DRAFT RED HERRING PROSPECTUS

Dated: March 23, 2011

Please read Section 60B of the Companies Act, 1956
(The Draft Red Herring Prospectus will be updated upon fling with the RoC)
100% Book Built Issue
PRIME RETAIL INDIA LIMITED
(Company Registration No. 21-48986 of 1990; CIN- U63090WB1990PLC048986, ISIN-INE881L01012)
Our Company was originally incorporated as Chanduka Carriers Private Limited on May 11, 1990 under the Companies Act 1956 as amended (Companies Act)
with Registrar of Companies, West Bengal. Subsequently, our Company changed its name to SMA Marketing Private Limited on November 13, 1998. The name of
the Company was again changed to Prime Retail India Private Limited pursuant to a special resolution of our shareholders dated January 22, 2008. Our Company
was converted from a private limited company to a public limited company and consequently, the name of the company was changed to Prime Retail India Limited
and a fresh Certificate of Incorporation was granted to our Company on January 19, 2010, by the Registrar of Companies, West Bengal. For details of changes in the
name and registered office of the Company, please see the section titled History and Certain Corporate Matters on page 120 of this Draft Red Herring Prospectus.
Registered Offce: 1/1, Camac Street, Shree Manjari Building, 5th Floor, Suite No. 07, Kolkata - 700016, West Bengal
Tel No. +91- 033 30585895; Fax No. +91- 033 - 400 36641; E-mail: prime@primewatchworld.com; Website: www.theprime.in
Contact Person: Mr. Nayan Jain (Company Secretary and Compliance Officer)
Promoters of the Company: Mr. Rajiv Chopra and Mrs. Soniya Chopra (for further details, please refer to page no 141 of this Draft Red Herring Prospectus)
THE ISSUE
PUBLIC ISSUE OF 75,00,000 EQUITY SHARES OF FACE VALUE OF `. 10 EACH OF PRIME RETAIL INDIA LIMITED (THE COMPANY OR THE ISSUER)
FOR CASH AT A PRICE OF `. [] PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF `. [] PER EQUITY SHARE) AGGREGATING TO `. [] LACS
(THE ISSUE). THE ISSUE WILL CONSTITUTE 45.10 % OF THE POST ISSUE PAID UP CAPITAL OF THE COMPANY. THE PRICE BAND AND THE MINIMUM
BID LOT WILL BE DECIDED BY THE COMPANY IN CONSULTATION WITH THE BOOK RUNNING LEAD MANAGER AND ADVERTISED AT LEAST TWO
WORKING DAYS PRIOR TO THE BID/ISSUE OPENING DATE.
In case of any revision to the Price Band, the Bid/Issue Period will be extended by three additional Working Days after such revision of the Price Band, subject to
the Bid/Issue Period not exceeding 10 Working Days. Any revision in the Price Band and the revised Bid/Issue Period, if applicable, will be widely disseminated
by notification to the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE), by issuing a press release, and also by
indicating the change on the website of the BRLM and at the terminals of the other members of the Syndicate.
The Issue is being made through the 100% Book Building Process wherein upto 50% of the Issue shall be allocated on a proportionate basis to Qualified Institutional
Buyers (QIBs) (QIBs PORTION). 5% of the QIB Portion (excluding Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual
Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid
Bids being received at or above the Issue Price. Further, not less than 15% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional
Bidders and not less than 35% of the Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received
at or above the Issue Price. The Company may allocate up to 30% of the QIB Portion, to Anchor Investors, on a discretionary basis (the Anchor Investor Portion)
out of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the price at which
allocation is being made to Anchor Investors. All potential investors, other than Anchor Investors, may participate in the Issue through an Application Supported by
Blocked Amount (ASBA) process providing details about the bank account which will be blocked by the Self Certified Syndicate Banks (SCSBs) for the same.
For details, please see the section titled Issue Procedure on page 232 of this Draft Red Herring Prospectus.
RISK IN RELATION TO THE FIRST ISSUE
This being the first public issue of Equity Shares of our Company, there has been no formal market for the Equity Shares of our Company. The face value of the
Equity Shares is `.10 per Equity Share and the Floor Price is [] times of the face value and the cap price is [] times the face value. The Issue Price (as determined
and justified by our Company in consultation with the Book Running Lead Manager, on the basis of assessment of market demand for the Equity Shares offered by
way of the book building process) and as stated in the section titled Basis for Issue Price on page 73 of this Draft Red Herring Prospectus, should not be taken to
be indicative of the market price of the Equity Shares after the Equity Shares are listed. No assurance can be given regarding an active and/or sustained trading in
the Equity Shares of our Company nor regarding the price at which the Equity Shares will be traded after listing.
GENERAL RISKS
Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in this Issue unless they can afford to take the
risk of losing their investment. Investors are advised to read the risk factors carefully before taking an investment decision in this Issue. For taking an investment
decision, investors must rely on their own examination of the Issuer and the Issue including the risks involved. The Equity Shares offered in the Issue have not been
recommended or approved by the Securities and Exchange Board of India (SEBI), nor does SEBI guarantee the accuracy or adequacy of this Draft Red Herring
Prospectus. Specific attention of the investors is invited to section titled Risk Factors on page 11 of this Draft Red Herring Prospectus.
ISSUERS ABSOLUTE RESPONSIBILITY
The Issuer, having made all reasonable inquiries, accept responsibility for and confirm that this Draft Red Herring Prospectus contains all information with regard to
our Company and the Issue, which is material in the context of the Issue, that the information contained in this Draft Red Herring Prospectus is true and correct in
all material aspects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other
facts, the omission of which makes this Draft Red Herring Prospectus as a whole or any of such information or the expression of any such opinions or intentions
misleading in any material respect.
LISTING
The Equity Shares offered through this Draft Red Herring Prospectus are proposed to be listed on Bombay Stock Exchange Limited (BSE) and The National Stock
Exchange of India Limited (NSE). The in-principle approvals of BSE and NSE for listing of Equity Shares of our Company have been received pursuant to letters
dated [] and [] respectively. BSE shall be the Designated Stock Exchange for the purpose of this Issue.
IPO GRADING
This Issue has been graded as [] by [] indicating []. The IPO grading is assigned on a five point scale from one to five with IPO Grade 5/5 indicating strong
fundamentals and IPO Grade 1/5 indicating poor fundamentals. For details see the section titled General Information on page 44 of this Draft Red Herring
Prospectus.
BOOK RUNNING LEAD MANAGER TO THE ISSUE REGISTRAR TO THE ISSUE
HEM SECURITIES LIMITED
14/15 Khatau Building,
40, Bank Street, Fort,
Mumbai- 400 001.
Tel: 022-2267 1543 / 44
Fax: 022-2262 5991
Web: www.hemonline.com
Email: rakeshb@hemonline.com
Contact Person: Mr. Rakesh Bhalla
SEBI Regn. No. INM000010981
LINK INTIME INDIA PRIVATE LIMITED
C-13, Pannalal Silk Mills Compound,
L.B.S. Marg, Bhandup (West)
Mumbai 400 078
Tel: 022 2596 0320
Fax: 022 2596 0329
Web: www.linkintime.co.in
Email: pril.ipo@linkintime.co.in
Contact Person: Mr. Sanjog Sud
SEBI Regn. No. INR 000004058
BID/ISSUE PROGRAMME
BID/ISSUE OPENS ON * [] BID/ISSUE CLOSES ON [] FOR QIB BIDDERS ON: []**
FOR RETAIL AND NON-INSTITUTIONAL BIDDERS ON : []
*Our Company may consider participation by Anchor Investors. The Anchor Investors Bid/Issue Period shall be one day prior to the Bid/Issue Opening Date.
** Our Company may consider closing the Bid/Issue Period for QIB Bidders one day prior to the Bid/Issue Closing Date.



TABLE OF CONTENTS
SECTION CONTENTS PAGE NO.
I General 1
1.1 Definitions 1
1.2 Conventional / General Terms 1
1.3 Issue Related Terms 2
1.4 Company and Industry Related Terms 8
1.5 Abbreviation 8
II Risk Factors 11
2.1 Certain Conventions; Use Of Market Data 11
2.2 Forward Looking Statements 12
2.3 Risk Factors 13
III Introduction 27
3.1 Summary 27
3.2 The Issue 40
3.3 General Information 41
3.4 Capital Structure Of The Company 49
3.5 Objects Of The Issue 61
3.6 Basic Terms Of Issue 69
3.7 Basis For Issue Price 73
3.8 Statement Of Tax Benefits 75
IV About The Company 82
4.1 Industry Overview 82
4.2 Our Business 91
4.3 Regulations And Policies 116
4.4 History And Certain Corporate Matters 120
4.5 Our Management 124
4.6 Our Promoters 141
4.7 Our Promoter Group 144
4.8 Dividend Policy 147
V Financial Information Of The Company 149
5.1 Financial Statements Of The Company 149
5.2 Managements Discussion And Analysis Of Financial Condition And Results Of
Operations 190
VI Legal And Other Information 204
6.1 Outstanding Litigations And Material Developments 204
6.2 Government Approvals 206
VII Other Regulatory And Statutory Disclosures 211
VIII Issue Related Information 223
8.1 Terms Of The Issue 223
8.2 Issue Structure 227
8.3 Issue Procedure 232
IX Main Provisions Of Articles Of Association Of The Company 268
X Material Contracts And Documents For Inspection 307
XI Declaration 310

1
SECTIUN I - CENERAL
unless Lhe conLexL oLherwlse lndlcaLes or requlres Lhe followlng Lerms ln Lhls urafL 8ed Perrlng rospecLus
have Lhe meanlng glven below
. - DEFINITIUNS
1erm Descr|pt|on
rlme 8eLall lndla LlmlLed"
or 1he rlme" or 8lL" or
Lhe Company" or Cur
Company or Lhe "lssuer"
rlme 8eLall lndla LlmlLed a ubllc LlmlLed Company lncorporaLed under Lhe
Companles AcL 19S6 wlLh lLs reglsLered offlce aL 1/1 Camac SLreeL Shree Man[arl
8ulldlng SLh lloor SulLe no 07 kolkaLa 700016 WesL 8engal
We" or us" or our" unless Lhe conLexL oLherwlse requlre refers Lo ersLwhlle company vlz Chanduka
Carrlers rlvaLe LlmlLed whlch was orlglnally lncorporaLed on May 11 1990 ln
CalcuLLa SubsequenLly name of Lhe Company was changed Lo SMA MarkeLlng
rlvaLe LlmlLed on !une 13 1998 1hereafLer name of Lhe Company was agaln
changed Lo rlme 8eLall lndla rlvaLe LlmlLed on !anuary 29 2008 1he Company
was converLed lnLo a publlc llmlLed Company on !anuary 19 2010 and
consequenLly Lhe name of Lhe Company was changed Lo rlme 8eLall lndla
LlmlLed and a fresh CerLlflcaLe of lncorporaLlon was lssued by Lhe uepuLy 8eglsLrar
of Companles kolkaLa WesL 8engal
. - CUNVENTIUNAL J CENERAL TERMS
1erms Descr|pt|on
ArLlcles / ArLlcles of
AssoclaLlon
ArLlcles of AssoclaLlon of rlme 8eLall lndla LlmlLed
AudlLors 1he AudlLors of rlme 8eLall lndla LlmlLed vlz
1 M/s Choshal Co CharLered AccounLanLs narayanl" 27 8rabourne 8oad
3
rd
lloor 8oom no 30S kolkaLa 700 001 WesL 8engal
!olnL AudlLors
2 M/s 8 koLharl Company CharLered AccounLanLs 16A Shakespeare Saranl
S
Lh
lloor kolkaLa 700 001 WesL 8engal
8oard of ulrecLors / 8oard 1he 8oard of ulrecLors of rlme 8eLall lndla LlmlLed lncludlng all duly consLlLuLed
CommlLLees Lhereof
Companles AcL 1he Companles AcL 19S6 as amended from Llme Lo Llme
ueposlLorles AcL 1he ueposlLorles AcL 1996 as amended from Llme Lo Llme
ulrecLor(s) ulrecLor(s) of rlme 8eLall lndla LlmlLed unless oLherwlse speclfled
LqulLy Shares LqulLy Shares of our Company of lace value of ` 10 each unless oLherwlse
speclfled ln Lhe conLexL Lhereof
Cl8 number Ceneral lndex 8eglsLry number
Pul Plndu undlvlded lamlly
lndlan CAA Cenerally AccepLed AccounLlng rlnclples ln lndla
MCA / Memorandum /
Memorandum of AssoclaLlon
Memorandum of AssoclaLlon of rlme 8eLall lndla LlmlLed unless Lhe conLexL
oLherwlse speclfles
non 8esldenLs A person resldenL ouLslde lndla as deflned under lLMA
n8ls / non8esldenL lndlans A person resldenL ouLslde lndla as deflned under lLMA and who ls a clLlzen of
lndla or a erson of lndlan Crlgln under lorelgn Lxchange ManagemenL (1ransfer
or lssue of SecurlLy by a erson 8esldenL CuLslde lndla) 8egulaLlons 2000

2
1erms Descr|pt|on
erson or ersons Any lndlvldual sole proprleLorshlp unlncorporaLed assoclaLlon unlncorporaLed
organlzaLlon body corporaLe corporaLlon Company parLnershlp llmlLed llablllLy
Company [olnL venLure or LrusL or any oLher enLlLy or organlzaLlon valldly
consLlLuLed and/or lncorporaLed ln Lhe [urlsdlcLlon ln whlch lL exlsLs and operaLes
as Lhe conLexL requlres
Core romoLers Mr 8a[lv Chopra and Mrs Sonlya Chopra
romoLer Croup (lndlvlduals) Mr Ashlsh Chopra Mr MohlL Chopra
romoLer Croup (CorporaLe
LnLlLles)
1 M/s Chopra lllms LnLerLalnmenLs (rlvaLe) LlmlLed
2 rlme WaLch World (Sole roprleLorshlp and nonLqulLy holdlng enLlLy)
3 8a[lv Chopra Pul
8eglsLered and CorporaLe
Cfflce
1/1 Camac SLreeL Shree Man[arl 8ulldlng SLh lloor SulLe no 07 kolkaLa
700016 WesL 8engal
8oC 8eglsLrar of Companles WesL 8engal slLuaLed aL nlzam alace 2nd MSC 8ulldlng
2nd lloor 234/4 A!C8 8oad kolkaLa 700020
SL8l SecurlLles and Lxchange 8oard of lndla consLlLuLed under Lhe SL8l AcL 1992
SL8l AcL SecurlLles and Lxchange 8oard of lndla AcL 1992 as amended from Llme Lo Llme
SL8l 8egulaLlons SL8l (lssue of CaplLal and ulsclosure 8equlremenLs) 8egulaLlons 2009 lssued by
SL8l on AugusL 26 2009 as amended lncludlng lnsLrucLlons and clarlflcaLlons
lssued by SL8l from Llme Lo Llme
SL8l 1akeover 8egulaLlons SecurlLles and Lxchange 8oard of lndla (SubsLanLlal AcqulslLlon of Shares and
1akeover) 8egulaLlons 1997 as amended from Llme Lo Llme
SlCA Slck lndusLrlal Companles (Speclal rovlslons) AcL 198S
SLock Lxchanges 8ombay SLock Lxchange LlmlLed and naLlonal SLock Lxchange of lndla LlmlLed

. - ISSUE RELATED TERMS

1erms Descr|pt|on
AlloLmenL/AlloL/AlloLLed/AllocaLlon unless Lhe conLexL oLherwlse requlres Lhe lssue and alloLmenL of Lhe
LqulLy Shares pursuanL Lo Lhe lssue Lo Lhe successful bldders
AlloLLee 1he successful 8ldder Lo whom Lhe LqulLy Shares are belng / have been
AlloLLed/lssued
Anchor lnvesLor A Cuallfled lnsLlLuLlonal 8uyer applylng under Lhe Anchor lnvesLor orLlon
wlLh a mlnlmum bld of ` 1000 Lacs
Anchor lnvesLor AllocaLlon noLlce noLlce or lnLlmaLlon of allocaLlon of LqulLy Shares senL Lo Anchor lnvesLors
who have been allocaLed LqulLy Shares afLer dlscovery of Lhe lssue rlce lf
Lhe lssue rlce ls hlgher Lhan Lhe Anchor lnvesLor lssue rlce
Anchor lnvesLor 8ld 8ld made by an Anchor lnvesLor
Anchor lnvesLor 8lddlng uaLe 1he daLe whlch ls one Worklng uay prlor Lo Lhe 8ld Cpenlng uaLe prlor Lo
or afLer whlch Lhe SyndlcaLe wlll noL accepL any 8lds from Lhe Anchor
lnvesLors
Anchor lnvesLor lssue rlce 1he flnal prlce aL whlch LqulLy Shares wlll be lssued and AlloLLed ln Lerms of
Lhls urafL 8ed Perrlng rospecLus and Lhe rospecLus Lo Lhe Anchor
lnvesLors whlch wlll be a prlce equal Lo or hlgher Lhan Lhe lssue rlce buL
noL hlgher Lhan Lhe Cap rlce 1he Anchor lnvesLor lssue rlce wlll be
declded by our Company ln consulLaLlon wlLh Lhe 88LM
Anchor lnvesLor orLlon upLo 30 of Lhe Cl8 orLlon Lo be allocaLed Lo Anchor lnvesLors by Lhe
Company ln consulLaLlon wlLh Lhe 88LM on a dlscreLlonary basls Cne
Lhlrd of Lhe Anchor lnvesLor orLlon shall be reserved for domesLlc MuLual
lunds sub[ecL Lo valld Anchor lnvesLor 8lds belng recelved from Lhe

3
1erms Descr|pt|on
domesLlc MuLual lunds aL or above Lhe prlce aL whlch allocaLlon wlll be
made Lo oLher Anchor lnvesLors
AppllcaLlon SupporLed by 8locked
AmounL / AS8A
AppllcaLlon SupporLed by 8locked AmounL means an appllcaLlon (wheLher
physlcal or elecLronlc) subscrlblng Lo an lssue conLalnlng an auLhorlzaLlon Lo
bock Lhe 8ld AmounL ln Lhelr speclfled bank accounL wlLh Self CerLlfled
SyndlcaLe 8ank
AS8A 8ldcumAppllcaLlon lorm /
AS8A 8CAl
1he form wheLher physlcal or elecLronlc used by an AS8A 8ldder Lo make a
8ld whlch wlll be consldered as Lhe appllcaLlon for AlloLmenL for Lhe
purpose of urafL 8ed Perrlng rospecLus and rospecLus
AS8A AccounL AccounL malnLalned by an AS8A 8ldder wlLh a SCS8 whlch wlll be blocked
by such SCS8 Lo Lhe exLenL of Lhe 8ld AmounL of Lhe AS8A 8ldder
AS8A 8evlslon form 1he form used by Lhe AS8A 8ldders Lo modlfy Lhe quanLlLy of LqulLy Shares
or Lhe 8ld AmounL ln any of Lhelr AS8A 8ld cum AppllcaLlon lorms or any
prevlous revlslon form(s)
8anker Lo Lhe Company SLaLe 8ank of lndla Cverseas 8ranch Samrlddhl 8hawan 8lock 'A'1 SLrand
8oad kolkaLa 700 001
8ankers Lo Lhe lssue
8asls of AlloLmenL 1he basls on whlch LqulLy Shares wlll be AlloLLed Lo successful 8ldders
under Lhe lssue and whlch ls descrlbed under 8asls of AlloLmenL" ln Lhe
secLlon lssue rocedure" on page 232 of Lhls urafL 8ed Perrlng rospecLus
8ld An lndlcaLlon Lo make an offer durlng Lhe 8lddlng / lssue erlod by a 8ldder
(lncludlng an AS8A 8ldder) or on Lhe Anchor lnvesLor 8lddlng uaLe by an
Anchor lnvesLor Lo subscrlbe Lo or purchase Lhe Company's LqulLy Shares
aL a prlce wlLhln Lhe rlce 8and lncludlng all Lhe revlslons and
modlflcaLlons LhereLo
8ld AmounL 1he hlghesL value of Lhe opLlonal 8lds lndlcaLed ln Lhe 8ldcum AppllcaLlon
lorm and payable by Lhe 8ldder on submlsslon of Lhe 8ld ln Lhe lssue
8ldcumAppllcaLlon lorm 1he form used by Lhe 8ldder (whlch unless expressly provlded lncludes Lhe
formaL of such appllcaLlon form used by Lhe AS8A 8ldder wheLher physlcal
or elecLronlc) ln Lerms of whlch Lhe 8ldder shall make an offer Lo purchase
LqulLy Shares of Lhe Company ln Lerms of Lhls urafL 8ed Perrlng rospecLus
and whlch wlll be consldered as Lhe appllcaLlon for AlloLmenL for Lhe
purposes of Lhe 8ed Perrlng rospecLus and Lhe rospecLus
8ld / lssue Closlng uaLe LxcepL ln relaLlon Lo Lo any 8lds recelved from Anchor lnvesLors Lhe daLe
afLer whlch Lhe SyndlcaLe and SCS8s wlll noL accepL any 8lds for Lhe lssue
whlch shall be noLlfled ln Lwo naLlonal newspapers (one each ln Lngllsh and
Plndl) and a reglonal newspaper wlLh wlde clrculaLlon aL Lhe place where
Lhe reglsLered offlce of Lhe lssuer ls slLuaLed
8ld / lssue Cpenlng uaLe LxcepL ln relaLlon Lo any 8lds recelved from Anchor lnvesLors Lhe daLe on
whlch Lhe SyndlcaLe and SCS8s shall sLarL accepLlng 8lds for Lhe lssue
whlch shall be noLlfled ln Lwo naLlonal newspapers (one each ln Lngllsh and
Plndl) and a reglonal newspaper wlLh wlde clrculaLlon aL Lhe place where
Lhe reglsLered offlce of Lhe lssuer ls slLuaLed
8ld / lssue erlod 1he perlod beLween Lhe 8ld/lssue Cpenlng uaLe and Lhe 8ld/lssue Closlng
uaLe (lncluslve of boLh days) and durlng whlch prospecLlve 8ldders (oLher
Lhan Anchor lnvesLors) can submlL Lhelr 8lds Cur Company may conslder
closlng Lhe book for Cl8s one day prlor Lo Lhe 8ld/ lssue Closlng uaLe ln
accordance wlLh SL8l 8egulaLlons

4
1erms Descr|pt|on
8ldder Any prospecLlve lnvesLor who makes a 8ld pursuanL Lo Lhe Lerms of Lhe
urafL 8ed Perrlng rospecLus 8ed Perrlng rospecLus Lhe rospecLus and
Lhe 8ldcumAppllcaLlon lorm or Lhe AS8A 8ldcumAppllcaLlon lorm (ln
case of an AS8A 8ldder)
8ook 8ulldlng rocess/MeLhod 8ook bulldlng process as provlded ln Schedule xl of Lhe SL8l (lCu8
8egulaLlons ln Lerms of whlch Lhls lssue ls belng made
8ook 8unnlng Lead Manager / 88LM 8ook 8unnlng Lead Manager Lo Lhe lssue ln Lhls case belng Pem SecurlLles
LlmlLed
8SL 8ombay SLock Lxchange LlmlLed
Cap rlce 1he hlgher end of Lhe rlce band above whlch Lhe lssue rlce and Anchor
lnvesLor lssue rlce wlll noL be flnallzed and above whlch no 8lds wlll be
accepLed lncludes any revlslons Lhereof
ConflrmaLlon of AllocaLlon noLe /
CAn
1he noLe or advlce or lnLlmaLlon of allocaLlon of LqulLy Shares senL Lo Lhe
8ldders / AS8A 8ldders who have been allocaLed LqulLy Shares afLer
dlscovery of Lhe lssue rlce ln accordance wlLh Lhe 8ook 8ulldlng rocess
lncludlng any revlslon Lhereof
ln relaLlon Lo Anchor lnvesLors Lhe noLe or advlce or lnLlmaLlon of
allocaLlon of LqulLy Shares senL Lo Lhe successful Anchor lnvesLors who
have been allocaLed LqulLy Shares afLer dlscovery of Lhe Anchor lnvesLor
lssue rlce lncludlng any revlslons Lhereof
ConLrolllng 8ranches Such branches of Lhe SCS8s whlch coordlnaLe 8lds recelved under Lhls
lssue by Lhe AS8A 8ldders wlLh Lhe 88LM Lhe 8eglsLrar Lo Lhe lssue and Lhe
SLock Lxchange(s)
CuLoff rlce 1he lssue rlce flnallzed by Lhe Company ln consulLaLlon wlLh Lhe 88LM
Cnly 8eLall lndlvldual 8ldders and Lllglble Lmployees are enLlLled Lo 8ld aL
Lhe CuLoff rlce for a 8ld AmounL noL exceedlng ` 200000 Cl8s and non
lnsLlLuLlonal 8ldders are noL enLlLled Lo 8ld aL Lhe CuLoff rlce
ueposlLory / ueposlLorles A deposlLory reglsLered wlLh SL8l under Lhe SL8l (ueposlLorles and
arLlclpanL) 8egulaLlons 1996 as amended from Llme Lo Llme ln Lhls case
belng nSuL and CuSL
ueposlLory arLlclpanL / u A ueposlLory arLlclpanL as deflned under Lhe ueposlLorles AcL 1996
ueslgnaLed 8ranches 8ranch offlces of Lhe SCS8s whlch Lhe respecLlve SCS8 has ldenLlfled as a
deslgnaLed branch aL whlch Lhe AS8A 8ldcumAppllcaLlon lorm can be
submlLLed by an AS8A lnvesLor a llsL of whlch ls avallable aL
hLLp//wwwseblgovln/pmd/scsbhLml
ueslgnaLed uaLe 1he daLe on whlch Lhe Lscrow CollecLlon 8anks Lransfers Lhe funds from Lhe
Lscrow AccounL Lo Lhe ubllc lssue AccounL or Lhe amounL blocked by Lhe
SCS8 ls Lransferred from Lhe bank accounL of Lhe AS8A 8ldder Lo Lhe AS8A
ubllc lssue AccounL as Lhe case may be afLer Lhe rospecLus ls flled wlLh
Lhe 8eglsLrar of Companles kolkaLa followlng whlch Lhe 8oard of ulrecLors
shall alloL LqulLy Shares Lo successful 8ldders
ueslgnaLed SLock Lxchange 8ombay SLock Lxchange LlmlLed
urafL 8ed Perrlng rospecLus 1he urafL 8ed Perrlng rospecLus daLed lssued ln accordance wlLh
secLlon 608 of Lhe Companles AcL 19S6 and Lhe SL8l 8egulaLlons whlch
does noL conLaln lnLer alla compleLe parLlculars on Lhe prlce aL whlch Lhe
LqulLy Shares are offered and Lhe slze (ln Lerms of value) of Lhe lssue

S
1erms Descr|pt|on
LlecLronlc AS8A AppllcaLlon / 8ld Submlsslon of AS8A 8ldcumAppllcaLlon lorm elecLronlcally by an AS8A
lnvesLor Lhrough Lhe lnLerneL banklng faclllLy offered by Lhe SCS8s
Lllglble n8l n8l from such [urlsdlcLlon ouLslde lndla where lL ls noL unlawful Lo make an
offer or lnvlLaLlon under Lhe lssue and ln relaLlon Lo whom Lhls 8ed Perrlng
rospecLus consLlLuLes an lnvlLaLlon Lo subscrlbe Lo Lhe lssue
LqulLy Shares LqulLy Shares of Cur Company of face value ` 10 each unless oLherwlse
speclfled ln Lhe conLexL Lhereof
Lscrow AccounL AccounL opened wlLh Lhe Lscrow CollecLlon 8ank(s) and ln whose favour
Lhe AppllcanL (excludlng Lhe AS8A AppllcanL) wlll lssue cheques or drafLs ln
respecL of Lhe AppllcaLlon AmounL when submlLLlng an AppllcaLlon
Lscrow AgreemenL AgreemenL enLered lnLo amongsL Lhe Company 8ook 8unnlng Lead
Manager Lhe 8eglsLrar Lhe Lscrow CollecLlon 8ank(s) for collecLlon of Lhe
AppllcaLlon AmounLs and for remlLLlng refunds (lf any) of Lhe amounLs
collecLed Lo Lhe AppllcanLs (excludlng Lhe AS8A AppllcanLs) on Lhe Lerms
and condlLlon Lhereof
Lscrow CollecLlon 8ank(s) 1he banks whlch are clearlng members and reglsLered wlLh SL8l as 8ankers
Lo Lhe lssue aL whlch bank(s) Lhe Lscrow AccounL of Lhe Company wlll be
opened
llrsL 8ldder 1he 8ldder whose name appears flrsL ln Lhe 8ldcumAppllcaLlon lorm or
8evlslon lorm or Lhe AS8A 8ldcumAppllcaLlon lorm
lloor rlce 1he lower end of Lhe rlce 8and aL or above whlch Lhe lssue rlce wlll be
flnallzed and below whlch no 8lds wlll be accepLed lncludlng any revlslons
Lhereof
llSC lndlan llnanclal SysLem Code
lC lnlLlal ubllc Cfferlng
lC Cradlng Agency CredlL Analysls 8esearch LlmlLed (CA8L)
lssue AgreemenL ( MCu ) 1he agreemenL (MCu) enLered lnLo on lebruary 11 2011 beLween Lhe
Company and Lhe 88LM pursuanL Lo whlch cerLaln arrangemenLs are
agreed Lo ln relaLlon Lo Lhe lssue
lssue / lssue Slze 1he publlc lssue of an aggregaLe of 7S00000 LqulLy Shares
lssue rlce 1he prlce aL whlch Lhe LqulLy Shares are belng lssued by our Company
under Lhls urafL 8ed Perrlng rospecLus belng ` /
MlC8 MagneLlc lnk CharacLer 8ecognlLlon
Margln AmounL 1he amounL pald by Lhe 8ldder or blocked ln Lhe accounL of Lhe AS8A
8ldders aL Lhe Llme of submlsslon of Lhe 8ld belng 100 of Lhe 8ld
amounL
MuLual lund A MuLual lund as reglsLered wlLh SL8l under Lhe SL8l (MuLual lunds)
8egulaLlons 1996
MuLual lund orLlon S of Lhe neL Cl8 porLlon avallable for allocaLlon Lo MuLual lunds only on
a proporLlonaLe basls
neL lssue 1he lssue less Lhan Lmployees 8eservaLlon orLlon
neL roceeds roceeds of Lhe lresh lssue less Lhe lssue expenses lor furLher lnformaLlon
abouL use of Lhe lssue roceeds and Lhe lssue expenses please see Lhe
secLlon Cb[ecLs of Lhe lssue" on page 61 of Lhls urafL 8ed Perrlng
rospecLus

6
1erms Descr|pt|on
nonlnsLlLuLlonal 8ldders All 8ldders who are noL Cl8s or 8eLall lndlvldual 8ldders and who have 8ld
for LqulLy Shares for an amounL more Lhan ` 200000 (buL noL lncludlng
n8ls oLher Lhan Lllglble n8ls)
nonlnsLlLuLlonal orLlon 1he porLlon of Lhe lssue belng noL less Lhan 1S of Lhe lssue le 112S000
LqulLy Shares avallable for allocaLlon Lo nonlnsLlLuLlonal 8ldders
neL Cl8 orLlon 1he porLlon of Lhe Cl8 orLlon less Lhe number of LqulLy Shares AlloLLed Lo
Lhe Anchor lnvesLors Lo be alloLLed Lo Cl8's on a proporLlonaLe basls
nSL naLlonal SLock Lxchange of lndla LlmlLed
ayln uaLe 1he 8ld Closlng uaLe excepL wlLh respecL Lo Anchor lnvesLors whlch shall
be Lhe Anchor lnvesLor 8lddlng uaLe or a daLe noL laLer Lhan Lwo Worklng
uays afLer Lhe 8ld Closlng uaLe as may be appllcable
ayln erlod 1he perlod commenclng ln Lhe 8ld / lssue Cpenlng uaLe and exLendlng unLll
Lhe ayln uaLe
hyslcal AS8A appllcaLlon / 8ld AS8A 8ldcumAppllcaLlon lorms submlLLed by an AS8A lnvesLor wlLh Lhe
deslgnaLed branches of Lhe SCS8s
rlce 8and
rlce 8and of a mlnlmum lloor rlce of ` [] and a maxlmum Cap rlce of
` [] respecLlvely lncludlng revlslons Lhereof 1he rlce 8and and Lhe
mlnlmum 8ld loL slze for Lhe lssue wlll be declded by our Company ln
consulLaLlon wlLh Lhe 88LM and adverLlsed ln all edlLlons of Lwo naLlonal
newspapers (one each ln Lngllsh and Plndl) and a reglonal newspaper wlLh
wlde clrculaLlon aL Lhe place where Lhe reglsLered offlce of Lhe lssuer ls
slLuaLed aL leasL Lwo Worklng uays prlor Lo Lhe 8ld Cpenlng uaLe
rlclng uaLe 1he daLe on whlch Company ln consulLaLlon wlLh Lhe 88LM flnallzes Lhe
lssue rlce
rlme 8eLall lndla LlmlLed or our
Company" or 8lL"
rlme 8eLall lndla LlmlLed a publlc llmlLed company lncorporaLed under Lhe
Companles AcL 19S6 havlng lLs reglsLered offlce aL 1/1 Camac SLreeL
Shree Man[arl 8ulldlng SLh lloor SulLe no 07 kolkaLa 700016 WesL
8engal
rospecLus 1he rospecLus flled wlLh Lhe 8CC pursuanL Lo secLlon 60 of Lhe Companles
AcL conLalnlng lnLer alla Lhe lssue prlce LhaL ls deLermlned aL Lhe end of
Lhe 8ook 8ulldlng process Lhe slze of Lhe lssue and cerLaln oLher
lnformaLlon and lncludlng any corrlgendum Lhereof
ubllc lssue / lssue / lnlLlal ubllc
Cfferlng / lC
ubllc lssue of 7S00000 equlLy shares of ` 10/ each for cash aL a premlum
of ` []/ per equlLy share (rlce of ` []/ per equlLy share) aggregaLlng Lo
` [] Lacs (Lhe lssue) by rlme 8eLall lndla LlmlLed (Cur 'Company or
lssuer) 1he face value of Lhe share ls ` 10/ each and Lhe lssue prlce ls
([] Llmes of Lhe face value)
ubllc lssue AccounL AccounL opened wlLh Lhe 8ankers Lo Lhe lssue Lo recelve monles from Lhe
Lscrow AccounL(s) and from Lhe SCS8s from Lhe bank accounL of Lhe AS8A
8ldders on Lhe ueslgnaLed uaLe
Cuallfled lnsLlLuLlonal 8uyers / Cl8s ubllc llnanclal lnsLlLuLlons as speclfled ln SecLlon 4A of Lhe
Companles AcL Scheduled Commerclal 8anks MuLual lunds reglsLered
wlLh SL8l lorelgn lnsLlLuLlonal lnvesLors reglsLered wlLh SL8l MulLllaLeral
and 8llaLeral uevelopmenL llnanclal lnsLlLuLlons venLure CaplLal funds
reglsLered wlLh SL8l lorelgn venLure caplLal lnvesLors reglsLered wlLh SL8l
SLaLe lndusLrlal uevelopmenL CorporaLlons lnsurance Companles
reglsLered wlLh Lhe lnsurance 8egulaLory and uevelopmenL AuLhorlLy

7
1erms Descr|pt|on
(l8uA) rovldenL lunds (sub[ecL Lo appllcable laws) wlLh a mlnlmum corpus
of ` 2S crores and enslon lunds wlLh a mlnlmum corpus of ` 2S crores
naLlonal lnvesLmenL lund seL up by resoluLlon no l no 2/3/200Suull
daLed november 23 200S of Lhe CovernmenL of lndla publlshed ln Lhe
CazeLLe of lndla lnsurance funds seL up and managed by army navy or alr
force of Lhe unlon of lndla lnsurance funds seL up and managed by Lhe
ueparLmenL of osLs lndla
Cl8 orLlon 1he porLlon of Lhe lssue belng aLleasL S0 of Lhe lssue le 37S0000
LqulLy Shares Lo be alloLLed Lo Cl8s lncludlng Anchor lnvesLor orLlon
8ed Perrlng rospecLus 1he 8ed Perrlng rospecLus daLed Lo be flled wlLh Lhe 8oC ln Lerms of
SecLlon 608 of Lhe Companles AcL 19S6 whlch do noL have compleLe
parLlculars of Lhe prlce aL whlch Lhe LqulLy Shares are offered and Lhe slze
of Lhe lssue and whlch wlll be flled wlLh Lhe 8CC aL leasL Lhree days before
Lhe 8ld Cpenlng uaLe and wlll become a rospecLus upon flllng wlLh Lhe
8oC afLer Lhe rlclng uaLe
8efund AccounL(s) AccounL opened wlLh an Lscrow CollecLlon 8ank(s) from whlch Lhe refunds
of Lhe whole or parL of Lhe 8ld AmounL (excludlng Lo Lhe AS8A 8ldders) lf
any shall be made
8efund 8anker(s)
8efunds Lhrough elecLronlc Lransfer
of funds
8efunds Lhrough elecLronlc Lransfer of funds means refunds Lhrough LCS
ulrecL CredlL or 81CS or nLl1 or Lhe AS8A process as appllcable
8eglsLrar/ 8eglsLrar Lo Lhe lssue 8eglsLrar Lo Lhe lssue ln Lhls case belng Llnk lnLlme lndla rlvaLe LlmlLed
8egulaLlons SL8l (lssue of CaplLal and ulsclosure 8equlremenL) 8egulaLlons 2009 as
amended lncludlng lnsLrucLlons and clarlflcaLlons lssued by SL8l from Llme
Lo Llme
8eLall lndlvldual 8ldders lndlvldual 8ldders (lncludlng Puls ln Lhe name of karLa and Lllglble n8ls)
who bld for Lhe LqulLy Shares of a value of noL more Lhan ` 200000
8eLall orLlon 1he porLlon of Lhe lssue belng noL less Lhan 3S of Lhe lssue le262S000
LqulLy Shares shall be avallable for allocaLlon Lo 8eLall lndlvldual 8ldder(s)
8evlslon lorm 1he form used by Lhe 8ldders (whlch unless expressly provlded lncludes
Lhe AS8A 8evlslon lorm) Lo modlfy Lhe quanLlLy of LqulLy Shares or Lhe 8ld
AmounL ln any of Lhelr 8ldcumAppllcaLlon lorms or any prevlous 8evlslon
lorm(s)
Self CerLlfled SyndlcaLe 8ank(s) or
SCS8(s)
Self CerLlfled SyndlcaLe 8ank ls a 8ank reglsLered under Lhe SL8l (8ankers Lo
an lssue) 8egulaLlons 1994 whlch offers Lhe faclllLy of applylng Lhrough Lhe
AS8A process and ls recognlzed by SL8l AS8A 8ldcumappllcaLlon forms
can be accepLed only by SCS8s A llsL of SCS8(s) ls avallable on
hLLp//wwwseblgovln/pmd/scsbpdf
18S/1ransacLlon 8eglsLraLlon Sllp 1ransacLlon 8eglsLraLlon Sllp whlch ls generaLed when SyndlcaLe
members/Lhe SCS8s enLer each 8ld opLlon lnLo Lhe elecLronlc blddlng
sysLem as a separaLe 8ld for each prlce and demand opLlon and glve Lhe
same Lo Lhe 8ldder only on demand
underwrlLers
underwrlLlng AgreemenL AgreemenL daLed enLered lnLo beLween our Company and Lhe
underwrlLers Lo be enLered on or afLer Lhe rlclng uaLe
We or us or Cur Company 8efers Lo rlme 8eLall lndla LlmlLed

8

. - CUMPANY AND INDUSTRY RELATED TERMS
1erms Descr|pt|on
AsplraLlonal roducLs
roducLs of good quallLy and hlgh prlce whlch fulflll llfesLyle asplraLlons of an
lndlvldual
ASSCCPAM 1he AssoclaLed Chambers of Commerce and lndusLry of lndla
CA8L CredlL Analysls 8esearch LlmlLed
CA8L 8esearch A dlvlslon of CredlL Analysls 8esearch LlmlLed
CClM Company Cwned / Leased lranchlsee Managed
CSC CenLral SLaLlsLlcal CrganlsaLlon
L8Cs Lxcluslve 8rand CuLleLs
LrsLwhlle Company Chanduka Carrlers orlglnally lncorporaLed on May 11 1990 changed lLs name Lo
SMA MarkeLlng rlvaLe LlmlLed on november 13 1998 whlch laLer changed lLs
name Lo rlme 8eLall lndla rlvaLe LlmlLed on !anuary 29 2008 SubsequenLly lL
converLed lnLo a publlc llmlLed Company on !anuary 19 2010
lul lorelgn ulrecL lnvesLmenL
llCCl lederaLlon of lndlan Chambers of Commerce and lndusLry
lClC lranchlsee Cwned lranchlsee CperaLed
CCCl Clobal Consumer Confldence lndex
C8ul Clobal 8eLall uevelopmenL lndex
Plgh SLreeL A place or locallLy ln a ma[or clLy or prlnclpal sLreeL of a small Lown whlch would
be Lhe maln polnL of purchase from well known shops sLocklng hlgh quallLy
apparels and nonapparels
l8Ll lndla 8rand LqulLy loundaLlon
LlfesLyle roducLs/ LlfesLyle
Merchandlse
roducLs LhaL meeL way of llvlng cenLered around cerLaln acLlvlLles
M8C MulLl8rand CuLleLs
nn neL naLlonal roducL
nSSC naLlonal Sample Survey CrganlsaLlon
?o? ?ear on ?ear
. - ABBREVIATIUNS

Abbrev|at|on Iu|| Iorm
AS AccounLlng SLandards as lssued by Lhe lnsLlLuLe of CharLered AccounLanLs of lndla
A/c AccounL
ACM Annual Ceneral MeeLlng
AS8A AppllcaLlons SupporLed by 8locked AmounL
A? AssessmenL ?ear
8SL 8ombay SLock Lxchange LlmlLed
CuSL CenLral ueposlLory Servlces (lndla) LlmlLed
CAC8 Compounded Annual CrowLh 8aLe
ClC Chlef llnanclal Cfflcer
Cln Company ldenLlflcaLlon number
Cl1 Commlssloner of lncome 1ax

9
Abbrev|at|on Iu|| Iorm
C? Calendar ?ear erlod of Lwelve monLhs ended uecember 31 of LhaL parLlcular
year unless oLherwlse sLaLed
uln ulrecLor ldenLlflcaLlon number
ul ueparLmenL of lndusLrlal ollcy and romoLlon MlnlsLry of Commerce
u8P urafL 8ed Perrlng rospecLus
u1A ueferred 1ax AsseL
u1L ueferred 1ax LlablllLy
LCS LlecLronlc Clearlng SysLem
LCM LxLraordlnary Ceneral MeeLlng
LS Larnlngs er Share
LSC / LSCS Lmployees SLock CpLlon lan / Lmployees SLock CpLlon Scheme
LS / LSS Lmployees SLock urchase lan / Lmployees SLock CpLlon Scheme
LSC Culdellnes SecurlLles and Lxchange 8oard of lndla (Lmployees SLock CpLlon Scheme and
Lmployees SLock urchase Scheme) Culdellnes 2000
LxlM/ LxlM ollcy LxporL lmporL ollcy
lCn8 AccounL lorelgn Currency non 8esldenL AccounL
ll8 lorelgn lnvesLmenL romoLlon 8oard
l? / llscal / llnanclal ?ear erlod of Lwelve monLhs ended March 31 of LhaL parLlcular year unless oLherwlse
sLaLed
lLMA lorelgn Lxchange ManagemenL AcL 1999 as amended from Llme Lo Llme and Lhe
regulaLlons framed Lhere under
lLMA 8egulaLlons lLMA (1ransfer or lssue of SecurlLy by a erson 8esldenL CuLslde lndla)
8egulaLlons 2000 and amendmenLs LhereLo
llls lorelgn lnsLlLuLlonal lnvesLors as deflned under SL8l (lorelgn lnsLlLuLlonal
lnvesLor) 8egulaLlons 199S as amended and reglsLered wlLh SL8l under
appllcable laws ln lndla
lvCl lorelgn venLure CaplLal lnvesLors
Col/CovernmenL CovernmenL of lndla
Cu Cross uomesLlc roducL
Pul Plndu undlvlded lamlly
lCAl lnsLlLuLe of CharLered AccounLanLs of lndla
l1 AcL lncome 1ax AcL 1961 as amended from Llme Lo Llme
lndlan CAA Cenerally AccepLed AccounLlng rlnclples ln lndla
MAln MarkeL arLlclpanLs and lnvesLors' lnLegraLed uaLabase
Mol MlnlsLry of llnance CovernmenL of lndla
MCu Memorandum of undersLandlng
MerchanL 8anker MerchanL 8anker as deflned under Lhe SecurlLles and Lxchange 8oard of lndla
(MerchanL 8ankers) 8egulaLlons 1992
nA noL Appllcable
nAv neL AsseL value
nLl1 naLlonal LlecLronlc lund 1ransfer
nv neL resenL value
n8ls non 8esldenL lndlans belng a person resldenL ouLslde lndla as deflned under
lLMA and Lhe lLMA 8egulaLlons
n8L AccounL non 8esldenL LxLernal AccounL

10
Abbrev|at|on Iu|| Iorm
n8C AccounL non 8esldenL Crdlnary AccounL
nSuL naLlonal SecurlLles ueposlLory LlmlLed
nSL 1he naLlonal SLock Lxchange of lndla LlmlLed
CC8 Cverseas CorporaLe 8odles
pa per annum
AC ersons AcLlng ln ConcerL
/L 8aLlo rlce/Larnlngs 8aLlo
An ermanenL AccounL number
A1 roflL AfLer 1ax
88l 1he 8eserve 8ank of lndla
8CC 8eglsLrar of Companles kolkaLa WesL 8engal
8CL 8eLurn on LqulLy
8CnW 8eLurn on neL WorLh
81CS 8eal 1lme Cross SeLLlemenL
` 8upees Lhe offlclal currency of Lhe 8epubllc of lndla
SC88 SecurlLles ConLracLs (8egulaLlon) 8ules 19S7 as amended from Llme Lo Llme
SC8A SecurlLles ConLracL (8egulaLlon) AcL 19S6 as amended from Llme Lo Llme
S11 SecurlLles 1ransacLlon 1ax
Sec SecLlon
Sq lL/ sq fL Square leeL
Sq MLs/sq mLs Square MeLers
uS/unlLed SLaLes unlLed SLaLes of Amerlca
uSu/ uS$/ $ unlLed SLaLes uollar Lhe offlclal currency of Lhe unlLes SLaLes of Amerlca
vA1 value Added 1ax
vCl / venLure CaplLal lund lorelgn venLure CaplLal lunds (as deflned under Lhe SecurlLles and Lxchange
8oard of lndla (venLure CaplLal lunds) 8egulaLlons 1996) reglsLered wlLh SL8l
under appllcable laws ln lndla as amended
Worklng uays All days excepL SaLurday Sunday and any publlc hollday
(p) rovlslonal











11

SECTIUN II: RISK FACTURS
. - CERTAIN CUNVENTIUNS, USE UF MARKET DATA
unless sLaLed oLherwlse Lhe flnanclal daLa ln Lhe urafL 8ed Perrlng rospecLus ls derlved from our flnanclal
sLaLemenLs prepared and resLaLed ln accordance wlLh lndlan CAA Lhe Companles AcL and SL8l (lCu8) 8egulaLlons
2009 lncluded under SecLlon LlLled llnanclal lnformaLlon of Lhe Company" beglnnlng on age no149 of Lhls urafL
8ed Perrlng rospecLus we bove oo sobslJlotles AccotJloqly oll floooclol lofotmotloo telotloq to os lo tbls utoft
keJ nettloq ltospectos bos beeo pteseoteJ oo o ooocoosollJoteJ boslsCur flscal year commences on Aprll 1 of
every year and ends on March 31sL of every nexL year so all references Lo parLlcular flscal year unless sLaLed
oLherwlse are Lo Lhe 12 monLhs perlod ended on March 31 of LhaL year ln Lhe urafL 8ed Perrlng rospecLus any
dlscrepancles ln any Lable beLween Lhe LoLal and Lhe sum of Lhe amounLs llsLed are due Lo roundlngoff

ln Lhls urafL 8ed Perrlng rospecLus unless Lhe conLexL oLherwlse requlres all references Lo one gender also refers
Lo anoLher gender and Lhe word Lacs means one hundred Lhousand and Lhe word mllllon means Len lac and
Lhe word Crore means Len mllllon

1hroughouL Lhls urafL 8ed Perrlng rospecLus all flgures have been expressed ln Lacs mllllons and crores unless
oLherwlse sLaLed all references Lo lndla conLalned ln Lhls urafL 8ed Perrlng rospecLus are Lo Lhe 8epubllc of lndla

unless sLaLed oLherwlse lndusLry daLa used LhroughouL Lhls urafL 8ed Perrlng rospecLus has been obLalned from
lndusLry publlcaLlons lnLernal Company reporLs newspaper and magazlne arLlcles eLc Such publlcaLlons generally
sLaLe LhaL conLenL Lhereln has been obLalned from sources belleved Lo be rellable buL Lhelr accuracy and
compleLeness are noL guaranLeed and Lhelr rellablllLy cannoL be assured AlLhough we belleve LhaL Lhe lndusLry
daLa used ln Lhls urafL 8ed Perrlng rospecLus ls rellable lL has noL been verlfled by any lndependenL source

1here are slgnlflcanL dlfferences beLween lndlan CAA uS CAA and ll8S Accordlngly Lhe degree Lo whlch Lhe
lndlan CAA flnanclal sLaLemenLs lncluded ln Lhls urafL 8ed Perrlng rospecLus wlll provlde meanlngful lnformaLlon
ls enLlrely dependenL on Lhe reader's level of famlllarlLy wlLh lndlan accounLlng pracLlces Any rellance by persons
noL famlllar wlLh lndlan accounLlng pracLlces on Lhe flnanclal dlsclosures presenLed ln Lhls urafL 8ed Perrlng
rospecLus should accordlngly be llmlLed We do noL provlde reconclllaLlon of our flnanclal sLaLemenLs Lo ll8S or uS
CAA flnanclal sLaLemenLs 1he Company has noL aLLempLed Lo explaln Lhose dlfferences or quanLlfy Lhelr lmpacL on
Lhe flnanclal daLa lncluded hereln Lo Lhe lnvesLors and Lhe lnvesLors shall consulL Lhelr own advlsors regardlng such
dlfferences and Lhelr lmpacL on Lhe flnanclal daLa

lor addlLlonal deflnlLlons please refer Lo ueflnlLlons and AbbrevlaLlons on age no 1 of Lhls urafL 8ed Perrlng
rospecLus ln Lhe SecLlon LlLled Maln rovlslons of Lhe ArLlcles of AssoclaLlon on age no 268 of Lhls urafL 8ed
Perrlng rospecLus deflned Lerms have Lhe meanlng glven Lo such Lerms ln Lhe ArLlcles of AssoclaLlon of our
Company












12

. - FURWARD-LUUKINC STATEMENTS
SLaLemenLs lncluded ln Lhls urafL 8ed Perrlng rospecLus whlch conLaln words or phrases such as wlll alm wlll
llkely resulL belleve expecL wlll conLlnue anLlclpaLe esLlmaLe lnLend plan conLemplaLe seek
Lo fuLure ob[ecLlve goal pro[ecL should wlll pursue and slmllar expresslon or varlaLlons of such
expresslons LhaL are forwardlooklng sLaLemenLs

All forward looklng sLaLemenLs are sub[ecL Lo rlsks uncerLalnLles and assumpLlons LhaL could cause acLual resulLs Lo
dlffer maLerlally from Lhose conLemplaLed by Lhe relevanL forward looklng sLaLemenL lmporLanL facLors LhaL could
cause acLual resulLs Lo dlffer maLerlally from our expecLaLlons lnclude among oLhers

Ceneral economlc and buslness condlLlons ln lndla and oLher counLrles
8egulaLory changes perLalnlng Lo Lhe lndusLrles ln lndla ln whlch Lhe Company has buslnesses and our
ablllLy Lo respond Lo Lhem
Cur ablllLy Lo successfully lmplemenL our sLraLegy our growLh and expanslon Lechnologlcal changes our
exposure Lo markeL rlsks LhaL have an lmpacL on our buslness acLlvlLles or lnvesLmenLs
1he moneLary and flscal pollcles of lndla lnflaLlon deflaLlon unanLlclpaLed Lurbulence ln lnLeresL raLes
forelgn exchange raLes equlLy prlces or oLher raLes or prlces Lhe performance of Lhe flnanclal markeLs ln
lndla and globally changes ln domesLlc and forelgn laws regulaLlons and Laxes and changes ln compeLlLlon
ln our lndusLry
Changes ln Lhe value of Lhe 8upee and oLher currencles
1he occurrence of naLural dlsasLers or calamlLles
Change ln pollLlcal condlLlon ln lndla

lor furLher dlscusslon of facLors LhaL could cause our acLual resulLs Lo dlffer see Lhe SecLlon LlLled 8lsk lacLors and
ManagemenL's ulscusslon and Analysls of llnanclal CondlLlon and 8esulLs of CperaLlons" beglnnlng on age no 11
and 190 of Lhls urafL 8ed Perrlng rospecLus respecLlvely 8y Lhelr naLure cerLaln markeL rlsk dlsclosures are only
esLlmaLes and could be maLerlally dlfferenL from whaL acLually occurs ln Lhe fuLure As a resulL acLual fuLure galns
or losses could maLerlally dlffer from Lhose LhaL have been esLlmaLed

lorwardlooklng sLaLemenLs reflecL Lhe currenL vlews as of Lhe daLe of Lhls urafL 8ed Perrlng rospecLus and are noL
a guaranLee of fuLure performance nelLher our Company lLs ulrecLors nor any of Lhelr respecLlve afflllaLes have
any obllgaLlon Lo updaLe or oLherwlse revlse any sLaLemenLs reflecLlng clrcumsLances arlslng afLer Lhe daLe hereof
or Lo reflecL Lhe occurrence of underlylng evenLs even lf Lhe underlylng assumpLlons do noL come Lo frulLlon ln
accordance wlLh SL8l requlremenLs our Company and Lhe 8ook 8unnlng Lead Manager wlll ensure LhaL lnvesLors ln
lndla are lnformed of maLerlal developmenLs unLll such Llme as Lhe granL of llsLlng and Lradlng ermlsslon by Lhe
SLock Lxchanges for Lhe LqulLy Shares alloLLed pursuanL Lo Lhls lssue

















13

. - RISK FACTURS
An lnvesLmenL ln equlLy lnvolves a hlgh degree of rlsk lnvesLors should carefully conslder all Lhe lnformaLlon ln Lhls
urafL 8ed Perrlng rospecLus lncludlng Lhe rlsks and uncerLalnLles descrlbed below before maklng an lnvesLmenL ln
our equlLy shares Any of Lhe followlng rlsks as well as oLher rlsks and uncerLalnLles dlscussed ln Lhls urafL 8ed
Perrlng rospecLus could have a maLerlal adverse effecL on our buslness flnanclal condlLlon and resulLs of
operaLlons and could cause Lhe Lradlng prlce of our LqulLy Shares Lo decllne whlch could resulL ln Lhe loss of all or
parL of your lnvesLmenL ln addlLlon Lhe rlsks seL ouL ln Lhls urafL 8ed Perrlng rospecLus may noL be exhausLlve
and addlLlonal rlsks and uncerLalnLles noL presenLly known Lo us or whlch we currenLly deem lmmaLerlal may arlse
or become maLerlal ln Lhe fuLure unless oLherwlse sLaLed ln Lhe relevanL rlsk facLors seL forLh below we are noL ln
a poslLlon Lo speclfy or quanLlfy Lhe flnanclal or oLher rlsks menLloned hereln

Mater|a||ty
1he 8lsk facLors have been deLermlned on Lhe basls of Lhelr maLerlallLy 1he followlng facLors have been consldered
for deLermlnlng Lhe maLerlallLy

1 Some evenLs may noL be maLerlal lndlvldually buL may be found maLerlal collecLlvely
2 Some evenLs may have maLerlal lmpacL quallLaLlvely lnsLead of quanLlLaLlvely
3 Some evenLs may noL be maLerlal aL presenL buL may be havlng maLerlal lmpacL ln fuLure

Note
1he rlsk facLors as envlsaged by Lhe managemenL along wlLh Lhe proposals Lo address Lhe rlsk lf any unless
speclfled or quanLlfled ln Lhe relevanL rlsk facLors below we are noL ln a poslLlon Lo quanLlfy Lhe flnanclal
lmpllcaLlon of any of Lhe rlsks descrlbed ln Lhls secLlon

ln Lhls urafL 8ed Perrlng rospecLus any dlscrepancles ln any Lable beLween LoLal and Lhe sums of Lhe amounL llsLed
are due Lo roundlng off Any percenLage amounLs as seL forLh ln 8lsk lacLors on age no 11 and ManagemenL
ulscusslon and Analysls of llnanclal CondlLlons and CperaLlons on age no 190 of Lhls urafL 8ed Perrlng
rospecLus unless oLherwlse lndlcaLed has been calculaLed on Lhe basls of Lhe amounL dlsclosed ln Lhe llnanclal
SLaLemenLs prepared ln accordance wlLh Lhe lndlan AccounLlng SLandards

IN1LkNAL kISk IAC1CkS

1 Nature of our bus|ness |s seasona| as prom|nent part of our sa|es are rea||zed dur|ng the second ha|f of the
f|nanc|a| year Any substant|a| decrease |n our sa|es dur|ng th|s per|od may have a mater|a| adverse effect on
our f|nanc|a| performance

Cenerally we generaLes hlgher sales durlng second half of Lhe flnanclal year due Lo serles of fesLlvals (llke
uurga u[a ulwall ChrlsLmas Poll eLc) wlnLer/ sales onseL of marrlage season eLc ln our buslness module Lhe
flxed cosLs llke lease renLals employee cosLs sLore operaLlng cosLs dlsLrlbuLlon and loglsLlcs cosLs eLc form a
ma[or porLlon of our cosLs Slnce overheads ln Lhe reLall buslness are largely flxed second half proflLs of our
llnanclal ?ear have LradlLlonally been hlgher AccotJloqly ooy sobstootlol Jecteose lo soles lo tbe secooJ bolf of
tbe yeot moy bove o motetlol oJvetse effect oo oot floooclol cooJltloo ooJ bosloess opetotloos

2 We offer a range of |uxury ||festy|e merchand|se ||ke branded watches mob||e phones [ewe||ery etc and our
ab|||ty to effect|ve|y conceptua||ze customer preferences and our understand|ng of ||fe sty|e phases are
cr|t|ca| for our cont|nued growth and expans|on

Slnce we are ln Lhe buslness of reLalllng premlum luxury llfesLyle lLems llke branded waLches moblle phones
[ewellery eLc we have Lo meeL growlng demands of our valued cusLomers on conLlnued basls for our success
We are requlred Lo anLlclpaLe Lhelr needs ln advance whlch change wlLh changes ln llfesLyles fashlon Lrends
and producL lnnovaLlons 1bos ooy follote oo oot pott to ootlclpote ooJ tespooJ to evet cbooqloq costomet


14

ptefeteoces moy oJvetsely offect oot competltlveoess ooJ coosepoeotly oot floooclol petfotmooce ooJ fottbet
qtowtb

3 Cur Company has created prov|s|on for gratu|ty ||ab|||ty |n the books of Accounts but the gratu|ty fund as
requ|red under Sec 4A of the ayment of Gratu|ty Act 1972 |s yet to be created

we bove olteoJy cteoteJ ptovlsloo towotJs qtotolty lloblllty lo floooclol stotemeots bowevet we ote yet to
cteote o qtotolty fooJ os tepolteJ ooJet 5ec 1A of tbe loymeot of Ctotolty Act 1972 fot wblcb oot compooy ls
loltlotloq oecessoty octloo lo tbls teqotJfot fottbet Jetolls pleose tefet to Aooexote kvl of lloooclol 5totemeots
of tbe compooy

4 Cur roducts are prem|um ||festy|e products wh|ch are fash|on dr|ven and seasona| Any ma[or var|at|on |n
our forecast sa|es and actua| sa|es may adverse|y affect our f|nanc|a| performance

We declde our producL offerlngs based on our forecasL of Lrends ln luxury llfesLyle producLs parLlcularly
durlng forLhcomlng seasons and any ma[or varlaLlon ln our forecasL sales and acLual sales may resulL ln pllaLlon
of excess sLock and consequenLly clearance of sLock on lower marglns 1bls moy oJvetsely offect oot floooclol
petfotmooce

S Any adverse |mpact on the t|t|e ]ownersh|p r|ghts]deve|opment r|ghts of our |and|ords (|nc|ud|ng our
romoters or the|r assoc|ates from whose rea| estate prem|ses we operate may |mpede our Company's
effect|ve operat|ons of our stores]shops |n the future

All Lhe real esLaLe from whlch we operaLe our sLores/shops are Laken by us on long Lerm lease or sublease or
leave and llcence or conducLlng basls and /or oLher conLracLual arrangemenLs basls elLher from Lhlrd parLles or
from our romoLers or Lhelr assoclaLes We may ln fuLure also enLer lnLo such LransacLlons wlLh Lhlrd parLles
and/or our romoLers or Lhe Croup Aoy oJvetse lmpoct oo tbe tltle /owoetsblp tlqbts/Jevelopmeot tlqbts of
oot looJlotJs (locloJloq oot ltomotets ot tbe Ctoop) ftom wbose teol estote ptemlses we opetote oot
stotes/sbops moy lmpeJe oot compooys bosloess opetotloos ooJ coosepoeotly floooclol petfotmooce of oot
compooy

Our business p/ons moy need odditiono/ finoncinq in the form of debt ond/or equity to meet our exponsion
p/ons

Cur buslness expanslon plans are belng subsLanLlally funded Lhrough Lhls proposed lC and parLly by our
lnLernal cash accruals Powever Lhe acLual amounL and Llmlng of fuLure caplLal requlremenLs may dlffer from
esLlmaLes lncludlng buL noL llmlLed Lo unforeseen delays or cosL over runs unanLlclpaLed expenses markeL
developmenLs or new opporLunlLles ln Lhe lndusLry We may also noL be able Lo generaLe lnLernal cash ln our
Company as esLlmaLed and may have Lo resorL Lo alLernaLe sources of funds Sources of addlLlonal flnanclng
may lnclude commerclal borrowlngs or lssue of equlLy or debL lnsLrumenLs lf we JeclJe to tolse oJJltloool
fooJs tbtooqb tbe Jebt toote tbe lotetest obllqotloos woolJ locteose ooJ we moy be sobject to oJJltloool
coveooots wblcb coolJ llmlt oot oblllty to occess cosb flows ftom tbe opetotloos lf we JeclJe to tolse oJJltloool
fooJs tbtooqb epolty toote yoot sbotebolJloq lo tbe compooy coolJ qet JlloteJ

7 Our obi/ity to effective/y monoqe our exponsion ond successfu//y execute ond imp/ement our qrowth oriented
projects moy be /imited which cou/d hove on odverse effect on our business operotions ond finoncio/
conditions

ln Lhe pasL we have achleved growLh ln revenues and proflLs as ls evldenL from our flnanclal sLaLemenLs We
conLlnue Lo pursue such developmenL sLraLegles whlch would noL only enhance exlsLlng operaLlons buL also

1S

focus on newer opporLunlLles Cur Company's fuLure prospecLs predomlnaLely depend upon our managerlal
capablllLles and capaclLles Lo underLake such growLh orlenLed pro[ecLs 1hls could only be achleved once we
have lmprovlsed operaLlng sysLems sound organlzaLlonal sLrucLures ln place exlsLence of sLandardlzed
procedures and effecLlve lnLernal conLrol mechanlsms conLlnuous upgradaLlon of Lhe lnfrasLrucLure and
managerlal capablllLles Lo Lake Lhe mosL approprlaLe managerlal declslons aL rlghL Llme as per need of Lhe hour
lo tbe oollkely eveot of oot follote to lostoll socb systems ptoceJotes ooJ coottol mecboolsms lo oot compooy
Joe to oot llmlteJ moooqetlol obllltles we moy oot be oble to potsoe oot sttoteqlc expoosloo ploos effectlvely
1bls coolJ oJvetsely offect execotloo of fotote ploos tesolts of opetotloos ooJ floooclol cooJltloos

8 we hove certoin continqent /iobi/ities which hove not been provided for in the books of occounts
Moterio/itotion of ony of these continqent /iobi/ities cou/d offect our finoncio/s

1he ConLlngenL llablllLles of our Company noL provlded for as per our audlLed sLaLemenLs of accounLs are as
under
Sr No Nature of L|ab|||ty As at 30092010 As at 31032010
1 8ank CuaranLees ` 3944439 nll

lo tbe eveot ooy of tbese cootloqeot llobllltles qets ctystolllzeJ oot floooclol cooJltloo moy be offecteJ lot
fottbet lofotmotloo pleose see 5ectloo tltleJ lloooclol 5totemeots of tbe compooy beqlooloq oo loqe No 149
of tbls utoft keJ nettloq ltospectos

9 Our compony in the post hos entered into ke/oted Porty 1ronsoctions ond moy continue to do so in future
o/so

Cur Company has enLered lnLo varlous LransacLlons wlLh our promoLers dlrecLors Lhelr relaLlves' assoclaLes
and group companles ln Lhe pasL 1hese LransacLlons lnLeralla lnclude 2 renL agreemenLs (le one agreemenL
enLered beLween Lhe Company and our Managlng ulrecLor Mr 8a[lv Chopra daLed Aprll 01 2010 and Lhe oLher
agreemenL beLween our Company and one of Lhe romoLer Croup LnLlLy vlz Chopra lllms LnLerLalnmenL
rlvaLe LLd daLed CcLober 13 2010) Cur Company enLered lnLo such LransacLlons due Lo easy proxlmlLy and
qulck execuLlon on an arm's lengLh basls Powever Lhere can be no assurance LhaL we could noL have obLalned
beLLer and more favorable Lerms had our Company noL enLered lnLo such relaLed parLy LransacLlons Oot
compooy moy eotet loto socb ttoosoctloos lo fotote olso ooJ we coooot ossote tbot lo tbot eveot tbete woolJ be
oo oJvetse offect oo tesolts of oot opetotloos

lor ueLalls on 8elaLed arLy 1ransacLlons please refer Lo SecLlon LlLled llnanclal lnformaLlon of Lhe Company"
beglnnlng on age no 168 of Lhls urafL 8ed Perrlng rospecLus

10 1here is onother entity promoted by our Promoters which is enqoqed in the /ine of business simi/or to ours

Cur romoLers have promoLed M/s rlme WaLch World whlch ls engaged ln Lhe llne of buslness slmllar Lo ours
we coooot ossote tbot oot ptomotets wlll oot fovot tbe lotetests of tbe solJ eotlty ovet oot lotetest ot tbot tbe
solJ eotlty wlll oot expooJ wblcb moy locteose oot competltloo ooJ coosepoeotly oJvetsely offect oot floooclol
petfotmooce

11 lor our continued success our senior monoqement teom ond other key personne/ ore crucio/ ond the /oss of or
inobi/ity to ottroct ond retoin such personne/ in the future cou/d hove odverse effect on our business

Cur success subsLanLlally depends on Lhe conLlnued servlce and performance of Lhe members of our senlor
managemenL Leam and oLher key managemenL personnel ln our buslness for Lhe managemenL performlng our
dally operaLlons and plannlng organlzlng conLrolllng and execuLlon of our buslness sLraLegy Cur ablllLy Lo

16

lmplemenL our buslness sLraLegy would predomlnaLely depend on our ablllLy Lo aLLracL Lraln moLlvaLe and
reLaln hlghly skllled manpower 1here ls sLlff compeLlLlon for experlenced senlor managemenL and oLher key
managemenL personnel wlLh Lechnlcal and lndusLry experLlse and lf we lose tbe setvlces of ooy of tbese ot otbet
keyloJlvlJools to oot competltots ot tbe some tlme foll to floJ soltoble teplocemeots lo o tlmely moooet oot
oblllty to teollze oot sttoteqlc objectlves coolJ be lmpolteJ wblcb woolJ oJvetsely offect floooclol petfotmooce
of tbe compooy

12 Cne of our Group Lnt|t|es has |ncurred |oss |n the |ast f|sca| year 1he fo||ow|ng tab|e summar|zes the |oss
|ncurred by the promoter group ent|ty

Name of romoter Group Loss after 1ax for I 200910 (ks |n Lakhs)
M/s Chopra lllms LnLerLalnmenL rlvaLe LlmlLed 022

13 Cur Company had negat|ve cash f|ows dur|ng certa|n per|ods Any negat|ve cash f|ow |n future cou|d affect
our operat|ons and f|nanc|a| cond|t|ons

We had negaLlve cash flow from varlous acLlvlLles deLalls of whlch are as under
art|cu|ars
er|od ended ear ended
30Sep10 31Mar10 31Mar09 31Mar08 31Mar07 31Mar06
neL Cash from
CperaLlng AcLlvlLles 27381 (7S863) (63S71) (60090) (16493) (429)
neL Cash from lnvesLlng
AcLlvlLles 407 (16331) (7S73) (80S0) (2069) (161)
neL Cash from
llnanclng AcLlvlLles (31281) 82436 8S111 70007 19208 616
Net Increase]
(Decrease) |n Cash
Cash Lqu|va|ents (3492) (97S9) 13967 1867 646 026

1he neL cash flow of a company ls a key lndlcaLor Lo show Lhe exLenL of cash generaLed from operaLlons of Lhe
company Lo meeL caplLal expendlLure pay dlvldends repay loans and make new lnvesLmenLs wlLhouL ralslng
flnance from exLernal resources lf we ote oot oble to qeoetote sofflcleot cosb flows lt moy oJvetsely offect oot
bosloess ooJ floooclol opetotloos

14 Cur Company has made an app||cat|on for reg|strat|on of 1rademark "1he r|me"

Cur Company Lhrough lLs advocaLes u Sen Co aLenLs 1rademark ALLorneys made an appllcaLlon daLed
uecember 02 2009 for reglsLraLlon of Lhe mark 1he rlme" as a Lrademark under class 3S ln respecL
adverLlslng ulsLrlbuLlon markeLlng wholesale deparLmenLal sLore Lradlng servlce relaLlng Lo reLall excluslve
showrooms whlch ls pendlng lo cose of oot follote to tecelve ttoJemotk teqlsttotloo oot bosloess moy be
oJvetsely offecteJ

1S We have p|anned cap|ta| expend|ture wh|ch may not y|e|d the benef|ts |ntended

We are embarklng upon an expanslon plan Lo meeL Lhe growlng demand for producLs offered by us We are
lncurrlng caplLal expendlLure for our expanslon pro[ecL as deLalled ln Lhe secLlon LlLled Cb[ecLs of Lhe lssue"
beglnnlng on age no61 of Lhls urafL 8ed Perrlng rospecLus ln Lhe pasL we have noL underLaken caplLal
expendlLure of such slze and our lnablllLy Lo manage caplLal expendlLure may adversely affecL our operaLlons

17

we coooot ossote tbot we wlll be oble to qet tbe beoeflts of tbe qeoetolly qtowloq JemooJ ooJ occotJloqly tbe
beoeflts occtoloq to os ftom tbe ploooeJ expoosloo moy be less tboo wbot ls ootlclpoteJ

16 De|ay |n ra|s|ng funds from the IC cou|d adverse|y |mpact the |mp|ementat|on schedu|e

1he expanslon of our proposed pro[ecL ls Lo be funded from Lhe proceeds of Lhls lC and lnLernal accruals We
have noL ldenLlfled any alLernaLe source of fundlng and hence any fallure or delay on our parL Lo moblllze Lhe
requlred resources or any shorLfall ln Lhe lssue proceeds may delay Lhe lmplemenLaLlon schedule We
Lherefore cannoL assure LhaL we would be able Lo execuLe Lhe expanslon pro[ecL wlLhln Lhe glven Llme frame
or wlLhln Lhe cosLs as orlglnally esLlmaLed by us Aoy tlme ovettoo ot cost ovettoo moy oJvetsely offect oot
qtowtb ploos ooJ ptofltoblllty

17 We are sub[ect to restr|ct|ve |oan covenants of 8anks |n respect of term |oans ] work|ng cap|ta| fac|||t|es
ava||ed from them

Cur Company has enLered lnLo agreemenLs for flnanclal faclllLles wlLh our banker and Lhe covenanLs ln such
agreemenLs requlre us Lo obLaln bank's permlsslon ln wrlLlng ln respecL of effecLlng any change ln Lhe
Company's CaplLal SLrucLure change ln unsecured loan change ln Lradlng cycle lmplemenLaLlon of any scheme
of expanslon/ modlflcaLlon/ dlverslflcaLlon/ renovaLlon enLerlng lnLo any borrowlng arrangemenL wlLh oLher
banks underLake guaranLee underLake obllgaLlons on behalf of any oLher Company declare dlvldends excepL
for Lhe any year approved by Lhe bank pay guaranLee commlsslon Lo Lhe guaranLors whose guaranLees have
been sLlpulaLed creaLe a furLher charge/ llen/ encumbrance over asseLs properLles charged Lo Lhe bank and
sell/ asslgn or oLherwlse dlspose off Lhe flxed asseLs charged Lo Lhe bank 1bese coveooots moy bove oo oJvetse
effect oo tbe fooctlooloq of oot compooy lottbetmote oot compooy bos cteoteJ o cbotqe lo fovot of oot leoJet
oqolost cettolo ossets of Oot compooy lo cose of Jefoolt by oot compooy lo tepoymeot of tbe looos oot 8ooket
moy exetclse tbelt tlqbts ovet tbe secotlty wblcb moy be Jettlmeotol to tbe lotetest of oot compooy

lor deLalls of resLrlcLlve covenanLs please refer Lo SecLlon LlLled llnanclal lnformaLlon of Lhe Company" on
age no 149 of Lhls urafL 8ed Perrlng rospecLus

18 Cur Company may cont|nue to be contro||ed by |ts romoters and romoter Group fo||ow|ng th|s Issue and
our other shareho|ders may not be ab|e to affect the outcome of shareho|ders' vot|ng

AfLer Lhe compleLlon of Lhls proposed publlc lssue our romoLers and romoLer Croup wlll collecLlvely hold
S489 of Lhe fully dlluLed posLlssue equlLy caplLal ConsequenLly our romoLers may exerclse subsLanLlal
conLrol over us and have Lhe power Lo elecL and remove a ma[orlLy of our ulrecLors and / or deLermlne Lhe
ouLcome of proposals for corporaLe acLlon requlrlng approval of our 8oard of ulrecLors or shareholders such as
lendlng and lnvesLmenL pollcles revenue budgeLs caplLal expendlLure dlvldend pollcy and sLraLeglc
acqulslLlons Oot ltomotets wlll be oble to lofloeoce oot mojot pollcy Jeclsloos ooJ ooy wtooq Jeclsloo oo tbelt
pott coolJ oJvetsely offect yoot lovestmeot lo tbe polty 5botes

19 Cur |nab|||ty to de||ver as per our bus|ness p|an cou|d have an adverse |mpact on our bus|ness

Cur buslness expanslon plan lncludes openlng of new sLores over Lhe nexL flnanclal year Cur success ln
achlevlng fuLure growLh Lhrough Lhls ls dependenL upon our ablllLy Lo seL up our new sLores as planned and
where appllcable hlrlng approprlaLe sLore personnel 1bete coo be oo ossotooce tbot we woolJ be oble to opeo
ot opetote oew stotes oo o tlmely ot ptofltoble bosls ot tbot compotoble stote soles wlll locteose lo tbe
fototeWe also rely on varlous real esLaLe developers for our sLore slLes Aoy Jeloy by tbe Jevelopets lo booJloq
ovet tbe possessloo of stote sltes to os moy leoJ to Jeloys lo oot opeoloq of stotes ooJ lmpoct oot toll oot

18
scbeJoles ooJ coose cost ooJ tlme ovet toos Aoy follote by oot moooqemeot to effectlvely lmplemeot tbe
expoosloo sttoteqy coolJ bove o motetlol oJvetse effect oo oot bosloess ooJ opetotloos

20 We face compet|t|on from ex|st|ng reta||ers and potent|a| entrants to the reta|| |ndustry that may adverse|y
affect our compet|t|ve pos|t|on and our prof|tab|||ty

We face compeLlLlon for cusLomers from oLher speclalLy sLores and oLher reLallers ln Lhe organlzed and
unorganlzed markeLs We expecL compeLlLlon could lncrease wlLh new enLranLs comlng lnLo reLall lndusLry and
exlsLlng players consolldaLlng Lhelr poslLlons Cur compeLlLors may noL be focused on proflLable growLh ln Lhe
shorL Lerm and Lhls could dlsLurb Lhe reLall lndusLry's proflLablllLy dynamlcs Some of our compeLlLors may have
access Lo slgnlflcanLly greaLer resources and hence Lhe ablllLy Lo compeLe more effecLlvely As a resulL of
compeLlLlon we may have Lo prlce our merchandlse aL levels LhaL reduce our marglns lncrease our caplLal
expendlLures ln order Lo dlfferenLlaLe ourselves from oLher reLallers and lncrease our adverLlslng and
dlsLrlbuLlon expendlLures whlch may adversely affecL our buslness wltb locteoseJ oombet of tetollets lo tbe
motket tbete moy be locteoseJ competltloo fot qooJ stote locotloos lmpoctloq oot costs loss of motket sbote
ooJ competltots ooJ competltloo moy oJvetsely offect oot ptofltoblllty

21 lncreose in competition by o//owinq lul in retoi/ trodinq of mu/tip/e bronds by 6overnment of lndio in future

CurrenLly lorelgn ulrecL lnvesLmenL ls noL permlLLed ln Lhe reLall Lradlng of mulLlple brands we belleve oot
competltloo coolJ locteose lf tbe testtlctloo oo lotelqo ultect lovestmeot lo loJloo tetoll sectot ls temoveJ by
Covetomeot of loJlo lo fotote

