MIRA INFORM REPORT

Report Date :

27.11.2012

IDENTIFICATION DETAILS

Name :	INGRAM MICRO INDIA LIMITED (w.e.f. 13.05.2009)
Formerly Known As :	Tech pacific (india) Limited
Registered Office :	5^th Floor, Block B, Godrej IT Park, 02 Godrej Business District, Pirojshanagar, Vikhroli (West), Mumbai – 400079, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.03.1996
Com. Reg. No.:	11-136340
Capital Investment / Paid-up Capital :	Rs.184.928 Millions
CIN No.: [Company Identification No.]	u72900mh1996plc136340
TAN No.: [Tax Deduction & Collection Account No.]	mumt06887G
PAN No.: [Permanent Account No.]	aabct1296R
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Distributor of Products like Computers, Peripherals, Supplies, Softwares etc.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 26000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 :	5^th Floor, Block B, Godrej IT Park, 02 Godrej Business District, Pirojshanagar, Vikhroli (West), Mumbai – 400079, Maharashtra, India
Tel. No.:	91-22-67960101/ 67960149/ 39894645/ 67960247
Fax No.:	91-22-67960102/ 67960103/ 39891000/ 30561100/ 39894645
E-Mail :	sunil.j@ingrammicro.co.in prabhakar.i@ingrammicro.co.in
Website :	http://www.imonline.co.in
Location :	Owned
Southern Branches :	Located at: · Bangalore · Chennai  · Cochin · Coimbatore · Hubli · Hyderabad · Madurai · Pudhucherry · Trivandrum · Vizag
Western Branches :	Located at: · Ahmedabad · Baroda · Bhopal · Indore · Surat · Mumbai · Nagpur · Pune · Raipur · Goa
Northern Branches :	Located at: · Chandigarh · Dehradun · Delhi · Jaipur · Jammu · Lucknow · Ludhiana · Parwanoo
Eastern Branches :	Located at: · Bhubaneshwar  · Guwahati · Kolkata  · Patna · Ranchi

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Jaishankar Vaidyanathan Krishnan

Designation :

Managing Director

Address :

Flat No.1201, Somerset Hiranandani Garden, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

20.07.1957

Qualification :

MMM, BE (E and C)

Experience :

34 Years

Date of Appointment :

01.01.2009

DIN No.:

00101652

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	U72900MH1996PLC136340	INGRAM MICRO INDIA LIMITED	Managing director	01/01/2009	27/10/2001	-	Active	NO
2	U72200MH1999PTC121716	GRAINGER INDUSTRIAL SUPPLY INDIA PRIVATE LIMITED	Director	18/11/2002	18/11/2002	14/09/2007	Active	NO
3	U65923MH1981PLC024957	SURAJAMI INVESTMENT AND TRADING COMPANY LIMITED	Director	27/12/2002	27/12/2002	-	Active	NO

Name :

Mr. Shailendra Narendra Gupta

Designation :

Director

Address :

No. 9, Nathan Road, #09-04, Regency Park, Singapore – 248 730

Date of Birth/Age :

17.09.1962

Date of Appointment :

01.09.2001

DIN No.:

00966943

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	U72900MH1996PLC136340	INGRAM MICRO INDIA LIMITED	Director	01/09/2001	01/09/2001	-	Active	NO
2	U72200MH1999PTC121716	GRAINGER INDUSTRIAL SUPPLY INDIA PRIVATE LIMITED	Director	19/09/2001	19/09/2001	14/09/2007	Active	NO
3	U65923MH1981PLC024957	SURAJAMI INVESTMENT AND TRADING COMPANY LIMITED	Director	30/12/2003	30/12/2003	-	Active	NO

Name :

Mr. Stephen John Paine

Designation :

Director

Address :

Le Grove service apartments M – 206, 32 Orange Grove Road, Singapore – 258 354

Date of Birth/Age :

17.01.1958

Date of Appointment :

05.12.2006

DIN No.:

01025188

Name :

Mr. Wai Kong NG

Designation :

