MIRA INFORM REPORT

Report Date :

14.01.2013

IDENTIFICATION DETAILS

Name :	ABACUS PERIPHERALS PRIVATE LIMITED
Registered Office :	29, Apurva Industrial Estate, Makwana Road, Off Andheri Kurla Road, Marol, Andheri, Mumbai – 400 059, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
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 380000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. 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 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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.

LOCATIONS

Registered Office :	29, Apurva Industrial Estate, Makwana 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 – 396210, India
Branch Office :	Located at: · Delhi · Lucknow · Ludhiana · Jaipur · Dehradun · Kolkata, · Bhubuneshwar · Ranchi · Guwahati · Patna · Raipur · Mumbai · Bhiwandi · Ahmedabad · Surat · Pune · Rajkot · Nagpur · Kolhapur · Daman · Cochin, · Secunderabad · Vizag · Vijaywada · Chennai · Bangalore · Mangalore · Hubli

DIRECTORS

As on 29.09.2012

Name :

Mrs. Deepa Devi Modi

Designation :

Director

Address :

6, Meenaxi, Gokuldham, Goregaon (East), Mumbai - 400063, Maharashtra, India

Date of Birth/Age :

25.03.1964

Qualification :

H.S.C

Date of Appointment :

28.09.1996

PAN No.:

AAHPM0771D

DIN No.:

01296908

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72200MH1986PTC038619	ABACUS PERIPHERALS PRIVATE LIMITED	Director	28-09-96	28-09-96	-	Active	NO
2	U74140WB1997PTC083368	SPECTRUM SALES PROMOTION PRIVATE LIMITED	Director	08-09-98	08-09-98	-	Active	NO

Name :

Mr. Rajesh Kumar Modi

Designation :

Director

Address :

Meenaxi, Row House No. 8, Gokuldham, Goregaon (East), Mumbai - 400063, Maharashtra, India

Date of Birth/Age :

14.10.1963

Qualification :

B.Com, LLB

Date of Appointment :

01.04.2002

DIN No.:

00739679

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17110MH2000PTC128167	BANBURY COTTONS PRIVATE LIMITED	Director	09-08-00	09-08-00	-	Active	NO
2	U72200MH1986PTC038619	ABACUS PERIPHERALS PRIVATE LIMITED	Director	01-04-02	01-04-02	-	Active	NO
3	U30007MH2005PTC150845	AAYUSH INFOTECH PRIVATE LIMITED	Director	17-04-07	17-04-07	-	Active	NO
4	U70100MH2006PLC160599	TARAPUR TEXTILE PARK LIMITED	Director	07-09-07	28-05-07	03-07-10	Active	NO
5	U99100MH1954NPL009434	THE SYNTHETIC AND RAYON TEXTILES EXPORT PROMOTION COUNCIL	Director	27-09-10	27-09-10	-	Active	NO
6	U17121MH2001PTC132788	LA-TRENDZ FABRICA PRIVATE LIMITED	Director	22-04-11	22-04-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Deepa Modi	27250	5.45%
Banbury Impex Private Limited, India	90000	18.00%
Shanti Devi Modi	79000	15.80%
Kunal Modi	28000	5.60%
Rajesh Kumar Modi Neha Modi	28000	5.60%
Rajesh Kumar Modi Varun Modi	82500	16.50%
Rajesh Kumar Modi Anjana Modi	54750	10.95%
Rajesh Kumar Modi Vipul Modi	55500	11.10%
Rajesh Kumar Modi Vatsal Modi	55000	11.10%
Total	500000	100.00%

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

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 :	ZION Dynamic Ram The IQ PRO Flash Products-Pen Drives and Micro SD Cards. Biostar Motherboards. Sparkle NVIDIA Graphic Cards. Palit NVIDIAGraphic cards PowerColor AMD Graphic cards Cooler Master SMPS, Chassis and Note Book Cooling Pad. Genius Computer Accessories-Keyboards, Mouse, Webcams, Headsets, Speakers and Tablets

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

• Punjab National Bank, Bandra Linking Road Branch, Bandra, Mumbai – 400050, Maharashtra, India

• Standard Chartered Bank, SME Credit, 23-25, M.G. Road, Fort, Mumbai – 400001, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Rupee term loans from others	29.176	0.000
Term loans from banks	114.254	112.515
Total	143.430	112.515

Banking Relations :	--
Auditors :
Name :	ACL 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

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		95.201	94.766	88.601
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		96.201	95.766	89.601
LOAN FUNDS
1] Secured Loans		143.430	112.515	102.104
2] Unsecured Loans		0.000	0.000	0.304
TOTAL BORROWING		143.430	112.515	102.408
DEFERRED TAX LIABILITIES		1.006	3.203	6.864
TOTAL		240.637	211.484	198.873
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.128	13.850	9.264
Capital work-in-progress		44.855	0.000	0.000
INVESTMENT		0.077	0.077	0.075
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	104.618	81.132	84.677
	Sundry Debtors	104.956	98.500	94.294
	Cash & Bank Balances	23.087	26.865	20.826
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	57.851	83.105	63.918
Total Current Assets		290.512	289.602	263.715
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	89.239	76.099	57.241
	Other Current Liabilities	10.115	7.156	16.400
	Provisions	9.581	8.790	0.540
Total Current Liabilities		108.935	92.045	74.181
Net Current Assets		181.577	197.557	189.534
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		240.637	211.484	198.873

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1104.100	1191.124	996.316
		Other Income	NA		0.544
		TOTAL (A)	NA	1191.124	996.860
Less	EXPENSES
		Raw Material Consumed	NA	1178.982	970.873
		Excise Duty
		Cost of Goods Sold
		Sales Tax/ VAT
		Manufacturing, Administrative & Other Expenses
		Increase/(Decrease) in Stock
		TOTAL (B)	NA	1178.982 (Including Financial Expenses)	970.873 (Including Financial Expenses)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA
Less	FINANCIAL EXPENSES (D)		NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	12.142	25.987
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	2.000	1.914
	PROFIT BEFORE TAX (E-F) (G)		NA	10.142	24.073
Less	TAX (H)		NA	3.617	8.621
	PROFIT AFTER TAX (G-H) (I)		NA	6.525	15.452
Less	(Excess)/Short Provision for Income Tax for Earlier years		NA	NA	72.789
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	NA
	BALANCE CARRIED TO THE B/S		NA	NA	NA
	IMPORTS		NA	898.963	765.531
	Earnings Per Share (Rs.)		NA	65.25	154.52

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	0.55	1.55
Net Profit Margin (PBT/Sales)	(%)	NA	NA	2.41
Return on Total Assets (PBT/Total Assets}	(%)	NA	3.34	8.82
Return on Investment (ROI) (PBT/Networth)		NA	0.11	0.27
Debt Equity Ratio (Total Liability/Networth)		2.62	2.14	1.97
Current Ratio (Current Asset/Current Liability)		2.67	3.15	3.56

LOCAL AGENCY FURTHER INFORMATION

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	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	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last two 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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

COMPANIES AFFAIR

During the year the Company has performed exceedingly well and achieved higher income from operation of Rs.1104.100 millions.

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 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 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.54.54
UK Pound	1	Rs.88.05
Euro	1	Rs.72.29

INFORMATION DETAILS

Report Prepared by :

MRI

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.