22 Mu/tip/icity of /oco/ toxes ond /evies inc/udinq so/es tox hos impocted the qrowth of orqonited retoi/
Lach sLaLe ln lndla has dlfferenL local Laxes and levles lncludlng sales Lax eLc whlch has enhanced Lhe
complexlLy for organlzed reLallers as well as added Lo Lhelr cosLs lncldence of varlous levles as well as Lhe
requlremenL Lo menLlon Lhe Maxlmum 8eLall rlce (M8) on varlous producLs has led Lo organlzed reLallers
funcLlonlng ln a sub opLlmal level lmpacLlng Lhelr compeLlLlveness vs unorganlzed players who also galn by way
of Lax evaslon cbooqes lo tbese locol toxes ooJ levles coo lmpoct tbe petfotmooce of tetollets oJvetsely

23 we re/y extensive/y on our informotion techno/oqy systems ond stondord operotinq procedures foi/ures of
which cou/d odverse/y impoct our business
We rely exLenslvely on our lnformaLlon Lechnology sysLems and sLandard operaLlng procedures for smooLh
funcLlonlng of our sLores eLc and ooy Jevlotloo ftom tbese ptoceJotes moy Jlstopt tbe fooctlooloq of oot stotes
locoteJ ot Jlffeteot ploces tbos offectloq tbe petfotmooce of oot compooy

24 we moy in the future foce potentio/ /iobi/ities from /owsuits or c/oims by consumers
We may face Lhe rlsk of legal proceedlngs and clalms belng broughL agalnsL us by our cusLomers/consumers for
any defecLlve producL sold or any deflclency ln our servlces Lo Lhem Also slnce we have a large number of
cusLomers/consumers vlslLlng our sLores dally we could face llablllLles should our cusLomers/consumers face
any loss or damage due Lo any unforeseen lncldenL such as flre accldenL eLc ln our sLores whlch could cause
flnanclal and oLher damage Lo our cusLomers/consumers 1bls moy tesolt lo llobllltles ooJ/ot floooclol clolms fot
oot compooy os well os loss of bosloess ooJ tepototloo

2S 1he market pr|ce of the Lqu|ty Shares may be adverse|y affected by any add|t|ona| |ssuances of equ|ty or
sa|es of a |arge number of the Lqu|ty Shares by our romoters

1here ls a rlsk LhaL we may be requlred Lo flnance our growLh or sLrengLhen our balance sheeL Lhrough
addlLlonal equlLy offerlngs Aoy fotote lssoooce of polty 5botes wlll Jllote tbe posltloo of exlstloq sbotebolJets
ooJ coolJ oJvetsely offect tbe motket ptlce of tbe polty 5botes

19

26 We have not yet executed the requ|red def|n|t|ve agreements or arrangements for a|| of our new store s|tes

We have execuLed prellmlnary conLracLual agreemenLs for all of our new sLore slLes excepL one Powever we
are yeL Lo execuLe Lhe deflnlLlve agreemenLs for all Lhe proposed 18 sLores for whlch we are ralslng funds
Lhrough Lhls lssue as well as lnLernal accruals 5boolJ we oot execote oot expoosloo ploo os eovlsoqeJ becoose
of tbls tbete coolJ be tlme ooJ cost ovettoos offectloq tbe petfotmooce of oot compooy

27 Cur cont|nued success depends upon ava||ab|||ty of adequate human resources on t|me|y bas|s Any work
stoppages or other human resources re|ated prob|ems cou|d adverse|y affect our bus|ness

We requlre skllled and unskllled manpower for successful runnlng of our exlsLlng as well as fuLure operaLlons
We malnLaln cordlal relaLlonshlp wlLh Lhe manpower and have noL encounLered any work sLoppages and oLher
relaLed problems so far nowevet ooy sbottoqe of oJepoote moopowet ooJ stoppoqe Joe to ooy wotk teloteJ
lssoes lo fotote moy offect smootb toooloq of oot opetotloos

28 Any future equ|ty offer|ngs or |ssue of opt|ons under any Lmp|oyee Stock Cpt|on Scheme |n future may |ead
to d||ut|on of your shareho|d|ng |n our Company
5obsctlbets of polty sbotes lo tbls lssoe moy expetleoce Jllotloo of tbelt sbotebolJloq to tbe exteot of ooy fotote
epolty offetloqs ooJ to tbe exteot oJJltloool optloos tbot moy be lssoeJ ooJet oot employee stock optloo
scbeme

29 Cur Company has obta|ned |nsurance coverage wh|ch may not adequate|y cover a|| potent|a| |osses to wh|ch
we may be sub[ect to and th|s may have a mater|a| adverse effect on our bus|ness

Cur lnsurance coverage may noL adequaLely proLecL us agalnsL cerLaln operaLlng hazards and Lhls may have a
maLerlal adverse effecL on our buslness 1here can be no assurance LhaL any clalm under Lhe lnsurance pollcles
malnLalned by us wlll be honored fully ln parL or on Llme Accordlngly Lo Lhe exLenL LhaL we suffer loss or
damage LhaL ls noL covered by lnsurance or whlch exceeds our lnsurance coverage our resulLs of operaLlons or
cash flows may be affecLed 1here ls a rlsk LhaL our lnsurance pollcles may noL be sufflclenL ln coverlng all losses
ln whlch we or any Lhlrd parLles may suffer lf we soffet lo oo eveot fot wblcb we ote oot oJepootely losoteJ
tbete ls o tlsk tbot lt coolJ bove o motetlol oJvetse effect oo oot bosloess tesolts of opetotloos ooJ floooclol
cooJltloo lot Jetolls pleose tefet to poqe 112 of tbls utoft keJ nettloq ltospectos

30 Any keduct|on ] 1erm|nat|on of 1ax benef|ts and ] or change |n the 1ax structure app||cab|e to our Company
may |ncrease our tax ||ab|||ty and reduce our prof|t marg|ns

Aoy teJoctloo / tetmlootloo of tox beoeflts ooJ/ot cbooqe lo 1ox sttoctote by tbe televoot ootbotltles wblcb ote
cotteotly oppllcoble to tbe compooy moy oJvetsely offect tbe tesolts of oot opetotloos ooJ ptofltoblllty

31 Change |n Interest rates and 8ank|ng po||c|es

Cur Company ls dependenL on bank(s) for worklng caplLal requlremenLs/Lerm loans Aoy cbooqe lo tbe extoot
8ookloq pollcles ot locteose lo lotetest totes moy bove oo oJvetse effect oo compooys ptofltoblllty

32 Nonrece|pt of Government and other regu|atory approva|s may affect our proposed expans|on p|an

We shall apply for all Lhe governmenL and oLher regulaLory approvals requlred ln regard Lo Lhe new sLores
proposed by us aL approprlaLe Llmelo cose of ooo tecelpt ot JeloyeJ tecelpt of tbe some we moy oot be oble to
lmplemeot oot ptoposeJ expoosloo ploo os scbeJoleJ wblcb moy leoJ to cost ovettoo ooJ bove lmpoct oo oot
qtowtb ooJ floooclol cooJltloo

20

33 Cur Company has f||ed two compound|ng app||cat|ons under sect|on 621 (A) of the Compan|es Act 19S6 as
amended

Cur Company whlle lL was a prlvaLe llmlLed company had underLaken acLlvlLles whlch were falllng under CLher
Cb[ecLs ln Lhe Memorandum and ArLlcles of AssoclaLlon of Lhe Company Powever upon converslon of lL lnLo a
publlc llmlLed company on !anuary lL was requlred Lo Lake approval of Lhe members by way of speclal
resoluLlon as per secLlon 149(2A) of Lhe Companles AcL 19S6 whlch was however passed subsequenLly lalllng
Lo do so aL LhaL polnL of Llme and ln order Lo comply wlLh Lhe provlslons of Lhe sald AcL our Company flled Lhe
compoundlng appllcaLlon wlLh 8oC under Lhe provlslons of SecLlon 621 A of Lhe Companles AcL 19S6 whlch ls
pendlng Also our Company's l? 200708 Lhe audlLed 8alance SheeL eLc lnadverLenLlL and unlnLendly
conLravened provlslons of secLlon 211 (3A) of Lhe Companles AcL 19S6 and ln order Lo comply wlLh Lhe
provlslons of Lhe sald AcLflled Lhe compoundlng appllcaLlon wlLh 8oC ln Lhls regard whlch ls pendlng Oot
compooy ooJ oll offlcets lo Jefoolt moy be belJ lloble ooJet obove sectloos of tbe solJ Act os pet tbe Jeclsloo of
tbe opptoptolote leqol fotom / ttlboool / compooy low 8ootJ wblcb moy oJvetsely offect opetotloos of tbe
compooy Jltectly ot loJltectly

34 1here are outstand|ng ||t|gat|ons |nvo|v|ng the Company |f determ|ned adverse|y cou|d affect the Company's
bus|ness and resu|ts of operat|ons

1here are ouLsLandlng llLlgaLlons lnvolvlng Lhe Company 1he legal proceedlngs are pendlng aL dlfferenL levels of
ad[udlcaLlon before Lhe CourLs of approprlaLe [urlsdlcLlons Should any new developmenLs arlse such as any
change ln appllcable lndlan law or any rullngs agalnsL Lhe Company by appellaLe courLs or Lrlbunals Lhe
Company may need Lo make provlslons ln lLs flnanclal sLaLemenLs aL Lhe relevanL Llme LhaL could lncrease
expenses and currenL llablllLles Aoy oJvetse Jeclsloo moy bove oo oJvetse effect oo tbe compooys bosloess
tesolts of opetotloos ooJ floooclol cooJltloo

1he brlef deLalls of such ouLsLandlng llLlgaLlon as of Lhe daLe of Lhe urafL 8ed Perrlng rospecLus are as follows
lltlqotloo oqolost tbe compooy

Sr No Nature of ||t|gat|on Number of Cutstand|ng cases Aggregate approx|mate
amount |nvo|ved (|n ks)
1 Clvll roceedlngs 1 2238988S

lltlqotloo by tbe compooy (whlch lf declded agalnsL our Company may resulL ln revenue loss)

Sr No Nature of ||t|gat|on Number of Cutstand|ng cases Aggregate approx|mate
amount |nvo|ved (|n ks)
1 Clvll roceedlngs 1 S186300

lor deLalls please see Lhe secLlon CuLsLandlng LlLlgaLlons and MaLerlal uevelopmenLs" on page 204 of Lhls
urafL 8ed Perrlng rospecLus

l5 we ore required to enter into fronchisee oqreements for our xc/usive 8outique out/ets {8Os) whether
existinq or proposed loi/ure to meet predefined so/es torqet for ony of the 8Os moy /eod to /oss of such
existinq os we// os even prospective fronchisees

We are requlred Lo enLer lnLo franchlsee agreemenLs for our Lxcluslve 8ouLlque ouLleLs (L8Cs) wheLher
exlsLlng or proposed 1hus predeflned sales LargeLs are seL for each of Lhe Lxcluslve 8ouLlque ouLleLs (L8Cs) aL
regular lnLervals lo tbe eveot of oot follote to ottolo socb pteJefloeJ soles totqets fot ooy of tbe 8Os we moy

21

oooble to tetolo socb exlstloq ftoocblsees ooJ petbops loose oot oo ptospectlve ftoocblsee oppottooltles os well
tbeteby oJvetsely offectloq oot tesolts of opetotloos ooJ floooclol cooJltloos

l Our obi/ity to poy dividends in the future wi// depend upon future eorninqs finoncio/ conditions cosh f/ows
workinq copito/ requirements ond copito/ expenditures

1he amounL of our fuLure dlvldend paymenLs lf any wlll depend upon our fuLure earnlngs flnanclal condlLlon
cash flows worklng caplLal requlremenLs caplLal expendlLures and oLher facLors 1here can be no assurance
LhaL we wlll be able Lo pay dlvldends AddlLlonally we may be prohlblLed by Lhe Lerms of our fuLure debL
flnanclng agreemenLs Lo make any dlvldend paymenLs unLll a cerLaln Llme perlod as may be agreed wlLh
lenders

l7 1he Objects of the lssue for which the funds ore beinq roised hos not been opproised by ony 8onk or linoncio/
lnstitution

We lnLend Lo use Lhe neL proceeds of Lhe lssue for Lhe ob[ecLs as descrlbed ln Lhe secLlon enLlLled Cb[ecLs of
Lhe lssue" of Lhls urafL 8ed Perrlng rospecLus 1he purposes for whlch Lhe neL proceeds of Lhe lssue are Lo be
uLlllzed have noL been appralsed by any lndependenL enLlLy and are based on esLlmaLes as approved by our
8oard of ulrecLors and on Lhlrd parLy quoLaLlons ln addlLlon our caplLal expendlLure plans and worklng caplLal
esLlmaLes are sub[ecL Lo a number of varlables lncludlng posslble cosL overruns and changes ln managemenL's
vlews of Lhe deslrablllLy of currenL plans and many oLher facLors

endlng uLlllzaLlon of proceeds ouL of lssue for Lhe purposes descrlbed ln Lhe urafL 8ed Perrlng rospecLus we
lnLend Lo Lemporarlly lnvesL Lhe funds ln hlgh quallLy lnLeresL bearlng llquld lnsLrumenLs lncludlng deposlLs wlLh
banks lnvesLmenL ln muLual funds eLc as Lhe 8oard of ulrecLors may deem flL and proper

lurLher as per 8egulaLlon 16(1) of Lhe SL8l (lCu8) 8egulaLlons 2009 Lhe requlremenL of MonlLorlng Agency ls
noL mandaLory lf Lhe lssue slze ls below 8s S0000 Crores 1hus as Lhe lssue slze ls less Lhan 8s S00 Crores
Lhere ls no requlremenL for appolnLmenL of a monlLorlng agency Ao AoJlt commlttee of tbe 8ootJ sboll
mooltot tbe otlllzotloo of tbe oet ptoceeJs of tbe lssoe wblcb sboll oot be sobject to ooy mooltotloq by ooy
loJepeoJeot oqeocy

l8 Our compony hos yet to reqister our shops ot 4hmedobod under the 6ujorot 5hop stob/ishment 4ct

Cur Company ls ln Lhe process of reglsLerlng our shops aL Ahmedabad under Lhe Cu[araL Shop LsLabllshmenL
AcL Oot bosloess ooJ opetotloos moy be oJvetsely offecteJ lf we foll to obtolo socb teqlsttotloo ooJ olso moy
be belJ lloble fot ooocompllooce wltb tbe ptovlsloos of tbe solJ Act


l9 1he success of the componys business is dependent on supp/y choin monoqement5o for the compony hos
not entred into confirmed oqreement with o// its supp/iers

Cur Company sLrlves Lo keep opLlmum lnvenLory aL Lhelr sLores Lo conLrol Lhe worklng caplLal requlremenLs
Lnsurlng shelf avallablllLy for Lhe producLs warranLs qulck Lurnaround Llme and hlgh level of coordlnaLlon wlLh
suppllers 1bos oot bovloq tbe coofltmeJ oqteemeots wltb tbe soppllets ooJ loefflcleot sopply cbolo
moooqemeot moy leoJ to ooovolloblllty of metcbooJlse wblcb lo toto wlll oJvetsely offect oot competltlveoess
ooJ coosepoeotly oot floooclol cooJltloo ooJ bosloess opetotloos





22

Lx1LkNAL kISk IAC1CkS

1 4ny s/owdown in economic qrowth in lndio cou/d couse our business to suffer

Cur performance and growLh are essenLlally dependenL on Lhe healLh of Lhe overall lndlan economy A
slowdown ln Lhe lndlan economy could adversely affecL our buslness lndla's economy could be adversely
affecLed by a general rlse ln lnLeresL raLes weaLher condlLlons adversely affecLlng agrlculLure commodlLy
and energy prlces or varlous oLher facLors ln addlLlon Lhe lndlan economy ls ln a sLaLe of LranslLlon 1he
share of Lhe servlce secLor of Lhe economy ls rlslng whlle LhaL of Lhe lndusLrlal manufacLurlng and
agrlculLural secLors ls decllnlng lL ls dlfflculL Lo gauge Lhe lmpacL of Lhese fundamenLal economlc changes on
our buslness Any slowdown ln Lhe lndlan economy or fuLure volaLlllLy ln global commodlLy prlces could
adversely affecL our buslness

2 Our business cou/d be odverse/y offected by ony economic po/itico/ ond socio/ deve/opments in lndio ond
q/obo//y

Cur performance and growLh could be adversely affecLed by varlous facLors such as pollLlcal and regulaLory
acLlon lncludlng adverse changes ln llberallzaLlon pollcles any adverse developmenL ln Lhe World economy
lnLroducLlon of new laws pollcles or regulaLlons or changes ln Lhe lnLerpreLaLlon or appllcaLlon of exlsLlng
laws pollcles and regulaLlons 1here can be no assurance LhaL we wlll succeed Lo operaLe ln or succeed ln
obLalnlng all requlslLe regulaLory approvals ln Lhe fuLure for our operaLlons whlch could have an adverse
lmpacL on our buslness flnanclal condlLlon and resulLs of operaLlons

l kequ/otory chonqes with reqord to uirect/lndirect toxes moy odverse/y offect our performonce or finoncio/
conditions

8egulaLory changes relaLlng Lo buslness segmenL ln whlch we operaLe ln lndla can have a bearlng on our
buslness Lach SLaLe ln lndla has dlfferenL local Laxes and levles whlch may lnclude value added Lax sales Lax
eLc Changes ln Lhese local Laxes and levles may lmpacL our proflLs and proflLablllLy Any negaLlve changes ln
Lhe regulaLory condlLlons ln lndla or our oLher geographlc markeLs could adversely affecL our buslness
operaLlons or flnanclal condlLlons

4 lnstobi/ity of economic po/icies ond the po/itico/ situotion in lndio or e/sewhere cou/d odverse/y offect the
fortunes of the industry

1here ls no assurance LhaL Lhe llberallzaLlon pollcles of Lhe governmenL wlll conLlnue ln Lhe fuLure roLesLs
agalnsL prlvaLlzaLlon could slow down Lhe pace of llberallzaLlon and deregulaLlon 1he CovernmenL of lndla
plays an lmporLanL role by regulaLlng Lhe pollcles and regulaLlons governlng Lhe prlvaLe secLor over Lhe pasL
several years

unsLable lnLernal and lnLernaLlonal pollLlcal envlronmenL could lmpacL Lhe economlc performance ln boLh Lhe
shorL Lerm and Lhe long Lerm 1he CovernmenL has LradlLlonally exerclsed and conLlnues Lo exerclse a
slgnlflcanL lnfluence over many aspecLs of Lhe lndlan economy Cur Company's buslness and Lhe markeL prlce
and llquldlLy of Lhe LqulLy Shares may be affecLed by changes ln lnLeresL raLes changes ln CovernmenL
pollcy LaxaLlon soclal and clvll unresL and oLher pollLlcal economlc or oLher developmenLs ln or affecLlng
lndla

5 lorce mojeure events terrorist ottocks or noturo/ disoster or ony other octs of vio/ence or wor invo/vinq
lndio or other countries cou/d odverse/y offect the finoncio/ morkets moy resu/t in /oss of customer
confidence ond odverse/y offect our componys business resu/ts of operotions finoncio/ conditions ond cosh
f/ows

CerLaln force ma[eure evenLs belng beyond our Company's conLrol lncludlng naLural dlsasLers LerrorlsL
aLLacks and oLher acLs of vlolence or war whlch may lnvolve lndla or oLher counLrles may adversely affecL



23

lndlan or worldwlde flnanclal markeLs and could lead Lo economlc recesslon 1hese acLs may also resulL ln a
loss of buslness confldence and have oLher consequences LhaL could adversely affecL buslness resulLs of
operaLlons and flnanclal condlLlon of our Company More generally any of Lhese evenLs could lower
confldence ln lndla Any such evenL could adversely affecL Lhe flnanclal performance or Lhe markeL prlce of
Lhe LqulLy Shares of our Company

You wi// not be ob/e to se// immediote/y ony of the quity 5hores you purchose in this lssue on on lndion
stock exchonqe

1he LqulLy Shares are proposed Lo be llsLed on 8SL and nSL ursuanL Lo lndlan regulaLlons cerLaln acLlons
musL be compleLed before Lhe LqulLy shares can be llsLed and Lradlng may commence lnvesLors book enLry
or demaL accounLs wlLh deposlLory parLlclpanLs ln lndla are expecLed Lo be credlLed wlLhln Lwo worklng days
of Lhe daLe on whlch Lhe basls of alloLmenL ls approved by Lhe ueslgnaLed SLock Lxchange 1hereafLer upon
recelpL of flnal approval of Lhe sLock exchanges Lradlng ln Lhe equlLy shares ls expecLed Lo commence wlLhln
seven worklng days of Lhe daLe on whlch Lhe basls of alloLmenL ls approved by Lhe ueslgnaLed SLock
Lxchange 1here can be no assurance LhaL Lhe LqulLy Shares allocaLed earller Lo lnvesLors wlll be credlLed Lo
Lhelr demaL accounLs or LhaL Lradlng wlll commence wlLhln Lhe Llme perlods speclfled above

7 4fter this lssue the price of our quity 5hores moy be vo/oti/e or on octive trodinq morket for our quity
5hores moy not sustoin

1he prlces of our LqulLy Shares may flucLuaLe afLer Lhls lssue due Lo a wlde varleLy of facLors lncludlng
volaLlllLy ln Lhe lndlan and global securlLles markeLs our operaLlonal performance flnanclal resulLs and
capaclLy expanslon developmenLs ln lndla's economlc llberallzaLlon and deregulaLlon pollcles parLlcularly ln
Lhe LelecommunlcaLlon and agrlculLural secLor and changes ln lndla's laws and regulaLlons lmpacLlng our
buslness

We cannoL assure you LhaL an acLlve Lradlng markeL for our equlLy shares wlll be susLalned afLer Lhls lssue or
LhaL Lhe prlce aL whlch our equlLy shares would be Lraded subsequenL Lo Lhls lssue wlll correspond Lo Lhe
currenL prlces for our already exlsLlng equlLy shares

8 4ttrition rotes ot the entry /eve/ ore very hiqh for the retoi/ sector

1he reLall secLor compeLes wlLh oLher emerglng servlce secLors such as l1LS ln lLs ablllLy Lo hlre and reLaln
quallLy people ln addlLlon Lo compeLlLlon amongsL Lhe players ln Lhe secLor Pence avallablllLy of Lralned
manpower poses a key rlsk for Lhe reLall secLor As organlzed reLall grows rapldly Lhere wlll be furLher
pressure on exlsLlng players as new enLranLs would look for Lralned manpower aL varlous levels Cpenlng up
of lorelgn ulrecL lnvesLmenL (lul) ln reLall could see Lhe enLry of lnLernaLlonal reLall ma[ors and puL furLher
pressure on Lhe manpower

9 Mu/tip/icity of /eqis/otions hove impocted the qrowth of orqonited retoi/

1he reLall secLor funcLlons under mulLlple laws and regulaLlons MulLlple llcenses and clearances are requlred
before a sLore can be opened 1hereafLer sLrlngenL laws perLalnlng Lo labour hours of work eLc llmlL
flexlblllLy ln operaLlons and add Lo overall cosLs and can lmpacL reLall operaLlons

10 xchonqe kote l/uctuotions moy hove impoct on the performonce of Our compony

Cur Company ls exposed Lo exchange raLe flucLuaLlons uncerLalnLles ln Lhe global flnanclal markeL may have
an adverse lmpacL on Lhe exchange raLe beLween 8upee vlsvls oLher currencles 1he exchange raLe
beLween Lhe 8upee and oLher currencles ls varlable and may conLlnue Lo flucLuaLe ln Lhe fuLure Such
flucLuaLlons can have a serlous lmpacL on Lhe revenues from Lhe exporL buslness

11 4voi/obi/ity of /orqe quontities of retoi/ spoce con be offected by chonqe in interest rotes or bonkinq
po/icies



24

revalllng lnLeresL raLes ln Lhe economy as well as Lhe ylelds avallable on Lhe lease of properLy have been
lnsLrumenLal ln maklng real esLaLe avallable for reLall by permlLLlng lnvesLors Lo borrow and lnvesL ln real
esLaLe and lease lL Lo reLall companles Any change ln lnLeresL raLes or ylelds on properLy or change ln
banklng pollcles perLalnlng Lo lendlng agalnsL real esLaLe or securlLlsaLlon of lease renLals could lmpacL
avallablllLy of real esLaLe for reLall
PRUMINENT NUTES
Cur Company was orlglnally lncorporaLed as 'Chanduka Carrlers rlvaLe LlmlLed' on May 11 1990 under Lhe
Companles AcL 19S6 as amended (Companles AcL") wlLh 8eglsLrar of Companles WesL 8engal SubsequenLly our
Company changed lLs name Lo 'SMA MarkeLlng rlvaLe LlmlLed' on november 13 1998 1he name of Lhe Company
was agaln changed Lo 'rlme 8eLall lndla rlvaLe LlmlLed' pursuanL Lo a speclal resoluLlon of our shareholders daLed
!anuary 22 2008 Cur Company was converLed from a prlvaLe llmlLed company Lo a publlc llmlLed company and
consequenLly Lhe name of Lhe company was changed Lo 'rlme 8eLall lndla LlmlLed and a fresh cerLlflcaLe of
lncorporaLlon was granLed Lo our Company on !anuary 19 2010 by Lhe 8eglsLrar of Companles WesL 8engal) lor
deLalls of changes ln Lhe name and reglsLered offlce of Lhe Company please see Lhe secLlon LlLled PlsLory and
CerLaln CorporaLe MaLLers" on page 120 of Lhls urafL 8ed Perrlng rospecLus 1he maln ob[ecLs of Lhe lssuer
Company remaln same and have noL changed

1 neL WorLh before Lhe lssue as per AudlLed llnanclal SLaLemenLs of Lhe Company and Lhe lssue Slze



2 1he average cosL of acqulslLlon of LqulLy shares of Lhe Core romoLers ls as per Lhe deLalls glven below

Name of romoter 1ota| No of Lqu|ty Shares Average cost of acqu|s|t|on (`)
Mr 8a[lv Chopra 32S1310 ` 167/ per share
Mrs Sonlya Chopra 3643182 ` 167/ per share

3 ubllc lssue of 7S00000 LqulLy Shares of ` 10/ each for cash aL a prlce of ` per LqulLy Share (lncludlng a
share premlum of ` per LqulLy Share) aggregaLlng ` lakhs (1he lssue") 1he lssue would consLlLuLe
4S109 of Lhe fully dlluLed posL lssue paldup equlLy caplLal of our Company

4 lor deLalls of relaLed parLy LransacLlons enLered lnLo by Lhe Company please see Lhe secLlon LlLled llnanclal
SLaLemenLs of Lhe Company" beglnnlng on page 168 of Lhls urafL 8ed Perrlng rospecLus

S Cur Company lLs romoLers / ulrecLors Company's AssoclaLes or Croup companles have noL been prohlblLed
from accesslng Lhe CaplLal MarkeL under any order or dlrecLlon passed by SL8l 1he romoLers Lhelr relaLlves
Company group companles assoclaLe companles are noL declared as wlllful defaulLers by 88l / CovernmenL
auLhorlLles and Lhere are no vlolaLlons of securlLles laws commlLLed ln Lhe pasL or pendlng agalnsL Lhem


neL worLh before Lhe lssue
(8ased on AudlLed 8esLaLed llnanclal
SLaLemenLs as on SepLember 30 2010)
` 141891 Lacs
lssue Slze 7S00000 LqulLy shares aggregaLlng upLo `Lacs
CosL er Share Lo Lhe romoLers and
romoLers' Croup
` 167
8ook value 8ased on AudlLed 8esLaLed
llnanclal SLaLemenLs as on SepLember 30
2010 (lace value of ` 10/ per share)
` 1SSS

2S

6 1he romoLer ls lnLeresLed ln Lhe Company by vlrLue of lLs shareholdlng ln Lhe Company See CaplLal
SLrucLure" Cur ManagemenL" on page 49 and 124 of Lhe urafL 8ed Perrlng rospecLus lor furLher deLalls ln
relaLlon Lo Lhe lnLeresL of Lhe romoLer please see secLlon Cur romoLer Croup" on page 144 of Lhe urafL
8ed Perrlng rospecLus

7 lnvesLors may conLacL Lhe 88LM who have submlLLed Lhe due dlllgence cerLlflcaLe Lo SL8l for any
complalnLs perLalnlng Lo Lhe lssue

8 1he lnvesLors are advlsed Lo refer Lo Lhe aragraph on 8asls for lssue rlce" beglnnlng on age 73 of Lhls
urafL 8ed Perrlng rospecLus before maklng any lnvesLmenL ln Lhls lssue

9 1radlng ln LqulLy Shares of our Company for all Lhe lnvesLors shall be ln demaLerlallzed form only

10 ln Lhe evenL of oversubscrlpLlon alloLmenL shall be made as seL ouL ln para LlLled 8asls of AlloLmenL"
beglnnlng on age 2S9 of Lhls urafL 8ed Perrlng rospecLus and shall be made ln consulLaLlon wlLh Lhe
ueslgnaLed SLock Lxchange le 8SL 1he 8eglsLrar Lo Lhe lssue shall be responslble Lo ensure LhaL Lhe basls of
alloLmenL ls flnallzed ln a falr and proper manner as seL ouL Lhereln

11 no parL of Lhe lssue proceeds wlll be pald as conslderaLlon Lo promoLers dlrecLors key managerlal personnel
assoclaLe or romoLer Croup companles/ enLlLles excepL ln Lhe usual course of buslness

12 1he ulrecLors / romoLers of our Company have no lnLeresL ln our Company excepL Lo Lhe exLenL of
remuneraLlon and relmbursemenL of expenses (lf appllcable) and Lo Lhe exLenL of any equlLy shares (of 8lL)
held by Lhem or Lhelr relaLlves and assoclaLes or held by Lhe companles flrms and LrusLs ln whlch Lhey are
lnLeresLed as dlrecLor member parLner and/or LrusLee and Lo Lhe exLenL of beneflLs arlslng ouL of such
shareholdlng Powever Lhere are varlous relaLed parLy LransacLlons whlch have been enLered ln Lhe pasL by
Lhe Company whereln promoLers dlrecLors and Lhelr relaLlves/ assoclaLes are lnLeresLed lor deLalls please
refer Lo 8elaLed arLy 1ransacLlons" under SecLlon LlLled llnanclal SLaLemenLs of Lhe Company" beglnnlng
on age no149 of Lhls urafL 8ed Perrlng rospecLus

13 no loans and advances have been made Lo any person(s) / Companles ln whlch Lhe ulrecLor(s) of our
Company are lnLeresLed excepL as sLaLed ln Lhe AudlLors 8eporL lor deLalls of loans and advances please
refer Lo AudlLors 8eporL under secLlon LlLled llnanclal SLaLemenLs of our Company" appearlng on age no
149 of Lhls urafL 8ed Perrlng rospecLus


















26

14 Cur Company has enLered lnLo agreemenLs wlLh romoLer and a romoLer Croup Company deLalls of whlch
are as follows
a) Leave and L|cense Agreement w|th Mr ka[|v Chopra
1 Date of Agreement Aprll 1
sL
2010
2 art|es to the Agreement Cur Company (Llcensee) and Mr 8a[lv Chopra (romoLer of Cur
Company as Llcensor)
3 Va||d|ty of the Agreement Aprll 1
sL
2010 onwards for a perlod of 36 monLhs
4 key 1erms of the
Agreement
a) Llcensor has agreed Lo permlL lawful use by Llcensee of Lhe
shop space aL 148 8ash 8eharl Avenue kolkaLa 700 029

b) Llcensee shall pay Lo Llcensor a llcense fee [ ` 18000/ per
monLh for use and occupaLlon of shop space menLloned ln (a)

c) lurLher Llcensee shall also pay Lo Llcensor ` 27000/ per
monLh for use of furnlLure and flxLure Alr condlLloner elecLrlc
lnsLallaLlons done ln shop space as menLloned ln (a) above

d) Also Llcensee shall deposlL wlLh Llcensor a sum of ` 270000
as lnLeresL free refundable securlLy deposlL before Lhe former
occuples Lhe shop space as menLloned ln (a) above

b) Leave and L|cense Agreement w|th Chopra I||ms Lnterta|nment r|vate L|m|ted
1 Date of Agreement CcLober 13
Lh
2010
2 art|es to the Agreement Cur Company (Llcensor) and Chopra lllms LnLerLalnmenL
rlvaLe LlmlLed (Cur romoLer Croup Company as Llcensee)
3 Va||d|ty of the Agreement CcLober 13
Lh
2010 onwards for a perlod of 36 monLhs
4 key 1erms of the
Agreement
a) Llcensor has agreed Lo granL leave and llcense ln favour of Lhe
Llcensee Lo use and occupy one Lable space aL premlses no
1/1 Camac SLreeL Shree Man[arl 8ulldlng SulLe no 7 SLh lloor
kolkaLa700016 for a monLhly llcense fee of ` S00












27

SECTIUN III - INTRUDUCTIUN
. - SUMMARY
1hls ls only a summary and does noL conLaln all Lhe lnformaLlon LhaL you should conslder before lnvesLlng ln our
LqulLy Shares ?ou should read Lhe enLlre urafL 8ed Perrlng rospecLus lncludlng Lhe lnformaLlon conLalned ln Lhe
chapLer LlLled 8lsk lacLors" and llnanclal SLaLemenLs of Lhe Company" and relaLed noLes beglnnlng on age no
11 and age no 149 of Lhls urafL 8ed Perrlng rospecLus before decldlng Lo lnvesL ln our LqulLy Shares

INDIAN kL1AIL INDUS1k AN CVLkVILW

1he lndlan reLall markeL has been ranked amongsL Lop 3 markeLs for lnvesLmenL ln Lhe 8eLall secLor as per A1
kearney's 2010 Clobal 8eLall uevelopmenL lndex (C8ul)

1he lndlan 8eLall markeL Lhe flfLh largesL reLall desLlnaLlon globally has grown from `1202300 crore ln l?06 Lo `
19824S9 crore ln l?10 aL a Compounded Annual CrowLh 8aLe (CAC8") of 133 Pavlng occupled Lhe flrsL spoL ln
C?09 ln Lhe Clobal 8eLall uevelopmenL lndex (C8ul") lndla presenLly ranks Lhlrd afLer Chlna and kuwalL occupylng
Lhe flrsL and second rank respecLlvely 8eLalllng can broadly be caLegorlzed under Lhe segmenLs such as

Ind|an keta|| Market 8reakup
art|cu|ars I06 () I10 ()
lood Crocery 6170 S800
CloLhlng looLwear 862 1000
nonlnsLlLuLlonal PealLhcare 8S0 800
lurnlLure lurnlshlngs 620 700
!ewellery WaLches S4S SS0
ersonal Care 387 4S0
8everages 310 3S0
LnLerLalnmenL 8ooks SporLs Coods LqulpmenLs 2S6 3S0
1ota| 10000 10000
Source CenLral SLaLlsLlcal CrganlsaLlon ("CSC") naLlonal sample Survey CrganlsaLlon ("NSSC") CA8L 8esearch


Crgan|sed keta|||ng |n Ind|a

ln llne wlLh Lhe growLh of reLalllng ln lndla Lhe organlsed reLalllng growLh Loo has surged slnce Lhe lasL decade
owlng Lo gradual change ln Lhe llfesLyle and Lhereby Lhe consumpLlon paLLern of Lhe lndlan populace 1he revenues
of organlsed reLallers recorded a rlse from ` 47800 crore ln l?06 Lo ` 118948 crore durlng l?10 (p) wlLh a CAC8 of
2S6 durlng Lhe sald perlod

WlLh Lhe sald CAC8 growLh whlch almosL doubled Lhe growLh of Lhe LoLal reLall ln lndla aL 133 Lhe peneLraLlon of
organlsed reLalllng lncreased from 398 ln l?06 Lo 600 durlng l?10 (p)

Cf Lhe same Lhe cloLhlng fooLwear segmenL has remalned Lhe largesL conLrlbuLor Lo organlsed reLalllng
accounLlng for ` 44S97 crore of revenues durlng l?10 Correspondlngly Lhe peneLraLlon of Lhe sald segmenL
remalned Lhe hlghesL across all oLher reLalllng segmenLs aL 22S durlng l?10 (p)

1he food grocery segmenL accounLed for Lhe second hlghesL conLrlbuLlon wlLh revenues of ` 24273 crore durlng
l?10 (p) however conslderlng Lhe huge slze of Lhe LoLal food grocery markeL (accounLlng for S8 of Lhe LoLal
reLall sales) Lhe peneLraLlon of Lhe sald segmenL sLood low aL 211 durlng l?10 (p)

CLher segmenLs such as furnlLure furnlshlng enLerLalnmenL books sporLs goods equlpmenL accounLed for a
slgnlflcanL share of Lhe organlzed reLall ple durlng l?10

Source CSC nSSC CA8L 8esearch



28

Cverv|ew of Luxury keta|| |n Ind|a

1he lncrease ln dlsposable lncome of Lhe lndlan populace coupled wlLh Lhe wllllngness Lo spend has marked Lhe rlse
of Lhe lndlan luxury markeL WlLh Lhe gradual enLry of uS and Luropean luxury brands ln lndla ln vlew of Lhe largely
unLapped markeL Lhe luxury reLall markeL slze ln lndla sLood aL uS$3Sbn durlng C?09

Powever Lhe conLrlbuLlon of Lhe lndlan luxury reLall markeL ln relaLlon Lo Lhe world sLands mlnlscule accounLlng
for 2 of Lhe global luxury sales

Market s|ze of Luxury brands
keg|on ] Country Luxury Market s|ze (US5bn)
Lurope 11000
!apan 2000
Chlna 8S0
lndla 3S0
Source CA8L 8esearch

As deplcLed from Lhe Lable above Lhe developed economles accounL for a hlgher share of Lhe global luxury reLall
markeL whlch ln Lurn are maLured markeLs wlLh llLLle scope for furLher peneLraLlon 1herefore slnce Lhe beglnnlng
of Lhls decade Lhe Lop global luxury brands have been eyelng Lhe growlng consumer demand from Lhe Aslan
naLlons especlally lndla and Chlna

lnLeresLlngly Lhe domesLlc sales of luxury producLs ln lndla suffers owlng Lo Lhe slgnlflcanL proporLlon of purchases
of such producLs belng made from ouLslde Lhe counLry slnce lndlan consumers save noL only on Lhe prlce fronL
owlng Lo Lhe lower duLy reglme buL also because of Lhe greaLer varleLy Lo choose from

ln Lhe lndlan conLexL Lhe sale of waLches [ewellerles accounL for Lhe hlghesL proporLlon of Lhe LoLal luxury reLall
sales aL 39 wlLh Lhe number of excluslve sLores for boLh waLches [ewellery growlng aL a scorchlng pace across
Lhe naLlon CLher caLegorles such as elecLronlc goods and wlnes splrlLs accounL for a slgnlflcanL proporLlon of Lhe
LoLal luxury reLall markeL aL 2S and 21 of Lhe LoLal ple respecLlvely

Source lndusLry lnformaLlon CA8L 8esearch

29

Luxury watches |n Ind|a
A few decades ago Lhe purchase of waLches ln lndla was drlven because of necesslLy wlLh Lhe peneLraLlon of
waLches across Lhe counLry remalnlng low 1he waLch markeL ln lndla Lhen mosLly comprlsed of domesLlc brands
such as ClLlzen PM1 1lLan eLc and Lhe purchase of forelgnbranded waLches almosL remalned resLrlcLed slnce mosL
of Lhose purchases were made by lndlan resldenLs Lravelllng abroad
Powever durlng Lhls decade Lhe arrlval of mulLlple forelgn waLch brands ln lndla marked wlLh Lhe enLry of LsprlL
Llmewear ln 200S and Lhe lnLroducLlon of a varled varleLy of waLches caLerlng Lo dlfferenL consumer classes has
resulLed ln changlng Lhe unlque Selllng olnL ("US") of waLches from belng o tlmekeeploq losttomeot to o fosbloo
occessoty ooJ tbe btooJ oome o fosbloo stotemeot especlally ln Lhe case of luxury waLches Cn Lhe basls of brand
value Lhe waLches can Lherefore be classlfled lnLo
unbranded
remlum
Affordable luxury and
Luxury
ln Lerms of sales mlx waLches ln Lhe range of ` S993999 accounL for Lhe hlghesL sales aL 60 of Lhe LoLal
Powever slnce Lhe lasL few years Lhe sale of luxury waLches has plcked up waLches ranglng above ` 17000
accounL for 7 of Lhe LoLal waLch sales
Source Care 8esearch

Source CA8L 8esearch





30

n|erarchy |n Watch keta|||ng
Watch Segment r|ce kange (`) 8rand presence
unbranded 200 1S00 8rands by Local WaLch
ManufacLurers
remlum 1S00 10000 ClLlzen 1lmex SonaLa
Super remlum 10000 2S000 ukn? LsplrlL SwaLch Cmega
Luxury 2S000 8olex 1ag Peuer
Source CA8L 8esearch
1he overall waLch markeL ln lndla ls esLlmaLed aL uS$222bn wlLh growLh ranglng beLween 78 annually noLably
Lhe luxury waLch markeL ln lndla even Lhough lL ls aL a nascenL sLage wlLh markeL slze of approxlmaLely uS$888mn
Lhe growLh of Lhls segmenL aL 21 yoy durlng C?09 has ouLpaced Lhe growLh of Lhe overall waLch markeL ln lndla
lmporLanLly Lhe luxury waLch markeL ln lndla conLlnues Lo be domlnaLed by Lhe forelgn brands consLlLuLlng
approxlmaLely 707S of Lhe LoLal markeL 1he forelgn brands operaLe ln lndla elLher Lhrough Lhe franchlsee rouLe
or Lhrough Lleups wlLh mulLlbrand waLch ouLleLs/reLall chalns
1he key players (boLh lndlan lnLernaLlonal) ln Lhe lndlan luxury waLch markeL have been llsLed ln Lhe Lable below
8rand presence |n the Ind|an |uxury watch market

key |ayers 8rands
1lmex versace Cuess nauLlca and Cpex
1lLan 1lLan Pugo xylys lasLrack nebula 1ommy Pllflger
ClLan[all MarkeLlng lnLernaLlonal brands such as MorellaLo !usL Cavalll Mlss SlxLy
8oberLo Cavalll nlna 8lccl SecLor hlllps umro LverlasL Marvln lrelll
lrls Lhrough lLs reLall sLores
LvMP Croup 1ag Peuer ulor PubloL
8lchemonL CarLler lageL
8olex 8olex 1udor
SwaLch Croup SwaLch 1lssoL Cmega Longlnes 8ado 8regueL 8lancpaln and PamllLon
Source CA8L 8esearch
CUk 8USINLSS CVLkVILW
1he rlme ls an lnLernaLlonal luxury deslgner and fashlon waLch brand reLaller deallng Lhrough lLs chaln of reLall
sLores ln lndla lL has developed from a small reLall shop of a handful of lndlan brands Lo a naLlonal player havlng a
presence across lndla carvlng a nlche for lLself as one of Lhe leadlng reLallers of lnLernaLlonal Luxury brands of
waLches ln lndla

Cur Company ls presenLly engaged ln offerlng Lhe followlng producLs ln Lhe luxury and semlluxury markeL
segmenLs
WaLches
ens
Moblles
!ewellery and
Llfe SLyle roducLs

Cur Company ls a LrusLed parLner Lo many lnLernaLlonal brands and ls a franchlsee for several Luxury 8rands (such
as 1agPeuer 8aume Mercler 8ado and Longlnes) remlum 8rands (such as Cmega 8vlgarl Chopard lageL


31

ulor and lrankmuller) and lashlon 8rands (such as 1lssoL Selko Calvln kleln ukn? kenneLh Cole Cuccl lossll
Lmporlo Armanl Clordano and 8almaln)

Cur Company's ouLleLs caLer Lo Lhe enLlre range of waLches prlmarlly for men ln Lhe prlce range of ` 2000 Lo `
2000000 Cur Company furLher deals ln eleganL showpleces of brands llke Swarovskl and Lladro wrlLlng
lnsLrumenL from Lhe house of MonL 8lanc and oLher premlum brands and moblle phones from verLu 1ag Peuer and
ulor 1he Company also dlsplays lnLernaLlonal 8randed !ewellery

Cur Company was lncorporaLed on May 11 1990 under Lhe name and sLyle of 'Chanduka Carrlers rlvaLe LlmlLed'
bearlng reglsLraLlon number 2148986 of 1990 and reglsLered wlLh 8eglsLrar of Companles WesL 8engal Cur
Company changed lLs name Lo 'SMA MarkeLlng rlvaLe LlmlLed' for whlch lL recelved fresh cerLlflcaLe of
lncorporaLlon consequenL on change of name daLed november 13 1998 1he Company LhereafLer changed lLs
name Lo 'rlme 8eLall lndla rlvaLe LlmlLed' for whlch lL recelved fresh cerLlflcaLe of lncorporaLlon consequenL on
change of name daLed !anuary 29 2008 llnally Lhe Company was converLed lnLo a ubllc LlmlLed Company and Lhe
name of Lhe Company was changed Lo 'rlme 8eLall lndla LlmlLed' wef !anuary 19 2010 and recelved a fresh
cerLlflcaLe of lncorporaLlon from uepuLy 8eglsLrar of Companles kolkaLa WesL 8engal 1he presenL reglsLered offlce
of Lhe Company ls locaLed aL 1/1 Camac SLreeL Shree Man[arl 8ulldlng SulLe no 7 SLh lloor kolkaLa700016

1wo group companles namely rlme Clocks rlvaLe LlmlLed and awan ro[ecLs rlvaLe LlmlLed who were
operaLlng ln Lhe same llne of buslness merged wlLh rlme 8eLall lndla LlmlLed ln Lerms of Lhe order flled on daLed
08Lh !uly 2008 lssued by Lhe Pon'ble Plgh CourL CalcuLLa 1he effecLlve daLe of amalgamaLlon of Lhe sald Lwo
companles was 1sL Aprll 2007 lor furLher deLalls ln Lhls relaLlon please see secLlon PlsLory And CerLaln
CorporaLe MaLLers" on page 120 and CaplLal SLrucLure Cf 1he Company" on page 49 of Lhe urafL 8ed Perrlng
rospecLus

Cur Company operaLes lLs reLall buslness Lhrough Lhree Lypes of sLores

1 Mu|t|8rand Cut|ets (M8Cs) where an array of brands are dlsplayed and offered under one roof 1he
rlme Luxury WaLch 8ouLlque

2 1he Duets ls Lhe laLesL Lo Lhe array of lashlon waLch ouLleLs 1he core concepL behlnd Lhls ls Lo provlde
assurance of auLhenLlclLy Lransparency and excluslvlLy

3 Lxc|us|ve 8rand 8out|que (Iranch|see 8out|que) focuses on parLlcular brand whlch aLLracLs cusLomer
loyalLy for Lhe brand

under Lhe above menLloned Lhree caLegorles 20 sLores are currenLly belng operaLed ln lndla Lhe reglonal array of
whlch ls glven below

keg|on 1he r|me Luxury
Watch 8out|ques
1he r|me Duets
Iash|on Watch Stud|os
Lxc|us|ve 8rand
8out|ques
1ota| No of Stores
LasLern 3 3 2 8
WesLern 4 4 3 11
CenLral 1 1
1C1AL 7 8 S 20

AparL from Lhe above Cur Company also operaLes a servlce cenLer ln kolkaLa WesL 8engal

1he Company under Lhe dynamlc excepLlonally lmpeccable leadershlp of Mr 8a[lv Chopra Lhe Managlng ulrecLor
has made rlme 8eLall lndla LlmlLed a hlghly successful and quallLy orlenLed Company 1he Company has
conslsLenLly reglsLered growLh ln Lurnover and proflLablllLy over Lhe prevlous years and now proposes Lo furLher
expand as deLalled ln SecLlon LlLled Cb[ecLs of Lhe lssue" beglnnlng on age no 61 of Lhls urafL 8ed Perrlng
rospecLus



32

Company V|s|on M|ss|on

Cur Company endeavours Lo be a Lop reLaller ln Lerms of offerlng mosL of Lhe worlds branded waLches and oLher
llfesLyle producLs 1o seL up sLores and sLudlos all over lndla offerlng world class amblence and also caLer Lo
cusLomers by provldlng perpeLual supporL Lhrough Lhe auLhorlzed servlce cenLers Cur Company plans Lo provlde
Lhe manufacLurers a sulLable mlx Lo markeL Lhelr producLs ranglng from excluslve reLall ouLleLs Lo dlsplay secLlons ln
malls and sLores

kL 8USINLSS S1kLNG1nS

G|oba||y successfu| brands w|th ||neage

1he Company deals ln successful brands of waLches whlch en[oy greaL vlslblllLy globally 1he companys producLs geL
promoLed Lhrough brand adverLlsemenL done lnLernaLlonally by respecLlve brand owners 1he presence of rlme ls
more for premlum medlum class segmenLs whlch ls lncreaslng ln huge numbers wlLh lncrease ln growLh of Lhe
economy 1he shlfLlng of classes more Lo hlgher medlum class ls on Lhe rlse and rlme has been a beneflclary of Lhe
same

Va|ue ropos|t|on and Understand|ng the Consumers

Consumers are looklng aL seeklng value on all LhaL Lhey purchase especlally ln Lougher Llmes 1hey wanL Lo seek
LhaL exLra value/beneflLs aL no exLra cosL as compared Lo whaL Lhey have been used Lo wheLher ln Lerms of producL
aLLrlbuLe sLyllng or servlces undersLandlng Lhe cusLomer ls one of Lhe mosL lmporLanL skllls requlred Lo be
successful ln Lhls klnd of buslness 1he branded waLches are based on lnnovaLlve deslgns relevanL Lo lndlan LasLes
and laLesL fashlon needs

W|de Customer 8ase

1he rlme caLers Lo a wlde base of cusLomers wlLh waLches ranglng from ` 2000 Lo ` 2000000 1he company has a
collecLlon of laLesL fashlon waLches Lo Lhe mosL eleganL classlc deslgns LhaL sulL Lhe buslness and ellLe cusLomer
base allke lLs LargeL cusLomers vary ln Lhe age group of 203S years and 4060 years who prefer more sLyllzed and
eleganL waLches respecLlvely

Lxc|us|ve 8rand 8out|ques

1he Company deals Lhrough chaln of excluslve ouLleLs 1he Company provldes same amblence Lo lLs cusLomers as
Lhey avall ln lnLernaLlonal markeLs as Lhe lnLerlors are provlded by respecLlve brand owners who have speclfled
formaLs for Lhelr globally benchmarked shopplng envlronmenL 1he company provldes lLs managers lnLernaLlonal
deparLmenL sLore exposures Lo be able Lo capLure and lmplemenL besL pracLlces ln Lhe operaLlons

V|sua| Merchand|s|ng

vlsual merchandlslng ls very crlLlcal for a reLall sLore Lhe lmpacL LhaL vlsual merchandlslng can creaLe beglns wlLh
Lhe overall sLore deslgn and Lhe dlsplay mechanlsm wlLhln Lhe sLore 1he rlme has worked Lo brlng Lhe brands
personallLy allve wlLh an offbeaL dlsplay LhaL allows consumers Lo Louch and feel every producL caLegory 1he
company Lrles and keeps lL refreshed as much as posslble whlch usually ls done once a monLh buL updaLlng and
decoraLlon happen on a dally basls 1o reach Lhe consumers ln an organlzed way a loL of slgnlflcance ls belng glven
Lo Lhe vlsual merchandlslng of Lhe sLore amblence employlng deslgn flrms Lo work on floorlng llghLlng dlfferenL
shades and colors Lo brlng ln fooLfalls and ensure lnsLanL sales

Mu|t| 8rand Cut|ets

1he Company operaLes on a model of markeLlng of waLches dlrecLly Lo consumers Lhrough a chaln of MulLl 8rand
CuLleLs Care ls Laken Lo provlde Lhe laLesL deslgn waLches of lnLernaLlonal sLandards Lo sulL Lhe cusLomers
preference sLyle and affordablllLy 1he MulLl 8rand ouLleLs have helped Lhe company ln esLabllshmenL of brand
recall value wlLh Lhe cusLomers





33

ersona| ke|at|onsh|p at the Cut|et I|oor

Cur Company belleves LhaL lmproved cusLomer servlce provldes a Lremendous boosL Lo sales Pandlng over
Lhe declslon maklng ln cusLomer servlce Lo our ouLleL managers has empowered Lhem Lo undersLand Lhe
cusLomer beLLer and address Lhelr needs and reLaln Lhem ln order Lo lncrease brand reLenLlon

Comm|tment to ua||ty

Cur Company sLrlves Lo provlde Lhe besL of brands whlch provlde quallLy waLches wlLh regard Lo deslgn preclslon
and durablllLy 1he auLhorlzed servlce cenLers wlLh Lralned personnel Lake care of any complalnLs LhaL Lhe esLeemed
cusLomers mlghL have

Lxce||ent Consumer Connect|v|ty and Loya|ty

Cur Company ls deallng ln branded waLches whlch have loyal cusLomer base Moreover Lhe Company ls able Lo
creaLe an emoLlonal connecLlon Lhrough lLs large scale of buslness fulfllllng any demand of lLs cusLomers converLlng
Lhem lnLo loyal cusLomers for Lhe rlme
1he Company provldes speclal offerlngs Lhrough loyalLy based program called rlme AdvanLage" 1he program has
Lhree prlvllege cards ln 8lue Cold laLlnum offerlng cusLomlzed offers exclLlng promoLlons excluslve evenLs
provldlng lnformaLlon abouL laLesL branded waLches models 1he Company lssues a waLch magazlne as 1PL
8lML" magazlne for up gradaLlon of laLesL array of waLches
Strong romoter 8ackground w|th Industry Spec|f|c Lxper|ence
1he company ls promoLed and led by Mr 8a[lv Chopra who has over Lwo decades of experlence ln Lhe waLch and
fashlon accessorles lndusLry 1hls experlence helps Lhe Lop managemenL ln Laklng approprlaLe declslons Mr 8a[lv
Chopra has also creaLed a hlghly empowered sales Leam and Leam of mldlevel managers provldlng Lhem regular
Lralnlng ln Lhelr respecLlve [obs 8egular vlslLs Lo lnLernaLlonal falrs are also provlded by Lhe Company Lo Lhe Leams
for updaLlon Lo Lhe laLesL Lrends of lnLernaLlonal waLches

Ach|evements

Cur Company was awarded a C8lSlL 8aLlng of C8lSlL SML 3" whlch lndlcaLes Above Average level of
credlLworLhlness ad[udged ln relaLlon Lo oLher SMLs on lebruary 24 2010 1hls raLlng ls valld Llll lebruary 23
2011


Marheting Strategy

Custom|sed Serv|ce

1he Company's sLores are planned Lo be seL up LhroughouL lndla and would provlde beLLer servlce Lo cusLomers by
reachlng ouL Lo Lhem 8lL's markeLlng Leam ls proacLlve ln provldlng personallzed servlce Lo lLs cusLomers even aL
Lhelr doorsLep

Lffect|ve Sa|es 1eam

1he Company deploys quallfled Lralned and experlenced reLall speclallsLs ln Lhelr sLores Lo effecLlvely caLer Lo Lhe
cusLomers' requlremenLs and help Lhem Lo plck a brand besL sulLed for Lhem 8lL concenLraLes on bulldlng and
malnLalnlng '1he rlme' loyalLy among lLs presLlglous cusLomers 1he sales Leam focuses noL merely on generaLlng
revenues buL also malnLalnlng quallLy cusLomer base

AfterSa|esServ|ces

1he Company offers efflclenL and qulck afLersalesservlce Lo cusLomers 1he Company malnLalns LhaL afLersales
servlce ls very crlLlcal for brand equlLy Lo be able Lo bulld LrusL and confldence ln cusLomers 1he Lechnlclans ln
auLhorlsed servlce cenLers are mosLly Lralned ln SwlLzerland and Lhey are equlpped Lo provlde soluLlons Lo any Lype
of problems faced by cusLomers afLer sales


34

Ded|cated team for corporate sa|es

8lL has a separaLe sales Leam LhaL excluslvely deals wlLh corporaLe cusLomers for bulk supply of waLches wlLh
cusLomlzed deslgn as per requlremenL 1he rosLer of premlum corporaLe cllenLs (pasL and presenL) lnclude Lhe llkes
of L1 Alrcel vodafone 8MW Samsung lndla Claxo SmlLh kllne nerolac alnLs and Lmaml


Crossromot|ons

8lL's enLlre markeLlng Leam creaLes varlous avenues for crosspromoLlons wlLh greaL enLhuslasm Comblned wlLh
verbal publlclLy 8lL's producLs are scallng new helghLs ln Lhe reLall luxury and fashlon accessorles 1he Company
has lnLroduced loyalLy card programme LlLled 'rlme AdvanLage' Lo Lhelr esLeemed cusLomers as a Loken of
appreclaLlon for Lhelr paLronage lL ls a ploneerlng move by any mulLlbrand reLaller ln lndla As a new lnlLlaLlve Lo
keep waLch lovers updaLed 8lL has launched a house magazlne 1he rlme Luxury of 1lme' whlch conLalns Lhe
laLesL developmenL of waLch lndusLry new launches upcomlng sLores and achlevemenLs of Lhe Company and a
secLor as a whole

Var|ance of Luxury

8lL asplres Lo acqulre lnLroduce and caLer Lo Lhe laLesL varlance of luxury Lo Lhelr cusLomers and glve cusLomlzed
servlces keeplng ln mlnd Lhe laLesL fashlon and Lrends 1he Company ls franchlsee of ma[orlLy Swlss brands llke
SwaLch 1ag Peuer Clrard erregaux eLc and also brands from oLher counLrles llke Selko Cuccl and ukn? 1he
Company's prlme moLLo ls Lo puL on dlsplay Lhe besL from Lhe hlerologlcal world ln Lerms of crafLsmanshlp
lnLrlcacles and LradlLlons

8|oom|ng Market

WrlsL waLches form an lnLegral parL of Lhe personallLy of lndlvlduals ln Lhe presenL era Larller seen as a luxury
lLem Lhey are now wlLnesslng a fundamenLal change ln percepLlon and are now galnlng respecL as an essenLlal
uLlllLy lLem lor waLch lndusLry Llme seems Lo be ln lLs favour wlLh llberallsaLlon of lndlan markeL coupled wlLh Lhe
rlslng purchaslng power of Lhe young consumerlsL lndlans 8uyers are exLremely choosy abouL Lhe brand and Lype
of wrlsL waLches Lhey wear 8elng exLremely brand consclous Lhelr LasLes have evolved over Lhe years and have
gone beyond realms of durablllLy Lo choose ln Lerms of aesLheLlcs and elegance 1hus lL ls buyers wlLh mulLlLude of
deslgns LhaL have enLered and flooded Lhe markeL place 8lL wanLs Lo spread lLs wlngs ln Lhls changlng
envlronmenL













3S

SUMMARY FINANCIAL AND UPERATINC INFURMATIUN

1be followloq toble sets fottb tbe blstotlcol floooclol lofotmotloo of oot compooy JetlveJ ftom tbe testoteJ ooJ
ooJlteJ floooclol stotemeots fot tbe bolf yeot eoJeJ 5eptembet J0 2010 ooJ llscol yeots eoJeJ Motcb J1 2006
2007 2008 2009 ooJ 2010 oll ptepoteJ lo occotJooce wltb loJloo CAAl the componies 4ct ooJ 58l (lcuk)
keqolotloos ooJ locloJeJ lo tbe sectloo tltleJ lloooclol lofotmotloo of tbe compooy beqlooloq oo loqe No149 of
tbls utoft keJ nettloq ltospectos ooJ sboolJ be teoJ lo coojooctloo wltb tbose lloooclol 5totemeots ooJ ootes
tbeteto ooJ tbe sectloo tltleJ Moooqemeots ulscossloo ooJ ooolysls of floooclol cooJltloo ooJ tesolts of
opetotloos beqlooloq oo loqe No190 of tbls utoft keJ nettloq ltospectos we hove no subsidiories 4ccordinq/y
o// finoncio/ informotion re/otinq to us in this uroft ked nerrinq Prospectus hos been presented on o non
conso/idoted bosis

Statement of Ad[usted rof|ts and Losses as restated
(` ln lacs)
art|cu|ars er|od
ended
ear
ended
ear
ended
ear
ended
ear
ended
ear
ended
30Sept10 31Mar10 31Mar09 31Mar08 31Mar07 31Mar06
INCCMLS
Sales 2SS77S 43893S 399903 2S79S0 84S02 S2412
CperaLlng lncome 38S43 37717 22161 9614 28S7 144S
CLher lncome 1S61 7403 420 200 041 109
vA1 credlL on Cpenlng SLock 40S
lncrease / (uecrease) ln
lnvenLorles
24624 120236 82399 66482 26461 167S8
1C1AL INCCML 320S03 604292 S04883 33424S 113861 71129
LxLNDI1UkLS
urchases 2S4046 S10636 4488S1 297761 99748 S8913
ulrecL Lxpenses 074 048 127 120 04S 018
aymenLs Lo rovlslon for
Lmployees
2103

3874

197S 823 176 124
AdmlnlsLraLlve Lxpenses 23840 46936 32112 1S133 SS18 S728
Selllng ulsLrlbuLlon
Lxpenses
1009 26S0 1820 1290 2412 2920
lnLeresL and oLher flnance
charges
12931 22S04 13293 6048 2283 1046
uepreclaLlon 1898 3107 14S4 1063 S70 2S7
1ota| 29S900 S897S4 499631 322238 1107S2 69006
Net rof|t before tax extra
ord|nary |tems
24603 14S37 S2S2 12007 3109 2124
rov|s|on for 1ax
CurrenL 1ax 8S86 S493 1S46 4440 11S7 800
lrlnge 8eneflL 1ax 122 086 07S 107
ueferred 1ax LlablllLy /
(AsseL)
(202) (1S7) (20S) (084) (0S4) 1S7
Net rof|t before extra
ord|nary |tems after tax
16219 9201 3789 7S6S 1931 1060
ShorL / (Lxcess) rovlslon of
lncome Lax of earller years
132 001
ShorL/(Lxcess) rovlslon of
ueferred 1ax LlablllLy of
earller years
036
rlor perlod expenses 1010 034

36
uepreclaLlon of earller years
LxLraordlnary lLem ( neL of
Lax)

Net rof|t after tax and
extraord|nary |tems (as per
aud|ted f|nanc|a|)
statements
A 1S173 9201 36S7 7S6S 1931 102S
Ad[ustments on account of
restatements
8 1046 (9SS) (172) (122) (007) 246*
Net rof|t as restated (A+8) 16219 8246 348S 7443 1924 1271
Surp|us](def|c|t) ava||ab|e for
appropr|at|on
16219 8246 348S 7443 1924 1271
Appropr|at|ons
1ransferred Lo Ceneral
8eserve

1ransferred Lo CaplLal
AccounL

roposed ulvldend
1ax on ulvldend
1ota| Appropr|at|ons
8a|ance rof|t after
Appropr|at|on
16219 8246 348S 7443 1924 1271
8a|ance brought forward
from prev|ous year
23732 1S486 12001 4SS8** 1339 068
Accumu|ated rof|t] (Loss)
carr|ed to 8a|ance Sheet
399S1 23732 1S486 12001 3263 1339

Note
1 1he above sLaLemenL should be read wlLh Lhe slgnlflcanL accounLlng pollcles and noLes Lo Lhe resLaLed
summary sLaLemenL of asseLs and llablllLles proflL and loss accounL and cash flows sLaLemenL as appearlng ln
Annexure lll
* lncludes ` 03S Lacs belng expenses of earller year whlch has been ad[usLed from Lhe reLalned earnlng as on
1040S

** 1he proflL broughL forward for Lhe year ended 31sL March 2008 lncludes ` 168 Lacs ` 1127 Lacs of M/s
awan ro[ecLs rlvaLe LlmlLed and M/s rlme Clocks rlvaLe LlmlLed respecLlvely as per scheme of
AmalgamaLlon approved by Ponble Plgh CourL on 18Lh !une 2008 flled on daLed 08Lh !uly 2008

















37

Statement of Assets and L|ab|||t|es as restated
(` ln lacs)
art|cu|ars As at As at As at As at As at As at
30Sep10 31Mar10 31Mar09 31Mar08 31Mar07 31Mar06
A
Cross 8lock 37921 3731S 210S2 13313 4202 2093
Less uepreclaLlon 11097 9200 6398 4944 1608 1037
neL 8lock 26824 2811S 146S4 8369 2S94 10S6

1ota| A 26824 2811S 146S4 8369 2S94 10S6
8 Investments 8 083 168S 14S8 1S21 122 122
C Current Assets Loans
Advances

lnvenLorles 363S9S 338973 218736 136337 601S8 33697
Sundry uebLors 107189 38992 3264 3604 624 149
Cash 8ank 8alances 3870 7362 17120 31S3 1286 640
CLher CurrenL asseLs
Loans Advances
36081 3S696 37862 27919 7323 2383
1ota| C S1073S 421023 276982 171013 69391 36869
D Deferred 1ax Assets ]
(L|ab|||ty)
D S37 33S 163 222 104 0S7

1ota| Assets (IA+8+C+D) S38179 4S11S8 2932S7 18112S 72211 38104
L Loan Iunds
Secured Loans 141498 172203 139397 S6348 2S69S 8883
unsecured Loans S1334 3S980 19198 6S33
1ota| Loan Iunds L 192832 208183 1S8S9S 62881 2S69S 8883
I Current L|ab|||t|es
rov|s|ons

CurrenL LlablllLles 1808S6 99432 61079 S2794 32SSS 22178
rovlslons 17100 937S 3020 S873 1169 8S6
1ota| Current L|ab|||t|es
rov|s|ons
I 1979S6 108807 64099 S8667 33724 23034

G Share App||cat|on Money G SS00 8S00 7931 440

1ota| L|ab|||t|es (IIL+I+G) 396288 32S490 23062S 121988 S9419 31917

n Net Worth (I II) 141891 12S668 62632 S9137 12792 6187
I Net Worth kepresented
by

Share CaplLal 91264 1S211 11636 11636* 7730 48S0
8eserves Surplus S0642

110477

S1026 47S41 S063 1339

Less Mlscellaneous
Lxpenses noL w/off
01S 020 030 040 001 002
Net Worth 141891 12S668 62632 S9137 12792 6187
Note
1) 1he above sLaLemenL should be read wlLh Lhe slgnlflcanL accounLlng pollcles and noLes Lo Lhe resLaLed
summary sLaLemenL of asseLs and llablllLles proflL and loss accounL and cash flows sLaLemenL as appearlng
ln Annexure lll


38

2) * lncludes ` 3093 Lacs LqulLy shares Lo be lssued Lo shareholders of 1ransferor Companles as per scheme
of AmalgamaLlon approved by Ponble Plgh CourL of kolkaLa on 18Lh !une 2008 flled on daLed 08Lh !uly
2008 1he same has been lssued on 20092008 le ln Lhe followlng year

SUMMAk S1A1LMLN1 CI kLS1A1LD CASn ILCWS
(` ln Lacs)
art|cu|ars er|od
ended
ear
ended
ear
ended
ear
ended
ear
ended
ear
ended
30Sep10 31Mar
10
31Mar
09
31Mar
08
31Mar
07
31Mar
06
(`) (`) (`) (`) (`) (`)
1Cash I|ow Irom Cperat|ng Act|v|t|es
neL roflL before Lax and exLraordlnary
lLem
24603 14S37 S2S2 12007 3109 2124
AJjostmeots fot
uepreclaLlon 1898 3107 14S4 1063 S70 2S7
Larller year expendlLure (1010) (036) (034)
rellmlnary expenses W/o (provlded) 00S 010 010 011 000 000
lnLeresL ald 12931 22S04 13293 6048 2283 1046
ulvldend 8ecelved (008) (010) (007) (003) (00S) (001)
(roflL) / Loss on Sale of Shares 649 (132) (016) (090)
(roflL)/Loss on sale of llxed AsseLs (078)
lnLeresL 8ecelved (0S2) (244) (080) (094) (036) (020)
Cperat|ng rof|t before Work|ng Cap|ta|
Changes
39016 396S7 19907 18943 S922 3372
AJjostmeots fot
lnvenLorles (24624) (12023
6)
(82399) (76179) (26461) (167S8)
uebLors (68198) (32446) (2912) (3139) (274) 10S
Loans Advances 4772 (6813S) (4323) (1S802) (4614) 177
1rade ayables 81S72 10S83S 10046 19218 1014S 132S9

Cash Generated from Cperat|on 32S38 (7S32S) (S9682) (S69S8) (1S282) 1SS
1axes ald (S1S7) (S38) (3889) (3132) (1211) (S84)


Net Cash from Cperat|ng Act|v|t|es 27381 (7S863) (63S71) (60090) (16493) (429)
2 Cash I|ow Irom Invest|ng Act|v|t|es
llxed AsseLs urchased (606) (16616) (7739) (6836) (2110) (090)
Sale of llxed AsseLs 12S
ulvldend 8ecelved 008 010 007 003 00S 001
lnLeresL 8ecelved 0S2 244 080 094 036 020
lnvesLmenLs Sold 9S3 064
lnvesLmenLs urchased (227) (1401) (092)
roflL / (Loss) on Sale of Shares 132

016

090
Net Cash from Invest|ng Act|v|t|es 407 (16331) (7S73) (80S0) (2069) (161)
3 Cash I|ow Irom I|nanc|ng Act|v|t|es
roceeds from Secured Loans (30704) 32807 83047 306SS 16811 1662
roceeds of Share AppllcaLlon Money (3000) S4 2692
roceeds from unsecured loans 1S3S4 16782 12666 6S3S
roceeds from lssue of shares 3S7S 2000 2880
roceeds from securlLles premlum 46408 33000 1800
lncrease ln Mlscellaneous LxpendlLure (0S0)

39
lnLeresL pald (12931) (22S04) (13293) (6048) (2283) (1046)

Upon Scheme of Ama|gamat|on
|) Accumu|ated rof|t 129S
||) Deferred 1ax L|ab|||ty (024)
|||) Cance||at|on of Shares (1187)
|V) Secur|t|es rem|um 740
V) Shares Issued to Share ho|ders of
Ama|gamat|ng company
3093
Net Cash from I|nanc|ng Act|v|t|es (31281) 82436 8S111 70007 19208 616
Net Increase] (Decrease) |n Cash Cash
Lqu|va|ents
(3492) (97S8) 13967 1867 646 026
Cash Cash LqulvalenLs aL Lhe beglnnlng
of Lhe year
7362 17120 31S3 1286 640 614
Cash Cash LqulvalenLs aL Lhe end of Lhe
year
3870 7362 17120 31S3 1286 640
Note
1) 1he Cash llow SLaLemenL has been prepared under Lhe lndlrecL MeLhod as seL ouL ln AccounLlng SLandard
3 on Cash llow SLaLemenLs lssued by lCAl (lnsLlLuLe of CharLered AccounLanLs of lndla)
2) llgures ln 8rackeLs represenLs ouLflow
3) Cash and Cash LqulvalenLs of ` 841 Lacs of ersLwhlle rlme Clocks rlvaLe LlmlLed and awan ro[ecLs
rlvaLe LlmlLed have been added wlLh Lhe openlng Cash Cash equlvalenL for Lhe year 20072008 on
amalgamaLlon 1he above sLaLemenL should be read wlLh SlgnlflcanL AccounLlng ollcles and noLes on
8esLaLemenLs as ln Annexure A































40

. - THE ISSUE

Issue Deta||s
Lqu|ty Shares Cffered
resenL lssue of LqulLy Shares by our Company
7S00000 LqulLy shares aggregaLlng upLo ` Lacs

Cf wh|ch
A ua||f|ed Inst|tut|ona| 8uyers (I8) ort|onQ#
AL leasL 37S0000 LqulLy shares aggregaLlng Lo ` lacs
consLlLuLlng aLleasL S0 of Lhe lssue Slze (AllocaLlon on a
proporLlonaLe basls)
Cf wh|ch
Avallable for MuLual lunds only upLo LqulLy shares aggregaLlng Lo ` Lacs
consLlLuLlng aL leasL S of Lhe Cl8 porLlon (AllocaLlon on a
proporLlonaLe basls excludlng Lhe Anchor lnvesLor orLlon)
8alance of Cl8 orLlon (avallable for all Cl8s
lncludlng MuLual lunds)
3S62S00 LqulLy shares aggregaLlng Lo ` Lacs
(AllocaLlon on a proporLlonaLe basls)

8 NonInst|tut|ona| ort|on# noL less Lhan 112S000 LqulLy shares aggregaLlng Lo `
Lacs consLlLuLlng noL less Lhan 1S of Lhe lssue slze
(AllocaLlon on a proporLlonaLe basls)
C keta|| ort|on# noL less Lhan 262S000 LqulLy shares aggregaLlng Lo `
Lacs consLlLuLlng noL less Lhan 3S of Lhe lssue slze
(AllocaLlon on a proporLlonaLe basls)
Lqu|ty Shares Cutstand|ng
8efore the Issue
After the Issue
9126432 LqulLy Shares
16626432 LqulLy Shares
Net roceeds
lease see Lhe secLlon Cb[ecLs of Lhe lssue" on page 61 of
Lhls urafL 8ed Perrlng rospecLus for lnformaLlon abouL Lhe
use of Lhe neL roceeds

AllocaLlon Lo all caLegorles excepL Lhe Anchor lnvesLor orLlon lf any shall be made on a proporLlonaLe basls

Q AllocaLlon Lo Cl8s ls proporLlonaLe as per Lerms of Lhls u8P rovlded LhaL our Company may allocaLe upLo
LhlrLy percenL (30) of Lhe Cl8 porLlon Lo Anchor lnvesLors aL Lhe Anchor lnvesLor lssue prlce on a dlscreLlonary
basls ouL of whlch aLleasL oneLhlrd wlll be avallable for allocaLlon Lo domesLlc MuLual lunds only sub[ecL Lo valld
8lds belng recelved from domesLlc MuLual lunds aL or above Lhe prlce aL whlch allocaLlon ls belng done Lo oLher
Anchor lnvesLors ln Lhe evenL of undersubscrlpLlon ln Lhe Anchor lnvesLor porLlon Lhe balance LqulLy shares shall
be added Lo Lhe neL Cl8 porLlon llve percenL of Lhe neL Cl8 porLlon shall be avallable for allocaLlon Lo MuLual
lunds MuLual lunds parLlclpaLlng ln Lhe flve percenL reservaLlon ln Lhe neL Cl8 porLlon wlll also be ellglble for
allocaLlon ln Lhe remalnlng neL Cl8 porLlon lor deLalls please see Lhe secLlon lssue rocedure" on page 232 of Lhls
urafL 8ed Perrlng rospecLus

# Sub[ecL Lo valld 8lds belng recelved aL or above Lhe lssue rlce ln case of undersubscrlpLlon ln Lhe lssue lf any ln
Lhe Cuallfled lnsLlLuLlonal 8uyers orLlon nonlnsLlLuLlonal orLlon and 8eLall orLlon shall be allowed Lo be meL
wlLh splll over from Lhe oLher caLegorles aL Lhe sole dlscreLlon of our Company and 88LM Such lnLerse splll over lf
any would be effecLed ln accordance wlLh appllcable laws rules regulaLlons and guldellnes




41

. - CENERAL INFURMATIUN

Cur Company was lncorporaLed on May 11 1990 under Lhe name and sLyle of 'Chanduka Carrlers rlvaLe LlmlLed'
bearlng reglsLraLlon number 2148986 of 1990 and reglsLered wlLh 8eglsLrar of Companles WesL 8engal Cur
Company changed lLs name Lo 'SMA MarkeLlng rlvaLe LlmlLed' for whlch lL recelved fresh cerLlflcaLe of
lncorporaLlon consequenL on change of name daLed november 13 1998 1he Company LhereafLer changed lLs
name Lo 'rlme 8eLall lndla rlvaLe LlmlLed' for whlch lL recelved fresh cerLlflcaLe of lncorporaLlon consequenL on
change of name daLed !anuary 29 2008 1he Company was converLed lnLo a ubllc LlmlLed Company and Lhe name
of Lhe Company was changed Lo 'rlme 8eLall lndla LlmlLed' wef !anuary 19 2010 and recelved a fresh cerLlflcaLe
of lncorporaLlon from 8eglsLrar of Companles kolkaLLa WesL 8engal 1he presenL auLhorlsed share caplLal of Lhe
Company ls ` 20 crores dlvlded lnLo 20000000 equlLy shares of ` 10 each
1he br|ef |nformat|on for our Company |s g|ven be|ow
8eglsLered Cfflce and lacLory 8eglsLered Cfflce 1/1 Camac SLreeL Shree Man[arl 8ulldlng SLh lloor
SulLe no 07 kolkaLa 700016 WesL 8engal
uaLe of lncorporaLlon May 11 1990
Company 8eglsLraLlon no 2148986 of 1990
Company ldenLlflcaLlon no u63090W81990LC048986
Address of 8eglsLrar of Companles

nlZAM ALACL 2nd MSC 8ulLulnC 2nd lLCC8 234/4 A!C8CSL 8CAu
kCLkA1A700020 WesL 8engal lndla PCnL 033 22800409
lAx 03322 90379S LMAlL rockolkaLa[mcagovln
name of Lhe SLock Lxchanges
8ombay SLock Lxchange LlmlLed
naLlonal SLock Lxchange of lndla LlmlLed
lSln lnL881L01012
ueslgnaLed SLock Lxchange
8ombay SLock Lxchange LlmlLed

8ld/lssue rogramme 8ld/lssue Cpens on 8ld/lssue Closes on













42

8ANkLk 1C 1nL CCMAN
State 8ank of Ind|a
Cverseas 8ranch Samrlddhl 8hawan"
8lock A 4
Lh
lloor 1 SLrand 8oad
kolkaLa 700001
hone 9133224S7834
lax 913322437836
Lmall agunln[sblcoln

