1. Summary Information

		Country	India
Company Name	Great Eastern Appliances Private Limited	Principal Name 1	Mr. Nirmal Kumar Baid
Status	Moderate	Principal Name 2	Mr. Prem Baid
		Registration #	21-86420
Street Address	20, Old Court House Street W.E.F 23.09.1999, P S Hare Street, Kolkata – 700 001, West Bengal, India
Established Date	28.01.1998	SIC Code	--
Telephone#	91-33-22103649/ 66347822	Business Style 1	Manufacturer
Fax #	91-33-22420180	Business Style 2	Exporter
Homepage	--	Product Name 1	Air Conditioners
# of employees	Not Available	Product Name 2	Furniture and Fixtures
Paid up capital	Rs.85,000,000/-	Product Name 3	Coolers
Shareholders	Bodies corporate -22.87%, Directors or relatives of directors-77.02%, Other top fifty shareholders- 0.11%	Banking	United Bank of India
Public Limited Corp.	No	Business Period	13 years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	B (32)
Related Company
Relation	Country	Company Name	CEO
Associates	--	Sanchiya Developers Private Limited	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	123,440,000	Current Liabilities	93,784,000
Inventories	446,198,000	Long-term Liabilities	605,901,000
Fixed Assets	124,441,000	Other Liabilities	12,388,000
Deferred Assets	5,715,000	Total Liabilities	712,073,000
Invest& other Assets	165,743,000	Retained Earnings	67,424,000
		Net Worth	153,464,000
Total Assets	865,537,000	Total Liab. & Equity	865,537,000
Total Assets (Previous Year)	692,267,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	1221,156,000	Net Profit	13,743,000
Sales(Previous yr)	893,141,000	Net Profit(Prev.yr)	8,106,000

MIRA INFORM REPORT

Report Date :

20.09.2011

IDENTIFICATION DETAILS

Name :	GREAT EASTERN APPLIANCES PRIVATE LIMITED
Registered Office :	20, Old Court House Street W.E.F 23.09.1999, P S Hare Street, Kolkata – 700 001, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	28.01.1998
Com. Reg. No.:	21-86420
Capital Investment / Paid-up Capital :	Rs.85.000 millions
CIN No.: [Company Identification No.]	U63022WB1998PTC086420
TAN No.: [Tax Deduction & Collection Account No.]	CALG02081C
PAN No.: [Permanent Account No.]	AABCG1741J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Air Conditioners, Furniture and Fixtures, Air Coolers, Refrigeration, Television, Audio and Video Equipments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 600000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 – 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 / Factory :	20, Old Court House Street W.E.F 23.09.1999, P S Hare Street, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22103649/ 66347822
Fax No.:	91-33-22420180
E-Mail :	digital@cal2.vsnl.net.in kolkataspacesolution@rediffmail.com agarwal.us@gmail.com excel@vsnl.net
Corporate Office :	#102, D H Road, Behala, Kolkata – 700 034, West Bengal, India
Tel. No.:	91-33-24070946

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Nirmal Kumar Baid

Designation :

Director

Address :

8, Heysham Road, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

10.09.1954

Date of Appointment :

28.01.1998

DIN No.:

00541706

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U70101WB1992PTC056938	SANCHIYA HOUSING PRIVATE LIMITED	Director	09-11-92	09-11-92	Active	NO
2	U63022WB1998PTC086420	GREAT EASTERN APPLIANCES PRIVATE LIMITED	Director	28-01-98	28-01-98	Active	NO
3	U70101WB1998PTC088233	SANCHIYA NIKETAN PRIVATE LIMITED	Director	11-11-98	11-11-98	Active	NO
4	U70109WB2011PTC160003	GREAT EASTERN HOUSING PRIVATE LIMITED	Director	01-03-11	01-03-11	Active	NO

Name :

Mr. Prem Baid

Designation :

Director

Address :

8, Heysham Road, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

15.08.1958

Date of Appointment :

18.04.2002

DIN No.:

00550958

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U70101WB1998PTC087924	SANCHIYA DEVELOPERS PRIVATE LIMITED	Director	14-09-98	14-09-98	Active	NO
2	U63022WB1998PTC086420	GREAT EASTERN APPLIANCES PRIVATE LIMITED	Director	18-04-02	18-04-02	Active	NO
3	U70109WB2011PTC160003	GREAT EASTERN HOUSING PRIVATE LIMITED	Director	01-03-11	01-03-11	Active	NO

Name :

Ms. Puja Baid

Designation :

Director

Address :

8, Heysham Road, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

06.04.1984

Date of Appointment :

01.09.2005

DIN No.:

00541680

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U63022WB1998PTC086420	GREAT EASTERN APPLIANCES PRIVATE LIMITED	Director	01-09-05	01-09-05	Active	NO
2	U72501WB2011PTC160004	GREAT EASTERN INFOTECH PRIVATE LIMITED	Director	01-03-11	01-03-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Nirmal Kumar Baid	2597500
Punam Baid	120000
Hemraj Baid	10000
Prem Baid	1331500
Pulkit Baid	1967500
Sanchiya Developers Private Limited, India	983500
Sanchiya Niketan Private Limited, India	960000
Puja Baid	530000
Total	8500000

(AS ON 30.09.2010)

Category	Percentage
Bodies corporate	22.87
Directors or relatives of directors	77.02
Other top fifty shareholders	0.11
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Air Conditioners, Furniture and Fixtures, Air Coolers, Refrigeration, Television, Audio and Video Equipments.

Products :

· Washing Machines

· Refrigerator

Item Code No. (ITC Code)	847621.00
Product Description	Refrigerator
Item Code No. (ITC Code)	805090.09
Product Description	Washing Machine
Item Code No. (ITC Code)	841510.00
Product Description	Air Conditioner

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· United Bank of India,

Old Court House Street Branch, Kolkata – 700 001, West Bengal, India

· ICICI Bank Limited,

Landmark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India

· HDFC Bank Limited

HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Term Loan from United Bank of India	131.785	52.108
Cash Credit Loan from United Bank of India	319.738	211.161
Loan against Credit Card from ICICI Bank Limited	0.000	44.139
Auto Loans (Tata Capital Limited)	0.558	0.905
Auto Loans (ICICI Bank Limited)	2.105	0.000
Standard Chartered Bank	84.748	87.713
Total	538.934	396.026
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Bodies Corporate	65.805	101.093
From Shareholders	1.162	4.474
Total	66.967	105.567

Banking Relations :	--
Auditors :
Name :	U S Agarwal and Associates Chartered Accountants
Address :	42/1, B.B. Ganguly Street, Kolkata – 700 012, West Bengal, India
Tel. No.:	91-33-22374622
Email :	excell@vsnl.net agarwal.us@gmail.com
Associates Companies :	· Sanchiya Developers Private Limited · Sanchiya Niketan Private Limited · Sanchiya Housing Private Limited

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8500000	Equity Shares	Rs.10/- each	Rs.85.000 millions

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		85.000	50.000	50.000
2] Share Application Money		1.040	27.040	9.040
3] Reserves & Surplus		67.424	47.848	39.725
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		153.464	124.888	98.765
LOAN FUNDS
1] Secured Loans		538.934	396.026	290.685
2] Unsecured Loans		66.967	105.567	66.425
TOTAL BORROWING		605.901	501.593	357.110
DEFERRED TAX LIABILITIES		0.000	0.287	0.303
TOTAL		759.365	626.768	456.178
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		124.441	107.659	95.375
Capital work-in-progress		164.858	145.691	87.322
INVESTMENT		0.606	0.606	0.606
DEFERREX TAX ASSETS		5.715	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	446.198	310.983	243.967
	Sundry Debtors	21.262	17.044	14.279
	Cash & Bank Balances	8.522	20.661	14.064
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	93.656	89.297	69.535
Total Current Assets		569.638	437.985	341.845
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	75.880	37.381	47.575
	Other Current Liabilities	17.904	14.085	6.659
	Provisions	12.388	14.033	14.856
Total Current Liabilities		106.172	65.499	69.090
Net Current Assets		463.466	372.486	272.755
MISCELLANEOUS EXPENSES		0.279	0.326	0.120
TOTAL		759.365	626.768	456.178

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1221.156	893.141
		Other Income	3.503	2.905	695.442
		TOTAL	1224.659	896.046	695.442
Less	EXPENSES
		Cost of Goods Sold	1080.852	753.649
		Administrative and Selling Expenses	116.495	121.942
		TOTAL	1197.347	875.591	674.482
					(Including Depreciation)
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		27.312	20.455
Less/ Add	DEPRECIATION/ AMORTISATION		7.768	6.702
	PROFIT BEFORE TAX		19.544	13.753	20.960
Less	TAX		5.801	5.647	8.615
	PROFIT AFTER TAX		13.743	8.106	12.345
	Provision for Earlier Year		(0.169)	0.000	--
	Deferred Tax Liability		6.003	0.017	--
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		47.848	39.725	--
	BALANCE CARRIED TO THE B/S		67.425	47.848	39.725
	Earnings Per Share (Rs.)		2.33	1.62	2.47

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.12	0.90	1.78
Net Profit Margin (PBT/Sales)	(%)	1.60	1.54	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.82	2.52	3.99
Return on Investment (ROI) (PBT/Networth)		0.13	0.11	0.21
Debt Equity Ratio (Total Liability/Networth)		4.64	4.54	4.32
Current Ratio (Current Asset/Current Liability)		5.37	6.69	4.95

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS

The working of the company showed a net Profit of Rs.19.544 Millions after providing for provision for Tax of Rs.5.800 Millions which along with the brought forward profit of Rs.47.848 Millions is carried to next year.

