MIRA INFORM REPORT

Report Date :

05.11.2012

IDENTIFICATION DETAILS

Name :	RELIANCE FRESH LIMITED (w.e.f. 18.01.2008)

Formerly Known As :	RANGER FARMS LIMITED (w.e.f. 10.02.2007) RANGER FARMS PRIVATE LIMITED

Registered Office :	3^rd Floor, Court House,, Lokmanya Tilak Marg , Dhobi Talao, Mumbai - 400002, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	29.06.1999

Com. Reg. No.:	11-120563

Capital Investment / Paid-up Capital :	Rs.10.500 Millions

CIN No.: [Company Identification No.]	U01100MH1999PLC120563

TAN No.: [Tax Deduction & Collection Account No.]	MUMR19954E

PAN No.: [Permanent Account No.]	AABCR1718E

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Departmental Stores

No. of Employees :	5000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is a part of Reliance Group a well known and a reputed industrial house in the country. The latest financial of the company is missing form government department and from the previous year record their appears huge accumulated losses. However, trade relations are reported to be fair. Business is active. Payments are reported to be unknown. In view of strong holding company can be considered for business dealing 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 :	3^rd Floor, Court House,, Lokmanya Tilak Marg, Dhobi Talao, Mumbai - 400002, Maharashtra, India
Tel. No.:	91-22-44770000
Fax No.:	91-22-44771882
E-Mail :	reena.p.yadav@ril.com radika.thorat@ril.com
Website :	http://www.reliancefresh.info

Corporate Office :	9^th Floor, Maker Chambers IV, 222, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-44772522
Fax No.:	91-22-22785211

DIRECTORS

As on 04.08.2012

Name :

Mr. Pankaj Mohan Pawar

Designation :

Whole Time Director

Address :

302, Archana, Surabh, Plot No.20, Sector 7, Koparkhairne, Navi Mumbai – 400709, Maharashtra, India

Date of Birth/Age :

14.07.1972

Date of Appointment :

01.04.2012

DIN No.:

00085077

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	U15130MH2003PLC139197	RETAIL CONCEPTS AND SERVICES (INDIA) LIMITED	Director	30-03-06	30-03-06	24-03-12	Active	NO
2	U26931RJ2001PTC017340	SHREE SALASAR BRICKS PRIVATE LIMITED	Director	29-09-09	31-03-09	-	Active	NO
3	U74999MH2007PTC168561	PARINITA COMMERCIALS PRIVATE LIMITED	Director	23-09-09	31-03-09	-	Active	NO
4	U74999MH2007PTC167375	EINSTEN COMMERCIALS PRIVATE LIMITED	Director	24-09-09	31-03-09	-	Active	NO
5	U01122MH2006PTC161600	RELIANCE PROLIFIC COMMERCIAL PRIVATE LIMITED	Director	24-09-09	31-03-09	-	Active	NO
6	U51100GJ2005PTC046467	RELIANCE UNIVERSAL TRADERS PRIVATE LIMITED	Director	29-09-09	31-03-09	-	Active	NO
7	U51100GJ2005PTC046538	RELIANCE EMINENT TRADING AND COMMERCIAL PRIVATE LIMITED	Director	29-09-09	31-03-09	-	Active	NO
8	U65910GJ1975PTC002686	N.C.TRADING COMPANY PRIVATE LIMITED	Director	29-09-09	31-03-09	-	Active	NO
9	U51109MH2007PTC167447	KANISKA COMMERCIALS PRIVATE LIMITED	Director	29-09-09	31-03-09	-	Active	NO
10	U45201RJ2004PTC020045	MARUGANDHA LAND DEVELOPERS PRIVATE LIMITED	Director	30-09-09	31-03-09	-	Active	NO
11	U51109MH2008PLC185094	TWO SISTERS FOODS INDIA LIMITED	Director	30-09-09	01-07-09	-	Active	NO
12	U52599MH2007PLC176409	RELIANCE HOME PRODUCTS LIMITED	Director	06-09-10	17-08-09	-	Active	NO
13	U51109MH2007PLC167805	RELIANCE UNIVERSAL VENTURES LIMITED	Director	07-08-10	18-11-09	-	Active	NO
14	U01403MH2007PTC170521	RELIANCE AGRI VENTURES PRIVATE LIMITED	Director	06-09-10	31-03-10	14-10-10	Active	NO
15	U52100MH2007PLC175530	RELIANCE AGRI PRODUCTS DISTRIBUTION LIMITED	Director	04-08-10	31-03-10	11-04-12	Active	NO
16	U51101MH2007PLC175511	RELIANCE FOOD PROCESSING SOLUTIONS LIMITED	Director	04-08-10	31-03-10	12-04-12	Active	NO
17	U51900MH2007PLC174470	RELIANCE BRANDS LIMITED	Director	06-08-10	31-03-10	-	Active	NO
18	U15419MH2006PLC165826	RELIANCE DAIRY FOODS LIMITED	Director	06-08-10	31-03-10	-	Active	NO
19	U74140MH2000PLC128371	DELIGHT PROTEINS LIMITED	Director	06-08-10	31-03-10	-	Active	NO
20	U51909MH2006PLC166163	RELIANCE HYPER REALTY LIMITED	Director	31-12-11	01-10-10	-	Active	NO
21	U01100MH1999PLC120563	RELIANCE FRESH LIMITED	Whole-time director	01-04-12	01-10-10	-	Active	NO
22	U70102MH2007PLC170415	RELIANCEDIGITAL RETAIL LIMITED	Director	04-08-12	18-08-11	-	Active	NO
23	U51909MH2006PLC166165	RELIANCE TRENDS LIMITED	Director	04-08-12	24-03-12	-	Active	NO
24	U51101MH2007PLC171321	RELIANCE FOOTPRINT LIMITED	Director	04-08-12	12-04-12	-	Active	NO

