MIRA INFORM REPORT

Report Date :

09.04.2012

IDENTIFICATION DETAILS

Name :	ENTERTAINMENT WORLD DEVELOPERS LIMITED (w.e.f. 05.02.2010)
Formerly Known As :	ENTERTAINMENT WORLD DEVELOPERS PRIVATE LIMITED (w.e.f. 02.09.2008) EWDPL INDIA PRIVATE LIMITED (w.e.f. 05.04.2007) RMM CONSTRUCTION LIMITED
Registered Office :	One Indiabull Centre, Indiabull Building 1103, 11^th Floor, Tower-2B, Senapati Bapat Marg, Elphinstone (West), Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.07.1999
Com. Reg. No.:	11-164003
Capital Investment / Paid-up Capital :	Rs.630.639 Millions
CIN No.: [Company Identification No.]	U45202MH1999PLC164003
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Mall Operations
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 3380000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. In view of strong promoters, 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 Office :	One Indiabull Centre, Indiabull Building 1103, 11^th Floor, Tower-2B, Senapati Bapat Marg, Elphinstone (West), Mumbai – 400013, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	cs@ewdpl.com
Website :	www.ewdpl.com
Corporate Office :	Located at : · Mumbai · New Delhi · Gurgaon

DIRECTORS

As on 29.09.2011

Name :

Mr. Manish Prem Swarup Kalani

Designation :

Managing director

Address :

11,Tukoganj Main Road, Indore-452001, Madhya Pradesh, India

Date of Birth/Age :

08.10.1968

Date of Appointment :

22.07.1999

DIN No.:

00169041

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	U74999MH1974PTC163677	KALANI INDUSTRIES PRIVATE LIMITED	Additional director	2/11/2007	7/04/1994	15/03/2008	Active	NO
2	U45202MH1999PLC164003	ENTERTAINMENT WORLD DEVELOPERS LIMITED	Managing director	22/07/1999	22/07/1999	-	Active	NO
3	U04010MP1999PTC013694	CASSANDRA REALTY PRIVATE LIMITED	Director	1/09/1999	1/09/1999	20/03/2008	Active	NO
4	U25202WB1993PLC111382	FLEXITUFF INTERNATIONAL LIMITED	Managing director	4/07/2011	12/09/2002	-	Active	NO
5	U26493RJ2000PLC022268	MRK PIPES LIMITED	Director	26/07/2003	26/07/2003	25/06/2011	Active	NO
6	U70101MH2005PTC153688	NAMAN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	29/01/2006	29/01/2006	14/05/2010	Active	NO
7	U70101MH2006PTC182012	INDORE TREASURE MARKET CITY PRIVATE LIMITED	Director	30/09/2006	9/03/2006	26/05/2010	Active	NO
8	U70101MH2006PTC182014	INDORE TREASURE TOWN PRIVATE LIMITED	Director	30/09/2006	9/03/2006	26/05/2010	Active	NO
9	U92142MH2006PTC160500	MARVELL MALL DEVELOPMENT COMPANY PRIVATE LIMITED	Director	16/03/2006	16/03/2006	14/05/2010	Active	NO
10	U70101WB2006PTC108307	WANDERLAND REAL ESTATES PRIVATE LIMITED	Director	30/09/2006	18/03/2006	4/04/2008	Active	NO
11	U51909GJ1942PLC000436	THE BARODA COMMERCIAL CORPORATION LIMITED	Director	29/04/2006	29/04/2006	14/05/2010	Active	NO
12	U24232MP2006PTC018737	DREAMWORLD DEVELOPERS PRIVATE LIMITED	Director	26/09/2007	26/06/2006	26/09/2008	Active	NO
13	U74999MH2006PTC162907	JABALPUR TREASURE ISLAND PRIVATE LIMITED	Director	29/06/2006	29/06/2006	23/11/2010	Active	NO
14	U74999MH2006PTC163118	RAIPUR TREASURE ISLAND PRIVATE LIMITED	Director	17/07/2006	17/07/2006	1/12/2010	Active	NO
15	U74999MH2006PTC163143	TREASURE WORLD DEVELOPERS PRIVATE LIMITED	Director	18/07/2006	18/07/2006	20/03/2008	Active	NO
16	U70101MH2006PTC182013	UJJAIN TREASURE BAZAAR PRIVATE LIMITED	Director	30/09/2006	5/08/2006	26/05/2010	Active	NO
17	U45200MH2007PTC182010	ENTERTAINMENT WORLD DEVELOPERS BIJALPUR PRIVATE LIMITED	Director	17/01/2007	17/01/2007	3/05/2010	Active	NO
18	U45200MH2007PTC167298	NANDED TREASURE BAZAAR PRIVATE LIMITED	Director	25/01/2007	25/01/2007	18/01/2010	Active	NO
19	U92490MH2007PTC167302	UDAIPUR TREASURE MARKET CITY PRIVATE LIMITED	Director	25/01/2007	25/01/2007	20/03/2008	Active	NO
20	U93090MH2007PTC167340	CHANDIGARH ENTERTAINMENT WORLD PRIVATE LIMITED	Director	27/01/2007	27/01/2007	20/03/2008	Active	NO