CCMAN SLCkL1Ak CCMLIANCL CIIICLk
Mr Nayan Ia|n
1/1 Camac SLreeL Shree Man[arl 8ulldlng
SLh lloor SulLe no 07
kolkaLa 700016 WesL 8engal
hone 91 033 30S8S89S
lax 91 033 400 36641
Lmall nayan[aln[prlmewaLchworldcom
8CCk kUNNING LLAD MANAGLk 1C 1nL ISSUL
nem Secur|t|es L|m|ted
14/1S khaLau 8ulldlng
40 8ank SLreeL lorL
Mumbal 400 001
1el 022 2267 1S43 / 44
lax 022 2262 S991
Web wwwhemonllnecom
Lmalllpolnfo[hemonllnecom
ConLacL erson Mr 8akesh 8halla
SL8l 8egn no lnM000010981

kLGIS1kAk 1C 1nL ISSUL
L|nk Int|me Ind|a r|vate L|m|ted
C13 annalal Sllk Mllls Compound
L8S Marg 8handup (WesL)
Mumbal 400 078
1el 022 2S96 0320
lax 022 2S96 0329
Web wwwllnklnLlmecoln
Lmall prlllpo[llnklnLlmecoln
ConLacL erson Mr San[og Sud
SL8l 8egn no ln8 0000040S8
8ANkLkS 1C 1nL ISSUL
?eL Lo be AppolnLed

AUDI1CkS CI 1nL CCMAN
M]s Ghosha| Company CharLered AccounLanLs
narayanl" 27 8rabourne 8oad
3rd lloor 8oom no 30S
kolkaLa 700 001 WesL 8engal
1el 913330283469/70
Lmall cba_asso[lndlaLlmescom
Iolot AoJltots
M]s k kothar| Company CharLered AccounLanLs
16A Shakespeare Saranl S
Lh
lloor
kolkaLa 700 071
1el +913322826776/6809/6807
lax+91332282S921
Lmall kolkaLa[rkoLharlln
WebslLe wwwrkoLharlln
LLGAL ADVISCk 1C 1nL ISSUL
M|ndspr|ght Lega|
Cfflce no 9 3rd lloor
7/108oLawala 8ulldlng
Pornlman Clrcle lorL
Mumbal 400 001
1el +9122 4002 066S
lax +91022 4002 0664
ConLacL erson Ms Akshaya 8hansall
Lmall ld akshaya[mlndsprlghLcoln
Web wwwmlndsprlghLcoln
IC GkADING AGLNC 1C 1nL ISSUL
Cred|t Ana|ys|s kesearch L|m|ted
3
rd
lloor rasad Chambers (Shagun Mall 8ulldlng)
10A Shakespeare Saranl
kolkaLa 700 071
1el 913322831803
lax 913322831800 228961S0 2280 8472
Web wwwcareraLlngscom
ConLacL erson Mr SukanLa nag
LmallsukanLanag[careraLlngscom







43

Ch|ef I|nanc|a| Cff|cer of the Company
Mr awan Mundra
1/1 Camac SLreeL Shree Man[arl 8ulldlng
SLh lloor SulLe no 07
kolkaLa 700016 WesL 8engal
hone 91 033 30S8S89S
lax 91 033 400 36641
Lmall prlme[prlmewaLchworldcom

8CAkD CI DIkLC1CkS CI 1nL CCMAN
Cur 8oard of ulrecLors conslsLs of

Name Age DIN Des|gnat|on Address
Mr 8a[lv Chopra 46 years 0073287S Managlng ulrecLor 4S !aLln uas 8oad kolkaLa700029
Mrs Sonlya Chopra 4S years 00732749 Whole 1lme ulrecLor 4S !aLln uas 8oad kolkaLa700029
Mr Ashlsh Chopra 21 years 01743462 ulrecLor 4S !aLln uas 8oad kolkaLa700029
Mr !ay rakash
Sarda
34 years 00196404 non LxecuLlve
lndependenL ulrecLor
42 kall krlshna 1agore SLreeL kolkaLa
700007
Mr ChlLLa 8an[an
uas
71 years 03331S68 non LxecuLlve
lndependenL ulrecLor
12P Suren Sarker 8oad kolkaLa
700010
Mr !lLendra kumar
!aln
34 years 03363S64 non LxecuLlve
lndependenL ulrecLor
67/4S8 SLrand 8oad !orabagan
kolkaLa 700006
Mr MohlL Chopra 18
years 6
monLhs
0338S110 AlLernaLe ulrecLor Lo
Mr Ashlsh Chopra non
LxecuLlve non
lndependenL ulrecLor
4S !aLln uas 8oad kolkaLa700029


lor furLher deLalls of Cur ulrecLors please refer Lo age no 126 under SecLlon LlLled Cur ManagemenL" of Lhls
urafL 8ed Perrlng rospecLus

lnvestors con contoct the comp/ionce Officer ond/or the keqistror to the lssue ond/or the 8ook kunninq Leod
Monoqers to the lssue ie nem 5ecurities Limited in cose of prelssue or postlssue re/oted prob/ems such os non
receipt of /etters of o//otment credit of o//otted shores in the respective beneficiory occount ond refund orders if
ony etc

lor all lssue relaLed querles and for redressal of complalnLs lnvesLors may also wrlLe Lo Lhe 8ook 8unnlng Lead
Managers All complalnLs querles or commenLs recelved by SL8l shall be forwarded Lo Lhe 8ook 8unnlng Lead
Managers who shall respond Lo Lhe same

All grlevances relaLlng Lo Lhe AS8A process may be addressed Lo Lhe 8eglsLrar Lo Lhe lssue wlLh a copy Lo Lhe SCS8s
glvlng full deLalls such as name address of appllcanL appllcaLlon number number of LqulLy Shares applled for
amounL pald on appllcaLlon and deslgnaLed branch or Lhe collecLlon cenLre of Lhe SCS8 where Lhe AS8A 8ldcum
AppllcaLlon lorm was submlLLed by Lhe AS8A 8ldders

S1A1LMLN1 CI IN1LkSL ALLCCA1ICN CI kLSCNSI8ILI1ILS

Slnce nem Secur|t|es L|m|ted ls Lhe sole 88LM Lo Lhls lssue sLaLemenL of lnLerse allocaLlon responslblllLles among
8ook 8unnlng Lead Manager's ls noL appllcable

SLLI CLk1IIILD SNDICA1L 8ANkS ("SCS8S")

1he llsL of banks LhaL have been noLlfled by SL8l Lo acL as SCS8 for Lhe AS8A process are provlded on
wwwseblgovln lor more lnformaLlon on deslgnaLed branches of SCS8s collecLlng Lhe AS8A AppllcaLlon lorm
please refer Lhe above menLloned llnk



44

IC GkADING AGLNC

1hls lssue has been graded by CredlL Analysls and 8esearch LlmlLed (CA8L) and has been asslgned lndlcaLlng
1he lC gradlng ls asslgned on a flve polnL scale from 1 Lo S wlLh an lC Crade S" lndlcaLlng sLrong fundamenLals
and an lC Crade 1" lndlcaLlng poor fundamenLals lor deLalls ln relaLlon Lo Lhe reporL of Lhe gradlng agency
please see Annexure on page of Lhls urafL 8ed Perrlng rospecLus ALLenLlon ls drawn Lo Lhe dlsclalmer
appearlng on page A copy of Lhe reporL provlded by furnlshlng Lhe raLlonale for lLs gradlng ls avallable for
lnspecLlon aL our 8eglsLered Cfflce from 1000 am Lo 400 pm on 8uslness uays durlng Lhe 8lddlng erlod
CkLDI1 kA1ING

1hls belng an lssue of LqulLy shares Lhere ls no requlremenL of credlL raLlng for Lhe lssue

LxLk1S

LxcepL Lhe reporL of Lhe AudlLor of our Company on Lhe resLaLed audlLed flnanclal lnformaLlon and Lhe sLaLemenL of
Lax beneflLs and Lhe reporL provlded by Lhe lC Cradlng Agencles (coples of such reporLs wlll be annexed Lo Lhe

urafL 8ed Perrlng rospecLus) furnlshlng Lhe raLlonale for Lhelr gradlng whlch wlll be provlded Lo Lhe lndlan sLock
exchanges pursuanL Lo Lhe SL8l 8egulaLlons we have noL obLalned any oLher experL oplnlons

1kUS1LLS

As Lhls ls an lssue ls of LqulLy Shares Lhe appolnLmenL of LrusLees ls noL requlred
MCNI1CkING AGLNC

ln Lerms of sub regulaLlon (1) 8egulaLlon 16 of SL8l lCu8 8egulaLlons our Company ls noL requlred Lo appolnL a
monlLorlng agency ln relaLlon Lo Lhe lssue

kCILC1 AkAISAL

1he Cb[ecLs of Lhls lssue have noL been appralsed by any agency 1he Cb[ecLs of Lhls lssue and means of flnance
Lherefore are based on lnLernal esLlmaLes of our Company

8CCk 8UILDING kCCLSS

8ook bulldlng" refers Lo Lhe process of collecLlon of 8lds from lnvesLors on Lhe basls of Lhe urafL 8ed Perrlng
rospecLus Lhe 8ld cum AppllcaLlon lorms and Lhe AS8A lorms wlLhln Lhe rlce 8and whlch wlll be declded by our
Company ln consulLaLlon wlLh Lhe 8ook 8unnlng Lead Managers and adverLlsed aLleasL Lwo Worklng uays prlor Lo
8ld/lssue Cpenlng uaLe 1he lssue rlce shall be deLermlned by our Company ln consulLaLlon wlLh Lhe 8ook 8unnlng
Lead Managers afLer Lhe 8ld/lssue Closlng uaLe 1he prlnclpal parLles lnvolved ln Lhe 8ook 8ulldlng rocess are

1 1he Company

2 1he 8ook 8unnlng Lead Managers ln Lhls case Pem SecurlLles LlmlLed

3 1he SyndlcaLe Members who are lnLermedlarles reglsLered wlLh SL8l or reglsLered as brokers wlLh 8SL/ nSL
and ellglble Lo acL as underwrlLers 1he SyndlcaLe Members are appolnLed by Lhe 88LM

4 1he SCS8s

S 1he 8eglsLrar Lo Lhe lssue and

6 1he Lscrow CollecLlon 8anks

1he lssue ls belng made Lhrough Lhe 8ook 8ulldlng rocess whereln up Lo S0 of Lhe lssue wlll be allocaLed on a
proporLlonaLe basls Lo Cl8s (Lhe I8 ort|on") provlded LhaL Lhe Company wlll allocaLe up Lo 30 of Lhe Cl8
orLlon Lo Anchor lnvesLors on a dlscreLlonary basls (Lhe Anchor Investor ort|on") lurLher S of Lhe Cl8 orLlon
(excludlng Lhe Anchor lnvesLor orLlon) shall be avallable for allocaLlon on a proporLlonaLe basls Lo MuLual lunds
only 1he remalnder of Lhe Cl8 orLlon shall be avallable for allocaLlon on a proporLlonaLe basls Lo Cl8s lncludlng


4S

MuLual lunds sub[ecL Lo valld 8lds belng recelved from Lhem aL or above Lhe lssue rlce lurLher noL less Lhan 1S
of Lhe lssue wlll be avallable for allocaLlon on a proporLlonaLe basls Lo non lnsLlLuLlonal 8ldders and noL less Lhan
3S of Lhe lssue wlll be avallable for allocaLlon on a proporLlonaLe basls Lo 8eLall lndlvldual 8ldders sub[ecL Lo valld
8lds belng recelved aL or above Lhe lssue rlce

Cur Company may ln consulLaLlon wlLh Lhe 8ook 8unnlng Lead Managers allocaLe up Lo 30 of Lhe Cl8 orLlon Lo
Anchor lnvesLors aL Lhe Anchor lnvesLor rlce ln accordance wlLh Lhe SL8l 8egulaLlons AL leasL oneLhlrd of Lhe
Anchor lnvesLor orLlon shall be avallable for allocaLlon Lo MuLual lunds only AllocaLlon Lo Anchor lnvesLors shall
be on a dlscreLlonary basls sub[ecL Lo mlnlmum number of Lwo Anchor lnvesLors An Anchor lnvesLor shall make a
mlnlmum 8ld of such number of LqulLy Shares LhaL Lhe 8ld AmounL ls aL leasL ` 100 mllllon lurLher Anchor
lnvesLors shall pay Lhe Anchor lnvesLor Margln AmounL aL Lhe Llme of submlsslon of Lhe 8ld cum AppllcaLlon lorm
Lo Lhe 8ook 8unnlng Lead Managers and Lhe balance wlLhln Lhe ayln uaLe whlch shall be a daLe no laLer Lhan Lwo
days of Lhe 8ld/lssue Closlng uaLe

SILL CVLk
Sub[ecL Lo valld 8lds belng recelved aL or above Lhe lssue rlce ln case of undersubscrlpLlon ln Lhe lssue lf any ln
Lhe Cuallfled lnsLlLuLlonal 8uyers orLlon nonlnsLlLuLlonal orLlon and 8eLall orLlon shall be allowed Lo be meL
wlLh splll over from Lhe oLher caLegorles aL Lhe sole dlscreLlon of our Company and 88LM Such lnLerse splll over lf
any would be effecLed ln accordance wlLh appllcable laws rules regulaLlons and guldellnes

MAkGIN UNDLk ALL CA1LGCkILS 100
All lnvesLor Cuallfled lnsLlLuLlonal 8uyers orLlon nonlnsLlLuLlonal orLlon and 8eLall orLlon shall are requlred Lo
pay Lhe 100 8ld AmounL upon submlsslon of Lhelr 8ld cum AppllcaLlon form lor furLher deLalls refer Lo Lhe
chapLers LlLled 1erms of Lhe lssue" and lssue rocedure" beglnnlng on age nos 223 and 232 respecLlvely of Lhls
urafL 8ed Perrlng rospecLus

ln Lhe evenL of undersubscrlpLlon or nonAlloLmenL ln Lhe Anchor lnvesLor orLlon Lhe balance LqulLy Shares shall
be added Lo Lhe neL Cl8 orLlon S of Lhe neL Cl8 orLlon shall be avallable for allocaLlon on a proporLlonaLe basls
Lo MuLual lunds only 1he remalnder of Lhe neL Cl8 orLlon shall be avallable for allocaLlon on a proporLlonaLe
basls Lo Cl8s sub[ecL Lo valld 8lds belng recelved from Lhem aL or above Lhe lssue rlce Powever lf Lhe aggregaLe
demand from MuLual lunds ls less Lhan 187S00 LqulLy Shares Lhe balance LqulLy Shares avallable for allocaLlon ln
Lhe MuLual lund orLlon wlll be added Lo Lhe neL Cl8 orLlon and allocaLed proporLlonaLely Lo Lhe Cl8s ln
proporLlon Lo Lhelr 8lds

Cur Company wlll comply wlLh Lhe SL8l lCu8 8egulaLlons for Lhls lssue ln Lhls regard our Company has appolnLed
Lhe 88LMs Lo manage and procure subscrlpLlons Lo Lhe lssue

ln accordance wlLh Lhe SL8l 8egulaLlons Cl8s blddlng ln Lhe neL Cl8 orLlon are noL allowed Lo wlLhdraw Lhelr 8lds
afLer Lhe 8ld/lssue Closlng uaLe ln addlLlon Cl8s (lncludlng Lhe Anchor lnvesLors) blddlng ln Lhe neL Cl8 orLlon are
requlred Lo pay Lhe 8ld AmounL upon submlsslon of Lhelr 8ld and allocaLlon Lo Cl8s wlll be on a proporLlonaLe basls
lor furLher deLalls refer Lo Lhe chapLers LlLled 1erms of Lhe lssue" and lssue rocedure" beglnnlng on age nos
223 and 232 respecLlvely of Lhe urafL 8ed Perrlng rospecLus

A|| the 8|dders (other than Anchor Investors) have the opt|on to subm|t the|r 8|ds under the "AS8A rocess"
wh|ch wou|d enta|| b|ock|ng of funds |n the |nvestor's bank account rather than |mmed|ate transfer of funds to
the respect|ve Lscrow Accounts Ior deta||s refer paragraph t|t|ed "lssue Procedure for 4584 8idders" beg|nn|ng
on age No 232 of the Draft ked nerr|ng rospectus under chapter t|t|ed "lssue Procedure" of this uroft ked
nerrinq Prospectus

1he 8ook 8ulldlng rocess ls sub[ecL Lo change lnvesLors are advlsed Lo make Lhelr own [udgmenL abouL an
lnvesLmenL Lhrough Lhls process prlor Lo submlLLlng a 8ld







46

Steps to be taken by the 8|dders for mak|ng a 8|d or app||cat|on |n th|s Issue

Check ellglblllLy for maklng a 8ld lor furLher deLalls see Lhe secLlon LlLled lssue Procedure" on age no
232 Speclflc aLLenLlon of AS8A 8ldders ls lnvlLed Lo Lhe secLlon LlLled lssue Procedure lssue Procedure
for 4584 8idders" on age no 232

Lnsure LhaL you have a demaL accounL and Lhe demaL accounL deLalls (cllenL lu and u lu eLc) are correcLly
menLloned ln Lhe 8ld cum AppllcaLlon lorm or Lhe AS8A lorm as Lhe case may be

Lnsure LhaL Lhe 8ld cum AppllcaLlon lorm or AS8A lorm ls duly compleLed as per Lhe lnsLrucLlons glven ln
Lhe 8ed Perrlng rospecLus and ln Lhe respecLlve forms

LxcepL for 8lds on behalf of Lhe CenLral CovernmenL SLaLe CovernmenL(s) and Lhe offlclals appolnLed by
Lhe courLs ln Lerms of Lhe SL8l clrcular daLed !une 30 2008 and resldenLs of Lhe sLaLe of Slkklm ln Lerms of
SL8l clrcular daLed !uly 20 2006 for 8lds of all values ensure LhaL you have menLloned your An ln Lhe 8ld
cum AppllcaLlon lorm or AS8A lorm 1he exempLlon for Lhe CenLral or SLaLe CovernmenL(s) and Lhe
offlclals appolnLed by Lhe courLs and for lnvesLors resldlng ln Lhe SLaLe of Slkklm ls sub[ecL Lo (a) Lhe
demographlc deLalls recelved from Lhe respecLlve deposlLorles conflrmlng Lhe exempLlon granLed Lo Lhe
beneflclary owner by a sulLable descrlpLlon ln Lhe An fleld and Lhe beneflclary accounL remalnlng ln
acLlve sLaLus and (b) ln Lhe case of resldenLs of Slkklm Lhe address as per Lhe demographlc deLalls
evldenclng Lhe same lor furLher deLalls see Lhe secLlon LlLled lssue Procedure" on age no 232

Lnsure Lhe correcLness of your uemographlc ueLalls (as deflned ln Lhe secLlon LlLled lssue Procedure
8idders uepository 4ccount ond 8onk 4ccount uetoi/s" on age no 232) glven ln Lhe 8ld cum AppllcaLlon
lorm or AS8A lorm wlLh Lhe deLalls recorded wlLh your ueposlLory arLlclpanL

8lds by AS8A 8ldders wlll only have Lo be submlLLed Lo Lhe SCS8s aL Lhe ueslgnaLed 8ranches AS8A 8ldders
should ensure LhaL Lhelr bank accounLs have adequaLe credlL balance aL Lhe Llme of submlsslon Lo Lhe SCS8
Lo ensure LhaL Lhelr AS8A lorm ls noL re[ecLed and

8lds by Cl8s wlll only have Lo be submlLLed Lo members of Lhe SyndlcaLe or Lhelr AfflllaLes

I||ustrat|on of 8ook 8u||d|ng rocess and r|ce d|scovery process (lovestots sboolJ oote tbot tbls exomple ls solely
fot lllosttotlve potposes ooJ ls oot speclflc to tbe lssoe)

8ldders can bld aL any prlce wlLhln Lhe prlce band lor lnsLance assume a prlce band of ` 20 Lo ` 24 per equlLy
share lssue slze of 3000 equlLy shares and recelpL of flve blds from bldders deLalls of whlch are shown ln Lhe Lable
below A graphlcal represenLaLlon of Lhe consolldaLed demand and prlce would be made avallable aL Lhe blddlng
cenLres durlng Lhe blddlng perlod 1he lllusLraLlve book below shows Lhe demand for Lhe equlLy shares of Lhe lssuer
company aL varlous prlces whlch ls collaLed from blds recelved from varlous lnvesLors

8|d uant|ty 8|d Amount (`) Cumu|at|ve uant|ty Subscr|pt|on
S00 24 S00 1667
1000 23 1S00 S000
1S00 22 3000 10000
2000 21 S000 16667
2S00 20 7S00 2S000

1he prlce dlscovery ls a funcLlon of demand aL varlous prlces 1he hlghesL prlce aL whlch Lhe lssuer ls able Lo lssue
Lhe deslred number of shares ls Lhe prlce aL whlch Lhe book cuLs off le ` 22 ln Lhe above example 1he lssuer ln
consulLaLlon wlLh Lhe 88LM wlll flnallse Lhe lssue prlce aL or below such cuLoff prlce le aL or below ` 22 All blds
aL or above Lhls lssue prlce and cuLoff blds are valld blds and are consldered for allocaLlon ln Lhe respecLlve
caLegorles

8ID ] ISSUL LkICD
8ID ] ISSUL CLNS CN*
8ID ] ISSUL CLCSLS CN
* Oot compooy moy cooslJet pottlclpotloo by Aocbot lovestots 1be 8lJ/lssoe letloJ fot Aocbot lovestots sboll be
ooe Joy ptlot to tbe 8lJ/lssoe Opeoloq uote

47

Cur Company ln consulLaLlon wlLh Lhe 8ook 8unnlng Lead Managers may allocaLe up Lo 30 of Lhe Cl8 orLlon le
LqulLy Shares Lo Anchor lnvesLors on a dlscreLlonary basls ln accordance wlLh Lhe SL8l 8egulaLlons 1he Anchor
lnvesLor 8ld/ lssue erlod shall be one day prlor Lo Lhe 8ld/ lssue Cpenlng uaLe and 8lddlng by Anchor lnvesLors
shall be compleLed on Lhe same day lor furLher deLalls see Lhe secLlon LlLled lssue rocedure" on age no 232

LxcepL ln relaLlon Lo Lhe 8lds recelved from Lhe Anchor lnvesLors 8lds and any revlslon ln 8lds shall be accepLed
on|y between 1000 am and 300 pm (lndlan SLandard 1lme) durlng Lhe 8lddlng erlod as menLloned above aL
Lhe blddlng cenLres menLloned on Lhe 8ld cum AppllcaLlon lorm Cn Lhe 8ld/lssue Closlng uaLe 8lds (excludlng Lhe
AS8A 8ldders) shall be uploaded unLll (l) 400 pm ln case of 8lds by Cl8 8ldders and non lnsLlLuLlonal 8ldders and
(ll) unLll S00 pm or such exLended Llme as permlLLed by 8SL and nSL ln case of 8lds by 8eLall lndlvldual 8ldders lL
ls clarlfled LhaL 8lds noL uploaded ln Lhe book would be re[ecLed 8lds by AS8A 8ldders shall be uploaded by Lhe
SCS8 ln Lhe elecLronlc sysLem Lo be provlded by 8SL and nSL

ln case of dlscrepancy of daLa beLween Lhe SLock Lxchanges and Lhe ueslgnaLed 8ranches of Lhe SCS8s Lhe declslon
of Lhe 8eglsLrar Lo Lhe lssue ln consulLaLlon wlLh Lhe 88LMs our Company and Lhe ueslgnaLed SLock Lxchange
based on Lhe physlcal / elecLronlc records as Lhe case may be of Lhe AS8A 8ld cum AppllcaLlon lorms shall be flnal
and blndlng on all concerned lurLher Lhe 8eglsLrar Lo Lhe lssue may ask for recLlfled daLa from Lhe SCS8

uue Lo llmlLaLlon of Llme avallable for uploadlng Lhe 8lds on Lhe 8ld/lssue Closlng daLe Lhe bldders excepL Anchor
lnvesLors are advlsed Lo submlL Lhelr 8lds one day prlor Lo Lhe 8ld/lssue Closlng uaLe and ln any case no laLer Lhan
Lhe Llme menLloned above on Lhe 8ld/lssue Closlng uaLe All Llme menLloned ln Lhe urafL 8ed Perrlng rospecLus
are lndlan SLandard 1lme 8ldders oLher Lhan Anchor lnvesLors are cauLloned LhaL ln Lhe evenL a large number of
8lds are recelved on Lhe 8ld/lssue Closlng uaLe as ls Lyplcally experlenced ln publlc offerlngs some 8lds may noL geL
uploaded due Lo lack of sufflclenL Llme Such 8lds LhaL cannoL be uploaded wlll noL be consldered for allocaLlon
under Lhe lssue lf such 8lds are noL uploaded Lhe lssuer 88LMs SyndlcaLe Members and Lhe SCS8 wlll noL be
responslble 8lds wlll be accepLed only on 8uslness uays le Monday Lo lrlday (excludlng any publlc holldays)

Cn Lhe 8ld/lssue Closlng uaLe exLenslon of Llme wlll be granLed by Lhe SLock Lxchanges only for uploadlng Lhe 8lds
recelved by 8eLall 8ldders afLer Laklng lnLo accounL Lhe LoLal number of 8lds recelved upLo Lhe closure of Lhe Llme
perlod for accepLance of 8ld cum AppllcaLlon lorms as sLaLed hereln and reporLed by Lhe 88LMs Lo Lhe SLock
Lxchanges wlLhln half an hour of such closure

1he Company ln consulLaLlon wlLh Lhe 88LMs reserves Lhe rlghL Lo revlse Lhe rlce 8and durlng Lhe 8ld/lssue
erlod ln accordance wlLh Lhe SL8l lCu8 8egulaLlons provlded LhaL Lhe Cap rlce ls less Lhan or equal Lo 120 of Lhe
lloor rlce 1he lloor rlce can be revlsed up or down Lo a maxlmum of 20 of Lhe lloor rlce

ln case of revlslon ln Lhe rlce 8and Lhe lssue erlod wlll be exLended for Lhree addlLlonal worklng days afLer
revlslon of rlce 8and sub[ecL Lo a maxlmum of 10 worklng days Any revlslon ln Lhe rlce 8and and Lhe revlsed
8lddlng erlod lf appllcable wlll be wldely dlssemlnaLed by noLlflcaLlon Lo Lhe SCS8s SLock Lxchanges by lssulng a
publlc noLlce ln edlLlon of ln Lhe Lngllsh language edlLlon of ln Lhe Plndl language and edlLlon of
ln Lhe reglonal language and also by lndlcaLlng Lhe change on Lhe webslLes of Lhe 88LMs SCS8s and aL Lhe
Lermlnals of members of Lhe SyndlcaLe ln Lhe evenL of any revlslon ln Lhe rlce 8and wheLher upwards or
downwards Lhe mlnlmum appllcaLlon slze shall remaln LqulLy Shares sub[ecL Lo Lhe 8ld AmounL payable on such
mlnlmum appllcaLlon belng ln Lhe range of ` S000 Lo ` 7000

WI1nDkAWAL CI 1nL ISSUL

Cur Company ln consulLaLlon wlLh Lhe 88LMs reserves Lhe rlghL noL Lo proceed wlLh Lhe lssue aL any Llme afLer
Lhe 8ld/lssue Cpenlng uaLe buL before AlloLmenL of LqulLy Shares ln such an evenL our Company would lssue a
publlc noLlce ln Lhe newspapers ln whlch Lhe pre lssue adverLlsemenLs were publlshed wlLhln Lwo days of Lhe
8ld/lssue Closlng uaLe / decldlng noL Lo proceed wlLh Lhe lssue provldlng reasons for noL proceedlng wlLh Lhe lssue
Cur Company shall also prompLly lnform Lhe same Lo Lhe sLock exchanges on whlch our LqulLy Shares are proposed
Lo be llsLed Any furLher lssue of LqulLy Shares by our Company shall be ln compllance wlLh appllcable laws lf Lhe
lssue ls wlLhdrawn afLer Lhe 8ld / lssue Closlng daLe our Company shall be requlred Lo flle a fresh offer documenL
wlLh SL8l 1he 88LMs Lhrough Lhe 8eglsLrar Lo Lhe Cffer shall noLlfy Lhe SCS8s Lo unblock Lhe bank accounLs of Lhe
AS8A 8ldders wlLhln one day from Lhe day of recelpL of such noLlflcaLlon

48

noLwlLhsLandlng Lhe foregolng Lhe lssue ls also sub[ecL Lo obLalnlng (l) Lhe flnal llsLlng and Lradlng approvals of Lhe
SLock Lxchanges whlch Lhe Company shall apply for afLer AlloLmenL and (ll) Lhe flnal 8CC approval of Lhe
rospecLus afLer lL ls flled wlLh Lhe 8CC

UNDLkWkI1ING

AfLer Lhe deLermlnaLlon of Lhe lssue rlce and allocaLlon of our LqulLy Shares buL prlor Lo flllng of Lhe rospecLus
wlLh Lhe 8CC our Company wlll enLer lnLo an underwrlLlng AgreemenL wlLh Lhe underwrlLers for Lhe LqulLy Shares
proposed Lo be offered Lhrough Lhls lssue lL ls proposed LhaL pursuanL Lo Lhe Lerms of Lhe underwrlLlng AgreemenL
Lhe 88LMs shall be responslble for brlnglng ln Lhe amounL devolved ln Lhe evenL LhaL Lhe respecLlve SyndlcaLe
Members do noL fulfll Lhelr underwrlLlng obllgaLlons 1he underwrlLlng shall be Lo Lhe exLenL of Lhe 8lds uploaded
by Lhe underwrlLers lncludlng Lhrough lLs syndlcaLe / sub syndlcaLe 1he underwrlLlng AgreemenL ls daLed and
has been approved by Lhe 8oard of ulrecLors of Lhe Company / CommlLLee Lhereof pursuanL Lo Lhe Lerms of Lhe
underwrlLlng AgreemenL Lhe obllgaLlons of Lhe underwrlLers are several and are sub[ecL Lo cerLaln condlLlons
speclfled Lhereln

1he underwrlLers have lndlcaLed Lhelr lnLenLlon Lo underwrlLe Lhe followlng number of LqulLy Shares
(1bls pottloo bos beeo loteotlooolly left blook ooJ wlll be completeJ ptlot to fllloq of tbe ltospectos wltb koc)

Name and Address of the
Underwr|ters
Ind|cat|ve Number of
Lqu|ty shares to be
underwr|tten
Amount Underwr|tten
(kupees |n m||||on)


1he above menLloned amounL ls an lndlcaLlve underwrlLlng and would be flnallzed afLer deLermlnaLlon of Lhe lssue
rlce and acLual allocaLlon of Lhe LqulLy Shares

ln Lhe oplnlon of our 8oard of ulrecLors (based on cerLlflcaLes daLed glven Lo Lhem by Lhe underwrlLers) Lhe
resources of Lhe above menLloned underwrlLers are sufflclenL Lo enable Lhem Lo dlscharge Lhelr respecLlve
underwrlLlng obllgaLlons ln full 1he abovemenLloned underwrlLers are reglsLered wlLh SL8l under SecLlon 12(1) of
Lhe SL8l AcL or reglsLered as brokers wlLh Lhe sLock exchange(s) Cur 8oard of ulrecLors / commlLLee Lhereof as lLs
meeLlng held on has accepLed and enLered lnLo Lhe underwrlLlng AgreemenL menLloned above on behalf of our
Company

AllocaLlon among underwrlLers may noL necessarlly be ln proporLlon Lo Lhelr underwrlLlng commlLmenLs
noLwlLhsLandlng Lhe above Lable Lhe 88LMs and Lhe SyndlcaLe Members shall be severally responslble for ensurlng
paymenL wlLh respecL Lo Lhe LqulLy Shares allocaLed Lo lnvesLors procured by Lhem ln Lhe evenL of any defaulL ln
paymenL Lhe respecLlve underwrlLer ln addlLlon Lo oLher obllgaLlons Lo be deflned ln Lhe underwrlLlng AgreemenL
wlll also be requlred Lo procure or subscrlbe Lo Lhe exLenL of Lhe defaulLed amounL as speclfled ln Lhe underwrlLlng
AgreemenL 1he underwrlLlng arrangemenLs menLloned above shall noL apply Lo Lhe subscrlpLlons of any LqulLy
Shares by AS8A 8ldders ln Lhe lssue

1he underwrlLlng arrangemenLs menLloned above shall noL apply Lo Lhe subscrlpLlons by Lhe AS8A 8ldders ln Lhls
lssue 1he underwrlLlng agreemenL shall llsL ouL Lhe role and obllgaLlons of each SyndlcaLe Member and lnLeralla
conLaln a clause sLaLlng LhaL margln collecLed from caLegorles oLher Lhan quallfled lnsLlLuLlonal buyers shall be
unlform across Lhe 88LM(s) or syndlcaLe members for each such caLegory lndlcaLlng Lhe 100 percenLage Lo be
pald as margln by Lhe lnvesLor aL Lhe Llme of blddlng












49

34 CAI1AL S1kUC1UkL CI 1nL CCMAN

1he share caplLal of our Company before Lhe lssue and afLer glvlng effecL Lo Lhe lssue as on Lhe daLe of Lhls urafL
8ed Perrlng rospecLus ls seL forLh below
(` lo locs except 5bote Joto)
Sr
No
art|cu|ars
Aggregate Va|ue at
Iace Va|ue
Aggregate Va|ue at
Issue r|ce
A
AU1nCkISLD SnAkL CAI1AL

20000000 LqulLy Shares of ` 10 each 200000

8 ISSULD SU8SCkI8LD AND AIDU SnAkL CAI1AL
kICk 1C 1nL ISSUL
9126432 LqulLy Shares of ` 10 each 91264

C kLSLN1 ISSUL IN 1LkMS CI 1nIS DkAI1 kLD nLkkING
kCSLC1US
7S00000 LqulLy Shares of ` 10 each aL a premlum of `
per share
(a)

7S000
of wblcb
Cl8 orLlon of 37S0000 LqulLy Shares of ` 10
each (le upLo S0 of neL lssue slze)(AllocaLlon
on proporLlonaLe basls)
(b)

37S00
of wblcb
Anchor lnvesLor orLlon ls upLo LqulLy
Shares
(c)

neL Cl8 orLlon of upLo LqulLy
Shares
(b)

of wblcb
MuLual lund porLlon ls LqulLy shares
(le S of Cl8 porLlon excludlng Anchor
lnvesLor orLlon lf any)

8alance avallable for all Cl8s lncludlng
MuLual lunds ls LqulLy Shares*

non lnsLlLuLlonal orLlon of noL less Lhan 112S000 LqulLy
shares of ` 10 each (le noL less Lhan 1S of neL lssue
slze)*
112S0

8eLall porLlon of noL less Lhan 262S000 LqulLy shares of `
10 each (le noL less Lhan 3S of Lhe neL lssue)*
262S0

D ISSULD SU8SCkI8LD AND AIDU SnAkL CAI1AL
AI1Lk 1nL ISSUL
16626432 LqulLy Shares of ` 10 each 166264

L SnAkL kLMIUM ACCCUN1
rlor Lo Lhe lssue 10691
AfLer Lhe lssue**




S0

# Avallable for allocaLlon on a proporLlonaLe basls sub[ecL Lo valld blds belng recelved aL or above Lhe lssue rlce ln
Lhe Cuallfled lnsLlLuLlonal 8uyers orLlon nonlnsLlLuLlonal orLlon and 8eLall orLlon shall be allowed Lo be meL
wlLh splll over from Lhe oLher caLegorles aL Lhe sole dlscreLlon of our Company and 88LM

**ueLermlnaLlon posL flnallzaLlon of Lhe lssue rlce

(a) 1he lresh lssue has been auLhorlzed by a resoluLlon of Lhe 8oard daLed CcLober 1 2010 and by a speclal
resoluLlon passed pursuanL Lo secLlon 81(1A) of Lhe Companles AcL aL Lhe LxLraordlnary Ceneral MeeLlng
of Lhe shareholders of Lhe Company held on CcLober 21 2010 whlch was called aL a shorLer noLlce afLer
consenL of all shareholders was obLalned as per Lhe provlslons of Lhe Companles AcL 19S6 as amended

(b) Such number of LqulLy Shares represenLlng S of Lhe neL Cl8 orLlon shall be avallable for allocaLlon on a
proporLlonaLe basls Lo MuLual lunds only 1he remalnder of Lhe neL Cl8 orLlon shall be avallable for
allocaLlon on a proporLlonaLe basls Lo Cl8s sub[ecL Lo valld 8lds belng recelved from Lhem aL or above Lhe
lssue rlce ln Lhe evenL LhaL Lhe demand from MuLual lunds ls greaLer Lhan 187S00 LqulLy Shares
allocaLlon shall be made Lo MuLual lunds proporLlonaLely Lo Lhe exLenL of Lhe MuLual lund orLlon 1he
remalnlng demand by Lhe MuLual lunds shall as parL of Lhe aggregaLe demand by Cl8s be avallable for
allocaLlon proporLlonaLely ouL of Lhe remalnder of Lhe neL Cl8 orLlon afLer excludlng Lhe allocaLlon ln Lhe
MuLual lund orLlon Powever ln Lhe evenL of undersubscrlpLlon ln Lhe MuLual lund orLlon Lhe balance
LqulLy Shares ln Lhe MuLual lund orLlon wlll be added Lo Lhe neL Cl8 orLlon and allocaLed Lo Cl8s on a
proporLlonaLe basls sub[ecL Lo valld 8lds aL or above lssue rlce

(c) Cur Company may ln consulLaLlon wlLh Lhe 88LM allocaLe upLo 30 of Lhe Cl8 orLlon Lo Anchor lnvesLors
on a dlscreLlonary basls aL Lhe Anchor lnvesLor AllocaLlon rlce ouL of whlch aL leasL oneLhlrd wlll be
avallable for allocaLlon Lo domesLlc MuLual lunds only lor furLher deLalls see secLlon LlLled lssue
rocedure" on age no 232 of Lhls u8P ln Lhe evenL of undersubscrlpLlon or nonAlloLmenL ln Lhe
Anchor lnvesLor orLlon Lhe balance LqulLy Shares ln Lhe Anchor lnvesLor orLlon shall be added Lo Lhe neL
Cl8 orLlon


NC1LS 1C CAI1AL S1kUC1UkL
1 Deta||s of Increase |n Author|sed Share Cap|ta| of the Company
SrNo Date Increased Irom Increased 1o kemarks
1 110S1990 200000000 Cn lncorporaLlon 20000 LqulLy Shares
of ` 100/ each
2 30032000 200000000 S00000000 lncrease from 20000 LqulLy Shares of `
100/ each Lo S0000 LqulLy Shares of `
100/ each
3 30072001
Subulvlslon*
lncrease from S0000 LqulLy Shares of
`100/ each Lo S00000 LqulLy Shares
of ` 10/ each
4 01122006 S00000000 1000000000 lncrease from S00000 LqulLy Shares of
`10/ each Lo 1000000 LqulLy Shares
of `10/ each
S 2S042007 1000000000 2000000000 lncrease from 1000000 LqulLy Shares
of `10/ each Lo 2000000 LqulLy
Shares of `10/ each
6 18062008 2000000000 2810000000 lncrease from 2000000 LqulLy Shares
of `10/ each Lo 2810000 LqulLy
Shares of `10/ each**
7 10032010 2810000000 20000000000 lncrease from 2810000 LqulLy Shares
of `10/ each Lo 20000000 LqulLy
Shares of `10/ each


S1

Note *Cur Company vlde resoluLlon passed by Lhe Shareholders of Cur Company aL Lhe Annual Ceneral MeeLlng
held on !uly 30 2001 subdlvlded Lhe face value of LqulLy Shares from one LqulLy share of face value ` 100/ per
share Lo 10 LqulLy shares of face value of ` 10/ per share
**lncrease ln Lhe auLhorlzed caplLal ls on accounL of comblned auLhorlzed caplLal of Lhe ersLwhlle Lransferor
Companles wlLh Lhe Company Accordlngly Lhe auLhorlzed caplLal of Lhe Company sLands lncreased by ` 8100000
by addlLlon of 810000 LqulLy shares of `10/ each pursuanL Lo Lhe scheme of amalgamaLlon as approved by Lhe
Pon'ble Plgh CourL of kolkaLa on 18062008 lor furLher deLalls please see secLlon LlLle PlsLory and CerLaln
CorporaLe MaLLers" beglnnlng on age no 120 of Lhls u8P

2 Lqu|ty Share Cap|ta| h|story of the company (Share Cap|ta| 8u||t up)
Date of
A||otment
] Iu||y
a|dup
Noof
Lqu|ty
Shares
Iace
Va|u
e
Issue
r|ce
Cons|derat|on
keasons for
A||otment ]
keduct|on
Cumu|at|ve
Secur|t|es
rem|um
Account (`)
Cumu|at|ve
No of
Lqu|ty
Shares
Cumu|at|ve
a|dup
Cap|ta| (`)
110S1990 200 100 100 Subscrlbers Lo
Lhe
Memorandum
Subscrlbers Lo
Lhe
Memorandum
nlL 200 20000
1S031998 8790 100 100 Cash AlloLmenL nlL 8990 899000
2S011999 S430 100 100 Cash AlloLmenL nlL 14420 1442000
30032000 16S00 100 100 Cash AlloLmenL nlL 30920 3092000
30032001 17S80 100 100 Cash AlloLmenL nlL 48S00 48S0000
30072001 Share
SpllL
10 nlL Subulvlslon of shares from
48S00 shares of `100 each Lo
48S000 shares of ` 10 each
nlL 48S000 48S0000
31032007 20000 10 100 Cash AlloLmenL 1800000 S0S000 S0S0000
31032007 268000 10 10 Cash AlloLmenL 1800000 773000 7730000
01042007 AddlLlon of `
739840 Lo Lhe
SecurlLles
remlum
pursuanL Lo
AmalgamaLlon
(
1)

2S39840*
28022008 S0000 10 100 Cash AlloLmenL 7039840 823000 8230000
28022008 1S0000 10 200 Cash AlloLmenL 3SS39840 973000 9730000
20092008 309272 10 10 8onus Shares AlloLmenL
pursuanL Lo Lhe
Scheme of
Merger
(2)

3SS39840 1282272 12822720
20092008 (98700) 10 8onus Shares CancellaLlon of
shares held by
M/s rlme
Clocks vL LLd
(2)

3SS39840 1183S72 1183S720
20092008 (20000) 10 8onus Shares CancellaLlon of
shares held by
M/s awan
ro[ecLs vL
LLd
(2)

3SS39840 1163S72 1163S720
06072009 7SS00 10 200 Cash AlloLmenL 49884840 1239072 12390720


S2
08072009 88000 10 10 Cash AlloLmenL 49884840 1327072 13270720
31122009 140000 10 200 Cash AlloLmenL 76484840 1467072 14670720
21032010 S4000 10 200 Cash AlloLmenL 86744840 1S21072 1S210720

30092010

760S360

10

10 8onus Shares 8onus Shares ln
Lhe raLlo of S
new Shares
alloLLed for 1
held
(3)

10691240 9126432 91264320

(1) An amounL of ` 739840 was added Lo our Share premlum pursuanL Lo Lhe merger of rlme Clocks rlvaLe
LlmlLed and awan ro[ecLs rlvaLe LlmlLed wlLh our Company as approved by Lhe kolkaLa Plgh CourL by lLs
order daLed !une 18 2008 lor furLher deLalls see secLlon LlLled PlsLory and CerLaln CorporaLe MaLLers"
beglnnlng on age no 120 of Lhls u8P
(2) AlloLmenL of 309272 LqulLy Shares Lo Lhe shareholders of rlme Clocks rlvaLe LlmlLed and awan
ro[ecLs rlvaLe LlmlLed pursuanL Lo Lhe merger of Lhe aforesald 1ransferor Companles wlLh our Company
as approved by Lhe kolkaLa Plgh CourL by lLs order daLed !une 18 2008 lurLher pursuanL Lo Lhe aforesald
Scheme of Merger 98700 LqulLy Shares held by rlme Clocks rlvaLe LlmlLed and 20000 LqulLy shares
held by awan ro[ecLs rlvaLe LlmlLed ln our Company were cancelled reduclng Lhe paldup LqulLy Share
caplLal of our Company 118700 LqulLy Shares lor deLalls see secLlon LlLled PlsLory and oLher CorporaLe
MaLLers" on age no 120 of Lhls u8P

(3) 8onus lssue of LqulLy shares ln Lhe raLlo of S new LqulLy shares of ` 10 each for every 1 LqulLy share of `
10 each held by caplLallzaLlon of SecurlLles remlum

3 1he lssuer has noL made any lssue of speclfled securlLles aL a prlce lower Lhan Lhe lssue prlce durlng Lhe
precedlng one year

4 no 8onus Shares were lssued ouL of reserves creaLed from revaluaLlon of asseLs durlng Lhe lasL S years

Date of |ssue Name of A||ottees keason for |ssue
No of shares
|ssued
8enef|ts accrued to
the Company
SepLember 30
2010
1o all shareholders as on
Lhe 8ecord daLe
CaplLallzaLlon of Share
remlum Lhrough 8onus ln
Lhe raLlo of S shares for 1
share held
760S360 nlL


S Shareho|d|ng of our romoters romoters' Contr|but|on and Lock|n
(A) Share CaplLal 8ulldup of Core romoLers
Sr
No
Name
Date of
A||otment
Cons|derat|on
(Cash]8onus]k|nd
etc)
No of
Lqu|ty
Shares
Iace
Va|ue
(`)
Issue
r|ce
(`)
of
re
|ssue
pa|d up
cap|ta|
of ost
|ssue pa|d
up cap|ta|
Lock |n
per|od
1
Son|ya
Chopra
07012002 1ransfer for Cash 90900 10 10 3 years
31032007 AlloLmenL for Cash 130000 10 10 3 years
31032008 1ransfer for Cash 20000 10 10 3 years
20092008 CLher Lhan Cash
on AmalgamaLlon
121297 10 10 1 years
08072009 AlloLmenL for Cash 80000 10 10 3 years
04092009 1ransfer for Cash 16S000 10 10 3 years
30092010 8onus Shares 1343000 10 3 years
30092010 8onus Shares 169298S 10 1 year
Sub 1ota| 3643182 39919 21912

S3



2



ka[|v
Chopra



07012002


1ransfer for Cash



17S00



10


10


3 years
08012002 1ransfer for Cash S0000 10 10 3 years
27082003 1ransfer for Cash 7S000 10 10 3 years
31032007 AlloLmenL for Cash 118000 10 10 3 years
31032008 1ransfer for Cash 30000 10 10 3 years
20092008 CLher Lhan Cash
on AmalgamaLlon
168492 10 10 1 years
08072009 AlloLmenL for Cash 8000 10 10 3 years
04092009 1ransfer for Cash 73833 10 10 3 years
22092010 Acqulred Lhrough
Lransmlsslon of
shares
1060 10 10 1 years
30092010 8onus Shares 14S6S67 10 3 years
30092010 8onus Shares 12S28S8 10 1 year
Sub 1ota| 32S1310 3S62S 19SSS
1C1AL 6894492 7SS44 41467

1he lock ln perlod shall commence from Lhe daLe of alloLmenL of LqulLy Shares ln Lhe proposed publlc lssue or
commencemenL of commerclal producLlon whlchever ls laLer as per Lhe appllcable SL8l 8egulaLlons

(8) Share Cap|ta| 8u||dup of romoter Group

SrNo Name
Date of
A||otment
Cons|derat|on
No of
Lqu|ty
Shares
Iace
Va|ue
(`)
Issue
r|ce
of
re
|ssue
pa|d
up
cap|ta|
of
ost
|ssue
pa|d up
cap|ta|
Lock
|n
per|od
1
M]s Chopra
I||ms and
Lnterta|nment
vt Ltd
0S032010 1ransfer for
Cash
140000 1000 1000 127S4 7001 1 ?ear
24032010 1ransfer for
Cash
S4000 1000 1000
30092010 8onus Shares 970000 1000
Sub 1ota| 1164000
2
ka[|v Chopra
(nUI)
07012002 1ransfer for
Cash
40300 1000 1000 11367 6239 1 ?ear
27082003 1ransfer for
Cash
112600 1000 1000
31032007 AlloLmenL for
Cash
20000 1000 1000
30092010 8onus Shares 864S00 1000
Sub 1ota| 1037400
3
Ash|sh Chopra 0S102009 1ransfer for
Cash
S000 1000 1000 0329 0180 1 ?ear
30092010 8onus Shares 2S000 1000
Sub 1ota| 30000


S4
4 Moh|t Chopra 16082010
1ransfer for
Cash

60

1000

1000

0004 0002

1 ?ear
30092010 8onus Shares

300

1000

Sub 1ota| 360
S kL Lodha
(nUI)
180 0002 00001 1 ?ear
Sub 1ota| 180
1C1AL 2231940 244S4 13423
1he lock ln perlod shall commence from Lhe daLe of alloLmenL of LqulLy Shares ln Lhe proposed publlc lssue or
commencemenL of commerclal producLlon whlchever ls laLer as per Lhe appllcable SL8l 8egulaLlons

(C) romoters' Contr|but|on

1he promoLers of Lhe Company have underLaken LhaL Lhey wlll lockln Lhe mlnlmum number of shares as promoLer's
conLrlbuLlon requlred Lo be locked ln as per Lhe SL8l (lCu8) 8egulaLlons on flnallzaLlon of Lhe number of shares ln
Lhe lssue and Lhe posL lssue caplLal 1hey have also underLaken LhaL Lhey wlll lssue necessary lnsLrucLlons Lo Lhe
ueposlLorles for lockln of Lhese shares for Lhree/one year as per Lhe requlremenL and provlde Lhe lnformaLlon Lo
Lhe 88LM for dlsclosure ln Lhe rospecLus Lo be flled wlLh 8CC

1he conLrlbuLlon of Lhe promoLers of Lhe Company has been broughL Lo Lhe exLenL of noL less Lhan Lhe speclfled
mlnlmum loL and from persons as deflned as promoLers under Lhe SL8l 8egulaLlons

1he romoLers and ulrecLors of Lhe Company and Lhe 88LM of Lhe lssue have noL enLered lnLo any buyback or
slmllar" arrangemenL for Lhe LqulLy Shares belng lssued Lhrough Lhls urafL 8ed Perrlng rospecLus Shareholdlng of
Lhe romoLers romoLer Croup and Lhe dlrecLors of our romoLer Companles ln our Company ls as under

SrNo Name
Date of
A||otment
Cons|derat|on
(Cash]8onus]k|nd
etc)
No of Lqu|ty
Shares
Iace
Va|ue
(`)
Issue
r|ce (`)
of
ost|ssue
pa|d up
cap|ta|
Lock |n
per|od
1
Son|ya
Chopra
07012002 1ransfer for Cash 90900 10 10 1100 3 ears
31032007 AlloLmenL for Cash 130000 10 10
31032008 1ransfer for Cash 20000 10 10
08072009 AlloLmenL for Cash 80000 10 10
04092009 1ransfer for Cash 16S000 10 10
30092010 8onus Shares 1343000 10
Sub 1ota| 1828900
2
ka[|v
Chopra
07012002 1ransfer for Cash 17S00 10 10 1100 3 ears
08012002 1ransfer for Cash S0000 10 10
27082003 1ransfer for Cash 7S000 10 10
31032007 AlloLmenL for Cash 118000 10 10
31032008 1ransfer for Cash 30000 10 10
08072009 AlloLmenL for Cash 8000 10 10
04092009 1ransfer for Cash

73833 10 10
30092010 8onus Shares 14S6S67 10
Sub 1ota| 1828900
1C1AL 36S7800 2200



SS


(D) Deta||s of Share Cap|ta| |ocked |n for one year

LxcepL for Lhe romoLer's ConLrlbuLlon whlch shall be locked ln as above Lhe enLlre prelssue equlLy share caplLal of
our Company (lncludlng Lhose LqulLy Shares held by our romoLer) shall be locked ln for a perlod of one year from
Lhe daLe of AlloLmenL 1he LqulLy Shares sub[ecL Lo lockln wlll be Lransferable sub[ecL Lo compllance wlLh Lhe SL8l
8egulaLlons as amended from Llme Lo Llme Any LqulLy Shares AlloLLed Lo Anchor lnvesLors ln Lhe Anchor lnvesLor
orLlon shall be lockedln for a perlod of 30 days from Lhe daLe of AlloLmenL
1he lock ln perlod shall commence from Lhe daLe of alloLmenL of LqulLy Shares ln Lhe proposed publlc lssue or
commencemenL of commerclal producLlon whlchever ls laLer as per Lhe appllcable SL8l 8egulaLlons

WL CLk1II 1nA1 1nL kLGULA1ICN 33 CI 1nL SL8I (ICDk) kLGULA1ICNS 2009 WnICn kLLA1LS 1C SLCIIILD
SLCUkI1ILS INLLIGI8LL ICk CCMU1A1ICN CI kCMC1LkS' CCN1kI8U1ICN nAS 8LLN DUL CCMLILD WI1n

SL8I kegu|at|ons
l 1he LqulLy Shares Lo be lockedln for a perlod of Lhree years have been compuLed as 20 of LqulLy Share
CaplLal afLer Lhe lssue lL ls conflrmed LhaL Lhe LqulLy Shares offered for by Lhe romoLers for Lhree years lock
ln are noL pledged lurLher all Lhe LqulLy Shares whlch are belng locked ln for 3 years are noL lnellglble for
compuLaLlon of promoLers' conLrlbuLlon and lockln as per clause 33(1) of SL8l (lCu8) 8egulaLlons

ll 1he romoLers and romoLer Croup have vlde Lhelr leLLer daLed lebraury 1S 2011 glven Lhelr consenL for
lockln of shares as sLaLed above 1he lockln shall sLarL from Lhe daLe of alloLmenL ln Lhe publlc lssue and Lhe
lasL daLe of Lhe lockln shall be reckoned as Lhree years from Lhe daLe of commencemenL of commerclal
producLlon or Lhe daLe of alloLmenL ln Lhe lssue whlchever ls laLer

lll ln addlLlon Lo above promoLers conLrlbuLlon whlch ls locked ln for a perlod of Lhree years Lhe enLlre
remalnlng prelssue LqulLy CaplLal of our Company le S468632 LqulLy Shares wlll be locked ln for a perlod
of one year from Lhe daLe of alloLmenL of LqulLy Shares ln Lhls lssue consLlLuLlng 3289 of Lhe posL lssue
equlLy share caplLal of our Company

lv ln Lerms of regulaLlon 39(b) of Lhe SL8l (lCu8) 8egulaLlons locked ln LqulLy Shares held by Lhe romoLers can
be pledged wlLh banks or flnanclal lnsLlLuLlons as collaLeral securlLy for loans granLed by such banks or
flnanclal lnsLlLuLlons provlded Lhe pledge of shares ls one of Lhe Lerms of sancLlon of loan rovlded LhaL lf
securlLles are locked ln as mlnlmum promoLers' conLrlbuLlon under regulaLlon 39(a) of SL8l (lCu8)
8egulaLlons Lhe same may be pledged only lf ln addlLlon Lo fulfllllng Lhe above requlremenLs Lhe loan has
been granLed by such banks or flnanclal lnsLlLuLlon for Lhe purpose of flnanclng one or more of Lhe ob[ecLs of
Lhe lssue

v ln Lerms of 8egulaLlon 40 of Lhe SL8l (lCu8) 8egulaLlons Sub[ecL Lo Lhe provlslons of SecurlLles and Lxchange
8oard of lndla (SubsLanLlal AcqulslLlon of shares and 1akeovers) 8egulaLlons 1997 Lhe speclfled securlLles
held by promoLers and lockedln as per regulaLlon 36 may be Lransferred Lo anoLher promoLer or any person
of Lhe promoLer group or a new promoLer or a person ln conLrol of Lhe lssuer and Lhe speclfled securlLles held
by persons oLher Lhan promoLers and lockedln as per regulaLlon 37 may be Lransferred Lo any oLher person
holdlng Lhe speclfled securlLles whlch are lockedln along wlLh Lhe securlLles proposed Lo be Lransferred
rovlded LhaL lockln on such speclfled securlLles shall conLlnue for Lhe remalnlng perlod wlLh Lhe Lransferee
and such Lransferee shall noL be ellglble Lo Lransfer Lhem Llll Lhe lockln perlod sLlpulaLed ln Lhese regulaLlons
has explred
(L) We have complled wlLh 8egulaLlon 32 and 8egulaLlon 33 of Lhe SL8l (lCu8) 8egulaLlons 2009

(I) 1here has been an alloLmenL of 309272 LqulLy shares ln Lerms of scheme approved under SecLlon 391394 of
1he Companles AcL 19S6 1he alloLmenL ls ln respecL of purchase conslderaLlon payable Lo Lhe shareholders
of Lhe 1ransferor Companles namely awan ro[ecL rlvaLe LlmlLed and rlme Clocks rlvaLe LlmlLed LhaL
amalgamaLed wlLh rlme 8eLall lndla LlmlLed (1ransferee company) pursuanL Lo Lhe Plgh CourL Crder (WesL
8engal) daLed !une 18 2008
1he 1ransferee Company alloLLed LqulLy shares ln Lhe 1ransferee Company Lo Lhe shareholders of Lhe 1ransferor
Companles whose names are recorded ln Lhe reglsLer of members on Lhe record daLe ln Lhe followlng manner

S6

(l) 1o every LqulLy Shareholder of rlme Clocks rlvaLe LlmlLed" 3 (1hree) LqulLy shares of ` 10/ each
credlLed as fully pald up ln Lhe 1ransferee Company for every S (llve) LqulLy Shares of ` 10/ each fully
pald up held by such shareholder ln rlme Clocks rlvaLe LlmlLed

(ll) 1o every LqulLy Shareholder of awan ro[ecL rlvaLe LlmlLed" 4 (lour) LqulLy shares of ` 10/ each
credlLed as fully pald up ln Lhe 1ransferee Company for every 3 (1hree) LqulLy Shares of ` 10/ each fully
pald up held by such shareholder ln awan ro[ecL rlvaLe LlmlLed"


LlsL of Shares AlloLLed pursuanL Lo Lhe AmalgamaLlon on SepLember 20 2008
Sr No Name of A||ottee No of Shares A||otted Issue r|ce (`)
1 8a[lv Chopra 168492 10
2 Sonlya Chopra 121297 10
3 vardhaman ConsulLancy 13333 10
4 !u Chopra 6060 10
S u SeLhla 60 10
6 8 L Lodha Sons (Pul) 30 10
1C1AL 309272


(G) Shareho|d|ng attern of M]s Chopra I||ms and Lnterta|nment r|vate L|m|ted (romoter Group Lnt|ty)

Sr
No
Name of
Shareho|der
Noof
Lqu|ty
Shares
Iace
Va|ue
Issue
r|ce
Cons|derat|on keasons for A||otment ] keduct|on
1 8a[lv Chopra S000 10 10 Cash Subscrlbers Lo Lhe Memorandum
2 Sonlya Chopra S000 10 10 Cash Subscrlbers Lo Lhe Memorandum
1C1AL 10000
(n) 1here ls no buyback" or sLandby" arrangemenL for purchase of LqulLy Shares by our Company lLs ulrecLors
lLs romoLers or Lhe LM for Lhe LqulLy Shares offered Lhrough Lhls urafL 8ed Perrlng rospecLus

(I) LxcepL sLaLed below our Company has noL lssued any equlLy shares for conslderaLlon oLher Lhan cash

Date of Issue Name of A||ottees
No of Lqu|ty
Shares
keasons for A||otment ] keduct|on
8enef|ts
accrued to
the
Company
20092008 1o all Lhe shareholders of
awan ro[ecL vL LLd And
rlme Clocks vL LLd As on
daLe of passlng Plgh CourL
order
309272 AlloLLed pursuanL Lo a Scheme of
Merger*
nlL
30092010 1o all Lhe shareholders as on
Lhe lssue uaLe
760S360 8onus Shares alloLLed ouL of
SecurlLles remlum ln Lhe raLlo of S
new Shares alloLLed for 1 held
nlL
*lor furLher deLalls ln relaLlon Lo Lhe Scheme of Merger see secLlon LlLled PlsLory and CerLaln CorporaLe
MaLLers" on age no 120 of Lhls u8P
1he AlloLmenL made pursuanL Lo Lhe Scheme of Merger as sLaLed above whlch was done for Lhe purpose of
consolldaLlon of buslness and Lo brlng synerglc beneflLs Lhrough comblned Lradlng operaLlons and markeLlng
and brandlng capablllLles ln addlLlon Lo economles ln admlnlsLraLlve and managerlal cosLs no beneflLs have
accrued Lo Cur Company ouL of Lhe above lssuances

S7

(I) An oversubscrlpLlon Lo Lhe exLenL of 10 of neL lssue Lo Lhe ubllc can be reLalned for Lhe purpose of
roundlng off Lo Lhe nearesL lnLeger whlle flnallzlng Lhe 8asls of AlloLmenL sub[ecL Lo mlnlmum alloLmenL
belng equal Lo LqulLy shares whlch ls Lhe mlnlmum appllcaLlon slze ln Lhe lssue ConsequenLly Lhe acLual
alloLmenL may go up by a maxlmum of 10 of Lhe neL Cffer Lo ubllc as a resulL of whlch Lhe posL lssue pald
up caplLal afLer Lhe lssue would also lncrease by Lhe excess amounL of alloLmenL so made ln such an evenL
Lhe LqulLy Shares held by our romoLers and sub[ecL Lo lockln shall be sulLably lncreased so as Lo ensure LhaL
20 of Lhe posL lssue paldup caplLal ls locked ln

(k) Under subscr|pt|on lf ooy lo tbe OoollfleJ lostltotloool 8oyets lottloo Noolostltotloool lottloo ooJ ketoll
lottloo sboll be olloweJ to be met wltb splll ovet ftom tbe otbet coteqotles ot tbe sole Jlsctetloo of oot
compooy ooJ 8klM Powever lf Lhe aggregaLe demand by MuLual lunds ls less Lhan S of Cl8 orLlon Lhe
balance share avallable for allocaLlon ln Lhe MuLual lund orLlon wlll flrsL be added Lo Lhe Cl8 orLlon and be
allocaLed proporLlonaLely Lo Cl8 8ldders lor deLalls klndly refer paragraph on 'lssue rocedure 8asls of
AlloLmenL' beglnnlng on page 2S9 of Lhls u8P
(L) 1he LqulLy shares belng offered ln Lhls lssue wlll be fully pald up aL Lhe Llme of alloLmenL

(M) Cur Company ls ellglble for Lhe lssue ln accordance wlLh 8egulaLlon 26(1) of Lhe SL8l (lCu8) 8egulaLlons
2009 lurLher Lhls lssue ls belng made Lhrough Lhe 8ook 8ulldlng rocess whereln upLo S0 of Lhe neL lssue
shall be avallable for allocaLlon Lo Cl8s on a proporLlonaLe basls ouL of whlch S of Lhe neL Cl8 orLlon shall
be avallable for allocaLlon on a proporLlonaLe basls Lo MuLual lunds only and Lhe remalnder shall be
avallable for allocaLlon on a proporLlonaLe basls Lo all Cl8 8ldders lncludlng MuLual lunds sub[ecL Lo valld
8lds belng recelved aL or above Lhe lssue rlce lurLher noL less Lhan 1S of Lhe neL lssue wlll be avallable for
allocaLlon on a proporLlonaLe basls Lo nonlnsLlLuLlonal 8ldders and noL less Lhan 3S of Lhe neL lssue wlll be
avallable for allocaLlon on a proporLlonaLe basls Lo 8eLall lndlvldual 8ldders sub[ecL Lo valld 8lds belng
recelved aL or above Lhe lssue rlce Cur Company may allocaLe upLo 30 of Lhe Cl8 orLlon Lo Lhe Anchor
lnvesLors on a dlscreLlonary basls Cne Lhlrd of Lhe Anchor lnvesLor orLlon shall be reserved for allocaLlon Lo
domesLlc MuLual lunds sub[ecL Lo valld blds belng recelved from domesLlc MuLual lunds aL or above Lhe
Anchor lnvesLor AllocaLlon rlce

(N) A 8ldder cannoL make a bld for more Lhan Lhe number of LqulLy Shares offered Lhrough Lhls lssue sub[ecL Lo
Lhe maxlmum llmlL of lnvesLmenL prescrlbed under Lhe relevanL laws appllcable Lo each caLegory of Lhe
8ldder lor furLher deLalls See SecLlon LlLled lssue rocedure" on age no 232 of Lhls u8P

(C) As on daLe of flllng of Lhls urafL 8ed Perrlng rospecLus wlLh SL8l Lhe enLlre lssued share caplLal of our
Company ls fully paldup

() LqulLy shares held by Lhe 1op 1en Shareholders

(a) Cn Lhe daLe of Lhe urafL 8ed Perrlng rospecLus
SrNo Name of Shareho|der
Number of
Lqu|ty Shares
of shares to re
Issue Share cap|ta|
1 Sonlya Chopra 3643182 39919
2 8a[lv Chopra 32S1310 3S62S
3 M/s Chopra lllms and LnLerLalnmenL () LLd 1164000 127S4
4 8a[lv Chopra (Pul) 1037400 11367
S Ashlsh Chopra 30000 0329
6 MohlL Chopra 360 0004
7 8L Lodha Sons (Pul) 180 0002
1C1AL 9126432 100000


S8


(b) 1en days prlor Lo Lhe daLe of Lhe urafL 8ed Perrlng rospecLus
SrNo Name of Shareho|der
Number of
Lqu|ty Shares
of shares to re
Issue Share cap|ta|
1 Sonlya Chopra 3643182 39919
2 8a[lv Chopra 32S1310 3S62S
3 M/s Chopra lllms and LnLerLalnmenL () LLd 1164000 127S4
4 8a[lv Chopra (Pul) 1037400 11367
S Ashlsh Chopra 30000 0329
6 MohlL Chopra 360 0004
7 8L Lodha Sons (Pul) 180 0002
1C1AL 9126432 100000

(c) 1wo years prlor Lo Lhe daLe of Lhe urafL 8ed Perrlng rospecLus
SrNo Name of Shareho|der Number of Lqu|ty
Shares
of shares to reIssue
Share cap|ta|
1 8a[lv Chopra 4S8992 39447
2 Sonlya Chopra 362197 31128
3 8a[lv Chopra (Pul) 172900 148S9
4 Sumangal uevelopers () LLd S0000 4297
4 1aLkal LlecLronlcs () LLd S0000 4297
S SaLarupa vyapaar () LLd 30000 2S78
6 vardhaman ConsulLancy () LLd 13333 1146
7 Angel vyapar () LLd 10000 08S9
7 Pare krlshna vyapaar () LLd 10000 08S9
8 !aLan uevl Chopra 6060 0S21
9 ulllp SeLhla 60 000S
10 8L Lodha Sons (Pul) 30 0003
1C1AL 1163S72 100000

() ueLalls of relssue shareholdlng of Lhe romoLers and romoLer Croup / oLher LnLlLles as on daLe are as
follows
S No Name Shareho|d|ng
of shares to the re
Issue Cap|ta|
(A) romoters Core romoters
1 Mrs Sonlya Chopra 3643182 39919
2 Mr 8a[lv Chopra 32S1310 3S62S
Sub1ota| (A) 6894492 7SS44
(8) romoter Group ] Lnt|t|es
1 M/s Chopra lllms and LnLerLalnmenL vL LLd 1164000 127S4
2 M/s 8a[lv Chopra (Pul) 1037400 11367
3 Mr Ashlsh Chopra 30000 0329
4 Mr MohlL Chopra 360 0004
Sub1ota| (8) 2231760 244S4
1ota| (romoter romoter Group]Lnt|t|es)
91262S2 99998

S9
Cthers
8L Lodha sons (Pul) 180 0002
Sub 1ota| (Cthers) 180 0002
1ota|
9126432 10000


(k) relssue and osLlssue shareholdlng of Cur Company
Category of Shareho|ders
r|or to the Issue ost Issue*
Number of Lqu|ty Shares
of Lqu|ty
Share Cap|ta|
Number of Lqu|ty
Shares
of Lqu|ty
Share
Cap|ta|
romoter and romoter Group
romoLer / Core romoLer 6894492 7SS44 6894492 41467
romoLer Croup / LnLlLles 2231760 244S4 2231760 13423
Sub 1ota| (romoter no|d|ngs) 91262S2 99998 91262S2 S4890
Cthers
8L Lodha sons (Pul) 180 0002 180 0001
Sub 1ota| (Cthers) 180 0002 180 0001
ubllc 7S00000 4S109
Sub 1ota| (ub||c) 7S00000 4S109
1ota| 9126432 100 16626432 100
*8ased on Lhe assumpLlon LhaL such shareholders shall conLlnue Lo hold Lhe same number of LqulLy Shares afLer
Lhls lssue 1hls does noL lnclude any LqulLy shares LhaL such shareholders may bld for and be alloLLed Cur
romoLers and romoLer Croup wlll noL parLlclpaLe ln Lhls lssue

(S) As on Lhe daLe of Lhls urafL 8ed Perrlng rospecLus Lhere are no ouLsLandlng warranLs opLlons or rlghLs Lo
converL debenLure loans or oLher flnanclal lnsLrumenLs lnLo LqulLy Shares of our Company 1he Shares locked
ln by romoLers are noL pledged Lo anyone

(1) Cur romoLers/ romoLer Croup/ulrecLors have noL purchased / sold / flnanced / acqulred any shares of our
Company durlng Lhe pasL 6 monLhs excepL for shares acqulred by reason of fresh alloLmenLs(8onus lssue made
on SepLember30 2010) made by Lhe Company


(U) Cur Company has noL ralsed any brldge loan agalnsL Lhe proceeds of Lhe presenL lssue lor deLalls on use of
proceeds see Lhe secLlon LlLled Cb[ecLs of Lhe lssue" beglnnlng on age no 61 of Lhls urafL 8ed Perrlng
rospecLus

(V) 1here would be no furLher lssue of caplLal ln any manner wheLher by way of lssue of bonus shares preferenLlal
alloLmenL rlghLs lssue publlc lssue or oLherwlse durlng Lhe perlod commenclng from submlsslon of Lhls urafL
8ed Perrlng rospecLus wlLh SL8l Llll Lhe LqulLy Shares offered Lhrough Lhe rospecLus have been llsLed

(W) AL presenL our Company does noL have any lnLenLlon or proposal Lo alLer lLs caplLal sLrucLure for a perlod of slx
monLhs from Lhe daLe of openlng of Lhe lssue by way of spllL/consolldaLlon of Lhe denomlnaLlon of LqulLy
Shares or furLher lssue of LqulLy Shares (lncludlng lssue of securlLles converLlble lnLo LqulLy Shares) wheLher
preferenLlal or oLherwlse excepL or lf our Company go for acqulslLlons and [olnL venLures our Company may
conslder ralslng addlLlonal caplLal Lo fund such acLlvlLy or use shares as currency for acqulslLlon and / or
parLlclpaLlon ln such [olnL venLure

(x) Cur Company does noL have any LSCS/LSS scheme for our employees and we do noL lnLend Lo alloL any shares
Lo our employees under LSCS/LSS scheme from Lhe proposed lssue As and when opLlons are granLed Lo our
employees under Lhe LSC scheme our Company shall comply wlLh Lhe SL8l (Lmployee SLock CpLlon Scheme
and Lmployees SLock urchase lan) Culdellnes 1999

() Cur Company has noL lssued any shares ouL of revaluaLlon reserves

60


(2) AL any glven polnL of Llme Lhere shall be only one denomlnaLlon for Lhe LqulLy Shares of our Company unless
oLherwlse permlLLed by law

(AA) We shall comply wlLh such dlsclosure and accounLlng norms speclfled by SL8l from Llme Lo Llme

(88) Cur Company has seven shareholders as on Lhe daLe of flllng of Lhls urafL 8ed Perrlng rospecLus wlLh SL8l

(CC) 1he 88LM and lLs assoclaLes do noL hold any LqulLy Shares of Cur Company

(DD) Cur Company has noL revalued lLs asseLs






















61

. - UB)ECTS UF THE ISSUE

kat|ona|e for the Issue

Cur Company ls presenLly operaLlng 20 sLores under varlous formaLs across lndla Cur Company proposes Lo ralse
funds Lhrough an lnlLlal ubllc Cfferlng Lo open 18 addlLlonal new sLores across lndla Lo accompllsh a an lndla
presence 1he proposed L8Cs/M8Cs wlll be Laken on lease/leave and llcense agreemenLs pay securlLy deposlL
underLake furnlshlng and lnLerlors and appolnL manpower as per requlremenLs

1hese ouLleLs are planned ln Lhree caLegorles rlme uueLs lashlon WaLch SLudlo 1he rlme Luxury WaLch
8ouLlque and Lxcluslve 8rand 8ouLlques lL showcases all lLems from fashlon Lo premlum luxury brands

Cb[ects of the Issue

1 SeLLlng up of 8rand 8eLall CuLleLs of Lhe Company
2 Capex SLores for Lhe roposed 8rand 8eLall CuLleLs
3 upgradaLlon of Lhe lnformaLlon 1echnology neLwork
4 AugmenLlng Long 1erm Worklng CaplLal 8equlremenLs
S Share lssue expenses
6 Ceneral CorporaLe urposes and
7 1o geL Lhe LqulLy shares of Lhe Company llsLed on 8SL and nSL

1he maln ob[ecLs clause of Lhe Company's Memorandum of AssoclaLlon enables Lhe Company Lo underLake Lhe
acLlvlLles for whlch funds are belng ralsed Lhrough Lhls lssue lurLher Lhe Company conflrms LhaL Lhe acLlvlLles whlch
lL has been carrylng ouL unLll now are ln accordance wlLh Lhe Cb[ecLs clause of lLs Memorandum of AssoclaLlon

Issue roceeds and Net roceeds

(` ln lacs)
SNo art|cu|ars Amount
1 roceeds from Lhe lresh lssue*
2 Less Share lssue expenses*
3 neL roceeds of Lhe lssue*
*wlll be locotpototeJ oftet floollzotloo of tbe lssoe
Iund kequ|rements
1he deLalls of fund requlremenL for ob[ecLs menLloned above are glven ln Lhe followlng Lable
(` ln Lacs)
SNo

art|cu|ars Amount
1 SeLLlng up of 8rand 8eLall CuLleLs 6701S
2 Capex SLores for Lhe roposed 8rand 8eLall CuLleLs 372000
3 upgradaLlon of Lhe lnformaLlon 1echnology neLwork 1637
4 AugmenLlng Long 1erm Worklng CaplLal 8equlremenLs S4348
S lssue Lxpenses*
6 Ceneral CorporaLe urposes*
1C1AL
* wlll be locotpototeJ oftet floollzotloo of tbe lssoe
Means of I|nance
1he above CosL of Lhe ro[ecL ls proposed Lo be flnanced as under
(` ln lacs)
SNo art|cu|ars Amount
1 roceeds from Lhe lresh lssue
2 lnLernal Accruals*
1C1AL
* wlll be locotpototeJ oftet floollzotloo of tbe lssoe

62


1he fund requlremenLs and Lhe deploymenL Lhereof are based on managemenL esLlmaLes and varlous quoLaLlons
recelved by us from dlfferenL suppllers Cur pro[ecL has noL been lndependenLly appralsed by any bank or flnanclal
lnsLlLuLlon

Appra|sa|

1he fund requlremenLs and Lhe fundlng plans are as per our managemenL's esLlmaLes and have noL been appralsed
by any bank / flnanclal lnsLlLuLlon 1hese are based on currenL condlLlons and are sub[ecL Lo change ln Lhe llghL of
changes ln exLernal clrcumsLances or cosLs or ln oLher flnanclal condlLlons or buslness sLraLegy as dlscussed furLher
below

1he aforemenLloned fund requlremenL wlll be meL from Lhe proceeds of Lhls lssue and lnLernal accruals We shall
recoup Lhe expenses lncurred up Lo Lhe llsLlng of Lhe LqulLy Shares from Lhe lssue roceeds

ln case of shorLfall lf any we may explore oLher sources of funds lncludlng lnLernal accruals arlslng from our fuLure
operaLlons and/or debL ln case of any varlaLlons ln Lhe acLual uLlllzaLlon of funds earmarked for Lhe ob[ecLs
menLloned above or ln case of lncreased fund requlremenLs for a parLlcular ob[ecL Lhe shorLfall lf any may be
flnanced by surplus funds lf any avallable for oLher ob[ecLs and/or banks/flnanclal lnsLlLuLlons Lo Lhe exLenL of
such shorLfall Any surplus from Lhe proceeds of Lhe lssue afLer meeLlng Lhe prlmary ob[ecLs menLloned above lf
any wlll be used for our general corporaLe purposes

We operaLe ln a hlghly compeLlLlve dynamlc markeL envlronmenL and may have Lo revlse our esLlmaLes from Llme
Lo Llme on accounL of new lnlLlaLlves LhaL we may pursue lncludlng any poLenLlal acqulslLlon opporLunlLles
ConsequenLly our fund requlremenLs may also change whlch may lnclude reschedullng or reworklng of our
expanslon/ lnvesLmenLs Any such change ln our plans may requlre reschedullng of our expendlLure programs aL
Lhe dlscreLlon of our managemenL / 8oard Cur caplLal expendlLure plans are sub[ecL Lo a number of varlables
lncludlng posslble cosL overruns currenL plans among oLhers

Slnce Lhe enLlre fund requlremenL wlll be meL fully from Lhe proceeds of Lhls lssue Lhere ls no requlremenL for any
oLher flrm arrangemenLs of flnance 1hus we are ln compllance wlLh Lhe 8egulaLlon 4(2) (g) of Lhe SL8l lCu8
8egulaLlons for flrm arrangemenLs of flnance Lhrough verlflable means Lowards 7S of Lhe sLaLed means of flnance
excludlng Lhe amounL Lo be ralsed Lhrough Lhe proposed lssue as Lhe same does noL apply Lo us


DL1AILLD CCS1 CI 1nL kCILC1

1he pro[ecL cosL has been esLlmaLed aL ` Lacs as per Lhe breakup glven below
(` ln Lacs)
SNo art|cu|ars Amount
1 SeLLlng up of 8rand 8eLall CuLleLs
SecurlLy ueposlL
lurnlshlng and lnLerlor
12804
S4211
2 Capex SLores for Lhe proposed 8rand 8eLall CuLleLs 372000
3 upgradaLlon of Lhe lnformaLlon 1echnology neLwork 1637
4 AugmenLlng Long 1erm Worklng CaplLal 8equlremenLs S4348
S Share lssue expenses*
6 Ceneral CorporaLe urposes*
1ota|
* wlll be locotpototeJ oftet floollzotloo of tbe lssoe