Name :

Mr. Pramod Madhukar Bhawalkar

Designation :

Director

Address :

236, Om Trimurti CHS, Bhaktidham Marg, Off Sion Trombay Road, Chunabhati, Mumbai – 400022, Maharashtra, India

Date of Birth/Age :

18.01.1957

Date of Appointment :

04.08.2012

DIN No.:

01114946

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	U93090MH2007PLC167786	RELIANCE PEOPLE SERVE LIMITED	Director	12-02-07	12-02-07	-	Active	NO
2	U74999MH2007PLC167704	STRATEGIC MANPOWER SOLUTIONS LIMITED	Director	29-08-08	07-01-08	-	Active	NO
3	U51900MH2007PLC175640	RELIANCE INFRASTRUCTURE MANAGEMENT SERVICES LIMITED	Director	06-08-10	05-10-09	-	Active	NO
4	U51909MH2007PLC167793	RELIANCE INTEGRATED AGRI SOLUTIONS LIMITED	Director	31-12-11	01-10-10	-	Active	NO
5	U51109MH2007PLC167805	RELIANCE UNIVERSAL VENTURES LIMITED	Director	17-08-11	01-10-10	-	Active	NO
6	U52599MH2007PLC176414	KANHATECH SOLUTIONS LIMITED	Director	17-08-11	14-10-10	15-03-12	Active	NO
7	U52599MH2007PLC168275	RESQ LIMITED	Director	12-08-11	14-10-10	-	Active	NO
8	U65990MH2007PLC170804	RELIANCE FINANCIAL DISTRIBUTION AND ADVISORY SERVICES LIMITED	Director	17-08-11	14-10-10	-	Active	NO
9	U67200MH2006PLC165651	RELIANCE RETAIL INSURANCE BROKING LIMITED	Director	17-08-11	14-10-10	-	Active	NO
10	U15419MH2006PLC165826	RELIANCE DAIRY FOODS LIMITED	Director	16-08-11	14-10-10	-	Active	NO
11	U70102MH2007PLC170415	RELIANCEDIGITAL RETAIL LIMITED	Director	04-08-12	24-03-12	-	Active	NO
12	U01100MH1999PLC120563	RELIANCE FRESH LIMITED	Director	04-08-12	24-03-12	-	Active	NO
13	U52190MH2007PLC175508	RELIANCE SUPPLY CHAIN SOLUTIONS LIMITED	Director	30-07-12	24-03-12	-	Active	NO
14	U51909MH2006PLC166163	RELIANCE HYPER REALTY LIMITED	Director	28-09-12	24-03-12	-	Active	NO
15	U52100MH2007PLC172129	RELIANCE COMMERCIAL REALTY ASSETS LIMITED	Director	28-09-12	24-03-12	-	Active	NO

