MIRA INFORM REPORT

Report Date :

23.05.2014

IDENTIFICATION DETAILS

Name :	FUTURE LIFESTYLE FASHIONS LIMITED (w.e.f. 04.12.2012)

Formerly Known As :	FUTURE VALUE FASHION RETAIL LIMITED

Registered Office :	Knowledge House, Shyam Nagar, Off. Jogeshwari - Vikhroli Link Road, Jogeshwari (East), Mumbai – 400060, Maharashtra

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	30.05.2012

Com. Reg. No.:	11-231654

Capital Investment / Paid-up Capital :	Rs.51.463 Millions

CIN No.: [Company Identification No.]	U52100MH2012PLC231654

PAN No.: [Permanent Account No.]	AABCF9869N

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Subject operates as an integrated fashion company.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Exist

Comments :	Subject is a subsidiary of “Future Retail Limited”. It is a company having moderate track record. The subject is formed through the demerger of lifestyle fashion businesses of Future Retail Limited and Future Ventures India Limited. The company has not yet commenced its business operations and expects its operations to be started in the next financial year i.e. 2013-2014. Further, the rating also takes into consideration the vast experience of the promoters in retail industry. Payment terms are unknown. In view of strong promoter, the company can be considered for business dealings with some cautions.

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	CARE
Rating	Long Term Facilities = A+
Rating Explanation	Adequate degree of safety. It carry low credit risk.
Date	25.11.2013

Rating Agency Name	CARE
Rating	Short Term Facilities = A1
Rating Explanation	Strongest degree of safety and carry lowest credit risk.
Date	25.11.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Knowledge House, Shyam Nagar, Off. Jogeshwari - Vikhroli Link Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India
Tel. No. :	91-22-30842336
Fax No. :	91-22-66442201
E-Mail :	roc.info@futuregroup.in

Future Retail Home Office :	Tower C, 247 Park, LBS Marg, Vikhroli (West), Mumbai – 400083, Maharashtra, India
Tel. No. :	91-22-61190000

DIRECTORS

As on 09.05.2013

Name :

Mr. Kishore Laxminarayan Biyani

Designation :

Managing Director

Address :

406, Jeevan Vihar, Manav Mandir Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

09.08.1960

Date of Appointment :

25.06.2013

DIN No.:

