MIRA INFORM REPORT

Report Date :

10.09.2012

IDENTIFICATION DETAILS

Name :	PIL INDUSTRIES LIMITED (w.e.f. 06.12.2010)

Formerly Known As :	PANTALOON INDUSTRIES LIMITED

Registered Office :	Knowledge House, Shyam Nagar, Off Jogeshwari Vikhroli Link Road, Jogeshwari East, Mumbai – 400060, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	15.07.1987

Com. Reg. No.:	11-044078

Capital Investment / Paid-up Capital :	Rs. 66.052 Millions

CIN No.: [Company Identification No.]	U99999MH1987PLC044078

TAN No.: [Tax Deduction & Collection Account No.]	MUMP16930E

PAN No.: [Permanent Account No.]	AABCP9866D

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Woven Fabrics, Shirts of Man-made Fibers, Garments etc.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 430000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is a limited subsidiary ESES Commercials Private Limited. It is a well established and reputed company having satisfactory 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 usually correct and as per commitments. In view of strong holding the company can be considered normal for business dealings at trade terms and condition.

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 :	Knowledge House, Shyam Nagar, Off Jogeshwari Vikhroli Link Road, Jogeshwari East, Mumbai – 400060, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	roc.info@futuregroup.in vijay.rathi@futuregroup.in

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Vijay Laxminarayan Biyani

Designation :

Director

Address :

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

Date of Birth/Age :

04.07.1959

Qualification :

Graduate

Date of Appointment :

01.10.1991

DIN No.:

00005827

Other Directorship:

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

Name :

Mr. Anil Laxminarayan Biyani

Designation :

Director

Address :

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

Date of Birth/Age :

13.12.1963

Qualification :

Graduate

Date of Appointment :

01.04.2010

DIN No.:

00005834

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1987PLC044078	PIL INDUSTRIES LIMITED	Director	01/04/2010	01/10/1991	-	Active	NO
2	U70100MH2004PTC148033	NISHTA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	16/08/2004	16/08/2004	-	Active	NO
3	U70100MH2004PTC148031	NIYMAN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	22/04/2005	22/04/2005	-	Active	NO
4	U70100MH2005PTC153677	ANCHOR RESIDENCY PRIVATE LIMITED	Director	20/06/2005	20/06/2005	-	Active	NO
5	U70101MH2005PTC153688	NAMAN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	20/06/2005	20/06/2005	01/09/2010	Active	NO
6	U70100MH2005PTC151972	ACUTE REALTY PRIVATE LIMITED	Director	20/06/2005	20/06/2005	18/06/2012	Active	NO
7	U70100MH2005PTC155196	BLB MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	08/08/2005	08/08/2005	15/04/2009	Active	NO
8	U70100MH2005PTC155104	UNIQUE MALLS PRIVATE LIMITED	Director	10/08/2005	10/08/2005	03/07/2012	Active	NO
9	U70100MH2005PTC155102	SRISHTI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	10/08/2005	10/08/2005	-	Active	NO
10	U74900MH1996PLC097943	FUTURE CORPORATE RESOURCES LIMITED	Director	30/09/2009	25/10/2005	-	Amalgamated	NO
11	L51900MH1981PLC025354	IDREAM FILM INFRASTRUCTURE COMPANY LIMITED	Director	22/11/2005	22/11/2005	31/03/2008	Active	NO
12	U17100MH1994PLC083596	WEAVETTE TEXSTYLES LIMITED	Director	28/02/2006	28/02/2006	-	Active	NO
13	U93000MH2002PLC135478	AHA PARKS LIMITED	Director	23/05/2006	23/05/2006	15/07/2008	Active	NO
14	U70100MH2005PTC151439	ISKRUPA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	30/06/2006	30/06/2006	29/03/2008	Active	NO
15	U28920MH2000PLC126290	STRIPES APPARELS LIMITED	Director	23/03/2007	23/03/2007	-	Amalgamated	NO
16	U18100MH2002PTC136468	BIBA APPARELS PRIVATE LIMITED	Nominee director	05/06/2007	05/06/2007	-	Active	NO
17	U52190RJ1999PTC015993	PLANET RETAIL HOLDINGS PRIVATE LIMITED	Director	28/09/2007	27/07/2007	10/06/2010	Active	NO
18	U51909MH2004PTC144105	SANKALP RETAIL VALUE STORES PRIVATE LIMITED	Director	30/09/2008	26/10/2007	01/02/2010	Active	NO
19	U17291MH2007GOI195402	GOLDMOHUR DESIGN AND APPAREL PARK LIMITED	Director	22/12/2008	22/12/2007	-	Active	NO
20	U51101MH2010PTC207147	WHITE CIRCLE MERCANTILE PRIVATE LIMITED	Director	20/08/2011	14/09/2010	-	Active	NO
21	U51101MH2010PTC207091	KAVI SALES AGENCY PRIVATE LIMITED	Director	20/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
22	U52100MH2010PTC207383	BRAHMABRATA TRADING PRIVATE LIMITED	Director	20/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
23	U45202MH2010PTC207319	GARGI DEVELOPERS PRIVATE LIMITED	Director	20/09/2011	20/09/2011	-	Active	NO
24	U55101MH2007PTC172953	FUTURE HOSPITALITY PRIVATE LIMITED	Director	29/09/2011	29/09/2011	-	Active	NO
25	U51100MH2005PLC156856	FUTURE CORPORATE RESOURCES LIMITED	Additional director	01/10/2011	01/10/2011	-	Active	NO
26	U72900MH2007PLC174787	NUFUTURE DIGITAL (INDIA) LIMITED	Additional director	21/02/2012	21/02/2012	-	Active	NO
27	U74120MH2011PTC222266	RED BERRY CORPORATE SERVICES PRIVATE LIMITED	Director	21/02/2012	21/02/2012	-	Active	NO
28	L17120MH1987PLC042424	KAMADGIRI FASHION LIMITED	Additional director	29/05/2012	29/05/2012	-	Active	NO
29	AAA-6313	KAVI SALES AGENCY LLP	Designated Partner	21/09/2011	21/09/2011	-	Active	NO
30	AAA-6388	BRAHMABRATA TRADING LLP	Designated Partner	27/09/2011	27/09/2011	-	Active	NO

Name :

Mr. Sunil Gopikishan Biyani

Designation :

Director

Address :

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

Date of Birth/Age :

24.10.1969

Qualification :

Graduate

Date of Appointment :

01.04.2010

DIN No.:

00006583

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	U17120MH1984PTC032719	FUTURE REALTORS INDIA PRIVATE LIMITED	Director	15/09/1988	15/09/1988	-	Amalgamated	NO
2	U99999MH1987PLC044078	PIL INDUSTRIES LIMITED	Director	01/04/2010	01/10/1991	-	Active	NO
3	U70100MH2004PTC148032	BARTRAYA MALL DEVELOPMENT COMPANY PRIVATE LIMITED	Director	16/08/2004	16/08/2004	-	Active	NO
4	L51900MH1981PLC025354	IDREAM FILM INFRASTRUCTURE COMPANY LIMITED	Director	22/11/2005	22/11/2005	31/03/2008	Active	NO
5	U28920MH2000PLC126290	STRIPES APPARELS LIMITED	Director	30/09/2006	28/04/2006	-	Amalgamated	NO
6	U93000MH2002PLC135478	AHA PARKS LIMITED	Director	23/05/2006	23/05/2006	15/07/2008	Active	NO
7	U93020MH2006PTC166332	SPLENDOR FITNESS PRIVATE LIMITED	Director	28/09/2007	20/12/2006	-	Active	NO
8	U17291MH2007GOI195397	APOLLO DESIGN APPAREL PARKS LIMITED	Director	22/12/2008	22/12/2007	-	Active	NO
9	U70100MH2005PTC151439	ISKRUPA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	29/03/2008	29/03/2008	20/05/2010	Active	NO
10	U51101DL2008PTC184935	STAR SHOPPING CENTRES PRIVATE LIMITED	Director	30/09/2009	17/04/2009	-	Active	NO
11	U51109MH2010PTC207475	WHITE KNIGHT MERCANTILE PRIVATE LIMITED	Director	23/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
12	U51109MH2010PTC207436	OVIYA MULTITRADING PRIVATE LIMITED	Director	23/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
13	U45400MH2010PTC207607	ECLIPSE INFRASTRUCTURE PRIVATE LIMITED	Director	23/08/2011	14/09/2010	-	Active	NO
14	U45201MH2010PTC207691	NEEHARIKA INFRASTRUCTURE PRIVATE LIMITED	Director	31/10/2011	25/11/2010	01/04/2012	Active	NO
15	U45400MH2010PTC207806	BESTEVER DEVELOPERS PRIVATE LIMITED	Director	31/10/2011	25/11/2010	-	Active	NO
16	U93000MH2010PTC207670	BEST MALL MANAGEMENT PRIVATE LIMITED	Director	31/10/2011	25/11/2010	-	Active	NO
17	L51900MH1981PLC024988	GALAXY ENTERTAINMENT CORPORATION LIMITED	Director	28/09/2011	27/05/2011	-	Active	NO
18	U93000MH2011PTC218630	MANCHESTER SPORTS ACADEMY PRIVATE LIMITED	Director	14/06/2011	14/06/2011	-	Active	NO
19	U74999AP2011PTC074399	MBS GOLD PRIVATE LIMITED	Director	01/07/2011	01/07/2011	-	Active	NO
20	U52390AP2011PTC074702	MBS SILVER PRIVATE LIMITED	Director	01/07/2011	01/07/2011	-	Active	NO
21	U52100AP2011PTC074650	MBS GEMS AND JEWELS PRIVATE LIMITED	Director	01/07/2011	01/07/2011	-	Active	NO
22	U55101AP2001PTC038022	LAILA HOTELS AND RESORTS PRIVATE LIMITED	Director	01/12/2011	01/12/2011	-	Active	NO
23	U74900MH2011PTC213709	SELANGOR RETAIL PRIVATE LIMITED	Director	01/01/2012	01/01/2012	-	Active	NO
24	AAA-6311	WHITE KNIGHT MERCANTILE LLP	Designated Partner	21/09/2011	21/09/2011	-	Active	NO
25	AAA-6347	OVIYA MULTITRADING LLP	Designated Partner	23/09/2011	23/09/2011	-	Active	NO
26	AAA-6891	BIYANI CAPITAL RESOURCES LLP	Designated Partner	15/11/2011	15/11/2011	-	Active	NO
27	AAA-6892	GSR CAPITAL RESOURCES LLP	Designated Partner	15/11/2011	15/11/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.09.2011

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		0.20
Bodies corporate		96.96
Other top fifty shareholders		0.84
Others		2.00
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Woven Fabrics, Shirts of Man-made Fibers, Garments etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø Central Bank of India, Corporate Finance Branch, 1^st Floor, Mahatma Gandhi Road, Fort, Mumbai – 400023, Maharashtra, India

Ø Deutsche Bank AG, Floor 2, Hazarimal Somani Marg, Fort, Mumbai – 400023, Maharashtra, India

Ø United Bank of India, 25, Sir P M Road, Fort, Mumbai – 400001, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	3620.514	833.401
Rupee term loans financial institutions secured	1500.000	0.000
Working capital loans banks secured	78.810	11.417
Working capital loans others secured	0.000	0.133
Total	5199.324	844.951
Note: a. Bank Overdraft of Rs.78.810 are secured by first and exclusive charge hypothecation by way of first charge on stock and receivables excluding goods acquired under LC basis , collateral security of shares of Pantaloon Retail (India) Ltd and guarantee of two directors of the company. b. Term Loan of Rs. 5,120.514 Millions is secured by First and exclusive charge of land and building, plant and machinery, and furniture and fixtures of the specified assets and personal guarantees of the directors.
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks unsecured	999.875	1010.559
Working capital loans others unsecured	1157.900	1169.114
Total	2157.775	2179.673


