MIRA INFORM REPORT

1. Summary Information

		Country	INDIA
Company Name	ADISHWAR INDIA LIMITED	Principal Name 1	MR. PARAS PREMRAJ JAIN
Status	SATISFACTORY	Principal Name 2	MR. NIRMAL PREMRAJ JAIN
		Registration #	08-021681
Street Address	#146, 11^TH ‘C’ CROSS, 1^ST MAIN, 2^ND STAGE, WEST OF CHORD ROAD, BANGALORE – 560 086, KARNATAKA
Established Date	21.01.1997	SIC Code	--
Telephone#	91-80-40733999	Business Style 1	TRADING
Fax #	91-80-23594310	Business Style 2	--
Homepage	www.adishwarindia.com www.adishwarestores.com	Product Name 1	CONSUMER DURABLES
# of employees	100 (APPROXIMATELY)	Product Name 2	HOUSE HOLD ARTICLES
Paid up capital	RS.78,479,500/-	Product Name 3	ELECTRONIC APPLIANCES
Shareholders	DIRECTORS OR RELATIVES OF DIRECTORS – 100%	Banking	HDFC BANK LIMITED
Public Limited Corp.	NO	Business Period	15 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (47)
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	243,460,000	Current Liabilities	126,691,000
Inventories	542,675,000	Long-term Liabilities	486,157,000
Fixed Assets	221,421,000	Other Liabilities	13,978,000
Deferred Assets	0,000	Total Liabilities	626,826,000
Invest& other Assets	4,025,000	Retained Earnings	293,700,000
		Net Worth	384,755,000
Total Assets	1,011,581,000	Total Liab. & Equity	1,011,581,000
Total Assets (Previous Year)	675,943,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	3,167,813,000	Net Profit	76,114,000
Sales(Previous yr)	1,818,634,000	Net Profit(Prev.yr)	36,613,000

MIRA INFORM REPORT

Report Date :

03.10.2012

IDENTIFICATION DETAILS

Name :	ADISHWAR INDIA LIMITED

Formerly Known As :	ADISHWAR MARKETING LIMITED

Registered Office :	#146, 11^th ‘C’ Cross, 1^st Main, 2^nd Stage, West of Chord Road, Bangalore – 560 086, Karnataka

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	21.01.1997

Com. Reg. No.:	08-021681

Capital Investment / Paid-up Capital :	Rs.78.480 Millions

CIN No.: [Company Identification No.]	U51909KA1997PLC021681

TAN No.: [Tax Deduction & Collection Account No.]	BLRA05081G

PAN No.: [Permanent Account No.]	AABCA4663P

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Trading of Consumer Durables, House Hold Articles, Electronic Appliances and Home Appliances.

No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

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

Satisfactory

Maximum Credit Limit :	USD 1539000

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 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

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BBB- (Long term bank facilities)
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry
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/ Corporate Office :	#146, 11^th ‘C’ Cross, 1^st Main, 2^nd Stage, West of Chord Road, Bangalore – 560 086, Karnataka, India
Tel. No.:	91-80-40733999/ 23594311/ 12/ 13
Fax No.:	91-80-23594310
E-Mail :	info@adishwarindia.com avenueroadbr@ingvysybank.com paras@bgl.vsnl.net.in geetha_mohanmurali@rediffmail.com
Website :	www.adishwarindia.com www.adishwarestores.com

Branch Office :	Located at: v Rajajinagar v BSK Kathriguppe v Chandra Layout v Ganganagar v HRBR Layout v Jayanagar v Domlur v Marathahalli v H.S.R. Layout v Ramamurthy Nagar v Yeshwanthpur v Sarjapur Road v Nagarbhavi v Sunkadakatte v Puttenahalli v Peenya Warehouse

Showrooms :	Located at: v Banashankari v Infantry Road, Bangalore v Malleswaram, Bangalore v Rajajinagar v Ring Road, Banashankari v Marathahalli v Bannerghatta Road v Mysore v Belgaum v Mangalore v Kolar v Hyderabad – Kondapur v Sainikpuri v Miyapur v Chennai – Kilpauk v Saligramam

