MIRA INFORM REPORT

Report Date :

19.05.2011

IDENTIFICATION DETAILS

Name :	NUFUTURE DIGITAL (INDIA) LIMITED (w.e.f. 11.05.2011)

Formerly Known As :	ERUDITE KNOWLEDGE SERVICES LIMITED

Registered Office :	Knowledge House, Shyam Nagar, Off Jogeshwari – Vikhroli Link Road, Jogeshwari (E), Mumbai – 400060, Maharasahtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	08.10.2007

Com. Reg. No.:	11 - 174787

Capital Investment / Paid-up Capital :	Rs. 0.500 Million

CIN No.: [Company Identification No.]	U72900MH2007PLC174787

TAN No.: [Tax Deduction & Collection Account No.]	MUME07503G

PAN No.: [Permanent Account No.]	AACCE0402H

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Retail Technology service provider

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is part of future group, India. It is a company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Payments are reported to be slow. The company can be considered for business dealings on a secured trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

India

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

LOCATIONS

Registered Office :

Knowledge House, Shyam Nagar, Off Jogeshwari – Vikhroli Link Road, Jogeshwari (E), Mumbai – 400060, Maharasahtra, India

E-Mail :

roc.info@futuregroup.in

roc.info@pantaloon.com

barry.faras@pantaloon.com

DIRECTORS

As on 30.09.2010

Name :	Mr. Sanjay Ramprasad Rathi
Designation :	Director
Address :	C-6, Kaveri Mahima, First Floor, Bangur Nagar, Goregaon (West), Mumbai – 400090, Maharasahtra, India
Date of Birth/Age :	06.05.1965
Date of Appointment :	08.10.2007
DIN No.:	00022432

Name :	Mr. Dinesh Maheshwari
Designation :	Director
Address :	C-6-302, Sector 8, Shanti Nagar, Mira Road (East), Thane – 401107, Maharasahtra, India
Date of Birth/Age :	19.01.1969
Date of Appointment :	31.01.2008
DIN No.:	00088451

Name :	Mr. Rajesh Ramjilal Kalyani
Designation :	Director
Address :	D-48, Sagar Kiran, ONGC Colony, Navghar Road, bhayander (East), Thane – 401105, Maharasahtra, India
Date of Birth/Age :	08.10.1969
Date of Appointment :	08.10.2007
DIN No.:	00220632

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders		No. of Shares
Future Corporate Resources Limited, Mumbai		49994
Future Corporate Resources Limited, Mumbai jointly With Swaroop Lodha		1
Future Corporate Resources Limited, Mumbai jointly With Pawan Agarwal		1
Future Corporate Resources Limited, Mumbai Jointly with Rampal Laddha		1
Future Corporate Resources Limited, Mumbai jointly With Hanuman Prajapat		1
Future Corporate Resources Limited, Mumbai jointly With Atul Mandalia		1
Future Corporate Resources Limited, Mumbai jointly With Sandeep Petkar		1
Total		50000

As on 30.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Retail Technology service provider

GENERAL INFORMATION

Bankers :

Syndicate Bank, Large Corporate Branch, 3^rd Floor, No.10, Homji Street, Fort, Mumbai – 400023, Maharasahtra, India

Facilities :

Unsecured Loans

31.03.2010 (Rs. in

Millions)

31.03.2009

(Rs. in

Millions)

Unsecured Loan

650.000

0.000

Total

650.000

0.000


Banking Relations :	---

Auditors :
Name :	Harish Agarwal Chartered Accountant
Address :	40, Panchratna Building, 1^st Floor, Opposite Railway station, Bhayander (East), Thane – 401105, Maharasahtra, India
PAN.:	AACPA1377Q

Holding Company:	Future Knowledge Services Limited (U74999MH2007PLC167122)

Associates/Subsidiaries :	Future Corporate Resources Limited (w.e.f 15.01.2010) (U74900MH1996PLC097943)

