acer india private limited

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INDIA@ACER_INDIA_PRIVATE_LIMITED-155386_27-SEP-2011PAGE NO. : 2

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials .

Status : Satisfactory

Payment Behaviour : Usually correct

Litigation : Clear

Comments : Subject is a well established company having satisfactory track. Financialposition of the company appears to be good. Trade relations are reported asfair. Business is active. Payments are reported to be usually correct and as percommitments.

The company can be considered good for normal business dealings at usualtrade 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 – April 1, 2010

Country Name Previous Rating(31.12.2009)

Current Rating(01.04.2010)

India A1 A1

Risk Category ECGCClassification

Insignificant A1

Low A2

Moderate B1

High B2

Very High C1

Restricted C2

Off-credit D

INFORMATION PARTED BY

Name : Mr. ShahDesignation : Accountant

LOCATIONS

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Registered Office : Embassy Heights, 6 Floor, No.13, Magrath Road, (Next to Hosmat Hospital),Bangalore – 560 025, Karnataka, India

Tel. No.: 91-80-25219520 / 25219521 / 25219523 / 40708700Fax No.: 91-80-25219535E-Mail : [email protected]

[email protected] [email protected][email protected][email protected][email protected]@acer.co.in

Website : http://www.acer.co.in

Area : 5000 sq. ft.Locations : Rented

Factory : RS No. 132/4, Ramanathapuram Village, Villianur Commune, Pondicherry –605502, Tamilnadu, IndiaTel. No. 91-413-2666994

Area : 16000 sq. ft.Locations : Leased

Branch 1 : Bangalore Address : No.873, 2nd Floor, 80 Feet Road, Indiranagar 1st Stage, Next to Krishna

Temple, Bangalore – 560075, Karnataka, India

Tel No.: 91-80- 25210211 / 14.Fax No.: 91-80-25219536.

Branch 2 : New Delhi Address : Ground Floor, B-28, Okhla Phase - I, New Delhi - 110 020, Delhi, IndiaTel No.: 91-11-40568000 / 40568001 / 2.Fax No.: 91-11-40568030

Branch 3 : Mumbai Address : # GR2, D Wing, Ground Floor, Remi Biz Court, Plot # 9, Shah Industrial Estate,

Andheri (West), Mumbai - 400 058, Maharashtra, IndiaTel No.: 91-22-40738600 / 40738700 .Fax No.: 91-22-56975220.

Branch 4 : Chennai Address : No.5 (Old No.3), 2nd Floor,1st Street, Nandanam Extension, Chennai - 600 035,

Tamil Nadu, IndiaTel No.: 91-44 39408700

Branch 5 : Hyderabad Address : # 718, Swapnalok, 7th Floor, Sarojini Devi Road (S D Road), Secunderabad -

500 003, Andhra Pradesh, IndiaTel No.: 91-40-39408700 / 39156802.Fax No.: 91-40-27891764

Branch 6 : Kolkatta Address : Ground Floor, P 540, Opp. Thyagaraja Hall, Near Lake Kalibari, Raja Basanta







Roy Road, Kolkata - 700 029, West Bengal, IndiaTel No.: 91-33-24669391 / 24669399

Branch 7 : Guwahati Address : No.303, 3rd floor, Orion tower, G.S.Tower, Christian Basti, Guwahati - 781 005,

Assam, IndiaTel No.: 91-361-2344556 / 2345459Fax No.: 91-361-2344559.

Branch 8 : Nagpur Address : C/o R.K.Business Centre, No.194, Cement Road, Dharampeth Extn., Nagpur –

440010, Maharashtra, IndiaTel No.: 91-712-2535215 / 2547295 / 2560761Fax No.: 91-33-2528923

Branch 9 : Cochin Address : Mayur Business Centre, Pulleppady Jn., Chittoor Road, Kochi – 682035, Kerala,

IndiaTel No.: 91-484-2360915 / 2360462 / 2360463 / 2360464Fax No.: 91-484-2354262

Branch 10 : Ahmedabad Address : 406-407, Milestone Building, B/S. Drive-in Cinema, Drive In Road, Ahmedabad

– 380054, Gujarat, India

Tel No.: 91-79-39408700Fax No.: 91-79-30171312

Branch 11 : Chandigarh Address : SCO 58-59, Level-3,Sector 34-A, Chandigarh -160022, Punjab, IndiaTel No.: 91-172-3029501 / 505

Branch 12 : Pune Address : # 1194/17, Ace House, 1st floor, Behind Levis Showroom, J. M. Road, Above

Blue Dart office, Shivajinagar, Pune-411 005, Maharashtra, IndiaTel No.: 91-20–32316580 / 81

