MIRA INFORM REPORT

Report No. :	348379
Report Date :	07.11.2015

IDENTIFICATION DETAILS

Name :	ACER INDIA PRIVATE LIMITED

Registered Office :	Embassy Heights, 6^th Floor, No.13, Magrath Road, (Next to Hosmat Hospital), Bangalore – 560 025, Karnataka
Tel. No.:	91-80-25329520

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	09.09.1999

Com. Reg. No.:	08-025698

Capital Investment / Paid-up Capital :	Rs.78.804 Million

CIN No.: [Company Identification No.]	U31909KA1999PTC025698

IEC No.:	0799008966

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AACCA1237A

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Trader of Computer System Peripherals.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (61)

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

Maximum Credit Limit :	USD 2100000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exist

Comments :	Acer India Private Limited was founded in the year 1999, and it is a 100% subsidiary of "Acer Inc". The company is among the top five suppliers of PCs in India. Acer Inc. a Taiwan based multinational company and is among the top five PCs suppliers globally. The ratings derive comfort from company's established position in India personal computer market, its extensive distribution network and the strong brand image "ACER" of its various products. The rating also takes into account support derived by the company from its parent, Acer Inc., which is amongst the top five suppliers of PCs globally. Besides getting management, marketing and product support, company also benefits from flexible credit terms on purchases from the parent and company's debt free status. However, the overall business environment remains challenging, competition from media tablets, currency fluctuation risk and stiff competition from established players in the segment. The performance of company remained weak due to tough business environment and intensely competitive nature of the industry and technology sector which continue to constrain the credit risk profile of the company. Trade relations are fair. Business is active. Payments teams are reported to be regular. In view of aforesaid, 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.

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 31-03-2015.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE (91-80-25329520)

LOCATIONS

Registered Office / Head Office:	Embassy Heights, 6^th Floor, No.13, Magrath Road, (Next to Hosmat Hospital), Bangalore – 560 025, Karnataka, India
Tel. No.:	91-80-25219520 / 25219521 / 25219523 / 40708700
Fax No.:	91-80-25219535
E-Mail :	arayana.raju@acer.com
Website :	http://www.acer.co.in
Area :	5000 sq. ft.
Locations :	Rented

Factory :	RS No. 132/4, Ramanathapuram Village, Villianur Commune, Pondicherry – 605502, Tamilnadu, India Tel. No. 91-413-2666994
Area :	16000 sq. ft.
Locations :	Leased

Branch Office:	Located at Bangalore New Delhi Mumbai Chennai Hyderabad Kolkata Guwahati Jaipur Cochin Ahmedabad Chandigarh Pune Lucknow

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Harish Kumar Kohli
Designation :	Managing director
Address :	Flat 232 E Natasha Golf View Apt., Domlur, Bangalore, 560071, Karnataka, India
Date of Birth/Age :	24.05.1960
Date of Appointment :	01.12.2011
DIN No.:	03634184

Name :	Mr. Oliver Ahrens
Designation :	Additional director
Address :	3F, 168, Middle Xi Zang Road, Shanghai, 200001, China
Date of Appointment :	30.04.2015
DIN No.:	07171840

Name :	Mr. Chen Yu Ling
Designation :	Additional director
Address :	7F, No. 48, Ln. 13, Baoyi Road, Wenshan District, Taipei City, 116, Taiwan
Date of Appointment :	15.07.2015
DIN No.:	07236552

KEY EXECUTIVES

Name :	Mr. Narayana Raju
Designation :	Secretary
Address :	197/8, 9th Cross, 2nd Block, Jayanagar, Bangalore - 560011, Karnataka, India
Date of Appointment :	20.12.2002
PAN No:	AAGPN1884M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders		No. of Shares
Acer Holdings International Inc, Virgin Islands, British		78803761
Acer Computer (ME) Limited, UAE		3
Total		78803764

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

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 :	Manufacturer and Trader of Computer System Peripherals.

Products :	Computer System Peripherals

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

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 :

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 :

Information declined by the management

Bankers :

The Hongkong and Shanghai Banking Corporation Limited, No. 7; Mahatma Gandhi Road, Bangalore - 560001, Karnataka, India

Banker Name	Standard Chartered Bank
Branch Address	Raheja Towers, Sixth Floor, No. 26-27, M.G. Road, Bangalore - 560001, Karnataka, India
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 :	BSRR and Company Chartered Accountants
Address :	Maruthi Info Tech Centre, 11-12/1 Inner Ring Road, Koramangla, Bangalore, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAKFB4430H

