MIRA INFORM REPORT

Report Date :

10.03.2014

IDENTIFICATION DETAILS

Name :	LULU INTERNATIONAL SHOPPING MALL PRIVATE LIMITED
Registered Office :	34/1000, N.H.47, Edappally, Kochi – 682 024, Kerala
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.09.2004
Com. Reg. No.:	09-017414
Capital Investment / Paid-up Capital :	Rs.5500.000 millions
CIN No.: [Company Identification No.]	U52190KL2004PTC017414
PAN No.: [Permanent Account No.]	AABCL0212H
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in development, construction and running shopping malls, hypermarkets, supermarkets, departmental stores, hotels and other tourism related activities and to import, export or otherwise trade in all kinds of consumer goods, consumer durables, food articles, dress materials, electronic and electrical items and similar products.
No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 21666000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred huge accumulated losses during the financial year 2013. However, trade relations are fair. Business is active. Payment terms are slow. The company can be considered for business dealing with some caution.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

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 DECLINED BY

Name :	Mr. Shree Valsank
Designation :	Finance Manager
Contact No.:	91-484-2727707/ 722
Date :	05.03.2014

LOCATIONS

Registered Office :	34/1000, N.H.47, Edappally, Kochi – 682 024, Kerala, India
Tel. No.:	91-484-4058786/ 4059786/ 4060786 Mall Office: 91-484-2727777/ 2727700 Customer Service: 91-484-2727776
Fax No.:	91-484-4073786
E-Mail :	lulukochi@in.lulumea.com Feedback: feedback@in.lulumea.com Leasing: leasing.lulumall@gmail.com Marketing: aiswaryab@in.lulumea.com HR: hr@luluindia.com cs@luluindia.com
Website :	http://lulumall.in

DIRECTORS

AS ON 27.09.2013

Name :

Mr. Achutha Janardhana Pai

Designation :

Whole-time Director

Address :

C-3, Ayer’s Apartments, TD Road, Ernakulam, Kochi – 682 035, Kerala, India

Date of Birth/Age :

06.09.1945

Date of Appointment :

01.02.2009

DIN No.:

00115688

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	U24114KL1982PLC003657	PIGMENTS INDIA LIMITED	Nominee director	12-06-1996	12-06-1996	-	Active	NO
2	U85110KL1996PLC010260	LAKESHORE HOSPITAL AND RESEARCH CENTRE LIMITED	Director	26-09-2009	02-02-2004	-	Active	NO
3	L24299KL1989PLC005452	COCHIN MINERALS AND RUTILE LIMITED	Director	22-09-2004	22-09-2004	-	Active	NO
4	U52190KL2004PTC017414	LULU INTERNATIONAL SHOPPING MALL PRIVATE LIMITED	Whole-time director	01-02-2009	22-09-2005	-	Active	NO
5	U70101KL2006PTC020035	LINE PROPERTIES PRIVATE LIMITED	Director	01-02-2007	01-02-2007	-	Active	NO
6	U55101KL2007PTC021401	LULU FLIGHT KITCHEN PRIVATE LIMITED	Director	22-11-2007	22-11-2007	-	Active	NO
7	U51909KL2006PTC020034	LULU HYPERMARKET PRIVATE LIMITED	Director	22-11-2007	22-11-2007	-	Active	NO
8	U63020KL1950PTC000087	EMMAY LOGISTICS (INDIA) PRIVATE LIMITED	Director	12-07-2010	29-03-2010	-	Active	NO
9	U63040KL2006PTC019311	SPACE INTERNATIONAL AIR TRAVELS PRIVATE LIMITED	Director	19-05-2010	19-05-2010	-	Active	NO
10	U52190KL2010PTC026838	LULU CONVENTION AND EXHIBITION CENTER PRIVATE LIMITED	Director	09-02-2012	08-10-2010	-	Active	NO
11	U72200KL2010PTC027007	MANTLE SYSTEMS AND TECHNOLOGIES PRIVATE LIMITED	Director	22-07-2011	14-12-2010	-	Active	NO
12	U92190KL2010PTC027006	L H ENTERTAINMENT COMPANY PRIVATE LIMITED	Director	14-12-2010	14-12-2010	-	Active	NO
13	U45200KL2009PTC024242	EMMAY INTERNATIONAL PROPERTIES AND DEVELOPERS PRIVATE LIMITED	Additional director	22-07-2011	22-07-2011	-	Active	NO
14	U52190KL2011PTC030058	LULU CONVENTION CENTER CALICUT PRIVATE LIMITED	Director	17-12-2011	17-12-2011	-	Active	NO
15	U45200KL2009PTC024461	EMMAY VENTURES (INDIA) PRIVATE LIMITED	Director	26-09-2013	15-06-2013	-	Active	NO
16	U74999KL2007PTC034928	LULU GROUP INTERNATIONAL PRIVATE LIMITED	Additional director	19-08-2013	19-08-2013	-	Active	NO

