MIRA INFORM REPORT

Report Date :

06.12.2012

IDENTIFICATION DETAILS

Name :	PACE BUSINESS MACHINES PRIVATE LIMITED
Registered Office :	G-11, Camps Corner Apartment, Ground Floor, Near Shahad Railway Station, Shahad-West, Kalyan – 421103, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.11.1994
Com. Reg. No.:	11-083314
Capital Investment / Paid-up Capital :	Rs. 2.050 Millions
CIN No.: [Company Identification No.]	U99999MH1994PTC083314
TAN No.: [Tax Deduction & Collection Account No.]	MUMP17635C
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of software of computers, computers peripherals and computer stationeries.
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 225000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DENIED BY

Name :	Mr. Vivek Shoor
Designation :	Director
Contact No.:	91-251-2320912
Date :	05.12.2012

LOCATIONS

Registered Office :	G-11, Camps Corner Apartment, Ground Floor, Near Shahad Railway Station, Shahad-West, Kalyan – 421103, Maharashtra, India
Tel. No.:	91-251-2320912/ 2212909/ 2301333/ 2300876
Fax No.:	91-251-2212910/ 2301333
E-Mail :	pbmbom8@vsnl.net.in services@pbmpl.com
Website :	http://www.pbmpl.com

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Nitin Purshottam Agrawal
Designation :	Director
Address :	B Wing, 303 - OM Krishna Puram, Building No. 3, Shahad (West), Kalyan, Thane – 421103, Maharashtra, India
Date of Birth/Age :	26.02.1967
Date of Appointment :	29.11.1994
DIN No.:	00551857
Name :	Mr. Vivek Makarand Shoor
Designation :	Director
Address :	B-204, OM Krishna Puram, Shahad (West), Kalyan, Thane – 421103, Maharashtra, India
Date of Birth/Age :	01.09.1967
Date of Appointment :	29.11.1994
DIN No.:	00551958

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Nitin Agarwal	56500
Vivek Shoor	56500
Vishalaxi Agarwal	46000
Pallavi Shoor	46000
Total	205000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of software of computers, computers peripherals and computer stationeries.

GENERAL INFORMATION

No. of Employees :

Information declined by management

Bankers :

Oriental Bank of Commerce, Kalyan Branch, Omkar Apartment, Sai Park, Shivaji Chowk, Kalyan – 421301, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term loans
Oriental Bank of Commerce (Secured by hypothecation of stock, book debts and personal guarantee of directors)	10.345	3.105
Vehicle loan from Oriental Bank of Commerce (secured by hypothecation of vehicle financed)	0.129	0.305
Total	10.474	3.410
Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Directors
Nitin Agarwal	3.748	8.301
Vivek Shoor	4.073	8.575
From Relatives of Directors	0.000	0.000
Nitin Agarwal HUF	0.075	0.703
Vivek Shoor HUF	0.060	0.558
Pallavi Shoor	0.716	1.533
Vivekanand Agarwal	0.024	0.717
Mennakshi Agarwal	0.000	0.229
Rofit Agarwal	0.000	0.995
Total	8.696	21.611

Banking Relations :	--
Auditors :
Name :	Ranka Roongta and Company Chartered Accountants
Address :	R H No. 3 M Hill Garden View Society, Chitalsar, Manpada, Thane – 400607, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAFFR9806A

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
205,000	Equity Shares	Rs.10/- each	Rs. 2.050 Millions

Disclosure pursuant to Note No. 6(A) (d) of Part I of Schedule VI to the Companies Act, 1956

Particulars	Equity Shares
	Number	Amount
Shares outstanding at the beginning of the year	205000	2.050
Shares issued during the year	--	--
Shares bought back during the year	--	--
Shares outstanding at the end of the year	205000	2.050

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.050	2.050	2.050
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		54.277	30.755	7.885
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		56.327	32.805	9.935
LOAN FUNDS
1] Secured Loans		10.474	3.410	1.250
2] Unsecured Loans		8.696	21.611	6.443
TOTAL BORROWING		19.170	25.021	7.693
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		75.497	57.826	17.628
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.941	1.271	1.128
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.501	0.000	0.000
DEFERREX TAX ASSETS		0.161	0.096	0.050
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	43.800	5.369	0.667
	Sundry Debtors	93.324	349.725	5.857
	Cash & Bank Balances	36.462	12.204	11.980
	Other Current Assets	0.000	0.125	0.870
	Loans & Advances	30.430	15.938	4.508
Total Current Assets		204.016	383.361	23.882
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	96.148	300.854	1.825
	Other Current Liabilities	0.018	0.306	1.666
	Provisions	37.956	25.742	4.190
Total Current Liabilities		134.122	326.902	7.681
Net Current Assets		69.894	56.459	16.201
MISCELLANEOUS EXPENSES		0.000	0.000	0.249
TOTAL		75.497	57.826	17.628

