MIRA INFORM REPORT

Report Date :

17.10.2011

IDENTIFICATION DETAILS

Name :	PROVOGUE (INDIA) LIMITED (W.E.F. 14.03.2005)
Formerly Known As :	ACME CLOTHING PRIVATE LIMITED
Registered Office :	105/106, 1^ST Floor, Dreamsquare, Off new Link Road, Andheri West, Mumbai – 400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.11.1997
Com. Reg. No.:	11 – 111924
Capital Investment/ Paid-up Capital:	Rs. 228.714 Millions
CIN No.: [Company Identification No.]	L18101MH1997PLC111924
TAN No.: [Tax Deduction & Collection Account No.]	MUMA21494E
PAN No.: [Permanent Account No.]	AABCA8524F
Legal Form :	A Public Limited liability Company. The Company’s Shares are listed on stock exchange.
Line of Business :	Subject’s Principal Activity is to Design, Manufacturers and Sells Ready-Made Garments and other Accessories under the Brand Provogue.
No. of Employees:	795 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 30000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and reputed company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered/ Corporate Office:	105/106, 1^ST Floor, Dreamsquare, Off new Link Road, Andheri West, Mumbai – 400053, Maharashtra
Tel. No.:	91-22-30620000 / 30680640 / 26735682 / 83 / 30680566/ 30653111/ 222
Fax No.:	91-22-30680570 / 26735688
E-Mail :	investorservice@provogue.net info@provogue.net
Website :	www.provogue.net

DIRECTORS

As on 31.03.2011

Name :	Mr. Arun Bhargava
Designation :	Independent Director and Chairman
Date of Birth/Age :	64 Years
Qualification :	IRS (Rtd)
Name :	Mr. Nikhil Chaturvedi
Designation :	Managing Director
Date of Birth/Age :	42 Years
Qualification :	B.Com
Name :	Mr. Salil Chaturvedi
Designation :	Deputy Managing Director
Date of Birth/Age :	40 Years
Qualification :	B.Sc, BE
Name :	Mr. Deep Gupta
Designation :	Whole Time Director
Date of Birth/Age :	42 Years
Qualification :	MBA, B.Sc
Name :	Mr. Akhil Chaturvedi
Designation :	Whole Time Director
Date of Birth/Age :	45 Years
Qualification :	MMS
Name :	Mr. Rakesh Rawat
Designation :	Whole Time Director
Date of Birth/Age :	41 Years
Qualification :	MBA
Name :	Mr. Nigam Patel
Designation :	Non Executive Director
Date of Birth/Age :	41 Years
Qualification :	B.Com
Name :	Mr. Surendra Hiranandani
Designation :	Independent Director
Date of Birth/Age :	56 Years
Qualification :	B.Com
Name :	Mr. Amitabh Taneja
Designation :	Independent Director
Date of Birth/Age :	43 Years
Qualification :	B.A
Name :	Mr. Punit Goenka
Designation :	Independent Director
Date of Birth/Age :	36 Years
Qualification :	B.Com and P.G in Management

KEY EXECUTIVES

Name :	Mr. Ajayendra P Jain
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON (30.06.2011)

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	36,718,830	32.11
Bodies Corporate	11,040,000	9.65
Any Others (Specify)	559,600	0.49
Persons Acting in Concert	559,600	0.49
Sub Total	48,318,430	42.25
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	48,318,430	42.25
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	13,000	0.01
Financial Institutions / Banks	987,936	0.86
Foreign Institutional Investors	17,614,896	15.40
Sub Total	18,615,832	16.28
(2) Non-Institutions
Bodies Corporate	12,765,019	11.16
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	15,350,055	13.42
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	11,476,364	10.04
Any Others (Specify)	7,831,395	6.85
Clearing Members	875,710	0.77
Foreign Corporate Bodies	6,000,000	5.25
NRIs/OCBs	955,685	0.84
Sub Total	47,422,833	41.47
Total Public shareholding (B)	66,038,665	57.75
Total (A)+(B)	114,357,095	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	114,357,095	100.00

BUSINESS DETAILS

Line of Business :	Subject’s Principal Activity is to Design, Manufacturers and Sells Ready-Made Garments and other Accessories under the Brand Provogue.
Products :	Garments Accessories Etc.

GENERAL INFORMATION

No. of Employees:

795 (Approximately)

Bankers :

• Andhra Bank
• Corporation Bank
• HDFC Bank
• Indusland Bank
• Punjab National Bank
• Axis Bank limited

Facilities :

Secured Loans	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
Term Loan From Banks	744.284	852.060
Interest Accrued and Due	8.003	4.864
Working Capital Loan From Banks	1632.262	1244.524
Hire Purchase Loans	10.839	17.582
Total	2395.388	2119.030
Unsecured Loans	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
Short Term Loans and Advances
Intercorporate Deposits	1.000	1.000
From Banks	66.039	43.877
From Directors	0.000	0.000
Other Loans and Advances
Trade Deposits	30.369	33.099
Total	97.408	77.976

Banking Relations :	--
Statutory Auditors :
Name :	Singrodia Goyal and Company Chartered Accountants
Address :	A-201, Rajeshri Accord, Telly Cross Lane, off S.N. Road, Andheri (East), Mumbai – 400069, Maharashtra, India
Associates:	Floro Mercantile Private Limited Topspeed Trading Company Private Limited Acme Exports
Co- Venture :	Ajanta Infrastructure Limited (upto 29^th Septemnber 2009)
Join Venture :	Emerals Buildhome Private Limited Moontown Trading Company Private Limited
Subsidiaries :	Prozone Enterprises Private Limited Sporting and Outdoor Ad Agency Private Limited Pronet Interactive Private Limited Probrand Enterprises Limited Profab Fashions (India) Limited Oasis Fashions Limited Millennium Accessories Limited Flowers Plant and Fruits (India) Private Limited Acme Advertisements Private Limited Meerut Festival City Private Limited Faridabad Festival City Private Limited Provogue Holdings Limited (Singapore) Elite Team Trading Limited (Hongkong) Alliance Mall Developers Co Private Limited Castle Mall Private Limited Jaipur Festival City Private Limited Standard Mall Private Limited Royal Mall Private Limited Prozone Liberty International Limited (Singapore) Prozone International Limited (Singapore) Prozone Overseas Pte Limited (Singapore) Proszone International Coimbatore Limited (Singapore) Empire Mall Private Limited Omni Infrastructure Private Limited Hagwood Commercial Developers Private Limited Provogue Infrastructure Private Limited Brightland Developers Private Limited

