1. Summary Information

		Country	India
Company Name	SALES CORNER (BARODA) PRIVATE LIMITED	Principal Name 1	Mr. Deepak Jayantilal Thakkar
Status	Satisfactory	Principal Name 2	Mr. Ajay Jayantilal Thakkar
		Registration #	04-44054
Street Address	Snow White Chambers, Kothi Char Rasta, Vadodara – 390001, Gujarat
Established Date	27.04.2004	SIC Code	--
Telephone#	91-265-2350713/ 2421060	Business Style 1	Trading
Fax #	91-265-2350713	Business Style 2	--
Homepage	--	Product Name 1	Electronics Items
# of employees	70 (Approximately)	Product Name 2	--
Paid up capital	Rs.2,450,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors (100%)	Banking	Union Bank of India
Public Limited Corp.	No	Business Period	7 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	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	19,213,000	Current Liabilities	16,197,000
Inventories	78,076,000	Long-term Liabilities	47,727,000
Fixed Assets	2,736,000	Other Liabilities	345,000
Deferred Assets	95,000	Total Liabilities	64,269,000
Invest& other Assets	0,000	Retained Earnings	33,401,000
		Net Worth	35,851,000
Total Assets	100,120,000	Total Liab. & Equity	100,120,000
Total Assets (Previous Year)	77,862,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	549,124,000	Net Profit	9,022,000
Sales(Previous yr)	411,680,000	Net Profit(Prev.yr)	7,833,000

MIRA INFORM REPORT

Report Date :

02.11.2011

IDENTIFICATION DETAILS

Name :	SALES CORNER (BARODA) PRIVATE LIMITED
Registered Office :	Snow White Chambers, Kothi Char Rasta, Vadodara – 390001, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.04.2004
Com. Reg. No.:	04-44054
Capital Investment / Paid-up Capital :	Rs.2.450 Millions
CIN No.: [Company Identification No.]	U51505GJ2004PTC044054
TAN No.: [Tax Deduction & Collection Account No.]	AHMS10581E
PAN No.: [Permanent Account No.]	AAICS3668R
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Electronics Items
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 143000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track records. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Anil Joshi
Designation :	Account Manager

LOCATIONS

Registered Office :	Snow White Chambers, Kothi Char Rasta, Vadodara – 390001, Gujarat, India
Tel. No.:	91-265-2350713/ 2421060
Fax No.:	91-265-2350713
E-Mail :	rctca@rediffmail.com salescorner@gmail.com
Area :	4000 sq. ft
Branch Office :	Radha Daya Complex, Manish Char Rasta Old Foddar Road, Baroda – 390001, Gujarat ,India
Tel. No.:	91-265-2421030
Area :	10000 sq. ft

DIRECTORS

As on 30.09.2010

Name :	Mr. Deepak Jayantilal Thakkar
Designation :	Director
Address :	17, Shanti Park, Sindwai Mata Road, Vadodara, Gujarat, India
Date of Birth/Age :	10.01.1964
Date of Appointment :	27.04.2004
DIN No.:	00979758
Name :	Mr. Ajay Jayantilal Thakkar
Designation :	Director
Address :	17, Shanti Park, Sindwai Mata Road, Vadodara, Gujarat, India
Date of Birth/Age :	02.10.1966
Date of Appointment :	27.04.2004
DIN No.:	00979824
Name :	Mr. Jayantilal Chunilal Thakkar
Designation :	Director
Address :	17, Shanti Park, Sindwai Mata Road, Vadodara, Gujarat, India
Date of Birth/Age :	14.07.1935
Date of Appointment :	27.04.2004
DIN No.:	00979945
Name :	Mr. Jayesh Jayantilal Thakkar
Designation :	Director
Address :	17, Shanti Park, Sindwai Mata Road, Vadodara, Gujarat, India
Date of Birth/Age :	14.03.1961
Date of Appointment :	27.04.2004
DIN No.:	01226136

KEY EXECUTIVES

Name :	Mr. Anil Joshi
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Thakkar Deepakbhai Jayantilal	49000
Thakkar Jayantilal Chunilal	12250
Thakkar Jayeshbhai Jayantilal	49000
Thakkar Ajaybhai Jayantilal	49000
Thakkar Alkaben Deepakbhai	24500
Thakkar Sangeetaben Jayeshbhai	24500
Thakkar Jigna Ajaybhai	24500
Thakkar Nirmalaben Jayantilal	12250
Total	245000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Electronics Items
Products :	Electronic Items

GENERAL INFORMATION

No. of Employees :

70 (Approximately)

Bankers :

· Union Bank of India, Syajigunj Branch, Union Bank Bhavan, Sayajiganj, Vadodara, Gujarat, India

