MIRA INFORM REPORT

Report Date :

22.08.2014

IDENTIFICATION DETAILS

Name :	EROS INTERNATIONAL MEDIA LIMITED (w.e.f. 16.09.2009)
Formerly Known As :	EROS INTERNATIONAL MEDIA PRIVATE LIMITED
Registered Office :	Kailash Plaza, 2^nd Floor, Plot No.12, Off Veera Desai Road, Mumbai – 53, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.08.1994
Com. Reg. No.:	11-080502
Capital Investment / Paid-up Capital :	Rs.919.700 Millions
CIN No.: [Company Identification No.]	L99999MH1994PLC080502
TAN No.: [Tax Deduction & Collection Account No.]	MUMB04686D
PAN No.: [Permanent Account No.]	AAACR2148H
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged into production and distribution of Indian motion pictures.
No. of Employees :	Information declined by the management

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 subsidiary of “EROS WORLDWIDE FZ LLC”, United Arab Emirates. It is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The comp 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	ICRA
Rating	Non-Convertible debenture programmer = AA-
Rating Explanation	High degree of safety and low credit risk.
Date	August 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 Cooperative (91-22-66021500)

LOCATIONS

Registered Office :	Kailash Plaza, 2^nd Floor, Plot No.12, Off Veera Desai Road, Mumbai – 53, Maharashtra, India [W.E.F. 05.04.1999]
Tel. No.:	91-22-40538500
Fax No.:	91-22-26732586
E-Mail :	eros@erosmultimedia.net compliance.officer@erosintl.com
Website :	http://www.erosmultimedia.net http://www.erosentertainment.com
Corporate Office :	9^th Floor, Supreme Chambers, Off Veera Desai Road, Mumbai - 400053, Maharashtra, India.
Tel. No.:	91-22-66021500
Fax No.:	91-22-66021540

DIRECTORS

As on 31.03.2013

Name :	Mr. Naresh Chandra
Designation :	Non-Executive Chairman & Independent Director
Address :	C4/4053, Vasant Kunj, New Delhi – 110070
Date of Birth/Age :	01.08.1934
Qualification :	Master’s degree in Science from the Allahabad University
Date of Appointment :	28.09.2009
DIN No.:	00015833
Name :	Dr. Shankar Nath Acharya
Designation :	Independent Director
Address :	S-523 A, 2^nd Floor, Greater Kailash II, New Delhi – 110048
Date of Birth/Age :	21.10.1945
Qualification :	Bachelors’ degree in Politics, Philosophy and Economics from Oxford University in 1967 and earned a Doctorate in Economics from the Harvard University in 1972
Date of Appointment :	01.11.2009
DIN No.:	00033242
Name :	Mr. Dhirendra Swarup
Designation :	Independent Director
Address :	A-9 / 13B, Vasant Vihar, New Delhi – 110057
Date of Birth/Age :	05.12.1944
Qualification :	Government certified Public Accountant and a Fellow of the Institute of Public Auditors of India, and has a post graduate degree in Humanities;
Date of Appointment :	10.02.2010
DIN No.:	02878434
Name :	Mr. Sunil Lulla
Designation :	Executive Vice Chairman & Managing Director
Address :	Plot NO.172, Omkar, Gandhi Gram Road, Juhu, Mumbai - 400049
Date of Birth/Age :	29.06.1964
Qualification :	Bachelor’s degree in Commerce from Mumbai University
Date of Appointment :	19.08.1994
DIN No.:	00243191
Name :	Mr. Kishore Lulla
Designation :	Executive Director
Address :	HIghcroft, Totteridge Common, London, N20 8NI, UK
Date of Birth/Age :	04.09.1961
Qualification :	Bachelor’s degree in Arts from Mumbai University
Date of Appointment :	28.09.2009
DIN No.:	02303295
Name :	Mr. Vijay Ahuja
Designation :	Executive Director
Address :	10 Draycott, #07-07 Draycott 8, Singapore 259405
Date of Birth/Age :	02.04.1957
Qualification :	Bachelor’s degree in Commerce from Mumbai University
Date of Appointment :	10.02.2010
DIN No.:	02966514
Name :	Mrs. Jyoti Deshpande
Designation :	Executive Director
Address :	16, Cavendish Drive, Edgware, HA8 7NS, UK
Date of Birth/Age :	16.12.1970
Qualification :	Bachelor’s degree in Commerce and Economics and a Masters in Business Administration from Mumbai University
Date of Appointment :	28.09.2009
DIN No.:	02303283

