MIRA INFORM REPORT

Report Date :

04.05.2012

IDENTIFICATION DETAILS

Name :	ABACUS PERIPHERALS PRIVATE LIMITED
Registered Office :	29, Apurva Industrial Estate, Makawana Road, Off Andheri Kurla Road, Marol, Andheri, Mumbai – 400 059, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.01.1986
Com. Reg. No.:	11-038619
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U72200MH1986PTC038619
TAN No.: [Tax Deduction & Collection Account No.]	MUMA10647A
PAN No.: [Permanent Account No.]	AAACA7301F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Memory Modules
No. of Employees :	100 (Approximately)

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 383000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the profitability of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct ands 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. Umesh
Designation :	Chief Executive Officer
Contact No.:	91-9323725554
Date :	03.05.2012

LOCATIONS

Registered Office :	29, Apurva Industrial Estate, Makawana Road, Off Andheri Kurla Road, Marol, Andheri, Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-40914600
Mobile No.:	91-9323725554 (Mr. Umesh)
Fax No.:	91-22-40914646
E-Mail :	enquiry@abacusperipherals.com umesh@abacusperipherals.com accounts@abacusperipherals.com
Website :	www.abacusperipherals.com
Area :	3000 sq ft
Location :	Owned
Factory 1 :	F/ 2, F - 16, Chirag Industrial Complex, 39/40 Golden Industrial Estate, Somnath Road, Dhabal, Daman, Union Territory
Factory 2 :	F – 17, Chirag Industrial Complex, 39/ 40, Gold Daman (UT), Daman – 396 210, India
Branch Office :	Located at: Mumbai Ahmedabad Pune Raipur Kolkata Bhubuneswar Ranchi Guwahati Patana Agartala Delhi Ghaziabad Ludhiana Jaipur Dehradun Cochin Secunderbad Chennai Bangalore

DIRECTORS

As on 30.09.2011

Name :	Mrs. Deepa Devi Modi
Designation :	Director
Address :	Meenaxi, Row House No. 8, Gokuldham, Goregaon (East), Mumbai -400 063, Maharashtra, India
Date of Birth/Age :	25.03.1964
Qualification :	H.S.C
Date of Appointment :	28.09.1996
DIN No.:	01296908
Name :	Mr. Rajesh Kumar Modi
Designation :	Director
Address :	Meenaxi, Row House No. 8, Gokuldham, Goregaon (East), Mumbai -400 063, Maharashtra, India
Date of Birth/Age :	14.10.1963
Qualification :	B.Com, LLB
Date of Appointment :	01.04.2002
DIN No.:	00739679

KEY EXECUTIVES

Name :	Mr. Umesh
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Deepa Modi	5450
Banbury Impex Private Limited, India	18000
Shanti Devi Modi	15800
Varun Modi	16500
Anjana Modi	10950
Vipul Modi	11100
Kunal Modi	5600
Neha Modi	5600
Vatsal Modi	11000
Total	100000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	18.00
Directors or relatives of Directors	82.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Memory Modules
Products :	Populated Printed Circuit Boards
Brand Names :	“ZION”
Imports :
Products :	Hard Drive and Spares
Countries :	Taiwan Hong Kong Singapore China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

• Biostar

Customers :

End Users and OEM’s

• HCL
• Zenith Computer

No. of Employees :

100 (Approximately)

Bankers :

• Punjab National Bank, Bandra Linking Road Branch, Bandra, Mumbai – 400 050, Maharashtra, India
• Standard Chartered Bank, SME Credit, 23-25, M.G. Road, Fort, Mumbai – 400 001, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Other debt secured	112.515	102.103
Total	112.515	102.103
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Other debt unsecured	0.000	0.304
Total	0.000	0.304
Standard Chartered Bank Cash Credit of Rs.200.000 Millions

Banking Relations :	--
Auditors :
Name :	ASL and Company Chartered Accountants
Address :	102, Gauresh Apartment, Agarkar Chowk, Old Police Lines, Andheri, Mumbai – 400 069, Maharashtra, India
Tel. No.:	91-22-26841173/ 26838038/ 26830558/ 26838557
Fax No.:	91-22-26842206
E-Mail :	choudhary.pansari@mtnl.net.in
PAN.:	AAAFC1257B
Sister Concern :	Banbury Impex

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.10/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.10/- each	Rs.1.000 million

