MIRA INFORM REPORT

Report Date :

24.11.2008

IDENTIFICATION DETAILS

Name :	BEST IT WORLD [INDIA] PRIVATE LIMITED
Formerly Known As :	PITRANI COMPUTERS PRIVATE LIMITED
Registered Office :	87, Mistry Industrial Complex, MIDC Cross Road 'A', Andheri (East), Mumbai 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	17.12.1996
Com. Reg. No.:	11-104553
CIN No.: [Company Identification No.]	U30000MH1996PTC104553
TAN No.: [Tax Deduction & Collection Account No.]	MUMB09573E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of UPS, Paper and Printer for Computers.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 400000
Status :	Good
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Mr. S. J. Shah, Finance Head parted some details. Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

INFORMATION PARTED BY

Name :	Mr. S. J. Shah
Designation :	Finance Head
Date :	22.11.2008

LOCATIONS

Registered Office / Factory 1:	87, Mistry Industrial Complex, MIDC Cross Road 'A', Andheri East, Mumbai 400 093, Maharashtra, India
Tel. No.:	91-22-28251820 / 28235360 / 30815100 / 56935135 / 30814050/ 30815140
Fax No.:	91-22-28376545 / 66936262
E-Mail :	sandeep@bestitworld.com systems@bestitworld.com sales@iball.co.in sjshah@bestitworld.com agarwalkala@rediffmail.com
Website :	http://iball.co.in
Factory 2:	Survey No.91/2, Building No.282, Purnikpada, Shirawala Village, Vajreshwari Road, Vasai, District Thane, Maharashtra, India
Tel No.:	91-22-3294744
Branches :	Located at Ahmedabad Bangalore Bhubaneshwar Chandigarh Cochin Chennai Dehradun Guwahati Indore Jaipur Kolkata New Delhi Lucknow Nagpur Nashik Pune Raipur Secunderabad
Service Center :	Located at : Andhra Pradesh Assam Chattisgarh Goa Gujarat Karnataka Kerala Madhya Pradesh Maharashtra New Delhi Orrisa Punjab Rajasthan Tamil Nadu Uttar Pradesh Uttaranchal West Bengal

DIRECTORS

Name :	Mr. Sandeep Sitaram Parasrampuria
Designation :	Director
Address :	402, Resort View, Thakur Complex, Kandiwali [East], Mumbai – 400101, Maharashtra, India
Date of Birth/Age :	20.07.1965
Date of Appointment :	17.12.1996
Name :	Mr. Anil Parasrampuria
Designation :	Director
Address :	18-B, Laxmi Estate, Old Nagardas Road, Andheri [East], Mumbai - 400069, Maharashtra, India
Date of Birth/Age :	06.09.1967
Date of Appointment :	17.12.1996
Name :	Mr. Rakesh Yogeshkumar Shah
Designation :	Director
Address :	R / 104, Shanti Apartments, Mathurdas Exten. Road, Kandivali [East], Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	20.11.1965
Date of Appointment :	21.05.1998
Name :	Mr. Vijay Kumar Dalmia
Designation :	Director
Address :	603 / 604, Highland Park, Lokhandwala Complex, Andheri [East], Mumbai, Maharashtra, India
Date of Birth/Age :	28.12.1956
Date of Appointment :	07.06.2000
Name :	Mr. Sunil B. Kedia
Designation :	Director
Address :	B – 10/26, Khira Nagar, S V Road, Santacruz [West], Mumbai, Maharashtra, India
Date of Birth/Age :	30.10.1959
Date of Appointment :	07.06.2000

SHAREHOLDING PATTERN

(As on 31.03.2006)