CAPITAL STRUCTURE

AS ON (31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
165000000	Equity Share	Rs. 2/- each	Rs. 330.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
114357095	Equity Share	Rs. 2/- each	Rs. 228.714 Millions

Of the above:

i) 7057886 Equity Shares (of Rs. 10 each fully paid) have been issued as Bonus Shares by Capitalisation of Reserve in the Financial year 2004-05

ii) 2900000 Equity Shares (of Rs. 10 each fully paid) have been issued as preferential allotment at a premium of Rs. 440 per shares in the financial year 2006-07

iii) 1333733 Equity Shares (of Rs. 10 each fully paid) have been issued on conversion of the share warrants issued of Rs. 450 in ratios of one share per warrant in the financial year 2007-08 and 2008-09

iv) 2850000 Equity Shares (of Rs. 10 each fully paid) have been issued as preferential allotment at a premium of Rs. 1090 per share in the financial year 2008-09

v) The company has sub dividend the Equity Share of Rs. 10 each (Fully paid up) into 5 equity shares of Rs. 2 each (fully paid up) based on the approval of the share holders in the Annual General Meeting held on 15^th September 2008.

vi) 2049610 Equity Shares of Rs. 2 each have been extinguished under Buy Back Scheme in the financial year 2009-10

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		228.714	228.714	232.813
2] Share Application Money		0.000	0.000	0.000
3] Share Warrants		0.000	0.000	163.240
4] Reserves & Surplus		7098.125	6797.297	6497.041
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7326.839	7026.011	6893.094
LOAN FUNDS
1] Secured Loans		2395.388	2119.030	1450.249
2] Unsecured Loans		97.408	77.976	86.324
TOTAL BORROWING		2492.796	2197.006	1536.573
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		9819.635	9223.017	8429.667
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		660.495	690.038	623.750
Capital work-in-progress		3.593	4.500	120.330
INVESTMENT		2901.835	2898.644	3463.920
DEFERREX TAX ASSETS		63.589	23.867	20.765
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2718.766	2203.574	1893.878
	Sundry Debtors	1714.638	1409.948	912.878
	Cash & Bank Balances	199.412	298.444	131.832
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2193.372	2351.336	1791.656
Total Current Assets		6826.188	6263.302	4730.244
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	551.331	580.560	437.324
	Other Current Liabilities	45.202	44.225	46.625
	Provisions	39.532	32.549	45.393
Total Current Liabilities		636.065	657.334	529.342
Net Current Assets		6190.123	5605.968	4200.902
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9819.635	9223.017	8429.667

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operational Income	5653.850	4806.670	3597.266
		Other Income	172.178	207.424	262.598
		TOTAL (A)	5826.028	5014.094	3859.864
Less	EXPENSES
		Cost of Material	3768.586	3005.154	2044.395
		Personnel Expenses	159.945	166.134	152.280
		Manufacturing and Other Expenses	1001.917	1122.879	1015.355
		Loss on discard of certain assets	84.499	0.000	0.000
		Prior Period Items	0.633	(3.818)	0.000
		TOTAL (B)	5015.580	4294.167	3212.030
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		810.448	723.745	648.237
Less	FINANCIAL EXPENSES/ INTEREST (D)		260.382	199.450	149.705
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		550.066	524.295	498.532
Less/ Add	DEPRECIATION/ AMORTISATION (F)		119.310	122.843	95.105
	PROFIT BEFORE TAX (E-F) (G)		430.756	401.452	403.427
Less	TAX (H)		96.702	117.926	108.842
	PROFIT AFTER TAX (G-H) (I)		334.054	283.526	294.585
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		903.561	737.644	503.916
Less	APPROPRIATIONS
		Transfer to General Reserve	20.000	20.000	20.000
		Proposed Dividend	28.589	22.871	34.922
		Dividend Distribution Tax	4.637	3.799	5.935
		Amount utilized for share buy back	0.000	70.939	0.000
	BALANCE CARRIED TO THE B/S		1184.389	903.561	737.644
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2417.669	1959.649	1063.941
	TOTAL EARNINGS		2417.669	1959.649	1063.941
	IMPORTS
		Raw Materials	7.916	542.745	27.920
		Trading Goods	1372.294	371.748	52.639
		Capital Goods	0.000	5.789	5.639
	TOTAL IMPORTS		1380.210	920.282	86.198
	Earnings Per Share (Rs.)		2.92	2.45	2.59

QUARTERLY RESULTS

PARTICULARS	30.06.2011
Type	1^st Quarter
Sales Turnover	1078.880
Total Expenditure	927.040
PBIDT (Excl OI)	151.840
Other Income	39.190
Operating Profit	191.030
Interest	70.960
Exceptional Items	0.000
PBDT	120.070
Depreciation	28.930
Profit Before Tax	91.140
Tax	19.980
Reported PAT	71.160
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	71.160

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.73	5.65	7.63
Net Profit Margin (PBT/Sales)	(%)	7.61	8.35	11.21
Return on Total Assets (PBT/Total Assets}	(%)	5.75	5.77	7.54
Return on Investment (ROI) (PBT/Networth)		0.05	0.06	0.06
Debt Equity Ratio (Total Liability/Networth)		0.42	0.41	0.30
Current Ratio (Current Asset/Current Liability)		10.73	9.53	8.94

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE REVIEW

The Company is continuously expanding its owned retail store base, which will further increase the Company’s presence in retail market. The Company has marked a turnover of Rs 5653.800 Millions for financial year 2010-11 as against Rs 4806.700 Millions in the financial year 2009-10, Profit after tax for FY2010-11 stood at Rs. 334.000 Millions as against Rs.283.500 Millions in 2009-10.

