MIRA INFORM REPORT

Report Date :

05.06.2014

IDENTIFICATION DETAILS

Name :	LIFE STYLE INTERNATIONAL PRIVATE LIMITED

Registered Office :	3^rd, 7^th and 8^th Floor, Delta Tower, Sigma Soft Tech Park, No. 7, Whitefield Main Road, Bangalore – 560066, Karnataka

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	24.11.1997

Com. Reg. No.:	08-046775

Capital Investment / Paid-up Capital :	Rs.1218.465 Millions

CIN No.: [Company Identification No.]	U52190KA1997PTC046775

TAN No.: [Tax Deduction & Collection Account No.]	BLRL00427A

PAN No.: [Permanent Account No.]	AAACL2937J

Legal Form :	Private Limited Liability Company

Line of Business :	The Company is engaged in the business of retailing a variety of household and consumer products through departmental stores.

No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 16500000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is a subsidiary of “Lifestyle International Limited. Mauritius”. It is an established company having satisfactory track record. The rating reflects LIPL’s established market position in the departmental stores category supported its diversified revenue profile and improvement in operational performance marked by fair profitability achieved by the company during financial year 2013. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings 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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

India

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

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	13.02.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A2
Rating Explanation	Moderate degree of safety and low credit risk
Date	13.02.2014

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 31-03-2012.

INFORMATION DENIED

Management Non-Cooperative (Tel No.: 91-80-41796565)

LOCATIONS

Registered Office :	3^rd, 7^th and 8^th Floor, Delta Tower, Sigma Soft Tech Park, No. 7, Whitefield Main Road, Bangalore – 560 066, Karnataka, India
Tel. No.:	91-80-41796565
Fax No.:	91-80-41528349
E-Mail :	jagadish_rao@lifestylestores.com response@lifestylestores.com feedback@lifestylestores.com
Website :	http://www.lifestylestores.com

Store Locator :	Gallops Mall, Satellite Highway Cross Road, Behind Iscon Temple, Ahmedabad - 380 015, Gujarat, India
Tel. No.:	91-79-40011000

Branches :	Located At: Bangalore Chennai Coimbatore Delhi Ghaziabad Gurgaon Hyderabad Jaipur Jalandhar Kanpur Ludhiana Mangalore Mumbai Nagpur Noida Pune

DIRECTORS

As on 30.08.2013

Name :

Mr. Kabir Lumba

Designation :

Managing Director

Address :

D-2, Chartered Cottage No. 8, Langford Road, Richmond Town, Bangalore – 560 025, Karnataka, India

Date of Birth/Age :

16.08.1968

Date of Appointment :

01.12.2012

DIN No.:

00181791

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U52399KA2005PTC037310	Splash Fashions India Private Limited	Director	30/08/2013	23/09/2005	-	Active	NO
2	U51909KA2005PTC037614	CITYMAX RESTAURANTS PRIVATE LIMITED	Director	08/11/2005	08/11/2005	31/03/2008	Strike off	NO
3	U92199KA2005PTC037615	CITYMAX HOSPITALITY (INDIA) PRIVATE LIMITED	Director	27/09/2013	08/11/2005	-	Active	NO
4	U52190KA2005PTC035884	LMG BRANDS INDIA PRIVATE LIMITED	Director	20/02/2006	20/02/2006	-	Active	NO
5	U52190KA1997PTC046775	LIFE STYLE INTERNATIONAL PRIVATE LIMITED	Managing director	01/12/2012	01/04/2006	-	Active	NO
6	U80904KA2011NPL058386	LANDMARK INSTITUTION FOR SKILLS TRAINING PRIVATE LIMITED	Director	28/04/2011	28/04/2011	-	Active	NO
7	U92410KA2011PTC058504	LANDMARK FITNESS PRIVATE LIMITED	Director	06/05/2011	06/05/2011	-	Strike off	NO
8	U55101KA2005PTC037255	CITYMAX HOTELS (INDIA) PRIVATE LIMITED	Director	27/09/2013	25/02/2013	-	Active	NO

Name :