00005740

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	L52399MH1987PLC044954	Future Retail Limited	Managing director	01/04/2010	01/06/1991	-	Active	NO
2	U74900MH1996PLC097943	Future Corporate Resources Limited	Director	30/09/2010	17/04/2001	-	Amalgamated	NO
3	L51900MH1981PLC024988	GALAXY ENTERTAINMENT CORPORATION LIMITED	Director	29/01/2004	29/01/2004	11/08/2011	Active	NO
4	U45200MH2004PLC146312	KB MALL MANAGEMENT COMPANY LIMITED	Director	14/05/2004	14/05/2004	15/03/2008	Amalgamated	NO
5	U70100MH2004PTC148033	NISHTA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	16/08/2004	16/08/2004	15/03/2008	Active	NO
6	U70100MH2004PTC148032	BARTRAYA MALL DEVELOPMENT COMPANY PRIVATE LIMITED	Director	16/08/2004	16/08/2004	15/03/2008	Active	NO
7	U52330MH2004PLC148956	HOME SOLUTIONS RETAIL (INDIA) LIMITED	Director	04/10/2004	04/10/2004	10/06/2011	Active	NO
8	U99999MH1987PLC044078	PIL Industries Limited	Director	04/01/2005	04/01/2005	23/08/2008	Active	NO
9	U85110MH1998PLC226134	INDUS-LEAGUE CLOTHING LIMITED	Director	21/01/2005	21/01/2005	16/03/2007	Active	NO
10	U55101MH2005PLC151089	PAN INDIA RESTAURANTS LIMITED	Director	07/02/2005	07/02/2005	18/12/2006	Amalgamated	NO
11	U74995MH2005PLC151073	IDIOM DESIGN AND CONSULTING LIMITED	Director	07/02/2005	07/02/2005	15/10/2007	Active	NO
12	U52190RJ1999PTC015993	PLANET RETAIL HOLDINGS PRIVATE LIMITED	Director	03/03/2005	03/03/2005	31/07/2007	Active	NO
13	U91990MH2005GAP151959	RETAILERS ASSOCIATION OF INDIA	Director	14/03/2005	14/03/2005	-	Active	NO
14	U72100MH2000PTC125840	GALAXY RAIN RESTAURANTS PRIVATE LIMITED	Director	15/03/2005	15/03/2005	31/07/2010	Active	NO
15	U70100MH2005PTC151972	ACUTE REALTY PRIVATE LIMITED	Director	15/03/2005	15/03/2005	15/03/2008	Active	NO
16	U65990MH1994PTC076728	VARNISH TRADING PRIVATE LIMITED	Director	30/09/2009	21/05/2005	-	Amalgamated	NO
17	U70100MH2005PTC153677	Anchor Residency Private Limited	Director	01/06/2005	01/06/2005	15/03/2008	Active	NO
18	U70101MH2005PTC153688	NAMAN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	02/06/2005	02/06/2005	01/09/2010	Active	NO
19	U70100MH2005PTC155102	SRISHTI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	03/08/2005	03/08/2005	12/03/2009	Active	NO
20	U70100MH2005PTC155104	UNIQUE MALLS PRIVATE LIMITED	Director	03/08/2005	03/08/2005	15/03/2008	Active	NO
21	U70100MH2005PTC155196	BLB MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	08/08/2005	08/08/2005	15/04/2009	Active	NO
22	U51909MH2005PTC156796	ERUDITE TRADING PRIVATE LIMITED	Director	30/09/2009	18/11/2005	-	Amalgamated	NO
23	L22219UP1975PLC004147	JAGRAN PRAKASHAN LIMITED	Director	18/11/2005	18/11/2005	31/01/2013	Active	NO
24	U51110MH2005PTC156855	CHASTE INVESTRADE PRIVATE LIMITED	Director	30/09/2009	19/11/2005	-	Amalgamated	NO
25	U51100MH2005PLC156856	FUTURE CORPORATE RESOURCES LIMITED	Director	19/11/2005	19/11/2005	-	Active	NO
26	U67190MH2005PLC157444	Future Capital Investment Advisors Limited	Director	21/11/2005	21/11/2005	26/03/2007	Amalgamated	NO
27	U52190RJ2005PTC021656	QUEST RETAIL PRIVATE LIMITED	Director	25/11/2005	25/11/2005	03/02/2007	Active	NO
28	U52190RJ2005PTC021657	NEW HORIZONS RETAIL PRIVATE LIMITED	Director	25/11/2005	25/11/2005	01/06/2010	Active	NO
29	U51909MH1994PTC156437	MANZ RETAIL PRIVATE LIMITED (TRF.)	Director	27/12/2005	27/12/2005	28/02/2011	Active	NO
30	U65900MH2006PLC159526	FUTURE IDEAS COMPANY LIMITED	Director	06/02/2006	06/02/2006	01/10/2007	Active	NO
31	U17110MH2004PTC043441	ESES COMMERCIALS PRIVATE LIMITED	Director	25/08/2006	25/08/2006	08/05/2011	Active	NO
32	L29120MH2005PLC156795	CAPITAL FIRST LIMITED	Director	05/09/2006	05/09/2006	28/09/2012	Active	NO
33	U74999MH2006PLC165722	Future Brands Limited	Director	22/11/2006	22/11/2006	28/05/2010	Active	NO
34	U72200MH1990PLC056987	UTV SOFTWARE COMMUNICATIONS LIMITED	Additional director	25/01/2007	25/01/2007	06/11/2008	Active	NO
35	U66010MH2006PLC165288	Future Generali India Life Insurance Company Limited	Director	23/11/2007	16/03/2007	-	Active	NO
36	U66030MH2006PLC165287	Future Generali India Insurance Company Limited	Director	23/11/2007	16/03/2007	-	Active	NO
37	U36939MH2007PLC238764	WINNER SPORTS LIMITED	Director	01/06/2007	01/06/2007	01/12/2008	Active	NO
38	L52602MH1996PLC192090	FUTURE CONSUMER ENTERPRISE LIMITED	Director	31/05/2013	08/10/2007	-	Active	NO
39	U74300MH2006PLC160375	Future Media (India) Limited	Director	07/12/2007	23/11/2007	-	Active	NO
