MIRA INFORM REPORT

Report Date :

23.08.2013

IDENTIFICATION DETAILS

Name :	ADITYA BIRLA RETAIL LIMITED
Registered Office :	Skyline Icon, 86/92, 5^th and 6^th Floor, Near Mittal, Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2012 (Profit and Loss A/c)
Date of Incorporation :	14.07.1988
Com. Reg. No.:	11-048117
Capital Investment/ Paid-up Capital:	Rs.1225.000 Millions
CIN No.: [Company Identification No.]	U65990MH1988PLC048117
TAN No.: [Tax Deduction & Collection Account No.]	MUMA28583C
PAN No.: [Permanent Account No.]	AAACP2678Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Chain of Departmental Stores.
No. of Employees:	Information declined by management

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 :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a part of Aditya Birla Group. It is a subsidiary of ‘Kanishtha Finance and Investment Private Limited’. It is an established company having moderate track record. There appears to be huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. In view of strong holding, the company can be considered normal for business dealings with slight caution. Balance Sheet for year 2012 is not available only Profit and Loss Account is available.

NOTES:

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB (Long Term Loans)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	September, 2012

Rating Agency Name	ICRA
Rating	A2 (Short Term fund based Facilities)
Rating Explanation	Strong degree of safety and low credit risk.
Date	September, 2012

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.

INFORMATION DENIED

MANAGEMENT NON CO–OPERATIVE

Contact No.: 91-8652-905555

LOCATIONS

Registered Office :	Skyline Icon, 86/92, 5^th and 6^th Floor, Near Mittal, Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-8652-905555
Fax No.:	91-8652-906200
E-Mail :	atul.daga@retail.adityabirla.com
Website :	www.morestore.com

DIRECTORS

(AS ON 28.09.2012)

Name :	Mr. Gopi Krishna Tulsian
Designation :	Director
Address :	32 Peacock Palace, 69 Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	02.02.1937
Date of Appointment :	12.03.2008
DIN No.:	00017786
Name :	Mr. Girish Mohanlal Dave
Designation :	Director
Address :	Dave and Girish and Company, Advocates, 1^st Floor, Sethna Building, 55 Maharshi Karve Road, Marine Lines, Mumbai – 400002, Maharashtra, India
Date of Birth/Age :	12.07.1938
Date of Appointment :	12.03.2008
DIN No.:	00036455
Voter ID No.:	MT/08/039/0022008
Name :	Mr. Kamlesh Shivji Vikamsey
Designation :	Director
Address :	194, Kalpataru Habitat, Tower – A, Dr. S S Road, Parel, Mumbai – 400012, Maharashtra, India
Date of Birth/Age :	06.12.1960
Date of Appointment :	22.04.2008
DIN No.:	00059620
Name :	Mr. Pranab Barua
Designation :	Director
Address :	D-1, Cedar Crest, 258, 10^th Main, Defence colony, Indira Nagar, Bangalore – 560038, Karnataka, India
Date of Birth/Age :	21.09.1952
Date of Appointment :	01.02.2009
DIN No.:	00230152
Name :	Mr. Gianprakash Dharamprakash Gupta
Designation :	Director
Address :	101, Kaveri ‘B’ Wing, Neelkanth Valley, Rajawadi, Ghatkopar (East), Mumbai – 400077, Maharashtra, India
Date of Birth/Age :	11.01.1941
Date of Appointment :	23.09.2011
DIN No.:	00017639

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 28.09.2012)

Names of Shareholders	No. of Shares
Kanishtha Finance and Investment Private Limited, India	222499930
G K Tulsian and Kanishtha Finance and Investment Private Limited, India	10
Sushil Ganesham Agarwal and Kanishtha Finance and Investment Private Limited, India	10
Suresh Pitale and Kanishtha Finance and Investment Private Limited, India	10
Anil Chirania and Kanishtha Finance and Investment Private Limited, India	10
Omprakash Jajodia and Kanishtha Finance and Investment Private Limited, India	10
Vivek Pendharkar and Kanishtha Finance and Investment Private Limited, India	10
Nitin Madhura and Kanishtha Finance and Investment Private Limited, India	10
Total	222500000

(AS ON 28.09.2012)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Chain of Departmental Stores.

