MIRA INFORM REPORT

Report Date :

13.12.2013

IDENTIFICATION DETAILS

Name :	XEROX INDIA LIMITED (w.e.f.18.03.2005)
Formerly Known As :	XEROX MODICORP LIMITED
Registered Office :	5^th Floor, Block One, Vatika Business Park, Sector-49, Sohna Road, Gurgaon - 122018, Haryana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.12.1995
Com. Reg. No.:	05-049183
Capital Investment / Paid-up Capital :	Rs. 448.080 Millions
CIN No.: [Company Identification No.]	U72200HR1995PLC049183
TAN No.: [Tax Deduction & Collection Account No.]	RTKX00024D
PAN No.: [Permanent Account No.]	AAACM8634R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of trading of xerographic equipments, multifunction devices, laser printers, systems, consumables, paper and providing after-sales services of machines
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 6600000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. Company has incurred loss from its operation in 2013. However, networth of the company appears to be strong. Liquidity position seems to be good. Trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE

[CONTACT NO.: 91-22-30451911]

LOCATIONS

Registered Office :	5^th Floor, Block One, Vatika Business Park, Sector-49, Sohna Road, Gurgaon - 122018, Haryana, India
Tel. No.:	91-124-39400400
Fax No.:	Not Available
E-Mail :	askus@xerox.com m.gupta@xerox.com r.krishnan@xerox.com rajender.setiya@xerox.com subhrajit.gupta@xerox.com
Website :	http://www.xerox.com
NLC Bangalore Office :	c/o Wheel India, SCM Solutions Private Limited, 2/1 Thirumalashettyhalli, Soukya Road, Hoskote Taluk, Bangalore – 560067, Karnataka, India
Tel. No.:	91-80-28549091
Fax No.:	91-80-28549091
Branch Offices :	Located at: · Ahmedabad Bangalore Chandigarh Chennai Cochin Hyderabad Kolkata Lucknow Mumbai Pune
Overseas Offices :	Located at: · United States Canada Latin America Western Europe Eastern Europe/Middle East Africa Asia/Pacific

DIRECTORS

AS ON 05.09.2012

Name :

Mr. Rajat Kumar Jain

Designation :

Managing director

Address :

B-6/806, 7^th Floor, B-Block, Sahara Grace, MG Road, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

13.09.1963

Qualification :

B. Tech., MBA

Experience :

25 years

Date of Appointment :

05.09.2012

PAN No.:

AAAPJ2678M

DIN No.:

00046053

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	U74999MH2003PTC149854	THE WALT DISNEY COMPANY (INDIA) PRIVATE LIMITED	Managing director	19/08/2004	19/08/2004	27/08/2007	Active	NO
2	U92130MH2004PTC143978	UNITED HOME ENTERTAINMENT Private LIMITED	Managing director	12/12/2006	12/12/2006	27/08/2007	Active	NO
3	U51395MH2003PTC142173	MOBILE2WIN INDIA PRIVATE LIMITED	Managing director	29/12/2007	16/07/2007	01/08/2011	Active	NO
4	U29253WB2010PTC151867	CONSORTIUM MACHINES PRIVATE LIMITED	Director	03/05/2011	03/05/2011	23/08/2012	Active	NO
5	U72200HR1995PLC049183	XEROX INDIA LIMITED	Managing director	05/09/2012	20/02/2012	-	Active	NO
6	AAA-0588	GAININDIA ADVISORS LLP	Designated Partner	11/01/2010	11/01/2010	-	Active	NO
7	AAA-1414	VIRTUOSO CONSULTING & ADVISORY SERVICES LLP	Designated Partner	23/03/2011	23/03/2011	-	Active	NO

Name :

Mr. Darren James Hooker

Designation :

Director

Address :

4 Oakfield Close, Ruislip, Middlesex, United Kingdom HA48AZ

Date of Birth/Age :

02.03.1966

Qualification :

ACMA, B.A. (Hons)

