MIRA INFORM REPORT

Report Date :

02.12.2011

IDENTIFICATION DETAILS

Name :	MADURA GARMENTS LIFESTYLE RETAIL COMPANY LIMITED
Registered Office :	Indian Rayon Compound, Veraval 362266, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.05.2007
Com. Reg. No.:	04-058604
Capital Investment/ Paid-up Capital:	Rs. 200.000 Millions
CIN No.: [Company Identification No.]	U18101GJ2007PLC058604
TAN No.: [Tax Deduction & Collection Account No.]	BLRM11824B
PAN No.: [Permanent Account No.]	AAFCM0483M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Importer and Retailer of Apparel Accessories.
No. of Employees:	90 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of Aditya Birla Nuvo Limited. It is an established company having moderate track. Profitability of the company is under pressure. There appear huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. In view of strong holding company, subject can be considered normal for business dealings at usual trade terms and conditions, with slight caution, on account of accumulated losses.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Name :	Mr. P K Singhal
Designation :	Head of Account
Contact No.:	91-2876-245711
Date :	01.12.2011

LOCATIONS

Registered Office :	Indian Rayon Compound, Veraval 362266, Gujarat
Tel No.:	91-2876-245711
Mobile No.:	91-9743999441 (Mr. Nandkumar)
Fax No.:	91-2876-243220
E-Mail :	mohana.sundaram@madura.adityabirla.com nandkumar.l@madura.adityabirla.com abnisecretarial@adityabirla.com
Website:	http://maduragarments.com
Area:	4000 sq.ft. (Leased)
Factory :	No.110 4^th Cross, 5^th Block, Koramangala Industrial Layout, Koramangala, Bangalore 560095, Karnataka
Tel. No.:	91-80-66915000 / 66182000
Mobile No.:	91-9886000837
Fax No.:	91-80-66915050
E-Mail :	deepanjan.bandyopadhya@maduragarments.com partho.kar@maduragarments.com vrao@adityabirla.com
Website:	www.maduragarments.com
Area:	4000 Sq. fts
Location:	Leased
Corporate Office:	Aditya Birla Group, 111-112, 3^rd Cross, 1^st Main, 7^th Block Koramangala, Bangalore 560095, Karnataka, India.

DIRECTORS

As on 15.07.2011

Name :

Mr. Pranab Barua

Designation :

Director

Address:

D-1, Cedar Crest, 258, 10^th Main Defence Colony, Indiranagar, Bangalore-560038, Karnataka, India

Date of Birth/Age :

21.09.1952

Date of Appointment :

27.01.2009

DIN No.:

00230152

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	U36101KA2008PTC045811	Nicora Interiors Private Limited	Director	28/03/2008	28/03/2008	-	Active	NO
2	U18101GJ2007PLC058606	Peter England Fashions and Retail Limited	Director	27/07/2009	23/01/2009	-	Active	NO
3	U18101GJ2007PLC058604	Madura Garments Lifestyle Retail Company Limited	Director	15/07/2009	27/01/2009	-	Active	NO
4	U85110GJ1994PLC058690	Madura Garments Exports Limited	Director	31/01/2009	31/01/2009	-	Amalgamated	NO
5	U65990MH1988PLC048117	Aditya Birla Retail Limited	Director	29/09/2009	01/02/2009	-	Active	NO
6	U18101KA2007PLC042754	Indigold Trade and Services Limited	Director	11/08/2009	02/02/2009	04/12/2009	Active	NO
7	U17120MH2007PLC173993	Grasim Bhiwani Textiles Limited	Director	18/07/2009	21/04/2009	-	Active	NO
8	L17199GJ1956PLC001107	Aditya Birla Nuvo Limited	Whole-time director	01/05/2009	01/05/2009	-	Active	NO
9	U25200AP2010PTC071057	Ganapathi Polymats Private Limited	Director	02/11/2010	02/11/2010	02/02/2011	Active	NO

Name :

Mr. Ashish Dikshit

Designation :

Director

Address :

E-405, Raheja residency, 8^th C, Main Road, Koramangala. 3^rd Block, Bangalore 560034, Karnataka.

