1. Summary Information

		Country	India
Company Name	SUMARIA APPLIANCES PRIVATE LIMITED	Principal Name 1	Mr. Sharman Premchand Shah
Status	Moderate	Principal Name 2	Mr. Nihal Premchand Shah
		Registration #	11-128806
Street Address	Shop No.8-11, King’s Corner, L J Road, Opposite Victoria Church, Mahim, Mumbai – 400 016, Maharashtra
Established Date	21.09.2000	SIC Code
Telephone#	91-22-25799210 / 24313020	Business Style 1	Wholesalers, Distributors, Traders, Retailers, Importers, Exporter and Dealers in All Types of Consumer, Durable Products, Information and Communication.
Fax #	91-22-25799208	Business Style 2	--
Homepage	pks@sumaria.co.in prem.shah@sumaria.in	Product Name 1	--
# of employees	200 Approximately	Product Name 2	--
Paid up capital	100000	Product Name 3	--
Shareholders	Directors or relative of directors 100 %	Banking	ICICI Bank Limited
Public Limited Corp.	--	Business Period	11Years
IPO	--	International Ins.	--
Public Enterprise	--	Rating	B (29)
Relation	--	Company Name	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	14,756,000	Current Liabilities	28,673,000
Inventories	51,719,000	Long-term Liabilities	71,239,000
Fixed Assets	39,716,000	Other Liabilities	367,000
Deferred Assets	0	Total Liabilities	100,279,000
Invest& other Assets	4,823,000	Retained Earnings	10,635,000
		Net Worth	10,735,000
Total Assets	111,014,000	Total Liab. & Equity	111,014,000
Total Assets (Previous Year)	140,596,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	248,147,000	Net Profit	NA
Sales(Previous yr)	243,541,000	Net Loss (Prev.yr)	12,441,000

MIRA INFORM REPORT

Report Date :

25.04.2011

IDENTIFICATION DETAILS

Name :	SUMARIA APPLIANCES PRIVATE LIMITED
Registered Office :	Shop No.8-11, King’s Corner, L J Road, Opposite Victoria Church, Mahim, Mumbai – 400 016, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.09.2000
Com. Reg. No.:	11-128806
CIN No.: [Company Identification No.]	U51325MH2000PTC128806
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesalers, Distributors, Traders, Retailers, Importers, Exporter and Dealers in All Types of Consumer, Durable Products, Information and Communication Technology Products, Media Products, Entertainment Products and its Accessories and Consumables.

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 42900
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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

LOCATIONS

Registered Office :	Shop No.8-11, King’s Corner, L J Road, Opposite Victoria Church, Mahim, Mumbai – 400 016, Maharashtra, India
Tel. No.:	91-22-25799210 / 24313020
Fax No.:	91-22-25799208
E-Mail :	pks@sumaria.co.in prem.shah@sumaria.in
Website :	http://sumaria.co.in
Location :	Rented
Branches :	Located At :- · Mahim · Chembur · Thane · Shivaji Park, Dadar

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Nihal Premchand Shah
Designation :	Director
Address :	81, Dadar Silver Beach CHS, off, Veer Savarkar Marg, Dadar, Mumbai – 400 028, Maharashtra, India
Date of Birth/Age :	15.04.1971
Date of Appointment :	09.02.1999
E-Mail:	nihal.shah@sumaria.in
Name :	Mr. Sharman Premchand Shah
Designation :	Director
Address :	81, Dadar Silver Beach CHS, off, Veer Savarkar Marg, Dadar, Mumbai – 400 028, Maharashtra, India
Date of Birth/Age :	23.06.1975
Date of Appointment :	09.02.1999
E-Mail:	sharman.shah@sumaria.in
Name :	Mr. Premchand Keshavji Shah
Designation :	Director
Address :	81, Dadar Silver Beach CHS, off, Veer Savarkar Marg, Dadar, Mumbai – 400 028, Maharashtra, India
Date of Birth/Age :	05.06.1943
Date of Appointment :	09.02.1999
E-Mail:	prem.shah@sumaria.in
Name :	Mrs. Sushila P. Shah
Designation :	Director
Address :	81, Dadar Silver Beach CHS, off, Veer Savarkar Marg, Dadar, Mumbai – 400 028, Maharashtra, India
Date of Birth/Age :	15.08.1945
Date of Appointment :	16.10.1990

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Premchand K Shah	234
Nihal Premchand Shah	250
Sharman Shah	250
Shah Premchand Sushila	250
Manisha N Sha	1
Premchand K Shah	8
Dhara S Shah	1
Vanechand N Vora	1
Mrudula V Shah	1
Govindji Samji Shah	1
Maniben Shah	1
Hira G Vora	1
Premchand K Shah HUF	1
Total	1000

EQUITY SHARES BREAKUP

AS ON 30.09.2010

Sr No.	Category	Percentage
1	Directors or relative of directors	100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :

Wholesalers, Distributors, Traders, Retailers, Importers, Exporter and Dealers in All Types of Consumer, Durable Products, Information and Communication Technology Products, Media Products, Entertainment Products and its Accessories and Consumables.