FORM 8:

Name of the company	GREAT EASTERN APPLIANCES PRIVATE LIMITED
Presented By	United Bank of India, old court House Street Branch, Kolkata – 700 001
1) Date and description of instrument creating the change	Mortgage Deed dated 10.02.1999 Deed of hypothecation dated 09.02.1999
2) Amount secured by the charge/amount owing on the securities of charge	Term Loan Rs.1.250 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	Equitable mortgage of property at 15 B, Sarat Bose Road, Kolkata – 700 020 Equitable mortgage of 1/4^th Share of immovable property situated at 20 Old court house Street, Kol -1, Hypothecation of Debt, movable assets, stock in trade and Plant and Machinery.
4) Gist of the terms and conditions and extent and operation of the charge.	Repayment: 10 equal quarterly installments Margin: 25% Rate of interest : 11.50%
5) Name and Address and description of the person entitled to the charge.	United Bank of India, Old court House Street Branch, Kolkata – 700 001
6) Date and brief description of instrument modifying the charge	· Deed of hypothecation of Goods dated 13.09.2005 · Deed of hypothecation of Debts dated 13.09.2005 Extension of Equitable mortgage dated 13.09.2005
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.	CC Rs.105.000 millions Term Loan Rs.4.000 (run Down balance)

This form is for	Modification of charge
Charge identification number of the modified	90247920
Corporate identity number of the company	U63022WB1998PTC086420
Name of the company	GREAT EASTERN APPLIANCES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	20, Old Court House Street w.e.f 23.09.1999, P S Hare Street, Kolkata – 700 001, West Bengal, India
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	United Bank of India, Old Court House Street Branch, Kolkata – 700 001, West Bengal, India E-Mail: bmoch@unitedbank.co.in
Nature of description of the instrument creating or modifying the charge	Term Loan Agreement Hypothecation of Goods Hypothecation of Debts and Movable Assets – 18.12.2008
Date of instrument Creating the charge	18.12.2008
Amount secured by the charge	Rs.256.084 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Rate of Interest – 13.50% Terms of Repayment: Term Loan II – to be repaid in 11 installment (monthly) Term Loan III – to be repaid in 21 installment (quarterly) Margin: Against Stock – 25% Against Block Debt – 25% Extent and Operation of the charge: Hypothecation of entire stock of goods and book debt both present and future, office equipment, furniture Equitable mortgage of land and building at 15B, Sarat Bose Road, Kolkata – 700 020 Extension of Equitable mortgage at 9, Hemanta Basu Sarani (formerly 20, Old Court House Street) Kolkata – 700 001 Equitable Mortgage of entire property of Howrah Showroom at 290, G.T. Road, Shibpur, Howrah Equitable Mortgage of Property at 102, Diamond Harbour Road, Kolkata – 700 034 Others: · Pledge of NSC of Rs.0.240 million · Lien of RD of Rs.0.020 million pm for 60 months · Lien of RIP of Rs.5.357 millions · Personal Guarantee of all Directors
Date of instrument creating or evidencing the charge	05.03.2008
Description of the instrument creating or evidencing the charge	· Term Loan Agreement · Hypothecation of entire stock of goods · Hypothecation of book debt both present and future · Extension of equitable mortgage
Date of acquisition of the property	05.03.2008
Amount of the charge	Rs.256.084 millions
Particulars of the property charged	15B, Sarat Bose Road, Kolkata – 700 020 9, Hemanta Basu Sarani (formerly 20, Old Court House Street) Kolkata – 700 001 102, Diamond Harbour Road, Kolkata – 700 034 Howrah Showroom at 290, G.T. Road, Shibpur, Howrah
Short particulars of the property charged	15B, Sarat Bose Road, Kolkata – 700 020 9, Hemanta Basu Sarani (formerly 20, Old Court House Street) Kolkata – 700 001 102, Diamond Harbour Road, Kolkata – 700 034 Howrah Showroom at 290, G.T. Road, Shibpur, Howrah
Date of latest modification prior to the present modification	05.03.2008

FIXED ASSETS:

· Land

· Building

· Computer

· Furniture

· Electrical Installation

· Fax

· Mobile Phone

· Motor Car

· Mini Tempo

· Air Conditioner

· Notes Counting Machine

· Time Scanner

· Gen. Set

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.47.47
UK Pound	1	Rs.74.96
Euro	1	Rs.65.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.