MIRA INFORM REPORT

Report Date :

04.05.2013

IDENTIFICATION DETAILS

Name :	JUBILANT FOODWORKS LIMITED
Registered Office :	B-214, Phase - II, Noida – 201305, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.03.1995
Com. Reg. No.:	20-043677
Capital Investment / Paid-up Capital :	Rs. 650.779 Millions
CIN No.: [Company Identification No.]	L74899UP1995PLC043677
TAN No.: [Tax Deduction & Collection Account No.]	DELD03279D
PAN No.: [Permanent Account No.]	AABCD1812C
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject Runs Dominos Operations in India.
No. of Employees :	14,626 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (59)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 12000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Financially company is performing well. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for business dealing at usual 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	A1	A1

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

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 :	B-214, Phase - II, Noida – 201305, Uttar Pradesh, India
Tel. No.:	91-120-4090500
Fax No.:	91-120-4090599
E-Mail :	investor@jublfood.com
Website :	http://www.jubilantfoodworks.com

DIRECTORS

AS ON 31.03.2011

Name :	Mr. Shyam S Bhartia
Designation :	Chairman and Non-Executive Director
Name :	Mr. Hari S Bhartia
Designation :	Co-Chairman and Non-Executive Director
Name :	Mr. Ajay Kaul
Designation :	CEO cum Whole Time Director
Name :	Mr. Arun Seth
Designation :	Independent Director
Name :	Mr. Vishal Marwaha
Designation :	Independent Director
Name :	Ms. Ramni Nirula
Designation :	Independent Director
Name :	Mr. Phiroz Vandrevala
Designation :	Independent Director

KEY EXECUTIVES

Name :	Ms. Mona Aggarwal
Designation :	Company Secretary and Compliance Officer
Name :	Mr. Ravi S Gupta
Designation :	President and Chief Financial Officer
Date of Birth/ Age :	44 Years
Qualification :	FCA, ACS, ACMA
Experience :	20 Years
Name :	Mr. Dev Amritesh
Designation :	President and Chief Operating Officer
Date of Birth/ Age :	36 Years
Qualification :	B.E. and P.G.D.B.M.
Experience :	14 Years
Name :	Mr. Tarun Bhasin
Designation :	President and Chief Operating Officer
Date of Birth/ Age :	41 Years
Qualification :	Diploma in Public Relations and Hotel Management
Experience :	18 Years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4	0.00
Bodies Corporate	32022950	49.05
Sub Total	32022954	49.05
(2) Foreign
Bodies Corporate	3526176	5.40
Sub Total	3526176	5.40
Total shareholding of Promoter and Promoter Group (A)	35549130	54.45
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	112172	0.17
Financial Institutions / Banks	21382	0.03
Foreign Institutional Investors	27177691	41.63
Sub Total	27311245	41.83
(2) Non-Institutions
Bodies Corporate	1132576	1.73
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	852066	1.31
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	239624	0.37
Any Others (Specify)	198749	0.30
Non Resident Indians	41342	0.06
Clearing Members	127424	0.20
Hindu Undivided Families	27114	0.04
Trusts	2869	0.00
Sub Total	2423015	3.71
Total Public shareholding (B)	29734260	45.55
Total (A)+(B)	65283390	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	65283390	0.00

BUSINESS DETAILS

Line of Business :

Subject Runs Dominos Operations in India.

GENERAL INFORMATION

No. of Employees :	14,626 (Approximately)
Bankers :	Not Available

Banking Relations :	--
Statutory Auditors :
Name :	S R Batliboi and Company Chartered Accountants
Address :	Golf View Corporate Tower B, near DLF Golf Cource, Sector 52, Gurgaon – 122002, Haryana, India
Holding Company :	Jubilant Enpro Private Limited
Subsidiary :	Ø Jubilant Foodworks Lanka Private Limited Ø JFW Holdings Mauritius Private Limited
Enterprises owned or significantly influenced by key management personnel or their relatives :	Ø Jubilant Life Sciences Limited Ø HT Media Limited Ø Jubilant Agri and Consumer Products Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
80,000,000	Equity Shares	Rs. 10/- each	Rs. 800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
65,077,940	Equity Share	Rs.10/- each	Rs. 650.779 Millions

After: 29.08.2012

Authorised Capital : Rs. 800.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 652.834 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		650.779	645.322	636.217
2] Share Application Money		0.000	0.000	12.032
3] Reserves & Surplus		2344.742	1271.557	939.163
4] (Accumulated Losses)		0.000	0.000	(403.023)
NETWORTH		2995.521	1916.879	1184.389
LOAN FUNDS
1] Secured Loans		0.000	0.000	85.905
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	85.905
DEFERRED TAX LIABILITIES		70.617	0.000	0.000
TOTAL		3066.138	1916.879	1270.294
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2505.362	1801.478	1403.197
Capital work-in-progress		117.900	28.124	24.737
Expenditure during Construction Period		0.000	0.000	0.836
INVESTMENT		1031.936	216.435	0.306
DEFERREX TAX ASSETS		0.000	30.669	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	184.160	142.186	70.568
	Sundry Debtors	64.119	41.407	29.480
	Cash & Bank Balances	120.606	89.421	70.394
	Other Current Assets	1.630	9.944	0.240
	Loans & Advances	674.720	706.553	362.046
Total Current Assets		1045.235	989.511	532.728
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1095.958	774.633	547.430
	Other Current Liabilities	471.524	310.188	115.387
	Provisions	66.813	64.517	38.693
Total Current Liabilities		1634.295	1149.338	701.510
Net Current Assets		(589.060)	(159.827)	(168.782)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3066.138	1916.879	1270.294

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	10173.555	6782.773	4239.314
		Other Income	59.206	19.934	3.704
		TOTAL	10232.761	6802.707	4243.018
Less	EXPENSES
		Cost of materials consumed	2150.557	1445.317	1049.574
		Purchase of traded goods	478.457	263.003	0.000
		Increase/ Decrease in inventories of work-in-progress and traded goods	(17.832)	(2.526)	0.000
		Employee Benefit Expenses	1962.209	1355.340	0.000
		Other Expenses	3696.514	2520.477	2531.711
		TOTAL	8269.905	5581.611	3581.285
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1962.856	1221.096	661.733
Less	FINANCIAL EXPENSES		0.000	3.421	83.343
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1962.856	1217.675	578.390
Less/ Add	DEPRECIATION/ AMORTISATION		375.724	293.388	243.450
	PROFIT BEFORE EXCEPTIONAL ITEM AND TAX		1587.132	924.287	334.940
Less	EXCEPTIONAL ITEM		40.526	0.000	4.448
	PROFIT BEFORE TAX		1546.606	924.287	330.492
Less	TAX		490.175	204.280	0.795
	PROFIT AFTER TAX		1056.431	720.007	329.697
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	0.000	0.000	0.189
	IMPORTS
		Stores & Spares	0.000	0.979	0.000
		Capital Goods	139.148	74.544	59.305
	TOTAL IMPORTS		139.148	75.523	59.305
	Earnings Per Share (Rs.)
	Basic		16.31	11.20	5.54
	Diluted		16.12	11.01	5.40