Name of Shareholders	No of Shares
Ami Shah/ Rakesh Shah	35000
Anil Parasrampuria/ Sudha Parasrampuria	107150
Anita Parasrampuria/ Sandeep Parasrampuria	82700
Anita Sureka	100
Arun Sureka/Anita Sureka	150
Ashish Kyal	50
Bharti Kedia	54800
Draupadi Parasrampuria/ Sitaram Parasrampuria	500
Gangadevi Saraf	100
Geetadevi Goel	50
H S Kyal	50
Jagdish Parasrampuria	1000
Krishnan Dokania	100
Kusum Dalmia	100
Manju Sonthalia	100
Manjudevi Dokania	100
Niti Agarwal	200
Prakash Rajgarhia	50
Priti Saraf	100
Rajani Parasrampuria	50
Rakesh Shha/ Ami Shah	150
Ramgopal Lohia	122500
Sandeep Parasrampuria/ Anita Parasrampuria	100
Sangeeta Dalmia	118000
Sanjuktadevi Rajgarhia	100200
Sapna Poddar	50
Sitadevi Lohia	500
Sitaram Parasrampuria/ Draupadi Parasrampuria	100
Somesh Kyal	500
Sonu Poddar	50
Sudha Parasrampuria/ Anil Parasrampuria	500
Sunil Kedia/ Bharti Kedia	48000
Sunil Parasrampuria	20100
Sunita Khetan	50
Vidyadevi Dalmia	100
Vinod Sureka	100
Vijay Dalmia	100
Vishal Goel/ Nidhi Goel	56250
Vishw Anath Harlalka	50
	100
Total	749950

(As on 30.09.2007)

Category	Percentage
Directors of relatives of directors	99.41
Other top fifty shareholders (Other than Listed above)	00.59
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of UPS, Paper and Printer for Computers.

Products :

Product Description	ITC Code No
Computers	8471
Printers for Computer	8471

Agencies Held :

• I Ball
• Samsung

Terms :

Selling :

Cash and Credit (30 days)

Purchasing :

Cash and Credit (60 days)

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

650

Bankers :

• Citi Bank N.A.
• Kotak Mahindra Bank

• The Cosmos Co-operative Bank Limited

Vile Parle (East) Branch, Vile Parle, Mumbai – 400057, Maharashtra, India

• ICICI Bank

Andheri (East), MIDC Branch, Maharashtra, India

Facilities :

Secured Loans	31.03.2007 Rs. In Millions
Cash Credit Loan*	48.675
Vehicle Loan from Banks** (Due within one year Rs.0.659 Million)	2.115
Vehicle Loan from Finance Companies	0.394
Total	51.184
Note: * Cash Credit Secured against Stocks, Book Debts, Office Premises, and Collaterals from Guarantors and Personal Guarantee of Directors. ** Secured against Motor Vehicles
Unsecured Loans	31.03.2007 Rs. In Millions
From Directors	3.817
From Shareholders	14.480
Inter Corporate Deposits	3.812
Total	22.109

Banking Relations :	Satisfactory
Auditors :
Name :	V. B. Goel and Company Chartered Accountants
Address :	9/429, Bhagyodaya, Kher Nagar, Bandra [East], Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-26580159
Fax No.:	91-22-26580267
E-Mail :	Vikas01@vsnl.net
Associates/Subsidiaries :	Natasha Industries

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
749950	Equity Shares	Rs. 10/- each	Rs. 7.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		7.500	7.500	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		65.832	36.077	16.866
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		73.332	43.577	21.866
LOAN FUNDS
1] Secured Loans		51.184	24.961	24.511
2] Unsecured Loans		22.109	22.794	29.691
TOTAL BORROWING		73.293	47.755	54.202
DEFERRED TAX LIABILITIES		2.027	1.453	1.962
TOTAL		148.652	92.785	78.030
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		28.044	19.469	16.878
Capital work-in-progress		0.096	0.000	0.000
INVESTMENT		0.125	0.131	0.138
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	135.880	87.125	75.778
	Sundry Debtors	139.702	126.116	89.318
	Cash & Bank Balances	28.289	20.460	14.399
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	15.137	7.904	6.933
Total Current Assets		319.008	241.605	186.428
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	196.216	158.677	124.650
	Provisions	2.407	9.747	0.769
Total Current Liabilities		198.623	168.424	125.419
Net Current Assets		120.385	73.181	61.009
MISCELLANEOUS EXPENSES		0.002	0.004	0.005
TOTAL		148.652	92.785	78.030

