MIRA INFORM REPORT

Report Date :

17.12.2011

IDENTIFICATION DETAILS

Name :	FUTURE VALUE RETAIL LIMTED (w.e.f. 16.11.2009)
Formerly Known as :	PANTALOON FUTURE VENTURES LIMITED
Registered Office :	Knowledge House, Shyam Nagar, Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai-400060, Maharashtra
Country :	India
Financials (as on) :	30.06.2011
Date of Incorporation :	11.06.2007
Com. Reg. No.:	11-171524
Capital Investment / Paid-up Capital :	Rs. 664.999 millions
CIN No.: [Company Identification No.]	U52100MH2007PLC171524
TAN No.: [Tax Deduction & Collection Account No.]	MUMF05801F
PAN No.: [Permanent Account No.]	AAECP3041P
Legal Form :	A Closely Held Pubic Limited Liability Company
Line of Business :	Retail Chain Business of Food Items
No. of Employees :	15 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 45600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of Pantaloon Retail (India) Limited. It is an established company having fine track. The company is doing well. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal 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.

INFORMATION DECLINED BY

Management Non Cooperative

LOCATIONS

Registered Office :	Knowledge House, Shyam Nagar, Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai-400060, Maharashtra, India
Tel. No.:	91-22-30841300 / 67840400
Fax No.:	91-22-66442222
E-Mail :	roc.info@pantaloon.com roc.info@futuregroip.in atul.takle@pantaloon.com laxmikant.somani@futuregroup.in support@futurebazaar.com
Website :	http://www.pantaloon.com http://www.futuregroup.in
Branches :	Located at: Mumbai Chennai Kolkata Bangalore Pune Hyderabad Ahmedabad

DIRECTORS

AS ON 30.06.2011

Name :

Mr. Chandra Prakash Toshniwal

Designation :

Director

Address :

A-603,Kanishka, Great Eastern Link, Ram Mandir Road, Goregaon (West), Mumbai-400104, Maharashtra, India

Date of Birth/Age :

20.09.1966

Date of Appointment :

11.06.2007

DIN :

