MIRA INFORM REPORT

Report Date :

05.05.2014

IDENTIFICATION DETAILS

Name :	DELL INDIA PRIVATE LIMITED
Registered Office :	Divyashree Greens, Ground Floor, SY Nos.12/1, 12/2/A and 13/1A, Ghallaghatta Village, Varthur Hobli, Bangalore – 560 071, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.11.2003
Com. Reg. No.:	08-032926
Capital Investment / Paid-up Capital :	Rs.25.000 Millions
CIN No.: [Company Identification No.]	U72900KA2003PTC032926
TAN No.: [Tax Deduction & Collection Account No.]	BLRD02621D
PAN No.: [Permanent Account No.]	AABCD8893L
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing and trading in Computer Systems, providing support and maintenance services.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (34)

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
Comments :	Subject is a part of Dell, USA. It is an established company having a moderate track record. The company is continuously incurred losses for past two years from its operations, due to which the networth of the company has been eroded. However, the company receives good operational and financial support from its group companies. Trade relations are reported as fair. Business is active. Payment terms are reported as slow but correct. In view of strong holding, the company can be considered for business dealings with some caution.

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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.: 91-80-25357311)

LOCATIONS

Registered Office :	Divyashree Greens, Ground Floor, SY Nos.12/1, 12/2/A and 13/1A, Ghallaghatta Village, Varthur Hobli, Bangalore – 560 071, Karnataka, India
Tel. No.:	91-80-25357311/ 41197969
Fax No.:	91-80-25357309/ 11
E-Mail :	ankur_singhal1@dell.com gurudutt_a@dell.com sripriya_ravishankar@dell.com
Website :	http://www.dell.com/ap/ http://www.dell.co.in
Factory :	M 4, SIPCOT Industrial Park, Sunguvarchathiram Post Sriperumbudur, Taluk, Sriperumpudur – 602 106, Tamilnadu, India
Tel. No.:	91-44-27158037

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Alok Ohrie

Designation :

Managing Director

Address :

3711 13th F Main 10th Cross, Hal Stage, 11 Indira Nagar, Bangalore – 560 008, Karnataka India

Date of Birth/Age :

22.02.1966

Date of Appointment :

01.05.2013

DIN No.:

01052136

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	U72200KA2004PTC033557	AMD INDIA PRIVATE LIMITED	Director	28/09/2007	27/11/2006	04/06/2008	Active	NO
2	U72900KA2003PTC032926	DELL INDIA PRIVATE LIMITED	Managing director	01/05/2013	01/05/2013	-	Active	NO

Name :

Mr. Janet Bawcom Wright

Designation :

Director

Address :

1314 Shahhon Oaks Trail, Austin, Texas – 78746, USA

Date of Birth/Age :

19.09.1964

Date of Appointment :

19.09.2008

DIN No.:

02159007

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	U00892PN2006PTC022300	ACS INFOSOLUTONS PRIVATE LIMITED	Director	19/09/2008	15/04/2008	-	Strike off	NO
2	U72900KA2003PTC032926	DELL INDIA PRIVATE LIMITED	Director	19/09/2008	15/04/2008	-	Active	NO

Name :

Mr. Ravi Gopalakrishnan Bharadwaj

Designation :

Whole-time director

Address :

Villa No.4, Prestige Ozone, Whitefield Main Road, Bangalore – 560 066, Karnataka, India

Date of Birth/Age :

01.11.1967

Date of Appointment :

30.09.2010

PAN No.:

AAPPB0770M

DIN No.:

02758130

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	U72900KA2003PTC032926	DELL INDIA PRIVATE LIMITED	Whole-time director	30/09/2010	27/08/2009	-	Active	NO
2	U00892PN2006PTC022300	ACS INFOSOLUTONS PRIVATE LIMITED	Additional director	12/08/2010	12/08/2010	-	Strike off	NO
3	U72900KA2011PTC060769	DELL INDIA (SALES & MARKETING) PRIVATE LIMITED	Director	11/10/2011	11/10/2011	-	Active	NO

Name :

Mr. Maheshinder Singh Bhalla

Designation :

Whole-time director

Address :

