MIRA INFORM REPORT

Report Date :

31.08.2012

IDENTIFICATION DETAILS

Name :	FUTURE VALUE RETAIL LIMTED (w.e.f. 16.11.2009)

Formerly Known as :	PANTALOON FUTURE VENTURES LIMITED

Registered Office :	Knowledge House, Shyam Nagar, Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai-400060, Maharashtra

Country :	India

Financials (as on) :	30.06.2011

Date of Incorporation :	11.06.2007

Com. Reg. No.:	11-171524

Capital Investment / Paid-up Capital :	Rs. 664.999 millions

CIN No.: [Company Identification No.]	U52100MH2007PLC171524

TAN No.: [Tax Deduction & Collection Account No.]	MUMF05801F

PAN No.: [Permanent Account No.]	AAECP3041P

Legal Form :	A Closely Held Pubic Limited Liability Company

Line of Business :	Retail Chain Business of Food and Other items

No. of Employees :	15 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 45600000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a subsidiary of Pantaloon Retail (India) Limited. It is an established company having fine track. The company is doing well. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

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

ECGC Country Risk Classification List – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	A1 (Short Term Rating)
Rating Explanation	Having very strong degree of safety regarding timely payment of financial obligation carry lowest credit risk.
Date	April 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 Office / Zonal Office 2 :	Knowledge House, Shyam Nagar, Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai-400060, Maharashtra, India
Tel. No.:	91-22-30841300 / 67840400
Fax No.:	91-22-66442222 / 67840400
E-Mail :	roc.info@pantaloon.com roc.info@futuregroip.in atul.takle@pantaloon.com laxmikant.somani@futuregroup.in support@futurebazaar.com gupta.rahul@futuregroup.com
Website :	http://www.pantaloon.com http://www.futuregroup.in

Zonal Office 2 :	Plot No.82, Sector-32, Gurgaon, Haryana, India
Tel No.:	91-124-44641000
E-mail:	Info@fvrl.in
Website:	www.fvrl.in

Branch Offices :	Located at: Mumbai Chennai Kolkata Bangalore Pune Hyderabad Ahmedabad

DIRECTORS

AS ON 30.06.2011

Name :

Mr. Chandra Prakash Toshniwal

Designation :

Director

Address :

Kanishka, Great Eastern Link, Ram Mandir Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India

Date of Birth/Age :

20.09.1966

Date of Appointment :

11.06.2007

DIN No.:

00036303

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	U72100MH1999PLC120600	PRTL ENTERPRISES LIMITED	Director	22/08/2000	22/08/2000	02/08/2008	Active	NO
2	U55101MH2005PLC151089	PAN INDIA RESTAURANTS LIMITED	Director	07/02/2005	07/02/2005	-	Amalgamated	NO
3	U74995MH2005PLC151073	IDIOM DESIGN AND CONSULTING LIMITED	Director	07/02/2005	07/02/2005	30/03/2008	Active	NO
4	U70100MH2005PTC153677	ANCHOR RESIDENCY PRIVATE LIMITED	Director	01/06/2005	01/06/2005	-	Active	NO
5	U70101MH2005PTC153688	NAMAN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	02/06/2005	02/06/2005	01/09/2010	Active	NO
6	U45200GJ2005PTC046351	GULMOHAR PARK MALL PRIVATE LIMITED	Director	11/07/2005	11/07/2005	01/09/2010	Active	NO
7	U70100MH2005PTC155102	SRISHTI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	03/08/2005	03/08/2005	27/02/2012	Active	NO
8	U70100MH2005PTC155104	UNIQUE MALLS PRIVATE LIMITED	Director	03/08/2005	03/08/2005	27/06/2012	Active	NO
9	U70100MH2005PTC155196	BLB MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	08/08/2005	08/08/2005	15/04/2009	Active	NO
10	U45200MH2005PTC156837	SUHANI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	18/10/2005	18/10/2005	-	Active	NO
11	U45200MH2005PTC156839	AVRUTI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	18/10/2005	18/10/2005	01/09/2010	Active	NO
12	U70100MH2005PTC156868	ANUSHTA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	19/10/2005	19/10/2005	01/09/2010	Active	NO
13	U70100MH2005PTC156886	SHAGUN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	20/10/2005	20/10/2005	14/06/2007	Active	NO
14	U70100MH2005PTC156869	BANSI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	19/11/2005	19/11/2005	27/02/2012	Active	NO
15	U51909MH1994PTC156437	MANZ RETAIL PRIVATE LIMITED (TRF.)	Director	27/12/2005	27/12/2005	27/02/2012	Active	NO
16	U51900MH2006PLC159197	FUTUREBAZAAR INDIA LIMITED	Director	23/01/2006	23/01/2006	27/02/2008	Active	NO
17	U65900MH2006PLC159526	FUTURE IDEAS COMPANY LIMITED	Director	06/02/2006	06/02/2006	27/02/2008	Active	NO
18	U52110MH2006PLC159581	FUTURE AXIOM TELECOM LIMITED	Director	07/02/2006	07/02/2006	-	Active	NO
19	U15100MH2005PLC152599	FUTURE AGROVET LIMITED	Director	29/09/2006	10/02/2006	-	Active	NO
20	U52190MH2006PLC160377	GJ FREEDOM FASHIONS LIMITED	Director	08/03/2006	08/03/2006	30/01/2008	Active	NO
21	U74300MH2006PLC160375	FUTURE MEDIA (INDIA) LIMITED	Director	18/09/2008	08/03/2006	-	Active	NO
22	U63030MH2006PLC160376	FUTURE SUPPLY CHAIN SOLUTIONS LIMITED	Director	08/03/2006	08/03/2006	-	Active	NO
23	U52190MH2006PLC160415	MYRA MALL MANAGEMENT COMPANY LIMITED	Director	16/03/2006	16/03/2006	03/07/2007	Active	NO
24	U51909MH2005PTC151869	SPRINT ADVISORY SERVICES PRIVATE LIMITED	Director	31/08/2006	21/03/2006	-	Active	NO
25	U55209MH2006PTC161530	PAN INDIA FOOD SOLUTIONS PRIVATE LIMITED	Director	01/05/2006	01/05/2006	18/06/2009	Active	NO
26	U45200MH2005PTC157267	SHENDRA ADVISORY SERVICES PRIVATE LIMITED	Director	29/09/2006	19/05/2006	-	Active	NO
27	U18101MH2006PLC223534	LEE COOPER (INDIA) LIMITED	Director	29/08/2006	29/08/2006	30/12/2008	Active	NO
28	U45200GJ2006PTC048776	RATNABHUMI DEVELOPERS PRIVATE LIMITED	Director	25/09/2006	25/09/2006	24/04/2009	Active	NO
29	U70109WB1998PTC087521	SUN CITY PROPERTIES PRIVATE LIMITED	Director	03/10/2006	03/10/2006	-	Active	NO
30	U66030MH2006PLC165287	FUTURE GENERALI INDIA INSURANCE COMPANY LIMITED	Director	30/10/2006	30/10/2006	16/03/2007	Active	NO
31	U66010MH2006PLC165288	FUTURE GENERALI INDIA LIFE INSURANCE COMPANY LIMITED	Director	30/10/2006	30/10/2006	16/03/2007	Active	NO
32	U93090MH2006PTC165612	AIRPORT RETAIL PRIVATE LIMITED	Director	17/11/2006	17/11/2006	17/11/2008	Active	YES
33	U74999MH2006PLC165722	FUTURE BRANDS LIMITED	Director	22/11/2006	22/11/2006	-	Active	NO
34	U74999MH2007PTC166866	STAPLES FUTURE OFFICE PRODUCTS PRIVATE LIMITED	Director	09/01/2007	09/01/2007	05/11/2008	Active	NO
35	U74999MH2007PLC167122	FUTURE KNOWLEDGE SERVICES LIMITED	Director	18/01/2007	18/01/2007	-	Active	NO
36	U51909MH2006PTC164092	EDMON TRADING PRIVATE LIMITED	Director	23/01/2007	23/01/2007	01/10/2009	Active	NO
37	U52399MH2007PLC171178	FUTURE E-COMMERCE INFRASTRUCTURE LIMITED	Director	25/05/2007	25/05/2007	-	Active	NO
38	U52100MH2007PLC171524	FUTURE VALUE RETAIL LIMITED.	Director	11/06/2007	11/06/2007	-	Active	NO
39	U51900MH2007PLC171946	FUTURE MOBILE AND ACCESSORIES LIMITED	Director	23/06/2007	23/06/2007	27/02/2008	Active	NO
40	U70102MH2006PTC161886	SHREYA MALL MANAGEMENT PRIVATE LIMITED	Director	31/10/2007	05/07/2007	-	Active	NO
41	U74999MH2007PLC173727	MOBILE REPAIR SERVICE CITY INDIA LIMITED	Director	01/09/2007	01/09/2007	30/03/2008	Active	NO
42	U51900MH2007PLC174027	FUTURE CONSUMER PRODUCTS LIMITED	Director	11/09/2007	11/09/2007	-	Active	NO
43	U17291MH2007GOI195397	APOLLO DESIGN APPAREL PARKS LIMITED	Director	22/12/2008	22/12/2007	-	Active	NO
44	U51909MH2006PTC164209	CENTRAL DEPARTMENTAL STORES PRIVATE LIMITED	Director	31/01/2008	31/01/2008	-	Active	NO
45	U52100MH2008PLC179919	FUTURE CONSUMER ENTERPRISES LIMITED	Director	10/03/2008	10/03/2008	09/01/2009	Active	NO
46	L45400MH2008PLC179914	FUTURE MARKET NETWORKS LIMITED	Director	10/03/2008	10/03/2008	09/01/2009	Active	NO
47	U45201MH2008PLC179913	AGRE PROPERTIES AND SERVICES LIMITED	Director	10/03/2008	10/03/2008	09/01/2009	Active	NO
48	U74999MH2008PLC181051	FUTURE LEARNING AND DEVELOPMENT LIMITED	Director	10/04/2008	10/04/2008	-	Active	NO
49	U22300MH2008PLC181041	FUTURE OUTDOOR MEDIA SOLUTIONS LIMITED	Director	10/04/2008	10/04/2008	-	Active	NO
50	U93000MH2008PTC179580	HARSH TRADING AND INVESTMENT CONSULTANTS PRIVATE LIMITED	Director	11/04/2008	11/04/2008	04/08/2011	Active	NO
51	U55100MH2000PTC128686	BLUE FOODS PRIVATE LIMITED	Additional director	21/04/2008	21/04/2008	22/04/2008	Active	NO
52	U51109WB2006PTC109359	KAMASKHYA TRACOM PRIVATE LIMITED	Nominee director	07/07/2008	07/07/2008	16/09/2010	Active	NO
53	U51100MH2005PLC156856	FUTURE CORPORATE RESOURCES LIMITED	Director	09/08/2011	08/08/2011	-	Active	NO
54	U45400WB2012PTC173445	CIRCULAR DEVELOPERS PRIVATE LIMITED	Director	24/02/2012	24/02/2012	09/03/2012	Active	NO
55	AAA-4360	SSA ADVISORS LLP	Designated Partner	04/04/2011	04/04/2011	-	Active	NO