CAPITAL STRUCTURE

As on 30.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

Note:

50000 Equity Shares of Rs. 10/- each fully paid (Out of above 50000 Equity shares are held by Future Corporate Resources Limited)

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		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(0.199)	(0.033)	(0.023)
NETWORTH		0.301	0.467	0.477
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		650.00	0.000	0.000
TOTAL BORROWING		650.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		650.301	0.467	0.477

APPLICATION OF FUNDS

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

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.331	0.500	0.500
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	650.000	0.000	0.000
Total Current Assets		650.331	0.500	0.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.030	0.033	0.000
	Other Current Liabilities	0.000	0.000	0.023
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.030	0.033	0.023
Net Current Assets		650.301	0.467	0.477

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		650.301	0.467	0.477

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL	NIL	NIL	NIL

Less	EXPENSES
		Preliminary Expenses W/off	0.000	0.000	0.020
		Rates and Taxes	0.159	0.001	0.000
		Printing and Stationery	0.000	0.006	0.000
		Audit Fees	0.006	0.003	0.003
		Bank Charge	0.001	0.000	0.000
		TOTAL	0.166	0.010	0.023

	PROFIT BEFORE TAX		(0.166)	(0.010)	(0.023)

	PROFIT AFTER TAX		(0.166)	(0.010)	(0.023)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.033)	(0.023)	---

	BALANCE CARRIED TO THE B/S		(0.199)	(0.033)	(0.023)

	Earnings Per Share (Rs.)		3.32	0.20	0.47

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	(0.02)	(2.00)	(4.60)

Return on Investment (ROI) (PBT/Networth)		(0.55)	(2.14)	(0.05)

Debt Equity Ratio (Total Liability/Networth)		2159.57	0.07	0.05

Current Ratio (Current Asset/Current Liability)		21677.70	15.15	21.74

LOCAL AGENCY FURTHER INFORMATION

Financial Highlights:

During the year, the company has incurred a net loss of Rs. 0.166 Million as against Rs. 0.001 Million during previous year.

Form 8:

Corporate identity number of the company	U72900MH2007PLC174787
Name of the company	ERUDITE KNOWLEDGE SERVICES LIMITED
Address of the registered office or of the principal place of business in India of the company	Knowledge House, Shyam Nagar, Off Jogeshwari – Vikhroli Link Road, Jogeshwari (E), Mumbai – 400060, Maharasahtra, India
This form is for	Creation of charge
Type of charge	Movable Property Others (Hypothecation of corresponding receivables)
Particular of charge holder	Syndicate Bank, Large Corporate Branch, 3^rd Floor, No.10, Homji Street, Fort, Mumbai – 400023, Maharasahtra, India
Nature of instrument creating charge	Composite Hypothecation Agreement dtd.29/12/2010.
Date of instrument Creating the charge	29.12.2010
Amount secured by the charge	Rs. 1000.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 11.50 % p.a. (being 2.5% above the base rate of the Bank) to be calculated on daily debit balance. Terms of Repayment The loan shall be repaid in 16 equal quarterly installments of Rs.62.500 Millions (excluding interest) with an initial moratorium period of 12 months from the date of first disbursement. Margin 31% of total Project Cost. Extent and Operation of the charge All the equipments / assets created / acquired out of banks' finance shall be exclusively hypothecated / charged to Bank. Receivables through escrow account (to be opened with the Bank) to be ensured. Others Hypothecation of corresponding receivables through escrow account is to be ensured. A list of retail outlets where assets are to be installed to be furnished to the Bank. All the assets created out of the bank finance shall be insured against any damage/ other risks as may be required by the Bank to the extent of actual value of the said goods.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Equipments, Computers, Servers and all other assets to be purchased and installed at various stores of the clients of the Company all over India out of the loan facility. Corresponding receivables from lending of the equipment, computers, serves etc.

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.45.08
UK Pound	1	Rs.73.34
Euro	1	Rs.64.30

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		15

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.