BUSINESS INFORMATION REPORT

1. Summary Information

		Country	INDIA
Company Name	DASS ELECTRIC TRADING COMPANY PRIVATE LIMITED	Principal Name 1	MR. NARESHCHANDRA BISHANDAS SAREEN
Status	SATISFACTORY	Principal Name 2	MR. DINESH BISHANDAS SAREEN
		Registration #	11-48872
Street Address	UNIT NO. G7A, SACRED WORLD, JAGTAP CHOWK, WANAWADI, PUNE-411040, MAHARASHTRA
Established Date	19.09.1988	SIC Code	--
Telephone#	91-20-26851385	Business Style 1	DEALER
Fax #	91-20-26856021	Business Style 2	-
Homepage	---	Product Name 1	WASHING MACHINES,
# of employees	35	Product Name 2	REFRIGERATORS
Paid up capital	Rs.30000000/-	Product Name 3	TELEVISION
Shareholders	DIRECTORS OR RELATIVES OF DIRECTORS (100%)	Banking	CANARA BANK
Public Limited Corp.	NO	Business Period	22 YEARS
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	BA(45)
Related Company
Relation	Country	Company Name	CEO
-	-	-	-
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2009		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	59,435,000	Current Liabilities	51,758,000
Inventories	189,001,000	Long-term Liabilities	231,284,000
Fixed Assets	102,450,000	Other Liabilities	0,000
Deferred Assets	0,000	Total Liabilities	283,042,000
Invest& other Assets	2,000	Retained Earnings	37,847,000
		Net Worth	67,846,000
Total Assets	350,888,000	Total Liab. & Equity	350,888,000
Total Assets (Previous Year)	286,218,000
P/L Statement as of	31.03.2009		(Unit: Indian Rs.)
Sales	1313,795,000	Net Profit	23,335,000
Sales(Previous yr)	1,190,600,000	Net Profit(Prev.yr)	9,648,000

MIRA INFORM REPORT

Report Date :

26.04.2011

IDENTIFICATION DETAILS

Name :	DASS ELECTRIC TRADING COMPANY PRIVATE LIMITED
Registered Office :	Unit No. G7A, Sacred World, Jagtap Chowk, Wanawadi, Pune-411040, Maharashtra
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	19.09.1988
Com. Reg. No.:	11-48872
CIN No.: [Company Identification No.]	U52334MH1988PTC048872
Legal Form :	Private Limited Liability Company
Line of Business :	Dealers in Washing Machines, Refrigerators TV Air conditioners and Various other electronic appliances and IT Products

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 270000
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 dealing 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. Nareshchandra Bishandas Sareen
Designation :	Director
Date :	25.04.2011

LOCATIONS

Registered Office :	Unit No. G7A, Sacred World, Jagtap Chok, Wanawadi, Pune-411040, Maharashtra, India
Tel. No.:	91-20-26851385
Mobile No. :	91-9922995568 [Mr. Shah]
Fax No.:	91-20-26856021
E-Mail :	dasselec@bsnl.com nareshsareen@gmail.com
Website :	http://dusselectronics.in
Area :	10000 sq. ft
Location:	Owned
Showrooms :	· Kothrud · Nashik · Pune Camp · Aundh · Pimpari · Kalyan Nagar · Hadapsar · Vanodi · Airport Road
Warehouse :	Located At: v Pune
Area :	20 to 25000 sq. ft.
Location:	Leased