63
DL1AILLD CCS1 CI 1nL kCILC1

5cukl1Y uPO5l1 lOk 511lN6 uP Ol PkOPO5u 51Ok5

1he Company proposes Lo seL up and operaLe 18 L8Cs M8Cs Lo meeL Lhe need for growLh as Lhe markeL expands
and achleve a pan lndla presence 1hese ouLleLs as menLloned would be seL up across clLles ln lndla as lndlcaLed ln
Lhe Lable below 1he Company proposes Lo lease varlous properLles Lo seL up Lhese ouLleLs Accordlngly 1he
Company would be requlred Lo pay securlLy deposlLs upon enLerlng lnLo relevanL lease agreemenLs wlLh Lhe
properLy owners 1hese securlLy deposlLs are esLlmaLed Lo range beLween Lhree monLhs and one year's renL pald ln
advance As deLalled ouL ln Lhe 1able below securlLy deposlL for sevenLeen ouLleLs ls based on amounLs calculaLed
based on acLual leLLers of lnLenL recelved from Lhe roperLy Cwner 1he remalnlng amounLs are esLlmaLed aL ` 3S0
per square feeL for a perlod of slx monLhs as furLher deLalled ouL ln Lhe 1able below

Area Secur|ty
Ser|a| C|ty Locat|on Sq Ieet
Depos|t
(` ` ` ` |n Lacs)
8as|s
1 Mumbal nlrmal LlfesLyle Mall 128200 1210 AcLual
2 AmrlLsar Alfa C CorporaLlon 133400 S87 AcLual
3 nagpur Lmpress ClLy Mall 227800 184S AcLual
4 !alpur World 1rade ark (SLore 1) 168787 7S0 AcLual
S kanpur 2 Square Mall 88900 833 AcLual
6 8anchl !u Plgh SLreeL 100000 S10 AcLual
7 8hopal ualnlk 8haskar Mall 84600 761 AcLual
8 !alpur World 1rade ark (SLore 2) 3S881 160 AcLual
9 !alpur World 1rade ark (SLore 3) 3S881 160 AcLual
10 Allahabad vlnayak ClLy CenLre 113100 47S AcLual
11 Mumbal 8a[ Mall 1hane 23S000 1199 AcLual
12 kolkaLa Avanl 8lverslde Powrah 104000 774 AcLual
13 kolkaLa Avanl 8lverslde Powrah 10S800 787 AcLual
14 kolkaLa 1opsla 8oad 29200 249 AcLual
1S Mangalor ClLy CenLre Mall 44700 21S AcLual
16 Curgaon !Mu Arcade MC 8oad 106900 1283 AcLual
17 Slllgurl ClLy CenLre Mall SSS00 167 AcLual
18 kolkaLa AlrporL 40000 840 LsLlmaLed [ ` 3S0/SqlL
1C1AL 1837649 12804
lukNl5nlN6 4Nu lN1klOk5

1he Company has sLraLeglcally declded Lo asslgn on Lurnkey basls Lhe [ob for furnlshlng Lhe new sLores pro[ecLed Lo
be opened 1he CaplLal CosL for furnlshlng and oLher relaLed expenses lncludlng CosL for AC Machlne LlecLrlcal
lnsLallaLlon and oLher Cfflce LqulpmenLs Lo provlde compleLe ready Lo use" sLores Lo Lhe Company ls based on
quoLaLlon recelved from M/S CuLlook lnLerlor rlvaLe LlmlLed Slddha SLh Avenue 179 Ananadpur 2L 2l kolkaLa
700107 daLed March 04 2011 for pan lndla expanslon plan 1he deLalled cosL of Lhe same ls glven below
Ser|a| C|ty Locat|on
Area Sq
Ieet
Iurn|ture
AC
System
1ota|
` `` ` Lacs ` `` ` Lacs ` `` ` Lacs
1 Mumbal nlrmal LlfesLyle Mall 128200 3269 S13 3782
2 AmrlLsar Alfa C CorporaLlon 133400 3402 S34 393S
3 nagpur Lmpress ClLy Mall 227800 S809 911 6720
4 !alpur World 1rade ark (SLore 1) 168787 4304 67S 4979

64
S kanpur 2 Square Mall 88900 2267 3S6 2623
6 8anchl !u Plgh SLreeL 100000 2SS0 400 29S0
7 8hopal ualnlk 8haskar Mall 84600 21S7 338 2496
8 !alpur World 1rade ark (SLore 2) 3S881 91S 144 10S8
9 !alpur World 1rade ark (SLore 3) 3S881 91S 144 10S8
10 Allahabad vlnayak ClLy CenLre 113100 2884 4S2 3336
11 Mumbal 8a[ Mall 1hane 23S000 S993 940 6933
12 kolkaLa Avanl 8lverslde Powrah (SLore 1) 104000 26S2 416 3068
13 kolkaLa Avanl 8lverslde Powrah (SLore 2) 10S800 2698 423 3121
14 kolkaLa 1opsla 8oad 29200 74S 117 861
1S Mangalore ClLy CenLre Mall 44700 1140 179 1319
16 Curgaon !Mu Arcade MC 8oad 106900 2726 428 31S4
17 Slllgurl ClLy CenLre Mall SSS00 141S 222 1637
18 kolkaLa AlrporL 40000 1020 160 1180
1C1AL 1837649 46860 73S1 S4211

c4Px 51Ok5 lOk 1n PkOPO5u 8k4Nu k14lL Ou1L15

1he Company shall expend an amounL of ` 372000 Lacs Lowards capex sLore 1hls lnvenLory ls quaslcaplLal ln
naLure ln as much as producLs of Lhe sald value would be kepL ln shelves ln all 18 proposed sLores and Lhe sale
would be conducLed from general lnvenLory whlch would be replenlshed from Llme Lo Llme based on sales ouLgo
and expecLed producL demand ln lndlvldual sLore formaLs 1he cosL of capex sLock ls calculaLed on managemenL
esLlmaLes compuLed on Lhe basls of mosL recenL prlces of lnvenLory and relevanL plan for lnvenLory holdlng ln all Lhe
proposed sLores based on locaLlon and sLore caLegory ueLalls of Lhe expendlLure made Lowards such lnvenLory cosL
are glven below
Ser|a| C|ty Locat|on Store Iormat
Capex Stock
` ` ` ` Lacs
1 Mumbal nlrmal LlfesLyle Mall M8Cu
2S000
2 AmrlLsar Alfa C CorporaLlon M8CL
18000
3 nagpur Lmpress ClLy Mall M8CL
2S000
4 !alpur World 1rade ark (SLore 1) M8CL
2S000
S kanpur 2 Square Mall M8Cu
2S000
6 8anchl !u Plgh SLreeL M8Cu
2S000
7 8hopal ualnlk 8haskar Mall M8Cu
20000
8 !alpur World 1rade ark (SLore 2) M8Cu
2S000
9 !alpur World 1rade ark (SLore 3) L8C
2S000
10 Allahabad vlnayak ClLy CenLre M8Cu
23000
11 Mumbal 8a[ Mall 1hane M8CL
2S000
12 kolkaLa Avanl 8lverslde Powrah (SLore 1) M8Cu
20000
13 kolkaLa Avanl 8lverslde Powrah (SLore 2) M8CL
20000
14 kolkaLa 1opsla 8oad M8CL
13000
1S Mangalore ClLy CenLre Mall M8Cu
18000
16 Curgaon !Mu Arcade MC 8oad M8CL
18000
17 Slllgurl ClLy CenLre Mall M8Cu
11000
18 kolkaLa AlrporL L8C
11000
1C1AL 372000
noLe M8Cu denoLes MulLl8rand CuLleL '1he rlme uueLs lashlon WaLch SLudlo'
M8C L denoLes MulLl8rand CuLleL '1he rlme Luxury WaLch 8ouLlque'


6S
L8C denoLes 'Lxcluslve 8rand 8ouLlque'

uP6k4u41lON Ol 1n lNlOkM41lON 1cnNOLO6Y N1wOkk

1he Company has sLraLeglcally declded Lo lmprove lLs lnformaLlon Lechnology by lnsLalllng LAn verslon of 1ally
Shopers sofLware for proper malnLenance and managemenL of lnvenLory LhroughouL all sLores operaLed by Lhe
Company

Shoper SofLware provldes a comprehenslve soluLlon Lo every aspecL of reLall buslness lncludlng bllllng lnvenLory
merchandlslng prlclng barcode generaLlon sLock Lransfer LaxaLlon and cusLomer daLabase Lhereby ensurlng
lncreased Lransparency whlle reduclng operaLlng cosLs and boosLlng efflclency and effecLlveness 1he cosL of Lhe
same lncludlng cosL for CompuLer seLs Lo be purchased has been esLlmaLed aL ` 1637 lacs based on Lhe quoLaLlons
provlded by Lhe ManagemenL and as has been produced ln Lhe Lable below

(` ln Lacs)
Sr
No
Ak1ICULAkS
No of
computers
1ota| cost
1ally
Shoppers CompuLer
1C1AL
1 Mumbal nlrmal LlfesLyle Mall 2 032 083 11S
2 AmrlLsar Alfa C CorporaLlon 2 032 083 11S
3 nagpur Lmpress ClLy Mall 2 032 083 11S
4 !alpur World 1rade ark (SLore 1) 2 032 083 11S
S kanpur 2 Square Mall 2 032 083 11S
6 8anchl !u Plgh SLreeL 2 032 083 11S
7 8hopal ualnlk 8haskar Mall 2 032 083 11S
8 !alpur World 1rade ark (SLore 2) 1 011 042 0S2
9 !alpur World 1rade ark (SLore 3) 1 011 042 0S2
10 Allahabad vlnayak ClLy CenLre 2 032 083 11S
11 Mumbal 8a[ Mall 1hane 2 032 083 11S
12 kolkaLa Avanl 8lverslde Powrah (SLore 1) 1 011 042 0S2
13 kolkaLa Avanl 8lverslde Powrah (SLore 2) 1 011 042 0S2
14 kolkaLa 1opsla 8oad 1 011 042 0S2
1S Mangalore ClLy CenLre Mall 1 011 042 0S2
16 Curgaon !Mu Arcade MC 8oad 2 032 083 11S
17 Slllgurl ClLy CenLre Mall 2 032 083 11S
18 kolkaLa AlrporL 1 011 042 0S2
1C1AL 1637






























66

4u6MN141lON Ol LON6 1kM wOkklN6 c4Pl14L kulkMN15

Cur buslness requlres a slgnlflcanL amounL of worklng caplLal As we are ln Lhe buslness of reLall we have Lo
malnLaln adequaLe lnvenLory levels aL all Llmes 1he worklng caplLal requlremenLs have been calculaLed on Lhe basls
of addlLlonal worklng caplLal whlch wlll be requlred afLer Lhe lmplemenLaLlon of expanslon plans of our company
1hese expanslon plans are expecLed Lo be compleLed by March 2012 Cur proposed Worklng CaplLal requlremenL
and fundlng for Lhe same ls glven hereunder
(AmounL ln ` Lacs)
Sr
No art|cu|ars
Aud|ted
200910
Lst|mated
201011 ro[ected 201112

Amount for
o|d 20 shops
*
Amount for
18 new
shops **
1ota| for
a|| 38
shops
1 lnvenLorles 338972 343000 2804S0 119SS0 400000
2 Sundry uebLors 38919 41096 SS02S 31911 86936
3 Loans Advances and ueposlLs 108046 S246S 90347 S84S9 148806
4 Cash 8ank balance 262S 22S 3421 3079 6S00
S CLher CurrenL AsseLs
6 1ota| Current Assets 488S62 438811 429243 212999 642242

7 Sundry CredlLors 166937 102033 9S198 29802 12S000
8 CLher LlablllLles rovlslons 8401 139S4 16101 14492 30S93
9 1ota| Current L|ab|||t|es 17S338 11S987 111299 44294 1SSS93

10 neL CurrenL AsseLs (69) 313224 322824 317944 16870S 486649
11 lnsLalmenL due Lhls year
12 Worklng CaplLal Cap 313224 322824 317944 16870S 486649
13 CC llmlL sancLloned from 8ank 11S000 20S000 20S000
14 Marg|n Money for Work|ng Cap|ta| 7601S 101328 101338 S4348 1SS686
* Consldered on Lhe basls of 12 monLhs operaLlon
** Consldered on Lhe basls of 3 monLhs operaLlon
5n4k l55u xPN55

1he expenses for Lhls lssue lnclude lead managemenL fees underwrlLlng commlsslon brokerage and selllng
commlsslon reglsLrar's fees adverLlsemenL and markeLlng expenses prlnLlng and dlsLrlbuLlon expenses legal fees
blddlng sofLware expenses deposlLory charges llsLlng fees Lo Lhe SLock Lxchanges and oLher expenses
art|cu|ars
Amount (` `` `
Lacs)*
of Issue
Lxpenses
of tota| Issue
S|ze
8ook 8unnlng Lead Manager lee underwrlLlng commlsslon
and selllng commlsslon (lncludlng commlsslon Lo SCS8s for
AS8A AppllcaLlons)

8eglsLrar's lees
AdverLlsemenL and MarkeLlng Lxpenses
rlnLlng and ulsLrlbuLlon Lxpenses
Advlsors
8ankers Lo Lhe lssue
CLhers (8lddlng SofLware expenses ueposlLory charges
LlsLlng fees eLc)

1C1AL
* wlll be locotpototeJ oftet floollzotloo of tbe lssoe

67

6Nk4L cOkPOk41 PukPO55

1he neL proceeds wlll be flrsL uLlllzed Lowards Lhe Cb[ecLs menLloned above 1he remalnlng balance ls proposed Lo
be uLlllzed for general corporaLe purposes lncludlng sLraLeglc lnlLlaLlves brand bulldlng exerclses and
sLrengLhenlng of Lhe Company's markeLlng capablllLles 1he Company's ManagemenL ln accordance wlLh Lhe
pollcles of Lhe 8oard of ulrecLors wlll have flexlblllLy ln uLlllzlng any surplus amounL
IMLLMLN1A1ICN SCnLDULL
1he envlsaged lmplemenLaLlon schedule of Lhe pro[ecL ls LabulaLed below

Sr C|ty Commencement Date Comp|et|on Date
1 Mumbal nlrmal LlfesLyle Mall nov 2011 !an 2012
2 AmrlLsar Alfa C CorporaLlon nov 2011 !an 2012
3 nagpur Lmpress ClLy Mall nov 2011 !an 2012
4 !alpur World 1rade ark (SLore 1) nov 2011 !an 2012
S kanpur 2 Square Mall nov 2011 !an 2012
6 8anchl !u Plgh SLreeL nov 2011 !an 2012
7 8hopal ualnlk 8haskar Mall nov 2011 !an 2012
8 !alpur World 1rade ark (SLore 1) nov 2011 !an 2012
9 !alpur World 1rade ark (SLore 1) nov 2011 !an 2012
10 Allahabad vlnayak ClLy CenLre nov 2011 !an 2012
11 Mumbal 8a[ Mall 1hane nov 2011 !an 2012
12 kolkaLa Avanl 8lverslde Powrah (SLore 1) nov 2011 !an 2012
13 kolkaLa Avanl 8lverslde Powrah (SLore 2) nov 2011 !an 2012
14 kolkaLa 1opsla 8oad nov 2011 !an 2012
1S Mangalore ClLy CenLre Mall uec 2011 leb 2012
16 Curgaon !Mu Arcade MC 8oad leb2012 Mar2012
17 Slllgurl ClLy CenLre Mall uec 2011 leb 2012
18 kolkaLa naLlonal AlrporL Mar 2012 Mar 2012

uPLOYMN1 Ol luNu5 lN 1n PkOlc1

Cur Company has already lncurred ` 4803 lakhs ln relaLlon Lo securlLy deposlLs and share lssue expenses lncurred
for Lhe proposed pro[ecL whlch was funded uslng lnLernal accruals
(` ` ` ` In Lacs)
Sr
No
art|cu|ars
8udgeted (as
est|mated by the
management)
A|ready
Incurred upto
28022011
1o 8e
Incurred
1 Sett|ng up of 8rand keta|| Cut|ets
SecurlLy ueposlL 12804 37 9104
lurnlshlng and lnLerlors S4211 S4211
2 Capex Stores for the roposed 8rand keta|| out|ets 3720 3720
3 Upgradat|on of the Informat|on 1echno|ogy Network 1637 1637
4
Augmentat|on of Long 1erm Work|ng Cap|ta|
kequ|rements S4348 S4348
S Share Issue Lxpenses * 1103 *
6 Genera| Corporate urposes * *
1ota| 4803

68

* Lhe acLual expenses would crysLalllze afLer Lhe book ls bullL under Lhe lC and Lhe lssue prlce ls
deLermlned
**Lhe LoLal roceeds from the IC would crysLalllze afLer Lhe book ls bullL under Lhe lC and Lhe lssue prlce ls
deLermlned

SCUkCLS CI IINANCING CI IUNDS ALkLAD DLLCLD
We have lncurred ` 4803 Lacs as publlc lssue expenses up Lo leb 28 2011 Lowards 'Cb[ecLs of Lhe lssue' as per
cerLlflcaLe daLed March 23 2011 lssued by our SLaLuLory AudlLors le M/s 8 koLharl Company CharLered
AccounLanLs and Choshal Co CharLered AccounLanLs 1he same has been flnanced Lhrough lnLernal accruals

5cnuuL uPLOYMN1 Ol luNu5 lN 1n PkOlc1
(` ` ` ` In Lacs)
Sr
No
art|cu|ars
Amount
to be
Spent
8UDGL1L
D
Amount spent
|n I 201011

Amount to be spent |n
I 201112
1o 8e Incurred
1 Sett|ng up of 8rand keta|| Cut|ets
SecurlLy ueposlL 12804 37 9104
lurnlshlng and lnLerlors S4211 S4211
2 Capex Stores for the roposed 8rand keta|| out|ets 3720 3720
3
Upgradat|on of the Informat|on 1echno|ogy
Network 1637 1637
4
Augmentat|on of Long 1erm Work|ng Cap|ta|
kequ|rements S4348 S4348
S Share Issue Lxpenses * 1103 *
6 Genera| Corporate urposes * *
1ota| 4803
*Lhe acLual expenses would crysLalllze afLer Lhe book ls bullL under Lhe lC and Lhe lssue prlce ls deLermlned
**Lhe LoLal roceeds from the IC would crysLalllze afLer Lhe book ls bullL under Lhe lC and Lhe lssue prlce ls
deLermlned

Inter|m use of proceeds
Cur Company's managemenL ln accordance wlLh Lhe pollcles esLabllshed by Lhe 8oard wlll have flexlblllLy ln deploylng
Lhe proceeds recelved from Lhe lssue endlng uLlllzaLlon of Lhe proceeds ouL of Lhe lssue for Lhe purposes descrlbed
above we lnLend Lo Lemporarlly lnvesL Lhe funds ln hlgh quallLy lnLeresL bearlng llquld lnsLrumenLs lncludlng money
markeL muLual funds and deposlLs wlLh banks Such lnvesLmenLs would be ln accordance wlLh Lhe lnvesLmenL pollcles
approved by Lhe 8oard from Llme Lo Llme We conflrm LhaL pendlng uLlllzaLlon of lssue proceeds we shall noL use Lhe
funds for any lnvesLmenLs ln Lhe LqulLy markeLs

Mon|tor|ng of ut|||zat|on of funds
1he appolnLmenL of monlLorlng agency ls noL requlred ln accordance wlLh 8egulaLlon 16 of SL8l (lCu8) 8egulaLlons
2009 We have Lherefore noL appolnLed any monlLorlng agency Powever Lhe AudlL CommlLLee of our Company
has been auLhorlzed wlLh Lhe responslblllLles of monlLorlng Lhe uLlllzaLlon of proceeds of Lhe lssue We wlll dlsclose
Lhe uLlllzaLlon of neL proceeds of Lhe lssue under a separaLe head ln our audlLed flnanclal sLaLemenLs clearly
speclfylng Lhe purpose for whlch such proceeds have been uLlllzed and also lndlcaLlng lnvesLmenLs lf any of such
unuLlllzed proceeds of Lhe lssue no parL of Lhe proceeds from Lhe roposed lssue wlll be pald by us as
conslderaLlon Lo our romoLer Cur ulrecLors romoLer Croup LnLlLles or key Managerlal ersonnel excepL ln Lhe
normal course of 8uslness

69

. - BASIC TERMS UF ISSUE

1he LqulLy Shares belng offered Lhrough Lhls lssue are sub[ecL Lo Lhe Lerms and condlLlons of Lhls urafL 8ed Perrlng
rospecLus 8ed Perrlng rospecLus and rospecLus 8ldcumAppllcaLlon form AS8A 8ldcumAppllcaLlon lorm Lhe
Memorandum and ArLlcles of AssoclaLlon of our Company Lhe ConflrmaLlon of AllocaLlon noLe Lhe guldellnes for
llsLlng of securlLles lssued by Lhe CovernmenL of lndla and SL8l (lCu8) 8egulaLlons 2009 Lhe ueposlLorles AcL 8SL
88l 8CC and/or oLher auLhorlLles as ln force on Lhe daLe of Lhe lssue and Lo Lhe exLenL appllcable

ln addlLlon Lhe LqulLy Shares shall also be sub[ecL Lo such oLher condlLlons as may be lncorporaLed ln Lhe alloLmenL
advlces and oLher documenLs/cerLlflcaLes LhaL may be execuLed ln respecL of Lhe lssue 1he LqulLy Shares shall also
be sub[ecL Lo laws as appllcable guldellnes noLlflcaLlons and regulaLlons relaLlng Lo Lhe lssue of caplLal and llsLlng
and Lradlng of securlLles lssued from Llme Lo Llme by SL8l Lhe CovernmenL of lndla Lhe SLock Lxchanges Lhe 88l
8oC and/or oLher auLhorlLles as ln force on Lhe daLe of Lhe lssue and Lo Lhe exLenL appllcable

kank|ng of Lqu|ty Shares
1he LqulLy Shares belng offered shall be sub[ecL Lo Lhe provlslons of Lhe Companles AcL our Memorandum and
ArLlcles of AssoclaLlon and shall rank parl passu ln all respecLs wlLh Lhe exlsLlng LqulLy Shares lncludlng ln respecL of
Lhe rlghLs Lo recelve dlvldend 1he alloLLees wlll be enLlLled Lo dlvldend voLlng rlghLs or any oLher corporaLe
beneflLs lf any declared by us afLer Lhe daLe of AlloLmenL

Mode of ayment of D|v|dend
1he declaraLlon and paymenL of dlvldends wlll be recommended by Lhe 8oard of ulrecLors and approved by Lhe
shareholders of Lhe Company ln Lhelr dlscreLlon sub[ecL Lo Lhe provlslons of Lhe ArLlcles of AssoclaLlon and Lhe
Companles AcL

Comp||ance w|th SL8I ICDk kegu|at|ons 2009
Cur Company shall comply wlLh all dlsclosure and accounLlng norms as speclfled by SL8l from Llme Lo Llme

Iace Va|ue and Issue r|ce
1he LqulLy Shares havlng a face value of ` 10/ each are belng offered ln Lerms of Lhls urafL 8ed Perrlng rospecLus
aL Lhe rlce of per LqulLy Share aL Lhe lower end of Lhe rlce 8and and per LqulLy Share aL Lhe upper end of
Lhe rlce 8and 1he lssue prlce wlll be deLermlned by Lhe 8oard of ulrecLors of our Company ln consulLaLlon wlLh
Lhe 88LM on Lhe basls of assessmenL of markeL demand for Lhe equlLy shares offered by way of book bulldlng AL
any glven polnL of Llme Lhere shall be only one denomlnaLlon of Lhe LqulLy Shares of our Company sub[ecL Lo
appllcable laws

k|ghts of the Lqu|ty Shareho|ders

Sub[ecL Lo appllcable laws Lhe equlLy shareholders shall have Lhe followlng rlghLs
8lghL Lo recelve dlvldend lf declared
8lghL Lo aLLend general meeLlng and exerclse voLlng rlghLs unless prohlblLed by law
8lghL Lo voLe on poll elLher personally or by proxy
8lghL Lo recelve offer for rlghLs shares and Lhe alloLLed bonus shares lf announced
8lghL Lo recelve surplus on llquldaLlon
8lghL of free LransferablllLy and
Such oLher rlghLs as may be avallable Lo a shareholder under Lhe AcL Lerms of Lhe llsLlng agreemenLs wlLh
Lhe SLock Lxchanges(s) and Lhe ArLlcles of AssoclaLlon of our Company

lor a deLalled descrlpLlon of Lhe maln provlslons of Lhe ArLlcles of AssoclaLlon of our Company relaLlng Lo among
oLher Lhlngs voLlng rlghLs dlvldend forfelLure and llen and/or consolldaLlon/spllLLlng eLc see Lhe secLlon enLlLled
Maln rovlslons of ArLlcles of AssoclaLlon of Lhe Company" on page 268 of Lhe urafL 8ed Perrlng rospecLus

Market Lot and 1rad|ng Lot

In terms of sect|on 688 of the Compan|es Act the Lqu|ty Shares of the Company sha|| be a||otted on|y |n
demater|a||sed form In terms of ex|st|ng SL8I ICDk kegu|at|ons 2009 the trad|ng |n the Lqu|ty Shares sha|| on|y
be |n demater|a||zed form for a|| |nvestors


70

Slnce Lradlng of Lhe LqulLy Shares wlll be ln demaLerlallsed mode Lhe Lradeable loL ls one LqulLy share AllocaLlon
and alloLmenL of LqulLy Shares Lhrough Lhls lssue wlll be done only ln elecLronlc form ln mulLlple of one LqulLy Share
sub[ecL Lo mlnlmum of equlLy shares Lo Lhe successful bldders

Io|nt no|ders
Where Lwo or more persons are reglsLered as Lhe holders of any LqulLy Shares Lhey shall be deemed Lo hold Lhe
same as [olnLLenanLs wlLh beneflLs of survlvorshlp

Iur|sd|ct|on
Lxcluslve [urlsdlcLlon for Lhe purpose of Lhe lssue ls wlLh Lhe compeLenL courLs/auLhorlLles ln kolkaLa lndla

Nom|nat|on Iac|||ty to Investor
ln accordance wlLh SecLlon 109A of Lhe Companles AcL Lhe sole or flrsL 8ldder along wlLh oLher [olnL 8ldders may
nomlnaLe any one person ln whom ln Lhe evenL of Lhe deaLh of sole 8ldder or ln case of [olnL 8ldders deaLh of all
Lhe 8ldders as Lhe case may be Lhe LqulLy Shares alloLLed lf any shall vesL A person belng a nomlnee enLlLled Lo
Lhe LqulLy Shares by reason of Lhe deaLh of Lhe orlglnal holder(s) shall ln accordance wlLh SecLlon 109A of Lhe
Companles AcL be enLlLled Lo Lhe same advanLages Lo whlch he or she would be enLlLled lf he or she were Lhe
reglsLered holder of Lhe equlLy share(s) Where Lhe nomlnee ls a mlnor Lhe holder(s) may make a nomlnaLlon Lo
appolnL ln Lhe prescrlbed manner any person Lo become enLlLled Lo equlLy share(s) ln Lhe evenL of hls or her deaLh
durlng Lhe mlnorlLy A nomlnaLlon shall sLand resclnded upon a sale of equlLy share(s) by Lhe person nomlnaLlng A
buyer wlll be enLlLled Lo make a fresh nomlnaLlon ln Lhe manner prescrlbed lresh nomlnaLlon can be made only on
Lhe prescrlbed form avallable on requesL aL our 8eglsLered Cfflce or Lo Lhe reglsLrar and Lransfer agenLs of our
Company ln accordance wlLh SecLlon 1098 of Lhe Companles AcL any person who becomes a nomlnee by vlrLue of
Lhe provlslons of SecLlon 109A of Lhe Companles AcL shall upon Lhe producLlon of such evldence as may be requlred
by our 8oard elecL elLher a) Lo reglsLer hlmself or herself as Lhe holder of Lhe equlLy shares or b) Lo make such
Lransfer of Lhe equlLy shares as Lhe deceased holder could have made lurLher our 8oard may aL any Llme glve
noLlce requlrlng any nomlnee Lo choose elLher Lo be reglsLered hlmself or herself or Lo Lransfer Lhe equlLy shares
and lf Lhe noLlce ls noL complled wlLh wlLhln a perlod of 90 days our 8oard may LhereafLer wlLhhold paymenL of all
dlvldends bonuses or oLher moneys payable ln respecL of Lhe equlLy shares unLll Lhe requlremenLs of Lhe noLlce
have been complled wlLh Slnce Lhe alloLmenL of LqulLy Shares ln Lhe lssue wlll be made only ln demaLerlallsed
mode Lhere ls no need Lo make a separaLe nomlnaLlon wlLh our Company nomlnaLlons reglsLered wlLh respecLlve
deposlLory parLlclpanL of Lhe appllcanL would prevall lf Lhe lnvesLor wanLs Lo change Lhe nomlnaLlon Lhey are
requesLed Lo lnform Lhelr respecLlve deposlLory parLlclpanL

M|n|mum Subscr|pt|on
lf we do noL recelve Lhe mlnlmum subscrlpLlon of 90 of Lhe Cffer Lhrough Cffer uocumenL lncludlng devolvemenL
of Lhe underwrlLers wlLhln 60 days from Lhe closure of Lhe lssue we shall forLhwlLh refund Lhe enLlre subscrlpLlon
amounL recelved lf Lhere ls a delay beyond 8 days afLer we become llable Lo pay Lhe amounL we shall pay lnLeresL
prescrlbed under SecLlon 73 of Lhe Companles AcL 19S6

Arrangements for D|sposa| of Cdd Lots
Slnce our LqulLy Shares wlll be Lraded ln demaLerlallsed form only Lhe markeLable loL ls one (1) LqulLy Share
1herefore Lhere ls no posslblllLy of any odd loLs

kestr|ct|ons If Any on 1ransfer and 1ransm|ss|on of Lqu|ty Shares] Debentures and on the|r Conso||dat|on]
Sp||tt|ng
LxcepL as menLloned under Lhe headlng 1ransfer and 1ransmlsslon of Shares" under secLlon LlLled Maln rovlslons
Cf ArLlcles Cf AssoclaLlon Cf 1he Company" on page 268 of Lhls urafL 8ed Perrlng rospecLus Lhere are no
resLrlcLlons on Lransfer / Lransmlsslon on our LqulLy Shares

W|thdrawa| of Issue
Cur Company ln consulLaLlon wlLh Lhe 88LM reserves Lhe rlghL noL Lo proceed wlLh Lhe lssue any Llme afLer Lhe 8ld /
lssue openlng daLe buL before Lhe 8oard MeeLlng for alloLmenL wlLhouL asslgnlng any reason Lhereof

er|od of Subscr|pt|on
1he subscrlpLlon llsL for publlc lssue shall remaln open for aLleasL 3 worklng days and noL more Lhan 10 worklng
days

71

lovestots lleose oote tbot os pet lettet oo llst/smJ/sm/2006 JoteJ Ioly 0J 2006 ooJ lettet oo N5/llO/251016
JoteJ Ioly 06 2006 lssoeJ by 85 ooJ N5 tespectlvely blJs ooJ ooy tevlsloo lo blJs sboll oot be occepteJ oo
5ototJoys ooJ bollJoys os JecloteJ by tbe 5tock xcbooqes

Cur Company ln consulLaLlon wlLh Lhe 88LM reserves Lhe rlghL Lo revlse Lhe rlce 8and durlng Lhe 8lddlng/ lssue
erlod provlded LhaL Lhe Cap rlce shall be less Lhan or equal Lo 120 of Lhe lloor rlce and Lhe lloor rlce shall
noL be less Lhan Lhe face value of Lhe LqulLy Shares 1he revlslon ln rlce 8and shall noL exceed 20 on Lhe elLher
slde le Lhe floor prlce can move up or down Lo Lhe exLenL of 20 of Lhe floor prlce dlsclosed aL leasL Lwo (2) days
prlor Lo Lhe 8ld/ lssue Cpenlng uaLe and Lhe Cap rlce wlll be revlsed accordlngly

In case of rev|s|on |n the r|ce 8and the 8|dd|ng er|od w||| be extended for three (3) add|t|ona| 8us|ness Days
after rev|s|on of r|ce 8and sub[ect to the 8|dd|ng er|od not exceed|ng 10 work|ng days Any rev|s|on |n the r|ce
8and and the rev|sed 8|dd|ng er|od |f app||cab|e w||| be w|de|y d|ssem|nated by not|f|cat|on to the Stock
Lxchanges by |ssu|ng a press re|ease and a|so by |nd|cat|ng the change on the web s|te of the 8kLM and at the
term|na|s of the members of the Synd|cate

App||cat|on by L||g|b|e NkIs IIIs and Iore|gn Venture Cap|ta| Iunds reg|stered w|th SL8I As per the po||cy of the
Government of Ind|a CC8s cannot part|c|pate |n the Issue lurLher as per exLanL ollcy on lul lorelgn lnvesLmenL
ln lndlan securlLles ls regulaLed Lhrough Lhe lndusLrlal ollcy 1991 of Lhe CovernmenL of lndla and lLMA Whlle Lhe
lndusLrlal ollcy 1991 prescrlbes Lhe llmlLs and Lhe condlLlons sub[ecL Lo whlch forelgn lnvesLmenL can be made ln
dlfferenL secLors of Lhe lndlan economy lLMA regulaLes Lhe preclse manner ln whlch such lnvesLmenL may be
made under Lhe lndusLrlal ollcy unless speclflcally resLrlcLed forelgn lnvesLmenL ls freely permlLLed ln all secLors
of lndlan economy up Lo any exLenL and wlLhouL any prlor approvals buL Lhe forelgn lnvesLor ls requlred Lo follow
cerLaln prescrlbed procedures for maklng such lnvesLmenL lorelgn lnvesLmenL ls allowed up Lo 100 under
auLomaLlc rouLe ln our Company

current/y os per the extont lul Po/icy of 6overnment of lndio loreiqn uirect lnvestment is not permitted in the
retoi/ trodinq of mu/tip/e bronds

lndla's currenL lorelgn ulrecL lnvesLmenL (lul) ollcy lssued by Lhe ueparLmenL of lndusLrlal ollcy and
romoLlon MlnlsLry of Commerce and lndusLry Col (ul) by clrcular 2 of 2010 wlLh effecL from CcLober 1
2010 consolldaLes and supercedes all prevlous press noLes press releases and clarlflcaLlons on lul lssued by Lhe
ul

llls are permlLLed Lo subscrlbe Lo shares of an lndlan company ln a publlc offer wlLhouL Lhe prlor approval of Lhe
88l so long as Lhe prlce of Lhe equlLy shares Lo be lssued ls noL less Lhan Lhe prlce aL whlch Lhe equlLy shares are
lssued Lo resldenLs

1he Lransfer of shares beLween an lndlan resldenL and a nonresldenL does noL requlre Lhe prlor approval of Lhe
ll8 or Lhe 88l provlded LhaL (l) Lhe acLlvlLles of Lhe lnvesLee company are under Lhe auLomaLlc rouLe under Lhe
forelgn dlrecL lnvesLmenL (lul) ollcy and Lransfer does noL aLLracL Lhe provlslons of Lhe SL8l (SubsLanLlal
AcqulslLlon of Shares and 1akeovers) 8egulaLlons 1997 (ll) Lhe nonresldenL shareholdlng ls wlLhln Lhe secLoral
llmlLs under Lhe lul pollcy and (lll) Lhe prlclng ls ln accordance wlLh Lhe guldellnes prescrlbed by SL8l/88l

As per Lhe exlsLlng pollcy of Lhe CovernmenL of lndla CC8s cannoL parLlclpaLe ln Lhls lssue

1he currenL provlslons of Lhe lorelgn Lxchange ManagemenL (1ransfer or lssue of SecurlLy by a erson 8esldenL
ouLslde lndla) 8egulaLlons 2000 Lhere exlsLs a general permlsslon for Lhe n8ls llls and lvCls reglsLered wlLh SL8l
Lo lnvesL ln shares of lndlan companles by way of subscrlpLlon ln an lC Powever such lnvesLmenLs would be
sub[ecL Lo oLher lnvesLmenL resLrlcLlons under Lhe lorelgn Lxchange ManagemenL (1ransfer or lssue of SecurlLy by a
erson 8esldenL ouLslde lndla) 8egulaLlons 2000 88l and / or SL8l regulaLlons as may be appllcable Lo such
lnvesLors lL ls Lo be dlsLlncLly undersLood LhaL Lhere ls no reservaLlon for n8ls llls or lCvls reglsLered wlLh SL8l
appllcanLs wlll be LreaLed on Lhe same basls wlLh oLher caLegorles for Lhe purpose of allocaLlon

1he alloLmenL of Lhe LqulLy Shares Lo non8esldenLs shall be sub[ecL Lo Lhe condlLlons lf any as may be prescrlbed
by Lhe CovernmenL of lndla/88l whlle granLlng such approvals


72

1he Lqu|ty Shares have not been and w||| not be reg|stered under the US Secur|t|es Act of 1933 (the "Secur|t|es
Act") or any state secur|t|es |aws |n the Un|ted States and may not be offered or so|d w|th|n the Un|ted States or
to or for the account or benef|t of "US persons" (as def|ned |n kegu|at|on S under the Secur|t|es Act) 1he
Lqu|ty Shares sha|| be so|d on|y outs|de the Un|ted States |n comp||ance w|th kegu|at|on S and the app||cab|e |aws
of the [ur|sd|ct|on where those offers and sa|es occur

1he above |nformat|on |s g|ven for the benef|t of the 8|dders 1he 8|dders are adv|sed to make the|r own
enqu|r|es about the ||m|ts app||cab|e to them Cur Company and the 8kLM do not accept any respons|b|||ty for
the comp|eteness and accuracy of the |nformat|on stated here|nabove Cur Company and the 8kLM are not ||ab|e
to |nform the |nvestors of any amendments or mod|f|cat|ons or changes |n app||cab|e |aws or regu|at|ons wh|ch
may occur after the date of the Draft ked nerr|ng rospectus 8|dders are adv|sed to make the|r |ndependent
|nvest|gat|ons and ensure that the number of Lqu|ty Shares 8|d for do not exceed the app||cab|e ||m|ts under |aws
or regu|at|ons

kestr|ct|on on 1ransfer of Shares
1here are no resLrlcLlons on Lransfers and Lransmlsslon of shares/ debenLures and on Lhelr consolldaLlon / spllLLlng
excepL as provlded ln Lhe urafL 8ed Perrlng rospecLus and ln Lhe ArLlcles of AssoclaLlon of our Company lor
furLher deLalls refer Lo chapLer LlLled Moin Provisions of the 4rtic/es of 4ssociotion on page 268 of Lhe urafL 8ed
Perrlng rospecLus

ursuanL Lo Lhe exlsLlng regulaLlons CC8s are noL ellglble Lo parLlclpaLe ln Lhe lssue lurLher n8ls who are noL
Lllglble n8ls are noL permlLLed Lo parLlclpaLe ln Lhe lssue LqulLy Shares acqulred by Lllglble n8ls can be only sold Lo
any oLher person ellglble Lo acqulre Lhe same ln accordance wlLh all appllcable laws rules and regulaLlons Sub
accounLs of llls reglsLered wlLh SL8l belng forelgn corporaLe or forelgn lndlvlduals are noL ellglble Lo parLlclpaLe ln
Lhe lssue ln Lhe Cl8 orLlon

1he Lqu|ty Shares have not been and w||| not be reg|stered ||sted or otherw|se qua||f|ed |n any other [ur|sd|ct|on
outs|de Ind|a and may not be offered or so|d and 8|ds may not be made by persons |n any such [ur|sd|ct|on
except |n comp||ance w|th the app||cab|e |aws of such [ur|sd|ct|on

1he Lqu|ty Shares have not been and w||| not be reg|stered under the US Secur|t|es Act of 1933 as amended (the
"Secur|t|es Act") and may not be offered or so|d w|th|n the Un|ted States (as def|ned |n kegu|at|on S under the
Secur|t|es Act) except pursuant to an exempt|on from or |n a transact|on not sub[ect to the reg|strat|on
requ|rements of the Secur|t|es Act 1he Lqu|ty Shares are be|ng offered and so|d on|y outs|de the Un|ted States |n
offshore transact|ons |n comp||ance w|th kegu|at|on S under the Secur|t|es Act and the app||cab|e |aws of the
[ur|sd|ct|ons where those offers and sa|es occur Issue of Lqu|ty Shares |n demater|a||zed form |n the Issue

ln accordance wlLh Lhe SL8l (lCu8) 8egulaLlons LqulLy Shares wlll be lssued Lransferred and AlloLmenL shall be
made only ln Lhe demaLerlallzed form Lo Lhe AlloLLees AlloLLees wlll have Lhe opLlon Lo remaLerlallze Lhe LqulLy
Shares lf Lhey so deslre as per Lhe provlslons of Lhe Companles AcL and Lhe ueposlLorles AcL

Investors shou|d note that |n terms of Sect|on 688 of the Compan|es Act the Lqu|ty Shares wou|d be a||otted to
a|| successfu| 8|dders on|y |n the demater|a||zed form 8|dders w||| not have the opt|on of gett|ng a||otment of the
Lqu|ty Shares |n phys|ca| form 1he Lqu|ty Shares on A||otment sha|| be traded on|y |n the demater|a||zed
segment of the Stock Lxchanges













73

. - BASIS FUR ISSUE PRICE

1he lssue rlce has been deLermlned by our Company ln consulLaLlon wlLh Lhe 8ook 8unnlng Lead Manager on Lhe
basls of Lhe key 8uslness SLrengLhs and assessmenL of markeL demand for Lhe offered LqulLy Shares by Lhe 8ook
8ulldlng rocess 1he face value of Lhe LqulLy Shares ls ` 10 and lssue rlce ls ` per LqulLy Shares and ls Llmes
Lhe face value

lnvesLors should read Lhe followlng summary wlLh Lhe rlsk facLors beglnnlng from age no11 of Lhls urafL 8ed
Perrlng rospecLus SecLlon LlLled AbouL Lhe Company" on age no 82 and llnanclal lnformaLlon of Lhe
Company" on age no 149 of Lhls urafL 8ed Perrlng rospecLus 1he Lradlng prlce of Lhe LqulLy Shares of our
Company could decllne due Lo Lhese rlsk facLors and you may lose all or parL of your lnvesLmenLs

UALI1A1IVL IAC1CkS

We belleve LhaL Lhe followlng buslness sLrengLhs allow us Lo successfully compeLe ln Lhe luxurlng reLalllng lndusLry

Clobally successful brands wlLh llneage
Lxperlenced ManagemenL
Lxcluslve 8rand 8ouLlques
value roposlLlon and undersLandlng Lhe Consumers
Wlde CusLomer 8ase
vlsual Merchandlslng
MulLl 8rand CuLleLs



lor deLalls ln respecL of our quallLaLlve facLors please refer Lo secLlon LlLled Cur 8uslness" appearlng on age no
91 of Lhls urafL 8ed Perrlng rospecLus
UAN1I1A1IVL IAC1CkS
1 8osic ond ui/uted orninqs per shore {P5)

ear ended March 31 8as|c LS D||uted LS We|ght
2010 092 092 3
2009 040 040 2
2008 089 087 1
We|ghted average 074 074
5ootce AoJltots kepott
LS (8aslc and ulluLed) for Lhe half year ended SepLember 30 2010 (noL annuallzed) ` 3SS

Note
a) Larnlngs per LqulLy Share and dlluLed earnlngs per LqulLy Share for Lhe year endlng March 31 2010 March
31 2009 and March 31 2008 based on Lhe ad[usLed caplLal due Lo bonus lssue of LqulLy Shares lssued on
SepLember 30 2010 ln Lhe raLlo of S1
b) 1he Company dld noL have any subsldlarles for Lhe flnanclal years endlng March 31 2008 March 31 2009
and March 31 2010 and for half year ended SepLember 30 2010

2 Price orninqs kotio {P/) in re/otion to the lssue price of ` `` ` per shore
/L based on 8aslc and ulluLed LS for Lhe year ended March 31 2010
/L based on Lhe prelssue welghLed average LS


74

1bete ote oo compotoble llsteJ compooles wltb tbe some bosloess os oot compooy ooJ beoce Joto oo tbe
loJostty l/ ls oot ovolloble

l keturn on Net worth {koNw)
ear ended March 31 koNW () We|ght
2010 6S6 3
2009 SS6 2
2008 12S9 1
We|ghted average 723

Note
1he Company dld noL have any subsldlarles for Lhe flnanclal years endlng March 31 2008 March 31 2009 and
March 31 2010 and for half year ended SepLember 30 2010

4 Mlnlmum 8eLurn on 1oLal neL WorLh afLer lssue needed Lo malnLaln re lssue 8aslc and dlluLed LS for Lhe
year ended March 31 2010 ls -
Mlnlmum 8eLurn on 1oLal neL WorLh afLer lssue needed Lo malnLaln re lssue WelghLed average LS ls -

5 Net 4sset vo/ue
nAv as aL March 31 2010 ` 8262 per equlLy share
nAv as aL SepLember 30 2010 ` 1SSS per equlLy share
lssue prlce ` - per equlLy share
nAv afLer Lhe lssue ` - per equlLy share
Note
nAv per LqulLy Share as aL March 31 2010 ls on Lhe basls of number of LqulLy Shares ouLsLandlng as aL March 31
2010 wlLhouL Laklng lnLo accounL Lhe bonus lssue of LqulLy Shares on SepLember 30 2010
comporison with lndustry peers

1bete ote oo compotoble llsteJ compooles wltb tbe some bosloess os oot compooy

1he lssue price wi// be times of the foce vo/ue of the quity 5hores 1he compony ond the 8ook kunninq Leod
Monoqer be/ieve thot the lssue Price of ` `` ` is justified in view of the obove quo/itotive ond quontitotive
porometers









7S

.8 - STATEMENT UF TAX BENEFITS
1o
1he 8oard of D|rectors
r|me keta|| Ind|a Ltd
1/1 Camac SLreeL
kolkaLa 700 016

uear Slr
1haL under Lhe currenL provlslons of Lhe lncome 1ax AcL 1961 and oLher appllcable laws for Lhe Llme belng ln force
Lhe followlng beneflLs are avallable Lo Lhe Company and Lo Lhe members of Lhe Company
1 8LNLII1S AVAILA8LL 1C 1nL CCMAN
a D|v|dend Income (exempt under sect|on 10(34) and Sect|on 10 (3S) of the Income 1ax Act 1961)
ulvldend (wheLher lnLerlm or flnal) recelved by Lhe company from lLs lnvesLmenL ln shares of anoLher
domesLlc company would be exempLed ln Lhe hands of Lhe company as per Lhe provlslons of secLlon
10(34) read wlLh secLlon 11SC of Lhe lncomeLax AcL ln Lerms of Lhe secLlon 10(3S) of Lhe lncome1ax
AcL any lncome recelved from unlLs of a MuLual fund speclfled under secLlon 10(23u) of Lhe l1AcL ls
exempL from Lax sub[ecL Lo such lncome noL arlslng from Lhe Lransfer of unlLs ln such MuLual lund
b Cap|ta| Ga|ns
i. CaplLal AsseLs are Lo be caLegorlzed lnLo shorL Lerm caplLal asseLs and long Lerm caplLal asseLs based
on Lhe perlod of holdlng All CaplLal asseLs excepL shares held ln a company or any oLher securlLy llsLed
ln a recognlzed SLock Lxchange ln lndla or unlLs of unlL 1rusL of lndla (u1l) or MuLual lund unlL
speclfled under secLlon 10(23u) of Lhe l1AcL or Zero Coupon 8onds are consldered Lo be long Lerm
caplLal asseLs lf Lhey are held for a perlod exceedlng 36 monLhs Shares held ln a Company or any oLher
securlLy llsLed ln a recognlzed SLock Lxchange ln lndla or unlL 1rusL of lndla (u1l) or MuLual lund unlLs
speclfled under secLlon 10(23u) of Lhe l1AcL or Zero Coupon 8onds are consldered as long Lerm caplLal
asseLs lf Lhese are held for a perlod exceedlng 12 monLhs

ll As per Lhe provlslons of secLlon 10 (38) of Lhe l1AcL Long 1erm CaplLal galn arlslng Lo Lhe company
from Lransfer of a Long 1erm CaplLal AsseLs belng an LqulLy Share ln a Company llsLed on a recognlzed
SLock Lxchange ln lndla shall be exempLed from Lax lf such sale ls enLered lnLo on or afLer 1sL CcLober
2004 and Lhe LransacLlon ls chargeable Lo SecurlLles 1ransacLlon 1ax (S11)

lll As per secLlon 112 of Lhe AcL Laxable longLerm caplLal galns lf any on sale of llsLed securlLles or unlLs
or zero coupon bonds ln cases noL covered under secLlon 10(38) of Lhe AcL would be charged Lo Lax aL
Lhe raLe of LwenLy percenL (plus appllcable surcharge and educaLlon cess) afLer conslderlng lndexaLlon
beneflLs ln accordance wlLh and sub[ecL Lo Lhe provlslons of secLlon 48 of Lhe AcL Powever under Lhe
provlso Lo SecLlon 112 (1) lf Lhe Lax on long Lerm caplLal galns arlslng on Lransfer of llsLed securlLles or
unlLs or zero coupon bonds compuLed aL Lhe raLe of LwenLy per cenL (plus appllcable surcharge on Lax
and educaLlon cess) afLer avalllng Lhe beneflL of lndexaLlon exceeds Lhe Lax on Lhe longLerm caplLal
galn compuLed aL Lhe raLe of Len per cenL (plus appllcable surcharge on Lax and educaLlon cess) wlLhouL
avalllng Lhe beneflL of lndexaLlon Lhen such excess Lax ls lgnored for Lhe purpose of compuLlng Lhe Lax
payable on Lhe caplLal galns

Powever from assessmenL year 200708 such long Lerm caplLal galns wlll be lncluded whlle compuLlng
8ook roflLs for Lhe purpose of paymenL of Mlnlmum AlLernaLe 1ax (MA1) under Lhe provlslons of
secLlon 11S !8 of Lhe l1AcL


76

lv As per provlslons of secLlon 111A of Lhe l1AcL shorL Lerm caplLal galns arlslng from Lransfer of shorL
Lerm caplLal asseLs belng an equlLy share ln a company or a unlL of an equlLy orlenLed muLual fund
shall be Laxable [ 1S (plus appllcable surcharge and educaLlon cess) lf such sale ls enLered lnLo on or
afLer 1sL CcLober 2004 and Lhe LransacLlon ls chargeable Lo S11

c Lxempt|on of Cap|ta| ga|ns ar|s|ng from Income 1ax
l As per Lhe provlslons of Lhe secLlon S4LC of Lhe l1 AcL and sub[ecL Lo Lhe condlLlons speclfled Lhereln
caplLal galns arlslng Lo a company on Lransfer of a longLerm caplLal asseL oLher Lhan Lhose covered
under secLlon 10(38) of Lhe l1AcL shall noL be chargeable Lo Lax Lo Lhe exLenL such caplLal galns are
lnvesLed ln naLlonal Plghway AuLhorlLy of lndla (nPAl) or 8ural LlecLrlflcaLlon CorporaLlon (8LC)
noLlfled bond wlLhln slx monLhs from Lhe daLe of Lransfer lf only parL of such caplLal galn ls lnvesLed
Lhe exempLlon shall be proporLlonaLely reduced 1he l1AcL has resLrlcLed Lhe maxlmum lnvesLmenL ln
such 8onds upLo ` S mllllons per assessee durlng any flnanclal year

ll Where Lhe long Lerm speclfled asseLs ls Lransferred or converLed lnLo money aL any Llme wlLhln a
perlod of 3 years from Lhe daLe of lLs acqulslLlon Lhe amounL of caplLal galn exempLed earller would
become chargeable Lo Lax as long Lerm caplLal galn ln Lhe year ln whlch Lhe long Lerm speclfled asseLs ls
Lransferred or converLed lnLo money

d Deprec|at|on

1he Company shall be enLlLled Lo clalm depreclaLlon on Langlble and lnLanglble asseLs owned by lL and
used for Lhe purposes of lLs buslness as provlded ln SecLlon 32 of Lhe AcL ln Lerms of Clause (lla) of Sub
secLlon (1) of SecLlon 32 of Lhe AcL Lhe Company ls enLlLled Lo furLher deducLlon of 20 as addlLlonal
depreclaLlon on new planL machlnery acqulred and lnsLalled afLer 31sL March 200S sub[ecL Lo
condlLlons speclfled Lhereln

e Carry forward and set off of bus|ness |oss and other |oss
l 1he Company can carry forward and seLoff Lhe unabsorbed depreclaLlon allowance lf any agalnsL lLs
lncome of Lhe fuLure years 1he Company ls also enLlLled Lo carry forward and seLoff lLs unabsorbed
buslness losses for a perlod upLo elghL subsequenL years for seLoff agalnsL lLs buslness lncome

ll SecLlon 48 of Lhe AcL whlch prescrlbed Lhe mode of compuLaLlon of caplLal galns provldes for
deducLlon of cosL of acqulslLlon / lmprovemenL and expenses lncurred ln connecLlon wlLh Lhe Lransfer
of caplLal asseL from Lhe sale conslderaLlon Lo arrlve aL Lhe amounL of caplLal galn Powever ln
respecL of long Lerm caplLal galns lL offers a beneflL by permlLLlng subsLlLuLlon of cosL of acqulslLlon /
lmprovemenL wlLh Lhe lndexed cosL of acqulslLlon / lmprovemenL whlch ad[usLs Lhe cosL of
acqulslLlon / lmprovemenL by a cosL lnflaLlon lndex as prescrlbed from Llme Lo Llme

lll As per secLlon 71 read wlLh secLlon 74 shorL Lerm caplLal loss arlslng durlng a year ls allowed Lo be seL
off agalnsL shorL Lerm as well as long Lerm caplLal galns of Lhe sald year 8alance loss lf any should be
carrled forward and seL off agalnsL shorL Lerm caplLal as well as long Lerm caplLal galn for subsequenL
8 years

lv As per secLlon 71 read wlLh secLlon 74 long Lerm caplLal loss arlslng durlng a year ls allowed Lo be seL
off only agalnsL long Lerm caplLal galn 8alance loss lf any should be carrled forward and seL off
agalnsL subsequenL year's long Lerm caplLal galn for subsequenL 8 years

f re||m|nary Lxpenses
l under SecLlon 3Su of Lhe AcL Lhe Company wlll be enLlLled Lo a deducLlon equal Lo 1/SLh of Lhe
expendlLure of Lhe naLure speclfled ln Lhe sald SecLlon lncludlng expendlLure lncurred on presenL
lssue such as 8rokerage and oLher charges by way of amorLlzaLlon over a perlod of S successlve
years beglnnlng wlLh Lhe prevlous year ln whlch Lhe new unlL commences producLlon sub[ecL Lo
Lhe sLlpulaLed llmlLs


77

g Secur|t|es 1ransact|on 1ax
l ln Lerms of S11 LransacLlon for purchase and sale of Lhe securlLles ln Lhe recognlzed SLock
Lxchange by Lhe Shareholder wlll be chargeable Lo S11 As per Lhe sald provlslons any dellvery
based purchase and sale of equlLy share ln a Company Lhrough Lhe recognlzed SLock Lxchange ls
llable Lo SecurlLles 1ransacLlon 1ax [ 012S of Lhe value payable by boLh buyer and seller
lndlvldually 1he nondellvery based sale LransacLlons are llable Lo Lax [ 002S of Lhe value
payable by Lhe seller

h M|n|mum A|ternate 1ax
l As per Lhe secLlon 11S!8 Lhe Company wlll noL be able Lo reduce Lhe lncome Lo whlch Lhe
provlslons of secLlon 10(38) of Lhe AcL apply whlle calculaLlng book proflLs" under Lhe provlslons
of secLlon 11S!8 of Lhe AcL and wlll be requlred Lo pay Mlnlmum AlLernaLe 1ax (MA1") aL Lhe raLe
of elghLeen percenL (plus appllcable surcharge and educaLlon cess) of Lhe book proflLs deLermlned
(lf Lhe lncomeLax payable as per normal provlslons of Lhe AcL ls less Lhan elghLeen percenL of Lhe
book proflLs) lurLher ln accordance wlLh secLlon 11S!AA MA1 credlL wlll be avallable Lo Lhe
Company for nexL succeedlng Len years sub[ecL Lo fulflllmenL of cerLaln condlLlons prescrlbed ln Lhe
sald secLlon


2 8LNLII1S 1C 1nL SnAkLnCLDLkS CI 1nL CCMAN
A) A|| Members

a) Cap|ta| Ga|ns
l 8y vlrLue of secLlon 10(38) of Lhe lncome 1ax AcL lncome arlslng from Lransfer of longLerm caplLal
asseL belng an equlLy share ln Lhe company ls exempL from Lax lf Lhe LransacLlon of such sale has
been enLered lnLo on or afLer 1102004 and such LransacLlon ls chargeable Lo Lhe securlLles
LransacLlon Lax

ll 8y vlrLue of secLlon 111 A of Lhe lncome 1ax AcL shorL Lerm caplLal galn on Lransfer of equlLy share
ln Lhe Company shall be chargeable Lo Lax [ 1S lf Lhe LransacLlon of such sale has been enLered
lnLo on or afLer 1102004 and such LransacLlon ls chargeable Lo securlLles LransacLlon Lax Powever
where Lhe lncome lncludes any such shorLLerm caplLal galn lL shall noL be consldered for deducLlon
under chapLer vlA of lncome Lax AcL 1961

b) D|v|dend Income
8y vlrLue of secLlon 10(34) of Lhe lncome 1ax AcL lncome earned by way of dlvldend from a domesLlc
company referred Lo ln secLlon 11SC of Lhe lncome 1ax AcL (le dlvldends declared dlsLrlbuLed and
pald on or afLer 1
sL
Aprll 2003) ls exempL from Lax ln Lhe hands of Lhe shareholders

8) kes|dent Members

a) D|v|dend Income
l ln Lerms of SecLlon 10(23u) of Lhe lncome 1ax AcL 1961 all MuLual lunds seL up by ubllc SecLor
8anks or llnanclal lnsLlLuLlons or MuLual lunds reglsLered under Lhe SecurlLles and Lxchange 8oard
of lndla or auLhorlzed by Lhe 8eserve 8ank of lndla sub[ecL Lo Lhe condlLlons speclfled wlll be exempL
from lncome 1ax on all Lhelr lncome lncludlng lncome from lnvesLmenL ln Lhe shares of Lhe
Company

b) Cap|ta| Ga|ns
l under secLlon S4LC of Lhe lncome 1ax AcL 1961 Long 1erm CaplLal Calns ln cases noL covered
under SecLlon 10(38) of Lhe AcL arlslng on Lhe Lransfer of shares of Lhe Company wlll be exempL from
caplLal galns Lax Lo Lhe exLenL such galns are lnvesLed wlLhln slx monLhs from Lhe daLe of Lransfer ln
Lhe purchase of any speclfled bonds lssued by Lhe naLlonal Plghway AuLhorlLy of lndla (nPAl) and
8ural LlecLrlflcaLlon CorporaLlon LLd (8LC)





78



ll under secLlon S4l of Lhe lncome 1ax AcL 1961 Long 1erm CaplLal Calns ln cases noL covered under
SecLlon 10(38) of Lhe AcL arlslng on Lhe Lransfer of shares of Lhe Company held by an lndlvldual or
Plndu undlvlded lamlly (Pul) shall be exempL from caplLal galns Lax sub[ecL Lo Lhe provlslons of Lhe
sald secLlon lf Lhe neL sales conslderaLlon ls uLlllzed wlLhln a perlod of one year before or Lwo years
afLer Lhe daLe of Lransfer ln Lhe purchase of a new resldenLlal house or for consLrucLlon of a
resldenLlal house wlLhln a perlod of 3 years afLer Lhe daLe of Lransfer

lll As per Lhe provlslons of secLlon 48 of Lhe l1AcL Lhe amounL of caplLal galn shall be compuLed by
deducLlng from Lhe sale conslderaLlon Lhe cosL of acqulslLlon and expenses lncurred ln connecLlon
wlLh Lhe Lransfer of caplLal asseLs Powever ln respecL of long Lerm caplLal galn arlslng Lo a resldenL
shareholder a beneflL ls permlLLed Lo subsLlLuLe Lhe cosL of acqulslLlon / lmprovemenL wlLh Lhe
lndexed cosL of acqulslLlon / lmprovemenL 1he lndexed cosL of acqulslLlon/ lmprovemenL ad[usLs
Lhe cosL of acqulslLlon / lmprovemenL by cosL lnflaLlon lndex as prescrlbed from Llme Lo Llme

lv under secLlon 112 of Lhe lncome 1ax AcL 1961 and oLher provlslons of Lhe AcL long Lerm caplLal
galns (ln cases noL covered under secLlon 10(38) of Lhe AcL) arlslng on Lransfer of shares ln Lhe
company le lf shares are held for a perlod exceedlng 12 monLhs shall be concesslonally Laxed aL Lhe
flaL raLe of 20 (plus appllcable surcharge and educaLlon cess) afLer lndexaLlon as provlded ln Lhe
second provlso Lo secLlon 48 or aL 10 (plus appllcable surcharge and educaLlon cess) wlLhouL
lndexaLlon aL Lhe opLlon of Lhe shareholder

c) Nonkes|dent Ind|ans] Nonkes|dents Cther than IIIs and Iore|gn Venture Cap|ta| Investors

1 non8esldenL lndlan (le an lndlvldual belng a clLlzen of lndla or person of lndlan orlgln) has an
opLlon Lo be governed by Lhe provlslons of ChapLer xllA of Lhe lncomeLax AcL 1961 vlz Speclal
rovlslons relaLlng Lo cerLaln lncomes of non8esldenLs"

d) Cap|ta| Ga|ns

l under SecLlon 11SL of Lhe lncome 1ax AcL 1961 where shares ln Lhe Company are subscrlbed for ln
converLlble lorelgn Lxchange by a non8esldenL lndlan long Lerm caplLal galns arlslng Lo Lhe non
resldenL on Lransfer of shares shall (ln case noL covered under SecLlon 10 (38) of Lhe AcL) be
concesslonally Laxed aL Lhe flaL raLe of 10 (plus appllcable surcharge and educaLlon cess) wlLhouL
lndexaLlon beneflL buL wlLh proLecLlon agalnsL lorelgn Lxchange llucLuaLlon

ll under provlslons of secLlon 11Sl of Lhe lncome 1ax AcL 1961 long Lerm caplLal galns (noL covered
under secLlon 10 (38) of Lhe AcL) arlslng Lo a non resldenL lndlan from Lhe Lransfer of shares of Lhe
Company subscrlbed Lo ln converLlble lorelgn Lxchange shall be exempL from lncome 1ax lf Lhe neL
conslderaLlon ls relnvesLed ln speclfled asseLs wlLhln slx monLhs of Lhe daLe of Lransfer lf only a parL
of Lhe neL conslderaLlon ls so relnvesLed Lhe exempLlon shall be proporLlonaLely reduced 1he
amounL so exempLed shall be chargeable Lo Lax subsequenLly lf Lhe speclfled asseLs are Lransferred
or converLed wlLhln Lhree years from Lhe daLe of Lhelr acqulslLlon

lll under provlslons of secLlon 11SC of Lhe lncome 1ax AcL 1961 lL shall noL be necessary for a non
8esldenL lndlan Lo furnlsh hls reLurn of lncome lf hls only source of lncome ls lnvesLmenL lncome or
long Lerm caplLal galns or boLh arlslng ouL of asseLs acqulred purchased or subscrlbed ln converLlble
forelgn exchange and Lax deducLlble aL source has been deducLed Lhere from

b) Spec|a| rov|s|ons re|at|ng to Certa|n Income of Non kes|dent Ind|ans

l under secLlon 11SP of Lhe l1 AcL non resldenL lndlan becomes assessable as a resldenL ln lndla
he may furnlsh a declaraLlon ln wrlLlng Lo Lhe Assesslng Cfflcer along wlLh hls reLurn of lncome for
LhaL year under secLlon 139 of Lhe l1 AcL Lo Lhe effecL LhaL Lhe provlslons of Lhe ChapLer xllA shall
conLlnue Lo apply Lo hlm ln relaLlon Lo such lnvesLmenL lncome derlved from Lhe speclfled asseLs
for LhaL year and subsequenL assessmenL years unLll such asseLs are converLed lnLo money








79


ll under secLlon 11Sl of Lhe lncome 1ax AcL 1961 a non 8esldenL lndlan may elecL noL Lo be
governed by Lhe provlslons of chapLer xllA for any assessmenL year by furnlshlng Lhe reLurn of
lncome under secLlon 139 of Lhe lncome 1ax AcL declarlng Lhereln LhaL Lhe provlslons of Lhls
chapLer shall noL apply Lo hlm for LhaL assessmenL year and lf he does so Lhe provlslons of Lhls
chapLer shall noL apply Lo hlm and lnsLead Lhe oLher provlslons of Lhe AcL shall apply

lll As per flrsL provlso Lo secLlon 48 of Lhe l1 AcL ln case of a non resldenL shareholder ln compuLlng
caplLal galns arlslng from Lransfer of shares of Lhe Company acqulred ln converLlble forelgn
exchange (as per Lxchange ConLrol 8egulaLlons) proLecLlon ls provlded from flucLuaLlons ln Lhe
value of rupee ln Lerms of forelgn currency ln whlch orlglnal lnvesLmenL was made CosL lndexaLlon
beneflL wlll noL be avallable ln such a case 1he caplLal galn/ loss ln such a case ls compuLed by
converLlng Lhe cosL of acqulslLlon sales conslderaLlon and expendlLure lncurred wholly and
excluslvely ln connecLlon wlLh such Lransfer lnLo Lhe same forelgn currency whlch was uLlllzed ln
Lhe purchase of shares

lv under secLlon S4LC of Lhe l1 AcL and sub[ecL Lo Lhe condlLlons and Lo Lhe exLenL speclfled Lhereln
long Lerm caplLal galns (noL covered under secLlon 10(38) of Lhe l1 AcL) arlslng on Lhe Lransfer of
shares of Lhe Company wlll be exempL from caplLal galns Lax lf Lhe caplLal galns are lnvesLed ln
noLlfled bonds wlLhln a perlod of slx monLhs afLer Lhe daLe of such Lransfer and held for a mlnlmum
perlod of Lhree years Where only a parL of Lhe caplLal galns ls so lnvesLed Lhe exempLlon ls
proporLlonaLely avallable Powever lf Lhe sald bonds are Lransferred or converLed lnLo money
wlLhln a perlod of Lhree years from Lhe daLe of Lhelr acqulslLlon Lhe amounL of caplLal galns
exempLed earller would become chargeable Lo Lax as long Lerm caplLal galns ln Lhe year ln whlch
Lhe bonds are Lransferred or converLed lnLo money

v under secLlon S4l of Lhe lncome 1ax AcL 1961 Long 1erm CaplLal Calns ln cases noL covered under
SecLlon 10(38) of Lhe AcL arlslng on Lhe Lransfer of shares of Lhe Company held by an lndlvldual or
Plndu undlvlded lamlly (Pul) shall be exempL from caplLal galns Lax sub[ecL Lo Lhe provlslons of
Lhe sald secLlon lf Lhe neL sales conslderaLlon ls uLlllzed wlLhln a perlod of one year before or Lwo
years afLer Lhe daLe of Lransfer ln Lhe purchase of a new resldenLlal house or for consLrucLlon of a
resldenLlal house wlLhln a perlod of 3 years afLer Lhe daLe of Lransfer

vl under secLlon 112 of Lhe lncome 1ax AcL 1961 and oLher relevanL provlslons of Lhe acL long Lerm
caplLal galns (noL covered under secLlon 10 (38) of Lhe AcL) arlslng on Lransfer of shares ln Lhe
Company lf shares are held for a perlod exceedlng 12 monLhs shall be Laxed aL a raLe of 20 (plus
appllcable surcharge sand educaLlon cess) afLer lndexaLlon as provlded ln Lhe second provlso of
secLlon 48 or aL 10 (plus appllcable surcharge and educaLlon cess) (wlLhouL lndexaLlon) aL Lhe
opLlon of Lhe shareholders (lndexaLlon wlll noL be avallable lf lnvesLmenLs are made ln forelgn
currency ln accordance wlLh Lhe flrsL provlso Lo secLlon 48 of Lhe lncome 1ax as sLaLed above)

c) 1ax 1reaty 8enef|ts

As per SecLlon 90(2) of Lhe AcL Lhe provlslons of Lhe AcL would prevall over Lhe provlslon of Lhe Lax
LreaLy Lo Lhe exLenL Lhey are more beneflclal Lo Lhe lll 1hus an lll can opL Lo be governed by Lhe
provlslons of Lhe AcL or Lhe appllcable Lax LreaLy whlchever ls more beneflclal

C) Iore|gn Inst|tut|ona| Investors (IIIs)

a) Cap|ta| Ga|ns

under secLlon 11SAu caplLal galns arlslng from Lransfer of shares of Lhe Company whlch are noL
exempL under SecLlon 10(38) shall be Laxable as follows

l CaplLal galns on shares whlch are held for Lhe perlod of more Lhan Lwelve monLhs shall be Laxable
aL Lhe raLe of 10 (plus appllcable surcharge and educaLlon cess) CaplLal galns on oLher shares
shall be Laxable aL Lhe raLe of 30 (plus appllcable surcharge and educaLlon cess) CosL lndexaLlon
beneflLs wlll noL be avallable

80


ll under SecLlon S4LC of Lhe l1 AcL and sub[ecL Lo Lhe condlLlons and Lo Lhe exLenL speclfled Lhereln
long Lerm caplLal galns (noL covered under secLlon 10(38) of Lhe l1 AcL) arlslng on Lhe Lransfer of
shares of Lhe Company wlll be exempL from caplLal galns Lax lf Lhe caplLal galns are lnvesLed ln
noLlfled bonds wlLhln a perlod of slx monLhs afLer Lhe daLe of such Lransfer and held for a mlnlmum
perlod of Lhree years Where only a parL of Lhe caplLal galns ls so lnvesLed Lhe exempLlon ls

proporLlonaLely avallable Powever lf Lhe sald bonds are Lransferred or converLed lnLo money
wlLhln a perlod of Lhree years from Lhe daLe of Lhelr acqulslLlon Lhe amounL of caplLal galns
exempLed earller would become chargeable Lo Lax as long Lerm caplLal galns ln Lhe year ln whlch
Lhe bonds are Lransferred or converLed lnLo money

b) 1ax 1reaty 8enef|ts

l As per SecLlon 90 (2) of Lhe AcL Lhe provlslons of Lhe AcL would prevall over Lhe provlslon of Lhe Lax
LreaLy Lo Lhe exLenL Lhey are more beneflclal Lo Lhe lll 1hus an lll can opL Lo be governed by Lhe
provlslons of Lhe AcL or Lhe appllcable Lax LreaLy whlchever ls more beneflclal

D) Venture Cap|ta| Compan|es ] Iunds

l ln Lerms of secLlon 10(23l8) of Lhe lncome 1ax AcL 1961 all venLure caplLal companles / funds
reglsLered wlLh SecurlLles and Lxchange 8oard of lndla sub[ecL Lo Lhe condlLlons speclfled are
ellglble for exempLlon from lncome Lax on all Lhelr lncome lncludlng dlvldend and lncome from
sale of shares of Lhe company

L) Mutua| Iunds

l ln case of a shareholder belng a MuLual fund as per Lhe provlslons of secLlon 10(23u) of Lhe l1
AcL any lncome of MuLual lunds reglsLered under Lhe SecurlLles and Lxchange 8oard of lndla AcL
1992 or 8egulaLlons made Lhere under MuLual lunds seL up by publlc secLor banks or publlc
flnanclal lnsLlLuLlons and MuLual lunds auLhorlzed by Lhe 8eserve 8ank of lndla ls exempL from
lncomeLax sub[ecL Lo Lhe condlLlons noLlfled by CenLral CovernmenL ln Lhls regard

I) Wea|th 1ax

l Shares of Lhe company held by Lhe shareholders are noL LreaLed as asseLs wlLhln Lhe meanlng of
secLlon 2 (ea) of WealLh 1ax AcL 19S7 hence Lhe value Lhereof ls noL lncludlble ln Lhe neL wealLh
chargeable Lo WealLh 1ax

G) 8enef|t under the G|ft 1ax and Wea|th 1ax Act

l As no ClfL Lax ls levlable ln respecL of ClfL made on or afLer 1sL CcLober 1998 buL before 1sL Aprll
2006 As per amendmenL secLlon S6 (2) (vl) any glfL recelved ln money Lhe aggregaLe value of
whlch exceeds ` S0000/ ls recelved wlLhouL conslderaLlon Lhe whole of Lhe aggregaLe value of
such sum wlll be chargeable Lo Lax As per newly lnserLed secLlon S6(2) (vll) value of sum of money
/ lmmoveable properLy / moveable properLy recelved wlLhouL conslderaLlon or for lnadequaLe
conslderaLlon ls ln exceed of ` S0000/ Lhen whole of Lhe aggregaLe value of such sum wlll be
chargeable Lo Lax wlLh effecL from 1sL CcLober2009

Notes
l All Lhe above beneflLs are as per Lhe currenL laws LeglslaLlon lLs [udlclal lnLerpreLaLlon and Lhe
pollcles of Lhe regulaLory auLhorlLles are sub[ecL Lo change from Llme Lo Llme and Lhese may have
a bearlng on Lhe beneflLs llsLed above Accordlngly any change or amendmenL ln Lhe law or
relevanL regulaLlons would necesslLaLe a revlew of Lhe above

ll 1he above sLaLemenL of posslble Lax beneflLs seLs ouL Lhe provlslons of law ln a summary manner
only and ls noL a compleLe analysls or llsLlng of all poLenLlal Lax consequences of Lhe purchase
ownershlp and dlsposal of ordlnary shares 1he sLaLemenLs made above are based on Lhe Lax laws
ln force as lnLerpreLed by relevanL LaxaLlon auLhorlLles as of daLe

81


lll All Lhe above beneflLs are as per Lhe currenL Lax law as amended by Lhe llnance AcL 2009 and
llnance 8lll 2010 and wlll be avallable only Lo Lhe sole / flrsL named holder ln case Lhe shares are
held by Lhe !olnL Polders

lv ln respecL of nonresldenLs Lhe Lax raLes and Lhe consequenL LaxaLlon menLloned above shall be
furLher sub[ecL Lo any beneflLs avallable under Lhe uouble 1axaLlon Avoldance AgreemenLs lf any
beLween lndla and Lhe counLry ln whlch Lhe nonresldenL has flscal domlclle

v ln vlew of Lhe lndlvldual naLure of Lax consequences each lnvesLor ls advlsed Lo consulL hls/her
own Lax advlsor wlLh respecL Lo speclflc Lax consequences of hls/her parLlclpaLlon ln Lhe scheme


?ours falLhfully
lor kkothar| Co
Chartered Accountants
l8n no 307069L


CA kC Son|
arLner
Membershlp no 0S7620

uaLed 07032011
lace kolkaLa

82

SECTIUN IV - ABUUT THE CUMPANY
. - INDUSTRY UVERVIEW
1he lnformaLlon presenLed ln Lhls secLlon has been obLalned from publlcly avallable documenLs from varlous
sources lndusLry webslLes/publlcaLlons and company esLlmaLes lndusLry webslLes/publlcaLlons generally sLaLe LhaL
Lhe lnformaLlon conLalned Lhereln has been obLalned from sources belleved Lo be rellable buL Lhelr accuracy and
compleLeness are noL guaranLeed and Lhelr rellablllLy cannoL be assured AlLhough we belleve lndusLry markeL and
oLher daLa used ln Lhls urafL 8ed Perrlng rospecLus ls rellable lL has noL been lndependenLly verlfled Slmllarly
lnLernal Company esLlmaLes whlle belleved by us Lo be rellable have noL been verlfled by any lndependenL
agencles
Ind|an Lconomy
1he economy ls on Lhe paLh of recovery ln 200910 As per Lhe laLesL lnformaLlon (Advance LsLlmaLes) of naLlonal
lncome for 200910 (aL consLanL 2004 200S prlces) released by Lhe CenLral SLaLlsLlcal CrganlzaLlon Lhe growLh of
Cross uomesLlc roducL (Cu) aL facLor cosL ls esLlmaLed aL 72 percenL ln 200910 wlLh agrlculLure allled
acLlvlLles growlng aL () 02 per cenL lndusLry aL 82 per cenL and servlces secLor aL 87 per cenL 1he correspondlng
growLh ln Cu ln 200809 was 67 per cenL wlLh agrlculLure and allled secLor lndusLry and servlces growlng aL 16
39 and 98 per cenL respecLlvely
uurlng 200910 (Aprlluecember) as per Lhe daLa on lndex of lndusLrlal roducLlon (ll) Lhe lndusLrlal secLor grew
aL 86 per cenL compared Lo 36 per cenL durlng Lhe prevlous year 1he lncrease ln growLh occurred ln all Lhe Lhree
broad secLors manufacLurlng mlnlng and elecLrlclLy uurlng 200910 (Aprlluecember) Lhe manufacLurlng secLor
mlnlng and elecLrlclLy secLors grew aL raLes of 90 8S and S8 per cenL respecLlvely agalnsL Lhe correspondlng
flgures of 36 32 and 27 per cenL ln Lhe prevlous year Among Lhe usebased lndusLry groups baslc goods caplLal
goods lnLermedlaLe goods consumer durables recorded lncrease ln growLh durlng 200910 (Aprll uecember) whlle
consumer nondurables showed decllne ln growLh compared Lo Lhe prevlous year 1he consumer durables showed
a growLh of 244 per cenL followed by Lhe lnLermedlaLe goods 12S per cenL caplLal goods 111 per cenL and baslc
goods by 60 per cenL durlng 200910 (Aprlluecember) compared Lo Lhe correspondlng flgures of 41 () 17 82
and 34 per cenL durlng 200809 (Aprlluecember) 1he growLh of consumer nondurables slowed down Lo 1S per
cenL durlng 200910 (Aprlluecember) compared Lo a growLh of 67 per cenL durlng Lhe Aprlluecember 200809 AL
Lhe dlsaggregaLed level Lhree ouL of Lhe 17 LwodlglL lndusLrlal groups food producLs beverages Lobacco [uLe
and oLher vegeLable llber LexLlles recorded a negaLlve growLh durlng 200910 (Aprlluecember) CuL of Lhe
remalnlng 14 lndusLry groups four groups recorded growLh raLe less Lhan S per cenL flve groups reglsLered growLh
raLes beLween S Lo 10 per cenL and Lhe remalnlng flve lndusLry groups namely wool sllk and manmade flber
LexLlles baslc chemlcals and chemlcal producLs rubber plasLlc peLroleum and coal producLs machlnery
equlpmenL LransporL equlpmenL and parLs recorded growLh raLe of 10 per cenL or ln excess
Source Annual 8eporL 200910 MlnlsLry of llnance CovernmenL of lndla