Date of Appointment :

12.09.2007

DIN No.:

01335093

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	Company/ LLP Status	Defaulting status
1	U72200HR1995PLC049183	XEROX INDIA LIMITED	Director	12/09/2007	28/02/2007	Active	NO

Name :

Mr. Daniel Marc Benoit

Designation :

Director

Address :

15, Stanford Court, 45 Cornwell Gardens, London Sw74AB

Date of Birth/Age :

05.01.1967

Qualification :

MBA, Paris

Date of Appointment :

05.09.2012

DIN No.:

05178956

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	Company/ LLP Status	Defaulting status
1	U72200HR1995PLC049183	XEROX INDIA LIMITED	Director	05/09/2012	22/02/2012	Active	NO

Name :

Mr. Royston Charles Harding

Designation :

Director

Address :

Little Oaks, Fishers Lane, Cold Ash Thatcham, RG 189 NG, Great Britain

Date of Birth/Age :

02.10.1957

Qualification :

B.Ed

Date of Appointment :

05.09.2012

DIN No.:

05337597

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	Company/ LLP Status	Defaulting status
1	U72200HR1995PLC049183	XEROX INDIA LIMITED	Director	05/09/2012	16/04/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Manish Gupta
Designation :	Secretary
Address :	301/37, Heritage City, MG Road, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	06.01.1974
Date of Appointment :	03.09.2009
PAN No.:	AFMPG6388J
Name :	Jean M Ellefson
Designation :	General Manager
Name :	Ramesh Nagarajan
Designation :	Software Offshore Strategy & Management
Name :	Nischal M Piratla
Designation :	Lab Manager
Name :	Rajiv Luthra
Designation :	Regional Business Head - Central & East
Name :	Vishal Awal
Designation :	Executive Director – Services
Name :	Vivek Chandel
Designation :	Executive Director-Marketing
Name :	Satpreet Singh
Designation :	Finance Controller
Name :	Rodney Noonoo
Designation :	Chief Financial Officer
Name :	Kuldeep Malhotra
Designation :	Head - Lean Volume Business Project
Name :	Sudhir Singhal
Designation :	Deputy General Manager – Internal Controls
Name :	Ashok Sethi
Designation :	Distribution Manager – Supplies
Name :	Omri Swartz
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2013

Names of Shareholders	No. of Shares
Xerox Limited, United Kingdom	20423200
Sidh Securities Limited, Mauritius	17606706
Modi Rubber Limited, India	3137000

AS ON 05.09.2012

Equity Share Breakup	Percentage of Holding
Category
Public financial companies	0.09
Nationalised or other banks	0.02
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	89.31
Bodies corporate	8.55
Other top fifty shareholders	0.55
Others	1.48
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of trading of xerographic equipments, multifunction devices, laser printers, systems, consumables, paper and providing after-sales services of machines

Products/ Services :

ITC Code No.	Product Descriptions
84433100	Multifunction Devices
48025610	Paper
99871200	Maintenance and Repair Services of Office & Accounting Machinery
99891220	Services related to printing

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	· Citi Bank HDFC Bank Limited ICICI Bank Limited State Bank of India Canara Bank Deutsche Bank

