MIRA INFORM REPORT

Report No. :	314755
Report Date :	31.03.2015

IDENTIFICATION DETAILS

Name :	BRIGHTPOINT INDIA PRIVATE LIMITED

Registered Office :	B - 92, 9^th Floor, Himalaya House, Kasturba Gandhi Marg, New Delhi – 110001

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	03.07.1998

Com. Reg. No.:	55-094807

Capital Investment / Paid-up Capital :	RS.38.801 Million

CIN No.: [Company Identification No.]	U74899DL1998PTC094807

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	DELB04106E

PAN No.: [Permanent Account No.]	AAACB6414G

Legal Form :	Private Limited Liability Company

Line of Business :	The Company is engaged in the business of trading of mobile handsets and accessories for various brands and fulfillment services for mobile operators.

No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow and delayed

Litigation :	Clear

Comments :	Subject is an established company having moderate track. The company has accumulated losses at end of the financial year 2013-2014 which has eroded its networth. However, business is active. Payments are reported to be slow and delayed. The company can be considered for business dealing on fully safe and secured 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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.

INFORMATION PARTED BY

Name :	Mr. Chandraka Prasad
Designation :	Account Manager
Contact No.:	91-11-39195042
Date :	27.03.2015

LOCATIONS

Registered Office :	B - 92, 9^th Floor, Himalaya House, Kasturba Gandhi Marg, New Delhi - 110001, India
Tel. No.:	91-11-66567000 / 39195042 / 39894645
Fax No.:	91-11-66567100/ 7113 / 66567030 / 39195000
E-Mail :	sharad.sharma@brightpoint.co.in customercare@brightpoint.com services.centre@brightpoint.com hr_in@brightpoint.com cfclko@gmail.com salesindia@brightpoint.com deepak.sharma@brightpoint.com
Website :	www.brightpoint.com

Corporate Office :	G-9, Block 1, Mohan Industrial Estate, Mathura Road, New Delhi – 110044, India

DIRECTORS

AS ON 30.09.2013

Name :	Mr. Caraig Meredith Carpenter
Designation :	Director
Address :	42400, Washington Boulevard, Inidana Polis Indiana-46205, USA
Date of Birth/Age :	12.12.1968
Date of Appointment :	30.09.2011
DIN No.:	03494868

Name :

Navdeep Narula

Designation :

Alternate director

Address :

Apartment No. 802, Tower-01 Belmonye, Sector-53, Golf Course Road, Near Parasunath Exotica, Gurgaon - 122001, Haryana, India

Date of Appointment :

21.09.2014

Expiry Date of DSC :

20.09.2016

DIN No.:

06980045

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	U74899DL1998PTC094807	BRIGHTPOINT INDIA PRIVATE LIMITED	Alternate director	21/09/2014	21/09/2014	-	Active	NO

Name :

Atul Gaur

Designation :

Director

Address :

1002, Evelina, Hiranandani Estate, Ghodbunder Road, Thane - 400607, Maharashtra, India

Date of Appointment :

30.09.2014

Expiry Date of DSC :

25.11.2015

DIN No.:

06367180

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	U51101MH2012PTC237694	INGRAM MICRO INDIA SSC Private Limited	Director	08/11/2012	08/11/2012	14/10/2014	Active	NO
2	U74899DL1998PTC094807	BRIGHTPOINT INDIA PRIVATE LIMITED	Director	30/09/2014	08/10/2013	-	Active	NO

Name :	Anurag Patel
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Chandraka Prasad
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders (Equity Shares)		No. of Shares
Brightpoint Holding B.V., Netherlands		541586
Persequor Limited, Islands		95574

Total		637160

Names of Shareholders (Preference Shares)		No. of Shares
Brightpoint Holding B.V., Netherlands		3242903

Total		3242903

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
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in the business of trading of mobile handsets and accessories for various brands and fulfillment services for mobile operators.

Products :

Item Code No.	Product Description
99611852	Wholesale Trading of Mobile Handsets and Accessories for various brands
99871530	Maintenance and repair services of telecommunication equipment

Brand Names :

Not Divulged

Agencies Held :

Nokia
Motorola
Samsung

Exports :

Not Available

Imports :

Products :

Accessories

Countries :

Europe

Terms :

Selling :

Cash and Credit (30 days / 60 days / 90 days)

Purchasing :

Cash and Credit (30 days / 60 days / 90 days)

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

End Users and OEMs

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

No. of Employees :

10 (Approximately)

Bankers :

Bank Name	The Royal Bank of Scotland
Branch	New Delhi
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged


Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	7^th Floor, Tower A, Wing 1, Business Bay Airport Road, Yerwada, Pune – 411006, Maharashtra, India
PAN No.:	AAHFP0187A

Holding Company :	Brightpoint Holdings B.V., Netherlands

Unlimited Holding Company :	Ingram Micro INC

Fellow Subsidiaries Companies :	Brightpoint INC Brightpoint Europe A/S Eclipse Services S.L. Brightpoint Australia Pty Limited Brightpoint Middle East FZE Brightpoint New Zealand Limited Brightpoint Solutions FZE BP International HK Limited Brightpoint Singapore Limited Touchstone Wireless LLP Ingram Micro Asia Pacific Pte Limited Ingram Micro India Private Limited

