MIRA INFORM REPORT

Report Date :

02.07.2011

IDENTIFICATION DETAILS

Name :	BEST IT WORLD [INDIA] PRIVATE LIMITED (w.e.f. 10.07.200)
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) :	31.03.2010
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 and Importer of Computer Peripherals and mobile handsets.

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1330000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. General financial position of the company is good. Trade relations are 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 : infodept@mirainform.com 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	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. S.J. Shah
Designation :	Finance Department

LOCATIONS

Registered Office / Factory 1:	87, Mistry Industrial Complex, MIDC Cross Road ‘A’, Andheri East, Mumbai 400 093, Maharashtra, India
Tel. No.:	91-22-30815100/67745100
Fax No.:	91-22- 66936262
E-Mail :	sandeep@bestitworld.com sjshah@bestitworld.com
Website :	http://www.iball.co.in
Location :	Owned
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

As on : 09.09.2010

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

KEY EXECUTIVES

Name :	Mr. S.J. Shah
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 09.09.2010

Name of Shareholders	No of Shares
Ami Shah /Rakesh Shah	35000
Anil Parasrampuria / Sudha Parasrampuria	108200
Anita Parasrampuria /Sandeep Parasrampuria	82700
Bharti Kedia	54800
Draupadi parasrampuria /sitaram Prasrampuria	500
Geetadevi Goel	50
Jagdish Parasrampuria	1000
Kanishk Saraogi and Shailey Saraogi	100
Mahavir Prasad Saraogi and Piyush Saraogi	100
Mala Tulsidas Prileye and Tulsidas Prileye	100
Nimisha Parasrampuria and Monisha Parasrampuria	50
Nirmaladevi dokania	100
Rajni Parasrampuria	150
Rakesh shah / ami shah	122500
Sandeep Parasrampuria / Anita Parasrampuria	118100
Sangeeta Dalmia	100200
Sapna Poddar	100
Sitadevi Lohia	100
Sitaram Parasrampuria /Draupadi Parasrampuria	500
Sonu Poddar	50
Sudha Parasrampuria / Anil Parasrampuria	48000
Sunil Kedia/Bharti Kedia	20150
Surendra Saraogi and Premlata Saraogi	100
Usha Lohia	100
Vidyadevi Dalmia	100
Vijay Parasrampuria	50
Vishal Goel/Nidhi Goel	50
Vljay Dalmia	57000
Total	749950

As on : 09.09.2010

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	0.00
Bodies corporate	0.00
Directors or relatives of Directors	99.41
Other top fifty shareholders	0.59
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Computer Peripherals and mobile handsets.

Products :

Product Description	ITC Code No
parts and Accessories used for manufacture of personal computers	8473
Input/Output and storage devices for personal computer	8471
Static convertors and electrical transformers for personal computers	8504

Brand Name :

• “ I Ball ”

Imports :

Products :

• Computer Peripherals and Mobile handsets

Countries :

• China
• Taiwan

Terms :

Selling :

Cash, Credit

Purchasing :

L/C, Cash, Credit

GENERAL INFORMATION

Customers :

• End Users
• OEM’s

No. of Employees :

1000 (In Office 35, In Factory 765, In Branches 200) (Approximately)

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

• IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, Mumbai, India

• Axis Bank, Andheri Branch, Mumbai

• Barclays Bank, Worli, Mumbai

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Cash Credit Loan*	39.837	58.540
Short Term Loan from Bank**	35.000	33.001
Buyers Credit from Bank @@	39.993	--
Vehicle Loan from Banks*** within one year Rs.0.659 Million)	1.375	1.958
Vehicle Loan from Finance Companies***	1.904	0.101
Total	118.109	93.600

Note:

• * Cash Credit Secured against Stocks, Book Debts, Office Premises, and Collaterals from Guarantors and Directors and their relatives

• ** Personal Guarantee of Directors.

• *** Secured against Motor Vehicles

• @@ Secured against letter at undertaking issued by banks.

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors	26.502	27.400
From Shareholders	24.620	14.450
Inter Corporate Deposits	7.350	6.065
Total	58.772	47.915

Banking Relations :	--
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

CAPITAL STRUCTURE

As on 31.03.2010

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		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		7.500	7.500	7.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		325.065	156.195	122.023
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		332.565	163.695	129.523
LOAN FUNDS
1] Secured Loans		118.109	93.600	139.222
2] Unsecured Loans		58.772	47.916	43.399
TOTAL BORROWING		176.881	141.516	182.621
DEFERRED TAX LIABILITIES		6.122	4.386	2.468
TOTAL		515.568	309.597	314.612
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		89.689	82.836	33.307
Capital work-in-progress		4.379	4.076	14.932
INVESTMENT		0.129	0.128	0.128
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	386.213	246.031	232.681
	Sundry Debtors	227.292	181.652	144.934
	Cash & Bank Balances	65.524	54.899	50.184
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	103.996	72.439	55.071
Total Current Assets		783.025	555.021	482.870
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	52.736	48.089	41.133
	Sundry Creditors	284.535	272.610	172.769
	Provisions	24.383	11.765	2.723
Total Current Liabilities		361.654	332.464	216.625
Net Current Assets		421.371	222.557	266.245
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		515.568	309.597	314.612

