MIRA INFORM REPORT

Report Date :

27.09.2012

IDENTIFICATION DETAILS

Name :	FASHION GLOBAL RETAIL LIMITED (w.e.f.22.10.2008)
Formerly Known As :	FASHION GLOBAL RETAIL LIMITED (w.e.f.27.02.2007) A R TRADEX PRIVATE LIMITED
Registered Office :	FLSL House, 5A, Shyam Nagar, OFF. Jogeshwari Vikhroli Link Road, Jogeshwari (East) Mumbai – 400060, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.07.2005
Com. Reg. No.:	11-174301
Capital Investment/ Paid-up Capital:	Rs.0.500 Million
CIN No.: [Company Identification No.]	U51909MH2005PLC174301
TAN No.: [Tax Deduction & Collection Account No.]	DELF03696A/MUMF05782A
PAN No.: [Permanent Account No.]	AAFCA4986R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Suppliers and Traders.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears huge accumulated losses recorded by company. Profitability of the company is under severe pressure. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a safe and secured trade terms and conditions

NOTES:

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

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

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

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A4 (Short Term Bank Facilities)
Rating Explanation	Having minimal degree of safety regarding timely payment of financial obligation it carry very high credit risk and are susceptible to default.
Date	June 2011

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 :	FLSL House, 5A, 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

DIRECTORS

As on 30.09.2011

Name :

Mr. Rajesh Ramjilal Kalyani

Designation :

Director

Address :

Flat No. 1506, Oberoi Park View Tower –A, Thakur Village, Western Express Highway, Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

08.10.1969

Date of Appointment :

30.09.2008

Din No.:

00220632

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	U45200MH2005PTC156839	AVRUTI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	18/10/2005	18/10/2005	01/09/2010	Active	NO
2	U45200MH2005PTC156837	SUHANI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	18/10/2005	18/10/2005	-	Active	NO
3	U70100MH2005PTC156868	ANUSHTA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	19/10/2005	19/10/2005	01/09/2010	Active	NO
4	U70100MH2005PTC156886	SHAGUN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	20/10/2005	20/10/2005	01/09/2010	Active	NO
5	U70100MH2005PTC156869	BANSI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	19/11/2005	19/11/2005	-	Active	NO
6	U45200GJ2006PTC048776	RATNABHUMI DEVELOPERS PRIVATE LIMITED	Director	25/09/2006	25/09/2006	24/04/2009	Active	NO
7	U70109WB1998PTC087521	SUN CITY PROPERTIES PRIVATE LIMITED	Director	03/10/2006	03/10/2006	15/07/2010	Active	NO
8	U70100MH2005PTC156874	UTSAV MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	09/10/2006	09/10/2006	13/03/2012	Active	NO
9	U70102MH2006PTC161884	Riddhi Siddhi Mall Management Private Limited	Director	09/11/2007	01/11/2006	04/06/2012	Active	NO
10	U70101GJ2004PTC045030	AASHIRWAD MALLS PRIVATE LIMITED	Director	24/03/2007	24/03/2007	-	Active	NO
11	U70102MH2006PTC161886	Shreya Mall Management Private Limited	Director	31/10/2007	27/04/2007	-	Active	NO
12	U52100MH2007PLC171524	Future Value Retail Limited.	Director	11/06/2007	11/06/2007	06/01/2011	Active	NO
13	U67190MH2007PTC173693	Archana Ekta Investment Advisors Private Limited	Director	31/08/2007	31/08/2007	05/10/2007	Active	NO
14	U72900MH2007PLC174787	nuFuture Digital (India) Limited	Director	08/10/2007	08/10/2007	27/03/2012	Active	NO
15	U74140MH2007PTC175600	Tirumal Trading and Investment Consultants Private Limited	Director	01/11/2007	01/11/2007	02/01/2008	Active	NO
16	U74140MH2007PTC175603	Suhani Trading and Investment Consultants Private Limited	Director	01/11/2007	01/11/2007	-	Active	NO
17	U70102MH2007PLC175707	Future Ideas Realtors India Limited	Director	05/11/2007	05/11/2007	-	Active	NO
18	U65922WB1992PTC056707	AKAR ESTATE FINANCE PVT LTD	Director	30/09/2008	11/01/2008	-	Active	NO
19	U99999MH2006PTC159513	FUTURE CAPITAL INVESTMENT PRIVATE LIMITED	Additional director	21/01/2008	21/01/2008	-	Active	NO
20	U51909MH2006PTC164209	Central Departmental Stores Private Limited	Director	31/01/2008	31/01/2008	-	Active	NO
21	U51505MH2008PLC179014	FUTURE LIGHTING INDIA LIMITED	Director	18/02/2008	18/02/2008	-	Active	NO
22	U93000MH2008PTC179580	Harsh Trading & Investment Consultants Private Limited	Director	11/04/2008	11/04/2008	04/08/2011	Active	NO
23	U74990MH2008PTC181061	Kshitij Retail Destination Private Limited	Director	11/04/2008	11/04/2008	25/02/2010	Active	NO
24	U51909MH2008PLC181060	FUTURE RETAIL DESTINATION LIMITED	Director	11/04/2008	11/04/2008	16/05/2012	Active	NO
25	U55100MH2000PTC128686	BLUE FOODS PRIVATE LIMITED	Additional director	21/04/2008	21/04/2008	04/08/2011	Active	NO
26	U51909MH2005PLC174301	FASHION GLOBAL RETAIL LIMITED	Director	30/09/2008	31/07/2008	-	Active	NO
27	U72100MH1999PLC120600	PRTL ENTERPRISES LIMITED	Director	30/09/2008	02/08/2008	-	Active	NO
28	U45200MH2005PTC157219	GUPTA INFRASTRUCTUR ( INDIA ) PRIVATE LIMITED	Director	23/09/2008	20/08/2008	-	Active	NO
29	U52100MH2006PTC160387	Kyal Trading Private Limited	Director	30/09/2009	30/03/2009	12/09/2010	Active	NO
30	U52100MH2006PTC162506	Rampal Trading Private Limited	Director	30/09/2009	30/03/2009	15/09/2010	Active	NO
31	U74900MH2007PLC167121	Future Human Development Limited	Director	29/09/2010	16/11/2009	-	Active	NO
32	U74900MH2008PLC179447	Future Coupons Limited	Director	29/09/2010	16/11/2009	-	Active	NO
33	U70100MH2005PTC151439	ISKRUPA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	30/09/2010	20/05/2010	-	Active	NO
34	U52599MH2007PLC166906	Asian Retail Lighting Limited	Director	07/07/2010	07/07/2010	-	Active	NO
35	L45400MH2008PLC179914	Future Market Networks Limited	Director	28/09/2011	23/09/2010	-	Active	NO
36	U51909MH1994PTC156437	MANZ RETAIL PRIVATE LIMITED (TRF.)	Director	30/09/2011	28/02/2011	-	Active	NO
37	U17110MH2004PTC043441	ESES COMMERCIALS PRIVATE LIMITED	Director	30/09/2011	08/05/2011	-	Active	NO
38	U52330MH2004PLC148956	HOME SOLUTIONS RETAIL (INDIA) LIMITED	Director	30/09/2011	10/06/2011	-	Active	NO
39	U51100MH2005PLC156856	FUTURE CORPORATE RESOURCES LIMITED	Director	09/08/2011	08/08/2011	-	Active	NO
40	U74120MH2011PLC222584	Future Sharp Skills Limited	Director	30/09/2011	30/09/2011	-	Active	NO
41	U74999MH2011PTC222911	Nimbi Jodha Corporate Services Private Limited	Director	29/03/2012	29/03/2012	-	Active	NO

Name :

Mr. Pawan Kumar Agarwal

Designation :

Director

Address :

Flat No. 209, B Wing, 2^nd Floor, Ostwal ornate Building No.1, Jesal Park, Bhyander (East), Thane, Maharashtra, India

Date of Birth/Age :

