MIRA INFORM REPORT

Report Date :

25.08.2012

IDENTIFICATION DETAILS

Name :	PANTALOON RETAIL (INDIA) LIMITED
Registered Office :	Knowledge House, Shyam Nagar, Off Jogeshwari – Vikhroli Link Road, Jogeshwari (East), Mumbai – 400060, Maharashtra
Country :	India
Financials (as on) :	30.06.2011
Date of Incorporation :	12.10.1987
Com. Reg. No.:	11-044954
Capital Investment/ Paid-up Capital:	Rs.1069.000 Millions
CIN No.: [Company Identification No.]	L52399MH1987PLC044954
TAN No.: [Tax Deduction & Collection Account No.]	MUMP16929D
PAN No.: [Permanent Account No.]	AAACP6317L
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Chain of Departmental Stores
No. of Employees:	28000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (59)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 115100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a flagship company of Future Group, India’s retail pioneer catering to the entire Indian consumption space. It is a well established and reputed company having fine track. There appears some dip in the sales and profits during 2011. However, financial position of the company is strong. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	A1+ (Short term Bank facilities)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	04.05.2012

Rating Agency Name	CARE
Rating	A (Long term Bank facilities)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	04.05.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered/ Head Office :	Knowledge House, Shyam Nagar, Off Jogeshwari – Vikhroli Link Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India
Tel. No.:	91-22-30841300 / 66442200 / 66442444
Fax No.:	91-22-66442222 / 66442201
Email :	roc.info@pantaloon.com roc.info@futuregroup.in
Website :	http://www.pantaloonretail.in
Factory :	G – 6, MIDC, Tarapur, District Thane, India
ZONAL OFFICE
East Zone :	03-097, Fourth Floor, Block No- BG, Plot No. 5, Action Area – 1B, Block by Block Shopping Mall, P.O. New Town, Kolkata – 700156, West Bengal, India
Tel. No.:	91-33-30917500/ 01
Fax No.:	91-33-30917502
Email :	east.region@pantaloon.com
West Zone:	Plot No. 117, Road No. 18, Opposite Army and Navy Press, MIDC, Marol, Andheri- East, Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-67750300 / 67089500
Fax No.:	91-22-67750357 / 67089501
Email :	sharewithus@pantaloon.com sharewithus@fvrl.in
Gujarat Zone	3^rd Floor, Zonal Office, City Gold Mall,132 Feet Ring Road, Near Shyamal Cross Road, Satellite, Ahmedabad – 380015, Gujarat, India
Tel No.:	91-79-30413700
Fax No.:	91-79-30413737
North Zone	3^rd Floor, Plot No.82, Sector 32, Near NIIT Corporation Office, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-4641000
Fax No.:	91-124-4641001
Email :	sharewithus@pantaloon.com
South Zone :	No.18/1 (Old No. 125/A), 10th Main, Ashoka Pillar Road, Before Rani Sarla Devi School, 1st Block, Jayanagar, Bangalore - 560011, Karnataka, India
Tel. No.:	91-80-66588600 / 43304000
Fax No.:	91-80-66588650 / 86577530
Email :	sdharewithus@pantaloon.com
Stores :	· Located at: · Mumbai · Delhi · Noida · Gurgaon · Kolkata · Durgapur · Howrah · Chennai · Bangalore · Pune · Bhopal · Aurangabad · Ahmedabad · Allahabad · Hyderabad · Lucknow · Kanpur · Indore · Coimbatore · Mangalore · Bhubaneshwar · Siliguri · Guwahati · Rajkot · Zirakpur · Ghaziabad · Nagpur · Vadodara · Surat · Nashik · Bhopal · Vizag

DIRECTORS

As on 15.11.2011

Name :

Mr. Shailesh Vishnubhai Haribhakti

Designation :

Director

Address :

Flat No. 2602, "A' Wing, Lodha Belissimo Jivraj Bericha Marg, N. M. Joshi Marg, Dr. S S Rao Road, Parel, Mumbai - 400012, Maharashtra, India

Date of Birth/Age :

12.03.1956

Date of Appointment :

01.06.1999

DIN No.:

00007347

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74140MH1990PTC059018	MOORES ROWLAND CONSULTING PRIVATE LIMITED	Director	16/11/1990	16/11/1990	-	Amalgamated	NO
2	L52399MH1987PLC044954	PANTALOON RETAIL (INDIA) LIMITED	Director	01/06/1999	01/06/1999	-	Active	NO
3	U65191MH2000PTC124386	HARIBHAKTI MOTI INDIA PRIVATE LIMITED	Director	21/02/2000	21/02/2000	06/06/2012	Active	NO
4	U74999MH2000PTC124842	BDO CONSULTING PRIVATE LIMITED	Director	13/03/2000	13/03/2000	-	Active	NO
5	U24231GJ1985PTC007714	MAVENVISTA TECHNOLOGIES PRIVATE LIMITED	Director	06/06/2000	06/06/2000	13/01/2009	Active	NO
6	U65991MH2000PLC125008	KOTAK MAHINDRA TRUSTEESHIP SERVICES LIMITED	Director	30/06/2000	30/06/2000	20/03/2010	Active	NO
7	L23200GJ1969PLC001569	INDIAN PETROCHEMICALS CORPORATION LIMITED	Director	04/06/2002	04/06/2002	20/08/2007	Amalgamated	NO
8	L45200MH1999PLC118949	MAHINDRA LIFESPACE DEVELOPERS LIMITED	Director	30/07/2004	30/07/2004	-	Active	NO
9	L52322MH1995PLC090643	MORARJEE TEXTILES LIMITED	Alternate director	30/04/2008	18/02/2005	25/12/2009	Active	NO
10	L29200MH1978PLC020434	EVEREST KANTO CYLINDER LIMITED	Director	05/07/2005	05/07/2005	30/05/2012	Active	NO
11	L24100JH1976PLC001255	ADITYA BIRLA CHEMICALS (INDIA) LIMITED	Director	26/07/2005	26/07/2005	20/09/2007	Active	NO
12	L65910MH1991PLC062067	FORTUNE FINANCIAL SERVICES (INDIA) LIMITED	Alternate director	31/03/2009	02/08/2005	06/08/2012	Active	NO
13	U65920MH1989PTC052900	OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED	Director	29/08/2005	29/08/2005	01/08/2009	Active	NO
14	L28920MH1949PLC006870	BLUE STAR LIMITED	Director	31/10/2005	31/10/2005	-	Active	NO
15	L45400MH1962PLC012385	HERCULES HOISTS LIMITED	Alternate director	08/02/2011	30/01/2006	-	Active	NO
16	L26940MH1936PLC002515	ACC LIMITED	Director	17/02/2006	17/02/2006	-	Active	NO
17	U75123MH2006PTC161104	NEUE ALLIANZ CORPORATE SERVICES PRIVATE LIMITED	Director	13/04/2006	13/04/2006	04/02/2009	Active	NO
18	U74140PN2002PTC017425	FIRST POLICY INSURANCE BROKERS PRIVATE LIMITED	Director	29/04/2006	29/04/2006	30/04/2009	Active	NO
19	L26942GJ1981PLC004717	AMBUJA CEMENTS LIMITED	Director	26/03/2007	03/05/2006	-	Active	NO
20	L45200MH1989PLC050688	HUBTOWN LIMITED	Director	06/09/2007	12/05/2006	11/03/2011	Active	NO
21	L72900MH1992PLC069662	HEXAWARE TECHNOLOGIES LIMITED	Director	29/06/2006	25/05/2006	-	Active	NO
22	U74140MH2006PTC162513	PLANET PEOPLE AND PROFIT CONSULTING PRIVATE LIMITED	Director	02/06/2006	02/06/2006	06/06/2012	Active	NO
23	U67190MH2005PLC153471	RELIGARE ASSET MANAGEMENT COMPANY LIMITED	Director	29/09/2006	23/08/2006	29/10/2008	Active	NO
24	L11200MH2005PLC154793	GREAT OFFSHORE LIMITED	Director	19/12/2006	16/10/2006	04/05/2009	Active	NO
25	U72900MH2007PTC170259	QUADRUM SOLUTIONS PRIVATE LIMITED	Director	24/04/2007	24/04/2007	-	Active	NO
26	U74140MH2007PTC173853	LANDMARKS FINANCIAL ADVISORY SERVICES PRIVATE LIMITED	Director	06/09/2007	06/09/2007	29/08/2008	Active	NO
27	U91990MH2005NPL150661	FINANCIAL PLANNING STANDARDS BOARD INDIA	Director	10/09/2007	10/09/2007	10/09/2009	Active	NO
28	L29120MH2005PLC156795	FUTURE CAPITAL HOLDINGS LIMITED	Director	14/08/2008	27/09/2007	-	Active	NO
29	U66020MH2007PLC176066	LIC PENSION FUND LIMITED	Director	15/10/2008	21/11/2007	20/06/2009	Active	NO
30	U74140MH2006PTC164496	FINTOTAL INSIGHTS AND RESOURCES PRIVATE LIMITED	Director	04/01/2008	04/01/2008	28/02/2009	Active	NO
31	L65191KL1927PLC000307	DHANLAXMI BANK LIMITED	Director	27/09/2008	30/04/2008	-	Active	NO
32	L21010GJ1960PLC018099	JK PAPER LIMITED	Director	29/08/2008	21/07/2008	-	Active	NO
33	U67100MH2007PTC173664	FINANCIAL PLANNING CORPORATION INDIA PRIVATE LIMITED.	Director	26/12/2008	08/08/2008	01/02/2010	Active	NO
34	U67190MH2007PTC174287	JM FINANCIAL ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED	Director	14/07/2009	15/09/2008	-	Active	NO
35	L17117MH1925PLC001208	RAYMOND LIMITED	Director	15/06/2010	15/06/2009	-	Active	NO
36	U74210MH2006PTC160533	AAA INFRASTRUCTURE CONSULTING AND ENGINEERS PRIVATE LIMITED	Director	27/06/2009	27/06/2009	-	Active	NO
37	U67120MH2005PTC157923	RELIANCE ENTERPRISES AND VENTURES PRIVATE LIMITED	Director	27/06/2009	27/06/2009	-	Active	NO
38	U51900MH2005PTC157592	ADA ENTERPRISES AND VENTURES PRIVATE LIMITED	Director	27/06/2009	27/06/2009	-	Active	NO
39	U51395MH2004PTC150310	AAA INTERNATIONAL CAPITAL PRIVATE LIMITED	Director	27/06/2009	27/06/2009	-	Active	NO
40	U29300MH2005PTC150533	AAA INDUSTRIES PRIVATE LIMITED	Director	27/06/2009	27/06/2009	-	Active	NO
41	U74900MH2008PTC182240	ECOFIRST SERVICES PRIVATE LIMITED	Director	09/09/2009	09/09/2009	-	Active	NO
42	U52599MH2007PLC167292	FUTURE CAPITAL FINANCIAL SERVICES LIMITED	Additional director	01/02/2010	01/02/2010	27/09/2010	Amalgamated	NO
43	U74999MH2010PLC203778	NUFUTURE HARIBHAKTI BUSINESS SERVICES LIMITED.	Director	07/06/2010	07/06/2010	-	Active	NO
44	U65990MH1994PLC083147	L AND T FINANCE LIMITED	Additional director	28/06/2010	28/06/2010	24/09/2010	Active	NO
45	U52100MH2007PLC171524	FUTURE VALUE RETAIL LIMITED.	Director	28/08/2010	27/08/2010	18/05/2012	Active	NO
46	U67120MH2008PLC181833	L AND T FINANCE HOLDINGS LIMITED	Director	25/09/2010	25/09/2010	-	Active	NO
47	L24230GJ1972PLC002126	TORRENT PHARMACEUTICALS LTD	Director	30/07/2011	23/10/2010	-	Active	NO
48	U67190MH2012PTC229695	MENTORCAP MANAGEMENT PRIVATE LIMITED	Director	16/04/2012	16/04/2012	-	Active	NO
49	U67120MH1995PLC095642	NATIONAL SECURITIES DEPOSITORY LIMITED	Additional director	23/05/2012	23/05/2012	-	Active	NO
50	U74900MH2012PTC230918	CREATIVE COLLABORATION ADVISORS PRIVATE LIMITED	Additional director	02/06/2012	02/06/2012	-	Active	NO
51	AAA-7508	BDO ADVISORY LLP	Designated Partner	03/01/2012	03/01/2012	-	Active	NO

Name :

Mr. Kishore Laxminarayan Biyani

Designation :

Managing Director

Address :

405, Jeevan Vihar, Manav Mandir Road, Malabhar Hill, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

09.06.1960

Date of Appointment :

01.04.2010

DIN No.:

00005740

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L52399MH1987PLC044954	PANTALOON RETAIL (INDIA) LIMITED	Managing director	01/04/2010	01/06/1991	-	Active	NO
2	U74900MH1996PLC097943	FUTURE CORPORATE RESOURCES LIMITED	Director	30/09/2010	17/04/2001	-	Amalgamated	NO
3	L51900MH1981PLC024988	GALAXY ENTERTAINMENT CORPORATION LIMITED	Director	29/01/2004	29/01/2004	11/08/2011	Active	NO
4	U45200MH2004PLC146312	KB MALL MANAGEMENT COMPANY LIMITED	Director	14/05/2004	14/05/2004	15/03/2008	Active	NO
5	U70100MH2004PTC148033	NISHTA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	16/08/2004	16/08/2004	15/03/2008	Active	NO
6	U70100MH2004PTC148032	BARTRAYA MALL DEVELOPMENT COMPANY PRIVATE LIMITED	Director	16/08/2004	16/08/2004	15/03/2008	Active	NO
7	U52330MH2004PLC148956	HOME SOLUTIONS RETAIL (INDIA) LIMITED	Director	04/10/2004	04/10/2004	10/06/2011	Active	NO
8	U99999MH1987PLC044078	PIL INDUSTRIES LIMITED	Director	04/01/2005	04/01/2005	23/08/2008	Active	NO
9	U85110MH1998PLC226134	INDUS-LEAGUE CLOTHING LIMITED	Director	21/01/2005	21/01/2005	16/03/2007	Active	NO
10	U55101MH2005PLC151089	PAN INDIA RESTAURANTS LIMITED	Director	07/02/2005	07/02/2005	18/12/2006	Amalgamated	NO
11	U74995MH2005PLC151073	IDIOM DESIGN AND CONSULTING LIMITED	Director	07/02/2005	07/02/2005	15/10/2007	Active	NO
12	U52190RJ1999PTC015993	PLANET RETAIL HOLDINGS PRIVATE LIMITED	Director	03/03/2005	03/03/2005	31/07/2007	Active	NO
13	U91990MH2005GAP151959	RETAILERS ASSOCIATION OF INDIA	Director	14/03/2005	14/03/2005	-	Active	NO
14	U70100MH2005PTC151972	ACUTE REALTY PRIVATE LIMITED	Director	15/03/2005	15/03/2005	15/03/2008	Active	NO
15	U72100MH2000PTC125840	GALAXY RAIN RESTAURANTS PRIVATE LIMITED	Director	15/03/2005	15/03/2005	31/07/2010	Active	NO
16	U65990MH1994PTC076728	VARNISH TRADING PRIVATE LIMITED	Director	30/09/2009	21/05/2005	-	Amalgamated	NO
17	U70100MH2005PTC153677	ANCHOR RESIDENCY PRIVATE LIMITED	Director	01/06/2005	01/06/2005	15/03/2008	Active	NO
18	U70101MH2005PTC153688	NAMAN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	02/06/2005	02/06/2005	01/09/2010	Active	NO
19	U70100MH2005PTC155102	SRISHTI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	03/08/2005	03/08/2005	12/03/2009	Active	NO
20	U70100MH2005PTC155104	UNIQUE MALLS PRIVATE LIMITED	Director	03/08/2005	03/08/2005	15/03/2008	Active	NO
21	U70100MH2005PTC155196	BLB MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	08/08/2005	08/08/2005	15/04/2009	Active	NO
22	U51909MH2005PTC156796	ERUDITE TRADING PRIVATE LIMITED	Director	30/09/2009	18/11/2005	-	Amalgamated	NO
23	L22219UP1975PLC004147	JAGRAN PRAKASHAN LIMITED	Director	18/11/2005	18/11/2005	-	Active	NO
24	U51110MH2005PTC156855	CHASTE INVESTRADE PRIVATE LIMITED	Director	30/09/2009	19/11/2005	-	Amalgamated	NO
25	U51100MH2005PLC156856	FUTURE CORPORATE RESOURCES LIMITED	Director	19/11/2005	19/11/2005	-	Active	NO
26	U67190MH2005PLC157444	FUTURE CAPITAL INVESTMENT ADVISORS LIMITED	Director	21/11/2005	21/11/2005	26/03/2007	Amalgamated	NO
27	U52190RJ2005PTC021656	QUEST RETAIL PRIVATE LIMITED	Director	25/11/2005	25/11/2005	03/02/2007	Active	NO
28	U52190RJ2005PTC021657	NEW HORIZONS RETAIL PRIVATE LIMITED	Director	25/11/2005	25/11/2005	01/06/2010	Active	NO
29	U51909MH1994PTC156437	MANZ RETAIL PRIVATE LIMITED (TRF.)	Director	27/12/2005	27/12/2005	28/02/2011	Active	NO
30	U65900MH2006PLC159526	FUTURE IDEAS COMPANY LIMITED	Director	06/02/2006	06/02/2006	01/10/2007	Active	NO
31	U17110MH2004PTC043441	ESES COMMERCIALS PRIVATE LIMITED	Director	25/08/2006	25/08/2006	08/05/2011	Active	NO
32	L29120MH2005PLC156795	FUTURE CAPITAL HOLDINGS LIMITED	Director	05/09/2006	05/09/2006	-	Active	NO
33	U74999MH2006PLC165722	FUTURE BRANDS LIMITED	Director	22/11/2006	22/11/2006	28/05/2010	Active	NO
34	U72200MH1990PLC056987	UTV SOFTWARE COMMUNICATIONS LIMITED	Additional director	25/01/2007	25/01/2007	06/11/2008	Active	NO
35	U66010MH2006PLC165288	FUTURE GENERALI INDIA LIFE INSURANCE COMPANY LIMITED	Director	23/11/2007	16/03/2007	-	Active	NO
36	U66030MH2006PLC165287	FUTURE GENERALI INDIA INSURANCE COMPANY LIMITED	Director	23/11/2007	16/03/2007	-	Active	NO
37	U36939RJ2007PLC024527	WINNER SPORTS LIMITED	Director	01/06/2007	01/06/2007	01/12/2008	Active	NO
38	L67120MH1996PLC192090	FUTURE VENTURES INDIA LIMITED	Managing director	05/02/2008	08/10/2007	-	Active	NO
39	U74300MH2006PLC160375	FUTURE MEDIA (INDIA) LIMITED	Director	07/12/2007	23/11/2007	-	Active	NO
40	U70101PN1993PLC072139	KUMAR URBAN DEVELOPMENT LIMITED	Director	29/09/2008	20/12/2007	01/07/2012	Active	NO
41	U80301MH2008PLC184089	FUTURE EDUCATION LIMITED	Director	24/12/2009	21/10/2009	01/06/2010	Active	NO
42	L92490MH1999PLC122381	FAME INDIA LIMITED	Director	22/09/2010	28/02/2010	-	Active	NO
43	U85110KA1996PLC020897	EMBASSY PROPERTY DEVELOPMENTS LIMITED	Director	02/06/2010	02/06/2010	-	Active	NO
44	U51909MH2010PTC206943	SOFTTOUCH MULTITRADING PRIVATE LIMITED	Director	24/08/2011	14/09/2010	-	Active	NO
45	U45400MH2010PTC207209	TARAKA INFRASTRUCTURE PRIVATE LIMITED	Director	25/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
46	U51909MH2010PTC207207	SANAVI MULTITRADING PRIVATE LIMITED	Director	25/08/2011	14/09/2010	-	Active	NO
47	U51101MH2010PTC207147	WHITE CIRCLE MERCANTILE PRIVATE LIMITED	Director	20/08/2011	14/09/2010	-	Active	NO
48	U51109MH2010PTC207475	WHITE KNIGHT MERCANTILE PRIVATE LIMITED	Director	23/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
49	U45202MH2010PTC206996	U-PHASE INFRAPROJECTS PRIVATE LIMITED	Director	24/08/2011	14/09/2010	-	Active	NO
50	U45202MH2010PTC207208	TANUSHRI INFRASTRUCTURE PRIVATE LIMITED	Director	24/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
51	U51109MH2010PTC207436	OVIYA MULTITRADING PRIVATE LIMITED	Director	23/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
52	U45200MH2010PTC207153	LIQUID FOOT INFRAPROJECTS PRIVATE LIMITED	Director	24/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
53	U51101MH2010PTC207091	KAVI SALES AGENCY PRIVATE LIMITED	Director	20/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
54	U45400MH2010PTC207607	ECLIPSE INFRASTRUCTURE PRIVATE LIMITED	Director	23/08/2011	14/09/2010	-	Active	NO
55	U52100MH2010PTC207383	BRAHMABRATA TRADING PRIVATE LIMITED	Director	20/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
56	U45400MH2010PTC207310	RAJA INFRASTRUCTURE PRIVATE LIMITED	Director	24/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
57	U51109MH2010PTC207247	RADHA MULTITRADING PRIVATE LIMITED	Director	22/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
58	U51398MH2010PTC206874	RAAKA MULTITRADING PRIVATE LIMITED	Director	24/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
59	U51101MH2010PTC207205	SAMREEN MULTITRADING PRIVATE LIMITED	Director	25/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
60	U52100MH2010PTC206500	SALARJUNG MULTITRADING PRIVATE LIMITED	Director	25/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
61	U51109MH2010PTC207312	SAACHI MULTITRADING PRIVATE LIMITED	Director	22/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
62	U45202MH2010PTC207041	SILVER BASE INFRASTRUCTURE PRIVATE LIMITED	Director	25/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
63	U45400MH2010PTC207216	UCCHAL INFRASTRUCTURE PRIVATE LIMITED	Director	22/08/2011	14/09/2010	-	Active	NO
64	U45202MH2010PTC207319	GARGI DEVELOPERS PRIVATE LIMITED	Director	29/10/2011	14/09/2010	30/10/2011	Active	NO
65	AAA-6310	SILVER BASE INFRASTRUCTURE LLP	Designated Partner	21/09/2011	21/09/2011	-	Active	NO
66	AAA-6311	WHITE KNIGHT MERCANTILE LLP	Designated Partner	21/09/2011	21/09/2011	-	Active	NO
67	AAA-6312	SALARJUNG MULTITRADING LLP	Designated Partner	21/09/2011	21/09/2011	-	Active	NO
68	AAA-6313	KAVI SALES AGENCY LLP	Designated Partner	21/09/2011	21/09/2011	-	Active	NO
69	AAA-6314	LIQUID FOOT INFRAPROJECTS LLP	Designated Partner	21/09/2011	21/09/2011	-	Active	NO
70	AAA-6345	RAAKA MULTITRADING LLP	Designated Partner	23/09/2011	23/09/2011	-	Active	NO
71	AAA-6346	SAACHI MULTITRADING LLP	Designated Partner	23/09/2011	23/09/2011	-	Active	NO
72	AAA-6347	OVIYA MULTITRADING LLP	Designated Partner	23/09/2011	23/09/2011	-	Active	NO
73	AAA-6349	TARAKA INFRASTRUCTURE LLP	Designated Partner	23/09/2011	23/09/2011	-	Active	NO
74	AAA-6371	RAJA INFRASTRUCTURE LLP	Designated Partner	26/09/2011	26/09/2011	-	Active	NO
75	AAA-6387	RADHA MULTITRADING LLP	Designated Partner	27/09/2011	27/09/2011	-	Active	NO
76	AAA-6388	BRAHMABRATA TRADING LLP	Designated Partner	27/09/2011	27/09/2011	-	Active	NO
77	AAA-6413	TANUSHRI INFRASTRUCTURE LLP	Designated Partner	28/09/2011	28/09/2011	-	Active	NO
78	AAA-6476	SAMREEN MULTITRADING LLP	Designated Partner	04/10/2011	04/10/2011	-	Active	NO

Name :

Mr. Rakesh Gopikishan Biyani

Designation :

Managing Director

Address :

308, Jeevan Vihar, 5, Manav Mandir Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

05.04.1972

Date of Appointment :

10.11.2011

DIN No.:

00005806

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L52399MH1987PLC044954	PANTALOON RETAIL (INDIA) LIMITED	Managing director	10/11/2011	27/07/1992	-	Active	NO
2	U51311RJ2002PTC017552	SUPREME TRADELINKS PRIVATE LIMITED	Director	03/03/2005	03/03/2005	31/03/2009	Active	NO
3	U70100MH2005PTC151972	ACUTE REALTY PRIVATE LIMITED	Director	15/03/2005	15/03/2005	18/06/2012	Active	NO
4	U52190MH2006PLC160377	GJ FREEDOM FASHIONS LIMITED	Director	08/03/2006	08/03/2006	30/01/2008	Active	NO
5	U74999MH2007PTC166866	STAPLES FUTURE OFFICE PRODUCTS PRIVATE LIMITED	Director	09/01/2007	09/01/2007	01/08/2007	Active	NO
6	U63030MH2006PLC160376	FUTURE SUPPLY CHAIN SOLUTIONS LIMITED	Director	30/11/2007	13/07/2007	-	Active	NO
7	U17291MH2007GOI195402	GOLDMOHUR DESIGN AND APPAREL PARK LIMITED	Director	22/12/2008	22/12/2007	-	Active	NO
8	U74999MH2007PLC167122	FUTURE KNOWLEDGE SERVICES LIMITED	Director	30/09/2008	31/01/2008	-	Active	NO
9	U85110MH1998PLC226134	INDUS-LEAGUE CLOTHING LIMITED	Director	04/09/2008	23/04/2008	-	Active	NO
10	U74994MH2008PLC181891	CELIO FUTURE FASHION LIMITED	Director	05/05/2008	05/05/2008	-	Active	NO
11	U52110MH2006PLC159581	FUTURE AXIOM TELECOM LIMITED	Director	30/09/2008	15/05/2008	-	Active	NO
12	U17219WB1992PLC056339	TURTLE LIMITED	Director	05/08/2009	01/12/2008	-	Active	NO
13	U51900MH2006PLC159197	FUTUREBAZAAR INDIA LIMITED	Director	30/09/2010	21/10/2009	-	Active	NO
14	U52399MH2007PLC171178	FUTURE E-COMMERCE INFRASTRUCTURE LIMITED	Director	30/09/2010	24/12/2009	20/10/2010	Active	NO
15	U51109MH2010PTC207312	SAACHI MULTITRADING PRIVATE LIMITED	Director	22/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
16	U45400MH2010PTC207216	UCCHAL INFRASTRUCTURE PRIVATE LIMITED	Director	22/08/2011	14/09/2010	-	Active	NO
17	U51109MH2010PTC207247	RADHA MULTITRADING PRIVATE LIMITED	Director	22/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
18	U19200DL2010PLC206824	CLARKS FUTURE FOOTWEAR LIMITED	Director	05/08/2011	29/09/2010	-	Active	NO
19	U93000MH2011PTC218630	MANCHESTER SPORTS ACADEMY PRIVATE LIMITED	Director	14/06/2011	14/06/2011	-	Active	NO
20	U85191MH2011NPL222989	RETAILERS ASSOCIATION'S SKILL COUNCIL OF INDIA	Director	13/10/2011	13/10/2011	-	Active	NO
21	U52100MH2007PLC171524	FUTURE VALUE RETAIL LIMITED.	Additional director	10/02/2012	10/02/2012	-	Active	NO
22	U72900MH2007PLC174787	NUFUTURE DIGITAL (INDIA) LIMITED	Additional director	27/03/2012	27/03/2012	-	Active	NO
23	U93090MH2012PTC234400	PLUGGERS SPORTS LIFESTYLE PRIVATE LIMITED	Director	13/08/2012	13/08/2012	-	Active	NO
24	AAA-6346	SAACHI MULTITRADING LLP	Designated Partner	23/09/2011	23/09/2011	-	Active	NO
25	AAA-6387	RADHA MULTITRADING LLP	Designated Partner	27/09/2011	27/09/2011	-	Active	NO
26	AAA-6891	BIYANI CAPITAL RESOURCES LLP	Designated Partner	15/11/2011	15/11/2011	-	Active	NO
27	AAA-6892	GSR CAPITAL RESOURCES LLP	Designated Partner	15/11/2011	15/11/2011	-	Active	NO