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
	1^stQuarter	2^nd Quarter	3^rd Quarter
Net Sales	31451. 000	3421.000	3851.500
Total Expenditure	2572.100	2834.100	3179.700
PBIDT (Excl OI)	572.900	586.800	671.800
Other Income	19.000	19.500	19.700
Operating Profit	591.900	606.400	691.500
Interest	000	000	0.600
Exceptional Items	000	000	000
PBDT	591.900	606.400	690.900
Depreciation	116.800	138.100	140.100
Profit Before Tax	475.100	468.200	550.800
Tax	151.600	144.700	173.800
Provisions and contingencies	000	000	000
Profit After Tax	323.500	323.500	377.000
Extraordinary Items	000	000	000
Prior Period Expenses	000	000	000
Other Adjustments	000	000	000
Net Profit	323.500	323.500	377.000

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	10.32	10.58	7.77
Net Profit Margin (PBT/Sales)	(%)	15.20	13.63	7.80
Return on Total Assets (PBT/Total Assets}	(%)	43.56	33.12	17.07
Return on Investment (ROI) (PBT/Networth)		0.52	0.48	0.28
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.07
Current Ratio (Current Asset/Current Liability)		0.64	0.86	0.76

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	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	No
24]	Banking facility details	No
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	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

FINANCIAL PERFORMANCE

The Company`s total income stood at Rs. 10232.761 millions in FY 2012, yielding a growth of 50%. The Profit before Interest, Depreciation and Tax in FY 2012 increased to Rs. 1962.856 millions as against Rs. 1221.096 millions in FY 2011, registering a growth of 58%. Net Profit increased to Rs. 1056.431 millions in FY 2012 from Rs. 720.007 millions in FY 2011, registering a growth of 47%.

OPERATIONAL PERFORMANCE

Domino`s Pizza

The Company has been able to maintain healthy levels of profitability by countering the negative effects, if any, of the slowdown in economy due to euro zone crisis, through greater operational and cost efficiencies. During FY 2012, the Company delivered a System Sales growth of 50% (revenue growth at an overall level) and Same Store Sales growth of 30%.

With more than 70% market share, the Company remains the market leader in pizza home delivery segment and more than 55% share in organised pizza segment in India.

The Company believes in exploring new cities even as it continues to penetrate deeper into the cities where it is already present. The Company had 465 Domino`s Pizza stores in 105 cities across India as on March 31, 2012 as against 378 Domino`s Pizza stores in 90 cities as on March 31, 2011, an addition of 87 new Domino`s Pizza stores and 15 new cities during the year.

A holistic and highly evolved business model has successfully propelled this growth through continuous investment in training, processes, marketing and technology by the Company.

For the Company, delivering more extends beyond numbers to more consumer satisfaction through continuous expansion and innovation of its product portfolio. During the year, the Company launched several new products like Butterscotch Mousse Cake, Nutty Choco Lava Cake, etc. to delight its consumers. The emotional connect of "Khushiyon ki Home delivery" and the promise of 30 minutes delivery continues to create a strong bond between the consumer and your Company

A more exciting and comfortable consumer experience also remained a key thrust area for the Company, which, in addition to the launch of Single National Number 68886888 and Online ordering service for Domino`s Pizza, also entered into the field of digital marketing, thereby creating more and more ways to reach its consumers. The popularity of the Company in the society is well depicted by a fan base of over 1 million people on Domino`s Pizza Fan Page on Facebook as on March 31, 2012.

During the year, the Company also opened its first two Domino`s Pizza stores in Sri Lanka through its subsidiary. Since the launch, the consumer response has been overwhelming, indicating the brand`s wholehearted acceptance in Sri Lanka.

Dunkin` Donuts

The Company announced launch of Dunkin` Donuts by opening two restaurants in New Delhi in May 2012, thereby adding more flavour to its palate. With the launch of Dunkin` Donuts the Company marks the beginning of another exciting journey and hopes to exceed consumer expectations.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC OVERVIEW

As in 2008, economic woes in the major developed economies weakened growth prospects around the world and the ongoing sovereign debt crises in the euro zone were a source of continuous turmoil in various global financial markets during the year. The switch from fiscal stimulus to austerity measures in many of the developed countries further weakened the global aggregate demand, already affected by persistent high unemployment.

The Indian economy too was impacted in the past year by a mix of domestic and global events, primary among them the euro zone crisis, high inflation at home that led to a liquidity squeeze and stagnation of policy reforms. India`s economic growth slowed sharply through the second half of 2011. The Reserve Bank of India (RBI) hiked interest rates 13 times over the past two years to fight stubbornly high inflation, but the aggressive policy tightening has reduced investment activity and hurt industrial growth. High interest rates and rising input costs hampered manufacturing activity. Total foreign trade, which is a good indicator of the economy`s health, remained weak for several months in FY 2012. This was a reflection not only of a weaker global environment but also India`s struggling domestic economy, as imports softened considerably. India`s GDP is expected to languish below 7% in the coming quarters as well, particularly if crude oil prices stay high. India imports nearly 80% of its oil requirements, and oil accounts for nearly a third of the country`s imports. Manufacturing output came to a near standstill due to high interest rates, falling external demand and weak external sentiment. Manufacturing output for the full year 2011-12 slowed to 2.5%, from 7.6% in the previous fiscal. GDP for 2011-12 was down to 6.5% from 8.4% in 2010-11 following poor performance of the manufacturing sector.

While the low growth rates in India, of around 7% for FY 2012, will be better than the feeble-to-no-growth in developed nations, it would be less than the 8.4 % growth rate of the previous two financial years. The kind of macro headwinds faced both on the domestic and external fronts may push the government to initiate policy reforms to move the near-stalled private investments forward and produce a medium-term fiscal consolidation roadmap for the next year.

