MIRA INFORM REPORT

Report Date :

29.03.2013

IDENTIFICATION DETAILS

Name :	IBM INDIA PRIVATE LIMITED (SINGAPORE BRANCH)
Registered Office :	7 Changi Business Park Central 1 Ibm Place Singapore 486072
Country :	Singapore
Financials (as on) :	31.03.2012
Date of Incorporation :	04.12.2009
Com. Reg. No.:	T09FC0143L
Legal Form :	Foreign Company Registered In Singapore
Line of Business :	Software Development, Computer Hardware and Software Services
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A

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

Status :	Good
Payment Behaviour :	No Complaints
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 (31.03.2011)	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:
IBM INDIA PRIVATE LIMITED (SINGAPORE BRANCH)	T09FC0143L

Date Incorporated:	Registered Office:	Telephone Number:
04/12/2009	7 CHANGI BUSINESS PARK CENTRAL 1 IBM PLACE SINGAPORE 486072	NA
Age of Company:	Website:	Industry Type:
4	NA	NA

Risk Dashboard
Days Beyond Terms	Trend:	No. of Litigation Counts:
Company DTC:		NA
NA
The entity is paying current to the creditors		No. of Charges(s): 0
Industry DTC
117

Directors		Corporate Structure
Number of Current Directors	11	Holding Company:	NA
Number that are shareholders	NA	No. of Subsidiaries & Associated Companies:	NA

EXECUTIVE SUMMARY

Company Name	:	IBM INDIA PRIVATE LIMITED (SINGAPORE BRANCH)
Registration No	:	T09FC0143L
Date of Registration	:	04/12/2009
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	FOREIGN COMPANY REGISTERED IN SINGAPORE
Registered Address	:	7 CHANGI BUSINESS PARK CENTRAL 1 IBM PLACE SINGAPORE 486072
Date of Change of Address	:	07/01/2010
Contact No.	:	NA
Fax No.	:	NA
Website	:	NA
Registered Activities	:	DEVELOPMENT OF OTHER SOFTWARE AND PROGRAMMING ACTIVITIES NEC SOFTWARE DEVELOPMENT, COMPUTER HARDWARE AND SOFTWARE SERVICES
Issued Ordinary Capital*	:	NA
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	NA
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	:	NA
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 102,150,668.00 (FY2012)
Net Worth	:	SGD - SIN 33,264,379.00 (FY2012)
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)	:	NA

SHAREHOLDER DETAILS

No Trace

OFFICER DETAILS

NAME	:		SATISH KHATU
ADDRESS	:		2 LEONIE HILL ROAD #24-01 SINGAPORE 239192
POSITION	:		DIRECTOR
DATE OF APPT	:		16/01/2002
NATIONALITY	:		AMERICAN
I/C PASSPORT	:		710429268
NAME		:		ANITA SANGHI
ADDRESS		:		A-3, 228/6, CHINNU HOMES 1, KAGADASAPURA C V RAMAN NAGAR, BANGALORE-93
POSITION		:		DIRECTOR
DATE OF APPT		:		15/09/2010
NATIONALITY		:		INDIAN
I/C PASSPORT		:		A2763932
NAME		:		YOGESH DAYAL
ADDRESS		:		E707, RAHEJA RESIDENCY, KORAMANGALA, BANGALORE-560034
POSITION		:		DIRECTOR
DATE OF APPT		:		18/03/2005
NATIONALITY		:		INDIAN
I/C PASSPORT		:		E1054053
NAME		:		AMIT SHARMA
ADDRESS		:		NO. 209, DEFENCE COLONY, 3RD MAIN, 5TH CROSS, INDIRA NAGAR, BANGALORE-560038
POSITION		:		DIRECTOR
DATE OF APPT		:		15/09/2010
NATIONALITY		:		INDIAN
I/C PASSPORT		:		E8848557
NAME		:		KALPANA MARGABANDHU
ADDRESS		:		VENKATESWARA KRUPA, 1194, V BLOCK, RAJAJI NAGAR, BANGALORE-560010
POSITION		:		DIRECTOR
DATE OF APPT		:		29/09/2005
NATIONALITY		:		INDIAN
I/C PASSPORT		:		F3521952
NAME		:		RAJESH NAMBIAR
ADDRESS		:		ADARSH VISTA, VILLA NO. 70, BASVANAGAR, OFF AIRPORT ROAD, BANGALORE-560037
POSITION		:		DIRECTOR
DATE OF APPT		:		20/03/2007
NATIONALITY		:		INDIAN
I/C PASSPORT		:		F5749217
NAME		:		K S RAGHUNANDAN
ADDRESS		:		'NANDANA', #25, 8TH MAIN ROAD, SHANKARANAGAR, BANGALORE-560096
POSITION		:		DIRECTOR
DATE OF APPT		:		13/06/2001
NATIONALITY		:		INDIAN
I/C PASSPORT		:		F6833184
NAME		:		CHANDRASEKHAR SRIPADA
ADDRESS		:		A-401, SABARI AASHIANA, DEONAR FARM ROAD, DEONAR, MUMBAI, MAHARASHTRA-400088
POSITION		:		DIRECTOR
DATE OF APPT		:		29/09/2009
NATIONALITY		:		INDIAN
I/C PASSPORT		:		F7634200
NAME		:		SHANKAR ANNASWAMY
ADDRESS		:		VILLA NO. A265, EAST DRIVE, PRESTIGE OZONE, VARTHUR MAIN ROAD, BANGALORE-560066
POSITION		:		DIRECTOR
DATE OF APPT		:		14/07/2004
NATIONALITY		:		INDIAN
I/C PASSPORT		:		F8750029
NAME		:		LIM TIONG BENG
ADDRESS		:		2 GUOK AVENUE SINGAPORE 119632
POSITION		:		AGENT
DATE OF APPT		:		04/12/2009
NATIONALITY		:		SINGAPORE CITIZEN
I/C PASSPORT		:		S1073678A
NAME		:		GANESH MARGABANDHU
ADDRESS		:		#620, 22ND B MAIN ROAD, HSR LAYOUT, 2ND SECTOR, BANGALORE-560034
POSITION		:		DIRECTOR
DATE OF APPT		:		18/08/2004
NATIONALITY		:		INDIAN
I/C PASSPORT		:		Z1316817
NAME		:		R RAVIKUMAR
ADDRESS		:		#493, EMBASSY HERITAGE 62/2-1, 8TH MAIN, MALLESWARAM, BANGALORE-560055
POSITION		:		DIRECTOR
DATE OF APPT		:		29/09/2007
NATIONALITY		:		INDIAN
I/C PASSPORT		:		Z1720413