During the year the company opened its first mall in Aurangabad and generated total revenue of INR 107.200 Millions. The mall was operational for a period of just under six months.

UTILIZATION OF PREFERENTIAL ISSUE PROCEEDS

Funds amounting to Rs.1926.200 Millions raised by way of Preferential Issue of Shares to the Promoters in the Financial Year 2006-07 have been utilized in accordance with the object stated in the explanatory statement to the notice of the aforesaid preferential issue.

During the Financial Year 2008-09 the Company had raised an aggregate amount of Rs.3298.200 Millions by way of Preferential Issue of Shares and allotment of convertible warrants. Upto 31st March 2011. the Company has utilized Rs.1980.700 Millions towards investment in its subsidiaries, towards other objects and general corporate purposes. Pending utilization of the balance funds as at 31st March 2011 of Rs.1317.500 Millions has been invested in Mutual Funds, Bonds, Other Loans and in fixed deposit/ current account with Banks.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC OVERVIEW

India is today rated as one of the most attractive Investment destinations across the Globe. The UNCTAD World Investment Report (WIR) 2010, in its analysis of the global trends and sustained growth of Foreign Direct Investment (FDI) inflows, has reported India to be the second most attractive location for FDI for 2010-2012.

Moreover, India attracted FDI equity inflows of US$ 1274 million in February 2011. The cumulative amount of FDI equity inflows from April 2000 to February 2011 stood at US$ 194 billion, according to the data released by the Department of Industrial Policy and Promotion (DIPP). The humungous increase in investment mirrors the foreign investors faith in the Indian markets.

The overall growth of Gross Domestic Product (GDP) at factor cost at constant prices, as per Advance Estimates, was 8.6 per cent in 2010-11 representing an increase from the revised growth of 8.0 per cent during 2009- 10, according to the Advance Estimate (AE) of Central Statistics Office (CSO). Overall growth in the index of Industrial Production (lIP) was 3.6 per cent during February 2011. During April-February 2010-11, lIP growth was 7.8 percent.

The domestic environment is conducive for growth and private final consumption expenditure is projected to grow by a healthy 7.5 percent and gross fixed capital formation by 14.6 percent, the Centre for Monitoring Indian Economy (CMIE) said in its latest monthly review of the country’s economy. On the back of such facts, India’s GDP is projected to continue to grow at a brisk pace of 8.8 per cent in 2011-12. (DIPP)

INDUSTRY OVERVIEW

Total retail sales in India will grow from US$ 395.96 billion in 2011 to US$ 785.12 billion by 2015, according to the Business Monitor International (BMI) India Retail Report for the second-quarter of 2011. Strong underlying economic growth. population expansion, the increasing wealth of individuals and the rapid construction of organised retail infrastructure are key factors behind the forecasted growth. With the expanding middle and upper class consumer base, there will also be opportunities In India’s Tier 2 and Tier 3 cities.

China and India are predicted to account for more than 91 per cant of regional retail sales in 2011, and by 2015 their share of the regional market is expected to be at least 93 percent. BMI forecasted growth in regional retail sales at 75.2 per cent for 2011, an annual average of 14.9 percent

According to the report ‘Strong and Steady 2011’ released by global consultancy and research firm Price water house Coopers (PwC). lndia’s retail sector, which is currently estimated at about US$ 500 billion, is expected to grow to about US$ 900 billion by 2014. Furthermore, according to a report titled ‘India Organised Retarl Market 2010’, published by Knight Frank India, during 2010-12 around 55 million square feet (sq.ft) of retail space will be ready in Mumbai. National Capital Region (NCR), Bengaluru, Kolkata, Chennai, Hyderabad and Pune. Besides, between 2010 and 2012, the organised retail real estate stock will grow from the existing 41 million sq ft to 95 million sq ft.

India has also been ranked as the third most attractive nation for retail investment among 30 emerging markets by the US-based global management consulting firm. A T Kearney in its 9th annual Global Retail Development Index (GRDI) 2010. Within Asia. India is expected to account for the third largest share at US$ 2.7 billion in 2015, according to a report released by research line Ovum on January 12,2011.

Policy Initiatives

100 per cent FDI is permitted under the automatic route for trading companies for cash and carry trading wholesale trading/ wholesale trading.

FDI up to 51 per cent under the Government route is allowed in retail trade of Single Brand products, according to the Consolidated FDI Policy document. Permitting FDI in multi brand retail is being contemplated by the government under Union Budget 2011-12.

Road Ahead

According to industry experts, the next phase of growth is expected to come from rural markets. The organised modern retail segment in India will grow by over three times during the next five years (horn 2010). To reach a figure of US$ 80 billion. As per consultancy firm, Technopak. Also, India’s modern consumption level will double within five years to an annual figure oi US$ 1.5 trillion from the present level (taking 2010 as the reference year) of US$ 750 billion.

Further, the luxury brand market it the country is estimated to be worth about US$ 4.06 billion-US$ 4.51 billion and is expanding rapidly driven by the growing aspirations of youth and income levels in the country. Thus, major international brands are in the process of expanding their retail presence. For instance, Paul and Shark now has two stores and will have few more by next year, Zegna, another Italian brand, known for its formal wear and quality suite, is also expanding and Diesel will have seven stores in the country.

BUSINESS OVERVIEW

Business Policy

Provogue maintains generally accepted standards of corporate conduct towards its employees, consumers and society at large. We believe that the policies must balance individual interest with corporate goals and operate within the accepted norms of propriety, equity and sense of justice. The Company believes that it is rewarding to be better managed and governed and to align and intensify its activities with the national interest The Company makes all round efforts in its pursuit to enhance market share and enhance shareholders value in the industry.

Provogue

Subject commenced operations as a manufacturer and retailer of apparel for men and women under the brand Provogue. Over time, the brand has gained strong recognition and has grown to become a leading retailer of fashion apparel and accessories for men and women Projecting itself as a customer-first company, Provogue constantly strives to provide the Indian consumer complete satisfaction when it comes to their fashion and retail needs, Provogue retails its products through exclusive Provogue Stores and by opening Shop-in Shop outlets in National Chain Stores (NCS) and Multi Brand Outlets (MBO). As of March 2011, Provogue fashions arid accessories were available across 127 Provogue Stores, and 119 Shop-in Shops, In addition to its fashion arid textile business, Provogue also has interest in retail infrastructure development of which the major activities are channeled through its subsidiary Prozone Enterprises Private Limited.

