MIRA INFORM REPORT

Report Date :

18.07.2012

IDENTIFICATION DETAILS

Name :	INDIAGAMES LIMITED (w.e.f.01.02.2000)
Formerly Known As :	INDIAGAMES.COM LIMITED
Registered Office :	Office No.1, 11^th Floor, Viswaroop IT Park, Next to Raguleela Mall, CIDCO, Vashi, Navi Mumbai – 400705, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.02.2000
Com. Reg. No.:	11-123970
Capital Investment / Paid-up Capital :	Rs.10.918 Millions
CIN No.: [Company Identification No.]	U72900MH2000FLC123970
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is engaged in publishing and developing games across various platforms including Online and Mobile.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 510000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

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

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

LOCATIONS

Registered Office :	Office No.1, 11^th Floor, Viswaroop IT Park, Next to Raguleela Mall, CIDCO, Vashi, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-67710700/27813358/27813359
Fax No.:	91-22-67710777/27813360
E-Mail :	mahendra@indiagames.com servicedesk@indiagames.com vishal@indiagames.com
Website :	www.indiagames.com

DIRECTORS

As on 27.05.2011

Name :

Mr. Bhushan Pravinchandra Kapadia

Designation :

Additional Director

Address :

201/202, Ashirwad, Off C.S Road, Behind Anand Nagar, Corporation Bank Lane, Dahisar (East), Mumbai – 400068, Maharashtra, India

Date of Birth/Age :

05.02.1967

Date of Appointment :

02.04.2012

DIN No.:

02492753

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	U80903MH1996PTC100043	KAPADIA TUTION CLASSES PRIVATE LIMITED	Director	06/06/1996	06/06/1996	-	Active	YES
2	U64201MH2006PLC166426	UNILAZER HOLDINGS LIMITED	Director	30/09/2010	08/04/2010	-	Active	NO
3	U72900MH2000FLC123970	INDIAGAMES LIMITED	Additional director	02/04/2012	02/04/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vishal Gondal -
Designation :	Founder and Chief Executive officer
Name :	Mr. Samir Bangara
Designation :	Chief Operating Officer
Name :	Mr. Cyril Ferry
Designation :	EVP Mobile
Name :	Mr. Deepak Ail
Designation :	Associate Vice Presiden
Name :	Mr. Mahendra Patel
Designation :	Finance Controller
Name :	Ms. Reena George
Designation :	GM - HR and Administrative
Name :	Mr. Sachin Janghel
Designation :	Technology Director
Name :	Mr. Hrishi Oberoi
Designation :	Director
Name :	Mr. Srinivasan
Designation :	Head 3D Development
Name :	Mr. Tejraj Parab
Designation :	GM Marketing

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.05.2011

Names of Shareholders	No. of Shares
Vishal P. Gondal	124192
Shashi P. Gondal	113
Prannath M. Gondal	113
Deepak C. Ail	7385
Deepak C. Ail	1
Harpreet V. Gondal	7767
Mahendra V. Patel	7386
Vishal P. Gondal	101116
Cyril Ferry	7386
Samir Bangara	30857
Hrishi Oberoi	3429
Reena George	1144
Sachin Janghel	1144
Adobe Macromedia Software LLC.	71906
CSI BD (Mauritius)	87887
UTV Software Communications Limited, India	639986
Total	1091812

As on 29.02.2012

Names of Allottees	No. of Shares
Samir Bangare Service	16245
Cyril Ferry Service	3535
Mehendra Vasueo Patel Service	4837
Deepak Chandappa Ali Service	4837
Hrishil Oberoi Service	2944
Reena George Service	1850
Sachin Janghel Service	1850
Srinivasan Veeraraghavan Service	1544
Prasad Ramdas Service	1544
Shaina Ziauddin Rajan Service	1544
Vijay Venkatramani Service	809

Equity Share Break up (Percentage of Total Equity)

As on 27.05.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	14.63
Bodies corporate	58.62
Directors or relatives of Directors	21.37
Other top fifty shareholders	5.38
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in publishing and developing games across various platforms including Online and Mobile.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Loans taken for vehicles secured	(A) 1.453	(B) 0.695
Total	1.453	0.695
Note: (A) Car Loans from Bank (Secured against hypothecation of Car) (Of the above, amount payable within one year Rs.0.719 Million) (B) Car Loans from Bank (Secured against hypothecation of Car)