C-106, St. Johns Wood Apartments, Thavareker Main Road, Koramangla, Bangalore – 560 029, Bangalore, India

Date of Birth/Age :

16.03.1972

Date of Appointment :

30.11.2011

PAN No.:

AGSPB1907H

DIN No.:

02759422

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	U72900KA2003PTC032926	DELL INDIA PRIVATE LIMITED	Whole-time director	30/11/2011	27/08/2009	-	Active	NO
2	U72900KA2011PTC060769	DELL INDIA (SALES & MARKETING) PRIVATE LIMITED	Director	11/10/2011	11/10/2011	-	Active	NO

Name :

Mr. Sriram Dhanyamraju

Designation :

Director

Address :

7031 Sobha Daffodil Somasundarapalya, Opposite DHL, 2MN 2^nd Sector HSR Layout, Bangalore – 560 084, Karnataka, India

Date of Birth/Age :

02.02.1963

Date of Appointment :

01.06.2012

DIN No.:

03258027

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	U72300AP2008PTC061667	OCARINA NETWORKS INDIA PRIVATE LIMITED	Director	29/09/2010	29/09/2010	-	Active	NO
2	U72900KA2003PTC032926	DELL INDIA PRIVATE LIMITED	Director	01/06/2012	01/06/2012	-	Active	NO

Name :

Mr. Sekhar Doraswamy

Designation :

Alternate director

Address :

3418, 3^rd Cross Off Watra Tank Road, Indiranagar II Stage, Bangalore – 560 038, Karnataka, India

Date of Birth/Age :

21.12.1963

Date of Appointment :

27.12.2010

PAN No.:

AAMPD9817C

DIN No.:

03353341

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	U72900KA2003PTC032926	DELL INDIA PRIVATE LIMITED	Alternate director	27/12/2010	27/12/2010	-	Active	NO
2	U72900KA2011PTC060769	DELL INDIA (SALES & MARKETING) PRIVATE LIMITED	Alternate director	13/10/2011	13/10/2011	-	Active	NO

Name :

Mr. Ramesh Babu Sathyaseelan

Designation :

Whole-time director

Address :

No.93/8, Old Post Office, Pillanna Garden, 3^rd Stage Lingarajpuram, Bangalore – 560 084, Karnataka, India

Date of Birth/Age :

17.05.1969

Date of Appointment :

30.11.2011

DIN No.:

05102809

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	U72900KA2003PTC032926	DELL INDIA PRIVATE LIMITED	Whole-time director	30/11/2011	24/11/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Dell International LLC, USA	2499999
Dell International Holdings VIII BV, The Netherlands	1
TOTAL	2500000

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing and trading in Computer Systems, providing support and maintenance services.

Products/ Services :

Item Code No. (ITC Code)	99831311
Product Description	Software services, warranty services and Desktop laptop servers

Exports :

Not Divulged

Imports :

Not Divulged

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Computer Systems	Nos.	2001000	1454270

Notes:

(i) The Company is exempt from the licensing provisions of the Industries (Development Regulation) Act, 1951.

(ii) Installed capacity, as certified by the management, is arrived at on a single shift basis and relied upon by auditors, this being a technical matter.

GENERAL INFORMATION

Suppliers :	Not Divulged
Customers :	Not Divulged
No. of Employees :	Information declined by the management
Bankers :	Not Divulged
Facilities:	--

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	5^th Floor, Tower D, The Millenia, 1 and 2 Murphy Road, Ulsoor, Bangalore-560008, Karnataka, India
PAN.:	AADFP9359C
Ultimate Holding Company:	Dell Inc., USA
Holding Company:	Dell International Inc., USA
Fellow Subsidiaries :	· Dell Asia Pacific Sdn, Malaysia (DAP) · Dell International Services India Private Limited, India (DIS)' · Dell (China) Co., Limited, China (DCC) · Dell Australia Pty Limited, Australia · Dell Global B.V., Netherlands (DGBV) · Dell (Xiamen) Co. Limited, China (DXC) · Dell Corporation Limited (UK) · Dell Computadores Do Brasil Ltda, Brazil · Dell Products LP, USA (DP) · Dell India (Sales and Marketing) Private Limited · ForcelO Networks India Private Limited. · Wysc Technology Software Development India Private Limited · SonicWALL Infosecurity Private Limited · Gale Networks Private Limited · Compellent Technologies Inc.