· HDFC Bank

· Standard Chartered Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Cash Credit with Union Bank of India, Syajigunj Branch, Baroda. (secured against hypothecation of stock, book debts and other assets and jointly guaranteed by the Directors)	27.541	21.743
Total	27.541	21.743
Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Banks : Standard Chartered Bank S A/c 52205913640	0.000	0.047
From Others :
i) From Directors	14.318	16.675
ii) From Shareholders	5.868	3.878
Total	20.186	20.600

Banking Relations :	--
Auditors :
Name :	R C Thakkar and Associates Chartered Accountants
Address :	432, Paradise Complex, Near Kala Ghoda, Sayajigunj, Vadodara – 390005, Gujarat, India
Tel. No.:	91-265-2362255
Mobile No.:	91-9879447009
Fax No.:	91-265-2363456
E-Mail :	rctca@rediffmail.com rcthakkarca@gmail.com
PAN.:	AXXPT1002E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
245000	Equity Shares	Rs.10/- each	Rs.2.450 Millions

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		2.450	2.450	2.450
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		33.401	24.379	16.833
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		35.851	26.829	19.283
LOAN FUNDS
1] Secured Loans		27.541	21.743	15.518
2] Unsecured Loans		20.186	20.600	13.423
TOTAL BORROWING		47.727	42.343	28.941
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		83.578	69.172	48.224
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.736	2.745	2.288
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.095	0.060	0.040
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	78.076	60.013	35.640
	Sundry Debtors	11.725	10.167	12.261
	Cash & Bank Balances	2.619	0.218	0.580
	Other Current Assets	0.000	0.000	0.000
	Loans, Advances and Deposits	4.869	4.659	9.691
Total Current Assets		97.289	75.057	58.172
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.882	4.810	9.265
	Other Current Liabilities	2.315	3.153	2.444
	Provisions	0.345	0.727	0.567
Total Current Liabilities		16.542	8.690	12.276
Net Current Assets		80.747	66.367	45.896
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		83.578	69.172	48.224

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	549.124	411.680	289.894
		Other Income	6.016	4.793	3.111
		TOTAL (A)	555.140	416.473	293.005
	TOTAL EXPENDITURE		541.463	404.494	287.120
	PROFIT BEFORE TAX (E-F) (G)		13.677	11.979	5.855
	TAX (I)		4.655	4.146	1.915
	PROFIT AFTER TAX (G-I) (J)		9.022	7.833	3.940
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.401	43.33	7.620
	APPROPRIATIONS
		Transfer to General Reserve	10.000	7.500	3.000
		Proposed Dividend and Tax	0.000	0.287	0.287
		Tax on Dividend
	Earnings Per Share (Rs.)		36.82	31.97	16.08

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.63	1.88	1.34
Net Profit Margin (PBT/Sales)	(%)	2.49	2.91	2.02
Return on Total Assets (PBT/Total Assets}	(%)	13.67	15.39	9.68
Return on Investment (ROI) (PBT/Networth)		0.38	0.44	0.30
Debt Equity Ratio (Total Liability/Networth)		1.79	1.90	2.14
Current Ratio (Current Asset/Current Liability)		5.88	8.63	4.74

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U51505GJ2004PTC044054
Name of the company	SALES CORNER (BAORDA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Snow White Chambers, Kothi Char Rasta, Vadodara – 390001, Gujarat, India
This form is for	Modification of charge
Type of charge	Hypothecation
Particular of charge holder	Union Bank of India, Sayajiganj Branch, Union Bank Bhavan, Sayajiganj, Vadodara – 390007, Gujarat, India Email Id : cbssayajiganj@unionbankofindia.co.in
Amount secured by the charge	Rs.21.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Term Loan @ BLPR, Cash Credit @ 12.75% Margin 20% Stock in trade and Book debts and Receivables
Description of the property charged indicating whether it is a charge on	Furniture and Fixtures Stock in trade Book debts
Particulars of the property charged (location of the property)	All Kinds of Stocks in trade and all the Book Debts, and Receivables both present and future at Snow White Chambers, Kothi Char Rasta, Vadodara and Other Show Rooms.
Charge Identification (ID) number of the charge to be modified	80001385
Brief description of the instrument modifying the charge under section 135	Supplementary Agreement to SD – 60 Hypothecation Agreement [SD-06(S)]
Date of instrument modifying the charge	07.06.2006
Particulars of the present modification	The charge extended to cover additional C. C. Hypothecation and Book debts facility of Rs.10.000 Millions making total coverage of charge to Rs.21.500 Millions (Term Loan Rs.1.500 Millions + Rs.20.000 Millions CC Hypothecation and Book debts)

FIXED ASSETS

· Air Conditioner

· Computer and Printer

· Electrical Installation

· Furniture and Fixtures

· Showroom – Shed

· Four Wheeler

· Two Wheeler

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] 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.49.08
UK Pound	1	Rs.78.78
Euro	1	Rs.67.76

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	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		45

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.