Name :

Mr. Vivek Biyani

Designation :

Director

Address :

304, Jeevan Vihar, Manav Mandir Road, Malabar Hill, Mumbai-400006, Maharashtra, India

Date of Appointment :

06.01.2011

DIN No.:

01977838

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	U52330MH2004PLC148956	HOME SOLUTIONS RETAIL (INDIA) LIMITED	Director	01/09/2010	28/01/2008	10/06/2011	Active	NO
2	U70102MH2006PTC161884	RIDDHI SIDDHI MALL MANAGEMENT PRIVATE LIMITED	Director	30/09/2008	31/01/2008	04/06/2012	Active	NO
3	U70102MH2006PTC161883	ISHBHOOMI MALL MANAGEMENT PRIVATE LIMITED	Director	30/09/2008	31/01/2008	25/05/2011	Active	NO
4	U74999MH2007PTC167999	AMAN SYNTEX PRIVATE LIMITED	Director	19/08/2008	31/01/2008	27/02/2010	Active	NO
5	U93090MH2007PTC168048	HOLII ACCESSORIES PRIVATE LIMITED	Director	21/08/2008	31/01/2008	30/04/2009	Active	NO
6	U45200MH2007PTC168052	VAYUPUTRA REALTY PRIVATE LIMITED	Director	31/01/2008	31/01/2008	01/02/2008	Active	NO
7	U70200MH2007PTC168047	MAHABAL REALTY PRIVATE LIMITED	Director	23/09/2011	31/01/2008	-	Active	NO
8	U70200MH2007PTC170246	VISHNU MALL MANAGEMENT PRIVATE LIMITED	Director	23/10/2008	31/01/2008	-	Active	NO
9	U70102MH2006PTC161885	HARMONY MALLS MANAGEMENT PRIVATE LIMITED	Director	30/09/2008	31/01/2008	-	Active	NO
10	U74999MH2007PLC167122	FUTURE KNOWLEDGE SERVICES LIMITED	Director	30/09/2008	31/01/2008	-	Active	NO
11	U51900MH2007PLC174027	FUTURE CONSUMER PRODUCTS LIMITED	Director	10/09/2008	31/01/2008	-	Active	NO
12	U45200MH2007PTC168069	FESTIVE REALTY PRIVATE LIMITED	Director	21/08/2008	31/01/2008	-	Active	NO
13	U45200MH2007PTC168000	KUBER MALL MANAGEMENT PRIVATE LIMITED	Director	19/08/2008	31/01/2008	-	Active	NO
14	U70102MH2007PTC167996	KESARI REALTY PRIVATE LIMITED	Director	19/08/2008	31/01/2008	-	Active	NO
15	U70100MH2005PTC156869	BANSI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	30/09/2008	01/03/2008	01/07/2009	Active	NO
16	U70100MH2005PTC155104	UNIQUE MALLS PRIVATE LIMITED	Director	30/09/2008	15/03/2008	27/06/2012	Active	NO
17	U70100MH2005PTC153677	ANCHOR RESIDENCY PRIVATE LIMITED	Director	30/09/2008	15/03/2008	-	Active	NO
18	U70100MH2004PTC148033	NISHTA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	30/09/2008	15/03/2008	-	Active	NO
19	U45200MH2004PLC146312	KB MALL MANAGEMENT COMPANY LIMITED	Director	30/09/2008	15/03/2008	-	Active	NO
20	U70100MH2004PTC148032	BARTRAYA MALL DEVELOPMENT COMPANY PRIVATE LIMITED	Director	30/09/2008	15/03/2008	-	Active	NO
21	U70100MH2005PTC151972	ACUTE REALTY PRIVATE LIMITED	Director	30/09/2008	15/03/2008	03/07/2012	Active	NO
22	U70102MH2006PTC161887	OJAS MALL MANAGEMENT PRIVATE LIMITED	Director	30/09/2008	31/03/2008	-	Active	NO
23	U17100MH2004PTC143809	DHANSHREE FASHIONS PRIVATE LIMITED	Director	30/09/2010	21/05/2008	-	Active	NO
24	U74900MH2008PLC179447	FUTURE COUPONS LIMITED	Director	20/08/2009	26/05/2008	-	Active	NO
25	U63030MH2006PLC160376	FUTURE SUPPLY CHAIN SOLUTIONS LIMITED	Director	29/09/2008	01/06/2008	-	Active	NO
26	U52100MH2007PTC167268	PAIRS RETAIL INDIA PRIVATE LIMITED	Director	26/07/2008	25/06/2008	04/01/2010	Active	NO
27	U52599MH2007PLC166906	ASIAN RETAIL LIGHTING LIMITED	Director	26/07/2008	25/06/2008	-	Active	NO
28	U51109WB2006PTC109359	KAMASKHYA TRACOM PRIVATE LIMITED	Nominee director	07/07/2008	07/07/2008	16/09/2010	Active	NO
29	U52399MH2007PLC171178	FUTURE E-COMMERCE INFRASTRUCTURE LIMITED	Director	26/09/2011	20/10/2010	-	Active	NO
30	U52100MH2007PLC171524	FUTURE VALUE RETAIL LIMITED.	Director	23/09/2011	06/01/2011	-	Active	NO
31	U74900MH1996PLC097943	FUTURE CORPORATE RESOURCES LIMITED	Whole-time director	10/02/2011	10/02/2011	-	Amalgamated	NO
32	U51100MH2005PLC156856	FUTURE CORPORATE RESOURCES LIMITED	Whole-time director	09/08/2011	21/07/2011	-	Active	NO
33	U55101MH2007PTC172953	FUTURE HOSPITALITY PRIVATE LIMITED	Director	29/09/2011	29/09/2011	-	Active	NO
34	U70100MH2005PTC156874	UTSAV MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	13/03/2012	13/03/2012	-	Active	NO
35	U72900MH2007PLC174787	NUFUTURE DIGITAL (INDIA) LIMITED	Additional director	27/03/2012	27/03/2012	-	Active	NO