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
PAN.:	AADFP9359C
Holding Company:	· UTV Software Communications Limited, India (CIN: L72200MH1990PLC056987)
Fellow Subsidiaries:	· Genx Entertainment Limited, India (CIN: U92142MH2007PLC167974) · UTV New Media Limited, India (CIN: U92413MH2007PLC174340) · UTV News Limited · Business Broadcast News Limited, India (CIN: U92200MH2007PLC170406) · Ignition Entertainment Limited, United States

CAPITAL STRUCTURE

As on 27.05.2011

Authorised Capital : Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital : Rs.11.429 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1091812	Equity Shares	Rs.10/- each	Rs.10.918 Millions

Note:

Of the above, 294,820 equity shares were allotted as fully paid bonus equity shares by way of capitalisation of Securities Premium Account and 125,000 equity shares were allotted for consideration other than cash.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		10.918	10.918	10.914
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		210.407	210.408	262.634
4] (Accumulated Losses)		(92.157)	(116.906)	(82.046)
NETWORTH		129.168	104.420	191.502
LOAN FUNDS
1] Secured Loans		1.453	0.695	1.174
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1.453	0.695	1.174
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		130.621	105.115	192.676
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.142	16.476	36.451
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	229.308	154.462	131.995
	Cash & Bank Balances	91.865	42.909	87.927
	Other Current Assets	1.785	1.235	0.992
	Loans & Advances	55.232	79.112	121.799
Total Current Assets		378.190	277.718	342.713
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	79.649	85.704	53.160
	Other Current Liabilities	169.586	92.521	127.810
	Provisions	12.476	10.854	5.518
Total Current Liabilities		261.711	189.079	186.488
Net Current Assets		116.479	88.639	156.225
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		130.621	105.115	192.676

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	523.930	377.066	464.203
		Other Income	21.176	22.104	13.537
		TOTAL (A)	545.106	399.170	477.740
Less	EXPENSES
		Manufacturing service costs	262.754	210.066
		Employee related expenses	75.372	51.507
		Administrative selling other expenses	170.840	161.464
		TOTAL (B)	508.966	423.037	474.246 (Including Financial Expenses and Depreciation)
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		36.140	(23.867)
Less	FINANCIAL EXPENSES (D)		0.165	0.126
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		35.975	(23.993)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.227	10.895
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		24.748	(34.888)	3.494
Less	TAX (I)		0.000	(0.028)	1.253
	PROFIT/(LOSS) AFTER TAX (G-I) (J)		24.748	(34.860)	2.241
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(116.906)	(82.046)	(84.287)
	BALANCE CARRIED TO THE B/S		(92.158)	(116.906)	(82.046)
	Earnings Per Share (Rs.)		22.67	(31.94)	2.12

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.54	(8.73)	0.47
Net Profit Margin (PBT/Sales)	(%)	4.72	(9.25)	0.75
Return on Total Assets (PBT/Total Assets}	(%)	6.54	(12.56)	1.02
Return on Investment (ROI) (PBT/Networth)		0.19	(0.33)	0.02
Debt Equity Ratio (Total Liability/Networth)		2.04	1.82	0.98
Current Ratio (Current Asset/Current Liability)		1.45	1.47	1.84

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 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	--
23) Banking Details	No
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

PERFORMANCE

The past financial year has been a positive one for Indiagames and the company has witnessed 37% growth in revenues at INR 545.000 Millions with a profit of INR 24.700 Millions against a loss of INR 34.900 Millions in the previous year.

Developments in the Indian Mobile Business:

The India Mobile business is the largest contributor to revenues and profitability though the dependency on the region has steadily declined with the growth in other businesses. Steady growth quarter on quarter was achieved through a focus on new business opportunities with OEMs and the Managed Services Business for telcos like Tata Docomo, Uninor and Idea. In addition large accounts like Airtel and Vodafone also grew contributing to about a 24% year on year growth in the India mobile business. The strategy of the Company to work as an MSP with some of the telcos as well as grow its direct to consumer business in parallel has worked well in the last year.

From a content perspective, Indiagames continued to hold its position as the number 1 developer and publisher of mobile games in India. The company has built a substantial distribution network amongst gamers in India and along with its original IPs like T20fever, DLF IPL T20, several Bollywood licensed titles and content from partners like The Walt Disney Company, THQ Wireless, Real Networks and others – the overall games offering to consumers remains best of breed in India.