Name :

Mr. Vijay Laxminarayan Biyani

Designation :

Whole Time Director

Address :

305, Jeevan Vihar, 5, Manav Mandir Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

04.07.1959

Date of Appointment :

26.09.2009

DIN No.:

00005827

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1987PLC044078	PIL INDUSTRIES LIMITED	Director	25/09/2009	01/10/1991	-	Active	NO
2	U51900MH1995PTC092583	IMAGE COMMERCIALS PRIVATE LIMITED	Director	12/09/1995	12/09/1995	30/05/2007	Active	NO
3	U55200MH2000PTC124192	OFFBEAT DEVELOPERS PRIVATE LIMITED	Director	29/09/2006	15/05/2000	04/03/2010	Active	NO
4	U17120MH1984PTC032719	FUTURE REALTORS INDIA PRIVATE LIMITED	Director	23/11/2000	23/11/2000	-	Amalgamated	NO
5	U45200MH2004PLC146312	KB MALL MANAGEMENT COMPANY LIMITED	Director	14/05/2004	14/05/2004	30/12/2008	Active	NO
6	U70100MH2004PTC148031	NIYMAN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	16/08/2004	16/08/2004	-	Active	NO
7	U65990MH1994PTC076728	VARNISH TRADING PRIVATE LIMITED	Director	30/09/2009	25/08/2004	-	Amalgamated	NO
8	L51900MH1981PLC025354	IDREAM FILM INFRASTRUCTURE COMPANY LIMITED	Director	22/11/2005	22/11/2005	31/07/2008	Active	NO
9	U72900MH2000PTC126232	GRACEWORKS REALTY AND LEISURE PRIVATE LIMITED	Director	15/05/2006	15/05/2006	25/03/2009	Active	NO
10	U93000MH2002PLC135478	AHA PARKS LIMITED	Director	23/05/2006	23/05/2006	25/10/2008	Active	NO
11	U17110MH2004PTC043441	ESES COMMERCIALS PRIVATE LIMITED	Director	25/08/2006	25/08/2006	-	Active	NO
12	U70100MH2005PTC156874	UTSAV MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	20/01/2007	20/01/2007	-	Active	NO
13	U51909MH2005PTC151869	SPRINT ADVISORY SERVICES PRIVATE LIMITED	Director	06/08/2007	16/03/2007	-	Active	NO
14	U66010MH2006PLC165288	FUTURE GENERALI INDIA LIFE INSURANCE COMPANY LIMITED	Director	23/11/2007	16/03/2007	-	Active	NO
15	U66030MH2006PLC165287	FUTURE GENERALI INDIA INSURANCE COMPANY LIMITED	Director	23/11/2007	16/03/2007	-	Active	NO
16	U45200MH2005PTC157267	SHENDRA ADVISORY SERVICES PRIVATE LIMITED	Director	06/08/2007	16/03/2007	-	Active	NO
17	U45200MH2007PTC168052	VAYUPUTRA REALTY PRIVATE LIMITED	Additional director	02/02/2008	15/12/2007	02/04/2008	Active	NO
18	U70200MH2007PTC168047	MAHABAL REALTY PRIVATE LIMITED	Additional director	02/02/2008	15/12/2007	02/04/2008	Active	NO
19	U45200MH2007PTC168000	KUBER MALL MANAGEMENT PRIVATE LIMITED	Director	19/08/2008	15/12/2007	-	Active	NO
20	U70102MH2007PTC167996	KESARI REALTY PRIVATE LIMITED	Director	19/08/2008	15/12/2007	-	Active	NO
21	U17291MH2007GOI195397	APOLLO DESIGN APPAREL PARKS LIMITED	Director	22/12/2008	22/12/2007	-	Active	NO
22	U74999MH2007PTC167999	AMAN SYNTEX PRIVATE LIMITED	Director	19/08/2008	31/03/2008	27/02/2010	Active	NO
23	U93090MH2007PTC168048	HOLII ACCESSORIES PRIVATE LIMITED	Director	21/08/2008	31/03/2008	30/04/2009	Active	NO
24	U74140MH2007PTC175603	SUHANI TRADING AND INVESTMENT CONSULTANTS PRIVATE LIMITED	Director	30/12/2008	31/03/2008	16/05/2011	Active	NO
25	U70200MH2007PTC170246	VISHNU MALL MANAGEMENT PRIVATE LIMITED	Director	23/10/2008	31/03/2008	-	Active	NO
26	U45200MH2007PTC168069	FESTIVE REALTY PRIVATE LIMITED	Director	21/08/2008	31/03/2008	-	Active	NO
27	L52399MH1987PLC044954	PANTALOON RETAIL (INDIA) LIMITED	Whole-time director	26/09/2009	26/09/2009	-	Active	NO
28	U51100MH2005PLC156856	FUTURE CORPORATE RESOURCES LIMITED	Director	30/09/2010	08/04/2010	-	Active	NO
29	U17100MH2004PTC143809	DHANSHREE FASHIONS PRIVATE LIMITED	Director	30/09/2010	26/05/2010	-	Active	NO
30	U45202MH2010PTC206996	U-PHASE INFRAPROJECTS PRIVATE LIMITED	Director	24/08/2011	14/09/2010	-	Active	NO
31	U45202MH2010PTC207208	TANUSHRI INFRASTRUCTURE PRIVATE LIMITED	Director	24/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
32	U45200MH2010PTC207153	LIQUID FOOT INFRAPROJECTS PRIVATE LIMITED	Director	24/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
33	AAA-6314	LIQUID FOOT INFRAPROJECTS LLP	Designated Partner	21/09/2011	21/09/2011	-	Active	NO
34	AAA-6413	TANUSHRI INFRASTRUCTURE LLP	Designated Partner	28/09/2011	28/09/2011	-	Active	NO

Name :

Mr. Gopikishan Bansilal Biyani

Designation :

Director

Address :

309. Jeevan Vihar, 5, Manav Mandir Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

12.08.1945

Date of Appointment :

01.04.2010

DIN No.:

00005775

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L52399MH1987PLC044954	PANTALOON RETAIL (INDIA) LIMITED	Director	01/04/2010	01/06/1991	-	Active	NO
2	U45200MH2004PLC146312	KB MALL MANAGEMENT COMPANY LIMITED	Director	14/05/2004	14/05/2004	-	Active	NO
3	U70100MH2005PTC151439	ISKRUPA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	21/02/2005	21/02/2005	20/05/2010	Active	NO
4	U74900MH1996PLC097943	FUTURE CORPORATE RESOURCES LIMITED	Director	30/09/2009	25/10/2005	-	Amalgamated	NO
5	L28920MH1970PLC014746	REMI EDELSTAHL TUBULARS LIMITED	Director	23/03/2009	23/03/2009	-	Active	NO
6	U51909MH2010PTC206943	SOFTTOUCH MULTITRADING PRIVATE LIMITED	Director	24/08/2011	14/09/2010	-	Active	NO
7	U45400MH2010PTC207310	RAJA INFRASTRUCTURE PRIVATE LIMITED	Director	24/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
8	U51398MH2010PTC206874	RAAKA MULTITRADING PRIVATE LIMITED	Director	24/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
9	U45201MH2010PTC207691	NEEHARIKA INFRASTRUCTURE PRIVATE LIMITED	Director	31/10/2011	25/11/2010	01/04/2012	Active	NO
10	U45400MH2010PTC207806	BESTEVER DEVELOPERS PRIVATE LIMITED	Director	31/10/2011	25/11/2010	-	Active	NO
11	U93000MH2010PTC207670	BEST MALL MANAGEMENT PRIVATE LIMITED	Director	31/10/2011	25/11/2010	-	Active	NO
12	AAA-6345	RAAKA MULTITRADING LLP	Designated Partner	23/09/2011	23/09/2011	-	Active	NO
13	AAA-6371	RAJA INFRASTRUCTURE LLP	Designated Partner	26/09/2011	26/09/2011	-	Active	NO
14	AAA-6891	BIYANI CAPITAL RESOURCES LLP	Designated Partner	15/11/2011	15/11/2011	-	Active	NO
15	AAA-6892	GSR CAPITAL RESOURCES LLP	Designated Partner	15/11/2011	15/11/2011	-	Active	NO

Name :

Mr. Darlie Oommen Koshy

Designation :

Director

Address :

1402, Tower-02, Orchid Petals, Sohna Road, Sector - 49, Gurgaon (NCR) – 122002, Haryana, India

Date of Birth/Age :

29/05/1955

Date of Appointment :

27/07/1999

DIN No.:

00023527

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L52399MH1987PLC044954	PANTALOON RETAIL (INDIA) LIMITED	Director	27/07/1999	27/07/1999	-	Active	NO
2	U22219GJ1973SGC002360	GUJARAT STATE HANDLOOM AND HANDICRAFTS DEVELOPMENT CORPORATION LIMITED	Director	05/02/2005	05/02/2005	30/05/2009	Active	NO
3	U52330MH2004PLC148956	HOME SOLUTIONS RETAIL (INDIA) LIMITED	Director	26/10/2007	26/10/2007	05/02/2009	Active	NO

Name :

Mr. Doreswamy Seshagiri Rao

Designation :

Director

Address :

33-3, Juhu Shalimar, Gulmohar Crossroad No.10 J.V.P.D. Schema, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

30.09.1937

Date of Appointment :

29.09.2000

DIN No.:

00042897

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L25100MH1958PLC011041	CEAT LIMITED	Director	27/07/2000	27/07/2000	-	Active	NO
2	L52399MH1987PLC044954	PANTALOON RETAIL (INDIA) LIMITED	Director	29/09/2000	29/09/2000	-	Active	NO
3	L85110KA1987PLC008699	CAN FIN HOMES LIMITED	Director	19/09/2003	19/09/2003	11/09/2009	Active	NO
4	U85110KA1983PLC005198	KAYTEE SWITCHGEARS LIMITED	Nominee director	01/10/2003	01/10/2003	-	Amalgamated	NO
5	L15421TZ1961PLC000396	SAKTHI SUGARS LIMITED	Director	19/12/2007	20/02/2004	-	Active	NO
6	U72900MH2004PLC146322	CALIBER POINT BUSINESS SOLUTIONS LIMITED	Director	28/06/2004	28/06/2004	-	Active	NO
7	U65991MH1996PTC100444	DSP BLACKROCK TRUSTEE COMPANY PRIVATE LIMITED	Director	25/10/2005	25/10/2005	-	Active	NO
8	L21010GJ1991PLC019432	RAMA NEWSPRINT AND PAPERS LIMITED	Director	19/09/2008	20/08/2008	11/05/2012	Active	NO
9	L72900MH1992PLC069662	HEXAWARE TECHNOLOGIES LIMITED	Director	29/04/2010	17/02/2010	-	Active	NO

Name :

Ms. Bala Chaitanya Deshpande

Designation :

Director

Address :

Flat No.501, 5th Floor, Kukreja Heights, Near Rishi Kapoor’s Bungalow, Pali Hill, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

15.04.1966

Date of Appointment :

15.11.2007

DIN No.:

00020130

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U85110MH1998PLC226134	INDUS-LEAGUE CLOTHING LIMITED	Director	09/04/2001	09/04/2001	10/09/2008	Active	NO
2	U74999MH2000PLC128611	TECHPROCESS SOLUTIONS LIMITED	Whole-time director	30/06/2001	30/06/2001	30/06/2008	Active	NO
3	U74899DL1995PTC066007	TEAM FOUR HOSPITALITY SERVICES PRIVATE LIMITED	Director	12/07/2001	12/07/2001	-	Strike off	NO
4	U63040KA2000PLC026323	TRAVEL JINI.COM LIMITED	Director	12/07/2001	12/07/2001	27/06/2008	Active	NO
5	L52399MH1987PLC044954	PANTALOON RETAIL (INDIA) LIMITED	Director	15/11/2007	09/08/2001	-	Active	NO
6	U52599TN1997PLC037948	SUBHIKSHA TRADING SERVICES LIMITED	Director	09/09/2002	09/09/2002	10/09/2008	Active	YES
7	L17110GJ1985PLC033271	WELSPUN INDIA LIMITED	Director	23/04/2008	29/06/2004	15/06/2009	Active	NO
8	U74999PN2001NPL016603	MITRA TECHNOLOGY FOUNDATION	Director	30/09/2004	30/09/2004	-	Active	NO
9	L85110KA1995PLC018045	KINGFISHER AIRLINES LIMITED	Director	29/03/2005	29/03/2005	10/09/2008	Active	NO
10	L74899DL1995PLC068021	INFO EDGE (INDIA) LIMITED	Director	27/07/2007	06/09/2005	-	Active	NO
11	L72200AP1990PLC011146	NCC LIMITED	Nominee director	31/01/2006	31/01/2006	27/10/2008	Active	NO
12	L17118RJ1984PLC003173	SANGAM (INDIA) LIMITED	Nominee director	06/11/2006	06/11/2006	10/09/2008	Active	NO
13	U52330MH2004PLC148956	HOME SOLUTIONS RETAIL (INDIA) LIMITED	Director	26/10/2007	08/12/2006	10/09/2008	Active	NO
14	U72200MH1990PTC055995	CHECKMATE CONSULTANCY (BOMBAY) PRIVATE LIMITED	Nominee director	10/06/2008	01/04/2008	29/08/2008	Active	NO
15	U27200MH1990PTC056628	TALISMAN CONSULTANTS PRIVATE LIMITED	Nominee director	01/04/2008	01/04/2008	29/08/2008	Active	NO
16	L45201TN1995PLC033541	SUBIKSHA RETAIL LIMITED	Director	26/09/2008	28/06/2008	31/10/2008	Active	NO
17	U74999KA2006PTC040686	NEW ENTERPRISE ASSOCIATES (INDIA) PRIVATE LIMITED	Managing director	01/04/2011	14/04/2009	-	Active	NO
18	U72100DL2001PLC109841	INTARVO TECHNOLOGIES LIMITED	Director	11/09/2009	11/09/2009	-	Active	NO
19	U52599TN1991PTC020361	FINANCIAL SOFTWARE AND SYSTEMS PRIVATE LIMITED	Nominee director	05/03/2010	05/03/2010	-	Active	NO
20	U85110KA2009PTC048832	NOVA MEDICAL CENTERS PRIVATE LIMITED	Nominee director	30/09/2010	21/05/2010	09/07/2012	Active	NO
21	U45200AP2004PTC044833	VISHWA INFRASTRUCTURES AND SERVICES PRIVATE LIMITED	Nominee director	12/09/2011	04/02/2011	-	Active	NO
22	U72100WB2007PLC117716	INTELLISYS TECHNOLOGIES AND RESEARCH LIMITED	Additional director	17/02/2011	17/02/2011	-	Active	NO
23	U74210MH1986PTC040889	AIR WORKS INDIA (ENGINEERING) PRIVATE LIMITED	Director	26/09/2011	16/05/2011	-	Active	NO
24	U52190MH2008PTC179371	NAAPTOL ONLINE SHOPPING PRIVATE LIMITED	Nominee director	30/08/2011	30/08/2011	-	Active	NO
25	U45400TN2010PTC078050	TRISHE DEVELOPERS PRIVATE LIMITED	Nominee director	11/08/2012	11/08/2012	-	Active	NO