Date of Birth/Age :

15.07.1969

Qualification :

Post Graduate

Date of Appointment :

01.10.2007

DIN No.:

01842066

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	U01810GJ1996PTC058593	MG Lifestyle Clothing Company Private Limited	Director	23/07/2008	15/09/2007	-	Amalgamated	NO
2	U18101KA2007PLC042754	Indigold Trade and Services Limited	Director	23/10/2008	15/09/2007	04/12/2009	Active	NO
3	U18101GJ2007PLC058604	Madura Garments Lifestyle Retail Company Limited	Director	23/06/2008	01/10/2007	-	Active	NO
4	U18101GJ2007PLC058606	Peter England Fashions and Retail Limited	Director	15/07/2010	15/04/2010	-	Active	NO

Name :

Mr. Srinivasan Visvanathan

Designation :

Director

Address :

No. 481 First Floor, 15^th Main 16^th Cross HSR Layout, Sector 4, Bangalore-560102, Karnataka, India

Date of Birth/Age :

02.06.1960

Date of Appointment :

20.09.2009

DIN No.:

02312556

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	U01810GJ1996PTC058593	MG Lifestyle Clothing Company Private Limited	Director	11/08/2009	02/09/2008	-	Amalgamated	NO
2	U18101GJ2007PLC058606	Peter England Fashions and Retail Limited	Director	27/07/2009	29/06/2009	-	Active	NO
3	U85110GJ1994PLC058690	Madura Garments Exports Limited	Additional director	29/09/2009	29/09/2009	-	Amalgamated	NO
4	U18101GJ2007PLC058604	Madura Garments Lifestyle Retail Company Limited	Director	15/07/2010	29/09/2009	-	Active	NO

Name :

Mr. Sushil Agarwal

Designation :

Director

Address:

Ocean CH Society Lmited, 301 Ocean View Union Park, Khar West, Mumbai-400052, Maharashtra, India

Date of Birth/ Age:

13.06.1962

Date of Appointment:

20.07.2009

DIN No.:

00060017

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	U17110MH2000PLC127428	Bgh Exim Limited	Director	27/06/2000	27/06/2000	-	Active	NO
2	U17110MH2000PLC127427	Aditya Birla Power Company Limited	Director	26/07/2000	26/07/2000	-	Active	NO
3	U72900MH2000PTC129116	Birla Tmt Holdings Private Limited	Director	12/10/2000	12/10/2000	-	Active	NO
4	U64200MH2000PTC129356	Igh Holdings Private Limited	Director	24/10/2000	24/10/2000	-	Active	NO
5	U64200MH1995PLC086464	Birla Telecom Limited	Director	09/02/2001	09/02/2001	-	Strike off	NO
6	U67190MH1996PTC099628	Bgfl Corporate Finance Private Limited	Director	12/10/2001	12/10/2001	-	Active	NO
7	U70100MH2000PTC127785	B G H Properties Private Limited	Director	20/03/2002	20/03/2002	-	Active	NO
8	U92110MH2002PTC135228	Applause Entertainment Private Limited	Director	20/03/2002	20/03/2002	-	Active	NO
9	U65993MH2002PTC135827	Tgs Investment And Trade Private Limited	Director	09/05/2002	09/05/2002	-	Active	NO
10	U72300MH1999PTC122375	Infocyber India Private Limited	Director	27/11/2002	27/11/2002	-	Active	NO
11	U72900MH2003PTC138702	APPLAUSE BHANSALI FILMS PRIVATE LIMITED	Director	16/01/2003	16/01/2003	-	Active	NO
12	U92132AP2004PTC042536	Applause Entertainment Ap Private Limited	Director	30/01/2004	30/01/2004	-	Active	NO
13	U24111OR1981PLC000917	Mangalam Carbide Limited	Director	23/07/2004	23/07/2004	-	Active	NO
14	U85300MH2007NPL170194	Mumbai Vaish Seva Sansthan	Director	21/04/2007	21/04/2007	-	Active	NO
15	U65900MH1988PTC048551	Naman Finance And Investment Private Limited	Director	28/09/2007	14/08/2007	-	Active	NO
16	U36911MH2007PTC170349	Azure Jouel Private Limited	Director	01/08/2008	08/04/2008	-	Active	NO
17	U01409MH2002PTC135738	Green Acre Agro Services Private Limited	Director	23/06/2008	09/06/2008	-	Active	NO
18	U45200MH2007PTC173199	Abg Realty And Infrastructure Company Private Limited	Director	30/09/2009	03/11/2008	-	Active	NO
19	U67190MH2007PTC171369	Birla Family Investments Private Limited	Additional director	03/11/2008	03/11/2008	30/01/2009	Active	NO
20	U65910GJ1994PLC022685	Abnl Investment Limited	Additional director	15/07/2009	15/07/2009	-	Active	NO
21	U85110GJ1994PLC058690	Madura Garments Exports Limited	Director	15/07/2009	15/07/2009	-	Amalgamated	NO
22	U72200KA2000PLC031939	Aditya Birla Minacs Technologies Limited	Director	15/07/2010	15/07/2009	-	Amalgamated	NO
23	U18101KA2007PLC042754	Indigold Trade and Services Limited	Director	11/08/2009	15/07/2009	10/12/2009	Active	NO
24	U18101GJ2007PLC058604	Madura Garments Lifestyle Retail Company Limited	Director	11/08/2009	20/07/2009	-	Active	NO
25	U99999KA1995PLC052040	Aditya Birla Minacs Worldwide Limited	Director	02/08/2010	22/07/2009	-	Active	NO
26	U72200KA1976PLC027564	Aditya Birla Minacs It Services Limited	Director	02/09/2010	22/07/2009	28/05/2011	Amalgamated	NO
27	U18101GJ2007PLC058606	Peter England Fashions and Retail Limited	Director	15/07/2010	06/08/2009	-	Active	NO
28	U61190GJ1997PLC062406	Aditya Birla Money Mart Limited	Director appointed in casual vacancy	19/07/2010	19/07/2010	-	Active	NO
29	U67190MH2008PTC179283	Aditya Birla Securities Private Limited	Director	24/09/2010	31/07/2010	-	Active	NO
30	U99999GJ2001PLC062239	Aditya Birla Insurance Brokers Limited	Director	23/09/2011	24/01/2011	-	Active	NO
31	L17199GJ1956PLC001107	Aditya Birla Nuvo Limited	Whole-time director	28/09/2011	30/05/2011	-	Active	NO