Branch 13 : Lucknow

Address : Dhan Nirman complex, Cabin No - 3, IInd Floor, 15, Ashok Marg, Lucknow –226001, Uttar Pradesh, India

Tel No.: 91-522-2287062 / 4000899

Global Office : • Acer Inc.21 F, 88, Hsin Tai Wu Road, Sec. 1 Hsichih, Taipei Hsien 221 TaiwanTel. No. : 886-2-2696-1234Fax No. : 886-2-2696-1777Email : [email protected] Website : http://www.acer.com

• Asia Pacific

•

Europe• Latin America







• Middle East and Africa• North America

DIRECTORS

As on 20.09.2009

Name : Mr. Mukund WalwekarDesignation : Managing DirectorAddress : 372, 43

r Cross, 9

t Main, 5

t Block, Jayanagar, Bangalore – 560041, Karnataka,

IndiaDate of Birth/Age : 31.10.1955Qualification : B.E., PGDMDate of Appointment : 04.12.2000

Name : Mr. Steve LinDesignation : DirectorAddress : A 71, Menara Inhah, Jallang Taman TVN, Abdul Razak – 68000, Ampung,

Selangor, MalaysiaDate of Birth/Age : 26.09.1954Date of Appointment : 20.12.2002

KEY EXECUTIVES

Name : Mr. Narayana Raju S.Designation : Company SecretaryAddress : 197/8, 9 Cross, 2

n Block, jay Anagar, Bangalore- 560011

Date of Birth/Age : 15.10.1969Date of Appointment : 20.12.2002

Name : Mr. ShahDesignation : Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2009

Names of Shareholders No. of Shares

Acer Holdings International Inc, British Virgin Island 78803761

Acer Computer (ME) Limited, UAE 3

Total 78803764

As on 20.09.2009

Category Percentage

Foreign holding (Foreign institutional investor(s), Foreign Companie(s)Foreign financial institutional(s), Non-resident indian(s) or Overseas

100.00







corporate bodies or other)

BUSINESS DETAILS

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

Products : Product Description Item Code No (ITC Code)

Computer products 847330

Brand Names : “ACER”

Exports :Products : Computer Products

Countries : Korea

Imports :Products : Raw Material

Countries : Singapore

Terms :Selling : Cash and Credit

Purchasing : Cash and Credit

PRODUCTION STATUS (As on 31.03.2010)

Particulars Unit Actual Production

Computers Nos. 333619Servers Nos. 1755Notebooks Nos. 10423

GENERAL INFORMATION

Suppliers : Samsung, Korea and Group Company

Customers : Wholesalers, End Users and Original Equipment Manufacturers

• Infosys• Hindustan Lever Limited

No. of Employees : Around 200

Bankers : • Standard Chartered Bank, Raheja Tower, Sixth Floor, No.26-27 M GRoad, Bangalore - 560001, Karnataka, India

• The Hongkong and Shanghai Banking Corporation Limited, 7 mG Roda,

Bangalore – 560 001, Karnataka, India• Axis Bank, Bangalore







Banking Relations : -

Auditors :Name : BSR and Associates

Chartered AccountantsAddress : Maruti Infotech Centre, Inner Ring Road, 11/1 and 12/1, East Wing, II Floor,

Koramangala, Bangalore – 560 071, Karnataka, IndiaTel. No.: 91-80-39806000Fax No.: 91-80-39806999

Holding Company: Acer Holdings International Inc

Ultimate Holding Company: Acer Computers (ME) Limited, Dubai

Associates/Subsidiaries : • Acer Sales and Service Sdn bhd, Malaysia• Acer Computers Australia Pty Limited• Acer Incorporated, Taiwan

• Wistron Corporation, Taiwan• Acer Japan Corporation, Tokyo

• Acer Computer Company Limited, Thailand• Acer Computers, Singapore• PT Acer Indonesia

•

Acer Europe AG• Acer Service Corporation, U.S.A.

