Packs

GENERAL INFORMATION

Customers :

• Arthur Andersen
• Bank of America
• Citibank
• Merrill Lynch
• Data Quest
• US Software
• Western GECO
• Delhi Police
• Defence Ministry
• NTPC
• Uttaranchal Govt.
• BHEL

No. of Employees :

100 (Approximately)

Bankers :

· Axis Bank Limited, 4/10, OPG House, Asaf Ali Road, New Delhi - 110002, Delhi, India

· HDFC Bank Limited, Sandoz House, Worli, Mumbai - 400013, Maharashtra, India

· Indian Bank Mehrauli Institutional Area, New Delhi-110016, Delhi, India

· UTI Bank Limited, Vasant Kunj, New Delhi-110070, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Banks
Working Capital Loans	736.443	894.415
Property Loans	7.930	8.312
Vehicle Loans	0.655	0.137
Total	745.028	902.864

Banking Relations :	--
Financial Institution :	· 3i Infotech Trusteeship Services Limited, 3rd to 6th floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai - 400703, Maharashtra, India
Auditors :
Name :	Jain Christopher, Srikanth and Srikanth Chartered Accountant
Address :	2^nd Floor, Uniworth Plaza, 20, Sankey Road, Bangalore – 560020, Karnataka, India
Tel. No.:	91-80-23347000
Fax No.:	91-80-23316852
E-mail:	odmin@jcssglobal.com
Website:	http://www.jcssglobal.com
Holding Company :	Newco Group Limited
Associates:	Integer Consultancy Services Private Limited Integer Leasing and Finance Company Private Limited Integer Management Services Private Limited Impact IT Solutions Private Limited Impact Infrastructure Private Limited

CAPITAL STRUCTURE

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	29.556	9.838
Capital work-in-progress		0.000	0.000	0.000
Intangible Assets		0.000	3.295	6.040
INVESTMENT		0.000	0.000	0.000
DEFERREX 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	1568.993	896.919
	Other Current Liabilities	57.407	126.382	384.131
	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
		Income	8113.432	8650.997	8137.136
		Other Income	113.325	138.874	97.418
		TOTAL (A)	8226.757	8789.871	8234.554
Less	EXPENSES
		Cost of Sales	7838.400	8411.519	7855.830
		Personnel Costs	63.999	67.441	60.758
		Selling and marketing Expenses	0.000	28.744	41.658
		Administrative Expenses	104.936	52.327	45.180
		Amortization	0.000	2.934	2.739
		Prior Period Income (Expenses)	0.000	0.169	0.000
		TOTAL (B)	8007.335	8563.134	8006.165
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		219.422	226.737	228.389
Less	FINANCIAL EXPENSES (D)		119.365	123.783	131.625
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		100.057	102.954	96.764
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.869	2.723	2.604
	PROFIT BEFORE TAX (E-F) (G)		94.188	100.231	94.160
Less	TAX (I)		0.000	36.030	34.168
	PROFIT AFTER TAX (G-I) (J)		94.188	64.201	59.992
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	170.409	110.417
	BALANCE CARRIED TO THE B/S		NA	234.610	170.409
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	39.971	57.942
		Export Services	NA	10.651	0.000
	TOTAL EARNINGS		NA	50.622	57.942
	IMPORTS
		Purchase	NA	841.139	571.371
	TOTAL IMPORTS		NA	841.139	571.371
	Earnings Per Share (Rs.)		--	17.99	16.81

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.14	0.73	0.73
Net Profit Margin (PBT/Sales)	(%)	1.16	1.16	1.16
Return on Total Assets (PBT/Total Assets}	(%)	2.70	3.33	4.14
Return on Investment (ROI) (PBT/Networth)		0.19	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

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, Delhi, India
This form is for	Creation of charge
Type of charge	Book debts Movable Property
Particular of charge holder	Axis Bank Limited, 4/10, OPG House, Asaf Ali Road, New Delhi - 110002, Delhi, India
Nature of instrument creating charge	COMPOSITE HYPOTHECATION DEED (Current Assets, Movables, Plant & 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. 10000.000 Millions WCDL = (RS. 3000.000 Millions) sub limit of CC Letter of Credit = (RS. 5000.000 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 Chage 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

v Leasehold improvements

v Computers

v Office Equipments

v Furniture and Fixtures

v Vehicles

INTANGIBLE ASSETS

v Computer Software

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. 49.64
UK Pound	1	Rs. 77.79
Euro	1	Rs. 65.04

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		19

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.