MIRA INFORM REPORT

Report Date :

06.12.2012

IDENTIFICATION DETAILS

Name :	TWENTY FOUR SEVEN RETAIL STORES PRIVATE LIMITED

Registered Office :	4, Community Centre, New Friends Colony, New Delhi – 110 065

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	27.09.2004

Com. Reg. No.:	55-129421

Capital Investment / Paid-up Capital :	Rs.0.100 million

CIN No.: [Company Identification No.]	U52110DL2004PTC129421

TAN No.: [Tax Deduction & Collection Account No.]	DELT06644B

PAN No.: [Permanent Account No.]	AACCT2024L

Legal Form :	Private Limited Liability Company

Line of Business :	Chain of Retail Stores

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 8000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. There appears loss in the current year. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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

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 :	4, Community Centre, New Friends Colony, New Delhi – 110 065, India
Tel. No.:	91-11-66037090/ 26832155/ 26836468/ 30842100
Fax No.:	91-11-26915469/ 26840775/ 26835803
E-Mail :	email-gpi@modi.com msekhri@modi.com
Website :	http://www.godfreyphillips.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Samir Kumar Modi

Designation :

Director

Address :

A-1, Maharani Bagh, New Delhi – 110 065, India

Date of Birth/Age :

15.12.1969

Date of Appointment :

27.09.2004

DIN No.:

00029554

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	U72200DL1973PLC110617	MODI CARE LIMITED	Managing director	01/04/2012	01/02/1992	-	Active	NO
2	U65101DL1992PTC049846	K K MODI INVESTMENT AND FINANCIAL SERVICES PRIVATE LIMITED	Director	05/08/1992	05/08/1992	-	Active	NO
3	U74899DL1993PLC051769	HOME COMMUNICATION NETWORK LIMITED	Director	18/01/1993	18/01/1993	01/03/2002	Active	NO
4	U24110MH1993PLC070713	INDOFIL INDUSTRIES LIMITED	Director	09/02/1993	09/02/1993	-	Active	NO
5	L16004MH1936PLC008587	GODFREY PHILLIPS INDIA LMITED	Whole-time director	01/09/2010	11/01/1994	-	Active	NO
6	U29309DL1983PLC016948	MODERN HOME CARE PRODUCTS LIMITED	Director	27/09/1994	27/09/1994	-	Active	NO
7	U74899DL1995PLC064964	MODI ENTERTAINMENT LIMITED	Director	02/02/1995	02/02/1995	-	Active	NO
8	U74900DL1993PLC051770	MODICARE SALES AND SERVICES LIMITED	Director	15/03/1995	15/03/1995	-	Strike off	NO
9	U67120DL1979PTC114042	INDO EURO INVESTMENT COMPANY PRIVATE LIMITED	Director	07/06/1995	07/06/1995	-	Active	NO
10	U74899DL1995PLC072562	INDIAN CRICKET LEAGUE LIMITED	Director	19/09/1995	19/09/1995	-	Active	NO
11	U92100MH1995PTC093949	MODI NEW WORLD INDIA PRIVATE LIMITED	Director	26/10/1995	26/10/1995	-	Active	NO
12	U92110MH1997PTC104951	MODI FILMS ENTERPRISES PRIVATE LIMITED	Director	08/01/1997	08/01/1997	-	Strike off	NO
13	U92113DL1997PTC085957	MODI ENTERTAINERS NETWORKS PRIVATE LIMITED	Director	19/03/1997	19/03/1997	-	Strike off	NO
14	U67120UP1980PTC004955	TOUCH WOOD INVESTMENT PRIVATE LIMITED	Director	19/08/1997	19/08/1997	-	Active	NO
15	U74899DL1994PLC060724	MODI REACH FINANCE AND INVESTMENT (INDIA) LIMITED	Director	27/08/1997	27/08/1997	-	Active	NO
16	U17118MP1989PLC005568	SUCCESS PRINCIPLES INDIA LIMITED	Director	30/09/1999	30/09/1999	-	Active	NO
17	U74899DL2000PLC106938	MEN INTERACTIVE NETWORK LIMITED	Director	24/07/2000	24/07/2000	-	Active	NO
18	U72900MH2000PTC129737	JUNIORBUZZ.COM INDIA PRIVATE LIMITED	Director	24/11/2000	24/11/2000	-	Strike off	NO
19	U72200MH2000PTC124841	CRICLIVE COM INDIA PRIVATE LIMITED	Director	31/08/2001	31/08/2001	-	Active	NO
20	U74140MH2001PTC132192	MARKETING AND BRAND SOLUTIONS (INDIA) PRIVATE LIMITED	Director	04/07/2003	04/07/2003	-	Amalgamated	NO
21	U24246DL2004PTC125599	COLORBAR COSMETICS PRIVATE LIMITED	Director	02/04/2004	02/04/2004	-	Active	NO
22	U52110DL2004PTC129421	TWENTY FOUR SEVEN RETAIL STORES PRIVATE LIMITED	Director	27/09/2004	27/09/2004	-	Active	NO
23	U51909DL2004PTC129422	SERENDIPITY ENTERPRISES PRIVATE LIMITED	Director	27/09/2004	27/09/2004	-	Active	NO
24	U74999DL1996PTC080090	KKM MANAGEMENT CENTRE PRIVATE LIMITED	Director	19/07/2005	19/07/2005	04/11/2010	Active	NO
25	U80302DL2001PTC113471	MODI APOLLO INTERNATIONAL GROUP PRIVATE LIMITED	Director	14/03/2007	14/03/2007	-	Active	NO
26	U22219DL2007PTC161659	SERENDIPITY DESIGN PRIVATE LIMITED	Director	04/04/2007	04/04/2007	-	Active	NO
27	U74999DL2009PTC192242	THE WALTZING VIENNA COFFEE AND MORE PRIVATE LIMITED	Director	15/07/2009	15/07/2009	-	Active	NO
28	U52390DL2009PTC192241	MODI BRANDS PRIVATE LIMITED	Director	15/07/2009	15/07/2009	-	Active	NO