Name :

Mr. Antony Pallipuram Lazar

Designation :

Director

Address :

Pallipuram House Co-Operative Road, Chembukavu, Trichur – 680 020, Kerala, India

Date of Birth/Age :

27.02.1944

Date of Appointment :

22.09.2005

DIN No.:

01248352

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	U52190KL2004PTC017418	LULU INTERNATIONAL CONVENTION CENTER PRIVATE LIMITED	Director	19-09-2004	19-09-2004	-	Active	NO
2	U45209KL2005PTC017929	LULU PROPERTIES PRIVATE LIMITED	Director	11-06-2005	11-06-2005	-	Active	NO
3	U52190KL2004PTC017414	LULU INTERNATIONAL SHOPPING MALL PRIVATE LIMITED	Director	22-09-2005	22-09-2005	-	Active	NO

Name :

Mr. Yusuffali Musaliam Veettil Abdul Kader

Designation :

Managing Director

Address :

Emke Mansion No.1, Nattika PO, Thrissur – 680 566, Kerala, India

Date of Birth/Age :

15.11.1955

Date of Appointment :

06.09.2004

DIN No.:

00364677

PAN No.:

ACNPY6727D

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	U51900MH1991PTC063177	FAIR EXPORTS (INDIA) PRIVATE LIMITED	Managing director	15-09-1991	15-09-1991	-	Active	NO
2	U63033KL1994PLC007803	COCHIN INTERNATIONAL AIRPORT LIMITED	Director	26-09-1995	26-09-1995	-	Active	NO
3	U85110KL1996PLC010260	LAKESHORE HOSPITAL AND RESEARCH CENTRE LIMITED	Director	30-09-1999	30-09-1999	-	Active	NO
4	U51100MH1994PTC076381	FROLIC TRADING PRIVATE LIMITED	Managing director	11-08-2000	11-08-2000	-	Active	NO
5	U22110KL1999PTC012930	OLIVE PUBLICATIONS PRIVATE LIMITED	Director	21-05-2001	21-05-2001	11-02-2010	Active	NO
6	U01214DL2001PTC113535	FAIR AGRO EXPORTS PRIVATE LIMITED	Managing director	21-12-2001	21-12-2001	-	Active	NO
7	U51909TN2002PTC050105	LULU CENTER INTERNATIONAL PRIVATE LIMITED	Director	27-12-2002	27-12-2002	-	Strike off	NO
8	U91990KL2002NPL015838	NORKA-ROOTS (SEC 25 COMPANY)	Director	30-06-2004	30-06-2004	-	Active	NO
9	U51109UP1999PTC024484	AMROON FOODS PRIVATE LIMITED	Managing director	14-07-2004	14-07-2004	-	Active	NO
10	U52190KL2004PTC017414	LULU INTERNATIONAL SHOPPING MALL PRIVATE LIMITED	Managing director	06-09-2004	06-09-2004	-	Active	NO
11	U74999KL2004PTC017419	EMAY PETROLEUM DISTRIBUTORS PRIVATE LIMITED	Director	08-09-2004	08-09-2004	-	Active	NO
12	U52190KL2004PTC017418	LULU INTERNATIONAL CONVENTION CENTER PRIVATE LIMITED	Managing director	08-09-2004	08-09-2004	-	Active	NO
13	U45209KL2005PTC017929	LULU PROPERTIES PRIVATE LIMITED	Managing director	17-02-2005	17-02-2005	-	Active	NO
14	U62100KL2006PLC019227	AIR KERALA INTERNATIONAL SERVICES LIMITED	Director	15-03-2006	15-03-2006	-	Active	NO
