MIRA INFORM REPORT

Report Date :

28.12.2011

IDENTIFICATION DETAILS

Name :	YASHRAJ FILMS PRIVATE LIMITED

Registered Office :	5, Shah Industrial Estate, Off. Veera Desai Road, Andheri (West), Mumbai - 400 059, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	30.08.1973

Com. Reg. No.:	11-016788

Capital Investment / Paid-up Capital :	Rs.0.100 million

CIN No.: [Company Identification No.]	U92110MH1973PTC016788

TAN No.: [Tax Deduction & Collection Account No.]	MUMY00459E

PAN No.: [Permanent Account No.]	AAACY1176E

Legal Form :	Private Limited Liability Company

Line of Business :	Production and Distribution of Films.

No. of Employees :	Approximately 200 (In Office-120, In Branches-80)

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING

STATUS

PROPOSED CREDIT LINE

56-70

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

Maximum Credit Limit :	USD 5568000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established and a reputed company having fine track. There appears some losses being incurred by the company in the current year. However, networth appears to be good. Directors are reported to be an experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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

Name :	Mr. Rajesh Punjabi
Designation :	Senior Accountant
Date :	18.07.2011

LOCATIONS

Registered/ Corporate Office :	5, Shah Industrial Estate, Off. Veera Desai Road, Andheri (West), Mumbai - 400 059, Maharashtra, India
Tel. No.:	91-22-30613500
Fax No.:	91-22-30613599
E-Mail :	yash@yashrajfilms.com helpdesk@yashrajfilms.com
Website :	http://www.yashrajfilms.com
Location :	Owned

Overseas Office :	Located at: v USA (New York) v UK (London) v UAE (Dubai)

DIRECTORS

As on 27.09.2010

Name :

Mr. Yashraj Wilayatiram Chopra

Designation :

Managing Director

Address :

21, Adityodaya, 12 Road, JVPD, Scheme, Juhu, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

27.09.1932

Date of Appointment :

06.09.1999

DIN No.:

00202589

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	U99999MH1974PTC017486	Aditya Films Private Limited	Managing director	09-01-88	09-01-88	-	Active	NO
2	U92112MH1995PTC084744	Meta Vision Private Limited	Director	19-01-95	19-01-95	-	Strike off	NO
3	U99999MH1962PTC012446	YRF Studios Private Limited	Managing director	06-09-99	06-09-99	-	Active	NO
4	U28910MH1962PTC012445	Forging and Stamping Private Limited	Managing director	06-09-99	06-09-99	-	Active	NO
5	U92110MH1973PTC016788	Yashraj Films Private Limited	Managing director	06-09-99	06-09-99	-	Active	NO
6	U92112MH1999PTC122121	Yash Raj Sons Enterprises Private Limited	Managing director	08-10-99	08-10-99	-	Active	NO
7	U92112RJ2000PTC016577	Yash Raj Jai Pictures Private Limited	Director	09-08-00	09-08-00	-	Active	NO
8	U92113PB2000PTC023970	Yash Raj and Purisons Associates Private Limited	Director	21-09-00	21-09-00	-	Active	NO
9	U92111DL2000PTC108196	Yash Raj and P P Associates Private Limited	Director	17-10-00	17-10-00	-	Active	NO
10	U92112PB2001PTC024814	Yash Raj And Puri Company Private Limited	Director	28-11-01	28-11-01	-	Active	NO
11	U92112AP2004PTC042385	Yash Raj Vandana Films Distributors Private Limited	Director	08-01-04	08-01-04	-	Active	NO
12	L99999MH1992PLC066213	Jet Airways (India) Limited	Director	20-09-06	17-04-06	-	Active	NO
13	U92111WB2007PTC115067	Yash Raj Kushagra Arts Private Limited	Director	09-04-07	09-04-07	-	Active	NO
14	U74999MH2007PTC172931	Yrf Exhibition Private Limited	Director	07-08-07	07-08-07	-	Active	NO
15	U92100MH2008PTC179491	Yrf Television Private Limited	Director	27-02-08	27-02-08	-	Active	NO
16	U92100MH2008PTC181794	Yapu Entertainment Private Limited	Director	30-04-08	30-04-08	-	Active	NO
17	U67120MH1980PTC023190	Sambhaw Investments and Industries Private Limited	Additional director	12-05-11	12-05-11	-	Active	NO