00036303

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	U72100MH1999PLC120600	PRTL ENTERPRISES LIMITED	Director	22/08/2000	22/08/2000	2/8/2008	Active	NO
2	U55101MH2005PLC151089	PAN INDIA RESTAURANTS LIMITED	Director	7/2/2005	7/2/2005	-	Dormant	NO
3	U74995MH2005PLC151073	IDIOM DESIGN AND CONSULTING LIMITED	Director	7/2/2005	7/2/2005	30/03/2008	Active	NO
4	U70100MH2005PTC153677	ANCHOR MALLS PRIVATE LIMITED	Director	1/6/2005	1/6/2005	-	Active	NO
5	U70101MH2005PTC153688	NAMAN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	2/6/2005	2/6/2005	1/9/2010	Active	NO
6	U45200GJ2005PTC046351	NAVRATNA S G HIGHWAY PROPERTIES PRIVATE LIMITED	Director	11/7/2005	11/7/2005	1/9/2010	Active	NO
7	U70100MH2005PTC155102	SRISHTI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	3/8/2005	3/8/2005	-	Active	NO
8	U70100MH2005PTC155104	UNIQUE MALLS PRIVATE LIMITED	Director	3/8/2005	3/8/2005	-	Active	NO
9	U70100MH2005PTC155196	BLB MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	8/8/2005	8/8/2005	15/04/2009	Active	NO
10	U45200MH2005PTC156837	SUHANI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	18/10/2005	18/10/2005	-	Active	NO
11	U45200MH2005PTC156839	AVRUTI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	18/10/2005	18/10/2005	1/9/2010	Active	NO
12	U70100MH2005PTC156868	ANUSHTA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	19/10/2005	19/10/2005	1/9/2010	Active	NO
13	U70100MH2005PTC156886	SHAGUN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	20/10/2005	20/10/2005	14/06/2007	Active	NO
14	U70100MH2005PTC156869	BANSI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	19/11/2005	19/11/2005	-	Active	NO
15	U51909MH1994PTC156437	MANZ RETAIL PRIVATE LIMITED (TRF.)	Director	27/12/2005	27/12/2005	-	Active	NO
16	U51900MH2006PLC159197	FUTUREBAZAAR INDIA LIMITED	Director	23/01/2006	23/01/2006	27/02/2008	Active	NO
17	U65900MH2006PLC159526	FUTURE IDEAS COMPANY LIMITED	Director	6/2/2006	6/2/2006	27/02/2008	Active	NO
18	U52110MH2006PLC159581	FUTURE AXIOM TELECOM LIMITED	Director	7/2/2006	7/2/2006	-	Active	NO
19	U15100MH2005PLC152599	FUTURE AGROVET LIMITED	Director	29/09/2006	10/2/2006	-	Active	NO
20	U63030MH2006PLC160376	FUTURE SUPPLY CHAIN SOLUTIONS LIMITED	Director	8/3/2006	8/3/2006	-	Active	NO
21	U74300MH2006PLC160375	FUTURE MEDIA (INDIA) LIMITED	Director	18/09/2008	8/3/2006	-	Active	NO
22	U52190MH2006PLC160377	GJ FREEDOM FASHIONS LIMITED	Director	8/3/2006	8/3/2006	30/01/2008	Active	NO
23	U52190MH2006PLC160415	MYRA MALL MANAGEMENT COMPANY LIMITED	Director	16/03/2006	16/03/2006	3/7/2007	Active	NO
24	U51909MH2005PTC151869	SPRINT ADVISORY SERVICES PRIVATE LIMITED	Director	31/08/2006	21/03/2006	-	Active	NO
25	U55209MH2006PTC161530	PAN INDIA FOOD SOLUTIONS PRIVATE LIMITED	Director	1/5/2006	1/5/2006	18/06/2009	Active	NO
26	U45200MH2005PTC157267	SHENDRA ADVISORY SERVICES PRIVATE LIMITED	Director	29/09/2006	19/05/2006	-	Active	NO