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	PWC, Building No.8, 7th and 8^th Floor, DLF Cyber City, Gurgaon, Haryana, India
Income-tax PAN of auditor or auditor's firm :	AADFP9359C
Ultimate Holding company :	Xerox Corporation, United States
Other Related Parties :	· Xerox Developing Markets Limited Sidh Securities Limited
Fellow Subsidiary company :	· Fuji Xerox Asia Pacific Pte Limited XC Trading Xerox Canada Limited Xerox Limited Affiliated Computer Services Of India Private Limited [U72300KA2002PTC031149]
Subsidiary company :	· Fuji Xerox of Shanghai Limited Fuji Xerox Company Limited Fuji Xerox Korea Company Limited Suzuka Fuji Xerox Company Limited Xerox Commercio E Industrial Limited Xerox Buro Araciari Ticaret Ve Servis A.S. Xerox of Shanghai Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000,000	Equity Shares	Rs. 10/- each	Rs. 1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
44,808,000	Equity Shares	Rs. 10/- each	Rs. 448.080 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	448.080	448.080	448.080
(b) Reserves & Surplus	1215.834	1333.161	1688.462
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1663.914	1781.241	2136.542
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	134.943	134.575	12.638
(d) long-term provisions	377.853	309.003	257.858
Total Non-current Liabilities (3)	512.796	443.578	270.496
(4) Current Liabilities
(a) Short term borrowings	360.000	250.000	0.000
(b) Trade payables	902.861	649.889	360.278
(c) Other current liabilities	203.602	181.162	272.068
(d) Short-term provisions	62.061	42.808	44.799
Total Current Liabilities (4)	1528.524	1123.859	677.145
TOTAL	3705.234	3348.678	3084.183
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	516.371	606.088	479.059
(ii) Intangible Assets	14.618	22.674	14.013
(iii) Capital work-in-progress	0.922	0.000	0.514
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	242.514	193.858	125.561
(d) Long-term Loan and Advances	647.051	581.765	554.194
(e) Other Non-current assets	34.751	109.012	128.072
Total Non-Current Assets	1456.227	1513.397	1301.413
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	740.550	680.956	705.682
(c) Trade receivables	832.770	676.494	733.657
(d) Cash and cash equivalents	468.243	401.075	190.475
(e) Short-term loans and advances	122.369	33.531	117.128
(f) Other current assets	85.075	43.225	35.828
Total Current Assets	2249.007	1835.281	1782.770
TOTAL	3705.234	3348.678	3084.183

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	6094.662	5615.568	5168.005
		Other Income	167.653	46.057	191.145
		TOTAL (A)	6262.315	5661.625	5359.150
Less	EXPENSES
		Purchases of stock-in-trade	4510.306	4059.989	3209.571
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(81.561)	32.561	(154.423)
		Employee benefit expense	839.265	749.986	773.113
		Other expenses	936.427	926.582	1212.156
		TOTAL (B)	6204.437	5769.118	5040.417
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		57.878	(107.493)	318.733
Less	FINANCIAL EXPENSES (D)		41.186	14.333	0.408
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		16.692	(121.826)	318.325
Less/ Add	DEPRECIATION/ AMORTISATION (F)		183.581	248.604	90.986
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(166.889)	(370.430)	227.339
Less	TAX (H)		(49.562)	(15.129)	76.830
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(117.327)	(355.301)	150.509
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings		14.119	6.425
		Other Earnings		182.760	121.483
	TOTAL EARNINGS		277.280	196.879	127.908
	IMPORTS
		Stores & Spares		1116.154	985.005
		Capital Goods		1404.790	1174.108
	TOTAL IMPORTS		NA	2520.944	2159.113
	Earnings/ (Loss) Per Share (Rs.)		(2.61)	(7.93)	3.35

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(1.87)	(6.28)	2.81
Net Profit Margin (PBT/Sales)	(%)	(2.74)	(6.60)	4.40
Return on Total Assets (PBT/Total Assets}	(%)	(4.82)	(11.74)	7.69
Return on Investment (ROI) (PBT/Networth)		(0.10)	(0.21)	0.11
Debt Equity Ratio (Total Debt/Networth)		0.22	0.14	0.00
Current Ratio (Current Asset/Current Liability)		1.47	1.63	2.63

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	No
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	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

LITIGATION DETAILS

IN THE HIGH COURT OF DELHI AT NEW DELHI

ITA 1046/2011

CIT ..... Appellant

Through: Mr.Sanjeev Rajpal, Advocate

versus

XEROX INDIA LTD ..... Respondent

Through: Mr.Ajay Vohra, Ms.Kavita Jha

And Mr.Somnath Shukla, Advs.