Name :

Mrs. Pamela Yashraj Copra

Designation :

Director

Address :

21, Adityodaya, 12 Road, JVPD, Scheme, Juhu, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

29.09.1948

Date of Appointment :

30.08.1973

DIN No.:

02073452

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	U92110MH1973PTC016788	Yashraj Films Private Limited	Director	30-08-73	30-08-73	-	Active	NO
2	U99999MH1974PTC017486	Aditya Films Private Limited	Director	22-05-74	22-05-74	-	Active	NO
3	U99999MH1962PTC012446	YRF Studios Private Limited	Director	06-09-99	06-09-99	-	Active	NO
4	U28910MH1962PTC012445	Forging and Stamping Private Limited	Director	06-09-99	06-09-99	-	Active	NO
5	U92100MH2008PTC179491	YRF Television Private Limited	Director	01-03-09	01-03-09	-	Active	NO

Name :

Mr. Aditya Yashraj Chopra

Designation :

Director

Address :

21, Adityodaya, 12 Road, JVPD, Scheme, Juhu, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

21.05.1971

Date of Appointment :

06.09.1999

DIN No.:

01290728

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	U99999MH1974PTC017486	Aditya Films Private Limited	Director	20-03-93	20-03-93	-	Active	NO
2	U92112MH1995PTC084744	Meta Vision Private Limited	Director	19-01-95	19-01-95	-	Strike off	NO
3	U99999MH1962PTC012446	YRF Studios Private Limited	Director	06-09-99	06-09-99	-	Active	NO
4	U28910MH1962PTC012445	Forging and Stamping Private Limited	Managing director	06-09-99	06-09-99	-	Active	NO
5	U92110MH1973PTC016788	Yashraj Films Private Limited	Director	06-09-99	06-09-99	-	Active	NO
6	U92112MH1999PTC122121	Yash Raj Sons Enterprises Private Limited	Director	08-10-99	08-10-99	-	Active	NO
7	U92112RJ2000PTC016577	Yash Raj Jai Pictures Private Limited	Director	09-08-00	09-08-00	-	Active	NO
8	U92113PB2000PTC023970	Yash Raj and Purisons Associates Private Limited	Director	21-09-00	21-09-00	-	Active	NO
9	U92111DL2000PTC108196	Yash Raj and P P Associates Private Limited	Director	17-10-00	17-10-00	-	Active	NO
10	U92112PB2001PTC024814	Yash Raj And Puri Company Private Limited	Director	28-11-01	28-11-01	-	Active	NO
11	U92112AP2004PTC042385	Yash Raj Vandana Films Distributors Private Limited	Director	08-01-04	08-01-04	-	Active	NO
12	U64202MH2005PTC150645	Onyx Mobile Private Limited	Director	02-07-05	02-07-05	25-10-08	Active	NO
13	U92111WB2007PTC115067	Yash Raj Kushagra Arts Private Limited	Director	09-04-07	09-04-07	-	Active	NO
14	U74999MH2007PTC172931	YRF Exhibition Private Limited	Director	07-08-07	07-08-07	-	Active	NO
15	U92100MH2008PTC179491	YRF Television Private Limited	Director	27-02-08	27-02-08	-	Active	NO
16	U92100MH2008PTC181794	Yapu Entertainment Private Limited	Director	30-04-08	30-04-08	-	Active	NO

Name :

Mr. Uday Yashraj Chopra

Designation :

Director

Address :

21, Adityodaya, 12 Road, JVPD, Scheme, Juhu, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