DIRECTORS

As on 28.09.2011

Name :

Mr. Paras Premraj Jain

Designation :

Managing Director

Address :

No.11/7, Jolly Apartments, N.S. Iyengar Street, Sheshadripuram, Bangalore – 560 020, Karnataka, India

Date of Birth/Age :

30.04.1969

Qualification :

Graduate

Date of Appointment :

01.04.2008

PAN No.:

ABGPJ5656C

DIN No.:

02063077

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	U51909KA1997PLC021681	ADISHWAR INDIA LIMITED	Managing director	01/04/2008	21/01/1997	-	Active	NO

Name :

Mr. Nirmal Premraj Jain

Designation :

Whole- time director

Address :

No.11, Jolly Apartments, N.S. Iyengar Street, Sheshadripuram, Bangalore – 560 020, Karnataka, India

Date of Birth/Age :

13.12.1974

Qualification :

Graduate

Date of Appointment :

01.04.2008

PAN No.:

ABYPK7139B

DIN No.:

01635340

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	U51909KA1997PLC021681	ADISHWAR INDIA LIMITED	Whole-time director	01/04/2008	21/01/1997	-	Active	NO

Name :

Mr. Premraj Jain

Designation :

Director

Address :

No.11, Jolly Apartments, N.S. Iyengar Street, Sheshadripuram, Bangalore – 560 020, Karnataka, India

Date of Birth/Age :

10.10.1937

Qualification :

Graduate

Date of Appointment :

28.09.2011

PAN No.:

ACEPP3075E

DIN No.:

02227248

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	U51909KA1997PLC021681	ADISHWAR INDIA LIMITED	Director	28/09/2011	21/01/1997	-	Active	NO

Name :

Mrs. Kanchan Devi

Designation :

Director

Address :

No.11, Jolly Apartments, N.S. Iyengar Street, Sheshadripuram, Bangalore – 560 020, Karnataka, India

Date of Birth/Age :

18.08.1971

Qualification :

Graduate

Date of Appointment :

28.09.2011

PAN No.:

AAYPD4887C

DIN No.:

02063134

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	U51909KA1997PLC021681	ADISHWAR INDIA LIMITED	Director	28/09/2011	21/01/1997	-	Active	NO

Name :

Mrs. Manjula Devi

Designation :

Director

Address :

No.11, Jolly Apartments, N.S. Iyengar Street, Sheshadripuram, Bangalore – 560 020, Karnataka, India

Date of Birth/Age :

29.07.1976

Qualification :

Graduate

Date of Appointment :

28.09.2011

PAN No.:

ABQPM2138L

DIN No.:

02486120

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	U51909KA1997PLC021681	ADISHWAR INDIA LIMITED	Director	28/09/2011	15/01/2003	-	Active	NO

Name :

Mr. Girish Amritlal Chouhan

Designation :

Director

Address :

No.66/2, 3^rd Main, 5^th Cross, Chamrajpet, Bangalore – 560 018, Karnataka, India

Date of Birth/Age :

25.12.1976

Qualification :

Graduate

Date of Appointment :

08.08.2007

DIN No. :

01461924

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	U51909KA1997PLC021681	ADISHWAR INDIA LIMITED	Director	08/08/2007	02/10/2006	-	Active	NO

Name :

Mr. Ravindra Kudpi

Designation :

Director

Address :

No.23, Akshara, 4^th Main, 4^th Cross, Gourava Nagar, J.P. Nagar, 7^th Phase, Bangalore – 560 078, Karnataka, India

Date of Birth/Age :

08.01.1960

Qualification :

Graduate

Date of Appointment :

08.08.2007

DIN No. :

01461953

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	U51909KA1997PLC021681	ADISHWAR INDIA LIMITED	Director	08/08/2007	02/10/2006	-	Active	NO
2	U72200KA2008PTC046111	QUERYTECH SYSTEMS INDIA PRIVATE LIMITED	Director	17/04/2008	17/04/2008	-	Under Process of Striking off	NO

Name :

Mr. Joitkumar Bhomchand Jain

Designation :