GENERAL INFORMATION

Suppliers :

· L G Electronics India Limited

· IFB India Limited

· Rahi Electronics Private Limited

· Samsung India Electronics Limited

· Whirlpool of India Limited

· Carrier Aircon Limited

· Philips India Limited

· Bajaj Electricals Limited

Customers :

· Aimco Pesticides Limited

· Godrej Appliances Limited

· Indian Hotels Company Limited

· Kesri Tours and Travels

· Lasalle partners (India) Private Limited

· Rediffusion Dy and R Private Limited

· SKF Bearing Limited

· HSBC Limited

No. of Employees :

200 Approximately

Bankers :

· ICICI Bank Limited, Land Mark Race Cource Circle , Alkapuri, Baroda – 390 015, Gujarat, India

· Citi Bank NA

· Citigroup Centre, Bandra Kurla Complex, G – Block Bandra (East), Mumbai – 51

· Bank of Baroda, Shivaji Park Branch, Mumbai-400016, Maharashtra, India

· Canara Bank

· Union Bank of India

Facilities :

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From Directors
Premchand K Shah	30.239	37.541
Nihal P Shah	11.229	10.339
Sharman P Shah	12.083	22.700
From Members
Dhara Shah	0.314	0.384
Manisha N Shah	2.658	2.658
Maniben K Shah	5.271	5.271
Deviben G Shah	0.000	9.171
Sushila P Shah	8.620	11.502
P.K. Shah HUF	0.825	0.825
Total	71.239	100.391

Banking Relations :

--

Auditors :

Name :

P.G. Oak and Company

Chartered Accountants

Address :

1, Gretas House, Bhagat Lane Mahim, Mumbai – 400 016, Maharashtra, India

Name :

RSVA and Company

Chartered Accountants

Address :

10 Londhe Mahal, Gokhale Road, Mulund East, Mumbai 400081, MAharashtra, India

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
4500	Equity Shares	Rs. 100/- each	Rs. 0.450 million
500	14% Cumulative Participating Redeemable Preference Shares	Rs. 100/- each	Rs. 0.050 million
		Total	Rs. 0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity shares	Rs. 100/- each	Rs. 0.100 million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.635	21.218	33.659
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10.735	21.318	33.759
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		71.239	100.391	89.170
TOTAL BORROWING		71.239	100.391	89.170
DEFERRED TAX LIABILITIES		0.367	0.368	0.368
TOTAL		82.341	122.077	123.297
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		39.716	27.924	30.013
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		4.823	16.559	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	51.719	54.896	71.985
	Sundry Debtors	4.102	0.965	2.652
	Cash & Bank Balances	1.116	2.172	1.029
	Other Current Assets	5.570	4.501	3.678
	Loans & Advances	3.968	27.022	21.084
Total Current Assets		66.475	89.556	100.428
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.105	9.811	6.530
	Current Liabilities	11.568	8.708	7.991
	Provisions	0.000	0.000	0.000
Total Current Liabilities		28.673	18.519	14.521
Net Current Assets		37.802	71.037	85.907
MISCELLANEOUS EXPENSES		0.000	6.557	7.377
TOTAL		82.341	122.077	123.297

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	248.147	243.541	379.100
		Other Income	1.075	2.328	4.566
		TOTAL (A)	249.222	245.869	383.666
Less	EXPENSES
		Cost of Goods Sold	216.124	214.953	333.957
		Managerial Remuneration and Employee Cost	7.188	7.658	11.598
		Administrative & Other Expenses	15.629	21.075	21.577
		Selling & Distribution Expenses	11.298	6.765	11.354
		TOTAL (B)	250.239	250.451	378.486
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(1.017)	(4.582)	5.180
Less	FINANCIAL EXPENSES (D)		0.284	4.656	8.326
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1.301)	(9.238)	(3.146)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	2.383	2.628
	PROFIT BEFORE TAX (E-F) (G)		NA	(11.621)	(5.774)
Less	TAX (H)		NA	0.820	0.488
	PROFIT AFTER TAX (G-H) (I)		NA	(12.441)	(6.262)
	Earnings Per Share (Rs.)		--	(12441.00)	(6262.00)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	(5.06)	(1.63)
Net Profit Margin (PBT/Sales)	(%)	NA	(4.77)	(1.52)
Return on Total Assets (PBT/Total Assets}	(%)	NA	(9.89)	(4.43)
Return on Investment (ROI) (PBT/Networth)		NA	(0.55)	(0.17)
Debt Equity Ratio (Total Liability/Networth)		9.34	5.57	3.07
Current Ratio (Current Asset/Current Liability)		2.31	4.84	6.92

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSTES:

· Motor Car

· Computers

· Air Conditioners

· Furniture and Fixtures

· Telephone Equipments

· Fax Machines

· Electrical Equipments

· Electrical Installation

· Neon Sign Board

· Refrigerator

· Water Purifier

· Cable Disk

· Shop Premises

FORM 8:-

This form is for	Creation of charge
Corporate identity number of the company	U51325MH2000PTC128806
Name of the company	SUMARIA APPLIANCES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Shop No.8-11, King’s Corner, L J Road, Opposite Victoria Church, Mahim, Mumbai – 400 016, Maharashtra, India
Type of charge	Others (Credit Card Receivables)
Particular of charge holder	CIN No.: L65190GJ1994PLC021012 ICICI Bank Limited, Land Mark Race Cource Circle , Alkapuri, Baroda – 390 015, Gujarat, India E-Mail: mehta.vishal@icicibank.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation dated 30.07.2007 executed by Sumaria Appliances Private Limited in favour of ICICI Bank Limited at Mumbai.
Date of instrument Creating the charge	30.07.2007
Amount secured by the charge	Rs.7.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: IBAR (15.75%) + CC Premia (0.50%) – 3.25% p.a. (Subject to a minimum of 13.0% p.a.) Terms of Repayment: On demand Extent and Operation of the charge: Credit Card Receivables, present and future by way of exclusive charge. Others: All other terms and conditions as applicable in DOH.

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.44.30
UK Pound	1	Rs.72.92
Euro	1	Rs.64.69

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.