05.01.1973

Date of Appointment :

06.09.1999

Din No.:

01290703

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	U99999MH1974PTC017486	Aditya Films Private Limited	Director	21-08-92	21-08-92	-	Active	NO
2	U99999MH1962PTC012446	YRF Studios Private Limited	Director	06-09-99	06-09-99	-	Active	NO
3	U28910MH1962PTC012445	Forging And Stamping Private Limited	Director	06-09-99	06-09-99	-	Active	NO
4	U92110MH1973PTC016788	Yashraj Films Private Limited	Director	06-09-99	06-09-99	-	Active	NO
5	U92112MH1999PTC122121	Yash Raj Sons Enterprises Private Limited	Director	08-10-99	08-10-99	-	Active	NO
6	U92113PB2000PTC023970	Yash Raj and Purisons Associates Private Limited	Director	21-09-00	21-09-00	-	Active	NO
7	U92111DL2000PTC108196	Yash Raj and P P Associates Private Limited	Director	17-10-00	17-10-00	-	Active	NO
8	U92112PB2001PTC024814	Yash Raj And Puri Company Private Limited	Director	28-11-01	28-11-01	-	Active	NO
9	U64202MH2005PTC150645	Onyx Mobile Private Limited	Director	02-07-05	02-07-05	25-10-08	Active	NO
10	U74999MH2007PTC172931	Yrf Exhibition Private Limited	Director	07-08-07	07-08-07	-	Active	NO
11	U92112AP2004PTC042385	Yash Raj Vandana Films Distributors Private Limited	Director	30-11-07	30-11-07	-	Active	NO
12	U92112RJ2000PTC016577	Yash Raj Jai Pictures Private Limited	Director	12-09-08	03-12-07	-	Active	NO
13	U92100MH2008PTC179491	Yrf Television Private Limited	Director	27-02-08	27-02-08	-	Active	NO
14	U09211KA2005PTC036381	Yashraj Pal Films Distributors (Bangalore) Private Limited	Additional director	01-03-08	01-03-08	-	Active	NO
15	U92100MH2008PTC181794	Yapu Entertainment Private Limited	Director	30-04-08	30-04-08	-	Active	NO
16	U67120MH1980PTC023190	Sambhaw Investments And Industries Private Limited	Additional director	12-05-11	12-05-11	-	Active	NO

Name :

Mr. Sanjeev Kohli

Designation :

Director

Address :

52, Makani Manor, Peddar Road, Mumbai - 400 026, Maharashtra, India

Date of Birth/Age :

16.10.1956

Date of Appointment :

06.09.1999

Din No.:

01061122

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	U92110MH1973PTC016788	Yashraj Films Private Limited	Director	08-03-07	08-03-07	-	Active	NO
2	U74140MH2010PTC198306	Sheila Mm Forever Consulting Private Limited	Director	02-01-10	02-01-10	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajesh Punjabi
Designation :	Senior Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2010

Names of Shareholders		No. of Shares
Yashraj W. Chopra		8080
Pamela Yashraj Copra		5050
Aditya Yashraj Chopra		6060
Uday Yashraj Chopra		6060
Yashraj Sons Enterprises Private Limited, India		75750
Total		101000

As on 27.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		75.00
Directors or relatives of directors		25.00
Total		100.00

BUSINESS DETAILS

Line of Business :	Production and Distribution of Films.