83


Ind|an keta|| Sector An Cverv|ew
1he lndlan reLall markeL has been ranked amongsL Lop 3 markeLs for lnvesLmenL ln Lhe 8eLall secLor as per A1
kearney's 2010 Clobal 8eLall uevelopmenL lndex (C8ul)
2010
kank
Country keg|on
Market
Attract|veness
(2S)
Country
k|sk
(2S)
Market
Saturat|on
(2S)
1|me
pressure
(2S)
GkDI
Score
1 Chlna Asla S06 8S8 329 866 640
2 kuwalL MLnA 7S4 943 S62 24S 626
3 lndla Asla 3S4 S13 622 978 617
4 Saudl Arabla MLnA 6S3 86S S07 310 S84
S 8razll LaLln
Amerlca
73S 743 466 369 S78
6 Chlle LaLln
Amerlca
718 923 27S 383 S7S
7 unlLed Arab
LmlraLes
MLnA 791 1000 188 320 S7S
8 uruguay LaLln
Amerlca
677 743 S86 231 SS9
9 eru LaLln
Amerlca
434 S46 722 492 S49
10 8ussla LasLern
Lurope
63S SS1 320 618 S31

noLe MarkeL ALLracLlveness 0 Low aLLracLlveness 100 Plgh aLLracLlveness
CounLry 8lsk 0 Plgh 8lsk 100 Low 8lsk
MarkeL SaLuraLlon 0 SaLuraLed 100 noL SaLuraLed
1lme ressure 0 no Llme pressure 100 urgency Lo enLer

Source 2010 A1 kearney Clobal 8eLall uevelopmenL lndex

1he lndlan 8eLall markeL Lhe flfLh largesL reLall desLlnaLlon globally has grown from ` 1202300 crore ln l?06 Lo `
19824S9 crore ln l?10 aL a Compounded Annual CrowLh 8aLe (CAC8") of 133
Source CA8L 8esearch
Pavlng occupled Lhe flrsL spoL ln C?09 ln Lhe Clobal 8eLall uevelopmenL lndex (C8ul") lndla presenLly ranks Lhlrd
afLer Chlna and kuwalL occupylng Lhe flrsL and second rank respecLlvely 8eLalllng can broadly be caLegorlzed under
Lhe segmenLs such as
1 lood Crocery
2 CloLhlng looLwear
3 lurnlLure lurnlshlng
4 !ewellery waLches
S 8everages eLc
Cf all Lhe segmenLs Lhe food grocery segmenL accounLs for Lhe ma[or chunk of Lhe LoLal reLall sales Powever Lhe
conLrlbuLlon of Lhls segmenL has decllned from 617 ln l?06 Lo S80 ln l?10

1he cloLhlng fooLwear segmenL emerged Lhe secondlargesL conLrlbuLor durlng l?10 occupylng a 10 share of Lhe
LoLal reLall ple 1hls represenLs a sharp revenue growLh ln Lhe segmenL slnce l?06 durlng whlch Lhe conLrlbuLlon
sLood aL 862 of Lhe LoLal reLall sales



84

nonlnsLlLuLlonal PealLhcare lurnlLure lurnlshlng and !ewellery WaLches sLood as Lhe oLher ma[or conLrlbuLors
Lo Lhe LoLal reLall ple ln Lhe glven order Powever ln Lerms of growLh flgures Lhe enLerLalnmenL books sporLs
goods equlpmenL segmenL ouLperformed Lhe oLher reLall segmenLs reglsLerlng a CAC8 of 22S durlng Lhe perlod
l?0610

SegmenLs such as personal care cloLhlng fooLwear furnlLure furnlshlng and beverages comprlsed Lhe ma[or
drlvers of Lhe reLall growLh wlLh CAC8 flgures of 177 176 168 and 168 respecLlvely durlng Lhe l?0610
perlod Source CA8L 8esearch
Ind|an keta|| Market 8reakup
art|cu|ars I06 () I10 ()
lood Crocery 6170 S800
CloLhlng looLwear 862 1000
nonlnsLlLuLlonal PealLhcare 8S0 800
lurnlLure lurnlshlngs 620 700
!ewellery WaLches S4S SS0
ersonal Care 387 4S0
8everages 310 3S0
LnLerLalnmenL 8ooks SporLs Coods LqulpmenLs 2S6 3S0
1ota| 10000 10000
Source CenLral SLaLlsLlcal CrganlsaLlon ("CSC") naLlonal sample Survey CrganlsaLlon ("NSSC") CA8L 8esearch
Crgan|sed keta|||ng |n Ind|a
ln llne wlLh Lhe growLh of reLalllng ln lndla Lhe organlsed reLalllng growLh Loo has surged slnce Lhe lasL decade
owlng Lo gradual change ln Lhe llfesLyle and Lhereby Lhe consumpLlon paLLern of Lhe lndlan populace 1he revenues
of organlsed reLallers recorded a rlse from ` 47800 crore ln l?06 Lo `118948 crore durlng l?10 (p) wlLh a CAC8 of
2S6 durlng Lhe sald perlod
WlLh Lhe sald CAC8 growLh whlch almosL doubled Lhe growLh of Lhe LoLal reLall ln lndla aL 133 Lhe peneLraLlon of
organlsed reLalllng lncreased from 398 ln l?06 Lo 600 durlng l?10 (p)
Cf Lhe same Lhe cloLhlng fooLwear segmenL has remalned Lhe largesL conLrlbuLor Lo organlsed reLalllng
accounLlng for ` 44S97 crore of revenues durlng l?10 Correspondlngly Lhe peneLraLlon of Lhe sald segmenL
remalned Lhe hlghesL across all oLher reLalllng segmenLs aL 22S durlng l?10 (p)
1he food grocery segmenL accounLed for Lhe second hlghesL conLrlbuLlon wlLh revenues of ` 24273 crore durlng
l?10 (p) however conslderlng Lhe huge slze of Lhe LoLal food grocery markeL (accounLlng for S8 of Lhe LoLal
reLall sales) Lhe peneLraLlon of Lhe sald segmenL sLood low aL 211 durlng l?10 (p)
CLher segmenLs such as furnlLure furnlshlng enLerLalnmenL books sporLs goods equlpmenL accounLed for a
slgnlflcanL share of Lhe organlzed reLall ple durlng l?10
Source CSC nSSC CA8L 8esearch
Ind|an Mob||e nandset keta|||ng Market
1he burgeonlng demand of moblle handseLs from Lhe lndlan populace ln Lhe rural areas as well as ln 1lerll lll
clLles has creaLed a rlpe markeL for Lhe reLalllng of moblle handseLs ln lndla WlLh Lhe lndlan moblle handseL markeL
currenLly comprlslng approxlmaLely 3S brands Lhe lndlan consumers have been spollL for cholce lmporLanLly a few
local players llke Mlcromax Max Lava eLc offer handseLs very akln ln feaLures and resemblance Lo Lhelr global
counLerparLs aL Lhrowaway prlces whlch ln Lurn enables Lhe moblle reLallers Lo offer a varleLy of producLs furLher
dependlng upon Lhe purchaslng power of Lhe consumer


8S

uurlng C?10 a LoLal of 1S3 mllllon moblle handseLs were expecLedly sold ln lndla reflecLlng a markeL slze of
approxlmaLely ` 47S00 crore (assumlng average selllng prlce of ` 3100 per handseL) lmporLanLly Lhe sald markeL
slze does noL capLure Lhe unbllled and grey markeL phones whlch remaln unaccounLed and dlfflculL Lo gauge
Cwlng Lo Lhe consLanL lnLerplay of oLher facLors such as shorLer producL llfecycle wlLh cusLomers upgradlng Lhelr
phones every 34 years elLher because of Lechnlcal lssues or obsolescence a slgnlflcanL proporLlon of lndlan youLhs
upgrade Lhelr moblle phones almosL every year Also wlLh Lhe lnLroducLlon of addlLlonal feaLures such as uualSlM
CWL81? keypad Wlll ush Lmall Soclal neLworklng AAA 8aLLery opLlon 3Cenabled unlversal 1v 8emoLe and
even 1ouch Screen eLc Lhe lndlan reLallers are lncreaslngly Lapplng Lhe moblle phone accessorles segmenL by
dedlcaLlng a speclal secLlon (especlally ln Lhe case of supermarkeLs and PypermarkeLs) for such producLs ln addlLlon
Lo lnsLore as well as ouLofsLore sales promoLlon 1hls noL only ensures Lhe growLh ln revenues Lo Lhe reLallers buL
also leads Lo hlgher proflLablllLy Lo Lhe sLore on accounL of lower wasLage (as ln Lhe case of food grocery) and
lower shrlnkage raLe
Cf laLe Lhe counLry has wlLnessed a rlse ln Lhe number of speclalLy sLores for moblle reLalllng wlLh reLall ouLleLs
such as 1he Moblle SLore unlverCell eLc expandlng presence across Lhe naLlon
Ind|an Luxury keta|| Market
Cverv|ew of Luxury keta|| |n Ind|a
1he lncrease ln dlsposable lncome of Lhe lndlan populace coupled wlLh Lhe wllllngness Lo spend has marked Lhe rlse
of Lhe lndlan luxury markeL WlLh Lhe gradual enLry of uS and Luropean luxury brands ln lndla ln vlew of Lhe largely
unLapped markeL Lhe luxury reLall markeL slze ln lndla sLood aL uS$3Sbn durlng C?09 Powever Lhe conLrlbuLlon of
Lhe lndlan luxury reLall markeL ln relaLlon Lo Lhe world sLands mlnlscule accounLlng for 2 of Lhe global luxury sales
Market s|ze of Luxury brands
keg|on ] Country Luxury Market s|ze (US5bn)
Lurope 11000
!apan 2000
Chlna 8S0
lndla 3S0
Source lndusLry lnformaLlon CA8L 8esearch
As deplcLed from Lhe Lable above Lhe developed economles accounL for a hlgher share of Lhe global luxury reLall
markeL whlch ln Lurn are maLured markeLs wlLh llLLle scope for furLher peneLraLlon 1herefore slnce Lhe beglnnlng
of Lhls decade Lhe Lop global luxury brands have been eyelng Lhe growlng consumer demand from Lhe Aslan
naLlons especlally lndla and Chlna
lnLeresLlngly Lhe domesLlc sales of luxury producLs ln lndla suffers owlng Lo Lhe slgnlflcanL proporLlon of purchases
of such producLs belng made from ouLslde Lhe counLry slnce lndlan consumers save noL only on Lhe prlce fronL
owlng Lo Lhe lower duLy reglme buL also because of Lhe greaLer varleLy Lo choose from
ln Lhe lndlan conLexL Lhe sale of waLches [ewellerles accounL for Lhe hlghesL proporLlon of Lhe LoLal luxury reLall
sales aL 39 wlLh Lhe number of excluslve sLores for boLh waLches [ewellery growlng aL a scorchlng pace across
Lhe naLlon CLher caLegorles such as elecLronlc goods and wlnes splrlLs accounL for a slgnlflcanL proporLlon of Lhe
LoLal luxury reLall markeL aL 2S and 21 of Lhe LoLal ple respecLlvely




86


Source CA8L 8esearch
Luxury watches |n Ind|a
A few decades ago Lhe purchase of waLches ln lndla was drlven because of necesslLy wlLh Lhe peneLraLlon of
waLches across Lhe counLry remalnlng low 1he waLch markeL ln lndla Lhen mosLly comprlsed of domesLlc brands
such as ClLlzen PM1 1lLan eLc and Lhe purchase of forelgnbranded waLches almosL remalned resLrlcLed slnce mosL
of Lhose purchases were made by lndlan resldenLs Lravelllng abroad
Powever durlng Lhls decade Lhe arrlval of mulLlple forelgn waLch brands ln lndla marked wlLh Lhe enLry of LsprlL
Llmewear ln 200S and Lhe lnLroducLlon of a varled varleLy of waLches caLerlng Lo dlfferenL consumer classes has
resulLed ln changlng Lhe unlque Selllng olnL ("US") of waLches from belng o tlmekeeploq losttomeot to o fosbloo
occessoty ooJ tbe btooJ oome o fosbloo stotemeot especlally ln Lhe case of luxury waLches Cn Lhe basls of brand
value Lhe waLches can Lherefore be classlfled lnLo
unbranded
remlum
Affordable luxury and
Luxury
ln Lerms of sales mlx waLches ln Lhe range of ` S993999 accounL for Lhe hlghesL sales aL 60 of Lhe LoLal
Powever slnce Lhe lasL few years Lhe sale of luxury waLches has plcked up waLches ranglng above ` 17000
accounL for 7 of Lhe LoLal waLch sales
Source Care 8esearch





87


Source CA8L 8esearch
n|erarchy |n Watch keta|||ng

Watch Segment r|ce kange (` `` `) 8rand presence
unbranded 200 1S00 8rands by Local WaLch
ManufacLurers
remlum 1S00 10000 ClLlzen 1lmex SonaLa eLc
Super remlum 10000 2S000 ukn? LsplrlL SwaLch Cmega
eLc
Luxury 2S000 8olex 1ag Peuer eLc
Source CA8L 8esearch

1he overall waLch markeL ln lndla ls esLlmaLed aL uS$222bn wlLh growLh ranglng beLween 78 annually noLably
Lhe luxury waLch markeL ln lndla even Lhough lL ls aL a nascenL sLage wlLh markeL slze of approxlmaLely uS$888mn
Lhe growLh of Lhls segmenL aL 21 yoy durlng C?09 has ouLpaced Lhe growLh of Lhe overall waLch markeL ln lndla
lmporLanLly Lhe luxury waLch markeL ln lndla conLlnues Lo be domlnaLed by Lhe forelgn brands consLlLuLlng
approxlmaLely 707S of Lhe LoLal markeL 1he forelgn brands operaLe ln lndla elLher Lhrough Lhe franchlsee rouLe
or Lhrough Lleups wlLh mulLlbrand waLch ouLleLs/reLall chalns
1he key players (boLh lndlan lnLernaLlonal) ln Lhe lndlan luxury waLch markeL have been llsLed ln Lhe Lable below
8rand presence |n the Ind|an |uxury watch market

key |ayers 8rands
1lmex versace Cuess nauLlca and Cpex
1lLan 1lLan Pugo xylys lasLrack nebula 1ommy Pllflger
ClLan[all MarkeLlng lnLernaLlonal brands such as MorellaLo !usL Cavalll Mlss SlxLy
8oberLo Cavalll nlna 8lccl SecLor hlllps umro LverlasL Marvln lrelll
lrls Lhrough lLs reLall sLores
LvMP Croup 1ag Peuer ulor PubloL
8lchemonL CarLler lageL
8olex 8olex 1udor
SwaLch Croup SwaLch 1lssoL Cmega Longlnes 8ado 8regueL 8lancpaln and PamllLon
Source CA8L 8esearch

88

Luxury keta|||ng Growth Dr|vers

Growth |n d|sposab|e |ncome
1he growLh ln Lhe lndlan economy resulLlng ln Lhe growLh of per caplLa dlsposable lncome of Lhe lndlan populace
from ` 3274202 ln l?08 Lo ` 3809688 ln l?09 wlLh a yoy growLh of 163 has ulLlmaLely led Lo an upward shlfL
of Lhe lndlan populace ln Lhe lncome classes (based on households lncome)
uurlng l?10 Lhe proporLlon of populace ln Lhe Mlddle class and 8lch segmenL ls expecLed Lo surge Lo 128 17
respecLlvely as agalnsL a S7 04 share accounLed by Lhe sald lncome classes respecLlvely durlng l?02
Lspeclally Lhe proporLlon of people ln Lhe 8lch segmenL has surged by more Lhan four Llmes durlng Lhe perlod l?02
l?10
1hls hlgher lncome aparL from belng saved and spenL on purchaslng necesslLles ls also geLLlng lncreaslngly spenL on
Lhe purchase of dlscreLlonary producLs Lhereby lncreaslngly drawlng Lhe lndlan masses Lowards Lhe purchase of
luxury/semlluxury producLs
Income D|str|but|on of the nouseho|ds

Income
(` `` `
thousands)*
No of nouseho|ds (mn) D|str|but|on of househo|ds ()
l? 199S96 200102 200S06 200910
(p)
199S96 200102 200S06 200910
(p)
ueprlved 90 1312 13S4 1322 1144 796 719 649 S16
Asplrers 90 200 289 413 S33 7S3 17S 219 262 339
Mlddle
Class
200 1000 4S 107 164 284 27 S7 81 128
8lch 1000 03 08 17 38 02 04 08 17
1ota| 1649 1882 2036 2219 1000 1000 1000 1000
* lncome represenLs Lhe Annual lncome Level of Lhe lndlan households ln Lhousands
Source naLlonal Councll of Applled Lconomlc 8esearch (nCAL8") CA8L 8esearch
Growth |n nNI popu|at|on

uurlng Lhe decade Lhe counLry has wlLnessed rampanL growLh ln Lhe populaLlon of Plgh neLworLh lndlvlduals
(Pnls") owlng Lo a hosL of facLors such as growLh ln Lhe lndlan caplLal markeL slnce l?02 growlng recognlLlon of
lndlan professlonals ln Lhe managemenL of Lop global organlsaLlons repaLrlaLlon of funds Lo lndla from forelgn
naLlons eLc
noLably durlng l?10 Lhe LoLal Pnl populaLlon ln lndla was recorded aL 126700 wlLh a sLaggerlng yoy growLh of
S08 as agalnsL 163 of growLh recorded ln Lhe world Pnls populaLlon durlng Lhe sald perlod Slnce Lhe growLh ln
proporLlon of Pnls can dlrecLly be corelaLed Lo Lhe growlng demand for luxury producLs ln a counLry Lhe reLallers
ln Lhe lndlan luxury markeL have beneflLed from Lhe sald growLh as can be wlLnessed from Lhelr Lurnover growLh
Grow|ng consumer c|ass

1he consumpLlon sLory of Lhe lndlan economy conLlnues Lo be drlven by Lhe growlng consumer class classlfled as
Lhe populace ln Lhe age group 1S60 years or generally Lhe worklng populace Cver Lhe decades Lhe proporLlon of
people ln Lhe sald age group has gradually surged from SS43 ln l?91 Lo 6168 durlng l?10 (p)
Lspeclally ln vlew of Lhe facL LhaL Lhe LargeL populaLlon for Lhe luxury reLall markeL generally ranges beLween people
of 2S40 years of age Lhe huge and growlng consumer base ln lndla presenLs an excellenL opporLunlLy Lo Lhe luxury
reLall brands for markeLlng Lhelr producLs ln Lhe counLry

89

Spread of |uxury stores to t|erII III c|t|es

1he luxury reLall brands operaLlng ln lndla (boLh domesLlc as well as forelgn) have expanded Lhelr reach Lo 1lerll
lll clLles durlng Lhe lasL 34 years ln a bld Lo garner a greaLer share of Lhe lndlan consumers' walleL Lven Lhough a
ma[orlLy of sLores of such reLallers remaln concenLraLed ln 1lerl clLles luxury reLallers of laLe have been aLLracLed
by Lhe prospecLs of hlgher economlc growLh emanaLlng from small Lowns and clLles whereln consumers are wllllng
Lo spend hlgher as compared Lo Lhe people ln 1lerl clLles owlng Lo Lhelr low cosL of llvlng whlle sLlll belng able Lo
malnLaln a hlgher sLandard of llvlng CLher facLors such as lower operaLlonal cosL due Lo lower sLore renLals lower
employee expenses eLc as compared Lo 1lerl clLles has been successful ln aLLracLlng luxury brands/reLallers 1he
rapld ascenL of luxury reLalllng can Lherefore be wlLnessed ln 1lerll lll clLles such as !alpur 8alpur Ahmedabad
Chandlgarh eLc whereln luxury reLallers plan furLher sLore expanslon ln Lhe nexL 4S years Lo caLch ln on Lhe luxury
reLalllng growLh bandwagon

Lmphas|s on advert|sement and brand promot|on

1he luxury reLallers/brands have lncreaslngly resorLed Lo adverLlsemenL and brand promoLlon acLlvlLles such as
endorslng producLs Lhrough 8ollywood celebrlLles sponsorlng evenLs eLc ln an efforL Lo creaLe awareness and a
creaLe brand lmage of Lhelr producL ln Lhe case of luxury brands whlch have an esLabllshed presence across lndla
such promoLlonal acLlvlLles are almed aL drawlng Lhe aLLenLlon of Lhe brands' LargeL audlence Lo Lhelr new producL
launches lllusLraLlng Lhe producL's dlsLlngulshlng feaLures 1he masslve expendlLures lncurred by Lhe brands on Lhls
fronL also enable Lhelr easy peneLraLlon ln Llerll lll clLles of Lhe counLry ln Lerms of brand recognlLlon

8rand promot|ona| measures by Luxury 8rands
8rands ] Company 8rand romot|on Measures
1lssoL Cfflclal Llmekeeper of Lhe CommonwealLh Cames 2010 uelhl
Slgned ueeplka adukone as Lhe brand ambassador
1ag Peuer Cne of Lhe sponsors of lL Leam kolkaLa knlghL 8lders
Slgned Shah 8ukh khan and rlyanka Chopra as Lhe brand ambassador
1lLan Slgned !acquellne lernandez Aamlr khan as Lhe brand ambassador
Longlnes Slgned Alshwarya 8al 8achchan as Lhe brand ambassador
Source CA8L 8esearch
Cha||enges to Luxury keta|||ng
n|gh |mport duty

ln Lhe absence of manufacLurlng unlLs of luxury brands ln lndla Lhe luxury brands/reLallers resorL Lo Lhe lmporL of
such producLs noLably Lhe lmporL duLy levled ln lndla for luxury goods ranges beLween 241S0 dependlng upon
Lhe producL belng lmporLed whlch sLands far hlgher as compared Lo Lhe lmporL duLy levled ln oLher ma[or luxury
reLalllng desLlnaLlons

lor example Lhe lmporL duLy on luxury waLches ln lndla sLands hlgh aL 40 compared Lo Lhe duLy levled aL uubal
0 Slngapore 4 and uSA 62 1he hlgher duLy sLrucLure resulLs ln Lhe correspondlng prlce lncrease of Lhe
luxury producL offered ln lndla Lhereby dlssuadlng Lhe lndlan consumers Lo purchase such producLs from Lhe lndlan
markeL 1hls also explalns Lhe reason for Lhe slgnlflcanL proporLlon of luxury purchases belng made by Lhe lndlan
resldenLs Lravelllng abroad

resence of grey market

1 hepresence of grey markeL ln lndla sLands as a ma[or LhreaL Lo Lhe growLh of luxury reLalllng Cf Lhe varlous
producLs Lhe grey markeL remalns very acLlve for brands ln Lhe waLches accessorles and wlne segmenL 1he sLrong

90

urge Lo own a brand LogeLher wlLh Lhe avallablllLy of branded producLs aL Lhrowaway prlces have been Lhe ma[or
facLor drlvlng Lhe growLh of grey markeLs
Lven Lhough over Lhe years Lhe governmenL has been able Lo curb such lllegal pracLlce Lo a greaLer exLenL Lhe
sLrlcL vlgllance and severe penalLles Lo Lhe offenders would noL only enable Lhe luxury reLallers/brands Lo flourlsh
Lhelr buslness Lhrough growlng revenues (belng losL ouL Lo such lllegal sales) buL also promoLe oLher forelgn brands
Lo enLer ln Lhe lndlan markeLs
Lower presence of |uxury shopp|ng centers

1he luxury producLs manufacLured only for Lhe class and noL Lhe mass requlres selllng producLs Lhrough reLalllng
desLlnaLlons whlch offer good amblence comforL lelsure and ease of shopplng much ln llnes wlLh Lhe hlgh sLreeL
locaLlons ln oLher counLrles where Lhe luxury reLall markeL has maLured noLably Lhe lndlan luxury reLall ls plagued
wlLh Lhe problem of a lack of good luxury shopplng cenLres Luxury reLalllng ln lndla remalns llmlLed Lo few shopplng
plazas selecL hlgh sLreeL locaLlons malls and flvesLar hoLels
Cnly Lhree cenLres ln lndla caLer Lo Lhe luxury segmenL le uLl Lmporlo uelhl u8 ClLy 8angalore and alladlum
Mumbal 1hls ln Lurn creaLes problems Lo Lhe luxury reLallers/brands ln esLabllshlng a dlsLlncL brand ldenLlLy of lLs
own and ofLen such sLores fall Lo be an eyecaLcher amongsL Lhe hundreds of oLher sLores ln a mall/shopplng
cenLre

























91


. - UUR BUSINESS

1he rlme ls an lnLernaLlonal luxury deslgner and fashlon waLch brand reLaller deallng Lhrough lLs chaln of reLall
sLores ln lndla lL has developed from a small reLall shop of a handful of lndlan brands Lo a naLlonal player havlng a
presence ln flve sLaLes of lndla carvlng a nlche for lLself as one of Lhe leadlng reLallers of lnLernaLlonal Luxury brands
of waLches ln lndla

Cur Company ls presenLly engaged ln offerlng Lhe followlng producLs ln Lhe luxury and semlluxury markeL
segmenLs
WaLches
ens
Moblles
!ewellery and
Llfe SLyle roducLs

Cur reLall ouLleLs caLer Lo Lhe enLlre range of waLches prlmarlly for men ln Lhe prlce range of ` 2000 Lo ` 2000000
Cur Company furLher deals ln eleganL showpleces of brands llke Swarovskl and Lladro wrlLlng lnsLrumenL from Lhe
house of MonL 8lanc and oLher premlum brands and moblle phones from verLu 1ag Peuer and ulor 1he Company
also dlsplays lnLernaLlonal 8randed !ewellery

Cur Company was lncorporaLed on May 11 1990 under Lhe name and sLyle of 'Chanduka Carrlers rlvaLe LlmlLed'
bearlng reglsLraLlon number 2148986 of 1990 and reglsLered wlLh 8eglsLrar of Companles WesL 8engal Cur
Company changed lLs name Lo 'SMA MarkeLlng rlvaLe LlmlLed' for whlch lL recelved fresh cerLlflcaLe of
lncorporaLlon consequenL on change of name daLed november 13 1998 1he Company LhereafLer changed lLs
name Lo 'rlme 8eLall lndla rlvaLe LlmlLed' for whlch lL recelved fresh cerLlflcaLe of lncorporaLlon consequenL on
change of name daLed !anuary 29 2008 llnally Lhe Company was converLed lnLo a ubllc LlmlLed Company and Lhe
name of Lhe Company was changed Lo 'rlme 8eLall lndla LlmlLed' wef !anuary 19 2010 and recelved a fresh
cerLlflcaLe of lncorporaLlon from uepuLy 8eglsLrar of Companles kolkaLa WesL 8engal 1he presenL reglsLered offlce
of Lhe Company ls locaLed aL 1/1 Camac SLreeL Shree Man[arl 8ulldlng SulLe no 7 SLh lloor kolkaLa700016

1wo group companles namely rlme Clocks rlvaLe LlmlLed and awan ro[ecLs rlvaLe LlmlLed who were
operaLlng ln Lhe same llne of buslness merged wlLh rlme 8eLall lndla LlmlLed ln Lerms of Lhe order daLed 7Lh !uly
2008 lssued by Lhe Pon'ble Plgh CourL CalcuLLa 1he effecLlve daLe of amalgamaLlon of Lhe sald Lwo companles was
1sL Aprll 2007

1he Company under Lhe dynamlc leadershlp of Mr 8a[lv Chopra Lhe Managlng ulrecLor has made rlme 8eLall lndla
LlmlLed a hlghly successful and quallLy orlenLed Company 1he Company has conslsLenLly reglsLered growLh ln
Lurnover and proflLablllLy over Lhe prevlous years and now proposes Lo furLher expand as deLalled ln SecLlon LlLled
Cb[ecLs of Lhe lssue" beglnnlng on age no 61 of Lhls urafL 8ed Perrlng rospecLus

Company V|s|on M|ss|on

Cur Company endeavours Lo be a Lop reLaller ln Lerms of offerlng mosL of Lhe worlds branded waLches and oLher
llfesLyle producLs 1o seL up sLores and sLudlos all over lndla offerlng world class amblence and also caLer Lo
cusLomers by provldlng perpeLual supporL Lhrough Lhe auLhorlzed servlce cenLers Cur Company plans Lo provlde
Lhe manufacLurers a sulLable mlx Lo markeL Lhelr producLs ranglng from excluslve reLall ouLleLs Lo dlsplay secLlons ln
malls and sLores

MAkkL1 8ASL CUS1CMLkS

Cverv|ew of Luxury keta|| |n Ind|a
1he lncrease ln dlsposable lncome of Lhe lndlan populace coupled wlLh Lhe wllllngness Lo spend has marked Lhe rlse
of Lhe lndlan luxury markeL WlLh Lhe gradual enLry of uS and Luropean luxury brands ln lndla ln vlew of Lhe largely
unLapped markeL Lhe luxury reLall markeL slze ln lndla sLood aL uS$3Sbn durlng C?09 Powever Lhe conLrlbuLlon of
Lhe lndlan luxury reLall markeL ln relaLlon Lo Lhe world sLands mlnlscule accounLlng for 2 of Lhe global luxury sales

92

Market s|ze of Luxury brands
keg|on ] Country Luxury Market s|ze (US5 b||||on)
Lurope 11000
!apan 2000
Chlna 8S0
lndla 3S0
Source CA8L 8esearch

As deplcLed from Lhe Lable above Lhe developed economles accounL for a hlgher share of Lhe global luxury reLall
markeL whlch ln Lurn are maLured markeLs wlLh llLLle scope for furLher peneLraLlon 1herefore slnce Lhe beglnnlng
of Lhls decade Lhe Lop global luxury brands have been eyelng Lhe growlng consumer demand from Lhe Aslan
naLlons especlally lndla and Chlna
lnLeresLlngly Lhe domesLlc sales of luxury producLs ln lndla suffers owlng Lo Lhe slgnlflcanL proporLlon of purchases
of such producLs belng made from ouLslde Lhe counLry slnce lndlan consumers save noL only on Lhe prlce fronL
owlng Lo Lhe lower duLy reglme buL also because of Lhe greaLer varleLy Lo choose from
As deplcLed below ln Lhe lndlan conLexL Lhe sale of waLches [ewellerles accounL for Lhe hlghesL proporLlon of Lhe
LoLal luxury reLall sales aL 39 wlLh Lhe number of excluslve sLores for boLh waLches [ewellery growlng aL a
scorchlng pace across Lhe naLlon CLher caLegorles such as elecLronlc goods and wlnes splrlLs accounL for a
slgnlflcanL proporLlon of Lhe LoLal luxury reLall markeL aL 2S and 21 of Lhe LoLal ple respecLlvely
AparL from reLall cusLomers Cur Company's premlum corporaLe cllenLs (former as well as currenL) lnclude Lhe llkes
of L1 Alrcel vodafone 8MW Samsung lndla Claxo SmlLh kllne nerolac alnLs and Lmaml

Source CA8L 8esearch

1he overall waLch markeL ln lndla ls esLlmaLed aL uS$222bn wlLh growLh ranglng beLween 78 annually noLably
Lhe luxury waLch markeL ln lndla even Lhough lL ls aL a nascenL sLage wlLh markeL slze of approxlmaLely uS$888mn
Lhe growLh of Lhls segmenL aL 21 yoy durlng C?09 has ouLpaced Lhe growLh of Lhe overall waLch markeL ln lndla
lmporLanLly Lhe luxury waLch markeL ln lndla conLlnues Lo be domlnaLed by Lhe forelgn brands consLlLuLlng
approxlmaLely 707S of Lhe LoLal markeL


93

MAICk SULILkS

Cur Company ls a LrusLed parLner Lo many lnLernaLlonal brands and ls a franchlsee for several Luxury 8rands (such
as 1ag Peuer 8aume Mercler 8ado and Longlnes) remlum 8rands (such as Cmega 8vlgarl Chopard lageL
ulor and lrankmuller) and lashlon 8rands (such as 1lssoL Selko Calvln kleln ukn? kenneLh Cole Cuccl lossll
Lmporlo Armanl Clordano and 8almaln)

SALLS AND MAkkL1ING
Cur Company operaLes lLs reLall buslness Lhrough Lhree Lypes of sLore formaLs

1 Mu|t|8rand Cut|ets (M8Cs) where an array of brands are dlsplayed and offered under one roof 1he
rlme Luxury WaLch 8ouLlque 1he waLches puL on shelve are prlced aL ` 20000 and above 1he rlme
Luxury WaLch 8ouLlque was flrsL launched ln 2003 lL offers on lLs shelves premlum lnLernaLlonal brands
lncludlng 8aume Mercler 8vlgarl Chopard ulor lrank Muller !aqueL uroz Leon PaLoL Lladro Longlnes
MonL 8lanc Movado Cmega lageL 8ado 8aymond Well SalvaLore lerragamo Swarovskl 1AC Peuer
ulysse nardln and verLu

2 1he r|me Duets Iash|on Watch Stud|o ls Lhe laLesL Lo Lhe array of fashlon waLch ouLleLs 1he core
concepL behlnd Lhls ls Lo provlde assurance of auLhenLlclLy Lransparency and excluslvlLy and labelled as 1he
rlme lashlon WaLch SLudlo 1he waLches puL on shelve are prlced aL ` 3000 and above 1he rlme
uueLs lashlon WaLch SLudlo was flrsL launched ln 2009

3 Lxc|us|ve 8rand 8out|que (Iranch|see 8out|que) focuses on parLlcular brand whlch aLLracLs cusLomer
loyalLy for Lhe brand 8rands offered and/or proposed Lo be offered Lhrough such Lxcluslve 8rand
8ouLlques lnclude Lhe llkes of ClLlzen SwaLch 8ado Longlnes 1lssoL Svarovskl Cmega eLc

1he layouL of each unlquely deslgned ouLleL ls done ln such a way LhaL amblence reflecLs elegance LhaL flLs Lhe
needs of a globeLroLLlng cusLomers who appreclaLe an lnLernaLlonal shopplng experlence courLeous servlce and
hlghquallLy producLs

under Lhe above menLloned Lhree caLegorles 20 sLores are currenLly belng operaLed ln lndla Lhe reglonal array of
whlch ls glven below

keg|on 1he r|me Luxury
Watch 8out|ques
1he r|me Duets
Iash|on Watch Stud|os
Lxc|us|ve 8rand
8out|ques
1ota| No of Stores
LasLern 3 3 2 8
WesLern 4 4 3 11
CenLral 1 1
1C1AL 7 8 S 20

CCML1I1ICN
1he maln compeLlLlon ls posed by Lhe reglonal players who have Lhe local daLabase research and neLwork for
poLenLlal buyers lL ls dlfflculL for naLlonal players llke '1he rlme' Lo peneLraLe such markeLs 1he naLlonal players
have Lo walk Lhe LlghLrope ln esLabllshlng a cusLomer base especlally for premlum waLches ln Lhe range of ` 40000
and above 1he local reLallers also Lend Lo sell Lhe mldrange domesLlc and lnLernaLlonal waLches ln Lhe range of `
3000 Lo ` 10000 aL subsldlzed raLes ln order Lo creaLe a markeL for Lhelr sLore

1he exlsLence of parallel and unorganlsed markeL and cheap lmlLaLlons ln Lhe luxury waLch lndusLry ls a ma[or
concern for Lhe Company Plghend waLches are sold aL Lhrow away prlces by parallel markeL runners Lhereby
adversely affecLlng Lhe markeL unaware cusLomers are ofLen noL able Lo dlsLlngulsh beLween an orlglnal and
lmlLaLlon 1he paLLern of waLch markeL ln lndla as shown below deplcLs Lhe scenarlo

Watch Segment r|ce kange (` `` `) 8rand presence
unbranded 200 1S00 8rands by Local WaLch ManufacLurers
remlum 1S00 10000 ClLlzen 1lmex SonaLa
Super remlum 10000 2S000 ukn? LsplrlL SwaLch Cmega
Luxury 2S000 8olex 1ag Peuer

94


Source CA8L 8esearch

1he key players (boLh lndlan lnLernaLlonal) ln Lhe lndlan luxury waLch markeL have been llsLed ln Lhe Lable below
key |ayers 8rands
1lmex versace Cuess nauLlca and Cpex
1lLan 1lLan Pugo xylys lasLrack nebula 1ommy Pllflger
ClLan[all MarkeLlng lnLernaLlonal brands such as MorellaLo !usL Cavalll Mlss SlxLy
8oberLo Cavalll nlna 8lccl SecLor hlllps umro LverlasL Marvln lrelll
lrls Lhrough lLs reLall sLores
LvMP Croup 1ag Peuer ulor PubloL
8lchemonL CarLler lageL
8olex 8olex 1udor
SwaLch Croup SwaLch 1lssoL Cmega Longlnes 8ado 8regueL 8lancpaln and PamllLon

Source CA8L 8esearch

9S

FLUW CHART UF THE BUSINESS PRUCESS




















8USINLSS kCCLSS

Store Manager Cn Lhe basls of monLhly sale ouL and sLock ln sLore Lhe SLore Manager ralses Lhe urchase Crder as
per Lhe requlremenLs 1he urchase Crder ls Lhen senL Lo Lhe CorporaLe Cfflce for approval

Stock Coord|nator lL ls Lhe SLock CoordlnaLor who makes a Lhorough analysls of Lhe urchase Crder 1he
analysls ls made on Lhe basls of
l uay end closlng sLock already held by Lhe respecLlve showroom
ll Average movemenL of LhaL parLlcular brand
lll osslblllLy of sLock Lransfer from oLher showroom ln case Lhe sLock level of Lhe requlred brand model ls hlgh
or non movlng on Lhe oLher showrooms

Cutcome of Ana|ys|s lf Lhe urchase Crder ls a genulne requlremenL of Lhe showroom Lhe same ls lssued Lo Lhe
respecLlve brand managers else lL ls held by Lhe CorporaLe Cfflce and Lhe processlng shops

De||very of Stock As soon as Lhe urchase Crder ls lssued Lo Lhe respecLlve brand Manager sLock reaches Lo Lhe
showroom dlrecLly on due course

Lntry and ayment rocess Cnce Lhe sLock reaches Lhe showrooms enLrles are made lmmedlaLely ln Lhe books of
accounLs ln showrooms CorporaLe Cfflce Accordlng Lo Lhe Lerms condlLlons wlLh lndlvldual brands paymenLs
are made blll wlse Lhrough cheque on Lhe due Llme

kL 8USINLSS S1kLNG1nS

G|oba||y successfu| brands w|th ||neage

1he Company deals ln successful brands of waLches whlch en[oy greaL vlslblllLy globally 1he companys producLs geL
promoLed Lhrough brand adverLlsemenL done lnLernaLlonally by respecLlve brand owners 1he presence of rlme ls
more for premlum medlum class segmenLs whlch ls lncreaslng ln huge numbers wlLh lncrease ln growLh of Lhe
economy 1he shlfLlng of classes more Lo hlgher medlum class ls on Lhe rlse and rlme has been a beneflclary of Lhe
same

urchase Crder (C)
ralsed by SLore Manager
C senL Lo corporaLe offlce
for approval
SLock CoordlnaLor evaluaLes
Lhe purchase order
lssue of Lhe C Lo brand
manager ln case lL ls a
genulne requlremenL
ulspaLch of sLock Lo Lhe
respecLlve showrooms
LnLry of sLock Lo Lhe
books of accounLs
aymenL ln due course Lo
Lhe respecLlve brand

96

Va|ue ropos|t|on and Understand|ng the Consumers

Consumers are looklng aL seeklng value on all LhaL Lhey purchase especlally ln Lougher Llmes 1hey wanL Lo seek
LhaL exLra value/beneflLs aL no exLra cosL as compared Lo whaL Lhey have been used Lo wheLher ln Lerms of producL
aLLrlbuLe sLyllng or servlces undersLandlng Lhe cusLomer ls one of Lhe mosL lmporLanL skllls requlred Lo be
successful ln Lhls klnd of buslness 1he branded waLches are based on lnnovaLlve deslgns relevanL Lo lndlan LasLes
and laLesL fashlon needs

W|de Customer 8ase

1he rlme caLers Lo a wlde base of cusLomers wlLh waLches ranglng from ` 2000 Lo ` 2000000 1he company has a
collecLlon of laLesL fashlon waLches Lo Lhe mosL eleganL classlc deslgns LhaL sulL Lhe buslness and ellLe cusLomer
base allke lLs LargeL cusLomers vary ln Lhe age group of 203S years and 4060 years who prefer more sLyllzed and
eleganL waLches respecLlvely

Lxc|us|ve 8rand 8out|ques

1he Company deals Lhrough chaln of excluslve ouLleLs 1he Company provldes same amblence Lo lLs cusLomers as
Lhey avall ln lnLernaLlonal markeLs as Lhe lnLerlors are provlded by respecLlve brand owners who have speclfled
formaLs for Lhelr globally benchmarked shopplng envlronmenL 1he company provldes lLs managers lnLernaLlonal
deparLmenL sLore exposures Lo be able Lo capLure and lmplemenL besL pracLlces ln Lhe operaLlons

V|sua| Merchand|s|ng

vlsual merchandlslng ls very crlLlcal for a reLall sLore Lhe lmpacL LhaL vlsual merchandlslng can creaLe beglns wlLh
Lhe overall sLore deslgn and Lhe dlsplay mechanlsm wlLhln Lhe sLore 1he rlme has worked Lo brlng Lhe brands
personallLy allve wlLh an offbeaL dlsplay LhaL allows consumers Lo Louch and feel every producL caLegory 1he
company Lrles and keeps lL refreshed as much as posslble whlch usually ls done once a monLh buL updaLlng and
decoraLlon happen on a dally basls 1o reach Lhe consumers ln an organlzed way a loL of slgnlflcance ls belng glven
Lo Lhe vlsual merchandlslng of Lhe sLore amblence employlng deslgn flrms Lo work on floorlng llghLlng dlfferenL
shades and colors Lo brlng ln fooLfalls and ensure lnsLanL sales

Mu|t| 8rand Cut|ets

1he Company operaLes on a model of markeLlng of waLches dlrecLly Lo consumers Lhrough a chaln of MulLl 8rand
CuLleLs Care ls Laken Lo provlde Lhe laLesL deslgn waLches of lnLernaLlonal sLandards Lo sulL Lhe cusLomers
preference sLyle and affordablllLy 1he MulLl 8rand ouLleLs have helped Lhe company ln esLabllshmenL of brand
recall value wlLh Lhe cusLomers

ersona| ke|at|onsh|p at the Cut|et I|oor

Cur Company belleves LhaL lmproved cusLomer servlce provldes a Lremendous boosL Lo sales Pandlng over Lhe
declslon maklng ln cusLomer servlce Lo our ouLleL managers has empowered Lhem Lo undersLand Lhe cusLomer
beLLer and address Lhelr needs and reLaln Lhem ln order Lo lncrease brand reLenLlon
Comm|tment to ua||ty

Cur Company sLrlves Lo provlde Lhe besL of brands whlch provlde quallLy waLches wlLh regard Lo deslgn preclslon
and durablllLy 1he auLhorlzed servlce cenLers wlLh Lralned personnel Lake care of any complalnLs LhaL Lhe esLeemed
cusLomers mlghL have

Lxce||ent Consumer Connect|v|ty and Loya|ty
Cur Company ls deallng ln branded waLches whlch have loyal cusLomer base Moreover Lhe Company ls able Lo
creaLe an emoLlonal connecLlon Lhrough lLs large scale of buslness fulfllllng any demand of lLs cusLomers converLlng
Lhem lnLo loyal cusLomers for Lhe rlme

1he Company provldes speclal offerlngs Lhrough loyalLy based program called rlme AdvanLage" 1he program has
Lhree prlvllege cards ln 8lue Cold laLlnum offerlng cusLomlzed offers exclLlng promoLlons excluslve evenLs
provldlng lnformaLlon abouL laLesL branded waLches models 1he Company lssues a waLch magazlne as 1PL
8lML" magazlne for up gradaLlon of laLesL array of waLches


97

Ach|evements

Cur Company was awarded a C8lSlL 8aLlng of C8lSlL SML 3" whlch lndlcaLes Above Average level of
credlLworLhlness ad[udged ln relaLlon Lo oLher SMLs on lebruary 24 2010 1hls raLlng ls valld Llll lebruary 23
2011

Strong romoter 8ackground w|th Industry Spec|f|c Lxper|ence

1he company ls promoLed and led by Mr 8a[lv Chopra who has over Lwo decades of experlence ln Lhe waLch and
fashlon accessorles lndusLry 1hls experlence helps Lhe Lop managemenL ln Laklng approprlaLe declslons Mr 8a[lv
Chopra has also creaLed a hlghly empowered sales Leam and Leam of mldlevel managers provldlng Lhem regular
Lralnlng ln Lhelr respecLlve [obs 8egular vlslLs Lo lnLernaLlonal falrs are also provlded by Lhe Company Lo Lhe Leams
for updaLlon Lo Lhe laLesL Lrends of lnLernaLlonal waLches

SWUT ANALYSIS & CUNCLUSIUN

Strengths

1he Company deals ln successful brands of waLches of lnLernaLlonal brands 1he Company geLs promoLed
Lhrough brand adverLlsemenLs by respecLlve brand owners

1he Company caLers Lo a wlde range of cusLomers from Lhe age group of 20 years Lo 60 years Pence Lhe
cusLomer base has a consLanL Lendency Lo lncrease as Lhere ls a huge swlng for luxury llfesLyle producLs

1he Company's excluslve brand bouLlques ensure Lhe cusLomers abouL genulne producLs

1he Company showrooms offer mulLlbrand shopplng LhaL helps ln lncreaslng Lhe number of cusLomers

1he Company ls already a proflL maklng enLlLy havlng sound flnanclals over Lhe pasL years and an
esLabllshed markeLlng neLwork

romoLers are experlenced and have been ln Lhls llne for lasL several years


All Lhe earller expanslon pro[ecLs have been underLaken and lmplemenLed Llmely and successfully and
poslLlve resulLs are evldenL from lncreaslng volumes of buslness

AvallablllLy of skllled and cheap manpower

SaLlsfacLory organlzaLlonal seLup wlLh experlenced and well quallfled employees

SLrong markeLlng neLwork wlLh low selllng and dlsLrlbuLlon cosLs

Weaknesses

varlous facLors affecL Lhe cusLomer fooLfalls lncludlng cholce of locaLlon and naLure of floor layouL lacLors
such as Lhe reglonal economy weaLher condlLlons naLural dlsasLers soclal unresL as well as governmenL
regulaLlons speclflc Lo Lhe sLaLes ln whlch we operaLe also affecL our resulL from operaLlons

Clobal economlc and pollLlcal facLors LhaL are beyond Lhe Company's conLrol lnfluence Lhe forecasLs and
dlrecLly affecL performance 1hese facLors lnclude lnLeresL raLes raLes of economlc growLh flscal and
moneLary pollcles of governmenLs lnflaLlon deflaLlon consumer credlL avallablllLy consumer debL levels
Lax raLes and pollcy unemploymenL Lrends LerrorlsL LhreaLs and acLlvlLles worldwlde mlllLary and domesLlc
dlsLurbances and confllcLs and oLher maLLers LhaL lnfluence consumer confldence spendlng and Lourlsm
lncreaslng volaLlllLy ln flnanclal markeLs may cause Lhese facLors Lo change wlLh a greaLer degree of
frequency and magnlLude

1he LaxaLlon sysLem wlLhln Lhe counLry sLlll remalns complex MulLlpolnL ocLrol and Lax evaslon by smaller
sLores are some of Lhe concerns faced by organlzed reLallers Changes ln Lhese local Laxes and levles can
lmpacL Lhe performance of reLallers adversely 1he governmenL sLand on lorelgn ulrecL lnvesLmenL (lul)
lnLhe secLor ls sLlll unclear 1he absence of lul may lmpacL growLh and exposure Lo some besL pracLlces
8eLallers also have apprehenslons abouL Lhe coexlsLence of value Added 1ax (vA1) and Maxlmum 8eLall
rlce (M8)

98

lndlans love Lo purchase luxury producLs on Lhelr overseas Lrlps or Lhrough Lhe grey markeL ln lndla
WaLches and accessorles are Lhe domlnanL caLegorles for overseas and grey markeL purchase uue Lo Lhe
hlgh duLy sLrucLure consumers Lend Lo buy producLs overseas aL alrporL duLy free shops or from Lhe
grey markeL


Cpportun|t|es

ln splLe of global slowdown Lhe lndlan reLall secLor ls expandlng aL a rapld raLe Mall space from a meager
one mllllon sq fL ln 2002 was expecLed Lo Louch 7S mllllon sq fL by 2009 end says !ones Lang LaSalle's
annual 8eLaller SenLlmenL Survey Asla 1he laLesL reporL by lmages 8eLall esLlmaLed Lhe number of
operaLlonal malls Lo more Lhan double Lhe exlsLlng number by 2010 many comlng up ln Ller ll and Ller lll
clLles across lndla Accordlng Lo anoLher survey by A1 kearney lndlan's luxury reLall markeL ls esLlmaLed Lo
[ump from around $3S bllllon (` 17200 crore) Lo $30 bllllon (` 147100 crore) by 201S

1he lndlan luxury markeL ls esLlmaLed Lo be Lhe 12Lh largesL ln Lhe world and has been growlng aL Lhe raLe
of 2S per annum

1he lndlan luxury markeL ls slaLed Lo grow healLhlly ln near fuLure 1he prlmary drlvers of Lhls growLh are
o 8lslng lncome levels and wealLh
o lncreaslng awareness abouL luxury brands due Lo lncreaslng lnLernaLlonal exposure
o lncreaslng consumerlsm
o A greaLer supply of luxury good wlLhln Lhe counLry

AparL from Lhe ma[or meLropollLan clLles Lhe luxury markeL ls seelng growLh ln smaller clLles llke une
Ahmedabad and 8aroda eLc CaplLallslng on Lhls Cur Company ls looklng Lo esLabllsh more flagshlp sLores
consequenLly lncrease lLs presence across lndla over Lhe nexL few years

1he boom ln corporaLe lndla and Lhe rapld openlng of Lhe lndlan markeL have glven rlse Lo a new breed of
luxury consumers wlLh a changed mlndseL and lncreased awareness and a wllllngness Lo pay a premlum for
hlgh quallLy producLs 1hese are also helplng ln susLalnlng Lhe hlgh growLh level wlLnessed ln luxury
producLs markeL ln lndla keeplng Lhem ln mlnd our Company reLalls Lhe mosL deslrable brands of luxury
waLches from Lhe world's premlum brand manufacLures

Compared Lo global sLaLlsLlcs ln Lhe luxury markeL where apparel and accessorles rule ln lndla waLches and
[ewellery ls Lhe largesL caLegory as per CA8L 8esearch


1hreats

1errorlsL aLLacks and oLher acLs of vlolence or war lncludlng Lhose lnvolvlng lndla Lhe unlLed SLaLes or
oLher counLrles may adversely affecL lndlan and worldwlde flnanclal markeLs 1hese acLs may also resulL ln
a loss of buslness confldence and have oLher consequences LhaL could adversely affecL Lhe Company's
buslness resulLs of operaLlons and flnanclal condlLlon

1he overall negaLlve lmpacL of Lhe global economles / slowdown ln economlc growLh ln lndla aL
anyLlme may hamper Lhe plans and performance of Lhe Company

Lxchange 8aLe llucLuaLlons may have lmpacL on Lhe performance of Lhe Company

SouLh Asla has from Llme Lo Llme experlenced lnsLances of clvll unresL and hosLlllLles among nelghbourlng
counLrles such as beLween lndla and aklsLan MlllLary acLlvlLy or LerrorlsL aLLacks ln Lhe fuLure could
lnfluence Lhe lndlan economy by dlsrupLlng communlcaLlons and maklng Lravel and LransporLaLlon more
dlfflculL Such pollLlcal Lenslons could creaLe a greaLer percepLlon LhaL lnvesLmenLs ln lndlan companles
lnvolve a hlgher degree of rlsk 1hls ln Lurn could have a maLerlal adverse effecL on Lhe markeL
forsecurlLles of lndlan companles lncludlng our LqulLy Shares and on Lhe markeL for Lhe Company's
producLs and servlces

A slgnlflcanL change ln Lhe CovL of lndla's economlc llberallzaLlon and deregulaLlon pollcles or key
lndusLrles regulaLlons Lhe rlsk could dlsrupL Lhe buslness of Lhe Company




99


1he resLrlcLlon on lorelgn ulrecL lnvesLmenL (lul) lmpedes new brands from enLerlng Lhe lndlan markeL
8uL lf Lhe CovernmenL loosen lul resLrlcLlons and allow Lhe forelgn companles Lo lnvesL dlrecLly LhaL wlll
be a clear LhreaL Lo Lhe buslness of all naLlonal players llke our Company

osL W1C lndla ls exposed Lo greaLer lnLernaLlonal compeLlLlon


Inte||ectua| roperty

1he company Lhrough lLs advocaLes uSen Co paLenLs Lrademark aLLorneys made an appllcaLlon daLed
2/12/2009 along wlLh a cheque of ` 2S00 drawn ln Lhe favor of Lhe 8eglsLrar of Lrademark" for reglsLraLlon of Lhe
mark 1he rlme" as a Lrademark under class 3S ln respecL adverLlslng ulsLrlbuLlon markeLlng wholesale
deparLmenLal sLore Lradlng servlce relaLlng Lo reLall excluslve showrooms 1he appllcaLlon for reglsLraLlon ls
currenLly pendlng
8USINLSS S1kA1LG

Custom|sed Serv|ce

1he Company's sLores are planned Lo be seL up LhroughouL lndla and would provlde beLLer servlce Lo cusLomers by
reachlng ouL Lo Lhem 8lL's markeLlng Leam ls proacLlve ln provldlng personallzed servlce Lo lLs cusLomers even aL
Lhelr doorsLep

Lffect|ve Sa|es 1eam

1he Company deploys quallfled Lralned and experlenced reLall speclallsLs ln Lhelr sLores Lo effecLlvely caLer Lo Lhe
cusLomers' requlremenLs and help Lhem Lo plck a brand besL sulLed for Lhem 8lL concenLraLes on bulldlng and
malnLalnlng '1he rlme' loyalLy among lLs presLlglous cusLomers 1he sales Leam focuses noL merely on generaLlng
revenues buL also malnLalnlng quallLy cusLomer base

AfterSa|esServ|ces

1he Company offers efflclenL and qulck afLersalesservlce Lo cusLomers 1he Company malnLalns LhaL afLersales
servlce ls very crlLlcal for brand equlLy Lo be able Lo bulld LrusL and confldence ln cusLomers 1he Lechnlclans ln
auLhorlsed servlce cenLers are mosLly Lralned ln SwlLzerland and Lhey are equlpped Lo provlde soluLlons Lo any Lype
of problems faced by cusLomers afLer sales

Ded|cated team for corporate sa|es

8lL has a separaLe sales Leam LhaL excluslvely deals wlLh corporaLe cusLomers for bulk supply of waLches wlLh
cusLomlzed deslgn as per requlremenL 1he rosLer of premlum corporaLe cllenLs (pasL and presenL) lnclude Lhe llkes
of L1 Alrcel vodafone 8MW Samsung lndla Claxo SmlLh kllne nerolac alnLs and Lmaml

Crossromot|ons

8lL's enLlre markeLlng Leam creaLes varlous avenues for crosspromoLlons wlLh greaL enLhuslasm Comblned wlLh
verbal publlclLy 8lL's producLs are scallng new helghLs ln Lhe reLall luxury and fashlon accessorles 1he Company
has lnLroduced loyalLy card programme LlLled 'rlme AdvanLage' Lo Lhelr esLeemed cusLomers as a Loken of
appreclaLlon for Lhelr paLronage lL ls a ploneerlng move by any mulLlbrand reLaller ln lndla As a new lnlLlaLlve Lo
keep waLch lovers updaLed 8lL has launched a house magazlne 1he rlme Luxury of 1lme' whlch conLalns Lhe
laLesL developmenL of waLch lndusLry new launches upcomlng sLores and achlevemenLs of Lhe Company and a
secLor as a whole


Var|ance of Luxury

8lL asplres Lo acqulre lnLroduce and caLer Lo Lhe laLesL varlance of luxury Lo Lhelr cusLomers and glve cusLomlzed
servlces keeplng ln mlnd Lhe laLesL fashlon and Lrends 1he Company ls franchlsee of ma[orlLy Swlss brands llke
SwaLch 1ag Peuer Clrard erregaux eLc and also brands from oLher counLrles llke Selko Cuccl and ukn? 1he
Company's prlme moLLo ls Lo puL on dlsplay Lhe besL from Lhe hlerologlcal world ln Lerms of crafLsmanshlp
lnLrlcacles and LradlLlons


100


8|oom|ng Market

WrlsL waLches form an lnLegral parL of Lhe personallLy of lndlvlduals ln Lhe presenL era Larller seen as a luxury
lLem Lhey are now wlLnesslng a fundamenLal change ln percepLlon and are now galnlng respecL as an essenLlal
uLlllLy lLem lor waLch lndusLry Llme seems Lo be ln lLs favour wlLh llberallsaLlon of lndlan markeL coupled wlLh Lhe
rlslng purchaslng power of Lhe young consumerlsL lndlans 8uyers are exLremely choosy abouL Lhe brand and Lype
of wrlsL waLches Lhey wear 8elng exLremely brand consclous Lhelr LasLes have evolved over Lhe years and have
gone beyond realms of durablllLy Lo choose ln Lerms of aesLheLlcs and elegance 1hus lL ls buyers wlLh mulLlLude of
deslgns LhaL have enLered and flooded Lhe markeL place 8lL wanLs Lo spread lLs wlngs ln Lhls changlng
envlronmenL

CUk CLkA1ICNS

LCCA1ICNS

xlstloq 5bops/Ootlets

under Lhe below menLloned Lhree caLegorles 20 sLores are currenLly belng operaLed ln lndla Lhe reglonal array of
whlch ls glven below

keg|on 1he r|me Luxury
Watch 8out|ques
1he r|me Duets
Iash|on Watch Stud|os
Lxc|us|ve 8rand
8out|ques
1ota| No of Stores
LasLern 3 3 2 8
WesLern 4 4 3 11
CenLral 1 1
1C1AL 7 8 S 20


ln addlLlon Lo Lhe above Lhe Company has one excluslve Servlce CenLre aL SouLh ClLy Mall kolkaLa whlch ls manned
by Lechnlclans Lralned from SwlLzerland 1he Servlce CenLre can address Lo any Lype of problems ln waLches for
dlfferenL lnLernaLlonal brands llke Cmega 8ado Longlnes 1lssoL SwaLch ulor 1orq Chopard Selko ClLlzen eLc

1be pteseot llst of stotes opetoteJ by oot compooy lo votloos boseJ oo eocb stote fotmot ls os qlveo below

Sr No 1he r|me Luxury Watch 8out|ques
1 lorum Llgln 8oad kolkaLa 700 020
2 ClLy CenLre Mall kolkaLa 700 064
3 SouLh ClLy Mall kolkaLa 700 068
4 MCl MeLropollLan Mall !alpur 302 001
S uev Arc Mall Ahmedabad 380 01S
6 narlman olnL Mumbal 400 021
7 Cberol Mall Coregaon (LasL) Mumbal 400 063
Sr No 1he r|me Lxc|us|ve 8rand 8out|ques
1 SecLor l SalL Lake kolkaLa 700 064 (ClLlzen)
2 Manl Square ManlckLala kolkaLa 700 0S8 (SwaLch)
3 narlman olnL Mumbal 400 021 (8ado)
4 narlman olnL Mumbal 400 021 (Longlnes)
S CenLral ALrlum ChaLkopar Mumbal 400 086 (1lssoL)
Sr No 1he r|me Duets Fashion Watch Studio
1 ClLy CenLre Mall kolkaLa 700 064
2 MarLln 8urn Pouse 8n Mukher[ee 8oad kolkaLa 700 001
3 8ash 8eharl Avenue kolkaLa 700 029
4 ClLy Mall CL 8oad 8alpur 492 006

101
S uev Arc Mall Ahmedabad 380 0S9
6 8 ClLy Mall ChaLkopar Mumbal 400068
7 narlman olnL Mumbal 400 021
8 MCl MeLropollLan Mall !alpur 302 001

Proposed 5hops/Out/ets

under Lhe below menLloned Lhree caLegorles 18 sLores are proposed Lo be operaLed ln lndla Lhe reglonal array of
whlch ls glven below


keg|on 1he r|me Luxury
Watch 8out|ques
1he r|me Duets
Iash|on Watch Stud|os
Lxc|us|ve 8rand
8out|ques
1ota| No of Stores
LasLern 2 3 1 6
WesLern 3 2 1 6
CenLral 1 1
norLhern 2 2 4
SouLhern 1 1
1C1AL 7 9 2 18


EXISTINC PRUPERTIES:

1he glsL of Lhe areas of land / sLores presenLly owned / leased by Lhe Company along wlLh Lhe areas belng uLlllzed
by Lhe Company for lLs reLall ouLleLs ls as under
Sr
No
Locat|on
Area (sq
ft super
bu||t up)

Nature of
Interest
Lessor ]
L|censor
Va||d|ty of
Agreement
Depos|t ]
roperty
va|ue
Usage
1 1/1 Camac
SLreeL Shree
Man[arl 8ulldlng
SulLe no 7 SLh
lloor kolkaLa
700016
1S99 +
242 sq fL
of Lerrace
area
lreehold Conveyance
deed daLed
uecember 24
2009
Assessed
value `
10268204
+ SLamp
duLy `
718884
8eglsLered
Cfflce
2 203 ureamplex
ClLy CenLer
uurgapur 16
WesL 8engal
76S sq fL Leasehold urban
uevelopmenL
uepL
CovernmenL
of WesL
8engal
AgreemenL
daLed AugusL 7
2007 99 years
of lease
commenclng
from 6/10/2006
Lease for
remlum
and rlce
for 1ransfer
` 1912 S00
SubleL Lo
oLhers
3 148 8ash 8eharl
Avenue kolkaLa
29
4S0 sq fL
bullL up
area
Leasehold Mr 8a[lv
Chopra
AgreemenL
daLed Aprll 1
2010 36
monLhs valldlLy
wlLh same
commencemenL
daLe
` 270000 as
deposlL
amounL
8eLall
CuLleL
4 C8CSS 8oads 2
Shop no 1821
2730 Cround
lloor narlman
olnL Mumbal
400021
2790 sq
fL super
bullL up
Leasehold oonawala
llnanclals
rlvaLe
LlmlLed
AgreemenL
daLed AugusL
23 2008 60
monLhs Lenure
`4044000
as deposlL
amounL
8eLall
CuLleL

102
Sr
No
Locat|on
Area (sq
ft super
bu||t up)

Nature of
Interest
Lessor ]
L|censor
Va||d|ty of
Agreement
Depos|t ]
roperty
va|ue
Usage
S SouLh ClLy Mall
Shop no C2S
Cround lloor
37S rlnce
Anwarshah 8oad
kolkaLa700068
141S sq
fL super
bullL up
Leasehold SouLh ClLy
ro[ecLs
(kolkaLa)
LlmlLed
AgreemenL
daLed AugusL 6
2009 9 years
Lenure
` 77787S as
deposlL
amounL
8eLall
CuLleL
6 ClLy Mall 36
Cround lloor
Shop no 14
naLlonal
Plghway6 CL
8oad 8alpur
492006
136S sq
fL super
bullL up
Leasehold ClLyMall
uevelopers
rlvaLe
LlmlLed
AgreemenL
daLed March 22
2007 9 years
Mall
commencemenL
daLe !uly 2007
` 331 69S
as deposlL
amounL
8eLall
CuLleL
7 Cberol Mall
Shop no C02
Cround lloor
Cll WesLern
Lxpress Plghway
Coregaon (LAS1)
Mumbal400063
793 sq fL
carpeL
area
Leasehold Cberol Mall
rlvaLe
LlmlLed
AgreemenL
daLed !uly 28
2008 60
monLhs Lenure
CommencemenL
daLe SepLember
2S 2008
` 60 lakhs as
deposlL
amounL
8eLall
CuLleL
8 lC8uM 10/3
Llgln road 3rd
floor shop no
307 kolkaLa
700 020
11S3 sq
fL super
bullL up
Leasehold namraLa
1radlng
rlvaLe
LlmlLed
AgreemenL
daLed Aprll 28
2003 9 years
Lenure
CommencemenL
daLe March 1
2003
` 103770 as
deposlL
amounL
8eLall
CuLleL
9 ClLy CenLre Mall
AuC 8lock
SecLor1 2nd
lloor Shop no
203 kokaLa
700064
680 sq fL
super bullL
up
Leasehold M/s 8engal
Ambu[a
MeLro
uevelopmenL
LlmlLed
AgreemenL
daLed
SepLember 01
2004 108
monLhs Lenure
` 163200 as
deposlL
amounL
8eLall
CuLleL
10 ClLy CenLre Mall
A uC 8lock
SecLor1 2nd
lloor Shop no
204 kokaLa
700064
680 sq fL
super bullL
up
Leasehold M/s 8engal
Ambu[a
MeLro
uevelopmenL
LlmlLed
AgreemenL
daLed
SepLember 01
2004 108
monLhs Lenure
` 163200 as
deposlL
amounL
8eLall
CuLleL
11 ClLy CenLre Mall
A uC 8lock
SecLor1 2nd
lloor Shop no
20S kokaLa
700064
780 sq fL
super bullL
up
Leasehold
(ClLlzen
WaLches
lranchlsee)
Llcensor
CCL PoLel
8esorL Co
LLd

Llcensee
ClLlzen
WaLches
(lndla)
rlvaLe
LlmlLed
67 monLhs
Lenure from
uecember 1
2007
lranchlsee
accepLance Lo
come lnLo effecL
from CcLober 1
2007
` 234000 as
deposlL
amounL
8eLall
CuLleL

103
Sr
No
Locat|on
Area (sq
ft super
bu||t up)

Nature of
Interest
Lessor ]
L|censor
Va||d|ty of
Agreement
Depos|t ]
roperty
va|ue
Usage
12 164/1
ManlckLala Maln
8oad Manl
Square 1sL lloor
Shop no118
kolkaLa7000S8
392 sq fL
super bullL
up
Leasehold Manl Square
LlmlLed
AgreemenL
daLed !une 3
2008
` 490000 as
deposlL
amounL
8eLall
CuLleL
13 8oom no 14
Cround lloor
8n Mukher[ee
8oad kolkaLa
700001
47S sq fL
super bullL
up
Leasehold ?u
roperLles
lnvesLmenL
rlvaLe
LlmlLed
AgreemenL
daLed March 1S
199S renewed
on Aprll 1 2009
` 100000 as
securlLy
deposlL
8eLall
CuLleL
14 MCl
MeLropollLan
Mall 8als
Codam Shop no
Cl 16 ground
floor !alpur
302001
1204 sq
fL
Leasehold 8eena
Agrawal
8eeLa
Agrawal
3 years Lenure
LCl and
CommencemenL
daLe May 1
2009
` 22S7S0 as
securlLy
deposlL
(8eena
Agrawal) + `
22S7S0 as
securlLy
deposlL
(8eeLa
Agrawal)
8eLall
CuLleL
1S uev Arc Mall
Shop no 19
Cround lloor
SC 8oad
Ahmedabad
3800S9
133S sq
fL super
bullL up
Leasehold Mr
Ashokbhal
keshubhal
aLel
AgreemenL
daLed
20/09/2008
Lease Lenure of
9 years
SecurlLy
deposlL of
8s 480600
8eLall
CuLleL
16 C30 8 ClLy Mall
ChaLkopar
Mumbal
400086
1S30 sq
fL
Leasehold 8 Mall
uevelopers
rlvaLe
LlmlLed
Lease
CommencemenL
daLe !uly 17
2009 36
monLhs Lenure
SecurlLy
ueposlL of `
612000
8eLall
CuLleL
17 C67 8 ClLy Mall
ChaLkopar
Mumbal
400086
137441
sq fL
chargeable
area
Leasehold 8 Mall
uevelopers
rlvaLe
LlmlLed
Lease
CommencemenL
daLe !uly 17
2009 36
monLhs Lenure
8eLall
CuLleL
























104


kCCSLD Cut|ets

Ser|a| C|ty Locat|on Store Iormat
1 Mumbal nlrmal LlfesLyle Mall M8Cu
2 AmrlLsar Alfa C CorporaLlon M8CL
3 nagpur Lmpress ClLy Mall M8CL
4 !alpur World 1rade ark (SLore 1) M8CL
S kanpur 2 Square Mall M8Cu
6 8anchl !u Plgh SLreeL M8Cu
7 8hopal ualnlk 8haskar Mall M8Cu
8 !alpur World 1rade ark (SLore 2) M8Cu
9 !alpur World 1rade ark (SLore 3) L8C
10 Allahabad vlnayak ClLy CenLre M8Cu
11 Mumbal 8a[ Mall 1hane M8CL
12 kolkaLa Avanl 8lverslde Powrah (SLore 1) M8Cu
13 kolkaLa Avanl 8lverslde Powrah (SLore 2) M8CL
14 kolkaLa 1opsla 8oad M8CL
1S Mangalore ClLy CenLre Mall M8Cu
16 Curgaon !Mu Arcade MC 8oad M8CL
17 Slllgurl ClLy CenLre Mall M8Cu
18 kolkaLa AlrporL L8C
noLe M8Cu denoLes MulLl8rand CuLleL '1he rlme uueLs lashlon WaLch SLudlo'
M8C L denoLes MulLl8rand CuLleL '1he rlme Luxury WaLch 8ouLlque'
L8C denoLes 'Lxcluslve 8rand 8ouLlque'

PRESENT INFRASTRUCTURE FACILITIES

Manpower kequ|rements

8esldes Lhe Lop managemenL our Company has 18 permanenL employees CuL of Lhese 6 are deployed as Lhe
admlnlsLraLlve sLaff and 12 are recrulLed as Lhe shop sLaff/reglsLered offlce of Lhe company aL kolkaLa 1here has
been a decenL Leam slze and Lhe same are belng adequaLely deployed 1here are varlous Leam bulldlng measures
and oLher lnlLlaLlves ln Lhe organlzaLlon Lo ensure LhaL Lhe employee Lurnover ls kepL aL a mlnlmal level 1he
manpower deLalls are as follows

Category
Nos of Lmp|oyees
resent roposed 1ota|
AdmlnlsLraLlve SLaff 6 10 16
Shop SLaff 12 SS 67
1ota| 18 6S 83

ln addlLlon Lo Lhe above our Company has also enLered lnLo servlce agreemenLs wlLh provlders of human resources
managemenL and consulLancy servlces ueLalls of human resources managemenL provlders are as follows

1 Servlce AgreemenL daLed Aprll 01 2007 wlLh M/s kCn SecurlLy
2 Servlce AgreemenL daLed Aprll 01 2008 wlLh M/s CenLral SecurlLles




10S


EXISTINC PRUDUCT RANCE

1he Company offers an array of offers on lLs shelves premlum lnLernaLlonal brands lncludlng 8aume Mercler
8vlgarl Chopard ulor lrank Muller !aqueL uroz Leon PaLoL Lladro Longlnes MonL 8lanc Movado Cmega
lageL 8ado 8aymond Well SalvaLore lerragamo Swarovskl 1AC Peuer ulysse nardln and verLu 1he rlme
uueLs lashlon WaLch SLudlo was flrsL launched ln 2009 ln Mumbal whlch sLores a mlx of luxury and fashlon
producLs 1he rlme ouLleLs have puL on shelve luxury waLches moblle phones (llke verLu and 1ag) and oLher
luxury lLems llke MonL 8lanc pens and MonL 8lanc walsL belLs 1he producL ranges are deLalled ln brlef below
(Source web slLes of respecLlve brands)

8aume Merc|er
8aume Mercler was born ln 1920 from Lhe alllance of Lwo men Wllllam 8aume and aul Mercler 1he hlsLory of
Lhe brand goes back ln Llme when Lhe 8aume broLhers founded Lhelr manufacLurlng buslness ln 1830 ln Lhe Swlss
!ura MounLalns AccepL only perfecLlon only manufacLure waLches of Lhe hlghesL quallLy 1he orlglnal slogan of
Lhe 8aume broLhers ls carrled on Loday ln 8aume Mercler waLch producLlon workshops Surely Lhe conLrasL of
Lhe rlgorous and preclse 8aume wlLh Lhe arLlsLlc and free Lhlnklng Mercler has broughL LogeLher Lhe besL of form
and funcLlon ln Lhe dlsLlncL 8aume Mercler Llmepleces 1helr waLches have a rlch and sLorled LradlLlon ln Swlss
waLch maklng and are deslgned and crafLed accordlng Lo Lhe sLrlcLesL crlLerla and Swlss LradlLlons A sample vlew ls
glven below (Source wwwbaumeeLmerclercom)




8v|gar|

SoLlro 8ulgarl emlgraLed from hls naLlve Creece Lo lLaly ln 1879 Pls flrsL shop opened ln 8ome ln 1884 1hen ln
190S wlLh hls Lwo sons ConsLanLlno and Clorglo he opened hls flagshlp 8ulgarl sLore on vla CondoLLl lL remalns
Lhere Lo Lhls day 8ulgarl8ulgarl flrsL lnLroduced ln 1977 ls Lhe brands mosL unmlsLakable deslgn lL feaLures Lhe
8ulgarl name engraved Lwlce around Lhe bezel A sample vlew ls glven below (Source wwwbvlgarlcom)



Chopard

Chopard has been manufacLurlng rellable Llmepleces slnce 1860 lL was ln LhaL year LhaL Loulsulysse Chopard seL
up hls Swlss !urabased facLory AfLer belng ln Lhe Chopard famlly for Lhree generaLlons Lhe company was acqulred
ln 1963 by Lhe Scheufele famlly whose handson ownershlp has Lransformed Lhe presLlglous brand A sample vlew
ls glven below





106

D|or

lrench deslgner ChrlsLlan ulor ln collaboraLlon wlLh lndusLrlallsL Marcel 8oussac formed Lhls lconlc fashlon house ln
laLe 1946 Success was qulck for Lhe LalenLed 41 year old fashlon deslgner lrom deslgnlng for leadlng Pollywood
sLars Lo hls cover of 19S7s 1lme Magazlne ulor changed Lhe face of fashlon as we know lL 1he ulor group ls now
an lnLernaLlonal powerhouse manufacLurlng fashlon for men and women accessorles fragrances beauLy producLs
and flne [ewelry Along wlLh oLher fashlonforward flne [ewelry Lhe Pouse of ulor produces a sLunnlng collecLlon of
flne Llmepleces manufacLured from Lechnologlcally lnnovaLlve maLerlals A speclmen of ulor waLch ls glven below




1AG neuer

1AC Peuer Lhe leader ln presLlglous sporLs waLches and chronographs slnce 1860 ls one of Lhe largesL and fasLesL
growlng luxury Swlss waLch brands 1he Swlss waLch maklng legend draws upon lLs acLlve engagemenL ln Lhe world
of sporLs Lo creaLe Lhe mosL accuraLe measurlng lnsLrumenLs and sporLs waLches ln Lhe world 1AC Peuer ls Loday
Lhe flrsL waLchmaker ever Lo masLer luxurlous Chronographs wlLh an unsurpassed preclslon of 1/10Lh 1/100Lh and
1/1000Lh of a second lrom Lhe Clymplc Cames ln Lhe 1920s Lo lLs role as offlclal Llmekeeper Lo wlLhln 1/10000Lh
of a second for Lhe legendary lndy S00 1AC Peuer ln a consLanL quesL for lnnovaLlon excellence performance and
presLlge conLlnues Lo alm ever hlgher A sample vlew ls glven below




Iranck Mu||er

lranck Muller graduaLed from Lhe renowned waLchmakers school ln Ceneva hls homeLown AlLhough he began
produclng waLches a decade earller lL was only ln 1991 LhaL he esLabllshed Lhe company LhaL bears hls name
lranck Muller ls an accompllshed and hlghlyskllled waLchmaker LhaL produces some excepLlonal Llmepleces mosL
of whlch are of llmlLed edlLlon A sample vlew ls glven below



Iaquet Droz

lerre !aqueL uroz creaLed hls flrsL waLch manufacLure ln La Chauxdelonds SwlLzerland ln 1738 Lhe second ln
London ln 1774 followed by Lhlrd ln Ceneva ln 1784 Lhe flrsL waLch manufacLure ever seL up ln Lhls Lown 1hanks
Lo lLs madeLomeasure dlal concepL based on naLural mlnerals each !aqueL uroz Llmeplece Lhus becomes unlque
peerless rare and preclous lor !aqueL uroz Lrue luxury ls unosLenLaLlous and comes ln llmlLed numbers 1haL ls
why !aqueL uroz ls brlnglng ouL numbered serles of numerus Clausus models 1helr powerful symbollsm ls based on
Lhe numerology of Lhe number elghL whlch slgnlfles fulflllmenL and lnflnlLy 1woLhlrds of Lhe waLches feaLure Lhe



107

flgure elghL on Lhe dlal Lhe number of dlamonds clrcllng Lhe dlal ls always ln mulLlples of elghL and Lhe company
only produces llmlLed edlLlons ln seLs of elghL A sample vlew ls glven below



Long|nes

Llegance ls an aLLlLude Longlnes focuses Lo produce classlcally sLyled Llmepleces whlch comblne Lhe besL modern
Swlss waLch maklng Lechnology wlLh deslgns LhaL recall Lhe elegance and sLyle of earller Llmes lL played a
ploneerlng role ln numerous Lechnologlcal advances havlng a domlnanL presence parLlcularly ln aeronauLlcs and ln
Lhe fleld of sporLs Llmekeeplng all of Lhls whllsL consLanLly afflrmlng all around Lhe world LhaL elegance ls an
aLLlLude A sample vlew ls glven below