Director

Address :

BLK 4, Block Resvervoir View #0 310, Singapore – 479233

Date of Birth/Age :

24.10.1959

Date of Appointment :

09.07.2010

DIN No.:

03130301

Name :

Mr. Prabhakar Venkatakrishnan Iyer

Designation :

Additional Director

Address :

Flat 201, A Wing, Glengate, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

09.07.1964

Date of Appointment :

01.12.2011

DIN No.:

00116774

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	U70101MH1994PTC080650	SANDAKAN PROPERTIES PRIVATE LIMITED	Director	01/04/2002	01/04/2002	-	Strike off	NO
2	U92100MH2004PTC146706	SONY MUSIC ENTERTAINMENT INDIA PRIVATE LIMITED	Whole-time director	30/09/2005	30/09/2005	05/04/2007	Active	NO
3	U72900MH1996PLC136340	INGRAM MICRO INDIA LIMITED	Whole-time director	01/12/2011	01/12/2011	-	Active	NO

Name :

Mr. S. P. Achwal

Designation :

Director – Product Management

Qualification :

BE(Electr)

Experience :

22 years

Date of Appointment :

04.01.1990

Name :

Mr. Bimal Das

Designation :

Director – Product Management

Qualification :

MBA, B. Sc.

Experience :

24 Years

Date of Appointment :

09.12.1996

KEY EXECUTIVES

Name :	Mr. Sunil Gajanan Joglekar
Designation :	Company Secretary
Address :	F 105, Sumer Castle, LBS Road, Thane West, Mumbai – 400601, Maharashtra, India
Date of Birth/Age :	18.12.1964
Date of Appointment :	13.04.2009
PAN No.:	ACNPJ2440C
Name :	Mr. Prabhakar Iyer
Designation :	Chief Financial Officer
Qualification :	B. Com, FCA,LLB (Gen)
Experience :	23 years
Date of Appointment :	02.02.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Shailendra Gupta	1
Jaishankar Vaidyanathan Krishnan	2
Bimal Das	1
Sanjay Achawal	1
Mitradutta Mophapatra	1
Prabhakar V. Iyer	1
Ingram Micro Asia Limited, Singapore	18492710
Ingram Micro Asia Holdings Inc., USA	100
Total	18492817

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Distributor of Products like Computers, Peripherals, Supplies, Softwares etc.

Products :

Products Description	Item Code No.
Computer Systems	84714101.1
Computer Peripherals	847160.05/60.12/60.198/847170.00
Consumables	847330.50/ 847330.99

GENERAL INFORMATION

No. of Employees :

500 (Approximately)

Bankers :

· Central Bank of India, Corporate Finance Branch, 1^st Floor, M S Road, Fort, Mumbai – 400023, Maharashtra, India

· Bank of America

· Royal Bank of Scotland

Facilities :

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee Term Loans Banks Unsecured	1680.537	2722.657
Foreign Currency Loans Banks Unsecured	1077.861	127.981
Total	2758.398	2850.639

NOTE:-

· Repayable within One Year. The above loan is guaranteed by a corporate guarantee for Rs. 7,330,850,000 given by Ingram Micro Inc., USA.

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra, India
PAN No.:	AAEFP5579P
Holding Company :	· Ingram Micro Inc., USA · Ingram Micro Asia Holdings Inc., USA · Ingram Micro Asia Limited, Singapore · Techpac Mauritius Limited (Up to November, 2009)
Subsidiary Company :	· Ingram Micro (India) Exports Pte. Limited
Fellow Subsidiary Companies :	· Ingram Micro Australia Pty. Limited · Ingram Micro NZ Limited · Ingram Micro Singapore (South Asia) Pte Limited · Ingram Micro Asia Pacific Pte. Limited · Ingram Micro Malaysia SDN BHD · Ingram Micro (Thailand) Limited · Ingram Micro Lanka (Private) Limited