Name :

Mr. Devendra Bhandari

Designation :

Director

Address:

A1601, Aster Tower, Film City Road, Malad (East), Mumbai, Maharashtra, India

Date of Birth/ Age:

31.07.1953

Date of Appointment:

08.07.2010

DIN No.:

00339397

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	U01810GJ1996PTC058593	MG Lifestyle Clothing Company Private Limited	Director	28/06/2005	28/06/2005	-	Amalgamated	NO
2	U18101KA2007PLC042754	Indigold Trade and Services Limited	Additional director	24/11/2009	24/11/2009	10/12/2009	Active	NO
3	U18101GJ2007PLC058604	Madura Garments Lifestyle Retail Company Limited	Director	15/07/2010	08/07/2010	-	Active	NO
4	U45209GJ2010PTC063113	Shaktiman Mega Food Park Private Limited	Director	02/12/2010	02/12/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashish Dikshit
Designation :	Manager
Address :	E-405, Raheja residency, 8th C, Main Road, Koramangala. 3rd Block, Bangalore 560034, Karnataka.
Date of Birth/Age :	15.07.1969
Qualification :	Post Graduate
Date of Appointment :	15.07.2009
Designation :	Mr. Mohana Sundaram G
Address :	Secretary
Address:	# 382, MSR Nagar, Bangalore-560054, Karnataka, India
Qualification :	17.10.1967
Date of Appointment :	15.10.2008
Name :	Mr. George M Santacroce.
Designation :	Chief Executive Officer.
Name :	Ms. Julie Woodhead
Designation :	General Merchandising Manager
Name :	Mr. Ram Narayan Iyer
Designation :	Director Operations
Name :	Mr. P K Singhal
Designation :	Head of Account

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 15.07.2011)

Names of Shareholders	No. of Equity Shares	No. of Preference Shares
Aditya Birla Nuvo Limited, India	9999994	10000000
Ashish Dikshit	1	--
Sushil Agarwal	1	--
Manoj Kedia	1	--
Pinky Mehta	1	--
Anil Rustogi	1	--
Pranab Barua	1
Total	10000000	10000000

Equity Share Breakup (Percentage of Total Equity)

AS ON 30.09.2011

Category		Percentage of Holding
Bodies corporate		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :

Importer and Retailer of Apparel Accessories.