Mrs. Renuka Mukesh Jagtiani

Designation :

Director

Address :

80 Seagull, Carimichael Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

11.03.1955

Date of Appointment :

28.09.2012

DIN No.:

00180922

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U52190KA2005PTC035884	LMG BRANDS INDIA PRIVATE LIMITED	Director	30/06/2005	30/06/2005	21/03/2011	Active	NO
2	U52190KA1997PTC046775	LIFE STYLE INTERNATIONAL PRIVATE LIMITED	Director	28/09/2012	11/01/2012	-	Active	NO
3	U52190KA2004PTC037768	MAX HYPERMARKET INDIA PRIVATE LIMITED	Director	28/09/2012	18/01/2012	-	Active	NO
4	U52399KA2005PTC037310	Splash Fashions India Private Limited	Director	30/08/2013	21/12/2012	-	Active	NO

Name :

Mr. Ramanathan Hariharan

Designation :

Director

Address :

Meadows Phase V, Villa No. 22, Street No. 2, Dubai, United Arab Emirates – 100000

Date of Birth/Age :

24.06.1955

Date of Appointment :

04.02.2013

DIN No.:

00323959

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U52190KA2004PTC037768	MAX HYPERMARKET INDIA PRIVATE LIMITED	Director	19/10/2004	19/10/2004	-	Active	NO
2	U52190KA1997PTC046775	LIFE STYLE INTERNATIONAL PRIVATE LIMITED	Director	04/12/2013	01/04/2005	-	Active	NO
3	U52190KA2005PTC035884	LMG BRANDS INDIA PRIVATE LIMITED	Director	30/06/2005	30/06/2005	21/03/2011	Active	NO
4	U55101KA2005PTC037255	CITYMAX HOTELS (INDIA) PRIVATE LIMITED	Director	18/10/2005	18/10/2005	01/03/2008	Active	NO
5	U92199KA2005PTC037615	CITYMAX HOSPITALITY (INDIA) PRIVATE LIMITED	Additional director	18/01/2008	18/01/2008	01/03/2008	Active	NO

Name :

Mr. Manohar Gurmukhdas Jewsani

Designation :

Director

Address :

502, Trishal Garden, Sindhi Society, Chembur, Mumbai-400071, Maharashtra, India

Date of Birth/Age :

05.06.1954

Date of Appointment :

19.12.1997

DIN No.:

00181023

Name :

Mr. Nani B Javeri

Designation :

Director

Address :

Flat 9, Ivorine, 154 M Karve Road, Mumbai – 400 020, Maharashtra, India

Date of Birth/Age :

04.04.1946

Date of Appointment :

04.08.2013

DIN No.:

02731854

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH1958PLC011233	INARCO LIMITED	Director	27/02/2001	27/02/2001	-	Active	NO
2	L17110MH1943PLC010052	ARI CONSOLIDATED INVESTMENTS LIMITED	Director	30/09/2009	30/06/2009	-	Active	NO
3	L29308MH1954PLC009371	VOLTAS LIMITED	Director	16/08/2010	29/10/2009	-	Active	NO
4	U52190KA1997PTC046775	LIFE STYLE INTERNATIONAL PRIVATE LIMITED	Director	04/08/2013	04/08/2010	-	Active	NO
5	U65923MH2009PTC198201	Union KBC Asset Management Company Private Limited	Director	31/05/2011	16/09/2010	-	Active	NO
6	U74140MH2008FTC187025	Hannover Re Consulting Services India Private Limited	Director	31/10/2011	31/10/2011	-	Active	NO
7	U29193MH2001PLC249228	UNIVERSAL COMFORT PRODUCTS LIMITED	Director	11/08/2012	01/11/2011	-	Active	NO
8	L74140PN1986PLC041033	ACCELYA KALE SOLUTIONS LIMITED	Director	26/09/2013	08/07/2013	-	Active	NO

Name :

Mr. Sayed Parvez Mustafa

Designation :

Director

Address :

4 Alhabra, First Floor, 3 Carmichael Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

01.07.1949

Date of Appointment :

02.11.2013

DIN No.:

00014427

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65990MH1958PLC011060	HINDLEVER TRUST LIMITED	Director	29/05/2000	29/05/2000	07/12/2007	Active	NO
2	U67120MH1994PTC082045	DIGITAL SECURITIES PRIVATE LIMITED	Director	26/06/2002	26/06/2002	07/12/2007	Amalgamated	NO
3	U15200KA1998PLC023489	HEALTHCARE GLOBAL ENTERPRISES LIMITED	Nominee director	23/04/2008	23/04/2008	-	Active	NO
4	U74140MH2001PTC134220	HSBC ASSET MANAGEMENT (INDIA) PRIVATE LIMITED	Director	02/09/2008	02/09/2008	-	Active	NO
5	U34200DL2008PTC172214	CARNATION AUTO INDIA Private LIMITED	Nominee director	23/10/2008	23/10/2008	09/05/2011	Active	NO
6	U52190KA1997PTC046775	LIFE STYLE INTERNATIONAL PRIVATE LIMITED	Director	02/11/2013	02/11/2010	-	Active	NO

Name :

Mr. M Vasanth Kumar

Designation :

Whole-Time Director

Address :

102, Palm Springs Apartments, 34 ST Marks Road, Bangalore-560001, Karnataka, India

Date of Birth/Age :

23.07.1961

Date of Appointment :

01.04.2006

PAN No. :

AADPK7654H

DIN No. :

00318913

Other Directorship:

No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

U52190KA1997PTC046775

LIFE STYLE INTERNATIONAL PRIVATE LIMITED

Whole-time director

01/04/2012

01/04/2006

Active

U51909KA2008PTC047809

LMG MAX ELECTRONICS PRIVATE LIMITED

Director

18/09/2008

Strike off

KEY EXECUTIVES

Name :	Mr. Jagadisha Rao S
Designation :	Secretary
Address :	48, 4^th Main, C K A Layout, BSK, 3^rd Stage, Bangalore-560085, Karnataka, India
Date of Birth/Age :	30.04.1959
Date of Appointment :	25.03.2006
PAN No. :	AEMPR3380J

MAJOR SHAREHOLDERS

As on 30.08.2013

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.08.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	42.88
Directors or relatives of Directors	51.73
Other top fifty shareholders	5.39
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in the business of retailing a variety of household and consumer products through departmental stores.

Products :

Product Description	ITC Code No.:
Apparels	61
Miscellaneous	96

Brand Names :

‘Lifestyle’ and ‘Max’

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India
Kotak Mahindra Bank Limited, 27BKC, C27,G Block, Bandra Kurla Complex,Bandra (East), Mumbai - 400051, Maharashtra, India
State Bank of India, SPL Commercial Branch, 1st Floor, Krishi Bhavan, Hudson Circle, Bangalore – 560001, Karnataka, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	652.468	968.501
Foreign currency term loans from banks	316.327	568.196
Other loans and advances	1.509	23.413
Short Term Borrowings
Rupee term loans from banks	467.488	1150.609
Foreign currency term loans from banks	426.236	423.807
Total	1864.028	3134.526


Banking Relations :	--

Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	UB City Canberra, Block 12th Floor, No.24 Vittal Mallya Road, Bangalore - 560001,Karnataka, India
PAN No.:	ADRPG5772H

Others :	Citymax Hospitality (India) Private Limited CIN No.: U92199KA2005PTC037615 Citymax Hotels (India) Private Limited CIN No.: U55101KA2005PTC037255 Landmark Institution for Skills Training Private Limited CIN No.: U80904KA2011NPL058386 LMG Brands India Private Limited CIN No.: U52190KA2005PTC035884 Landmark Fitness Private Limited CIN No.: U92410KA2011PTC058504 Max Hypermarket India Private Limited CIN No.: U52190KA2004PTC037768 LMG International Limited Lifestyle International Limited, Mauritius RNA Resources Group Limited Splash Fashions India Private Limited Home Center LLC