Name :

Mr. Madhavan Ganesan

Designation :

Whole Time Director

Address :

Lake View Developers, Flat No. 901, Tower Odyssey , Hiranandani Gardens, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

07.09.1964

Date of Appointment :

01.04.2012

DIN No.:

01674529

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	U51101MH2007PLC171321	RELIANCE FOOTPRINT LIMITED	Director	29-08-08	05-10-07	12-04-12	Active	NO
2	U52100MH2007PLC172129	RELIANCE COMMERCIAL REALTY ASSETS LIMITED	Director	29-08-08	12-10-07	13-04-12	Active	NO
3	U51900MH2007PLC175670	RELIANCE RETAIL SECURITIES AND BROKING COMPANY LIMITED	Additional director	28-11-07	28-11-07	11-12-07	Active	NO
4	U51101MH2007PLC175624	RELIANCE LOYALTY AND ANALYTICS LIMITED	Additional director	28-11-07	28-11-07	11-12-07	Active	NO
5	U51109MH2007PLC167805	RELIANCE UNIVERSAL VENTURES LIMITED	Additional director	06-12-07	06-12-07	07-08-08	Active	NO
6	U01403MH2007PLC172415	RELIANCE LIFESTYLE HOLDINGS LIMITED	Additional director	06-12-07	06-12-07	12-08-08	Active	NO
7	U51900MH2007PLC175636	RELIANCE TRADE SERVICES CENTRE LIMITED	Additional director	06-12-07	06-12-07	16-08-08	Active	NO
8	U51909MH2007PLC167793	RELIANCE INTEGRATED AGRI SOLUTIONS LIMITED	Director	11-08-08	06-12-07	11-04-12	Active	NO
9	U70102MH2007PLC170415	RELIANCEDIGITAL RETAIL LIMITED	Director	29-08-08	06-12-07	13-04-12	Active	NO
10	U74140MH2000PLC128398	RELIANCE AUTOZONE LIMITED	Director	29-08-08	06-12-07	12-04-12	Active	NO
11	U51909MH2006PLC166165	RELIANCE TRENDS LIMITED	Director	29-08-08	06-12-07	13-04-12	Active	NO
12	U51101MH2007PLC175510	RELIANCE HOME STORE LIMITED	Director	29-08-08	06-12-07	12-04-12	Active	NO
13	U51909MH2006PLC166163	RELIANCE HYPER REALTY LIMITED	Director	29-08-08	06-12-07	24-03-12	Active	NO
14	U52190MH2007PLC175508	RELIANCE SUPPLY CHAIN SOLUTIONS LIMITED	Director	26-08-08	06-12-07	25-03-12	Active	NO
15	U01100MH1999PLC120563	RELIANCE FRESH LIMITED	Whole-time director	01-04-12	31-12-07	-	Active	NO
16	U74999MH2007PLC167704	STRATEGIC MANPOWER SOLUTIONS LIMITED	Director	29-08-08	07-01-08	09-04-12	Active	NO
17	U70102MH2008PTC183777	RELIANCE NEW GEN COMMERCIALS PRIVATE LIMITED	Director	26-09-09	12-08-08	29-05-12	Active	NO
18	U70102MH2008PTC183776	RELIANCE GEN NEXT COMMERCIALS PRIVATE LIMITED	Director	26-09-09	12-08-08	29-05-12	Active	NO
19	U51109MH2007PTC176276	RELIANCE-GRANDVISION INDIA SUPPLY PRIVATE LIMITED	Director	14-08-09	13-08-08	31-03-10	Active	NO
20	U51900MH2007PTC175637	RELIANCE-VISION EXPRESS PRIVATE LIMITED	Director	14-08-09	13-08-08	31-03-10	Active	NO
21	U85190MH2000PLC126442	RELIANCE F AND B SERVICES LIMITED	Director	30-09-09	31-01-09	06-09-11	Active	NO

