MIRA INFORM REPORT

Report Date :

10.09.2014

IDENTIFICATION DETAILS

Name :	NUFUTURE DIGITAL (INDIA) LIMITED (w.e.f. 11.05.2011)
Formerly Known As :	ERUDITE KNOWLEDGE SERVICES LIMITED
Registered Office :	Knowledge House, Shyam Nagar, Off Jogeshwari – Vikhroli Link Road, Jogeshwari (East), Mumbai – 400060, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	08.10.2007
Com. Reg. No.:	11-174787
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U72900MH2007PLC174787
TAN No.: [Tax Deduction & Collection Account No.]	MUME07503G
PAN No.: [Permanent Account No.]	AACCE0402H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Technology service provider for retail chain of the Future Group.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. As per registrar of companies the date of Balance Sheet (i.e. financial filed) is shown as 31.03.2013 but the documents related to financials are not available for any source. As per available financial record of 2012, the rating is constrained on account of company’s moderate financial risk profile marked by loss that company has incurred from its operation and huge external borrowing taken by the company. However, trade relations are fair. Business is active. Payments are reported to be 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

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

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

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

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

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

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

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

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

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED

Management Non Co-operative (91-22-66442201)

LOCATIONS

Registered Office :	Knowledge House, Shyam Nagar, Off Jogeshwari – Vikhroli Link Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India
Tel. No.:	91-22-66442200
Fax No.:	91-22-66442201
E-Mail :	roc.info@futuregroup.in roc.info@pantaloon.com barry.faras@pantaloon.com dinesh.nahar@futuregroup.in

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Anil Laxminarayan Biyani

Designation :

Director

Address :

305, Jeevan Vihar, Manav Mandir Road, Malabhar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

13.12.1963

Date of Appointment :

21.02.2012

DIN No.:

00005834

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	U99999MH1987PLC044078	PIL Industries Limited	Director	01/04/2010	01/10/1991	-	Active	NO
2	U70100MH2004PTC148033	NISHTA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	16/08/2004	16/08/2004	-	Active	NO
3	U70100MH2004PTC148031	NIYMAN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	22/04/2005	22/04/2005	30/08/2012	Active	NO
4	U70101MH2005PTC153688	NAMAN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	20/06/2005	20/06/2005	01/09/2010	Active	NO
5	U70100MH2005PTC151972	ACUTE REALTY PRIVATE LIMITED	Director	20/06/2005	20/06/2005	18/06/2012	Active	NO
6	U70100MH2005PTC153677	Anchor Residency Private Limited	Director	20/06/2005	20/06/2005	-	Active	NO
7	U70100MH2005PTC155196	BLB MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	08/08/2005	08/08/2005	15/04/2009	Active	NO
8	U70100MH2005PTC155104	UNIQUE MALLS PRIVATE LIMITED	Director	10/08/2005	10/08/2005	03/07/2012	Active	NO
9	U70100MH2005PTC155102	SRISHTI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	10/08/2005	10/08/2005	-	Active	NO
10	U74900MH1996PLC097943	Future Corporate Resources Limited	Director	30/09/2009	25/10/2005	-	Amalgamated	NO
11	L51900MH1981PLC025354	IDream Film Infrastructure Company Limited	Director	22/11/2005	22/11/2005	31/03/2008	Active	NO
12	U17100MH1994PLC083596	WEAVETTE TEXSTYLES LIMITED	Director	28/02/2006	28/02/2006	-	Active	NO
13	U93000MH2002PLC135478	AHA PARKS LIMITED	Director	23/05/2006	23/05/2006	15/07/2008	Active	NO
14	U70100MH2005PTC151439	ISKRUPA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	30/06/2006	30/06/2006	29/03/2008	Active	NO
15	U28920MH2000PLC126290	STRIPES APPARELS LIMITED	Director	23/03/2007	23/03/2007	-	Amalgamated	NO
16	U18100MH2002PTC136468	BIBA APPARELS PRIVATE LIMITED	Nominee director	05/06/2007	05/06/2007	20/09/2013	Active	NO
17	U52190RJ1999PTC015993	PLANET RETAIL HOLDINGS PRIVATE LIMITED	Director	28/09/2007	27/07/2007	10/06/2010	Active	NO
18	U51909MH2004PTC144105	SANKALP RETAIL VALUE STORES PRIVATE LIMITED	Director	30/09/2008	26/10/2007	01/02/2010	Active	NO
19	U17291MH2007GOI195402	GOLDMOHUR DESIGN AND APPAREL PARK LIMITED	Director	22/12/2008	22/12/2007	-	Active	NO
20	U51101MH2010PTC207147	WHITE CIRCLE MERCANTILE PRIVATE LIMITED	Director	20/08/2011	14/09/2010	17/01/2014	Active	NO
21	U51101MH2010PTC207091	KAVI SALES AGENCY PRIVATE LIMITED	Director	20/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
22	U52100MH2010PTC207383	BRAHMABRATA TRADING PRIVATE LIMITED	Director	20/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
23	U45202MH2010PTC207319	GARGI DEVELOPERS PRIVATE LIMITED	Director	20/09/2011	20/09/2011	-	Active	NO
24	U55101MH2007PTC172953	Future Hospitality Private Limited	Director	29/09/2011	29/09/2011	29/03/2014	Active	NO
25	U51100MH2005PLC156856	FUTURE CORPORATE RESOURCES LIMITED	Additional director	01/10/2011	01/10/2011	-	Active	NO
26	U74120MH2011PTC222266	Red Berry International Distributors Private Limited	Director	21/02/2012	21/02/2012	18/10/2012	Active	NO
27	U72900MH2007PLC174787	nuFuture Digital (India) Limited	Director	29/09/2012	21/02/2012	-	Active	NO
28	L17120MH1987PLC042424	Kamadgiri Fashion Limited	Director	18/09/2012	29/05/2012	-	Active	NO
29	U45200MH2007PTC168069	Festive Realty Private Limited	Director	21/09/2012	21/09/2012	-	Active	NO
30	U74999MH2007PLC166866	STAPLES FUTURE OFFICE PRODUCTS LIMITED	Director	29/11/2013	19/08/2013	-	Active	NO
31	AAA-6313	KAVI SALES AGENCY LLP	Designated Partner	21/09/2011	21/09/2011	-	Active	NO
32	AAA-6388	BRAHMABRATA TRADING LLP	Designated Partner	27/09/2011	27/09/2011	-	Active	NO

Name :

Mr. Rakesh Biyani

Designation :

Director

Address :

304, Jeevan Vihar, Manav Mandir Road, Malabhar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

05.04.1972

Date of Appointment :

27.03.2012

DIN No.:

00005806

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	10/11/2011	27/07/1992	-	Active	NO
2	U51311RJ2002PTC017552	SUPREME TRADELINKS PRIVATE LIMITED	Director	03/03/2005	03/03/2005	31/03/2009	Active	NO
3	U70100MH2005PTC151972	ACUTE REALTY PRIVATE LIMITED	Director	15/03/2005	15/03/2005	18/06/2012	Active	NO
4	U52190MH2006PLC160377	GJ Freedom Fashions Limited	Director	08/03/2006	08/03/2006	30/01/2008	Active	NO
5	U74999MH2007PLC166866	STAPLES FUTURE OFFICE PRODUCTS LIMITED	Director	09/01/2007	09/01/2007	01/08/2007	Active	NO
6	U63030MH2006PLC160376	Future Supply Chain Solutions Limited	Director	30/11/2007	13/07/2007	-	Active	NO
7	U17291MH2007GOI195402	GOLDMOHUR DESIGN AND APPAREL PARK LIMITED	Director	22/12/2008	22/12/2007	26/12/2013	Active	NO
8	U74999MH2007PLC167122	FUTURE KNOWLEDGE SERVICES LIMITED	Director	30/09/2008	31/01/2008	-	Active	NO
9	U85110MH1998PLC226134	INDUS-LEAGUE CLOTHING LIMITED	Director	04/09/2008	23/04/2008	-	Active	NO
10	U74994MH2008PLC181891	Celio Future Fashion Limited	Director	05/05/2008	05/05/2008	-	Active	NO
11	U52110MH2006PLC159581	Future Axiom Telecom Limited	Director	30/09/2008	15/05/2008	-	Active	NO
12	U17219WB1992PLC056339	TURTLE LIMITED	Director	05/08/2009	01/12/2008	-	Active	NO
13	U51900MH2006PLC159197	FUTUREBAZAAR INDIA LIMITED	Director	30/09/2010	21/10/2009	-	Active	NO
14	U52399MH2007PLC171178	FUTURE E-COMMERCE INFRASTRUCTURE LIMITED	Director	30/09/2010	24/12/2009	20/10/2010	Active	NO
15	U51109MH2010PTC207312	SAACHI MULTITRADING PRIVATE LIMITED	Director	22/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
16	U45400MH2010PTC207216	UCCHAL INFRASTRUCTURE PRIVATE LIMITED	Director	22/08/2011	14/09/2010	-	Active	NO
17	U51109MH2010PTC207247	RADHA MULTITRADING PRIVATE LIMITED	Director	22/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
18	U19200DL2010PLC206824	Clarks Future Footwear Limited	Director	05/08/2011	29/09/2010	-	Active	NO
19	U93000MH2011PTC218630	Indian Football Coaching Private Limited	Director	14/06/2011	14/06/2011	-	Active	NO
20	U85191MH2011NPL222989	Retailers Association's Skill Council of India	Director	13/10/2011	13/10/2011	-	Active	NO
21	U52100MH2007PLC171524	Future Value Retail Limited.	Director	21/03/2013	10/02/2012	-	Amalgamated	NO
22	U72900MH2007PLC174787	nuFuture Digital (India) Limited	Director	29/09/2012	27/03/2012	-	Active	NO
23	U93090MH2012PTC234400	Pluggers Sports Lifestyle Private Limited	Director	13/08/2012	13/08/2012	01/02/2013	Active	NO
24	U70102MH2007PTC173373	Shree Balaji Umber Properties Private Limited	Additional director	15/03/2013	15/03/2013	-	Active	NO
25	U70102MH2007PTC173944	Shree Balaji Parvat View Properties Private Limited	Additional director	15/03/2013	15/03/2013	-	Active	NO
26	U52100MH2012PLC231654	FUTURE LIFESTYLE FASHIONS LIMITED	Director	08/08/2014	10/06/2013	-	Active	NO
27	AAA-6346	SAACHI MULTITRADING LLP	Designated Partner	23/09/2011	23/09/2011	-	Active	NO
28	AAA-6387	RADHA MULTITRADING LLP	Designated Partner	27/09/2011	27/09/2011	-	Active	NO
29	AAA-6891	BIYANI CAPITAL RESOURCES LLP	Designated Partner	15/11/2011	15/11/2011	-	Active	NO
30	AAA-6892	GSR CAPITAL RESOURCES LLP	Designated Partner	15/11/2011	15/11/2011	-	Active	NO

Name :

Mr. Vivek Biyani

Designation :

Director

Address :

304, Jeevan Vihar, Manav Mandir Road, Malabhar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

26.04.1985

Date of Appointment :

27.03.2012

DIN No.:

01977838

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	U52330MH2004PLC148956	HOME SOLUTIONS RETAIL (INDIA) LIMITED	Director	01/09/2010	28/01/2008	10/06/2011	Active	NO
2	U70102MH2006PTC161883	Ishbhoomi Mall Management Private Limited	Director	30/09/2008	31/01/2008	25/05/2011	Active	NO
3	U45200MH2007PTC168069	Festive Realty Private Limited	Director	21/08/2008	31/01/2008	21/09/2012	Active	NO
4	U74999MH2007PTC167999	Aman Syntex Private Limited	Director	19/08/2008	31/01/2008	27/02/2010	Active	NO
5	U93090MH2007PTC168048	Holii Accessories Private Limited	Director	21/08/2008	31/01/2008	30/04/2009	Active	NO
6	U45200MH2007PTC168052	VAYUPUTRA REALTY PRIVATE LIMITED	Director	31/01/2008	31/01/2008	01/02/2008	Active	NO
7	U70200MH2007PTC168047	MAHABAL REALTY PRIVATE LIMITED	Director	23/09/2011	31/01/2008	-	Active	NO
8	U70200MH2007PTC170246	VISHNU MALL MANAGEMENT PRIVATE LIMITED	Director	23/10/2008	31/01/2008	-	Active	NO
9	U70102MH2006PTC161885	Harmony Malls Management Private Limited	Director	30/09/2008	31/01/2008	-	Active	NO
10	U74999MH2007PLC167122	FUTURE KNOWLEDGE SERVICES LIMITED	Director	30/09/2008	31/01/2008	-	Active	NO
11	U51900MH2007PLC174027	FUTURE CONSUMER PRODUCTS LIMITED	Director	10/09/2008	31/01/2008	-	Active	NO
12	U45200MH2007PTC168000	KUBER MALL MANAGEMENT PRIVATE LIMITED	Director	19/08/2008	31/01/2008	-	Active	NO
13	U70102MH2007PTC167996	KESARI REALTY PRIVATE LIMITED	Director	19/08/2008	31/01/2008	-	Active	NO
14	U70102MH2006PTC161884	Riddhi Siddhi Mall Management Private Limited	Director	30/09/2008	31/01/2008	04/06/2012	Active	NO
15	U70100MH2005PTC156869	BANSI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	30/09/2008	01/03/2008	01/07/2009	Active	NO
16	U70100MH2005PTC155104	UNIQUE MALLS PRIVATE LIMITED	Director	30/09/2008	15/03/2008	27/06/2012	Active	NO
17	U70100MH2005PTC153677	Anchor Residency Private Limited	Director	30/09/2008	15/03/2008	-	Active	NO
18	U45200MH2004PLC146312	KB MALL MANAGEMENT COMPANY LIMITED	Director	30/09/2008	15/03/2008	-	Amalgamated	NO
19	U70100MH2004PTC148032	BARTRAYA MALL DEVELOPMENT COMPANY PRIVATE LIMITED	Director	30/09/2008	15/03/2008	-	Active	NO
20	U70100MH2004PTC148033	NISHTA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	30/09/2008	15/03/2008	30/08/2012	Active	NO
21	U70100MH2005PTC151972	ACUTE REALTY PRIVATE LIMITED	Director	30/09/2008	15/03/2008	03/07/2012	Active	NO
22	U70102MH2006PTC161887	Ojas Mall Management Private Limited	Director	30/09/2008	31/03/2008	30/08/2012	Active	NO
23	U17100MH2004PTC143809	DHANSHREE FASHIONS PRIVATE LIMITED	Director	30/09/2010	21/05/2008	-	Active	NO
24	U74900MH2008PLC179447	Future Coupons Limited	Director	20/08/2009	26/05/2008	-	Active	NO
25	U63030MH2006PLC160376	Future Supply Chain Solutions Limited	Director	29/09/2008	01/06/2008	-	Active	NO
26	U52100MH2007PTC167268	Pairs Retail India Private Limited	Director	26/07/2008	25/06/2008	04/01/2010	Active	NO
27	U52599MH2007PLC166906	Retail Light Techniques India Limited	Director	26/07/2008	25/06/2008	-	Active	NO
28	U51109WB2006PTC109359	KAMASKHYA TRACOM PVT LTD	Nominee director	07/07/2008	07/07/2008	16/09/2010	Active	NO
29	U52399MH2007PLC171178	FUTURE E-COMMERCE INFRASTRUCTURE LIMITED	Director	26/09/2011	20/10/2010	-	Active	NO
30	U52100MH2007PLC171524	Future Value Retail Limited.	Director	23/09/2011	06/01/2011	-	Amalgamated	NO
31	U74900MH1996PLC097943	Future Corporate Resources Limited	Whole-time director	10/02/2011	10/02/2011	-	Amalgamated	NO
32	U51100MH2005PLC156856	FUTURE CORPORATE RESOURCES LIMITED	Whole-time director	09/08/2011	21/07/2011	-	Active	NO
33	U55101MH2007PTC172953	Future Hospitality Private Limited	Director	29/09/2011	29/09/2011	-	Active	NO
34	U70100MH2005PTC156874	UTSAV MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	13/03/2012	13/03/2012	-	Active	NO
35	U72900MH2007PLC174787	nuFuture Digital (India) Limited	Director	29/09/2012	27/03/2012	-	Active	NO
36	U74999MH2011PTC222911	Nimbi Jodha Trading & Finvest Private Limited	Additional director	10/06/2013	10/06/2013	-	Active	NO
37	U74999MH2007PLC166866	STAPLES FUTURE OFFICE PRODUCTS LIMITED	Director	29/11/2013	19/08/2013	-	Active	NO
38	U74140MH2007PTC175600	Tirumal Trading and Investment Consultants Private Limited	Additional director	31/03/2014	31/03/2014	-	Active	NO
39	U45200MH2010PTC210290	Arlette Infrastructure Private Limited	Additional director	15/05/2014	15/05/2014	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Future Corporate Resources Limited	999994
Future Corporate Resources Limited Jointly With Swaroop Lodha	1
Future Corporate Resources Limited Jointly With Pawan Agarwal	1
Future Corporate Resources Limited Jointly With Rampal Laddha	1
Future Corporate Resources Limited Jointly With Hanuman Prajapat	1
Future Corporate Resources Limited Jointly With Atul Mandalia	1
Future Corporate Resources Limited Jointly With Pramod Sharma	1
Total	1000000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Technology service provider for retail chain of the Future Group.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· Central Bank of India, Corporate Finance Branch, MMO Building, 1^st Floor, M. G. Road, Fort, Mumbai – 400023, Maharashtra, India