Products :

Product Description	Item Code No (ITC Code)
Shirts	620000
Jackets	620000
T-Shirts	620000

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

Retailers

No. of Employees :

90 (Approximately)

Bankers :

• Dhanlakshmi Bank Limited, Ground Floor, Janmabhoomi Bhavan, Janmabhoomi MArg, Fort, Mumbai 400001, Maharashtra, India
• HSBC Bank Limited, M.G. Road, Bangalore 560025, Karnataka.
• HDFC Bank Limited, Salco Centre, Richmond Road, Bangalore 560025, Karnataka.

Facilities :

SECURED LOAN	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee Term Loan Secured (A)	480.000	480.000
Working Capital Loans Banks Secured (B)	54.347	54.117
Total	534.347	534.117
Note: (A) Secured by First charge on hypothecation of furniture and fixtures and other movable fixed assets, present/ future and first charge on the current assets of the company/ present and future Corporate Guarantee by Holding Company- Aditya Birla Nuvo Limited. (B) Secured by second charge by way of hypothecation of company’s entire current assets including stocks of raw materials, semi-finished and finished goods, consumables stores and spares an such other movables, book debts, bills whether documentary or clean, outstanding monies, receivables, both present and future corporate guarantee by Holding company- Aditya Birla Nuvo Limited.
UNSECURED LOAN	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Fully Convertible Debentures unsecured (A)	3200.000	200.000
Interest accrued due unsecured loans (B)	26.000	591.300
Total	3226.000	791.300
Note: (A) 200 (Previous year Nil) Zero Coupon fully and compulsorily Convertible Debentures of Rs. 1.000 Million each at par issued to ABNL Investments Limited Plus 3000 (Previous year Nil) Zero Coupon fully and compulsorily convertible debentures of Rs. 1.000 Million each at part issued to Pioneer Trust. (B) Inter Corporate Deposit- Holding Company (Amount repayable within one year – Nil)

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells / Mr. S Ganesh Chartered Accountants
Address :	Deloitte Centere, Anchorage II, 100/2, Richmond Road, Bangalore 560025, Karnataka, India
Fellow Subsidiaries :	MG Lifestyle Clothing Company Private Limited Madura Garments Exports Limited Aditya Birla Finance Limited ABNL Investment Limited LIL Investment Limited Birla Sunlife Insurance Company Limited Aditya Birla Minacs IT Services Limited
Holding Company :	Aditya Birla Nuvo Limited CIN No.: L17199GJ1956PLC001107

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs. 10/- each	Rs.100.000 millions
10000000	Redeemable Cumulative Preference Shares	Rs. 10/- each	Rs.100.000 millions (A)
	Total		Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares *	Rs. 10/- each	Rs.100.000 millions
10000000	Redeemable Cumulative Preference Shares **	Rs. 10/- each	Rs.100.000 millions (B)
	Total		Rs. 200.000 Millions

Note:

(A) 8% Redeemable Cumulative Preference Shares of Rs. 10 each.

(B) All the above mentioned Preference Shares are held by the Holding Company Aditya Birla Nuvo Limited

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		200.000	200.000	200.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(1339.174)	(963.714)	(594.797)
NETWORTH		(1139.174)	(163.714)	(394.797)
LOAN FUNDS
1] Secured Loans		534.347	534.117	562.441
2] Unsecured Loans		3226.000	791.300	199.800
TOTAL BORROWING		3760.347	1325.417	762.241
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2621.173	561.703	367.444
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		252.099	284.323	282.699
Capital work-in-progress		0.000	100.554	13.115
INVESTMENT		2253.177	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	136.940	126.585	106.189
	Sundry Debtors	19.271	31.027	0.664
	Cash & Bank Balances	4.736	14.818	2.062
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	154.860	140.903	190.009
Total Current Assets		315.807	313.333	298.924
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	180.961	121.605	188.363
	Other Current Liabilities	16.591	11.013	35.718
	Provisions	2.358	3.889	3.213
Total Current Liabilities		199.910	136.507	227.294
Net Current Assets		115.897	176.826	71.630
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2621.173	561.703	367.444