16.04.1977

Date of Appointment :

30.09.2008

Din No.:

01435580

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	U45200MH2007PTC168000	KUBER MALL MANAGEMENT PRIVATE LIMITED	Director	20/02/2007	20/02/2007	31/03/2008	Active	NO
2	U70102MH2007PTC167996	KESARI REALTY PRIVATE LIMITED	Director	20/02/2007	20/02/2007	31/03/2008	Active	NO
3	U74999MH2007PTC167999	Aman Syntex Private Limited	Director	20/02/2007	20/02/2007	31/03/2008	Active	NO
4	U70200MH2007PTC168047	MAHABAL REALTY PRIVATE LIMITED	Additional director	02/04/2008	22/02/2007	21/08/2008	Active	NO
5	U93090MH2007PTC168048	Holii Accessories Private Limited	Director	22/02/2007	22/02/2007	31/03/2008	Active	NO
6	U45200MH2007PTC168052	VAYUPUTRA REALTY PRIVATE LIMITED	Director	29/11/2011	22/02/2007	-	Active	NO
7	U51909MH2007PTC168066	MAYS COMMERCIAL PRIVATE LIMITED	Director	23/02/2007	23/02/2007	14/11/2007	Active	NO
8	U70200MH2007PTC168068	Shubham Business Ventures Private Limited	Director	23/02/2007	23/02/2007	27/02/2008	Active	NO
9	U45200MH2007PTC168069	Festive Realty Private Limited	Director	23/02/2007	23/02/2007	31/03/2008	Active	NO
10	U70200MH2007PTC170246	VISHNU MALL MANAGEMENT PRIVATE LIMITED	Director	24/04/2007	24/04/2007	31/03/2008	Active	NO
11	U17100MH2004PTC143809	DHANSHREE FASHIONS PRIVATE LIMITED	Director	28/05/2007	28/05/2007	26/05/2010	Active	NO
12	U65922WB1992PTC056707	AKAR ESTATE FINANCE PVT LTD	Director	27/08/2007	27/08/2007	-	Active	NO
13	U67190MH2007PTC173693	Archana Ekta Investment Advisors Private Limited	Director	31/08/2007	31/08/2007	05/10/2007	Active	NO
14	U74140MH2007PTC175600	Tirumal Trading and Investment Consultants Private Limited	Director	01/11/2007	01/11/2007	30/07/2008	Active	NO
15	U74140MH2007PTC175603	Suhani Trading and Investment Consultants Private Limited	Director	28/09/2011	01/11/2007	-	Active	NO
16	U93000MH2008PTC179580	Harsh Trading & Investment Consultants Private Limited	Director	29/02/2008	29/02/2008	30/07/2008	Active	NO
17	U74990MH2008PTC181061	Kshitij Retail Destination Private Limited	Director	11/04/2008	11/04/2008	25/02/2010	Active	NO
18	U51909MH2008PLC181060	FUTURE RETAIL DESTINATION LIMITED	Director	11/04/2008	11/04/2008	16/05/2012	Active	NO
19	U55100MH2000PTC128686	BLUE FOODS PRIVATE LIMITED	Additional director	22/04/2008	22/04/2008	04/08/2011	Active	NO
20	U70102MH2008PTC181743	LNB Mercantile Private Limited	Director	29/04/2008	29/04/2008	30/07/2008	Active	NO
21	U51909MH2005PLC174301	FASHION GLOBAL RETAIL LIMITED	Director	30/09/2008	31/07/2008	-	Active	NO
22	U45200MH2004PLC146312	KB MALL MANAGEMENT COMPANY LIMITED	Director	30/12/2008	30/12/2008	-	Active	NO
23	U52100MH2006PTC160387	Kyal Trading Private Limited	Director	30/09/2009	30/03/2009	-	Active	NO
24	U52100MH2006PTC162506	Rampal Trading Private Limited	Director	30/09/2009	30/03/2009	-	Active	NO
25	U51909MH1994PTC156437	MANZ RETAIL PRIVATE LIMITED (TRF.)	Director	30/09/2011	28/02/2011	-	Active	NO
26	U74999MH2011PTC219645	Counseled Mercantile Private Limited	Director	11/07/2011	11/07/2011	16/08/2011	Active	NO
27	U74900MH2011PTC220057	Gauged Trading Private Limited	Director	22/07/2011	22/07/2011	27/05/2012	Active	NO
28	U85110MH2007PLC169493	FUTURE HOSPITALITY MANAGEMENT LIMITED	Additional director	25/10/2011	25/10/2011	-	Active	NO

