MIRA INFORM REPORT

Report Date :

21.08.2014

IDENTIFICATION DETAILS

Name :	TRENT LIMITED (w.e.f. 28.06.1999)
Formerly Known As :	LAKME LIMITED
Registered Office :	Bombay House, 24 Homi Mody Street, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.12.1952
Com. Reg. No.:	11-008951
Capital Investment / Paid-up Capital :	Rs. 332.300 Millions
CIN No.: [Company Identification No.]	L24240MH1952PLC008951
TAN No.: [Tax Deduction & Collection Account No.]	MUMT00494E / MUMT0030C
PAN No.: [Permanent Account No.]	AAACP6133A / AAACL1838J
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The main business of the Company is retailing.
No. of Employees :	6361 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (70)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by sound capital structure and comfortable liquidity position of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	AA = Long Term Bank Facilities
Rating Explanation	High degree of safety and very low credit risk
Date	06.01.2014
Rating Agency Name	CARE
Rating	A1+ = Short Term Bank Facilities
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	06.01.2014

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 31-03-2014.

INFORMATION DECLINED

Management Non-Co-operative. (Tel No.: 91-22-67009000)

LOCATIONS

Registered Office :	Bombay House, 24 Homi Mody Street, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-66658282 / 67009000
Fax No.:	91-22-22042081
E-Mail :	hr.wadia@trent-tata.com pratik.shah@trent-tata.com investor.relations@trent-tata.com mmsurti@trent-tata.com
Website :	www.mywebside.com
Corporate Office :	Trent House, 10th Floor, G Block, Plot No. C-60, Next to Citi Bank, Bandra Kurla Complex, Mumbai-400 051, Maharashtra, India
Stores :	Located at : Karnataka West Bengal Tamil Nadu Andhra Pradesh Maharashtra Delhi Gujarat Madhya Pradesh Uttar Pradesh Rajasthan Haryana Punjab

DIRECTORS

As on: 31.03.2014

Name :	Mr. F.K Kavarana
Designation :	Chairman
Name :	Mr. N.N Tata
Designation :	Vice Chairman
Date of Birth/Age :	12.11.1956
Date of Appointment :	19.08.2010
Qualification :	B.A. (Eco) Sussex, IEP, INSEAD, France
Name :	Mr. A.D Cooper
Designation :	Director
Name :	Mr. Z. S. Dubash
Designation :	Director
Date of Appointment :	26.04.2010
Name :	Mr. B. Bhat
Designation :	Director
Date of Birth/Age :	29.08.1954
Date of Appointment :	27.09.2010
Qualification :	IIT Chennai, IIM Ahmedabad
Name :	Mr. S. Suman
Designation :	Director
Name :	Mr. B.V. Vakil
Designation :	Director
Name :	Mr. H. Bhat
Designation :	Director

KEY EXECUTIVES

Name :	Mr. M. M. Surti
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.06.2014

(A) Shareholding of Promoter and Promoter Group	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	10838015	32.61
Sub Total	10838015	32.61
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	10838015	32.61
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3757946	11.31
Financial Institutions / Banks	15022	0.05
Venture Capital Funds	1250223	3.76
Insurance Companies	1513506	4.55
Foreign Institutional Investors	6401800	19.26
Sub Total	12938497	38.93
(2) Non-Institutions
Bodies Corporate	3057515	9.20
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	5627180	16.93
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	676608	2.04
Any Others (Specify)	93729	0.28
Trusts	1857	0.01
Directors & their Relatives & Friends	91872	0.28
Sub Total	9455032	28.45
Total Public shareholding (B)	22393529	67.39
Total (A)+(B)	33231544	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)	33231544	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

Sl. No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Tata Sons Limited	87,44,247	26.31	26.31
2	Tata Investment Corporation Limited	15,20,754	4.58	4.58
3	Af-Taab Investment Company Limited	4,72,714	1.42	1.42
4	Ewart Investments Limited	1,00,000	0.30	0.30
5	Titan Industries Limited	300	0.00	0.00
	Total	1,08,38,015	32.61	32.61