KEY EXECUTIVES

Name :	Kamal Kumar Jain
Designation :	Group Chief Financial Officer
Address :
Date of Birth/Age :	Dimple Mehta
Qualification :	Company Secretary & Compliance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2014

Category of Shareholder	Total No. of Shares held in Dematerialized Form	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	7000	0.01
Bodies Corporate	21700000	23.57
Sub Total	21707000	23.58
(2) Foreign
Bodies Corporate	47126290	51.19
Sub Total	47126290	51.19
Total shareholding of Promoter and Promoter Group (A)	68833290	74.76
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	257183	0.28
Financial Institutions / Banks	70831	0.08
Insurance Companies	806646	0.88
Foreign Institutional Investors	14869503	16.15
Sub Total	16004163	17.38
(2) Non-Institutions
Bodies Corporate	2410042	2.62
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	3096798	3.36
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	454319	0.49
Any Others (Specify)	1267993	1.38
Clearing Members	968016	1.05
Trusts	173	0.00
Non Resident Indians	299761	0.33
Hindu Undivided Families	43	0.00
Sub Total	7229152	7.85
Total Public shareholding (B)	23233315	25.24
Total (A)+(B)	92066605	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)	92066605	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	Eros Worldwide FZ LLC	4,71,26,290	51.19	51.19
2	Eros Digital Pvt Ltd	2,17,00,000	23.57	23.57
3	Meena Lulla	2,800	0.00	0.00
4	Arjan Lulla	1,400	0.00	0.00
5	Krishika Sunil Lulla	1,400	0.00	0.00
6	Sunil Lulla	1,400	0.00	0.00
	Total	6,88,33,290	74.76	74.76

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	Indus Capital Advisors (UK) LLP A/c Indus India Fund (Mauritius) Limited	3638767	3.95	3.95
2	Government Pension Fund Global	2670000	2.90	2.90
3	College Retirement Equities Fund- Stock Account	1601272	1.74	1.74
4	Danske invest Management Company S.A. A/c Dankse Invest SICAV-SIF-Emerging and Frontier Markets SMID	1550000	1.68	1.68
	Total	9460039	10.28	10.28

BUSINESS DETAILS

Line of Business :

Subject is engaged into production and distribution of Indian motion pictures.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· Indian Overseas Bank

· Union Bank of India

· Dena Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
From banks	NA	1489.200
Less : Current maturities disclosed under other current liabilities	NA	(189.000)
Car loans	NA	1.800
Less : Current maturities disclosed under other current liabilities	NA	(1.100)
SHORT TERM BORROWINGS
From banks	NA	1640.000
Total	NA	2940.900

Banking Relations :	---
Auditors :
Name :	Walker Chandiok and Company LLP Chartered Accountants
Address :	16^th Floor, Tower II, Indiabulls, Finance Centre, S.B. Marg, Elphistone (West), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-66262600
Fax No.:	91-22-66262601
E-Mail :	mumbai@wcgt.in
Ultimate Holding Company : (As on 31.03.2013)	Eros International PLC, Isle of Man
Holding Company : (As on 31.03.2013)	Eros Worldwide FZ-LLC, United Arab Emirates
Subsidiaries : (As on 31.03.2013)	· Eros International Films Private Limited · Copsale Limited · Big Screen Entertainment Private Limited · EyeQube Studios Private Limited · EM Publishing Private Limited · Eros Animation Private Limited · Digicine PTE Limited · Ayngaran International Limited (Isle of Man) · Ayngaran International UK Limited · Ayngaran International Mauritius Limited · Ayngaran International Media Private Limited · Ayngaran Anak Media Private Limited
Fellow Subsidiary : (As on 31.03.2013)	Eros Digital Private Limited
Entities having common control: (As on 31.03.2013)	Eros International Limited, United Kingdom
Company in which KMP / Relatives of KMP can exercise significant influence: (As on 31.03.2013)	Shivam Enterprises

