INDIA-03-JUN-2013-LOT5.ZIP@INGRAM_MICRO_INDIA_LIMITED_-_201710_27-NOV-2012.DOC PAGE NO. : 1 This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials. R MIRA INFORM REPORT Report Date : 27.11.2012 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 – 400079, Maharashtra Country : India Financials (as on) : 31.03.2011 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 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 : Distributor of Products like Computers, Peripherals, Supplies, Softwares etc. No. of Employees : 500 (Approximately) RATING & COMMENTS MIRA’s Rating : A (64) RATING STATUS PROPOSED CREDIT LINE ISIEmergingMarketsPDF in-kpmg1 from 115.114.13.162 on 2013-08-12 05:16:23 EDT. DownloadPDF. Downloaded by in-kpmg1 from 115.114.13.162 at 2013-08-12 05:16:23 EDT. ISI Emerging Markets. Unauthorized Distribution Prohibited.
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MIRA INFORM REPORT Report Date : 27.11.2012
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 – 400079, Maharashtra Country : India Financials (as on) : 31.03.2011 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
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 : Distributor of Products like Computers, Peripherals, Supplies, Softwares etc. No. of Employees : 500 (Approximately)
RATING & COMMENTS
MIRA’s Rating : A (64)
RATING STATUS PROPOSED CREDIT LINE
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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 26000000 Status : Good Payment Behaviour : Regular Litigation : Clear Comments : Subject is a well established and a reputed company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments 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: [email protected] while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
Country Name Previous Rating (31.03.2012)
Current Rating (30.06.2012)
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
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India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration. Source : CIA
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.
LOCATIONS
Registered Office : 5
th Floor, Block B, Godrej IT Park, 02 Godrej Business District, Pirojshanagar,
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• Pudhucherry
• Trivandrum
• Vizag
Western Branches : Located at:
• Ahmedabad
• Baroda
• Bhopal
• Indore
• Surat
• Mumbai
• Nagpur
• Pune
• Raipur
• Goa
Northern Branches : Located at:
• Chandigarh
• Dehradun
• Delhi
• Jaipur
• Jammu
• Lucknow
• Ludhiana
• Parwanoo Eastern Branches : Located at:
• Bhubaneshwar
• Guwahati
• Kolkata
• Patna
• Ranchi
DIRECTORS
(AS ON 30.09.2011) Name : Mr. Jaishankar Vaidyanathan Krishnan Designation : Managing Director Address : Flat No.1201, Somerset Hiranandani Garden, Powai,
Mumbai – 400076, Maharashtra, India Date of Birth/Age : 20.07.1957 Qualification : MMM, BE (E and C) Experience : 34 Years Date of Appointment : 01.01.2009 DIN No.: 00101652
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Designation : Director Address : Le Grove service apartments M – 206, 32 Orange Grove
Road, Singapore – 258 354 Date of Birth/Age : 17.01.1958 Date of Appointment : 05.12.2006 DIN No.: 01025188 Name : Mr. Wai Kong NG Designation : Director Address : BLK 4, Block Resvervoir View #0 310, Singapore – 479233 Date of Birth/Age : 24.10.1959 Date of Appointment : 09.07.2010 DIN No.: 03130301 Name : Mr. Prabhakar Venkatakrishnan Iyer Designation : Additional Director Address : Flat 201, A Wing, Glengate, Hiranandani Gardens, Powai,
Mumbai – 400076, Maharashtra, India Date of Birth/Age : 09.07.1964 Date of Appointment : 01.12.2011 DIN No.: 00116774 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 U72900MH1996PLC136340
INGRAM MICRO INDIA LIMITED
Whole-time director
01/12/2011
01/12/2011 - Active NO
Name : Mr. S. P. Achwal Designation : Director – Product Management Qualification : BE(Electr) Experience : 22 years Date of Appointment : 04.01.1990 Name : Mr. Bimal Das Designation : Director – Product Management Qualification : MBA, B. Sc.
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Experience : 24 Years Date of Appointment : 09.12.1996
KEY EXECUTIVES
Name : Mr. Sunil Gajanan Joglekar Designation : Company Secretary Address : F 105, Sumer Castle, LBS Road, Thane West, Mumbai – 400601, Maharashtra,
India Date of Birth/Age : 18.12.1964 Date of Appointment : 13.04.2009 PAN No.: ACNPJ2440C Name : Mr. Prabhakar Iyer Designation : Chief Financial Officer Qualification : B. Com, FCA,LLB (Gen) Experience : 23 years Date of Appointment : 02.02.2009
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
Names of Shareholders
No. of Shares
Shailendra Gupta 1
Jaishankar Vaidyanathan Krishnan 2
Bimal Das 1
Sanjay Achawal 1
Mitradutta Mophapatra 1
Prabhakar V. Iyer 1
Ingram Micro Asia Limited, Singapore 18492710
Ingram Micro Asia Holdings Inc., USA 100
Total 18492817
(AS ON 30.09.2011) Equity Shares Break – up
Category Percentage
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
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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 Yes
24] Banking facility details Yes
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] PAN of Proprietor/Partner/Director, if available No
32] Passport No 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
OPERATIONS: The Accounts for the year were considered by the Audit Committee at its meeting held on August 31, 2011 and the financial statements were forwarded to the board along with comments and recommendation. During the year, the Company achieved total turnover of Rs.83770.212 Millions and after providing for depreciation of Rs.18.340 Millions and Finance Cost of Rs.291.444 Millions, the Company earned a profit before tax of Rs.1333.155 Millions. After providing for Income Tax (Current tax – Rs.425.000 Millions and Deferred tax of Rs.57.100 Millions, the Profit after tax stood at Rs.852.938 Millions. During the year the business grew across all the segments. The demands generated in the market were largely from the consumer and public sector projects. The company gained market share and growth however due to high competitive market there was drop in margin and pressure on working capital. During the year the Singapore branch commenced its business. The revenue and expenses of the branch have been included in the financials.