Product:

Item Code Number	Product Description
Unspecified Items	99999998

GENERAL INFORMATION

No. of Employees :

Information declined by management

Bankers :

· IDBI Trusteeship Services Limited

Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India

· The Federal Bank Limited

Corporate Branch, I Floor, Rajabhadur, Mansion, 32, Bombay Samachar Marg, Fort, Mumbai – 400001, Maharashtra, India

· Syndicate Bank Limited

Large Street, Fort, Mumbai – 400023, Maharashtra, India

· Industrial Development Bank of India limited,

IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, Indic

· State Bank of India

Corporate Accounts Group - Mumbai, Neville House, 3^rd Floor, J N Heredia Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 Rs. in millions	31.03.2010 Rs. in millions
	Rs. In Millions
Rupee term loans banks secured	5010.000	5570.000
Working capital loans banks secured	1639.600	3746.400
Total	6649.600	9316.400

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opp. Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India
PAN No.:	AADFD2337G
Holding Company :	· Kanishtha Finance and Investment Private Limited CIN No.: U65990MH1988PTC48498
Subsidiaries :	· Trinethra Superretail Private Limited CIN No.: U52520AP1990PTC011172 · H A S Two Holdings Private Limited (Subsidiary Company of Trinethra Superretail Private Limited ) CIN No.: U64202KA1999PTC025649 · Terrafirma Agroprocessing (India) Private Limited (Subsidiary Company of H A S Two Holdings Private Limited) CIN No.: U15499AP2005PTC047082 · Fabmall (India) Private Limited (Subsidiary Company of H A S Two Holdings Private Limited) CIN No.: U18101KA2002PTC031385

CAPITAL STRUCTURE

(AS ON 28.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
350000000	Equity Shares	Rs.10/- each	Rs.3500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
222500000	Equity Shares	Rs.10/- each	Rs.2225.000 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs.10/- each	Rs.1500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
122500000	Equity Shares	Rs.10/- each	Rs.1225.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1225.000	1225.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(19747.500)	(15516.500)
NETWORTH		(18522.500)	(14291.500)
LOAN FUNDS
1] Secured Loans		6649.600	9316.400
2] Unsecured Loans		24484.000	18799.900
TOTAL BORROWING		31133.600	28116.300
DEFERRED TAX LIABILITIES		0.000	0.000
Equity Share Warrants		945.500	871.100
TOTAL		13556.600	14695.900
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1060.000	1429.300
Capital work-in-progress		238.800	223.200
INVESTMENT		10580.100	12425.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	848.300	628.700
	Sundry Debtors	93.100	85.200
	Cash & Bank Balances	1238.500	359.700
	Other Current Assets	32.700	28.500
	Loans & Advances	1433.500	1253.900
Total Current Assets		3646.100	2356.000
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	656.800	542.100
	Other Current Liabilities	1269.600	1158.300
	Provisions	42.000	37.200
Total Current Liabilities		1968.400	1737.600
Net Current Assets		1677.700	618.400
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		13556.600	14695.900

NOTE: Balance sheet for the year 2012 is not available only profit and loss a/c is available.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income	10177.300
		Other Income	114.200
		TOTAL (A)	10291.500
Less	EXPENSES
		Purchases of stock-in-trade	8705.400
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(152.700)
		Employee benefit expense	1579.500
		Amortisation expense	132.100
		Other expenses	2945.300
		TOTAL (B)	13209.600
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(2918.100)
Less	FINANCIAL EXPENSES (D)		2047.700
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(4965.800)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		384.300
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(5350.100)
Less	TAX (H)		0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(5350.100)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(19747.500)
	BALANCE CARRIED TO THE B/S		(25097.600)
	IMPORTS
		Capital Goods	23.800
		Trade Goods	66.700
	TOTAL IMPORTS		90.500
	Earnings/ (Loss) Per Share (Rs.)		(43.67)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	6879.300	6049.100
		Other Income	566.100	324.500
		TOTAL (A)	7445.400	6373.6
Less	EXPENSES
		Consumption materials changes inventories	6178.400	5372.500
		Manufacturing service costs	0.000	0.000
		Employee related expenses	1437.900	1746.600
		Administrative selling other expenses	1973.600	2591.700
		TOTAL (B)	9589.900	9710.800
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(2144.500)	(3337.200)
Less	FINANCIAL EXPENSES (D)		1601.200	1568.000
	PROFIT (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(3745.700)	(4905.200)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		485.300	506.300
	PROFIT (LOSS) BEFORE TAX (E-F) (G)		(4231.000)	(5411.500)
Less	TAX (H)		0.000	0.000
	PROFIT (LOSS) AFTER TAX (G-H) (I)		(4231.000)	(5411.500)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(15516.500)	(10105.000)
	BALANCE CARRIED TO THE B/S		(19747.500)	(15516.500)
	IMPORTS
		Capital Goods	7.500	29.000
		Trade Goods	81.700	30.800
	TOTAL IMPORTS		89.200	59.800
	Earnings Per Share (Rs.)		(34.54)	(54.05)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(51.99)	(56.83)	(84.90)
Net Profit Margin (PBT/Sales)	(%)	(52.57)	(50.52)	(89.46)
Return on Total Assets (PBT/Total Assets}	(%)	NA	(89.90)	(142.96)
Return on Investment (ROI) (PBT/Networth)		NA	(0.23)	(0.38)
Debt Equity Ratio (Total Debt/Networth)		NA	(1.68)	(1.97)
Current Ratio (Current Asset/Current Liability)		NA	1.85	1.36