KEY PERSONNEL PROFILE

Name:	K S RAGHUNANDAN
NRIC Number:	F6833184
Available Address:	'NANDANA', #25, 8TH MAIN ROAD, SHANKARANAGAR, BANGALORE-560096

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	IBM INDIA PRIVATE LIMITED (SINGAPORE BRANCH)	DIRECTOR	13/06/2001	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
No Trace

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
No Trace

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	:	27/09/2012
Date of Last AR	:	NA
Date of A/C Laid At Last AGM	:	31/03/2012

COMPLIANCE RATING FOR ANNUAL FILING

-	NOT APPLICABLE/COMPANY STATUS IS NOT LIVE

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 2012	% Change	MAR 2011
Currency	SGD - SIN		SGD - SIN
Profit and Loss Key Figures
Turnover	102,150,668	14.90	88,902,956
Profit/(Loss) Before Tax	28,249,930	126.73	12,459,966
Profit After Tax attributable to Shareholders	23,909,790	130.61	10,367,947
Balance Sheet Key Figures
Total Assets	58,494,268	56.27	37,432,615
Current Assets	57,148,527	57.03	36,394,105
Non Current Assets	1,345,741	29.58	1,038,510
Total Liabilities	25,229,889	-6.29	26,924,577
Current Liabilities	20,937,586	-13.74	24,272,018
Non Current Liabilities	4,292,303	61.82	2,652,559
Shareholders' Funds	33,264,379	216.56	10,508,038
Share Capital	0	NA	0
Total Reserves	33,264,379	216.56	10,508,038

FINANCIAL RATIOS

	Company
	MAR 2012	MAR 2011
Growth %
Year-on-Year Growth	14.90	NA
Profitability
Profit Margin (%)	23.41	11.66
Return on Equity (%)	71.88	98.67
Return on Assets (%)	40.88	27.70
Leverage
Total Debt/Equity (Times)	0.76	2.56
Current Debt/Equity (Times)	0.63	2.31
Long Term Debt To Equity (Times)	0.13	0.25
Total Asset To Total Equity (Times)	1.76	3.56
Asset Management
Total Assets Turnover (Times)	1.75	2.38
Fixed Assets Turnover (Times)	75.91	85.61
Liquidity
Current Ratio (Times)	2.73	1.50

FINANCIAL COMMENTARY

Profitability

The company yielded a rate of net profit on sales of 23.41 per cent in FY12 (FY11: 11.66 per cent). The company is now able to book in SGD - SIN 0.23 of profit for every SGD - SIN of sales in FY12, as compared with SGD - SIN 0.12 a year ago.

Liquidity

Current ratio stood at 2.73 times in FY12 (FY11: 1.50 times). This means that the company has SGD - SIN 2.73 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 0.76 times in FY12, compared with 2.56 times in FY11. This means that the company requires additional external financing of SGD - SIN 0.76 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

Return on equity was 71.88 per cent for Subject in the current financial period, as compared to 98.67 per cent a year ago. The return on equity measures the return earned on the owner's investment. Generally, the higher this return, the better off the owner.

Return on assets stood at 40.88 per cent (FY11: 27.70 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

Total assets turnover ratio logged at 1.75 times in FY12 (FY11: 2.38 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.54.39
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

INFORMATION DETAILS

Report Prepared by :

PRL

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.