· Bank of India, Mumbai Large Corporate Branch, Bank of India Building, 70/80 M G Road, Fort, Mumbai – 400001, Maharashtra, India

· Syndicate Bank, Large Corporate Branch, 3^rd Floor, No.10, Homji Street, Fort, Mumbai – 400023, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	2418.162	576.664
Short Term Borrowings
Working capital loans from banks	13.328	0.000
Total	2431.490	576.664

Banking Relations :	--
Financial Institution :	St Helen’s Nominees India Private Limited, Standard Chartered Bank, 90 M G Road, Fort, Mumbai – 400001, Maharashtra, India
Auditors :
Name :	Lunawat and Company Chartered Accountants
Address :	Office No.9, 1^st Floor, Star Trade Centre, Chamunda Circle, Borivali (West), Mumbai – 400092, Maharashtra, India
PAN No.:	AAAFL1539M
Holding company :	Future Corporate Resources Limited
Fellow Subsidiary company :	· Future Human Development Limited · Future Ideas Realtors India Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	0.500
(b) Reserves & Surplus	311.132	19.640
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	300.000
Total Shareholders’ Funds (1) + (2)	321.132	320.140
(3) Non-Current Liabilities
(a) long-term borrowings	3385.965	1109.096
(b) Deferred tax liabilities (Net)	37.872	12.369
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.502	8.788
Total Non-current Liabilities (3)	3424.339	1130.253
(4) Current Liabilities
(a) Short term borrowings	120.052	138.946
(b) Trade payables	208.969	87.872
(c) Other current liabilities	359.356	229.381
(d) Short-term provisions	13.120	8.020
Total Current Liabilities (4)	701.497	464.219
TOTAL	4446.968	1914.612
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1738.140	1605.066
(ii) Intangible Assets	75.344	62.961
(iii) Capital work-in-progress	466.962	67.022
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2280.446	1735.049
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	573.327	115.140
(d) Cash and cash equivalents	30.338	2.440
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	1562.857	61.983
Total Current Assets	2166.522	179.563
TOTAL	4446.968	1914.612