Mont 8|anc

1he modern day MonLblanc brand sprung from Lhe Slmplo llller en Company founded ln Pamburg Cermany ln
1906 Slmplo llller offlclally became MonLblanc ln 1909 1oday MonLblanc offers eleganLly deslgned Llmepleces
LhaL are Lhe very plnnacle of quallLy MonLblanc waLches comblne LradlLlonal values and Lhe perfecLlon of
LradlLlonal Swlss waLch maklng wlLh Lhe aesLheLlcs of Lhe 21sL cenLury A sample vlew ls glven below



Movado

Movado was founded ln 1881 by 19year old enLrepreneur Achllle ulLeshelm ln Lhe vlllage of La Chauxdelonds
SwlLzerland Slnce Lhen Movado has achleved a legacy of deslgn lnnovaLlon ln Llme Lechnology Movado meanlng
always ln moLlon has proved Lo be a propheLlc name for a company commlLLed Lo deslgn lnnovaLlon and Llme
Lechnology WlLh many paLenLs for breakLhrough ldeas lL has over 200 lnLernaLlonal awards for creaLlvlLy and
waLches ln 20 museums worldwlde A sample vlew ls glven below





108


Cmega

lounded ln 1848 by Louls 8randL ln Lhe Swlss Lown of La Chauxdelonds Cmega ls synonymous wlLh exLreme
accuracy exqulslLe deslgned waLches and ls consldered Lo be one of Lhe mosL popular Swlss waLch brands 1he
Creek symbol for perfecLlon Lhe Cmega logo and all LhaL lL sLands for has been drlvlng Lhe company slnce lLs
foundlng days lL has earned numerous awards and ls also known for lLs ablllLy Lo funcLlon under challenglng
condlLlons and ls auLomaLlcally assoclaLed wlLh hlsLorlcal happenlngs llke landlng on Lhe moon and a long
assoclaLlon wlLh Lhe Clymplc Cames A sample vlew ls glven below



|aget

lour generaLlons of lageL have headedup Lhls esLeemed waLchmaker slnce lLs formaLlon ln 1874 Powever lageL
ls perhaps more famous for lLs movemenLs and parLs Lhan for Lhe waLches produced under lLs own name Slnce Lhe
1960s lageL ls renowned for lLs be[eweled waLches and ulLra Lhln movemenLs A sample vlew ls glven below




kado

lormed ln 1917 as Schlup Co 8ado sLarLed by produclng waLch movemenLs only ln 19S7 Lhe company launched
lLs flrsL collecLlon of waLches under Lhe 8ado brand 8ado ls known for lLs beauLlful Llmepleces made from hlghly
scraLchreslsLanL maLerlals As a leader ln Lhe LopofLherange markeL 8ado has become famous LhroughouL Lhe
enLlre world for lLs research lnLo maLerlals sclence lL ls Lhe use of sapphlre ceramlcs and even hlghLech dlamonds
LhaL affords Lhe sLrong unlque characLer of Lhe 8ado waLch A sample vlew ls glven below



kaymond We||

8aymond Well creaLed hls company ln 1976 aL Lhe Llme when Lhe Swlss waLch lndusLry was ln Lurmoll reclslon
quallLy rellablllLy noblllLy and Lechnlcal naLure of Lhe maLerlals are Lhe sLandards LhaL Lhe brand comblnes ln Lhe
consLrucLlon of lLs models A speclflc care ls glven Lo Lhe deslgn of Lhelr waLches ln order Lo comblne ergonomlcs
reflnemenL and modernlLy MosL of Lhe 8aymond Well collecLlons draw Lhelr lnsplraLlon from ma[or muslcal works
such as arslfalLhe brands slgnaLure collecLlonuon Clovannl and CLhello Lach of Lhese collecLlons reflecLs
8A?MCnu Well's love for classlcal muslc Lhe opera and Lhe arLs A sample vlew ls glven below


109


Sa|vatore Ierragamo

SalvaLore lerragamo founded ln 1927 ls one of Lhe mosL presLlglous and lnLernaLlonally known luxury brand made
ln lLaly SalvaLore lerragamo ls now one of Lhe world's leadlng deslgners producers and dlsLrlbuLors of luxury shoes
leaLher goods accessorles fragrances and apparel for men and women lerragamo ls a brand whose knowhow has
comblned creaLlve and lnnovaLlve sLyle wlLh Lhe quallLy and crafLsmanshlp Lyplcal of Lhe besL arL of shoemaklng A
sample vlew ls glven below



U|ysse Nard|n

Slnce 1846 nardln and hls descendenLs have produced award wlnnlng Llmepleces 1hese coveLed waLches are
produced ln exLremely llmlLed quanLlLles ulysse nardlns Lechnlcal achlevemenLs are legendary lLs waLches of Lhe
lasL LhlrLy years have been exemplary Among lLs many celebraLed waLches are Lhe AsLrolablum Callleo Calllel (an
auLomaLlc waLch only 9mm Lhlck LhaL lndlcaLes Lhe helghL and dlrecLlon of Lhe sun moon and sLars) Lhe
laneLarlum Copernlcus (dlsplaylng Lhe solar sysLem) and Lhe 1ellurlum (LhaL pro[ecLs Lhe earLh ln a geographlcally
accuraLe perspecLlve from Lhe norLh ole) A sample vlew ls glven below



8a|ma|n

MonLres lerres 8almaln was creaLed ln 1987 afLer Lhe name of lerre 8almaln one of Lhe ouLsLandlng flgures of
arlslan hauLe couLure 1he 8almaln Llmepleces are cenLered on Lhe famous arabesque moLlf 1hls moLlf was Lhe
core of whaL lnsplred Lhe creaLlve genlus LhaL was lerre 8almaln Pe would use Lhls moLlf ln mosL of lLs collecLlons
Lherefore uslng Lhls deslgn for 8almaln waLches ls homage Lo lLs creaLlve splrlL 8almaln waLches are also lnsplred
from Lhe oldesL and more elaboraLe sLyle of arL ln Lhe world especlally Arab and Mandarln A sample vlew ls glven
below







110

Ck (Ca|v|n k|e|n)

ln 1997 Lhe uS deslgner Calvln kleln and Lhe SwaLch Croup pooled Lhelr LalenLs Lo creaLe Ck waLch a waLch brand
wlLh graphlc llnes LhaL are sLrlklng reflned and conLemporary Calvln kleln's fashlon deslgns have been seen all
around Lhe world and Lhe name ls now a household name synonymous wlLh sLyle ln keeplng wlLh Lhelr fashlonable
hlsLory Calvln kleln has a llne of waLches under Lhe Ck name A sample vlew ls glven below



Guess

AfLer a remarkable success ln Lhe fashlon world Lhrough Lhelr cloLhlng llnes Cuess began Lo produce fashlon
waLches ln 1984 lL dld noL Lake long Lo become a renowned brand name ln Lhe waLch markeL 1he unlque feaLures
of Lhese waLches lnclude hlgh quallLy quarLz movemenLs coupled wlLh Lhe hlghfashlon sLyle LhaL Cuess ls known
for A sample vlew ls glven below



nam||ton

1he PamllLon WaLch Company was founded ln LancasLer ennsylvanla ln 1892 PamllLon roduced lLs flrsL waLch ln
1893 deslgned by P! Caln one of Lhe company's foundlng members 1he waLches comblne a sLrong Amerlcan splrlL
wlLh Lhe unrlvalled preclslon of Lhe laLesL Swlss movemenLs and Lechnology 1he PamllLon collecLlons bulld on Lhe
brands Amerlcan herlLage Lo creaLe modern masLerpleces of deslgn and Swlss Lechnology A sample vlew ls glven
below



Vertu Mob||e

1he concepL of Lhe company ls Lo make moblle phones ln Lhe same veln as luxury waLch manufacLurers llke 8olex
lWC and aLek hlllppe 1he moblles Lhemselves are made from very expenslve maLerlals such as gold sapphlre (for
Lhe moblle screen) rubles (for Lhe bearlngs) and flne leaLher Lach moblle ls handmade A sample vlew ls glven
below





111


1AG mob||e

lor Lhe wealLhy user ofLen form comes before funcLlon and Lhls Lype of user wanLs a phone LhaL looks good lor Lhe
wellheeled moblle phone fan 1AC Peuer has a moblle phone called Lhe ML8lullS1 AuLomoblll Lamborghlnl phone
1he devlce ls bullL wlLh deslgn cues from Lhe Lamborghlnl Murclelago L 640 super car Lach phone ls engraved on
Lhe back wlLh lLs llmlLed edlLlon number and Lhe keyboard has Lhe Lamborghlnl Lrademark bull logo A sample vlew
ls glven below






112


INSURANCE DETAILS
Cur Company has Lhe followlng lnsurance pollcles as on Lhe daLe of flllng Lhls urafL 8ed Perrlng rospecLus
S
No
Name of the
Company
o||cy
No
1ype of k|sk
] Insurance
o||cy
Item Covered er|od Sum
Insured (` `` `)

rem|u
m (pa)
(`)
Irom 1o
1 1aLa AlC
Ceneral
lnsurance
Company
LlmlLed
22000
21S13
SLandard
pollcy
1 llre 8ulldlng
and/or
ConLenLs
2 8urglary
3 Money ln safe
4 Money
lnsurance
S Lmployee
lldellLy (8lder
ALLached)
6 1ravel 8aggage
(8lder
ALLached)
0110
2010
3009
2011
32S00000 39209
2 1aLa AlC
Ceneral
lnsurance
Company
LlmlLed
22000
144S0
SLandard
pollcy
1 llre 8ulldlng
and/or
ConLenLs
2 8urglary
3 Money ln safe
4 Money
lnsurance
S Lmployee
lldellLy (8lder
ALLached)
6 1ravel 8aggage
(8lder
ALLached)
0410
2010
0310
2011
S8000000 S8124
3 1aLa AlC
Ceneral
lnsurance
Company
LlmlLed
22000
16242
SLandard
pollcy
1 llre 8ulldlng
and/or
ConLenLs
2 8urglary
3 Money ln safe
4 Money
lnsurance
S Lmployee
lldellLy (8lder
ALLached)
2402
2011
2302
2012
72700000 S9S84
4 1aLa AlC
Ceneral
lnsurance
Company
LlmlLed
22000
10140
SLandard
pollcy
1 llre 8ulldlng
and/or
ConLenLs
2 8urglary
3 Money ln safe
4 Money
lnsurance
S Lmployee
lldellLy (8lder
ALLached)
0S11
2010
0411
2011
83800000 70393

113
S
No
Name of the
Company
o||cy
No
1ype of k|sk
] Insurance
o||cy
Item Covered er|od Sum
Insured (` `` `)

rem|u
m (pa)
(`)
Irom 1o
6 1ravel 8aggage
(8lder
ALLached)
S 1aLa AlC
Ceneral
lnsurance
Company
LlmlLed
22000
14SS1
SLandard
pollcy
1 llre 8ulldlng
and/or
ConLenLs
2 8urglary
3 Money ln safe
4 Money
lnsurance
3110
2010
3010
2011
41S0000 424S
6 1aLa AlC
Ceneral
lnsurance
Company
LlmlLed
22000
14129
SLandard
pollcy
1 llre 8ulldlng
and/or
ConLenLs
2 8urglary
3 Money ln safe
4 Money
lnsurance
2109
2010
2009
2011
31300000 22S44
7 1aLa AlC
Ceneral
lnsurance
Company
LlmlLed
22000
20S23
SLandard
pollcy
1 llre 8ulldlng
and/or
ConLenLs
2 8urglary
3 Money ln safe
4 Money
lnsurance
S Lmployee
lldellLy (8lder
ALLached)
0708
2010
0608
2011
317S0000 30296
8 1aLa AlC
Ceneral
lnsurance
Company
LlmlLed
22000
14747
SLandard
pollcy
1 llre 8ulldlng
and/or
ConLenLs
2 8urglary
3 Money ln safe
4 Money
lnsurance
S Lmployee
lldellLy (8lder
ALLached)
6 1ravel baggage
(8lder
ALLached)
2S11
2010
2411
2011
14670000
0
134789
9 1aLa AlC
Ceneral
lnsurance
Company
LlmlLed
22000
1424S
SLandard
pollcy
1 llre 8ulldlng
and/or
ConLenLs
2 8urglary
3 Money ln safe
4 Money
lnsurance
1809
2010
1709
2011
6100000 4922
10 1aLa AlC
Ceneral
lnsurance
Company
22000
12810
SLandard
pollcy
1 llre 8ulldlng
and/or
ConLenLs
2 8urglary
2S0S
2010
240S
2011
13100000 1S474

114
S
No
Name of the
Company
o||cy
No
1ype of k|sk
] Insurance
o||cy
Item Covered er|od Sum
Insured (` `` `)

rem|u
m (pa)
(`)
Irom 1o
LlmlLed 3 Money ln safe
4 Money
lnsurance
S 1ravel 8aggage
(8lder
ALLached)
11 1aLa AlC
Ceneral
lnsurance
Company
LlmlLed
22000
12809
SLandard
pollcy
1 llre 8ulldlng
and/or
ConLenLs
2 8urglary
3 Money ln safe
4 Money
lnsurance
S Lmployee
lldellLy (8lder
ALLached)
6 1ravel 8aggage
(8lder
ALLached)
2S0S
2010
240S
2011
12700000
0
101087
12 1aLa AlC
Ceneral
lnsurance
Company
LlmlLed
22000
16241
SLandard
pollcy
1 llre 8ulldlng
and/or
ConLenLs
2 Cfflce
LqulpmenLs
3 Money ln Safe
4 1ravel 8aggage
(8lder
ALLached)
2002
2011
1902
2012
670S000 40S4
13 1aLa AlC
Ceneral
lnsurance
Company
LlmlLed
22000
1332S
SLandard
pollcy
1 llre 8ulldlng
and/or
ConLenLs
2 8urglary
3 Money ln safe
4 Money
lnsurance
S Lmployee
lldellLy (8lder
ALLached)
6 1ravel 8aggage
(8lder
ALLached)
0907
2010
0807
2011
1742S000
0
131888
14 1aLa AlC
Ceneral
lnsurance
Company
LlmlLed
22000
31012
SLandard
pollcy
1 llre 8ulldlng
and/or
ConLenLs
2 8urglary
3 Money
lnsurance

2101
2011
2001
2012
S300000 480S
1C1AL 7933SS00
0
S84081


11S

ln addlLlon Lo Lhe above we have also Laken vehlcle lnsurance pollcles deLalls of whlch are as follows

S
No
Name of the
Company
o||cy
No
1ype of k|sk
] Insurance
o||cy
Item Covered er|od Sum
Insured (` `` `)

rem|u
m (pa)
(`)
Irom 1o
1 1aLa AlC
Ceneral
lnsurance
Company
LlmlLed
01004
61371
SLandard
ackage
pollcy
Mercedes C
200k
0812
2010
0712
2011
2242000 S129S
2 1aLa AlC
Ceneral
lnsurance
Company
LlmlLed
01004
33183
SLandard
pollcy
Ponda Clvlc 2412
2010
2312
2011
7S4800 1710S
1C1AL 2996800 68400


PRU)ECT DESICN CUNSULTANTS
none

TECHNICAL CUNSULTANTS
none



























116

. - RECULATIUN AND PULICIES

1he followlng descrlpLlon ls a summary of Lhe relevanL regulaLlons and pollcles as prescrlbed by Lhe CenLral and
SLaLe CovernmenLs 1he lnformaLlon deLalled ln Lhls chapLer has been obLalned from Lhe varlous leglslaLlons LhaL
are avallable ln Lhe publlc domaln 1he conLenL seL ouL below ls by way of an lllusLraLlon and ls noL an exhausLlve llsL
of all sLaLuLes appllcable Lo our Company's operaLlons

key Industry kegu|at|ons

We are presenLly engaged ln Lhe buslness of reLalllng varlous luxury and semlluxury goods under Lhe provlslons of
varlous CenLral CovernmenL and SLaLe CovernmenL sLaLuLes/leglslaLlons our Company ls requlred Lo obLaln and
regularly renew cerLaln llcenses/reglsLraLlons and/or Lo seek sLaLuLory permlsslons Lo conducL our buslness and
operaLlons

Shops and Lstab||shments |eg|s|at|ons |n var|ous states

Cur Company ls governed by Lhe varlous Shops and LsLabllshmenLs leglslaLlons as appllcable ln Lhe sLaLes where lL
has excluslve brand ouLleLs 1hese leglslaLlons regulaLe Lhe condlLlons of work and employmenL ln shops and
commerclal esLabllshmenLs and generally prescrlbe obllgaLlons ln respecL of lnLer alla reglsLraLlon openlng and
closlng hours dally and weekly worklng hours holldays leave healLh and safeLy measures and wages for overLlme
work

1he varlous sLaLuLes under whlch maLerlal reglsLraLlons/llcenses/consenLs /permlsslons are requlred Lo be obLalned
by us are seL ouL below

1 8ombay Shops and LsLabllshmenLs AcL 1948

2 ChaLLlsgarh Shops and esLabllshmenL AcL19S8

3 WesL 8engal Shops and esLabllshmenL AcL 1963

4 8a[asLhan Shops and Commerclal LsLabllshmenLs AcL 19S8

Contract Labour (kegu|at|on and Abo||t|on) Act 1970
1he ConLracL Labour (8egulaLlon and AbollLlon) AcL 1970 (CLA AcL") ls appllcable Lo every esLabllshmenL ln whlch
LwenLy or more workmen are employed dlrecLly or lndlrecLly on any day ln Lhe precedlng Lwelve monLhs as conLracL
labour 1he CLA AcL alms Lo abollsh Lhe sysLem of conLracL labour wherever posslble and pracLlcable and ln oLher
cases Lo regulaLe Lhe worklng condlLlons of Lhe conLracL labour s as Lo ensure Llmely paymenL of wages and
provlslon of essenLlal amenlLles

keg|strat|on under Sa|es 1ax Laws]Va|ue Added 1ax
VALUL ADDLD 1Ax
Lvery SLaLe/unlon 1errlLory ln lndla has lLs own value Added 1ax (vA1") AcL 1he Laxable evenL whlch aLLracLs Lhe
levy of vA1 ls Lhe sale of goods wlLhln a parLlcular SLaLe by a dealer

8eglsLraLlon under Lhe vA1 AcL ls of Lwo Lypes mandaLory and volunLary MandaLory reglsLraLlon ls requlred when
Lhe Lurnover of Lhe dealer exceeds Lhe Lhreshold llmlL prescrlbed ln Lhe parLlcular vA1 AcL of Lhe concerned SLaLe
1he oLher Lype of reglsLraLlon whlch ls envlsaged ls volunLary reglsLraLlon ln such a slLuaLlon Lhe dealer can geL
hlmself reglsLered aL any Llme under Lhe provlslons of Lhe vA1 AcL lrrespecLlve of lLs Lurnover

CLN1kAL SALLS 1Ax
As sLaLed above vA1 ls chargeable when a local sale ls affecLed by a dealer Powever ln cases where Lhe dealer
affecLs an lnLersLaLe sale le a sale where Lhe movemenL of goods commences ln one SLaLe and dellvery of Lhe
goods ls made ln anoLher SLaLe Lhe dealer affecLlng such sale ls requlred Lo charge CenLral Sales 1ax (CS1) on Lhe
prlce of Lhe goods belng sold



117

8eglsLraLlon under Lhe CS1 AcL ls requlred ln case of an lnLerSLaLe sale (even one sale ls enough Lo aLLracL Lhe
provlslons of CS1) ls effecLed by a dealer lrrespecLlve of Lhe prlce aL whlch Lhe same ls effecLed

1he varlous sLaLuLes under whlch maLerlal reglsLraLlons/llcenses/consenLs /permlsslons are requlred Lo be obLalned
by us are seL ouL below

1 8a[asLhan value Added 1ax AcL 2003

2 WesL 8engal value Added 1ax AcL 2003

3 CenLral Sales 1ax AcL 19S6

4 Cu[araL value Added 1ax AcL 2003

S MaharashLra value Added 1ax AcL 2003

Income 1ax Act 1961

1he Company ls requlred Lo obLaln Lhe An and 1An as per Lhe requlremenL of Lhe lncome 1ax AcL 1961
ermanenL AccounL number (An) ls a Len dlglL alphanumerlc number lssued by Lhe lncome 1ax ueparLmenL
CovernmenL of lndla All assesses or Laxpayers or persons who are requlred Lo furnlsh a reLurn of lncome musL
obLaln An lL ls mandaLory Lo quoLe An on reLurn of lncome
1ax ueducLlon AccounL number (1An) ls a Len dlglL alphanumerlc number requlred Lo be obLalned by all persons
who are responslble for deducLlng or collecLlng Lax lL ls compulsory Lo quoLe 1An ln wlLhholdlng Lax reLurn
paymenL challans and wlLhholdlng Lax cerLlflcaLes

Standard of We|ghts and Measures Act 1976
1he SLandard of WelghLs and Measures AcL 1976 was enacLed Lo esLabllsh sLandards of welghLs and measures Lo
regulaLe lnLersLaLe Lrade or commerce ln welghLs measures and oLher goods whlch are sold or dlsLrlbuLed by
welghL measure or number and Lo provlde for maLLers connecLed LherewlLh or lncldenLal LhereLo under Lhe
provlslons of Lhls AcL CenLral CovernmenL has enacLed 1he SLandards of WelghLs and Measures (ackaged
CommodlLles) 8ules 1977 1he sald 8ules prescrlbe norms for packaglng of Lhe commodlLles meanL for reLall sales
declaraLlon Lo be made on all packages manner of declaraLlons as quanLlLy of Lhe producLs ln Lhe packages name
and address of Lhe manufacLurer eLc

1he varlous oLher sLaLuLes under whlch maLerlal reglsLraLlons/llcenses/consenLs /permlsslons are requlred Lo be
obLalned by us are seL ouL below

a WesL 8engal sLaLe Lax on rofesslons 1rades Calllngs and LmploymenLs AcL 1979

b MaharashLra SLaLe 1ax on rofesslons 1rades Calllngs and LmploymenL AcL 197S

c kolkaLa Munlclpal CorporaLlon AcL1980

d WesL 8engal llre Servlces AcL 19S0

e varlous oLher SLaLuLes

LABUUR LAWS

1here are varlous leglslaLlons ln lndla whlch have deflned 'employee' and 'workman' based on facLors whlch lnLer
alla lnclude naLure of work and remuneraLlon eople who come under Lhe deflnlLlon of workman or employee are
enLlLled Lo varlous sLaLuLory beneflLs lncludlng bonus reLlremenL beneflLs and lnsurance proLecLlon
1ermlnaLlon of Lhe employmenL of a nonworkman ls governed by Lhe Lerms of Lhe relevanL employmenL conLracL
As regards a 'workman' Lhe lndusLrlal ulspuLes AcL 1947 seLs ouL cerLaln requlremenLs ln relaLlon Lo Lhe
LermlnaLlon of servlces 1hese lnclude a deLalled procedure prescrlbed for resoluLlon of dlspuLes removal and
cerLaln flnanclal obllgaLlons upon reLrenchmenL 1he appllcablllLy of such laws depends on Lhe number of workers
employed and Lhelr monLhly remuneraLlon


118

mp/oyees 5tote lnsuronce 4ct 1948

1he Lmployees SLaLe lnsurance AcL 1948 (Lhe LSl AcL") provldes for cerLaln beneflLs Lo employees ln case of
slckness maLernlLy and employmenL ln[ury All employees ln esLabllshmenLs covered by Lhe LSl AcL are requlred Lo
be lnsured wlLh an obllgaLlon lmposed on Lhe employer Lo make cerLaln conLrlbuLlons ln relaLlon LhereLo ln
addlLlon Lhe employer ls also requlred Lo reglsLer lLself under Lhe LSl AcL and malnLaln prescrlbed records and
reglsLers
mp/oyees Provident lund ond Misce//oneous Provisions 4ct 1952
1he Lmployees rovldenL lund and Mlscellaneous rovlslons AcL 19S2 provldes for Lhe lnsLlLuLlon of compulsory
provldenL funds penslon funds and deposlL llnked lnsurance funds for Lhe beneflL of employees ln facLorles and
oLher esLabllshmenLs A llablllLy ls placed boLh on Lhe employer and Lhe employee Lo make cerLaln conLrlbuLlons Lo
Lhe funds menLloned above
1he Poyment of 8onus 4ct 195
under Lhe aymenL of 8onus AcL 196S an employee ln a facLory who has worked for aL leasL 30 worklng days ln a
year ls ellglble Lo be pald bonus 1he mlnlmum bonus Lo be pald Lo each employee ls Lhe hlgher of 833 of Lhe
salary or wage or `10 and musL be pald lrrespecLlve of Lhe exlsLence of any allocable surplus lf Lhe allocable surplus
exceeds mlnlmum bonus payable Lhen Lhe employer musL pay bonus proporLlonaLe Lo Lhe salary or wage earned
durlng LhaL perlod sub[ecL Lo a maxlmum of LwenLy per cenL of such salary or wage 'Allocable surplus' ls deflned as
67 of Lhe avallable surplus ln Lhe flnanclal year before maklng arrangemenLs for Lhe paymenL of dlvldend ouL of
proflL of Lhe Company
FUREICN TRADE

Tbe Foreign Trade {Development & Regulation] Act, 99

1he lorelgn 1rade (uevelopmenL 8egulaLlon) AcL 1992 ls Lo provlde for Lhe developmenL and regulaLlon of
forelgn Lrade by faclllLaLlng lmporLs lnLo and augmenLlng exporLs from lndla and for maLLers connecLed LherewlLh
or lncldenLal LhereLo

RECULATIUNS FUR FUREICN INVESTMENT
ILMA kegu|at|ons

As lald down by Lhe lLMA 8egulaLlons no prlor consenLs and approvals are requlred from Lhe 8eserve 8ank of
lndla for lorelgn ulrecL lnvesLmenL under Lhe 'AuLomaLlc 8ouLe' wlLhln Lhe speclfled secLoral caps ln respecL of all
lndusLrles noL speclfled as lul under Lhe auLomaLlc rouLe and ln respecL of lnvesLmenL ln excess of Lhe speclfled
secLoral llmlLs under Lhe auLomaLlc rouLe approval may be requlred from Lhe ll8 and/or Lhe 88l resenLly
lnvesLmenLs ln companles engaged ln Lhe LexLlle secLor fall under Lhe 88l's 'AuLomaLlc 8ouLe' for lul/n8l
lnvesLmenL of up Lo 100 1he 88l ln exerclse of lLs power under Lhe lLMA has noLlfled Lhe lorelgn Lxchange
ManagemenL (1ransfer or lssue of SecurlLy by a erson 8esldenL CuLslde lndla) 8egulaLlons 2000 (lLMA
8egulaLlons) Lo prohlblL resLrlcL or regulaLe Lransfer by or lssue securlLy Lo a person resldenL ouLslde lndla
lorelgn lnvesLmenL ln lndla ls governed prlmarlly by Lhe provlslons of Lhe lLMA whlch relaLes Lo regulaLlon
prlmarlly by Lhe 88l and Lhe rules regulaLlons and noLlflcaLlons Lhereunder and Lhe pollcy prescrlbed by Lhe
ueparLmenL of lndusLrlal ollcy and romoLlon CovernmenL of lndla whlch ls regulaLed by Lhe ll8

UTHER RECULATIUNS
Iore|gn Investment kegu|at|ons

1he new lndusLrlal ollcy was formulaLed ln 1991 Lo lmplemenL Lhe CovernmenL's llberallzaLlon programme and
consequenLly Lhe lndusLrlal pollcy reforms relaxed lndusLrlal requlremenLs and resLrlcLlons on forelgn lnvesLmenL
ln subsequenL years Lhe CovernmenL has furLher llberallzed Lhe forelgn lnvesLmenL reglme





119
Customs kegu|at|ons

All lmporLs Lo Lhe counLry or exporLs from Lhe counLry are sub[ecL Lo duLles under Lhe CusLoms 1arlff AcL 197S
Powever Lhe CovernmenL has Lhe power Lo exempL cerLaln speclfled goods from cusLom duLy by noLlflcaLlon

FDI PULICY
1he lndlan 8eLall lndusLry Lhough llberallzed conLlnues Lo be governed by several leglslaLlons wlLh an ob[ecLlve Lo
aLLracL forelgn lnvesLmenLs and Lechnologles and aL Lhe same Llme proLecL Lhe lnLeresL of Lhe lndlan reLallers
especlally of Lhose ln Lhe unorganlzed segmenL 1he guldellnes relaLlng Lo lorelgn ulrecL lnvesLmenL (lul") ln reLall
have been furLher deLalled below

under Lhe auLomaLlc rouLe lul lnvesLmenL of upLo 100 ls allowed ln case of
o Cash and carry wholesale Lradlng
o 1radlng for exporLs (Lhls resLrlcLs 82C reLall operaLlons whlle permlLLlng 828 reLall operaLlons only)
under Lhe lorelgn lnvesLmenL romoLlon 8oard (ll8") rouLe lul lnvesLmenL of upLo 100 ls allowed ln
case of
o 1radlng of lLems sourced from Lhe smallscale secLor
o 1esLmarkeLlng of lLems for whlch a company has approval for manufacLure
lul of upLo S1 ls allowed ln slngle brand producLs as per Lhe condlLlons lald down under press noLe 3
2006 serles by Lhe ueparLmenL of lndusLrlal ollcy romoLlon (ul") 1he guldellnes ln Lhls regard
lncludes
o 1he producL should be sold under Lhe same brand lnLernaLlonally
o Such producLs should be branded durlng manufacLure
1he reta|||ng of mu|t|p|e brands by fore|gn reta||ers |s not a||owed even |f those brands are produced by a
s|ng|e manufacturer
1he mulLlbrand forelgn reLallers however can operaLe ln Lhe lndlan reLall lndusLry Lhrough rouLes such as
SLraLeglc Llcense AgreemenLs seLLlngup of manufacLurlng enLlLles ln lndla cash and carry wholesale
Lradlng and franchlslng
current/y os per the extont lul Po/icy of 6overnment of lndio loreiqn uirect lnvestment is not permitted
in the retoi/ trodinq of mu/tip/e bronds

ln addlLlon Lhe seLLlngup or expanslon of reLall ouLleLs ln Lhe counLry ls governed Lhrough varlous llcenslng
requlremenLs ln conLrasL Lo Lhe counLrles such as uk uS Slngapore eLc where a slngle wlndow clearance faclllLy
for Lhe enLlre llcenslng requlremenL exlsLs Lhe reLallers ln lndla are requlred Lo obLaln nearly 2030 llcenses
dependlng upon Lhe formaL and segmenL of Lhe reLallers' operaLlon A few promlnenL acLs governlng Lhe lndlan
reLallers have been llsLed as follows
Shops LsLabllshmenL AcL
Munlclpal CorporaLlon AcL
1he CompeLlLlon AcL








120

. - HISTURY AND CERTAIN CURPURATE MATTERS

1he rlme ls an lnLernaLlonal luxury deslgner and fashlon waLch brand reLaller deallng Lhrough lLs chaln of reLall
sLores ln lndla lL has developed from a small reLall shop of a handful of lndlan brands Lo a naLlonal player havlng a
presence ln flve sLaLes of lndla carvlng a nlche for lLself as one of Lhe leadlng reLallers of lnLernaLlonal Luxury brands
of waLches ln lndla

Cur Company ls presenLly engaged ln offerlng Lhe followlng producLs ln Lhe luxury and semlluxury markeL
segmenLs
WaLches
ens
Moblles
!ewellery and
Llfe SLyle roducLs

Cur reLall ouLleLs caLer Lo Lhe enLlre range of waLches prlmarlly for men ln Lhe prlce range of ` 2000 Lo ` 2000000
Cur Company furLher deals ln eleganL showpleces of brands llke Swarovskl and Lladro wrlLlng lnsLrumenL from Lhe
house of MonL 8lanc and oLher premlum brands and moblle phones from verLu 1ag Peuer and ulor 1he Company
also dlsplays lnLernaLlonal 8randed !ewellery

Cur Company was lncorporaLed on May 11 1990 under Lhe name and sLyle of 'Chanduka Carrlers rlvaLe LlmlLed'
bearlng reglsLraLlon number 2148986 of 1990 by Mr 8a[ kumar Agarwal and Mrs Man[udevl Agarwal and was
reglsLered wlLh 8eglsLrar of Companles WesL 8engal 1he Company changed lLs name Lo 'SMA MarkeLlng rlvaLe
LlmlLed' for whlch lL recelved fresh cerLlflcaLe of lncorporaLlon consequenL on change of name daLed november 13
1998 ln Lhe year 2001 Mr 8a[lv Chopra and Mrs Sonlya Chopra were appolnLed as ulrecLors on Lhe 8oard of Lhe
Company SMA MarkeLlng vL LLd" ln Lhe same year Lhe orlglnal promoLers reslgned from Lhe dlrecLorshlp of Lhe
Company due Lo Lhelr lncapaclLy Lo look afLer Lhe affalrs of Lhe Company and oLher preoccupaLlons and hence Mr
8a[lv Chopra and Mrs Sonlya Chopra became Lhe promoLers of Lhe Company as per Lhe deflnlLlon of promoLers
glven under SL8l (lCu8) 8egulaLlons 2009

1he Company LhereafLer changed lLs name Lo 'rlme 8eLall lndla rlvaLe LlmlLed' for whlch lL recelved fresh
cerLlflcaLe of lncorporaLlon consequenL on change of name daLed !anuary 29 2008 llnally Lhe Company was
converLed lnLo a ubllc LlmlLed Company and Lhe name of Lhe Company was changed Lo 'rlme 8eLall lndla LlmlLed'
wef !anuary 19 2010 and recelved a fresh cerLlflcaLe of lncorporaLlon from uepuLy 8eglsLrar of Companles
kolkaLa WesL 8engal 1he presenL reglsLered offlce of Lhe Company ls locaLed aL 1/1 Camac SLreeL Shree Man[arl
8ulldlng SulLe no 7 SLh lloor kolkaLa700016

1wo group companles namely rlme Clocks rlvaLe LlmlLed and awan ro[ecLs rlvaLe LlmlLed amalgamaLed wlLh
rlme 8eLall lndla LlmlLed ln Lerms of Lhe order daLed !une 18 2008 lssued by Lhe Pon'ble Plgh CourL CalcuLLa 1he
effecLlve daLe of amalgamaLlon of Lhe sald Lwo companles was 1sL Aprll 2007 under Lhe Lerms of scheme approved
under SecLlon 391394 of 1he Companles AcL 19S6 309272 LqulLy shares were alloLLed Lo Lhe shareholders of Lhe
1ransferor Companles (le rlme Clocks rlvaLe LlmlLed and awan ro[ecLs rlvaLe LlmlLed) on a comblned basls
under followlng Lerms

(l) 1o every LqulLy Shareholder of rlme Clocks rlvaLe LlmlLed" 3 (1hree) LqulLy shares of ` 10/ each
credlLed as fully pald up ln Lhe 1ransferee Company for every S (llve) LqulLy Shares of ` 10/ each fully
pald up held by such shareholder ln rlme Clocks rlvaLe LlmlLed

(ll) 1o every LqulLy Shareholder of awan ro[ecL rlvaLe LlmlLed" 4 (lour) LqulLy shares of ` 10/ each
credlLed as fully pald up ln Lhe 1ransferee Company for every 3 (1hree) LqulLy Shares of ` 10/ each fully
pald up held by such shareholder ln awan ro[ecL rlvaLe LlmlLed"

A copy of tbe nooble nlqb coott ot kolkoto otJet bos beeo moJe o pott of motetlol Jocomeots of tbls utoft keJ
nettloq ltospectos



121

1he Company under Lhe dynamlc excepLlonally lmpeccable leadershlp of Mr 8a[lv Chopra Lhe Managlng ulrecLor
has made rlme 8eLall lndla LlmlLed a hlghly successful and quallLy orlenLed Company 1he Company has
conslsLenLly reglsLered growLh ln Lurnover and proflLablllLy over Lhe prevlous years and now proposes Lo furLher
expand as deLalled ln SecLlon LlLled Cb[ecLs of Lhe lssue" beglnnlng on age no 61 of Lhls urafL 8ed Perrlng
rospecLus

Company V|s|on M|ss|on

Cur Company endeavours Lo be a Lop reLaller ln Lerms of offerlng mosL of Lhe worlds branded waLches and oLher
llfesLyle producLs 1o seL up sLores and sLudlos all over lndla offerlng world class amblence and also caLer Lo
cusLomers by provldlng perpeLual supporL Lhrough Lhe auLhorlzed servlce cenLers Cur Company plans Lo provlde
Lhe manufacLurers a sulLable mlx Lo markeL Lhelr producLs ranglng from excluslve reLall ouLleLs Lo dlsplay secLlons ln
malls and sLores

RECISTERED UFFICE & PRESENT CAPITAL

1he 8eglsLered Cfflce of Lhe Company ls locaLed aL 1/1 Camac SLreeL Shree Man[arl 8ulldlng SulLe no 7 SLh lloor
kolkaLa700016 WesL 8engal

Ma|n Cb[ects of our Company

Cur maln ob[ecL as conLalned ln our Memorandum of AssoclaLlon ls

1 1o carry on Lhe buslness of exporLers lmporLers wholesale reLall dealers sLocklsLs agenLs clearlng and
forwardlng agenL brokers dlsLrlbuLors represenLaLlves lnLenders ln all klnd of household durable goods
llke clocks waLches and parLs Lhereof Lelevlslon seLs vC8s washlng machlnes Lelephone lnsLrumenL
[ewellerles and ornamenLs made of gold and / or any oLher preclous meLals dlamonds and any oLher
commerclal merchandlse and Lo underLake repalrs and servlng Lhereof

2 1o carry on Lhe buslness or vocaLlon as advlsors consulLanLs on all maLLers relaLlng Lo flnance managerlal
lndusLrlal legal LaxaLlon boLh dlrecL and lndlrecL secreLarlal acL as share Lransfer agenLs daLa
processors sysLem analysls programmers CompuLer devlce Lechnlcal know how lnsurance agenLs and as
commerclal agenLs

Changes |n Name

Dates Lvents re|at|ng to change of name
May 11 1990 lncorporaLed as Chanduka Carrlers rlvaLe LlmlLed
november 13 1998
lresh cerLlflcaLe of lncorporaLlon consequenL Lo change ln name Lo 'SMA MarkeLlng rlvaLe
LlmlLed'
!anuary 29 2008
lresh cerLlflcaLe of lncorporaLlon consequenL Lo change ln name Lo 'rlme 8eLall lndla
rlvaLe LlmlLed'
!anuary 19 2010
lresh cerLlflcaLe of lncorporaLlon consequenL Lo change from prlvaLe Lo publlc llmlLed
company

Changes |n keg|stered Cff|ce
Address Date of Change
37A 8enLlnck SLreeL kolkaLa 700069 Slnce lncorporaLlon
148 8ash 8eharl Avenue Cround lloor kolkaLa 700029 uecember 31 2001
37A 8enLlnck SLreeL kolkaLa 700069 lebruary 1 2004
230A A!C 8ose 8oad ChlLrakooL 8ulldlng 2nd lloor SulL no 21
22 kolkaLa 700020
AugusL 18 2008
1/1 Camac SLreeL SulL no 7 SLh lloor Shree Man[arl 8ulldlng
kolkaLa 700016
May 19 2010

122

Ma[or Lvents of Cur Company
Sl. No. Date Details
1 May 11
Lh
1990 lncorporaLed as Chanduka Carrlers rlvaLe LLd
2 november 13
Lh
1998 Change ln name from Chanduka Carrlers rlvaLe LLd Lo SMA MarkeLlng vL
LLd
3 november 16
Lh
2001 Cpen flrsL Showroom of 1lmex ln WesL 8engal
4 AugusL 2
nd
2004 Cpen 2
nd
Luxury WaLch 8ouLlque aL ClLy CenLre SalL Lake kolkaLa
S november 4
Lh
2006 8eLall CuLleL Cpened aL uurgapur
6 SepLember 22
nd
2007 Cpenlng of 8eLall Showroom ln 8alpur aL ClLy Mall 36
7 CcLober 11
Lh
2007 Cpenlng of 8eLall Showroom ln !alpur aL MCl Mall 36
8 !anuary 29
Lh
2008 Change ln name from SMA MarkeLlng vL LLd Lo rlme 8eLall lndla vL LLd
9 May 9
Lh
2008 SwaLch 8ouLlque opened aL Manl Square kolkaLa
10 !une 18
Lh
2008 AmalgamaLlon of rlme Clocks vL LLd and awan ro[ecLs vL LLd wlLh
rlme 8eLall lndla vL LLd ln a sLock swap LransacLlon as per Lhe order of
Pon'ble Plgh CourL CalcuLLa
11 AugusL 7
Lh
2008 Longlnes romoLlon ln kolkaLa
12 november 12
Lh
2008 8eLall ouLleL Cpened aL Manl Square ln kolkaLa Ahmedabad Cu[raL
13 lebruary16
Lh
2009 Longlnes 8ouLlque openlng ln Mumbal C82 by Alshwarya 8al
14 March 2
nd
2009 8ado 8ouLlque openlng ln Mumbal by Ms Llsa 8ay
1S AugusL 7
Lh
2009 Cpenlng of 1he rlme" ln SouLh ClLy Mall kolkaLa
16 AugusL 13
Lh
2009 1lssoL klosh Cpenlng ln Mumbal 8C1 Mall
17 !anuary 19
Lh
2010 Change ln name from rlme 8eLall lndla vL LLd Lo rlme 8eLall lndla LLd
18 SepLember 30
Lh
2010 lssue of 8onus equlLy shares ln Lhe raLlo of S equlLy shares alloLLed for
every 1 equlLy share held

Changes |n Memorandum of Assoc|at|on
LxcepL as sLaLed below Lhere has been no change ln Lhe Memorandum of AssoclaLlon of our Company slnce
lncepLlon
SNo art|cu|ars Date
1 Change ln name from Chanduka Carrlers rlvaLe LlmlLed Lo SMA MarkeLlng rlvaLe
LlmlLed
13111998
2 lncrease ln AuLhorlsed Share CaplLal 20000 LqulLy Shares of ` 100/ each Lo S0000
LqulLy Shares of ` 100/ each
3032000
3 Subdlvlslon of equlLy shares from S0000 LqulLy Shares of face value of ` 100 Lo
S00000 LqulLy Shares of face value of ` 10 per share
30072001
4 lncrease ln AuLhorlsed Share CaplLal S00000 LqulLy Shares of ` 10/ each Lo
1000000 LqulLy Shares of ` 10/ each
01122006
S lncrease ln AuLhorlsed Share CaplLal 1000000 LqulLy Shares of ` 10/ each Lo
2000000 LqulLy Shares of ` 10/ each
2S042007
6 Change ln name SMA MarkeLlng rlvaLe LlmlLed Lo rlme 8eLall lndla rlvaLe
LlmlLed
22012008
7 Change ln name rlme 8eLall lndla rlvaLe LlmlLed Lo rlme 8eLall lndla LlmlLed 23122009
8 lncrease from 2810000 LqulLy Shares of ` 10/ each Lo 20000000 LqulLy Shares of
` 10/ each
01032010

Subs|d|ar|es of our Company

Cur Company does noL have any subsldlary as on Lhe daLe of flllng of Lhls urafL 8ed Perrlng rospecLus





123

Shareho|ders Agreement

1here are no subslsLlng shareholders agreemenLs among our shareholders ln relaLlon Lo our Company Lo whlch our
Company ls a parLy or oLherwlse has noLlce of Lhe same

Strateg|c partners

resenLly our Company does noL have any sLraLeglc parLners

I|nanc|a| partners

resenLly our Company does noL have any flnanclal parLners

Cther Agreements

a) Leave and L|cense Agreement w|th Mr ka[|v Chopra
1 Date of Agreement Aprll 1
sL
2010
2 art|es to the Agreement Cur Company (Llcensee) and Mr 8a[lv Chopra (romoLer of Cur
Company as Llcensor)
3 Va||d|ty of the Agreement Aprll 1
sL
2010 onwards for a perlod of 36 monLhs
4 key 1erms of the
Agreement
e) Llcensor has agreed Lo permlL lawful use by Llcensee of Lhe
shop space aL 148 8ash 8eharl Avenue kolkaLa 700 029

f) Llcensee shall pay Lo Llcensor a llcense fee [ ` 18000/ per
monLh for use and occupaLlon of shop space menLloned ln (a)

g) lurLher Llcensee shall also pay Lo Llcensor ` 27000/ per
monLh for use of furnlLure and flxLure Alr condlLloner elecLrlc
lnsLallaLlons done ln shop space as menLloned ln (a) above

h) Also Llcensee shall deposlL wlLh Llcensor a sum of ` 270000
as lnLeresL free refundable securlLy deposlL before Lhe former
occuples Lhe shop space as menLloned ln (a) above

b) Leave and L|cense Agreement w|th Chopra I||ms Lnterta|nment r|vate L|m|ted
1 Date of Agreement CcLober 13
Lh
2010
2 art|es to the Agreement Cur Company (Llcensor) and Chopra lllms LnLerLalnmenL
rlvaLe LlmlLed (Cur romoLer Croup Company as Llcensee)
3 Va||d|ty of the Agreement CcLober 13
Lh
2010 onwards for a perlod of 36 monLhs
4 key 1erms of the
Agreement
b) Llcensor has agreed Lo granL leave and llcense ln favour of Lhe
Llcensee Lo use and occupy one Lable space aL premlses no
1/1 Camac SLreeL Shree Man[arl 8ulldlng SulLe no 7 SLh lloor
kolkaLa700016 for a monLhly llcense fee of ` S00






124

. - UUR MANACEMENT

As per Lhe ArLlcles of AssoclaLlon our Company cannoL have less Lhan 3 ulrecLors or more Lhan 12
dlrecLors 1he 8oard of ulrecLors currenLly comprlses of 7 (Seven) dlrecLors lncludlng an alLernaLe dlrecLor

Mr 8a[lv Chopra ls Lhe Managlng ulrecLor and Mrs Sonlya Chopra WholeLlme ulrecLor are sulLably supporLed by
professlonal and Lechnlcally quallfled Leam of execuLlves who are lnvolved lnLo day Lo day affalrs of Lhe buslness of
Lhe Company under Lhe supervlslon dlrecLlon and conLrol of Lhe 8oard of ulrecLors

1he followlng Lable seLs forLh Lhe deLalls regardlng Lhe 8oard of ulrecLors as on Lhe daLe of flllng of Lhls urafL 8ed
Perrlng rospecLus wlLh SL8l

Sr
No
Name des|gnat|on
father's name Age
address DIN and
occupat|on
Date of
appo|ntment

No of Shares
he|d |n kIL
Shareho|d|ng

Cther d|rectorsh|ps ]
|nterests
Lducat|ona|
ua||f|cat|ons
1 Mr 8a[lv Chopra
Moooqloq ultectot
S/o LL !aLan Lal Chopra
Age 46 ?ears
AJJtess 4S !aLln uas
8oad kolkaLa700029
uln 0073287S
CccupaLlon 8uslness
naLlonallLy lndlan
uecember 31
2001

AppolnLed as
Managlng
ulrecLor wef
CcLober 1 2010
for S years

32S1310
3S62S
(relssue)
romoLer
M/s Chopra lllms
LnLerLalnmenL rlvaLe
LlmlLed

romoLer/roprleLor
M/s rlme WaLch
World

karLa
8a[lv Chopra Pul

MasLers ln
8uslness
AdmlnlsLraLlon
Manlpal
unlverslLy
Slkklm
2 Mrs Sonlya Chopra
wboletlme ultectot
u/o LL umrawmall
8achhawaL
Age 4S ?ears
Address 4S !aLln uas
8oad kolkaLa700029
uln 00732749
CccupaLlon 8uslness
naLlonallLy lndlan
uecember 31
2001

AppolnLed as
WholeLlme
ulrecLor wef
CcLober 1 2010
for S years

3643182
39919
(relssue)
romoLer
Chopra lllms
LnLerLalnmenL rlvaLe
LlmlLed





8achelor of
Sclence
CalcuLLa
unlverslLy
3 Mr Ashlsh Chopra
ultectot
S/o Shrl 8a[lv Chopra
Age 21 ?ears
AJJtess 4S !aLln uas
8oad kolkaLa700029
uln 01743462
CccupaLlon SLudenL
naLlonallLy lndlan
uecember 23
2009


30000
0329
(relssue)
nll

8achelor of
Sclence ln
8uslness
AdmlnlsLraLlon
8osLon
unlverslLy*
4 Mr !ay rakash Sarda
Noo xecotlve
loJepeoJeot ultectot
S/o Shrl Mangl Lal
Sarda
Age 34 ?ears
november 30
2010

0
000
romoLer/ulrecLor
M/s C1 1exLlles vL
LLd
MasLers ln
8uslness
AdmlnlsLraLlon
Slkklm Manlpal
unlverslLy

12S
Sr
No
Name des|gnat|on
father's name Age
address DIN and
occupat|on
Date of
appo|ntment

No of Shares
he|d |n kIL
Shareho|d|ng

Cther d|rectorsh|ps ]
|nterests
Lducat|ona|
ua||f|cat|ons
AJJtess 42 kall
krlshna 1agore SLreeL
kolkaLa 700007
uln 00196404
CccupaLlon 8uslness
naLlonallLy lndlan
S Mr ChlLLa 8an[an uas
Noo xecotlve
loJepeoJeot ultectot
S/o Shree kshlrode
Chandra uas
Age 71 ?ears
Address 12P Suren
Sarker 8oad kolkaLa
700010
uln 03331S68
CccupaLlon
rofesslonal
naLlonallLy lndlan
SepLember 20
2010
0
000
nll 8achelor of
Laws unlverslLy
of CalcuLLa
6 Mr !eLendra kumar
!aln
non LxecuLlve
lndependenL ulrecLor
S/o Shree kanLl Lal !aln
Age 34 ?ears
Address 67/4S8
SLrand 8oad
!orabagan kolkaLa
700006
uln 03363S64
CccupaLlon
rofesslonal
naLlonallLy lndlan
SepLember 20
2010
0
000
nll lCA 1he
lnsLlLuLe of
CharLered
AccounLanLs of
lndla
7 Mr MohlL Chopra
(AlLernaLe ulrecLor Lo
Mr Ashlsh Chopra
non LxecuLlve non
lndependenL ulrecLor)
S/o Shree 8a[lv Chopra
Age 18 ?ears 6
monLhs
Address 4S !aLln uas
8oad kolkaLa700029
uln 0338S110
CccupaLlon SLudenL
naLlonallLy lndlan
lebruary 10 2011 360
0004
nll

1he lnsLlLuLe of
CharLered
AccounLanLs of
lndla**
* CurrenLly ursulng from 8osLon unlverslLy
** CurrenLly ursulng CharLered AccounLancy professlonal course




126

8kILI 8ICGkAn CI CUk DIkLC1CkS

kCMC1LkS] 8CAkD CI DIkLC1CkS
Mk kAIIV CnCkA CnAIkMAN MANAGING DIkLC1Ck
Mr 8a[lv Chopra S/o LL !aLan Lal Chopra ls 46 years of age Pe ls a Commerce CraduaLe and holds a MasLers ln
8uslness AdmlnlsLraLlon Manlpal unlverslLy Slkklm Pe has spearheaded Lhls phenomenal growLh of 8lL Pe ls a
buslness graduaLe and has lndepLh buslness experlence of more Lhan 20 years As a class professlonal he sLarLed
hls career wlLh WaLch 1rade orlglnally deallng ln local brands llke 1lLan PM1 Caslo CC eLc AfLer gaLherlng
lnslghL ln Lhe buslness he sLarLed hls own flagshlp company WlLh Lhe moLLo Lo flll Lhe gap ln horologlcal markeL
and segmenL he sLarLed collaboraLlon and buslness from Plgh SLreeL Lo Shopplng Malls Pe ls a frequenL vlslLor ln
WaLch lalrs abroad and Lravels for procuremenL of 8rands
MkS SCNIA CnCkA WnCLL1IML DIkLC1Ck
Mrs Sonlya Chopra u/o LL umrawmal 8achhawaL ls 4S years of age She ls a sclence graduaLe and has learnL Lhe
dlfferenL avenues of buslness AparL from belng a housewlfe she sLarLed parLlclpaLlng ln house Lrade of lnhouse
buslness ln Lhe capaclLy of Whole Llme ulrecLor She ls Laklng acLlve parL ln day Lo day worklng as an lnLegral parL
of managemenL and ln execuLlon of buslness
Mk ASnISn CnCkA DIkLC1Ck
Mr Ashlsh Chopra S/o Shrl 8a[lv Chopra ls 21 years of age Pe ls pursulng 8achelor of Sclence ln 8uslness
AdmlnlsLraLlon from 8osLon unlverslLy unlLed SLaLes of Amerlca Pe ls noL acLlvely lnvolved ln Lhe Company's
operaLlons or buslness
Mk MCnI1 CnCkA AL1LkNA1L DIkLC1Ck 1C Mk ASnISn CnCkA
Mr MohlL Chopra S/o Shrl 8a[lv Chopra ls 18 years and 6 monLhs of age Pe ls currenLly pursulng CharLered
AccounLancy professlonal course from 1he lnsLlLuLe of CharLered AccounLanLs Cf lndla Mr MohlL Chopra ls
AlLernaLe ulrecLor Lo Mr MohlL Chopra who ls ln abroad and sLeps lnLo hls shoes only ln Lhe absence of Mr Ashlsh
Chopra Pe ls noL acLlvely lnvolved ln Lhe Company's operaLlons or buslness
NUN- EXECUTIVE INDEPENDENT BUARD UF DIRECTURS
1he Company ls well placed ln Lhe luxury waLch reLalllng lndusLry and ls blessed wlLh Lhe 8oard of ulrecLors
comprlslng of professlonals from varled spheres WlLh Lhe proposed expanslon pro[ecL Lhe 8oard ls of Lhe vlew LhaL
a falr parLlclpaLlon of lndependenL and well lnformed ulrecLors ls necessary Pence Lhe 8oard of Lhe ulrecLors has
been wldened by addlng lndependenL ulrecLors of repuLe and lnLegrlLy and belonglng Lo an array of spheres
A brlef abouL all Lhe lndependenL dlrecLors recenLly Laken on Lhe 8oard of Lhe Company ls placed below
Mk IA kAkASn SAkDA
Mr !ay rakash Sarda S/o Shrl Mangl Lal Sarda ls 34 years of age Pe has over 10 years of experlence ln handllng
porLfollos relaLlng Lo llnance AccounLs and SecreLarlal ueparLmenL Pe has wlde exposure Lo Lhe varlous faceLs
relaLed Lo llsLlng compllances flnanclal facade and varlous oLher compllances Pe has compleLed hls M8A under
Slkklm Manlpal unlverslLy Pe ls every blL a Leam player and geLs Lhe besL ouL of people
Mk CnI11A kANIAN DAS
Mr ChlLLa 8an[an uas S/o Shrl kshlrode Chandra uas ls 71 years of age Worked as 8eglsLrar of Companles of
Crlssa Madhya radesh Cfflclal LlquldaLor Plgh CourL aL CalcuLLa 8ombay 8eglonal ulrecLor of Madras
CalcuLLa kanpur Company Law 8oard member LasLern 8eglon CalcuLLa WesLern 8eglon 8ombay and norLhern
8eglon uelhl Worked ln Lhe MlnlsLry of CorporaLe Affalrs CovL of lndla for abouL 44 years Mr uas represenLed
CovernmenL of lndla as LxCfflclo Member ln Lhe SLock Lxchange of Madras CalcuLLa 8hubaneswar aLna
CuwahaLl and also ln lCSl of Madras CalcuLLa kanpur



127

Mk IL1LNDkA kUMAk IAIN

Mr !eLendra kumar !aln S/o Shrl kanLl Lal !aln ls 34 years of age Pe ls a CharLered AccounLanL by quallflcaLlon and
professlon Pe has more Lhan 9 years experlence ln handllng porLfollo relaLlng Lo llnance 1axaLlon eLc

All Lhe above ulrecLors belong Lo varled flelds and have plenLy of experlence ln Lhelr respecLlve genres and share
good repuLe and lnLegrlLy
Details of Borrowing Powers of Directors
1he borrowlng powers of our ulrecLors are regulaLed by Lhe ArLlcles of AssoclaLlon of our Company lor furLher
deLalls klndly refer secLlon LlLled Maln rovlslons of ArLlcles of AssoclaLlon" beglnnlng on age no 268 of Lhls urafL
8ed Perrlng rospecLus
As per Lhe members' resoluLlon passed ln Lhe LxLra Crdlnary Ceneral MeeLlng of our Company held on !anuary 1
2010 8LSCLvLu 1PA1 pursuanL Lo SecLlon 293 (1) (d) and oLher appllcable provlslons of Lhe Companles AcL 19S6
Lhe consenL of Lhe Company be and ls hereby accorded Lo Lhe 8oard of dlrecLors of Lhe Company for borrowlng
from Llme Lo Llme any sum or sums of money(s) noLwlLhsLandlng LhaL Lhe aggregaLe of such borrowlng(s) LogeLher
wlLh Lhe money(s) already borrowed by Lhe Company (aparL from Lemporary loans obLalned or Lo be obLalned from
Lhe Company's 8ankers ln Lhe ordlnary course of buslness) may exceed Lhe aggregaLe for Lhe Llme belng of Lhe
pald up caplLal of Lhe Company and lLs free reserves le reserves noL seL aslde for any speclfled purpose sub[ecL
however LhaL Lhe maxlmum amounL so borrowed shall noL aL any Llme exceed Lhe llmlL of ` 100 Crores (8upees Cne
Pundred Crores only)"
Details of Compensation of Executive Directors
1he CompensaLlon payable Lo Lhe Managlng ulrecLor/ LxecuLlve ulrecLors/ oLher ulrecLors wlll be governed by
Lhe provlslons of SecLlons 198 269 302 309 310 and 311 of Lhe Companles AcL 19S6
1he followlng compensaLlon has been approved by Lhe 8emuneraLlon CommlLLee of rlme 8eLall lndla LlmlLed
for Managlng ulrecLor and Whole1lme ulrecLor ln Lhe meeLlng daLed CcLober 04 2010 ln accordance wlLh
provlslons of Schedule xlll and oLher appllcable provlslons lf any of Lhe Companles AcL 19S6 (lncludlng any
sLaLuLory modlflcaLlons or reenacLmenL Lhereof for Lhe Llme belng enforce) Accordlngly Lhe 8oard of
ulrecLors of our Company approved Lhe Lerms and condlLlons for compensaLlon ln Lhelr meeLlng daLed
CcLober 06 2010

Mr ka[|v Chopra Cha|rman Manag|ng D|rector

ln accordance wlLh Lhe provlslons of secLlon 198 269 309 and 310 read wlLh provlslons of schedule xlll and all
oLher appllcable provlslons lf any of Lhe Companles AcL 19S6 Mr 8a[lv Chopra has been appolnLed ln 8oard
meeLlng as Managlng ulrecLor for a perlod of S years wef CcLober 1 2010 Lhrough board resoluLlon daLed
CcLober 1 2010 ln accordance wlLh provlslons of Schedule xlll of Lhe Companles AcL 19S6 on followlng
remuneraLlon Lerms
kemooetotloo
1) 5oloty

Salary erqulslLes and all oLher allowances noL exceedlng ` 23S000/ per monLh

1he Company wlll bear all expenses whlch may be lncurred on house ln accordance wlLh Lhe Managlng
ulrecLor's sLaLus lncludlng buL noL llmlLed Lo lnsurance securlLy charges malnLenance and repalr of Lhe house
and furnlLure flxLures and furnlshlngs Lhereln gas elecLrlclLy and waLer along wlLh all amenlLles faclllLles and
uLlllLles



128


2) clob lees

lees perLalnlng Lo CorporaLe/PealLh Clubs sub[ecL Lo maxlmum of Lwo clubs 1he wlll noL lnclude Admlsslon and
Llfe membershlp fees

3) MeJlcol kelmbotsemeots

Medlcal expenses lncurred by Lhe Managlng ulrecLor for self and famlly shall be relmbursed by Lhe Company
elLher dlrecLly or Lhrough Medlclalm lnsurance ln accordance wlLh Lhe 8ules of Lhe Company

4) leove 1tovel Asslstooce

1he Managlng ulrecLor shall be ellglble for Leave 1ravel AsslsLance for self and famlly once ln a year ln
accordance wlLh Lhe rules of Lhe company

S) volootloo of letpolsltes

erqulslLes menLloned ln above shall be evaluaLed ln accordance wlLh Lhe lncome 1ax 8ules 1961 wherever
appllcable and ln oLher cases aL Lhe acLual cosL Lo Lhe Company

6) Mlolmom kemooetotloo

noLwlLhsLandlng anyLhlng hereln conLalned where ln any flnanclal ?ear durlng Lhe currency of Lhe Lenure of
Mr 8a[lv Chopra as Managlng ulrecLor of Lhe Company lf Lhe Company has no proflLs or lLs proflLs are
lnadequaLe Lhe Company wlll pay remuneraLlon by way of salary and perqulslLes as speclfled above ln
accordance wlLh parL ll of Schedule xlll of Lhe Companles AcL 19S6 or any oLher law or enacLmenL for Lhe Llme
belng or from Llme Lo Llme ln force

7) cooveyooce

lree use of Company's car for Lhe work of Lhe Company along wlLh drlver lnsurance peLrol cosL of repalrs
overhaullng malnLenance and garage renL

8) commoolcotloo focllltles

1he Company shall bear all expenses for Lhe CommunlcaLlon faclllLles lnsLalled aL Lhe Managlng ulrecLor's
resldence lncludlng buL noL llmlLed Lo 1elephones (landllnes/moblles) laxes CompuLers/LapLops lnLerneL
ConnecLlon

9) otettolomeot 1tovellloq ooJ otbet loclJeotol expeoses

1he Company shall relmburse enLerLalnmenL Lravelllng and oLher lncldenLal expenses acLually and properly
lncurred by Lhe Managlng ulrecLor as may be granLed from Llme Lo Llme Lo Lhe 1op ManagemenL for Lhe
Company ln accordance wlLh relevanL schemes

10) leove

1he Managlng ulrecLor shall be ellglble for leave as per Lhe 8ules of Lhe Company and encashmenL of leave aL
Lhe end of Lhe Lenure

11) ltovlJeot looJ 5opetoooootloo looJ

1he Company's conLrlbuLlon Lo Lhe rovldenL lund SuperannuaLlon lund (or oLher beneflL of permlsslble ln lleu
Lhereof) or annulLy fund wlll be as per Lhe rules of Lhe Company and Lhe same wlll noL be lncluded ln Lhe

129

compuLaLlon of celllng on perqulslLes Lo Lhe exLenL Lhese elLher slngly or puL LogeLher are noL Laxable under Lhe
lncome 1ax AcL 1961

12) Ctotolty

CraLulLy payable ln accordance wlLh Lhe graLulLy Scheme of Lhe Company provlded LhaL lL does noL exceed one
half monLh's salary for each compleLed year of conLlnuous servlce

noLe lor Lhe purpose of perqulslLes sLaLed above famlly means Lhe spouse Lhe dependenL chlldren and
dependenL parenLs of Lhe appolnLee

1he perqulslLes lndlcaLed ln CaLegorylll shall noL be lncluded ln compuLaLlon of Lhe celllng on remuneraLlon
speclfled ln CaLegoryl of Lhls secLlon

Mrs Son|ya Chopra Who|et|me D|rector

ln accordance wlLh Lhe provlslons of secLlon 198 269 309 and 310 read wlLh provlslons of schedule xlll and all
oLher appllcable provlslons lf any of Lhe Companles AcL 19S6 Mrs Sonlya Chopra has been reappolnLed ln board
meeLlng as WholeLlme ulrecLor for a perlod of S years wef CcLober 1 2010 Lhrough board resoluLlon daLed
CcLober 1 2010 ln accordance wlLh provlslons of Schedule xlll of Lhe Companles AcL 19S6 on followlng
remuneraLlon Lerms
kemooetotloo
1) 5oloty

Salary erqulslLes and all oLher allowances noL exceedlng ` 1S0000/ per monLh

1he Company wlll bear all expenses whlch may be lncurred on house ln accordance wlLh Lhe Whole1lme
ulrecLor's sLaLus lncludlng buL noL llmlLed Lo lnsurance securlLy charges malnLenance and repalr of Lhe house
and furnlLure flxLures and furnlshlngs Lhereln gas elecLrlclLy and waLer along wlLh all amenlLles faclllLles and
uLlllLles

2) clob lees

lees of CorporaLe/PealLh Clubs sub[ecL Lo maxlmum of Lwo clubs 1he wlll noL lnclude Admlsslon and Llfe
membershlp fees

3) MeJlcol kelmbotsemeots

Medlcal expenses lncurred by Lhe Whole1lme ulrecLor for self and famlly shall be relmbursed by Lhe Company
elLher dlrecLly or Lhrough Medlclalm lnsurance ln accordance wlLh Lhe 8ules of Lhe Company

4) leove 1tovel Asslstooce

1he WholeLlme ulrecLor shall be ellglble for Leave 1ravel AsslsLance for self and famlly once ln a year ln
accordance wlLh Lhe rules of Lhe company

S) volootloo of letpolsltes

erqulslLes menLloned ln above shall be evaluaLed ln accordance wlLh Lhe lncome 1ax 8ules 1961 wherever
appllcable and ln oLher cases aL Lhe acLual cosL Lo Lhe Company




130

6) Mlolmom kemooetotloo

noLwlLhsLandlng anyLhlng hereln conLalned where ln any flnanclal ?ear durlng Lhe currency of Lhe Lenure of
SmL Sonlya Chopra as WholeLlme ulrecLor of Lhe Company lf Lhe Company has no proflLs or lLs proflLs are
lnadequaLe Lhe Company wlll pay remuneraLlon by way of salary and perqulslLes as speclfled above ln
accordance wlLh parL ll of Schedule xlll of Lhe Companles AcL 19S6 or any oLher law or enacLmenL for Lhe Llme
belng or from Llme Lo Llme ln force

7) cooveyooce

lree use of Company's car for Lhe work of Lhe Company along wlLh drlver lnsurance peLrol cosL of repalrs
overhaullng malnLenance and garage renL

8) commoolcotloo focllltles

1he Company shall bear all expenses for Lhe CommunlcaLlon faclllLles lnsLalled aL Lhe Whole Llme ulrecLor's
resldence lncludlng buL noL llmlLed Lo 1elephones (landllnes/moblles) laxes CompuLers/LapLops lnLerneL
ConnecLlon

9) otettolomeot 1tovellloq ooJ otbet loclJeotol expeoses

1he Company shall relmburse enLerLalnmenL Lravelllng and oLher lncldenLal expenses acLually and properly
lncurred by Lhe Managlng ulrecLor as may be granLed from Llme Lo Llme Lo Lhe 1op ManagemenL for Lhe
Company ln accordance wlLh relevanL schemes

10) leove

1he WholeLlme ulrecLor shall be ellglble for leave as per Lhe 8ules of Lhe Company and encashmenL of leave aL
Lhe end of Lhe Lenure

11) ltovlJeot looJ 5opetoooootloo looJ

1he Company's conLrlbuLlon Lo Lhe rovldenL lund SuperannuaLlon lund (or oLher beneflL of permlsslble ln lleu
Lhereof) or annulLy fund wlll be as per Lhe rules of Lhe Company and Lhe same wlll noL be lncluded ln Lhe
compuLaLlon of celllng on perqulslLes Lo Lhe exLenL Lhese elLher slngly or puL LogeLher are noL Laxable under Lhe
lncome 1ax AcL 1961

12) Ctotolty

CraLulLy payable ln accordance wlLh Lhe graLulLy Scheme of Lhe Company provlded LhaL lL does noL exceed one
half monLh's salary for each compleLed year of conLlnuous servlce

noLe lor Lhe purpose of perqulslLes sLaLed above famlly means Lhe spouse Lhe dependenL chlldren and
dependenL parenLs of Lhe appolnLee

1he perqulslLes lndlcaLed ln CaLegorylll shall noL be lncluded ln compuLaLlon of Lhe celllng on remuneraLlon
speclfled ln CaLegoryl of Lhls secLlon


INTEREST UF DIRECTURS


All Lhe ulrecLors of our Company may be deemed Lo be lnLeresLed Lo Lhe exLenL of fees lf any payable Lo Lhem for
aLLendlng meeLlngs of Lhe 8oard or CommlLLee Lhereof as well as Lo Lhe exLenL of oLher remuneraLlon and/or
relmbursemenL of expenses payable Lo Lhem as per Lhe appllcable laws and Lhe ArLlcles of AssoclaLlon

131

1he ulrecLors may also be regarded as lnLeresLed ln Lhe LqulLy Shares and dlvldend payable Lhereon lf any held by
or LhaL may be subscrlbed by and alloLLed/Lransferred Lo Lhem or Lhe companles flrms and LrusL ln whlch Lhey are
lnLeresLed as ulrecLors Members parLners and/or LrusLees All ulrecLors may be deemed Lo be lnLeresLed ln Lhe
conLracLs agreemenLs/arrangemenLs enLered lnLo or Lo be enLered lnLo by our Company wlLh any Company ln
whlch Lhey hold ulrecLorshlps or any parLnershlp flrm ln whlch Lhey are parLners as may be declared ln Lhelr
respecLlve declaraLlons ln addlLlon please also refer Lo 8elaLed arLy LransacLlons under Lhe secLlon llnanclal
lnformaLlon of Cur Company" and secLlon LlLled Cur romoLers" on age 149 and age 141 of Lhls urafL 8ed
Perrlng rospecLus respecLlvely
1he Managlng ulrecLor and LxecuLlve ulrecLors of our Company are lnLeresLed Lo Lhe exLenL of remuneraLlon pald
Lo Lhem for servlces rendered as offlcer or employee of our Company lurLher Lhe ulrecLors are also lnLeresLed Lo
Lhe exLenL of LqulLy Shares lf any already held by Lhem or Lhelr relaLlves ln our Company or LhaL may be
subscrlbed for and alloLLed Lo Lhem ouL of Lhe presenL lssue ln Lerms of Lhls urafL 8ed Perrlng rospecLus and also
Lo Lhe exLenL of any dlvldend payable Lo Lhem and oLher dlsLrlbuLlons ln respecL of Lhe sald LqulLy Shares
LxcepL as sLaLed oLherwlse ln Lhls urafL 8ed Perrlng rospecLus our Company has noL enLered lnLo any ConLracL
AgreemenLs or ArrangemenLs durlng Lhe precedlng Lwo years from Lhe daLe of Lhe urafL 8ed Perrlng rospecLus ln
whlch Lhe ulrecLors are lnLeresLed dlrecLly or lndlrecLly and no paymenLs have been made Lo Lhem ln respecL of Lhe
conLracLs agreemenLs or arrangemenLs whlch are proposed Lo be enLered lnLo wlLh Lhem
CnANGLS IN 8CAkD CI DIkLC1CkS IN LAS1 3 LAkS


Sr No

Name
Nature of Change Date of Change

keasons for Change
1 Mr Ashlsh Chopra ulrecLor uecember 23
2009
AppolnLmenL
2 Mr !eLendra kumar !aln non LxecuLlve
lndependenL ulrecLor
SepLember 20
2010
AppolnLmenL
3 Mr ChlLLa 8an[an uas non LxecuLlve
lndependenL ulrecLor
SepLember 20
2010
AppolnLmenL
4 Mr Sandlp kumar ke[rlwal non LxecuLlve
lndependenL ulrecLor
SepLember 20
2010
AppolnLmenL
S Mr Sandlp kumar ke[rlwal non LxecuLlve
lndependenL ulrecLor
november 30
2010
8eslgnaLlon
6 Mr !ay rakash Sarda non LxecuLlve
lndependenL ulrecLor
november 30
2010
AppolnLmenL
7 Mr MohlL Chopra non LxecuLlve non
lndependenL ulrecLor
(AlLernaLe ulrecLor Lo Mr
Ashlsh Chopra)
lebruary 10
2011
AppolnLmenL

CCMLIANCL WI1n CCkCkA1L GCVLkNANCL kLUIkLMLN1S
Cur Company has Laken necessary sLeps Lo lmplemenL Lhe provlslons of Lhe CorporaLe Covernance ln Lhe splrlL of
llsLlng of lLs equlLy shares on Lhe SLock Lxchange Cur Company has complled wlLh Lhe requlremenLs of CorporaLe
Covernance conLalned ln Lhe LqulLy LlsLlng AgreemenL parLlcularly Lhose relaLlng Lo composlLlon of 8oard of
ulrecLors and consLlLuLlon of CommlLLees Cur Company has already consLlLuLed Lhe followlng commlLLees
a AudlL CommlLLee
b 8emuneraLlon CommlLLee
c Shareholders/lnvesLor Crlevance CommlLLee
d Share 1ransfer CommlLLee



132

CCkCkA1L GCVLkNANCL

1he provlslons of Lhe LlsLlng AgreemenL Lo be enLered lnLo wlLh 8SL and nSL wlLh respecL Lo corporaLe governance
and Lhe SL8l (lCu8) 8egulaLlons 2009 ln respecL of corporaLe governance wlll be appllcable Lo our Company
lmmedlaLely upon Lhe llsLlng of our Company's LqulLy Shares on Lhe SLock Lxchanges and our Company shall comply
wlLh Lhe same Cur Company underLakes Lo adopL Lhe CorporaLe Covernance Code as per Clause 49 of Lhe LlsLlng
AgreemenL Lo be enLered lnLo wlLh Lhe SLock Lxchanges on llsLlng (Clause 49) 1he requlremenLs perLalnlng Lo broad
baslng of Lhe 8oard of ulrecLors and Lhe consLlLuLlon of Lhe commlLLees such as Lhe AudlL CommlLLee Shareholder/
lnvesLor Crlevance CommlLLee have already been complled wlLh 1he 8oard of ulrecLors conslsLs of 7 dlrecLors
(lncludlng 1 nonexecuLlve alLernaLe dlrecLor) of whlch 3 are lndependenL dlrecLors (as deflned under Clause 49)
whlch consLlLuLes S0 of Lhe 8oard of ulrecLors 1hls ls ln compllance wlLh Lhe requlremenLs of Clause 49 ln Lerms
of Lhe Clause 49 our Company has already appolnLed lndependenL ulrecLors and consLlLuLed Lhe followlng
commlLLees

1 Aud|t Comm|ttee

Cur Company had formed Lhe AudlL CommlLLee vlde 8esoluLlon of Lhe 8oard of ulrecLor daLed 03/12/2010 1he
consLlLuLed AudlL CommlLLee comprlses followlng members and Lhe commlLLee shall meeL aL leasL 4 Llmes a year

Aud|t Comm|ttee
Name of the D|rector Status |n Comm|ttee Nature of D|rectorsh|p
Mr ChlLLa 8an[an uas Chalrman lndependenL ulrecLor
Mr !ay rakash Sarda Member lndependenL ulrecLor
Mr !eLendra kumar !aln
Member lndependenL ulrecLor

1he Compllance Cfflcer of our Company shall acL as a SecreLary Lo Lhe AudlL CommlLLee 1he Chalrman of Lhe AudlL
CommlLLee shall aLLend Lhe Annual Ceneral MeeLlng of our Company Lo furnlsh clarlflcaLlons Lo Lhe shareholders ln
any maLLer relaLlng Lo accounLs
1he scope and funcLlon of Lhe AudlL CommlLLee ls ln accordance wlLh SecLlon 292A of Lhe Companles AcL and
Clause 49 of Lhe LlsLlng AgreemenL and lLs Lerms of reference lnclude Lhe followlng

A Cha|rman
Mr ChlLLa 8an[an uas shall be Lhe Chalrman of Lhe CommlLLee ln absence of hlm ln any of Lhe meeLlng of Lhe
CommlLLee Lhe members presenL ln Lhe meeLlng shall elecL a Chalrman from amongsL Lhemselves 1he
Chalrman of Lhe AudlL CommlLLee shall aLLend Lhe Annual Ceneral MeeLlng of Lhe Company Lo provlde any
clarlflcaLlon on maLLers relaLlng Lo audlL soughL by Lhe members of Lhe Company

8 1enure
1he AudlL CommlLLee shall conLlnue Lo be ln funcLlon as a commlLLee of Lhe 8oard unLll oLherwlse resolved by
Lhe 8oard Lo carry ouL Lhe funcLlons of Lhe AudlL CommlLLee as approved by Lhe 8oard

C Meet|ngs of the Comm|ttee
1he commlLLee shall meeL aL leasL four Llmes ln a year and noL more Lhan four monLhs shall elapse beLween any
Lwo meeLlngs 1he quorum for Lhe meeLlng shall be elLher Lwo members or one Lhlrd of Lhe members of Lhe
commlLLee whlchever ls hlgher buL Lhere shall be presence of mlnlmum Lwo members aL each meeLlng

D ko|e and owers
1he 8ole of AudlL CommlLLee LogeLher wlLh lLs powers shall be as under