27	U18101MH2006PLC223534	LEE COOPER (INDIA) LIMITED	Director	29/08/2006	29/08/2006	30/12/2008	Active	NO
28	U45200GJ2006PTC048776	RATNABHUMI DEVELOPERS PRIVATE LIMITED	Director	25/09/2006	25/09/2006	24/04/2009	Active	NO
29	U70109WB1998PTC087521	SUN CITY PROPERTIES PRIVATE LIMITED	Director	3/10/2006	3/10/2006	-	Active	NO
30	U66010MH2006PLC165288	FUTURE GENERALI INDIA LIFE INSURANCE COMPANY LIMITED	Director	30/10/2006	30/10/2006	16/03/2007	Active	NO
31	U66030MH2006PLC165287	FUTURE GENERALI INDIA INSURANCE COMPANY LIMITED	Director	30/10/2006	30/10/2006	16/03/2007	Active	NO
32	U93090MH2006PTC165612	AIRPORT RETAIL PRIVATE LIMITED	Director	17/11/2006	17/11/2006	17/11/2008	Active	YES
33	U74999MH2006PLC165722	FUTURE BRANDS LIMITED	Director	22/11/2006	22/11/2006	-	Active	NO
34	U74999MH2007PTC166866	STAPLES FUTURE OFFICE PRODUCTS PRIVATE LIMITED	Director	9/1/2007	9/1/2007	5/11/2008	Active	NO
35	U74999MH2007PLC167122	FUTURE KNOWLEDGE SERVICES LIMITED	Director	18/01/2007	18/01/2007	-	Active	NO
36	U51909MH2006PTC164092	EDMON TRADING PRIVATE LIMITED	Director	23/01/2007	23/01/2007	1/10/2009	Active	NO
37	U52399MH2007PLC171178	FUTURE E-COMMERCE INFRASTRUCTURE LIMITED	Director	25/05/2007	25/05/2007	-	Active	NO
38	U52100MH2007PLC171524	FUTURE VALUE RETAIL LIMITED.	Director	11/6/2007	11/6/2007	-	Active	NO
39	U51900MH2007PLC171946	FUTURE MOBILE AND ACCESSORIES LIMITED	Director	23/06/2007	23/06/2007	27/02/2008	Active	NO
40	U70102MH2006PTC161886	SHREYA MALL MANAGEMENT PRIVATE LIMITED	Director	31/10/2007	5/7/2007	-	Active	NO
41	U74999MH2007PLC173727	MOBILE REPAIR SERVICE CITY INDIA LIMITED	Director	1/9/2007	1/9/2007	30/03/2008	Active	NO
42	U51900MH2007PLC174027	FUTURE CONSUMER PRODUCTS LIMITED	Director	11/9/2007	11/9/2007	-	Active	NO
43	U17291MH2007GOI195397	APOLLO DESIGN APPAREL PARKS LIMITED	Director	22/12/2008	22/12/2007	-	Active	NO
44	U51909MH2006PTC164209	CENTRAL DEPARTMENTAL STORES PRIVATE LIMITED	Director	31/01/2008	31/01/2008	-	Active	NO
45	U45201MH2008PLC179913	AGRE PROPERTIES AND SERVICES LIMITED	Director	10/3/2008	10/3/2008	9/1/2009	Active	NO
46	U45400MH2008PLC179914	AGRE DEVELOPERS LIMITED	Director	10/3/2008	10/3/2008	9/1/2009	Active	NO
47	U52100MH2008PLC179919	FUTURE CONSUMER ENTERPRISES LIMITED	Director	10/3/2008	10/3/2008	9/1/2009	Active	NO
48	U22300MH2008PLC181041	FUTURE OUTDOOR MEDIA SOLUTIONS LIMITED	Director	10/4/2008	10/4/2008	-	Active	NO
49	U74999MH2008PLC181051	FUTURE LEARNING AND DEVELOPMENT LIMITED	Director	10/4/2008	10/4/2008	-	Active	NO
50	U93000MH2008PTC179580	HARSH TRADING AND INVESTMENT CONSULTANTS PRIVATE LIMITED	Director	11/4/2008	11/4/2008	4/8/2011	Active	NO
51	U55100MH2000PTC128686	BLUE FOODS PRIVATE LIMITED	Additional director	21/04/2008	21/04/2008	22/04/2008	Active	NO
52	U51109WB2006PTC109359	KAMASKHYA TRACOM PRIVATE LIMITED	Nominee director	7/7/2008	7/7/2008	16/09/2010	Active	NO
53	U51100MH2005PLC156856	FUTURE CORPORATE RESOURCES LIMITED	Director	9/8/2011	8/8/2011	-	Active	NO