However, while challenges are visible in the short and medium-term, India, with its reputation for financial discipline, high savings, investments, legacy of strong entrepreneurship and power of private sector, is likely to once again emerge more or less unscathed, as in the earlier economic crisis. In the long run, while India will not remain insulated from external events, its growth story is likely to remain intact, boosted by its legacy of two decades of liberalisation, coupled with the demographic advantage of the country and the power of the private sector. This is expected to augur well not only for the manufacturing sector but for the services sector as well.

INDUSTRY OVERVIEW

India`s huge population and its increasing purchasing power, growing consumer aspirations, increasing urbanisation and lifestyle changes have led to a slow but steady transformation of the Indian cities, specifically in the retail food sector. Not only the metros, but even Tier II and III cities are being increasingly dotted with a variety of fast food chains, take-aways, quality fine dining restaurants, speciality Quick Service Restaurants (QSR) and more contemporary eating options.

For the Indian Food Services Industry, the impact of the global slowdown during the year has been fairly muted but visible. Inflation, along with increasing overheads such as rent and wages, as well as higher interest outflow, posed challenges to the food services sector. This trend was particularly noticeable in the fragmented and traditional eateries, smaller standalone restaurants and hotels which cater to the discerning middle class. The promise of better quality and newer varieties tend to attract numbers to the more contemporary and organised food chains as their presence expands across the country. Economies of scale, strong supply chain network, growing consumer preference, coupled with entry of private equity in the food services sectors, has enabled many fast growing chains of the organised sector to manoeuvre around the constraints of inflation.

The Indian Food Services Retail Industry is highly fragmented and largely unorganised with nearly 1.5 million eating outlets in India.

The size of the Indian Food Services Industry (Retail) is estimated to be Rs. 430000.000 Millions, of which the organised sector comprises only 1620%, with its size estimated to be Rs. 90000.000 Millions in 2010, but expected to grow nearly four-fold to around Rs. 280000.000 Millions by 2015. (Food Franchise Report 2011)

Within the organised food services retail formats (which comprise Fine Dining, QSR / Casual Dining Restaurant, Cafes), the QSR are the fastest-growing formats. The QSR segment is estimated to be valued at Rs. 30000.000 Millions and is estimated to be growing at an annual rate of 30% (Source: Food Franchise Report 2011). It is estimated that by 2012, there will be at least 2,000 more QSR outlets across India. This has been supported by several structural macroeconomic triggers, as well as the industry recognising the opportunity and investing in improving the availability and affordability of products. Growth has been rapid across various QSR formats, such as Pizzas (both delivery and dine in), Cafes, Burgers and Fried Chicken restaurants.

India - one of the largest consumer markets

With a population of 1.2 billion, India represents one of the largest consumer markets in the world. Given the sheer size and scale of the Indian population base, the overall potential for growth of the Indian Food Services sector is huge. The acceleration in India`s economy, favourable macro-economic conditions coupled with the sharp increase in incomes and a rising consumption culture in the past decade have promoted the growth of India`s organised Food Services Industry. It is estimated that while India`s Food Services Retail Sector (comprising organised and unorganised) is growing at a rate of 6% p.a., the organised sector is growing at a rate of 25% annually.

Favourable demographics

The country enjoys one of the largest and most balanced demographics in terms of age, as India has more than 50% of its population below the age of 25 and more than 65% is below the age of 35. It is estimated that currently 63.38% of the population is between 15-59 years.

Growing working population

As increasing number of women join the workforce, the number of double income families has also grown and so has propensity to spend, thereby adding to the spending momentum on consumer food services. Convenience and assurance of quality hygienic food for working class families, nuclear households and home makers opens opportunities for Home Delivery segment.

Growing disposable income

India`s per capita income increased from Rs. 16,688 in FY 2001 to Rs. 54,835 in FY 2011, a 228% rise. It is estimated that the spending power of Gen Next is in the range of Rs. 3000 to Rs. 40,000 per month. Despite the economic slowdown, this has enabled the organised sector to retain a sustained growth momentum. India`s per capita income is expected to increase by about 18 times by 2039, according to Emerging Market Forum.

Increasing urbanisation

As per the United Nations, urbanisation in India is expected to increase from about 30% in 2010 to about 40% by 2030 and the number of people living in urban areas will increase by about 62% to 59 billion. This will favourably propel growth for the QSR industry.

Changing consumer preferences

Expansion of several Indian and MNC food chains has been accentuated by the socio-economic changes in the country that have altered the attitude and spending habits of the historically frugal middle class. The changing demographics, the convenience of eating out and ordering quality food at home have popularised this trend even more. The demographic dividend translates favourably into an estimated 611 million Indians who are under the age of 25 as of 2010. This young population group is also shaping and evolving the consumption pattern and acceptability of interesting new varieties of food, especially Pizzas.

Further, it is estimated that Indians eat out at least 1.2 times a month, whereas it is almost 40 times in Singapore. Even if this number were to expand upto four times in India, it will provide immense growth potential in the market. At Jubilant FoodWorks, the opportunity for Domino`s brand is not limited to this expanding QSR space alone. With a strong Home Delivery model, the consumer has an opportunity to order a Pizza as a meal replacement option any time (lunch, evening snack and dinner) without stepping out, unlike a regular QSR or fine dining. Assuming a strong middle class group of 300 million people, who have three meals a day round the year and can enjoy the luxury of prompt home delivery, the visible opportunity size expands further for Domino`s and consequently for the Company.

Growth of Commercial sector & Retail infrastructure

The flourishing corporate culture has provided a growth impetus to the Indian retail food services segment. Modern realty and development of malls, multiplexes, modern educational institutes, hospitals has further popularised new-age food centres.

Growth in tourism sector

The tourism sector has witnessed growth driven by both inbound tourism and domestic tourism. India registered a compounded annual growth rate (CAGR) of 9.1% during 2001 to 2010 as against 3.6% for the world during the same period. The number of domestic tourist visits in India increased from 462.31 million in 2006 to 740.21 million in 2010. UNWTO has forecasted that the Travel and Tourism Industry in India will grow by 8% per annum, in real terms, between 2008 and 2016.

Transit points like airports, highways, railway stations, with modernisation of infrastructure and increased travel, have pushed the growth of QSR. Domino`s already services areas around commercial complexes, business parks, hospitals, institutions and also "on the move crowds" at airports of Delhi and Mumbai.

Foreign Brands entering India

Several international players have entered India. The ability of these international brands to localise the tastes and habits, ensure higher standards and a richer overall experience has played a key role in their popularity and expansion. Looking at the opportunity size of the Indian market and its growth potential, more and more international brands are foraying into the Indian market.