Name :

Mr. Anil Harish

Designation :

Director

Address :

13, C.C.I, Chambers, 1st Floor, Dinahaw Wacha Road. Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

19.03.1954

Date of Appointment :

24.08.2004

DIN No.:

00001685

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51900MH1984PTC031805	TRANS ATLANTIC TRADING PRIVATE LIMITED	Director	01/01/1986	01/01/1986	-	Strike off	NO
2	U74140MH1982PTC026501	TRANS ATLANTIC CONSULTANTS PRIVATE LIMITED	Director	01/01/1986	01/01/1986	-	Active	NO
3	U51900MH1987PTC044475	SHERBROOK INTERNATIONAL PRIVATE LIMITED	Director	25/08/1987	25/08/1987	24/02/2010	Strike off	NO
4	U65990MH1990PTC055279	QUANTUM ADVISORS PRIVATE LIMITED	Director	31/01/1990	31/01/1990	18/08/2011	Active	NO
5	U70101MH1990PTC055431	HELPYOURNGO.COM INDIA PRIVATE LIMITED	Director	13/02/1990	13/02/1990	-	Active	NO
6	U51900MH1992PTC064885	BRAHMAPUTRA EXPORTS BOMBAY PRIVATE LIMITED	Director	07/06/1993	07/06/1993	07/04/2008	Active	NO
7	U51900MH1992PTC064884	BRAHMAPUTRA TRADING BOMBAY PRIVATE LIMITED	Director	07/06/1993	07/06/1993	07/04/2008	Active	NO
8	L74210MH1977PLC019535	VALECHA ENGINEERING LIMITED	Director	30/12/1993	30/12/1993	-	Active	NO
9	U61100MH1974PLC017161	TOLANI SHIPPING COMPANY LIMITED	Director	05/08/1994	05/08/1994	29/10/2007	Active	NO
10	U35110MH1995PTC085229	FREIGHT CONNECTION INDIA PRIVATE LIMITED	Director	08/02/1995	08/02/1995	-	Active	NO
11	L51900MH1985PLC036896	HINDUJA VENTURES LIMITED	Director	08/11/1995	08/11/1995	-	Active	NO
12	U63000MH1996PTC103985	TORM SHIPPING INDIA PRIVATE LIMITED	Director	22/03/1997	22/03/1997	15/10/2010	Active	NO
13	U63040MH1997PTC107134	EURASIA TRAVEL SERVICES PRIVATE LIMITED	Director	07/04/1997	07/04/1997	02/03/2009	Active	NO
14	U63032MH1997PLC109979	KC MARITIME (INDIA) LIMITED	Director	08/08/1997	08/08/1997	10/01/2011	Active	NO
15	L99999MH1987PLC042891	ADVANI HOTELS AND RESORTS (INDIA) LIMITED	Director	23/02/1998	23/02/1998	-	Active	NO
16	L55101MH1981PLC024097	HOTEL LEELAVENTURE LIMITED	Director	13/04/1998	13/04/1998	-	Active	NO
17	U65990MH1995PLC091626	PREBON YAMANE (INDIA) LIMITED	Director	11/03/1999	11/03/1999	26/10/2007	Active	NO
18	U35110MH1992PTC066706	PARAMOUNT SHIPPING AND MANAGEMENT PRIVATE LIMITED	Director	09/07/1999	09/07/1999	11/02/2009	Active	NO
19	U63090MH1997PTC108257	BERNHARD SCHULTE SHIPPING (INDIA) PRIVATE LIMITED	Director	16/08/1999	16/08/1999	11/02/2009	Active	NO
20	U61100MH2000PTC124110	BERNHARD SCHULTE SHIPMANAGEMENT (INDIA) PRIVATE LIMITED	Director	08/02/2000	08/02/2000	11/02/2009	Active	NO
21	L92110MH1982PLC028180	MUKTA ARTS LIMITED	Director	24/03/2000	24/03/2000	-	Active	NO
22	U63090MH2003PTC141183	CENMAR MARITIME AGENCIES (INDIA) PRIVATE LIMITED	Director	14/08/2007	04/07/2003	-	Active	NO
23	L52399MH1987PLC044954	PANTALOON RETAIL (INDIA) LIMITED	Director	24/08/2004	24/08/2004	-	Active	NO
24	L45200MH1999PLC118949	MAHINDRA LIFESPACE DEVELOPERS LIMITED	Director	28/10/2004	28/10/2004	-	Active	NO
25	U63032MH2004PTC146832	OMCI SHIPMANAGEMENT PRIVATE LIMITED	Director	22/03/2005	22/03/2005	-	Active	NO
26	L70100MH1951PLC008647	ADOR WELDING LIMITED	Director	28/03/2005	28/03/2005	-	Active	NO
27	U92132MH1995PLC085835	INDUSIND MEDIA AND COMMUNICATION LIMITED	Director	30/12/2005	30/12/2005	09/02/2007	Active	NO
28	U67120MH2006PTC162405	BLUE ROSE INVESTMENTS PRIVATE LIMITED	Director	15/05/2006	15/05/2006	-	Strike off	NO
29	L51900MH1981PLC024988	GALAXY ENTERTAINMENT CORPORATION LIMITED	Director	31/07/2006	31/07/2006	12/09/2009	Active	NO
30	L74899DL1971PLC009720	UNITECH LIMITED	Director	24/08/2006	24/08/2006	-	Active	NO
31	U45202MH2001PLC164434	MANTRI REALTY LIMITED	Director	29/09/2010	21/02/2007	15/11/2011	Active	NO
32	L92199MH1995PLC084610	HINDUJA GLOBAL SOLUTIONS LIMITED	Director	05/03/2007	05/03/2007	-	Active	NO
33	U74999MH2007FTC168874	SEACO OPERATIONS INDIA PRIVATE LIMITED	Director	11/04/2007	11/04/2007	-	Active	NO
34	U45201MH2006PTC165408	MORDRIL PROPERTIES (INDIA) PRIVATE LIMITED	Director	10/07/2007	10/07/2007	-	Active	NO
35	U65900MH2007FTC173079	BOI AXA INVESTMENT MANAGERS PRIVATE LIMITED	Director	29/08/2008	15/11/2007	20/07/2011	Active	NO
36	U55200DL1983PLC219781	PRIDE HOTELS LIMITED	Director	30/09/2008	05/12/2007	08/10/2009	Active	NO
37	U80904MH2007NPL167853	WHISTLING WOODS INTERNATIONAL FOUNDATION	Director	01/02/2008	01/02/2008	25/07/2011	Active	NO
38	L67120MH1996PLC192090	FUTURE VENTURES INDIA LIMITED	Director	30/09/2008	20/02/2008	-	Active	NO
39	U22200MH2008PTC179900	OASIS PRE PRINT SERVICES PRIVATE LIMITED	Director	10/03/2008	10/03/2008	-	Active	NO
40	U35110MH1999PTC120983	ASTORIA MARITIME PRIVATE LIMITED	Director	18/09/2009	15/12/2008	-	Active	NO
41	L45200MH1998PLC114818	OBEROI REALTY LIMITED	Director	29/09/2009	18/09/2009	-	Active	NO
42	L34101TN1948PLC000105	ASHOK LEYLAND LIMITED	Director	27/07/2010	30/10/2009	-	Active	NO
43	U65993TN2008PLC069837	HINDUJA LEYLAND FINANCE LIMITED	Additional director	02/11/2011	02/11/2011	-	Active	NO

Name :

Mr. Vijay Kumar Krishna Kumar Chopra

Designation :

Director

Address :

4 - A, 4th Floor, Harmony, Tower. Dr E Moses Road, Worli Mumbai – 400013, Maharashtra, India

Date of Birth/Age :

06.03.1946

Date of Appointment :

24.07.2008

DIN No.:

02103940

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74210HR1984PLC032293	RASANDIK ENGINEERING INDUSTRIES INDIA LIMITED	Director	12/09/2008	18/03/2008	27/08/2009	Active	NO
2	U51909DL2004PLC126962	SVIL MINES LIMITED	Additional director	10/04/2008	10/04/2008	06/08/2008	Active	NO
3	L74999MH1989PLC052384	ROLTA INDIA LIMITED	Director	24/11/2008	17/04/2008	-	Active	NO
4	U67190MH1999PLC119009	CENTRUMDIRECT LIMITED	Director	29/12/2008	06/05/2008	03/05/2011	Active	NO
5	L36900MH1988PLC049085	SUASHISH DIAMONDS LIMITED	Director	27/09/2008	09/05/2008	26/02/2009	Active	NO
6	L65910MH1984PLC032639	DEWAN HOUSING FINANCE CORPORATION LIMITED	Director	28/07/2008	12/05/2008	-	Active	NO
7	L13100DL1976PLC188942	LANDMARK PROPERTY DEVELOPMENT COMPANY LIMITED	Director	22/09/2008	03/06/2008	11/08/2010	Active	NO
8	U24209DL1991PLC175849	RFCL LIMITED.	Director	29/09/2008	30/06/2008	28/02/2011	Active	NO
9	U63032MH1995PLC086014	ORIX AUTO INFRASTRUCTURE SERVICES LIMITED	Director	18/06/2009	18/07/2008	21/04/2010	Active	NO
10	L99999GJ1985PLC011553	JAYBHARAT TEXTILES AND REAL ESTATE LIMITED	Director	09/08/2008	24/07/2008	13/03/2010	Active	NO
11	L52399MH1987PLC044954	PANTALOON RETAIL (INDIA) LIMITED	Director	10/11/2008	24/07/2008	-	Active	NO
12	U55204DL2007PLC170126	PARSVNATH HOTELS LIMITED	Director	28/08/2008	29/07/2008	08/12/2008	Active	NO
13	U65999MH2004PTC144113	PEGASUS ASSETS RECONSTRUCTION PRIVATE LIMITED	Additional director	11/08/2008	11/08/2008	-	Active	NO
14	U66010KA2001PLC028883	METLIFE INDIA INSURANCE COMPANY LIMITED	Director	14/08/2008	14/08/2008	-	Active	NO
15	U67190MH1999PLC120866	SIDBI VENTURE CAPITAL LIMITED	Director	08/07/2009	11/09/2008	-	Active	NO
16	U74999MH2008PTC178871	AEGON MANAGEMENT CONSULTANTS INDIA PRIVATE LIMITED	Director	26/09/2008	26/09/2008	24/11/2008	Active	NO
17	U65933MH1991PLC192261	FUTURE FINANCE LIMITED	Director	03/08/2009	01/12/2008	06/08/2011	Active	NO
18	U67190MH2005PLC153471	RELIGARE ASSET MANAGEMENT COMPANY LIMITED	Director	24/09/2009	04/12/2008	-	Active	NO
19	L31900DL1983PLC016304	HAVELLS INDIA LIMITED	Director	25/08/2009	30/01/2009	-	Active	NO
20	U66020MH2009PLC191340	RELIANCE CAPITAL PENSION FUND LIMITED	Director	17/05/2010	24/04/2009	-	Active	NO
21	U67190MH2005PLC153819	MILESTONE CAPITAL ADVISORS LIMITED	Director	25/09/2009	30/06/2009	-	Active	NO
22	L14106UP1995PLC019017	JAIPRAKASH ASSOCIATES LIMITED	Director	21/09/2010	01/09/2009	-	Active	NO
23	U93000MH2009PTC191700	CAPSTONE CAPITAL SERVICES PRIVATE LIMITED	Director	08/05/2010	02/02/2010	23/02/2011	Active	NO
24	U52599MH2007PLC167292	FUTURE CAPITAL FINANCIAL SERVICES LIMITED	Additional director	03/05/2010	03/05/2010	-	Amalgamated	NO
25	L99999MH1982PLC027797	RESPONSIVE INDUSTRIES LIMITED	Director	20/06/2011	09/11/2010	-	Active	NO
26	U65923MH2010PTC208754	MILESTONE HOME FINANCE COMPANY PRIVATE LIMITED	Director	30/12/2011	25/01/2011	-	Active	NO
27	U74899DL1995PLC104560	FIRST BLUE HOME FINANCE LIMITED	Director	29/06/2011	25/03/2011	-	Active	NO
28	U67120MH2004PLC147365	INDIA INFOLINE FINANCE LIMITED	Additional director	27/06/2012	27/06/2012	-	Active	NO
29	L65990MH1984PLC032422	SPANCO LIMITED	Additional director	01/07/2012	01/07/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Deepak Navincharidra Tanna
Designation :	Company Secretary
Address :	B-22, Vimal Nagar Co-operative Housing Society Limited, S.V. Road, Kandivli (West). Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	11.09.1965
Date of Appointment :	26.04.2003
PAN No.:	AABPT3574H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.06.2012

Category	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	94145418	43.66
Sub Total	94145418	43.66
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	94145418	43.66
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	8779992	4.07
Financial Institutions / Banks	4515744	2.09
Venture Capital Funds	10070739	4.67
Insurance Companies	2281215	1.06
Foreign Institutional Investors	48252429	22.37
Sub Total	73900119	34.27
(2) Non-Institutions
Bodies Corporate	27488327	12.75
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	10174758	4.72
Individual shareholders holding nominal share capital in excess of Rs. Rs. 0.100 Million	8667002	4.02
Any Others (Specify)	1277815	0.59
Clearing Members	1124457	0.52
Directors & their Relatives & Friends	37600	0.02
Non Resident Indians	105558	0.05
Trusts	10200	-
Sub Total	47607902	22.08
Total Public shareholding (B)	121508021	56.34
Total (A)+(B)	215653439	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)	215653439	-

BUSINESS DETAILS

Line of Business :

Chain of Departmental Stores

Products :

Item Code No. (ITC Code)	Product Description
6207	Menswear
6208	Ladieswear
6209	Childrenwear

PRODUCTION STATUS (As on:30.06.2011)

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Apparels	NA	418	0.13*

Note:

*includes job work done by third parties.