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITY OF LONG TERM BORROWINGS DETAIL: NOT AVAILABLE

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	Yes

DETAILS UNSECURED LOANS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
Debts bonds other instruments unsecured	17351.800	12352.800
Rupee term loans banks unsecured	5200.000	4000.000
Working capital loans banks unsecured	1932.200	2447.100
Total	24484.000	18799.900

NOTES:

The registered office of the company has been shifted from “More Centre”, Sahar Airport Road, Andheri (East), Mumbai – 400099, Maharashtra, India to Present Address w.e.f 18.04.2011

BUSINESS PERFORMANCE:

No of Hypermarkets launched: 3; Total No of Supermarkets: 143; Hypermarkets: 8 covering 8.35 lacs sq. feet of retail space. No of Supermarkets by its subsidairy co, Trinethra Superretail Private Limited 406; Hypermarket: 1 covering an area of 9.67 lacs sq feet. Cities and States covered across India: 135 Cities and towns across 12 Indian States

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/ Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10441082	11/06/2013	5,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B81136525
2	10406669	29/01/2013	500,000,000.00	ING VYSYA BANK LIMITED	NARIAN MANZIL, GROUND FLOOR, SHOP NO. G1 TO G5, I FLOOR, SHOP NO.1001 TO 1007, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B69056000
3	10406723	29/01/2013	1,000,000,000.00	ING VYSYA BANK LIMITED	NARIAN MANZIL, GROUND FLOOR, SHOP NO. G1 TO G5, I FLOOR, SHOP NO.1001 TO 1007, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B69058170
4	10406725	29/01/2013	1,000,000,000.00	ING VYSYA BANK LIMITED	NARIAN MANZIL, GROUND FLOOR, SHOP NO. G1 TO G5, I FLOOR, SHOP NO.1001 TO 1007, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B69060994
5	10402761	26/12/2012	1,000,000,000.00	ANDHRA BANK	NANAVATI MAHALAYA, 18, HOMI STREET, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B67997981
6	10392206	26/04/2013 *	1,500,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR, VYPARI PETH, KOLHAPUR, MAHARASHTRA - 416001, INDIA	B75654194
7	10392215	19/11/2012	2,000,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH, 1ST FLOOR, MMO BUILDING, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B64234255
8	10355879	25/04/2012	3,000,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP-MUMBAI, NEVILLE HOUSE, 3RD FLOOR, J N HEREDIA MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B39667258
9	10345988	24/02/2012	250,000,000.00	THE FEDERAL BANK LIMITED	CORPORATEBANKINGBRANCH,IFLOOR,RAJABAHADUR MANSION, 32, BOMBAY SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B36467496
10	10345993	24/02/2012	1,250,000,000.00	THE FEDERAL BANK LIMITED	CORPORATEBANKING BRANCH,I FLOOR, RAJABAHADURMANSION, 32, BOMBAY SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B36469047
11	10314396	27/09/2011	500,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA RASHTRA - 400005, INDIA	B24017584
12	10299208	20/07/2011	500,000,000.00	AXIS BANK LTD.	4/10, OPG HOUSE, ASAF ALI ROAD, NEW DELHI - 110002, INDIA	B17675794
13	10276208	30/06/2011 *	500,000,000.00	AXIS BANK LTD.	4/10, OPG HOUSE, ASAF ALI ROAD, NEW DELHI, DELHI - 110002, INDIA	B17283391
14	10165458	22/12/2012 *	1,660,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B66344284
15	10151657	26/06/2013 *	1,900,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B80226350

* Date of charge modification

CONTINGENT LIABILITY

a) The Company has given collateral Security of Rs.300.000 Millions. (Previous year: Rs.550.000 Millions)to Banks for loans taken by Trinethra Supertetall Private Limited (TSPL) (Subsidiary Company).