From an industry perspective, one of the most significant developments in the year has been the licensing of 3G and 4G spectrum to operators. This will have a profound impact on the growth of data subscribers in India and has been a long awaited development. Indiagames is already seeing early signs of this but the real impact is expected through the following financial year. While this is certainly a positive development, the Management is also acutely aware that the current business models of pay per download and subscriptions are going to evolve into more ‘microtransactions’ and ‘freemium’ services where a small percentage of users pay while others expect free content albeit ad-supported. The Company’s ability to adapt to the new business models will determine how effectively the growth opportunity will be monetized.

Developments in the International Mobile Business

In the previous year, the Management took a decision to focus its efforts on ‘self-publish’ platforms like IOS (Apple) and Android. In the first year of this approach results have met their expectations and they are encouraged to continue with this strategy going forward. Specifically, Indiagames’ original IP, T20fever and its various avatars has become one of the most successful cricket titles on IOS and Android. The other successful launch has been Bruce Lee which was live on the iPad on the date of its launch and was also selected as one of the core games to be embedded on the high profile launch of the Sony Ericcsson Xperia Play handset.

Games on Demand Business

Games on Demand crossed some significant milestones in the year: The business grew almost 3x to more than 80k subscribers and turned a reasonable profit too in the process. A lot of focus on scaling the franchisee program and close association with their key partners helped deliver this stellar performance in the business.

Direct to Home (DTH) –Gaming

In its first year of launch, the DTH Games business has been through a steep learning curve in terms of business and technology. After Reliance Big TV, Airtel Digital was the next to go live but was delayed to a commercial launch only in December of 2010. This resulted in some set backs in terms of revenue expectations but the growth thereafter has been promising. Further, it has become apparent that this medium may be ideally suited for a mix of a paid and ad-funded approach.

Ad-Funded Business

In line with the thought around the evolving business models to monetize games Indiagames has invested in a recruiting a team to drive the cross platform ad-funded games business. The foundations have been laid in the last year and the teams restructured with a new ad-sales head to drive growth in the following year.

OUTLOOK FOR 2011-12

In financial year 2011-12 Indiagames the key focus areas for management are expected to be as follows:-

Grow the existing core business of mobile games targeting higher profitability Restructure teams and focus within the Company to address the changes expected in the way games will be monetized going forward i.e microtransactions, social and ad-funded Drive usage and retention in the Games on Demand business Scale the DTH Games business significantly through an ad-funded model supported by a subscription model Launch a rural initiative to drive gaming to the masses in India with the end goal of making Games bigger than Movies

CONTINGENT LIABILITIES

Nature	Description	31.03.2011
a) Income Tax demand	Pertains to non submission of the TDS certficates for FY 2003-04 which the company has sumbitted at later date.	0.582
b) Service Tax	Show cause notice for service tax applicability on minimum guarantees paid by the company prior to Jun'07 and on Testing fees paid outside India	8.116
c) Tax deducted at Source	Show cause and demand notices for Non/short deduction/payment of TDS for the period FY 2005-06, FY 2007-08 and FY 2008-09	5.580
d) Bank Guarantees	Bank guarantees given by the company for the performanace as per the terms of the contracts with the operator.	2.490
e) Claims against the company not acknowledged as debts	Pertains to litigation with the party. The company has filed legal case against the party and no outflow is forseen	0.923

FIXED ASSETS

· Air Conditioners

· Computer Equipments

· Furniture and Fixtures

· Office Equipments

· Leasehold Improvements

· Vehicles

· Game Development Costs

AS PER THEYBSITE DETAILS

COMPANY PROFILE

Subject is India's benchmark mobile and online games company and a leading global mobile game publisher. The Company is engaged in publishing and developing games across various platforms including Online and Mobile. Indiagames' products are developed and published across all major technology platforms and are distributed through partnerships with mobile operators in over 75 countries.

In India, the Company also distributes games via its consumer focused theybsite and operates a broadband Games on Demand service located Key investors include UTV– India’s foremost Media and Entertainment Company, Adobe Inc. and Cisco Systems Inc.

Management

Vishal Gondal - Founder and Chief Executive Officer

While most kids theyre grappling with the realities of growing up, Vishal took a head start and started his first company – FACT, soon after finish school at the ripe young age of 16.

In 1999, he founded Indiagames, then a five member team. Today he leads a global operation with over 300 employees and offices in Mumbai, Beijing, London and Los Angeles making Indiagames one of the leading mobile game companies globally. Today he is recognized as being instrumental in starting and growing the Gaming Industry in India.

He was part of The Nokia Advisory Council for Games and actively advices Nokia on wireless and gaming technologies and is a much sought after speaker at gaming and wireless technology conferences. Indiagames under Vishal’s leadership was featured amongst Red Herring Asia’s Top 100 companies in 2005.