Director

Address :

New Municipal Building, Flat No.12, 1^st Floor, Mumbai – 400 008, Maharashtra, India

Date of Birth/Age :

05.01.1965

Qualification :

Graduate

Date of Appointment :

27.09.2010

PAN No.:

AABPJ9794M

DIN No. :

01526858

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	U31200GA1992PLC002357	CENZER INDUSTRIES LIMITED	Managing director	04/05/2009	07/12/1992	-	Active	NO
2	U45400MH2002PTC136248	CENZER INFRASTRUCTURE PRIVATE LIMITED	Director	19/06/2002	19/06/2002	-	Active	NO
3	U31400MH2009PTC190705	BISTEC LITECH INDUSTRIES PRIVATE LIMITED	Managing director	04/03/2009	04/03/2009	31/03/2012	Active	NO
4	U51909KA1997PLC021681	ADISHWAR INDIA LIMITED	Director	27/09/2010	01/10/2009	-	Active	NO
5	U33301DL2005PTC138855	J AND J WATCHELECTRO MFG PRIVATE LIMITED	Additional director	07/12/2010	07/12/2010	20/12/2010	Active	NO

KEY EXECUTIVES

Name :	Mrs. Geetha Mani Jayavaram
Designation :	Secretary
Address :	No.6152, 6^th Block, Janapriya Bharath Enclave, Sunkadakatte, Vishwaneedam Post, Bangalore – 560 091, Karnataka, India
Date of Birth/Age :	10.06.1974
Date of Appointment :	28.06.2007
PAN No.:	AHQPJ1848J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders	No. of Shares
Paras Jain	1983925
Premraj Jain	756100
Nirmal Jain	1303700
Kanchan Devi	800750
Manju Devi	1295100
Bhoormal Tated	368000
Bhavari Devi	171250
Vimala Kumari	600000
Sajjan Solanki	472000
Surendra Jain	160000
Total	7910825

As on 31.12.2011

Names of Allottees	No. of Shares
Paras Jain	15000
Nirmal Jain	15000
Total	30000

As on 28.09.2011

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

BUSINESS DETAILS

Line of Business :

Trading of Consumer Durables, House Hold Articles, Electronic Appliances and Home Appliances.

Products :

v Watches

v Men’s Wear

v Women’s Wear

v Cook Wears

v Travel Luggage

v Electrical Items

v Home Appliances

v Kitchen Appliances

v Lifestyle Products

v Other Gadgets

Item Code	Product Description
CD 0001	Consumer durables
EG 0001	Electronic goods

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

v HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

v Axis Bank Limited, Trishul, 3^rd Floor, Opposite Samartheshwar Temple, Law Garden, Eills Bridge, Ahmedabad – 380 006, Gujarat, India

v ICICI Bank Limited

v ING Vysya Bank

v Canara Bank, Kasargod

v HDFC Bank Limited - Mysore

v HDFC Bank Limited - Mangalore

v HDFC Bank Limited - Kilpauk

v HDFC Bank Limited - Belgaum

v HDFC Bank Limited - Davangere

v HDFC Bank Limited – S.R. Nagar

v HDFC Bank Limited - Hassan

v HDFC Bank Limited - Vadapalani

v State Bank of India - Basaveshwanagar

v State Bank of India - Gadag

v State Bank of India - Kollegal

v State Bank of India - Chickmangalore

v State Bank of India - Tiptur

v State Bank of India - Tumkur

v State Bank of India - Shimoga

v State Bank of India - Mysore

v State Bank of India - Kushalnagar

v State Bank of India - Chitradurga

v State Bank of India - Bellary

v State Bank of India - Chintamani

v State Bank of India - Hunsur

v State Bank of India - Chennapatna

v State Bank of India - Kunigal

v State Bank of India - Mandya

v State Bank of India - Tarikere

Facilities :

Secured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Working capital loans banks secured	(A) 394.207	(B) 259.834
Loans taken for vehicles secured	(C) 7.728	(D) 2.411
Loans taken for other fixed assets secured	(E) 32.222	0.000
Total	434.157	262.245

Notes:

(A) HDFC Bank Overdraft Facility

(B) ING Vysya Bank Overdraft Facility

(C) Financier Vehicle Loan Reliance Capital Limited Rs.0.034 million HDFC Bank Limited Rs.3.782 millions Cholamandalam Loan Rs.2.963 millions

Axis Bank Rs.0.473 million Magma Fincorp Limited Rs.0.477 million

(D) Financier Vehicle Loan Rs. in Thousands Reliance Capital Limited Rs.0.794 million Axis Bank Rs.0.860 million Magma Fincorp Limited Rs.0.756 million

(E) HDFC Bank Limited, Term Loan

Unsecured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Working capital loans others unsecured	0.000	(A) 16.350
Loans directors unsecured	(B) 40.000	(C) 40.000
Other debt unsecured	(D) 12.000	(E) 6.000
Total	52.000	62.350

Notes:

(A) Other Trade Advances Maina Bai Rs.3.500 millions Neela Jayaesh Thakkar Rs.0.750 million Rana 0.500 million V Manish Rs.2.500 millions V Namitha Rs.2.500 millions V Rohit Rs.4.100 millions V Vinay Rs.2.500 millions

(B) Loan From Joit Kumar Jain- Director of the Company

(D) Total other Unsecured Loans Intercorporate Loans Welcom Communication (Private) Limited Rs.2.000 millions Yogeshwar Diamond Private Limited Rs.10.000 millions

(E) Total other Unsecured Loans Intercorporate Loans Welcom Communication (Private) Limited Rs.6.000 millions


Banking Relations :	--

Financial Institutions :	v Cholamandalam Investment and Finance Company Limited, Dare House, No.2 N.S.C. Bose Road, Parrys, Chennai – 600 001, Tamilnadu, India v Reliance Capital Limited v Magma Fincorp Limited

Auditors :
Name :	Kamlesh Bohra and Company Chartered Accountants
Address :	Mangalprem Villa, No.8/2, Saraswathiammal Road, Marutiseva Nagar, Bangalore – 560 033, Karnataka, India
Tel. No.:	91-80-25475465
Mobile No.:	91-9844060662
Fax No.:	91-80-25475465
E-Mail :	kamlesh662@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAKPJ2587M

CAPITAL STRUCTURE

As on 28.09.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7940825	Equity Shares	Rs.10/- each	Rs.79.408 Millions

As on 28.09.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7910825	Equity Shares	Rs.10/- each	Rs.79.108 Millions

As on 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7847950	Equity Shares	Rs.10/- each	Rs.78.480 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		78.480	78.218	77.951
2] Share Application Money		12.575	5.225	5.335
3] Reserves & Surplus		293.700	212.622	170.941
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		384.755	296.065	254.227
LOAN FUNDS
1] Secured Loans		434.157	262.245	206.657
2] Unsecured Loans		52.000	62.350	15.000
TOTAL BORROWING		486.157	324.595	221.657
DEFERRED TAX LIABILITIES		9.478	5.654	5.956

TOTAL		880.390	626.314	481.840

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		221.421	150.020	137.815
Capital work-in-progress		0.828	2.590	0.000

INVESTMENT		2.150	6.126	0.016
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	542.675	360.193	296.047
	Sundry Debtors	70.934	20.658	6.920
	Cash & Bank Balances	12.274	20.017	8.449
	Other Current Assets	147.114	87.364	69.707
	Loans and Advances	13.138	15.886	0.361
Total Current Assets		786.135	504.118	381.484
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18.764	6.166	12.377
	Other Current Liabilities	107.927	36.934	21.947
	Provisions	4.500	6.529	4.009
Total Current Liabilities		131.191	49.629	38.333
Net Current Assets		654.944	454.489	343.151

MISCELLANEOUS EXPENSES		1.047	13.089	0.858

TOTAL		880.390	626.314	481.840

Note:

In the old report the current assets of the year 2009 figure were incorrect.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	3167.813	1818.634	1445.857
		Other Income	34.514	19.482	14.156
		Deferred Tax	--	0.302	0.000
		TOTAL (A)	3202.327	1838.418	1460.013