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.919.700 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
125000000	Equity Shares	Rs.10/- each	Rs.1250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
91921340	Equity Shares	Rs.10/- each	Rs.919.200 Millions

Reconciliation of number of shares and amount outstanding at the beginning and at the end of the reporting period

Particulars	Number	Rs. In Millions
Shares outstanding at the beginning of the year	91,736,857	917.400
Shares issued during the year *	184,483	1.800
Shares bought back during the year	--	--
Shares outstanding at the end of the year	91,921,340	919.200

*The Company has issued total 184,483 shares (Previous year - 329,857) during the year on exercise of options granted under the employees stock option plan (ESOP) wherein part consideration was received in the form of employees services.

Terms/rights attached to shares

The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed (if any) by the Board of Directors and approved by the shareholders in the Annual General Meeting is paid in Indian rupees. All shares rank pari pasu on repayment of capital in the event of liquidation.

Shares in the company held by holding/ultimate holding company

Name of the Shareholder	Number	Rs. In Millions
Eros Worldwide FZ LLC - Holding Company	47,126,290	4,71.300
Eros Digital Private Limited - Fellow subsidiary	21,700,000	2,17.000

Shares in the company held by each shareholder holding more than 5% shares

Name of the Shareholder	Number	% of Holding
Eros Worldwide FZ LLC	47,126,290	51.27
Eros Digital Private Limited	21,700,000	23.61

Aggregate number of bonus shares issued during the period of five years immediately preceding the reporting date

66,306,500 equity shares were allotted as fully paid up bonus shares in the financial year 2009-10 by capitalization of the surplus in the Statement of Profit and Loss account of the company

Aggregate number of equity shares issued under employees stock option scheme (2009) during the period of five years immediately preceeding the reporting date

The Company has issued total 514,340 shares (Previous year - 329,857) during the period of five years immediately preceding the reporting date on exercise of options granted under the employees stock option plan (ESOP) wherein part consideration was received in the form of employee services.

As at 31 March 2013, 1,176,568 options were outstanding under Employee stock option scheme 2009. On exercise of the options so granted under Employee stock option scheme 2009, the paid up equity share capital of the company will increase by equivalent number of shares.