Amongst his other achievements and industry recognitions include being featured among the top 40 Indian entrepreneurs by Business Today magazine in 2001; an E and Y Indian Entrepreneur of the year award nomination in 2004 and most recently being listed among the top 50 executives in the mobile content space by the UK based Mobile Entertainment Magazine. This list featured the likes of Steve Jobs of Apple. Vishal also features among the 20 Fab Indians to watch out for in 2006 by The Theyek magazin

Vishal is a Board Member of NASSCOM Board of Animation and Gaming Standards (BAGS) a joint effort of NASSCOM and the Ministry of Information and Broadcasting, Government of India.  Vishal is a member of the FICCI Media and Entertainment Committee, representing the Gaming Industry.  Vishal is the Chairman of the Confederation of Indian Industry (CII) Mobile VAS Task Force and a charter member of TIE, a global not-for-profit organization focused on promoting entrepreneurship.  He is also the Steering Committee Member of IGDA Casual Games SIG

Samir Bangara – Chief Operating Officer

Samir is the Chief Operating Officer of Indiagames and has been associated with the company in different roles as advisor and investor for about ten years.

Prior to this, Samir worked at Ernst and Young India’s MandA advisory division where he led the firm’s wireless and BPO initiatives as Vice President. Samir successfully advised several cross border and domestic transactions in the technology space significantly contributing to Ernst and Young’s leadership position as the top technology MandA advisory firm in the country.

Earlier, Samir was part of ILFS Investment Managers (IIML) where he worked for two years and was part of the team investing in media and technology. He was also instrumental in the seed stage financing of Indiagames by IIML in 1999.

Samir is an MBA in Finance and has a Bachelors Degree in Commerce

Cyril Ferry - EVP Mobile

Deepak Ail has been a part of the Gaming industry ever since its inception in India. As part of the 5 member founding team of Indiagames, Deepak has been theyaring multiple hats as a Project manager, Studio Head, Executive Producer and in his current role as Associate Vice President - for the India Publishing business. As an Executive Producer, Deepak provided his leadership to the international development studios for over a decade, managing the production teams and the international Sales and Marketing teams where he supervise partner programs, marketing, communications and branding. In his current role he is responsible for Sales, Managing Indiagames new initiative as Managed service provider and to drive the synergies of the various internal studios at IG to contribute to tap the business potentials of the ever growing gaming market in India.

Mahendra Patel - Finance Controller

Mahendra Patel has been a core member of the Indiagames management team for the last nine of his eighteen years of professional experience. He has predominantly led the finance function within the Company and has been its Financial Controller since 2007. Apart from his operational role, Mahendra has worked on several strategic engagements like the exit of the early stage investors to Tom Online – China, a primary fund raise from Cisco Systems and Adobe Inc and subsequently the exit of Tom Online with the induction of UTV Software Communications as a shareholder. Mahendra also participates as a member of the senior management team providing inputs on various commercial and business related issues on a regular basis.

Prior to joining Indiagames, Mahendra worked at Booz Allen Hamilton, SBI Mutual Fund and BOI Mutual Fund in various capacities. Mahendra is a Bachelor of Commerce and graduated from the Mumbai University in 1991.

Reena George - GM - HR and Admin

Reena George began her career in the IT industry and joined Indiagames in 2004. With her rich experience in various facets of Human Resource Management in the IT sector, Reena provided leadership expertise in all aspects of HR Operations with the key target of scaling up resources and implementing progressive internal policies and processes for the Gaming Sector. She adds value to the Business by creatively and strategically integrating HR processes with Core Business process and focuses on building a work culture which is achievement oriented with high performance teams.

At Indiagames, Reena is responsible for managing and controlling the entire gamut of HR and HR Strategic Initiatives as Head – HR for 300+ employees and create a culture of change for the organization through continuous capability improvements. Reena is armed with a Masters degree in Commerce and Masters Degree in Human Resource Management.

Sachin Janghel - Technology Director

Sachin Janghel has been a part of the indiagames management team for more than seven years and has played a very important role in games development. He has been instrumental in making the Games on Demand service a huge success.

Armed with the latest technology, Sachin Janghel now heads the Online Services with Games on Demand and the upcoming DTH games service.

Hrishi Oberoi - Director, IG Studios

Hrishi has been in the gaming industry and with Indiagames for over eight years now during which time he has designed, programmed, produced and executive produced over 65 games for the mobile phone, PC, handheld and console gaming platforms. During his career in the industry he has built the game development studios from scratch, helped establish international best practices and processes within game development teams and shaped teams to be self reliant in building international quality games. Hrishi is also an active part of nurturing the game development community in India, be it organizing NASSCOM's first Game Development Seminar or promoting "Game Development in India" at various conferences and educational institutes in India.

