MIRA INFORM REPORT

Report Date :

16.08.2012

IDENTIFICATION DETAILS

Name :	HINDWARE HOME RETAIL PRIVATE LIMITED (w.e.f.28.11.2006)
Formerly Known As :	SAMRIDHI SUPPLIERS PRIVATE LIMITED
Registered Office :	2 Red Cross Place, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.11.2005
Com. Reg. No.:	21 - 106307
Capital Investment / Paid-up Capital :	Rs.220.000 Millions
CIN No.: [Company Identification No.]	U51109WB2005PTC106307
TAN No.: [Tax Deduction & Collection Account No.]	CALH03084E
PAN No.: [Permanent Account No.]	AAKCS0434P
Legal Form :	Private Limited Liability Company
Line of Business :	Retailer of Home Furnishing.
No. of Employees :	Not Available

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 560000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a 100% subsidiary of HSIL Limited and is engaged in the business of retailing in home furniture under the brand name ‘Evok’. It is an established company having satisfactory track. Networth of the company appears to be sound. There appears some accumulated losses recorded by the company. It has again incurred loss during 2011. Trade relations are reported to be decent. Business is active. Payments are reported to be usually correct. Taking into consideration, the unconditional and irrevocable guarantee provided by HSIL Limited, the company can be considered 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A+ (Fund Based Working Capital Facilities)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	December 2011

Rating Agency Name	ICRA
Rating	A1+ (Non - Fund Based Working Capital Facilities)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	December 2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	2 Red Cross Place, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22487406/22487407
Fax No.:	91-33-22487045
E-Mail :	ngoenka@hindware.co.in hsilkolsale@hindware.co.in
Store:	Plot No. M 54, 1^st Floor, Greater Kailash – 2, New Delhi – 110048, India
Corporate Office:	Unit No 301-302, III Floor, Park Centra, Sector 30, N.H-8, Gurgaon - 122001, Haryana, India
Tel. No.:	91-124-4779200/9201
Fax No.:	91-124-4292898/4292899
E-Mail :	delhi@hindware.co.in
Branches:	Located at · Mumbai · Bangalore · Chennai · Ernakilam · Secunderabad · Pune

DIRECTORS

As on 17.09.2011

Name :

Mr. Sandip Somany

Designation :

Director

Address :

B 5/12, Safdarjung Enc, New Delhi – 110029, India

Date of Birth/Age :

16.12.1963

Date of Appointment :

28.09.2006

DIN No.:

00053597

Voter Id No.:

DL/02/009/027291

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74140DL1971PLC005572	NEW DELHI INDUSTRIAL PROMOTORS AND INVESTORS LIMITED	Director	24/09/1986	24/09/1986	-	Active	NO
2	L51433WB1960PLC024539	HSIL LIMITED	Managing director	01/12/2010	12/09/1995	-	Active	NO
3	U70101DL1997PTC085629	GRINDLAY PROPERTIES PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Active	NO
4	U91990AP2000PLC033293	C AND K MANAGEMENT LIMITED	Director	04/10/2000	04/10/2000	-	Active	NO
5	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	10/11/2000	10/11/2000	-	Active	NO
6	U26914DL2002NPL115694	INDIAN COUNCIL OF SANITARYWARE MANUFACTURES	Director	17/06/2004	17/06/2004	-	Active	NO
7	L51909WB1981PLC033353	PACO EXPORTS LIMITED	Director	24/07/2004	24/07/2004	-	Active	NO
8	U67120WB1997PLC085439	AGI GLASSPACK LIMITED	Director	24/07/2004	24/07/2004	-	Active	NO
9	U51109WB2005PTC106307	HINDWARE HOME RETAIL PRIVATE LIMITED	Director	28/09/2006	28/09/2006	-	Active	NO
10	U27107WB2008PLC129064	HSIL ASSOCIATES LIMITED	Director	04/09/2008	04/09/2008	-	Active	NO
11	U26100DL1970NPL005313	ALL INDIA GLASS MFRS'. FEDERATION.	Director	18/09/2010	18/09/2010	-	Active	NO

Name :

Mr. Sumita Somay

Designation :

Whole-time Director

Address :

B 5/12, Safdarjung Enc, New Delhi – 110029, India

Date of Birth/Age :

25.09.1966

Date of Appointment :

07.05.2008

DIN No.:

00133612

Voter Id No.:

DL/02/009/027150

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45201DL1997PTC085561	FOUR CORNER PROPERTIES PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Active	NO
2	L65993DL1971PLC005698	SOMA INVESTMENTS LIMITED	Director	24/05/1999	24/05/1999	-	Active	NO
3	L51909WB1981PLC033353	PACO EXPORTS LIMITED	Director	01/10/2008	24/07/2004	-	Active	NO
4	U51109WB2005PTC106307	HINDWARE HOME RETAIL PRIVATE LIMITED	Whole-time director	01/10/2011	07/05/2008	-	Active	NO

Name :

Mr. Girdhari Lal Sultania

Designation :

Director

Address :

2 Rowland Road, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

16.10.1945

Date of Appointment :

28.09.2006

DIN No.:

00060931

Voter Id No.:

DWK 1170166

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L51109WB1981PLC034233	SARVOTTAM VANIJYA LIMITED	Director	26/10/1981	26/10/1981	-	Active	NO
2	L65993WB1980PLC033007	BHILWARA HOLDINGS LIMITED	Director	10/01/1983	10/01/1983	-	Active	NO
3	L51109WB1983PLC036899	SCHABLONA INDIA LIMITED	Director	08/07/1985	08/07/1985	-	Active	NO
4	L74140WB1990PLC049032	SKP SECURITIES LIMITED	Director	01/05/1991	01/05/1991	-	Active	NO
5	U55101WB1979PLC032095	SR CONTINENTAL LIMITED	Director	31/03/1994	31/03/1994	-	Active	NO
6	L15421WB1924PLC004929	THE UNITED PROVINCES SUGAR COMPANY LIMITED	Director	19/01/1995	19/01/1995	-	Active	NO
7	U65921WB1995PTC073004	RAIPUR AGROTECH PRIVATE LIMITED	Director	19/07/1995	19/07/1995	-	Active	NO
8	L40200DL1968PLC005169	SOMANY CERAMICS LIMITED	Director	22/09/1997	22/09/1997	-	Active	NO
9	L65993WB1980PLC032461	BIGOO INVESTMENTS LIMITED	Director	29/09/1997	29/09/1997	-	Amalgamated	NO
10	U51909WB1995PTC070143	TEXTOOL MERCANTILE PRIVATE LIMITED	Director	25/09/1998	25/09/1998	-	Active	NO
11	L51909WB1981PLC033353	PACO EXPORTS LIMITED	Director	30/09/1999	30/09/1999	-	Active	NO
12	U70101WB1959PTC012630	SOMANY PROPERTIES PRIVATE LIMITED	Director	15/09/2001	15/09/2001	10/11/2009	Active	NO
13	L51433WB1960PLC024539	HSIL LIMITED	Director	09/09/2006	09/09/2006	-	Active	NO
14	U51109WB2005PTC106307	HINDWARE HOME RETAIL PRIVATE LIMITED	Director	28/09/2006	28/09/2006	-	Active	NO
15	U51109WB2005PTC106306	ADARSH BARTER PRIVATE LIMITED	Director	28/09/2006	28/09/2006	-	Active	NO
16	U51909WB2004PTC100718	SCOPE VINIMOY PRIVATE LIMITED	Director	29/09/2007	03/11/2006	-	Active	NO
17	U51909DL2006PLC156990	SOMANY GLOBAL LIMITED	Director	26/12/2006	26/12/2006	-	Active	NO
18	L65910DL1984PLC018749	SPA CAPITAL SERVICES LIMITED	Director	29/09/2007	31/01/2007	15/03/2012	Active	NO
19	U27107WB2008PLC129064	HSIL ASSOCIATES LIMITED	Director	04/09/2008	04/09/2008	09/11/2009	Active	NO
20	U65999WB1994PLC064358	KIRTIVARDHAN FINVEST SERVICES LIMITED	Director	16/07/2009	07/03/2009	20/07/2012	Active	NO
21	U70109WB2009PTC139696	LAKSHYA INFRASTRUCTURES PRIVATE LIMITED	Director	25/11/2009	25/11/2009	-	Active	NO
22	U80301MH2009PLC190813	NEW AGE KNOWLEDGE SOLUTIONS LIMITED	Director	30/09/2011	22/09/2010	15/03/2012	Active	NO
23	U45400WB2011PTC158817	ANAND APARTMENT MAINTENANCE PRIVATE LIMITED	Director	11/02/2011	11/02/2011	-	Active	NO
24	U25204WB1986PTC184599	GARDEN POLYMERS PRIVATE LIMITED	Director	29/09/2011	12/08/2011	-	Active	NO