Name :

Mr. Anshuman Krishnapal Singh

Designation :

Director

Address :

B -22, Vimal Nagar Co –operative Society, S. V Road, Kandivali (East) Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

Date of Appointment :

24.10.2008

Din No.:

00012225

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	U51909MH2005PLC174301	FASHION GLOBAL RETAIL LIMITED	Director	30/09/2009	19/12/2006	-	Active	NO
2	U63030MH2006PLC160376	Future Supply Chain Solutions Limited	Director	29/09/2008	01/06/2008	-	Active	NO
3	U51109MH2008PLC189032	FSC Brand Distribution Services Limited	Director	19/12/2008	19/12/2008	-	Active	NO

Name :

Mr. Deepak Navinchandra Tanna

Designation :

Director

Address :

A -203, Napero Tower, R. A Kidwai Marg, Wadala (East) Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

11.09.1965

Date of Appointment :

31.09.2008

Din No.:

02148981

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	U51909MH2005PLC174301	FASHION GLOBAL RETAIL LIMITED	Director	30/09/2008	31/05/2008	-	Active	NO
2	U80301MH2008PLC184089	FUTURE EDUCATION LIMITED	Director	27/06/2008	27/06/2008	21/10/2009	Active	NO
3	U51109MH2008PLC189032	FSC Brand Distribution Services Limited	Director	19/12/2008	19/12/2008	-	Active	NO
4	L45400MH2008PLC179914	Future Market Networks Limited	Director	09/09/2009	09/01/2009	24/09/2010	Active	NO
5	U52100MH2008PLC179919	Future Consumer Enterprises Limited	Director	09/09/2009	09/01/2009	01/07/2011	Active	NO
6	U45201MH2008PLC179913	Agre Properties & Services Limited	Director	09/09/2009	09/01/2009	17/10/2010	Active	NO
7	U65990MH1994PTC076728	VARNISH TRADING PRIVATE LIMITED	Additional director	01/06/2009	01/06/2009	10/07/2009	Amalgamated	NO
8	U51109MH2009PLC195415	RURAL FAIRPRICE WHOLESALE LIMITED	Director	01/09/2009	01/09/2009	18/09/2009	Active	NO
9	U74140MH2008PLC179590	DMA YELLOW WORKS LIMITED	Director	23/09/2011	10/11/2010	-	Active	NO
10	U22300MH2008PLC181041	Future Outdoor Media Solutions Limited	Director	22/08/2011	18/04/2011	-	Active	NO
11	U51909MH2010PLC211232	Future Home Retail Limited	Director	30/09/2011	13/05/2011	-	Active	NO
12	U45200MH2011PLC212457	NUZONE ECOMMERCE INFRASTRUCTURE LIMITED	Director	30/09/2011	13/05/2011	-	Active	NO
13	U52100MH2012PLC231654	Future Value Fashion Retail Limited	Director	30/05/2012	30/05/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Manz Retail Private Limited, India	25000
Future Corporate Resources Limited, India	24995
Future Corporate Resources Limited jointly with Sanjay Rathi	1
Future Corporate Resources Limited jointly with Vimal Dhruve	1
Future Corporate Resources Limited jointly with Milind Budhakar	1
Future Corporate Resources Limited jointly with Arun Bhandari	1
Future Corporate Resources Limited jointly with Subodh More	1
Total	50000

As on 30.09.2011

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Suppliers and Traders.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Central Bank of India, Corporate Finance Branch, 1^st Floor, MMO Building, Fort, Mumbai – 400023, Maharashtra, India