40	U70101PN1993PTC072139	KUMAR URBAN DEVELOPMENT Private Limited	Director	29/09/2008	20/12/2007	01/07/2012	Active	NO
41	U80301MH2008PLC184089	FUTURE EDUCATION LIMITED	Director	24/12/2009	21/10/2009	01/06/2010	Active	NO
42	L92490MH1999PLC122381	Fame India Limited	Director	22/09/2010	28/02/2010	-	Amalgamated	NO
43	U85110KA1996PTC020897	EMBASSY PROPERTY DEVELOPMENTS Private Limited	Director	02/06/2010	02/06/2010	-	Active	NO
44	U45202MH2010PTC206996	U-PHASE INFRAPROJECTS PRIVATE LIMITED	Director	24/08/2011	14/09/2010	17/01/2014	Active	NO
45	U52100MH2010PTC206500	SALARJUNG MULTITRADING PRIVATE LIMITED	Director	25/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
46	U51109MH2010PTC207312	SAACHI MULTITRADING PRIVATE LIMITED	Director	22/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
47	U45202MH2010PTC207041	SILVER BASE INFRASTRUCTURE PRIVATE LIMITED	Director	25/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
48	U45400MH2010PTC207216	UCCHAL INFRASTRUCTURE PRIVATE LIMITED	Director	22/08/2011	14/09/2010	-	Active	NO
49	U51909MH2010PTC206943	SOFTTOUCH MULTITRADING PRIVATE LIMITED	Director	24/08/2011	14/09/2010	-	Active	NO
50	U45400MH2010PTC207209	TARAKA INFRASTRUCTURE PRIVATE LIMITED	Director	25/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
51	U51109MH2010PTC207475	WHITE KNIGHT MERCANTILE PRIVATE LIMITED	Director	23/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
52	U45202MH2010PTC207208	TANUSHRI INFRASTRUCTURE PRIVATE LIMITED	Director	24/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
53	U51109MH2010PTC207436	OVIYA MULTITRADING PRIVATE LIMITED	Director	23/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
54	U45200MH2010PTC207153	LIQUID FOOT INFRAPROJECTS PRIVATE LIMITED	Director	24/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
55	U51101MH2010PTC207091	KAVI SALES AGENCY PRIVATE LIMITED	Director	20/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
56	U45400MH2010PTC207607	ECLIPSE INFRASTRUCTURE PRIVATE LIMITED	Director	23/08/2011	14/09/2010	-	Active	NO
57	U52100MH2010PTC207383	BRAHMABRATA TRADING PRIVATE LIMITED	Director	20/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
58	U45400MH2010PTC207310	RAJA INFRASTRUCTURE PRIVATE LIMITED	Director	24/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
59	U51109MH2010PTC207247	RADHA MULTITRADING PRIVATE LIMITED	Director	22/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
60	U51398MH2010PTC206874	RAAKA MULTITRADING PRIVATE LIMITED	Director	24/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
61	U51101MH2010PTC207205	SAMREEN MULTITRADING PRIVATE LIMITED	Director	25/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
62	U45202MH2010PTC207319	GARGI DEVELOPERS PRIVATE LIMITED	Director	29/10/2011	14/09/2010	30/10/2011	Active	NO
63	U51909MH2010PTC207207	SANAVI MULTITRADING PRIVATE LIMITED	Director	25/08/2011	14/09/2010	17/01/2014	Active	NO
64	U51101MH2010PTC207147	WHITE CIRCLE MERCANTILE PRIVATE LIMITED	Director	20/08/2011	14/09/2010	17/01/2014	Active	NO
65	U52100MH2012PLC231654	FUTURE LIFESTYLE FASHIONS LIMITED	Managing director	25/06/2013	06/12/2012	-	Active	NO
66	L92199GJ1999PLC044045	INOX LEISURE LIMITED	Additional director	16/10/2013	16/10/2013	-	Active	NO
67	AAA-6310	SILVER BASE INFRASTRUCTURE LLP	Designated Partner	21/09/2011	21/09/2011	-	Active	NO
68	AAA-6311	WHITE KNIGHT MERCANTILE LLP	Designated Partner	21/09/2011	21/09/2011	-	Active	NO
69	AAA-6312	SALARJUNG MULTITRADING LLP	Designated Partner	21/09/2011	21/09/2011	-	Active	NO
70	AAA-6313	KAVI SALES AGENCY LLP	Designated Partner	21/09/2011	21/09/2011	-	Active	NO
71	AAA-6314	LIQUID FOOT INFRAPROJECTS LLP	Designated Partner	21/09/2011	21/09/2011	-	Active	NO
72	AAA-6345	RAAKA MULTITRADING LLP	Designated Partner	23/09/2011	23/09/2011	-	Active	NO
73	AAA-6346	SAACHI MULTITRADING LLP	Designated Partner	23/09/2011	23/09/2011	-	Active	NO
74	AAA-6347	OVIYA MULTITRADING LLP	Designated Partner	23/09/2011	23/09/2011	-	Active	NO
75	AAA-6349	TARAKA INFRASTRUCTURE LLP	Designated Partner	23/09/2011	23/09/2011	-	Active	NO
76	AAA-6371	RAJA INFRASTRUCTURE LLP	Designated Partner	26/09/2011	26/09/2011	-	Active	NO
77	AAA-6387	RADHA MULTITRADING LLP	Designated Partner	27/09/2011	27/09/2011	-	Active	NO
78	AAA-6388	BRAHMABRATA TRADING LLP	Designated Partner	27/09/2011	27/09/2011	-	Active	NO
79	AAA-6413	TANUSHRI INFRASTRUCTURE LLP	Designated Partner	28/09/2011	28/09/2011	-	Active	NO
80	AAA-6476	SAMREEN MULTITRADING LLP	Designated Partner	04/10/2011	04/10/2011	-	Active	NO