Memberships :	Not Available

Collaborators :	Not Available

Holding company:	Acer Holdings International Inc, Virgin Islands, British

Fellow Subsidiary company:	Acer Asia Pacific Sdn Bhd, Malaysia Acer Sales and Services Sdn Bhd, Malaysia Asplex Sp. Z o.o, Poland Acer Computer Australia Pty Limited, Australia Acer Computers (Singapore) Pte Limited, Singapore PT Acer Indonesia, Indonesia

Others	Acer Computer (ME) Limited, United Arab Emirates HighPoint Service Network Sdn Bhd, Malaysia Acer Computer Company Limited, Thailand Acer Philippines Inc, Philippines Acer Incorporated, Taiwan, Province of China

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

127500000	Equity Shares	Re.1/- each	Rs. 127.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

78803764	Equity Shares	Re.1/- each	Rs. 78.804 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	78.804	78.804	78.804
(b) Reserves & Surplus	646.425	1050.778	1000.437
(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)	725.229	1129.582	1079.241

(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	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	9947.185	6990.408	4770.509
(c) Other current liabilities	726.702	340.162	276.645
(d) Short-term provisions	192.454	261.373	283.772
Total Current Liabilities (4)	10866.341	7591.943	5330.926

TOTAL	11591.570	8721.525	6410.167

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.671	17.210	12.767
(ii) Intangible Assets	0.000	0.000	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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	45.637	55.117
(d) Long-term Loan and Advances	339.780	225.533	195.191
(e) Other Non-current assets	39.314	10.850	6.744
Total Non-Current Assets	391.765	299.230	269.819

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2687.570	2575.065	2035.219
(c) Trade receivables	7938.198	5535.623	3813.399
(d) Cash and cash equivalents	253.399	198.678	166.172
(e) Short-term loans and advances	320.638	112.929	125.558
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	11199.805	8422.295	6140.348

TOTAL	11591.570	8721.525	6410.167

PROFIT & LOSS ACCOUNT

	SALES
	Turnover	27822.984	27882.179	22278.544
	Service income	99.719	106.094	61.434
	Other Income	27.227	56.520	17.862
	TOTAL	27949.930	28044.793	22357.840

Less	EXPENSES	NA	NA	NA

	PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA

Less	TAX	NA	NA	NA

	PROFIT/ (LOSS) AFTER TAX	(404.353)	50.342	123.609

	Earnings / (Loss) Per Share (Rs.)	(5.13)	NA	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	223.610	37.894	60.210

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(1.45)	0.18	0.55

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		1.03	1.11	1.15

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	78.804	78.804	78.804
Reserves & Surplus	1000.437	1050.778	646.425
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1079.241	1129.582	725.229

long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	22357.840	28044.793	27949.930
		25.436	(0.338)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	22357.840	28044.793	27949.930
Profit	123.609	50.342	(404.353)
	0.55%	0.18%	(1.45%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

Query on Case Number

Select Bench: Bengaluru Bench

Select Case Type: Misc CVL (Miscellaneous Case For CI)

Enter Case Number: 16142

Select Case Year: 2010

CASE PENDING

High Court of Karnataka -Bengaluru Bench

MISC.CVL 16142/2010

Petitioner/Appnt. Name	THE COMMISSIONER OF INCOME TAX		Respondent/Defnt. Name	M/S ACER INDIA PVT LTD
Petnr./Appnt. Advocate	M V SESHACHALA		Respnt./Defnt. Advocate
Date Filed	17/09/2010	Classification	District	Bengaluru City

Stage	PENDING FOR ADMISSON	Last Posted For
Last Action Taken		Last Date of Action	Next Hearing Date
Latest Order
Before Hon'ble Judge/s

Lower Court Details [Appeal from below case.

Case No	Court Name	Order Dt
ITA 394/2009	HC BANGALORE

NOTE: The Registered office of the company has been shifted from “George Thangiah Complex, 80 Feet Road, Indiranagar, Bangalore, Karnataka, India.” to present address w.e.f 11.12.2008.

OPERATIONS

The Company has completed its 14th full year of operations. The Company has incurred Loss of of Rs. 404.353 Million. The Company achieved turnover of Rs. 27822.984 Million (excluding Excise Duty), earned a Service income of Rs. 99.719 Million and other income of Rs. 27.227 Million. The directors hope that the company will achieve an improved performance during the coming financial year.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10529647	09/10/2014	50,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI TED	NO 7 MG ROAD, BANGALORE, KARNATAKA - 560001, INDIA	C32623951

FIXED ASSETS

Tangible assets

Plant and equipment
Furniture and fixtures
Vehicles
Office equipment
Computer equipments
Other equipments
Leasehold improvements

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.65.79
UK Pound	1	Rs.99.95
Euro	1	Rs.71.55

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	KAS

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	5
--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	YES
--LITIGATION	YES/NO	YES
--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		61

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

INDEX OF CHARGES

Unit