MIRA INFORM REPORT

Report No. :	305045
Report Date :	24.01.2015

IDENTIFICATION DETAILS

Name :	INGRAM MICRO INDIA LIMITED (w.e.f. 13.05.2009)
Formerly Known As :	Tech pacific (india) Limited
Registered Office :	5^th Floor, Block B, Godrej IT Park, 02 Godrej Business District, Pirojshanagar, Vikhroli (West), Mumbai – 400 079, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.03.1996
Com. Reg. No.:	11-136340
Capital Investment / Paid-up Capital :	Rs.184.928 millions
CIN No.: [Company Identification No.]	u72900mh1996plc136340
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	mumt06887G
PAN No.: [Permanent Account No.]	aabct1296R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of distribution of Information Technology Hardware, Software, Mobility, Networking and Security Products.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (65)

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 :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Financial position of the company is sound. Fundamentals of the company are healthy. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitments. 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.

EXTERNAL AGENCY RATING

Not Available

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 31-03-2014.

LOCATIONS

Registered Office :	5^th Floor, Block B, Godrej IT Park, 02 Godrej Business District, Pirojshanagar, Vikhroli (West), Mumbai – 400 079, Maharashtra, India
Tel. No.:	91-22-30561142/67960101
Fax No.:	91-22-67960102
E-Mail :	sunil.j@ingrammicro.co.in prabhakar.i@ingrammicro.co.in
Website :	http://www.imonline.co.in
Branch office :	G-9, Block B-1, Mohan Co-Operative Industrial Area, Mathura Road, New Delhi-110019, Delhi, India
Southern Branches :	Located at: · Bangalore · Chennai  · Cochin · Coimbatore · Hubli · Hyderabad · Madurai · Pudhucherry · Trivandrum · Vizag
Western Branches :	Located at: · Ahmedabad · Vadodara · Bhopal · Indore · Surat · Mumbai · Nagpur · Pune · Raipur · Goa
Northern Branches :	Located at: · Chandigarh · NCR - New Delhi · New Delhi · Dehradun · Jaipur · Lucknow · Ghaziabad (NCR) · Gurgoan (NCR) · Jammu · Parwanoo · Ludhiana
Eastern Branches :	Located at: · Bhubaneshwar · Kolkata · Ranchi · Guwahati · Patna
Overseas Branch Office :	Located at: · Singapore

DIRECTORS

AS ON 22.09.2014

Name :

Mr. Jaishankar Vaidyanathan Krishnan

Designation :

Senior Vice President and Managing Director

Address :

Flat No.1201, Somerset Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

20.07.1957

Qualification :

MMM, BE (E&C)

Experience :

36 Years

Date of Appointment :

01.01.2014

PAN No.:

AAMPK4962B

DIN No.:

00101652

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	U72900MH1996PTC136340	INGRAM MICRO INDIA Private Limited	Managing director	01/01/2014	27/10/2001	-	Active	NO
2	U72200MH1999PTC121716	Grainger Industrial Supply India Private Limited	Director	18/11/2002	18/11/2002	14/09/2007	Active	NO
3	U65923MH1981PLC024957	SURAJAMI INVESTMENT AND TRADING COMPANY LIMITED	Director	27/12/2002	27/12/2002	-	Active	NO
4	U51101MH2012PTC237694	INGRAM MICRO INDIA SSC Private Limited	Director	08/11/2012	08/11/2012	14/10/2014	Active	NO
5	U93030MH2013NPL239265	Technology Distribution Association of India	Additional director	10/06/2014	10/06/2014	-	Active	NO

Name :

Mr. Stephen John Paine

Designation :

Director

Address :

Le Grove serviced apartments, M – 206, 32 Orange Grove Road, Singapore – 258354

Date of Birth/Age :

17.01.1958

Qualification :

Member of Institute of Chartered Accountant and Foundation in Accountancy Qualification from University of Kingston, England

Date of Appointment :

28.12.2007

DIN No.:

01025188

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	U72900MH1996PTC136340	INGRAM MICRO INDIA Private Limited	Director	28/12/2007	05/12/2006	-	Active	NO

