1. Summary Information

Reference #	135-104576-05-020(20120313946)	Country	India
Company Name	Electromart Stores Private Limited	Principal Name 1	Mr. Rahul Lohia
Status	Moderate	Principal Name 2	Mr. Neeraj Kumar Khemka
Our Reference #	173242	Registration #	55-117829
Street Address	A – 48, LGF, Dayanand Colony, Lajpat Nagar, New Delhi - 110 016, India
Established Date	28.11.2002	SIC Code	--
Telephone#	Not Available	Business Style 1	Retailer
Fax #	Not Available	Business Style 2	--
Homepage	--	Product Name 1	Consumer Electronics Products.
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.15,695,500/-	Product Name 3	--
Shareholders	Bodies corporate -78.47%, Directors or relatives of directors- 21.53%	Banking	Bank of Baroda
Public Limited Corp.	No	Business Period	10 years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	B (29)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	18,295,000	Current Liabilities	17,451,000
Inventories	41,944,000	Long-term Liabilities	21,735,000
Fixed Assets	12,712,000	Other Liabilities	683,000
Deferred Assets	0,000	Total Liabilities	39,869,000
Invest& other Assets	0,000	Retained Earnings	12,387,000
		Net Worth	33,082,000
Total Assets	72,951,000	Total Liab. & Equity	72,951,000
Total Assets (Previous Year)	61,561,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales (Including Other Income)	239,444,000	Net Profit	1,022,000
Sales(Previous yr)	188,474,000	Net Profit(Prev.yr)	121,000

MIRA INFORM REPORT

Report Date :

24.03.2012

IDENTIFICATION DETAILS

Name :	ELECTROMART STORES PRIVATE LIMITED (w.e.f. 16.04.2007)
Formerly Known As :	WAL-MART STORES PRIVATE LIMITED
Registered Office :	A – 48, LGF, Dayanand Colony, Lajpat Nagar, New Delhi - 110 016
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.11.2002
Com. Reg. No.:	55-117829
Capital Investment / Paid-up Capital :	Rs.15.695 Millions
CIN No.: [Company Identification No.]	U51909DL2002PTC117829
TAN No.: [Tax Deduction & Collection Account No.]	DELW01149B
PAN No.: [Permanent Account No.]	AAACW4910E
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is a Retailer of Consumer Electronics Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 130000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However 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 – 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

LOCATIONS

Registered Office :	A – 48, LGF, Dayanand Colony, Lajpat Nagar, New Delhi - 110 016, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	amitag1975@rediffmail.com info_infotech@yahoo.co.in
Corporate Office :	P–5, Ground Floor, Ocean Plaza, Sector 18, Noida – 201 010, Uttar Pradesh, India
Tel. No.:	91-120-2514086/87/ 4316773

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Rahul Lohia

Designation :

Director

Address :

Maitri Kunj, N. S. Road, Fatasil, Guwahati – 781 009, Assam, India

Date of Birth/Age :

12.10.1985

Date of Appointment :

27.10.2003

DIN No.:

00290500

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51909DL2002PTC117829	ELECTROMART STORES PRIVATE LIMITED	Director	27/10/2003	27/10/2003	-	Active	NO
2	U01132AS1995PTC004393	BARAK AGRO PRIVATE LIMITED	Director	4/11/2003	4/11/2003	3/10/2010	Active	NO
3	U27107AS1992PTC003784	RHINO ALLOYS AND STEELS PRIVATE LIMITED	Director	4/11/2003	4/11/2003	-	Amalgamated	NO
4	U67120AS1993PTC004007	RAHUL FINANCIAL SERVICES PRIVATE LIMITED	Director	4/11/2003	4/11/2003	-	Active	NO
5	U85110AS2003PTC007151	MOTHER CARE HOSPITAL PRIVATE LIMITED	Director	4/5/2004	4/5/2004	-	Active	NO
6	U15134ML2003PTC007221	MEGHALAYA BEVERAGES PRIVATE LIMITED	Director	29/06/2004	29/06/2004	-	Active	NO
7	U74899DL1994PTC061028	SUKHAD ESTATES PRIVATE LIMITED	Director	27/09/2006	27/09/2006	6/3/2008	Active	NO
8	U17118WB1986PTC040385	EXODUS KNITWEAR PRIVATE LIMITED	Director	25/04/2007	25/04/2007	21/08/2009	Active	NO
9	U45400WB2007PTC116866	BHRAMPUTRA DEVELOPERS PRIVATE LIMITED	Director	2/7/2007	2/7/2007	-	Active	NO
10	U27101ML2007PLC008275	MEGHALAYA FERROUS LIMITED	Director	22/08/2007	22/08/2007	27/10/2011	Active	NO
11	U15511AS1999PLC005920	BRAHMAPUTRA METALLICS LIMITED	Director	29/09/2008	22/10/2007	5/1/2012	Active	NO
12	U27106AS2000PLC006199	BRAHMA IRON AND POWER LIMITED	Director	29/09/2008	23/10/2007	5/1/2012	Active	NO
13	U70101AS2005PTC007797	AGILE ACHIEVERS AND DEVELOPERS PRIVATE LIMITED	Director	22/12/2007	22/12/2007	-	Active	NO
14	U45201AS2008PTC008563	RELIABLE PLANNERS PRIVATE LIMITED	Director	10/1/2008	10/1/2008	-	Active	NO
15	U45201AS2008PTC008562	B R DEVELOPERS PRIVATE LIMITED	Director	10/1/2008	10/1/2008	-	Active	NO
16	U45201AS2008PTC008572	KCL DEVELOPERS PRIVATE LIMITED	Director	22/01/2008	22/01/2008	-	Active	NO
17	U27100AS2008PTC008610	RAINBOW ISPAT PRIVATE LIMITED	Director	4/3/2008	4/3/2008	-	Active	NO
18	U27100AS2008PTC008859	GASGEN FERRO ALLOYS PRIVATE LIMITED	Director	4/12/2008	4/12/2008	-	Converted to LLP and dissolved	NO
19	U55101AS2009PTC009100	BRAHMAPUTRA HOTELIERS PRIVATE LIMITED	Director	16/06/2009	16/06/2009	-	Under Process of Striking off	NO
20	U52100DL2009PTC192262	SMARTBUY STORES PRIVATE LIMITED	Director	16/07/2009	16/07/2009	-	Active	NO
21	U52341AS2009PTC009139	PRP BUILDMART TRADERS PRIVATE LIMITED	Director	22/07/2009	22/07/2009	-	Active	NO
22	U22210AS2009PTC009166	PRATAH KHABAR MEDIA PRIVATE LIMITED	Director	31/07/2009	31/07/2009	-	Active	NO
23	U18101AS1999PLC005654	SOHUM SHOPPE LIMITED	Director	28/08/2009	28/08/2009	-	Active	NO
24	U51909AS2009PTC009270	LAJO IMPEX PRIVATE LIMITED	Director	24/09/2009	24/09/2009	-	Active	NO
25	U27104AS1986PTC002494	BAJRANG ISPAT PRIVATE LIMITED	Director	31/10/2009	31/10/2009	-	Active	NO
26	U51109WB1993PTC060839	ADVANCE DISTRIBUTORS PRIVATE LIMITED	Director	25/06/2010	25/06/2010	-	Active	NO
27	U27107ML1974PLC001507	MEGHALAYA STEELS LIMITED	Director	19/07/2010	19/07/2010	-	Active	NO
28	U24111ML1996PTC004809	BYRNIHAT OXYGEN PRIVATE LIMITED	Director	19/07/2010	19/07/2010	-	Active	NO
29	U70101AS2010PTC010210	KCL PROPERTIES PRIVATE LIMITED	Director	27/09/2010	27/09/2010	-	Active	NO
30	U40101AS2009PTC008941	DESANG HYDEL POWER COMPANY PRIVATE LIMITED	Additional director	1/12/2010	1/12/2010	-	Converted to LLP and dissolved	NO
31	U70101AS2003PTC007191	SBR DEVELOPERS PRIVATE LIMITED	Director	10/1/2011	10/1/2011	25/07/2011	Active	NO
32	U24117AS1998PTC005621	G L COKE PRIVATE LIMITED	Additional director	28/09/2011	28/09/2011	-	Active	NO
33	U45209AS2010PTC010211	KCL CONSTRUCTIONS PRIVATE LIMITED	Director	12/12/2011	4/11/2011	-	Active	NO
34	U27107ML1998PLC005538	MEGHALAYA ISPAT LIMITED	Additional director	23/01/2012	23/01/2012	-	Active	NO

Name :

Mr. Neeraj Kumar Khemka

Designation :

Director

Address :

A – 24, Sector 26, Noida - 201 301, Uttar Pradesh, India

Date of Birth/Age :

10.12.1978

Date of Appointment :

17.11.2003

DIN No.:

00727255

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	U51909DL2002PTC117829	ELECTROMART STORES PRIVATE LIMITED	Director	17/11/2003	17/11/2003	Active	NO
2	U85110AS2003PTC007151	MOTHER CARE HOSPITAL PRIVATE LIMITED	Director	15/04/2004	15/04/2004	Active	NO
3	U18101DL2006PTC146380	SUKHKARNI COLLECTIONS PRIVATE LIMITED	Director	16/06/2008	16/06/2008	Active	NO
4	U51109DL2008PTC182462	SHREENIDHI IMPEX PRIVATE LIMITED	Director	26/08/2008	26/08/2008	Active	NO
5	U52100DL2009PTC192262	SMARTBUY STORES PRIVATE LIMITED	Director	16/07/2009	16/07/2009	Active	NO
6	U51909AS2009PTC009270	LAJO IMPEX PRIVATE LIMITED	Director	24/09/2009	24/09/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Sunita Devi Lohia	5000
Rahul Lohia	3050
Iron Products (Assam) Limited, India	42500
Rhino Alloys and Steels Private Limited, India	150000
Neeraj Khemkha	330000
Mother Care Hospital Private Limited, India	250000
Meghlaya Ispat Limited, India	789000
Total	1569550