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover	501.137	469.917	82.936
		Other Income	N.A.	N.A.	12.919
		TOTAL	N.A.	N.A.	95.855
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	N.A.	N.A.	N.A.
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		N.A.	34.517	8.677
Less/ Add	DEPRECIATION/ AMORTISATION		N.A.	0.340	0.266
	PROFIT BEFORE TAX		35.076	34.177	8.411
Less	TAX		11.554	11.307	2.605
	PROFIT AFTER TAX		23.522	22.870	5.806
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		29.355	7.885	N.A.
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	1.400	N.A.
	BALANCE CARRIED TO THE B/S		52.877	29.355	7.885
	Earnings Per Share (Rs.)		114.74	111.56	28.32

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	N.A.	N.A.	6.06
Net Profit Margin (PBT/Sales)	(%)	7.00	7.27	10.14
Return on Total Assets (PBT/Total Assets}	(%)	17.03	8.89	33.63
Return on Investment (ROI) (PBT/Networth)		0.62	1.04	0.85
Debt Equity Ratio (Total Liability/Networth)		2.72	10.73	1.55
Current Ratio (Current Asset/Current Liability)		1.52	1.17	3.11

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditors	96.148	300.854	1.825

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
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	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note: The registered address of the company has been shifted from C 23 Camps Corner, Near Shahad Station, Kalyan West, thane, Maharashtra, India to the present w.e.f.25.11.2008

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U99999MH1994PTC083314
Name of the company	PACE BUSINESS MACHINES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	G-11, Camps Corner Apartment, Ground Floor, Near Shahad Railway Station, Shahad-West, Kalyan – 421103, Maharashtra, India Email: pbm@bom8.vsnl.net.in
This form is for	Modification of charge
Charge identification number of the modified	90158586
Type of charge	Book Debts Movable Property Others (stocks)
Particular of charge holder	Oriental Bank of Commerce, Kalyan Branch, Omkar Apartment, Sai Park, Shivaji Chowk, Kalyan – 421301, Maharashtra, India Email: emailroc@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Supplemental Agreement to Secure Credit / Loan Facilities
Date of instrument Creating the charge	10.12.2010
Amount secured by the charge	Rs. 40.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest rate and penal interest rate as agreed between the borrower company and the bank from time to time. Terms of Repayment Repayment, as agreed between the borrower company and the bank from time to time. Margin Margin rate, as agreed between the borrower company and the bank from time to time. Extent and Operation of the charge At the request of the borrower company, the bank has enhanced overall banking facilities upto Rs. 40.000 Millions [Cash Credit Rs. 5.000 Millions, Bank Guarantee Rs. 30.000 Millions and Letter of Credit Rs. 5.000 Millions] against Hypothecation of entire Book-debts, Stock of Computer peripherals. The Charge Stands modified upto Rs. 40.000 Millions
Short particulars of the property charged	Hypothecation of entire Book-debts, Stock of Computer peripherals.
Particulars of the present modification	At the request of the borrower company, the bank has enhanced overall banking facilities upto Rs. 40.000 Millions [Cash Credit Rs. 5.000 Millions, Bank Guarantee Rs. 30.000 Millions and Letter of Credit Rs. 5.000 Millions] against Hypothecation of entire Book-debts, Stock of Computer peripherals. The Charge Stands modified upto Rs. 40.000 Millions

CONTINGENT LIABILITIES:

(Rs. in millions)

Particulars	31.03.2012	31.03.2011
Claims against the company not acknowledged as debt	0.000	0.000
Bank guarantees	13.481	7.078

FIXED ASSETS:

Ø Car

Ø Computer and Pheriperals

Ø Plant and Machinery

Ø Furniture and Fixture

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

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. 54.57
UK Pound	1	Rs. 87.90
Euro	1	Rs. 71.53

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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		46

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.