Jubilant FoodWorks` endeavour is to lead the surge within the Indian Food Services Industry. The Company`s business has progressed steadily over the years and by remaining focussed on creating unique differentiated offerings and experiences, it continues to chart the progressive future growth map. With the introduction of Dunkin` Donuts, the Company now also offers a differentiated food and beverage menu which will provide an excellent all-day food, coffee, beverage and donut menu, suited to the Indian taste buds, in addition to the wide array of Domino`s pizzas and a variety of side dishes.

PEs and VCs increasing focus on the Food Sector

Private Equity (PE) in retail has witnessed a steady increase in recent years. Within the retail space, the food category (Fine dining, QSR, Takeaways) has attracted significant investments. As consumer discretionary spending is on a growth trajectory, Venture Capital and PE players with mid to long term plans are increasingly providing capital for these high gestation businesses. Till the second quarter of 2011, the food sector had attracted nearly Rs.100 billion investments of PE.

Domino`s Pizza India

Jubilant FoodWorks Limited (the Company), a Jubilant Bhartia Group Company, operates Domino`s Pizza brand with the exclusive rights for India, Sri Lanka, Bangladesh and Nepal. The Company`s delivery promise of `30 minutes or free` has been its USP, which is unmatched and unrivalled. Along with this, the unique combination of delicious taste, convenience and great value has made Domino`s Pizza a successful brand in the country. This year, exceeding its target plan, the Company successfully launched 87 new Domino`s Pizza stores and increased its reach to 105 cities. With this creditable edge and acceptability enjoyed by the Domino`s brand, Jubilant FoodWorks has emerged as the India`s largest food services Company, with a network of 465 Domino`s Pizza stores as of March 31, 2012.

The Company`s scale and pace of growth can be measured in terms of its international ranking in the Domino`s international network. With over 450 Domino`s Pizza stores, the Company is ranked amongst the top 5 in the Domino`s network globally in terms of absolute number of stores. Further, the Company has clocked highest number of store openings across all countries where Domino`s is present (outside the US) for last 4 years.

The Company also has the unique distinction of being the fastest growing franchisee of Domino`s Pizza chain globally. Other that validate Domino`s consistent growth in India include the fact that four out of five busiest Domino`s Pizza Stores in Domino`s world were from India in calendar year 2011. Further, five new stores entered the "million dollar club" of Domino`s in 2011 i.e. they clocked a sale of more than one million USD in 2011 and the Indian operations have recorded the highest same-store-growth globally in the Domino`s network for last two years.

In the past one year, the Company has not only aggressively expanded its footprints but has also been focused on winning more consumer hearts across India through its tasty variety of Pizza offerings, unmatched delivery promise and warm customer service approach.

In line with its focussed approach, the Company has placed immense importance on consistently evolving its product portfolio while building a robust backend. These strong pillars of success have enabled the Company to emerge as the market leader in the organised pizza market, with a 54% market share (Euromonitor Report 2010) and 70% share in the pizza home delivery segment in India.

The Company`s results for FY 2012 demonstrate the success of a focussed approach to successfully achieve growth which is sustained and consistent with its expectations. For FY 2012, the Company`s total income for the year increased by 50% to Rs. 10,232.8 million. Net profit for FY 2012 was at Rs.10564 million, registering an increase of 47% as compared to last year.

The Company`s Same Store Sales (SSS) growth in FY 2012 was at 29.6% as against 37.2% for the same period in FY 2011.

The Company continued to benefit from the strong brand identity it has created for Domino`s Pizza, in combination with an outstanding product quality and an expansive network which has enabled it to grow the business thus far. The Company believes it shall be able to successfully everage the opportunities in the QSR segment and its proven track record further encourages it to achieve greater heights. The Company`s focus of expanding

Domino`s Pizza stores continued during the year as it launched 87 new stores in FY 2012 and cast its footprints in several new cities including Dhanbad, Asansol, Ajmer, Shillong etc. As a result, the Company is now present in 105 cities with a well-entrenched network of 465 Domino`s Pizza stores.

The consumers` interest remains the top priority for the Company. An important element in the Company`s success is consumer acceptance and feedback, which it values and utilises to create new offerings. During the year, the Company launched new indulgent treats for its consumers like the unique `3 Cheese Pizza`, which promised a richer and more scrumptious pizza experience - a combination of Cheddar, Gouda in addition to the existing Mozzarella Cheese, to coincide with the winter season. The innovation continued with the launch of a new range of 5 Peppers Veg, Zesty Chicken and Chicken Fiesta which received strong consumer response. The Company also launched refreshing new varieties and topping options for Pizza Mania - Golden Corn, Chunky Chicken and Zesty Chicken Sausage. It also re-launched Pasta Italiano and Pizza Mania and introduced new Pizza Dips. The Company also concentrated on strengthening the side dishes and desserts and launched the Nutty Choco Lava Cake and Chicken Kickers.

With every addition to its menu, the Company is hopeful of taking the tasting experience to a new level with a pocket friendly price. While the Company creates a wider option base for its consumers, the success of new product launches continues to drive an increase in overall sales. The other new launches during the year such as Butterscotch Mousse Cake also continued to be well accepted.

On an average, 4.8 million pizzas were sold each month throughout the Domino`s Pizza stores in India in FY 2012.

The Company not only continues to align itself with its consumers but also focusses on building a robust backend as it continues to expand its business base. Supply chain management has been its focus since inception and serves as a backbone for its operations. The Company is in the process of relocating its West and East commissaries and also opening a new one around Chandigarh. Work at these commissaries is progressing well and the Company expects them to be ready for operations in first half of FY 2013.

On a competitive basis, the Company believes that with its talented and creative workforce and the culture of innovation along with the robust support system, it has a strong business foundation.

Domino`s Pizza Sri Lanka

The launch of Domino`s Pizza stores in Sri Lanka by Company`s wholly owned subsidiary has received tremendous response and operations continue to witness healthy growth. As at March 31, 2012, there were two stores in operation in the capital of Sri Lanka. With ability to have a deep understanding of consumer, solid operational expertise and best-in-class marketing, the Company seeks to deliver excellent products at the doorsteps of every household in Sri Lanka over a period of time.