Name :

Mr. Prabhakar Venkatakrishnan Iyer

Designation :

Executive Director and Chief Financial Officer

Address :

Flat No.902, Octavius, Hiranandani Garden, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

09.07.1964

Qualification :

B. Com, FCA, LLB (Gen)

Experience :

27 Years

Date of Appointment :

01.12.2011

PAN No.:

AAAPI2265H

DIN No.:

00116774

E-Mail:

prabhakar.i@ingrammicro.co.in

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	U70101MH1994PTC080650	SANDAKAN PROPERTIES PRIVATE LIMITED	Director	01/04/2002	01/04/2002	-	Strike off	NO
2	U92100MH2004PTC146706	SONY MUSIC ENTERTAINMENT INDIA PRIVATE LIMITED	Whole-time director	30/09/2005	30/09/2005	05/04/2007	Active	NO
3	U72900MH1996PTC136340	INGRAM MICRO INDIA Private Limited	Whole-time director	01/12/2011	01/12/2011	-	Active	NO
4	U51101MH2012PTC237694	INGRAM MICRO INDIA SSC Private Limited	Director	08/11/2012	08/11/2012	14/10/2014	Active	NO

Name :

Mr. John Nicholas Soumbasakis

Designation :

Additional Director

Address :

15, Ardmore Park, #26-04 Ardmore Park, Singapore 259959

Date of Birth/Age :

10.01.1970

Date of Appointment :

09.12.2013

DIN No.:

06744864

E-Mail:

john.soumbasakis@ingrammicro.com

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	U72900MH1996PTC136340	INGRAM MICRO INDIA Private Limited	Director	22/09/2014	09/12/2013	-	Active	NO
2	U65923MH1981PLC024957	SURAJAMI INVESTMENT AND TRADING COMPANY LIMITED	Director	30/09/2014	22/08/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sunil Gajanan Joglekar
Designation :	Company Secretary
Address :	F 105, Sumer Castle, LBS Road, Thane (West), Mumbai – 400 601, Maharashtra, India
Date of Birth/Age :	18.12.1964
Date of Appointment :	13.04.2009
PAN No.:	ACNPJ2440C
Name :	Mr. Sanjay Achawal
Designation :	Senior Director - Sales
Date of Birth/Age :	49 Years
Qualification :	MMS (Marketing), BE (Electronics)
Experience :	24 Years
Date of Appointment :	04.06.1990
Name :	Mr. Atul Gaur
Designation :	Senior Director - Product Management
Date of Birth/Age :	44 Years
Qualification :	BE (Electronics and Telecommunication Engineering)
Experience :	22 Years
Date of Appointment :	16.07.1992

MAJOR SHAREHOLDERS

AS ON 22.09.2014

Names of Shareholders	No. of Shares
Shailendra Gupta	1
Jaishankar Krishnan	1
Sanjay Achawal	1
Ingram Micro Asia Limited, Singapore	18492710
Ingram Micro Americas Inc., USA (Earlier known as Ingram Micro Asia Holdings, Inc.)	100
Prabhakar V. Iyer	1
Atul Gaur	1
Blasé Martin D’Souza	1
Navneet Singh Bindra	1
Total	18492817

AS ON 22.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of distribution of Information Technology Hardware, Software, Mobility, Networking and Security Products.

Products :

Products Description	Item Code No.
Computer Systems	84714101.1
Computer Peripherals	847160.05/60.12/60.198/847170.00
Consumables	847330.50/ 847330.99

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Products :

I T Related Products

Countries :

· Singapore

· USA

· China

Terms :

Selling :

Cash, L/C and Cheque

Purchasing :

Cash, L/C and Cheque

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

1000 (Approximately)

Bankers :