DIRECTORS

Name :	Mr. Nareshchandra Bishandas Sareen
Designation :	Chairman and Managing Director
Address :	29, Salisblry Park, Gultekdi, Pune – 411 001, Maharashtra
Date of Birth/Age :	07.04.1949
Qualification :	MA
Date of Appointment :	19.09.1998
Name :	Mr. Dinesh Bishandas Sareen
Designation :	Director
Address :	29, Salisblry Park, Gultekdi, Pune – 411 001, Maharashtra
Date of Birth/Age :	11.07.1951
Qualification :	B.com
Date of Appointment :	19.09.1998
Name :	Ms. Usha Rameshchandra Sareen
Designation :	Director
Address :	29, Salisblry Park, Gultekdi, Pune – 411 001, Maharashtra
Date of Birth/Age :	10.01.1940
Qualification :	BA
Date of Appointment :	19.09.1998
Name :	Mr. Vicky Naresh Sareen
Designation :	Additional Director
Address :	29, Salisblry Park, Gultekdi, Pune – 411 001, Maharashtra
Date of Birth/Age :	19.10.1984
Qualification :	B.com
Date of Appointment :	01.05.2008
Name :	Mr. Kapil Dinesh Sareen
Designation :	Director
Address :	29, Salisblry Park, Gultekdi, Pune – 411 001, Maharashtra
Date of Birth/Age :	18.10.1979
Qualification :	B.com
Date of Appointment :	01.10.2007
Name :	Mr. Karan Dinesh Sareen
Designation :	Director
Address :	29, Salisblry Park, Gultekdi, Pune – 411 001, Maharashtra
Date of Birth/Age :	21.11.1976
Qualification :	B.com
Date of Appointment :	01.10.2007

KEY EXECUTIVES

Name :	Mr. Manoj H Shah
Designation :	Company Secretary
Address :	205, Kasba Peth, Mujumdar Lane, Pune – 411 011, Maharashtra, India
Name :	Mr. Sanjay Nagale
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2009

Names of Shareholders	No. of Shares
Naresh Bishandas Sareen	389100
Dinesh Bishandas Sareen	186350
Usha Ramesh Sareen	419700
Kunal Naresh Sareen	137000
Kapil Dinesh Sareen	409650
Karan Dinesh Sareen	411450
Naresh Bishandas Sareen (HUF)	89250
Dinesh Sareen HUF	89150
Asha Naresh Sareen	248650
Madhu Dinesh Sareen	213550
Vicky Naresh Sareen	406150
Total	3000000

As on 29.09.2009

Equity Share Breakup (Percentage of Total Equity)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Dealers in Washing Machines refrigerators TV Air conditioners and Various other electronic appliances and IT Products
Agencies Held :	· LG · Samsung · Sony · Videocon
Terms :
Selling :	Cash and credit [45 Days]
Purchasing :	Cash and credit [45 Days]

GENERAL INFORMATION

No. of Employees :

25 (Approximately)

Customers :

· Wholesalers

· End Users

Bankers :

· Canara Bank, 11 M. G. Road, Ground Floor, Camp, Pune-411 001, Maharashtra, India [Credit Limit – Cash Credit Rs. 200.00 Millisons]

· Janseva Sahakari Bank Limited, Head Office : 156, Gandhi Chowk, Hadapsar, Pune – 411028

· Indian Overseas Bank, Pimpri Chinchwad Branch, No. 5 and 6 Vishal Arcade, Station Road, Chinchwad, Pune – 33

· Standard Charted Bank, 23 –25, M G Road, Mumbai – 400 001.

Facilities :

Secured Loans :	As on 31.03.2009 Rs. in Millions
From Banks against Hypothecation of Stock and Book Debts Cash Credit Account	140.075
Term Loan Accounts	29.079
Total	169.154

Unsecured Loans :	As on 31.03.2009 Rs. in Millions
From Directors/ Family Members	62.130
Total	62.130

Banking Relations :	-
Auditors :
Name :	Sunil Shah and Associates Chartered Accountant
Address :	2/56, Shastri Apartments, Pune – 411 001, Maharashtra, India

CAPITAL STRUCTURE

As on 29.09.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs. 10/- each	Rs.30.000 Millions

As on 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		30.000	30.000	20.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		37.847	18.022	10.714
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		67.847	48.022	30.714
LOAN FUNDS
1] Secured Loans		169.154	118.823	69.655
2] Unsecured Loans		62.130	63.020	35.863
TOTAL BORROWING		231.284	181.843	105.518
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		299.131	229.865	136.232
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		102.450	53.337	26.343
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	189.001	145.707	86.949
	Sundry Debtors	8.855	26.131	21.117
	Cash & Bank Balances	0.945	4.294	8.164
	Other Current Assets	10.992	5.254	9.714
	Loans & Advances	38.643	51.492	16.586
Total Current Assets		248.436	232.878	142.530
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	51.758	56.353	29.335
	Provisions	0.000	0.000	3.308
Total Current Liabilities		51.758	56.353	32.643
Net Current Assets		196.678	176.525	109.887
MISCELLANEOUS EXPENSES		0.002	0.002	0.002
Difference in Books		0.001	0.001	0.000
TOTAL		299.131	229.865	136.232