Currently as Director of IG Studios, Hrishi oversees the studios responsible for developing all of IG's games and is also currently in charge of Indiagames' International Publishing on mobile and PC. Hrishi is a Bachelor in Electronics from RAIT, Navi Mumbai and completed his M.Sc. from George Washington University, where he specialized in Computer Graphics and Animation.

Srinivasan V - Head 3D Development

Srinivasan has 7+ years experience working in the gaming domain and currently heads the 3d development team at Indiagames. Srini has produced major titles on mobile to his credit which include BioShock, Bruce Lee, Godzilla, Cricket T20 Fever and many more. His team is the creator of the cross platform 3d technology called "ICE 3D" which theys instrumental in all the 3d games developed by the studio.

Tejraj Parab - GM Marketing, Games on Demand

Mr. Tejraj Parab is the General Manager Business Development for Indiagames’ PC subscription business – Games on Demand and has been involved with the service since its launch. He has been instrumental in growing the service to become the largest and only successful PC gaming subscription service in India.

Mr. Tejraj has a Masters in Business Administration follotheyd by varied experience and expertise earned across different Industries such as Media, Banking and Online Gaming. His experience in these industries has come handy in development of marketing, product development and sales strategies for the PC games business.

PRESS RELEASES

PLAY THE GAME OF LUV ON YOUR MOBILE

UTV Indiagames launched an engaging game for 'I Hate Luv Storys'

June 30th, 2010 – Mumbai

Love is in the air as movie buffs eagerly await the release of the movie – I Hate Luv Storys, a film coproduced by Dharma Productions and UTV Motion Pictures. Capturing this Luv syndrome on mobile, UTV Indiagames today announced the launch the official mobile game for I Hate Luv Storys as the film cast – Imran Khan and Sonam Kapoor along with the director – Punit Malhotra unveiled the game at JW Marriott, Juhu.

With stunning visual elements and character animations, the mobile game takes all the luv-struck gamers into a virtual world of Jay and Simran where the gamer has to step into the shoes of Imran Khan a.k.a Jay and interact with Sonam Kapoor – Simran and Sameer Dattani – Raj for an exciting gaming experience. Intuitive controls, slick adaption, high quality graphics, easy maneuverability are definite to prove to be a gamer’s delight as they pave their way through four very engaging levels, all based on the events inspired from the movie.

In level one - Theatre Blues, Jay has been forced to watch a film with Simran and Raj and he has a task to irritate Simran without getting caught. Once he succeeds, he moves on to the second level - Love Cocktail, where he has to secretly refill in Raj’s glass and get him completely drunk at Simran’s cocktail party. Moving on to the third level: Dance of Envy, Jay has to groove and perform some jazzy dance moves with Giselle and ensure that Simran gets jealous. And in the fourth level, Race for Love, much like in movies, Jay realizes his true luv for Simran and has to rush to a theatre and stop Simran before it is too late!

Announcing the launch of the game, Samir Bangara, COO, UTV Indiagames said, "This movie has excellent pedigree coming from– Dharma and UTV Motion Pictures with a young star cast that our gaming audience identifies with. The romantic genre was also interesting as we see an increasing mix of women in our user base. The different game experiences including a racing game, ensure appeal across our target audience while keeping with the theme of the movie"

Talking about this association, Punit Malhotra, Director of I Hate Luv Storys said, "I Hate Luv Storys is a fun, young film made with a lot of heart. I am sure people will really like this gaming experience by Indiagames as its interactive, enjoyable and engaging."

About UTV Indiagames

UTV Indiagames is India’s largest games company and a pioneer in the mobile and online game space. The Company has established relationships with more than 80 telecom operators such as Vodafone, Verizon, T mobile, AT and T, Hutch, Airtel in over 50 countries around the world. UTV Indiagames partners with several major game publishers and media companies in the world such as EA, Disney, THQ, Atari, Universal, Fox, Warner brothers, Sony, MTV, 2K and others. The company has developed and published mobile games such as IPL T20Fever,Bioshock, Garfield, Flavor Of love, Godzilla, Bruce Lee, The Office, Scorpion King, Cricket 20-20, Movin Maze, amongst others. The company also runs the only subscription based Games on Demand service for PC games across all major broadband operators in India and is an operator of ITV Games Services with leading satellite TV service providers in India.