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Arisaig Partners Asia Pte Limited A/c Arisaig India Fund Limited	3285000	9.89	9.89
2	Reliance Capital Trustee Company Limited A/c Reliance Equity Opportunities Fund	2529494	7.61	7.61
3	PI Opportunities Fund I	921223	2.77	2.77
4	SBI Life Insurance Company Limited	980200	2.95	2.95
5	Morgan Stanley Asia (Singapore) PTE	352285	1.06	1.06
6	Derive Trading Private Limited	903061	2.72	2.72
7	Dodona Holdings Limited	1781756	5.36	5.36
8	Reliance Capital Trustee Company Limited A/c Reliance Tax Saver (ELSS) Fund	603000	1.81	1.81
9	M3 Investment Private Limited	358500	1.08	1.08
	Total	11714519	35.25	35.25

Shareholding belonging to the category "Public" and holding more than 5% of the Total No. of Shares

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Arisaig Partners Asia Pte Limited A/c Arisaig India Fund	3285000	9.89	9.89
2	Reliance Capital Trustee Company Limited A/c Reliance Equity Opportunities Fund	2529494	7.61	7.61
3	Dodona Holdings Limited	1781756	5.36	5.36
	Total	7596250	22.86	22.86

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	Tata Sons Limited	12,26,530	3.69
2	Tata Investment Corporation Limited	2,04,081	0.61
3	Ewart Investments Limited	1,00,000	0.30
	Total	15,30,611	4.61

BUSINESS DETAILS

Line of Business :

The main business of the Company is retailing.

GENERAL INFORMATION

No. of Employees :

6361 (Approximately)

Bankers :

· Citibank N.A.

· ICICI Bank Limited

· HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Non-Convertible Debenture – April 10 Series	1000.000	1000.000
Total	1000.000	1000.000
Note: During the year 2010-11, the Company issued 1,000 Redeemable Non-Convertible Debentures April 10 Series-I of Rs. 1.000 million each on private placement basis. These Debentures are free of interest and are redeemable at a premium of Rs. 0.600 million each on 14th April 2015. The Premium payable on redemption of these Debentures has been fully provided and debited to Securities Premium Account net of deferred tax in 2010-11.These Debentures are secured by way of charge on immovable property of the company in favour of Debenture Trustees as stipulated in the Debenture Trust Deed and 1.25 times asset cover will be maintained by the company on continuous basis.

Banking Relations :	--
Auditors :
Name :	N.M Raiji and Company Chartered Accountant
Solicitors:
Name :	AZB and Partners
Joint Ventures :	Inditex Trent Retail India Private Limited
Associates :	Tata Sons Limited
Subsidiaries :	Trent Brands Limited Fiora Services Limited Nahar Theatres Private Limited Fiora Link Road Properties Limited Landmark Limited Westland Limited Landmark E-Tail Private Limited Trent Hypermarket Limited Trent Global Holdings Limited Traxa ADMC Private Limited Fiora Hyper Market Limited-Subsidiary Company Duckbill Books and Publication Limited. Virtuous Shopping Centres Limited Commonwealth Developers Limited

CAPITAL STRUCTURE

As on: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
47250000	Equity Shares	Rs. 10/- each	Rs. 472.500 Millions
3000000	Unclassified Shares	Rs. 10/- each	Rs. 30.000 Millions
1630000	Preference Shares	Rs. 100/- each	Rs. 163.000 Millions
70000	Preference Shares	Rs. 1000/- each	Rs. 70.000 Millions
12000000	Cumulative Convertible Preference shares	Rs. 10/- each	Rs. 120.000 Millions
	Total		Rs. 855.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
33231544	Equity Shares	Rs. 10/- each	Rs. 332.300 Millions

Details of share issued for consideration other than cash

70000 Cumulative Redeemable preference shares were allotted as fully paid pursuant to scheme of Amalgamation without payment being received in cash during the financial year 2009-2010.