Name :

Mr. Damodar Shyamsunder Mall

Designation :

Director

Address :

2A, Regency Park, Eden Woods, Thane (west), Mumbai, 400601, Maharashtra, India

Date of Appointment :

13.05.2011

DIN No.:

00043330

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	U99999MH1993PTC073048	KEYNOTE SOFTWARE TECHNOLOGIES PRIVATE LIMITED	Director	06/09/2003	06/09/2003	-	Strike off	NO
2	U15100MH2005PLC152599	FUTURE AGROVET LIMITED	Director	13/04/2005	13/04/2005	-	Active	NO
3	U74999DL2006NPL146962	ACCESS DEVELOPMENT SERVICES	Director	25/05/2007	25/05/2007	-	Active	NO
4	U51900MH2007PLC174027	FUTURE CONSUMER PRODUCTS LIMITED	Director	10/09/2008	20/03/2008	-	Active	NO
5	U52110MH2006PLC160440	AADHAAR RETAILING LIMITED	Director	02/09/2008	27/03/2008	-	Active	NO
6	U01403MH2010PLC201760	FUTURE FRESHFOODS LIMITED	Director	06/04/2010	06/04/2010	-	Active	NO
7	U93020MH2006PTC166332	SPLENDOR FITNESS PRIVATE LIMITED	Director	29/09/2010	28/06/2010	-	Active	NO
8	U74140MH2002PTC136176	LUMIERE BUSINESS SOLUTIONS PRIVATE LIMITED	Director	15/11/2010	15/11/2010	-	Active	NO
9	U52100MH2007PLC171524	FUTURE VALUE RETAIL LIMITED.	Director	23/09/2011	13/05/2011	-	Active	NO
10	U74900MH2007PTC172956	INTEGRATED FOOD PARK PRIVATE LIMITED	Additional director	11/08/2012	11/08/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Kuldeep R Sharma
Designation :	Secretary
Address :	601/A, Shiv Parvati, Chincholi Bunder Road, Malad(West), Mumbai – 400064, Maharashtra, India
Date of Appointment :	15.11.2010
PAN No.:	AAFPS9218R

Name :	Mr. Laxmikant Somani
Designation :	Finance Officer

Name :	Mrs. Rupali M Bhutade
Designation :	Secretary
Date of Appointment :	01.06.2010
PAN :	AGVPB8438J