Name :

Mr. Shailesh Vishnubhai Haribhakti

Designation :

Director

Date of Birth/Age :

12.03.1956

Date of Appointment :

27.08.2010

DIN :

00007347

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	U74140MH1990PTC059018	MOORES ROWLAND CONSULTING PRIVATE LIMITED	Director	16/11/1990	16/11/1990	-	Dormant	NO
2	L52399MH1987PLC044954	PANTALOON RETAIL (INDIA) LIMITED	Director	1/6/1999	1/6/1999	-	Active	NO
3	U65191MH2000PTC124386	ADVANTAGE MOTI (INDIA) PRIVATE LIMITED	Director	21/02/2000	21/02/2000	-	Active	NO
4	U74999MH2000PTC124842	BDO CONSULTING PRIVATE LIMITED	Director	13/03/2000	13/03/2000	-	Active	NO
5	U24231GJ1985PTC007714	MAVENVISTA TECHNOLOGIES PRIVATE LIMITED	Director	6/6/2000	6/6/2000	13/01/2009	Active	NO
6	U65991MH2000PLC125008	KOTAK MAHINDRA TRUSTEESHIP SERVICES LIMITED	Director	30/06/2000	30/06/2000	20/03/2010	Active	NO
7	L23200GJ1969PLC001569	INDIAN PETROCHEMICALS CORPORATION LIMITED	Director	4/6/2002	4/6/2002	20/08/2007	Amalgamated	NO
8	L45200MH1999PLC118949	MAHINDRA LIFESPACE DEVELOPERS LIMITED	Director	30/07/2004	30/07/2004	-	Active	NO
9	L52322MH1995PLC090643	MORARJEE TEXTILES LIMITED	Alternate director	30/04/2008	18/02/2005	25/12/2009	Active	NO
10	L29200MH1978PLC020434	EVEREST KANTO CYLINDER LIMITED	Director	5/7/2005	5/7/2005	-	Active	NO
11	L24100JH1976PLC001255	ADITYA BIRLA CHEMICALS (INDIA) LIMITED	Director	26/07/2005	26/07/2005	20/09/2007	Active	NO
12	L65910MH1991PLC062067	FORTUNE FINANCIAL SERVICES (INDIA) LIMITED	Alternate director	31/03/2009	2/8/2005	-	Active	NO
13	U65920MH1989PTC052900	OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED	Director	29/08/2005	29/08/2005	1/8/2009	Active	NO
14	L28920MH1949PLC006870	BLUE STAR LIMITED	Director	31/10/2005	31/10/2005	-	Active	NO
15	L45400MH1962PLC012385	HERCULES HOISTS LIMITED	Alternate director	8/2/2011	30/01/2006	-	Active	NO
16	L26940MH1936PLC002515	ACC LIMITED	Director	17/02/2006	17/02/2006	-	Active	NO
17	U75123MH2006PTC161104	NEUE ALLIANZ CORPORATE SERVICES PRIVATE LIMITED	Director	13/04/2006	13/04/2006	4/2/2009	Active	NO
18	U74140PN2002PTC017425	FIRST POLICY INSURANCE BROKERS PRIVATE LIMITED	Director	29/04/2006	29/04/2006	30/04/2009	Active	NO
19	L26942GJ1981PLC004717	AMBUJA CEMENTS LIMITED	Director	26/03/2007	3/5/2006	-	Active	NO
20	L45200MH1989PLC050688	HUBTOWN LIMITED	Director	6/9/2007	12/5/2006	11/3/2011	Active	NO
21	L72900MH1992PLC069662	HEXAWARE TECHNOLOGIES LIMITED	Director	29/06/2006	25/05/2006	-	Active	NO
22	U74140MH2006PTC162513	PLANET PEOPLE AND PROFIT CONSULTING PRIVATE LIMITED	Director	2/6/2006	2/6/2006	-	Active	NO
23	U67190MH2005PLC153471	RELIGARE ASSET MANAGEMENT COMPANY LIMITED	Director	29/09/2006	23/08/2006	29/10/2008	Active	NO
24	L11200MH2005PLC154793	GREAT OFFSHORE LIMITED	Director	19/12/2006	16/10/2006	4/5/2009	Active	NO
25	U72900MH2007PTC170259	QUADRUM SOLUTIONS PRIVATE LIMITED	Director	24/04/2007	24/04/2007	-	Active	NO
26	U74140MH2007PTC173853	LANDMARKS FINANCIAL ADVISORY SERVICES PRIVATE LIMITED	Director	6/9/2007	6/9/2007	29/08/2008	Active	NO
27	U91990MH2005NPL150661	FINANCIAL PLANNING STANDARDS BOARD INDIA	Director	10/9/2007	10/9/2007	10/9/2009	Active	NO
28	L29120MH2005PLC156795	FUTURE CAPITAL HOLDINGS LIMITED	Director	14/08/2008	27/09/2007	-	Active	NO
29	U66020MH2007PLC176066	LIC PENSION FUND LIMITED	Director	15/10/2008	21/11/2007	20/06/2009	Active	NO
30	U74140MH2006PTC164496	FINTOTAL INSIGHTS AND RESOURCES PRIVATE LIMITED	Director	4/1/2008	4/1/2008	28/02/2009	Active	NO
31	L65191KL1927PLC000307	DHANLAXMI BANK LIMITED	Director	27/09/2008	30/04/2008	-	Active	NO
32	L21010GJ1960PLC018099	JK PAPER LIMITED	Director	29/08/2008	21/07/2008	-	Active	NO
33	U67100MH2007PTC173664	FINANCIAL PLANNING CORPORATION INDIA PRIVATE LIMITED.	Director	26/12/2008	8/8/2008	1/2/2010	Active	NO
34	U67190MH2007PTC174287	JM FINANCIAL ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED	Director	14/07/2009	15/09/2008	-	Active	NO
35	L17117MH1925PLC001208	RAYMOND LIMITED	Director	15/06/2010	15/06/2009	-	Active	NO
36	U29300MH2005PTC150533	AAA INDUSTRIES PRIVATE LIMITED	Director	27/06/2009	27/06/2009	-	Active	NO
37	U51395MH2004PTC150310	AAA INTERNATIONAL CAPITAL PRIVATE LIMITED	Director	27/06/2009	27/06/2009	-	Active	NO
38	U51900MH2005PTC157592	ADA ENTERPRISES AND VENTURES PRIVATE LIMITED	Director	27/06/2009	27/06/2009	-	Active	NO
39	U67120MH2005PTC157923	RELIANCE ENTERPRISES AND VENTURES PRIVATE LIMITED	Director	27/06/2009	27/06/2009	-	Active	NO
40	U74210MH2006PTC160533	AAA INFRASTRUCTURE CONSULTING AND ENGINEERS PRIVATE LIMITED	Director	27/06/2009	27/06/2009	-	Active	NO
41	U74900MH2008PTC182240	ECOFIRST SERVICES PRIVATE LIMITED	Director	9/9/2009	9/9/2009	-	Active	NO
42	U52599MH2007PLC167292	FUTURE CAPITAL FINANCIAL SERVICES LIMITED	Additional director	1/2/2010	1/2/2010	27/09/2010	Amalgamated	NO
43	U74999MH2010PTC203778	HARIBHAKTI SME TRANSFORMATION AND SUPPORT SOLUTIONS PRIVATE LIMITED	Director	7/6/2010	7/6/2010	-	Active	NO
44	U65990MH1994PLC083147	L AND T FINANCE LIMITED	Additional director	28/06/2010	28/06/2010	24/09/2010	Active	NO
45	U52100MH2007PLC171524	Future Value Retail Limited.	Director	28/08/2010	27/08/2010	-	Active	NO
46	U67120MH2008PLC181833	L AND T FINANCE HOLDINGS LIMITED	Director	25/09/2010	25/09/2010	-	Active	NO
47	L24230GJ1972PLC002126	TORRENT PHARMACEUTICALS LIMITED	Director	30/07/2011	23/10/2010	-	Active	NO