GENERAL INFORMATION

No. of Employees :

28000 (Approximately)

Bankers :

· Bank of India

· Axis Bank Limited

· Andhra Bank

· Corporation Bank

· HDFC Bank Limited

· IDBI Bank

· State Bank of Travancore

· UCO Bank

· Standard Chartered Bank

· The Federal Bank Limited

· Union Bank of India

· Bank of Baroda

· Allahabad Bank

Facilities :

Secured Loan	Rs. In Millions 30.06.2011	Rs. In Millions 30.06.2010
Non convertible debentures	7000.000	5000.000
Term Loans From Banks
Foreign Currency Loans	843.000	1790.900
Rupee Loans	5055.900	2625.800
Working Capital Loans From Banks
Rupee Loan	3835.400	2926.000
Hire Purchase	24.600	17.600
Total	16758.900	12360.300
Unsecured Loan	Rs. In Millions 30.06.2011	Rs. In Millions 30.06.2010
Debenture application money	1450.000	0.000
From Banks	3000.000	0.000
Short Term Loans from Banks	0.000	996.100
Inter corporate deposits	522.300	505.800
Total	4972.300	1501.900

Banking Relations :	--
Statutory Auditors :
Name :	NGS and Company Chartered Accountants
Risk Advisors :	Ernst and Young Private Limited
Subsidiaries :	· Futurebazaar India Limited CIN No.: U51900MH2006PLC159197 · Future Knowledge Services Limited · Future Media (India) Limited CIN No.: U74300MH2006PLC160375 · Future Mobile and Accessories Limited (till 29.06.2011) CIN No.: U51900MH2007PLC171946 · Future Agrovet Limited CIN No.: U15100MH2005PLC15259 · Future Supply Chain Solutions Limited. CIN No.: U63030MH2006PLC160376 · FSC Brand Distribution Services Limited (Formerly Known as FLSL Distribution Services Limited) CIN No.: U51109MH2008PLC189032 · Future Value Retail Limited CIN No.: U52100MH2007PLC171524 · Future Learning and Development Limited CIN No.: U74999MH2008PLC181051 · Home Solutions Retail (India) Limited CIN No.: U52330MH2004PLC148956 · Future Freshfoods Limited (w.e.f. 03.12.2010) CIN No.: U01403MH2010PLC201760 · Winner Sports Limited CIN No.: U36939RJ2007PLC024527 · Future E-Commerce Infrastructure Limited CIN No.: U52399MH2007PLC171178 · Splendor Fitness Private Limited (Formerly Known as Talwalkars · Pantaloon Fitness Private Limited) (w.e.f. 30.03.2011) CIN No.: U93020MH2006PTC166332 · Future Capital Holdings Limited CIN No.: L29120MH2005PLC156795 · Future Capital Financial Services Limited.(till 29.06.2011) CIN No.: U52599MH2007PLC167292 · 1Future Finance Limited · Kshitij Investment Advisory Company Limited CIN No.: U67190MH2004PLC150329 · Myra Mall Management Company Limited · FCH Securities and Advisors Limited (Formerly Known as Ambit Investment Advisory Company Limited) · Future Capital Commodities Limited (formerly known as Axon Development Solutions Limited) CIN No.: · Kshitij Property Solutions Private Limited CIN No.: U70109MH2006PTC161374 · Future Hospitality Management Limited · Future Capital Investment Advisors Limited (formerly known as Indivision Investment Advisors Limited) · Future Capital Home Finance Private Limited · Anchor Investment and Trading Private Limited · CIG Infrastructure Private Limited (till 02.08.2010) · Clarks Future Footwear Limited (till 26.12.2010) CIN No.: U19200DL2010PLC206824 · nuzone Ecommerce Infrastructure Limited (w.e.f. 13.05.2011) CIN No.: U45200MH2011PLC212457 · nuZone Electronics Limited (w.e.f. 13.05.2011) CIN No.: U51909MH2010PLC211232 · Future Capital Securities Limited (formerly Known as FCH Centrum Wealth Managers Limited) (w.e.f. 29 March 2011) · Shreya Mall Management Private Limited CIN No.: U70102MH2006PTC161886
Associate Companies/Firms :	· Galaxy Entertainment Corporation Limited CIN No.: L51900MH1981PLC024988 · Future Corporate Resources Limited CIN No.: U51100MH2005PLC156856 · Manz Retail Private Limited CIN No.: U51311DL1994PTC062026 · Future Ideas Company Limited CIN No.: U65900MH2006PLC159526 · Bansi Mall Management Company Private Limited CIN No.: U70100MH2005PTC156869 · Ojas Mall Management Private Limited CIN No.: U70102MH2006PTC161887 · Aashirwad Malls Private Limited CIN No.: U70101GJ2004PTC045030 · KB Mall Management Company Limited CIN No.: U45200MH2004PLC146312 · Nishta Mall Management Company Private Limited CIN No.: U70100MH2004PTC148033 · Iskrupa Mall Management Company Private Limited CIN No.: U70100MH2005PTC151439 · Niyman Mall Management Company Private Limited CIN No.: U70100MH2004PTC148031 · Future Human Development Limited CIN No.: U51909MH2005PLC174301 · Asian Retail Lighting Limited CIN No.: U52599MH2007PLC166906 · Fashion Global Retail Limited · Utsav Mall Management Company Private Limited CIN No.: U70100MH2005PTC156874 · Dhanshree Fashions Private Limited CIN No.: U17100MH2004PTC143809 · nuFuture Digital (India) Limited (formerly known as Erudite Knowledge Services Limited) CIN No.: U72900MH2007PLC174787 · Future ventures India Limited CIN No.: L67120MH1996PLC192090
Joint Venture :	· Staples Future Office Products Private Limited CIN No.: U74999MH2007PTC166866 · Future Generali India Life Insurance Company Limited CIN No.: U66010MH2006PLC165288 · Future Generali India Insurance Company Limited CIN No.: U66030MH2006PLC165287 · Future Axiom Telecom Limited CIN No.: U52110MH2006PLC159581 · Apollo Design Apparel Parks Limited CIN No.: U17291MH2007GOI195397 · Goldmohur Design and Apparel Park Limited CIN No.: U17291MH2007GOI195402 · Sprint Advisory Services Private Limited CIN No.: U51909MH2005PTC151869 · Shendra Advisory Services Private Limited CIN No.: U45200MH2005PTC157267 · Integrated Food Park Private Limited CIN No.: U74900MH2007PTC172956

CAPITAL STRUCTURE

As on 30.06.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs.2/- each	Rs.500.000 Millions
50000000	Class B Series 1 Shares	Rs.2/- each	Rs. 100.000 Millions
7000000	0.01% Compulsory Convertible Preference Shares	Rs.100/- each	Rs. 700.000 Millions
	Total		Rs. 1300.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
201153939	Equity Shares	Rs. 2/- each	Rs. 402.300 Millions
15929152	Class B Series 1 Shares as Bonus	Rs. 2/- each	Rs. 31.900 Millions
6347635	0.01% Compulsory Convertible Preference Shares	Rs. 100/- each	Rs. 634.800 Millions
	Total		Rs. 1069.000 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
201142539	Equity Shares	Rs.2/- each	Rs. 402.300 Millions
15929152	Class B Series 1 Shares as Bonus (Of the above class B Series 1 Shares 15929152 shares allotted as fully paid up by way of capitalization of share premium)	Rs.2/- each	Rs. 31.900 Millions
6347635	0.01% Compulsory Convertible Preference Shares	Rs. 100/- each	Rs. 634.800 Millions
	Total		Rs. 1069.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.06.2011	30.06.2010	30.06.2009
SHAREHOLDERS FUNDS
1] Share Capital		1069.000	412.300	380.600
2] Share Application Money		0.000	646.600	0.000
3] Reserves & Surplus		26712.300	25274.800	22114.800
4] (Accumulated Losses)		0.000	0.000	0.000
5] Equity Warrants		1000.000	1228.800	228.800
NETWORTH		28781.300	27562.500	22724.200
LOAN FUNDS
1] Secured Loans		16758.900	12360.300	25255.300
2] Unsecured Loans		4972.300	1501.900	3248.600
TOTAL BORROWING		21731.200	13862.200	28503.900
DEFERRED TAX LIABILITIES		870.500	724.300	1161.000
TOTAL		51383.000	42149.000	52389.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14670.300	11221.500	15687.600
Capital work-in-progress		1001.300	596.800	3452.300
INVESTMENT		22554.100	20029.100	9540.300
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17622.000	12706.700	17878.400
	Sundry Debtors	1852.400	1235.700	1772.500
	Cash & Bank Balances	857.700	1005.400	1093.400
	Other Current Assets	13.600	13.400	57.500
	Loans & Advances	4775.600	4216.800	12025.600
Total Current Assets		25121.300	19178.000	32827.400
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	6502.900	4464.900	3859.500
	Other Current Liabilities	5161.900	4169.300	5054.400
	Provisions	299.200	242.200	204.600
Total Current Liabilities		11964.000	8876.400	9118.500
Net Current Assets		13157.300	10301.600	23708.900
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		51383.000	42149.000	52389.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.06.2011	30.06.2010	30.06.2009
	SALES
		Sales and Operating Income	40974.300	59343.700	63417.000
		Other Income	170.500	846.300	60.600
		TOTAL (A)	41144.800	60190.000	63477.600
Less	EXPENSES
		Cost Of Goods Sold	26496.200	40625.300	44299.500
		Personal Cost	2218.500	2795.800	2742.600
		Operating and other Expenses	7922.300	10002.000	9690.500
		Exceptional Item	0.000	129.300	0.000
		TOTAL (B)	36637.000	53552.400	56732.600
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4507.800	6637.600	6745.000
Less	FINANCIAL EXPENSES (D)		1891.200	2882.400	3182.200
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2616.600	3755.200	3562.800
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1463.700	1618.800	1400.500
	PROFIT BEFORE TAX (E-F) (G)		1152.900	2136.400	2162.300
Less	TAX (H)		365.400	372.500	756.500
	PROFIT AFTER TAX (G-H) (I)		787.500	1763.900	1405.800
Less	EARLIER YEAR INCOME TAX		20.800	(31.700)	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4959.800	3805.400	0.000
Less	SHORT/ (EXCESS) PROVISION FOR DIVIDEND AND DIVIDEND TAX		(1.600)	11.300	0.000
Less	APPROPRIATIONS
		Debenture redemption reserve	350.000	250.000	0.000
		Transfer to General Reserve	78.700	179.500	140.600
		Proposed Dividend on Equity Shares	202.700	171.300	115.700
		Tax on proposed dividend	32.900	29.100	19.700
		Proposed Dividend on Preference Shares	0.100	0.000	0.000
	BALANCE CARRIED TO THE B/S		5063.700	4959.800	3805.400
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	466.200	607.400	692.800
	TOTAL EARNINGS		466.200	607.400	692.800
	IMPORTS
		Raw Materials	7.500	16.500	20.000
		Capital Goods	203.600	137.900	780.300
		Finished Goods	556.300	1264.700	732.800
		Accessories and Others	15.400	9.900	6.800
	TOTAL IMPORTS		782.800	1429.000	1539.900
	Earnings Per Share (Rs.)
	Basic - Equity		3.54	8.46	7.94
	Class B Shares (Series 1)		3.64	8.56	8.04
	Diluted Equity		3.44	8.21	7.94
	Class B Shares (Series 1)		3.54	8.31	8.04

QUARTERLY RESULTS

PARTICULARS	30.09.2011	31.12.2011	31.03.2012	30.06.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	10784.100	11079.700	11413.400	11497.600
Total Expenditure	9586.000	9820.800	10066.700	10133.300
PBIDT (Excl OI)	1198.100	1258.900	1346.700	1364.300
Other Income	72.800	35.100	13.400	24.600
Operating Profit	1270.900	1294.000	1360.100	1388.900
Interest	657.200	736.200	794.100	846.400
Exceptional Items	0.000	0.000	0.000	2589.700
PBDT	613.700	557.800	566.000	3132.200
Depreciation	453.400	482.400	484.600	504.200
Profit Before Tax	160.300	75.400	81.400	2628.000
Tax	36.000	19.000	27.100	12.700
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	124.300	56.400	54.300	2615.300
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	124.300	56.400	54.300	2615.300

KEY RATIOS

PARTICULARS		30.06.2011	30.06.2010	30.06.2009
PAT / Total Income	(%)	1.91	2.93	2.21
Net Profit Margin (PBT/Sales)	(%)	2.81	3.60	3.41
Return on Total Assets (PBT/Total Assets}	(%)	2.89	7.03	4.46
Return on Investment (ROI) (PBT/Networth)		0.04	0.08	0.10
Debt Equity Ratio (Total Liability/Networth)		1.21	0.86	1.67
Current Ratio (Current Asset/Current Liability)		2.09	2.16	3.60

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

REVIEW OF PERFORMANCE

“Core Retail Business” i.e. Retail business of the Company and Retail business operated and managed under its wholly owned subsidiary company, Future Value Retail Limited (FVRL), has crossed $ 2 billion turnover mark during the year. The Company is now present in Lifestyle Retail segment and for the year recorded a good growth through increase in presence in various cities. Income from operations for the year were at Rs.41144.800 Millions in comparision to Rs.60190.000 Millions in FY 2009-10 which also comprises of operations from Value Retail Business for six months. PBDIT stood at 4507.800 Millions in FY 2010-11, which was at 676.69 in the previous year. PAT for FY 2010-11 was Rs.766.700 Millions, which was at Rs.1795.600 Millions for the preceding year. During the preceding year, the operation and profit figures also include the part of the operation and profit from the Value Retail Business, which in current year has been transferred to and forms part of its subsidiary company, FVRL. Accordingly, the current year financial result is not comparable with the previous year.