Name :	Mr. Amit Kumar
Designation :	Head-Fashion @ Big Bazaar

Name :	Mr. Sanjeev Agrawal
Designation :	Joint CEO - FVRL

Name :	Mr. Dupindera Sand hit
Designation :	GM - Category (Food Bazaar)

Name :	Mr. Sadashiv Nayak
Designation :	Joint CEO - FVRL

Name :	Mr. G. R Venkatesh
Designation :	Head -People Office

Name :	Mr. Venkateshwar Kumar M
Designation :	Vice President-South

Name :	Mr. Hans Udeshi
Designation :	CEO - General Merchandising

Name :	Mr. Rajiv Nambiar
Designation :	Chief People Officer-Talent Design and Development

Name :	Ms.Suzette Sugathan
Designation :	Business Head - Health & Beauty

Name :	Mr. Upamanyu Bhattacharya
Designation :	CEO-KB's Fair Price

Name :	Mr. Vinod Bajaj
Designation :	Head - Business Development, Food Business

Name :	Mr. Saurabh Bhushan Chadha
Designation :	Head - Operations

AUDIT COMMITTEE

Name :	Mr. C P Toshniwal
Designation :	Chairman

Name :	Mr. Vivek Biyani
Designation :	Member (w.e.f. 6 January 2011)

Name :	Mr. Damodar Mall
Designation :	Member (w.e.f. 13 May 2011)

Name :	Mr. Raghu Pillai
Designation :	Member (w.e.f. 6 January 2011 upto 10 April 2011)

Name :	Mr. Rajesh Kalyani
Designation :	Member (upto 6 January 2011)

Name :	Mr. Sanjay Rathi
Designation :	Member (upto 6 January 2011)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.08.2010

Names of Shareholders	Address	No. of Shares
Pantaloon Retail (India) Limited, Mumbai	Knowledge House, Shyam Nagar, Off Jogeshwari - Vikhroli Link Road, Jogeshwari (East), Mumbai - 400 060, Maharashtra, India	66499905
Pantaloon Retail (India) Limited Jointly with Mr. Rajesh Kalyani	Knowledge House, Shyam Nagar, Off Jogeshwari - Vikhroli Link Road, Jogeshwari (East), Mumbai - 400 060, Maharashtra, India	1
Pantaloon Retail (India) Limited Jointly with Mr. Chandra Prakash Toshniwal	Knowledge House, Shyam Nagar, Off Jogeshwari - Vikhroli Link Road, Jogeshwari (East), Mumbai - 400 060, Maharashtra, India	1
Pantaloon Retail (India) Limited Jointly with Mr. Sanjay Rathi	Knowledge House, Shyam Nagar, Off Jogeshwari - Vikhroli Link Road, Jogeshwari (East), Mumbai - 400 060, Maharashtra, India	1
Pantaloon Retail (India) Limited Jointly with Mr. Dinesh Maheshwari	Knowledge House, Shyam Nagar, Off Jogeshwari - Vikhroli Link Road, Jogeshwari (East), Mumbai - 400 060, Maharashtra, India	1
Pantaloon Retail (India) Limited Jointly with Mr. Vimal Dhurve	Knowledge House, Shyam Nagar, Off Jogeshwari - Vikhroli Link Road, Jogeshwari (East), Mumbai - 400 060, Maharashtra, India	1
Pantaloon Retail (India) Limited Jointly with Mr. Milind Budhakar	Knowledge House, Shyam Nagar, Off Jogeshwari - Vikhroli Link Road, Jogeshwari (East), Mumbai - 400 060, Maharashtra, India	1
Pantaloon Retail (India) Limited Jointly with Mrs. Rupali Bhutada	Knowledge House, Shyam Nagar, Off Jogeshwari - Vikhroli Link Road, Jogeshwari (East), Mumbai - 400 060, Maharashtra, India	1
Total		66499912

AS ON 28.08.2010

Equity Share Breakup

Category

Percentage

Bodies corporate

100.00

Total

100.00

BUSINESS DETAILS

Line of Business :	Retail Chain Business of Food and Other items

Brand Names :	Big Bazaar

GENERAL INFORMATION

No. of Employees :

15 [Approximately]

Bankers :

Bank of India, Large Corporate Branch, 70/80, M G Road, 4^th Floor, Fort, Mumbai 400001, Maharashtra, India
Axis Bank, 2^nd Floor E Wing, Axis House, Bombay Dying Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai 400025, Maharashtra, India
HDFC Bank

Facilities :