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	2966.489	2241.362	2092.286
		Other Income		35.122	9.886
		TOTAL (A)	2966.489	2276.484	2102.172
Less	EXPENSES
		Cost of Goods Sold		1866.116	1727.721
		Employees Cost		121.732	95.782
		Administrative and other Expenses		57.183	47.082
		Selling and Promotional Expenses		132.176	120.182
		TOTAL		2177.207	1990.767
			2695.310
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including financial)	99.277	111.405
Less	FINANCIAL EXPENSES (D)			34.980	17.350
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		271.179	64.297	94.055
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.674	3.878	2.441
	PROFIT BEFORE TAX (E-F) (G)		266.505	60.419	91.614
Less	TAX (I)		92.371	22.738	32.790
	PROFIT AFTER TAX (G-I) (J)		174.134	37.681	58.824
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.195	22.023	15.832
Less	APPROPRIATIONS
		Transfer to General Reserve	170.000	30.000	50.000
		Dividend	4.499	2.999	2.249
		Tax on Dividend	0.764	0.509	0.382
	BALANCE CARRIED TO THE B/S		25.065	26.195	22.023
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	Nil	0.664	Nil
	TOTAL EARNINGS		Nil	0.664	Nil
	IMPORTS
		FOB Value of Import	1249.911	857.604	766.773
	TOTAL IMPORTS		1249.911	857.604	766.773
	Earnings Per Share (Rs.)		232.20	50.24	78.44

Expected Sales (2010-2011) : Rs. 3500.000 millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.87	1.66	2.80
Net Profit Margin (PBT/Sales)	(%)	8.98	2.70	4.38
Return on Total Assets (PBT/Total Assets}	(%)	30.55	9.47	17.75
Return on Investment (ROI) (PBT/Networth)		0.80	0.37	0.71
Debt Equity Ratio (Total Liability/Networth)		1.61	2.90	3.08
Current Ratio (Current Asset/Current Liability)		2.16	1.67	2.23

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF OPERATIONS

The Company continues its endeavor 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 and 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.

Form : 8

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, Mumbai – 400093, Maharashtra, India
This form is for	Creation of charge
Type of charge	Immovable Property Book Debts Movable property Floating Charges
Particular of charge holder	IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, Mumbai, India
Nature of instrument creating charge	1. Financial Assistance Sanction letter no. IDBI/CSC/JPR NO. 6316/SME-BIWPL dated November 20, 2010. 2. Loan cum Hypothecation Agreement dated November 26, 2010.
Date of instrument Creating the charge	26/11/2010
Amount secured by the charge	Rs. 200.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : NFB ILC/FLC LIMIT of Rs. 200.000 millions - Out of Operations/ Working Capital Limits/ honouring of commitments on due date. FB Cash Credit LIMIT of Rs. 50.000 millions (Within NFB LIMIT) - Repayable on demand Buyers Credit LIMIT of Rs. 100.000 millions (Within NFB LIMIT) - Out of internal accruals/ working capital limits/ Buyers credit not to exceed 180 days honoring of commitments on due date. Terms of repayment : NFB ILC/FLC LIMIT - 10% by way of FDR FB Cash Credit LIMIT (Within NFB LIMIT) - 25% of current assets comprising RM?WIP?FG and receivables (not more than 90 days) Buyers Credit LIMIT (Within NFB LIMIT) - NIL Margin : NFB ILC/FLC limit - 10% by way of FDR FB cash credit limit (within NFB limit) - 25% of current assets comprising RM, WIP, FG and receivables (not more than 90 days) Buyers credit limit (within NFB limit) - nil Extent and operation of the charge : Exclusive charge by way of hypothecation on entire current assets, movable assets of mobile handset division on (both present and future) of the company. The charge will operate as a continuing security for due repayment by the company to IDBI of Financial Assistant of Rs. 200.000 millions together with interest , other interest, liquidated damages, costs, charges etc to be paid by the company as per LHA dated 26.11.2010 Others : 1. Subservient Charge on the entire current, moveable & immovable assets (present and future) of the company on which IDBI Bank is having first pari passu charge with other Bankers of the Company.
Short particulars of the property charged (Including location of the property)	Exclusive charge by way of hypothecation on entire current assets, movable assets of mobile handset division on (both present and future) of the company. Subservient Charge on the entire current, moveable and immovable assets (present and future) of the company on which IDBI Bank is having first pari passu charge with other Bankers of the Company.

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, Maharashtra, India
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

FIXED ASSETS

• Building
• Land
• Plant and Machinery

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

TRADE REFERENCES :

• AL Infotech
• Abacus Peripherals Private Limited.

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. 44.58
UK Pound	1	Rs. 71.75
Euro	1	Rs. 64.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--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	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		49

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.