Name :

Mr. Mukesh Kacker

Designation :

Director

Address :

5, Munirka Marg, Ground Floor, Vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

13.04.1957

Date of Appointment :

04.05.2010

DIN No.:

01569098

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	U45400DL2007PTC165703	KACKER AND DAUGHTER INFRASTRUCTURE CONSULTANCY SERVICES PRIVATE LIMITED	Director	11/07/2007	11/07/2007	-	Active	NO
2	L27320MH1981PLC024747	ARSHIYA INTERNATIONAL LIMITED	Director	24/09/2010	28/10/2009	-	Active	NO
3	U45202MH1999PLC164003	ENTERTAINMENT WORLD DEVELOPERS LIMITED	Director	14/09/2010	4/05/2010	-	Active	NO
4	U65921MH1994PTC173469	MONEY MATTERS FINANCIAL SERVICES LIMITED	Additional director	11/02/2012	11/02/2012	-	Active	NO

Name :

Mr. Paras Nath Pathak

Designation :

Director

Address :

14/118, Indra Nagar, Luckhnow-226016

Date of Birth/Age :

01.10.1944

Date of Appointment :

04.05.2010

DIN No.:

03085406

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	U45202MH1999PLC164003	ENTERTAINMENT WORLD DEVELOPERS LIMITED	Director	14/09/2010	4/05/2010	-	Active	NO
2	U74999MH1974PTC163677	KALANI INDUSTRIES PRIVATE LIMITED	Director	30/09/2011	5/03/2011	-	Active	NO
3	U74140UP2011PTC044217	ENERGY MANTRA INDIA PRIVATE LIMITED	Director	4/04/2011	4/04/2011	-	Active	NO

Name :

Mr. Sudarshan Bajoria

Designation :

Nominee director

Address :

Flat No. B/702, 7th Floor, Golden Square Sunder Nagar, Kalina, Santacruze, Mumbai-400098, Maharashtra, India

Date of Birth/Age :

18.01.1974

Date of Appointment :

01.12.2006

DIN No.:

00150787

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	U28992WB1990PLC050028	TRANSAFE SERVICES LIMITED	Director	24/11/2003	24/11/2003	-	Active	NO
2	U70109KA2006PLC039709	I-VEN RESIDENTIAL PROPERTIES (MUMBAI) LIMITED	Director	14/06/2006	14/06/2006	-	Active	NO
3	U45202MH1999PLC164003	ENTERTAINMENT WORLD DEVELOPERS LIMITED	Nominee director	29/09/2007	1/12/2006	-	Active	NO
4	U45201AP2006PTC072536	TSI BUSINESS PARKS (HYDERABAD) PRIVATE LIMITED	Nominee director	28/02/2007	28/02/2007	24/09/2008	Active	NO
5	U70109KA2006PTC039758	TSI HOMES (CHENNAI) PRIVATE LIMITED	Nominee director	10/08/2007	10/08/2007	3/11/2008	Active	NO
6	U70102PN2005PLC140660	KOLTE-PATIL I-VEN TOWNSHIPS (PUNE) LIMITED	Nominee director	27/08/2007	27/08/2007	-	Active	NO
7	U45209PN2006PTC129094	TUSCAN REAL ESTATE PRIVATE LIMITED	Nominee director	29/08/2007	29/08/2007	15/10/2011	Active	NO
8	U70102PN2006PLC021837	COROLLA REALTY LIMITED	Nominee director	29/08/2007	29/08/2007	27/12/2011	Active	NO
9	U45201KA2006PTC038699	JUBILEE HILLS LANDMARK PROJECTS PRIVATE LIMITED	Additional director	30/08/2007	30/08/2007	-	Active	NO
10	U70100MH2003PLC143211	I-VEN REALTY LIMITED	Nominee director	25/09/2007	30/08/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bimal Kishore Nanda
Designation :	Secretary
Address :	13/62, West Punjabi Bagh, New Delhi, India
Date of Birth/Age :	28.10.1969
Date of Appointment :	01.07.2009
	AAKPN3838M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Manish Prem Swarup Kalani 11, Tukoganj, Main Road, Indore 452001, Madhya Pradesh, India	400
Kalani Brothers (Indore) Private Limited 11, Tukoganj, Main Road, Indore 452001, Madhya Pradesh, India	25405004
Padma Homes Private Limited 11, Tukoganj, Main Road, Indore 452001, Madhya Pradesh, India	11998800
The Western India Trustee and Exector Company Private Limited (India Advantage Fund III) Visworth Bhawan, 218, Pratap Gunj Peth, Satare, Mumbai, Maharashtra, India	196000
The Phoenix Mills Limited Phoenix Mills Premises ,462, Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra, India	20593192
Kalani Holdings Private Limited 5th Floor ,Phoenix House, Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra, India	4763748
Rajesh Ramakrishnan B. Nair 26, Ruby Villa Agni Enclave Silver Springs, Agra Bombay Bypass Road, Indore 452010, Madhya Pradesh, India	40
Total	62957184