Name :

Mr. Ashni Biyani

Designation :

Additional Director (w.e.f. 6 January 2011)

Name :

Mr. Vivek Biyani

Designation :

Additional Director (w.e.f. 6 January 2011)

Name :

Mr. Damodar Mall

Designation :

Additional Director (w.e.f. 13 May 2011)

Name :

Ms. Rajni Bakshi

Designation :

Additional Director (w.e.f. 6 January 2011)

Name :

Ms. Ranjana Kumar

Designation :

Additional Director (w.e.f. 6 January 2011)

KEY EXECUTIVES

Name :	Mr. Laxmikant Somani
Designation :	Finance Officer
Name :	Mrs. Rupali M Bhutade
Designation :	Secretary
Date of Appointment :	01.06.2010
PAN :	AGVPB8438J
Name :	Mr. Amit Kumar
Designation :	Head-Fashion @ Big Bazaar
Name :	Mr. Sanjeev Agrawal
Designation :	Joint CEO - FVRL
Name :	Mr. Dupindera Sand hit
Designation :	GM - Category (Food Bazaar)
Name :	Mr. Sadashiv Nayak
Designation :	Joint CEO - FVRL
Name :	Mr. G. R Venkatesh
Designation :	Head -People Office
Name :	Mr. Venkateshwar Kumar M
Designation :	Vice President-South
Name :	Mr. Hans Udeshi
Designation :	CEO - General Merchandising
Name :	Mr. Rajiv Nambiar
Designation :	Chief People Officer-Talent Design and Development
Name :	Ms.Suzette Sugathan
Designation :	Business Head - Health & Beauty
Name :	Mr. Upamanyu Bhattacharya
Designation :	CEO-KB's Fair Price
Name :	Mr. Vinod Bajaj
Designation :	Head - Business Development, Food Business
Name :	Mr. Saurabh Bhushan Chadha
Designation :	Head - Operations
AUDIT COMMITTEE
Name :	Mr. C P Toshniwal
Designation :	Chairman
Name :	Mr. Vivek Biyani
Designation :	Member (w.e.f. 6 January 2011)
Name :	Mr. Damodar Mall
Designation :	Member (w.e.f. 13 May 2011)
Name :	Mr. Raghu Pillai
Designation :	Member (w.e.f. 6 January 2011 upto 10 April 2011)
Name :	Mr. Rajesh Kalyani
Designation :	Member (upto 6 January 2011)
Name :	Mr. Sanjay Rathi
Designation :	Member (upto 6 January 2011)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.08.2010

Names of Shareholders	No. of Shares
Pantaloon Retail (India) Limited, Mumbai	66499905
Pantaloon Retail (India) Limited Jointly with Mr. Rajesh Kalyani	1
Pantaloon Retail (India) Limited Jointly with Mr. Chandra Prakash Toshniwal	1
Pantaloon Retail (India) Limited Jointly with Mr. Sanjay Rathi	1
Pantaloon Retail (India) Limited Jointly with Mr. Dinesh Maheshwari	1
Pantaloon Retail (India) Limited Jointly with Mr. Vimal Dhurve	1
Pantaloon Retail (India) Limited Jointly with Mr. Milind Budhakar	1
Pantaloon Retail (India) Limited Jointly with Mrs. Rupali Bhutada	1
Total	66499912

AS ON 28.08.2010

Equity Share Breakup Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Retail Chain Business of Food Items
Brand Names :	Big Bazaar

GENERAL INFORMATION

No. of Employees :

15 [Approximately]

Bankers :

• Bank of India, Large Corporate Branch, 70/80, M G Road, 4^th Floor, Fort, Mumbai 400001, Maharashtra, India
• Axis Bank, 2^nd Floor E Wing, Axis House, Bombay Dying Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai 400025, Maharashtra, India
• HDFC Bank

Facilities :