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 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	25.000	25.000	25.000
(b) Reserves & Surplus	(567.000)	1621.000	1996.000
(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)	(542.000)	1646.000	2021.000
(3) Non-Current Liabilities
(a) Long-term borrowings	55.000	0.000	1000.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2372.000	1584.000	839.000
(d) Long-term provisions	1353.000	647.000	350.000
Total Non-current Liabilities (3)	3780.000	2231.000	2189.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	19486.000	16101.000	12976.000
(c) Other current liabilities	5684.000	5417.000	5636.000
(d) Short-term provisions	1703.000	1201.000	1013.000
Total Current Liabilities (4)	26873.000	22719.000	19625.000
TOTAL	30111.000	26596.000	23835.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	918.000	907.000	899.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	12.000	18.000	46.000
(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)	2370.000	1108.000	409.000
(d) Long-term Loan and Advances	2121.000	1673.000	296.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5421.000	3706.000	1650.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5921.000	5443.000	5885.000
(c) Trade receivables	11076.000	9520.000	8528.000
(d) Cash and cash equivalents	5463.000	5454.000	4562.000
(e) Short-term loans and advances	2051.000	2293.000	3053.000
(f) Other current assets	179.000	180.000	157.000
Total Current Assets	24690.000	22890.000	22185.000
TOTAL	30111.000	26596.000	23835.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	70310.000	70842.000	65891.000
		Other Income
		TOTAL	70310.000	70842.000	65891.000
Less	EXPENSES
		Office Expenses	70187.000	68614.000	64510.000
		Administrative Expenses
		Advertising Expenses
		TOTAL	70187.000	68614.000	64510.000
	PROFIT/ (LOSS) BEFORE TAX AND EXCEPTIONAL AND PRIOR PERIOD ITEMS		123.000	2228.000	1381.000
	EXCEPTIONAL AND PRIOR PERIOD ITEMS		2442.000	2702.000	15.000
	PROFIT / (LOSS) BEFORE TAX		(2230.000)	(474.000)	1366.000
Less	TAX		(42.000)	(99.000)	470.000
	PROFIT / (LOSS) AFTER TAX		(2188.000)	(375.000)	896.000
	EARNINGS IN FOREIGN CURRENCY
		Income from Support Services	518.000	509.000	428.000
		Sale of Manufactured and Traded Items	20130.000	14566.000	11530.000
		Reimbursement of expenses received in foreign currency	1093.000	1157.000	1087.000
	TOTAL EARNINGS		21741.000	16232.000	13045.000
	Earnings / (Loss) Per Share (Rs.)		(875.000)	(150.00)	358.41

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(3.11)	(0.53)	1.35
Return on Total Assets (PBT/Total Assets}	(%)	(8.04)	(1.86)	5.84
Return on Investment (ROI) (PBT/Networth)		4.11	(0.29)	0.68
Debt Equity Ratio (Total Debt /Networth)		(0.10)	0.00	0.49
Current Ratio (Current Asset/Current Liability)		0.92	0.98	1.08

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	25.000	25.000	25.000
Reserves & Surplus	1996.000	1621.000	(567.000)
Net worth	2021.000	1646.000	(542.000)
long-term borrowings	1000.000	0.000	55.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	1000.000	0.000	55.000
Debt/Equity ratio	0.495	0.000	(0.101)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	65891.000	70842.000	70310.000
		7.514	-0.751

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	65891.000	70842.000	70310.000
Profit	896.000	(375.000)	(2188.000)
	1.36%	(0.53%)	(3.11%)

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	No
24]	Banking facility details	No
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

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Long Term Maturities of finance lease obligation (It indicates Obligation under Finance Lease.)	55.000	0.000
TOTAL	55.000	0.000

NOTE: NO CHARGES EXIST FOR COMPANY.