Dunkin` Donuts

Dunkin` Donuts is the world`s leading baked goods and coffee chain with total global franchisee-reported sales of US $6.4 billion for the year 2011. Dunkin` Donuts has more than10,000 restaurantsglobally in 32 countries. Dunkin` Donuts was the fastest growing QSR in the world last year and has rapidly expanded in 2010, opening 574 net new global locations. The original Dunkin`Donuts experience started in 1950 with cup of coffee and a donut. Today, Dunkin` Donuts offers a wide range of high-quality foods and beverages, including a wide variety of coffee, coffee-related beverages, tea, flavoured beverages, baked goods and an expanding all-day snacking menu. Dunkin` Donuts still use the original proprietary coffee blend recipe established by its founder more than 60 years ago. Besides coffee, Dunkin` Donuts has a wide range of food products such as donuts, bagels, muffins, breakfast sandwiches, flatbread sandwiches, hash browns and more.

The Company had strengthened its portfolio by entering into an alliance with Dunkin` Donuts Franchising LLC, for developing the Dunkin` Donuts restaurants in India. Dunkin` Donuts would be catering to the all day part food segment and its menu includes a wide variety of coffee, coffee-related beverages, baked goods and an expanding all-day snacking menu which represents an attractive opportunity and has tremendous potential to grow.

A systematic approach is one of the key thoughts for any of the Company`s business initiatives, and thus, during the year, the Company was focussed on creating the foundation for a sustainable brand launch. Decisions and strategic choices continued to be guided by the principle of systematic expansion backed by strong infrastructure. This included creating synergies for existing facilities, setting up of manufacturing facilities, supply chain competencies and processes and local vendor development. A year-long collaboration between the Company`s team and chefs from Dunkin` Donuts resulted in a menu that combined the best of what the brand has to offer internationally, while keeping in mind the taste of Indian consumers. This delicious and well-thought through menu includes:

* Donuts: Wide range of internationally recognised donuts

* Coffee and Beverages: Dunkin`s original blend drip coffee, espresso based beverages, a range of cold coffees, fruit milk shakes and smoothies and tea

* Breakfast: Traditional breakfast offerings such as bagels, egg sandwiches, baked goods and other snacks, along with products specially tailored for the Indian market

* All day part offerings: Array of all day sandwiches, localised to better suit India tastes and preferences, including lunch and dinner sandwiches served on bread such as focaccia, croissants, rustic Mediterranean ciabatta and bagels Dunkin` Donuts menu is suited to the Indian taste buds and by offering certain elements of both Cafes and QSR restaurants, Dunkin` Donuts expects to occupy the sweet spot between them.

The Dunkin` Donuts restaurants, branded as "Dunkin` Donuts and More" launched in New Delhi, are being catered to by the Company`s new central kitchen located at Noida.

All the growth drivers of the economy, which augur well for Domino`s, would also help in establishment and growth of Dunkin` Donuts in India.

BUSINESS STRENGTHS

Legacy of a global brand

* Operates the Domino`s stores in India pursuant to a Master Franchise Agreement with Domino`s International.

* Founded in 1960, Domino`s Pizza is the recognised world leader in pizza delivery.

* Recently started operations of Dunkin` Donuts, a world leading bakery and coffee chain pursuant to the agreement with Dunkin` Donuts.

Robust supply chain

* Customised to the Indian conditions while imbibing the global best practices.

* Centralised purchasing. Multi-vendor policy

* Relooking size and scale of its commissaries to match expansion.

* Investing in higher technology, automation & machinery.

Employee engagement

* Well-established people training procedures. Designated "Training" Ace at every store. Every quarter all corporate employees work at the stores for at least one day.

* Structured platforms and opportunities for reviews. Near zero attrition rate. Consistently won awards rating it amongst the topemployers in India.

Strong P&L focus

* Bringing cost efficiencies at each level.

* Providing variable incentives linked to store performance, promoting and culture of strong P&L focus. Cost consciousness and sense of responsibility.

* Implementing strong Six Sigma to reduce wastage, improve processes and bring efficiencies.

Operational excellence

* Well integrated IT and overall maintenance system. Stores are also empowered to give ratings to the support teams for various functions at the end of each quarter

* SOPs are in-built for all process.

Product innovation

* Enables it to steer clear of the food fatigue factor, beat the competition and to maintain its dominant position .

* Launched innovative products such as Pizza Mania and Cheese Burst.

* Pizza price points that make it affordable to a large section of the population.

Focussed and innovative marketing

* Strong Consumer connect with Khushiyon ki home delivery positioning.

* Local Store Marketing campaigns to drive catchment area business.

* Customer Relationship Management (CRM). Engage consumer with rich insights mined using deep data analytics.

* Online marketing, Social marketing.

Empowered employees

* Every store manager is regarded as the CEO of the store.

* Empowerment even at entry level, so even a delivery boy is empowered to give away free pizzas to the consumers in case of delayed delivery without any hesitation.

Inhouse project management teams

* Robust store site selection process.

* ROI analysis to determine the financial feasibility of new stores

* Inhouse teams handling and overseeing planning, construction and procurements for new stores.

* Standardised Processes for all functions related to store opening enables it to reduce the store construction time.

Zero debt status

* Adequate free cash flow to fund expansion through internal accruals.

* Operates on negative working capital, purchases are made on credits and sales in cash.

* Provides limited downside risk in the current scenario of high interest rates.

The Company`s strengths are reflected in the continued acceptance of its products and its popularity is also reflected in the year-on-year awards and recognitions in every gamut.

FINANCIAL REVIEW - Standalone Financials

Total Income

The Company`s total income was at Rs. 10232.761 millions for FY 2012, an increase of 50% over Rs.6802.707 millions in FY 2011. The Company`s Same Store Sales growth for the same period is 29.6%. The results reflect the Company`s concerted efforts to grow the Domino`s Pizza network coupled with continued new launches throughout the year. The Company`s consumers` interests are its top priority. New products enhance the Domino`s experience and create a wider option base for consumers and the success of the new product launches continues to drive an increase in overall sales.

Total Expenditure

The Company`s total expenditure comprises primarily of cost of raw materials consumed, staff costs, manufacturing and other expenses. For FY 2012, the Company`s total expenses stood at Rs.8269.905 millions as compared to Rs.5581.611 millions in the previous financial year, representing an increase of 48.2%.

Raw Material and Provisions consumed for FY 2012 were at Rs. 2611.200 million as compared to Rs. 1705.800 millions in the FY 2011. This cost includes costs related to basic ingredients such as cheese, chicken, other raw materials consumed for preparing food products and cost of traded goods. The increase in the raw material cost is directly related to the increase in number of stores operating and overall sales. In view of the impact of inflation on raw material costs, apart from leveraging volumes and the scale that is built in the business, the Company also passed residual inflation impact to the consumers in a steady way.