Prozone

To capitalize the opportunities in the retail business, the Company through its subsidiary. Prozone Enterprises Private. Limited. is in the process of developing properties for commercial purposes including development of regional shopping malls. Prozone has collaborated with UK based, Liberty Capital Shopping Centres Group Plc to develop shopping malls. Being associated with one of the leaders of retail real estate development, the Company is aiming to open international scale shopping centres across lndia designed and built to international standards. The first to open will be in Aurangabad housing approximately 0.6 million square feet of India’s best retailers, entertainment centers and restaurants.

Internal Control System and Adequacies

The Company has adequate internal control procedures commensurate with the size and nature of its businesses. The internal control system is supplemented by extensive internal audits, regular reviews by the management and well-documented policies and guidelines to ensure reliability of all records to prepare financial statements and other data. Moreover, the Company continuously upqrades these systems in line with the best accounting practices. The Company has independent audit systems to monitor the entire operations and the Audit Committee of the Board regularly review the findings and recommendation of internal audit.

OUTLOOK

A strong brand image, presence in retail infrastructure and diversifying into new retail formats position the Company as an integrated player in the growing domestic consumption story. With the Indian economy on a strong foothold and the organized retail industry surging, the Company is confident that it is well placed to take advantage of the growth opportunities in the coming years.

India has 17% of the world’s population on only 3% of the world’s land mass and the country is witnessing the fastest urbanization in history. Because land mass is time, this is creating a huge opportunity in housing and retail space is becoming more expensive. The company believes that there will be an increasing demand-supply gap for quarterly retail real estate in the future and that this will favor those who have invented early in good retail fond bank locations and who are capable of delivering well- developed retail trading platforms to meet tire growing demand from both domestic and foreign retailers.

FINANCIAL PERFORMANCE

Operational Income

The Company achieved a total operational income of Rs. 5653.800 Millions against last year’s operational income of Rs. 4906.700 Millions, which translates into a growth of about 18%. This reflects increasing consumer confidence followinq recovery from the economic downturn and the robust nature of the growing middle to upper consumption market segment.

EBIDTA

The Company earned an EBIDTA margin of Rs. 897.400 Millions up from Rs. 719.800 Millions in the previous year. The growth in EBIDTA margin of 24% is due to improvement in gross margins earned by time Company during the year.

Other Income

The Company earned Other Income of Rs. 172.200 Millions as against Rs, 207.400 Millions in the previous year. the idle funds were temporarily invested into liquid mutual funds and interest bearing securities and loans Which has resulted in higher Other Income earnings to the Company.

Profit after Tax

The Profit after fox for the year was Rs. 334.000 Million as against Rs 283.500 Million in the previous year. This represents 5.90% and 5.89% of the operational income for the FY 2010-11 and 2009-10 respectively.

FIXED ASSETS

• Buildings
• Land
• Plant and Machinery
• Furniture and Fixtures – Studios
• Furniture and Fixtures – Others
• Office Equipments
• Vehicles
• Computers

UNAUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 30^th JUNE ,2011

(Rs. in Millions)

	Particulars	Unaudited For The Quarter Ended
		30.06.2011
		(Unaudited)
1	(a) Net Sales/Income from Operations	1031.694
	(b) Other Operating Income	47.186
	Total Income (a+b)	1078.880
2	Expenditure
	a) (lncrease)/Decrease in Stocks in trade and	(51.529)
	work in progress
	b) Consumption of raw materials	430.684
	c) Purchase of traded goods	234.608
	d) Employees Cost	42.055
	e) Depreciation	28.926
	f) Other Expenses	271.234
	g) Total	955.978
3,	Profit from Operations before Other Income,	122.902
	Interest and Exceptional Items (1-2)
4	Other Income	39.194
5	Profit before Interest and Exceptional Items (3+4)	162.096
6	Interest	70.957
7	Profit after Interest but before Exceptional Items	91.139
	(5-6)
8	Exceptional Items	0.000
9	Profit /(Loss) from ordinary activities before tax	91.139
10	Tax Expenses	19.982
11	Net Profit/(Loss) from Ordinary Activities after Tax- (7-8)	71.157
12	Extraordinary Items (net of tax expense)	0.000
13	Net Profit/ (Loss) for the period (11-12)	71.157
14	Paid-up Equity Share Capital	228.714
	(Face Value of Rs. 2/- each)
15	Reserves excluding revaluation reserves as per balance sheet of previous accounting year	0.000
16	Basic and Diluted Earnings per Share- (Rs.)
	a) Before Extra Ordinary / Prior Period items	0.62
	b) After Extra Ordinary / Prior Period Items	0.62
17	Public shareholding
	- Number of shares	66038665
	- Percentage of shareholding	57.75
18	Promoters and Promoter group Shareholding a) Pledged/Encumbered
	Number of Shares	19421320
	Percentage of Shares (as a % of the total shareholding of promoter and	40.19
	promoter group)
	Percentage of shares (as a % of the	16.98
	total share capital of the Company)
	b) Non-encumbered
	Number of Shares	28897110
	Percentage of Shares (as a % of the total shareholding of promoter and	59.81
	promoter group)
	Percentage of shares (as a % of the	25.27
	total share capital of the Company)
19	Income attributable to the Consolidated Group	0.000

NOTES:

1) The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meeting held on 11^th August 2011.

2) The Statutory Auditors of the company have carried out limited review of the results for the quarter ended 30^th June 2011.

3) During the year 2008-09 the company has raised an amount of Rs. 3298.200 Millions through preferential issue of shares and allotment of convertible warrants. The company has partially utilized the above proceeds for investment in its subsidiary, towards other objects and general corporate purposes. Pending utilization of the balance funds as at 30^th June 2011 has been invested in Mutual Funds, Bonds, Other Loans and in fixed deposits/ current account with Banks.

4) There were no investor complaints pending at the beginning and end of the quarter, and the company received and resolved 5 complaints during this quarter.