15	U70101KL2006PTC020035	LINE PROPERTIES PRIVATE LIMITED	Managing director	27-11-2006	27-11-2006	-	Active	NO
16	U51909KL2006PTC020034	LULU HYPERMARKET PRIVATE LIMITED	Managing director	27-11-2006	27-11-2006	-	Active	NO
17	U45309KL1961SGC001937	KERALA STATE INDUSTRIAL DEVELOPMENT CORPN LIMITED	Director	22-06-2007	22-06-2007	-	Active	NO
18	U72200KL2007PTC021071	LULU CYBER WORLD PRIVATE LIMITED	Managing director	25-07-2007	25-07-2007	-	Active	NO
19	U74999KL2007PTC034928	LULU GROUP INTERNATIONAL PRIVATE LIMITED	Managing director	24-10-2007	24-10-2007	-	Active	NO
20	U55101KL2007PTC021401	LULU FLIGHT KITCHEN PRIVATE LIMITED	Managing director	13-11-2007	13-11-2007	-	Active	NO
21	U45209KL2007PLC020471	INKEL LIMITED	Director	05-09-2008	22-11-2007	22-09-2012	Active	NO
22	U70102KL2008PTC022854	LULU PROJECTS PRIVATE LIMITED	Managing director	24-07-2008	24-07-2008	-	Active	NO
23	U45200KL2008PTC023442	EMMAY PROJECTS (INDIA) PRIVATE LIMITED	Managing director	21-11-2008	21-11-2008	-	Active	NO
24	U45200KL2009PTC024242	EMMAY INTERNATIONAL PROPERTIES AND DEVELOPERS PRIVATE LIMITED	Managing director	29-05-2009	29-05-2009	-	Active	NO
25	U45200KL2009PTC024461	EMMAY VENTURES (INDIA) PRIVATE LIMITED	Managing director	15-07-2009	15-07-2009	-	Active	NO
26	U65923KL2009PLC025082	CHERAMAN FINANCIAL SERVICES LIMITED	Director	30-11-2009	30-11-2009	31-12-2012	Active	NO
27	U74900KL2010PLC025553	INKEL-KSIDC PROJECTS LIMITED	Nominee director	24-02-2010	24-02-2010	11-02-2013	Active	NO
28	U74900KL2010PLC025556	INKEL-KINFRA INFRASTRUCTURE PROJECTS LIMITED	Nominee director	24-02-2010	24-02-2010	11-02-2013	Active	NO
29	U63020KL1950PTC000087	EMMAY LOGISTICS (INDIA) PRIVATE LIMITED	Director	12-07-2010	29-03-2010	-	Active	NO
30	U62200DL2007GOI161431	AIR INDIA LIMITED	Director	07-05-2010	07-05-2010	27-06-2012	Active	NO
31	U15125DL2000PTC107049	GIEX FOODS PRIVATE LIMITED	Director	29-09-2010	01-06-2010	-	Amalgamated	NO
32	U52190KL2010PTC026838	LULU CONVENTION AND EXHIBITION CENTER PRIVATE LIMITED	Managing director	05-10-2010	05-10-2010	-	Active	NO
33	U74900KL2010PTC026850	LULU FOREX PRIVATE LIMITED	Director	08-10-2010	08-10-2010	-	Active	NO
34	U35303KL2005PLC018632	COCHIN INTERNATIONAL AVIATION SERVICES LIMITED	Director	24-09-2011	23-06-2011	-	Active	NO
35	U52190KL2011PTC030058	LULU CONVENTION CENTER CALICUT PRIVATE LIMITED	Managing director	16-12-2011	16-12-2011	-	Active	NO
36	U45203KL2012PLC031692	CIAL INFRASTRUCTURES LIMITED	Director	20-07-2012	20-07-2012	-	Active	NO