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating Revenue	604.867	302.663	38.458
		Other Income	1.786	1.468	0.007
		TOTAL (A)	606.653	304.131	38.465
Less	EXPENSES
		Consumption Material Changes Inventories	331.999	195.229
		Manufacturing Service Costs	25.671	5.824	439.165
		Employee Related Expenses	88.909	82.271
		Administrative Selling other Expenses	229.552	180.390
		TOTAL (B)	676.131	463.714	439.165
Less	PROFIT/ LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(69.478)	(159.583)	(399.699)
Less	FINANCIAL EXPENSES (D)		181.169	138.347	58.127
	PROFIT/ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(250.647)	(297.930)	(457.826)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		124.812	70.987	30.548
	PROFIT/ LOSS BEFORE TAX (E-F) (G)		(375.459)	(368.917)	(488.374)
Less	TAX (H)		0.000	0.000	0.110
	PROFIT/ LOSS AFTER TAX (G-H) (I)		(375.459)	(368.917)	(488.264)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(963.715)	(594.798)	(106.533)
	BALANCE CARRIED TO THE B/S		(1339.174)	(963.715)	(594.797)
	IMPORTS
		Inventory Purchase	72.788	91.450	86.629
		Capital Goods	12.414	9.289	25.562
		Cost of Production testing	0.131	1.324	0.368
	TOTAL IMPORTS		85.333	102.063	112.559
	Earnings Per Share (Rs.)		(38.48)	(37.59)	(2622)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(61.93)	(121.30)	(1269.37)
Net Profit Margin (PBT/Sales)	(%)	(62.07)	(145.20)	(1269.89)
Return on Total Assets (PBT/Total Assets}	(%)	(66.11)	(67.36)	(83.97)
Return on Investment (ROI) (PBT/Networth)		(0.33)	(0.48)	(1.24)
Debt Equity Ratio (Total Liability/Networth)		(3.48)	(1.91)	(2.51)
Current Ratio (Current Asset/Current Liability)		1.58	2.30	1.32

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Due to Micro and Small Enterprises	--	--	--
Due to Others	180.961	121.605	188.363
Total	180.961	121.605	188.363

Note:

Registered office of the company has been shifted from Plot No. 5B, Regent Gateway, Doddanekundi Village, KIADB Industrial Area, ITPL Road, Bangalore – 560 048, Karnataka to the present address w.e.f. 20.10.2009

REVIEW OF PERFORMANCE

The company is currently operating with three large format retail stores. The third store at Delhi was launched in September 2010. The store has been positioned as anchor store in The Ambience Mall.

The collective stores continue to set benchmarks in retail experience, product offerings and visual merchandising.

The Indian luxury products market is poised to tough USD 2.55 billion by 2015. The collective, with its unique lifestyle offering and its stores located in the mega cities, is well positioned to achieve a leadership position in this market.

CONTINGENT LIABILITIES NOT PROVIDED FOR

Particulars	31.03.2010 Rs. in Millions
Arrears of Preference Dividend	8.110
Dividend Distribution tax there	1.378
Customs duty on capital goods imported under EPCG scheme against which export obligation is to be fulfilled	3.037
Capital Work-in-Progress includes advances against Capital Expenditure	74.135

Bankers Charges Report as per Registry

This form is for	Creation of charge
Charge identification number of the modified	U18101KA2007PLC042671
Name of the company	MADURA GARMENTS LIFESTYLE RETAIL COMPANY LIMITED
Address of the registered office or of the principal place of business in India of the company	Regent Gateway, Plot No. 5B, Doddanekundi Village, KIADB Industrial Area, ITPL Road, Bangalore-560048, Karnataka, India
Type of charge	Movable Property
Particular of charge holder	Dhanlakshmi Bank Limited, Ground Floor, Janmabhoomi Bhavan, Janmabhoomi MArg, Fort, Mumbai 400001, Maharashtra, India Email: mumfort@dhanbank.co.in CIN No.: L65191KL1927PLC000307
Nature of description of the instrument creating or modifying the charge	Term loan agreement for hypothecation of furniture and fixtures and other movable and fixed assets and current assets of the company. Corporate guarantee given by Aditya Birla Novo Limited
Date of instrument Creating the charge	30.03.2009
Amount secured by the charge	Rs. 480.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 11% p.a. fixed with annual reset clause. Terms of Repayment 15 quarterly installments of Rs. 31.250 Millions commencing after 2 years form the date of availment and Rs. 11.250 Millions for the 16^th Quarter Monthly interest to be serviced separately as and when debited. Margin The Borrower to maintain an asset cover on (Fixed Assets and Current Assets) of at least 125% of the term loan outstanding on residual value basis. Extent and Operation of the charge First charge on furniture and fixtures and other movable fixed assets/ present and future. Collateral: Second charge on current assets/ present and future (first charge with HDFC Bank Limited, for the working capital facilities availed from them. Corporate guarantee given by Aditya Birla Novo Limited.
Short particulars of the property charged	Primary: First charge on furniture and fixtures and other movable fixed assets/ present and future. Collateral: Second charge on current assets/ present and future (first charge with HDFC Bank Limited, for the working capital facilities availed from them. Corporate guarantee given by Aditya Birla Novo Limited