5) During the quarter the company has opened 4 new stores.

6) The equity shares of promoters are pledged with banks as a collateral security for raising loans for the company.

7) Deferred Tax Provision has been made during the quarter, which upto the end of the previous year being provided at the end of the financial year.

8) Previous quarter figures have been regrouped, rearranged and reclassified wherever considered necessary.

9) The Segment Reporting of the company had been prepared in accordance with accounting standard – 17 on “Segment Reporting” issued by the ICAI/ Companies (Accounting Standard) Rules, 2006.

SEGMENTAL REPORTING

(Rs. in Millions)

Unaudited Financial Results for the quarter ended 30^th June 2011
Particulars	Unaudited Quater Ended 30^th June 2011
1. Segment Revenue
a. Domestic	493.476
b. Exports	585.404
Total	1078.880
2. Segment Results
Profit Before Tax and interest for each segment
a. Domestic	171.343
b. Exports	89.797
Total	261.140
Less: i) Interest	70.957
ii) Un- Allocable Expenses net off income	99.044
Total Profit Before Tax	91.139

10) Segmental capital Employed: Fixed Assets and other assets used in the company’s operations or liabilities contracted have not been identified to any of the reportable segments; hence it is not practicable to provide segment disclosures relating to total assets and liabilities.

AWARDS

2000 IFA: Winner ‘Most Admired Product Launch’ - Provogue

2000 IFA Hall of Fame: ‘Most Admired Apparel Company in India’- Acme Clothing

2001 IFA: Hall of Fame ‘Most Popular Fashion Campaign of The Year’ - Provogue

2001 IFA Hall of Fame ‘Most Admired Apparel Company in India’ - Acme Clothing

2001 IFA Hall of Fame: ‘Most Admired Brand Professional of The Year’- Nikhil Chaturvedi

2003 Lycra® IFA: Hall of Fame ‘Most Admired Fashion Campaign of The Year’ – Provogue (for year 2002)

2003 Lycra® IFA Hall of Fame: ‘Most Admired Brand Professional of The Year’- Akhil Chaturvedi (for year 2002)

2003 Lycra® IFA: Winner ‘Most Admired Exclusive Brand Retail Chain Of The year’ – Provogue (for year 2002)

2004 Lycra® IFA: Winner ‘Fashion Retail Concept Of The Year’ – Provogue Lounge (for year 2003)

2004 Lycra® IFA: Hall of Fame ‘Most Admired Shirt Brand of The Year’ - Provogue (for year 2003)

2004 Lycra® IFA: Hall of Fame ‘Most Recalled Fashion Campaign Of The Year’ - Provogue (for year 2003)

2004 Lycra® IFA: Winner ‘Most Admired Exclusive Brand Retail Chain Of The year’ – Provogue (for year 2003)

2004 IFA: Hall of Fame ‘Retailer Of The Year in Fashion’ - Provogue (for year 2003-04)

2004 Golden Scale Award for the Best Brand in Apparel by CMAI 2004

2004 DFU’s inside Fashion brand award for excellence in retail performance

2005 Lycra® IFA Winner: ‘Most Admired Fashion Forward Brand of the year’- Provogue

2005 Master Brand Award for Menswear Apparel

BUSINESS DESCRIPTION

Subject is a retailer of fashion apparel and accessories for men and women. It is engaged in manufacturing and trading of textile and related products. The Company operates in three segments: manufacturing and trading of textile and related products; infrastructure activities, and other activities. As of March 31, 2010, Provogue fashions and accessories were available across 127 Provogue Stores, and 119 Shop-in Shops. Provogue retails its products through Provogue Stores and by opening Shop-in Shop outlets in national chain stores (NCS) and multi brand outlets (MBO). The Company through its subsidiary, Prozone Enterprises Private Limited, was in the process of developing properties for commercial purposes including development of regional shopping malls. During the fiscal year ended March 31, 2010, Provogue acquired 100% of Acme Advertisements Private Limited, Faridabad Festival City Private Limited, Meerut Festival City Private Limited and Elite Team Trading Limited. For the fiscal year ended 31 March 2010, Provogue (India) Limited's revenues increased 16% to RS5.19B. Net income decreased 65% to RS209.9M. Revenues reflect increased income from Textile business segment and an increase income from other segment. Net income was offset by an increase in consumption of raw materials, higher expenses for purchase of traded goods, an increase in employee cost and higher depreciation expenses.

BOARD OF DIRECTORS:

Arun Bhargava

Non-Executive Independent Chairman of the Board Chairman RT 

Reuters Biography (Provogue (India) Limited)

Mr. Arun Bhargava has been appointed as Non-Executive Independent Chairman of the Board of Provogue India Limited on October 29, 2009. He retired from the Indian Civil Service and holds bachelors degree in science as well as in law. He held various positions in Government over a career spanning 38 years including membership of the Central Board of Direct Taxes (CBDT). Subsequently, he became a Member of the Securities Appellate Tribunal (SAT). The Board benefits from his advice on many subjects relevant to the business.

Salil Chaturvedi

Deputy Managing Director, Executive Director, Director/Board Member RT 

Reuters Biography (Provogue (India) Limited)

Mr. Salil Chaturvedi serves as Deputy Managing Director, Executive Director of Provogue India Limited He is Co-Founder, and Deputy Managing Director, salil is known for his entrepreneurial drive, he has led the teams and been at the forefront of the brand creation process. Leads the mixed used real estate developments in Prozone and investor relations for the company.

Punit Goenka

Non-Executive Independent Director, Director/Board Member RT 

Reuters Biography (Provogue (India) Limited)

Mr. Punit Goenka is Non-Executive Independent Director of Provogue India Limited He, Director of Essel Group, is the CEO of Zee Entertainment Limited and manages one of India's top TV and Media businesses. He has an great and diversified background in the areas of media, entertainment, and telecommunications and has attended senior management education programs in both Europe and the USA. He brings a fresh and great contribution to the Board.