Rs. In Millions

SECURED LOAN	30.06.2011 (15 Months)	30.06.2010 (15 Months)
Non Convertible Debentures	5000.000	5000.000
Term Loans from Banks
Foreign Currency Loans	84.200	560.200
Rupee Loans	7978.600	4389.000
Working Capital Loans from Banks
Rupee Loan	3882.300	3027.100
Total	16945.100	12976.300
Secured Loans: Amount Outstanding (Rs. In millions) A) Non Convertible Debentures Secured by pari passu first charge on fixed assets (excluding specific fixed assets charged in favour of exclusive charge lender) – Rs. 5000.000 Debentures referred as above are redeemable at par, in one or more installments as follows: Rs. 2500.000 Millions in financial year 2014-15, Rs. 2500.000 Millions in 2015-16. B) Term Loans Foreign Currency Loans Secured by pari passu first charge on the fixed assets (excluding specific fixed assets charged in favour of exclusive charge lender), credit card receivables of all the stores and pari passu second charge on current assets – Rs.84.200 Rupee Loans Secured by pari passu first charge on the fixed assets (excluding specific fixed assets charged in favour of exclusive charge lender), credit card receivables of all the stores and pari passu second charge on current assets – Rs.3673.000 Secured by pari passu first charge on fixed Assets (excluding specific fixed assets charged in favour of exclusive charge lender) – Rs.2694.700 Secured by pari passu third charge on current Assets and Fixed Assets – 655.500 Secured by exclusive charge on specific fixed assets – 137.900 Secured by pari passu first charge on company’s fixed Assets (excluding assets charged on exclusive basis to exclusive charge lenders) and Pari passu second charge on current assets excluding deposit – Rs.817.500 C) Working Capital Loan Secured by pari passu first charge on the entire current assets excluding credit card receivables and pari passu second charge on fixed assets and credit card receivables – Rs.3882.300
UNSECURED LOAN	30.06.2011 (15 Months)	30.06.2010 (15 Months)
Debenture
Compulsory Convertible Debentures Series A	5350.000	0.000
Compulsory Convertible Debentures Series B	1500.000	0.000
From Banks
Long Term	2227.100	1933.300
Short Term	1000.000	250.100
Inter Corporate Deposits	0.000	130.000
Total	10077.100	2313.400

Banking Relations :	--

Auditors :
Name :	NGS and Company Chartered Accountants
Address :	B-46, 3^rd Floor, Pravasi Industrial Estate, Vishweshwar Nagar Road, GOregaon (West), Mumbai-400063, Maharashtra, India

Holding Company :	Pantaloon Retail (India) Limited CIN No.: L52399MH1987PLC044954

Subsidiaries	Future Fresh Foods Limited

Associates :	Galaxy Entertainment Corporation Limited

Fellow Subsidiaries :	FSC Brand Distribution Services Limited (Formerly Known as FLSL Distribution Services Limited) Future Agrovet Limited Future Capital Holdings Limited Future E-Commerce Infrastructure Limited Future Knowledge Services Limited Future Learning and Development Limited Future Media (India) Limited Future Mobiles and Accessories Limited (till 29 th June ,2011) Future Supply Chain Solutions Limited (Formerly known as Future Logistic Solutions Limited) Winner Sports Limited Home solution Retail (India) Limited Splendor Fitness Private Limited (Formerly Known as Talwalkars Pantaioon Fitness private Limited) Clarks Future Footwear Limited (till 26 December 2010)

CAPITAL STRUCTURE

As on 30.06.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

100,000,000	Equity Shares	Rs. 10 each	Rs. 1000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

66,499,912	Equity Shares	Rs. 10 each	Rs. 665.000 millions

Note:

Out of above 66499912 equity shares of Rs. 10 each fully paid up are held by Pantaloon Retail India Limited, the holding company

26399912 equity shares of RS. 10 each fully paid up allotted as fully paid up Bonus share by capitalization of shares premium

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.06.2011 (12 Months)	30.06.2010 (15 Months)	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		665.000	665.000	21.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10748.600	9618.600	264.000
4] (Accumulated Losses)		0.000	0.000	(1.928)
NETWORTH		11413.600	10283.600	283.072
LOAN FUNDS
1] Secured Loans		16945.100	12976.300	0.000
2] Unsecured Loans		10077.100	2313.400	0.000
TOTAL BORROWING		27022.200	15289.700	0.000
DEFERRED TAX LIABILITIES		780.000	563.000	0.000

TOTAL		39215.800	26136.300	283.072

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		15937.800	12070.300	0.000
Capital work-in-progress		2383.100	2240.700	0.000

INVESTMENT		99.800	2.400	283.048
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18229.700	11325.400	0.000
	Sundry Debtors	1965.600	1475.000	0.000
	Cash & Bank Balances	409.500	634.800	0.043
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9586.600	6060.900	0.000
Total Current Assets		30191.400	19496.100	0.043
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4146.700	3074.700
	Current Liabilities	5039.200	4404.900	0.019
	Provisions	210.400	193.600	0.000
Total Current Liabilities		9396.300	7673.200	0.019
Net Current Assets		20795.100	11822.900	0.024

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		39215.800	26136.300	283.072

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.06.2011 (12 Months)	30.06.2010 (15 Months)	31.03.2009
	SALES
		Sales and Operating Income	69148.300	29917.100	0.000
		Other Income	37.700	11.000	0.200
		TOTAL (A)	69186.000	29928.100	0.200

Less	EXPENSES
		Cost of goods sold	51777.900	22430.500	0.000
		Operating and other Expenses	9443.300	4071.600	0.300
		Personal Expenses	2664.000	1144.600	0.000
		TOTAL (B)	63885.200	27646.700	0.300

