MIRA INFORM REPORT

Report Date :

05.04.2012

IDENTIFICATION DETAILS

Name :	PACIFIC INFOTECH PRIVATE LIMITED
Registered Office :	10-B, Abbas Building, 1^st Floor, Jalbhai Street, Near Dreamland Cinema, Grant Road (East), Mumbai – 400 004, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.07.1997
Com. Reg. No.:	11-109740
Capital Investment / Paid-up Capital :	Rs.1.130 millions
CIN No.: [Company Identification No.]	U72100MH1997PTC109740
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15087C
PAN No.: [Permanent Account No.]	AABCP1741K
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Dealer and Distributor of Computer Components, Peripherals and Accessories.
No. of Employees :	130 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 399400
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and reputed company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported as usually correct 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.

INFORMATION PARTED BY

Name :	Mr. Jagdish
Designation :	Accounts Manager
Contact No.:	91-22-23814000
Date :	04.04.2012

LOCATIONS

Registered Office :	10-B, Abbas Building, 1^st Floor, Jalbhai Street, Near Dreamland Cinema, Grant Road (East), Mumbai – 400 004, Maharashtra, India.
Tel. No.:	91-22-23814000
Fax No.:	91-22-23808626
E-Mail :	corporates@pacificinfotech.com sales@pacificinfotech.com enquiry@pacificinfotech.com ashokpipl@gmail.com kishorejain@pacificinfotech.com girishmittal@gmail.comm
Website :	http://www.pacificinfotech.com
Area :	2500 sq. ft.
Location :	Owned
Warehouse :	Gala No. 4, 1st Floor, Dhanshri Complex, P.G. Solanki Path (Ghas Galli), Off Lagminton Road, Near Minerva Theatre, Mumbai – 400 007, Maharashtra, India
Tel. No.:	91-22-23002938
Location :	Owned
Branches :	Located at : · Thane · Kalmboli · Pune · Ahmedabad · Goa · Nagpur · Delhi · Kolkata · Ulhasnagar
Showrooms :	· IT Square–Mumbai 396, Shamitha Terrace, Shop No. 9 and 10, Lamington Road, Opp. Naaz Cinema, Mumbai-04, Maharashtra, India Tel: 91-22-32482255/32492255 Email:itsquare@pacificinfotech.com Contact Person: Sunil Jeswani (91-9867044465) · IT Square – Pune 2401, 1st Floor, East Street, Next To Indusind Bank, Old Pool Gate, Pune - 411 001, Maharashtra, India Tel: 91-20-26332059/26332047 Email: itsquareatpune@pacificinfotech.com

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Ashok Bhagwandas Jeswani
Designation :	Director
Address :	301/ C, Teak Wood Apartments, Vasant Gardens, Mulund (West), Mumbai – 400 080, Maharashtra, India.
Date of Birth/Age :	06.01.1964
Qualification :	B.Com
Date of Appointment :	30.07.1997
DIN :	00996936
Name :	Mr. Kishore Bhagwandas Jeswani
Designation :	Director
Address :	501/ F, Pine Wood Apartments, Vasant Gardens, Mulund (West), Mumbai – 400 080, Maharashtra, India.
Date of Birth/Age :	12.07.1966
Qualification :	Degree in Pharmacy
Date of Appointment :	30.07.1997
DIN :	01153889

KEY EXECUTIVES

Name :	Mr. Barretto
Designation :	Account Executive
Name :	Mr. Jagdish
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2010