Name :

Mr. Chandra Prakash Toshniwal

Designation :

Whole Time Director

Address :

Kanishka, Great Eastern Link, Ram Mandir Road, Goregaon (West), Mumbai – 400062, Maharashtra, India

Date of Birth/Age :

29.09.1966

Date of Appointment :

01.11.2013

DIN No.:

00036303

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	U72100MH1999PLC120600	PRTL ENTERPRISES LIMITED	Director	22/08/2000	22/08/2000	02/08/2008	Active	NO
2	U55101MH2005PLC151089	PAN INDIA RESTAURANTS LIMITED	Director	07/02/2005	07/02/2005	-	Amalgamated	NO
3	U74995MH2005PLC151073	IDIOM DESIGN AND CONSULTING LIMITED	Director	07/02/2005	07/02/2005	30/03/2008	Active	NO
4	U70100MH2005PTC153677	Anchor Residency Private Limited	Director	01/06/2005	01/06/2005	-	Active	NO
5	U70101MH2005PTC153688	NAMAN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	02/06/2005	02/06/2005	01/09/2010	Active	NO
6	U45200GJ2005PTC046351	GULMOHAR PARK MALL PRIVATE LIMITED	Director	11/07/2005	11/07/2005	01/09/2010	Active	NO
7	U70100MH2005PTC155102	SRISHTI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	03/08/2005	03/08/2005	27/02/2012	Active	NO
8	U70100MH2005PTC155104	UNIQUE MALLS PRIVATE LIMITED	Director	03/08/2005	03/08/2005	27/06/2012	Active	NO
9	U70100MH2005PTC155196	BLB MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	08/08/2005	08/08/2005	15/04/2009	Active	NO
10	U45200MH2005PTC156837	SUHANI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	18/10/2005	18/10/2005	18/02/2013	Active	NO
11	U45200MH2005PTC156839	AVRUTI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	18/10/2005	18/10/2005	01/09/2010	Active	NO
12	U70100MH2005PTC156868	ANUSHTA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	19/10/2005	19/10/2005	01/09/2010	Active	NO
13	U70100MH2005PTC156886	SHAGUN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	20/10/2005	20/10/2005	14/06/2007	Active	NO
14	U70100MH2005PTC156869	BANSI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	19/11/2005	19/11/2005	27/02/2012	Active	NO
15	U51909MH1994PTC156437	MANZ RETAIL PRIVATE LIMITED (TRF.)	Director	27/12/2005	27/12/2005	27/02/2012	Active	NO
16	U51900MH2006PLC159197	FUTUREBAZAAR INDIA LIMITED	Director	23/01/2006	23/01/2006	27/02/2008	Active	NO
17	U65900MH2006PLC159526	FUTURE IDEAS COMPANY LIMITED	Director	06/02/2006	06/02/2006	27/02/2008	Active	NO
18	U52110MH2006PLC159581	Future Axiom Telecom Limited	Director	07/02/2006	07/02/2006	-	Active	NO
19	U15100MH2005PLC152599	Future Agrovet Limited	Director	29/09/2006	10/02/2006	-	Active	NO
20	U52190MH2006PLC160377	GJ Freedom Fashions Limited	Director	08/03/2006	08/03/2006	30/01/2008	Active	NO
21	U74300MH2006PLC160375	Future Media (India) Limited	Director	18/09/2008	08/03/2006	-	Active	NO
22	U63030MH2006PLC160376	Future Supply Chain Solutions Limited	Director	08/03/2006	08/03/2006	-	Active	NO
23	U52190MH2006PLC160415	MYRA MALL MANAGEMENT COMPANY LIMITED	Director	16/03/2006	16/03/2006	03/07/2007	Active	NO
24	U51909MH2005PTC151869	SPRINT ADVISORY SERVICES PRIVATE LIMITED	Director	31/08/2006	21/03/2006	-	Active	NO
25	U55209MH2006PTC161530	Pan India Food Solutions Private Limited	Director	01/05/2006	01/05/2006	18/06/2009	Active	NO
26	U45200MH2005PTC157267	SHENDRA ADVISORY SERVICES PRIVATE LIMITED	Director	29/09/2006	19/05/2006	-	Active	NO
27	U18101MH2006PLC223534	LEE COOPER (INDIA) LIMITED	Director	29/08/2006	29/08/2006	30/12/2008	Amalgamated	NO