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		1627.300	1361.557	1066.304
Other Income		0.000	6.440	6.264
Total Income		1627.300	1367.997	1072.568
Profit/(Loss) Before Tax		52.052	34.902	8.124
Provision for Taxation		20.587	14.550	3.025
Profit/(Loss) After Tax		31.465	20.352	5.099
Export Value		Nil	0.462	Nil
Import Value		588.835	471.014	294.323
Expenditures :
	Cost of Goods Sold	0.000	1193.630	962.236
	Employees Expenses	0.000	41.810	29.647
	Administrative and other Expenses	0.000	34.531	27.760
	Selling and Promotional Expenses	0.000	51.846	34.455
	Interest and Finance Charges	0.000	9.347	8.519
	Loss on Sale of Investment	0.000	0.000	0.000
	Depreciation & Amortization	2.375	1.931	1.827
	Other Expenses	1572.873	0.000	0.000
Total Expenditure		1575.248	1333.095	1064.444

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	1.93	1.49	0.48
Net Profit Margin (PBT/Sales)	(%)	3.20	2.56	0.76
Return on Total Assets (PBT/Total Assets}	(%)	14.99	13.69	4.00
Return on Investment (ROI) (PBT/Networth)		0.71	0.80	0.37
Debt Equity Ratio (Total Liability/Networth)		3.71	4.96	8.21
Current Ratio (Current Asset/Current Liability)		1.61	1.43	1.49

LOCAL AGENCY FURTHER INFORMATION

COMPANY'S ACTIVITIES: 

Fiscal year 2007 continued to be a year of excellent economic growth with the demand for products and services in the Information Technology sector. The Company's turnover was higher at Rs.1627.300 Millions as against Rs 1368.000 Millions in the previous year with registering a growth of 19%. However the over all strategic cost initiatives of the Company's operations and change in product mix during the year, yielded a profit of Rs.31.400 Millions as against a profit of Rs.20.300 Millions in the previous year after depreciation and taxation with registering a growth of 55%. The Directors endeavour to enhance this growth rate further in the coming years. 

REVIEW OF OPERATIONS: 

The Company continues its Endeavour in providing customers quality products, services and delivery efficiency, thereby ensuring their continued patronage for the company's products and services.  

The Company is gearing up all its resources to take maximum benefits of the economic growth and is studying various markets across India to ensure adequate reach in all corners of the country with vigorous marketing efforts and ceaseless cost reduction exercises.  

The Directors are fully seized of the fact that the need of the hour is to enhance the Revenue and Profit to higher levels and to achieve this end, efforts have been initiated for adding value to products & services. 

Efforts are also being intensified to maintain leadership position by constant up gradation of products to keep pace with advancing technology trends and maintaining the superiority in quality of products and services. 

The Directors are hopeful that all the above, coupled with continuous monitoring of inventory, receivables and overheads, would result in healthier profits in future.  

Products under the brand name `iBall' are getting more and more acceptable, to increase both its market share and profitability. 

Fixed Assets

• Building
• Plant and Machinery

• Office Premises
• Computer Systems
• Electrical Fittings
• Dies and Moulds
• Office Equipment
• Furniture and Fixture
• Vehicles