133

a) 8evlewlng wlLh Lhe managemenL Lhe annual flnanclal sLaLemenLs before submlsslons Lo Lhe 8oard for
approval focuslng prlmarlly on
MaLLers requlred Lo be lncluded ln Lhe ulrecLor's 8esponslblllLy SLaLemenL Lo be lncluded ln Lhe 8oard's
reporL ln Lerms of clause (2AA) of secLlon 217 of Lhe Companles AcL 19S6
Changes lf any ln accounLlng pollcles and pracLlces and reasons for Lhe same
Ma[or accounLlng enLrles lnvolvlng esLlmaLes based on Lhe exerclse of [udgemenL by managemenL
CuallflcaLlons ln drafL audlL reporL
SlgnlflcanL ad[usLmenLs made ln Lhe flnanclal sLaLemenLs arlslng ouL of audlL flndlngs
1he golng concern assumpLlon
Compllance wlLh accounLlng sLandards
Compllance wlLh llsLlng and oLher legal requlremenLs relaLlng Lo flnanclal sLaLemenLs
ulsclosure of any relaLed parLy LransacLlons
b) CverslghL of Lhe Company's flnanclal reporLlng process and Lhe dlsclosure of lLs flnanclal lnformaLlon Lo
ensure LhaL Lhe flnanclal sLaLemenL ls correcL sufflclenL and credlble
c) 8ecommendlng Lo Lhe 8oard Lhe appolnLmenL reappolnLmenL and lf requlred Lhe replacemenL or
removal of Lhe sLaLuLory audlLor Lhe flxaLlon of audlL fees and approval of paymenL for any oLher servlces
rendered by Lhem
d) 8evlewlng wlLh Lhe managemenL performance of sLaLuLory and lnLernal audlLors adequacy of Lhe lnLernal
conLrol sysLems
e) 8evlewlng Lhe adequacy of lnLernal audlL funcLlon lf any lncludlng Lhe sLrucLure of Lhe lnLernal audlL
deparLmenL sLafflng and senlorlLy of Lhe offlclal headlng Lhe deparLmenL reporLlng sLrucLure coverage
frequency of lnLernal audlL
f) ulscusslons wlLh lnLernal audlLors any slgnlflcanL flndlngs and follow up Lhereon
g) 8evlewlng Lhe flndlngs of any lnLernal lnvesLlgaLlons by Lhe lnLernal audlLors lnLo maLLers where Lhere ls
suspecLed fraud or lrregularlLy or a fallure of lnLernal conLrol sysLems of a maLerlal naLure and reporLlng Lhe
maLLer Lo Lhe 8oard
h) ulscusslons wlLh sLaLuLory audlLors before Lhe audlL commences abouL Lhe naLure and scope of audlL as
well as posLaudlL dlscusslon Lo ascerLaln any area of concern
l) 8evlewlng wlLh Lhe managemenL Lhe quarLerly halfyearly and annual flnanclal sLaLemenLs before
submlsslons Lo Lhe 8oard for approval
[) 8evlewlng wlLh Lhe managemenL Lhe sLaLemenL of uses/ appllcaLlon of funds ralsed Lhrough an lssue Lhe
sLaLemenL of funds uLlllzed for purposes oLher Lhan Lhose sLaLed ln Lhe offer documenL/prospecLus/noLlce
Lhe reporL submlLLed by Lhe monlLorlng agency and maklng approprlaLe recommendaLlons Lo Lhe 8oard Lo
Lake up sLeps ln Lhls maLLer
k) 1o look lnLo Lhe reasons for subsLanLlal defaulLs ln Lhe paymenL Lo Lhe deposlLors debenLure holders
shareholders (ln case of nonpaymenL of declared dlvldend) and credlLors
l) 1he AudlL CommlLLee shall mandaLorlly revlew Lhe followlng lnformaLlon
l) ManagemenL dlscusslon and analysls of flnanclal condlLlon and resulLs of operaLlons
ll) SLaLemenL of slgnlflcanL relaLed parLy LransacLlons (as deflned by Lhe audlL commlLLee) submlLLed by
managemenL
lll) ManagemenL leLLers / leLLers of lnLernal conLrol weaknesses lssued by Lhe sLaLuLory audlLors
lv) lnLernal audlL reporLs relaLlng Lo lnLernal conLrol weaknesses and
v) 1he appolnLmenL removal and Lerms of remuneraLlon of Lhe Chlef lnLernal audlLor shall be sub[ecL Lo
revlew by Lhe AudlL CommlLLee

134

m) lL shall have auLhorlLy Lo lnvesLlgaLe lnLo any maLLer speclfled under secLlon 292A of Lhe Companles AcL
19S6 or referred Lo lL by Lhe 8oard and for Lhls purpose shall have full access Lo lnformaLlon conLalned ln
Lhe records of Lhe Company and exLernal professlonal advlce lf necessary
n) lL shall have auLhorlLy Lo lnvlLe such of Lhe execuLlves as lL conslders approprlaLe Lo be presenL aL Lhe
meeLlngs of Lhe CommlLLee 1he ClC head of lnLernal audlL and sLaLuLory audlLor shall be Lhe permanenL
lnvlLees for Lhe meeLlngs of Lhe audlL commlLLee
o) 8evlewlng Lhe Company's flnanclal and rlsk managemenL pollcles
p) lL shall ensure compllance of lnLernal conLrol sysLems
q) 1he recommendaLlon of Lhe AudlL CommlLLee shall be placed before Lhe 8oard Powever where such
recommendaLlons are noL accepLed by Lhe 8oard Lhe reasons for Lhe same shall be recorded ln Lhe mlnuLes
of Lhe 8oard meeLlng or communlcaLed Lo Lhe shareholders
r) lL shall have power Lo seek lnformaLlon from any employee obLaln ouLslde legal or oLher professlonal
advlce lL can also secure aLLendance of ouLslders wlLh relevanL experLlse lf lL conslders necessary
s) Approval of appolnLmenL of ClC or any oLher person headlng Lhe flnance funcLlon afLer assesslng Lhe
quallflcaLlons experlence and background eLc of Lhe candldaLe
L) 1o revlew Lhe funcLlonlng of Lhe WhlsLle 8lower Mechanlsm ln case Lhe same ls exlsLlng

2 kemunerat|on Comm|ttee
Cur Company had formed Lhe 8emuneraLlon CommlLLee vlde 8esoluLlon of Lhe 8oard of ulrecLors daLed
22/09/2010 1he laLesL reconsLlLuLed 8emuneraLlon CommlLLee comprlses followlng members and Lhe Chalrman

kemunerat|on Comm|ttee
Name of the D|rector Status |n Comm|ttee Nature of D|rectorsh|p
Mr !eLendra kumar !aln Chalrman lndependenL ulrecLor
Mr ChlLLa 8an[an uas Member lndependenL ulrecLor
Mr !ay rakash Sarda Member lndependenL ulrecLor

1he Compllance Cfflcer of our Company shall acL as a SecreLary Lo Lhe 8emuneraLlon CommlLLee 1he Chalrman of
Lhe 8emuneraLlon CommlLLee shall aLLend Lhe Annual Ceneral MeeLlng of our Company Lo furnlsh clarlflcaLlons Lo
Lhe shareholders ln any maLLer relaLlng Lo remuneraLlon
Note Mr Iay rakash Sarda was appo|nted as a nonexecut|ve |ndependent d|rector on 30th November 2010
due to the res|gnat|on of Mr Sand|p kumar ke[r|wa| As per the board reso|ut|on dated September 22 2010 Mr
Sand|p kumar ke[r|wa| was one of the member of the comm|ttee but was rep|aced by Mr Iay rakash Sarda
subsequent|y
ko|e and funct|ons of kemunerat|on] Compensat|on Comm|ttee
A Cha|rman
Mr !eLendra kumar !aln shall be Chalrman of Lhe CommlLLee and ln absence of hlm Lhe members presenL aL
Lhe meeLlng shall elecL a Chalrman from amongsL Lhemselves

8 1enure
1he 8emuneraLlon CommlLLee shall conLlnue Lo be ln funcLlon as a commlLLee of Lhe 8oard unLll oLherwlse
resolved by Lhe 8oard

C Meet|ngs
1he commlLLee shall meeL as and when Lhe need arlse for revlew of Managerlal 8emuneraLlon 1he quorum for
Lhe meeLlng shall be one Lhlrd of Lhe LoLal sLrengLh of Lhe commlLLee or Lwo members whlchever ls hlgher


13S

D 1erms of keference
1he Lerms of reference of Lhe 8emuneraLlon CommlLLee shall be as under

a) ueLermlne Lhe Company's pollcy on speclflc remuneraLlon package for Lhe Managlng ulrecLor / LxecuLlve
ulrecLor lncludlng penslon rlghLs
b) ueclde Lhe salary allowances perqulslLes bonuses noLlce perlod severance fees and lncremenL of
LxecuLlve ulrecLors
c) ueflne and lmplemenL Lhe erformance Llnked lncenLlve Scheme (lncludlng LSC of Lhe Company) and
evaluaLe Lhe performance and deLermlne Lhe amounL of lncenLlve of Lhe LxecuLlve ulrecLors for LhaL
purpose
d) ueclde Lhe amounL of Commlsslon payable Lo Lhe WholeLlme ulrecLors
e) 8evlew and suggesL revlslon of Lhe LoLal remuneraLlon package of Lhe LxecuLlve ulrecLors keeplng ln vlew
Lhe performance of Lhe Company sLandards prevalllng ln Lhe lndusLry sLaLuLory guldellnes eLc
f) 1o formulaLe and admlnlsLer Lhe Lmployee SLock CpLlon Scheme

3 Shareho|ders' ] Investors' Gr|evance Comm|ttee
Cur Company had formed Lhe Shareholders'/ lnvesLors' Crlevance CommlLLee vlde 8esoluLlon of Lhe 8oard of
ulrecLor daLed 03/12/2010 1he consLlLuLed Shareholders'/ lnvesLors' Crlevance CommlLLee comprlses followlng
members and Lhe Chalrman
Shareho|ders'] Investors' Gr|evance Comm|ttee
Name of the D|rector Status |n Comm|ttee Nature of D|rectorsh|p
Mr !ay rakash Sarda Chalrman lndependenL ulrecLor
Mr !eLendra kumar !aln Member lndependenL ulrecLor
Mr ChlLLa 8an[an uas Member lndependenL ulrecLor

1he Compllance Cfflcer of our Company shall acL as a SecreLary Lo Lhe Shareholders'/ lnvesLors' Crlevance
CommlLLee 1he Chalrman of Lhe Shareholders'/ lnvesLors' Crlevance CommlLLee shall aLLend Lhe Annual Ceneral
MeeLlng of our Company Lo furnlsh clarlflcaLlons Lo Lhe shareholders ln any maLLer relaLlng Lo lnvesLors grlevances

ko|e and kespons|b|||t|es of Shareho|ders'] Investors' Gr|evance Comm|ttee
A Cha|rman
Mr !ay rakash Sarda shall be Lhe Chalrman of Lhe CommlLLee and ln absence of hlm Lhe members presenL aL
Lhe meeLlng shall elecL a chalrman from amongsL Lhemselves

8 1enure
1he lnvesLors Crlevance CommlLLee shall conLlnue Lo be ln funcLlon as a commlLLee of Lhe 8oard unLll oLherwlse
resolved by Lhe 8oard

C Meet|ngs
1he commlLLee shall meeL as and when Lhe need arlse for revlew of lnvesLors Crlevances 1he quorum for Lhe
meeLlng shall be one Lhlrd of Lhe LoLal sLrengLh of Lhe commlLLee or Lwo members whlchever ls hlgher

D 1erms of keference
1he Lerms of reference of Lhe lnvesLors Crlevance CommlLLee shall be as under
a) 8evlew and approve Lransfer of shares lncludlng Lransmlsslon spllLLlng of shares changlng [olnL holdlng
lnLo slngle holdlng and vlce versa lssue of dupllcaLe shares ln lleu of Lhose Lorn desLroyed losL or
defaced or where Lhe cages ln Lhe reverse for recordlng Lransfers have been fully uLlllzed

136

b) 8evlew Lhe process and mechanlsm of redressal of lnvesLor grlevance and suggesL measures of lmprovlng
Lhe sysLem of redressal of lnvesLor grlevances
c) 8evlew and resolve Lhe lnvesLors complalnLs abouL Lransfer of shares nonrecelpL of share cerLlflcaLe(s)
nonrecelpL of lnLeresL/dlvldend warranLs nonrecelpL of annual reporL and any oLher
grlevance/complalnLs wlLh Company or any offlcer of Lhe Company arlslng ouL ln dlscharge of hls duLles
d) Cversee Lhe performance of Lhe 8eglsLrar Share 1ransfer AgenL and also revlew and Lake noLe of
complalnLs dlrecLly recelved and resolved Lhem
e) Cversee Lhe lmplemenLaLlon and compllance of Lhe Code of ConducL adopLed by Lhe Company for
prevenLlon of lnslder 1radlng for LlsLed Companles as speclfled ln Lhe SecurlLles Lxchange 8oard of
lndla (robaLlon of lnslder 1radlng) 8egulaLlons 1992 as amended from Llme Lo Llme
4 Share 1ransfer Comm|ttee

Cur Company had formed Lhe Share 1ransfer CommlLLee vlde 8esoluLlon of Lhe 8oard of ulrecLor daLed
03/12/2010 1he consLlLuLed Share 1ransfer CommlLLee comprlses followlng members and Lhe Chalrman
Share 1ransfer Comm|ttee
Name of the D|rector Status |n Comm|ttee Nature of D|rectorsh|p
Mr 8a[lv Chopra Chalrman Managlng ulrecLor
Mr !eLendra kumar !aln Member lndependenL ulrecLor
Mr ChlLLa 8an[an uas Member lndependenL ulrecLor

1he Compllance Cfflcer of our Company shall acL as a SecreLary Lo Lhe Share 1ransfer CommlLLee 1he Chalrman of
Lhe Share 1ransfer CommlLLee shall aLLend Lhe Annual Ceneral MeeLlng of our Company Lo furnlsh clarlflcaLlons Lo
Lhe shareholders ln any maLLer relaLlng Lo LransferablllLy of shares
1he commlLLee shall meeL aL leasL once ln a monLh Powever lL may meeL as and when requlred 1he quorum
of Lhe meeLlng shall be one Lhlrd of Lhe LoLal sLrengLh or Lwo dlrecLors whlchever ls more MeeLlng of Lhe
CommlLLee shall be called by aL leasL Lwo day's noLlce ln advance


1erms of keference

1he Lerms of reference of Lhe Share 1ransfer CommlLLee shall be as under

a) 8evlew and approve requesL for Lransfer of shares from Llme Lo Llme
b) 8evlew and ensure Llmely Lransfer of shares by Lhe 8eglsLrar and Share 1ransfer AgenL appolnLed by Lhe
company

c) 8evlew and analyze varlous share accounLlng reporLs generaLed by Lhe 8eglsLrar and Share 1ransfer AgenL
from Llme Lo Llme 8evlew movemenLs ln shareholdlngs and ownershlp sLrucLure of Lhe company
d) 8evlew and approve varlous oLher requesL of Lhe shareholders wlLh respecL Lo followlng lssues
l 1ransmlsslon of shares
ll nomlnaLlon ln follos
lll ConsolldaLlon of follos

lv SpllL and consolldaLlon of share cerLlflcaLes
v uemaLerlallzaLlons and remaLerlallsaLlon of shares
vl lssue of uupllcaLe Share CerLlflcaLes
vll 8enewal of Share CerLlflcaLes
vlll Change of Address and Shareloders' deLall
lx Any oLher such requesLs by shareholders



137

o||cy on D|sc|osures and Interna| rocedure for revent|on of Ins|der 1rad|ng
1he provlslons of 8egulaLlon 12(1) of Lhe SL8l (rohlblLlon of lnslder 1radlng) 8egulaLlons 1992 wlll be appllcable Lo
our Company lmmedlaLely upon Lhe llsLlng of lLs LqulLy Shares on Lhe SLock Lxchanges We shall comply wlLh Lhe
requlremenLs of Lhe SL8l (rohlblLlon of lnslder 1radlng) 8egulaLlons 1992 on llsLlng of LqulLy Shares on sLock
exchanges lurLher 8oard of ulrecLors have approved and adopLed Lhe pollcy on lnslder Lradlng ln vlew of Lhe
proposed publlc lssue
Mr Nayan Ia|n Company Secretary and Comp||ance Cff|cer wlll be responslble for seLLlng forLh pollcles
procedures monlLorlng and adherence Lo Lhe rules for Lhe preservaLlon of prlce senslLlve lnformaLlon and Lhe
lmplemenLaLlon of Lhe Code of ConducL under Lhe overall supervlslon of Lhe 8oard

Urganization Cbart
1he followlng charL deplcLs our ManagemenL CrganlzaLlon SLrucLure






















8CA8u Cl ul8LC1C8S
CPAl8MAn MAnAClnC ul8LC1C8
WPCLL1lML
ul8LC1C8
CCMAn? SLC8L1A8? CPlLl llnAnClAL
ClllCL8
PLAu SALLS
MA8kL1lnC
8uSlnLSS
uLvLLCMLn1 ClllCL8
MAnACLMLn1
18AlnLL (2)
S1CCk
CCC8ulnA1C8
PLAu CCMML8ClAL
AuMlnlS18A1lCn

138

Key Managerial Personnel
1he Company ls supporLed by a welllald Leam of experLs and professlonals havlng good exposure Lo varlous
operaLlonal aspecLs of Lhe lndusLry A brlef abouL Lhe key managerlal personnel of Lhe Company consulLanLs and
oLher lmporLanL exLernal agencles assoclaLed wlLh Lhe proposed pro[ecL of Lhe Company ls glven below
Name Age
Date of
[o|n|ng
Academ|c
qua||f|cat|on
Des|gnat|on
Cvera||
exper|ence
(|n years)
rev|ous|y
emp|oyed
Mr nayan !aln
24
?ears
20092010 8Com ACS
Company SecreLary/
Compllance Cfflcer
3 ?ears
ChanShyam Sarda
Croup Cf
Companles
Mr awan
Mundhra
28
years
01022011 CS CA llnal
Chlef llnanclal
Cfflcer
2+ years CCl LoglsLlcs LLd
Ms Mousuml
Supre
32
years
14012002 8A (Pons)
Pead Sales
MarkeLlng
9 years
SLandard
CharLered 8ank
(uS1)
Ms SangeeLa
8ldasarla
28
years
18102010 8Com ACA
llnance and
AccounLs Cfflcer
4 ?ears
kochar lnfoLech
rlvaLe LlmlLed
Mr Mano[ kr
Agrawal
43
?ears
13062006 8Com
Pead Commerclal
AdmlnlsLraLlon
18 ?ears lamlly 8uslness
Mr uebasls
8aner[ee
36
years
01012008 8Com (Pons)
8uslness
uevelopmenL Cfflcer
8 years lamlly 8uslness
Ms 8umkl
Manna
27
?ears
20102010 8Com (Pons) SLock CoCrdlnaLor 1 year
M/S Laxhml
LnLerprlse
uurgapur

1 All Lhe persons named as our key Managerlal ersonnel are Lhe permanenL employees of our Company
2 1here ls no undersLandlng wlLh ma[or shareholders cusLomers suppllers or any oLhers pursuanL Lo whlch any
of Lhe above menLloned personnel have been recrulLed
3 none of Lhe above menLloned key Managerlal ersonnel are relaLed Lo each oLher

BRIEF PRUFILE UF KEY MANACERIAL PERSUNNEL

Mr Nayan Ia|n
Company Secretary] Comp||ance Cff|cer

Mr nayan !aln S/o Shrl Surya rakash !aln ls 24 years of age Pe ls also Lhe Compllance offlcer for our Company
Pe ls a professlonal Company SecreLary and has more Lhan 3 years of experlence ln sald professlon Pe has
prevlously worked wlLh ChanShyam Sarda Croup Cf Companles ln kolkaLa Pe earned hls 8Com (P) degree ln Lhe
year 2008 and hls Company SecreLary degree ln Lhe year 2010

Mr awan Mundhra
Ch|ef I|nanc|a| Cff|cer

Mr awan Mundhra S/o Shrl kumar Mundhra ls 28 years of age Pe has around 2 years plus of experlence
coverlng varlous aspecLs of AudlL llnance and AccounLs Pe ls a quallfled Company SecreLary from lnsLlLuLe of
Company SecreLarles of lndla Pe ls also pursulng CharLered AccounLancy professlonal degree from lnsLlLuLe of
CharLered AccounLanLs of lndla and ls due Lo appear for Lhe CA flnal level ln May 2011 Pe prevlously worked wlLh
CCl LoglsLlcs LLd kolkaLa as Manager llnance AccounLs

139

Ms Mousum| Supre
nead Sa|es Market|ng

M/s Mousuml Supre u/o Shrl 8amesh Supre ls 32 years of age She has over 10 years of experlence ln 8eLall
secLor She prevlously worked wlLh SLancharL uS1 Card ulvlslon as Senlor Sales LxecuLlve Per academlc
CuallflcaLlons comprlse of 8A (Pons) ln 2001 W8CPSL ln 1998 and W88SL ln 1996

Ms Sangeeta 8|dasar|a
I|nance and Accounts Cff|cer

Ms SangeeLa 8ldasarla u/o Shrl Shankar Lal 8ldasarla ln her laLe LwenLles ls a CharLered AccounLanL She has over
4 years of experlence ln handllng porLfollos perLalnlng Lo llnance and AccounLs She has worked wlLh kochar
lnfoLech rlvaLe LlmlLed AmrlLsar 8u 8ansal Company kolkaLa and ln k !hawar Company kolkaLa She has
also underLaken publlc presenLaLlon and communlcaLlon skllls Lralnlng from Lhe 8rlLlsh Councll kolkaLa

Mr Mano[ kr Agrawa|
nead Commerc|a| Adm|n|strat|on

Mr Mano[ kr Agrawal S/o LaLe Shrl 8k Agrawal ls 43 years of age Pe has around 18 years of experlence coverlng
varlous aspecLs of famlly buslness deallng ln lron and SLeel Lradlng labrlcaLlon of panel boards labrlcs
(Pandlooms) garmenLs Pls academlc quallflcaLlons lnclude 8Com from unlverslLy of CalcuLLa ln 1988

Mr Debas|s 8aner[ee
8us|ness Deve|opment Cff|cer

Mr uebasls 8aner[ee S/o LaLe Shrl lndu 8husan 8aner[ee ls 39 years of age Pe has around 10 years of experlence
ln AccounLs and AdmlnlsLraLlon luncLlon Pe ls experlenced ln dlrecL markeLlng producLlon handllng maLerlal
procuremenL vendor developmenL preparaLlon of pro[ecLs debLor conLrol and credlLors conLrol sLock lssues
sLores and raw maLerlal conLrol eLc Academlc CuallflcaLlons of CharLered lnLer LxamlnaLlon ln 1996 CraduaLlon ln
8Com (Pons) from CalcuLLa unlverslLy ln 1993 PS LxamlnaLlon ln 1990 and Madhaymlk LxamlnaLlon ln 1988

Ms kumk| Manna
Stock CoCrd|nator

Mr 8umkl Manna u/o 8huban Manna ls 28 years of age She has over 1 year of work experlence and 3 years of
Lralnlng ln llnance AccounLs AudlLlng 1axaLlon and pro[ecL reporL preparaLlon Polds experlence ln flnanclal
operaLlons lncludlng malnLenance of books of accounLs and flnanclal sLaLemenL preparaLlon She has worked wlLh
LasLern Coal lndla LLd 8engal LM1A Coal Mlnes LLd 8SnL and naLlonal lnsurance Company Academlc
CuallflcaLlons lnclude ursulng CA (llnal) CS(llnal) CompleLed 8Com(Pons) ln 2004 Plgher Secondary ln 2002
and Secondary LducaLlon ln 1999

Changes |n the key manager|a| personne| |n |ast three year

1here have been no changes ln Lhe key Managerlal ersonnel ln our Company durlng Lhe lasL Lhree year excepL as
sLaLed below

Name of the Lmp|oyee Des|gnat|on Date of Appo|ntment]
kes|gnat|on
keasons
Mr uebasls 8aner[ee 8uslness uevelopmenL Cfflcer
01012008 AppolnLmenL
Mr ueb[lL aul SLore Manager (LasL Zone) 01042008 AppolnLmenL
Mr Sablr All SLore Manager (WesL Zone) 01042008 AppolnLmenL
Mr Adarbad MasLer Sales Pead 02012009/01112010 AppolnLmenL/1ermlnaLlon
Mr nayan !aln Company SecreLary 20092010 AppolnLmenL
Ms SangeeLa 8ldasarla
Shlva[l
llnance and AccounLs Cfflcer
18102010 AppolnLmenL
Mr awan Mundhra Chlef llnanclal Cfflcer 01022011 AppolnLmenL

140

Deta||s of shareho|d|ng of our key manager|a| personne| |n Cur Company

none of Lhe key managerlal personnel ln our Company hold any shares of our Company as on Lhe daLe of flllng of
Lhls urafL 8ed Perrlng rospecLus

Interest of key manager|a| personne| |n Cur Company

1he key managerlal personnel of our Company do noL have any lnLeresL ln our Company oLher Lhan Lo Lhe exLenL of
Lhe remuneraLlon or beneflLs Lo whlch Lhey are enLlLled Lo as per Lhelr Lerms of appolnLmenL and relmbursemenL of
expenses lncurred by Lhem durlng Lhe ordlnary course of buslness and Lo Lhe exLenL of Lhe equlLy shares held by
Lhem
LxcepL as sLaLed oLherwlse ln Lhls urafL 8ed Perrlng rospecLus we have noL enLered lnLo any conLracL agreemenL
or arrangemenL durlng Lhe precedlng 2 years from Lhe daLe of Lhls urafL 8ed Perrlng rospecLus ln whlch Lhe key
managerlal personnel are lnLeresLed dlrecLly or lndlrecLly and no paymenLs have been made Lo Lhem ln respecL of
Lhese conLracLs agreemenLs or arrangemenLs or are proposed Lo be made Lo Lhem

8onus or prof|t shar|ng p|an for the key manager|a| personne|

Cur Company does noL have any bonus/proflL sharlng plan for any of Lhe key managerlal personnel

Lmp|oyees Share urchase Scheme ] Lmp|oyees Stock Cpt|on Scheme to Lmp|oyees

resenLly we do noL have LSC/LSS scheme for our employees
Cther benef|ts to our key manager|a| personne|

1here ls no oLher beneflL payable Lo our key Managerlal ersonnel oLher Lhan llsLed above
















141

. - UUR PRUMUTERS AND THEIR BACKCRUUND

Mr ka[|v Chopra
(Cha|rman Manag|ng D|rector)
ua||f|cat|on Commerce CraduaLe M8A
Manlpal unlverslLy Slkklm
Age 46 ?ears
Address 4S !aLln uas 8oad Clrnar
ApparLmenL" 1S1 2nu
lloor kolkaLa700 029
Lxper|ence More Lhan 20 years
Cccupat|on 8uslness
ermanent Account Number ACuCS682L
assport Number P7003S8S
Name of 8ank

8ank Account Deta||s
nDIC 8ank
ur un 8rahmacharl SLreeL
kolkaLa 700 017
8ank Account No
010S1000139923
Dr|v|ng L|cense Number W8 0120002S73S6
Voter Ident|f|cat|on Card
Number
W8 / 23 / 146 / 13S141
Cther Interests romoLer/roprleLor
1) Chopra lllms
LnLerLalnmenL rlvaLe
LlmlLed
2) M/s rlme WaLch World
(Sole roprleLorshlp)
3) 8a[lv Chopra Pul


















142



Mrs Son|ya Chopra
(Who|et|me D|rector)
Age 4S ?ears
Address 4S !aLln uas 8oad Clrnar
ApparLmenL" 1S1 2nu lloor
kolkaLa700 029
ua||f|cat|on 8Sc kolkaLa unlverslLy
Lxper|ence More Lhan 20 years
Cccupat|on 8uslness
ermanent Account Number A8?C2674P
assport Number L4266969
Name of 8ank

8ank Account Deta||s
nDIC 8ank ur
un 8rahmacharl SLreeL
kolkaLa 700 017
8ank Account No
010S1000139940
Dr|v|ng L|cense Number W8011993260031
Voter Ident|f|cat|on Card Number nA
Cther Interests romoLer
1) Chopra lllms
LnLerLalnmenL rlvaLe
LlmlLed

We conflrm LhaL Lhe ermanenL AccounL number 8ank AccounL number and assporL number of all Lhe above
romoLers have been submlLLed Lo 8ombay SLock Lxchange LlmlLed and 1he naLlonal SLock Lxchange of lndla
LlmlLed aL Lhe Llme of flllng of Lhls urafL 8ed Perrlng rospecLus wlLh Lhem

Interest of Promoters

Cur romoLers vlz Mr 8a[lv Chopra and Mrs Sonlya Chopra are lnLeresLed Lo Lhe exLenL of Lhelr shareholdlng ln
our Company lurLher Mr 8a[lv Chopra (Managlng ulrecLor) and Mrs Sonlya Chopra are also Lhe LxecuLlve
ulrecLors of our Company who may be deemed Lo be lnLeresLed Lo Lhe exLenL of remuneraLlon and relmbursemenL
of expenses payable Lo Lhem by our Company as dlsclosed under Lhe SecLlon LlLled 'Cur ManagemenL" appearlng
on age no 124 of Lhls urafL 8ed Perrlng rospecLus ln addlLlon please also refer Lo 8elaLed arLy LransacLlons
under Lhe secLlon llnanclal lnformaLlon of Cur Company" on age 149 of Lhls urafL 8ed Perrlng rospecLus
respecLlvely
lurLher Mr 8a[lv Chopra (Llcensor) has enLered lnLo a renL agreemenL wlLh Cur Company (Llcensee) Lhe brlef
deLalls of whlch are as menLloned below
1 Date of Agreement Aprll 1
sL
2010
2 art|es to the Agreement Cur Company (Llcensee) and Mr 8a[lv Chopra (romoLer of Cur Company
as Llcensor)
3 Va||d|ty of the Agreement Aprll 1
sL
2010 onwards for a perlod of 36 monLhs
4 key 1erms of the Agreement a) Llcensor has agreed Lo permlL lawful use by Llcensee of Lhe shop
space aL 148 8ash 8eharl Avenue kolkaLa 700 029
b) Llcensee shall pay Lo Llcensor a llcense fee [ ` 18000/ per monLh
for use and occupaLlon of shop space menLloned ln (a)
c) lurLher Llcensee shall also pay Lo Llcensor ` 27000/ per monLh for
use of furnlLure and flxLure Alr condlLloner elecLrlc lnsLallaLlons
done ln shop space as menLloned ln (a) above
d) Also Llcensee shall deposlL wlLh Llcensor a sum of ` 270000 as
lnLeresL free refundable securlLy deposlL before Lhe former occuples
Lhe shop space as menLloned ln (a) above


143

1hus Mr 8a[lv Chopra may be deemed Lo be lnLeresLed Lo Lhe exLenL of Lhe renL recelved / recelvable agalnsL such
above menLloned premlses

Also Mr 8a[lv Chopra and Mrs Sonlya Chopra are also lnLeresLed Lo Lhe exLenL of Lhelr shareholdlng ln our
romoLer Croup LnLlLles (vlz Chopra lllms LnLerLalnmenL rlvaLe LlmlLed M/s rlme WaLch World) lurLher Mr
8a[lv Chopra ls also a ulrecLor ln our romoLer Croup enLlLy (le Chopra lllms LnLerLalnmenL rlvaLe LlmlLed)

1hus brlef deLalls of Leave and Llcense agreemenL enLered lnLo by Cur Company (Llcensor) wlLh Chopra lllms
LnLerLalnmenL rlvaLe LlmlLed (Llcensee) ls as menLloned below

1 Date of Agreement CcLober 13
Lh
2010
2 art|es to the Agreement Cur Company (Llcensor) and Chopra lllms LnLerLalnmenL
rlvaLe LlmlLed (Cur romoLer Croup Company as Llcensee)
3 Va||d|ty of the Agreement CcLober 13
Lh
2010 onwards for a perlod of 36 monLhs
4 key 1erms of the
Agreement
c) Llcensor has agreed Lo granL leave and llcense ln favour of Lhe
Llcensee Lo use and occupy one Lable space aL premlses no
1/1 Camac SLreeL Shree Man[arl 8ulldlng SulLe no 7 SLh lloor
kolkaLa700016 for a monLhly llcense fee of ` S00

lor Lhe LransacLlons wlLh our romoLer Croup enLlLles please refer Lo secLlon LlLled 8elaLed arLy 1ransacLlons" on
age no 168 of Lhls urafL 8ed Perrlng rospecLus

LxcepL as menLloned herelnabove our romoLers do noL have any oLher lnLeresL ln any properLy acqulred by our
Company ln a perlod of Lwo years before flllng of Lhls urafL 8ed Perrlng rospecLus or proposed Lo be acqulred by us
as on daLe of flllng Lhe 8ed Perrlng rospecLus / rospecLus wlLh 8oC


Payment or Benefit to Promoters of Uur Company
lor deLalls of paymenLs or beneflLs pald Lo our promoLers please refer Lo Lhe paragraph CompensaLlon of
LxecuLlve ulrecLor" ln Lhe chapLer LlLled 'Cur ManagemenL' on age no 124 Also refer Lo 8elaLed arLles
1ransacLlons" on age no 168 formlng parL of llnanclal lnformaLlon of Lhe Company" and aragraph on lnLeresL
of romoLers" on age no 149 of Lhls urafL 8ed Perrlng rospecLus















144

. - UUR PRUMUTER CRUUP
ln addlLlon Lo Lhe romoLers named above Lhe followlng naLural persons are parL of our romoLer Croup

Name ke|at|onsh|p
Mr 8a[lv Chopra Mrs Sonlya Chopra nosbooJ wlfe (cote ltomotets)
Mr Ashlsh Chopra S/o 8a[lv Chopra
Mr MohlL Chopra S/o 8a[lv Chopra

Entities forming part of our Promoter Croup
1he deLalls of Lhe enLlLles whlch are parL of our romoLer Croup are as follows
1) MJs. CHUPRA FILMS & ENTERTAINMENTS PRIVATE LIMITED
Nature of Act|v|ty 1o produce fllm and vldeo programme of all klnd lncludlng Lhe leaLure lllms ln
cellulold or ln dlglLal formaL or ln oLher formaLs as are comlng up CarLoon
AnlmaLlon fllms uocumenLary lllms Adfllms ulglLal lllms 1ele lllms 1ele
Serlals 1alk Shows mlscellaneous fllm producLlon acLlvlLles and Lo develop
lnfrasLrucLure for fllms Lelevlslon lncludlng Lhe developmenL of locaLlons
consLrucL ralse develop sLudlo floors Sound 8ecordlng lllm rocesslng
LaboraLory CosLume ueslgn LdlLlng developmenL of sofLware and hardware's
for fllm produced by CpLlma lllm or by oLher agencles and Lo acqulre Lhe
dlsLrlbuLlon rlghLs of Lhe fllms produced by oLhers wheLher ln lndla or abroad
and Lo organlze Lhe exhlblLlon lllm lesLlvals ln lndla or abroad
Date of Incorporat|on May 242008
Company keg|strat|on No u92120W820081C126087
AN Card no AAuCC8107L
keg|stered Cff|ce address 1/1 Camac SLreeL Shree Man[arl 8ulldlng SulLe no 7 SLh lloor kolkaLa
700016
Shareho|ders Mr 8a[lv Chopra (S0) Mrs Sonlya Chopra (S0)
Name of the D|rectors Mr 8a[lv Chopra Mr 8rl[bhushan 1ewary Ms Mousuml Supre
Aud|ted I|nanc|a| Informat|on 200910 200809
(` `` ` |n |akhs)
lncome
CLher lncome
roflL afLer 1ax (022)
LqulLy CaplLal 100 100
8eserve Surplus
Larnlng per Shares (LS) (`) (220)
neL AsseL value (nAv) (`)* SS0 SS0













14S


2) MJs. PRIME WATCH WURLD {Sole Proprietorsbip]
Nature of Act|v|ty Seller and 8epalrer of WaLches and Clocks
Date of format|on uecember 20 2003
So|e ropr|etor Mr 8a[lv Chopra
AN Card no ACuCS682L
Address 1 8n Mukher[ee 8oad Cround lloor kolkaLa70001
I|nanc|a| Informat|on 200910 200809 200708
(` `` ` |n |akhs)
roprleLor's CaplLal 134 102 012
lncome 464 1061 1247
roflL / Loss 032 149 029

3) kAIIV CnCkA nUI

Nature of Act|v|ty lnvesLmenL/1radlng ln SecurlLles
Date of format|on Aprll 04 1998
AN Card no AAlP847348
Address 1 8n Mukher[ee 8oad kolkaLa70001
I|nanc|a| Informat|on 200910 200809 200708
(` `` ` |n |akhs)
CaplLal 1274 1113 1037
lncome 163 160 129
roflL / Loss 161 1S7 124
none of Lhe above menLloned Croup Companles ls llsLed aL any SLock Lxchange lL has noL come ouL wlLh any publlc
or rlghL lssue ln Lhe precedlng Lhree years lL has noL become a slck Company wlLhln Lhe meanlng of SlCA and ls noL
under wlndlng up
none of Lhe above menLloned Croup Companles ls slck nor has applled for 8ll8 nor ls a llsLed Company nor
resLralned by any SL8l Crder and Lhere are no llLlgaLlons agalnsL Lhem
no group Company has ever become defuncL
Deta||s of Compan|es ] I|rms from wh|ch romoters have d|sassoc|ated

uurlng lasL Lhree years our romoLers have noL dlsassoclaLed Lhemselves from any company/parLnershlp flrm

Deta||s of romoter group compan|es whose names have been struck off from keg|strar of Compan|es

We do noL have any romoLer group company whose name has been sLruck off by any 8oC ln lndla

Undertahing J confirmations
Cur romoLers and promoLer group enLlLles have conflrmed LhaL Lhey have noL been deLalned as wlllful defaulLers
by Lhe 88l or any oLher CovernmenL auLhorlLy AddlLlonally Lhere are no vlolaLlons of securlLles laws commlLLed by
Lhem ln Lhe pasL or are pendlng agalnsL Lhem and none of our promoLers or persons ln conLrol of body corporaLe
formlng parL of our romoLer Croup have been resLrlcLed from accesslng Lhe caplLal markeLs for any reasons by
SL8l or any oLher auLhorlLles




146


Common PursuitsJConflict of Interest

CuL romoLer Croup LnLlLy vlz rlme WaLch World (Sole roprleLorshlp of Mr 8a[lv Chopra) has prlnclple buslness
slmllar Lo our llne of buslness 1o Lhls exLenL Lhere may be a poLenLlal confllcL of lnLeresL ln Lhe enLlLles of Lhe group
LxcepL for Lhls Lhere are no common pursulLs amongsL Lhe enLlLles ln Lhe promoLers' group
1here are no LransacLlons relaLlng Lo sales or purchases beLween our Company and any of our romoLer Croup
enLlLles exceedlng 10 of Lhe sales or purchases of our Company
kLLA1LD Ak1 1kANSAC1ICNS
lor furLher deLalls on relaLed parLy LransacLlons please refer Lhe secLlon LlLled llnanclal SLaLemenLs of Cur
Company" on page 168



































147

.8 - DIVIDEND PULICY

1he proflLs of Lhe company sub[ecL Lo any speclal rlghLs relaLlng LhereLo creaLed or auLhorlzed Lo be creaLed by
Lhese ArLlcles and sub[ecL Lo Lhe provlslons of Lhese ArLlcles shall be dlvlslble among Lhe members ln proporLlon Lo
Lhe amounL of caplLal paldup on Lhe shares held by Lhem respecLlvely

1 1he company ln Ceneral MeeLlng may declare dlvldends Lo be pald Lo members accordlng Lo Lhelr respecLlve
rlghLs buL no dlvldend shall exceed Lhe amounL recommended by Lhe 8oard buL Lhe Company ln Ceneral
MeeLlng may declare a smaller dlvldend

2 no dlvldend shall be declared or pald oLherwlse Lhan ouL of Lhe proflLs of Lhe flnanclal year arrlved aL afLer
provldlng for depreclaLlon ln accordance wlLh Lhe provlslons of SecLlon 20S of Lhe AcL or ouL of Lhe proflLs of
Lhe company for any prevlous flnanclal year or years arrlved aL afLer provldlng for depreclaLlon ln accordance
wlLh Lhese provlslons and remalnlng undlsLrlbuLed or ouL of boLh provlded LhaL

a lf Lhe company has noL provlded for depreclaLlon for any prevlous flnanclal year or years lL shall
before such depredaLlon ouL of Lhe proflLs of Lhe flnanclal year or years

b lf Lhe company has lncurred any loss ln any prevlous flnanclal year or years Lhe amounL of Lhe loss or
any amounL whlch ls equal Lo Lhe amounL provlded for depreclaLlon for LhaL year or Lhose years
whlchever ls less shall be seL off agalnsL Lhe proflLs of Lhe company for Lhe year for whlch Lhe dlvldend
ls proposed Lo be declared or pald or agalnsL Lhe proflLs of Lhe company for any prevlous flnanclal year
or years arrlved aL ln boLh cases afLer provldlng for depreclaLlon ln accordance wlLh Lhe provlslons of
sub secLlon (2) of secLlon 20S of Lhe acL or agalnsL boLh

3 1he 8oard may from Llme Lo Llme pay Lo Lhe members such lnLerlm dlvldend as ln Lhelr !udgemenL 1he
poslLlon of Lhe Company [usLlfles

4 Where CaplLal ls pald ln advance of calls such caplLal may carry lnLeresL buL shall noL ln respecL Lhereof confer a
rlghL Lo dlvldend or parLlclpaLe ln proflLs

S All dlvldends shall be apporLloned and pald proporLlonaLely Lo Lhe amounLs pald or credlLed as ald on Lhe
shares durlng any porLlon or porLlons of Lhe perlod ln respecL of whlch Lhe dlvldend ls pald buL lf any share ls
lssued on Lerms provldlng LhaL lL shall rank for dlvldend as from a parLlcular daLe such share shan rank for
dlvldend accordlngly

6 1he 8oard may reLaln Lhe dlvldends payable upon shares ln respecL of whlch any person ls under Lhe ArLlcle 61
enLlLled Lo become a member or whlch any person under LhaL ArLlcle ls enLlLled Lo Lransfer unLll such a person
shall become a member ln respecL of such shares or duly Lransfer Lhe same

7 Anyone of several persons who are reglsLered as [olnL holders of any share may glve effecLual recelpLs for all
dlvldends or bonus and paymenLs on accounL of dlvldends or bonus or oLher moneys payable ln respecL of such
shares

8 no member shall be enLlLled Lo recelve paymenLs of any lnLeresL or dlvldend ln respecL of hls share or shares
whlle any money may be due or owlng from hlm Lo Lhe Company ln respecL of such share or shares or
oLherwlse howsoever elLher alone or [olnLly wlLh any oLher person or persons and Lhe 8oard may deducL from
Lhe lnLeresL or dlvldend payable Lo any member all sums of money so due from hlm Lo Lhe Company

9 A Lransfer of shares shall noL pass Lhe rlghL Lo any dlvldend declared Lhereon before Lhe reglsLraLlon of Lhe
Lransfer

10 unless oLherwlse dlrecLed any dlvldend may be pald by cheque or warranL or by a paysllp or recelpL havlng Lhe
force of a cheque or warranL senL Lhrough Lhe posL Lo Lhe reglsLered address of Lhe member or person enLlLled
or ln case of [olnLholder Lo LhaL one of Lhem flrsL named ln Lhe reglsLer ln respecL of Lhe person Lo whom lL ls
senL 1he Company shall noL be llable or responslble for any cheque or warranL or Lhe forged slgnaLure of any
paysllp or recelpL or Lhe fraudulenL recovery of Lhe dlvldend by any oLher means


11 no unclalmed dlvldend shall be forfelLed by Lhe 8oard unless Lhe clalm LhereLo becomes barred by law and
company shall comply wlLh Lhe provlslon of SecLlon 20SA and 20SC of Lhe AcL ln respecL of all unclalmed or
unpald dlvldends

148

12 Any Ceneral MeeLlng declarlng a dlvldend may on Lhe recommendaLlon of Lhe ulrecLors make a call on Lhe
members of such amounL as Lhe meeLlng flxes buL so LhaL Lhe call on each member shall noL exceed Lhe
dlvldend and Lhe dlvldend may lf so arranged beLween Lhe company and Lhe member be seL off agalnsL Lhe
calls

5totement Ol uividend Poid
ear ] er|od ended 30]9]2010 31]3]2010 31]3]2009 31]3]2008 31]3]2007
31]3]2006
ulvldend (lnLerlm and
flnal) (` ln lakhs)
nlL nlL nlL nlL nlL nlL
ulvldend nlL nlL nlL nlL nlL nlL




















149

SECTIUN V - FINANCIAL INFURMATIUN UF THE CUMPANY
. - FINANCIAL STATEMENTS UF THE CUMPANY
A U D I T U R S' R E P U R T
1o
1he 8oard of ulrecLors
rlme 8eLall lndla LlmlLed
1/ 1 Camac SLreeL SulL no 7 S
Lh
lloor
kolkaLa 700016
WesL 8engal

uear Slrs
1 We have examlned Lhe flnanclal lnformaLlon of rlme 8eLall lndla LlmlLed (Lhe Company") annexed hereLo
wlLh Lhls reporL and approved by Lhe 8oard of ulrecLors of Lhe Company 1he flnanclal lnformaLlon has
been prepared ln accordance wlLh aragraph 8(1) of arL ll of Schedule ll of Lhe Companles AcL19S6 ( Lhe
AcL") and Lhe SecurlLles and Lxchange 8oard of lndla (lssue of CaplLal and ulsclosure 8equlremenLs)
8egulaLlons 2009 (SL8l 8egulaLlons") and ln Lerms of Lhe engagemenL agreed upon by us wlLh Lhe
Company

2 1he flnanclal lnformaLlon ls based on Lhe audlLed flnanclal sLaLemenLs of Lhe Company for Lhe years ended
March 31 2010 2009 2008 2007 2006 and half year ended SepLember 30 2010 AudlL of Lhe flnanclal
sLaLemenLs as aL and for Lhe slx monLhs perlod ended SepLember 30 2010 was carrled ouL by us and M/s
Choshal Co kolkaLa and for Lhe years ended March 31 2010 March 31 2009 March 31 2008 March
31 2007 by M/s Choshal Co CharLered AccounLanLs kolkaLa and for Lhe year ended March 31 2006
by M/s aLnl Co CharLered AccounLanLs kolkaLa belng Lhe audlLors of Lhe Company for Lhose years and
accordlngly rellance had been placed on Lhe flnanclal sLaLemenLs audlLed and reporLed upon by Lhem for
Lhe above menLloned years

3 ln accordance wlLh noLes Lo llnanclal SLaLemenLs under lLem no lx of Schedule vlll of SL8l (lCu8)
8egulaLlons 2009 we cerLlfy LhaL all flnanclal lnformaLlon speclfled under Lhls lLem has been reaudlLed for
one full flnanclal year and Lhe sLub perlod by us as Lhe earller flnanclal sLaLemenLs for Lhe years reporLed
here ln were audlLed by audlLors who had noL been sub[ecLed Lo peer revlew process of lCAl

4 1he flnanclal lnformaLlon ls prepared for Lhe purpose of lncluslon ln Lhe urafL 8ed Perrlng rospecLus
(u8P)/ urafL 8ed Perrlng rospecLus ln connecLlon wlLh Lhe publlc lssue of lLs equlLy shares

llnanclal lnformaLlon

S 1he followlng lnformaLlon referred Lo above relaLlng Lo proflLs asseLs and llablllLles and cash flows of Lhe
Company ls conLalned ln Lhe followlng annexures Lo Lhls reporL
a) Annexure l conLalnlng Lhe Summary SLaLemenL of 8esLaLed AsseLs and LlablllLles as aL March 31 2010
2009 2008 2007 2006 and half year ended SepLember 302010
b) Annexure ll conLalnlng Lhe Summary SLaLemenL of 8esLaLed roflL and Loss for Lhe years ended March
31 2010 2009 2008 2007 2006 and half year ended SepLember 30 2010
c) Annexure lll conLalnlng Lhe Summary SLaLemenL of 8esLaLed Cash flows for Lhe years ended March 31
2010 2009 2008 2007 2006 and half year ended SepLember 30 2010


1S0


d) Annexure A conLalns Lhe Summary of SlgnlflcanL AccounLlng ollcles MaLerlal Ad[usLmenLs and noLes
Lo AccounLs

CollecLlvely referred Lo as Lhe 8esLaLed Summary SLaLemenLs"

CLher llnanclal lnformaLlon

6 CLher flnanclal lnformaLlon relaLlng Lo Lhe Company whlch ls based on Lhe resLaLed summary
sLaLemenLs/audlLed flnanclal sLaLemenLs prepared by Lhe Company and approved by Lhe 8oard of ulrecLors
ls aLLached ln Annexures lv Lo xx Lo Lhls reporL as llsLed hereunder

l ueLalls of Secured Loan lunds as appearlng ln Annexure lv
ll ueLalls of unsecured Loan lunds as appearlng ln Annexure v
lll ueLalls of SecurlLy agalnsL Lhe Secured Loan as appearlng ln Annexure vl(A)
lv ueLalls of 1erms and condlLlons of unsecured loans from ulrecLors/romoLers as appearlng ln
Annexure vl(8)
v ueLalls of CurrenL AsseLs and Loans and Advances as appearlng ln Annexure vll
vl ueLalls of CperaLlng lncome as appearlng ln Annexure vlll
vll ueLalls of CLher lncome as appearlng ln Annexure lx
vlll ueLalls of CurrenL LlablllLles and rovlslons as appearlng ln Annexure x
lx ueLalls of lnvesLmenLs as appearlng ln Annexure xl
x ueLalls of 1ransacLlon wlLh 8elaLed arLles ln Annexure xll
xl ueLalls of Share CaplLal 8eserve and Surplus as appearlng ln Annexure xlll
xll CaplLallzaLlon SLaLemenL as aL SepLembers 30 2010 as appearlng ln Annexure xlv
xlll SLaLemenL of MandaLory AccounLlng 8aLlos as appearlng ln Annexure xv
xlv SLaLemenL of Ad[usLmenLs/ lmpacL of rlor perlod lLems/ueferred 1ax AsseLs LlablllLy ln Lhe
llnanclal SLaLemenLs as appearlng ln Annexure xvl
xv 8rlef AudlLed flnanclal lnformaLlon of group companles as appearlng ln Annexure xvll
xvl SLaLemenL of ueferred 1ax AsseLs / (LlablllLles) as appearlng ln Annexure xvlll
xvll SLaLemenL of ulvldend pald as appearlng ln Annexure xlx
xvlll SLaLemenL of 1ax ShelLers as appearlng ln Annexure xx

7 We have examlned as approprlaLe Lhe flnanclal lnformaLlon conLalned ln Lhe aforesald Annexures and
sLaLe LhaL

1he flnanclal lnformaLlon prepared by Lhe Company ls based on Lhe flnanclal sLaLemenLs of Lhe Company
for Lhe years ended March 31 2010 2009 2008 2007 2006 and half year ended SepLember 30 2010 and
approved by Lhe 8oard of ulrecLors Accordlngly rellance has been placed on Lhe flnanclal sLaLemenLs
audlLed and reporLed upon by oLher audlLors for Lhose years as sLaLed ln para 2 above

8 8ased on Lhe examlnaLlon of Lhe 8esLaLed Summary SLaLemenLs we conflrm LhaL

a 8esLaLed Summary SLaLemenLs has been prepared afLer maklng ad[usLmenLs and regrouplngs as ln our
oplnlon are approprlaLe and furLher deLalled ouL ln Annexure A (8)(1) Lo (3) on MaLerlal Ad[usLmenLs" of
Lhe resLaLed flnanclal lnformaLlon Powever such ad[usLmenLs do noL have any lmpacL on Lhe roflL/Loss of
Lhe company ln any year covered under Lhls reporL excepL as sLaLed below
l) ln respecL of rlor erlod lLem now ad[usLed where roflL of Lhe year 2010 and 2008 ls
decreased by ` 971 Lac and ` 132 Lacs respecLlvely and for Lhe perlod on SepLember 30
2010 and of Lhe year 2009 and 2006 proflL ls lncreased by ` 1010 Lacs ` 093 Lacs and `
03S Lacs respecLlvely

1S1


ll) ln respecL of ueferred 1ax AsseL/LlablllLles now ad[usLed where proflL of Lhe perlod ended
on SepLember 30 2010 and of Lhe years 2010 2008 and 2006 ls lncreased by ` 036 Lacs `
016 Lacs ` 010 Lacs and ` 211 Lacs respecLlvely roflLs for Lhe year 2009 and 2007 ls
decreased by ` 26S Lacs and `007 Lacs respecLlvely as referred Lo ln polnL (3) of
Annexure A (8)

b 1he 8esLaLed Summary SLaLemenLs has been made afLer lncorporaLlng ad[usLmenLs for Lhe maLerlal
amounLs ln Lhe respecLlve flnanclal years/perlod Lo whlch Lhey relaLe
c 1here are no exLra ordlnary lLems LhaL need Lo be dlsclosed separaLely ln Lhe 8esLaLed Summary
SLaLemenLs
d 1here are no quallflcaLlons ln Lhe AudlLors' 8eporL on Lhe flnanclal sLaLemenLs LhaL requlre ad[usLmenLs Lo
Lhe 8esLaLed Summary SLaLemenL
e 1here are no revaluaLlon reserves LhaL need Lo be dlsclosed separaLely ln Lhe resLaLed flnanclal lnformaLlon
ln Lhe respecLlve flnanclal years
9 ln our oplnlon Lhe flnanclal lnformaLlon of Lhe Company as aLLached Lo Lhls reporL read wlLh Lhe slgnlflcanL
accounLlng pollcles and noLes Lo accounLs and oLher noLes conLalned ln Lhe aforesald annexures afLer
maklng such ad[usLmenLs as were consldered has been prepared ln accordance wlLh aragraph 8 (1) of
arL ll of Schedule ll of Lhe AcL and Lhe SL8l 8egulaLlons

10 1hls reporL should noL ln any way be consLrued as a relssuance or redaLlng of Lhe prevlous audlL reporLs nor
should Lhls be consLrued as a new oplnlon on any of Lhe flnanclal sLaLemenLs referred Lo hereln

11 We have no responslblllLy Lo updaLe our reporL for evenLs and clrcumsLances occurrlng afLer Lhe daLe of
Lhls reporL

12 1hls reporL ls lnLended solely for your lnformaLlon and for lncluslon ln Lhe Cffer uocumenL ln connecLlon
wlLh Lhe proposed publlc offerlng of Lhe Company and ls noL Lo be used referred Lo or dlsLrlbuLed for any
oLher purpose wlLhouL our prlor wrlLLen consenL

Ior kkothar| Company
Chartered Accountants
I|rm keg|strat|on Number 307069L



(CA kCSon|)
artner
Membersh|p No 0S7620

Date 07032011
|ace ko|kata







1S2

ANNEXURE I
SUMMAk S1A1LMLN1 CI kLS1A1LD ASSL1S AND LIA8ILI1ILS
{` `` ` ln Locs)
art|cu|ars As at As at As at As at As at As at
30Sep10 31Mar10 31Mar09 31Mar08 31Mar07 31Mar06
A
Cross 8lock 37921 3731S 210S2 13313 4202 2093
Less uepreclaLlon 11097 9200 6398 4944 1608 1037
neL 8lock 26824 2811S 146S4 8369 2S94 10S6

1ota| A 26824 2811S 146S4 8369 2S94 10S6
8 Investments 8 083 168S 14S8 1S21 122 122
C Current Assets Loans
Advances

lnvenLorles 363S9S 338973 218736 136337 601S8 33697
Sundry uebLors 107189 38992 3264 3604 624 149
Cash 8ank 8alances 3870 7362 17120 31S3 1286 640
CLher CurrenL asseLs
Loans Advances
36081 3S696 37862 27919 7323 2383
1ota| C S1073S 421023 276982 171013 69391 36869
D Deferred 1ax Assets ]
(L|ab|||ty)
D S37 33S 163 222 104 0S7

1ota| Assets (IA+8+C+D) S38179 4S11S8 2932S7 18112S 72211 38104
L Loan Iunds
Secured Loans 141498 172203 139397 S6348 2S69S 8883
unsecured Loans S1334 3S980 19198 6S33
1ota| Loan Iunds L 192832 208183 1S8S9S 62881 2S69S 8883
I Current L|ab|||t|es
rov|s|ons

CurrenL LlablllLles 1808S6 99432 61079 S2794 32SSS 22178
rovlslons 17100 937S 3020 S873 1169 8S6
1ota| Current L|ab|||t|es
rov|s|ons
I 1979S6 108807 64099 S8667 33724 23034

G Share App||cat|on Money G SS00 8S00 7931 440

1ota| L|ab|||t|es (IIL+I+G) 396288 32S490 23062S 121988 S9419 31917

n Net Worth (I II) 141891 12S668 62632 S9137 12792 6187
I Net Worth kepresented
by

Share CaplLal 91264 1S211 11636 11636* 7730 48S0
8eserves Surplus S0642 110477 S1026 47S41 S063 1339

Less Mlscellaneous
Lxpenses noL w/off
01S 020 030 040 001 002
Net Worth 141891 12S668 62632 S9137 12792 6187
noLe
1) 1he above sLaLemenL should be read wlLh Lhe slgnlflcanL accounLlng pollcles and noLes Lo Lhe resLaLed
summary sLaLemenL of asseLs and llablllLles proflL and loss accounL and cash flows sLaLemenL as appearlng
ln Annexure lll



1S3

* lncludes ` 3093 Lacs LqulLy shares Lo be lssued Lo shareholders of 1ransferor Companles as per scheme of
AmalgamaLlon approved by Ponble Plgh CourL on 18Lh !une 2008 flled on daLed 08Lh !uly 2008 1he same has
been lssued on 20092008 le ln Lhe followlng year
ANNEXURE II
SUMMAk S1A1LMLN1 CI kLS1A1LD kCII1 AND LCSS
{` `` ` ln Locs)
art|cu|ars

er|od
ended
ear
ended
ear
ended
ear
ended
ear
ended
ear
ended
30 Sept 10 31Mar10 31Mar09 31Mar08 31Mar07 31Mar06
INCCMLS
Sales 2SS77S 43893S 399903 2S79S0 84S02 S2412
CperaLlng lncome 38S43 37717 22161 9614 28S7 144S
CLher lncome 1S61 7403 420 200 041 109
vA1 credlL on Cpenlng SLock 40S
lncrease / (uecrease) ln
lnvenLorles
24624 120236 82399 66482 26461 167S8
1C1AL INCCML 320S03 604292 S04883 33424S 113861 71129
LxLNDI1UkLS
urchases 2S4046 S10636 4488S1 297761 99748 S8913
ulrecL Lxpenses 074 048 127 120 04S 018
aymenLs Lo rovlslon for
Lmployees
2103 3874 197S 823 176 124
AdmlnlsLraLlve Lxpenses 23840 46936 32112 1S133 SS18 S728
Selllng ulsLrlbuLlon
Lxpenses
1009 26S0 1820 1290 2412 2920
lnLeresL and oLher flnance
charges
12931 22S04 13293 6048 2283 1046
uepreclaLlon 1898 3107 14S4 1063 S70 2S7
1ota| 29S900 S897S4 499631 322238 1107S2 69006
Net rof|t before tax extra
ord|nary |tems
24603 14S37 S2S2 12007 3109 2124
rov|s|on for 1ax
CurrenL 1ax 8S86 S493 1S46 4440 11S7 800
lrlnge 8eneflL 1ax 122 086 07S 107
ueferred 1ax LlablllLy /
(AsseL)
(202) (1S7) (20S) (084) (0S4) 1S7
Net rof|t before extra
ord|nary |tems after tax
16219 9201 3789 7S6S 1931 1060
ShorL / (Lxcess) rovlslon of
lncome Lax of earller years
132 001
ShorL/(Lxcess) rovlslon of
ueferred 1ax LlablllLy of
earller years
036
rlor perlod expenses 1010 034
uepreclaLlon of earller years
LxLraordlnary lLem ( neL of
Lax)

Net rof|t after tax and
extraord|nary |tems (as per
aud|ted f|nanc|a|)
statements
A 1S173 9201 36S7 7S6S 1931 102S

1S4
Ad[ustments on account of
restatements
8 1046 (9SS) (172) (122) (007) 246*
Net rof|t as restated (A+8) 16219 8246 348S 7443 1924 1271
Surp|us](def|c|t) ava||ab|e for
appropr|at|on
16219 8246 348S 7443 1924 1271
Appropr|at|ons
1ransferred Lo Ceneral
8eserve

1ransferred Lo CaplLal
AccounL

roposed ulvldend
1ax on ulvldend
1ota| Appropr|at|ons
8a|ance rof|t after
Appropr|at|on
16219 8246 348S 7443 1924 1271
8a|ance brought forward
from prev|ous year
23732 1S486 12001 4SS8** 1339 068
Accumu|ated rof|t] (Loss)
carr|ed to 8a|ance Sheet
399S1 23732 1S486 12001 3263 1339


noLe
1 1he above sLaLemenL should be read wlLh Lhe slgnlflcanL accounLlng pollcles and noLes Lo Lhe resLaLed summary
sLaLemenL of asseLs and llablllLles proflL and loss accounL and cash flows sLaLemenL as appearlng ln Annexure lll
* lncludes ` 03S Lacs belng expenses of earller year whlch has been ad[usLed from Lhe reLalned earnlng as on
1040S

** 1he proflL broughL forward for Lhe year ended 31sL March 2008 lncludes ` 168 Lacs ` 1127 Lacs of M/s
awan ro[ecLs rlvaLe LlmlLed and M/s rlme Clocks rlvaLe LlmlLed respecLlvely as per scheme of AmalgamaLlon
approved by Ponble Plgh CourL on 18Lh !une 2008 flled on daLed 08Lh !uly 2008


























1SS

ANNEXURE III
SUMMAk S1A1LMLN1 CI kLS1A1LD CASn ILCWS
{` `` ` ln Locs)
art|cu|ars er|od
ended
ear ended ear
ended
ear
ended
ear ended ear ended
30Sep10 31Mar10 31Mar09 31Mar08 31Mar07 31Mar06
(` `` `) (` `` `) (` `` ` (` `` `) (` `` `) (` `` `)
1Cash I|ow Irom Cperat|ng
Act|v|t|es

neL roflL before Lax and
exLraordlnary lLem
24603 14S37 S2S2 12007 3109 2124
AJjostmeots fot
uepreclaLlon 1898 3107 14S4 1063 S70 2S7
Larller year expendlLure (1010) (036) (034)
rellmlnary expenses W/o
(provlded)
00S 010 010 011 000 000
lnLeresL ald 12931 22S04 13293 6048 2283 1046
ulvldend 8ecelved (008) (010) (007) (003) (00S) (001)
(roflL) / Loss on Sale of Shares 649 (132) (016) (090)
(roflL)/Loss on sale of llxed
AsseLs
(078)
lnLeresL 8ecelved (0S2) (244) (080) (094) (036) (020)
Cperat|ng rof|t before Work|ng
Cap|ta| Changes
39016 396S7 19907 18943 S922 3372
AJjostmeots fot
lnvenLorles (24624) (120236) (82399) (76179) (26461) (167S8)
uebLors (68198) (32446) (2912) (3139) (274) 10S
Loans Advances 4772 (6813S) (4323) (1S802) (4614) 177
1rade ayables 81S72 10S83S 10046 19218 1014S 132S9

Cash Generated from Cperat|on 32S38 (7S32S) (S9682) (S69S8) (1S282) 1SS
1axes ald (S1S7) (S38) (3889) (3132) (1211) (S84)


Net Cash from Cperat|ng
Act|v|t|es
27381 (7S863) (63S71) (60090) (16493) (429)
2 Cash I|ow Irom Invest|ng
Act|v|t|es

llxed AsseLs urchased (606) (16616) (7739) (6836) (2110) (090)
Sale of llxed AsseLs 12S
ulvldend 8ecelved 008 010 007 003 00S 001
lnLeresL 8ecelved 0S2 244 080 094 036 020
lnvesLmenLs Sold 9S3 064
lnvesLmenLs urchased (227) (1401) (092)
roflL / (Loss) on Sale of Shares 132 016 090
Net Cash from Invest|ng
Act|v|t|es
407 (16331) (7S73) (80S0) (2069) (161)
3 Cash I|ow Irom I|nanc|ng
Act|v|t|es

roceeds from Secured Loans (30704) 32807 83047 306SS 16811 1662
roceeds of Share AppllcaLlon
Money
(3000) S4 2692
roceeds from unsecured loans 1S3S4 16782 12666 6S3S
roceeds from lssue of shares 3S7S 2000 2880

1S6
roceeds from securlLles
premlum
46408 33000 1800
lncrease ln Mlscellaneous
LxpendlLure
(0S0)
lnLeresL pald (12931) (22S04) (13293) (6048) (2283) (1046)

Upon Scheme of Ama|gamat|on
|) Accumu|ated rof|t 129S
||) Deferred 1ax L|ab|||ty (024)
|||) Cance||at|on of Shares (1187)
|V) Secur|t|es rem|um 740
V) Shares Issued to Share
ho|ders of
Ama|gamat|ng company
3093

Net Cash from I|nanc|ng
Act|v|t|es
(31281) 82436 8S111 70007 19208 616
Net Increase] (Decrease) |n Cash
Cash Lqu|va|ents
(3492) (97S8) 13967 1867 646 026
Cash Cash LqulvalenLs aL Lhe
beglnnlng of Lhe year
7362 17120 31S3 1286 640 614
Cash Cash LqulvalenLs aL Lhe
end of Lhe year
3870 7362 17120 31S3 1286 640

noLe
1) 1he Cash llow SLaLemenL has been prepared under Lhe lndlrecL MeLhod as seL ouL ln AccounLlng SLandard
3 on Cash llow SLaLemenLs lssued by lCAl (lnsLlLuLe of CharLered AccounLanLs of lndla)
2) llgures ln 8rackeLs represenLs ouLflow
3) Cash and Cash LqulvalenLs of ` 841 Lacs of ersLwhlle rlme Clocks rlvaLe LlmlLed and awan ro[ecLs
rlvaLe LlmlLed have been added wlLh Lhe openlng Cash Cash equlvalenL for Lhe year 20072008 on
amalgamaLlon 1he above sLaLemenL should be read wlLh SlgnlflcanL AccounLlng ollcles and noLes on
8esLaLemenLs as ln Annexure A






















1S7

ANNEXURE IV
DL1AILS CI SLCUkLD LCAN IUNDS
{` `` ` ln Locs)
Ak1ICULAkS
er|od Lnded As at As at As at As at As at
30 Sept 10 31Mar10 31Mar09 31Mar08 31Mar07 31Mar06

Secured Loans
Loans from 8ank
8ank CverdrafL (lClCl 8ank LLd) 14993 1S060

Cash CredlL (S8l) 1246S8 1S4626 123780 S4811 2S69S 886S
(lncludes Cheques ln LranslL)

SLC (S8l) 1S013

1erm Loan (unlon 8ank of lndla) S62

vehlcle Loan
PulC 8ank LLd 1747 222S
lamlly CredlL llmlL LLd 100 292 604 97S
lClCl Car Loan 018

1C1AL 141498 172203 139397 S6348 2S69S 8883


noLe 1he parLlcular of SecurlLy glven agalnsL each loan ls glven ln Annexure vl (A)






















1S8

ANNEXURE V
DL1AILS CI UNSLCUkLD LCAN IUNDS

{` `` ` ln Locs)
Ak1ICULAkS
As at As at As at As at As at As at
30Sep2010 31Mar10 31Mar09 31Mar08 31Mar07 31Mar06
A Irom Schedu|e 8ank
koLak Mahlnda 8ank
LLd
430 1286 3117 2339
SLandard CharLered
8ank LLd
609 1371 2792 3894
A8n AM8C 8ank LLd 969 1391 2468
1ota| (A) 2008 4048 8377 6233
8 Irom 8od|es
Corporate*

A1C(l) LLd 2S82
AdlLl 1rade llnance
()LLd
2000 2000
Akarshan Pouslng vL
LLd
2S00
Apundarlk MerchanLs
vL LLd
1000 1000
8en 1ex lln vL LLd S00
CreaLlves olypacks
()LLd
S00
ueepchand ?ash
lanLaLlon vL LLd
2000
LasL lndla llour Mlls
vL LLd
2S00 2S00
lalrdeal MerchanLs vL
LLd
3000
lasL MerchanLlles vL
LLd
1S00
Carg 8roLhers vL LLd S000
Ca[anan SLeels LLd 6000
!alshwar commerclal
vL L1u
2S00
kl1 commerclal vL LLd 1S00
neena ro[ecLs ()LLd 1000
accman Sales
romoLlon vL LLd
S000 S000
radeep CredlL vL LLd 1000
ulklL veneer Mllls vL
LLd
2000
ure vyapaar vL LLd 1000
8A lnLernaLlonal 2S00
8assl lron SLeel vL
LLd
004
Slnkl 1radecom vL LLd 3000
Symbol vlnlmoy vL S00

1S9
LLd
1lrupaLl vancom vL
LLd
S000
vlra[ Commerclal vL
LLd
1S00 1S00
1ota| (8) 4S000 21086 1S00
* lncludes lnLeresL lree Loan amounLlng Lo ` 11S Lacs ln Lhe perlod ended 30Lh SepLember 2010
C Irom N8IC
8a[a[ AuLo llnance LLd 973 1302 1874
Cholamandalam u8S
llnance LLd
682 1014 1639
luLure CaplLal Poldlng
LLd
28S 406 S40
lndlabulls llnanclal
Servlces LLd
499 943 1720
Magna lln Crop LLd 461 628 8S1
8ellance CaplLal LLd 788 1324 2397
1ota| (C) 3688 S617 9021

u Irom Shareho|ders
8LLodha Sons Pul 300 300 300 300
1ota| (D) 300 300 300 300

L Irom
D|rectors]romoters

8a[lv Chopra 234 34S8
Sonlya Chopra 104 1471
1ota| (L) 338 4929

1ota| (A+8+C+D+L) S1334 3S980 19198 6S33

Note
1) 1erms and condlLlons of unsecured loan Laken from ulrecLor/romoLers ls glven ln Annexure vl (8)
2) unsecured Loan from Schedule 8ank and n8lC are repald as per repaymenL schedule Powever Lhe above
amounL ls excluslve of lnLeresL
3) unsecured Loan from 8ody CorporaLe are payable on demand 1he lnLeresL ls payable on demand












160

ANNEXURE VI {A]
DL1AILS CI SLCUkI1 AGAINS1 SLCUkLD LCAN
{` `` ` in Locs)
S|
No
Name
of
Lender
Iac|||ty Granted
Loan
Documentat|on
Amount
Sanct|oned
Amount
Cutstand|ng
as at 30th
September
2010
kate of Interest
()
Secur|ty
1 SLaLe
8ank Cf
lndla
Cash credlL
LeLLer of CredlL
bank
CuranLee for
Worklng CaplLal
agreemenL
daLed 16Lh
february2009
deed of
AmendmenL
daLed
12032010
` 12S000
(lund
8ased) `
10000 (non
lund 8ased)
` 1246S8 Cash credlL [
2S above
S8A8
LeLLer of CredlL
bank
CuranLee as
per banks
sLandard raLe
1he lnLeresL ls
payable on
monLhly basls
on Lhe base raLe
prevalllng on Lhe
daLe of lnLeresL
paymenL
I|rst Charge 1he charge
operaLes as 1sL Charge Lhrough
PypoLhecaLlon of flnlshed
goods spares SLores
recelvables all oLher currenL
asseLs of Lhe company boLh
resenL luLure excepL Lhe
sLock of waLches from 1lLan
lndusLrles
Co||atera| Charges



1 LM of Commerclal
Showroom cum shop
measurlng 4S0 sqfL aL Cround
floor 148 88 Avenue
kolkaLa700029 ln Lhe name of
Mr 8a[lv Chopra


2 LM of 8esldenLlal flaL
measurlng 866 sq fL aL Clrnar
AparLmenL flaL no 18 4S
!aLln uas 8oad kolkaLa700029
ln Lhe name of Mrs Sonlya
Chopra


3 LM of 8esldenLlal flaL
measurlng 866 sq fL aL Clrnar
AparLmenL flaL no 28 4S
!aLln uas 8oad kolkaLa700029
ln Lhe name of Mr 8a[lv
Chopra


4 LM of 8esldenLlal flaL
measurlng 1282 sqfL aL 86
8lplabl 8ash 8eharl 8ose 8oad
(lormerly Cannlng SLreeL)
klokaLa700001 ln Lhe name of
Mr 8a[lv Chopra

161


S LM of lease holds properLy
(Lessor CovL of W8) ln Lhe
name of M/s SMA MarkeLlng
vL LLd(resenLly rlme 8eLall
lndla LlmlLed)Lhe showroom
cum shop ls aL CS loL
no3601 Mouza
larldpur!Lno74 1ouzl
no20 ureamplex Mall
uurgapur ClLy CenLre
uurgapur WesL 8engalArea
76S sqfL

6 unlL no7 admeasurlng 1S99
sq fL on Lhe flfLh floor of Lhe
bulldlng LogeLher wlLh opened
Lerrace measurlng 242 sq fL
slLuaLed aL demarcaLed easLern
porLlon of premlses no 8/1
MlddleLon 8ow kolkaLa
700071 ln Lhe name of Lhe
Company vlde deed no 14260
for Lhe year 2009
ersonal CuranLee of
Mr 8a[lv Chopra (ulrecLor)
Ms Sonlya Chopra (ulrecLor)
2 lClCl
8ank
LLd
LuC
CverdrafL
faclllLy for
Worklng CaplLal
agreemenL
daLed 28Lh
february2009
` 1S000 ` 14993 32S below
Lhe sum of l8A8
Lhe CC 8lsk
remlum
prevalllng on
each day LhaL
Lhe loan remlans
ouLsLandlng 1he
lnLeresL ls
payable on
monLhly basls
on Lhe base raLe
prevalllng on Lhe
daLe of lnLeresL
paymenL
PypoLhecaLlon of CredlL Card
8ecelvables boLh resenL
luLure

uncondlLlonal lrrevocable
personal CuranLee of
Mr 8a[lv Chopra (ulrecLor)
Ms Sonlya Chopra (ulrecLor)








162

Deta||s of Veh|c|e Loans

3 Loanl
PulC 8ank LLd
a) 8epaymenL Schedule
{` `` ` in Locs)
Year Yearly Installment Total Amount Outstanding

Jan 10- Mar 10
203 22.25
Apr 10 Mar 11 822 1403
Apr 11 Mar 12 837 S66
Apr 12- Nov 12
S66
TOTAL
24.28

c) 8aLe of lnLeresL 178 pa
d) Secured agalnsL PypoLheLlcaLlon of vehlcle

Loanll
lamlly CredlL LlmlL LLd
a) 8epaymenL Schedule
{` `` ` in Locs)
Year Yearly Installment Total Amount Outstanding

leb 08 Mar 08 0S1 97S
Apr 08 Mar 09 371 604
Apr 09 Mar 10 312 292
Apr 10 uec 10 292
TOTAL 10.26

b) 8aLe of lnLeresL 962 pa
c) Secured agalnsL PypoLheLlcaLlon of vehlcle















163

ANNEXURE VI {B]
DL1AILS CI UNSLCUkLD LCANS 1AkLN IkCM DIkLC1CkS]kCMC1LkS

1 8a[lv Chopra
8aLe of lnLeresL 9
{` `` ` in Locs)
Particulars
Period Ended
September
30,2010
As at
March
31,2010
As at
March
31,2009
As at
March
31,2008
As at
March
31,2007
As at
March
31,2006
Opening Balance 34.58 - - - - -
Amount
Received/credited
43.91 78.80 - - - -
Amount
repaid/adjusted
76.15 44.22 - - - -
Outstanding Amount 2.34 34.58 - - - -

2 Sonlya Chopra
8aLe of lnLeresL 9
{` `` ` in Locs)
Particulars
Period Ended
September
30,2010
As at
March
31,2010
As at
March
31,2009
As at
March
31,2008
As at
March
31,2007
As at
March
31,2006
Opening Balance 14.71

-

-

-
- -
Amount
Received/credited
5.50

36.59

-

-
- -
Amount
repaid/adjusted
19.17

21.88

-

- - -
Outstanding Amount
1.04

14.71

-

- - -

Terms and Conditions:
In iespect of both the afoiesaiu unsecuieu loans, the piincipal amounts aie iepayable on uemanu anu theie is
no iepayment scheuule. The Inteiest accuies on annual basis anu is payable on uemanu.
Note:
The above amount outstanuing incluues inteiest.











