1. Summary Information

		Country	India
Company Name	GRAN ELECTRONICS PRIVATE LIMITED	Principal Name 1	Mr. Subhash Shripad Nabar
Status	Moderate	Principal Name 2	Mr. Arunkumar Fatehlal Doshora
		Registration #	11-144083
Street Address	2^nd Floor, Fort House, 221 Dr. D. N. road, Fort, Mumbai-400001, Maharashtra
Established Date	20.01.2004	SIC Code	--
Telephone#	Not Available	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	--
Homepage	--	Product Name 1	Washing Machines
# of employees	300 [Approximately]	Product Name 2	Refrigerators
Paid up capital	Rs.40,000,000/-	Product Name 3	Motors
Shareholders	Bodies corporate	Banking	Indian Overseas Bank
Public Limited Corp.	No	Business Period	7 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (28)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	30.06.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	509,477,000	Current Liabilities	392,386,000
Inventories	106,646,000	Long-term Liabilities	345,319,000
Fixed Assets	163,962,000	Other Liabilities	10,239,000
Deferred Assets	4,425,000	Total Liabilities	747,944,000
Invest& other Assets	25,000	Retained Earnings	2,000
		Net Worth	36,591,000
Total Assets	784,535,000	Total Liab. & Equity	784,535,000
Total Assets (Previous Year)	621,412,000
P/L Statement as of	30.06.2010		(Unit: Indian Rs.)
Sales	1,918,300,000	Net Profit	15,800,000
Sales(Previous yr)	1,554,300,000	Net Profit(Prev.yr)	13,300,000

MIRA INFORM REPORT

Report Date :

03.02.2012

IDENTIFICATION DETAILS

Name :	GRAN ELECTRONICS PRIVATE LIMITED
Registered Office :	2^nd Floor, Fort House, 221 Dr. D. N. road, Fort, Mumbai-400001, Maharashtra
Country :	India
Financials (as on) :	30.06.2010
Date of Incorporation :	20.01.2004
Com. Reg. No.:	11-144083
Capital Investment / Paid-up Capital :	Rs.40.000 Millions
CIN No.: [Company Identification No.]	u23100mh2004ptc144083
TAN No.: [Tax Deduction & Collection Account No.]	nskg01792A
PAN No.: [Permanent Account No.]	aaccg4003a
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Washing Machines Refrigerators and Motors.
No. of Employees :	300 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 140000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company which are expected to be wiped off soon. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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. Gupte
Designation :	Accounts Executive
Contact No.:	91-9225304215

LOCATIONS

Registered Office :	2^nd Floor, Fort House, 221 Dr. D N road, Fort, Mumbai-400001, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	bhagwangi@vgmail.com gran_electronics@yahoo.com lokeshal@vgmail.com
Factory 1 :	Survey No. 113, Varsha Medi Kaluba, Anjar District, Kutch-370485, Gujarat, India
Tel. No.:	91-2836-296743 91-2431-251501
Fax No.:	91-2431-251501
Factory 2 :	Gut No. 968, Village Bidkin, Taluka Paithan, Aurangabad-431105, Maharashtra, India

DIRECTORS

As on 30.12.2010

Name :

Mr. Subhash Shripad Nabar

Designation :

Director

Address :

Plot No. 149, N-1, Aurangabad – 431 105, Maharashtra, India

Date of Birth/Age :

13.07.1947

Date of Appointment :

02.12.2008

Din No.:

01341057

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	U20230MH1999PTC119919	SYNLENE PACKAGING AND ELECTRONICS PRIVATE LIMITED	Director	09-08-00	09-08-00	Active	NO
2	U29305DL1999PLC100556	AKAI CONSUMER ELECTRONICS INDIA LIMITED	Director	04-03-01	04-03-01	Active	NO
3	U51395MH1996PTC197988	DISPLAY DEVICES PRIVATE LIMITED	Director	25-07-01	25-07-01	Active	NO
4	U29304MH1997PLC107701	INDIA FLOOR CARE AND APPLIANCES LIMITED	Director	04-02-02	04-02-02	Strike off	NO
5	L99999MH1989PLC052233	TREND ELECTRONICS LIMITED	Director	31-10-02	31-10-02	Active	NO
6	U31200MH2004PLC145060	DAEHUNG INDIA ELECTRONICS LIMITED	Director	15-03-04	15-03-04	Amalgamated	NO
7	U29100MH2004PLC148081	HYUNDAI ELECTRONICS INDIA LIMITED	Director	18-08-04	18-08-04	Active	NO
8	U51900MH1988PTC047304	FORCE APPLIANCES PRIVATE LIMITED	Director	08-10-05	08-10-05	Active	NO
9	U67120MH1995PLC133952	VIDEOCON VCR SECURITIES LIMITED	Director	31-03-08	12-05-07	Strike off	NO
10	U32100MH2004PTC144083	GRAN ELECTRONICS PRIVATE LIMITED	Director	02-12-08	02-12-08	Active	NO