Name :

Mr. Muslim Veettil Abdul Kader Asharf Ali

Designation :

Director

Address :

Emke Mansion No.1, Nattika Post, Thrissur, Kerala, India

Date of Birth/Age :

12.03.1959

Date of Appointment :

06.09.2004

DIN No.:

01210946

PAN No.:

AOTPM9438D

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	U51909TN2002PTC050105	LULU CENTER INTERNATIONAL PRIVATE LIMITED	Director	27-12-2002	27-12-2002	-	Strike off	NO
2	U52190KL2004PTC017414	LULU INTERNATIONAL SHOPPING MALL PRIVATE LIMITED	Director	06-09-2004	06-09-2004	-	Active	NO
3	U52190KL2004PTC017418	LULU INTERNATIONAL CONVENTION CENTER PRIVATE LIMITED	Director	08-09-2004	08-09-2004	-	Active	NO
4	U74999KL2004PTC017419	EMAY PETROLEUM DISTRIBUTORS PRIVATE LIMITED	Managing director	08-09-2004	08-09-2004	-	Active	NO
5	U70101KL2006PTC020035	LINE PROPERTIES PRIVATE LIMITED	Director	27-11-2006	27-11-2006	-	Active	NO
6	U51909KL2006PTC020034	LULU HYPERMARKET PRIVATE LIMITED	Director	27-11-2006	27-11-2006	-	Active	NO
7	U72200KL2007PTC021071	LULU CYBER WORLD PRIVATE LIMITED	Director	25-07-2007	25-07-2007	-	Active	NO
8	U74999KL2007PTC034928	LULU GROUP INTERNATIONAL PRIVATE LIMITED	Director	24-10-2007	24-10-2007	-	Active	NO
9	U55101KL2007PTC021401	LULU FLIGHT KITCHEN PRIVATE LIMITED	Director	13-11-2007	13-11-2007	-	Active	NO
10	U74900MH2010PTC206424	SGF STORE CONCEPT PRIVATE LIMITED	Director	10-08-2010	10-08-2010	-	Active	NO
11	U52190KL2010PTC026838	LULU CONVENTION AND EXHIBITION CENTER PRIVATE LIMITED	Director	05-10-2010	05-10-2010	-	Active	NO
12	U72200KL2010PTC027007	MANTLE SYSTEMS AND TECHNOLOGIES PRIVATE LIMITED	Director	10-11-2010	10-11-2010	-	Active	NO
13	U92190KL2010PTC027006	L H ENTERTAINMENT COMPANY PRIVATE LIMITED	Director	10-11-2010	10-11-2010	-	Active	NO
14	U36102MH2007PTC171224	INDYFIT SHOPFITTINGS INDIA PRIVATE LIMITED	Director	30-09-2011	27-07-2011	-	Active	NO
15	U52190KL2011PTC030058	LULU CONVENTION CENTER CALICUT PRIVATE LIMITED	Director	16-12-2011	16-12-2011	-	Active	NO
16	U65923KL2009PLC025082	CHERAMAN FINANCIAL SERVICES LIMITED	Director	23-08-2013	26-07-2013	-	Active	NO

Name :

Mr. Nishad Mudakkodi Parambil Ashraf

Designation :

Director

Address :

Mudakkodi Parambil House, Nettoor PO, Maradu, Kochi – 682 304, Ernakulam, India

Date of Birth/Age :

30.05.1980

Date of Appointment :

20.06.2006

DIN No.:

01791547

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	U52190KL2004PTC017418	LULU INTERNATIONAL CONVENTION CENTER PRIVATE LIMITED	Director	19-12-2005	19-12-2005	-	Active	NO
2	U52190KL2004PTC017414	LULU INTERNATIONAL SHOPPING MALL PRIVATE LIMITED	Director	20-06-2006	20-06-2006	-	Active	NO
3	U70101KL2006PTC020035	LINE PROPERTIES PRIVATE LIMITED	Director	01-02-2007	01-02-2007	-	Active	NO
4	U55101KL2007PTC021401	LULU FLIGHT KITCHEN PRIVATE LIMITED	Director	22-11-2007	22-11-2007	-	Active	NO
5	U51909KL2006PTC020034	LULU HYPERMARKET PRIVATE LIMITED	Director	22-11-2007	22-11-2007	-	Active	NO
6	U63020KL1950PTC000087	EMMAY LOGISTICS (INDIA) PRIVATE LIMITED	Managing director	12-07-2010	29-03-2010	-	Active	NO
7	U63040KL2006PTC019311	SPACE INTERNATIONAL AIR TRAVELS PRIVATE LIMITED	Director	19-05-2010	19-05-2010	-	Active	NO
8	U52190KL2010PTC026838	LULU CONVENTION AND EXHIBITION CENTER PRIVATE LIMITED	Director	09-02-2012	08-10-2010	-	Active	NO
9	U72200KL2010PTC027007	MANTLE SYSTEMS AND TECHNOLOGIES PRIVATE LIMITED	Director	22-07-2011	14-12-2010	-	Active	NO
10	U92190KL2010PTC027006	L H ENTERTAINMENT COMPANY PRIVATE LIMITED	Director	14-12-2010	14-12-2010	-	Active	NO
11	U45200KL2009PTC024242	EMMAY INTERNATIONAL PROPERTIES AND DEVELOPERS PRIVATE LIMITED	Additional director	22-07-2011	22-07-2011	-	Active	NO
12	U52190KL2011PTC030058	LULU CONVENTION CENTER CALICUT PRIVATE LIMITED	Director	17-12-2011	17-12-2011	-	Active	NO
13	U74999KL2007PTC034928	LULU GROUP INTERNATIONAL PRIVATE LIMITED	Additional director	19-08-2013	19-08-2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sunil Agarwal
Designation :	Secretary
Address :	8/1, 430, T.D. Fast, Sannidhi Road, Mattancherry, Ernakulam, Kochi – 682 002, Kerala, India
Date of Appointment :	11.03.2013
PAN No.:	AHTPA0984H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2013

Names of Shareholders (Equity Shares)	No. of Shares
Yusuffali M.A.	250000000
Ashraf Ali M.A.	250000000
Total	500000000

Names of Shareholders (Preference Shares)	No. of Shares
Yusuffali M.A.	2500000
Ashraf Ali M.A.	2500000
Total	5000000

AS ON 27.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in development, construction and running shopping malls, hypermarkets, supermarkets, departmental stores, hotels and other tourism related activities and to import, export or otherwise trade in all kinds of consumer goods, consumer durables, food articles, dress materials, electronic and electrical items and similar products.

GENERAL INFORMATION

No. of Employees :

Information declined by the Management

Bankers :

Union Bank of India, Overseas Branch, Union Bank Bhavan, 1^st Floor, P.B.No.3683, M.G. Road, Ernakulam, Kochi – 682 035, Kerala, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	0.000	4043.808
Loans repayable on demand	6226.893	0.000
Total	6226.893	4043.808

Banking Relations :	--
Auditors :
Name :	JDNT and Associates Chartered Accountants
Address :	38/691, Manjankal House, Surabhi Enclaves, S.A. Road
PAN No.:	AAFFT6100M
Enterprises over which directors have significant influence :	Lulu Flight Kitchen Private Limited (CIN No.: U55101KL2007PTC021401) Line Properties Private Limited, India (CIN No.: U70101KL2006PTC020035) Space International Air Travels Private Limited (CIN No.: U63040KL2006PTC019311)