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	919.700	919.200	917.400
(b) Reserves & Surplus	8010.400	6841.900	5780.800
(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)	8930.100	7761.100	6698.200
(3) Non-Current Liabilities
(a) long-term borrowings	973.200	1300.900	1124.200
(b) Deferred tax liabilities (Net)	2051.900	1556.300	1036.700
(c) Other long term liabilities	13.000	11.300	10.700
(d) long-term provisions	14.300	11.300	6.600
Total Non-current Liabilities (3)	3052.400	2879.800	2178.200
(4) Current Liabilities
(a) Short term borrowings	2862.900	2540.200	2417.800
(b) Trade payables	369.800	437.400	889.200
(c) Other current liabilities	1310.000	1038.400	1583.700
(d) Short-term provisions	250.500	125.000	198.400
Total Current Liabilities (4)	4793.200	4141.000	5089.100
TOTAL	16775.700	14781.900	13965.500
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	441.400	485.100	517.800
(ii) Intangible Assets	6699.900	5611.500	3830.100
(iii) Capital work-in-progress	0.000	0.000	15.000
(iv) Content Advances (net)	4684.500	4079.300	4033.600
(b) Non-current Investments	204.200	204.100	204.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	171.100	155.700	51.900
(e) Other Non-current assets	878.500	551.700	265.600
Total Non-Current Assets	13079.600	11087.400	8918.100
(2) Current assets
(a) Current investments	0.000	2.000	435.000
(b) Inventories	12.200	60.900	52.200
(c) Trade receivables	1727.500	1513.200	1293.100
(d) Cash and cash equivalents	1514.500	1704.400	2989.600
(e) Short-term loans and advances	389.300	313.300	199.900
(f) Other current assets	52.600	100.700	77.600
Total Current Assets	3696.100	3694.500	5047.400
TOTAL	16775.700	14781.900	13965.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	8571.200	9253.100	8020.000
		Other Income	21.700	79.100	193.200
		TOTAL (A)	8592.900	9332.200	8213.200
Less	EXPENSES
		Purchases of Stock-in-Trade	5727.900	6756.700	5844.200
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	48.600	(8.600)	(31.800)
		Employees benefits expense	251.500	230.300	148.200
		Other expenses	338.800	412.800	360.800
		TOTAL (B)	6366.800	7391.200	6321.400
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2226.100	1941.000	1891.800
Less	FINANCIAL EXPENSES (D)		327.100	93.900	123.700
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1899.000	1847.100	1768.100
Less/ Add	DEPRECIATION/ AMORTISATION (F)		47.600	56.900	42.300
	PROFIT BEFORE TAX (E-F) (G)		1851.400	1790.200	1725.800
Less	TAX (H)		714.700	619.300	627.900
	PROFIT AFTER TAX (G-H) (I)		1136.700	1170.900	1097.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3653.500	2701.300	1603.400
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	58.600	0.000
		Dividend	NA	137.800	0.000
		Tax on Dividend	NA	22.300	0.000
	BALANCE CARRIED TO THE B/S		NA	3653.500	2701.300
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	2343.900	2572.00
	TOTAL EARNINGS		NA	2343.900	2572.00
	IMPORTS
		Purchase of film/serial rights	NA	171.400	394.400
		Purchase of beta tapes/Masters	NA	0.100	1.700
		Purchase of DVD’s/Blue Ray Disks	NA	0.100	0.700
	TOTAL IMPORTS		NA	171.600	396.800
	Earnings Per Share (Rs.)
	Basic		12.36	12.75	12.00
	Diluted		12.31	12.74	12.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	13.23	12.55	13.37
Net Profit Margin (PBT/Sales)	(%)	21.60	19.35	21.52
Return on Total Assets (PBT/Total Assets}	(%)	15.57	17.05	17.77
Return on Investment (ROI) (PBT/Networth)		0.21	0.23	0.26
Debt Equity Ratio (Total Debt /Networth)		0.43	0.49	0.53
Current Ratio (Current Asset/Current Liability)		0.77	0.89	0.99

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	917.400	919.200	919.700
Reserves & Surplus	5780.800	6841.900	8010.400
Net worth	6698.200	7761.100	8930.100
long-term borrowings	1124.200	1300.900	973.200
Short term borrowings	2417.800	2540.200	2862.900
Total borrowings	3542.000	3841.100	3836.100
Debt/Equity ratio	0.529	0.495	0.430

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	8020.000	9253.100	8571.200
		15.375	(7.369)

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	8020.000	9253.100	8571.200
Profit	1097.900	1170.900	1136.700
	13.69%	12.65%	13.26%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT

Rs. In Millions

Particular	31.03.2014	31.03.2013	31.03.2012
Current maturities of long-term debt	NA	190.100	116.700

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	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	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS
Bench:- Bombay
Lodging No. :	SL/150/2013	Failing Date:-	22/02/2013	Reg. No.:-	S/260/2013	Reg. Date:-	30/03/2013
Petitioner:-	RELIANCE MEDIA WORKS LIMITED		Respondent:-	EROS INTERNATIONAL MEDIA LIMITED
Petn.Adv:-	NAIK NAIK AND COMPANY (0)		Resp. Adv.:	M/S. HARIANI AND COMPANY (4) (0)
District:-	MUMBAI
Bench:-	SINGLE		Category:-	COPY RIGHT (SUIT)
Status:-	Pre-Admission		Stage:-	FOR FRAMING ISSUES (ORIGINAL SIDE MATTERS)
Last Date:-	11/10/2013
Last Coram:-	HON’BLE SHRI JUSTICE S.J. KATHAWALLA
Act. :	Code of Civil Procedure 1908