• Acer Philippines Inc.• High Point Service Network, SDN BHD

• Acer Vietnam Company Limited• Acer Computer (Shanghai) Limited• Acer Asia Pacific Sdn Bhd. Malaysia

• Esplex Limited, England•

CAPITAL STRUCTURE

As on 30.03.2009

Authorised Capital :No. of Shares Type Value Amount







127500000 Equity Shares Re.1/ each Rs.127.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares Type Value Amount

78803764 Equity Shares Re.1/ each Rs.78.803 millions

NOTE:Of the above 78,803,761 equity shares are held by Acer Holdings International Inc, British Virgin Island, thecompany’s holding company, Acer Inc, the ultimate holding company holds all the shares through its subsidiaries.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET







SOURCES OF FUNDS 31.03.2010 31.03.2009 31.03.2008

SHAREHOLDERS FUNDS1] Share Capital 78.803 78.803 78.8032] Share Application Money 0.000 0.000 0.0003] Reserves & Surplus 661.432 513.802 353.0444] (Accumulated Losses) 0.000 0.000 0.000

NETWORTH 740.235 592.605 431.847

LOAN FUNDS1] Secured Loans 0.000 0.000 0.000

2] Unsecured Loans 0.000 0.000 0.000TOTAL BORROWING 0.000 0.000 0.000

DEFERRED TAX LIABILITIES 0.000 0.000 0.000

TOTAL 740.235 592.605 431.847

APPLICATION OF FUNDS

FIXED ASSETS [Net Block] 6.595 9.745 12.225Capital work-in-progress 0.000 0.000 0.885

INVESTMENT 0.000 0.000 0.000DEFERREX TAX ASSETS 43.731 23.994 35.466

CURRENT ASSETS, LOANS & ADVANCESInventories 2027.595 393.891 794.298Sundry Debtors 2768.613 1744.844 1499.155Cash & Bank Balances 305.836 124.355 200.328Other Current Assets 0.000 0.000 0.000Loans & Advances 567.239 397.827 333.785

Total Current Assets 5669.283 2660.917 2827.566

Less : CURRENT LIABILITIES & PROVISIONSSundry Creditors 4497.274 1748.583 2010.606Other Current Liabilities 196.808 109.155 158.990Provisions 285.292 244.313 274.699

Total Current Liabilities 4979.374 2102.051 2444.295Net Current Assets 6899.909 558.866 383.271

MISCELLANEOUS EXPENSES 0.000 0.000 0.000

TOTAL 740.235 592.605 431.847

PROFIT & LOSS ACCOUNT

PARTICULARS 31.03.2010 31.03.2009SALES

Income

Service Income







Other IncomeTOTAL 16819.267 11863.933

Less EXPENSES TOTAL 16594.174 11648.396

PROFIT BEFORE TAX 225.093 215.537

Less TAX 77.463 54.780

PROFIT AFTER TAX 147.630 160.757

EARNINGS IN FOREIGN CURRENCY 101.013 106.212

IMPORTS Raw Materials 5431.731 2702.440Traded goods 10367.358 6233.098Stores & Spares 70.500 145.548Fixed Assets 0.000 0.553

TOTAL IMPORTS 15869.589 9081.639

Earnings Per Share (Rs.) 1.87 2.04

KEY RATIOS

PARTICULARS 31.03.2010 31.03.2009 31.03.2008

PAT / Total Income (%) 0.88 1.36 --

Return on Total Assets(PBT/Total Assets}

(%) 3.97 7.59 --

Return on Investment (ROI)(PBT/Networth)

0.10 0.36 --

Debt Equity Ratio(Total Liability/Networth)

6.73 3.55 5.66

Current Ratio(Current Asset/Current Liability)

1.14 1.27 1.16

LOCAL AGENCY FURTHER INFORMATION

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 tenth full year of operations. The Company has made a profit of Rs.147.630millions.

The Company achieved turnover of Rs.16663.096 millions (excluding Excise Duty), earned a Service income ofRs.72.728 millions and other income of Rs.83.443 millions.

Background:

Subject was incorporated on 9 September 1999, as a Private Limited Company under the Companies Act, 1956

('the Act'). The Company is a subsidiary of Acer Holdings International Inc, British Virgin Island. The Companymanufactures and trades in computer systems and peripherals. The Company also renden marketing and supportservices for Acer products.

Form 8:

Name of the company ACER INDIA PRIVATE LIMITEDPresented By Standard Chartered Bank

26/27, M G Road, Bangalore - 5600011) Date and description of instrument creating thechange

Agreement of Hypothecation of Stocks and BookDebts Dated 29.11.2000

2) Amount secured by the charge/amount owing on thesecurities of charge

Rs.70.000 Millions

3) Short particular of the property charged. If theproperty acquired is subject to charge, date of theacquired of the property should be given

Hypothecation of Raw Materials, Work in Progress,Finished Goods, Stores, Spares and Other currentassets, present and future (Stored or to be stored)and book debts present and future belonging to thecompany.

4) Gist of the terms and conditions and extent andoperation of the charge.

The charge operated on a pari Passu charge eithoutany preference or priority of one bank over the otherin respect of the bills discounting facility provided tothe company, interests at market related quotes.

5) Name and Address and description of the personentitled to the charge.