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
19000000	Equity Share	Rs.10/- each	Rs.190.000 millions
1300000	1% Redeemable Cumulative Convertible Preferences Shares	Rs.100/- each	Rs.130.000 millions
	Total		Rs. 320.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18492817	Equity Share	Rs.10/- each	Rs.184.928 millions

NOTES: -

Of the above, 18492710 Equity shares are held by Ingram Micro Asia Limited, the Holding Company

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		184.928	184.928	157.800
2] Share Application Money		0.000	0.000	27.128
3] Reserves & Surplus		6415.505	5562.567	4409.547
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6600.433	5747.495	4594.475
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		2758.398	2850.639	1261.405
TOTAL BORROWING		2758.398	2850.639	1261.405
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		9358.831	8598.134	5855.880
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		29.970	37.206	52.496
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.168	1.168	1.168
DEFERREX TAX ASSETS		181.348	238.449	258.054
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7056.269	5637.486	3961.918
	Sundry Debtors	9149.194	8788.788	5243.954
	Cash & Bank Balances	522.522	344.187	153.238
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2598.133	2026.907	2033.119
Total Current Assets		19326.118	16797.368	11392.229
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	8888.997	7754.986	5342.505
	Other Current Liabilities	1206.714	602.819	291.038
	Provisions	84.062	118.252	214.524
Total Current Liabilities		10179.773	8476.057	5848.067
Net Current Assets		9146.345	8321.311	5544.162
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9358.831	8598.134	5855.880

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	83770.212	66298.263	66747.935
		Other Income	345.341	263.724	203.249
		TOTAL (A)	84115.553	66561.987	66951.184
Less	EXPENSES
		Consumption Materials Changes Inventories	80595.913	63289.481	63589.821
		Employee Related Expenses	637.829	565.839	575.369
		Administrative, Selling and Other Expenses	1238.872	807.762	932.868
		TOTAL (B)	82472.614	64663.082	65098.058
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1642.939	1898.905	1853.126
Less	FINANCIAL EXPENSES (D)		291.444	120.329	248.697
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1351.495	1778.576	1604.429
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.340	20.952	23.098
	PROFIT BEFORE TAX (E-F) (G)		1333.155	1757.624	1581.331
Less	TAX (H)		480.217	604.605	555.767
	PROFIT AFTER TAX (G-H) (I)		852.938	1153.019	1025.564
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5378.726	4225.707	3200.143
	BALANCE CARRIED TO THE B/S		6231.664	5378.726	4225.707
	EARNINGS IN FOREIGN CURRENCY
		FOB – Exports Sales	24.462	45.751	18.861
		Sales Overseas Branch	1386.953	0.000	0.000
		Rebate (Netted off against cost of sales)	386.483	209.983	199.345
		Service Fee Charged to wholly Owned Subsidiary	44.005	41.520	46.007
		Service Fees and expenses Charges to Wholly Owned Subsidiary – Overseas Branch	3.923	0.000	0.000
		Expenses recovered	24.047	56.312	82.027
	TOTAL EARNINGS		1869.873	353.566	346.240
	IMPORTS
		Traded Goods	23200.777	18743.146	18905.084
	TOTAL IMPORTS		23200.777	18743.146	18905.084
	Earnings Per Share (Rs.)		46.12	62.35	55.46

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.01	1.73	1.53
Net Profit Margin (PBT/Sales)	(%)	1.59	2.65	2.36
Return on Total Assets (PBT/Total Assets}	(%)	6.89	10.44	13.51
Return on Investment (ROI) (PBT/Networth)		0.20	0.31	0.34
Debt Equity Ratio (Total Liability/Networth)		1.96	1.97	1.55
Current Ratio (Current Asset/Current Liability)		1.90	1.98	1.95

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS:

The Accounts for the year were considered by the Audit Committee at its meeting held on August 31, 2011 and the financial statements were forwarded to the board along with comments and recommendation. During the year, the Company achieved total turnover of Rs.83770.212 Millions and after providing for depreciation of Rs.18.340 Millions and Finance Cost of Rs.291.444 Millions, the Company earned a profit before tax of Rs.1333.155 Millions. After providing for Income Tax (Current tax – Rs.425.000 Millions and Deferred tax of Rs.57.100 Millions, the Profit after tax stood at Rs.852.938 Millions.