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5300.800	2281.400	(0.100)

Less	FINANCIAL EXPENSES (D)		2397.000	1030.300	0.000

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2903.800	1251.100	(0.100)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		1211.700	504.400	0.000

	PROFIT BEFORE TAX (E-F) (G)		1692.100	746.700	(0.100)

Less	TAX (H)		562.100	240.700	0.000

	PROFIT AFTER TAX (G-H) (I)		1130.000	506.000	(0.100)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		254.100	(1.900)	(1.800)

Less	APPROPRIATIONS
	Debenture Redemption Reserve		250.000	250.000	0.000
	BALANCE CARRIED TO THE B/S		1134.100	254.100	(1.900)

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings through credit cards	204.200	92.100	0.000

	IMPORTS
		Capital Goods	220.300	32.400	0.000
		Finished Goods	1077.400	222.200	0.000
	TOTAL IMPORTS		1297.700	254.600	0.000

	Earnings Per Share (Rs.)		16.99	13.99	--

KEY RATIOS

PARTICULARS		30.06.2011 (12 Months)	30.06.2010 (15 Months)	31.03.2009
PAT / Total Income	(%)	1.63	1.69	(50.00)

Net Profit Margin (PBT/Sales)	(%)	2.45	2.49	(17.28)

Return on Total Assets (PBT/Total Assets}	(%)	3.67	2.36	(232.55)

Return on Investment (ROI) (PBT/Networth)		0.15	0.07	0.00

Debt Equity Ratio (Total Liability/Networth)		3.19	2.23	0.00

Current Ratio (Current Asset/Current Liability)		3.21	2.54	2.26

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	Yes
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

COMMENCEMENT OF VALUE RETAIL BUSINESS

The Company is 100% subsidiary of Pantaloon Retail (India) Limited (PRIL), a leading organized retailer in the country. Pursuant to the realignment plans of PRIL, Value Retail Business comprising of Big Bazaar, Food Bazaar and other value retail formats such as Depot, Fashion @ Big Bazaar, Fashion Station, Health Village, Wholesale Club and Navras were transferred to the Company with effect from 1st January 2010. The transfer of Value Retail Business was warranted to ensure more focused approach towards the Value Retail Business, which has reached a critical mass and needs to be identified separately to ensure further growth of the said business.

BUSINESS OVERVIEW, GROWTH AND EXPANSION

The Company is engaged in Value Retail Business since 1st January, 2010 as part of the realignment initiative of the Future Group and its holding company Pantaloon Retail (India) Limited (PRIL). During FY 2010-11, the Company registered income from operations amounting to a 69148.300 millions and profit for the said financial year stood at a 1130.000 millions. The Company is operating marquee format brand Big Bazaar and Food Bazaar apart from other smaller format in Value Retail Business.

During the year, the Company opened new 26 Food Bazaars including SIS located within the 19 new Big Bazaar stores between July 2010 and June 2011. In addition to the above, other formats of the Company also saw a good growth in terms of numbers as well as turnover.

A crucial roll out for the forthcoming year is the launch of Food Hall - an upgraded food store catering to a more evolved set of customers willing to pay a higher price for more value added food products as well as international food ingredients.

The management is also concentrating in increasing its presence in fashion through "fashion at Big Bazaar" [f@bb], providing multiple choice to value customer in fashion segment.

With such initiative and many more to be added, Management is positive of the growth of the business and Company.

HOLDING COMPANY

The Company is 100% subsidiary of Pantaloon Retail (India) Limited.

DIRECTORS

With deep regret, the report the sad and sudden demise of Mr. Raghu Piilai, then Executive Director, on 10 April 2011. Mr. Raghu Pillai was associated with the Company since December, 2010. In the short stint he had given right direction to the Company operations. The Board places on record its appreciation for contribution of Mr. Raghu Pillai during his tenure as Executive Director of the Company. As per the applicable provisions of the Companies Act, 1956, the resolution for approving his appointment for the period of his service and remuneration paid to him during that period has been submitted to the members for their consideration with recommendation of the Board.

During the year, the Board had co-opted Ms. Ashni Biyani, Mr. Vivek Biyani, Ms. Rajni Bakshi and Ms. Ranjana Kumar as Additional Directors of the Company with effect from 6 January 2011.

Further the Board had appointed Mr. Damodar Mall as an Additional Director of the Company with effect from 13 May 2011. He has further been appointed as Executive Director for a period of 3 years with effect from 13 May 2011 in accordance with the recommendation of the Remuneration and Nomination Committee. As per the applicable provisions of the Companies Act, 1956, the resolution for approving his appointment and remuneration payable to him is being submitted to the members for their consideration with recommendation of the Board.

During the year, Mr. Sanjay Rathi and Mr. Rajesh Kalyani resigned from the Directorship of the Company with effect from 6 January 2011. The Board wishes to place on record its appreciation for the valuable services rendered by them during their tenure.