Rs. In Millions

SECURED LOAN	30.06.2011 (15 Months)	30.06.2010 (15 Months)
Non Convertible Debentures	5000.000	5000.000
Term Loans from Banks
Foreign Currency Loans	84.200	560.200
Rupee Loans	7978.600	4389.000
Working Capital Loans from Banks
Rupee Loan	3882.300	3027.100
Total	16945.100	12976.300
Secured Loans: Amount Outstanding (Rs. In millions) A) Non Convertible Debentures Secured by pari passu first charge on fixed assets (excluding specific fixed assets charged in favour of exclusive charge lender) – Rs. 5000.000 Debentures referred as above are redeemable at par, in one or more installments as follows: Rs. 2500.000 Millions in financial year 2014-15, Rs. 2500.000 Millions in 2015-16. B) Term Loans Foreign Currency Loans Secured by pari passu first charge on the fixed assets (excluding specific fixed assets charged in favour of exclusive charge lender), credit card receivables of all the stores and pari passu second charge on current assets – Rs.84.200 Rupee Loans Secured by pari passu first charge on the fixed assets (excluding specific fixed assets charged in favour of exclusive charge lender), credit card receivables of all the stores and pari passu second charge on current assets – Rs.3673.000 Secured by pari passu first charge on fixed Assets (excluding specific fixed assets charged in favour of exclusive charge lender) – Rs.2694.700 Secured by pari passu third charge on current Assets and Fixed Assets – 655.500 Secured by exclusive charge on specific fixed assets – 137.900 Secured by pari passu first charge on company’s fixed Assets (excluding assets charged on exclusive basis to exclusive charge lenders) and Pari passu second charge on current assets excluding deposit – Rs.817.500 C) Working Capital Loan Secured by pari passu first charge on the entire current assets excluding credit card receivables and pari passu second charge on fixed assets and credit card receivables – Rs.3882.300
UNSECURED LOAN	30.06.2011 (15 Months)	30.06.2010 (15 Months)
Debenture
Compulsory Convertible Debentures Series A	5350.000	0.000
Compulsory Convertible Debentures Series B	1500.000	0.000
From Banks
Long Term	2227.100	1933.300
Short Term	1000.000	250.100
Inter Corporate Deposits	0.000	130.000
Total	10077.100	2313.400

Banking Relations :	--
Auditors :
Name :	NGS and Company Chartered Accountant
Address :	B-46, 3^rd Floor, Pravasi Industrial Estate, Vishweshwar Nagar Road, GOregaon (West), Mumbai-400063, Maharashtra, India
Holding Company :	Pantaloon Retail (India) Limited CIN No.: L52399MH1987PLC044954
Subsidiaries	Future Fresh Foods Limited
Associates :	Galaxy Entertainment Corporation Limited
Fellow Subsidiaries :	FSC Brand Distribution Services Limited (Formerly Known as FLSL Distribution Services Limited) Future Agrovet Limited Future Capital Holdings Limited Future E-Commerce Infrastructure Limited Future Knowledge Services Limited Future Learning and Development Limited Future Media (India) Limited Future Mobiles and Accessories Limited (till 29 th June ,2011) Future Supply Chain Solutions Limited (Formerly known as Future Logistic Solutions Limited) Winner Sports Limited Home solution Retail (India) Limited Splendor Fitness Private Limited (Formerly Known as Talwalkars Pantaioon Fitness private Limited) Clarks Future Footwear Limited (till 26 December 2010)

CAPITAL STRUCTURE

As on 30.06.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000,000	Equity Shares	Rs. 10 each	Rs. 1000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
66,499,912	Equity Shares	Rs. 10 each	Rs. 665.000 millions

Note:

Out of above 66499912 equity shares of Rs. 10 each fully paid up are held by Pantaloon Retail India Limited, the holding company

26399912 equity shares of RS. 10 each fully paid up allotted as fully paid up Bonus share by capitalization of shares premium

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.06.2011 (12 Months)	30.06.2010 (15 Months)	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		665.000	665.000	21.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10748.600	9618.600	264.000
4] (Accumulated Losses)		0.000	0.000	(1.928)
NETWORTH		11413.600	10283.600	283.072
LOAN FUNDS
1] Secured Loans		16945.100	12976.300	0.000
2] Unsecured Loans		10077.100	2313.400	0.000
TOTAL BORROWING		27022.200	15289.700	0.000
DEFERRED TAX LIABILITIES		780.000	563.000	0.000
TOTAL		39215.800	26136.300	283.072
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15937.800	12070.300	0.000
Capital work-in-progress		2383.100	2240.700	0.000
INVESTMENT		99.800	2.400	283.048
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18229.700	11325.400	0.000
	Sundry Debtors	1965.600	1475.000	0.000
	Cash & Bank Balances	409.500	634.800	0.043
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9586.600	6060.900	0.000
Total Current Assets		30191.400	19496.100	0.043
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4146.700	3074.700
	Current Liabilities	5039.200	4404.900	0.019
	Provisions	210.400	193.600	0.000
Total Current Liabilities		9396.300	7673.200	0.019
Net Current Assets		20795.100	11822.900	0.024
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		39215.800	26136.300	283.072