CORPORATE INFORMATION

Subject (BSE Scrip Code: 533261; NSE Scrip Code: EROSMEDIA) is a global player within the Indian media and entertainment arena. It operates on a vertically integrated studio model controlling content as well as distribution and exploitation across multiple formats globally, including cinema, digital, home entertainment and television syndication.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWINGS
From banks	NA	900.000
Loans and advances from related parties	NA	0.200
Total	NA	900.200

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10504481	02/06/2014	40,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 1ST FLOOR, UNION BANK,  BHAVAN, 239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	C07533904
2	10504546	27/05/2014	20,000,000.00	PUNJAB NATIONAL BANK	LINKING ROAD, SANTRACRUZ (WEST), MUMBAI, MAHARASHTRA - 400054, INDIA	C07585458
3	10285846	20/09/2013 *	4,479,400,000.00	INDIAN OVERSEAS BANK (LEAD BANK)	JUHU BRANCH, 28, ASHOK NAGAR SOCIETY, JUHU VILE  PARLE SCHEME, NARSI MONJEE ROAD,, MUMBAI, MAHARASHTRA - 400057, INDIA	B87119699

* Date of charge modification

FIXED ASSETS

· Building

· Furniture and fixtures

· Motor vehicles

· Office equipment

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH JUNE, 2014

Rs. In Millions

		Quarter ended
Sr No	Particulars	30.06.2014 Unaudited
1	a) Net Sales / Income from Operations	2007.300
	b) Other operating Income	--
	Total (a+b)	2007.300
2	Expenses :
	a) Operating Cost	1419.100
		(0.300)
	b) Employee Benefit Expenses	725.000
	c) Depreciation and Amortisation	14.800
	d) Other Costs	34.600
	Total Expenditure (a+b+c+d)	15740.700
3	Profit from Operations before other income and finance costs (1 - 2)	466.600
4	Other Income	18.600
5	Profit from ordinary activities before finance costs (3 + 4)	485.200
6	Finance Costs	93.700
7	Profit from ordinary activities before tax (5 - 6)	391.500
8	Tax Expense	147.100
9	Net Profit for the period (7 - 8)	244.400
10	Paid-up Equity Share Capital Equity Shares of Rs. 10/- each	920.700
11	Reserves excluding revaluation reserves as per Balance Sheet of previous accounting year
12	Basic and Diluted Earnings per share (Face Value of Rs.10/-)
	Basic EPS
	- Before Extraordinary Items	2.66
	- After Extraordinary Items	2.64
	Diluted
	- Before Extraordinary Items	2.66
	- After Extraordinary Items	2.64
A	PARTICULARS OF SHAREHOLDING
13	Public Shareholding :
	a) Number of Shares	23,233,315
	b) Percentage of shareholding (%)	25.24%
14	Promoters and promoter group Shareholding
	a) Pledged / Encumbered
	- Number of Shares	Nil
	- Percentage of shares (as a % of the total shareholding of Promoter and Promoter Group)	Nil
	- Percentage of shares (as a % of the total share capital of the company)	Nil
	b) Non-Encumbered
	- Number of Shares	68,833,290
	- Percentage of shares (as a % of the total shareholding of Promoter and Promoter Group)	100%
	- Percentage of shares (as a % of the total share capital of the company)	74.76%

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.77
UK Pound	1	Rs.100.72
Euro	1	Rs.80.56

INFORMATION DETAILS

Information Gathered by :	HET
Analysis Done by :	KAR
Report Prepared by :	NTH

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.