MIRA INFORM REPORT

Report Date :

04.03.2013

IDENTIFICATION DETAILS

Name :	INFLOW TECHNOLOGIES (SINGAPORE) PTE. LTD.
Registered Office :	1003 Bukit Merah Central #06-46 Singapore 159836
Country :	Singapore
Financials (as on) :	March 2011
Date of Incorporation :	12.07.2006
Com. Reg. No.:	200610237C
Legal Form :	Limited Private Company
Line of Business :	Retail Sale of Computer Hardware and Accessories and Computer Software (Except Games)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear

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^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Singapore	A1	A1

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

Singapore - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

Company Name:	Registered Number:
INFLOW TECHNOLOGIES (SINGAPORE) PTE. LTD.	200610237C

Date Incorporated:	Registered Office:	Telephone Number:
12/07/2006	1003 BUKIT MERAH CENTRAL #06-46 SINGAPORE 159836	9653 4067
Age of Company:	Website:	Industry Type:
7	NA	COMMERCE-RETAIL

Risk Dashboard
Days Beyond Terms	Trend:	No. of Litigation Counts:
Company DTC:		NA
121
Worse off than last month;last month the entity took 20 days to pay		No. of Charges(s): 0
Industry DTC
29

Directors		Corporate Structure
Number of Current Directors	3	Holding Company:	INFLOW TECHNOLOGIES PRIVATE LIMITED
Number that are shareholders	1	No. of Subsidiaries & Associated Companies:	NA

EXECUTIVE SUMMARY

Company Name	:	INFLOW TECHNOLOGIES (SINGAPORE) PTE. LTD.
Registration No	:	200610237C
Date of Registration	:	12/07/2006
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	1003 BUKIT MERAH CENTRAL #06-46 SINGAPORE 159836
Date of Change of Address	:	17/09/2010
Contact No.	:	9653 4067
Fax No.	:	NA
Website	:	NA
Registered Activities	:	RETAIL SALE OF COMPUTER HARDWARE AND ACCESSORIES AND COMPUTER SOFTWARE (EXCEPT GAMES) TO DEAL WITH INFORMATION MANAGEMENT PRODUCTS, SOLUTIONS AND SERVICES
Issued Ordinary Capital*	:	$100.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 100
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$100.00 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	NA
No. of Local Associates	:	NA
Auditor	:	DELOITTE & TOUCHE LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 12,132,730.00 (FY2011)
Net Worth	:	SGD - SIN 298,520.00 (FY2011)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	NA
S1000 / SME 1000 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000
Compounded Annual Growth Rate (CAGR)	:	51.35% (4 years)

SHAREHOLDER DETAILS

NAME	:	INFLOW TECHNOLOGIES PRIVATE LIMITED
SHAREHOLDER ID	:	T06UF1900J
NATIONALITY	:	INDIA
ADDRESS	:	#34 & 34 INFLOW HOUSE,INDIRA NAGAR 1ST STAGE, OFF 100 FEET ROAD, BANGALORE 560038, INDIA
NO. OF ORD SHARES	:	100
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	SIVARAMAKRISHNAN PALLASANA RAMANATHAN
ADDRESS	:	TF-5, RAMANIBS RAJGRIHA, 28 DESABANDU STREET,RAMNAGAR COIMBATORE 641009,TAMILNADU
POSITION	:	DIRECTOR
DATE OF APPT	:	27/01/2010
NATIONALITY	:	INDIAN
I/C PASSPORT	:	F7918175
NAME	:	BASKARAN AMBIKAPATHY
ADDRESS	:	8B BOON TIONG ROAD #01-69 BOON TIONG VILLE SINGAPORE 165008
POSITION	:	DIRECTOR
DATE OF APPT	:	12/07/2006
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2663342G
NAME	:	RAMACHANDRAN INDRAMOHAN
ADDRESS	:	3 GEYLANG EAST AVENUE 1 #14-09 CENTRAL GROVE SINGAPORE 389779
POSITION	:	SECRETARY
DATE OF APPT	:	15/04/2009
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S6879666J
NAME	:	BYJU PILLAI
ADDRESS	:	#217 TRINITY MEADOWS, OFF SARJAPURA ROAD BELLANDUR, BANGALORE 560 037, INDIA
POSITION	:	DIRECTOR
DATE OF APPT	:	12/07/2006
NATIONALITY	:	INDIAN
I/C PASSPORT	:	Z1560288