Less	EXPENSES
		Consumption materials changes inventories	2251.118	--	--
		Contract cost	2.880	--	--
		Employee related expenses	60.678	--	--
		Administrative selling other expenses	714.834	--	--
		Cost of Goods Sold	--	1284.615	1033.467
		General and Administrative Expenses	--	94.394	71.612
		Rates and Taxes	--	180.609	137.150
		Selling and Distribution Expenses	--	124.467	100.569
		Personnel Expenses	--	46.383	38.592
		Loss on sale of Assets	--	1.270	0.342
		TOTAL (B)	3029.510	1731.738	1381.732

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		172.817	106.680	78.281

Less	INTEREST FINANCIAL EXPENSES (D)		45.198	34.577	30.179

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		127.619	72.103	48.102

Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.111	15.357	11.460

	PROFIT BEFORE TAX (E-F) (G)		114.508	56.746	36.642

Less	TAX (H)		38.394	20.133	13.447

	PROFIT AFTER TAX (G-H) (I)		76.114	36.613	23.195

	Earnings Per Share (Rs.)		9.71	4.68	2.98

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.38	1.99	1.59

Net Profit Margin (PBT/Sales)	(%)	3.61	3.12	2.53

Return on Total Assets (PBT/Total Assets}	(%)	11.36	8.67	7.06

Return on Investment (ROI) (PBT/Networth)		0.30	0.19	0.14

Debt Equity Ratio (Total Liability/Networth)		1.60	1.26	1.02

Current Ratio (Current Asset/Current Liability)		5.99	10.16	9.95

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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	No
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) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

Note:

The registered office of the company has been shifted from 93/C, 1^st Main, 2^nd Stage, Industrial Suburb, Gorgunte Palya (Behind MEI), Yeshwanthpur, Bangalore – 560 022, Karnataka, India to the present address w.e.f. 29.07.2009.

COMPANY PERFORMANCE:

Financial Performance:

During the year the Company has recorded gross revenue of Rs.3202.327 millions as compared to Rs.1838.116 millions in previous year ending 31.03.2010. The Turnover of the Company grew by 74.19% over the previous Financial Year.

Net Profit after taxation of the company for the financial year is Rs.76.114 millions compared to the corresponding previous year was Rs.36.613 millions. The Net Profit after the taxes has gone up by 107.89% over the previous Financial Year. The Company has transferred its entire profit to its reserves and Surplus.

Branches/Sales Force:

During the year, the Company has been expanding its operations by opening the Show rooms within the state of Karnataka as well as neighboring States in Tamilnadu and Andhra Pradesh it has been expanding its sales force to meet its increasing demand for the products; during the Current Financial year 2011-12 the Company has given Rental Advances to 9 show rooms and Planned for opening 5 Stores before the end of October and 4 Stores before the end of November for getting the seasonal business.

Product Range:

The Company has been increasing its products range to meet the customers demand. It has exclusive show rooms for products like Samsung, LG, Sony and Sony etc. The main aim of the Company is, to be the leader in retail trading of Electronic/consumer goods in the years to come.

Company Prospects:

The Company still be the front-runner in the marketing of consumer durables and has established its identity in the electronic and consumer goods. It has opened Branches at various places all over the Bangalore and Hyderabad planning to expand it in the States of Andhra Pradesh and Tamilnadu.

Details of Changes Occurred during the period affecting Company business operations:

During the year there is no operation of Company which effects the Company business operations.

FURTHER ISSUE OF SHARES:

During the Current Financial Year 2011-12, for expansion of its activities and the long term fund requirements, the company has issued Equity Shares of 62875 Rs.10/- each at a premium of Rs.190/- per share through preferential allotment and the approvals received from its members on 29^th July, 2011.