28	U45200GJ2006PTC048776	RATNABHUMI DEVELOPERS PRIVATE LIMITED	Director	25/09/2006	25/09/2006	24/04/2009	Active	NO
29	U70109WB1998PTC087521	SUN CITY PROPERTIES PRIVATE LIMITED	Director	03/10/2006	03/10/2006	-	Active	NO
30	U66030MH2006PLC165287	Future Generali India Insurance Company Limited	Director	30/10/2006	30/10/2006	16/03/2007	Active	NO
31	U66010MH2006PLC165288	Future Generali India Life Insurance Company Limited	Director	30/10/2006	30/10/2006	16/03/2007	Active	NO
32	U93090MH2006PTC165612	Airport Retail Private Limited	Director	17/11/2006	17/11/2006	17/11/2008	Active	NO
33	U74999MH2006PLC165722	Future Brands Limited	Director	22/11/2006	22/11/2006	-	Active	NO
34	U74999MH2007PLC166866	STAPLES FUTURE OFFICE PRODUCTS LIMITED	Director	09/01/2007	09/01/2007	05/11/2008	Active	NO
35	U74999MH2007PLC167122	FUTURE KNOWLEDGE SERVICES LIMITED	Director	18/01/2007	18/01/2007	-	Active	NO
36	U51909MH2006PTC164092	Edmon Trading Private Limited	Director	23/01/2007	23/01/2007	01/10/2009	Active	NO
37	U52399MH2007PLC171178	FUTURE E-COMMERCE INFRASTRUCTURE LIMITED	Director	25/05/2007	25/05/2007	-	Active	NO
38	U52100MH2007PLC171524	Future Value Retail Limited.	Director	11/06/2007	11/06/2007	-	Active	NO
39	U51900MH2007PLC171946	FUTURE MOBILE AND ACCESSORIES LIMITED	Director	23/06/2007	23/06/2007	27/02/2008	Active	NO
40	U70102MH2006PTC161886	Shreya Mall Management Private Limited	Director	31/10/2007	05/07/2007	-	Active	NO
41	U74999MH2007PLC173727	Mobile Repair Service City India Limited	Director	01/09/2007	01/09/2007	30/03/2008	Active	NO
42	U51900MH2007PLC174027	FUTURE CONSUMER PRODUCTS LIMITED	Director	11/09/2007	11/09/2007	-	Active	NO
43	U17291MH2007GOI195397	APOLLO DESIGN APPAREL PARKS LIMITED	Director	22/12/2008	22/12/2007	-	Active	NO
44	U51909MH2006PTC164209	Central Departmental Stores Private Limited	Director	31/01/2008	31/01/2008	-	Active	NO
45	U52100MH2008PLC179919	FUTURE FOOD AND PRODUCTS LIMITED	Director	10/03/2008	10/03/2008	09/01/2009	Active	NO
46	L45400MH2008PLC179914	Future Market Networks Limited	Director	10/03/2008	10/03/2008	09/01/2009	Active	NO
47	U45201MH2008PLC179913	Agre Properties & Services Limited	Director	10/03/2008	10/03/2008	09/01/2009	Amalgamated	NO
48	U74999MH2008PLC181051	Future Learning and Development Limited	Director	10/04/2008	10/04/2008	-	Active	NO
49	U22300MH2008PLC181041	Future Outdoor Media Solutions Limited	Director	10/04/2008	10/04/2008	22/03/2013	Active	NO
50	U93000MH2008PTC179580	Harsh Trading & Investment Consultants Private Limited	Director	11/04/2008	11/04/2008	04/08/2011	Active	NO
51	U55100MH2000PTC128686	BLUE FOODS PRIVATE LIMITED	Additional director	21/04/2008	21/04/2008	22/04/2008	Active	NO
52	U51109WB2006PTC109359	KAMASKHYA TRACOM PVT LTD	Nominee director	07/07/2008	07/07/2008	16/09/2010	Active	NO
53	U51100MH2005PLC156856	FUTURE CORPORATE RESOURCES LIMITED	Director	09/08/2011	08/08/2011	-	Active	NO
54	U45400WB2012PTC173445	CIRCULAR DEVELOPERS PRIVATE LIMITED	Director	24/02/2012	24/02/2012	09/03/2012	Active	NO
55	U74999MH2010PLC203778	nuFuture Haribhakti Business Services Limited.	Director	29/09/2012	03/08/2012	-	Active	NO
56	U52100MH2012PLC231654	FUTURE LIFESTYLE FASHIONS LIMITED	Whole-time director	01/11/2013	02/03/2013	-	Active	NO
57	U74900MH2007PLC167121	Future Human Development Limited	Director	30/09/2013	25/03/2013	-	Active	NO
58	AAA-4360	SSA ADVISORS LLP	Designated Partner	04/04/2011	04/04/2011	-	Active	NO