(Rs. in millions)

Bank Name	Nature of Security Provided	2010-11
Axis Bank Limited	Letter of Undertaking	181.100
HDFC Bank Limited	Letter of comfort	42.600

Further, the Company has iren an undertaking, not to dispose of its investment in the Subsidiary during the peudency of the credit facility.

b) Premium on redemption of 1% Optionally Convertible Bonds (Refer note 3 below): Rs Nil (Previous year: 4020.200 Millions).

c) Custom duty against import of capital goods, which may arise if the obligation for exports is not fulfilled is Rs. 90.900 Millions (Previous year: Rs. 90.900 Millions)

d) Disputed dues towards leased property to the extent of Rs.102.700 Millions (Previous year: Rs. 102.700 Millions)

e) Liabilities towards certain leased properties to the extent of Rs. 05.600 Millions (Previous year: Rs. 05.400 Millions)

f) Other claims against the Company not acknowledged as debts (to the extent quantifiable) Rs. 0.36 Millions (Previous year : Rs 4.400 Millions)

g) Estimated amounts of contracts remaining to be executed on Capital Account (net of advances) and not provided for Rs. 81.300 Millions (Previous year: Rs. 21.100 Millions)

FIXED ASSETS:

· Leasehold Improvements

· Furniture and Fixtures

· Vehicles

· Plant and Machinery

· Software

NEWS:

ADITYA BIRLA GROUP'S RETAIL CHAIN 'MORE' MEETS AGENCIES

APRIL 09, 2013

The process is underway in Mumbai.

More, retail chain from the Aditya Birla Group, is currently in the process of meeting creative agencies. The process is currently underway in Mumbai. Market sources close to the development have confirmed the news to afaqs!.

The development is in line with the brand's upcoming growth and expansion plans. As has been reported, More shut down over 100 stores over the past few years. Now, the brand is looking to make a comeback and launch new stores, with the help of an experienced creative agency. With More's focus now bent at both product and communication over the next few months, an image makeover is likely.

Aditya Birla Retail is the retail arm of the Aditya Birla Group, a $40 billion corporation.

Aditya Birla Retail currently has a staff-strength of around 9,000 people. The company ventured into the food and grocery retail sector back in 2007 with the acquisition of a south based supermarket chain Trinethra Super Retail. Subsequently, Aditya Birla Retail expanded its presence across the country under the brand, More.

With the launch of More Megatore, a hypermarket, in March 2008, Aditya Birla Retail forayed into large format retailing, the kind that features both food and non-food products.

More is present in two formats, supermarket and hypermarket. Currently, More operates through over 501 supermarkets and fourteen hypermarkets across India. The brand has presence across Mysore, Vadodara, Indore, Bengaluru, Mumbai, Hyderabad, New Delhi and Nashik.

BIRLA RETAIL AIMS TO OPEN 100 SUPERMARKETS EVERY YEAR

MUMBAI – FEBRUARY 07, 2013

Has around 500 supermarkets, 14 hypermarkets now

Aditya Birla Retail, retailing arm of Aditya Birla group, is looking at opening 100 supermarkets under 'more' brand every year in the next three years, including this year, to bolster its retail presence.

Birla Retail is also planning to open half dozen hypermarkets next financial year.

Birla's plans come after the retailer closed 40 supermarkets in cities such as Mumbai and others which were not making profits, last year.

Birla Retail has around 500 supermarkets and 14 hypermarkets now.

"The market for supermarkets exits provided you put them at right location and have right properties," said Vishak Kumar, CEO, supermarkets, Aditya Birla Retail.

"We closed stores which were not making money and real estate was expensive", Kumar said.

The chain has supermarkets from 1,000 square ft to 6,000 square ft but the chain's sweespot is 2,500 square ft, he said.

The retailer has opened 3 hypermarkets in FY2013 so far and looking to open two more stores by March 2013.

"It is difficult to open stores here due to delays," said Russell Berman, CEO, hypermarkets, Aditya Birla Retail.

Even Trent hypermarkets which was planning to open 3 stores in 2012 could not open stores due to delays from mall developers.

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.63.46
UK Pound	1	Rs.99.42
Euro	1	Rs.85.12

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	-
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EFP	YES/NO	NO
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.