During FY 2010-11, the Core Retail Business has increased its retail presence from around 13 million square feet to over 15 million square feet space spread pan India basis.

SCHEME OF ARRANGEMENT:

Scheme of Arrangement between Subject (‘PRIL’) and Future Value Retail Limited (‘FVRL’) and their respective Shareholders ‘the Scheme

During the previous year the Company has transferred its Value Retail Business to its wholly owned subsidiary company Future Value Retail Limited (FVRL). As part of the same exercise, your Company had initiated process to transfer Brands pertaining to Value Retail Business comprising of brands like Big Bazaar and Food Bazaar and various product brands of Value Retail Business to FVRL pursuant to Scheme under Sections 391-394 of the Companies Act, 1956 (Brand Scheme) with effect from 1st April, 2010, being Appointed Date fixed for this purpose.

The Brand Scheme has been approved by the Hon’ble High Court of Judicature at Bombay on 25th March, 2011 and the Company has filed the certified copy of the court order approving the Brand Scheme with the Registrar of Companies (ROC), Mumbai on 4th June, 2011 on receipt of certified copy of order, as required under applicable provisions of the Companies Act, 1956. Accordingly, the said scheme became effective from 1st April, 2010, the Appointed Date on Effective Date 4th June, 2011 being the date of filing certified copy of court order with ROC. With this, all format and other brands pertaining to Value Retail Business now vests with FVRL and it completes the realignment process of the Retail Business of the Company between the Company and its wholly owned subsidiary, FVRL.

THE FUTURE

Financial Year 2010-11 had started on a good note, but due to overall global economy downturn, the impact has also been felt in the retail consumption sector. This coupled with the increased finance charges due to steep increase in interest rates has affected the profitability of the Company. However, the Company would continue with its expansion plans diligently. The Company has strategically finalised the plan for acquisition of properties on lease basis for the next three to four years. The management believes that this would be a major winning factor, as there would be space constraints in future with increase of demand for the retail space. The spurt in demand would be from the established organised retail competitors as well as new entrants who may enter due to the opening of the retail sector for the foreign investment. Further the Company has invested in revamping its various format designs and refurnishing the look of the formats to attracts more eyeballs and footfalls.

The Company’s plan to continue to pursue its growth strategy to strengthen its position as a leading player in the consumption space of India, would continue with its expansion plans and continue to increase its presence on a pan India basis by opening more retail outlets in tier 2 and tier 3 cities and by further strengthening its position in key metro cities. The Company believes that with such growth strategy the objective of the Company to capture maximum share of the consumer’s wallet for good value to consumer could be achieved.

The Company has planned to increase its combined operating retail space from around 15.0 million square feet currently to around 25.0 million square feet in next three to four years. The Company is planning to unlock some value by selling some of its non-core investments/assets to ease the liquidity crunch on the main business activities of the Company. The Company continues to believe that the businesses of the subsidiary would create value over a long run and the Company would be able to unlock better value in future.

SUBSIDIARY COMPANIES AND JOINT VENTURES SUBSIDIARY COMPANIES

The Company now has in all 27 subsidiaries as at the end of financial year 2010-11.

Future Value Retail Limited

Future Value Retail Limited (FVRL) is a wholly owned subsidiary of PRIL, and is now engaged in Value Retail Business since 1st January, 2010 as part of the realignment initiative of the Company. PRIL holds 100% of its equity capital. During FY 2010-11, FVRL registered income from operations amounting to 69148.300 Millions and profit for the said financial year stood at 1130.000 Millions. FVRL is operating formats like Big Bazaar and Food Bazaar apart from other smaller format in Value Retail Business. During the year, along with those located with in the 19 new Big Bazaar stores and 26 Food Bazaar stores opened between July 2010 and June 2011. In addition to the above, other formats of FVRL also saw a good growth in terms of numbers as well as turnover. Management at FVRL is positive of the growth of the business.

Future Capital Holdings Limited

Future Capital Holdings Limited (FCH) is the financial services arm of the Future Group. FCH is involved in the business of providing retail financial services, corporate lending, wholesale credit, trade finance and asset management services. The Company has 53.67% stake in FCH. During FY 2010-11, FCH registered income from operations of Rs.2385.400 Millions and its profit after tax stood at Rs.552.600 Millions. During the year its wholly owned subsidiary has been merged with FCH.

Home Solutions Retail (India) Limited

Home Solutions Retail (India) Limited (HSRIL) was incorporated to operate in the home and hard goods consumption space. The key product categories that the company deals with include Consumer Durables and Electronics (CD and E), Furniture, Home furnishing and decor, Home improvement and Home services including design. During the year Home improvement, CD and E business of HSRIL has been demerged and vested with the Company pursuant to the Scheme of Arrangement. After this demerger, HSRIL operates retail formats like ‘Collection’ in home furnishing and decor. The Company has 66.86% stake in HSRIL. During FY 2010-11, HSRIL registered an income from operations of Rs.382.400 Millions and a corresponding loss of Rs.43.100 Millions.

Future Supply Chain Solutions Limited

Future Supply Chain Solutions Limited (FSCSL) is operating in the logistics, transportation, distribution and warehousing space. FSCSL provides solutions in the areas of integrated Supply Chain Management, warehousing, distribution and Multi Modal transportation. The Company has 70.17% stake in FSCSL. FSCSL has warehousing space of 3.60 Million square feet spread over all across India. The company is currently building large scale warehousing facilities and will focus on providing 3PL logistics solutions. During FY 2010-11, FLSL registered income from operations of 2918.800 Millions and the profit stood at 1.700 Millions.

Future Agrovet Limited

Future Agrovet Limited (FAL) is to strengthen sourcing and distribution of staples and other food products for the Company. FAL has sourcing and distribution bases at all key cities across the country. The Company has 96.16%

stake in FAL. During FY 2010-11, FAL registered income from operations amounting to Rs.7783.900 Millions and profit stood at Rs.21.000 Millions.

Future Media (India) Limited

Future Media (India) Limited (FMIL) is the Group’s media venture, aimed at creating of media properties in the ambience of consumption and thus offers active engagement to brands and consumers. FMIL offers relevant engagement through its media properties like Visual Spaces, Print, Radio, Television and Activation. The Company has 84.24% stake in FMIL. During FY 2010-11, FMIL registered income from operations of Rs.323.100 Millions and incurred loss of Rs.28.600 Millions.

Future E-Commerce Infrastructure Limited

Future E-Commerce Infrastructure Limited (FECIL) is to capture the consumption space through the internet, as well as other technology based and digital modes and provide infrastructure services for the same. The Company

has 72% stake in FECIL. During FY 2010-11, FECIL registered income from operations of Rs.873.000 Millions and the loss stood at Rs.301.500 Millions.

Futurebazaar India Limited

Futurebazaar India Limited (FBIL) has been set up as the e-Retailing arm of the Future Group for providing on-line shopping experience. The Company is presently holding 100% in FBIL. FBIL commenced its ecommerce services through eportal www.futurebazaar.com. FBIL is successfully operating its e-retailing business and during

FY 2010-11, FBIL registered income from operations of Rs.225.300 Millions and its profit after tax stood at Rs.0.500 Million.

Other Subsidiaries

In addition to the above operating subsidiaries, other subsidiaries viz Future Knowledge Services Limited, Future Learning and Development Limited, Splendor Fitness Private Limited, nuZone Electronics Limited, nuZone Ecommerce Infrastructure Limited and Winner Sports Limited have been created as subsidiary with the certain specific objectives and will be utilised accordingly at opportune time.

In addition to direct subsidiaries, the Company has thirteen step-down subsidiaries which includes eleven subsidiaries of FCH and one each of FVRL and FSCSL.

As required under the Listing agreement with the Stock Exchanges, the Company is mandatorily required to prepare the Consolidated Financial Statements, according to the applicable Indian Accounting Standards and reflects the financial position of all the subsidiary Companies of the Company.

A statement pursuant to section 212 of the Companies Act, 1956 relating to subsidiary companies has been given as an annexure in this Annual Report before consolidated statements. Further the Board has passed resolution pursuant to the General Circular No. 2/2011 dated 8 February, 2011, issued by Ministry of Corporate Affairs, giving consent for not attaching the balance sheet of the subsidiary companies. The Company is publishing the consolidated financial statements of the holding company and all subsidiaries duly audited by its auditors, in compliance with the applicable accounting standards and listing agreement and a statement disclosing the necessary information regarding each of subsidiary.

It is hereby confirmed that Annual accounts of the subsidiary companies and the related detailed information shall be made available to the shareholders of the holding and subsidiary companies seeking such information at any point of time. The annual accounts of the subsidiary companies shall be available for inspection by any shareholders in the head office of the holding company and of the subsidiary companies concerned. Details of accounts of subsidiaries shall be furnished to any shareholder on demand;

JOINT VENTURES

Future Axiom Telecom Limited Joint Venture with Axiom Telecom LLC, UAE

The Company had disposed its entire investment in Future Axiom Telecom Limited (FATL) which was a joint venture company with Axiom Telecom LLC, UAE during the year.

Insurance Joint Venture

Future Generali India Life Insurance Company Limited

Future Generali India Life Insurance Company Limited (FGI-Life) is Company’s joint venture in the Life insurance sector. FGI-Life has commenced the commercial operations from September 2007. The Company has also entered into joint venture arrangements with Sprint Advisory Services Private Limited (formerly known as Sain Advisory Services Private Limited) which is SPV for this insurance venture of the Company. FGI-Life has introduced many insurance products to suit requirements of various categories of customers.

Future Generali India Insurance Company Limited

Future Generali India Insurance Company Limited (FGINonlife) is Company’s joint venture in the general insurance sector. FGI-Nonlife has commenced the commercial operations from September 2007. The Company has also entered into joint venture arrangements with Shendra Advisory Services Private Limited which is SPV for this insurance venture of the Company. FGI-Nonlife has also introduced general insurance products for various insurance needs of the different categories of customers.

NTC joint ventures Apollo Design Apparel Parks Limited and Goldmohur Design and Apparel Park Limited

The Company has entered into joint venture with NTC for the restructuring and development of the Apollo Mills and Goldmohur Mills situated in Mumbai. For the same two separate SPV companies have been created viz. Apollo Design Apparel Parks Limited (ADAPL) and Goldmohur Design and Apparel Park Limited (GDAPL). The ADAPL and GDAPL would be working for the restructuring and development of the Apollo Mills and GoldMohur Mills respectively. During the year ADAPL made a turnover of Rs.2349.800 Millions and earned profit of Rs.53.900 Millions. Further during the year GDAPL made a turnover of Rs.2365.600 Millions and earned profit of Rs.62.800 Millions.

Office Products Joint Venture Staples Future Office Products Private Limited

Staples Future Office Products Private Limited (SFOPPL) is designed to capture the consumption space of office

supplies, office equipments and products. SFOPPL is a joint venture between the Company and Staples Asia Investment Limited (a subsidiary of Staples Inc USA). During FY10-11, SFOPPL registered income from operations amounting to Rs.1751.700 Millions and the loss stood at Rs.176.400 Millions.

Footwear Joint Venture Clarks Future Footwear Limited

The Company has entered into a 50 : 50 joint venture with C and J Clark International, a company incorporated in UK, for the Single brand retailing of the “Clarks” branded footwear and allied products. The joint venture would also be engaged in wholesale business of Clarks branded products in India. With this Joint Venture, the Company has taken a strategic business decision to enlarge its business activities and have a better footprint in retail as well as wholesale of branded footwear and allied products in India. During the year, the Company sold its entire investment in the joint venture company to one of

AWARDS AND RECOGNITIONS

Being leader in Retail Industry the Company and its retail formats continue to be acknowledged at various forums. Given here under are few recognitions and awards received during the year.

Images Retail Awards 2011

Most Admired Retailer of the year 2011 in the Home Products Category - Home Town

CNBC AWAAZ Consumer Awards 2011

Most Recommended Modern Retail Brand of the year in the Popular Choice Category - Big Bazaar.

Brand Equity’s Most Trusted Brands 2011 Awards

Most Trusted Retailer - Big Bazaar

Food Forum of India 2011-Coca Cola Golden Spoon Awards

Most Admired Food and Grocery Retailer of the year: Private Labels.

MANAGEMENT DISCUSSION AND ANALYSIS

Operational Overview

While strengthening its the top eight cities strategy for gaining market leadership and developing specific business strategies for future growth in these cities, the Company is also focusing on the smaller cities. These cities provide large untapped opportunities and latent demand. A combination of prudent expansion plans both for smaller cities and the metropolises, has helped the Company to achieve its topline targets. Smaller cities are contributing in better margins due to lesser fixed cost of operations. Further, with the consolidation move, the strategies are clear on focusing on the growth of the key categories, viz. fashion, food, general merchandise and home improvement and electronics.

Fashion is a category where the Company has had developed a strong presence and strength. The Company is now working on building a similar strength in the food category, focusing on backward integration, efficient sourcing and in-depth customer knowledge. During the year, the Company also developed a strong repository of business intelligence, know-how and learnings in the home improvement category. The efforts on the sourcing as well as supply chain management in order to reduce the carrying cost of the products, has helped these categories to perform better as well improved the overall productivity and efficiency. The better management of the resources and use of technology tools for the replenishment and supply chain solutions has resulted in improved efficiency and higher customer satisfaction.

The Company is also working on the developing private branded products, across all the key categories. Dedicated and cross-functional teams are working on private brands business and this is leading to continuous improvement in share of private brands in the key categories as well as improvement in overall margins. The Company is concentrating on developing special products as per specific regional needs and encashing its local knowledge about the demand of various local products. As an organization, our businesses are now consolidated in three verticals – retail, financial services and support services. The support services includes our key subsidiary Future Supply Chain Solutions Limited, which has counts one of the world’s most prominent retail sourcing and logistics company, Hong Kong-based Li and Fung Group as its investor and partner. Their expertise and insights, coupled with investments in technology and processes is helping drive efficiency across all our formats and businesses.