Name :

Mr. Sanjay Ramprasad Rathi

Designation :

Director

Address :

C-3, Kaveri – Mahima, Bangur Nagar, Goregaon (West), Mumbai – 400090, Maharashtra, India

Date of Appointment :

30.05.2012

DIN No.:

00022432

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	U51909WB1995PTC067435	NEELPATH TRADERS PRIVATE LIMITED	Director	15/10/2004	15/10/2004	-	Amalgamated	NO
2	U74140PN2006PTC022176	MRM CORPORATE ADVISOR PRIVATE LIMITED	Director	15/09/2007	01/05/2006	-	Active	NO
3	L17120DN1994PLC000387	EMMBI INDUSTRIES LIMITED	Director	22/02/2007	22/02/2007	-	Active	NO
4	U92490MH2006PTC166327	Future Entertainment Private Limited	Director	08/05/2007	08/05/2007	-	Active	NO
5	U52399MH2007PLC171178	FUTURE E-COMMERCE INFRASTRUCTURE LIMITED	Director	25/05/2007	25/05/2007	24/12/2009	Active	NO
6	U52100MH2007PLC171524	Future Value Retail Limited.	Director	11/06/2007	11/06/2007	06/01/2011	Active	NO
7	U51900MH2007PLC171946	FUTURE MOBILE AND ACCESSORIES LIMITED	Director	23/06/2007	23/06/2007	-	Active	NO
8	U74999MH2007PLC173727	Mobile Repair Service City India Limited	Director	01/09/2007	01/09/2007	-	Active	NO
9	U51900MH2007PLC174027	FUTURE CONSUMER PRODUCTS LIMITED	Director	11/09/2007	11/09/2007	20/03/2008	Active	NO
10	U72900MH2007PLC174787	nuFuture Digital (India) Limited	Director	08/10/2007	08/10/2007	21/02/2012	Active	NO
11	U70102MH2007PLC175707	Future Ideas Realtors India Limited	Director	05/11/2007	05/11/2007	-	Active	NO
12	U52100MH2008PLC179919	FUTURE FOOD AND PRODUCTS LIMITED	Director	10/03/2008	10/03/2008	06/10/2012	Active	NO
13	L45400MH2008PLC179914	Future Market Networks Limited	Director	10/03/2008	10/03/2008	24/09/2010	Active	NO
14	U45201MH2008PLC179913	Agre Properties & Services Limited	Director	10/03/2008	10/03/2008	17/10/2010	Amalgamated	NO
15	U51909MH2006PTC164092	Edmon Trading Private Limited	Director	30/06/2008	10/03/2008	01/10/2009	Active	NO
16	U74999MH2008PLC181051	Future Learning and Development Limited	Director	10/04/2008	10/04/2008	09/10/2009	Active	NO
17	U22300MH2008PLC181041	Future Outdoor Media Solutions Limited	Director	10/04/2008	10/04/2008	-	Active	NO
18	U74994MH2008PLC181891	Celio Future Fashion Limited	Director	05/05/2008	05/05/2008	16/12/2008	Active	NO
19	U80301MH2008PLC184089	FUTURE EDUCATION LIMITED	Director	27/06/2008	27/06/2008	21/10/2009	Active	NO
20	U51110MH2005PTC156855	CHASTE INVESTRADE PRIVATE LIMITED	Additional director	01/06/2009	01/06/2009	10/07/2009	Amalgamated	NO
21	U51109MH2009PLC195415	RURAL FAIRPRICE WHOLESALE LIMITED	Director	01/09/2009	01/09/2009	-	Active	NO
22	U01403MH2010PLC201760	Future Freshfoods Limited	Director	06/04/2010	06/04/2010	-	Active	NO
23	U17291MH2007GOI195402	GOLDMOHUR DESIGN AND APPAREL PARK LIMITED	Director	18/09/2010	08/06/2010	-	Active	NO
24	U65900MH2006PLC159526	FUTURE IDEAS COMPANY LIMITED	Director	30/09/2010	15/06/2010	-	Active	NO
25	U51109MH2008PLC189032	FSC Brand Distribution Services Limited	Director	30/09/2011	29/06/2011	-	Active	NO
26	U36939MH2007PLC238764	WINNER SPORTS LIMITED	Director	29/09/2012	15/12/2011	-	Active	NO
27	U74999MH2010PLC203778	nuFuture Haribhakti Business Services Limited.	Director	21/02/2012	21/02/2012	03/08/2012	Active	NO
28	U70100MH2005PTC156869	BANSI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	27/02/2012	27/02/2012	-	Active	NO
29	U51909MH1994PTC156437	MANZ RETAIL PRIVATE LIMITED (TRF.)	Director	27/02/2012	27/02/2012	-	Active	NO
30	U74997MH2012PTC231464	Maithili Multilayer Pipe Industries Private Limited	Director	25/05/2012	25/05/2012	-	Active	NO
31	U52100MH2012PLC231654	FUTURE LIFESTYLE FASHIONS LIMITED	Director	30/05/2012	30/05/2012	10/06/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Kuldeep R Sharma
Designation :	Secretary
Address :	601/A, Shiv Parvati, Chincholi Bunder Road, Malad (West), Mumbai - 400064, Maharashtra, India
Date of Birth/Age :	26.07.1965
Date of Appointment :	01.05.2013
PAN No.:	AAFPS9218R

MAJOR SHAREHOLDERS

As on 09.05.2013

Names of Shareholders		No. of Shares
Future Retail Limited, India		25731369
Future Retail Limited, India Jointly with Sanjay Rathi		5
Future Retail Limited, India Jointly with Kuldeep Sharma		5
Future Retail Limited, India Jointly with Anant Gude		5
Future Retail Limited, India Jointly with Virendra Samani		5
Future Retail Limited, India Jointly with Milind Budhakar		5
Future Retail Limited, India Jointly with Subodh More		5
Total		25731399

Equity Share Break up (Percentage of Total Equity)