Name :

Ms. Shivani Modi

Designation :

Director

Address :

A-1, Maharani Bagh, New Delhi – 110 065, India

Date of Birth/Age :

21.11.1971

Date of Appointment :

27.09.2004

DIN No.:

00066525

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	U74899DL1988PTC030391	BEACON TRAVELS PRIVATE LIMITED	Director	19/10/1994	19/10/1994	-	Active	NO
2	U24246DL2004PTC125599	COLORBAR COSMETICS PRIVATE LIMITED	Director	02/04/2004	02/04/2004	-	Active	NO
3	U51909DL2004PTC129422	SERENDIPITY ENTERPRISES PRIVATE LIMITED	Director	27/09/2004	27/09/2004	-	Active	NO
4	U52110DL2004PTC129421	TWENTY FOUR SEVEN RETAIL STORES PRIVATE LIMITED	Director	27/09/2004	27/09/2004	-	Active	NO
5	U22219DL2007PTC161659	SERENDIPITY DESIGN PRIVATE LIMITED	Director	04/04/2007	04/04/2007	-	Active	NO
6	U74999DL2009PTC192242	THE WALTZING VIENNA COFFEE AND MORE PRIVATE LIMITED	Director	15/07/2009	15/07/2009	-	Active	NO
7	U52390DL2009PTC192241	MODI BRANDS PRIVATE LIMITED	Director	15/07/2009	15/07/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders		No. of Shares
Samir Kumar Modi		10
Shivani Modi		10
Serendipity Enterprises Private Limited, India		9980
Total		10000

As on 29.09.2012

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		99.80
Directors or relatives of directors		0.20
Total		100.00

BUSINESS DETAILS

Line of Business :

Chain of Retail Stores

Products :

Product Description

ITC Code

Retail Store

99999998

GENERAL INFORMATION

No. of Employees :	Not Available

Bankers :	HDFC Bank Limited


Banking Relations :	--

Auditors :
Name :	Kumar Chopra and Associates Chartered Accountants
Address :	B-12, Ground Floor, Kalindi Colony, New Delhi – 110 065, India
Tel. No.:	91-11-26913033/ 26916363
Income-tax PAN of auditor or auditor's firm :	AAAFK3534D

Holding Company :	Serendipity Enterprises Private Limited CIN No.: U51909DL2004PTC129422

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

Reconciliation of number of shares outstanding:

Particulars	Amount (Rs. in millions)
Equity Shares at the beginning of the year	0.100
Add: Shares allotted during the year	0.000
Total Equity Shares at the end of the year	0.100

9980 Equity Shares are held by holding company Serendipity Enterprises Private Limited

Shareholders holding more than 5% shares

Name of the Shareholder	Number of shares held	% of holding
	2012	2012
Serendipity Enterprises Private Limited	9980	99.80

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.899	1.945	0.000
4] (Accumulated Losses)		0.000	0.000	(0.915)
NETWORTH		1.999	2.045	(0.815)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.119
TOTAL BORROWING		0.000	0.000	0.119
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		1.999	2.045	(0.696)

APPLICATION OF FUNDS

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

INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	2.141	2.319	0.108
	Other Current Assets	0.009	0.023	0.000
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		2.150	2.342	0.108
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	0.151	0.151	0.804
	Provisions	0.000	0.146	0.000
Total Current Liabilities		0.151	0.297	0.804
Net Current Assets		1.999	2.045	(0.696)

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		1.999	2.045	(0.696)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	9.786	0.008
		Other Income
		TOTAL	NA	9.786	0.008

Less	EXPENSES
		Office Expenses	NA	5.647	0.069
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	5.647	0.069

	PROFIT/ (LOSS) BEFORE TAX		(0.030)	4.139	(0.061)

Less	TAX		0.016	1.279	0.000

	PROFIT/ (LOSS) AFTER TAX		(0.046)	2.860	(0.061)

	Earnings/ (Loss) Per Share (Rs.)		(4.60)	286.00	(6.12)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	29.23	(762.50)

Return on Total Assets (PBT/Total Assets}	(%)	(1.40)	176.73	(0.56)

Return on Investment (ROI) (PBT/Networth)		(0.02)	2.02	0.07

Debt Equity Ratio (Total Liability/Networth)		0.08	0.15	(1.13)

Current Ratio (Current Asset/Current Liability)		14.24	7.89	0.13

LOCAL AGENCY FURTHER INFORMATION

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	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last two 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	No
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	No

OPERATIONS:

During the year, the Company incurred a loss of Rs.0.030 million as against profit of Rs.4.139 millions in the previous year.

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 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 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.54.57
UK Pound	1	Rs.87.90
Euro	1	Rs.71.53

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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

0.000

0.000

2.141

0.009

0.000

2.150

0.000

0.151

0.000

0.151

1.999

NA

(1.40)

(0.02)

0.08

14.24

Unit