CAPITAL STRUCTURE

AS ON: 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
640000	Equity Shares	Rs.10/- each	Rs.6.400 Million
3300000	Redeemable Cumulative Preference Shares	Rs.10/- each	Rs.33.000 Million

	Total		Rs.39.400 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
637160	Equity Shares	Rs.10/- each	Rs.6.372 Million
3242903	Redeemable Cumulative Preference Shares	Rs.10/- each	Rs.32.429 Million

	Total		Rs.38.801 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	38.801	38.801	38.801
(b) Reserves & Surplus	(82.298)	15.582	155.628
(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)	(43.497)	54.383	194.429

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	6.739	0.000	0.000
(d) long-term provisions	33.149	6.309	2.964
Total Non-current Liabilities (3)	39.888	6.309	2.964

(4) Current Liabilities
(a) Short term borrowings	336.526	773.441	388.605
(b) Trade payables	407.260	716.908	1608.369
(c) Other current liabilities	146.540	241.415	167.689
(d) Short-term provisions	2.975	5.541	36.407
Total Current Liabilities (4)	893.301	1737.305	2201.070

TOTAL	889.692	1797.997	2398.463

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.858	6.628	17.080
(ii) Intangible Assets	6.936	13.515	15.637
(iii) Capital work-in-progress	0.027	2.052	2.052
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.023
(c) Deferred tax assets (net)	0.000	0.000	49.671
(d) Long-term Loan and Advances	42.625	39.973	33.072
(e) Other Non-current assets	3.506	3.319	1.310
Total Non-Current Assets	55.952	65.487	118.845

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	354.843	714.602	1523.217
(c) Trade receivables	380.203	665.142	659.474
(d) Cash and cash equivalents	10.837	4.975	18.199
(e) Short-term loans and advances	37.032	129.999	54.508
(f) Other current assets	50.825	217.792	24.220
Total Current Assets	833.740	1732.510	2279.618

TOTAL	889.692	1797.997	2398.463

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	NA	11522.380	15722.700
		Other Income	NA
		TOTAL	NA	11522.380	15722.700

Less	EXPENSES
		TOTAL	NA	NA	NA

Less/ Add	Depreciation & Operating Expenses		NA	800.900	745.660

	PROFIT/ (LOSS) BEFORE TAX		NA	(90.250)	20.050

Less	TAX		NA	49.800	6.500

	PROFIT/ (LOSS) AFTER TAX		(97.880)	(140.050)	13.550

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(39.180)	100.870	87.310

	BALANCE CARRIED TO THE B/S		(137.060)	(39.180)	100.860

	Earnings Per Share (Rs.)		(25.23)	(36.09)	---

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	NA	(5.03)	0.85

Return on Investment (ROI) (PBT/Networth)		NA	(1.66)	0.10

Debt Equity Ratio (Total Debt /Networth)		(7.74)	14.22	2.00

Current Ratio (Current Asset/Current Liability)		0.93	1.00	1.04

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	38.801	38.801	38.801
Reserves & Surplus	155.628	15.582	(82.298)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	194.429	54.383	(43.497)

long-term borrowings	0.000	0.000	0.000
Short term borrowings	388.605	773.441	336.526
Total borrowings	388.605	773.441	336.526
Debt/Equity ratio	1.999	14.222	(7.737)

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 two 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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

PARTICULARS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short term borrowing
Loans repayable on demand from banks	336.526	773.441
Total	336.526	773.441

CONTINGENT LIABILITIES

PARTICULARS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Dividend on Redeemable Cumulative Preference Shares (Including Dividend Distribution Tax thereon)	21.937	19.479
Claims against the Company not acknowledged as debt *	0.920	0.920
Sales tax demands disputed by the Company *	43.752	20.647
Custom duty tax matters disputed by the Company *	6.411	6.411
Income Tax demands disputed by the Company *	0.489	Nil
Various cases pending at consumer forum**	3.156	4.838
Total	76.665	52.295

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

INFORMATION ABOUT PRIMARY BUSINESS SEGMENT

The Company is engaged in the business of trading of mobile handsets and accessories for various brands. The Company also has a service centre to render after sale services to customers in India. The Company is also engaged in fulfillment services for mobile operators. These, in the context of Accounting Standard 17 on Segment Reporting, notified under Section 211(3C) of the Companies Act, 1956, are considered to constitute a single primary segment. Thus the segment revenue, segment results, total carrying amount of segment assets, total carrying amount of segment liabilities, total cost incurred to acquire segment assets, total amount of charge for depreciation during the year are all as reflected in the financial statements for the year ended March 31, 2014 and as on that date.

FIXED ASSETS

· Leasehold Improvements

· Operations Equipment

· Office Equipment

· Furniture and Fittings

· Computers

· Vehicles

· Software

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 records 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. 62.60
UK Pound	1	Rs. 92.95
Euro	1	Rs. 68.15

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	SUC

Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	1
--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		11

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.

MIRA INFORM REPORT

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