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2011

Category	Percentage
Venture Capital	0.31
Bodies corporate	99.69
Total	100.00

BUSINESS DETAILS

Line of Business :	Mall Operations
Brand Names :	TREASURE

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Allahabad Bank, Vasu Smirit, Plot No. 383, 13th Road, Off. Linking Road, Khar (West), Mumbai-400052, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	1299.881	758.157
Loans taken for vehicles secured	0.392	2.404
Total	1300.273	760.561
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Fully convertible debentures unsecured	750.000	750.000
Loans subsidiaries unsecured	119.637	391.489
Other debt unsecured	0.000	250.000
Total	869.637	1391.489

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr Annie Besant Road , Opposite Shiv Sagar Estate , Worli, Mumbai, Maharashtra, India
PAN.:	AACFD4815A
Entities having substantial interest in the Company:	· Padma Homes Private Limited · Phoenix Mills Limited · Kalani Brothers (Indore) Private Limited.
Subsidiary Companies:	· Nanded Treasure Bazaar Private Limited · Ujjain Treasure Bazaar Private Limited · EWDPL Residential Holdings Private Limited · Cassandra Realty Private Limited · Marvell Mall Development Company Private Limited · Baroda Commercial Corporation Limited · Amravati Treasure Bazaar Private Limited · EWDPL Five Star Hospitality Private Limited · Treasure World Developers Private Limited · Udaipur Treasure Market City Private Limited · Dazzling Properties Private Limited · Treasure Food and Beverages Private Limited · Treasure MEP Services Private Limited · Chandigarh Entertainment World Private Limited · Entertainment World Developers Amritsar Private Limited · Treasure Showcase Private Limited · Jodhpur Entertainment World Developers Private Limited · Intesys Technologies Private Limited · Treasure Hospitality Private Limited · Indore Treasure Market City Private Limited · Raipur Treasure Island Private Limited · Turning Point Estates Private Limited · Jabalpur Treasure Island Private Limited · Wanderland Real Estate Private Limited · Landmark Treasure Town Private Limited · Annapoorna Entertainment World Developers Private Limited · Indore Treasure Town Private Limited · Pune Entertainment World Developers Private Limited · Nasik Entertainment World Developers Private Limited · Entertainment World Developers Bijalpur Private Limited
Group Companies:	· Bhubaneshwar Entertainment World Developers Private Limited (Up to August 19, 2009) · EWDPL Bhilai Hospitality Private Limited (Up to August 19, 2009) · EWDPL Chandigarh Hospitality Private Limited (Up to August 19, 2009) · EWDPL Jabalpur Hospitality Private Limited (Up to August 19, 2009) · EWDPL North Realty private Limited (Up to August 19, 2009) · EWDPL South Realty Private Limited (Up to August 19, 2009) · Aloha Hospital Private Limited (Up to August 19, 2009) · EWDPL West Realty Private Limited (Up to August 19, 2009) · Nagpur Treasure market City Private Limited (Up to August 19, 2009) · Sangli Entertainment World Developers Private Limited (Up to August 19, 2009) · Skyline Treasure Structural Engineers Private Limited (Up to August 19, 2009) · Trivandrum Treasure Market City Private Limited (Up to August 19, 2009) · Gwalior Entertainment World Developers Pvt. Limited (Up to August 21, 2009) · Aashling Entertainment Private Limited (Up to August 21, 2009) · Arc Retail Private Limited (Up to August 21, 2009) · Ludhiana Entertainment World Private Limited (Up to August 21, 2009) · Bangalore Entertainment World Developers Private Limited (Up to August 21, 2009) · Kolhapur Entertainment World Developers Private Limited (Up to August 21, 2009)
Joint Venture:	Naman Mall Management Company Private Limited
Associate Enterprises:	· Ramayana Realtors Private Limited · Surya Treasure Island Private Limited · EWDPL Market City Management Private Limited · Picasso Developers Private Limited · Adon Retail Private Limited · Market City Management Company Private Limited
Entities where Key Management person or relative of key management person is having significant influence :	· Padma Homes Private Limited · Flexituff International Limited · Kalani Industries Private Limited · Kalani Brothers (Indore) Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs.10/- each	Rs.1500.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
64024484	Equity Shares	Rs.10/- each	Rs.640.245 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
62957184	Equity Shares	Rs.10/- each	Rs.629.572 Millions
	Forfeited Shares		Rs.1.067 Millions
			Rs.630.639 Millions