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		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		94.766	88.601	72.789
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		95.766	89.601	73.789
LOAN FUNDS
1] Secured Loans		112.515	102.104	63.091
2] Unsecured Loans		0.000	0.304	0.000
TOTAL BORROWING		112.515	102.408	63.091
DEFERRED TAX LIABILITIES		3.203	6.864	5.695
TOTAL		211.484	198.873	142.575
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.850	9.264	6.796
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.077	0.075	0.074
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	81.132	84.677	62.635
	Sundry Debtors	98.500	94.294	86.364
	Cash & Bank Balances	26.865	20.826	18.570
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	83.105	63.918	43.733
Total Current Assets		289.602	263.715	211.302
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	76.099	57.241	61.309
	Other Current Liabilities	15.946	16.400	14.288
	Provisions	0.000	0.540	0.000
Total Current Liabilities		92.045	74.181	75.597
Net Current Assets		197.557	189.534	135.705
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		211.484	198.873	142.575

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1191.124	996.316	810.987
		Other Income		0.544	1.345
		TOTAL (A)	1191.124	996.860	812.332
Less	EXPENSES
		Raw Material Consumed	1178.982	970.873	241.449
		Excise Duty			36.879
		Cost of Goods Sold			426.845
		Sales Tax/ VAT			26.994
		Manufacturing, Administrative & Other Expenses			60.392
		Increase/(Decrease) in Stock			(1.021)
		TOTAL (B)	1178.982 (Including Financial Expenses)	970.873 (Including Financial Expenses)	791.538
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				20.794
Less	FINANCIAL EXPENSES (D)				0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.142	25.987	20.794
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.000	1.914	1.549
	PROFIT BEFORE TAX (E-F) (G)		10.142	24.073	19.245
Less	TAX (H)		3.617	8.621	7.128
	PROFIT AFTER TAX (G-H) (I)		6.525	15.452	12.117
Less	(Excess)/Short Provision for Income Tax for Earlier years		NA	72.789	0.007
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	60.679
	BALANCE CARRIED TO THE B/S		NA	NA	72.789
	IMPORTS		898.963	765.531	526.263
	Earnings Per Share (Rs.)		65.25	154.52	121.10

Particulars	31.03.2012
Sales Turnover (Approximately)	1220.000

The above information has been parted by Mr. Umesh – Chief Executive Officer

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.55	1.55	1.49
Net Profit Margin (PBT/Sales)	(%)	NA	2.42	2.37
Return on Total Assets (PBT/Total Assets}	(%)	3.34	8.82	8.82
Return on Investment (ROI) (PBT/Networth)		0.11	0.27	0.26
Debt Equity Ratio (Total Liability/Networth)		2.14	1.97	1.88
Current Ratio (Current Asset/Current Liability)		3.15	3.56	2.80

LOCAL AGENCY FURTHER INFORMATION

The Details of Sundry Creditors:

Rs. In Millions

Particulars	31.03.2011	31.03.2010	31.03.2009
Creditors due small micro enterprises	76.099	57.241	61.309

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	Yes
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	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
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

Review of Operations

During the year the company has performed exceedingly well and achieved higher income from operations Rs.1191.100 Millions.

Bankers Charges Report as per Registry

Corporate identity number of the company	U72200MH1986PTC038619
Name of the company	ABACUS PERIPHERALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	29, Apurva Industrial Estate, Makawana Road, Off Andheri Kurla Road, Marol, Andheri, Mumbai – 400 059, Maharashtra
This form is for	Modification of charge
Type of charge	Immovable Property
Particular of charge holder	Standard Chartered Bank, SME Credit, 23-25, M.G. Road, Fort, Mumbai – 400 001, Maharashtra, India E-Mail: reenabang@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry – Supplemental
Date of instrument Creating the charge	25.02.2010
Amount secured by the charge	Rs.200.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Credit Facility. Interest / Commission - 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 first charge on the security given by the company.
Short particulars of the property charged	Mortgage of F-16, Chirag Industrial Estate, Somnath, Daman
Date of latest modification prior to the present modification	23.02.2010
Particulars of the present modification	By present modification, the existing charge of Rs.185.000 Millions enhanced to Rs.200.000 Millions and now the entire credit facility of Rs.200.000 is secured with mortgage of immovable property of the company at F-16, Chirag Industrial Estate, Somnath, Daman. Out of Rs.200.000 Millions, the facility of Rs.185.000 millions already secured with stock, book debts and movable fixed assets of the Company vide Hypothecation Agreement - Supplemental dated 23.02.2010.

TRADE REFERENCES

• HCL Info Systems Limited
• Zenith Computers Limited
• Bio Star

FIXED ASSETS

• Air Conditioner
• Building
• Furniture and Fixture
• Plant and Machinery
• Office Equipment
• Electrical Installations
• Computers
• Testing Equipments
• Motor Car and Scooter
• Generator
• Mouldes and Dies

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.53.24
UK Pound	1	Rs.86.14
Euro	1	Rs.69.98

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	MYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	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	YES
--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.