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.06.2011 (12 Months)	30.06.2010 (15 Months)	31.03.2009
	SALES
		Sales and Operating Income	69148.300	29917.100	0.000
		Other Income	37.700	11.000	0.200
		TOTAL (A)	69186.000	29928.100	0.200
Less	EXPENSES
		Cost of goods sold	51777.900	22430.500	0.000
		Operating and other Expenses	9443.300	4071.600	0.300
		Personal Expenses	2664.000	1144.600	0.000
		TOTAL (B)	63885.200	27646.700	0.300
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5300.800	2281.400	(0.100)
Less	FINANCIAL EXPENSES (D)		2397.000	1030.300	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2903.800	1251.100	(0.100)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1211.700	504.400	0.000
	PROFIT BEFORE TAX (E-F) (G)		1692.100	746.700	(0.100)
Less	TAX (H)		562.100	240.700	0.000
	PROFIT AFTER TAX (G-H) (I)		1130.000	506.000	(0.100)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		254.100	(1.900)	(1.800)
Less	APPROPRIATIONS
	Debenture Redemption Reserve		250.000	250.000	0.000
	BALANCE CARRIED TO THE B/S		1134.100	254.100	(1.900)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings through credit cards	204.200	92.100	0.000
	IMPORTS
		Capital Goods	220.300	32.400	0.000
		Finished Goods	1077.400	222.200	0.000
	TOTAL IMPORTS		1297.700	254.600	0.000
	Earnings Per Share (Rs.)		16.99	13.99	--

KEY RATIOS

PARTICULARS		30.06.2011 (12 Months)	30.06.2010 (15 Months)	31.03.2009
PAT / Total Income	(%)	1.63	1.69	(50.00)
Net Profit Margin (PBT/Sales)	(%)	2.45	2.49	(17.28)
Return on Total Assets (PBT/Total Assets}	(%)	3.67	2.36	(232.55)
Return on Investment (ROI) (PBT/Networth)		0.15	0.07	0.00
Debt Equity Ratio (Total Liability/Networth)		3.19	2.23	0.00
Current Ratio (Current Asset/Current Liability)		3.21	2.54	2.26

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. in Millions)

Particulars	30.06.2011 (12 Months)	30.06.2010 (15 Months)	31.03.2009
Sundry Creditors	4146.700	3074.700	NA

COMMENCEMENT OF VALUE RETAIL BUSINESS

The Company is 100% subsidiary of Pantaloon Retail (India) Limited (PRIL), a leading organized retailer in the country. Pursuant to the realignment plans of PRIL, Value Retail Business comprising of Big Bazaar, Food Bazaar and other value retail formats such as Depot, Fashion @ Big Bazaar, Fashion Station, Health Village, Wholesale Club and Navras were transferred to the Company with effect from 1st January 2010. The transfer of Value Retail Business was warranted to ensure more focused approach towards the Value Retail Business, which has reached a critical mass and needs to be identified separately to ensure further growth of the said business.

BUSINESS OVERVIEW, GROWTH AND EXPANSION

The Company is engaged in Value Retail Business since 1st January, 2010 as part of the realignment initiative of the Future Group and its holding company Pantaloon Retail (India) Limited (PRIL). During FY 2010-11, the Company registered income from operations amounting to a 69148.300 millions and profit for the said financial year stood at a 1130.000 millions. The Company is operating marquee format brand Big Bazaar and Food Bazaar apart from other smaller format in Value Retail Business.

During the year, the Company opened new 26 Food Bazaars including SIS located within the 19 new Big Bazaar stores between July 2010 and June 2011. In addition to the above, other formats of the Company also saw a good growth in terms of numbers as well as turnover.

A crucial roll out for the forthcoming year is the launch of Food Hall - an upgraded food store catering to a more evolved set of customers willing to pay a higher price for more value added food products as well as international food ingredients.

The management is also concentrating in increasing its presence in fashion through "fashion at Big Bazaar" [f@bb], providing multiple choice to value customer in fashion segment.