About UTV Motion Pictures

Established in 1995, UTV Motion Pictures has played an active role in pioneering the studio model in the Indian film industry, where it is able to leverage script development, budget and time management and international distribution.

UTV Motion Pictures has emerged as a strong player in Indian and International cinema with the success of movies like BAFTA nominated Rang De Basanti, Khosla Ka Ghosla, The Namesake, A Wednesday! UTV has co-produced movies like Ashutosh Gowariker's Jodhaa-Akbar, which was the biggest blockbuster of 2008 and M. Night Shyamalan's The Happening which is amongst the top grossers in Hollywood. UTV has also distributed movies like Aamir Khan's directorial debut Taare Zameen Par and his production Jaane Tu Ya Jaane Na in the international markets. In the year 2009, UTV produced and distributed successful movies like Dev. D, Kaminey and Wake Up Sid and delivered this year biggest blockbuster- Prakash Jha’s Raajneeti. The studio house has an equally aggressive slate of movies coming up with Sanjay Leela Bansali’s Guzaarish, Rajkumar Gupta’s No One Killed Jessica, Farah Khan’s Tees Maar Khan, and many more.

About Dharma Productions

Heart-warming storylines, stellar megastar casts, record box-office collections… These are what make up our celluloid dreams at Dharma Productions. Enrapturing audiences all around the world, Dharma Productions is a name to reckon with when it comes to quality cinema and box office success. Established in 1976 by Late Shri Yash Johar, Dharma Productions Private. Limited., the company soon became a buzzword for stellar productions with releases such as Dostana, Duniya, Muqaddar Ka Faisla, Agneepath and Gumrah.

1998 saw the release of Kuch Kuch Hota Hai, the directorial debut of Karan Johar. This film went on to create history not only in India but all over the world. It became the first Indian feature film to figure in the UK Top 10 (Empire, December 1998), featuring in sold out shows at the Odeon Marble Arch and at The Empire - Leicester Square in the West End of London. Taking his father’s legacy forward, Karan Johar has under his tutelage, encouraged young filmmakers to create magin on-screen. Dharma produced films such as Kal ho na ho, Dostana, Wake up Sid, Kurbaan and now I Hate Luv Storys besides films directed by Karan himself such as: Kabhi Khushi Kabhi Gham, Kabhi Alvida na Kehna and My Name is Khan.

Mobile Streams takes a foothold in India with new distribution partner UTV India Games

June 8th, 2010 - London, United Kingdom / Mumbai, India

Mobile Streams has teamed up with India’s premier gaming company, UTV Indiagames, to distribute mobile content to network operators throughout India as well as via the mobile internet.

UTV Indiagames will use its established relationships with India’s major network carriers to distribute content from Mobile Streams’ content catalogue that has over 270,000 items from top content providers including the ever popular Mr Bean and Happy Tree Friends as well as a wide range of World Cup 2010 content such as wallpapers, tones, video and games.

Arnd Aschentrup, Chief Operating Officer at Mobile Streams, commented: "Our aim is to extend our global footprint and offer our content partners the best exposure for their brands to increase their fan base and mobile revenues. We are delighted to be building on our existing relationship with UTV India Games and to be gaining access to mobile phone subscribers in India."

Mr. Vishal Gondal, CEO and Founder, UTV Indiagames added: "Our new agreement with Mobile Streams is a testament to the success of our existing relationship. We look forward to introducing content from the Mobile Streams library to our network operator partners and help them to expand their footprint in India".

Mobile Streams’ distribution network also includes the UK, Europe, North America, Latin America and Asia Pacific. The Company also owns and operates the mobile internet portals,

About Mobile Streams

Mobile Streams retails and distributes mobile content globally and efficiently through: the mobile internet via its and superstores; mobile application stores including Apple iTunes and Google AndroidTM; and mobile operator portals and storefronts.

Mobile Streams operates subsidiaries in North America, Europe, Latin America and Asia and has approximately 70 employees.

About UTV Indiagames

UTV Indiagames is India’s largest games company and a pioneer in the mobile and online game space. The Company has established relationships with more than 80 telecom operators such as Vodafone, Verizon, T mobile, ATandT, Hutch, Airtel in over 50 countries around the world. UTV Indiagames partners with several major game publishers and media companies in the world such as EA, Disney, THQ, Atari, Universal, Fox, Warner brothers, Sony, MTV, 2K and others. The company has developed and published mobile games such as Bioshock, Garfield, Flavor Of love, Godzilla, Bruce Lee, The Office, Scorpion King, Cricket 20-20, Movin Maze, amongst others. The company also runs the only subscription based Games on Demand service for PC games across all major broadband operators in India and is an operator of ITV Games Services with leading satellite TV service providers in India.