Customer and Marketing Overview

The Company has focused its efforts in increasing its turnover by getting gaining a larger business from existing customers and also by creating new class of customers. The Company now has a strong management bandwidth in its creative, communication, branding and media buying teams that develops targeted promotions, and brand communication initiatives focused on delivering business results. Various marketing efforts and drives such as happiness sale, sabse sasta 5 din, exchange festival, furniture festivals, blind fold sale, future festival and other category specific and product specific launches and communication of the same to the targeted customers ensured that the Company achieves its objective of the larger share in the overall consumption spent.

In addition to the above marketing drives, the loyalty programmes launched under various formats, ensures that the regular customers gets better benefits for their consumptions in those formats and the cost of customer acquisition remains low. The company is working on rolling a group-wide loyalty initiative that will help move customers acquired from one format to shop in other formats as well. These marketing drives as well as the loyalty programs helped the Company to conserve on the media and publicity costs, while contributing to increased turnover. The increase in turnover was also possible due to number of events and festivals held within the stores and actively involving the customers in such events and inducing their consumption pulse. Further due to improved experience in the stores and higher levels of customer service offered by trained shop floor personnel and marketing teams around the shop floor, encouraged customers to revisit formats. In all the better shopping experience induced the customers to spend more time and money in the various formats of the Company.

Business Outlook

With the change in the strategy, of concentrating on the pure retail play, the Company defined its retail business in two divisions, viz. Lifestyle Retail and Value Retail. In order to provide both the divisions level playing field for growth, the business has been realigned and the Value Retail business has been transferred to the Company’s wholly owned subsidiary. The Company now would be concentrating only on Lifestyle Retail business. This way both the businesses would have its own goal for the expansion and growth.

With addition of home improvement and electronic business by demerger of these business from its subsidiary, Home Solutions Retail (India) Limited into the Company, the Company’s Lifestyle Retail now comprise of all the major categories of consumption and can attract all types of customers for its various offerings. The Home Town would enable the Company to offer the categories so far dominated by unorganised sector. Further the eZone would enable the Company to offer the electronic products in a big way.

The current year marked a significant turnaround for the Company, as it started identifying its business more from contribution perspective. To achieve the same, the Company has identified its different business divisions and devoted different business resources with identified growth and expansion plans for such businesses. During the year, average ticket size moved up from Rs. 835 to Rs. 908 and Value per Piece has moved from Rs. 111/- to Rs. 126/-. Each of these numbers is expected to further improve during the course of the next year.

This improvement will also be aided by the growing share of the fashion category in share of the lifestyle retail business. With the opening of nearly 10 new Pantaloon stores in the forthcoming year and another about 5 odd Central stores, the share of the fashion category is expected to further go up. The contribution of the private brands across all categories and businesses, which currently stand at 24%, is also expected to move is closer to the 30 odd percent levels.

The same store growth sales have been healthy. As the economy is now growing and consumer sentiment turns buoyant, they expect the per square feet sales to come in the vicinity of Rs. 9000 per annum. In terms of expansion, they expect to add around 3 Million square feet during the forthcoming financial as a group and this will be dependent on market and economic environment.

Contingent Liabilities not provided for:

(Rs. In Millions)

Particular	30.06.2011	30.06.2010
A. Claims against the Company not acknowledged as debts
i) Value Added Tax	0.000	2.900
ii) Others	267.800	47.900
B. Corporate Guarantees given to banks and Financial Institutions on behalf of Group Companies	8590.700	35194.700
C. Guarantees given by banks on behalf of the company and Group Companies	207.400	225.00

FIXED ASSETS:

• Freehold Land
• Leasehold Land
• Building and Lease Hold Improvement
• Plant and Machinery
• Office Equipment
• Computers and Software
• Furniture and Fixture
• Electrical Installations
• Vehicles
• Air Conditioners

UNAUDITED FINANCIAL RESULTS OF CORE RETAIL BUSINESS FOR THE QUARTER AND TWELVE MONTH ENDED 30 JUNE 2012

(Rs. In Millions)

SL NO.	Particulars	3 months ended 30-06-2012	Preceding 3 months ended 31-03-2012	12 months ended 30-06-2012
1.	Income From Operations
	a) Net sales/income from operations Net of excise duty)	2909.200	29587.500	115092.700
	b) Other Operating Income	607.600	676.900	2838.200
	Total income from operations (net)	29626.800	30264.400	117930.900
2.	Expenses
	a) Cost of Materials consumed	34.400	29.000	158.400
	b) Purchases of stock in trade	20729.700	22430.100	86860.900
	c) Changes in inventories of finished goods, work in progress, and stock in trade - (Increase) / Decrease	162.000	(949.900)	(3532.200)
	d) Employee benefits expenses	1208.900	1257.900	5015.400
	e) Depreciation and amortization expense	929.100	886.900	3521.800
	f) Rent Including Lease Rental	2273.700	2177.100	8430.700
	g) Other Expenditure	2454.800	2619.000	10456.400
	Total Expenses	27792.600	28451.000	110911.400
3.	Profit from Operations before other Income and finance cost (1-2)	1834.200	1813.400	7019.500
4.	Other Income	27.600	18.200	170.200
5.	Profit from ordinary activities before finance cost (3 +4)	1861.800	1831.600	7189.700
6.	Finance Costs	1803.900	1651.500	6290.500
7.	Profit from ordinary activities before tax (5-6)	57.900	180.100	899.200

UNAUDITED FINANCIAL RESULTS AS PER REQUIREMENTS OF CLAUSE 41 UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND TWELVE MONTHS ENDED 30TH JUNE, 2012

(Rs. In Millions)

SL NO.	Particulars	3 months ended 30-06-2012	Preceding 3 months ended 31-03-2012	12 months ended 30-06-2012
		Unaudited	Unaudited	Unaudited
1.	Income From Operations
	a) Net sales/income from operations (Net of excise duty)	11175.900	11059.400	43267.900
	b) Other Operating Income	321.700	354.000	1507.000
	Total income from operations (net)	11497.600	11413.400	44774.900
2.	Expenditure
	a) Cost of materials consumed	34.400	29.000	158.400
	b) Purchases of stock in trade	6995.500	7603.900	29457.100
	c) Changes in inventories of finished goods, work in progress, and stock in trade - (Increase) / Decrease	229.700	(320.100)	(1108.700)
	d) Employee benefits expenses	549.800	542.300	2213.800
	e) Depreciation and amortization expense	504.200	484.600	1924.600
	f) Rent Including Lease rental	1277.600	1197.900	4644.800
	g) Other Expenditure	1046.300	1056.200	4296.800
	Total Expenses	10637.500	10593.800	41586.800
3.	Profit from operations before other income and interest (1-2)	860.100	819.600	3188.100
4.	Other income	24.600	15.300	153.200
5.	Profit from ordinary activities before finance cost (3 +4)	884.700	834.900	3341.300
6.	Finance Costs	846.400	753.500	2985.700
7.	Profit from ordinary activities after finance costs but before exceptional items	38.300	81.400	355.600
8.	Exceptional Items
	Profit on sale of investment	2589.700	-	2589.700
	Profit from ordinary activities before tax (7 + 8)	2628.000	81.400	2945.300
9.	Tax Expenses	12.700	27.100	94.800
10.	Earlier year's income lax	-	-	-
11.	Net Profit for the Period (7-8-9-10)	2615.300	54.200	2850.500
12.	Paid up equity share capital (Face value of Rs.2 per share)	463.200	446.800	463.200
13.	Reserves excluding Revaluation Reserves	-	-	-
14.	Basic (EPS)
	a) Equity Shares	11.59	0.24	12.75
	b) Class B Shares (Series 1)	11.63	0.34	12.79
	Diluted EPS
	a) Equity Shares	11.59	0.24	12.75
	b) Class B Shares (Series 1)	11.63	0.34	12.79
A.	PARTICULARS OF SHAREHOLDING
1.	Public Share holding
	a) Equity Shares
	a) Number of Shares	121508021	114657388	121508021
	Percentage of Shareholding	56.34	55.26	56.34
	Class B Shares (Series 1)
	b) Number of Shares	8511459	8511459	8511459
	Percentage of Shareholding	53.43	53.43	53.50
2.	Promoters and Promoter Group shareholding
	a) Pledge/ Encumbered
	Number of Equity Shares	63341819	62369419	63341819
	Number of Class B Shares( Series 1)	5150000	3000000	5150000
	-Percentage of Equity Shares(as a % of total equity shareholding of Promoters and promoter group)	67.28	67.18	67.28
	-Percentage of Class B Shares( Series 1) (as a % of total Class B Shares{Series 1) shareholding of Promoters and promoter group)	69.43	40.44	69.43
	-Percentage of Equity Shares (as a % of total equity share capital of Company)	29.37	30.06	29.37
	-Percentage of Class B Shares( Series 1) (as a % of total Class B shares(Series 1) share capital of company)	32.33	18.83	32.33
	b) Non- Encumbered
	Number of Equity Shares	30803599	30463367	30803599
	Number of Class B Shares( Series 1)	2267693	4417693	2267693
	-Percentage of Equity Shares(as a % of total equity shareholding of Promoters and promoter group)	32.72	32.82	32.72
	-Percentage of Class B Shares( Series 1) (as a % of total Class B Shares{Series 1) shareholding of Promoters and promoter group)	30.57	59.56	30.57
	-Percentage of Equity Shares (as a % of total equity share capital of Company)	14.28	14.68	14.28
	-Percentage of Class B Shares( Series 1) (as a % of total Class B shares(Series 1) share capital of company)	14.24	27.73	14.24

INVESTOR COMPLAINTS

Particular	3 months ended 30-06-2012
Pending at the beginning of the Quarter	NIL
Received during the Quarter	6
Disposed during the Quarter	6
Remaining unresolved at the end of the Quarter	NIL

Note: 1

UNAUDITED STATEMENT OF ASSETS AND LIABILITIES AS AT 30TH JUNE, 2012

(Rs. In Millions)

Particulars	30.06.2012
A. EQUITY AND LIABILITIES
1) Shareholders' Funds
(a) Share Capital	463.200
(b) Reserves and Surplus	33196.700
(c) Money Received against share warrants	0.000
Sub-total Shareholder’s fund	33659.900
2. Non-Current Liabilities
(a) Long-Term Borrowings	27872.900
(b) Deferred tax liabilities (Net)	908.500
(c) Long-Term Provisions	63.600
Sub-total Non-current liabilities	28845.000
3. Current Liabilities
(a) Short-term borrowings	8487.800
(b) Trade payables	7452.300
(c) Other current liabilities	6451.500
(d) Short-term provisions	0.000
Sub-total Current liabilities	22391.600
Total Equity and Liabilities	84896.500
B ASSETS
1. Non-Current Assets
(a) Fixed Assets	21837.400
(b) Non-Current Investments	22257.600
(c) Long-term Loans and Advances	8479.200
Sub-total Non-current assets	52574.200
2. Current Assets
(a)Current investment	446.500
(b) Inventories	18778.200
(c) Trade Receivables	1889.300
(d) Cash and Bank balances	3374.000
(e) Short-term loans and advances	7825.300
(f) Other current assets	9.000
Sub-total Current assets	32322.300
Total Assets	84896.500

2. The above results have been reviewed by the Audit Committee and the same were taken on record by the Board of Directors of the Company at its Meeting held on 8th August, 2012.

3. The financial results given above pertains to the unaudited fourth quarter, since the Company has already received consent from Registrar of Companies. Maharashtra under Ministry of Corporate Affairs, for extension of financial period from 12 month period to 18 month period

4. During the quarter company has allotted 81,63,265 equity shares of Rs. 21- each at a premium of Rs. 243/- per share.

5. On 14th June, 2012. 800 Optionally Fully Convertible Debentures (OFCDs) of Rs 10.000 Millions each were allotted on preferential basis

6. The proceeds from allotment of shares and OFCDs in this quarter have been utilized for the purposes for which the funds were raised except for Rs 3000.000 Millions which is lying in Escrow Account.

7. There were no investor complaints during the beginning of the quarter. A total of 6 complaints were received during the quarter ended 30th June, 2012, which were resolved. There are no complaints at the end of the quarter.

8. Figures for the previous year have been re-arranged wherever necessary

9. Company has only one business segment i.e."Retail".

10. For the convenience of the shareholders and stakeholders, the company is also presenting the consolidated results for the quarter and twelve months ended 30th June 2012, as additional information.

WEBSITES DETAILS

OVERVIEW

Subject offers a wide range of food, fashion, home and electronics, telecom and IT, general merchandise, leisure and entertainment, wellness and beauty, and books and music products through its retail formats such as Pantaloons, Big Bazaar, and Food Bazaar, Central, e zone, home town, m port. The company multi-format retailing, strong financial performance, strong marketing activities and efficient supply chain and logistics operations are its strengths. Furthermore, falling rents, expansion through opening new stores and retail boom in India ensure a strong future. However, its geographic concentration is an area of concern for the company. Highly competitive market and shortage of skilled labor could also adversely affect the company growth.

BOARD OF DIRECTORS:

Shailesh Haribhakti

Shailesh Haribhakti is the Chairman and Non-Executive Independent Director of the Company. He is the Managing Partner of Haribhakti and Company, Chartered Accountants and the Chairman of BDO Consulting. He is the Chairman of the Banking, Finance and Insurance Committee of the Indian Merchant’s Chamber and Member of the Adhoc Advisory Committee for Master’s Degree in Management Studies, University of Mumbai. He is on the Board of several public limited companies, including ACC Limited, Mahindra Lifespace Developers Limited and Raymond Limited. He is a Chartered Accountant, Cost Accountant, and a Certified Internal Auditor.

Vijay Kumar Chopra

Vijay Kumar Chopra is a Non-executive Independent Director of the Company. He has over 31 years of experience in the banking industry. He was Chairman and Managing Director of SIDBI and Corporation Bank. His last assignment was with SEBI as Whole-time Member. He is on the Board of a number of public limited companies like Rolta India Limited and Havells India Limited among others. He is a fellow member of the Institute of Chartered Accountants of India (ICAI) by profession and is a Certified Associate of Indian Institute of Bankers (CAIIB).