During the year the business grew across all the segments. The demands generated in the market were largely from the consumer and public sector projects. The company gained market share and growth however due to high competitive market there was drop in margin and pressure on working capital.

During the year the Singapore branch commenced its business. The revenue and expenses of the branch have been included in the financials.

BUSINESS OUTLOOK:

The economic climate in India as well as global markets is expected to continue to be subdued. This is likely to result is lower than expected growth rates in IT infrastructure deployment in small and medium businesses.

The company expects growth to come primarily from Government and public sector segment for IT product lines, however, this is likely to exert pressure on working capital for the company.

The consumer market is expected to grow strongly with increasing demand for smart phones, laptops and tablets. This is likely to benefit the company.

The company continues to focus on cost optimization and working capital improvement while developing services capability to improve overall profitability.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
Claims against the Company not acknowledged as debt *	49.631	49.717
Guarantees given by the Company’s Bankers	3.774	3.520
Guarantee issued to Bank	37.286	0.000
Sales tax demands disputed by the Company *	374.920	394.722
Custom duty tax matters disputed by the Company *	17.208	11.050
Income and Wealth Tax demands disputed by the Company *	24.441	68.367

* The timing and amount of cash flows, if any, that may arise from the above matters, will be determined only on settlement of the cases.

FIXED ASSETS:

· Leasehold Improvement

· Machinery and Equipments

· Computer Hardware

· Vehicles

· Goodwill

· Assets taken on finance lease vehicles.

AS PER WEBSITE

PRESS RELEASE

Zoho Corp. Inks Partnership with Ingram Micro to Market SaaS Based Products in India

Chennai, Tamilnadu, India, Monday, June 25, 2012 -- (Business Wire India)

Helping people work online, Zoho, one of the pioneers in the global SaaS space, today announced its partnership with Ingram Micro, to market its SaaS based Business Solutions in India.

Zoho Corp. has appointed Ingram Micro India Limited as their distributor partner to resell all Zoho products (Productivity Applications, Collaboration Applications and Business Applications) in India and other SAARC countries such as Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka.

In this partnership, Ingram Micro will sell all of Zoho’s cloud based products through its over 10,000 reseller partners in these countries. Zoho has over 25+ cloud based products that range from CRM to Mail, Office Suite, Sites, Project Management, Invoicing, Web conferencing and more.

Speaking on the partnership, Sudhakar S Marthi, Vice President Sales and Marketing – APAC, Zoho Corp. said, “Customers use Zoho products to run their business processes, manage their information and be more productive while at the office or on the go, without having to worry about obsolete hardware or software. We are delighted to have partnered with Ingram Micro, which will help us further strengthen our position in the market.”

Jaishankar Krishnan, Managing Director, Ingram Micro India Limited said, “Ingram Micro continues to increase its association with vendors focused on delivering great applications using cloud. Our comprehensive approach to building a portfolio of cloud services will help our partners in identifying and implementing the solutions of tomorrow. Our partnership with Zoho, brings a great suite of products to our partner ecosystem, giving them the ability to integrate a proven and established solution in their offerings to customers”

About Zoho

Zoho is a division of Zoho Corporation, a privately-held and profitable company, with offices in California, Austin, New Jersey, Chennai, Singapore, Tokyo and Beijing. Zoho Corporation serves the technology needs of more than 50,000 customers worldwide. Zoho offers a comprehensive suite of award-winning on-line business, productivity and collaboration products on the cloud. Customers use Zoho products to run their business processes, manage their information and be more productive while at the office or on the go. Zoho has online products ranging from CRM to Mail, Office Suite, Project Management, Invoicing, Web conferencing and more.

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 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.55.69
UK Pound	1	Rs.89.20
Euro	1	Rs.72.10

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		64

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	-

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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.