CORAM:

HON'BLE MR. JUSTICE SANJIV KHANNA

HON'BLE MR. JUSTICE R.V.EASWAR

O R D E R

08.12.2011

Heard.

Admit.

The following substantial question of law is framed.

Whether the Income Tax Appellate Tribunal was right in holding that the sale of Vashi unit is a slump sale and, therefore, capital gain earned is not taxable and the decisions of the Supreme Court in the cases of CIT v. Artex Manufacturing Company, (1997) 227 ITR 260 (SC) and Anand Electric Company ltd. v. CIT; (1999) 237 ITR 587 (Bombay) are not applicable and the judgment of the Supreme Court in the case of PNB Finance Limited v. CIT; (2008)307 ITR 75 is applicable?

Learned counsel for the respondent-assessee states that the Assessing Officer had not disputed and the assessment order proceeds of the basis that the sale of unit was a slump sale. This contention of the respondent will be examined at the time of final hearing. We may record that the learned counsel for the appellant has submitted that the decisions relied upon by the Assessing Officer in his order do not relate to the cases of slump sale but are cases where price paid can be apportioned to the assets transferred.

Parties are given liberty to file documents/material which they filed before the authorities/tribunal within a period of 8 weeks. The respondent assessee will also placed on record a copy of the agreement to sell as well as any subsequent document, if any, like sale deed etc. for transfer of the vashi unit. The said documents be filed within a period of eight weeks.

List in the category of ‘Regular Matters’ in its own turn.

SANJIV KHANNA, J.

R.V.EASWAR, J.

DECEMBER 08, 2011

sv 

$ 5

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90273522	08/02/2001	250,000,000.00	ICICI LIMETED	ICICI TOWERS BANDRA KURLA COMPLEX BANDRA (E), BOMBAY - 400051, MAHARASHTRA, INDIA	-
2	90273515	14/08/2000 *	650,000,000.00	UTI BANK LIMITED;	HAVING ITS REGISDTERED OFFICE AT SAKAR-1, GROUND FLOOR; OPP.; GANDHI GRAM RAILWAY; STATION, AHMEDABAD - 380009, GUJARAT, INDIA	-
3	90277168	30/08/2000	226,500,000.00	HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED .	CORPORATE BANKING DIVISION; 9TH FLOOR;, MERCANTILE HOUSE; 15 KASTURBA GANDHI MARG, NEW DELHI - 110001, INDIA	-
4	90281270	17/08/2000	447,500,000.00	CITIBANK N.A. JEEVAN VIHAR BUILDING;	3 SANSHI MARG;, NEW DELHI - 110001, INDIA	-
5	90274826	27/07/2000 *	180,000,000.00	CITI BANK N.A.	PALIAMENT STREET, NEW DELHI - 110001, INDIA	-
6	90274788	27/07/2000 *	150,000,000.00	ABN - AMRO BANK DLF CENTRE;	SANSAD MARG, NEW DELHI - 110001, INDIA	-
7	90274763	03/08/2000 *	400,000,000.00	THE BANK OF NOVA SCOTIA; DR GOPAL DAS BHAVAN;	BARAKHAMMBA ROAD;, NEW DELHI - 110001, INDIA	-
8	90274760	11/08/2000 *	180,000,000.00	STANDARD CHAUTAED BANK	PALIAMENT STREET, NEW DELHI - 110001, INDIA	-
9	90274695	16/08/2000 *	170,000,000.00	BANK OF NOVA SCOTIA;	DR. GOPAL DAS BHAVAN; 28;, BARAKHAMBA ROAD; NEW DELHI - 110001, INDIA	-
10	90273971	23/11/2000 *	174,000,000.00	CANARA BANK ANSAL TOWERS; 38;	NEHRU PLACE, NEW DELHI - 110019, INDIA	-
11	90273954	05/11/2004 *	12,500,000.00	CENTRAL BANK OF INDIA 55;	MADHUVAN, NEHRU PLACE, NEW DELHI, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Intercorporate deposits	360.000	250.000
Total	360.000	250.000

GENERAL INFORMATION

Subject was incorporated in India on December 29, 1995 and is engaged in the business of trading of xerographic equipments, multifunction devices, laser printers, systems, consumables, paper and providing after-sales services of machines sold which include servicing, repairing, selling spare parts and has a research & software development center. The Company is a Public Limited Company controlled by Xerox Corporation of USA.