Personnel Expenses includes the salaries, allowances and bonus payments to all employees, contribution towards superannuation fund, provident fund and employee state insurance and other funds, gratuity and staff welfare. For FY 2012, this cost component for the Company stood at Rs.19622.000 million as compared to Rs.1355.300 million in FY 2011.

The Company`s Manufacturing and other expenses for FY 2012 were Rs. 3696.500 millions as against Rs. 2520.500 millions in FY 2011. These expenses, amongst other items, include expenses towards rent, cost of power and fuel consumed, cost of packaging materials, franchisee fees, advertisement, publicity expenses and general administration expenses.

The Company is probably the only fast food services company which engages Six Sigma in an aggressive way to look at efficiencies across the business. The marketing efforts have gone into all the tools and vehicles that were available to the Company, apart from advertising which is more conventional. The Company has also put in more money into below the line activities at the local store level and, most importantly, on the launch of the online ordering system.

EBIDTA

EBIDTA for FY 2012 was Rs.1962.856 millions compared with Rs.1221.096 millions in the corresponding period last year. EBIDTA margin stood at 18.7% compared to 17.7% in FY 2011. The Company`s cost containment practices and higher operating leverage on account of its business scale has enabled the Company deliver enhanced operating margins.

Profitability

Profit Before Tax (PBT) for FY 2012 was recorded at Rs.1546.606 millions, witnessing a growth of 67.3% when compared to PBT of Rs. 924.287 millions in FY 2011.

Profit After Tax (PAT) for FY 2012 was Rs.1056.431 millions, posting a growth of 46.7% when compared to PAT of Rs. 720.007 millions in FY 2011 for the same period. The Company`s top-line growth and the combined effect of the cost reductions and improved operating efficiency together had a positive impact on the profitability.

Efforts have been focussed on ensuring that the Company drives its sales with high levels of quality and service and that the cost structure is an optimal one, in order to drive profitability which is sustainable for the long term.

The PAT considers Rs.40.500 millions for FY 2012 as exceptional item as expenses for operationalising of Dunkin` Donuts.

The Company continued to remain debt free during the year. At the end of the fiscal, the Company registered surplus cash in books of Rs.Rs.900 million which currently is invested in liquid mutual funds, thus providing the Company with the requisite financial flexibility to expand its operations.

OUTLOOK

The Company has in place all the requisites that go into building a robust business, with streamlined processes and inbuilt operational excellence systems, strong supply chain management, robust cost management systems, people strength and the smallest aspect minutely looked into.

Looking forward, the Company`s vision, strategic thought process and core underlying strengths will lead to an even stronger future. The Company will continue its dedicated efforts to further drive its competitive edge through the scale advantage, constant innovation and financial discipline, while always looking for opportunities to further strengthen the revenue levers and improve the operating execution.

The Company remains committed to growing the Domino`s Pizza network in terms of stores in existing cities and outreach in new cities too and plans to launch 90 new Domino`s Pizza stores in FY 2013. The Company is also optimistic about its future progress in Sri Lanka as the market presents great opportunities to expand. The Company wishes to extend its experience in India while delivering growth at a healthy momentum and expects to launch 25-30 stores over the next 5 years in Sri Lanka.

With the introduction of the iconic Dunkin` Donuts brand in India and the launch of its flagship restaurant in Delhi, the Company will now address the largely untapped `all-day part food` segment. The Company has leveraged its own knowledge and ability to gauge the Indian consumer`s preferences and also utilised the flexibility provided by Dunkin` Donuts to suitably localise the menu to delivery unique food service experience to the Indian consumers. The Company believes that the Dunkin` Donuts brand is extremely relevant for India not only due to its strength in donuts and coffee, but also due to a differentiated food and beverage menu. The Company`s efforts have been directed at combining Dunkin` Donuts global quality standards with its own knowledge and ability to create a synergistic operating environment. The Company plans to expand in a phased manner with a plan of launching around 10 restaurants in FY 2013 and a target of 80-100 restaurants over a span of 5 years.

The Company believes it is at an exciting phase in its life cycle and remains optimistic about its future growth with regards to Domino`s Pizza and with the launch of Dunkin` Donuts stores. With this, the Company is now well poised to address two distinct non-competing segments of the Food Services Industry in India, namely the home delivery of Pizza`s market and the all day part dine-in restaurant, food and beverage market.

The Company intends to leverage its market position and experience in the Food Services Industry to launch new international food services brands in India in the future. Given the disciplined business approach and capabilities of the Company, it is confident that the forthcoming quarters and the future will be exciting, with healthy traction in its business.

CONTINGENT LIABILITIES TO THE EXTENT NOT PROVIDED FOR:

A. Claims against Company not acknowledged as debt:

(Rs. in millions)

Particulars	31.03.2012	31.03.2011
Bank Guarantee executed in favour of Government authorities	0.600	0.620
Appeals filed by Tamil Nadu Sales Tax Department for various orders issued by the Appellate Assistant	11.480	11.480

Commissioner (CT) in favour of the Company pertaining to the financial years 1998-99 to 2000-01 The Sales Tax Appellate Tribunal has passed order in favour of the Company for the year 2001-02. The Company is confident of receiving similar orders for other appeals for remaining assessment years. Hence, no provision is considered necessary against the same.

Tax demand for Excise Duty contested by the Company where the Company is confident that the ultimate 0.251 decision will be in favour of the Company

FIXED ASSETS:

Tangible Assets

Ø Freehold Land

Ø Leasehold Improvements

Ø Plant and Machinery

Ø Office Equipment

Ø Furniture and Fixture

Ø Vehicles

Intangible Assets

Ø Store Opening Fees and Territory Fees

Ø Software

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2012

(Rs in Millions)