PRODUCTION STATUS

Particulars	Unit	Actual Production
K. Plast Formu Plasticizers	MT	11773.062
Polymer Compounds	MT	11827.967

GENERAL INFORMATION

No. of Employees :

Approximately 200 (In Office-120, In Branches-80)

Bankers :

v Exim Bank

v Yes Bank, 9^th Floor, Nehru Center, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400 018, Maharashtra, India

v Bank of Baroda, Andheri, Mumbai, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Banks EXIM Bank (Secured against first charge of all tangible and intangible assets, current and future receivables of the film projects financed, all revenues/ receivables of the film and personal guarantee of directors, corporate guarantee of group companies and equitable mortgage of group company's studio)	0.000	219.867
Vehicle Loans (Secured against hypothecation of specific vehicles)	0.000	6.763
Total	0.000	226.630

Unsecured Loans

31.03.2010

Rs. In Millions

31.03.2009

Rs. In Millions

A) From Directors

5.221

44.140

Total

5.221

44.140


Banking Relations :	--

Auditors :
Name :	Chandabhoy and Jassoobhoy Chartered Accountants
Address :	208, Phoenix House A Wing, 2^nd Floor, 462 Senapati Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India
Tel. No.:	91-22-24981516/ 24960045/ 24961356
Fax No.:	91-22-24981718
E-Mail :	mail@cnj.in
Income-tax PAN of auditor or auditor's firm :	AAAFC5274C

Holding Company :	Yashraj Sons Enterprises Private Limited Address: 5, Shah Industrial Estate, Off. Veera Desai Road, Andheri (West), Mumbai - 400 059, Maharashtra, India CIN No.: U92112MH1999PTC122121

Subsidiaries :	v Yashraj Films International Limited – UK v Yashraj Films USA Inc v YRF Television Private Limited (CIN No.: U92100MH2008PTC179491)

Associate Companies and Joint Ventures :	v Yash Raj PP Associates Private Limited v Yash Raj Jai Pictures Private Limited v Yash Raj and Puri Company Private Limited v Yash Raj Kushagra Arts Private Limited v Yapu Entertainment Private Limited v YRF Television Private Limited v Yash Raj Films (UAE) L.L.C.

Companies / Firms in which directors are interested :	v Yash Raj Pal Films Distributors Bangalore Private Limited v Yash Raj Vandana Films Distributors Private Limited v Aditya Films Private Limited v YRF Studios Private Limited v Yash Raj Sons Private Limited v Forging and Stamping Private Limited v Meta Vision Private Limited v Uday Films v Aditya Films v Yash Raj Films

CAPITAL STRUCTURE

After 27.09.2010

Authorised Capital of Rs. 111.500 Millions

Issued, Subscribed and Paid up Capital of Rs. 111.100 Millions

As on 27.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
105000	Equity Shares	Rs.100/- each	Rs.10.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
101000	Equity Shares	Rs.100/- each	Rs.10.100 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs.0.100 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1391.783	1564.976	1519.667
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1391.883	1565.076	1519.767
LOAN FUNDS
1] Secured Loans		0.000	226.630	252.215
2] Unsecured Loans		5.221	44.140	0.785
TOTAL BORROWING		5.221	270.770	253.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		1397.104	1835.846	1772.767

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		219.293	207.145	243.326
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		297.820	280.402	206.181
DEFERREX TAX ASSETS		5.595	2.721	2.537

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.151	11.278	11.676
	Sundry Debtors	109.572	845.779	450.798
	Cash & Bank Balances	249.209	71.554	227.831
	Other Current Assets	396.527	392.418	680.847
	Loans & Advances	795.533	895.406	1085.763
Total Current Assets		1558.992	2216.435	2456.915
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	64.402	73.552	51.695
	Other Current Liabilities	77.594	83.228	405.366
	Provisions	542.600	714.077	679.131
Total Current Liabilities		684.596	870.857	1136.192
Net Current Assets		874.396	1345.578	1320.723

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		1397.104	1835.846	1772.767

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1051.320	NA	NA
		Other Income
		TOTAL	1051.320	NA	NA

Less	EXPENSES
		Office Expenses	1225.487	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	1225.487	NA	NA