KEY EXECUTIVES

Name :	Dhoundiyal Atma and Associates
Designation :	Company Secretary
Address :	B-11, 2^nd Floor, Satyam, M G Road, Ghatkopar (East), Mumbai - 400 077, Maharashtra, India
Tel. No.:	91-22-21028309 / 21027884
Mobile :	91-9820328645

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 04.08.2012

Names of Shareholders		No. of Shares
Reliance Retail Limited, India		1049994
Rajendra Madhav Kamath Jointly With Reliance Retail Limited, India		1
Sudhakar Saraswatula Jointly With Reliance Retail Limited, India		1
Sridhar Kothandaranman With Reliance Retail Limited , India		1
Pankaj Mohan Pawar Jointly With Reliance Retail Limited, India		1
Madhavan Ganesan jointly with Reliance Retail Limited, India		1
A Ramaswamy jointly with Reliance Retail Limited, India		1
Total		1050000

As on 04.08.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Departmental Stores

GENERAL INFORMATION

Customers :

· Delight Proteins Limited

· Reliance Autozone Limited

· Reliance Agri Product Distributions Limited

· Reliance Corporate IT Park Limited

· Reliance-GrandVision India Private Limited

· Reliance Home Products Limited

· Reliance Hypermart Limited

· Reliance Jamnagar industrial Limited

· Reliance Leisures Limited

· Reliance Retail Limited

· Reliancedigital Retail Limited

· Reliance Trends Limited

· Reliance-Vision Express Private Limited

· Retail Concepts and Services (India) Limited

No. of Employees :

5000 (Approximately)

Bankers :

HDFC Bank, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Loans taken for vehicles secured	13.400	5.893
Total	13.400	5.893
Loans are secured by hypothecation of vehicles.
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Other debt unsecured	47573.600	21002.895
Total	47573.600	21002.895
From holding company


Banking Relations :	--

Auditors :
Name :	Chaturvedi and Shah Chartered Accountants
Address :	714/715, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400 021, Maharashtra, India
PAN.:	AAAFC0662N

Name :	S. V. Ghatalia and Associates Chartered Accountants
Address :	16th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai 400028, Maharashtra, India
PAN.:	AACFS6921Q

Ultimate Holding Company:	Reliance Industries Limited

Holding Company :	Reliance Retail Limited

Subsidiaries Company :	· Delight Proteins Limited · LPG Infrastructure India Limited · Reliance Agri Products Distribution Limited (From 20th October, 2010) · Reliance F and B Services Limited · Reliance Food Processing Solutions Limited (From 20th October, 2010) · Reliance Gems and Jewels Limited (From 20th October, 2010) · Reliance Home Products Limited (From 1st January, 2011) · Reliance Home Store Limited (From 20th October, 2010) · Reliance Hypermart Limited (From 20th October, 2010) · Reliance Integrated Agri Solutions Limited (From 20th October, 2010) · Reliance Leisures Limited (From 20th October, 2010) · Reliance Lifestyle Holdings Limited (From 20th October, 2010) · Reliance Petro Marketing Limited · Reliance Supply Chain Solutions Limited (From 20th October, 2010) · Reliance Vantage Retail Limited (From 20th October, 2010) · Reliance Wellness Limited (From 20th October, 2010) · Retail Concepts and Services (India) Limited

