MIRA INFORM REPORT

Report Date :

26.10.2012

1. Summary Information

		Country	India
Company Name	FRIDGEHOUSE RETAIL PRIVATE LIMITED	Principal Name 1	Mr. Shenbagamurthi Giridharan
Status	Moderate	Principal Name 2	Mr. Giridharan Sujay
		Registration #	09-028015
Street Address	XXX/1077A, Hospital Road, Ernakulam - 682011, Kerala
Established Date	22.03.2011	SIC Code	--
Telephone#	91-484-2373803 / 2531458	Business Style 1	Retailer
Fax #	Not Available	Business Style 2	--
Homepage	--	Product Name 1	IFB Home Appliances
# of employees	165 (Approximately)	Product Name 2	Washing Machines
Paid up capital	Rs.9,990,000/-	Product Name 3	Kitchen Appliances
Shareholders	--	Banking	The South Indian Bank Limited
Public Limited Corp.	No	Business Period	1 Year
IPO	No	International Ins.	--
Public Enterprise	No	Rating	B (32)
Related Company
Relation	Country	Company Name	CEO
Sister Concern	India	Selfridge Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	--	Current Liabilities	--
Inventories	--	Long-term Liabilities	--
Fixed Assets	--	Other Liabilities	--
Deferred Assets	--	Total Liabilities	--
Invest& other Assets	--	Retained Earnings	--
		Net Worth	--
Total Assets	--	Total Liab. & Equity	--
Total Assets (Previous Year)	--
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	800,000,000	Net Profit	--
Sales(Previous yr) (Partnership Firm)	760,000,000	Net Profit(Prev.yr)	--

IDENTIFICATION DETAILS

Name :	FRIDGEHOUSE RETAIL PRIVATE LIMITED
Registered Office :	XXX/1077A, Hospital Road, Ernakulam - 682011, Kerala
Country :	India
Date of Incorporation :	22.03.2011
Com. Reg. No.:	09-028015
Capital Investment / Paid-up Capital :	Rs.9.990 Millions
CIN No.: [Company Identification No.]	U52334KL2011PTC028015
TAN No.: [Tax Deduction & Collection Account No.]	CHNF00882A
PAN No.: [Permanent Account No.]	AABCF7004K
Legal Form :	Private Limited Liability Company
Line of Business :	Retailer of IFB Home Appliances, Washing Machines, Kitchen Appliances, Refrigerators, Home Theater Systems, Electronic Goods, TV and LCDs,
No. of Employees :	165 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established as a partnership concern and recently during March 2011 it got converted into a private limited. It is a company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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

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

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.

INFORMATION PARTED BY

Name :	Ms. Nisha
Designation :	Accountant
Contact No.:	91-484-2373803
Date :	23.10.2012

LOCATIONS

Registered Office / Factory :	XXX/1077A, Hospital Road, Ernakulam - 682011, Kerala, India
Tel. No.:	91-484-2373803 / 2531458
Mobile No.:	91-9947610060
Fax No.:	Not Available
Email. :	selfridges@gmail.com
Location :	Owned
Godown Cum Administrative Office:	Hospital Road, Iyyattil Junction, Ernakulam, Kerala, India
Location :	Owned
Showroom Cum Godown 1 :	Carmel Centre Banerji Raod, Ernakulam, Kerala, India
Location :	Rented
Showroom Cum Godown 2 :	Ambanat Building, Ravipuram, Ernakulam, Kerala, India
Location :	Rented
Showroom Cum Godown 3 :	Chembumukku Vazhakkala Kakkanad Kochi, India
Location :	Rented
Showroom Cum Godown 4 :	KK Road, Kadavantra, Ernakulam, Kerala, India
Location :	Owned
Showroom	M.G. Road, Ernakulam, Kerala, India
Location :	Rented
Showroom Cum Godown 5 :	East Nadakkav, Way Nad Road, Calicut, Kerala, India
Location :	Rented
Showroom Cum Godown 6 :	Ernakulam, Calicut, Kerala, India
Location :	Rented
Showroom Cum Godown 7 :	Opposite Malabar Christian College, Kannur Road, Calicut, Kerala, India
Location :	Rented
Showroom Cum Godown 8 :	Fort Road, Kannur, Kerala, India
Location :	Rented
Showroom Cum Accounts Office / Godown 9 :	Kuruppam Road, Thrissur - 680001, Kerala, India
Location :	Owned

DIRECTORS

As on 18.03.2011

Name :

Mr. Shenbagamurthi Giridharan

Designation :

Managing Director

Address :

XXX/1077A, Hospital Road, Ernakulam - 682011, Kerala, India

Date of Birth/Age :

22.09.1944

Date of Appointment :

22.03.2011

DIN No.:

00483616

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	U52599KL1999PTC012735	QRS MARKETING PRIVATE LIMITED	Director	12-05-99	12-05-99	-	Active	NO
2	U52334KL2004PTC016942	SELFRIDGES PRIVATE LIMITED	Managing director	11-03-04	11-03-04	-	Active	NO
3	U17299KL2005PTC018641	LILLY WHITES GARMENTS PRIVATE LIMITED	Director	12-09-05	12-09-05	-	Active	NO
4	U52334KL2011PTC028015	FRIDGEHOUSE RETAIL PRIVATE LIMITED	Managing director	22-03-11	22-03-11	-	Active	NO

Name :

Mr. Giridharan Sujay

Designation :

Director

Address :

H. No. 709, Hospital Road, Ernakulam - 682011, Kerala, India

Date of Birth/Age :

29.04.1969

Date of Appointment :

22.03.2011

DIN No.:

00487967

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	U52599KL1999PTC012735	QRS MARKETING PRIVATE LIMITED	Director	12-05-99	12-05-99	-	Active	NO
2	U52334KL2006PLC019890	QRS RETAIL LIMITED	Director	03-10-06	03-10-06	-	Active	NO
3	U45201KL2006PLC019889	QRS BUILDERS LIMITED	Director	03-10-06	03-10-06	-	Active	NO
4	U52334KL2011PTC028015	FRIDGEHOUSE RETAIL PRIVATE LIMITED	Director	22-03-11	22-03-11	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Nisha
Designation :	Accountant
Name :	S. Venkitachalam
Designation :	Company Secretary
Address :	S/o V. Sankara Iyer, No.26/252, Behind Azed Water Tank, Eroor South, P.O. Tripunithura – 682301, Kerala, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.03.2011

Names of Shareholders	No. of Shares
Shenbagamurthi Giridharan	5000
Giridharan Sujay	5000
Total	10000

As on 04.05.2011

Names of Allottees	No. of Shares Allotted
D. Ganesan	80000
S. Meerabai	80000
S. Giridharan Varsha	82000
G. Sujay	70000
G. Jayanth	72000
S. Gauthaman	81000
G. Abhimanyu	72000
T. Ragavan	82000
R. Ajith	72000
S. Muralidharan Visalatha	82000
M. Vivin	72000
C. Ganesh	72000
C. Dinesh	72000
Total	989000

BUSINESS DETAILS

Line of Business :	Retailer of IFB Home Appliances, Washing Machines, Kitchen Appliances, Refrigerators, Home Theater Systems, Electronic Goods, TV and LCDs,
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :	· Whirlpool of India Limited · Samsung India Private Limited
Customers :	Retailers · Ravina
No. of Employees :	165 (Approximately)
Bankers :	The South Indian Bank Limited, P B No 122, Municipal Office Road, Trichur - 680001, Kerala, India

Banking Relations :	--
Auditors :
Name :	V. Rajendra and Company Chartered Accountants
Sister Concern :	Selfridge Private Limited Address: Ernakulam - 682011, Kerala, India Line of Business: Retailing Fridges

CAPITAL STRUCTURE

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
999000	Equity Shares	Rs.10/- each	Rs.9.990 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2012	31.03.2011 (Partnership Firm)
Sales Turnover (Approximately)	800.000	760.000

Expected Sales (2012-13) : Rs.840.000 Millions

The above information has been parted by Ms. Nisha

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last three years	No
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

TRADE REFERENCES

· Whirlpool of India Limited

· Samsung India Private Limited

· Ravina

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U52334KL2011PTC028015
Name of the company	FRIDGEHOUSE RETAIL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	XXX/1077A, Hospital Road, Ernakulam - 682011, Kerala, India selfridges@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10311515
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	The South Indian Bank Limited, P B No 122, Municipal Office Road, Trichur - 680001, Kerala, India br0085@sib.co.in
Nature of instrument creating charge	Agreement of hypothecation
Date of instrument Creating the charge	12.03.2012
Amount secured by the charge	Rs.146.005 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CCOL and TL Base rate 10.50%, spread 2.50% effective rate 13% p a monthly rests Terms of Repayment CCOL: in 12 months TL: Principal to be repaid in 72 monthly instalments of Rs 0.049 Million - interest to be serviced and when debited Margin CCOL: 25% on stock and 40% on book debts not older than 45 days Extent and Operation of the charge Hypothecation of stock of consumer and electronic goods including television, refrigerator, washing machine, air conditioner, cameras and mobile phones etc and furniture and fixtures, book debts, receivables both present and future
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of stock of consumer and electronic goods including television, refrigerator, washing machine, air conditioner, cameras and mobile phones etc and furniture and fixtures, book debts
Particulars of the present modification	Limit enhanced to Rs 146.005 Millions - CCOL: Rs 106.500 Millions, WCDL Rs 36.005 Millions, TL Rs 3.500 Millions

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 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.53.63
UK Pound	1	Rs.86.18
Euro	1	Rs.69.75

INFORMATION DETAILS

Information Gathered by :	SLP
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		32

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.