Standard Chartered Bank26/27, M G Road, Bangalore - 560001

6) Date and brief description of instrument modifying

the charge

30.01.2006

Supplementary Hypothecation Agreement of Stocks/Book Debts Dated 30.01.2006 for Rs.150.000 MillionsIn Favour of Standard Chartered Bank

7) Particulars of modifications specifying the terms andconditions or the extent of operations of the charge inwhich modification is made and the details of themodification.

Total Limits modified/enhanced from Rs.150.000Millions

(Bills, Invoice, Discounting/ OD/ WC Loan/ Discrepantdocuments/ partial recourse facility to businesspartners/ LC Rs.50.000 Millions GuaranteeRs.100.000 Millions)

This form is for Modification of charge

Charge identification number of the modified 90200738Corporate identity number of the company U31909KA1999PTC025698







Name of the company ACER INDIA PRIVATE LIMITEDAddress of the registered office or of the principal placeof business in India of the company

1s Floor, George Thangaiah Complex (East), 80 Feet

Road, Indira Nagar, Bangalore – 560 075, Karnataka,India

Type of charge Book DebtsOthersAll Current Assets ( present and future )

Particular of charge holder The Hongkong and Shanghai Banking CorporationLimited, 7 M G Roda, Bangalore – 560 001,Karnataka, India

Nature of description of the instrument creating ormodifying the charge

Sixth Supplemental Agreement for Rs.430.000millions

Date of instrument Creating the charge 25.05.2007Amount secured by the charge Rs.430.000 millionsBrief particulars of the principal terms an conditions andextent and operation of the charge

Rate of InterestInterest shall be payable by the company on thebanking facilities as per bank's tariff, subject howeverthat the Bank shall have the right to change the rate ofinterest after giving notice to the Company.

Terms of RepaymentIn consideration of banking facilities sanctioned / to be

sanctioned by the bank to the company, the companyhas hypothecated and charged to the bank by way ofFirst charge as a continuing security, the assetsmentioned in the deed of hypothecation to secure therepayments of the advances together with interestcost and all other charges

MarginThe company shall maintain such margin as may bespecified by the bank from time to time.

Extent and Operation of the chargeIn case the company fails to fulfill its obligations under

the agreement, the bank shall be entitled to takepossession of the hypothecated properties and sellthem by public auction or private contract and utilizethe proceeds in full or part settlement of its claims

Short particulars of the property charged Acer India Private LimitedRS No. 132/4, Villianur Con\mmunueRamanathapuram VillagePondicherry - 605502

for StocksDate of latest modification prior to the presentmodification

28.09.2005

Particulars of the present modification At the request of the company, HSBC has agreed to

increase the maximum limit of the said facilities fromRs.330.000 millions to Rs.430.000 millions. in the







manner and on the terms and conditions hereinaftercontained.

FIXED ASSETS:

• Leasehold Improvements• Plant and Machinery• Computer Equipment

• Office Equipment• Furniture and Fixtures

• Vehicles

WEBSITE DETAILS

Since its founding in 1976, Acer has achieved the goal of breaking the barriers between people and technology.Globally, Acer ranks No. 2 for total PCs and notebooks. A profitable and sustainable Channel Business Model isinstrumental to the company's continuing growth, while its multi-brand approach effectively integrates Acer,Gateway, Packard Bell, and eMachines brands in worldwide markets.

Subject strives to design environmentally friendly products and establish a green supply chain throughcollaboration with suppliers. Subject is proud to be a Worldwide Partner of the Olympic Movement, including theVancouver 2010 Olympic Winter and London 2012 Olympic Games.

Over 30 years of making history in the fast-paced IT industry, Subject’s far-reaching strategy of focusing on R andD and marketing development has laid the foundations and created a company ready to embrace the challengesof the future. The Acer Group employs 8,000 people worldwide. Estimated revenues for 2010 reached US$19.9billion. Milestones

976-1986: Commercialize microprocessor technology

Subject's founder, Stan Shih, has always been passionate about sharing knowledge as a way of contributing tosociety. Acer actively engaged in teaching others about microprocessor technology, and promoting computerusage in everyday life. At this time, the company established its manufacturing operations, and played a

significant role to popularizing the use of computers in Taiwan.

1987-2000: Create a brand name and globalize

In 1987, Multitech formally became known as Acer, marking the start of Subject's efforts toward creating a strongbrand name. During this second ten-year stage of development, Acer grew extensively and expanded its strategicand geographic footprint to become one of the world's top ten PC vendors. Priority was placed on delivering thefreshest, most affordable technology to benefit consumers worldwide.