Fellow Subsidiaries Company :	· Reliance Agri Products Distribution Limited (upto 19th October, 2010) · Reliance Autozone Limited · Reliance Corporate IT Park Limited · Reliance Dairy Foods Limited · Reliance Digital Media Limited · Reliance Food Processing Solutions Limited (upto 19th October, 2010) · Reliance Footprint Limited · Reliance Gems and Jewels Limited (upto 19th October, 2010) · Reliance Home Store Limited (upto 19th October, 2010) · Reliance Hypermart Limited (upto 19th October, 2010) · Reliance Integrated Agri Solutions Limited (upto 19th October, 2010) · Reliance Leisures Limited (upto 19th October, 2010) · Reliance Lifestyle Holdings Limited (upto 19th October, 2010) · Reliance Loyalty and Analytics Limited · Reliance Polyolefins Limited · Reliance Retail Insurance Broking Limited · Reliance Supply Chain Solutions Limited (upto 19th October, 2010) · Reliance Trade Services Centre Limited · Reliance Trends Limited · Reliance Vantage Retail Limited (upto 19th October, 2010) · Reliance Wellness Limited (upto 19th October, 2010) · Reliance digital Retail Limited · RESQ Limited · Strategic Manpower Solutions Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

1050000	Equity Shares	Rs.10/- each	Rs.10.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1050000	Equity Shares	Rs.10/- each	Rs.10.500 Millions

All the above 10 50 000 (Previous Year 50 000) Equity Shares of Rs. 10 each are held by Reliance Retail Limited, the holding company, along with its nominees.

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		10.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(10213.300)	(4119.319)	(2767.678)
NETWORTH		(10202.800)	(4118.819)	(2767.178)
LOAN FUNDS
1] Secured Loans		13.400	5.893	10.925
2] Unsecured Loans		47573.600	21002.895	17757.342
TOTAL BORROWING		47587.000	21008.788	17768.267
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		37384.200	16889.969	15001.089

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		23629.300	6018.618	6072.211
Capital work-in-progress		3289.700	5288.751	5393.102

INVESTMENT		19.100	4.900	4.900
DEFERREX TAX ASSETS		4677.400	2010.473	1191.217

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3237.000	2146.706	1739.279
	Sundry Debtors	295.100	522.187	553.686
	Cash & Bank Balances	144.200	179.364	73.641
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4808.800	2105.282	1472.066
Total Current Assets		8485.100	4953.539	3838.672
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2631.200	1331.294	1420.425
	Other Current Liabilities	0.000	0.040	0.000
	Provisions	85.200	54.978	78.588
Total Current Liabilities		2716.400	1386.312	1499.013
Net Current Assets		5768.700	3567.227	2339.659

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		37384.200	16889.969	15001.089

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	28631.000	20827.300	17778.035
		Other Income	295.400	12.800	13.247
		TOTAL (A)	28926.400	20840.100	17791.282

Less	EXPENSES
		Consumption materials changes inventories	24400.900	18168.700
		Employee related expenses	1078.300	392.800	20733.010
		Administrative selling other expenses	7163.00	3785.800
		TOTAL (B)	32642.200	22347.300	20733.010

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(3715.800)	(1507.200)	(2941.728)

Less	FINANCIAL EXPENSES (D)		1.600	0.800	1.678

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(3717.400)	(1508.00)	(2943.406)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		1106.100	662.900	596.981

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(4823.500)	(2170.900)	(3540.387)

Less	TAX (H)		(1365.300)	(819.300)	(1047.356)

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(3458.200)	(1351.600)	(2493.031)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(4119.319)	(2767.678)	(274.647)

Add	Transferred on Demerger		(2635.800)	0.000	0.000

	BALANCE / (LOSS) CARRIED TO THE B/S		(10213.278)	(4119.278)	(2767.678)

	IMPORTS
		Traded Goods	NA	136.740	124.107
		Capital Goods	NA	0.141	32.333
	TOTAL IMPORTS		NA	136.881	156.440