Particular	3 Months Ended		9 Months Ended
	31.12.2012	30.09.2012	31.12.2012
	Unaudited	Unaudited	Unaudited
PART-I
1. Income from operations
a) Net Sales/Income from Operations	3850.833	3420.378	10415.658
b) Other Operating Income	0.653	0.592	1.856
Total Income from operations (a+b)	3851.486	3420.970	10417.514
2. Expenses
a) Cost of materials consumed	836.643	736.086	2260.846
b) Purchases of stock-in-trade	156.445	155.095	459.289
c) Changes in inventories of finished goods, work- in-progress and stock-in-trade	(4.952)	(0.249)	(4.734)
d) Employee benefits expense	702.165	701.567	1983.566
e) Depreciation and amortisation expense	140.065	138.144	394.980
f) Rent	308.501	274.591	832.274
g) Other expenses	1180.867	967.050	3054.708
Total expenses (a to g)	3319.734	2972.284	8980.929
3. Profit from operations before other Income, finance costs, Exceptional Items (1-2)	531.752	448.686	1436.585
4. Other Income	19.683	19.537	58.187
5. Profit from ordinary activities before finance costs , Exceptional Items (3+4)	551.435	468.223	1494.772
6. Finance Costs	0.635	-	0.635
7. Profit from ordinary activities after finance costs but before Exceptional Items (5-6)	550.800	468.223	1494.137
8. Exceptional Items	-
9. Profit from ordinary activities before Tax (7-8)	550.800	468.223	1494.137
10. Tax expense
- Current Tax & Deferred Tax	173.794	144.736	470.152
11. Net Profit from ordinary activities after tax (9-10)	377.006	323.487	1023.985
12. Extraordinary items	-	-
13. Net Profit for the period/ year (11-12)	377.006	323.487	1023.985
14. Paid-up equity share capital (Face Value Rs.10/-)	652.014	651.472	652.014
15. Reserves (excluding Revaluation Reserves)	-	-	-
16. Earnings per share before and after extraordinary items (not annualised) (of Rs.10 each)
a) Basic ( in Rs.)	5.78	4.97	15.72
b) Diluted ( in Rs.)	5.72	4.91	15.56

Particular PART II	3 Months Ended		9 Months Ended
A. PARTICULARS OF SHAREHOLDING	31.12.2012	30.09.2012	31.12.2012
1. Public Shareholding
- Number of shares	29,202,240	28,201,715	29,202,240
- Percentage of shareholding	44.79%	43.29%	44.79%
2. Promoters and Promoter Group Shareholding:
a) Pledged/Encumbered
- No of Shares	NIL	NIL	NIL
- Percentage of Shares (as a % of total shareholding of promoter and promoter group)	NIL	NIL	NIL
- Percentage of Shares (as a % of total share capital of the Company)	NIL	NIL	NIL
b) Non-encumbered
- Number of shares	35,999,130	36,945,435	35,999,130
- Percentage of Shares (as a % of total shareholding of promoter and promoter group)	100.00%	100.00%	100.00%
- Percentage of Shares (as a % of total share capital of the Company)	55.21%	56.71%	55.21%

B. INVESTOR COMPLAINTS	31.12.2012
Pending at the beginning of the quarter	Nil
Received during the quarter	2
Disposed of during the quarter	2
Remaining unresolved at the end of the quarter	Nil

Notes:

1 The above results were reviewed by the Audit committee and approved by the Board of Directors at their respective meeting held on 4th February 2013. Limited Review of above financial results has been carried out by the statutory auditors of the Company.

2 Company's business activity falls within a single business segment i.e. Food and Beverages in terms of Accounting Standard 17 on Segment Reporting.

3 Following is the summary of Employees Stock Options [ESOP] existing, granted, exercised and cancelled during the quarter, under the ESOP Schemes of the Company:

Particulars	Domino's ESOP Plan 2007	JFL ESOP Scheme 2011
(a) Options outstanding at the beginning of the quarter	605537	22920
(b)New options granted during the quarter	NIL	20205
(c) Options exercised during the quarter	23980	438
(d)Options cancelled during the quarter	5760	534
(e) Options outstanding at the end of the quarter	575797	42153

The Company has opted for intrinsic value method for valuation of options under both the ESOP Schemes

Under ESOP 2007, as the shares were not quoted on any stock exchange prior to grant of options by the Company, hence the fair value of its shares was determined on the basis of a valuation performed by a Category I Merchant Banker.

Under ESOP 2011, the market price of the shares as defined under SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 was taken as the exercise price.

During the current quarter, 54,220 Equity Shares of Rs.10 each were alloted under the Domino's Employees Stock Option Plan, 2007 at a premium as per respective grants. No allotment of shares was done under JFL Employees Stock Option Scheme 2011

4 Exceptional Items for the quarter/nine month ended 31st December, 2011 and year ended 31st March, 2012 include expenses for operationalising of Dunkin' Donuts which was operationalised subsequently.

5 During the current quarter, the Company has further invested an amount of Rs 54.500 Millions in its Wholly Owned Subsidiary " Jubilant FoodWorks Lanka (Private) Limited" and its investment in the said subsidiary as at 31st December, 2012 is Rs. 210.359 Millions.

6 Previous period / year figures have been regrouped and /or re-arranged, wherever necessary.

WEBSITE DETAILS

PROFILE:

Subject is a Jubilant Bhartia Group Company. The Company was incorporated in 1995 and initiated operations in 1996. The Company got listed on the Indian bourses in February 2010. Mr. Shyam S. Bhartia, Mr. Hari S. Bhartia and Jubilant Enpro Private Limited are the Promoters of the Company.

The Company and its subsidiary operates Domino’s Pizza brand with the exclusive rights for India, Nepal, Bangladesh and Sri Lanka. The Company is India’s largest and fastest growing food service company, with a network of 489 Domino’s Pizza Stores (as of 30th June 2012). The Company is the market leader in the organized pizza market with a 54% market share (Euromonitor Report 2010) and 70% share in the pizza home delivery segment in India.

The Company launched Dunkin’ Donuts in India in April 2012 in Delhi. The Company has 3 Dunkin’ Donuts restaurants in India (as of 30th June 2012).With the launch of Dunkin’ Donuts in India, the company is now well poised to address two distinct non-competing segments of the Food Service Industry in India, namely the home delivery of Pizza’s market and the all day part food and beverage market.

Dunkin’ Donuts is the world’s leading Donuts, baked goods and coffee with market leadership Donuts, regular/decaf drip coffee, iced coffee, hot flavoured coffee, bagels and muffin categories.

Dunkin’ Donuts (DD) in India is positioned as a Food Café, occupying the sweet spot between Cafés and quick service restaurants. DD serve a wide range of Donuts, Dunkin’ Donuts Original Blend drip coffee; espresso coffee based beverages such as cappuccinos’ and Lattes, fruit milkshakes, smoothies, tea, as well as a delectable range of sandwiches made out of artisan breads such as Foccacia, Croissant, Ciabatta, Bagels. Each Dunkin’ Donuts restaurant is designed with care and brings alive the brand’s International, youthful, colourful and playful brand personality. The restaurants offer its young guests a great ambience to catch up with their friends and family in a relaxed and comfortable environment. And yes, Dunkin’ also serve the world’s best Donuts.