Name :

Mr. Arunkumar Fatehlal Doshora

Designation :

Director

Address :

19 Behind Master Cook, Aurangabad – 431 105, Maharashtra, India

Date of Birth/Age :

10.02.1954

Date of Appointment :

02.12.2008

Din No.:

01798128

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	U52335MH2008PTC178701	BG MAGNETIC PRIVATE LIMITED	Director	09-02-08	09-02-08	Active	NO
2	U32100MH2004PTC144083	GRAN ELECTRONICS PRIVATE LIMITED	Director	02-12-08	02-12-08	Active	NO
3	U51109MH2008PLC188547	UNITY APPLIANCES LIMITED	Additional director	25-11-10	25-11-10	Active	NO
4	U11204MH2004PLC147217	SKY APPLIANCES LIMITED	Additional director	03-01-12	03-01-12	Active	NO

KEY EXECUTIVES

Name :	Mr. Gupte
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.12.2010

Names of Shareholders	No. of Shares
Shree Dhoot Trading and Agencies Limited, India	76000
Dome-Bell electronics India Private Limited, India	76000
Force Appliances Private Limited [Formerly Videocon Exports Private Limited], India	76000
Century Appliances Private Limited [Formerly Rajkumar Engineering Private Limited], India	76000
Tekcare India Private Limited, India	76000
Electroparts (India) Private Limited, India	20000
Total	400000

As on 30.12.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Washing Machines Refrigerators and Motors.

Products :

Item Code No.:	Product Description
8418.00	Refrigerator
8450.00	Washing Machine

GENERAL INFORMATION

No. of Employees :

300 [Approximately]

Bankers :

· Indian Overseas Bank, Branch Jalna Road, Aurangabad - 415 570, Maharashtra, India

· The Saraswat Co-operative Bank Limited, Aurangabad Branch, Madhu Shilp, Plot No. 6, C/2, Town Centre Near CIDCO Bus Stand, CIDCO, Aurangabad-431001, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Terms loans Rupee loans from banks and financial institutions	54.181	102.744
Working capitals loans from banks	21.138	28.211
Total	75.319	130.955
Unsecured Loan
From Others	270.000	270.000
Total	270.000	270.000

NOTE:

1. Term loan from bank is secured against first legal mortgage and charge on all the immovable and movable properties, both present and future, including movable machinery; machinery spares tools and accessories, present and future.

2. Term loan form financial institution is secured by way of first pari passu mortgage and charge on over all immovable properties, both present and future, of the company. Further charged by hypothecation of all movable machinery, machinery spares, tools and accessories present and future.

3. Working capital loans from banks are secured against hypothecation of the stock of raw material, packing material, stock in process, finished goods, store and spares. Book debts and all other current assets.

Banking Relations :	--
Auditors :
Name :	KSS and Company Chartered Accountants
Address :	3801, Barde Lane, Navi Peth, Ahmednagar-414001, Maharashtra, India
Pan No.:	AAIFK3397A

CAPITAL STRUCTURE

As on 30.06.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
999500	Equity Shares	Rs.100/- each	Rs.99.950 Millions
500	Preferences Shares	Rs.100/- each	Rs.0.050 Million
	Total		Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.100/- each	Rs.40.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.06.2010 (12 Months)	30.06.2009 (15 Months)	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		40.000	40.002	0.102
2] Share Application Money		0.000	0.000	39.900
3] Reserves & Surplus		0.002	0.002	0.000
4] (Accumulated Losses)		(3.411)	(19.970)	(33.309)
NETWORTH		36.591	20.034	6.693
LOAN FUNDS
1] Secured Loans		75.319	130.955	196.813
2] Unsecured Loans		270.000	270.000	120.000
TOTAL BORROWING		345.319	400.955	316.813
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		381.910	420.989	323.506
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		163.962	190.878	238.608
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.025	0.025	0.028
DEFERREX TAX ASSETS		4.425	11.059	16.284
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	106.646	100.384	92.636
	Sundry Debtors	417.564	237.732	28.737
	Cash & Bank Balances	34.890	30.720	23.502
	Other Current Assets	22.210	15.421	7.213
	Loans & Advances	34.813	35.193	17.030
Total Current Assets		616.123	419.450	169.118
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	382.678	133.595
	Other Current Liabilities	9.708	57.714	96.475
	Provisions	10.239	9.114	4.057
Total Current Liabilities		402.625	200.423	100.532
Net Current Assets		213.498	219.027	68.586
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		381.910	420.989	323.506