	PROFIT BEFORE TAX		(174.167)	77.848	283.048

Less	TAX		(0.975)	32.539	95.802

	PROFIT AFTER TAX		(173.192)	45.309	187.246

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1441.347	1396.039	1208.793

	BALANCE CARRIED TO THE B/S		1268.155	1441.347	1396.039

	EARNINGS IN FOREIGN CURRENCY
		From sale of DVDs, ACDs and VCDs	49.240	35.410	33.237
		Theatricals and Prints Income	153.019	340.334	234.741
		Satellite Broadcast/ Terresterial	64.745	65.378	725.992
		Reimbursement of Expenses	0.561	0.000	7.524
		Synchronization	0.091	0.000	1.559
		Vat Refund	0.000	6.699	0.000
	TOTAL EARNINGS		267.656	447.821	1003.053

	Earnings Per Share (Rs.)		(173192.23)	46333.14	187246.00

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(16.47)	NA	NA

Return on Total Assets (PBT/Total Assets}	(%)	(9.79)	3.21	10.48

Return on Investment (ROI) (PBT/Networth)		(0.13)	0.05	0.19

Debt Equity Ratio (Total Liability/Networth)		1.12	0.73	0.91

Current Ratio (Current Asset/Current Liability)		2.28	2.55	2.16

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars

31.03.2010

(Rs. in millions)

31.03.2009

(Rs. in millions)

31.03.2008

(Rs. in millions)

Sundry Creditors

64.402

73.552

51.695

NOTE:

The registered office of the company has been shifted from GIrnar Apartments Block No. A, 5th Floor, Pali Hill Road, Bandra, Mumbai - 400050, Maharashtra, India to the present address w. e. f. 21.05.2007

BUSINESS OPERATIONS:

The Directors are making a continued effort to increase the volume of business. The Directors look to the future with cautious optimism and expect satisfactory growth.

Bankers Charges Report as per Registry

Name of the company	YASHRAJ FILMS PRIVATE LIMITED
Presented By	Mr. Yash Copra
1) Date and description of instrument creating the change	Unattested Deed of Hypothecation dated 21.02.2005, executed by Yash Raj Films Private Limited (therein and hereinafter referred to as the Borrower) In favour of Export - import Bank of India (“Exim Bank).
2) Amount secured by the charge/amount owing on the securities of charge	Loan of upto Rs.45.000 Millions in equivalent US dollars (including any converted Rupee amount(s) consequent upon default, in the-case of foreign currency loan) together with interest, compound interest, additional interest by way of liquidated damages (in case of default), costs (legal costs on a full indemnity basis), charges, expenses and all other monies payable by the Borrower to Exim bank under the Loan Agreement dated 21.02.2005 made be Borrower and Exim Bank.
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	The whole of the Borrower’s tangible and intangible assets, both present and future and relating to the Film, briefly described in Schedule in to the Deed of Hypothecation.
4) Gist of the terms and conditions and extent and operation of the charge.	(a) The charge created by the aforesaid Deed of Hypothecation shall operate as continuing security by way of a pari passu first elusive charge over the Borrower’s tangible and intangible assets relating to the Film as described in the Deed of Hypothecation and pari passu first exclusive charge over the Borrower’s current assets relating to the Film as described in the Deed of Hypothecation for the due repayment by the Borrower to Exim Bank of the Loan of the amount not exceeding Rs.45.000 Millions in equivalent US dollars (including any converted Rupee amount(s) consequent upon default in the case of foreign currency loan) together with payment of interest, compound interest, additional interest by way of liquidated damages (in case of default), costs (legal costs on a full indemnity basis), charges, expenses and all other monies payable by the Borrower to Exim Bank in terms of the said Loan Agreement. (b) The said charge shall rank in the order of priority set out in Schedule IV to the Deed of Hypothecation.
5) Name and Address and description of the person entitled to the charge.	Export Import Bank of India, Centre One Building, Floor 21, world Trade Center Complex, Cuffe Parade, Mumbai-400 005, Maharashtra, India
6) Date and brief description of instrument modifying the charge	Not Applicable
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Applicable