Bankers Charges Report as per Registry

Corporation identity number or foreign company registrations number of the company	U51909KA1997PLC021681
Name of the company	ADISHWAR INDIA LIMITED
Address	#146, 11^th ‘C’ Cross, 1^st Main, 2^nd Stage, West of Chord Road, Bangalore – 560 086, Karnataka, India E-Mail: info@adishwarindia.com
This Form is for	Creation of charge
Type of Charges	Movable property (not being pledge)
Particular of the charge holder	CIN No.: L65920MH1994PLC080618 HDFC Bank Limited, HDFC Bank House, Seanpati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India E-Mail: Ranjith.Fernando@hdfcbank.com
Nature or description of the instrument creating charge	Agreement Loan and Guarantee. Contracts No:19692522/2757/2969/3100/3180/3269 = Rs.0.275 million X 6Counts = Rs.1.650 millions
Date of the instrument creating charge	29.09.2011
Amount Secure by the charge	Rs.1.650 millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest Interest @13.52 % p.a. Terms of repayment: The Loan is repayable in 36EMIs of Rs.0.056 million (Rs.0.009 million X 6Counts) Starting from 20^th October, 2011 ending to 20^th September, 2014. Margin: As may stipulated by bank from time to time Extent and operation of the charge: The Company hypothecates to and charges in favour of the Bank by way of first and exclusive charge of the Vehicle/ equipment as security for the repayment/payment by the company of the loan granted or to be granted to the company by the Bank together with all fees, interest, costs and expenses incurred/to be incurred by the Bank and all other monies payable or to become payable by the company to the Bank.
Short particulars of the Property charged	Hypothecation of 6 Nos. of vehicle namely : TATA ACE, - year of manufacture - 2011

FIXED ASSETS:

v Vehicle

v Office Equipments

v Computers

v Furniture

v Buildings

v Land

v Software

v Commercial Rights

WEBSITE DETAILS

PROFILE

Adishwar Electro world are consumer durables and home appliances chain store which attempts to change with the way people buy the products in the organized retail landscape. The company commenced operations in 1997 as Adishwar India Limited.

Adishwar operates stores at Bangalore, Hyderabad, Chennai, Belgaum, Mangalore, Mysore, and Kolar. The chain will soon extend to many more cities across India.

Adishwar Electro world chain stores have redefined this space of product presentation and the way the customers are offered follow up services- since its inception in 2004,and to meet customer expectations.

Adishwar India limited commenced its operations successfully in 2007 in the direct marketing sphere. As a very successful and large direct marketing company the wealth of knowledge in customer centric operations helped in shaping Adishwar Electro world chain stores.

Adishwar simply offers meaningful and competent assistance to customers to choose products they wish to buy. Adishwar is the first to offer centralized delivery logistics which ensures maximum sensitive care to health of products. Adishwar believes in consistently validating the relevance of customer and customer centric operations 24 X 7.

Adishwar as a regional player has displayed amazing innovations in the services and customer offers bearing in mind the emerging and changing consumer lifestyles and demands. Adishwar has the best record in the market for trouble free maximum same day delivery, installation assistance and demo assistance. Adishwar pioneered practical technology assisted auto text messages to offer critical information assistance to ensure trouble free delivery assistance.

Adishwar backs the customer with legendary, efficient and prompt customer care supports at a call [call centre] or email.

Adishwar has the capability to cope with the changing landscape of customer needs as is demonstrated on daily basis.

Adishwar listens to the customers and users alike! Adishwar believes in simply transforming customer needs into service delivery.

The Adishwar eStore is nothing but an extension of its services in the same spirit, to extend services to the customers at the click of a key!

Adishwrestore is at their arms reach extending support s to the customer consistently.

Adishwar build trust and add value to life and lives through 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 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 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.52.78
UK Pound	1	Rs.85.16
Euro	1	Rs.67.79

INFORMATION DETAILS

Report Prepared by :

SMN

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.

243,460,000

126,691,000

542,675,000

MIRA INFORM REPORT

542.675

360.193

296.047

70.934

20.658

6.920

12.274

20.017

8.449

147.114

87.364

69.707

13.138

15.886

0.361

786.135

381.484

18.764

6.166

12.377

107.927

36.934

21.947

4.500

6.529

4.009

131.191

38.333

654.944

454.489

2.38

1.99

3.61

3.12

11.36

8.67

0.30

0.19

1.60

1.26

5.99

10.16

Unit