MIRA INFORM REPORT

Report Date :

27.07.2013

IDENTIFICATION DETAILS

Name :	INTEX TECHNOLOGIES (INDIA) LIMITED
Registered Office :	D-18/2, Okhla Industrial Area, Phase -2, New Delhi – 110020
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.01.1996
Com. Reg. No.:	55-075672
Capital Investment / Paid-up Capital :	Rs.110.756 Millions
CIN No.: [Company Identification No.]	U72300DL1996PLC075672
PAN No.:	AAACL4265L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is a pioneer in Technology and IT Products such as Computer Peripherals, Mobile Phones and Consumer Electronics.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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 record. Eventhough the company has seen a better growth in its sales turnover. There appears a loss as the management has marked forex losses during 2012. Ratings also take into consideration. The high level competition in the IT Hardware and Mobile Segment. However, trade relations are fair. Business is active. Payement terms are slow but correct. In view of strong experience of the promoters, long track record of operations, established market position in the computer peripherals segment, 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities : “BBB”
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	December 26, 2012

Rating Agency Name	CARE
Rating	Short term bank facilities : “A3”
Rating Explanation	Moderate degree of safety and higher credit risk
Date	December 26, 2012

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

DIRECTORS

As on 25.09.2012

Name :

Mr. Narendra Bansal

Designation :

Chairman cum Managing Director

Address :

E-227, Sainik Farms, New Delhi - 110068, India

Date of Birth/Age :

25.08.1963

Qualification :

B. Com

Experience :

27 Years

Date of Appointment :

01.12.2004

PAN No.:

AHDPB0964E

DIN No.:

00058044

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	U74899DL2000PLC104592	INTEX INFOSOLUTIONS LIMITED	Director	22/03/2000	22/03/2000	-	Active	NO
2	U45400DL1999PTC099040	INTEX INFRAPROJECTS PRIVATE LIMITED	Director	29/04/2002	29/04/2002	-	Active	NO
3	U72300DL1996PLC075672	INTEX TECHNOLOGIES (INDIA) LIMITED	Managing director	01/12/2004	01/12/2004	-	Active	NO
4	U74899DL2000PLC106521	INTEX MOBILE LIMITED	Director	01/01/2007	01/01/2007	-	Active	NO
5	U74899DL1995PTC074578	PEAK SECURITIES PRIVATE LIMITED	Director	28/09/2009	10/03/2009	05/10/2012	Active	NO
6	U45400DL2010PTC205384	INTEX DEVELOPERS PRIVATE LIMITED	Director	07/07/2010	07/07/2010	-	Active	NO
7	U72200DL2010PTC210750	INTEX ENTERPRISES PRIVATE LIMITED	Director	25/11/2010	25/11/2010	-	Active	NO

Name :

Mrs. Alpa Bansal

Designation :

Director

Address :

E-227, Sainik Farms, New Delhi, India

Date of Birth/Age :

06.03.1969

Qualification :

Graduate

Experience :

15 Years

Date of Appointment :

01.08.2009

PAN No.:

AFBPB9557M

DIN No.:

00058854

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	U74899DL2000PLC104592	INTEX INFOSOLUTIONS LIMITED	Director	12/09/2001	12/09/2001	-	Active	NO
2	U45400DL1999PTC099040	INTEX INFRAPROJECTS PRIVATE LIMITED	Director	29/09/2012	29/04/2002	-	Active	NO
3	U72300DL1996PLC075672	INTEX TECHNOLOGIES (INDIA) LIMITED	Whole-time director	01/08/2009	30/09/2004	-	Active	NO
4	U74899DL2000PLC106521	INTEX MOBILE LIMITED	Director	01/01/2007	01/01/2007	-	Active	NO
5	U72200DL2010PTC210750	INTEX ENTERPRISES PRIVATE LIMITED	Director	25/11/2010	25/11/2010	-	Active	NO
6	U74899DL1995PTC074578	PEAK SECURITIES PRIVATE LIMITED	Director	30/09/2011	04/03/2011	05/10/2012	Active	NO

Name :

Mr. Bharat Bhushan Chadha

Designation :

Director

Address :