Terms/ Rights attached to equity shares

The company has equity share having par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The shareholders have the right to receive interim dividends declared by the Board of Directors and final dividends proposed by the Board of Directors and approved by the shareholders. In the event of liquidation of the company, the holders of equity shares will be entitled to receive In the event of liquidation of the Company, the holders of Equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of Preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders. The equity shareholders have all other rights as available to the equity shareholders as per the provisions of Companies Act, 1956 read together with the Memorandum of Association and Articles of Association of the Company as applicable.

Terms/rights attached to Preference shares

(i) The Company has 0.1% Cumulative Redeemable Preference Shares having a par value of Rs. 1000/- each. The shares are entitled for a dividend of 0.1% per annum on the capital for the time being paid up there on. The voting rights of the persons holding the said shares shall be in accordance with the provisions of Sec 87 of the Companies Act, 1956. The said shares rank for dividend in priority to the equity shares for the time being of the Company. The said shares shall, in the case of winding of entitled to rank, as regards repayment of Capital and arrears of dividend, whether declared or not up to the commencement on the winding up, in priority to equity shares but shall not be entitled to any further participation in profits or assets. The term of the 0.1% Cumulative Redeemable Preference Shares is of 20 years from 26th March 2010, being the date of allotment, with an option to the Company to redeem the Preference Shares at any time after 36 months from the date of allotment. The Board of Directors at their meeting held on 26th April 2010 have fixed 1st June 2013 as the date of redemption of the Preference Shares.

(ii) During the year 2010-11, the Company had issued 4451414 0. 1% Cumulative Compulsorily Convertible Preference Shares (CCPS) Series A of Rs. 10/- @Rs 550 each and 4451414 0.1% Cumulative Compulsorily Convertible Preference Shares (CCPS) Series B of Rs. 10/- @Rs. 550 each to the Equity Shareholders on Right basis in the ratio of 4 CCPS(2 series A and 2 Series B) for every 9 Equity Shares held. Each CCPS of Series A is Convertible into 1 Equity Share of Rs.10 each at premium of Rs. 540 automatically on 1st September 2011 and the same has been converted into equity shares during the year 2011-12 and each CCPS of Series B has been converted in to Equity Share of Rs. 10/- each premium of Rs. 540/- during the year. Until conversion, CCPS of both series will be eligible for a dividend of 0.1% p.a on their face value. The voting rights of the persons holding the CCPS shall be in accordance with the provisions of Sec 87 of the Companies Act, 1956. The CCPS rank for dividend in priority to the equity shares for the time being of the company. The CCPS shall, in the case of winding up, entitled to rank, as regards repayment of Capital and arrears of dividend, whether declared or not up to the commencement on the winding up, in priority to equity shares, but shall not be entitled to any further participation in profits or assets.

Reconciliation of Share Capital

Particular	Number of Shares	Rs. In Millions
i) Equity shares
Number of shares at the beginning	33231544	33.23
Number of shares at the end	33231544	33.23
ii) 0.1% Cumulative Redeemable Preference shares
Number of shares at the beginning and at the end	70000	7.00
Less: Redeemed during the year	70000	7.00

The details of shareholders holding more than 5 % shares are as under:

Particular	Number of Shares	Rs. In Millions
Tata Sons Limited	8744247	26.31
Arisag Partners (Asia) Pte Limited A/c Arisag India Fund Limited*	3285000	9.89
Reliance Capital Trustee Co Limited A/c Reliance Equity Opportunities Fund*	2353845	7.08
0.1% Cumulative Redeemable Preference shares
Hemlatha Ramaiah	--	--

The above details in respect of (i) and (iii) are as certified by the Registrar and Share transfer Agents and in respect of (ii) is as per the maintained by the company

Details of shares reserved for issue under options

As at 31.03.2014, the Company does not have any outstanding options

(i) During the year the Company issued 1530611 Equity Shares of Rs. 10/- each @ Rs. 980 per share to certain entities of the Promoter group on preferential basis in compliance with SEBI Preferential Issue Guidelines.