Deep S. Gupta

Chief Financial Officer, Whole Time Director, Director/Board Member RT 

Reuters Biography (Provogue (India) Limited)

Mr. Deep S. Gupta serves as Whole Time Director of Provogue India Limited He leads finance, treasury, administration and legal teams for the group, involving the development of systems, processes, human resources, information technology and investment policy. He is a B.E and MBA.

Surendra L. Hiranandani

Non-Executive Independent Director

Director/Board Member RT 

Reuters Biography (Provogue (India) Limited)

Mr. Surendra L. Hiranandani serves as Non-Executive Independent Director of Provogue India Limited Mr. Hiranandani is the Managing Director and Founder of the Hiranandani Group of Companies, a leader in Indian quality real estate development. He has been honoured by the American Concrete Institute for his excellence and contribution to the real estate industry, particularly for adopting the best in foreign technology to the skills of India's engineering and labour artisans

Rakesh Rawat

Whole Time Director

Director/Board Member RT 

Reuters Biography (Provogue (India) Limited)

Mr. Rakesh Rawat serves as Whole Time Director of Provogue India Limited He leads the Prozone-Liberty design, project management and construction teams and the health, safety and environmental initiatives. He is also leads the international trade division.

Amitabh Taneja

Non-Executive Independent Director

Director/Board Member RT 

Reuters Biography (Provogue (India) Limited)

Mr. Amitabh Taneja serves as Non-Executive Independent Director of Provogue India Limited Mr. Taneja is Managing Director and Founder of New Delhi based Images Multimedia Private Limited, which publishes the country's top trade journals on fashion and retail. He is also Chairman of Images Fashion Forum and India Retail Forum, which hosts India's top industry conferences in these fields. As a pioneer of organised retail in India the Company benefits significantly from his insights.

Nigam A . Patel

Non- Executive Director

Director/ Board Member RT

Reuters Biography (Provogue (India) Limited)

Mr. Nigam A. Patel serves as Non – Executive Director of Provogue India Ltd. He leads Prozone location Sourcing, asset management and customer relationship teams, involving land Joint Ventures, tenant mix strategy, leasing policy and new revenue creation.

OVERVIEW

Subject is engaged in manufacturing and retailing of fashion wear. The company has a presence across the value chain of fashion wear market. It enjoys a strong brand image and has been recording strong growth in its revenues and profits. Its future growth may be propelled by new product launches and expansion of its store network. Favorable demographic factors may also benefit it. However, the company's prospects may be limited due to its high dependence on textile business and seasonality of its business. Furthermore, its business may face threats from single brand foreign retailers and rising counterfeit goods market.

PRESS RELEASE

Accord Fintech (India): 06 September 2011

India, September 06 -- Provogue (India) Limited has informed the Exchange that the Company shall be paying/ dispatching dividend for the financial year 2010-11 to the eligible shareholders at the rate of Rs. 0.25 paise per equity share of Rs. 2/- each, between September 29, 2011 to October 03, 2011, subject to the approval of members of the Company in the ensuing annual general meeting scheduled to be held on September 23, 2011.

Nagpur cargo hub stuck in slow lane

Mint

29 August 2011

Mumbai, August 29 -- In April 2007, J.N. Patel, a Bombay high court judge, struck a deal with Mumbai-based Hogwood Commercial Developers, the real estate arm of Provogue India Limited, to sell 44 acres of land owned by his family on the outskirts of Nagpur for Rs Millions.

The deal was reported widely, signalling Nagpur's transformation from a sleepy provincial town to a city alive with commercial promise.

More land deals in and around the zero-mile city, so-called because it's located in the geographic centre of the subcontinental land mass, took place in quick succession, anticipating that the proposed multinodal international cargo hub at Nagpur (Mihan) would transform the economic landscape of the Vidarbha region, infamous for farmers' suicides.

But delays in the implementation of the project seem to have put a halt to the rise in property prices.

Sprawling across 4,354 ha (hectares), Mihan envisages an international passenger and cargo hub, a multi-product special economic zone (SEZ) and various industries that will seek to take advantage of commerce that is likely to be generated by a transport centre.

Ahead of the last general elections in 2009, three political leaders sought to take credit for bringing the project to the orange city.

They were then civil aviation minister Praful Patel, Bharatiya Janata Party (BJP) national president Nitin Gadkari and Union minister and member of Parliament (MP) from Nagpur, Vilas Muttemwar, of the Congress party.

Maharashtra's economic survey for 2010-11 even said that the project would attract $20 billion (around Rs 900000.000 Millions) investment over the next five years and create 12000.000 Millions direct jobs with around 30000.000 Millions being employed indirectly.

The project is being developed by Mihan India Private Limited (Mihan-IPL), a joint venture of the government of India-owned Airport Authority of India (AAI) and Maharashtra government-owned Maharashtra Airport Development Company Limited (MADC).

At least 50 companies, including American aircraft manufacturer Boeing Company's local unit Boeing India, Mahindra Satyam, HCL Technologies Limited, DLF Limited and Tata Consultancy Services Limited bought 700ha of land in the proposed SEZ. None of the companies has started work at their sites yet. Boeing India president Dinesh Keskar said the MRO facility was on track and would be ready by December with two hangars for repairing planes.

The aircraft manufacturer has committed to investing $100 million to develop the MRO facility for Air India, which is buying 68 planes from Boeing.

"At this juncture, the company won't (be) able to offer any timeline regarding starting operations at Nagpur," said an HCL spokesperson.

The other companies mentioned above didn't respond to queries about their plans. Shapoorji Pallonji and Company Limited started building a software park but has stopped work and closed its site office. The company didn't respond to requests for comment.

Boeing was to set up its maintenance, repair and overhaul (MRO) base to cater to planes of airlines in south and southeast Asia but work has not yet begun at the site.

U.P.S. Madan, MADC vice-chairman and managing director, is optimistic. "The SEZ project did not take off as many companies put their expansion plans on hold following the 2008 crisis but I have met the firms recently and they are still keen on the project,"

The airport project needs 150 acres of land for which Madan is negotiating with farmers. "We need to invest hugely in the airport project and the lease rental received from companies in the SEZ will come in handy," he said. "We plan to aggressively market the SEZ."