Indiagames to change brand to "UTV Indiagames"

June 2nd, 2010 – Mumbai

Indiagames, India’s benchmark mobile, online and ITV Games Company and a leading global mobile game publisher, will now function under the brand name of UTV Indiagames. The company will adopt the new brand name as part of its ongoing synergy with its majority stake holder - UTV Software Communications Limited (UTV). The registered name of the company will continue to be Indiagames Limited. There is no change in the company's management, or operations and the shareholding pattern remains unaltered. The original logo of the Company will continue to be a trademark of Indiagames and used as appropriate from time to time.

“UTV and Indiagames have significant business synergies. We believe the new brand creates a stronger positioning for the two companies in the business environment” said Vishal Gondal, CEO and Founder of Indiagames Limited.

UTV itself is undertaking an overall brand evaluation exercise, and this announcement follows close on the heels of the international online gaming company True Games also becoming UTV True Games. UTV acquired a controlling stake in Indiagames in December 2007. Over the last two years, the companies have strategically worked together to develop and design premium quality games, introducing gaming to newer digital platforms and market them globally. UTV Indiagames will continue to innovate and deliver interactive range of games directly to the gamers worldwide.

About UTV Indiagames

UTV Indiagames is India’s largest games company and a pioneer in the mobile and online game space. The Company has established relationships with more than 80 telecom operators such as Vodafone, Verizon, T mobile, AT and T, Hutch, Airtel in over 50 countries around the world. UTV Indiagames partners with several major game publishers and media companies in the world such as EA, Disney, THQ, Atari, Universal, Fox, Warner brothers, Sony, MTV, 2K and others. The company has developed and published mobile games such as Bioshock, Garfield, Flavor Of love, Godzilla, Bruce Lee, The Office, Scorpion King, Cricket 20-20, Movin Maze, amongst others. The company also runs the only subscription based Games on Demand service for PC games across all major broadband operators in India and is an operator of ITV Games Services with leading satellite TV service providers in India.

About UTV Software Communications

UTV Software Communications Limited is India's leading global integrated media house with business interests in Television, Movies, Broadcasting, Games Content and New Media. UTV India and its subsidiaries (UTV) create, aggregate and disseminate content of various genres across varied distribution platforms. Listed on India's premier stock exchange, The Bombay Stock Exchange (BSE), Mumbai UTV is India's only diversified media and Entertainment Company with content creation abilities across platforms and genres. It has subsidiaries with offices across India, UK, USA and Japan. The Walt Disney Company holds a strategic stake in UTV.

New game brings Bruce Lee’s Martial Arts to Apple® iPad®, iPhone® and iPod Touch®

May 25th, 2010 - Los Angeles and Mumbai

The new Bruce Lee martial arts fighting game, Bruce Lee Dragon Warrior, available from Apple's App Store is the first and only game at the Store to bear his name, and features motion captures from those who studied Lee's style, bringing a level of detail and 3D graphics never before seen in the genre.

Bruce Lee’s teachings and martial arts mastery are legendary. His spirit remains an inspiration to an untold number of people around the world. Now the powerful name of the icon comes to the iTunes®, App Store with Bruce Lee Dragon Warrior, developed for the iPad®, iPhone®, and iPod touch®. The game, which brings Bruce Lee’s history and legacy to life, is available worldwide for $4.99, and is the first and only fighting game in the iTunes®, App Store to bear his name.

The game is co-published and co-developed in partnership with Universal Partnerships and Licensing by two of the top mobile game companies in the industry, Indiagames and Digital Legends Entertainment. The Bruce Lee Estate contributed guidance and support through Bruce Lee Enterprises, the licensing company helmed by Bruce’s daughter, Shannon Lee.

A masterpiece of the 3D martial arts genre, the game uses motion-capture technology and features players fighting in historical locations around the world in an attempt to become the Master of Martial Arts. Customizable fighting styles make Bruce Lee Dragon Warrior highly user-friendly and the game also boasts the most realistic fighting game environment possible on these devices. Loosely based on the events of Bruce Lee's career, the game honors the martial arts legacy left by one of its greatest masters. Players follow Lee's journey as he trains with a Kung Fu master, then fights in tournaments and later faces his worst enemies.