This form is for	Creation of charge
Corporate identity number of the company	U92110MH1973PTC016788
Name of the company	YASHRAJ FILMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	5, Shah Industrial Estate, Off. Veera Desai Road, Andheri (West), Mumbai - 400 059, Maharashtra, India
Type of charge	Book Debts Movable Property Floating Charge Others
Particular of charge holder	Yes Bank Limited 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India E-Mail: shareholders@yesbank.in
Nature of description of the instrument creating or modifying the charge	Deed of hypothecation
Date of instrument Creating the charge	14.05.2009
Amount secured by the charge	Rs.300.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Over draft :- 5.50% p. a. below Yes Bank Prime Lending Rate prevailing from time to time, payable monthly Working capital demand loan (Sub-limit of OD) :- 5.50% p. a. below Yes Bank Prime Lending Rate prevailing from time to time payable monthly Terms of Repayment Over draft Tenor : 12 months subject o annual review: Working Capital demand loan Tenor : 12 months subject to annual review Margin Minimum margin of 25% to be ensured for YBL’s facilities Extent and Operation of the charge Exclusive charge on the current assets of the company (excluding the current assets financed by EXIM Bank) as description in schedule of deed of hypothecation dated May 14, 2009
Short particulars of the property charged	Exclusive charge on whole of the current assets of the company (excluding the current assets financed by EXIM Bank) as description in schedule of deed of hypothecation dated May 14, 2009

CONTINGENT LIABILITIES:

Particulars

31.03.2010

(Rs. in millions)

Guarantees given by Bank on behalf of the Company (Note I)

1.173

Note:

(I) During the course of the survey conducted by the Sales Tax Department, the Company had paid VAT on theatricals amounting to Rs.5.646 millions “under protest”. The Company through its association has made a representation to the Government of Maharashtra to withdraw the VAT from the theatrical rights on film since it was already burdened with various taxes like Entertainment Tax, MST, I.N.R Charges etc which are recovered by the Government. However the matter to this date is neither resolved nor are the assessment proceedings initiated for the above survey by the Sales Tax department. In view of the above the company has not provided any sum towards VAT liability.

(II) No forward contracts for foreign exchange transaction are outstanding as on 31^st March, 2010.

(III) Income Tax Dues:

A.Y.	Demand Amount	Remarks	Appeal Before
2007.08	Rs.265.270 millions	v Demand arising from Income Tax proceedings u/s 143 (3)	CIT (Appeals)
2006-07	Rs.67.658 millions	v Demand arising from Income Tax proceedings u/s 143 (3) v Refund of Rs 15.324 millions adjusted against this demand	CIT (Appeals) Appeal Concluded order awaited. (Note)
2005-06	Rs.0.417 million	v Demand arising from Appeal order.	Appeal before Tribunal

Notes:

CIT (Appeals) has issued the order for the aforesaid Assessment Year and has enhanced the disallowances of expanses. In view of above the Company has received final notice of demand u/s 156 of the Income Tax Act, 1961 for Rs.167.141 millions dated 26^th July, 2010. The company has preferred an appeal before the Tribunal against the above order.

Apart from the above there are no other tax dues which are demanded by the Income Tax and which are outstanding as on 31^st March 2010 whether disputed or not.

The company has preferred an appeal as indicated in the above table against the demand raised by the Income Tax department and consequently no provisions has been made for the same.

Further the company has been advised by their consultants that they will get a favorable verdict in both the cases.

FIXED ASSETS:

v Bunglow

v Plant and Machinery

v Vehicles

v Furniture and Fittings

v Computers

v Leasehold Improvements

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.52.84
UK Pound	1	Rs.82.71
Euro	1	Rs.69.15

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		62

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.

MIRA INFORM REPORT

8.151

11.278

109.572

845.779

249.209

71.554

396.527

392.418

795.533

895.406

1558.992

77.594

83.228

542.600

714.077

684.596

870.857

874.396

1345.578

(16.47)

(9.79)

(0.13)

1.12

2.28

Unit