Names of Shareholders	No. of Shares
Ashok B. Jeswani	50935
Kishore B. Jeswani	52053
Ramesh Jeswani	1
Rajkumar Jeswani	1
Seema Jeswani	1
Savita Jeswani	1
Kanta Sadwani	1
Vandana Sadwani	1
Ram Ratan Chirania – HUF	1
Bhisham R. Sahani	1
Poonam Sahani	1
Pushpa C. Rupani	1
Udhav C. Rupani	1
Chandani Rupani	1
Panama Overseas Limited	2000
Elpee Corporate Services Private Limited	5000
Aryman Merchandise Private Limited	3000
Total	113000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	8.84
Directors or relatives of directors	91.16
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Dealer and Distributor of Computer Components, Peripherals and Accessories.
Products :	Sony IBM APC Samsung Microsoft Microtek Logitech EPSON – Printers LG Seagate HP Intel Professional Software Valusoft Lenovo Acer Touchmate Games – Shooting Games – Board Games – Racing Games – Strategy Games – Business Games – Others Games – Adventure Games – SI - FI Games – War Games – Arcade Games – Car Combat Games – Air Combat Games – Sports Games – Children Edutainment Educational Subjects McAfee Virus Scan Edutainment VCD EPSON Scanner
Agencies Held :	Sony HP Acer Lenovo LG Samsung Intel
Imports :
Products :	Computer Parts
Countries :	Singapore
Terms :
Selling :	Cash and Credit (30 / 60 days)
Purchasing :	L/C, Cash and Credit (30 / 60 days)

GENERAL INFORMATION

Customers :

· Wholesalers

· End Users

· OEM’s

No. of Employees :

130 (Approximately)

Bankers :

· Standard Chartered Bank, SME Credit, Crescenzo, 3A/F, Plot no. C-38 and 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India

· Citi Bank, Trent House, 2^nd Floor, G. Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai- 400 051, Maharashtra, India

Facilities :

Secured Loans :	As on 31.03.2011 Rs. in Millions	As on 31.03.2010 Rs. in Millions
Working capital loans banks secured	163.731	110.722
Loans taken for vehicles secured	0.866	0.290
Total	164.597	111.012
Unsecured Loans :	As on 31.03.2011 Rs. in Millions	As on 31.03.2010 Rs. in Millions
Rupee term loans banks unsecured	0.00	12.969
Rupee term loans financial institutions unsecured	1.700	5.489
Loans directors unsecured	0.504	1.047
Other debt unsecured	29.564	14.682
	31.768	34.187

Banking Relations :	--
Auditors :
Name :	S.K. Patodia and Associates Chartered Accountants
Address :	A/8, Narayan Plaza, 26-A, Chandivali Road, Off Saki Vihar Road, Andheri East, Mumbai- 400 072, Maharashtra, India
Associates/Subsidiaries :	v S B Data Systems Private Limited, Mumbai Central Activity : Installation and Services

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs.10/- Each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
113000	Equity Shares	Rs.10/- Each	Rs.1.130 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2.904	1.130	1.130
2] Share Application Money		41.500	18.200	0.000
3] Reserves & Surplus		55.446	37.605	31.038
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		99.850	56.935	32.168
LOAN FUNDS
1] Secured Loans		164.597	111.012	61.733
2] Unsecured Loans		31.768	34.187	33.296
TOTAL BORROWING		196.365	145.199	95.029
DEFERRED TAX LIABILITIES		0.000	0.000	0.003
TOTAL		296.215	202.134	127.200
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.030	10.616	6.866
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.550	0.550	0.050
DEFERREX TAX ASSETS		0.167	0.060	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	151.459	111.402	87.276
	Sundry Debtors	192.340	145.317	98.675
	Cash & Bank Balances	9.318	36.951	7.686
	Other Current Assets	23.738	15.038	10.780
	Loans & Advances	16.049	3.108	2.498
Total Current Assets		392.904	311.816	206.915
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	61.996	89.154	55.851
	Other Current Liabilities	28.719	20.937	23.458
	Provisions	15.721	10.973	7.530
Total Current Liabilities		106.436	121.064	86.839
Net Current Assets		286.468	190.752	120.076
MISCELLANEOUS EXPENSES		0.000	0.156	0.208
TOTAL		296.215	202.134	127.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	1189.596	966.148
		Other Income from Operating Activities	9.339	30.909
		Other Income	3.869	3.307
		TOTAL (A)	1202.804	1000.364
Less	EXPENSES
		Cost of Material Traded	1139.776	937.608
		Direct Expenses	3.669	1.376
		Employee Cost	14.808	15.147
		Administrative, Selling and Distribution Expense	13.854	18.411
		TOTAL (B)	1172.107	972.542
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		30.697	27.822
Less	FINANCIAL EXPENSES (D)		20.282	18.019
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.415	9.803
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.777	0.821
	PROFIT BEFORE TAX (E-F) (G)		9.638	8.982
Less	TAX (H)		3.071	3.639
	PROFIT AFTER TAX (G-H) (I)		6.567	5.343
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		21.863	16.520
	BALANCE CARRIED TO THE B/S		28.430	21.863
	IMPORTS
		Raw Materials	NA	1.547
	Earnings Per Share (Rs.)		58.11	51.42