Vilas Kale, president of local industry body, the Vidarbha Economic Development Council, has been pushing the state government to market the project. "The government must expedite the process to build the international airport,"

Muttemwar, the local MP, blamed the state government and civil aviation ministry for the delay. "The feasibility report of the project was received by the state government in 2002 and it appointed MADC as a nodal agency but the civil aviation ministry took six years to transfer the Nagpur airport to the joint venture,".

Former aviation minister Patel said the state government was responsible. "The airport was handed over to Mihan-IPL three years ago but the state government did not take any initiative to start it." it was the persuasion that led Boeing to locate the MRO facility in Nagpur in order to make the international airport project viable.

As civil aviation minister, Patel would have been in a position to influence Boeing at a time when the US plane maker was negotiating to sell planes to state-run Air India. Mihan isn't facing much resistance over land acquisition with farmers quite willing to sell provided they are compensated at the market rate. Out of 4354ha. of land required, nearly 3500 ha. is already in Mihan-IPL's possession.

"We will not give up possession till we are adequately compensated for the project," said Baba Daware, a farmer from Shivangaon village.

Justice Patel's family sold the land at Rs 238.000 Millions per acre. Daware wants at least half that rate but the government is not willing to offer more than 5%. Elected representatives from Nagpur had initiated a dialogue between farmers and the state government and reached an agreement on the compensation package in 2008 but the government has not implemented it as yet, said local Member of the Legislative Assembly Devendra Fadnvis.

With the Mihan project yet to make headway, property prices have stalled after having risen in Nagpur and its neighbourhood.

Stamp duty collections show the trend in transactions over the years. According to the office of the inspector general of stamp duty and registration this amounted to Rs 2271.100 Millions from 82,437 property transactions in fiscal 2010. In fiscal 2011, Rs 2974.700 Millions was collected as stamp duty from 94,185 deals. In the quarter to June, Rs 796.200 Millions was collected in stamp duty from 24,646 transactions.

Higher government salaries after the implementation of the Sixth Pay Commission's recommendations and new employment opportunities at the Buttibori industrial estate were responsible for the rise in prices, said Anshuman Sahstrabhojani, a Nagpur-based builder.

The rise in property prices has halted for the time being and many Mumbai and Nagpur-based builders, who bought large land parcels on the outskirts of the city, have put their plans on hold till the Mihan project shows some progress.

The boom has also led to some of the constructions coming under a cloud, according to Anil Wadpalliwar, a social activist.

He's filed a public interest litigation saying that at least 3,500 unauthorized flats outside Nagpur Municipal Corporation limits have been built with no water supply, sewage disposal system or access roads and should be demolished. The Nagpur bench of the Bombay high court has asked the district collector to conduct an inquiry into the matter and submit a report to the court.

Briefing – Asia Real Estate – August 16, 2011

Asia Pulse Businesswire 16 August 2011

An executive briefing on real estate for August 16, 2011, prepared by Asia Pulse (http://www.asiapulse.com), the real-time, Asia-based wire with exclusive news, commercial intelligence and business opportunities. Property Tax Hike In Japan Next on the table

TOKYO - The Japanese government Tax Commission will consider raising taxes on fixed property to broaden the push for new revenue to pay for post-disaster reconstruction.

The idea is to avoid onerous hikes to income and corporate taxes, which have been at the center of the debate so far on financing the reconstruction. CHINA'S PICC PROPERTY AND CASUALTY OPTIMISTIC ON RETURNS FOR H2 BEIJING - Chinese insurer PICC Property and Casualty Company, (SEHK:02328) on Monday said that despite the turbulence of the market, it was still optimistic about the company's rate of returns from investment for the second half of the year.

Wu Yan, president of the company, said during a news conference in Hong Kong that the company had expanded investment in fixed income assets and this would hedge against fluctuations in the market. S.KOREA'S LEE CALLS FOR CURBING OF HOME RENTAL PRICES SEOUL - South Korean President Lee Myung-bak expressed concern Tuesday that home rental prices are feared to spike in the fall again and instructed the Cabinet to study ways to curb them, his spokesman said.

Earlier this year, home rental prices rose sharply, pulling up overall consumer prices. In April alone, rental prices jumped 12.5 per cent from the same period last year, the sharpest increase in more than eight years. Experts have forecast a similar spike in the second half of the year. AUSTRALIA'S CSF RETAIL PROPERTY TRUST PROFITS UP 69% SYDNEY - Australia-based CSF Retail Property Trust's (ASX:CFX) full year profits are up 69 per cent, as the shopping centre investor anticipates three per cent sales growth in the current year.

Net profit was A$532.6 million (US$558.54 million) for the year to June 30, compared with $315 million in the previous year, the Sydney-based trust said in a statement on Tuesday. AUSTRALIA'S CPOF POSTS 73% PROFIT RISE SYDNEY - Commonwealth Property Office Fund (ASX:CPA) has posted a 73 per cent rise in net profit, saying it's "cautiously optimistic" about the office market in Australia over the coming year.

The fund said net profit in 2010/11 was A$197.7 million (US$207.33 million), up from $114.2 million in the prior year. INDIA'S JAYPEE INFRA POSTS 40% DROP IN JUNE QTR NET PROFIT NEW DELHI - India'sJaypee Infratech (BSE:533207) has posted a 40 per cent decline in its net profit at Rs 2377.800 Millions (US$52.63 million) for the quarter ended June 30, 2011.

The company had reported a net profit of Rs 3948.300 Millions during the corresponding period last fiscal. INDIA'S UNITECH POSTS 45% DECLINE IN JUN QTR CONSOL. NET PROFIT NEW DELHI - India's second largest realty firm Unitech Limited (BSE:507878) has reported a 45 per cent decline in consolidated net profit at Rs 983.600 Millions (US$21.77 million) for the quarter ended June on lower sales.

The company had posted a net profit of Rs 1800.400 Millions in the year-ago period. INDIA'S ANSAL PROPERTIES POSTS 44% DROP IN JUN QTR NET PROFIT NEW DELHI - India'sAnsal Properties and Infrastructure Ltd (BSE:500013) has reported a near 44 per cent decline in consolidated net profit at Rs 217.400 Millions (US$4.81 million) for the quarter ended June 30 due to higher expenditure on construction.