GENERAL INFORMATION:

The Company is incorporated under provisions of Indian Companies Act, 1956 (the 'Act'). The Company is engaged in the business of manufacturing and trading in Computer Systems, providing support and maintenance services. It has its registered office in Bangalore and manufacturing facility at Sriperumibudur, Tamilnadu. The Company's products are exported to other Dell group companies as well as sold in the domestic market within India.

OPERATIONS REVIEW:

During the year, the Company has achieved a total income of Rs.70310.000 millions as against Rs.70842.000 millions during previous financial year and has incurred a net loss after tax of Rs.2188.000 millions as against a net loss after tax of Rs.375.000 millions during the previous financial year.

AMALGAMATION:

As part the rationalization of legal entities in India for the Dell group, it is proposed to amalgamate some of the Indian legal entities into Dell International Services India Private Limited (DISIPL), a company incorporated under the Companies Act, 1956, and having its Registered Office at Bangalore in the State of Karnataka. The amalgamation will be through the High Court process and an application to this effect is made on 18^th September 2013. The proposed amalgamation helps integrate the business operations resulting in operational efficiency and economic benefits and augurs wells for greater market benefits and increased customer loyalty.

The Appointed date of this amalgamation is 1^st April 2013 and the entities that are covered under this scheme of merger are:

1. Dell India Private Limited;

2. Gale Networks Private Limited;

3. Force10 Networks India Private Limited;

4. Wyse Technology Sales & Marketing India Private Limited;

5. Wyse Technology Software Development India Private Limited;

6. SonicWALL Infosecurity Private Limited; and

7. SonicWALL B.V. - India Branch office

FIXED ASSETS:

· Building

· Leasehold Land

· Leasehold Improvements

· Computer Systems

· Machinery and Equipment

· Furniture and Fixtures

WEBSITE DETAILS:

PRESS RELEASES:

DELL RANKS #2 ON INDIA'S MOST RESPECTED TECHNOLOGY VENDORS SURVEY BY CIO ASSOCIATION OF INDIA

Bangalore, Karnataka, India, Wednesday, June 19, 2013 -- (Business Wire India)

As an appropriate testimony to Dell’s transformation into an end-to-end technology solutions company that drives business outcomes and creative competitive advantage, CIOs have voted Dell #2 in the Most Respected Vendors list. 224 Indian CIOs were asked “Which technology vendor (operating in India) do you respect the most?” a very large portion of them voted for Dell. Dell’s customer-oriented approach has boosted its rank from the number three in 2012 to the number two position this year.

Dell offers solutions and products basis customer imperatives and needs, which enable CIOs and IT Practioners to TRANSFORM, CONNECT, INFORM AND PROTECT their IT practise. Dell helps transform datacentres from virtualization to convergence and cloud; helps businesses embrace consumerization, BYOD and beyond; turns data into insights; helps overcome the evolving security threats and ensuring compliance.

Sridhar S, Director - Enterprise Solutions Group, Dell India “Customer feedback is at the centre of all that we do at Dell. Today a CIO is an important business partner and is expected to deliver IT solutions that solve business challenges; we are strongly focussed in giving them the ammunition that they will need to realise their outcome. We are pleased that this focus has shown results. It is our open and flexible approach that differentiates us from our competition and we will continue to ensure that the customer benefits remain the priority. We also realise that it is a big responsibility on Dell to remain committed to delivering this value to our customers and we will continue to stay on the path”.

Dell was also awarded the CIO choice Awards 2013 earlier this year for their solutions in server, storage – hardware, datacentre consultant and datacenter transformation categories. Awards like these demonstrate Dell’s ability and commitment towards meeting CIOs needs in today’s dynamic business world. The fact that the CIO community recognises Dell’s contributions provides Dell the morale to keep doing what it does best.

Dell is innovating and expanding its enterprise solutions offerings to customers to enable them to move out of their legacy systems. Dell works closely with customers to help them move out of their existing applications to newer platforms without hurting their IT budgets and ensuring lowest Total Cost of Ownership (TCO).

About Dell

Dell Inc. (NASDAQ: DELL) listens to customers and delivers innovative technology and services that give them the power to do more.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.60.23
UK Pound	1	Rs.101.68
Euro	1	Rs.83.45

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	2
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		35

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.