Name :

Mr. Niranjan Kumar Goenka

Designation :

Director

Address :

38A Kashi Mitra Ghat, Street, Kolkata – 700003, West Bengal, India

Date of Birth/Age :

05.02.1965

Date of Appointment :

28.09.2006

DIN No.:

00060864

Voter Id No.:

FLG 2067460

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L65993WB1980PLC033007	BHILWARA HOLDINGS LIMITED	Director	16/02/1985	16/02/1985	-	Active	NO
2	U51109WB1983PTC036323	CD RESEARCH PRIVATE LIMITED	Director	02/07/1987	02/07/1987	08/01/2010	Active	NO
3	U51420WB1992PTC055131	O-FURO PRIVATE LIMITED	Director	06/04/1992	06/04/1992	-	Strike off	NO
4	L51109WB1981PLC034233	SARVOTTAM VANIJYA LIMITED	Director	22/03/1993	22/03/1993	-	Active	NO
5	L51909WB1981PLC033353	PACO EXPORTS LTD	Director	14/05/1994	14/05/1994	-	Active	NO
6	U51909WB1995PTC070143	TEXTOOL MERCANTILE PRIVATE LIMITED	Director	25/09/1998	25/09/1998	-	Active	NO
7	L65993WB1980PLC032461	BIGOO INVESTMENTS LIMITED	Director	28/09/2000	28/09/2000	-	Amalgamated	NO
8	U26102WB1974PLC029712	AMAL CERAMICS LIMITED.	Director	11/09/2001	11/09/2001	-	Amalgamated	NO
9	U70101WB1959PTC012630	SOMANY PROPERTIES PRIVATE LIMITED	Director	15/09/2001	15/09/2001	16/12/2009	Active	NO
10	U67120WB1997PLC085439	AGI GLASSPACK LIMITED	Director	15/07/2002	15/07/2002	-	Active	NO
11	U65921WB1995PTC073004	RAIPUR AGROTECH PRIVATE LIMITED	Director	30/09/2003	30/09/2003	-	Active	NO
12	U51109WB2005PTC106307	HINDWARE HOME RETAIL PRIVATE LIMITED	Director	28/09/2006	28/09/2006	-	Active	NO
13	U51109WB2005PTC106306	ADARSH BARTER PRIVATE LIMITED	Director	28/09/2006	28/09/2006	-	Active	NO
14	U51909WB2004PTC100718	SCOPE VINIMOY PRIVATE LIMITED	Director	29/09/2007	03/11/2006	-	Active	NO
15	U51109WB2007PTC116096	GEETANJALI COMMOTRADE PRIVATE LIMITED	Director	26/09/2008	19/06/2007	07/09/2011	Active	NO
16	U93094DL2007PTC159142	SOMANY KERABEN PRIVATE LIMITED	Director	21/06/2007	21/06/2007	19/06/2009	Active	NO
17	L51109WB1983PLC036899	SCHABLONA INDIA LIMITED	Director	16/09/2008	28/01/2008	-	Active	NO
18	U27107WB2008PLC129064	HSIL ASSOCIATES LIMITED	Director	04/09/2008	04/09/2008	-	Active	NO
19	U63040WB2004PTC099281	MANGO TREE TOURS AND EXHIBITIONS PRIVATE LIMITED	Director	29/09/2010	09/02/2010	-	Active	NO
20	U72200WB2007PTC112447	STEPPING STONES INFOCOM PRIVATE LIMITED	Director	30/09/2010	24/02/2010	-	Active	NO
21	U52390WB2009PTC138531	METALLITE SUPPLIERS PRIVATE LIMITED	Director	30/09/2011	09/02/2011	-	Active	NO
22	U51109WB2008PTC125819	BLACKBERRY DISTRIBUTORS PRIVATE LIMITED	Director	30/09/2011	30/06/2011	-	Active	NO

Name :

Mr. Ram Babu Kabra

Designation :

Director

Address :

HSIL Limited, Bahadurgarh, Rohtak – 124507, Haryana, India

Date of Birth/Age :