C-14, Greater Kailash Enclave- 1, New Delhi - 110048, India

Date of Birth/Age :

26.05.1937

Qualification :

B. A., FICWA

Date of Appointment :

02.08.2008

DIN No.:

00298713

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	L52110DL1986PLC025118	JAY USHIN LIMITED	Director	02/06/1999	02/06/1999	-	Active	NO
2	L31300DL1964PLC004255	DELTON CABLES LIMITED	Director	02/09/2003	02/09/2003	-	Active	NO
3	L31501HR1973PLC007543	SURYA ROSHNI LIMITED	Director	21/10/2003	21/10/2003	28/05/2013	Active	NO
4	U72300DL1996PLC075672	INTEX TECHNOLOGIES (INDIA) LIMITED	Director	02/08/2008	07/08/2007	-	Active	NO
5	L40300MH1977PLC019594	LLOYDS METALS AND ENERGY LIMITED	Director	28/07/2009	28/07/2008	-	Active	NO
6	U74140DL2008PTC182376	INNOVATION HR CONSULTANTS PRIVATE LIMITED.	Director	22/08/2008	22/08/2008	-	Active	NO

Name :

Mr. Ramesh Ajit Vaswani

Designation :

Director

Address :

M-155, 1st Floor, Greater Kailash – II, New Delhi - 110048, India

Date of Birth/Age :

25.05.1942

Qualification :

Degree in Mechanical Engineering

Date of Appointment :

01.08.2012

PAN No.:

AAAPV2843C

DIN No.:

00449428

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	L99999AP1947PLC000675	SANATHNAGAR ENTERPRISES LIMITED	Director	26/11/2005	26/11/2005	01/10/2007	Active	NO
2	U72300DL1996PLC075672	INTEX TECHNOLOGIES (INDIA) LIMITED	Director	01/08/2012	01/11/2006	-	Active	NO
3	U74899DL2000PLC106521	INTEX MOBILE LIMITED	Director	30/09/2009	25/06/2009	-	Active	NO
4	U45400DL2010PTC205384	INTEX DEVELOPERS PRIVATE LIMITED	Director	07/07/2010	07/07/2010	24/07/2012	Active	NO

KEY EXECUTIVES

Name :	Neha Satija
Designation :	Secretary
Address :	A-21, East Of Kailash, New Delhi – 110065, India
Date of Birth/Age :	20.12.1984
Date of Appointment :	01/03/2012
PAN No.:	AHFPN9588A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2012

Names of Shareholders	No. of Shares
Narendra Bansal	10477772
Sanjay Bansal	2100
Sunil Bansal	2100
Alpa Bansal	477590
Kavita Bansal	15000
Intex Infraprojects Private Limited, India	90000
Ramesh Ajit Vaswani	5000
Intex Developers Private Limited, India	10
Bhanwar Lal Bansal	6000
Total	11075572

As on 25.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	0.81
Directors or relatives of Directors	99.14
Other top fifty shareholders	0.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is a pioneer in Technology and IT Products such as Computer Peripherals, Mobile Phones and Consumer Electronics.

Products :

Item Code No. (ITC Code)	Product Description
84713010	Computer Peripheral

· Mobile Phones

· Multimedia Speakers

· Desktops

· TFT-LCD/LED monitors

· LCD and CRT TVs

· DVD players

· Computer UPS

· Cabinets

· Headphones

· Web Cameras

· Data Card

· Security Software (Antivirus)

Brand Names :

'Intex'

PRODUCTION STATUS (AS ON 31.03.2011)

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

* Taken as certified by the management.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Yes Bank Limited

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long term borrowings
Rupee term loans from banks	35.096	66.568
Rupee term loans from others	3.433	5.698
Short term borrowings
Working capital loans from banks	1028.643	348.886
Total	1067.172	421.152