The company had posted a net profit of Rs 387.900 Millions in the year-ago period. PROVOGUE INDIA TO DEMERGE REAL ESTATE BUSINESS NEW DELHI - Indian apparel firm Provogue India Limited (BSE:532647) has said it will demerge its real estate business into a newly incorporated entity.

As a part of a corporate restructuring plan, the company will also merge its subsidiary Prozone Enterprises Private Limited with the new entity. HANOI'S PROPERTY MARKET TO BENEFIT FROM NEW CAPITAL DEVT PLAN HANOI - Hanoi's real estate market will be positively affected by the new general plan of capital development approved by the Prime Minister in July, according to experts.

As part of the plan, Hanoi is set to add five new satellite cities including Hoa Lac, Son Tay, Xuan Mai, Phu Xuyen - Phu Minh and Soc Son, as well as many other eco-cities to its periphery. SRI LANKA'S HEMAS GROUP TO ADD TWO MORE HOSPITALS COLOMBO - Sri Lanka'sHemas group is expanding its healthcare business with land bought in Battaramulla to build a new hospital near the island's capital, group chief executive Husein Esufally said.

"An expansion plan to add two more hospitals to the chain is well underway and we have been successful in securing a land at Battaramulla to construct our third hospital," Esufally told shareholders in a quarterly review. DELANCEY, QATARI DIAR WIN RACE TO BUY LONDON OLYMPIC VILLAGE DOHA - Delancey and Qatari Diar, working with Lifschutz Davidson Sandilands, have beaten rival developers in the race to buy the 2,800-home London 2012 Olympics Athletes Village in Stratford.

The formal announcement of the consortiums win marks the final death knell of Wellcome Trust and PLP's 1 billion pound (US$1.62 billion) bid to buy the entire Olympic Park which was contingent on the duo being handed the Athletes Village. The Wellcome Trust and Hutchinson Whampoa (SEHK:0013) were both shortlisted to purchase the site.

(C) Asia Pulse Pte Limited.

CONTACT:

Asia Pulse Production Centre

Phone: (612) 9322 8634

Fax: (612) 9322 8639

http://www.asiapulse.com

ASIA PULSE cg

16-08 1600

Provogue India to Demerge Real Estate Business

Asia Pulse Businesswire 15 August 2011

NEW DELHI, August 15 Asia Pulse - Indian apparel firm Provogue India Limited (BSE:532647) has said it will demerge its real estate business into a newly incorporated entity.

As a part of a corporate restructuring plan, the company will also merge its subsidiary Prozone Enterprises Private Limited with the new entity.

The proposed restructuring was discussed at the meeting Provogue's Board of Directors on Thursday.

"The company authorises Akhil Chaturvedi and Deep Gupta whole-time Directors, for taking necessary steps as may be required for any matters relating to the proposed corporate restructuring...," the company said in a filing to the Bombay Stock Exchange.

In the filing, the company did not provide details of the proposed new entity. Provogue India's net profit for the quarter ended June 30, 2011 declined marginally to Rs 71.100 Millions (US$1.57 million), compared to Rs 78.000 Millions in the corresponding quarter of the previous fiscal.

The firm's net sales for the three months ended June 30, 2011 increased 3.73 per cent to Rs 1031.600 Millions, as against Rs 994.500 Millions in the first quarter of the previous fiscal year.

Accord Fintech (India): 12 August 2011

India, August 12 -- Provogue (India) has received an approval for corporate restructuring of the company by way of demerger of investment in real estate development business hereinafter referred to as 'the Demerged Undertaking' to a newly incorporated entity and amalgamation of a subsidiary company, Prozone Enterprises into said newly incorporated entity. The company has received an approval for the same at its board meeting held on August 11, 2011. Further, the company has authorized the directors, severally for taking necessary steps as may be required for any matters relating to the proposed corporate restructuring including review of implications of existing laws, and for engaging and/or appointing of counsels, advisors, valuers, merchant banker, if required or any other person for matters relating to the said restructuring and to fix their remuneration and other terms of appointment, including grant of power of attorney etc as may be required and, to do all other acts, deeds and things which are incidental and ancillary to give effect to the said proposed restructuring. Provogue (India) is engaged in retailing of apparels and accessories in men and women segment. Provogue fashions and accessories were available across 124 Provogue stores and 104 national chain store locations.

Accord Fintech (India): 12 August 2011

India, August 12 -- Provogue (India) is currently trading at Rs. 30.45, up by 0.25 points or 0.83% from its previous closing of Rs. 30.20 on the BSE.The scrip opened at Rs. 30.75 and has touched a high and low of Rs. 33.00 and Rs. 30.15 respectively. So far 94,672 shares were traded on the counter.The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 83.40 on 07-Oct-2010 and a 52 week low of Rs. 26.90 on 09-Aug-2011.Last one week high and low of the scrip stood at Rs. 33.00 and Rs. 26.90 respectively. The current market cap of the company is Rs. 345.36 crore.The promoters holding in the company stood at 42.25% while Institutions and Non-Institutions held 16.28% and 41.47% respectively.�Provogue (India) has received an approval for corporate restructuring of the company by way of demerger of investment in real estate development business hereinafter referred to as 'the Demerged Undertaking' to a newly incorporated entity and amalgamation of a subsidiary company, Prozone Enterprises into said newly incorporated entity. The company has received an approval for the same at its board meeting held on August 11, 2011. Further, the company has authorized the directors, severally for taking necessary steps as may be required for any matters relating to the proposed corporate restructuring including review of implications of existing laws, and for engaging and/or appointing of counsels, advisors, valuers, merchant banker, if required or any other person for matters relating to the said restructuring and to fix their remuneration and other terms of appointment, including grant of power of attorney etc as may be required and, to do all other acts, deeds and things which are incidental and ancillary to give effect to the said proposed restructuring. Provogue (India) is engaged in retailing of apparels and accessories in men and women segment. Provogue fashions and accessories were available across 124 Provogue stores and 104 national chain store locations.

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.49.06
UK Pound	1	Rs.77.41
Euro	1	Rs.67.72

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.