Not Divulged

Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Lovelock and Lewes, 252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400 028, Maharashtra, India
PAN No.:	AAEFP5579P
Memberships :	Not Available
Collaborators :	Not Available
Holding Companies :	· Ingram Micro Inc., United States · Ingram Micro Asia Limited, Singapore
Subsidiary Company :	Ingram Micro (India) Exports Pte. Limited, Singapore
Fellow Subsidiary Company :	· Ingram Micro Pty. Limited · Ingram Micro Australia Pty Limited, Australia · Ingram Micro NZ Limited, New Zealand · Ingram Micro Singapore (South Asia) Pte. Limited, Singapore · Ingram Micro Asia Pacific Pte. Limited, Singapore · Ingram Micro Malaysia SDN BHD., Malaysia · Ingram Micro (Thailand) Limited, Thailand · Ingram Micro Lanka (Private) Limited, Sri Lanka · Bright Point India Private Limited, India (CIN No.: U74899DL1998PTC094807)

CAPITAL STRUCTURE

AS ON 22.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
32000000	Equity Shares	Rs.10/- each	Rs.320.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18492817	Equity Shares	Rs.10/- each	Rs.184.928 millions

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
19000000	Equity Shares	Rs.10/- each	Rs.190.000 millions
1300000	Preference Shares	Rs.100/- each	Rs.130.000 millions
	Total		Rs.320.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18492817	Equity Shares	Rs.10/- each	Rs.184.928 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	184.928	184.928	184.928
(b) Reserves & Surplus	10162.822	8624.609	7450.327
(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)	10347.750	8809.537	7635.255
(3) Non-Current Liabilities
(a) Long-term borrowings	2892.610	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	132.398	135.169	84.036
Total Non-current Liabilities (3)	3025.008	135.169	84.036
(4) Current Liabilities
(a) Short term borrowings	2244.792	3456.668	2425.296
(b) Trade payables	15560.748	13255.551	12355.214
(c) Other current liabilities	938.147	867.509	725.121
(d) Short-term provisions	100.375	170.938	27.591
Total Current Liabilities (4)	18844.062	17750.666	15533.222
TOTAL	32216.820	26695.372	23252.513
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	150.016	83.455	84.367
(ii) Intangible Assets	1.903	0.286	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.668	1.168	1.168
(c) Deferred tax assets (net)	277.690	254.151	187.384
(d) Long-term Loan and Advances	987.834	1047.066	241.829
(e) Other Non-current assets	88.339	48.838	2.608
Total Non-Current Assets	1507.450	1434.964	517.356
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	12605.957	10142.946	8339.576
(c) Trade receivables	15370.975	12267.958	10867.600
(d) Cash and cash equivalents	938.882	1078.456	812.065
(e) Short-term loans and advances	628.017	730.062	1610.545
(f) Other current assets	1165.539	1040.986	1105.371
Total Current Assets	30709.370	25260.408	22735.157
TOTAL	32216.820	26695.372	23252.513

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	142441.612	121093.502	95451.007
		Other Income	571.530	396.054	299.793
		TOTAL (A)	143013.142	121489.556	95750.800
Less	EXPENSES
		Purchases of stock-in-trade	139268.393	118311.523	92812.455
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(2463.012)	(1803.369)	(1283.307)
		Employee benefit expense	1127.295	964.690	740.338
		Other expenses	2211.457	1901.966	1617.181
		TOTAL (B)	140144.133	119374.810	93886.667
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2869.009	2114.746	1864.133
Less	FINANCIAL EXPENSES (D)		480.617	368.128	294.066
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2388.392	1746.618	1570.067
Less/ Add	DEPRECIATION/ AMORTISATION (F)		53.718	34.103	21.281
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2334.674	1712.515	1548.786
Less	TAX (H)		796.461	538.233	513.964
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1538.213	1174.282	1034.822
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	N.A	0.000	21.137
		Sales - Overseas Branch	N.A	10648.919	5606.681
		Rebate (Netted off against Cost of Sales)	N.A	393.261	368.811
		IT Charges	N.A	145.465	75.239
	TOTAL EARNINGS		N.A	11187.645	6071.868
	IMPORTS
		Traded Goods (Excluding import of Overseas Branch)	0.000	15139.302	20305.282
	TOTAL IMPORTS		0.000	15139.302	35444.584
	Earnings/ (Loss) Per Share (Rs.)
	Basic		83.18	63.50	55.96
	Diluted		76.01	63.50	55.96