*Authorised share capital:

Landmark Limited, Fiora Link Road Properties Limited and Trexa ADMC Private Limited have been merged with Trent vide order of Bombay High Court dt 21st march 2014. Appointed date of the merger is 1st April 2013. In terms of scheme of merger authorised share capital of Landmark Limited, Fiora Link Road Properties Limited and Trexa ADMC Private Limited have been added to the authorised share capital of Trent.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	332.300	402.300	387.000
(b) Reserves & Surplus	12831.900	14988.000	13154.800
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	13164.200	15390.300	13541.800
(3) Non-Current Liabilities
(a) long-term borrowings	2250.000	2250.000	2250.000
(b) Deferred tax liabilities (Net)	5.800	0.000	0.000
(c) Other long term liabilities	26.100	0.000	15.500
(d) long-term provisions	1098.200	1081.200	1086.700
Total Non-current Liabilities (3)	3380.100	3331.200	3352.200
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	150.000
(b) Trade payables	1634.200	1191.600	1060.100
(c) Other current liabilities	536.500	548.000	471.100
(d) Short-term provisions	309.900	310.200	290.800
Total Current Liabilities (4)	2480.600	2049.800	1972.000
TOTAL	19024.900	20771.300	18866.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3356.000	2777.300	2792.900
(ii) Intangible Assets	73.400	49.900	44.300
(iii) Capital work-in-progress	363.600	260.100	209.900
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7548.000	9889.700	6484.300
(c) Deferred tax assets (net)	0.000	58.300	124.700
(d) Long-term Loan and Advances	1474.000	2024.800	2704.900
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	12815.000	15060.100	12361.000
(2) Current assets
(a) Current investments	1076.000	514.700	567.200
(b) Inventories	2645.300	1852.300	1792.300
(c) Trade receivables	38.600	29.400	34.200
(d) Cash and cash equivalents	328.500	1433.300	2696.100
(e) Short-term loans and advances	2047.400	1835.200	1348.600
(f) Other current assets	74.100	46.300	66.600
Total Current Assets	6209.900	5711.200	6505.000
TOTAL	19024.900	20771.300	18866.000

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	12544.000	9358.000	8217.900
	Other Income	648.100	603.900	902.500
	TOTAL (A)	13192.100	9961.900	9120.400
Less	EXPENSES
	Cost of Materials Consumed	9.100	16.900	29.500
	Purchases of Stock-in-Trade	6853.000	4937.400	4926.200
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(168.500)	(56.700)	(495.000)
	Employees benefits expense	1044.800	728.700	678.800
	Other expenses	4538.000	3260.100	3206.900
	Exceptional items	(93.300)	22.800	91.600
	TOTAL (B)	12183.100	8909.200	8438.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1009.000	1052.700	682.400
Less	FINANCIAL EXPENSES (D)	70.500	78.800	77.100
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	938.500	973.900	605.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)	256.000	166.200	159.500
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	682.500	807.700	445.800
Less	TAX (H)	140.100	185.100	(26.900)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	542.400	622.600	472.700
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	921.600	701.200	527.900
Less	APPROPRIATIONS
	Proposed Dividend on Equity share	232.600	232.600	177.200
	Proposed Dividend on Preference Shares	0.000	0.100	0.100
	Tax on Dividend	39.500	39.500	22.100
	Transfer to Debenture Redemption Reserve	50.000	50.000	50.000
	Transfer to general reserve	60.000	80.000	50.000
	Transfer to Capital Redemption Reserve	70.000	0.000	0.000
	BALANCE CARRIED TO THE B/S	1011.900	921.600	701.200
	EARNINGS IN FOREIGN CURRENCY
	Sales of Goods	226.800	159.600	144.400
	TOTAL EARNINGS	226.800	159.600	144.400
	IMPORTS
	Finished Goods	644.900	391.800	96.300
	Capital Goods	7.300	5.400	31.300
	TOTAL IMPORTS	652.200	397.200	127.600
	Earnings / (Loss) Per Share (Rs.)	16.32	20.34	20.75

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	4.11	6.25	5.18
Net Profit Margin (PBT/Sales)	(%)	5.44	8.63	5.42
Return on Total Assets (PBT/Total Assets}	(%)	6.14	7.65	3.70
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.03
Debt Equity Ratio (Total Debt/Networth)		0.17	0.15	0.18
Current Ratio (Current Asset/Current Liability)		2.50	2.79	3.30