09.07.1958

Date of Appointment :

10.05.2010

DIN No.:

00021886

Voter Id No.:

HR/04/137/288538

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U26922DL1972PLC005937	CERAMIC SERVICES LIMITED	Director	27/07/1985	27/07/1985	-	Active	NO
2	L65993DL1971PLC005698	SOMA INVESTMENTS LIMITED	Director	27/06/1995	27/06/1995	-	Active	NO
3	U06110DL1996PTC076009	SAGA FINLEASE PRIVATE LIMITED	Director	02/02/1996	02/02/1996	-	Active	NO
4	U51420WB1992PTC055131	O-FURO PRIVATE LIMITED	Director	30/03/2002	30/03/2002	-	Strike off	NO
5	U26102WB1974PLC029712	AMAL CERAMICS LIMITED.	Director	30/09/2003	30/09/2003	-	Amalgamated	NO
6	U51109WB2005PTC106307	HINDWARE HOME RETAIL PRIVATE LIMITED	Director	18/09/2010	10/05/2010	-	Active	NO
7	U52390WB2009PTC138531	METALLITE SUPPLIERS PRIVATE LIMITED	Director	30/09/2011	09/02/2011	-	Active	NO
8	U25204WB1986PTC184599	GARDEN POLYMERS PRIVATE LIMITED	Director	29/09/2011	12/08/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sumit Chhimwal
Designation :	Secretary
Address :	89 B D Estate, Vadjee Niwas, Timarpur, New Delhi – 110054, India
Date of Birth/Age :	11.12.1986
Date of Appointment :	20.06.2011
PAN No.:	ALDPC3878L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 17.09.2011

Names of Shareholders	No. of Shares
Sultania Lal Girdhari	1
HSIL Limited, India	21999997
Niranjan Kumar Goenka	1
Radhey Ahyam Sharma	1
Total	22000000

As on 31.03.2012

Names of Shareholders	No. of Shares
HSIL Limited, India	2000000
Total	2000000

Equity Share Break up (Percentage of Total Equity)

As on 17.09.2011

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Retailer of Home Furnishing.
Products :	ITC No.	Product Description
	94036000	Wooden Furniture

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· HDFC Bank Limited, Kolkata – 700001, West Bengal, India

· Central Bank of India, Parliament Street Branch, Jeeva Tara Building, Parliament Street, New Delhi – 110001, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	(A) 59.266	15.398
Working capital loans banks secured	(A) 59.585	19.307
Total	118.851	34.705
Note: (A) Term loans from bank (Secured by hypothecation against stocks, goods in transit, receivables, and all other current assets and also secured against a corporate guarantee provided by HSIL Limited, the holding company). Loan repayable within one year Rs. 17.600 Millions (Rs. NIL) (A) Cash credit facilities from bank (Secured by hypothecation of furniture, fixture, plant, machineries, equipments and all other fixed assets and also secured against a corporate guarantee provided by HSIL Limited, the holding company)

Banking Relations :	--
Auditors :
Name :	Walker Chandiok and Company Chartered Accountants
Address :	L 41 Connuaght Circus New Delhi – 110001, India
PAN.:	AAAFW4298E
Holding Company:	· HSIL Limited
Subsidiaries :	· AGI Glasspack Limited · HSIL Associates Limited · Halis International Limited · Alchemy International Cooperatief U.A. · Haas International B.V.

CAPITAL STRUCTURE

As on 17.09.2011

Authorised Capital : Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.420.000 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions
2500000	Preference Shares	Rs.100/- each	Rs.250.000 Millions
	Total		Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22000000	Equity Shares	Rs.10/- each	Rs.220.000 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		220.000	90.000	62.250
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		210.000	210.000	126.750
4] (Accumulated Losses)		(288.184)	(201.149)	(115.053)
NETWORTH		141.816	98.851	73.947
LOAN FUNDS
1] Secured Loans		118.851	34.705	16.881
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		118.851	34.705	16.881
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		260.667	133.556	90.828
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		151.677	93.445	64.821
Capital work-in-progress		0.869	2.723	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	133.589	59.912	39.433
	Sundry Debtors	25.740	21.815	0.000
	Cash & Bank Balances	12.925	6.445	2.437
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	33.480	22.851	17.470
Total Current Assets		205.734	111.023	59.340
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	69.150	48.537	15.391
	Other Current Liabilities	26.351	23.608	16.937
	Provisions	2.112	1.490	1.005
Total Current Liabilities		97.613	73.635	33.333
Net Current Assets		108.121	37.388	26.007
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		260.667	133.556	90.828