As on 09.05.2013

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject operates as an integrated fashion company.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Vijaya Bank, Corporate Banking Branch, Maker Chambers - IV, 222, Nariman Point,, Mumbai - 400021, Maharashtra, India

· Bank of India and 6 Others, Mumbai Large Corporate Branch, Oriental Building, Ground Floor, 364, D.N. Road,, Mumbai - 400001, Maharashtra, India


Banking Relations :	--

Financial Institution :	Centbank Financial Services Limited, 15-16 Bajaj Bhawan, 1st Floor, Opp Inox Multiplex, Nariman Point, Mumbai - 400021, Maharashtra, India

Auditors :
Name :	NGS and Company Chartered Accountants
Address :	B-46, Pravasi Industrial Estate, V.N. Road, Goregaon (East), Mumbai-400063, Maharashtra, India
PAN No.:	AABFS3313D

Holding Company :	· Future Retail Limited (Formerly known as Pantaloon Retail (India) Limited) (w.e.f November 9,2012) CIN No.: L52399MH1987PLC044954 · Future Value Retail Limited (Till November 8, 2012)
	·
Fellow Subsidiary :	· Future Value Retail Limited (w.e.f November 9,2012)

CAPITAL STRUCTURE

As on 09.05.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

250000000	Equity Shares	Rs.2/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

25731399	Equity Shares	Rs.2/- each	Rs.51.463 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS			31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital			51.463
(b) Reserves & Surplus			(3.413)
(c) Money received against share warrants			0.000

(2) Share Application money pending allotment			0.000
Total Shareholders’ Funds (1) + (2)			48.050

(3) Non-Current Liabilities
(a) long-term borrowings			0.000
(b) Deferred tax liabilities (Net)			0.000
(c) Other long term liabilities			0.000
(d) long-term provisions			0.000
Total Non-current Liabilities (3)			0.000

(4) Current Liabilities
(a) Short term borrowings			0.000
(b) Trade payables			0.063
(c) Other current liabilities			0.000
(d) Short-term provisions			0.000
Total Current Liabilities (4)			0.063

TOTAL			48.113

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets			0.000
(ii) Intangible Assets			0.000
(iii) Capital work-in-progress			0.000
(iv) Intangible assets under development			0.000
(b) Non-current Investments			0.000
(c) Deferred tax assets (net)			0.024
(d) Long-term Loan and Advances			0.000
(e) Other Non-current assets			0.000
Total Non-Current Assets			0.024

(2) Current assets
(a) Current investments			0.000
(b) Inventories			0.000
(c) Trade receivables			0.000
(d) Cash and cash equivalents			1.703
(e) Short-term loans and advances			45.000
(f) Other current assets			1.386
Total Current Assets			48.089

TOTAL			48.113

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013
	SALES
		Income	0.000
		Other Income	1.540
		TOTAL (A)	1.540

Less	EXPENSES
		Other Expenses	4.808
		TOTAL (B)	4.808

Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(3.268)

Less	FINANCIAL EXPENSES (D)		0.000

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(3.268)

Less	DEPRECIATION/ AMORTISATION (F)		0.000

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(3.268)

Less	TAX (H)		0.145

	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(3.413)

	Earnings Per Share (Rs.)		(0.30)

KEY RATIOS

PARTICULARS		31.03.2013
PAT / Total Income	(%)	(221.62)

Net Profit Margin (PBT/Sales)	(%)	0.00

Return on Total Assets (PBT/Total Assets}	(%)	(6.80)

Return on Investment (ROI) (PBT/Networth)		(0.07)

Debt Equity Ratio (Total Debt /Networth)		0.00

Current Ratio (Current Asset/Current Liability)		763.32

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 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	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. :	CPL/237/2014	Failing Date:-	09/04/2014	Reg. No.:-	CP/325/2014	Reg. Date:-	07/05/2014

Petitioner:-	M/S ADIDAS INDIA MARETING PRIVATE LIMITED		Respondent:-	FUTURE LIFESTYLE FASHIONS LIMITED CIN NO.: U52100MH2012PLC231654
Petn.Adv:-	KHAITAN AND COMPANY (919)
District:-	OUTSIDE MAHARASHTRA

Bench:-	DIVISION		Category:-	COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT
Status:-	Pre-Admission		Stage:-
Last Date:-	13/06/2014
Last Coram:-	ACCORDING TO SITTING LIST

Act. :	Companies Act and Rules 1956			Under Section 433, 434 and 439

FINANCIALS AND OPERATIONS

During the first financial year since its incorporation, the Company had a total income of Rs.1.540 Millions. The total expenditure during the period amounted to Rs.4.808 Millions, thereby resulting in Loss before Tax of Rs.3.268 Millions. After provision of tax amounting to Rs.0.145 Million, the Loss for the period amounted to Rs.3.413 Millions.

The Company expects to commence its operations in the next financial year on vesting and transfer of fashion business in the manner as reported hereunder and is hopeful of registering growth in the years to come.