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	387.000	402.300	332.300
Reserves & Surplus	13154.800	14988.000	12831.900
Net worth	13541.800	15390.300	13164.200
long-term borrowings	2250.000	2250.000	2250.000
Short term borrowings	150.000	0.000	0.000
Total borrowings	2400.000	2250.000	2250.000
Debt/Equity ratio	0.177	0.146	0.171

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	8217.900	9358.000	12544.000
		13.873	34.046

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	8217.900	9358.000	12544.000
Profit	472.700	622.600	542.400
	5.75%	6.65%	4.32%

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF CURRENT MATURITIES OF LONG TERM DEBT: 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	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	Yes
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	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	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Non-Convertible Debentures - June 10 Series 1	450.000	450.000
Non-Convertible Debentures - June 10 Series 2	300.000	300.000
Non-Convertible Debentures - April 10 Series 2	500.000	500.000
Total	1250.000	1250.000
Note: During the year 2010-11, the Company issued 500 Redeemable Non-Convertible Debentures April 10 Series 2 of Rs.1.000 million each on private placement basis. These Debentures carry a coupon rate of 5%p.a of interest and are redeemable at a premium of Rs.0.300 million each on 27th April 2015.The Premium payable on redemption of these Debentures has been fully provided and debited to Securities Premium Account net of deferred tax in 2010-11. (3) During the year 2010-11, the Company issued 450 Redeemable Non-Convertible Debentures June 2010 Series 1 of Rs.1.000 million each and 300 Redeemable Non-Convertible Debentures June 2010 Series 2 of Rs.1.000 million each on private placement basis. Series I Debentures will carry an interest @ 9.75%p.a and are redeemable at par on 30th June 2017 and series 2 Debentures are free of Interest and will be redeemed at premium of Rs.0.900 million on 30th June 2017 .The premium payable on redemption of Series 2 Debentures has been fully provided and debited to Securities Premium Account net of deferred tax in 2010-11.

LITIGATION DETAILS:

HIGH COURT OF BOMBAY

Bench:- Bombay
Presentation Date:- 21/01/2014
Lodging No:-	ITXAL/187/2014	Filing Date:-	21/01/2014	Reg. No.:-	ITXA/1256/2014	Reg. Date:-	13/08/2014
Petitioner:-	THE COMMISSIONER OF INCOME – TDS		Respondent:-	TRENT LIMITED
Petn. Adv.:	CHARNJEET CHANDERPAL (i2154)		Resp. Adv.:	ATUL KARSANDAS JASANI (33)
District:-	MUMBAI
Bench:-	DIVISION
Status:-	Pre-Admission		Category:-	TAX APPEALS
Next Date:-	26/08/2014		Stage:-	FOR ADMISSION
Coram:-	ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST
Last Date:-	17/04/2014		Stage:-	FOR ADMISSION
Last Coram:-	REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER
Act:-	Income Tax Act, 1961		Under Section:-	260A

FINANCIAL RESULTS

Income for the year at Rs. 13192.100 millions increased by 32.43% from the previous year’s Rs. 9961.900 millions while profit after tax for the year at Rs. 542.400 millions decreased by 12.88% from the previous year’s Rs. 622.600 millions. The operating results of the Company for the year ended 31st March 2014 are lower consequent to the merger of Landmark Limited, Fiora Link Road Properties Limited and Trexa ADMC Private Limited with the Company.

MANAGEMENT DISCUSSION AND ANALYSIS

The economic backdrop was a key factor impacting the performance of Companies across sectors including organized retail. Consumer sentiment and business confidence continued to be subdued in the financial year with economic growth decelerating further. This is attributable mainly to weakening industrial growth in the context of tight monetary policy followed by the Reserve Bank of India through most of the financial year, political and policy stability related concerns and continued uncertainty in the global economy. Inflation continues to be an important concern area. Persistent high inflation and inflation expectations has meant that the Reserve Bank of India has been compelled to maintain the benchmark interest rates at a much higher level than was seen warranted or expected earlier.