Bala Deshpande

Bala Deshpande is a Non-executive Independent Director of the Company. She has multi-industry exposure and has worked with FMCG companies like Bestfoods, Cadburys Limited and ICI. She was also nominated to the Women Leadership forum held in Bestfoods, New York. She is on the Board of Info Edge (India) Limited. She holds a Masters degree in Economics and Masters in Management Studies from the Jamnalal Bajaj Institute of Management, Mumbai.

Kishore Biyani

Kishore Biyani is the Managing Director of Subject and the Group Chief Executive Officer of Future Group. Considered a pioneer of modern retail in India, Kishore’s leadership has led Pantaloon Retail’s emergence as India’s leading retailer operating multiple retail formats that cater to the entire basket of Indian consumers.

Kishore Biyani led the company’s foray into organised retail with the opening of the Pantaloons family store in 1997. This was followed in 2001 with the launch of Big Bazaar, a uniquely Indian hypermarket format that democratized shopping in India. It blends the look and feel of the Indian bazaar with aspects of modern retail like choice, convenience and quality. This was followed by a number of other formats including Food Bazaar, Central and Home Town.

2006 marked the evolution of Future Group that brought together the multiple initiatives taken by group companies in the areas of Retail, Brands, Space, Capital, Logistics and Media.

Kishore Biyani advocates ‘Indianness’ as the core value driving the group and the corporate credo ‘Rewrite Rules, Retain Values.’

Regularly ranked among India’s most admired CEOs, he is the author of the book It Happened in India. He has won numerous awards from government bodies and the private sector in India and abroad and is on the board of a number of bodies, including the National Innovation Foundation in India and the New York Fashion Board.

S Doreswamy

S Doreswamy is a Non-executive Independent Director of the Company. He has vast experience in banking and finance. He retired as Chairman and Managing Director of Central Bank of India. He is Chairman of CanFin Homes Limited and is also on the Board of Ceat Limited, Rama Newsprint and Paper Limited and Hexaware Technologies Limited. He holds a Bachelors degree in Science and Law.

Dr. Darlie Koshy

Dr. Darlie Koshy is a Non-executive Independent Director of the Company. He has served the National Institute of Design (Ministry of Commerce, Government of India) as Director for two terms. Prior to this, he was the founding Chairperson of Fashion Management at the National Institute of Fashion Technology (Ministry of Textiles, Government of India). He is currently Director General and CEO of ATDC Network of 58 Institutes / Centres and two premier campuses of Institute of Apparel Management under the aegis of AEPC (Sponsored by Ministry of Textiles, GOI). Dr. Koshy received the Delhi IIT Alumni Award for his contributions to National Development in 2008. Dr. Koshy has also been conferred with the ‘Star of Italian Solidarity’, one of the highest civilian awards bestowed by the Government of Italy. Dr. Koshy is the author of three pioneering books, including the much acclaimed Indian Design Edge. He holds a PhD from IIT Delhi, besides an MBA degree.

Anil Harish

Anil Harish is a Non-executive Independent Director of the Company. He is a partner at D.M. Harish and Company, Advocates and Solicitors. He specialises in Income Tax, FEMA and property matters. He is on the Board of a number of public limited companies like Hotel Leela Ventures Limited and Mahindra Lifespace Developers Limited among others. He holds an LLM degree from the University of Miami, USA.

Gopikishan Biyani

Gopikishan Biyani is a Non-executive Director of the Company and looks after the manufacturing operations. He has more than two decades of experience in the textile business.

Rakesh Biyani

Rakesh Biyani is an Executive Director of the Company. He is actively involved in category management, retail stores operations, information technology and exports.

Vijay Biyani

Vijay Biyani is an Executive Director of the Company. He brings more than 25 years of experience in textile, yarn and ready-made apparels business. He is actively involved in the financial and administrative functions of the Company.

AWARDS

CNBC Awaaz Consumer Awards 2009

• Most Preferred Multi Product Chain - Big Bazaar
• Most Preferred Multi Brand Food & Beverage Chain - Big Bazaar

Images Fashion Forum 2009

• Most Admired Fashion Group Of The Year - Future Group
• Most Admired Private Label - Pantaloons, the lifestyle format
• Critics Choice For Pioneering Effort In Retail Concept Creation - Central

Brand Equity’s Most Trusted Brands 2011 Awards

Most Trusted Retailer - Big Bazaar.

Food Forum of India 2011-Coca Cola Golden Spoon

Awards

Most Admired Food and Grocery Retailer of the year: Private Labels.

MILESTONES

2009 - Pantaloon Retail celebrates its first Shopping Festival across all retail formats in key Indian cities.

2008 - Big Bazaar crosses the 100-store mark, marking one of the fastest expansions of the hypermarket format anywhere in the world.

2007 - Pantaloon Retail wins the International Retailer of the Year award at US-based National Retail Federation convention in New York, and Emerging Retailer of the Year award at the World Retail Congress held in Barcelona.

2006 - Home Town, the home building and improvement products retail chain, is launched along with consumer durables format Ezone and furniture chain Furniture Bazaar.

2004 - Pantaloon Retail launches India’s first seamless mall, Central, in Bangalore.

2002 - Food Bazaar, the supermarket chain is launched.

2001 - Pantaloon Retail launches three Big Bazaar stores within a span of 22 days in Kolkata, Bangalore and Hyderabad.

1997 - Pantaloon Retail enters modern retail with the launch of the first 8000-sq. ft. store Pantaloons in Kolkata.

1994 - The Pantaloon Shoppe, our exclusive menswear store in a franchisee format is launched across the nation. The company starts distribution of branded garments through multi-brand retail outlets across the nation.

1992 - Pantaloon Retail India Limited makes an Initial public offer (IPO).

1991 - BARE, an Indian denim brand is launched.

1987 - The company is incorporated under the name of Manz Wear Private Limited Pantaloons, one of India’s first formal trouser brands, is launched.

PRESS RELEASES

LAUNCHES ITS FIRST HIGH END CONCEPT STORE

Ludhiana, January 11, 2012: Pantaloons, India’s leading fashion retailer, a part of Future Group, today launched its first store in Ludhiana at 108, Surya Tower, Mall Road. This marks the advent of Pantaloons “Next Gen” Journey in Ludhiana. Currently, Pantaloons boasts of 65 stores across India including both metros and tier II and tier III cities.

Spread across an area of 14,970 sq. ft, this store has been uniquely designed to create an international shopping experience for customers. The aesthetic, creative and prestigious ambience gives its patrons a chance to interact with the merchandise through touch and feel.

The store offers comprehensive lifestyle experience with the best and trendy fashion merchandise. Pantaloons features ready to wear collections for men, women and kids, a full range of men’s and women’s accessories which includes a selection of ladies bags, belts, watches, sunglasses apart from cosmetics and perfumes.

Speaking on this occasion, Mr. Kailash Bhatia, CEO and Director Pantaloons said, “Ludhiana is the fastest emerging city of Punjab and is growing to become one of the mega city of Northern India. We are delighted to launch our first store in this promising city and hope that Pantaloons with its innovative offerings, international experience and exclusive ‘fresh fashion’ merchandise becomes the fashion destination in Ludhiana.”

Pantaloons apparel appeals to every individual and is apt for different occasions. In western wear, the brands for Men include John Miller, Lombard, Urbana, Scullers, Indigo Nation, RIG, UMM, BARE Denim, BARE Leisure, and JM Sport. Women can take their pick from Annabelle, Honey, RIG, UMM, Ajile and Chalk, BARE, RIG & Lee Cooper Junior for Kids. In Ethnic wear customers can opt for in-house brands like Rangmanch, Trishaa and Akkritti along with trying hands on brands like Biba.

What’s more, Pantaloons exclusive loyalty programme promises customers an inimitable shopping experience. Positioned at reiterating and strengthening Pantaloons partnership with its customers, Pantaloons Green Card – My Card My Way offers a range of unique privileges and value added services to its members. The membership to this programme is open to all the shopping enthusiasts at no extra cost. Through this membership, customers not only have access to exclusive sale preview days but also can get instant discounts on every purchase, relaxed return policy, complimentary home delivery and a plethora of exciting benefits.

The store offers a unique shopping experience. The interior walls are made up of dark wood and tiles giving it a contemporary look. The lighting plays an important role in the showroom, climatically increasing its beauty with strategic accented highlights while the colour scheme used in the store is bright. The floor has been done in modern Italian tiles to provide just the right amount of sheen to the store. Display of merchandise has been spaced out uniformly giving its customers room to walk around at their leisure and enjoy their shopping experience.

With a host of exclusive offerings coupled with exceptional customer service and an inviting atmosphere, Pantaloons promises to be the heaven for all shopaholics in Ludhiana.

About Pantaloons

Pantaloons, a part of Pantaloon Retail (India) Limited, is among India’s largest chains of fashion stores with 65 stores across India including both metros and smaller towns. Pantaloons ‘Fresh Fashion’ with its focus on 'fresh look, feel and attitude', offers trendy and hip collection that is in sync with the hopes and aspirations of discerning young and 'young-at-heart' consumers.

Pantaloons ‘Fresh Fashion’ stands out as a segment trendsetter, in step with global fashion trends. This destination allows customers to shop for the latest in fashion apparel and accessories throughout the year in an attractive and visually stimulating ambience at affordable prices. Pantaloons stores have presence in cities across India - Mumbai, Delhi, Noida, Gurgaon, Kolkata, Durgapur, Howrah, Chennai, Bangalore, Pune, Bhopal, Aurangabad, Ahmedabad, Allahabad, Hyderabad, Lucknow, Kanpur, Indore, Coimbatore, Mangalore, Bhubaneshwar, Siliguri, Guwahati, Rajkot, Zirakpur, Ghaziabad, Nagpur, Vadodara, Surat, Nashik , Bhopal and Vizag.

PANTALOONS CELEBRATES ITS FORAY IN VISAKHAPATNAM IN STYLE

With a power packed evening

Visakhapatnam, January 9, 2012: Pantaloons, India’s leading fashion retailer, a part of Future Group celebrated the launch of its first store in T Subbarami Reddy Plaza with a lot of fanfare in the presence of some of the most reputed and admired faces of Vizag.

The high voltage evening saw Hon Dr T Subbarami Reddy, Member of Parliament; actors Gauri Munjal and Sonia; Hon P Janardhan Rao, Mayor, Visakhapatnam and Mr. P Sampath Kumar, CEO Park Hyatt Hotel, Hyderabad under one roof.

They waved out at their admirers who had gathered at the store as they walked across its five levels. They were all praise for the aesthetic ambience of the store and the unique layout of merchandise. The distinguished guests were glad that the residents of Vizag would now be exposed to an international shopping experience.

The customers at the store were delighted to see their favorite personalities walk across the store. They felt humbled when their beloved stars willingly signed autographs and posed with their fans.

It was an evening that the people of Vizag will remember for a lifetime.

FUTURE GROUP DEMERGES PANTALOONS RETAIL FORMAT FROM FLAGSHIP COMPANY ADITYA BIRLA NUVO TO INVEST IN PANTALOONS FORMAT

Mumbai, April 30, 2012: Future Group today announced the intent to execute a full demerger of Pantaloons retail format from Pantaloon Retail India Limited [PRIL]. On completion of the demerger process, subject to necessary and statutory approvals, the demerged entity will be automatically listed in the National Stock Exchange and The Stock Exchange, Bombay.

The Pantaloons format, launched in 1997, has over the years become the leading fashion retail format in the country with 65 stores in 35 cities, along with the reverse logistics chain Pantaloons Factory Outlet that has 21 stores. These operate through a combined retail space of over 2 million square feet.

The business is expected to post a turnover of around Rs 17000.000 Millions by the end of the financial year in June 2012. In the medium term, the format is expected to add 20 stores annually and reach out to a larger customer base in leading cities across the country.

Future Group also announced that the demerged entity, subject to necessary and statutory approvals, will invite an investment from Aditya Birla Nuvo Limited [ABNL]. ABNL will subscribe to debentures amounting to Rs 8000.000 Millions issued by PRIL. On completion of the demerger process, the debentures will convert into equity in the demerged entity of the Pantaloons format. The existing shareholders of PRIL, including its promoters will continue to own shares in the demerged entity. Post demerger, the total debt of Pantaloon Retail will reduce by Rs 16000.000 Millions.

Commenting on this development, Mr. Kishore Biyani, Founder and Group CEO, Future Group said, “We are honored to be associated with India’s pre-eminent and among the most respected business houses. We always had a great admiration and respect for the businesses developed by Madura Garments. This marks a unique coming together of brands and enterprise that will create significant value for customers, suppliers and all stakeholders.”

Mr. Rakesh Biyani and Mr. Kailash Bhatia will continue to manage the business. A Fashion Council, bringing in the leadership teams of Madura Garments and Future Group will aid and advise the management with the objective to fully leverage the strengths of Madura Garments and Pantaloons. Madura Fashion and Lifestyle is defined by its brands — Louis Philippe, Van Heusen, Allen Solly, Peter England and People — that personify style, attitude, luxury and comfort. These brands will join the reach, distribution and customer loyalty enjoyed by Pantaloons format across the country.

The Board of Directors of ABNL and PRIL has in-principally approved the proposed transaction and it is subject to the finalization of the Scheme of Arrangement, due diligence and statutory and other approvals.

JM Financial acted as the sole financial advisor to the transaction.

Future Group

Future Group operates some of India’s most popular retail chains including Pantaloons, Central, Big Bazaar, Food Bazaar, Home Town and eZone and also has allied businesses in consumer finance, life and non-life insurance, logistics infrastructure and supply chain and brand development. The group operates over 17 million square feet of retail space in over 90 cities and towns and 60 rural locations across India. The group’s retail formats connect over 300 million customers to over 30,000 small, medium and large enterprises that supply products and services to its retail chains. Future Group believes in developing strong insights on Indian consumers and building businesses based on Indian ideas, as espoused in the group’s core value of ‘Indianness.’ The group’s corporate credo is, ‘Rewrite rules, Retain values.

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.55.38
UK Pound	1	Rs.87.80
Euro	1	Rs.69.48

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		59

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.