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA		55.374
		Other Income	NA		2.568
		TOTAL (A)	NA	190.558	57.942
Less	EXPENSES
		Cost of Goods Purchased for Sale	NA		37.362
		Personnel Cost	NA		36.365
		Administrative, Selling and general Expenses	NA		57.767
		Increase in Stock	NA		(6.622)
		TOTAL (B)	NA	276.617 (Including Financial and Depreciation)	124.872
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA		(66.930)
Less	FINANCIAL EXPENSES (D)		NA		1.740
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA		(68.670)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA		5.541
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		NA	(86.059)	(74.211)
Less	TAX (H)		NA	0.037	0.496
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(87.035)	(86.096)	(74.707)
	DEFERRED TAX FOR EARLIER YEARS		NA	NA	(9.400)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(115.053)	(30.946)
	BALANCE CARRIED TO THE B/S		NA	NA	(115.053)
	IMPORTS
		Finished goods for resale	51.976	24.502	4.892
		Capital Goods	0.000	0.000	0.251
	TOTAL IMPORTS		51.976	24.502	5.143
	Earnings/(Loss) Per Share (Rs.)		(9.63)	(13.70)	(20.57)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	(45.18)	(128.93)
Net Profit Margin (PBT/Sales)	(%)	NA	NA	(134.02)
Return on Total Assets (PBT/Total Assets}	(%)	NA	(77.51)	(125.06)
Return on Investment (ROI) (PBT/Networth)		NA	(0.87)	(1.00)
Debt Equity Ratio (Total Liability/Networth)		1.53	1.10	0.68
Current Ratio (Current Asset/Current Liability)		2.11	1.51	1.78

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

Financial Results

The Company incurred a loss of Rs.87.035 Millions for the year which has been carried forward to next year.

Operations

The Company is a wholly owned subsidiary of HSIL Limited., established to diversify the group into the total Home Solutions Enterprise with its foray into the high potential Home Interiors sector in India under the brand name �EVOK�.

The core vision of the Company is to be the first choice partner of customers aspiring for value for style Home Interior solutions and operates in the Retail as well as Institutional segments.

During the financial year 2010-11, the Company expanded its market presence and business operations significantly across the metropolitan and Tier-1 markets. Four new MegaStores were successfully setup by the Company at prime customer catchment market locations like Lucknow, Zirakpur (Chandigarh), Pune and Thane. With the existing operational Retail formats in Delhi-NCR, the Company became the largest retail chain of Home Interior Stores in North-India. All the new MegaStores conformed to optimized format workings of 8000 to 12000 sq.ft size and revised retail merchandise category mix, based on experience curve of our pilot period operations. These large format flagship stores offer end to end single window solutions for Home Interior needs ranging from Interior design services, Living concepts, wide range products, turnkey installation services and post care services. The comprehensive product category range includes Home Furniture, Soft Furnishings, Home D�cor, Modular Kitchens, Bath, Lighting, Flooring, Home organisation and accessories with a population of more than 16,000 world class products sourced and aggregated globally.

Besides the MegaStore retail format, the Company also piloted the establishment of a super-speciality Kichen-Bath-Interiors retail format this year. Two new Stores in this format were successfully set up at GK2 (South Delhi) and at Noida.

The Projects and Institutional Division established to service the architects, builders, corporates and institutional community, secured a very prestigious project of turnkey interiors of Ansal's Hotel venture at Ajmer (Rajasthan). The project was successfully delivered and provides the Company the necessary experience and capability to enhanceai Design-To-Build Services business for Residential, Commercial and Hospitality sectors.

The Company continued to invest its capability in developing an extensive global supplier base for its operations, as well as improvising ERP systems, processes and infrastructure. In order to improvise the supply chain efficiencies and also create distribution capabilities for pan-India retail operations, the Company established its Distribution Centre at Bhiwandi near Mumbai during this year. Investments were effectively utilized for building and promoting the exciting brand of the company �EVOK� and propagating it to be the icon for Home Fashion retail in India.