As observed in prior years, the organized retail space in the first decade of this century was viewed as offering enormous potential for growth in India. However, post FY08 the industry witnessed a sharp moderation in expectations with most retailers across formats facing significant head winds in terms of like-for-like growth and viability of stores. Following the pronounced slowdown, the industry witnessed a modest recovery in FY10. This recovery gathered further momentum in the first three quarters of FY11 and yielded strong double-digit like-for-like growth across most credible retail formats. Consumer sentiment thereafter was impacted in FY12 and continued to be muted till the second quarter of FY14 with high inflation expectations, pronounced interest rates and economic uncertainty being key contributing factors. In the recent quarters consumer sentiment has been varied-with apparel retailers reporting an improving trend but most other retail formats still witnessing muted off take.

OUTLOOK

A pronounced rate of inflation and continued high interest rate levels are the apparent dampeners in the near term. In fact, on a post-tax basis the yield on bank deposits are still broadly in line with the inflation rate, implying marginal real interest rates. The above factors continue to impact discretionary consumer spending headroom. Hence the consumption triggers are still not positive at this time. This backdrop, coupled with the escalating costs (especially wages, electricity and common area maintenance) implies continued challenges.

On the other hand, they are encouraged by signs of improving economic situation. The new government is focusing on improving the investment environment to accelerate the growth and maintain economic stability. Reforms in the monetary policy and the union budget are expected to contain inflation, maintain price stability and attract investors to put the economy back on a high growth path. Separately, the continued hiring by various sectors (at the entry level) and consequently improved absorption of youth into the organized workforce should serve as an important positive consumption trigger.

Separately, the continued challenges in securing properties at acceptable rentals and valuations in the real estate space (with most participants in the organized retail pursuing their growth plans) remain a cause for concern. So they view improving the quantum and quality of our pipeline of new stores especially for the Star Bazaar format as a challenge that they already face and have to address. However, the property pipeline already contracted should still allow opening a number of new Westside and Star Bazaar stores in FY15.

The prior observations on the near term consumption triggers notwithstanding, they continue to be very positive on the underlying case for growth of organized retailing in India over the coming years. As observed in the previous years, the intent going forward is to continue scaling up their presence and in doing so across the formats:

_ Emphasize sustainable store level profitability and only scale up with new stores locations that are expected to be profitable within an agreeable time frame;

_ Concentrate resources on substantially growing the existing anchor formats (especially Westside and Star Bazaar);

_ Continue to be primarily “large box”; especially given the rental economics vis-à-vis sales densities in locations of interest to then;

_ Selectively commit direct investments in properties;

_ Leverage partnership with global retailers like Tesco and Inditex to further the profitable growth of respective formats.

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10233837	14/07/2010	1,000,000,000.00	Axis Trustee Services Limited	MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA	A91316422

STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH JUNE 2014

(Rs. In Millions)

Particulars	Quarter Ended
	30.06.2014
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	3147.956
b) Other operating income	72.004
Total income from Operations(net)	3219.960
2. Expenditure
a) Cost of material consumed	4.211
b) Purchases of stock in trade	1387.415
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	172.462
d) Employees benefit expenses	178.920
e) Depreciation and amortization expenses	115.110
f) Advertisement and sales promotion	82.168
f) Other expenditure	1107.262
Total expenses	3147.556
3. Profit from operations before other income, financial costs and Exceptional Items	72.404
4. Other income	83.643
5. Profit from ordinary activities before finance costs and Exceptional Items	156.047
6. Finance costs	18.044
7. Profit from ordinary activities after finance costs but before Exceptional Items	138.003
8. Exceptional Items	(701.849)
9. Profit / Loss from ordinary activities before tax	839.852
10. Tax expenses	228.696
11. Net profit / Loss from ordinary activities after tax	611.156
12. Extraordinary items	--
13. Net profit / Loss for the period	611.156
14. Paid up equity share capital (Face value of Rs.10/- per share)	332.315
15. Reserves excluding revaluation reserves
Earning per share (EPS) (Not Annualised)
16. i) Earning per share (EPS) (Not Annualised) before Extraordinary items (of Rs. 10/-) (a) Basic (b) Diluted	18.39 18.39
ii) Earning per share (EPS) (Not Annualised) after Extraordinary items (of Rs. 10/-) (a) Basic (b) Diluted	18.39 18.39
PART-II
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	22393529
- Percentage of shareholding	67.39%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares
Percentage of shares (as a % of total shareholding of the promoter and promoter group)
Percentage of shares (as a % of total share capital of the company)
b) Non Encumbered
Number of shares	10838015
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100%
Percentage of shares (as a % of total share capital of the company)	32.61%
B. Investor Complaints
Pending at the beginning of the quarter	0
Receiving during the quarter	2
Disposed of during the quarter	1
Remaining unreserved at the end of the quarter	1