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
Sales Turnover		1313.795	1190.600	674.208
Other Income		90.529	82.147	49.002
Total Income		1404.324	1272.747	723.210
Profit/(Loss) Before Tax		27.075	13.648	8.841
Provision for Taxation		3.740	4.000	2.300
Profit/(Loss) After Tax		23.335	9.648	6.541
Expenditures :
	Cost of Goods Sold	1179.107	1122.947
	Payments of Employee	42.987	32.694
	Office and Administrative Cost	101.315	65.581
	General Expenses	45.839	34.188	714.369
	Directors Remuneration	3.893	1.819
	Depreciation	4.108	1.870
Total Expenditure		1377.249	1259.099	714.369
Earnings Per Share (Rs.)		7.78	3.22	NA

Particulars	31.03.2011	31.03.2010
Sales Turnover (Approximately)	1430.000	1400.000

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	1.66	0.76	0.90
Net Profit Margin (PBT/Sales)	(%)	2.06	1.15	1.31
Return on Total Assets (PBT/Total Assets}	(%)	17.56	4.45	5.24
Return on Investment (ROI) (PBT/Networth)		0.40	0.28	0.29
Debt Equity Ratio (Total Liability/Networth)		4.42	5.39	4.50
Current Ratio (Current Asset/Current Liability)		4.80	3.29	4.37

LOCAL AGENCY FURTHER INFORMATION

Note:

Registered office of the company has been shifted from 2412 Yogesh House (East) Street, Pune-411001, Maharashtra, India to the present address w.e.f. 26.08.2008

Bankers Charges Report as per Registry

Name of the company	DASS ELECTRIC TRADING COMPANY PRIVATE LIMITED
Presented By	DASS ELECTRIC TRADING COMPANY PRIVATE LIMITED
1) Date and description of instrument creating the change	The Borrower (company) has by declaration created the Hypothecation on stock and book debts in favor of the Standard Chartered Bank on 23.09.2005. The certified copy of the Agreement of Hypothecation of stock and book debts is enclosed. The Borrower has by declaration created Mortgage on the immovable property in favour of Standard Chartered Bank on The certified copy of the Memorandum of Entry for mortgage by way of deposit of title deeds in this regard is enclosed.
2) Amount secured by the charge/amount owing on the securities of charge	Rs.38.330 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of 1. Al the stock in trade both present aid future consisting of raw materials, finished goods. Goods in process of manufacturing and other merchandise whatsoever, being movable properties now or at any lime hereafter belonging to tile Borrower or at the Borrowers disposal and now or at any time and from time to time hereafter stored or be stored or brought into or ton or in course of transit to the Borrower’s factory or premises or at any other place whatsoever and wheresoever in the Borrower’s possession or Occupation or at any other premises or place. 2. All the present and future book debts, outstanding moneys receivable, Claims and bills which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing to the Borrower’s in the course of its business by any person, firm. company or body corporate or by tile Government Department or office or any Municipal or Local or Public or Semi Government body or authority or any body corporate or undertaking or project whatever in the public sector
4) Gist of the terms and conditions and extent and operation of the charge.	Security for Overdraft Facility of Rs.32.500 millions and Term Loan of Rs.5.830 millions granted to Dass Electric Trading Company Private Limited. Charges operate as first and paramount charge in favor of the Bank as security for all dues under the Term Loan Facility.
5) Name and Address and description of the person entitled to the charge.	Standard Chartered Bank, 23-25, MG Road, Mumbai- 400 001, Maharashtra, India
6) Date and brief description of instrument modifying the charge	Not Applicable
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Applicable