Banking Relations :	--

Auditors :
Name :	NGS and Company Chartered Accountants
Address :	B/46, 3rd Floor, Pravasi Industrial Estate, Vishweshwar Nagar Road, Goregaon (East), Mumbai – 400063, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFS3313D

Holding Company :	ESES Commercials Private Limited

Subsidiaries :	Ø Weavette Tex styles Limited [U17100MH1994PLC083596] Ø WholeWealth Limited (w.e.f. 08.06.2010) Ø Indus-League Clothing Limited [U85110MH1998PLC226134]

Fellow Subsidiaries :	Ø Fashion Global Retail Limited [U51909MH2005PLC174301] Ø Bansi Mall Management Company Private Limited [U70100MH2005PTC156869] Ø Future Corporate Resources Limited [U51100MH2005PLC156856] Ø Future Outdoor Media Solutions Limited [U22300MH2008PLC181041] Ø Kamadgiri Fashion Limited [L17120MH1987PLC042424]

Joint Ventures :	Ø Sain Advisory Services Private Limited Ø Sprint Advisory Services Private Limited [U51909MH2005PTC151869] Ø Shendra Advisory Services Private Limited [U45200MH2005PTC157267]

Related Party :	Ø Dhanshree Fashions Private Limited [U17100MH2004PTC143809] Ø Manz Retail Private Limited (TRF.) [U51909MH1994PTC156437] Ø Vishnu Mall Management Private Limited [U70200MH2007PTC170246]

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Millions
1,000,000	11% Non- Cumulative Redeemable Preference Shares	Rs. 10/- each	Rs. 10.000 Millions
15,000,000	0.1% Convertible Preference Shares	Rs. 20/- each	Rs. 300.000 Millions
	Total		Rs. 410.000 Millions

Issued :

No. of Shares	Type	Value	Amount

6,745,821	Equity Share	Rs.10/- each	Rs. 67.458 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

6,605,241	Equity Share	Rs.10/- each	Rs. 66.052 Millions

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		66.052	66.052	66.052
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		280.815	280.815	280.815
4] (Accumulated Losses)		(237.033)	(64.810)	(79.140)
NETWORTH		109.834	282.057	267.727
LOAN FUNDS
1] Secured Loans		5199.324	844.951	2350.250
2] Unsecured Loans		2157.775	2179.673	671.547
TOTAL BORROWING		7357.099	3024.624	3021.797
DEFERRED TAX LIABILITIES		0.000	0.000	5.665

TOTAL		7466.933	3306.681	3295.189

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		82.995	86.812	102.081
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		4944.691	4073.117	1995.868
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2787.920	687.531	736.971
	Sundry Debtors	1057.222	563.349	182.900
	Cash & Bank Balances	216.144	13.873	107.603
	Other Current Assets	0.000	0.172	0.009
	Loans & Advances	441.303	335.327	1180.097
Total Current Assets		4502.589	1600.252	2207.580
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	837.215	2373.616	80.064
	Other Current Liabilities	1226.089	79.186	925.881
	Provisions	0.038	0.698	4.395
Total Current Liabilities		2063.342	2453.500	1010.340
Net Current Assets		2439.247	(853.248)	1197.240

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		7466.933	3306.681	3295.189

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2276.612	1711.735	954.200
		Other Income	27.500	34.790	422.110
		TOTAL (A)	2304.112	1746.525	1376.310

Less	EXPENSES
		Consumption materials changes inventories	2028.224	1389.725	952.508
		Employee related expenses	0.371	(2.464)	14.904
		Administrative selling other expenses	8.183	31.751	11.447
		TOTAL (B)	2036.778	1419.012	978.859

Less	PROFIT/ LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		267.334	327.513	397.451