Facilities :

Rs. In Millions

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Term Loans from Bank	0.021	14.604
Working capital loans from bank	0.000	79.974
Total	0.021	94.578

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Loans other than banks	28.800	28.800
Total	28.800	28.800

Banking Relations :	--
Auditors :
Name :	Shambu Gupta and Company Chartered Accountant
Address :	512-513, Manish Chamber, Opposite, Hotel Karan Palace, Sonawala Road, Goregaon (East), Mumbai - 400063, Maharashtra, India
Tel. No.:	91-22-4021 4937/4266 1638
Fax No.:	91-22-2686 4871
E-Mail :	shambu.gupta@gmail.com /sgc@sgcandco.net
Pan No.:	AADFS4499Q
Associates: (As on 31.03.2010)	· Future Corporate Resources Limited (Formerly known as PFH Entertainment Limited · Menz Retail Private limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

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

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		0.500	0.500	0.500
2] Share Application Money		21.800	21.800	56.400
3] Reserves & Surplus		0.000	0.000	0.000
		22.300	22.300	56.900
4] (Accumulated Losses)		(92.913)	(72.082)	(51.699)
NETWORTH		(70.613)	(49.782)	5.201
LOAN FUNDS
1] Secured Loans		0.021	94.578	105.236
2] Unsecured Loans		28.800	28.800	0.000
TOTAL BORROWING		28.821	123.378	105.236
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		(41.792)	73.596	110.437
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	86.539	85.445
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	380.888	164.031	80.456
	Sundry Debtors	19.126	0.165	41.279
	Cash & Bank Balances	0.578	2.944	1.550
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.240	18.472	14.618
Total Current Assets		403.832	185.612	137.903
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	444.016	194.328	100.168
	Other Current Liabilities	1.608	4.227	12.743
	Provisions	0.000	0.000	0.000
Total Current Liabilities		445.624	198.555	112.911
Net Current Assets		(41.792)	(12.943)	24.992
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		(41.792)	73.596	110.437

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	430.055	337.764
		Other Income	1.840	1.974
		TOTAL (A)	431.895	339.738	378.065
Less	EXPENSES
		Cost of Goods Consumed and Sold	356.686	153.598	205.297
		Personal cost	19.343	46.667	47.814
		Operating and other Expense	66.414	140.321	138.376
		TOTAL (B)	442.443	340.586	391.487
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(10.548)	(0.848)	(13.422)
Less	FINANCIAL EXPENSES (D)		4.652	12.096	13.925
	PROFIT /(LOSS)BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(15.200)	(12.944)	(27.347)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.630	7.439	4.740
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(20.830)	(20.383)	(32.087)
Less	TAX (H)		0.000	0.000	(0.148)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(20.830)	(20.384)	(31.939)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(72.083)	(51.699)	(19.760)
	BALANCE CARRIED TO THE B/S		(92.913)	(72.093)	(51.699)
	Earnings Per Share (Rs.)		(416.62)	(407.66)	-

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(4.82)	(6.00)	(8.45)
Net Profit Margin (PBT/Sales)	(%)	(4.84	(6.03)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(5.16)	(7.51)	(14.37)
Return on Investment (ROI) (PBT/Networth)		(0.29)	(0.41)	(6.17)
Debt Equity Ratio (Total Liability/Networth)		(6.72)	(6.47)	41.94
Current Ratio (Current Asset/Current Liability)		0.91	0.93	1.22

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	Yes

NOTE

The Registered office of the company has been shifted from Plot No. F -21, Central Road, Near SEEPZ Bus Depot, MIDC, Andheri (East), Mumbai, Maharashtra, India to the present address w.e.f. 23.06.2008

FIXED ASSETS:

· Civil and Interior

· Furniture and Fixtures

· Electrical Instillations

· Air Conditioner

· Computers

· Office Equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 53.58
UK Pound	1	Rs. 86.60
Euro	1	Rs. 68.94

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		12

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.