In the next financial year, the Company is confident of its target to achieve operating profits from its aggregate revenue units. Aggressive expansion plans have been lined up for establishing 6-7 new MegaStores and 5-6 Speciality Kitchen+Interior Stores across South India, West and North India. The Institutional and Projects division is also being strengthened to be able to significantly enhance revenue contributions to the Company.

The Company is completely focused on significant revenue escalation through its existing and upcoming/proposed retail stores and the projects division next year, as well as control operating costs with effective budgeting and control systems. The Company expects to deliver significant long term value to the Group operations.

Share Capital

During the year the Company has increased its Authorized Share Capital from Rs.100.000 Millions (divided into 10,000,000 Equity Shares of Rs. 10/- each) to Rs.250.000 Millions (divided into 25,000,000 Equity Shares of Rs. 10/- each) on 18th September, 2010 and has issued and allotted 13,000,000 equity shares of Rs. 10/- each, for cash at par to HSIL Limited, the parent Company on 31st March, 2011.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

PARTICULARS	31.03.2011
Bank gurantees given to various authorities	0.500
Service tax liability on lease rent	5.966

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51109WB2005PTC106307
Name of the company	HINDWARE HOME RETAIL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2 Red Cross Place, Kolkata – 700001, West Bengal, India Email: ngoenka@hindware.co.in
This form is for	Creation of charge
Type of charge	Movable property (not being pledge) All other Fixed Assets
Particular of charge holder	Central Bank of India, Parliament Street Branch, Jeeva Tara Building, Parliament Street, New Delhi – 110001, India Email: agmdela0316@centralbank.co.in
Nature of instrument creating charge	1) Article of Agreement dated 10.01.2012 2) Agreement of Hypothecation of movable assets forming part of fixed assets dated 10.01.2012 3) Letter of Hypothecation dated 10.01.2012 4) Agreement for Hypothecation of Current Assets dated 10.01.2012 5) Sanction letter dated 01.12.2011. 6) Modified Sanction letter No. ADV/2011-12/407 dated 03.01.2012
Date of instrument Creating the charge	10.01.2012
Amount secured by the charge	Rs.150.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate+3.50% with reset every 364 days Terms of Repayment 16 equal quarterly installments of Rs. 9.375 Millions, starting from 30th September, 2013 Margin 33% Extent and Operation of the charge 1) The loan amount together with interest, costs, charge, expenses and other moneys payable in respect thereof secured by primary First charge on the block assets of the Company (present and future) viz. hypothecation of furniture, fixture, plant, machineries, equipments and all other fixed assets. 2) A Corporate Guarantee by HSIL Limited, the Holding Company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge on the block assets of the Company (present and future) viz. hypothecation of furniture, fixture, plant, machineries, equipments and all other fixed assets.

FIXED ASSETS

· Vehicle

· Air Conditioner

· Office Equipments

· Computers

· Furniture and Fittings

· Furniture and Fitting, Shop

· Leasehold Improvements

· Plant Machinery

· Tools

AS PER WEBSITE

COMPANY PROFILE

Subject: HSIL Limited is entering the organized retail sector with Home Interiors Specialty Retail business. For this purpose, HHRL has been incorporated as a subsidiary of HSIL to spearhead the Group’s vision to evolve into a Total Home Solutions Enterprise. HHRL plans to establish 50 large format company operated specialty destination stores over the next 5 years across the country and set new industry benchmarks in Home Interiors. The chain of stores will be launched under the new retail brand EVOK and the pilot flagship stores will shortly come up in NCR. The core idea behind Evok stores is to provide value for style home interiors solutions in Living, Kitchen and Bath domains. Evok stores will also facilitate discerning consumers with coordinated home interior solutions driven by themes which accentuate their lifestyle and fulfill their aspirations. Evok stores will showcase world class contemporary products in Furniture, Furnishings, Bath products, Modular Kitchens, Flooring, Lighting and Lifestyle home accessories sourced and coordinated from across the world.

At Evok stores, home spaces will be creatively arranged with affordable, value packed Home Interior products in a soulful ambience designed to evoke emotions. Evok stores will also provide personalized home interior planning services to assist home makers visualize, choose and create their desired habitats.

HHRL will also establish its Projects business to service the Architects/Builders/Interior Designers and Corporate/Institutional segments with comprehensive products and services.

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.55.64
UK Pound	1	Rs.87.31
Euro	1	Rs.68.81

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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.