MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	GIRIAS INVESTMENT PRIVATE LIMITED	Principal Name 1	Mr. Pannalal Giria
Status	Satisfactory	Principal Name 2	Mr. Kanhailal Giria
		Registration #	08-25042
Street Address	No.34/1A, 1^st Main Road, Gandhi Nagar, Bangalore-560009, Karnataka, India
Established Date	08.04.1999	SIC Code	--
Telephone#	91-80-51241074	Business Style 1	Dealer
Fax #	91-80-22353708/ 22250737	Business Style 2	--
Homepage	--	Product Name 1	Electric and Electronic Goods
# of employees	150 (Approximately)	Product Name 2	Home Appliances
Paid up capital	Rs. 44,887,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors 100.00%	Banking	HDFC Bank Limited
Public Limited Corp.	No	Business Period	12 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
Subsidiary	India	Uttaranchal Tea Company Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	307,053,000	Current Liabilities	170,738,000
Inventories	258,458,000	Long-term Liabilities	303,221,000
Fixed Assets	355,944,000	Other Liabilities	2,891,000
Deferred Assets	000	Total Liabilities	476,850,000
Invest& other Assets	17,133,000	Retained Earnings	416,851,000
		Net Worth	461,738,000
Total Assets	938,588,000	Total Liab. & Equity	938,588,000
Total Assets (Previous Year)	834,191,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	NA	Net Profit	NA
Sales(Previous yr)	2,982,286,000	Net Profit(Prev.yr)	70,308,000

MIRA INFORM REPORT

Report Date :

03.04.2012

IDENTIFICATION DETAILS

Name :	GIRIAS INVESTMENT PRIVATE LIMITED

Registered Office :	No.34/1A, 1^st Main Road, Gandhi Nagar, Bangalore-560009, Karnataka

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	08.04.1999

Com. Reg. No.:	08-25042

Capital Investment / Paid-up Capital :	Rs.44.887 Millions

CIN No.: [Company Identification No.]	U51395KA1999PTC025042

TAN No.: [Tax Deduction & Collection Account No.]	BLRG00914E

Legal Form :	Private Limited Liability Company

Line of Business :	Dealers of Electric and Electronic Goods and Home Appliances.

No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 1800000

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 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

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

LOCATIONS

Registered Office :	No.34/1A, 1^st Main Road, Gandhi Nagar, Bangalore-560009, Karnataka, India
Tel. No.:	91-80-51241074/ 22264551/ 41241074/ 22200898
Mobile No.:	91-9731317814/9591984477 (Mr. Naveen Giria)
Fax No.:	91-80-22353708/ 22250737
E-Mail :	mcravi@vsnl.com
Area :	50000 Sq. ft
Location :	Owned

Branch Office :	Ø Rajaji Nagar, Next to National Public School, Bangalore, Karnataka, India Ø Brigade Road, 138, Shoolay Circle, Bangalore Karnataka, India Ø Jaya Nagar, Opposite Dayand Sagar Mantap, Bangalore Karnataka, India Ø Sadashiv Nagar, Opposite Cauvery Theatre Circle, Bangalore – 560080 Karnataka, India Ø Mysore, India Ø Mangalore, India Ø Coimbatore, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Pannalal Giria

Designation :

Managing Director

Address :

10/2, Chabria Layout, kumara Krupa Road, Bangalore-560001, Karnataka, India

Date of Birth/Age :

15.09.1948

Date of Appointment :

08.04.1999

Din No.:

02013837

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	U51395KA1999PTC025042	GIRIAS INVESTMENT PRIVATE LIMITED	Whole-time director	08-04-99	08-04-99	Active	NO
2	U15491KA2001PTC029341	UTTARANCHAL TEA COMPANY PRIVATE LIMITED	Whole-time director	30-07-01	30-07-01	Active	NO

Name :

Mr. Kanhailal Giria

Designation :

Whole Time Director

Address :

10/2, Chabria Layout, kumara Krupa Road, Bangalore-560001, Karnataka, India

Date of Birth/Age :

16.06.1950

Date of Appointment :

08.04.1999

Din No.:

01957934

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	U51395KA1999PTC025042	GIRIAS INVESTMENT PRIVATE LIMITED	Whole-time director	08-04-99	08-04-99	Active	NO
2	U15491KA2001PTC029341	UTTARANCHAL TEA COMPANY PRIVATE LIMITED	Whole-time director	30-07-01	30-07-01	Active	NO

Name :

Mr. Hansraj Giria

Designation :

Whole Time Director

Address :

10/2, Chabria Layout, kumara Krupa Road, Bangalore-560001, Karnataka, India

Date of Birth/Age :

05.11.1957

Date of Appointment :

08.04.1999

Din No.:

01958121

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	U51395KA1999PTC025042	GIRIAS INVESTMENT PRIVATE LIMITED	Whole-time director	08-04-99	08-04-99	Active	NO
2	U15491KA2001PTC029341	UTTARANCHAL TEA COMPANY PRIVATE LIMITED	Whole-time director	24-01-02	24-01-02	Active	NO

Name :

Mr. Naveen Giria

Designation :

Whole Time Director

Address :

10/2, Chabria Layout, kumara Krupa Road, Bangalore-560001, Karnataka, India

Date of Birth/Age :

20.03.1974

Date of Appointment :

01.09.2000

Din No.:

01958155

Name :

Mr. Praveen Giria

Designation :

Whole Time Director

Address :

10/2, Chabria Layout, kumara Krupa Road, Bangalore-560001, Karnataka, India

Date of Birth/Age :

14.07.1974

Date of Appointment :

01.09.2000

Din No.:

01958229

Name :

Mr. Manish Giria

Designation :

Whole Time Director

Address :

10/2, Chabria Layout, kumara Krupa Road, Bangalore-560001, Karnataka, India

Date of Birth/Age :

08.04.1979

Date of Appointment :

01.10.2001

Din No.:

01337221

Name :

Mr. Rishab Giria

Designation :

Whole Time Director

Address :

10/2, Chabria Layout, kumara Krupa Road, Bangalore-560001, Karnataka, India

Date of Birth/Age :

20.02.1981

Date of Appointment :

01.10.2001

Din No.:

01336569

Name :

Mr. Dungarmal Jain

Designation :

Whole Time Director

Address :

Jain Manor, R. S. Puram, Opposite Rao Hospital, Coimbatore, Bangalore- 560096, Karnataka, India

Date of Birth/Age :

12.02.1954

Date of Appointment :

17.05.2004

Name :

Mrs. Saroj Giria

Designation :

Whole Time Director

Address :

10/2, Chabria Layout, kumara Krupa Road, Bangalore-560001, Karnataka, India

Date of Birth/Age :

07.06.1956

Date of Appointment :

24.08.2006

Din No.:

01958311

Name :

Mr. Santosh Giria

Designation :

Whole Time Director

Address :

10/2, Chabria Layout, kumara Krupa Road, Bangalore-560001, Karnataka, India

Date of Birth/Age :

09.04.1956

Date of Appointment :

24.08.2006

Din No.:

01958344

Name :

Mr. Arihant Giria

Designation :

Directors

Address :

No. 31/A, Gandhinagar, Bangalore-560009, Karnataka, India

Date of Birth/Age :

09.08.1987

Date of Appointment :

03.08.2009

Din No.:

02724431

Name :

Ms. Manju Giria

Designation :

Whole Time Director

Address :

10/2, Chabria Layout, kumara Krupa Road, Bangalore-560001, Karnataka, India

Date of Birth/Age :

15.12.1961

Date of Appointment :

24.08.2006

Name :

Mr. Nitin Alias Nitesh Giria

Designation :

Whole Time Director

Address :

Jain Manor, R. S. Puram, Opposite Rao Hospital, Coimbatore, Bangalore- 560096, Karnataka, India

Date of Birth/Age :

24.11.1978

Date of Appointment :

17.05.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders		No. of Shares
Pannalal Giria		42270
Kanhailal Giria		59750
Hansraj Giria		36250
Kamala Giria		18250
Saroj Giria		26000
Manju Giria		38500
Naveen Giria		75500
Praveen Giria		55500
Manish Giria		33100
Rishab Giria		35100
Santosh Giria		21450
Shilpa Giria		3000
Dugarmal Jain		1000
Nitin Alias Nitesh Giria		1000
Vimki Giria		100
Arihant Giria		100
Rashmi Giria		1000
Shweta Giria		1000

Total		448870

As on 30.09.2011

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00

BUSINESS DETAILS

Line of Business :

Dealers of Electric and Electronic Goods and Home Appliances

Products :

Products	Item Code No
Goods and Home Appliances of Numerous Types	0202 and 0203

Agencies Held :

· Samsung

· LG

· Philips

· Panasonic

· BPL

· Onida

· Nokia

· Hyundai

· Sony

GENERAL INFORMATION

No. of Employees :

150 (Approximately)

Bankers :

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
Andhra Bank Limited, Gandhi Nagar, Bangalore- 560009, Karnataka, India
Citi Bank NA, No. 2 Club House Road, Chennai – 600002, Tamilnadu, India
Oriental Bank of Commerce, Sadashiva Nagar Branch, No. 209/1, Palace Orchards, Bellary Road, Bangalore – 560080, Karnataka, India
State Bank of India
Bank of Baroda
Bank of India
Global Trust Bank
ICICI Bank
Tamilnadu Maerchantile Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loan	59.037	112.936
Working capital loans	150.000	150.000
Total	209.037	262.936