The accompanying financial statements reflect the results of the activities undertaken by the Company during the year ended March 31, 2013.

REGISTERED OFFICE

The Company in its Annual General Meeting held on September 15, 2011, passed a special resolution for alteration of its Memorandum of Association with respect to change of Registered Office from Noida in the State of Uttar Pradesh to Gurgaon in the State of Haryana and such alteration was confirmed by an Order passed by Hon’ble Company Law Board, Northern Region Bench, New Delhi. The Company had shifted its registered office from Noida to Gurgaon with effect from 24th September 2012.

OPERATIONS

Xerox India Limited is a part of Services Led Technology Driven Xerox Corporation, USA, world's leading business process and document management solutions enterprise. Xerox India offers an array of innovative document solutions, services and systems. Digital systems include color and black-and-white printing and publishing systems, digital presses and multifunction devices, laser and solid ink network printers, copiers. Xerox's services expertise helps businesses develop online document archives, analyzing how employees can most efficiently share documents and knowledge in the office, operating in-house print shops or mailrooms, and building Web-based processes for personalizing direct mail, invoices, brochures and more. Xerox also offers associated software, support and supplies such as toner, paper and ink. The company's operations are guided by customer-focused and employee-centered core values such as environmental sustainability, citizenship, diversity and quality integrating innovation, speed and adaptability. Xerox’s services, expertise and technology enable workplaces - from small businesses to large global enterprises - to simplify the way work gets done so they operate more effectively and focus more on what matters most: their real business.

PRODUCTION

Under production environment, they provide high-end digital monochrome and color systems designed for customers in the graphic communications industry and for large enterprises. These high-end devices enable digital on-demand printing, digital full-color printing and enterprise printing. They are the only manufacturer in the market that offers a complete family of cut sheet monochrome production systems from 95 to 314 pages per minute (‘ppm’), color production systems from 50 to 150 ppm and a complete line of continuous feed printers up to 500 fpm (feet per minute). In addition, they offer a variety of pre-press and post-press options and the industry’s broadest set of workflow software. Their FreeFlow® digital workflow collection of software technology solutions, digital technology, combined with total document solutions and services that enable personalization and printing on demand, delivers value that improves their customers’ business results. In their wide-format systems business, they offer devices designed to reproduce large format engineering and architectural drawings. To strengthen the production portfolio and widen the customer options they have recently bolstered their portfolio which includes the flagship Xerox iGen 4 EXP Press, Xerox iGen 150 Press with the newly launched C75 and J75 Digital Color Presses along with the Continuous feed range of Xerox CiPress 500 Production Inkjet System and the newly acquired Impika range of continuous feed inkjet solutions, together constitute the largest production portfolio in the industry.

OFFICE SEGMENT

In the office segment, Xerox markets and sells a range of color and black-and-white multifunction, printers and copiers. Their Office segment serves global, national and small to mid-size commercial customers as well as government, education and other public sector customers. Office systems and services, which include monochrome devices at speeds up to 90 ppm and color devices up to 60 ppm, include their family of CopyCentre®, WorkCentre® and WorkCentre Pro digital multifunction systems, Phaser® desktop printers and MFD?s for the specific customer needs.

They offer a complete range of services and solutions in partnership with independent software vendors that allow their customers to analyze, streamline, automate, secure and track their digital workflows, which they then use to identify the most efficient, productive mix of office equipment and software for that business, helping to reduce the customer’s document-related costs.