CAPITAL STRUCTURE

As on 30.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

140000000	Equity Shares	Rs.10/- each	Rs.1400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

121846465	Equity Shares	Rs.10/- each	Rs.1218.465 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1,216.309	1,210.990	1,120.490
(b) Reserves & Surplus	2,901.050	2,512.903	1,790.097
(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)	4,117.359	3,723.893	2,910.587

(3) Non-Current Liabilities
(a) long-term borrowings	1,232.804	1,560.110	1,140.821
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	145.944	106.836	40.424
(d) long-term provisions	98.781	40.222	423.418
Total Non-current Liabilities (3)	1,477.529	1,707.168	1,604.663

(4) Current Liabilities
(a) Short term borrowings	893.724	1,574.416	1,659.664
(b) Trade payables	2,354.578	1,988.372	3,306.748
(c) Other current liabilities	2,416.395	2,673.887	1,772.007
(d) Short-term provisions	720.211	565.020	64.349
Total Current Liabilities (4)	6,384.908	6,801.695	6,802.768

TOTAL	11,979.796	12,232.756	11,318.018

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3,685.760	3,782.704	2,994.244
(ii) Intangible Assets	151.424	129.445	6.185
(iii) Capital work-in-progress	89.073	69.489	257.560
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.026	0.026	0.026
(c) Deferred tax assets (net)	645.348	640.275	321.970
(d) Long-term Loan and Advances	2,110.221	2,184.049	1,883.595
(e) Other Non-current assets	5.685	5.010	0.000
Total Non-Current Assets	6,687.537	6,810.998	5,463.580

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4,205.966	4,567.451	5,304.315
(c) Trade receivables	317.465	201.749	130.079
(d) Cash and cash equivalents	229.740	75.146	36.520
(e) Short-term loans and advances	483.898	572.684	383.340
(f) Other current assets	55.190	4.728	0.184
Total Current Assets	5,292.259	5,421.758	5,854.438

TOTAL	11,979.796	12,232.756	11,318.018

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	27330.000	23260.000	18711.579
		Other Income	90.000	10.000	80.612
		TOTAL	27420.000	23270.000	18792.191

Less	EXPENSES		25970.000	22930.000	17871.010

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1450.000	340.000	921.181

Less	DEPRECIATION/ AMORTISATION		870.000	750.000	545.649

	PROFIT/(LOSS) BEFORE TAX		580.000	(41.000)	375.532

Less	TAX		240.000	(320.000)	(321.970)

	PROFIT/(LOSS) AFTER TAX		340.000	(90.000)	697.502

	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		440.000	530.000	(166.775)

	BALANCE CARRIED TO THE B/S		780.000	440.000	530.727

	Earnings Per Share (Rs.)		0.28	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.24	(0.39)	3.71

Net Profit Margin (PBT/Sales)	(%)	2.12	(0.18)	2.01

Return on Total Assets (PBT/Total Assets}	(%)	5.16	(0.36)	3.50

Return on Investment (ROI) (PBT/Networth)		0.14	(0.01)	0.13

Debt Equity Ratio (Total Debt /Networth)		0.52	0.84	0.96

Current Ratio (Current Asset/Current Liability)		0.83	0.80	0.86

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	1120.490	1210.990	1216.309
Reserves & Surplus	1790.097	2512.903	2901.050
Net worth	2910.587	3723.893	4117.359

long-term borrowings	1140.821	1560.110	1232.804
Short term borrowings	1659.664	1574.416	893.724
Total borrowings	2800.485	3134.526	2126.528
Debt/Equity ratio	0.962	0.842	0.516

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	18,711.579	23,260.000	27,330.000
		24.308	17.498

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	18,711.579	23,260.000	27,330.000
Profit	697.502	(90.000)	340.000
	3.73%	(0.39%)	1.24%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	262.500	0.000
Total	262.500	0.000

GENERAL INFORMATION

The Company is a private limited Company domiciled in India and incorporated on November 24, 1997 under the provisions of the Companies Act, 1956. The Company is engaged in the business of retailing a variety of household and consumer products through departmental stores across India under the names Lifestyle and Max.