COMPOSITE SCHEME OF ARRANGEMENT AND AMALGAMATION FOR DEMERGER AND VESTING OF FASHION BUSINESS IN THE COMPANY

The Board of Directors, at its meeting held on 9 November 2012, approved the composite scheme of arrangement and amalgamation between Indus-League Clothing Limited (ILCL), Lee Cooper (India) Limited (LEE), Future Ventures (India) Limited (FVIL), Pantaloon Retail (India) Limited (now known as Future Retail Limited) (FRL) and Future Lifestyle Fashions Limited (FLFL) under Sections 391-394 of the Companies Act, 1956.

The Scheme provides for demerger of fashion business of ILCL and amalgamation of LEE into FVIL and thereafter demerger of fashion business of FVIL and fashion business of FRL into FLFL. It is expected that the Scheme would be approved by the Honable High Court of Bombay at final hearing of petition coming up in the month of May 2013.

The companies, part of this composite scheme, will give effect to the scheme after receipt of certified copy of the court order and the Fashion Business comprising of the FVIL demerged undertaking and PRIL demerged undertaking (as defined in the scheme documents) would be vested with the Company with effect from the 1 January 2013 being the Appointed Date as determined in the scheme documents. Pursuant to the said Scheme becoming effective, the shareholders of FVIL and FRL, as on a record date to be declared for the purpose by FVIL and FRL, shall be allotted equity shares of FLFL in the ratio as mentioned in the Scheme. Post aforesaid allotment, the Company will be proceeding with the listing of the shares of the Company.

STATUS OF THE COMPANY

The Company was initially incorporated as a subsidiary of Future Value Retail Limited, which is subsidiary of Future Retail Limited (formerly known as Pantaloon Retail (India) Limited). Thereafter, on 9 November 2012, the entire shareholding in the Company was transferred from Future Value Retail Limited to Future Retail Limited and accordingly, the Company ceased to be subsidiary of Future Value Retail Limited with effect from the said date and continued as direct subsidiary of Future Retail Limited.

WEBSITE DETAILS

COMPANY OVERVIEW

Future Lifestyle Fashions Limited operates as an integrated fashion company in India. The company primarily operates retail stores under the Central name; outlet stores under the Brand Factory name; and a multi-brand sportswear and sports goods chain under the Planet Sports name, as well as owns a fashion brand all that offers plus size clothing. It offers formal menswear, casual wear, active or sportswear, women’s ethnic wear, women’s denim wear, women’s casual wear, footwear, and accessories under a portfolio of fashion brands.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10486709	28/03/2014	1,500,000,000.00	Vijaya Bank	Corporate Banking Branch, Maker Chambers - Iv, 2 22, Nariman Point,, Mumbai, Maharashtra - 400021, India	C01109487
2	10482969	11/03/2014	1,000,000,000.00	Axis Bank Limited	Central Office, Second Floor, Bombay Dyeing Mill, Compound, Pandurang Budhakar Marg, Worli, Mumbai, Maharashtra - 400025, India	B98633464
3	10469636	30/12/2013	500,000,000.00	Axis Bank Limited	Central Office, Second Floor, Bombay Dyeing Mill, Compound, Pandurang Budhakar Marg, Worli, Mumbai, Maharashtra - 400025, India	B93309342
4	10468782	19/12/2013	6,000,000,000.00	Axis Bank Limited	Central Office, Second Floor, Bombay Dyeing Mill, Compound, Pandurang Budhakar Marg, Worli, Mumbai, Maharashtra - 400025, India	B92961069
5	10459270	19/12/2013 *	10,430,000,000.00	Bank of India and 6 Others	Mumbai Large Corporate Branch, Oriental Building, Ground Floor, 364, D.N. Road,, Mumbai, Maharashtra - 400001, India	B92418409
6	10433897	29/05/2013	690,000,000.00	Axis Bank Limited	Corporate Banking Branch, Second Floor, Queens Ro Ad, Bangalore, Karnataka - 560001, India	B78307121
7	10433734	29/05/2013	2,000,000,000.00	Allbank Finance Limited	14, India Exchange Place,, 1st Floor, Kolkata, West Bengal - 700001, India	B78253010
8	10433737	29/05/2013	2,500,000,000.00	Cent bank Financial Services Limited	15-16 Bajaj Bhawan, 1st Floor, Opp Inox Multiplex, , Nariman Point,, Mumbai, Maharashtra - 400021, India	B78253473
9	10433740	29/05/2013	4,500,000,000.00	Axis Bank Limited	Central Office, Second Floor, Bombay Dyeing Mill, Compound, Pandurang Budhakar Marg, Worli, Mumbai, Maharashtra - 400025, India	B78254984

*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.58.57
UK Pound	1	Rs.98.88
Euro	1	Rs.80.05

INFORMATION DETAILS

Information Gathered by :	GYT

Analysis Done by :	DIV

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO

TOTAL		31

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.