KEY PERSONNEL PROFILE

Name:	BASKARAN AMBIKAPATHY
NRIC Number:	S2663342G
Available Address:	8B BOON TIONG ROAD #01-69 BOON TIONG VILLE SINGAPORE 165008

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	INFLOW TECHNOLOGIES (SINGAPORE) PTE. LTD.	DIRECTOR	12/07/2006	-	NA
2	WESTCON (SINGAPORE) PTE. LTD.	DIRECTOR	14/02/2009	-	NA

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	VERTICAL ASIA PTE. LTD.	STRUCK OFF	DIRECTOR	18/01/2010	-

Bankruptcy Record

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Litigation Search – Writ of Summons

Court	Case No.	Transfer	Year	Date of Filing	Amount	Cause Category
M	5476	-	2008	05/03/2008	SGD 8,154.00	Negligence Related

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)
NA

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

LITIGATION

Clear

COMPLIANCE

Date of Last AGM	:	30/11/2012
Date of Last AR	:	31/12/2012
Date of A/C Laid At Last AGM	:	31/03/2012

COMPLIANCE RATING FOR ANNUAL FILING

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

Note:

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

For more information: www.acra.gov.sg/compliance

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	MAR 2011	% Change	MAR 2010	MAR 2008	MAR 2007
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	12,132,730	-54.80	26,843,876	12,569,354	2,312,021
Profit/(Loss) Before Tax	(663,389)	NA	318,211	302,967	61,712
Profit After Tax attributable to Shareholders	(551,023)	NA	284,528	276,469	55,847
Balance Sheet Key Figures
Total Assets	4,685,135	-37.55	7,501,919	5,233,148	342,689
Current Assets	4,564,416	-39.14	7,499,868	5,233,148	342,689
Non Current Assets	120,719	5,785.86	2,051	0	0
Total Liabilities	4,386,616	-33.44	6,590,234	4,900,732	286,742
Current Liabilities	933,893	-68.13	2,930,489	4,900,732	286,742
Non Current Liabilities	3,452,723	-5.66	3,659,745	0	0
Shareholders' Funds	298,520	-67.26	911,686	332,416	55,947
Share Capital	88	-6.38	94	100	100
Total Reserves	298,432	-67.26	911,592	332,316	55,847

FINANCIAL RATIOS

	Company
	MAR 2011	MAR 2010	MAR 2008	MAR 2007
Growth %
Year-on-Year Growth	-54.80	NA	443.65	NA
Profitability
Profit Margin (%)	-4.54	1.06	2.20	2.42
Return on Equity (%)	-184.58	31.21	83.17	99.82
Return on Assets (%)	-11.76	3.79	5.28	16.30
Leverage
Total Debt/Equity (Times)	14.69	7.23	14.74	5.13
Current Debt/Equity (Times)	3.13	3.21	14.74	5.13
Long Term Debt To Equity (Times)	11.57	4.01	0.00	0.00
Total Asset To Total Equity (Times)	15.69	8.23	15.74	6.13
Asset Management
Total Assets Turnover (Times)	2.59	3.58	2.40	6.75
Fixed Assets Turnover (Times)	100.50	13,088.19	0.00	0.00
Liquidity
Current Ratio (Times)	4.89	2.56	1.07	1.20

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 51.35% (4 years).

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

Profitability

We are unable to comment on Subject's profitability.

Liquidity

Current ratio stood at 4.89 times in FY11 (FY10: 2.56 times). This means that the company has SGD - SIN 4.89 of current assets for every SGD - SIN of current liability incurred.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

FINANCIAL COMMENTARY

Leverage

Total debt-to-equity ratio notched 14.69 times in FY11, as compared with 7.23 times in FY10. This means that the company requires additional external financing of SGD - SIN 14.69 for every SGD - SIN injected into its operations.

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

Efficiency Ratio

We are unable to comment on Subject's return on equity.

We are unable to comment on Subject's return on assets.

Total assets turnover ratio logged at 2.59 times in FY11 (FY10: 3.58 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.48
UK Pound	1	Rs.82.71
Euro	1	Rs.71.27

INFORMATION DETAILS

Report Prepared by :

NLM

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	--

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%)

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.