Particulars	31.03.2011
Sales Turnover [Approximately]	1600.000

Expected Sales (2011-2012) : Rs.2000.000 Millions

The above information has been parted by Mr. Jagdeesh [Accounts Manager]

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	0.55	5.32
Net Profit Margin (PBT/Sales)	(%)	NA	0.81	0.93
Return on Total Assets (PBT/Total Assets}	(%)	NA	2.99	4.20
Return on Investment (ROI) (PBT/Networth)		NA	0.17	0.28
Debt Equity Ratio (Total Liability/Networth)		3.03	4.68	5.65
Current Ratio (Current Asset/Current Liability)		3.69	2.58	2.38

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
Creditors due small micro enterprises	0.000	0.000	0.000
Creditors due others	61.996	89.154	55.851

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	--
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Form 8

Corporate identity number of the company	U72100MH1997PTC109740
Name of the company	PACIFIC INFOTECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	10B, Abbas Building, 1^st Floor, Jalbhai Street, Near Dreamland Cinema, Grant Road (East), Mumbai – 400 004, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Standard Chartered Bank
Nature of instrument creating charge	Hypothecation Agreement - Supplemental
Date of instrument Creating the charge	24/12/2011
Amount secured by the charge	Rs.145.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As agreed by and with the Bank from time to time. Terms of Repayment As agreed by and with the Bank from time to time. Margin As applicable, if any. Extent and Operation of the charge The Bank is having pari passu charge with Citi Bank on the security given by the Company, as described in sr. no. 15 below.
Short particulars of the property charged	Hypothecation by way of pari passu charge with Citi Bank on : a) all the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise b) all the present and future book debts, outstanding moneys receivable, claims and bills. (as more described in attached agreement)
Particulars of the present modification	The existing charge amount of Rs.122.500 Millions enhanced to Rs.145.000 Millions against the security of hypothecation by way of pari passu charge with Citi Bank on : a) all the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise b) all the present and future book debts, outstanding moneys receivable, claims and bills. (as more described in agreement)

Corporate identity number of the company	U72100MH1997PTC109740
Name of the company	PACIFIC INFOTECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	10B, Abbas Building, 1^st Floor, Jalbhai Street, Near Dreamland Cinema, Grant Road (East), Mumbai – 400 004, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Citi Bank, Trent House, 2^nd Floor, G. Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai- 400 051, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Goods Security Agreement.
Date of instrument Creating the charge	31.12.2010
Amount secured by the charge	Rs.80.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest on principal amount of the aforesaid fund based facilities advanced and outstanding - As per negotiated terms Terms of Repayment On demand Margin 20% against Stocks and Book Debts. Extent and Operation of the charge The hypothecated First pari passu charge on Assets, shall remain as security to the Bank for the due repayment by the Borrower to the Bank of the credit facilities together with interest, costs, charges and expenses and other monies payable by the Borrower AND also for due payment and discharge of all indebtedness/liability of the Borrower to the Bank. Others The Borrower expressly recognises and accepts that the Bank shall be absolutely entitled and have full power/authority to sell, assign or transfer in any manner and on such terms as the Bank may decide any or all outstanding dues of the Borrower to any third party of the Bank's choice without any further reference or intimation to the Borrower. The charge of Citibank NA on Assets shall rank First Pari Passu charge with the charge of Standard Chartered Bank.
Short particulars of the property charged	The whole of the Company's present and future, stocks of raw materials, goods in process of manufacture, semi-finished goods and all finished and manufactured goods All of the Company's present and future book debts, outstanding Monies, receivables, claims, bills, investments, securities, rights to or in moveable properties

Fixed Assets

· Computer

· Air Conditioner

· Furniture and Fixture

· Mobile Phone

· Office Equipments

· Machinery

· Television

· Land and Building

· Vehicle

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.51.04
UK Pound	1	Rs.81.08
Euro	1	Rs.67.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		47

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.