With such initiative and many more to be added, Management is positive of the growth of the business and Company.

HOLDING COMPANY

The Company is 100% subsidiary of Pantaloon Retail (India) Limited.

DIRECTORS

With deep regret, we report the sad and sudden demise of Mr. Raghu Piilai, then Executive Director, on 10 April 2011. Mr. Raghu Pillai was associated with the Company since December, 2010. In the short stint he had given right direction to the Company operations. The Board places on record its appreciation for contribution of Mr. Raghu Pillai during his tenure as Executive Director of the Company. As per the applicable provisions of the Companies Act, 1956, the resolution for approving his appointment for the period of his service and remuneration paid to him during that period has been submitted to the members for their consideration with recommendation of the Board.

During the year, the Board had co-opted Ms. Ashni Biyani, Mr. Vivek Biyani, Ms. Rajni Bakshi and Ms. Ranjana Kumar as Additional Directors of the Company with effect from 6 January 2011.

Further the Board had appointed Mr. Damodar Mall as an Additional Director of the Company with effect from 13 May 2011. He has further been appointed as Executive Director for a period of 3 years with effect from 13 May 2011 in accordance with the recommendation of the Remuneration and Nomination Committee. As per the applicable provisions of the Companies Act, 1956, the resolution for approving his appointment and remuneration payable to him is being submitted to the members for their consideration with recommendation of the Board.

During the year, Mr. Sanjay Rathi and Mr. Rajesh Kalyani resigned from the Directorship of the Company with effect from 6 January 2011. The Board wishes to place on record its appreciation for the valuable services rendered by them during their tenure.

In terms of Section 255 and 256 the Companies Act, 1956, Mr. C P Toshniwal retires at the ensuing Annual General Meeting of the Company and being eligible, offers himself for the appointment as Director.

In terms of section 260 of the Companies Act, 1956, Ms. Ashni Biyani, Mr. Vivek Biyani, Ms. Rajni S Bakshi, Ms. Ranjana Kumar and Mr. Damodar Mall hold office as Additional Directors till the date of ensuing annual general meeting. The Company is in receipt of notices pursuant to the provisions of Section 257 of the Companies Act, 1956 read with Articles of Association of the Company from the members proposing the candidature of Ms. Ashni Biyani, Mr. Vivek Biyani, Ms. Rajni S Bakshi, Ms. Ranjana Kumar and Mr. Damodar Mall for the appointment as Directors liable to retire by rotation.

Contingent Liabilities : [As on 30.06.2011]

• Amount outstanding for guarantees given by banks on behalf of the company and group companies is Rs 90.400 Millions (2010: Rs. 34.900 Millions)
• Amount outstanding for Corporate guarantee given to banks on behalf of Holding company is Rs.613.200 Millions (2010 : Rs.NIL)

• Claims against the company not acknowledged as debts : Rs. 02.400 Millions (2010: Rs.Nil)

FIXED ASSETS:

· Building and Leasehold Improvement

· Plant and Machinery

· Office Equipments

· Computers and Software

· Furniture and Fittings

· Vehicles

· Air Conditioners

FORM 8

Corporate identity number of the company	U52100MH2007PLC171524
Name of the company	FUTURE VALUE RETAIL LIMTED
Address of the registered office or of the principal place of business in India of the company	Knowledge House, Shyam Nagar, Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai-400060, Maharashtra
This form is for	Creation of charge
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge Others
Particular of charge holder	Axis Bank, 2^nd Floor E Wing, Axis House, Bombay Dying Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai 400025, Maharashtra, India Email: kulkarni.makarand@axisbank.com
Nature of instrument creating charge	Indenture of Mortgage dated 25th March 2011 between the Company and Axis Bank Limited(security trustee)
Date of instrument Creating the charge	25.03.2011
Amount secured by the charge	Rs. 1250.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest mutually agreed between Company and the Lender Terms of repayment As per sanction letter. Extent and operation of the charge The Company has created residual charge on fixed assets (both movable and immovable) and current assets in favour of Axis Bank Limited (security Trustee) to secure the repayment of the working capital facilities of Rs. 1250.000 millionss with all interest, fees, premia, cost, charges, expenses.
Short particulars of the property charged (Including location of the property)	Residual Charge on fixed asset of the Company situated at Flat no 101, Building Ostwal Empire, Boisar, Tal Palghar, District Thane and on current assets of the Company

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.52.81
UK Pound	1	Rs.82.00
Euro	1	Rs.68.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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

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.