Corporate identity number of the company	U52334MH1988PTC048872
Name of the company	DASS ELECTRIC TRADING COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit No. G7A, Sacred World, Jagtap Chok, Wanawadi, Pune-411040, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the modified	10045838
Type of charge	Book Debts Movable Property Floating Charge Immovable property
Particular of charge holder	Canara Bank, Camp Branch, Camp, Pune-411001, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	1. Term Loan Agreement 2. Supplemental Common Hypothecation Agreement Both the documents creating single Charge
Date of instrument Creating the charge	22.08.2009
Amount secured by the charge	Rs.198.400 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 15.50% Terms of Repayment Repayment on Demand Margin As Per Bank Policy Extent and Operation of the charge Hypothecation Agreement dated 23/03/2007, 31/05/2007and supplementary agreement/agreements dated 20/08/2008 thereby creating a security in favour of the Bank on Assets described in schedule II of said Agreement.
Short particulars of the property charged	i) Prime Security: Stock and Book Debts, Fixed Assets purchased out of own finance. ii) Collateral Security: Fixed Assets, ETM of Shop No. 7 Chetana Co-op Hsg. Socity, EMT of Flat No. 2, 4 and 6 Gulmohar Chalet Apt, Show Room 1+2 Sai Kunj Paud Road, Shop No 4 Ground floor Chetana Co-Op iii) Collateral Security: Fixed Assets, ETM of Shop No. 7 Chetana Co-op Hsg. Socity, EMT of Flat No. 2, 4 and 6 Gulmohar Chalet Apt, Show Room 1+2 Sai Kunj Paud Road, Shop No 4 Ground floor Chetana Co-Op
Date of latest modification prior to the present modification	05.05.2009
Particulars of the present modification	Sanction of Rs.20.000 millions. The Amount of the Charged Increased From Rs.178.400 millions to Rs.198.400 millions.

Trade References:

· LG

· Samsung

· Sony

Fixed Assets:

v Furniture

v Computer

v Office Equipment

v Electrical Installation

v Vehicle

v Air Conditioner

v Generator

AS PER WEBSITE DETAILS

Executive Summary

DASS Electric Trading Company was founded by Late Shri Bishan Dass Sareen in 1939.

Later this was incorporated as a private limited company on 19th September, 1988. Subject is a leading chain of electronic superstores based in Pune, engaged in the business of electronic and consumer durables and home appliances. Subject is one of the well-established companies in the organized retailing of consumer electronics and home appliances products, currently running 10 stores in Pune and 1 store in Nasik subject has recruited a highly skilled and trained staff across all its stores who counsel and guide customers to buy the right product. Already reigning over the hearts of the Puneite, subject has set its sight on potential markets outside the city by launching Nasik’s largest store of electronics and home appliances, in this fiscal year.

Besides being into retailing, subject also has to its credit the expertise of being a service provider in the industry. Today subject is the only multi-brand chain in the city which also has a service center which functions as a completely independent unit. It caters to all repairing and servicing issues of electronic and home appliances, even beyond warranty.

The Company

Group History

Founded by Late Bishan Dass Sareen, Dass Electricals is a household name in the Peshwa city since 70 years. Flagged of in the year 1939, DASS begun with a single store in the heart of Pune city with various kinds of electricals accessories under its wing.

By the 70’s there came in the television boom and lifestyle of the Puneite was undergoing a rapid change with introduction of home appliances and electronic gadgets which were becoming a must have in every household. It was then that the visionary that he was, Bishan Dass Sareen took the decision to foray into the promising world of electronic and home appliances. Mr. Naresh Sareen and Mr. Dinesh Sareen, second generation of the family and sons of Bishan Dass Sareen who were already part of the growing business since 1966, launched the flagship store of DASS at East Street in the year 1978. With the opening of the East Street store, DASS took its leap in the thriving retail world of consumer durables and thus was the most significant milestone in the history of DASS. To capture substantial market share in Pune, DASS has aggressively expanded its footprint in the city in the last five years with the launch of several large format stores having an average floor space area of 10000-12500 sq ft.

Achievements of DASS Group

· In 1996 Dass Electric Trading Company Private Limited was awarded the “Marketing Company of the Year” by the then Finance Minister Shri P. Chidambaram.

· In 1998 Dass received “The Patron” award by the then Finance Minister Shri P. Chidambaram

· The Company has also received “Quality Excellence” award from Indian Economic Council.

· The Company has been awarded as the “Best Dealer” across brands for several years.

· In 2008 top management club awarded Dass for “Excellence in Retail” by the hands of his Excellency, Shri S. C. JAMIR – Governor Of Maharashtra

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.44.59
UK Pound	1	Rs.73.43
Euro	1	Rs.64.81

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	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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.