COMPANY PERFORMANCE

The company registered a Gross Retail Turnover of Rs.29760.000 Millions and a Profit Before Tax of Rs.580.000 Millions (Loss of Rs.410.000 Millions during previous year). The Company achieved a growth of 17% in sales and added 0.25 million sq. ft. of retail space.

FY 2013 was challenging for most industries in view of high inflation and interest rate coupled with lower GDP growth at 5.3%. These aspects affected the consumer sentiment to a certain extent. Further, delay in delivery of malls impacted our expansion plans during FY 2013.

Lifestyle Department Stores: This division posted sales growth of 11% during the year under review. Same store sales growth continued to remain under pressure. The Company opened 3 department stores during the year taking the total stores to 35. Greater focus on improving operating efficiencies and tighter control on inventory and operating costs helped the division to improve its bottom line significantly.

Home Centre: Furniture and home improvement division of the Company performed well during the year and posted a sales growth of 29% and same store sales increase of 14%. Sustained efforts in customizing products to meet consumer needs as well as improvement in supply chain efficiencies helped the division to improve the business performance.

Max: Max performance showed considerable improvement during the year. The division registered same store sales growth of 15% and an overall sales growth of 27%. In addition to its presence in 7 Metros, Max has established its footprint in 30 Tier 2 cities. Max opened 14 stores during the current year and currently operates 68 stores. Improved product offerings and supply chain efficiencies helped the division to turn around. Max is expected to contribute significantly to the Companys sales and profits in the coming years.

OUTLOOK

There is no indication of reduction in interest rates and improvement in credit off-take. Low GDP growth and high interest rates are expected to impact the general consumer sentiment and hence the consumer spending. Despite these challenging external factors, the Company expects to maintain a growth momentum in excess of 25%.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10453104	19/03/2014 *	500,000,000.00	Axis Bank Limited	Corporate Banking Branch, Express Building, 2nd Floor, No 1, Queens Road, Bangalore, Karnataka - 560001, INDIA	C00623231
2	10434055	18/03/2014 *	400,000,000.00	KOTAK MAHINDRA BANK LIMITED	27bkc,C27,G Block, Bandra Kurla Complex,Bandra (E), Mumbai, Maharashtra - 400051, India	C03709136
3	10301531	19/03/2014 *	600,000,000.00	The Hongkong And Shanghai Banking Corporation Limited	No.7, Mahatma Gandhi Road, Bangalore, Karnataka - 560001, India	C00716134
4	10264460	12/12/2013 *	675,000,000.00	HDFC BANK LIMITED	HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	B92330356
5	10223548	19/03/2014 *	570,000,000.00	STANDARD CHARTERED BANK	3rd Floor, Vaishnavi Serenity, 112, Koramangala Industrial Area 5th Block, Koramangala, Bangalore, Karnataka - 560095, India	C00197285
6	10223551	19/03/2014 *	980,000,000.00	STANDARD CHARTERED BANK	3rd Floor, Vaishnavi Serenity, 112, Koramangala Industrial Area 5th Block, Koramangala, Bangalore, Karnataka - 560095, India	C00196337
7	10177740	23/12/2011 *	600,000,000.00	INDUSIND BANK LIMITED	Du Parc Trinity,1st Floor, No.17, M.G.Road,, Bangalore, Karnataka - 560001, India	B31915184
8	90290246	19/03/2014 *	980,000,000.00	The Hongkong & Shanghai Banking Corporation Limited	No. 7, M G Road, Bangalore, Karnataka - 560001, India	C00713446
9	90288990	19/05/2005 *	119,000,000.00	The Hongkong And Shjanghai Banking Corpn. Limited	No. 3; Rajaji Salai, Chennai, Tamil Nadu - 600001, India	-
10	90300975	17/01/2002 *	119,000,000.00	The Hongkong And Shjanghai Banking Corpn. Limited	No. 3; Rajaji Salai, Chennai, Tamil Nadu - 600001, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.59.34
UK Pound	1	Rs.99.18
Euro	1	Rs.80.76

INFORMATION DETAILS

Information Gathered by :	HTL

Analysis Done by :	KAR

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO

TOTAL		45

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.