Unsecured Loan
Loans directors	85.825	66.463
Other debts	8.360	7.318
Total	94.185	73.781


Banking Relations :	--

Auditors :
Name :	M C Ravindra and Company Chartered Accountant
Address :	113/B, 2^nd Floor, Infantry Road, Bangalore-560001, Karnataka, India
Pan No.:	AACFM7086L

Subsidiary :	Uttaranchal Tea Company Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
448870	Equity Shares	Rs.100/- each	Rs.44.887 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		44.887	44.887	44.677
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		416.851	340.943	270.635
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		461.738	385.830	315.312
LOAN FUNDS
1] Secured Loans		209.037	262.936	263.321
2] Unsecured Loans		94.184	73.780	47.151
TOTAL BORROWING		303.221	336.716	310.472
DEFERRED TAX LIABILITIES		2.891	2.289	1.540

TOTAL		767.850	724.835	627.324

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		355.944	303.179	284.214
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		17.133	15.099	15.044
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	258.458	200.456	106.852
	Sundry Debtors	120.102	120.200	77.911
	Cash & Bank Balances	28.205	36.059	77.915
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	158.746	159.198	135.081
Total Current Assets		565.511	515.913	397.759
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	123.719	64.331	40.658
	Other Current Liabilities	47.019	6.918	3.232
	Provisions	0.000	38.107	25.803
Total Current Liabilities		170.738	109.356	69.693
Net Current Assets		394.773	406.557	328.066

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		767.850	724.835	627.324

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009

	TURNOVER	NA	2982.286	1852.353

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	124.806	115.685	78.502

Less/ Add	DEPRECIATION/ AMORTISATION	9.514	8.186	6.247

	PROFIT BEFORE TAX	115.292	107.499	72.255

Less	TAX	NA	37.191	25.378

	PROFIT AFTER TAX	NA	70.308	46.877

	Earnings Per Share (Rs.)	NA	156.69	102.69

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	NA	3.60	3.90

Return on Total Assets (PBT/Total Assets}	(%)	12.51	13.12	9.24

Return on Investment (ROI) (PBT/Networth)		0.25	0.28	0.23

Debt Equity Ratio (Total Liability/Networth)		1.03	1.16	1.21

Current Ratio (Current Asset/Current Liability)		3.31	4.72	5.71

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS AND OPERATIONS:

The year’s Profit and Loss Account shows a profit of Rs.115.292 Millions after providing for depreciation of Rs.9.514 Millions and before making provision for Income tax of Rs.38.782 Millions. The Directors are constantly endearing to increase the performance.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51395KA1999PTC025042
Name of the company	GIRIAS INVESTMENT PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No.34/1A, 1^st Main Road, Gandhi Nagar, Bangalore-560009, Karnataka, India
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Memorandum of Equitable Mortgage and Affidavit cum Declaration
Date of instrument Creating the charge	11.03.2010
Amount secured by the charge	Rs.350.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As may be prescribed by bank from time to time Terms of Repayment As applicable to respective credit limits Margin As per bank norms Extent and Operation of the charge The charge shall operate to the extent of the loan amount plus interest commission costs expenses and other charges thereon Others The said amount of Rs.350 millions comprises CC/WCDL Rs.250 millions and OD Rs.100 millions
Short particulars of the property charged	First charge by way of equitable mortgage on immovable properties at (a) Amarjyothi Layout Domlur Inner Ring Road, Bangalore 560071, (b) 100 feet Ashoka Pillar Road, I Block, Jayanaar, Bangalore, (c) Kadiganahalli village, Jala Hobli, Yelahanka, Bangalore, (d) 20th Main Road, 5th block, Rajajinagar, Bangalore together with the buildings and other structures fixed plant and machinery fixtures and fittings constuced, erectedor installed thereon or to be constructed, erected.

FIXED ASSETS:

Building
Land
Office Equipment
Air Conditioner
Electrical Fittings
Cars
Toyota Innova
Computers
Scooter

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.51.15
UK Pound	1	Rs.81.80
Euro	1	Rs.68.34

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	YES
--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.

MIRA INFORM REPORT

258.458

200.456

106.852

120.102

120.200

77.911

28.205

36.059

77.915

0.000

0.000

0.000

158.746

159.198

135.081

565.511

515.913

397.759

123.719

64.331

47.019

6.918

3.232

0.000

38.107

25.803

170.738

109.356

69.693

394.773

406.557

328.066

NA

3.60

12.51

13.12

0.25

0.28

1.03

1.16

3.31

4.72

Unit