CAPITAL STRUCTURE

AS ON 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
850000000	Equity Shares	Rs.10/- each	Rs.8500.000 millions
15000000	Preference Shares	Rs.100/- each	Rs.1500.000 millions
	Total		Rs.10000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000000	Equity Shares	Rs.10/- each	Rs.5000.000 millions
5000000	Preference Shares	Rs.100/- each	Rs.500.000 millions
	Total		Rs.5500.000 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	5500.000	4000.000	4000.000
(b) Reserves & Surplus	(83.497)	0.000	0.000
(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)	5416.503	4000.000	4000.000
(3) Non-Current Liabilities
(a) Long-term borrowings	6688.689	4793.808	3379.677
(b) Deferred tax liabilities (Net)	202.879	102.528	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	6891.568	4896.336	3379.677
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	655.906	0.000	274.409
(c) Other current liabilities	474.820	910.614	2.779
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	1130.726	910.614	277.188
TOTAL	13438.797	9806.950	7656.865
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9648.958	3006.190	2997.779
(ii) Intangible Assets	1.359	1.660	1.971
(iii) Capital work-in-progress	2393.848	6111.257	4222.931
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	36.652	0.000	0.000
(d) Long-term Loan and Advances	19.516	85.818	82.157
(e) Other Non-current assets	0.000	0.000	69.599
Total Non-Current Assets	12100.333	9204.925	7374.437
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	682.039	0.000	0.000
(c) Trade receivables	39.679	0.000	0.000
(d) Cash and cash equivalents	289.690	239.986	11.056
(e) Short-term loans and advances	322.971	362.039	271.372
(f) Other current assets	4.085	0.000	0.000
Total Current Assets	1338.464	602.025	282.428
TOTAL	13438.797	9806.950	7656.865

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013
REVENUE	341.800
NET PROFIT / (LOSS)	(83.200)

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt/Networth)	1.23	1.20	0.84
Current Ratio (Current Asset/Current Liability)	1.18	0.66	1.02

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	4000.000	4000.000	5500.000
Reserves & Surplus	0.000	0.000	-83.497
Net worth	4000.000	4000.000	5416.503
long-term borrowings	3379.677	4793.808	6688.689
Short term borrowings	0.000	0.000	0.000
Total borrowings	3379.677	4793.808	6688.689
Debt/Equity ratio	0.845	1.198	1.235

LOCAL AGENCY FURTHER INFORMATION

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	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last one year	Yes
12) Profitability for last one year	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	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

Note:

No Charges Exist for Company.

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Loans and advances from directors	461.796	750.000
Total	461.796	750.000

HIGHLIGHTS:

The prestigious project of the company, THE LULU MALL was inaugurated on 10.03.2013 and the commercial activities were also commenced thereon. On the same day, the company had also started its four retail divisions namely Lulu Hypermarket, Lulu Celebrate, Lulu Connect and Sparky’s Amusement Park in the Mall premises. The completion of the construction of the Hotel project has been delayed further for a period of 12 months due to uprating the hotel star ratings from 4 Star Category Hotel to a 5 Star Category Deluxe Hotel. The proposed uprating also demanded for upgrading the building and interior designs of the hotel with additional cost and time. It is expected that the Hotel Project will be completed by the end of this financial year.

FINANCIAL:

During the year, the Consortium term loan availed by the company, against the sanction limit of Rs.7500.000 millions, from the bankers was closed and a secured overdraft facility with a limit of Rs.6750.000 millions secured against the NRE fixed deposit of the promoter was sanctioned by Union Bank of India, Ernakulam. Against the said sanctioned SOD limit, the company has availed an amount of Rs.6226.800 millions. Being in the initial stage of operations, the Company has generated revenue of Rs.341.800 millions mainly from sale of goods and lease rental incomes. The overall operations of the company recorded a net loss of Rs.83.200 millions after providing for depreciation and deferred tax, mainly due to the stock of unsold goods, administrative and operative expenses, which is carried over to the Balance sheet. Your Directors are hopeful of improving the performance of the company in the coming years.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

Intangible Assets

· Computer Software

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.60.99
UK Pound	1	Rs.102.07
Euro	1	Rs.84.53

INFORMATION DETAILS

Information Gathered by :	PRT
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.