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	78.47
Directors or relatives of directors	21.53
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is a Retailer of Consumer Electronics Products

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda,

SME Noida Branch, P-5, Ocean Plaza, Upper Ground Floor, Sector 18, Noida-201 301, Uttar Pradesh, India

· HDFC Bank Limited,

9^th Floor, Ansal Classique Tower, Rajouri Garden, New Delhi – 110 027, India

· Citi Bank

· ICICI Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loan from HDFC Bank (Against Hypothecation of Car)	0.000	0.053
Cash Credit Limit from Bank of Baroda (Against Hypothecation of Stock)	20.892	11.764
Total	20.892	11.817
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loan from Neeraj Khemka	0.843	0.761
Total	0.843	0.761

Banking Relations :	--
Auditors :
Name :	Manoj Prakash and Associates Chartered Accountants
Address :	A – 49, Dayanand Colony, LGF, Lajpat Nagar – IV, New Delhi – 110 024, India
Tel. No.:	91-11-26432756
Mobile No.:	91-9810346940
E-Mail :	caagrawalmanoj@gmail.com
Pan No.:	AAFCA0597H

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1569550	Equity Shares	Rs.10/- each	Rs.15.695 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		15.695	15.695	15.695
2] Share Application Money		5.000	5.000	2.500
3] Reserves & Surplus		12.387	11.365	11.244
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		33.082	32.060	29.439
LOAN FUNDS
1] Secured Loans		20.892	11.817	7.770
2] Unsecured Loans		0.843	0.761	0.687
TOTAL BORROWING		21.735	12.578	8.457
DEFERRED TAX LIABILITIES		0.109	0.000	0.000
TOTAL		54.926	44.638	37.896
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.712	12.770	13.082
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	41.944	27.362	27.996
	Sundry Debtors	8.191	9.703	3.650
	Cash & Bank Balances	1.464	2.434	0.630
	Other Current Assets	0.550	2.345	1.666
	Loans & Advances	8.090	6.947	7.221
Total Current Assets		60.239	48.791	41.163
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	17.290	16.528	15.763
	Other Current Liabilities	0.161	0.078	0.000
	Provisions	0.574	0.317	0.586
Total Current Liabilities		18.025	16.923	16.349
Net Current Assets		42.214	31.868	24.814
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		54.926	44.638	37.896

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	239.444	179.022	152.221
		Other Income		9.452	11.517
		TOTAL (A)	239.444	188.474	163.738
Less	EXPENSES
		Cost of Goods Sold	219.604	170.923	147.322
		Indirect Expenses	15.422	15.231	14.034
		TOTAL (B)	235.026	186.154	161.356
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.418	2.320	2.382
Less	FINANCIAL EXPENSES (D)		2.363	1.550	1.250
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.055	0.771	1.132
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.666	0.629	0.627
	PROFIT BEFORE TAX (E-F) (G)		1.389	0.142	0.505
Less	TAX (H)		0.367	0.021	0.112
	PROFIT AFTER TAX (G-H) (I)		1.022	0.121	0.393
	Earnings Per Share (Rs.)		0.65	0.08	0.25

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.43	0.06	0.24
Net Profit Margin (PBT/Sales)	(%)	NA	0.08	0.33
Return on Total Assets (PBT/Total Assets}	(%)	1.90	0.23	0.93
Return on Investment (ROI) (PBT/Networth)		0.04	0.00	0.02
Debt Equity Ratio (Total Liability/Networth)		1.20	0.92	0.84
Current Ratio (Current Asset/Current Liability)		3.34	2.88	2.52

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS

The profit and Loss account for the year shows a net profit of Rs.1.022 Millions.

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U51909DL2002PTC117829
Name of the company	ELECTROMART STORES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A – 48, LGF, Dayanand Colony, Lajpat Nagar, New Delhi - 110 016, India
Type of charge	Book Debts Movable Property Floating Charge
Number of charge holder (s)	1
Particular of charge holder	Bank of Baroda, SME Noida Branch, P-5, Ocean Plaza, Upper Ground Floor, Sector 18, Noida-201301, Uttar Pradesh, India.
Email	akandco@hotmail.com
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation Agreement
Date of instrument Creating the charge	22.08.2009
Amount secured by the charge	Rs.20.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest @1.50% above BPLR (presently BPLR is 12.00%), based on Audited Balance Sheet 31.03.2008, subject to credit rating and change in Bank's guidelines. Terms of Repayment Payable on demand. Margin 25% for stocks and book-debts. Extent and Operation of the charge 100% Others To secure all amounts payable under Cash Credit Limit of Rs.20.000 millions granted to the company together with all interests, costs, charges, expenses etc.
Short particulars of the property charged	Hypothecation of present and future stocks and book debts.
Date of latest modification prior to the present modification	Nil
Particulars of the present modification	Nil

FIXED ASSETS:

· Air Conditioners

· Car

· Computer

· CCTV Camera

· Fire and Extinguisher

· Furniture and Fixture

· Generator

· Equipment and Tools

· Land and Building

· Vehicle

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.50.91
UK Pound	1	Rs.80.77
Euro	1	Rs.67.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.