Note:

The Scheme of Amalgamation of Landmark Limited (Landmark), Fiora Link Road Properties Limited (Fiora) and Trexa Admc Private Limited (Trexa) with the company as approved by the Hon'ble High Court of Judicature at Bombay vide its order dated 21^st March 2014, has become effective on 23rd April 2014 upon obtaining all sanctions and approvals as required under the scheme and upon filing of certified true copies of the order with the Registrar of Companies, Maharashtra. The appointed date of the scheme is 1st April 2013. Pursuant to the scheme becoming effective, the entire business including all assets, liabilities, duties and obligations of Landmark, Fiora and Trexa have been vested in the company with effect from 1^st April 2013. The effect of the merger has been given in the accounts in the quarter ended 31^st March 2014. Accordingly, the results of the company for the quarter ended 3th June 2014 include the results of Landmark, Fiora and Trexa and are not comparable with the corresponding quarter of the previous year which does not include results of Landmark, Fiora and Trexa. The results for the quarter ended 31 March 2014 include the results of the merged entities. The results for the quarter ended 31^st March 2014 is the balancing figure between the audited financials of the full year ending 31^st March 2014 (including merged entities) and the unaudited year to date results up to 31^st December 2013 which have been reworked to include the results of the merged entities.

The reported results for the quarter incorporate the results for both Westside and Landmark formats. Sales of Westside format for the quarter were higher by 17.8% as compared to the corresponding quarter of the previous year. On a like to like basis the sales of Westside format for the quarter were higher by 10.9% as compared to the corresponding quarter of the previous year.

As per the agreement entered with Tesco PLC, UK in respect of Trent Hypermarket Limited (THL), a wholly owned subsidiary of Tesco PLC, UK (Tesco) has purchased part of the equity shares held by the Company in THL and has separately subscribed to additional equity shares of THL. Following this investment the Company and Tesco each hold 50% stake in THL. Consequently, THL is now a Joint Venture (JV] of the Company with Tesco.

Exceptional items for the quarter ended 30^th June 2014 represent profit on sale of part of equity shares held in THL to Tesco Rs. 1039.500 millions net of related expenses and costs related to restructuring of continuing operations of the Landmark format Rs. 337.700 millions.

During the quarter, the Company has revised the depreciation rates on certain fixed assets as per the useful life specified in the Companies Act, 2013. Consequently, carrying amount of Rs.68.600 millions on account of assets whose useful life has already exhausted as on 1^st April 2014 and the deferred tax of Rs. 23.300 millions thereon have been adjusted to Retained Earnings.

Out of the proceeds of the issue of Cumulative Convertible Preference Shares (CCPS) of Rs. 4896.600 millions, Rs. 3856.200 millions have been utilized towards objects of the issue including investments in subsidiaries to acquire properties for retail stores. Pending utilisation the balance amount is invested mainly in mutual funds and money market instruments.

FIXED ASSETS:

• Freehold Land
• Building
• Plant and Equipment
• Furniture and Fixtures
• Office Equipment
• Computers
• Vehicle
• Brands / Trademarks
• Computer Software
• Non Compute Fees

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. 60.67
UK Pound	1	Rs. 100.81
Euro	1	Rs. 80.72

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		70

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.