This form is for	Creation of charge.
Corporate identity number of the company	U18101KA2007PLC042671
Name of the company	MADURA GARMENTS LIFESTYLE RETAIL COMPANY LIMITED
Address of the registered office or of the principal place of business in India of the company	No.110 4^th Cross, 5^th Block, Koramangala Industrial Layout, Koramangala, Bangalore 560095, Karnataka
Type of charge	o Book Debts o Movable Property (not being pledge) o Floating Charge
Particular of charge holder	CIN: L65920MH1994PLC080618 Name: HDFC Bank Limited. Address: Salco Centre, Richmond Road, Bangalore 560025, Karnataka. E-Mail: shyam.nair@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	Letter of Hypothecation of stock and book debts
Date of instrument Creating the charge	02.07.2008
Amount secured by the charge	Rs.320.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As may be agreed between the Board of Directors and the bank from time to time. Terms of Payments: o Cash Credit-on demand o Working Capital Demand Loan-Unless demanded earlier principal amount to be repaid as bullet payment on the maturity date. Margin: o For Cash credit and Working Capital Demand Loan-25% o Bank Guarantees- Cash Margin 100% (tenor of Bank guarantees greater than 3 years) o Letters of Credit- NIL o Or as stipulated by the bank from time to time. Extent and Operation of the Charge: Hypothecation by way of first exclusive charge on the entire stock and book debts of the company both present and future.
Short particulars of the property charged	Hypothecation by way of first exclusive charge on the entire stock and book debts of the company both present and future.

Corporate identity number of the company	U18101GJ2007PLC058604
Name of the company	MADURA GARMENTS LIFESTYLE RETAIL COMPANY LIMITED
Address of the registered office or of the principal place of business in India of the company	Indian Rayon Compound, Veraval 362266, Gujarat, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Dhanlakshmi Bank Limited, Ground Floor, Janmabhoomi Bhavan, Janmabhoomi MArg, Fort, Mumbai 400001, Maharashtra, India Email: mumfort@dhanbank.co.in
Nature of instrument creating charge	Term loan agreement for Hypothecation of furniture and fixtures and other movable and fixed assets and current assets of the company. Corporate guarantee given by Aditya Birla Novo Limited.
Date of instrument Creating the charge	30.03.2009
Amount secured by the charge	Rs. 480.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 11% p. a. fixed with annual reset clause. Terms of repayment 15 quarterly installments of Rs. 31.250 millions commencing after 2 years from the date of availment and Rs. 11.250 millions for the 16th Quarter Monthly interest to be serviced separately as and when debited. Margin The Borrower to maintain an asset cover on ( Fixed Assets and Current Assets) of at least 125% of the term loan outstanding on residual value basis. Extent and operation of the charge First charge on furniture and fixtures and other movable fixed assets / present and future. Collateral: Second charge on current assets / present and future (first charge with HDFC Bank Limited, for the Working Capital Facilities availed from them. Corporate Guarantee given by Aditya Birla Novo Limited,
Short particulars of the property charged (Including location of the property)	Primary: First charge on Furniture and fixtures and other movable fixed assets/present and future. Collateral: Second charge on Current Assets/present and future (First charge with HDFC Bank Limited for the Working Capital Facilities availed from them). Corporate Guarantee given by Aditya Birla Nuvo Limited

Fixed Assets:

· Leasehold Improvements

· Plant and Machinery

· Computer and Accessories

· Office Equipments

· Fixture and Fittings

· Vehicles

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.51.65
UK Pound	1	Rs.81.06
Euro	1	Rs.69.51

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.