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BUSINESS OUTLOOK: The economic climate in India as well as global markets is expected to continue to be subdued. This is likely to result is lower than expected growth rates in IT infrastructure deployment in small and medium businesses. The company expects growth to come primarily from Government and public sector segment for IT product lines, however, this is likely to exert pressure on working capital for the company. The consumer market is expected to grow strongly with increasing demand for smart phones, laptops and tablets. This is likely to benefit the company. The company continues to focus on cost optimization and working capital improvement while developing services capability to improve overall profitability. CONTINGENT LIABILITIES
(Rs. In Millions)
Particulars 31.03.2011 31.03.2010
Claims against the Company not acknowledged as debt * 49.631 49.717
Guarantees given by the Company’s Bankers 3.774 3.520
Guarantee issued to Bank 37.286 0.000
Sales tax demands disputed by the Company * 374.920 394.722
Custom duty tax matters disputed by the Company * 17.208 11.050
Income and Wealth Tax demands disputed by the Company * 24.441 68.367
* The timing and amount of cash flows, if any, that may arise from the above matters, will be determined only on settlement of the cases.
FIXED ASSETS:
• Leasehold Improvement
• Machinery and Equipments
• Computer Hardware
• Vehicles
• Goodwill
• Assets taken on finance lease vehicles. AS PER WEBSITE PRESS RELEASE Zoho Corp. Inks Partnership with Ingram Micro to Market SaaS Based Products in India Chennai, Tamilnadu, India, Monday, June 25, 2012 -- (Business Wire India) Helping people work online, Zoho, one of the pioneers in the global SaaS space, today announced its partnership with Ingram Micro, to market its SaaS based Business Solutions in India.
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Zoho Corp. has appointed Ingram Micro India Limited as their distributor partner to resell all Zoho products (Productivity Applications, Collaboration Applications and Business Applications) in India and other SAARC countries such as Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, Pakistan and Sri Lanka. In this partnership, Ingram Micro will sell all of Zoho’s cloud based products through its over 10,000 reseller partners in these countries. Zoho has over 25+ cloud based products that range from CRM to Mail, Office Suite, Sites, Project Management, Invoicing, Web conferencing and more. Speaking on the partnership, Sudhakar S Marthi, Vice President Sales and Marketing – APAC, Zoho Corp. said, “Customers use Zoho products to run their business processes, manage their information and be more productive while at the office or on the go, without having to worry about obsolete hardware or software. We are delighted to have partnered with Ingram Micro, which will help us further strengthen our position in the market.” Jaishankar Krishnan, Managing Director, Ingram Micro India Limited said, “Ingram Micro continues to increase its association with vendors focused on delivering great applications using cloud. Our comprehensive approach to building a portfolio of cloud services will help our partners in identifying and implementing the solutions of tomorrow. Our partnership with Zoho, brings a great suite of products to our partner ecosystem, giving them the ability to integrate a proven and established solution in their offerings to customers” About Zoho Zoho is a division of Zoho Corporation, a privately-held and profitable company, with offices in California, Austin, New Jersey, Chennai, Singapore, Tokyo and Beijing. Zoho Corporation serves the technology needs of more than 50,000 customers worldwide. Zoho offers a comprehensive suite of award-winning on-line business, productivity and collaboration products on the cloud. Customers use Zoho products to run their business processes, manage their information and be more productive while at the office or on the go. Zoho has online products ranging from CRM to Mail, Office Suite, Project Management, Invoicing, Web conferencing and more.
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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.
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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.55.69 UK Pound 1 Rs.89.20 Euro 1 Rs.72.10
INFORMATION DETAILS
Report Prepared by : NTH
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SCORE & RATING EXPLANATIONS
SCORE FACTORS
RANGE POINTS
HISTORY 1~10 5
PAID-UP CAPITAL 1~10 6
OPERATING SCALE 1~10 7
FINANCIAL CONDITION
--BUSINESS SCALE 1~10 8
--PROFITABILIRY 1~10 8
--LIQUIDITY 1~10 8
--LEVERAGE 1~10 7
--RESERVES 1~10 8
--CREDIT LINES 1~10 7
--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
TOTAL 64
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%)
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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.
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