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		630.639	158.460	158.460
2] Share Application Money		0.000	0.000	97.500
3] Reserves & Surplus		213.226	683.992	669.234
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		843.865	842.452	925.194
LOAN FUNDS
1] Secured Loans		1300.273	760.561	804.707
2] Unsecured Loans		869.637	1391.489	1174.431
TOTAL BORROWING		2169.910	2152.050	1979.138
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
OTHER LIABILITIES		128.483	124.134	125.082
TOTAL		3142.258	3118.636	3029.414
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		798.879	826.215	854.188
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1500.611	1301.131	1088.931
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	105.849	48.506	25.026
	Cash & Bank Balances	8.396	46.027	75.427
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	818.160	939.312	1065.899
Total Current Assets		932.405	1033.845	1166.352
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	89.094	35.343	70.336
	Other Current Liabilities	0.340	6.865	8.352
	Provisions	0.203	0.347	1.369
Total Current Liabilities		89.637	42.555	80.057
Net Current Assets		842.768	991.290	1086.295
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3142.258	3118.636	3029.414

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	273.485	266.676	248.345
		Other Income	44.418	12.754	67.040
		TOTAL (A)	317.903	279.430	315.385
Less	EXPENSES
		Employee related costs	6.837	9.337
		Administrative selling other expenses	116.139	111.078	148.052
		TOTAL (B)	122.976	120.415	148.052
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		194.927	159.015	167.333
Less	FINANCIAL EXPENSES (D)		162.280	110.498	114.297
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		32.647	48.517	53.036
Less/ Add	DEPRECIATION/ AMORTISATION (F)		30.866	30.656	48.297
	PROFIT BEFORE TAX (E-F) (G)		1.781	17.861	4.739
Less	TAX (H)		0.369	3.103	0.846
	PROFIT AFTER TAX (G-H) (I)		1.412	14.758	3.893
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		59.174	44.416	40.523
	BALANCE CARRIED TO THE B/S		60.586	59.174	44.416
	IMPORTS
		Stores & Spares	1.274	0.000	0.000
		Capital Goods	0.000	0.454	0.161
	TOTAL IMPORTS		1.274	0.454	0.161
	Earnings Per Share (Rs.)		0.02	0.21	0.25

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.44	5.28	1.22
Net Profit Margin (PBT/Sales)	(%)	0.65	6.69	1.91
Return on Total Assets (PBT/Total Assets}	(%)	0.10	0.96	0.23
Return on Investment (ROI) (PBT/Networth)		0.00	0.02	0.01
Debt Equity Ratio (Total Liability/Networth)		2.67	2.60	2.22
Current Ratio (Current Asset/Current Liability)		10.40	24.29	14.56

LOCAL AGENCY FURTHER INFORMATION

BUSINESS OVERVIEW:

They own, develop, manage and operate urban city shopping centers, develop and sell large scale residential townships, and own, develop and lease hospitality properties in fast growing and emerging cities in India (i.e., emerging non-metropolitan cities) under the brand name “TREASURE”. They have completed the development of 1.51 million square feet of Developable Area comprising three retail shopping centers and hospitality properties in two cities, Indore in Madhya Pradesh and Nanded in Maharashtra, and they are in the process of developing 23.33 million square feet of Developable Area spread over 11 Ongoing Projects and three Forthcoming Projects in eight emerging cities across seven states in India.

OPERATIONAL UPDATE

During the year, their Forth mall, Ujjain Treasure Bazaar in Ujjain became operational in April 2011.This is the first ‘mall of the Ujjain and has a number of anchor tenants including Big Bazaar, PVR, Mars Restaurants and Reliance Trends Limited.