Last year they also introduced, Xerox Partner Print Services (XPPS), enabling their partners to offer Managed print services to their customers. This has greatly expanded their reach and capability to offer their print services to medium and small customers leveraging their channel coverage and exploit this fast growing area.

Last year Xerox introduced Ponza range of mono printers and MFP’s; Tacoma range of color printers and MFP’s in the A4 range and in the A3 MFP range Xerox introduced Northwood in color and Sangoh in the mono segment. This year they introduced new multi-function printers (MFP) in the A3 and A4 categories for small and medium sized organizations. Xerox has introduced advanced, high performance oriented, mono MFP, Work Centre 5019 and 5021 in the A3 category. These printers offer extreme durability, reliability and consistent output quality throughout a large volume. Under A4 category the company has introduced Phaser 3040 printers and WorkCenter 3045 multifunction printer. These printers are designed for durability, maximum productivity at minimal size and higher performance at a lower price. Built using advanced technology, Hi-Q LED, these printers are also energy efficient and provide outstanding print resolution. Moreover, they come with Xerox EA toner, which fuses at much lower temperature, resulting in more energy saving and reduced CO2 emission during the toner production. The company is bullish about strengthening its position in the SMB sector and has developed an aggressive Go-to-Market strategy for tapping this segment across top 200 cities in the country.

GLOBAL DOCUMENT OUTSOURCING

Global Document Outsourcing, Communication and Marketing Services, Managed Print Services and Document Supply Chain management helps customers take a new look at the business challenges they face today. No other company has more experience making business processes more cost-efficient and secure. The primary focus of this year was to build the pre sales and implant organization with new skills in new services technologies to support the drive to deliver broader enterprise service offerings for their clients.

Their service professionals include specialized consultants and technical experts who identify and assess a client's situation, design and implement solutions, and then manage the resulting work processes as needed.

Their sales and marketing drive was to adopt a more comprehensive and consultative sell across the business enterprise and involved all aspects of Xerox technologies and software. This approach delivers both savings for their larger enterprise customers but also faster and more efficient document processing, and therefore supporting their customer’s clients and overall business development and generation.

They have also worked on delivering a suite of offerings aimed at the SMB market through their partner and distributor network. This enables their partners to enter the services arena through the use of their cutting edge technology and services

This bold new approach overall has enabled their services division to attract many large Indian corporations and domestic clients in specific vertical segments, which actually has culminated in the largest services outsourcing deal that Xerox India has written in its history.

Xerox, has been placed by Gartner, Inc. in the ‘Leaders’ Quadrant of the 2012 Magic Quadrant for Desktop Outsourcing Services, North America.

Xerox has also been positioned as the leader in the 2013 Quocirca Managed Print Services Landscape. The report distinguishes Xerox for market presence, breadth of services portfolio, completeness of vision and customer base with high marks across the report’s assessment criteria. Xerox maintained its leadership, largely due to its strong set of services for global channel partners and expertise in business process and IT outsourcing.

Xerox continues to lead in global market share for Managed Print Services (MPS) and Basic Print Services (BPS), according to IDC’s Worldwide and U.S. Managed Print Services and Basic Print Services 2012-2015 Forecast and Analysis report.

PAPER

They sell cut-sheet paper to their customers for use in their document processing products. The market for cut-sheet paper is highly competitive and revenues are significantly affected by pricing. Their strategy is to charge a premium over mill wholesale prices, which is adequate to cover their costs and the value they add as a distributor, as well as to provide unique products that enhance the New Business of Printing and color output.

FIXED ASSETS:

· Land

Buildings

Office building

Plant and equipment

Factory equipments

Other plant and equipment

Vehicles

Furniture and fixtures

Motor vehicles

Office equipment

Computer equipments

Other equipments

Leasehold improvements

Goodwill

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 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 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. 62.13
UK Pound	1	Rs. 101.53
Euro	1	Rs. 85.41

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	BVA

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	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.