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.06.2010 (12 Months)	30.06.2009 (15 Months)	31.03.2008
	SALES
		Income	1918.300	1554.300	812.659
		Other Income	27.700	5.900
		TOTAL	1946.000	1560.200	812.659
Less	EXPENSES
		Office Expenses
		Administrative Expenses		1490.985	770.691
		Advertising Expenses
		Financial Expenses
		TOTAL	1923.600 [Including Depreciation]	1490.985	770.691
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			69.215	41.968
Less/ Add	DEPRECIATION/ AMORTISATION			48.215	46.791
	PROFIT BEFORE TAX		22.400	21.000	(4.823)
Less	TAX		6.600	7.700	(3.797)
	PROFIT AFTER TAX		15.800	13.300	(1.025)
	IMPORTS
		Raw Materials	217.039	142.607	103.662
	Earnings Per Share (Rs.)		41.40	489.63	(1030.48)

KEY RATIOS

PARTICULARS		30.06.2010 (12 Months)	30.06.2009 (15 Months)	31.03.2008
PAT / Total Income	(%)	0.81	0.85	(0.13)
Net Profit Margin (PBT/Sales)	(%)	1.17	1.35	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.87	3.44	(1.14)
Return on Investment (ROI) (PBT/Networth)		0.61	1.05	(0.72)
Debt Equity Ratio (Total Liability/Networth)		20.44	30.02	62.36
Current Ratio (Current Asset/Current Liability)		1.53	2.09	1.68

LOCAL AGENCY FURTHER INFORMATION

NOTE: The registered office of the company has been shifted from Gut No. 968, Bidkin, Paithani, Aurangabad-431105, Maharashtra, India to the present address w.e.f. 31.07.2009.

FINANCIAL RESULTS AND OPERATIONS:

During the year, the company earned a total income of Rs.1946.000 Millions as against Rs.1560.200 Millions for the previous year. Total expenditure amounted to Rs.1923.600 Millions as against Rs.1490.985 Millions and net profit after tax amounted to Rs.15.800 Millions as against Rs.13.300 Millions for the previous year.

The company continues to explore opportunities to improve its performance.

During the year, the company has redeemed 9.50% cumulative redeemable preferences shares of Rs.100/- each at par on 7^th December, 2009.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10238551
Corporate identity number of the company	U32100MH2004PTC144083
Name of the company	GRAN ELECTRONICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2^nd Floor, Fort House, 221 Dr. D N road, Fort, Mumbai-400001, Maharashtra, India
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	The Saraswat Co-operative Bank Limited, Aurangabad Branch, Madhu Shilp, Plot No. 6, C/2, Town Centre Near CIDCO Bus Stand, CIDCO, Aurangabad-431001, Maharashtra, India
Email	njbhatia@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation for Enhancement of D/A L/C Limit
Date of instrument Creating the charge	27.07.2010
Amount secured by the charge	Rs.40.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Terms of Repayment On demand Extent and Operation of the charge This is L/C facility
Short particulars of the property charged	Hypothecation of stocks under L/C tangible movable property (both present and future) belonging to the borrowers and lying and being at the borrowers place of business at Gujarat and Maharashtra or whereverelse the same maybe. Hypothecation of book debts, outstanding, monies receivables, claims and bills.
Particulars of the present modification	The L/C limit is enhanced from Rs 8.000 Millions to Rs 40.000 Millions (additional Rs 32.000 Millions.)

Fixed Assets:-

· Land

· Building

· Plant and Machinery

· Dies and Moulds

· Computers

· Vehicles

· Lighting and Fittings

· Furniture and Fittings

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.49.13
UK Pound	1	Rs.77.85
Euro	1	Rs.64.75

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	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		28

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.