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.08	0.97	1.08
Operating Profit Margin (PBDIT/Sales)	(%)	2.01	1.75	1.95
Return on Total Assets (PBT/Total Assets}	(%)	7.31	6.48	6.72
Return on Investment (ROI) (PBT/Networth)		0.23	0.19	0.20
Debt Equity Ratio (Total Debt/Networth)		0.50	0.39	0.32
Current Ratio (Current Asset/Current Liability)		1.63	1.42	1.46

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	184.928	184.928	184.928
Reserves & Surplus	7450.327	8624.609	10162.822
Net worth	7635.255	8809.537	10347.750
long-term borrowings	0.000	0.000	2892.610
Short term borrowings	2425.296	3456.668	2244.792
Total borrowings	2425.296	3456.668	5137.402
Debt/Equity ratio	0.318	0.392	0.496

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	95451.007	121093.502	142441.612
		26.865	17.629

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	95451.007	121093.502	142441.612
Profit	1034.822	1174.282	1538.213
	1.08%	0.97%	1.08%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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)	Yes
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

Notes:

The registered office of the company has been shifted from Gate No.1A, Godrej Industries Complex, Pirojshangar, Eastern Express Highway, Vikhroli (East), Mumbai – 400 079, Maharashtra, India to the present address w.e.f. 01.02.2012.

Unsecured Loans	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Fully convertible debentures others	2892.610	0.000
SHORT-TERM BORROWINGS
Working capital loans from banks	2244.792	3456.668
Total	5137.402	3456.668

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

OPERATIONS

The Accounts for the year were considered by the Audit Committee at its meeting held on 14th August 2014 and the financial statements were forwarded to the board along with comments and recommendation. During the year, the Company achieved total turnover of Rs. 143,013.14 Millions, and after providing for depreciation of Rs. 53.72 Millions and Finance Cost of Rs. 480.62 Millions, the Company earned a profit before tax of Rs. 2,334.67 Millions. After providing for Income Tax (Current tax of Rs. 820 Millions and Deferred tax of (Rs. 23.54 Millions), the Profit after tax stood at Rs. 1,538.21 Millions.

CORPORATE INFORMATION:

Subject is engaged in the business of distribution of Information Technology hardware, software, mobility, networking and security products. The Company is a public limited company having it’s registered office in Mumbai with branches across the country and an overseas branch in Singapore.

FUTURE OUTLOOK:

The business and economic environment in the country continues to be a cause of some concern for our business. Manufacturing growth has slowed considerably and inflation and the current account deficit have adversely affected the Indian Rupee as well as the investment climate in the country.

The first half of this year has, therefore, seen subdued demand from Corporate, Enterprise and Govt. customers. However, post the election, we have seen a much more positive sentiment in corporate and enterprise and expect demand for the products distributed by the company to increase in the second half.

The consumer market has, however, demonstrated remarkable resilience and the demand for smartphones by consumer PCs continues to grow. This trend is further aided by the fact that the brands distributed by the company are gaining share in the market. We expect this demand to continue.

WHOLLY OWNED SUBSIDIARY:

During the year, there had been no business opportunities executed by Ingram Micro (India) Exports Pte. Limited, a wholly owned subsidiary company. However, as per the requirement of Companies Act, the audited Statements of Account of the Company’s subsidiary for the year ended December 31, 2013 together with the Reports of the Directors and the Auditors and a Statement pursuant to Section 212 of the Companies Act, 1956 are attached along with this report.

The Company has formed wholly owned subsidiary in the year 2012, in the name of Ingram Micro Mobility Solutions Limited (IMMSL). The audited Statements of Account of IMMSL for the period ended January 31, 2014 together with the Reports of the Directors and the Auditors and a Statement pursuant to Section 212 of the Companies Act, 1956 are attached along with this report.

FIXED ASSETS:

Tangible Assets

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Leasehold Improvements

Intangible Assets

· Goodwill

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.61.49
UK Pound	1	Rs.92.16
Euro	1	Rs.69.61

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		65

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.