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		0.500
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		650.000
TOTAL BORROWING		650.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		650.500
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.331
	Other Current Assets	0.000
	Loans & Advances	650.000
Total Current Assets		650.331
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.030
	Provisions	0.000
Total Current Liabilities		0.030
Net Current Assets		650.301
MISCELLANEOUS EXPENSES		0.000
PROFIT / LOSS DEBIT BALANCE		0.199
TOTAL		650.500

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		1271.461	1084.546	0.000
		Other Income		1.142	10.231	0.000
		TOTAL (A)		1272.603	1094.777	0.000
Less	EXPENSES
		Purchase of Stock-in-trade		251.489	130.596
		Employee Benefits Expenses		149.191	324.078
		Other Expenses		255.900	311.040
		Exceptional Items		84.961	0.000
		TOTAL (B)		741.541	765.714	0.166
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			531.062	329.063	(0.166)
Less	FINANCIAL EXPENSES (D)			160.767	77.312	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			370.295	251.751	(0.166)
Less	DEPRECIATION/ AMORTISATION (F)			345.699	211.522	0.000
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			24.596	40.229	(0.166)
Less	TAX (H)			30.603	20.389	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			(6.007)	19.840	(0.166)
	IMPORTS
			Capital Goods	0.000	1.005	0.000
	TOTAL IMPORTS			0.000	1.005	0.000
	Earnings/(Loss) Per Share (Rs.)			(7.58)	396.78	(3.32)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.47)	1.81	0.00
Net Profit Margin (PBT/Sales)	(%)	1.93	3.71	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.62	2.18	(0.03)
Return on Investment (ROI) (PBT/Networth)		0.08	0.13	(0.33)
Debt Equity Ratio (Total Debt /Networth)		10.92	3.90	1300.00
Current Ratio (Current Asset/Current Liability)		3.09	0.39	21677.70

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions
Share Capital	0.500	10.000
Reserves & Surplus	19.640	311.132
Share Application money pending allotment	300.000	0.000
Net worth	320.140	321.132
long-term borrowings	1109.096	3385.965
Short term borrowings	138.946	120.052
Total borrowings	1248.042	3506.017
Debt/Equity ratio	3.898	10.918

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	0.000	1,084.546	1,271.461
			17.234

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	0.000	1,084.546	1,271.461
Profit	(0.166)	19.840	(6.007)
		1.83%	(0.47%)

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	No
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	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Intercorporate Borrowings	967.803	532.432
Short Term Borrowings
Intercorporate Borrowings	106.724	138.946
Total	1074.527	671.378

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10361618	28/05/2012	1,500,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH, MMO BUILDING,, 1ST FLOOR, M.G.ROAD, FORT,, MUMBAI, MAHARASHTRA - 400023, INDIA	B42035048
2	10336173	20/01/2012	1,000,000,000.00	BANK OF INDIA	MUMBAI LARGE CORPORATE BRANCH,, BANK OF INDIA BUI LDING, 70/80 M G ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B32356818
3	10284681	19/04/2011	675,000,000.00	BANK OF INDIA	MUMBAI LARGE CORPORATE BRANCH,, BANK OF INDIA BUI LDING, 70/80 M G ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B11808755

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 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.60.43
UK Pound	1	Rs.97.25
Euro	1	Rs.77.93

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KRN
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--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		26

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.