In terms of Section 255 and 256 the Companies Act, 1956, Mr. C P Toshniwal retires at the ensuing Annual General Meeting of the Company and being eligible, offers himself for the appointment as Director.

In terms of section 260 of the Companies Act, 1956, Ms. Ashni Biyani, Mr. Vivek Biyani, Ms. Rajni S Bakshi, Ms. Ranjana Kumar and Mr. Damodar Mall hold office as Additional Directors till the date of ensuing annual general meeting. The Company is in receipt of notices pursuant to the provisions of Section 257 of the Companies Act, 1956 read with Articles of Association of the Company from the members proposing the candidature of Ms. Ashni Biyani, Mr. Vivek Biyani, Ms. Rajni S Bakshi, Ms. Ranjana Kumar and Mr. Damodar Mall for the appointment as Directors liable to retire by rotation.

CONTINGENT LIABILITIES: [AS ON 30.06.2011]

Amount outstanding for guarantees given by banks on behalf of the company and group companies is Rs 90.400 Millions (2010: Rs. 34.900 Millions)
Amount outstanding for Corporate guarantee given to banks on behalf of Holding company is Rs.613.200 Millions (2010 : Rs.NIL)

Claims against the company not acknowledged as debts : Rs. 02.400 Millions (2010: Rs.Nil)

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U52100MH2007PLC171524
Name of the company	FUTURE VALUE RETAIL LIMTED
Address of the registered office or of the principal place of business in India of the company	Knowledge House, Shyam Nagar, Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai-400060, Maharashtra
This form is for	Creation of charge
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge Others
Particular of charge holder	Axis Bank, 2^nd Floor E Wing, Axis House, Bombay Dying Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai 400025, Maharashtra, India Email: kulkarni.makarand@axisbank.com
Nature of instrument creating charge	Indenture of Mortgage dated 25th March 2011 between the Company and Axis Bank Limited(security trustee)
Date of instrument Creating the charge	25.03.2011
Amount secured by the charge	Rs. 1250.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest mutually agreed between Company and the Lender Terms of repayment As per sanction letter. Extent and operation of the charge The Company has created residual charge on fixed assets (both movable and immovable) and current assets in favour of Axis Bank Limited (security Trustee) to secure the repayment of the working capital facilities of Rs. 1250.000 millionss with all interest, fees, premia, cost, charges, expenses.
Short particulars of the property charged (Including location of the property)	Residual Charge on fixed asset of the Company situated at Flat no 10 1, Building Ostwal Empire, Boisar, Tal Palghar, District Thane and on current assets of the Company

FIXED ASSETS:

· Building and Leasehold Improvement

· Plant and Machinery

· Office Equipments

· Computers and Software

· Furniture and Fittings

· Vehicles

· Air Conditioners

PRESS RELEASES

Big Bazaar Redefines the Concept of Customer Service

February 23, 2012

Bengaluru, February 23, 2012: Big Bazaar, the hypermarket retail chain of Future Group, launched the new Rajajinagar Family Centre outlet with a format that promises to revolutionize the history of Indian retail. Focusing on its unique service offering ‘Seva’, the Rajajinagar outlet will redefine the way customers shop henceforth.

Radiating ‘Seva’ warmth to all its customers, the new Big Bazaar format will be seen offering services that will redefine the time spent in Indian kitchens henceforth. Not only will the new Big Bazaar store offer customer services that are unique and exemplary, but will also be focusing on going back to our traditional roots.

A few of the sevas that will be on offer are free cutting and dicing of vegetables purchased, in different styles, according to specifics mentioned by the customer. For those who enjoy healthy multi grain rotis, customers have the option of choosing the grains that go into their roti doughs. The grains will not only be ground and made into doughs, but will also be made into fresh, hot and healthy rotis by the Seva staff (Sevaks) at Big Bazaar. Also available at the new Big Bazaar store will be a Bangalore One Counter that will offer a bouquet of services. Offering a multitude of such services, the new Big Bazaar format stands to be a forerunner in the race of future outstanding retail customer servicing in the country.

Mr. Venkateshwar Kumar, Head- South, Big Bazaar, says, “We are pleased to announce the launch of our new ‘Seva’ initiative through our Rajajinagar Big Bazaar store. This will be the first Big Bazaar store in India with the new format. The initiative focuses on the needs of our customers where we at Big Bazaar will strive to make them truly feel like a King. This initiative will be a first for the organized retailing sector in India.”

About Future Group

Big Bazaar is part of the retail network of 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.55.64
UK Pound	1	Rs.88.10
Euro	1	Rs.69.83

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

18229.700

11325.400

1965.600

1475.000

409.500

634.800

0.000

0.000

9586.600

6060.900

30191.400

19496.100

5039.200

4404.900

210.400

193.600

9396.300

7673.200

20795.100

11822.900

1.63

1.69

2.45

2.49

3.67

2.36

0.15

0.07

3.19

2.23

3.21

2.54

Unit