Banking Relations :	--
Auditors :
Name :	S.S. Kothari Mehta and Company Chartered Accountants
Address :	146-149, Tribhuvan Complex, Ishwar Nagar, Mathura Road, New Delhi – 110065, India
Tel. No.:	91-11-27377451/ 3922
Mobile No.:	91-9811075811
Fax No.:	91-11-27377451
PAN No. :	AABFS6730L
Enterprises owned or significantly influenced by key management personnel or their relatives. * :	· Intex Infosolutions Limited CIN No.: U74899DL2000PLC104592 · Intex Mobile Limited (formerly, Whiteline Telcom Limited) CIN No.: U74899DL2000PLC106521 · Intex Enterprises Private Limited CIN No.: U72200DL2010PTC210750 · Peak Securities Private Limited CIN No.: U74899DL1995PTC074578 · Intex Infraprojects Private Limited CIN No.: U45400DL1999PTC099040 · Intex Developers Private Limited CIN No.: U45400DL2010PTC205384 · Intex Industries - Jammu · Kipav Industries · Intex Industries-Manpura · Associated Drilling and Services Limited CIN No.: U29190DL1954PLC002456 · Glotech Industries *As identified and certified by the management.

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11075572	Equity Shares	Rs.10/- each	Rs.110.756 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	110.756	100.117
(b) Reserves & Surplus	291.451	264.661
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	402.207	364.778
(3) Non-Current Liabilities
(a) long-term borrowings	38.529	72.266
(b) Deferred tax liabilities (Net)	13.698	10.125
(c) Other long term liabilities	72.662	42.412
(d) long-term provisions	16.829	14.514
Total Non-current Liabilities (3)	141.718	139.317
(4) Current Liabilities
(a) Short term borrowings	1028.643	357.079
(b) Trade payables	618.812	435.042
(c) Other current liabilities	151.007	170.810
(d) Short-term provisions	149.333	136.023
Total Current Liabilities (4)	1947.795	1098.954
TOTAL	2491.720	1603.049
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	322.013	343.903
(ii) Intangible Assets	16.539	13.608
(iii) Capital work-in-progress	6.436	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.011	0.011
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	29.306	19.760
(e) Other Non-current assets	0.576	1.294
Total Non-Current Assets	374.881	378.576
(2) Current assets
(a) Current investments	32.488	21.000
(b) Inventories	713.178	610.632
(c) Trade receivables	598.080	217.798
(d) Cash and cash equivalents	710.903	206.851
(e) Short-term loans and advances	36.274	137.526
(f) Other current assets	25.916	30.656
Total Current Assets	2116.839	1224.463
TOTAL	2491.720	1603.039

SOURCES OF FUNDS		31.03.2010 (9 months)
SHAREHOLDERS FUNDS
1] Share Capital		100.117
2] Share Application Money		0.000
3] Reserves & Surplus		193.856
4] (Accumulated Losses)		0.000
NETWORTH		293.973
LOAN FUNDS
1] Secured Loans		258.972
2] Unsecured Loans		0.000
TOTAL BORROWING		258.972
DEFERRED TAX LIABILITIES		7.107
TOTAL		560.052
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		221.000
Capital work-in-progress		19.092
INVESTMENT		14.511
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	327.469
	Sundry Debtors	173.691
	Cash & Bank Balances	115.424
	Other Current Assets	3.488
	Loans & Advances	325.181
Total Current Assets		945.253
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	346.444
	Other Current Liabilities	166.993
	Provisions	126.367
Total Current Liabilities		639.804
Net Current Assets		305.449
MISCELLANEOUS EXPENSES		0.000
TOTAL		560.052

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010 (9 months)
	SALES
		Income	7824.720	7355.634	4422.419
		Other Income	11.286	41.485	12.783
		TOTAL (A)	7836.006	7397.119	4435.202
Less	EXPENSES
		Cost of materials consumed	0.000	0.000
		Purchases of stock-in-trade	6171.728	5795.154
		Employee benefit expense	486.652	448.053
		Other expenses	1214.419	1171.885
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(129.696)	(233.493)
		TOTAL (B)	7743.103	7181.599	4309.780
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		92.903	215.520	125.422
Less	FINANCIAL EXPENSES (D)		46.870	51.837	25.941
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		46.033	163.683	99.481
Less/ Add	DEPRECIATION/ AMORTISATION (F)		40.529	32.540	15.966
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		5.504	131.143	83.515
Less	TAX (H)		8.077	25.353	16.260
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(2.573)	105.790	67.255
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		248.737	188.512	149.689
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	10.580	5.044
		Interim Dividend	NA	20.023	10.012
		Proposed Dividend	NA	10.012	10.012
		Corporate Dividend Tax	NA	4.950	3.364
	BALANCE CARRIED TO THE B/S		NA	248.737	188.512
	EARNINGS IN FOREIGN CURRENCY
		FOB value of overseas sales	14.292	0.079	0.000
	TOTAL EARNINGS		14.292	0.079	0.000
	IMPORTS
		Traded Goods	4195.192	4128.065	2213.770
	TOTAL IMPORTS		4195.192	4128.065	2213.770
	Earnings / (Loss) Per Share (Rs.)		(0.23)	10.57	6.72