PRESS RELEASE

MORGAN STANLEY BUYS 3.36 LAKH SHARES IN JUBILANT FOODWORKS

Mumbai, Wed Feb 06 2013, 08:40 hrs

Foreign fund house Morgan Stanley Asia (Singapore) today picked up 3.36 lakh shares of Jubilant Food Works Limited, which operates Domino's pizza chain in India, for over Rs 370.000 Millions.

According to data available with the stock exchanges, Morgan Stanley Asia (Singapore) Pte purchased 336345 shares of Jubilant Food Works in the open market.

The shares were purchased at an average price of Rs 1116.62 valuing the deal at Rs 375.500 Millions, data showed.

Morgan Stanley Asia (Singapore) held 13.8 lakh shares or 2.12 per cent stake in Jubilant Foodworks at the end of December quarter.

Shares of Jubilant Foodworks surged 9.25 per cent to settle at Rs 1137 apiece on the BSE.

“DUNKIN DONUTS LAUNCHES ITS SIGNATURE INTERNATIONAL ICE BLENDED COLD COFFEE

“DUNKACCINO” IN INDIA

New Delhi, April 24, 2013:- It is time to dunk into the new Dunkaccino Range from Dunkin Donuts. Made by blending the unique Dunkin espresso coffee with ice, milk and great flavors this indulgent range is a differentiated offering for the discerning consumer. The Dunkin’ espresso coffee is made with 100% Arabica beans of the highest quality, dark roasted to perfection. The signature ice blended cold coffee range “Dunkaccino” makes its debut with 4 new delicious variants - Choco, Frosted Mint, Caramel Butterscotch and Muesli apart from the existing variant of classic Dunkaccino.

Choco Dunkaccino is an indulgent chocolate blended cold coffee topped with whipped cream and more chocolate to satiate the chocolate craving. Caramel Butterscotch is blended with caramel sauce, whipped cream and cascading butterscotch crystals to make it as one of the most delicious drinks one has had. Frosted Mint Dunkaccino comes with the international spearmint flavour giving it a sharply distinctive taste. Muesli Dunkaccino blended with muesli, rich dry fruits makes for a perfect ‘power up’ drink giving it all the goodness one desires in a yummy tasting drink.

Dunkin’ Donuts (DD), the world’s leading baked goods and coffee chain, is committed to providing customers with an exceptionally delicious range of food and beverages. The all day part menu in India includes an extensive range of Donuts, Dunkin’ Donuts Original Blend drip coffee; espresso based coffee beverages, as well as a delectable range of sandwiches. The beverages menu has also been expanded with fruit milkshakes, smoothies and tea.

Speaking about the launch of Dunkaccino, Mr. Dev Amritesh, President and COO, Dunkin’ Donuts India said “With the launch of "Dunkaccino", we bring to the coffee enthusiasts in India the perfect drink to refresh themselves this summers. The wide options ensure that there is something just right for everyone. We are sure that the indulgence and authenticity of these beverages will be loved by our consumers this summer

JUBILANT FOODWORKS LIMITED LAUNCHES ITS FIRST COMMISSARY IN NORTH INDIA

Chandigarh, 10 April, 2013:- Buoyed by the excellent response to the two brands and future growth opportunities for store network expansion across North India, Jubilant FoodWorks, today launched its commissary in Mohali to cater to the region. The commissary will cater to all Domino’s Pizza and Dunkin’ Donuts outlets in five states apart from Chandigarh, namely: Punjab, Haryana, Uttarakhand, Himachal and Jammu and Kashmir.

Speaking on the launch of the commissary in Northern India, Mr. Ajay Kaul, CEO, Jubilant FoodWorks Limited said “North India is a critical market for us and the consumers here have shown a great affinity to our brand. In the past few years, this region has seen a double digit growth in terms of system and same store growth. To cater to the rising consumer demand and to increase our footprint in the region, we are opening our first commissary in the region today. This state-of-the-art commissary, which will have cutting edge technology and a highly skilled workforce, is an extension of our commitment to cater to our loyal customers in North India.”

The state-of-art commissary spans an area of 25000 square feet and is equipped with the latest technology and automated machinery, temperature controlled refrigeration and freezer units to ensurehighest standards of food safety and quality. This commissary will cater to 45 Domino’s stores and 1 Dunkin’ Donuts restaurant to start with.

All the processes in the commissary have been designed complying to regulations laid down by Food Safety andStandards Authority of India. The commissary will also have an in-house testing laboratory that will ensure stringent checks on the quality of materials in the production process. The facility will focus on maintaining strict process controls in all stages of production, storage and distribution.

DOMINO’S PIZZA MANIA PROMISES BIG CELEBRATIONS FOR SMALL MOMENTS OF JOY!

New Delhi, April 4, 2013: Domino’s, India's most loved pizza brand, today launched a new communication campaign for its Pizza Mania range, offering the perfect way to celebrate small moments of joy such as one's ‘pehli kamayi’ or ‘first salary’. The campaign builds on the euphoria around celebrating one's first salary with loved ones, with Domino's Pizza Mania, priced at just Rs.44/-.

The campaign which is supported by two new TVC’s is an extension of the "Yeh Hai Rishton Ka Time" brand positioning. It revolves around the theme of making small occasions in life more memorable. Aimed at connecting with young consumers, Domino’s has re-introduced the delicious Pizza Mania range, promising to be the best finger-licking option to celebrate with family and friends without worrying too much about the cost.

Commenting on the new campaign for Pizza Mania, Mr. Harneet Singh Rajpal, Vice President, Marketing,Domino’s Pizza India said, “Our brand has always been synonymous with happiness and creating time for strengthening relationships. This new campaign is built on the consumer insight the first salary that one earns in life, though small, is very special and memorable for self and one would want to do special things with it, like giving party to friends & family. Our affordable Pizza Mania range fits in the occasions and can make those moments more special. We hope that this new campaign serves as a trigger to celebrate small moments of happiness and create wonderful memories for our consumers.”

Speaking on the new TVC’s Mr. Harneet Singh Rajpal says, “Our two new commercials truly resonate with bringing alive the true excitement and enthusiasm that the “pehli kamayi” brings to one’s life and what better way of celebrating than treating your near and dear ones with a Domino’s Pizza Mania. In keeping with Pizza Mania's, price advantage and the brand's focus on relationships, the campaign highlights celebration with loved ones with a theme that we are sure will connect with every consumer.”

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 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. 53.95
UK Pound	1	Rs. 83.81
Euro	1	Rs. 70.50

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		59

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.