Bankers Charges Report as per Registry

Name of the company	BEST IT WORLD [INDIA] PRIVATE LIMITED
Presented By	Cosmos Co-operative Bank Limited, Vile Parle Branch, Mumbai – 400057
1) Date and description of instrument creating the change	Hypothecation of Tangible Goods / Movable Property to secure A Demand cash credit Account / Demand overdraft account / demand loan account dated 07.09.2004
2) Amount secured by the charge/amount owing on the securities of charge	Rs.5.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of all the goods of the borrowers namely computers, peripherals under L/C arrangements more particularly described in the schedule attached herewith including there in the stocks thereof the time being whether raw or manufactured or in process of manufacture and also all products, goods and any every tangible movable property of the borrowers whether new lying or a any time hereafter during the continuance of this security lying or being in or about the borrowers premises and godowns at Mumbai or whether ever else the same may be or be held by any party anywhere.
4) Gist of the terms and conditions and extent and operation of the charge.	This is Bank Guarantee
5) Name and Address and description of the person entitled to the charge.	The Cosmos Co-operative Bank Limited Vile Parle Branch, 45, Sarawati Niwas, Hanuman Road, Vile Parle [East], Mumbai – 400057
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

This form is for	Modification of charge
Charge identification number of the charge to be modified	90164041
Corporate identity number of the company	U30000MH1996PTC104553
Name of the company	BEST IT WORLD [INDIA] PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	87, Mistry Industrial Complex, MIDC Cross Road 'A', Andheri East, Mumbai 400 093, Maharashtra, India
Type of charge	Immovable Property Book Debts Movable Property Floating Charge
Particular of charge holder	Cosmos Co-operative Bank Limited Vile Parle Branch, 45, Sarawati Niwas, Hanuman Road, Vile Parle [East], Mumbai – 400057, Maharashtra, India njbhatia@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Deed of Mortgage
Date of instrument Creating the charge	09.10.2006
Amount secured by the charge	Rs. 20.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As determined by the bank from time to time Terms of repayment As determined by the bank from time to time Margin As determined by the bank from time to time Extent operation of the charge This cash credit facility Others Mortgage property is also security for bank guarantee facility of Rs. 1.000 Millions and Cheques purchase facility of Rs. 0.500 Millions
Short particulars of the property charged	Hypothecation of all the movable assets of the borrower including raw material, semi finished and finished goods and machinery, including instruments, gigs fixture, devise, receivables, claims, interest, rights, bills, invoices and all future movable, including machinery, raw material, semi-finished and finished goods belonging to or in the possession or under the control of the borrower wherever stored and kept.
Date of latest modification prior to the present modification	04.03.2002
Particulars of the present modification	Additional Cash Credit facility of Rs. 12.500 Millions is granted enhancing the total limit of Rs. 32.500 Millions. Mortgage of all that piece and parcel of the commercial premises know as gala no 70, 75 and 93 situated in Mistri Industrial Complex, Andheri [East].

AS PER WEBSITE

To be the BEST

September 2001 saw the launch of iBall in India. Back then they launched their first product category, the mouse. In this ever changing generation of computing, iBall envisioned the potential for immense growth of ease to use, innovative, fast and efficient products required for the growing computing and digital world. By now, iBall has presence in over 15 such categories.

At iBall, there is a constant and continuous effort to improve, get better and provide latest robust products. The vision to grow as a Company is not the only goal at iBall. Its ideologies include sharing technology and technological advancements with its customers on a day to day basis.

It’s innovative and committed approach has ensured that iBall is not only considered as one of the fastest growing brand in its own segment but it also reflects on iBall consistently winning various awards and ratings in different surveys conducted from time to time.

The iBall base in India is located at Mumbai, the commercial capital of India, and has a wide reach across the country through its branch offices. With a work force consisting of over 500 highly motivated professionals, iBall provides high quality products, unrivalled service and flawless support at all times to its customers. Each iBall professional dedicates oneself to the core values of the Company in its mission 'to become the most preferred brand for the products and accessories in and around the computing and digital life-style world.'

Blending new ideas of business with established business values of integrity and a quest for excellence, Best IT World places high premium on all-round quality in products and services. Subject has been almost always exceeding the industry growth rates and has reached revenues of over Rs.1,600 million for the F.Y. ended 2006-07.

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 records 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.50.03
UK Pound	1	Rs.74.42
Euro	1	Rs.62.71

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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