2001-2007: Transform from manufacturing to services

Subject evolved from a manufacturing powerhouse to a globally-recognized computer brand, providing world-

class IT products and services. Subject's unique Channel Business Model enabled the company to achievesustainable worldwide growth. The model offers flexibility to adapt to changing global IT market trends, involves







collaborating with the industry's top-tier partners and suppliers, while minimizing operating expense andenhancing profitability. In 2007, Subject ranked as the world's No. 3 PC vendor.

2008-beyond: Enhance worldwide presence with a new multi-brand strategy

With the successful completion of the mergers of Gateway and Packard Bell, Subject seeks to further strengthenits global footprint with a new multi-brand strategy and solid partnerships. As the world’s No. 2 PC company,Subject now sets its sight on becoming the No. 1 notebook maker as well as leadership in the mobile devicemarket. Furthermore, Subject is taking bold strides to expand its presence in China to enhance competitivenesson a worldwide scale.

PRESS RELEASE

21 Sep 2011

Lilia Wang to Act as Acer CFO; Che-min Tu Appointed Special Assistant to the Chairman

Acer Inc.’s chief financial officer (CFO), Che-min Tu, shall transfer to the position of special assistant to thechairman, while Acer global controller and EMEA CFO, Lilia Wang, shall act as CFO.

Due to health reasons, Tu will be released from the position of Acer CFO. In his new role, Tu shall be responsible

for the planning and implementation of projects assigned by Acer chairman. Meanwhile, the company will beginsearch for a new CFO candidate and hopes to complete the recruitment over the next four months.

Considering the overall needs of Acer’s financial unit, including organizational management and personnelplanning, Wang has been chosen as acting CFO. Earlier this month, she was appointed to serve as Acer EMEACFO, concurrent to her role of global controller. Wang has accumulated more than 25 years at Acer.







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 PARTYNo records exist designating subject or any of its beneficial owners, controlling shareholders or seniorofficers as terrorist or terrorist organization or whom notice had been received that all financialtransactions 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 orbribery 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 paymentsto 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 ora 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 RecordsNo available information exist that suggest that subject or any of its principals have been formally chargedor convicted by a competent governmental authority for any financial crime or under any formalinvestigation by a competent government authority for any violation of anti-corruption laws or internationalanti-money laundering laws or standard.

8] Affiliation with Government :No record exists to suggest that any director or indirect owners, controlling shareholders, director, officeror employee of the company is a government official or a family member or close business associate of aGovernment official.

9] Compensation Package :Our market survey revealed that the amount of compensation sought by the subject is fair and reasonableand 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 identifymanagement and governance. These factors often have been predictive and in some cases have createdvulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, itsBoard 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 orotherwise 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.49.18UK Pound 1 Rs.76.65Euro 1 Rs.66.63







SCORE & RATING EXPLANATIONS

SCORE FACTORS RANGE POINTS

HISTORY 1~10 5PAID-UP CAPITAL 1~10 5OPERATING SCALE 1~10 5FINANCIAL CONDITION--BUSINESS SCALE 1~10 6

--PROFITABILIRY 1~10 6--LIQUIDITY 1~10 6--LEVERAGE 1~10 5--RESERVES 1~10 6--CREDIT LINES 1~10 5--MARGINS -5~5 --DEMERIT POINTS--BANK CHARGES YES/NO YES--LITIGATION YES/NO NO--OTHER ADVERSE INFORMATION YES/NO NOMERIT POINTS--SOLE DISTRIBUTORSHIP YES/NO NO--EXPORT ACTIVITIES YES/NO YES

--AFFILIATION YES/NO YES--LISTED YES/NO NO--OTHER MERIT FACTORS YES/NO YES

TOTAL 49

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It iscalculated from a composite of weighted scores obtained from each of the major sections of this report. Theassessed 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 PROPOSEDCREDIT LINE

>86 Aaa Possesses an extremely sound financial base with the strongestcapability 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 ofinterest and principal sums

Large

56-70 A Financial & operational base are regarded healthy. General unfavourablefactors will not cause fatal effect. Satisfactory capability for payment ofinterest and principal sums

Fairly Large

41-55 Ba Overall operation is considered normal. Capable to meet normalcommitments.

Satisfactory

26-40 B Capability to overcome financial difficulties seems comparatively belowaverage.

Small

11-25 Ca Adverse factors are apparent. Repayment of interest and principal sumsin default or expected to be in default upon maturity

Limited with fullsecurity

<10 C Absolute credit risk exists. Caution needed to be exercised Credit notrecommended

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 indetermining 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 notreveal 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 anyliability 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 theseconditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its

acer india private limited

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