There are many fighting games on the market, but Bruce Lee Dragon Warrior is the only one in the iTunes®, App Store with the Bruce Lee heritage, as well as the most authentic and realistic graphics and game play. Designed for casual players and hardcore gamers alike, it is easy to pick up and play, but more difficult to master. The game features motion capture from those who studied Lee's style, as well as facial animations, environmental animations and a custom soundtrack.

The primary motion capture subject for Bruce Lee Dragon Warrior was Joaquin Marcelo, a student of Ted Wong, a board member of the Bruce Lee Foundation. Wong was a private pupil of Bruce Lee himself, and teaches the martial arts style and philosophy he learned from the master.

"I was thrilled with how the game turned out," said Shannon Lee. "It surpassed my highest expectations."

"The input from those who best know Bruce Lee’s teachings was invaluable during the development of Bruce Lee Dragon Warrior", said Vishal Gondal, CEO of Indiagames. "Their mastery of Lee’s style of martial arts style has helped us make the most authentic game possible."

"Their mastery of Bruce Lee’s style and technique has enabled us to create the premier mobile game in the fighting genre", said Xavier Carrillo, CEO of Digital Legends. "Working on this international project from Barcelona, Mumbai and Los Angeles, has been tremendously gratifying, and we have taken full advantage of our previous experience on fighting games as well as our cutting-edge 3D technology."

"This game highlights Bruce Lee’s everlasting impact on our culture," said Calvin Lim, Director of Mobile Sales, Universal Partnerships and Licensing. "Capturing the essence of his spirit for these digital platforms will beget new generations of Bruce Lee fans.

Bruce Lee Dragon Warrior was designed specifically for the iPad®, iPod touch®, and iPhone®, but will also be available for play on other mobile phones.

For more information on Bruce Lee Dragon Warrior, go to

About Bruce Lee Enterprises

Bruce Lee Enterprises owns, controls and licenses intellectual property related to Bruce Lee and Brandon Lee worldwide.

About Indiagames

Indiagames Limited. is India's largest games company and a pioneer in mobile and online games. The company has established relationships with more than 80 telecom operators across 67 countries around the world, including Vodafone, Verizon, T mobile, AT and T, Hutch, Airtel and many more. Indiagames also has relationships with all major game publishers and media companies in the world, including EA, Disney, THQ, Atari, Universal, Fox, Warner brothers, Sony, MTV, 2K and others. Indiagames has developed and published mobile games such as Bioshock, Garfield, Flavor Of love, Godzilla, Bruce Lee, The Office, Scorpion King, Cricket 20-20, Movin Maze, and others. The company also runs the only subscription-based games on demand service for PC games across all major broadband operators in India.

About DLE

Digital Legends Entertainment (DLE) is Barcelona’s international games development studio, distinguished worldwide by award-winning 3D iPhone and smartphone games powered by in-house cutting-edge technology across native platforms.

DLE origins in 2001 were on PC and console games, and since 2006 its exclusive focus is on mobile native platforms envisioning a convergence between mobile and handheld digital consumption and technologies. DLE has won nominations from 1up.com as "Best E3 Mobile Game" "Best Cell Game of the Year" for the fighting game “ONE” in 2005. Also has been winner of "Excellence in 3D" by International Mobile Gaming Awards (IMGA) in 2008 for “ONE” sequel and includes other honours like "Best Gameplay" nominee by IMGA in 2009 for the music game "Dance Fabulous" and winner of the "People’s Choice Award" by IMGA in 2009 and 2010. Its B2B customers include major game Publishers, market leading OEM’s like Nokia and Samsung and also technology suppliers.

About Universal Partnerships and Licensing

UPandL oversees Universal's consumer product licensing, film and home entertainment promotions, and all corporate alliances for Universal's theatrical, home entertainment, theme parks and stage productions. This dedicated division is also responsible for monetizing the Studio's vast library of films and characters through licensing, branding and marketing opportunities. UPandL is part of NBC Universal, one of the world's leading media and entertainment companies in the development, production, and marketing of entertainment, news, and information to a global audience. Formed in May 2004 through the combining of NBC and Vivendi Universal Entertainment, NBC Universal owns and operates a valuable portfolio of news and entertainment networks, a premier motion picture company, significant television production operations, a leading television stations group, and world-renowned theme parks. NBC Universal is 80%-owned by General Electric, with 20% owned by Vivendi.

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.55.14
UK Pound	1	Rs.86.29
Euro	1	Rs.67.72

INFORMATION DETAILS

Report Prepared by :

KVT

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	4
--CREDIT LINES	1~10	2
--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		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.