Less	FINANCIAL EXPENSES (D)		434.490	309.057	480.768

	PROFIT/ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(167.156)	18.456	(83.317)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.035	6.162	7.880

	PROFIT/ LOSS BEFORE TAX (E-F) (G)		(172.191)	12.294	(91.197)

Less	TAX (H)		0.032	(2.036)	5.310

	PROFIT/ LOSS AFTER TAX (G-H) (I)		(172.223)	14.330	(96.507)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(64.810)	(79.140)	17.367

	BALANCE CARRIED TO THE B/S		(237.033)	(64.810)	(79.140)

	Earnings/ (Loss) Per Share (Rs.)		(26.07)	2.17	(15.76)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(7.47)	0.82	(7.01)

Net Profit Margin (PBT/Sales)	(%)	(7.56)	0.72	(9.56)

Return on Total Assets (PBT/Total Assets}	(%)	(3.76)	0.73	(3.95)

Return on Investment (ROI) (PBT/Networth)		(1.57)	0.04	(0.34)

Debt Equity Ratio (Total Liability/Networth)		85.77	19.42	15.06

Current Ratio (Current Asset/Current Liability)		2.18	0.65	2.18

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	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 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 AND YEAR IN RETROSPECT

During the year, the Company has earned a gross income of Rs. 2304.112 Millions (including Rs. 27.500 Millions other income) as compared to Rs. 1746.525 Millions (including Rs. 34.790 Millions other income) for the previous accounting year. The Loss after tax for the year was Rs. 172.190 Millions as against Profit of Rs. 14.330 Millions previous year. The Company has to sail through an economically challenging year. Though there was a profit before interest, tax and depreciation, due to high cost of borrowings the Company ended with loss during the year. The Board is confident that the once the overall economic scenario improves and borrowing cost settles down and coupled with certain other plans to improve profitability, the Company will be able to improve its performance in the coming years.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U99999MH1987PLC044078
Name of the company	PANTALOON INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Knowledge House, Shyam Nagar, Off Jogeshwar - Vikroli Link Road, Jogeshwari (East), Mumbai - 400060, w.e.f.01/11/2003, Maharashtra, India
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	United Bank of India, 25, Sir P M Road, Fort, Mumbai – 400001, Maharashtra, India sanjayk1@unitedbank.co.in
Nature of description of the instrument creating or modifying the charge	Deed of Mortgage dated 31st March 2010
Date of instrument Creating the charge	31.03.2010
Amount secured by the charge	Rs. 500.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BPLR i.e., @12% p.a. with option to annual reset of spread Terms of Repayment Repayable in 6 years including moratorium period of 18 months (Detailed repayment schedule provided in Schedule 3 of the mortgage deed) Margin Nil Extent and Operation of the charge First exclusive charge has been created on the specified immovable properties of the Company inter to secure the due repayment loan amount along with all interest, fees, premia on repayment, costs, charges and expenses.
Short particulars of the property charged	35% share in the undivided property consisted of land and building located at Plot no 5B CTS No 27 and 24, Knowledge House, Shyam Nagar, Jogeshwari (East), Mumbai Property consisting of land and building located at Plot no. J- 72/1 MIDC, Tarapur Industrial Area, Boisar, District Thane

CONTINGENT LIABILITIES

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010
i. Guarantees given	3501.000	3171.000
ii. Bank Guarantees given	Nil	1.240
iii. Taxation matters in respect of which appeal is pending	5.502	15.333

FIXED ASSETS:

Ø Land

Ø Building

Ø Plant and Machinery

Ø Electrical Installations

Ø Air Conditioner

Ø Computer/ Printers

Ø Office Equipments

Ø Furniture and Fixture

Ø Vehicle

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. 55.97
UK Pound	1	Rs. 89.02
Euro	1	Rs. 70.61

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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

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

2787.920

1057.222

216.144

0.000

441.303

4502.589

837.215

1226.089

0.038

2063.342

2439.247

Unit