Bankers Charges Report as per Registry

Corporate identity number of the company	U45202MH1999PLC164003
Name of the company	ENTERTAINMENT WORLD DEVELOPERS LIMITED
Address of the registered office or of the principal place of business in India of the company	G16, Ground Floor, RR Hosiery Building, Shree Laxmi Woolen Mill, Opposite Shakti Mills Compound, Off. Dr. E Moses Road, Mahalaxmi, Mumbai-400011, Maharashtra, India Email : cs@ewdpl.com
This form is for	Creation of charge
Type of charge	Any interest in immovable property Assignment of future rent receivable
Particular of charge holder	Allahabad Bank, Vasu Smirit, Plot No. 383, 13th Road, Off. Linking Road, Khar (West), Mumbai-400052, Maharashtra, India Email : br.mumkhar@allahabadbank.in
Nature of instrument creating charge	Term loan cum hypothecation Agreement dated 19th July 2010
Date of instrument Creating the charge	19.07.2010
Amount secured by the charge	Rs.1300.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 0.75% below bank's PLR p.a. with a minimum of 11.25% Terms of Repayment To be paid in 120 unequal monthly installments starting from next month of the date of first disbursement Margin 5% Extent and Operation of the charge As per term loan agreement
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First Exclusive Mortgage of a building comprising of Retail cum Commercial Mall situated as 'Treasure Island" at 11, Tukoganj, Main Road Indore, Madhya Pradesh, India First Exclusive charge on land measuring 100000 sq. ft. at 11, Tukoganj, Main Road Indore owned by Kalani Brothers (Indore) Private Limited and Padma Homes Private Limited
Whether any of the property or interest therein under reference is not registered in the name of the company	Land is in the name of Kalani Brothers (Indore) Private Limited and Padma Homes Private Limited

Contingent Liabilities (As on 31.03.2011):

Bank Guarantees outstanding: Rs.2.325 Millions

The Company has given guarantees to Banks / Financial Institutions on behalf of the following companies for loans taken by the said companies:

Company's Name	As at March 31, 2011
Raipur Treasure Island Private Limited	1309.000
Indore Treasure Market City Private Limited	1650.000
Jabalpur Treasure Island Private Limited	740.000
Surya Treasure Island Private Limited	860.000
Treasure World Developers Private Limited	1769.000
Nanded Treasure Bazaar Private Limited	470.000
Ujjain Treasure Bazaar Private Limited	0.000
Treasure Food and Beverages Private Limited	23.800
Turning Point Estates Private Limited	1000.000
Indore Treasure Town Private Limited	700.000
Total	8521.800

Demands of Income-tax Authorities disputed in appeal aggregate to Rs. 13.768 Millions. Rs.14.882 Millions has been deposited by the Company against the demands. The Company is of the view that the matters will be decided in its favour in the appeals and hence does not expect any liability to arise.

Demands of Sales Tax Authorities disputed in appeal aggregate to Rs.2.900 Millions. The Company is of the view that the matters will be decided in its favour in the appeals and hence does not expect any liability to arise.

Total uncalled liabilities in respect of Investments in partly paid-up equity shares is Nil. This represents NIL on account of face value of Equity shares and NIL on account of securities premium.

1,067,300 Equity Shares of Rs. 10/- each, Re. 1/- paid-up, were issued to Madhya Pradesh Housing Board (MPHB) for consideration other than cash in terms of Memorandum of Understanding (MOU) and Service Contract entered into with MPHB in earlier years. In the absence of fulfillment of obligation laid down under Service Contract, the Board of Directors, during an earlier year, have forfeited the aforesaid Equity Shares held by MPHB in accordance with the amended Articles of Association of the Company. MPHB has disputed the forfeiture and has referred the matter to arbitration in terms of the MOU and Arbitration award passed for Rs.2.187 Millions During the year, the matter has been decided by arbitrator in Company’s favor and same has been challenged by MPHB at the District Court in Bhopal which has also been withdrawn by MPHB. Rather company has filed an application for setting aside the Arbitration Award

The Company has imported certain capital equipments under “Export Promotion of Capital Goods Scheme” of the Central Government at a concessional rate of Customs Duty up to the end of the year, for which the Company has undertaken export obligation to the extent of Rs. 88,087,000/- to be fulfilled during a period of 8 years commencing from September 19, 2005 failing which the Company will be liable to pay the differential Custom Duty. During the year, the Company has fulfilled export obligations to the extent of Rs.74.749 Millions. Subsequent to the year end, the company has fulfilled all its remaining export obligations.

Service Tax on rent from commercial properties has become leviable from June 1, 2007. The Company has not collected and paid Service Tax on rental income, aggregating to Rs.59.569 Millions as the Hon’ble Jabalpur High Court has granted a stay against the show cause notices issued by Department pending hearing.

FIXED ASSETS

· Leasehold Land

· Building

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Vehicles

· Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.05
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		34

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.