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.03)	1.43	1.52
Net Profit Margin (PBT/Sales)	(%)	0.07	1.78	1.89
Return on Total Assets (PBT/Total Assets}	(%)	0.22	8.18	7.16
Return on Investment (ROI) (PBT/Networth)		0.01	0.36	0.28
Debt Equity Ratio (Total Debt/Networth)		0.00	1.18	0.88
Current Ratio (Current Asset/Current Liability)		1.09	1.11	1.48

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	-----
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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10348896	04/03/2013 *	1,500,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B70739529
2	10291788	25/04/2011	190,000,000.00	CENTRAL BANK OF INDIA	MID CORPORATE FINANCE BRANCH, JLN YOUTH CENTRE, 219, DEEN DAYAL UPADHYAYA MARG, NEW DELHI, DELHI - 110002, INDIA	B14852123
3	10246043	28/09/2010	62,000,000.00	THE SARASWAT CO-OPERATIVE BANK LTD.	20-A, LAJPAT NAGAR - IV, RING ROAD, NEW DELHI, DELHI - 110024, INDIA	A96886353
4	10135069	21/02/2011 *	280,000,000.00	AXIS BANK LIMITED	4/10, OPG HOUSE, ASAF ALI ROAD, NEW DELHI, DELHI - 110002, INDIA	B10474658
5	10020002	10/06/2011 *	744,300,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, A-5 SOUTH EXTENSION PART-I, NEW DELHI, DELHI - 110048, INDIA	B17864331

* Date of charge modification

OVERVIEW

Subject is a pioneer in Technology and IT Products such as Computer Peripherals, Mobile Phones and Consumer Electronics. Set up in 1996, the company is headquartered at New Delhi. It has a pan-India presence though its own network of 29 branches and more than 500 service points. Brand 'Intex' covers 6 business segments- Computer Peripherals, Mobile Phones, Consumer Electronics, Security Software, Retail and Enterprise Solutions. The business segments cover a portfolio of 29 Product Groups spread across 350 items including Mobile Phones , Multimedia Speakers, Desktops, TFT-LCD/LED monitors, LCD and CRT TVs, DVD players, Computer UPS, Cabinets, Headphones, Web Cameras, Data Card, Security Software (Antivirus), to name just a few.

Intex is ISO 9001:2008 certified. All India sales and service operations are managed on a world-class collaborative business solution – SAP on a Virtual Private network. After-sales service operations are web enabled (e-service). Total Quality Management (TQM) and Business Intelligence initiatives have also been launched.

Sales are routed through a channel network comprising of 3000+ distributors and 22,000+ dealers spread across the country. The company launched its chain of exclusive retail outlets- INTEX SQUARE in Sep, 2009 and has 70 stores operational across country. Products are also available at more than 150 dedicated counters of reputed chains of hyper markets and specialty stores across the country and on TV shopping channels.

The vision of the company is to make itself a globally respected name and to improve the quality of life of the people.

MANAGEMENT OVERVIEW

During the period, there was a modest increase in turnover; however, the profits were down to Rs. 5.504 millions as against Rs. 131.143 millions last year. This was mainly due to depreciation in the value of rupee against dollar resulting in forex loss of Rs. 76.609 millions.