	Earnings Per Share (Rs.)		(13536.01)	(27032.82)	(49860.62)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(11.96)	(6.49)	(14.01)

Net Profit Margin (PBT/Sales)	(%)	(16.85)	(10.42)	(19.91)

Return on Total Assets (PBT/Total Assets}	(%)	(15.02)	(19.79)	(35.72)

Return on Investment (ROI) (PBT/Networth)		0.47	0.53	(1.28)

Debt Equity Ratio (Total Liability/Networth)		(4.93)	(5.43)	(6.96)

Current Ratio (Current Asset/Current Liability)		3.12	3.57	2.56

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	Yes
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	No

OPERATIONAL REVIEW:

The Company continued its growth trajectory by steady expansion of its Reliance Fresh stores across India and also of its existing stores. The Company is also committed to launching new hypermarket stores, which is one of the key growth retail business. During the year, the Company further strengthened its position as a leading value retailer with its operation Reliance Fresh stores and Hypermarts, spread across major cities in India. During the year, the Company launch a wholesale format that is built on the principle of offering inclusive growth to all the retail partners of the Company, the benefits of strong outsourcing capabilities and relationships with a large network of vendors to millions of small shop owners.

With aggressive expansion plans of the Company along with offering of a wide variety of private labels and a vibrant the directors are confident of strong performance of the Company in the coming years.

CONTINGENT LIABILITY

Rs. In Millions

Particulars	31.03.2111	31.03.2010
Details of other guarantees given	89.300	61.700
Explanation of estimated financial effect of capital commitment	337.700	26.400

Note:

(A) Outstanding guarantees furnished to Banks and Financial Institutions including in respect of Letters of Credit

(B) Estimated amount of contracts remaining to be executed on capital accounts (net of advances) and not provided for

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U01100MH1999PLC120563
Name of the company	RELIANCE FRESH LIMITED
Address of the registered office or of the principal place of business in India of the company	3rd Floor, Court House, Lokmanya Tilak Marg , Dhobi Talao Mumbai – 400002, Maharashtra, India reena.p.yadav@ril.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	HDFC Bank, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India sanjay.dongre@hdfcbank.com
Nature of instrument creating charge	Letter of HDFC Bank dated March 1, 2012 and order of the High Court dated October 14, 2011 and further amended by order dated December 2, 2011
Date of instrument Creating the charge	01.03.2012
Amount secured by the charge	Rs.42.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at such rate/s as may be determined by the bank from time to time Terms of Repayment As per Agreement(s) for Autoloan Extent and Operation of the charge First and exclusive charge on the present and future vehicles (purchased under the loan facility) hypothecated and the charge shall stand as security to the repayment and payment by the Company to the Bank for all monies payable under the Agreement for Autoloan. Others Pursuant to the scheme of arrangement sanctioned by order of the High Court dated October 14, 2011 and further amended by order dated December 2, 2011, the assets and liabilities (including the autoloan facility) comprised in certain undertakings of the transferor companies have been demerged into and vested with Reliance Fresh Limited, the transferee Company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Vehicles as for Autoloan, including future vehicles purchased under the loan facility.

FIXED ASSETS:

· Leasehold Improvements

· Electrical Installation

· Equipments

· Plant and Machinery

· Furniture and fixtures

· Vehicles

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 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.53.66
UK Pound	1	Rs.86.37
Euro	1	Rs.69.24

INFORMATION DETAILS

Report Prepared by :

NTH

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	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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

3237.000

2146.706

295.100

522.187

144.200

179.364

0.000

0.000

4808.800

2105.282

8485.100

4953.539

2631.200

1331.294

0.000

0.040

85.200

54.978

2716.400

1386.312

5768.700

3567.227

(11.96)

(14.01)

(16.85)

(19.91)

(15.02)

(35.72)

0.47

(1.28)

(4.93)

(5.43)

(6.96)

3.12

3.57

2.56

Unit