The industry as a whole has been under pressure from various fronts. First, floods in Thailand and Tsunami in Japan raised component costs to a significant level. Secondly, the Euro zone crisis had an adverse impact on Indian industry resulting in subdued demand for IT products. Lastly, the brunt of the shock came when the value of Rupee started to plummet vis-a-vis US Dollar. Their currency has been increasingly vulnerable to a swelling current account deficit. Exposure to short-term portfolio flows, a rising oil import bill and slowing export growth have heightened the risk on the rupee. The Rupee against the US Dollar has depreciated steadily over the past one year. This has been amongst the steepest declines among the major Asian currencies.

Being heavily import-dependent, rupee depreciation has adversely affected financial viability. The higher costs of material could not be passed on to consumers immediately due to very competitive market conditions and sluggish demand. They are hopeful of better growth in Sales in the current year and better profitability on account of measures taken in reducing costs, adjusting prices and introduction of new models/products.

AWARDS AND RECOGNITIONS

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

A score of 8 (out of 10) for INTEX AVATAR Mobile Phone by Rajiv Makhni on the popular show- Cell- Guru- aired on NDTV Profit, NDTV 24*7 and NDTV India (Feb, 2012).

Most Visible Indian Brand, Best Multimedia Speaker and User Friendly UPS by NCN, May, 2011

Best Peripherals Brand by Digital Terminal Magazine, May, 2011

UNSECURED LOANS

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Short term borrowings
Rupee term loans from banks	0.000	4.790
Rupee term loans from others	0.000	3.403
Total	0.000	8.193

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2012	31.03.2011
Guarantees issued by the Company’s Bankers on behalf of the Company	13.300	2.600
Corporate guarantees/undertakings issued on behalf of third parties	41.700	41.700
Claims against the Company, not acknowledge as debt	2.950	2.950
Claims against the Company, not acknowledge as debt and being contested before the appropriate authorities
(i) Excise Matters	1.031	1.031
(ii) Sales tax Matters	2.897	1.783

FIXED ASSETS

v Intangible Assets

· Land

· Buildings

· Office Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

· Leasehold Improvements

v Intangible Assets

· Brands and Trade Marks

· Computer Software

PRESS RELEASE

INTEX TECHNOLOGIES AIMS AT RS 20000.000 MILLIONS REVENUE IN FY14

May 12, 2013

NEW DELHI: Betting big on the growing mobile handset market, IT hardware and electronic products company Intex Technologies is looking to double turnover to Rs 20000.000 millions in the current financial year.

"We are targeting Rs 20000.000 millions revenue for Intex Technologies, of which we are expecting Rs 12000.000 millions from the mobile division," Intex Technologies GM - Mobile Business Sanjay Kumar told PTI.

The company clocked a turnover of Rs 10690.000 millions in financial year 2012-13.

Asked if it will be able to achieve the target given the presence of so many manufacturers in the handset market, Kumar said the company has grown from selling 1.5 lakh handsets in April last year to 6 lakh devices last month.

"With the base we have already developed in last one year, Rs. 12000.000 millions is not a very big task for us... We are growing around 20 per cent per month."

The company crossed Rs 900.000 MILLIONS revenue last month from the mobile division and will aim at selling 10 lakh devices every month from June onwards.

The company recently roped in Bollywood actor-director Farhan Akhtar as brand ambassador for its smartphones.

It entered the smartphone market 7-8 months back and has a portfolio of around 12 models in the price range of Rs 3,200 to Rs 11,000.

"In next six months, we would launch 8-10 smartphone models in the same bracket," Kumar added.

According to research firm IDC, the overall mobile phone market in India reached about 218 million units in 2012, growing 16 per cent year-on-year. Of this, 16.3 million units were smartphones, but the category saw a growth of about 48 per cent.

The demand for smartphones is expected to be around 34-36 million units this year.

Intex has a network of 800 distributors and 20,000 retailers.

Kumar said the company is increasing dealer strength on two fronts -- one, establishing base where it doesn't have presence and secondly, expanding channel partners for smartphones.

The company is also planning to start assembling mobile phones in India in next 3-4 months.

Right now the three manufacturing units of the company are used for the rollout of IT products and mobile accessories.

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.58.91
UK Pound	1	Rs.90.68
Euro	1	Rs.78.22

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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

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