164


ANNEXURE VII
DL1AILS CI CUkkLN1 ASSL1S AND LCANS AND ADVANCLS
(` ln Lacs)
art|cu|ars
er|od
Lnded As at As at As at As at As at
30 Sept 10 31Mar10 31Mar09 31Mar08 31Mar07 31Mar06

Inventor|es (1rad|ng Goods) 363S9S 338973 218736 136337 601S8 33697
AL lower of CosL or neL 8eallsable
value

(valued and CerLlfled by
ManagemenL)

Subtota| (A) 363S9S 338973 218736 136337 601S8 33697

Sundry Debtors
Unsecured cons|dered good
Lxceedlng slx monLhs 16322 18S37 19S7 1281 009
CLher uebLs 90867 204SS 1307 2323 61S 149

Subtota| (8) 107189 38992 3264 3604 624 149

Cash and bank ba|ances
Cash ln Pand (As CerLlfled by Lhe
ManagemenL)
1S88 2119 1076 81S 296 129
8alance wlLh scheduled banks ln
CurrenL accounLs 1412 471 11983 267 297 078
Cheque ln Pand 690
llxed ueposlL wlLh 8anks
(lncludlng lnLeresL Accrued)
870 4772 3329 1093 621 433
CumulaLlve ueposlL wlLh 8ank 732 288 072

Subtota| (C) 3870 7362 17120 31S3 1286 640

Loans and advances
(Unsecured cons|dered good)
Advances (recoverable ln cash or
klnd or value Lo be recelved
Lhereof )
4479 20176 8822 14776 S049 409
uuLles 1axes 8729 7008 7423 39S1 1039 749
repald Lxpenses 1062 S34 218 046 017 031
SecurlLy ueposlLs 21811 7978 21399 9146 1218 1194
Subtota| (D) 36081 3S696 37862 27919 7323 2383

1ota| (A)+(8)+(C )+(D) S1073S 421023 276982 171013 69391 36869

16S

ANNEXURE VIII
DL1AILS CI CLkA1ING INCCML
(` `` ` |n Lacs)
art|cu|ars

er|od Lnded As at As at As at As at As at
30Sep10 31Mar10 31Mar09 31Mar08 31Mar07 31Mar06

lncenLlve 8ecelved 34878 30283 8681 4160 218S 120S
Clalm / ulscounL 8ecelpL 3106 6S93 11413 4686 38S 16S
Servlce Charges SS9 841 2067 768 287 07S
1ota| 38S43 37717 22161 9614 28S7 144S

ANNEXURE IX
DL1AILS CI C1nLk INCCML
{` `` ` in Locs)
art|cu|ars
er|od Lnded As at As at As at As at As at
30Sep2010 31Mar10 31Mar09 31Mar08 31Mar07 31Mar06

roflL on Sale of llxed AsseLs 078
MarkeLlng SupporL 1747 4479
lnLeresL on llxed ueposlL 0S2 244 080 094 036 020
Mlscellaneous lncome 403 2460 317 013 088
lncome from lnvesLmenL (641) 142 023 093 00S 001
1ota| 1S61 7403 420 200 041 109

ANNEXURE X
DL1AILS CI CUkkLN1 LIA8ILI1ILS AND kCVISICNS
{` `` ` in Locs)
art|cu|ars er|od Lnded As at As at As at As at As at
30 Sept 10 31Mar10 31Mar09 31Mar08 31Mar07 31Mar06

A) Current L|ab|||t|es
Sundry Cred|tors
for Lxpenses S3S9 4798 228S 3744 167S 1499
for Coods 17098S 92S82 SS419 48344 2991S 20179
uuLles 1axes 3029 1619 1S76 344 680
SecurlLy ueposlL 27S 320 320
CLher LlablllLles 1208 113 1479 362 28S S00
Subtota| (A) 1808S6 99432 61079 S2794 32SSS 22178

rov|s|ons
lncome 1ax / l81 1694S 83S9 2866 S77S 1169 8S6
CLher rovlslons 1SS 1016 1S4 098

Subtota| (8) 17100 937S 3020 S873 1169 8S6

1ota| (A) + (8) 1979S6 108807 64099 S8667 33724 23034

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171


ANNEXURE XIII
DL1AILS CI SnAkL CAI1AL kLSLkVLS AND SUkLUS

art|cu|ars er|od Lnded As at As at As at As at As at
30Sep2010 31Mar10 31Mar09 31Mar08 31Mar07 31Mar06
Share Cap|ta|
Author|sed Share
Cap|ta|
no of LqulLy shares of `
10 each (nos)
2000000000 2000000000 281000000 281000000 100000000 S0000000
Share CaplLal (ln ` Lacs) 200000 200000 28100 28100 10000 S000
Issued Share Cap|ta|
no of LqulLy Shares of `
10 each fully pald up
(nos)
912643200 1S2107200 1163S7200 8S430000 77300000 48S00000
Share CaplLal (8upees ln
lacs)
91264 1S211 11636 8S43 7730 48S0
Subscr|bed and pa|dup
Share Cap|ta|
Lqu|ty Share Cap|ta|
no of LqulLy Shares of `
10 each fully pald up
(nos)
912643200 1S2107200 1163S7200 8S430000 77300000 48S00000
Share CaplLal (8upees ln
lacs)
91264 1S211 11636 11636 7730 48S0
1ota| 91264 1S211 11636 11636 7730 48S0
keserves and Surp|us
SecurlLles remlum 10691 8674S 3SS40 3SS40 1800
roflL and Loss accounL 399S1 23732 1S486 12001 3263 1339
1ota| S0642 110477 S1026 47S41 S063 1339

Note
Cf Lhe above 760S360 fully pald up LqulLy Shares of ` 10/each lssued as bonus as on 30Lh SepLember
2010 by way of CaplLallsaLlon of SecurlLles remlum AccounL amounLlng ` 760S4 lacs
rlme 8eLall lndla LLd has amalgamaLed wlLh rlme Clocks rlvaLe LlmlLed and awan ro[ecLs rlvaLe
LlmlLed pursuanL Lo hlgh courL order daLed 1862008 flled on 872008 ln vlew of Lhe same and under
poollng of lnLeresLs meLhod of accounLlng as per AccounLlng SLandard 14 lssued by Lhe lCAl Lhe excess of
purchase conslderaLlon pald over Lhe equlLy share caplLal amounLlng Lo ` 760160 has been ad[usLed
agalnsL Lhe CuLsLandlng SecurlLles remlum balance of Lhe 1ransferor Companles le ` 900000/ ln
respecL of awan ro[ecLs vL LLd and ` 600000/ ln respecL of rlme Clocks vL LLd 1hls has ylelded Lo a
neL lncrease of ` 739840 Lo Lhe securlLles premlum of Lhe Lransferee company for Lhe year 200708

Share CaplLal of ` 11636 Lacs as on 31sL March 2008 ls lncluslve of ` 3093 Lacs whlch have been lssued Lo
Shareholder of 1ransferor Companles on 20092008 for 309272 number of LqulLy Shares of ` 10/ each
fully pald up pursuanL Lo Lhe above menLloned Scheme of AmalgamaLlon approved by Ponble Plgh CourL
daLed 18Lh !une 2008 flled on 8Lh !uly 2008

172


ANNEXURE XIV
Cap|ta||zat|on Statement
{` `` ` ln Locs)
art|cu|ars

er|od Lnded As at As at As at As at As at
30Sep2010 31Mar10 31Mar09 31Mar08 31Mar07 31Mar06
uebL
ShorL 1erm uebL
4S638 2631S 1800 300
Long 1erm uebL
147194 181868 1S679S 62S81 2S69S 8883
1ota| Debt
192832 208183 1S8S9S 62881 2S69S 8883
Shareholders lund (LqulLy)
Share CaplLal
91264 1S211 11636 11636* 7730 48S0
8eserves Surplus
S0642 110477 S1026 47S41 S063 1339
Less Mlscellaneous
Lxpenses noL w/off
01S 020 030 040 001 002
1ota| Shareho|ders Iund
(Lqu|ty)
141891 12S668 62632 S9137 12792 6187
1ota| Cap|ta||sat|on
Long 1erm uebL/LqulLy
104 14S 2S0 106 201 144
1oLal uebL/LqulLy
136 166 2S3 106 201 144

Notes
1 ShorL Lerm debLs represenL whlch are due wlLhln 12 monLhs
2 Long Lerm debLs represenL debLs oLher Lhan ShorL 1erm uebLs as deflned above
3 1he correspondlng posL lssue flgures are noL deLermlnable aL Lhls sLage pendlng Lhe compleLlon of publlc
lssue and hence have noL been furnlshed
. 1he flgures dlsclosed above are based on a resLaLed sLaLemenL of AsseLs and LlablllLles of Lhe Company as
300910 310310310309 310308 310307 and 310306 respecLlvely
* lncludes ` 3093 Lacs LqulLy shares Lo be lssued Lo shareholders of 1ransferor Companles as per scheme of
AmalgamaLlon approved by Ponble Plgh CourL on 18Lh !une 2008 flled on daLed 08Lh !uly 2008 1he same have
been lssued on 20092008 le ln Lhe followlng year

















173


ANNEXURE XV
MANDA1Ck ACCCUN1ING kA1ICS
{` `` ` ln Locs)
art|cu|ars
er|od Lnded
As at As at As at As at As at
30Sep2010 31Mar10 31Mar09 31Mar08 31Mar07 31Mar06
lace value per equlLy
Share(`)
10 10 10 10 10 10
Larnlngs/ (losses) er
Share (ln `)
8aslc Larnlngs/ (losses)
er Share a/b
3SS 092 040 089 024 016
ulluLed Larnlngs/
(losses) er Share a/c
3SS 092 040 087 024 016
(ll) 8eLurn on neL WorLh
(ln ) a/e
1143 6S6 SS6 12S9 1S04 20S4
(lll) neL AsseLs value per
Share (ln `) e/d
1SSS 8262 S383 6078 16SS 1276
(a) neL proflL avallable
for approprlaLlon (as
resLaLed)
1621910692 82461S290 348477897 744337483 192438S36 1270SS700
(b) WelghLed average
numbers of equlLy
shares for calculaLlng
8aslc LS
4S63216 892S479 8768932 839S346 8091149 8090360
(c) WelghLed average
numbers of shares for
calculaLlng ulluLed LS
4S63216 892S479 8768932 8S8S918 8091149 8090360
(d) no of equlLy shares
ouLsLandlng aL Lhe end
of Lhe year
9126432 1S21072 1163S72 973000 773000 48S000
(e) neL WorLh as aL Lhe
end of Lhe perlod/year
(ln `)
1418906S36
2
12S668306
70
626316S38
0
S91372148
3
127916423
6
618670100
Notes:
1 1he above raLlos are calculaLed as under
a) Larnlng per share neL roflL avallable for approprlaLlon (as resLaLed)
WelghLed average number of equlLy shares ouLsLandlng durlng Lhe year
b) 8eLurn on neL WorLh() neL roflL avallable for approprlaLlon (as resLaLed)
neL worLh as aL Lhe year end
c) neL AsseL value er LqulLy Share neL WorLh as aL Lhe end of Lhe perlod/year
number of equlLy shares ouLsLandlng aL Lhe end of Lhe ?ear
2 neL WorLh means Lhe aggregaLe of Lhe pald up share caplLal share premlum accounL and reserves and surplus
(excludlng revaluaLlon reserve) as reduced by Lhe aggregaLe of mlscellaneous expendlLure (Lo Lhe exLenL noL
ad[usLed or wrlLLen off) and Lhe deblL balance of Lhe proflL and loss accounL
3 Cn 30Lh SepLember 2010 Lhe Company has lssued 760S360 bonus shares lssued ln Lhe raLlo of S new equlLy
shares of ` 10/ each fully pald up for 1 equlLy shares of ` 10/ each fully pald up held ln Lhe company by
caplLallslng securlLles premlum
4 Larnlngs er Share (LS) calculaLlon are ln accordance wlLh Lhe AccounLlng SLandard 20 Larnlngs er Share
prescrlbed under Lhe Companles (AccounLlng SLandards) 8ules 2006
S 1he flgures dlsclosed above are based on Lhe resLaLed flnanclal lnformaLlon of Lhe Company

174


ANNEXURE XVI

S1A1LMLN1 CI ADIUS1MLN1S]IMAC1 CI kICk LkICD I1LMS]DLILkkLD 1Ax ASSL1S AND LIA8ILI1ILS IN
1nL IINANCIAL S1A1LMLN1S
(` `` ` In Lacs)
art|cu|ars Sep10 Mar10 Mar09 Mar08 Mar07 Mar06
neL roflLs afLer Lax and
exLaordlnary lLems buL before
Ad[usLmenLs
A 1S173 9201 36S7 7S6S 1931 102S
Ad[ustment on Account of
Less Lxcess rovlslon of ueferred
1ax AsseL
(007)
Add ShorL rovlslon of ueferred 1ax
LlablllLy
036
Less ShorL rovlslon of ueferred 1ax
LlablllLy
(26S)
Add ShorL rovlslon of ueferred 1ax
AsseLs
016 010 211
Add rlor erlod lLems 1010 132 03S
Less ShorL rovlslon of expenses (971)* (039)** (132)
1ota| 8 1046 (9SS) (172) (122) (007) 246
neL roflL as 8esLaLed (A+8) 16219 8246 348S 7443 1924 1271

*lL lncludes ` 026 Lacs wrlLLen off as non recoverable balance of Lwo lnoperaLlve bank accounLs 1he company ls ln
process of lnLlmaLlng bank for closure of Lhe accounLs
*lncludes ` 049 Lacs provlded ln Lhe books for change ln accounLlng pollcy for graLulLy from cash basls Lo accrual
basls
** 8epresenL amounL provlded ln Lhe books for change ln accounLlng pollcy for graLulLy from cash basls Lo accrual
basls



















17S


ANNLxUkL xVII
8kILI AUDI1LD IINANCIAL INICkMA1ICN CI GkCU CCMANILS

1 Chopra I||ms Lnterta|nment r|vate L|m|ted

Date of Incorporat|on 240S2008
Nature of Act|v|t|es 1o produce fllms and vldeo programme of all klnd lncludlng
Lhe leaLure lllms ln cellulold or ln dlglLal formaL or ln oLher
formaLs as are comlng up
(kupees In Lacs)
art|cu|ars
As at As at As at
31Mar10 31Mar09 31Mar08
Sales
roflL/(Loss) afLer 1ax (023)
Larnlng er Share
ulluLed Larnlng er Share
LqulLy Share CaplLal 100 100
8eserves (excludlng 8evaluaLlon 8eserve)
neL AsseL value 0SS 072
number of CuLsLandlng Shares 10000 10000
Loss made ln Lhe receedlng ?ear

2 r|me Watch Wor|d (So|e ropr|etorsh|p)
uaLe of lormaLlon 20122003
naLure of AcLlvlLles Selllng and 8epalrlng of WaLches and clocks
(kupees In Lacs)
art|cu|ars
As at As at As at
31Mar10 31Mar09 31Mar08
Sales 46S 1061 1248
roflL/(Loss) 8efore 1ax 032 149 029
Larnlng er Share nA
CaplLal 8eserve 134 102 012
neL AsseL value 134 102 012
number of CuLsLandlng Shares nA
Loss made ln Lhe receedlng ?ear

3 ka[|v Chopra nUI
uaLe of lormaLlon 10041998
naLure of AcLlvlLles
lnvesLmenL/1radlng ln SecurlLles
(kupees In Lacs)
art|cu|ars
As at As at As at
31Mar10 31Mar09 31Mar08
lncome 163 160 129
roflL/(Loss) afLer 1ax 161 1S7 124
Larnlng er Share nA
CaplLal 8eserve 1274 1113 1037
neL AsseL value 1274 1113 1037
number of CuLsLandlng Shares nA
Loss made ln Lhe receedlng ?ear


176


ANNEXURE XVIII
S1A1LMLN1 CI DLILkkLD 1Ax ASSL1S ] (LIA8ILI1ILS)
(` ln Lacs)
art|cu|ars As at 30
th

September
2010
Ior the
year ended
31
st
March
2010
Ior the year
ended 31
st

March 2009
Ior the year
ended 31
st

March 2008
Ior the
year ended
31
st
March
2007
Ior the
year ended
31
st
March
2006
Cpenlng 8alance of
ueferred 1ax AsseL /
(LlablllLy)
33S26138 162S3S12 22248103 1282624S* S7S3249 390100
u1A/(u1L) on1lmlng
ulfference ln uepreclaLlon
as per Companles AcL and
lncome 1ax AcL
20193466 17272626 (S994S91) 94218S8 46S0196 S363149
C|os|ng 8a|ance of
Deferred 1ax Asset ]
(L|ab|||ty)
S3719604 33S26138 162S3S12 22248103 1040344S S7S3249

* Cpenlng ueferred 1ax LlablllLy for Lhe year ended on 31032008 lncludes neL ueferred 1ax AsseL of ` 24228
Lransferred from Lhe 1ransferor Companles pursuanL Lo Scheme of AmalgamaLlon approved by Ponble Plgh CourL
on 18Lh !une 2008 flled on daLed 08Lh !uly 2008

ANNEXURE XIX
S1A1LMLN1 CI DIVIDLND AID

1he company has noL declared any dlvldend for slx monLhs perlod ended SepLember 30 2010 and years ended
March 31 2010 March 31 2009 March 31 2008 March 31 2007 March 31 2006






















177


ANNLxUkL xx
S1A1LMLN1 CI 1Ax SnLL1Lk

art|cu|ars
er|od Lnded
Ior the ear
ended
Ior the ear
ended
Ior the ear
ended
Ior the ear
ended
Ior the ear
ended
30 Sept 10 31Mar10 31Mar09 31Mar08 31Mar07 31Mar06
1ax rovlslon as per
roflL and Loss AccounL
8S8600000 S49342S00 1S4617S00 443960400 11S766100 80000000
l81 rovlslon 12174000 8646S00 7S13800 10700000



Ad[ustments
ulfference uepreclaLlon
beLween Companles
AcL

and lncome 1ax AcL
S94100 S08168 (176363) 27719S 1381S2 1S933300

Cther ad[ustments
ShorL rovlslon of
Lxpenses
97149S 386S4

1ax Savlng Lhereon
u1A/u1L
Added/(wrlLLen) off
durlng Lhe year
20193466 17272626 (S994S91) 94218S8 46S0196 S363149
ShorL rovlslon of
lncome 1ax
13214100


1ax Savlngs on
oLher ad[usLmenLs
321S4406 1313849
1ota| 1axat|on as
ca|cu|ated
838406S34 49991S468 184686342 44318S042 118629704 8S3368S1



Lx1kACkDINAk
I1LMS
ShorL Lerm CaplLal
Caln/(Loss)
(3078S) 1S008 90179
Long Lerm CaplLal
Caln/(Loss)
(447672)













178


ANNLxUkL A
SIGNIIICAN1 ACCCUN1ING CLICILS

1 8as|s of account|ng

1hese flnanclal sLaLemenLs have been prepared comply ln all maLerlal aspecLs wlLh all Lhe appllcable accounLlng
prlnclples ln lndla Lhe appllcable accounLlng sLandards noLlfled under secLlon 211(3C) of Lhe Companles AcL
19S6 Lhe relevanL provlslons of Lhe Companles AcL 19S6 and Lhe SecurlLles and Lxchange 8oard of lndla (lssue
of CaplLal and ulsclosure 8equlremenLs) 8egulaLlons 2009 (1he lCu8 8egulaLlons") and Lhe relaLed
clarlflcaLlons LhereLo lssued by Lhe SecurlLles and Lxchange 8oard of lndla

2 Use of est|mates

1he preparaLlon of flnanclal sLaLemenLs ln conformlLy wlLh generally accepLed accounLlng prlnclples requlres
managemenL Lo make esLlmaLes and assumpLlons LhaL affecL Lhe reporLed balances of asseLs and llablllLles
revenues and expenses and Lhe dlsclosure relaLlng Lo conLlngenL llablllLles 1he managemenL belleves LhaL Lhe
esLlmaLes used for preparaLlon of flnanclal sLaLemenLs are prudenL and reasonable AcLual resulLs lf Lhey dlffer
from Lhose esLlmaLes are recognlsed prospecLlvely ln Lhe currenL and fuLure perlods

3 I|xed assets and deprec|at|on

llxed asseLs are sLaLed aL cosL (gross block) less accumulaLed depreclaLlon CosL of AcqulslLlon comprlses
purchase prlce duLles levles and any dlrecLly aLLrlbuLable cosL of brlnglng Lhe asseL Lo lLs worklng condlLlon for
Lhe lnLended use

Assets cost|ng up to ` S000 are fu||y deprec|ated |n the year of purchase

uepreclaLlon on flxed asseLs has been provlded on wrlLLen down value meLhod aL Lhe raLes and ln Lhe manner
prescrlbed ln Schedule xlv of Lhe Companles AcL 19S6

4 Investments

lnvesLmenLs are LreaLed as long Lerm lnvesLmenL and valued aL cosL
S Inventor|es
lnvenLorles are valued aL lower of welghLed average cosL or neL reallzable value CosL comprlses expendlLure ln
Lhe normal course of buslness ln brlnglng such lnvenLorles Lo Lhelr locaLlon and condlLlon rovlslon ls made for
obsoleLe and slow movlng sLocks where necessary

6 kevenue recogn|t|on

a Sales are recognlsed ln Lhe accounLs on passlng of LlLle of goods and shown neL of vA1 sales reLurn clalms and
rebaLe eLc
b CLher lncome and expendlLure are accounLed for on accrual basls

7 rov|s|ons

A provlslon ls requlred when an enLerprlse has a presenL obllgaLlon as a resulL of pasL evenL and lL ls probable
LhaL an ouLflow of resources wlll be requlred Lo seLLle Lhe obllgaLlon ln respecL of whlch a rellable esLlmaLe can
be made rovlslons are noL dlscounLed aL presenL value and are deLermlned based on besL esLlmaLes requlred
Lo seLLle Lhe obllgaLlon aL Lhe 8alance SheeL daLe 1hese are revlewed aL each 8alance SheeL daLe and ad[usLed
Lo reflecL Lhe currenL besL esLlmaLes





179


8 1axes on |ncome

l) CurrenL 1ax ls deLermlne aL Lhe amounL of Lax payable ln respecL of Laxable lncome for perlod compuLed
wlLh relevanL Lax rules and Lax laws

ll) ueferred Lax asseLs/llablllLy are recognlsed for all deducLlble Llmlng dlfferences and carrled forward Lo Lhe
exLenL Lhere ls reasonable cerLalnLy LhaL sufflclenL fuLure Laxable lncome wlll be avallable agalnsL whlch such
deferred Lax asseLs/llablllLy can be reallsed

ueferred Lax asseL/llablllLy Lo Lhe exLenL lL perLalns Lo unabsorbed loss / depreclaLlon under Lax laws ls
recognlsed only Lo Lhe exLenL LhaL Lhere ls vlrLual cerLalnLy of reallsaLlon based on convlnclng evldence as
evaluaLed on a case Lo case basls

ueferred Lax asseLs/llablllLles are measured aL Lhe Lax raLes LhaL have been enacLed or subsLanLlvely enacLed by
Lhe balance sheeL daLe

9 Lmp|oyee benef|ts
rovlslon for llablllLy ln respecL of CraLulLy has been made ln Lhe accounLs on Lhe basls of AcLuarlal valuaLlon as
per AS1S(8evlsed) lssued by lCAl 1here are no oLher employee beneflLs

10 Iore|gn currency transact|ons

1ransacLlons ln forelgn currency are recorded by applylng Lhe exchange raLe prevalllng on Lhe daLe of Lhe
LransacLlon MoneLary lLems denomlnaLed ln forelgn currency as aL Lhe balance sheeL daLe are LranslaLed aL Lhe
exchange raLe prevalllng on LhaL daLe 1he exchange dlfferences resulLlng on such LranslaLlon and on seLLlemenL
of LransacLlons are charged Lo proflL and loss accounL

11 Larn|ngs per share

1he earnlngs consldered ln ascerLalnlng Lhe company's earnlngs per share comprlse Lhe neL proflL or loss for Lhe
year aLLrlbuLable Lo Lhe equlLy shareholders 8aslc Larnlngs per share are compuLed uslng Lhe welghLed average
number of shares ouLsLandlng durlng Lhe year 1he dlluLed LS ls calculaLed on Lhe same basls as baslc LS
afLer ad[usLlng for Lhe effecL of poLenLlal dlluLlve equlLy shares and Lhelr correspondlng effecL on Lhe neL proflL
for Lhe equlLy shareholders

12 Cash and Cash Lqu|va|ents
Cash llow SLaLemenL ls prepared under lndlrecL MeLhod as per AS 3 lssued by lCAl
Cash and cash equlvalenLs for Lhe purpose of sLaLemenL of cash flow comprlse cash aL bank and cash ln hand
and llxed ueposlLs kepL wlLh Lhe 8anks

13 M|sce||aneous Lxpend|ture

rellmlnary expenses/AmalgamaLlon expenses are charged Lo proflL and loss accounL over S years equally as per
lncome 1ax AcL 1961




180


8) MA1LkIAL ADIUS1MLN1S

ApproprlaLe ad[usLmenLs have been made ln Lhe resLaLed flnanclal lnformaLlon whenever requlred by a
reclasslflcaLlon of Lhe correspondlng lLems of asseLs llablllLles and cash flow sLaLemenL ln order Lo ensure
conslsLency and compllance wlLh requlremenL of Schedule vl

1 ln AudlLed AccounLs Sundry debLors shown neL off advances from cusLomers for Lhe year ended 310306
310307 310308 310309 and 31032010 Accordlngly Lhe same have been regrouped and rearranged
now as sLaLed below

Sundry Debtors
art|cu|ars
As per Aud|ted
8a|ance Sheet
As per
kestated
Statement
D|ffer
ence
keason
As At 31032010
Lxceedlng
Slx MonLhs



18S37 18S37
1 Age wlse Analysls made accordlng Lo Lhe requlremenL
of Schedule vl of Lhe Companles AcL 19S6
CLher
uebLs

38919 204SS 18464
2 Advance from CusLomer resLaLed under CurrenL
LlablllLy by ` 073 lacs
1ota|

38919 38992 073

As At 31032009
Lxceedlng
Slx MonLhs

19S7

19S7
1 Age wlse Analysls made accordlng Lo Lhe requlremenL
of Schedule vl of Lhe Companles AcL 19S6
CLher
uebLs 6474 1307 S167
2 Advance glven Lo suppller resLaLed under Loans
Advances for ` 3210 lacs
1ota| 6474 3264 3210
As At 31032008
Lxceedlng
Slx MonLhs

1281

1281
1 Age wlse Analysls made accordlng Lo Lhe requlremenL
of Schedule vl of Lhe Companles AcL 19S6
CLher
uebLs 3S62 2323 1239
2 Advance from CusLomer resLaLed under CurrenL
LlablllLy by ` 042 lacs
1ota| 3S62 3604 042
As At 31032007
Lxceedlng
Slx MonLhs

009 009
1 Age wlse Analysls made accordlng Lo Lhe requlremenL
of Schedule vl of Lhe Companles AcL 19S6
CLher
uebLs 423 61S 192
2 Advance from CusLomer resLaLed under CurrenL
LlablllLy by ` 201 lacs
1ota| 423 624 201
2 l) CLher Advances under Lhe headlng of Loans and Advances lncludes ` 7114297396 for lnLer branch
deblL balance as well as advance recelved under Lhe headlng CurrenL LlablllLy lncludes CredlL balance of
lnLer branch by Lhe sald amounL ln Lhe audlLed accounLs as on 31032010 lL has been resLaLed by
neuLrallzlng Lhe same
ll Loans and advances have been shown neL off wlLh advance Lo Suppller ln Lhe AudlLed AccounLs now lL ls
grossed up accordlng Lo Lhe requlremenL of Schedule vl of companles AcL 19S6








181


Loans Advances (Advances kecoverab|e |n Cash or |n k|nd or Va|ued to be rece|ved thereof)
art
|cu|
ars
As per
Aud|ted
8a|ance
Sheet
As per
kestated
Statement
D|ff
ere
nce
keason
As At 31032010


877SS 20176
67S
79
1 ueblL 8alance of lnLer unlL amounLlng ` 71143 lacs lncluded ln CLher
Advances now lL ls neuLrallzed wlLh credlL balance of lnLer unlL 8ranch
balances lncluded ln CurrenL LlablllLles
1ot
a|

877SS 20176
67S
79
2 Advance glven Lo suppller was shown neL off under Sundry CredlLors
has been resLaLed under Loans Advances for ` 3S64 lacs
As At 31032009
SS61 8821

32
60
1 Advance glven Lo suppller ground wlLh Sundry uebLors now resLaLed
under Loans Advances for ` 3210 lacs
1ot
a| SS61 8821

32
60
2 Advance glven Lo suppller was shown neL off under Sundry CredlLors
has been resLaLed under Loans Advances for ` 0S0 lacs
As At 31032008
13024 1477S
17
S1
1 Advance glven Lo suppller was shown neL off under Sundry CredlLors
has been resLaLed under Loans Advances for ` 17S1 lacs
1ot
a| 13024 1477S
17
S1

As At 31032007
S014 S048

03
4
1 Advance glven Lo suppller was shown neL off under Sundry CredlLors
has been resLaLed under Loans Advances for ` 034 lacs
1ot
a| S014 S048

03
4

3 SLaLemenL of Ad[usLmenLs / lmpacL of rlor perlod lLems/ueferred Lax asseLs llablllLles ln Lhe llnanclal
SLaLemenLs




182

art|cu|ars Sep10 Mar10 Mar09 Mar08 Mar07 Mar06
neL roflLs afLer Lax and exLra
ordlnary lLems buL before
Ad[usLmenLs
A 1S173 9201 36S7 7S6S 1931 102S
Ad[ustment on Account of

Less Lxcess rovlslon of ueferred
1ax AsseL



(007)
Add ShorL rovlslon of ueferred 1ax
LlablllLy
036
Less ShorL rovlslon of ueferred 1ax
LlablllLy
(26S)
Add ShorL rovlslon of ueferred 1ax
AsseLs
016 010 211
Add rlor erlod lLems 1010 132 03S
Less ShorL rovlslon of expenses (971)* (039)** (132)
1ota|
8 1046 (9SS) (172) (122) (007) 246
neL roflL as 8esLaLed (A+8)
16219 8246 348S 7443 1924 1271

* lL lncludes ` 026 Lacs wrlLLen off as non recoverable balance of Lwo lnoperaLlve bank accounLs 1he company ls
ln process of lnLlmaLlng bank for closure of Lhe accounLs
* lncludes ` 049 Lacs provlded ln Lhe books for change ln accounLlng pollcy for graLulLy from cash basls Lo accrual
basls
** 8epresenL amounL provlded ln Lhe books for change ln accounLlng pollcy for graLulLy from cash basls Lo accrual
basls

C) NC1LS 1C ACCCUN1S

1 ConLlngenL LlablllLy ln respecL of 8ank CuaranLee glven Lo !olnL Commlssloner of Sales 1ax Mumbal
amounLlng Lo ` 3944439/
2 1he Company has changed lLs accounLlng pollcy for graLulLy from cash basls Lo accrual basls wef
01042010 for Lhe compllance of AS1S (8evlsed) lssued by lCAl wref 01042008 uue Lo such change
roflL for Lhe perlod ls decreased by ` 112724/ as well as consequenLlal effecL on currenL llablllLles
rovlslons and 8eserves and Surplus
3 1he company has made Lhe provlslon of CraLulLy as on 30
Lh
SepLember 2010 on Lhe basls of acLuarlal
valuaLlon reporL recelved from acLuary for Lhe year 201011 wlLh reLrospecLlve effecL
4 1he lollowlng summarlses Lhe componenLs of expenses recognlzed ln roflL Loss accounL and presenL
value of obllgaLlon recognlzed ln 8alance SheeL as aL 30
Lh
SepLember 2010

art|cu|ars Sept'10 Mar'10 Mar09 Mar08 Mar07 Mar06
a 8econclllaLlon of openlng and closlng
balances of ueflned 8eneflL CbllgaLlon

ueflned 8eneflL CbllgaLlon aL beglnnlng of
Lhe year
8812000 386S400
CurrenL Servlce CosL 23068S0 384S200 2060700
lnLeresL CosL 3S2S00 309200
AcLuarlal (galn)/loss (1989S0) 792200 1804700
8eneflLs ald


183

art|cu|ars Sept'10 Mar'10 Mar09 Mar08 Mar07 Mar06
ueflned 8eneflL CbllgaLlon aL Lhe
year/perlod end
11272400 8812000 386S400
b 8econclllaLlon of openlng and closlng
balances of falr value of plan asseLs

lalr value of plan asseLs aL beglnnlng of Lhe
year

LxpecLed reLurn on plan asseLs
AcLuarlal (galn)/loss
Lmployer conLrlbuLlon
8eneflLs ald
lalr value of plan asseLs aL year end
AcLual reLurn on plan asseLs
c 8econclllaLlon of falr value of asseLs and
obllgaLlons

lalr value of plan asseLs as aL ?ear /erlod
Lnd

resenL value of obllgaLlon as aL ?ear /erlod
Lnd
11272400 8812000 386S400
AmounL recognlzed ln 8alance SheeL 11272400 8812000 386S400
d Lxpenses recognlzed durlng Lhe year (under
Lhe head aymenLs Lo and rovlslon for
Lmployees)

CurrenL Servlce CosL 23068S0 384S200 2060700
lnLeresL CosL 3S2S00 309200
LxpecLed reLurn on plan asseLs
AcLuarlal (galn)/loss (1989S0) 792200 1804700
neL CosL 2460400 4946600 386S400
e AcLuarlal assumpLlons
MorLallLy 1able(LlC) LlCl 1994
96
LlCl 1994
96
LlCl 1994
96

ulscounL raLe(per annum) 8 8 8
lnflaLlon 8aLe S S S
LxpecLed raLe of reLurn on plan asseLs(per
annum)

8aLe of escalaLlon ln salary (per annum)


S Scheme of Ama|gamat|on
|) 8ackground of the Scheme
1he Scheme of AmalgamaLlon of rlme Clocks rlvaLe LlmlLed (CL) and awan ro[ecL rlvaLe LlmlLed
(L collecLlvely referred Lo as 'Lhe 1ransferor Companles') wlLh Lhe Company (Lhe 1ransferee
Company) was approved by Lhe Pon'ble Plgh CourL aL CalcuLLa on !une 18 2008 and flled wlLh
8eglsLrar of Companles CalcuLLa on !uly 8 2008 ln accordance wlLh Lhe Scheme Lhe 1ransferor
Companles were amalgamaLed wlLh Lhe 1ransferee Company wlLh effecL from Aprll 1 2007 ('Lhe
AppolnLed uaLe') 1he Scheme was accordlngly been glven effecL ln Lhe flnanclal sLaLemenLs for Lhe
year ended March 31 2008 ln accordance wlLh Lhe Scheme of AmalgamaLlon all asseLs debLs
llablllLles duLles and obllgaLlons comprlslng Lhe underLaklng of Lhe 1ransferor companles were
Lransferred Lo and vesLed wlLh Lhe 1ransferee Company wlLh effecL from Aprll 1 2007
All such asseLs llablllLles and reserves of Lhe 1ransferor Companles have been Laken over aL book
values aL Lhe openlng of Lhe buslness on Aprll 1 2007


184



||) Cons|derat|on

a) ln Lerms of Lhe Scheme each shareholder of Lhe CL has recelved 3 equlLy shares of ` 10 each fully
pald of Lhe Company for every S equlLy shares held by Lhem ln Lhe CL ln respecL of 3S000 LqulLy
Shares held by Lhe CL ln Lhe L no shares were lssued by Lhe 1ransferee Company and Lhe sald
3S000 LqulLy Shares held by Lhe CL ln Lhe L were auLomaLlcally cancelled wlLhouL any furLher acL
or deed
b) ln Lerms of Lhe Scheme each shareholder of Lhe L has recelved 4 equlLy shares of ` 10 each fully
pald of Lhe Company for every 3 equlLy shares held by Lhem ln Lhe L ln respecL of S0000 LqulLy
Shares held by Lhe L ln Lhe CL no shares were lssued by Lhe 1ransferee Company and Lhe sald
S0000 LqulLy Shares held by Lhe L ln Lhe CL were auLomaLlcally cancelled wlLhouL any furLher acL
or deed
c) 3S000 equlLy shares of ` 10 each fully pald up held by Lhe 1ransferee Company ln Lhe L whlch have
been auLomaLlcally cancelled and no shares were lssued by Lhe 1ransferee Company
d) 98700 equlLy shares of ` 10 each fully pald up held by Lhe CL and 20000 L ln Lhe 1ransferee
Company have been auLomaLlcally cancelled and no shares were lssued by Lhe 1ransferee Company
1he newly lssued equlLy shares have been ranked parl passu wlLh Lhe exlsLlng equlLy shares of Lhe
Company no fracLlonal shares were lssued by Lhe 1ransferee Company ln respecL of Lhe fracLlonal
enLlLlemenLs lf any of Lhe LqulLy Share holders and such fracLlonal enLlLlemenL lf any were lgnored as
per Lhe Lerms of Lhe scheme
Lqu|ty shares to be a||otted and reduced pursuant to the scheme of ama|gamat|on
Descr|pt|on No of
Shares
` `` ` In
Lacs
A Lqu|ty shares a||otted to the shareho|der of CL
LqulLy Shares of ` 10 each fully pald up of Lhe CL as on March 31 2007 143231 1432
Less LqulLy Shares of L held by Lhe CL S0000 S00
8alance LqulLy Shares 93231 932
Lqu|ty Shares a||otted to Shareho|ders of CL pursuant to the scheme of
Ama|gamat|on |n rat|o of 3S (A)
SS939* S60*
8 Lqu|ty shares a||otted to the shareho|der of L
LqulLy Shares of ` 10 each fully pald up of Lhe
L as on March 31 2007
260000 2600
Less LqulLy Shares held by Lhe CL ln L 3S000 3S0
Less LqulLy Shares held by Lhe 1ransferee ln L 3S000 3S0
8alance LqulLy Shares 190000 1900
Lqu|ty Shares a||otted to Shareho|ders of the L pursuant to the scheme of
ama|gamat|on |n rat|o of 43 (8)
2S3333* 2S33*
1ota| Number of Shares to be |ssued 309272 3093*
keduct|on of Shares of the 1ransferee Company
98700 equlLy shares of ` 10 each fully pald up held by Lhe CL and 20000 L ln Lhe
1ransferee Company (C)
118700 1190*
Net Increase |n Lqu|ty Shares and Share Cap|ta| of 1ransferee Company (A+8C) 190S72 1906*
*8ounded Cff

6 ln oplnlon of 8oard of ulrecLors Lhe currenL AsseLs Loans and Advances have a value on reallsaLlon ln Lhe
ordlnary course of buslness aL leasL equal Lo Lhe amounL aL whlch Lhey are sLaLed ln Lhe accounLs

7 1he Company has been prlmarlly deallng ln Luxury LlfesLyle producLs durlng Lhe perlod covered by Lhls
reporL All Lhe acLlvlLles of Lhe Company revolve around Lhe maln buslness lurLher Lhe Company does noL
have any separaLe geographlc segmenLs oLher Lhan lndla As such Lhere are no separaLe reporLable
segmenLs as per AS 17 SegmenLal 8eporLlng" lssued by Lhe lnsLlLuLe of CharLered AccounLanLs of lndla



18S


8 As per Account|ng Standard 18 relaLed parLles are as follows

8elaLed parLles where conLrol exlsLs or wlLh whom LransacLlons have Laken place durlng Lhe years/perlods
are glven below

(A) LlsL of relaLed parLles and relaLlonshlps

AssoclaLe Concerns 1) Chopra lllm LnLerLalnmenL rlvaLe LlmlLed
2) awan ro[ecLs rlvaLe LlmlLed (Ceases Lo exlsL from 01
sL
Aprll 2007
pursuanL Lo AmalgamaLlon)
3) rlme Clocks rlvaLe LlmlLed (Ceases Lo exlsL from 01
sL
Aprll 2007
pursuanL Lo AmalgamaLlon)
4) rlme WaLch World

key ManagemenL ersonnel 1) 8a[lv Chopra
2) Sonlya Chopra
3) Ashlsh Chopra

(8) ueLalls of relaLed parLy LransacLlons ln Lhe ordlnary course of Lhe buslness

1 1ransact|ons w|th Assoc|ate Compan|es
S|No Nature of
1ransact|ons
er|od ended
30
th

September
2010
ear ended
31
st
March
2010
ear ended
31
st
March
2009
ear ended
31
st
March
2008
ear ended
31
st
March
2007
ear ended
31
st
March
2006
A
1ransact|on
Dur|ng the ear

urchases
awan ro[ecLs
rlvaLe LlmlLed
268000 S97000
rlme Clocks
rlvaLe LlmlLed
9938000 819S000
Sa|es
awan ro[ecLs
rlvaLe LlmlLed
48000
rlme Clocks
rlvaLe LlmlLed
4721000 1087000
rlme WaLch
World
88217 SS0000
8
C|os|ng 8a|ance

rlme WaLch
World (Cr)
21783
awan ro[ecLs
rlvaLe LlmlLed
S36000
rlme Clocks
rlvaLe LlmlLed
2280000 3267000
rlme WaLch
World
949000



186


2 1ransact|ons w|th key management personne|
S|No Nature of 1ransact|ons
er|od
ended 30
th

September
2010
ear
ended
31st
March
2010
ear
ended
31st
March
2009
ear
ended
31st
March
2008
ear
ended
31st
March
2007
ear
ended
31st
March
2006
A 1ransact|on Dur|ng the ear
D|rector's remunerat|on
8a[lv Chopra 900000 1800000 940000 1440000 340000 120000
Sonlya Chopra 600000 1200000 1170000 1440000 340000 121320
kent a|d
8a[lv Chopra 270000 360000 180000 180000 180000 180000
Loans and Advances rece|ved
8a[lv Chopra 43S0000 7800000 460000 3S0000
Sonlya Chopra SS0000 3600000 100000
Advances g|ven
Sonlya Chopra 99000
Sa|e of Shares
8a[lv Chopra S47996
Interest a|d
Sonlya Chopra 39S 62816
8a[lv Chopra 11071 8891S
8 C|os|ng 8a|ance
Ior Loan L|ab|||ty]Advance
(|nc|ud|ng |nterest |f any)

8a[lv Chopra 234294 34S7716
Ashlsh Chopra (ur) 234286
Sonlya Chopra 104276 1470793
Ior Lxpenses (Cr)
8a[lv Chopra 6S000
Sonlya Chopra 70600
Ior Advance g|ven
Sonlya Chopra 99000

9 8ased on Lhe lnformaLlon avallable wlLh Lhe Company Lhere are no dues as aL SepLember 30
Lh
2010
payable Lo enLerprlses covered under Mlcro Small and Medlum LnLerprlses uevelopmenL AcL 2006" no
lnLeresL ls pald/payable by Lhe Company ln Lerms of SecLlon 16 of Lhe Mlcro Small and Medlum LnLerprlses
uevelopmenL AcL 2006












187


10 Deferred 1ax
1he break up of deferred Lax asseLs/(llablllLles) ls as under
art|cu|ars
As at 30
th

September
2010
Ior the
year ended
31
st
March
2010
Ior the
year ended
31
st
March
2009
Ior the year
ended 31
st

March 2008
Ior the
year ended
31
st
March
2007
Ior the
year ended
31
st
March
2006
Cpenlng 8alance of
ueferred 1ax AsseL /
(LlablllLy)
33S26138 162S3S12 22248103 1282624S* S7S3249 390100
u1A/(u1L) on1lmlng
ulfference ln uepreclaLlon
as per Companles AcL and
lncome 1ax AcL
20193466 17272626 (S994S91) 94218S8 46S0196 S363149
C|os|ng 8a|ance of
Deferred 1ax Asset ]
(L|ab|||ty)
S3719604 33S26138 162S3S12 22248103 1040344S S7S3249
*Cpenlng ueferred 1ax LlablllLy for Lhe year ended on 31032008 lncludes neL ueferred 1ax AsseL of ` 24228
Lransferred from Lhe 1ransferor Companles pursuanL Lo Scheme of AmalgamaLlon approved by Ponble Plgh CourL
on 18Lh !une 2008 flled on daLed 08Lh !uly 2008

11 Aud|tor's kemunerat|on (|nc|ud|ng serv|ce tax)

art|cu|ars Ior the s|x month
per|od ended 30
th

September 2010
Ior the
year
ended 31
st

March
2010
Ior the
year ended
31
st
March
2009
Ior the
year ended
31
st
March
2008
Ior the year
ended 31
st

March
2007
Ior the year
ended 31
st

March 2006
SLaLuLory/1ax
AudlL
CLher Servlces

3860S

SS1S
44120

8824
S6180

8427

168S4

0
39284

S1000
1ota| 44120 S2944 64607 168S4 90284

12 Lxpend|ture |ncurred |n fore|gn currency

art|cu|ars Ior the s|x
month per|od
ended 30
th

September
2010
Ior the year
ended 31
st

March 2010
Ior the year
ended 31
st

March 2009
Ior the year
ended 31
st

March 2008
Ior the year
ended 31
st

March 2007
Ior the year
ended 31
st

March 2006
1ota| 808449 217381 0 0 0










188


13 Ca|cu|at|on of Larn|ng er Share

S|
No
art|cu|ars
Ior the s|x
month per|od
ended 30
th

September
2010
Ior the year
ended 31
st

March 2010
Ior the year
ended 31
st

March 2009
Ior the year
ended 31
st

March 2008
Ior the year
ended 31
st

March 2007
Ior the year
ended 31
st

March 2006
A Net rof|t
ava||ab|e for
appropr|at|on
(as restated)
(` `` `)
162191069
2
82461S29
0
34847789
7
74433748
3
192438S3
6
1270SS70
0
8 Number of
Lqu|ty Shares

(|) As aL
commencemen
L of Lhe year
1S21072 1163S72 973000 773000 48S000 48S000
(||) lssued durlng
Lhe perlod/year
3S7S00 309272* 200000 288000
(|||) lssue of 8onus
Shares
760S360
(|v) Cancelled
durlng Lhe ?ear
118700**
(v) As aL end of
Lhe perlod/year
9126432 1S21072 1163S72 973000 773000 48S000
(v|) WelghLed
Average
number of
Shares for
calculaLlng
8aslc Larnlng
er Share***
4S63216 892S479 8768932 839S346 8091149 8090360
WelghLed
Average
number of
shares for
calculaLlng
ulluLed Larnlng
er Share***

(v||
)
4S63216 892S479 8768932 8S8S918 8091149 8090360
C 8aslc Larnlngs
er Share (lv
` 10/)****
3SS 092 04 089 024 016
ulluLed
Larnlngs er
Share (lv `
10/)****
3SS 092 04 087 024 016

* LqulLy shares lssued as parL of Lhe conslderaLlon ln an amalgamaLlon ln Lhe naLure of merger are lncluded
ln Lhe welghLed average number of shares as of Lhe daLe of Lhe acqulslLlon because Lhe Lransferee
lncorporaLes Lhe resulLs of Lhe operaLlons of Lhe Lransferor lnLo lLs sLaLemenL of proflL and loss as from Lhe
daLe of acqulslLlon LqulLy shares lssued durlng Lhe reporLlng perlod as parL of Lhe conslderaLlon ln an
amalgamaLlon ln Lhe naLure of merger are lncluded ln Lhe calculaLlon of Lhe welghLed average number of


189

shares from Lhe beglnnlng of Lhe reporLlng perlod because Lhe flnanclal sLaLemenLs of Lhe comblned
enLerprlse for Lhe reporLlng perlod are prepared as lf Lhe comblned enLlLy had exlsLed from Lhe beglnnlng
of Lhe reporLlng perlod 1herefore Lhe number of equlLy shares used for Lhe calculaLlon of baslc earnlngs
per share ln an amalgamaLlon ln Lhe naLure of merger ls Lhe aggregaLe of Lhe welghLed average number of
shares of Lhe comblned enLerprlses ad[usLed Lo equlvalenL shares of Lhe enLerprlse whose shares are
ouLsLandlng afLer Lhe amalgamaLlon
** 118700 number of Shares held by 1ransferor Company ln 1ransferee Company
***lncludes 8onus shares lssued on 30
Lh
SepLember2010
****8aslc Larnlng er Share ulluLed Larnlng er Share has been calculaLed Laken lnLo accounL 760S360
bonus shares lssued ln Lhe raLlo of S new equlLy shares of ` 10/ each fully pald up for 1 equlLy shares of `
10/ each fully pald up held ln Lhe company


14 S1A1LMLN1 CI INVLN1CkILS

art|cu|
ars
Ior the s|x
month per|od
ended 30
th

September
2010
Ior the year
ended 31
st

March 2010
Ior the year
ended 31
st

March 2009
Ior the year
ended 31
st

March 2008
Ior the year
ended 31
st

March 2007
Ior the year
ended 31
st

March 2006
Stock
(Cost or
Market
Va|ue
wh|che
ver |s
|ower)
uant
|ty

Amou
nt
(In
Lacs)
uant
|ty

Amou
nt
(In
Lacs)
uant
|ty

Amo
unt
(In
Lacs)
uant
|ty

Amou
nt
(In
Lacs)
uant
|ty

Amo
unt
(In
Lacs)
uant
|ty

Amo
unt
(In
Lacs)
Cpen|n
g Stock
8171
4
3389
73
7314
0
2187
36

S913
2
1363
37

3S89
2*

698S6
**
1046
8
3369
7
S707 1693
9
urcha
se
7891
3
2S40
46
90S7
4
S106
36
103S
24
4488
S1
1S82
60
2977
61
3982
S
9974
8
3120
0
S891
3
Sa|es 7613
3
2SS7
7S
8200
0
4389
3S
89S1
6
3999
03
13S0
20
2S79
S0
3927
8
84S0
2
2643
9
S241
2
C|os|ng
Stock
8444
9
363S
9S
8171
4
3389
73
7314
0
2187
36

S913
2
1363
37
1101
S
601S
8
1046
8
3369
7
* lncludes 167S3pcs of rlme Clocks vL LLd and 8124pcs of awan ro[ecLs vL LLd belng Lhe Lransferor
Companles
** lncludes ` 8027 Lacs and ` 1671 Lacs value of sLock of rlme Clocks vL LLd and of awan ro[ecLs vL LLd
respecLlvely belng Lhe Lransferor Companles

Ior kkothar| Company
Chartered Accountants



kCSon|
(artner)
Membersh|p No 0S7620

Date 07032011
|ace ko|kata

190



. - MANACEMENT'S DISCUSSIUN AND ANALYSIS UF FINANCIAL CUNDITIUN AND
RESULTS UF UPERATIUNS

1be followloq Jlscossloo of oot floooclol cooJltloo ooJ tesolts of opetotloos sboolJ be teoJ lo coojooctloo wltb oot
testoteJ sommoty stotemeots os of ooJ fot tbe flscol yeots eoJeJ Motcb J1 2006 2007 2008 2009 ooJ 2010 ooJ
os of ooJ fot tbe slx mootb petloJ eoJeJ 5eptembet J0 2010 locloJloq tbe oooexotes ooJ ootes tbeteto ooJ tbe
tepotts tbeteoo wblcb oppeot lo tbe sectloo tltleJ lloooclol 5totemeots of tbe compooy oo loqe No119 of tbls
utoft keJ nettloq ltospectos 1be floooclol stotemeots pteseoteJ ooJ JlscosseJ betelo bove beeo ptepoteJ to
comply lo oll motetlol tespects wltb tbe ootlfleJ occoootloq stooJotJs by compooles (Accoootloq 5tooJotJs) koles
2006 (os omeoJeJ) tbe televoot ptovlsloos of tbe compooles Act ooJ 58l (lssoe of copltol ooJ ulsclosote
kepoltemeots) teqolotloos 1be compooy ptepotes lts floooclol stotemeots lo occotJooce wltb loJloo CAAl wblcb
Jlffets lo some tespects ftom llk5 ooJ u5 CAAl 5ee tbe sectloo tltleJ klsk loctots 1bete ote slqolflcoot
Jlffeteoces betweeo loJloo CAAl u5 CAAl ooJ llk5 AccotJloqly tbe Jeqtee to wblcb tbe loJloo CAAl floooclol
stotemeots locloJeJ lo tbls utoft keJ nettloq ltospectos wlll ptovlJe meooloqfol lofotmotloo ls eotltely JepeoJeot
oo tbe teoJets level of fomlllotlty wltb loJloo occoootloq ptoctlces oo loqe No11 of tbls utoft keJ nettloq
ltospectos Oot flscol yeot eoJs oo Motcb J1 of eocb yeot AccotJloqly oll tefeteoces to o pottlcolot flscol yeot ote
to tbe twelvemootb petloJ eoJeJ oo Motcb J1 of tbot yeot 1bls Jlscossloo ooJ ooolysls cootolos fotwotJlookloq
stotemeots ooJ teflects moooqemeots cotteot vlews oo tbe compooy wltb tespect to fotote eveots ooJ floooclol
petfotmooce Actool tesolts moy Jlffet motetlolly ftom tbose ootlclpoteJ lo tbese fotwotJlookloq stotemeots os o
tesolt of cettolo foctots loctots tbot moy coose socb o Jlffeteoce locloJe bot ote oot llmlteJ to tbose JlscosseJ lo
lotwotJlookloq 5totemeots ooJ klsk loctots beqlooloq oo loqe No11 of tbls utoft keJ nettloq ltospectos

Uverview

Cverv|ew of Luxury keta|| |n Ind|a
1he lncrease ln dlsposable lncome of Lhe lndlan populace coupled wlLh Lhe wllllngness Lo spend has marked Lhe rlse
of Lhe lndlan luxury markeL WlLh Lhe gradual enLry of uS and Luropean luxury brands ln lndla ln vlew of Lhe largely
unLapped markeL Lhe luxury reLall markeL slze ln lndla sLood aL uS$3Sbn durlng C?09
Powever Lhe conLrlbuLlon of Lhe lndlan luxury reLall markeL ln relaLlon Lo Lhe world sLands mlnlscule accounLlng
for 2 of Lhe global luxury sales
Market s|ze of Luxury brands
keg|on ] Country Luxury Market s|ze (US5bn)
Lurope 11000
!apan 2000
Chlna 8S0
lndla 3S0
Source CA8L 8esearch
As deplcLed from Lhe Lable above Lhe developed economles accounL for a hlgher share of Lhe global luxury reLall
markeL whlch ln Lurn are maLured markeLs wlLh llLLle scope for furLher peneLraLlon 1herefore slnce Lhe beglnnlng
of Lhls decade Lhe Lop global luxury brands have been eyelng Lhe growlng consumer demand from Lhe Aslan
naLlons especlally lndla and Chlna





191


Tbe Company

1he rlme ls an lnLernaLlonal luxury deslgner and fashlon waLch brand reLaller deallng Lhrough lLs chaln of reLall
sLores ln lndla lL has developed from a small reLall shop of a handful of lndlan brands Lo a naLlonal player havlng a

presence ln flve sLaLes of lndla carvlng a nlche for lLself as one of Lhe leadlng reLallers of lnLernaLlonal Luxury brands
of waLches ln lndla

Cur Company ls presenLly engaged ln offerlng Lhe followlng producLs ln Lhe luxury and semlluxury markeL
segmenLs
WaLches
ens
Moblles
!ewellery and
Llfe SLyle roducLs

Cur Company ls a LrusLed parLner Lo many lnLernaLlonal brands and ls a franchlsee for several Luxury 8rands (such
as 1agPeuer 8aume Mercler 8ado and Longlnes) remlum 8rands (such as Cmega 8vlgarl Chopard lageL
ulor and lrankmuller) and lashlon 8rands (such as 1lssoL Selko Calvln kleln ukn? kenneLh Cole Cuccl lossll
Lmporlo Armanl Clordano and 8almaln)

Cur Company's ouLleLs caLer Lo Lhe enLlre range of waLches prlmarlly for men ln Lhe prlce range of ` 2000 Lo `
2000000 Cur Company furLher deals ln eleganL showpleces of brands llke Swarovskl and Lladro wrlLlng
lnsLrumenL from Lhe house of MonL 8lanc and oLher premlum brands and moblle phones from verLu 1ag Peuer and
ulor 1he Company also dlsplays lnLernaLlonal 8randed !ewellery

Cur Company was lncorporaLed on May 11 1990 under Lhe name and sLyle of 'Chanduka Carrlers rlvaLe LlmlLed'
bearlng reglsLraLlon number 2148986 of 1990 and reglsLered wlLh 8eglsLrar of Companles WesL 8engal Cur
Company changed lLs name Lo 'SMA MarkeLlng rlvaLe LlmlLed' for whlch lL recelved fresh cerLlflcaLe of
lncorporaLlon consequenL on change of name daLed november 13 1998 1he Company LhereafLer changed lLs
name Lo 'rlme 8eLall lndla rlvaLe LlmlLed' for whlch lL recelved fresh cerLlflcaLe of lncorporaLlon consequenL on
change of name daLed !anuary 29 2008 llnally Lhe Company was converLed lnLo a ubllc LlmlLed Company and Lhe
name of Lhe Company was changed Lo 'rlme 8eLall lndla LlmlLed' wef !anuary 19 2010 and recelved a fresh
cerLlflcaLe of lncorporaLlon from uepuLy 8eglsLrar of Companles kolkaLa WesL 8engal 1he presenL reglsLered offlce
of Lhe Company ls locaLed aL 1/1 Camac SLreeL Shree Man[arl 8ulldlng SulLe no 7 SLh lloor kolkaLa700016
Cur Company operaLes lLs reLall buslness Lhrough Lhree Lypes of sLores

1 Mu|t|8rand Cut|ets (M8Cs) where an array of brands are dlsplayed and offered under one roof 1he
rlme Luxury WaLch 8ouLlque

2 1he Duets ls Lhe laLesL Lo Lhe array of lashlon waLch ouLleLs 1he core concepL behlnd Lhls ls Lo provlde
assurance of auLhenLlclLy Lransparency and excluslvlLy

3 Lxc|us|ve 8rand 8out|que (Iranch|see 8out|que) focuses on parLlcular brand whlch aLLracLs cusLomer
loyalLy for Lhe brand

under Lhe above menLloned Lhree caLegorles 20 sLores are currenLly belng operaLed ln lndla Lhe reglonal array of
whlch ls glven below

keg|on 1he r|me Luxury
Watch 8out|ques
1he r|me Duets
Iash|on Watch Stud|os
Lxc|us|ve 8rand
8out|ques
1ota| No of Stores
LasLern 3 3 2 8
WesLern 4 4 3 11
CenLral 1 1
1C1AL 7 8 S 20

AparL from Lhe above Cur Company also operaLes a servlce cenLer ln kolkaLa WesL 8engal

192


Factors affecting our results of Uperations

Cur Company's resulLs of operaLlons have been lnfluenced and wlll conLlnue Lo be lnfluenced by buL noL llmlLed Lo
Lhe followlng key facLors


1ime/y xecution of Projects

1he expanslon of our proposed pro[ecL ls Lo be funded parLly by way of lnLernal accruals and from neL roceeds from
Lhe lssue Pence any fallure or delay on our parL Lo moblllze Lhe requlred resources or any shorLfall ln Lhe lssue
proceeds may delay Lhe lmplemenLaLlon schedule We Lherefore cannoL assure LhaL we would be able Lo execuLe
Lhe expanslon pro[ecL wlLhln Lhe glven Llme frame or wlLhln Lhe cosLs as orlglnally esLlmaLed by us Any Llme
overrun or cosL overrun may adversely affecL our growLh plans and proflLablllLy

5eosono/ noture of business

Cenerally our buslness generaLes hlgher sales durlng second half of Lhe flnanclal year due Lo Lhe bunchlng of
fesLlvals (llke uurga u[a ulwall ChrlsLmas eLc) wlnLer sales onseL of marrlage season eLc ln our klnd of formaLs
Lhe flxed cosLs llke lease renLals employee cosLs sLore operaLlng cosLs dlsLrlbuLlon and loglsLlcs cosLs form a
subsLanLlal porLlon of our cosLs Slnce overheads ln Lhe reLall buslness are largely flxed second half proflLs of our
llnanclal ?ear have LradlLlonally been hlgher 1hus any subsLanLlal decrease ln sales ln Lhe second half of Lhe year
could have a maLerlal adverse effecL on our flnanclal condlLlon and buslness operaLlons

uependence on 5upp/y choin monoqement

Cur Company sLrlves Lo keep opLlmum lnvenLory aL Lhelr sLores Lo conLrol Lhe worklng caplLal requlremenLs
Lnsurlng shelf avallablllLy for Lhe producLs warranLs qulck Lurnaround Llme and hlgh level of coordlnaLlon wlLh
suppllers 1hus lnefflclenL supply chaln managemenL may lead Lo unavallablllLy of merchandlse whlch ln Lurn wlll
adversely affecL our compeLlLlveness and consequenLly our flnanclal condlLlon and buslness operaLlons
competition

Cur Company faces growlng and new compeLlLlon from domesLlc and poLenLlal lnLernaLlonal players LhaL may
adversely affecL Lhe compeLlLlve poslLlon and proflLablllLy Cur compeLlLors may noL be focused on proflLable
growLh ln Lhe shorL Lerm and Lhls could dlsLurb Lhe reLall lndusLry's proflLablllLy dynamlcs Some of our compeLlLors
may have access Lo slgnlflcanLly greaLer resources and hence Lhe ablllLy Lo compeLe more effecLlvely SlgnlflcanL
addlLlonal compeLlLlon ln Lhe reLall lndusLry may resulL ln reduced prlces and Lend Lo adversely affecL Lhe
Company's revenues and proflLablllLy lurLher Lhe lnLroducLlon of forelgn parLlclpaLlon ln Lhe reLall secLor wlll resulL
ln Lhe enLry of mulLlnaLlonal reLall companles lnLo Lhe lndlan markeL lnLernaLlonal compeLlLors may en[oy many of
Lhe same advanLages LhaL Lhe Company does and may even have lower cosL sLrucLures Lhereby enabllng Lhem Lo
compeLe vlgorously vlsvls prlclng
kenewo/ of controctuo/ oqreements

AlmosL all Lhe real esLaLe from whlch we operaLe our sLores are Laken by us on long Lerm lease or sublease or leave
and llcense or conducLlng basls and /or oLher conLracLual arrangemenLs basls elLher from Lhlrd parLles or from our
romoLers or Lhe Croup We may ln fuLure also enLer lnLo such LransacLlons wlLh Lhlrd parLles and/or our romoLers
or Lhe Croup for Lhe proposed new sLores Any adverse lmpacL on Lhe LlLle/ownershlp rlghLs/developmenL rlghLs of
our landlords (lncludlng our romoLers or Lhe Croup) from whose real esLaLe premlses we operaLe our sLores may
lmpede our Company's effecLlve operaLlons
uependence on third porty tronsportotion providers

We use LhlrdparLy LransporLaLlon provlders for Lhe supply and dellvery of producLs Such Lhlrd parLy LransporLers
are chosen on a spoL basls 1ransporLaLlon sLrlkes by members of varlous lndlan LransporL unlons have had ln Lhe


193


pasL and could ln Lhe fuLure have an adverse effecL on our recelpL of supplles and our ablllLy Lo dellver our
producLs Lo our cusLomers ln addlLlon conLlnulng lncrease ln LransporLaLlon cosLs and requlremenL Lo pay an
addlLlonal premlum for urgenL dellverles may have an adverse effecL on our buslness and resulLs of operaLlons

Powever we do noL foresee any dlfflculLy as we have been deallng wlLh Lhese parLles and also as we malnLaln
buffer lnvenLory whlch can be used ln unforeseen clrcumsLances
6overnment po/icy inc/udinq toxes ond duties

8egulaLory changes relaLlng Lo buslness segmenLs ln whlch we operaLe ln lndla can have a bearlng on our buslness
Lach SLaLe ln lndla has dlfferenL local Laxes and levles whlch may lnclude value added Lax sales Lax and ocLrol
Changes ln Lhese local Laxes and levles may lmpacL our proflLs and proflLablllLy Any negaLlve changes ln Lhe
regulaLory condlLlons ln lndla or our oLher geographlc markeLs could adversely affecL our buslness operaLlons or
flnanclal condlLlons

5/owdown in lndion conomy

Cur performance and growLh are essenLlally dependenL on Lhe healLh of Lhe overall lndlan economy A slowdown ln
Lhe lndlan economy could adversely affecL our buslness lndla's economy could be adversely affecLed by a general
rlse ln lnLeresL raLes weaLher condlLlons adversely affecLlng agrlculLure commodlLy and energy prlces or varlous
oLher facLors ln addlLlon Lhe lndlan economy ls ln a sLaLe of LranslLlon 1he share of Lhe servlce secLor of Lhe
economy ls rlslng whlle LhaL of Lhe lndusLrlal manufacLurlng and agrlculLural secLors ls decllnlng lL ls dlfflculL Lo
gauge Lhe lmpacL of Lhese fundamenLal economlc changes on our buslness Any slowdown ln Lhe lndlan economy or
fuLure volaLlllLy ln global commodlLy prlces could adversely affecL our buslness

5/owdown in wor/d conomy

Cur performance and growLh could be adversely affecLed by varlous facLors such as pollLlcal and regulaLory acLlon
lncludlng adverse changes ln llberallzaLlon pollcles any adverse developmenL ln Lhe World economy lnLroducLlon of
new laws pollcles or regulaLlons or changes ln Lhe lnLerpreLaLlon or appllcaLlon of exlsLlng laws pollcles and
regulaLlons 1here can be no assurance LhaL we wlll succeed Lo operaLe ln or succeed ln obLalnlng all requlslLe
regulaLory approvals ln Lhe fuLure for our operaLlons whlch could have an adverse lmpacL on our buslness flnanclal
condlLlon and resulLs of operaLlons

4voi/obi/ity of retoi/ spoce

revalllng lnLeresL raLes ln Lhe economy as well as Lhe ylelds avallable on Lhe lease of properLy have been
lnsLrumenLal ln maklng real esLaLe avallable for reLall by permlLLlng lnvesLors Lo borrow and lnvesL ln real esLaLe and
lease lL Lo reLall companles Any change ln lnLeresL raLes or ylelds on properLy or change ln banklng pollcles
perLalnlng Lo lendlng agalnsL real esLaLe or securlLlsaLlon of lease renLals could lmpacL avallablllLy of real esLaLe for
reLall

ckl1lc4L 4ccOuN1lN6 POLlcl5

ManagemenL's dlscusslon and analysls of our flnanclal condlLlon and resulLs of operaLlons are based upon our
flnanclal sLaLemenLs whlch have been prepared Lo comply ln all maLerlal respecLs wlLh Lhe accounLlng sLandards
noLlfled under Lhe Companles (AccounLlng SLandards) 8ules 2006 (as amended) Lhe relevanL provlslons of Lhe
Companles AcL Lhe lndlan CAA and SL8l (lCu8) 8egulaLlons

1he preparaLlon of Lhese flnanclal sLaLemenLs requlres Lhe managemenL Lo make esLlmaLes [udgmenLs and
assumpLlons LhaL affecL Lhe reporLed amounLs ln Lhe flnanclal sLaLemenLs and relaLed noLes aL Lhe reporLlng daLe
1he managemenL bases Lhelr esLlmaLes and [udgmenLs on hlsLorlcal experlence and oLher facLors LhaL Lhey belleve
Lo be reasonable under Lhe clrcumsLances MaLerlally dlfferenL resulLs can occur as clrcumsLances change and
addlLlonal lnformaLlon becomes known


194

1he Company has ldenLlfled cerLaln accounLlng pollcles as crlLlcal Lo an undersLandlng of lLs flnanclal poslLlon and
performance as Lhe appllcaLlon of Lhese pollcles requlres slgnlflcanL managemenL assumpLlons and esLlmaLes LhaL
could resulL ln Lhe reporLlng of maLerlally dlfferenL amounLs lf dlfferenL assumpLlons or esLlmaLes are used 1he
Company's slgnlflcanL accounLlng pollcles and slgnlflcanL accounLlng [udgmenLs esLlmaLes and assumpLlons are seL
ouL ln AnnexureA Lo Lhe Company's audlLed resLaLed flnanclal sLaLemenLs lncluded on age no 149 of Lhls urafL
8ed Perrlng rospecLus

k5uL15 Ol OPk41lON5

1he followlng Lable shows Lhe Company's resLaLed lncome sLaLemenL for Lhe flscal years ended March 31 2008
2009 and 2010 and for Lhe slx monLhs ended SepLember 30 2010
art|cu|ars
S|x month per|od
ended Sept 30
2010
ear ended Mar
31 2010
ear ended Mar
31 2009
ear ended Mar
31 2008
` `` ` Lacs
of
1ota|
Income ` `` ` Lacs
of
1ota|
Income ` `` ` Lacs
of
1ota|
Income ` `` ` Lacs
of
1ota|
Income
INCCML
Sales 2SS77S 798 43893S 726 399903 792 2S79S0 772
CperaLlng lncome 38S43 120 37717 62 22161 44 9614 29
CLher lncome 1S61 0S 7403 12 420 01 200 01
lncrease / (uecrease) ln lnvenLorles 24624 77 120236 199 82399 163 66482 199
1C1AL INCCML 320S03 1000 604292 1000 S04883 1000 33424S 1000
LxLNDI1UkL
urchases 2S4046 793 S10636 84S 4488S1 889 297761 891
ulrecL Lxpenses 074 00 048 00 127 00 120 00
aymenLs Lo rovlslon for
Lmployees 2103 07 3874 06 197S 04 823 02
AdmlnlsLraLlve Lxpenses 23840 74 46936 78 32112 64 1S133 4S
Selllng ulsLrlbuLlon Lxpenses 1009 03 26S0 04 1820 04 1290 04
lnLeresL and oLher flnance charges 12931 40 22S04 37 13293 26 6048 18
uepreclaLlon 1898 06 3107 0S 14S4 03 1063 03
1C1AL LxLNDI1UkL 29S900 923 S897S4 976 499631 990 322238 964
Net rof|t before tax 24603 77 14S37 24 S2S2 10 12007 36
rovlslon for 1ax 8384 26 S336 09 1463 03 4442 13
NL1 kCII1 AI1Lk 1Ax 16219 S1 9201 1S 3789 08 7S6S 23
rlor perlod ad[usLmenLs 00 (9SS) 02 (304) 01 (122) 00
NL1 kCII1 AI1Lk 1Ax (kLS1A1LD) 16219 S1 8246 14 348S 07 7443 22

DLSCkI1ICN CI CCMCNLN1S CI kLSUL1S CI CLkA1ICNS
5o/es Sales lnclude Lhe lncome generaLed by Lhe Company by Lradlng of Lhe producLs vlz waLches clocks
accessorles moblle phones eLc ln Lhe luxury and semlluxury markeL segmenLs
Operotinq lncome CperaLlng lncome malnly comprlses of Lhe lncenLlves dlscounLs recelved by Lhe Company from
Lhe brand owners of Lhe producLs Lraded by Lhe Company
Other lncome CLher lncome conslsLs of lncome for markeLlng supporL lncome from lnvesLmenLs proflL on sale of
flxed asseLs eLc



19S


Purchoses urchases lncludes Lhe purchase of producLs Lraded by Lhe Company
uirect expenses ulrecL expenses comprlse of carrlage lnward charges labour charges and lmporL expenses
Poyments to Provision for mp/oyees aymenLs Lo provlslon for employees' represenLs employee expenses
such as salarles graLulLy and sLaff welfare expenses

4dministrotive expenses AdmlnlsLraLlve expenses malnly lnclude renL expenses raLes and Laxes offlce and
general expenses lnsurance charges professlonal and consulLancy charges audlLor's fees Lravelllng expenses eLc
5e//inq uistribution expenses Selllng and dlsLrlbuLlon expenses conslsL of Lhe adverLlslng sales promoLlons eLc
lnterest ond other finonce chorqes lnLeresL and oLher flnance charges comprlse of Lhe lnLeresL on secured and
unsecured loans bank charges and commlsslons and processlng fees
uepreciotion 1he depreclaLlon on Lhe flxed asseLs of Lhe Company
Provision for tox rovlslon for Laxes payable on Lhe proflLs of Lhe Company accounLed ln accordance wlLh AS22
lssued by Lhe lCAl on AccounLlng for 1axes on lncome" lL comprlses of currenL Lax deferred Lax and frlnge beneflL
Lax
SIx MCN1n LkICD LNDLD SL1LM8Lk 30 2010
5o/es Operotinq income ond Other income
1he Company generaLed sales of ` 2SS77S lacs operaLlng lncome of ` 38S43 lacs and oLher lncome of ` 1S61
lacs durlng Lhe slx monLh perlod ended SepLember 30 2010 CperaLlng lncome malnly conslsLed of Lhe lncenLlves
recelved from brand owners
Purchoses
urchases durlng Lhe slx monLh perlod ended SepLember 30 2010 were ` 2S4046 lacs or 793 of LoLal lncome
uirect expenses
1he Company lncurred lmporL expenses of ` 066 lacs and labour charges of ` 008 lacs aggregaLlng Lo ` 074 lacs
durlng Lhe slx monLh perlod ended SepLember 30 2010
Poyments to ond provision for emp/oyees
Lmployee relaLed expenses durlng Lhe slx monLh perlod ended SepLember 30 2010 were ` 2103 lacs or 07 of Lhe
LoLal lncome 1hls head prlmarlly conslsLs of salarles graLulLy and sLaff welfare expenses relaLlng Lo Lhe employees
employed ln Lhe sLores servlce cenLre and Lhe corporaLe offlce 1he Company experlenced a sllghL lncrease ln Lhe
LoLal number of employees durlng Lhe perlod





196


4dministrotive expenses
AdmlnlsLraLlve expenses lncurred durlng Lhe slx monLh perlod ended SepLember 30 2010 were ` 23840 lacs or
74 of LoLal lncome and comprlsed of Lhe renL raLes and Laxes general offlce expenses professlonal and
consulLancy charges eLc
5e//inq ond distribution chorqes
1he Selllng and dlsLrlbuLlon charges lncurred durlng Lhe slx monLh ended SepLember 30 2010 were ` 1009 lacs or
03 of Lhe LoLal lncome

lnterest ond other finonce chorqes
1he Company has lncurred an amounL of ` 9S7S lacs as lnLeresL on secured loans ` 2381 lacs as lnLeresL on
unsecured loans and ` 97S lacs as bank charges and commlsslons LoLallng Lo ` 12931 lacs or 4 of LoLal lncome
lnLeresL cosL on secured loans lncurred durlng Lhe perlod ls prlmarlly aLLrlbuLable Lo Lhe borrowlngs lncurred by Lhe
Company Lo fund lLs worklng caplLal loans for Lhe dayLoday operaLlons unsecured loans comprlse of loans from
Scheduled banks bodles corporaLe n8lCs shareholders promoLers/dlrecLors 1oLal debL as of SepLember 30 2010
was ` 192832 lacs
uepreciotion
uepreclaLlon expense was ` 1898 lacs ln Lhe slx monLh perlod ended SepLember 30 2010 or 06 of LoLal lncome
Provision for tox
1he Lax expense for Lhe perlod was ` 8S86 lacs and deferred Lax asseL was for ` 202 lacs LoLallng Lo a LoLal LaxaLlon
provlslon of ` 8384 lacs or 26 of LoLal lncome
Net Profit ofter tox
As a resulL of Lhe foregolng neL proflL afLer Lax as resLaLed for Lhe slx monLh perlod ended SepLember 30 2010 was
` 16219 lacs or S1 of LoLal lncome
CCMAkISCN CI LkICkMANCL AND ANALSIS CI DLVLLCMLN1S ICk IINANCIAL LAk LNDLD MAkCn
31 2010 VISAVIS IINANCIAL LAkS LNDLD MAkCn 31 2009 AND 2008
5o/es
uurlng Lhe year ended March 31 2010 Lhe Company generaLed sales of ` 43893S lacs as compared Lo ` 399903
lacs ln 2009 and ` 2S79S0 lacs ln 2008 Lhereby represenLlng a growLh of 10 ln 2010 and SS ln 2009 1he growLh
ln sales was prlmarlly drlven by an lncrease ln Lhe number of sLores and a resulLlng lncrease ln sales volumes
Operotinq income
1he Company generaLed operaLlng lncome of ` 37717 lacs durlng Lhe flscal year 2010 as agalnsL ` 22161 lacs ln
2009 and ` 9614 lacs ln 2008 represenLlng a growLh of 70 and 131 ln 2010 and 2009 respecLlvely 1hls ls malnly
due Lo an lncrease ln Lhe lncenLlve recelved ln 2010 and a rlse ln Lhe clalms/dlscounL recelpL ln 2009



197


Other lncome
CLher lncome for Lhe year ended March 31 2010 was ` 7403 lacs as compared Lo ` 420 lacs ln 2009 and ` 2 lacs ln
2008 1he lncrease ls malnly due Lo markeLlng supporL lncome booked by Lhe Company ln 2010
Purchoses
urchases of ` S10636 lacs were made by Lhe Company ln 2010 as agalnsL ` 4488S1 lacs and ` 297761 lacs ln
2009 and 2008 respecLlvely 1here has been a growLh ln purchases of 14 and S1 ln 2010 and 2009 respecLlvely
1he lncrease ln malnly due Lo rlse ln Lradlng volumes and has almosL been ln llne wlLh Lhe rlse ln sales
uirect expenses
ulrecL expenses have fallen from ` 127 lacs ln 2009 Lo ` 048 lacs ln 2010 Lxpenses lncurred under Lhls head ln
2008 were ` 120 lacs 1he fall ln 2010 ls malnly due a decrease ln Lhe labour charges lncurred

Poyments to Provision for mp/oyees

Lmployee relaLed expenses have lncreased from ` 823 lacs ln 2008 Lo ` 197S lacs ln 2009 Lo ` 3874 lacs ln 2010 a
growLh of 96 and 140 ln 2010 and 2009 respecLlvely 1he rlse has been on accounL of lncrease ln no of
employees durlng Lhe perlod and a general salary lncrease

4dministrotive expenses

uurlng Lhe year ended 2010 admlnlsLraLlve expenses lncurred were ` 46936 lacs as agalnsL ` 32112 lacs ln 2009
and ` 1S133 lacs ln 2008 respecLlvely 1he lncrease was prlmarlly Lhe resulL of Lhe overall lncrease ln Lhe scale of
Company's operaLlons
5e//inq distribution expenses
uurlng Lhe year ended 2010 selllng and dlsLrlbuLlon expenses lncurred were ` 26S0 lacs as agalnsL ` 1820 lacs ln
2009 and ` 1290 lacs ln 2008 respecLlvely 1he lncrease was prlmarlly Lhe resulL of Lhe overall lncrease ln Lhe scale
of Company's operaLlons
lnterest ond other finonce chorqes
lnLeresL and oLher flnance charges lncurred for Lhe year ended 2010 was ` 22S04 lacs as compared Lo ` 13293 lacs
and ` 6048 lacs respecLlvely 1he lncrease ls malnly due Lo rlse ln Lhe secured and unsecured loans ln 2009 and
2010 leadlng Lo a hlgher lnLeresL on Lhe same
uepreciotion
uepreclaLlon expense has lncreased from ` 1063 lacs ln 2008 Lo ` 14S4 lacs ln 2009 Lo ` 3107 lacs ln 2010 1he
lncrease ls malnly due Lo rlse ln Lhe gross block of flxed asseLs ln 2010 and 2009
Provision for 1ox
1he Lax provlslon durlng Lhe year ended March 31 2010 was ` S336 lacs as compared Lo ` 1463 lacs ln 2009 and `
4442 lacs ln 2008 1he lncrease ln Lax provlslon ln 2010 was a resulL of Lhe hlgher proflLs for Lhe year



198


Net Profit ofter tox
As a resulL of Lhe foregolng neL proflL as resLaLed for Lhe year ended March 31 2010 was ` 8246 lacs as compared
Lo ` 348S lacs and ` 7443 lacs for 2009 and 2008 respecLlvely a growLh of 137 ln 2010
CASn ILCWS
1he followlng Lable summarlzes Lhe Company's cash flows for Lhe years ended March 31 2010 2009 and 2008 and
Lhe slx monLh perlod ended SepLember 30 2010
(` ln Lacs)
art|cu|ars
S|x month per|od
ended Sept 30 2010
(`)
ear ended
Mar 31 2010
(`)
ear ended
Mar 31 2009
(`)
ear ended
Mar 31 2008
(`)
neL Cash from CperaLlng AcLlvlLles 27381 (7S863) (63S71) (60090)
neL Cash from lnvesLlng AcLlvlLles 407 (16331) (7S73) (80S0)
neL Cash from llnanclng AcLlvlLles (31281) 82436 8S111 70007
Net Increase] (Decrease) |n Cash
Cash Lqu|va|ents (3492) (97S9) 13967 1867


cosh f/ow from {used in) Operotinq 4ctivities

neL cash from operaLlng acLlvlLles was ` 27381 lacs ln Lhe slx monLh perlod ended SepLember 30 2010 1he above
has malnly resulLed from an lncrease ln Lrade payables of ` 81S 72 lacs decrease ln loans and advances of ` 4772
lacs lncrease ln lnvenLorles of ` 24624 lacs and lncrease ln debLors of ` 68198 lacs
neL cash used ln operaLlng acLlvlLles was ` 7S863 lacs ln flscal 2010 1he above has malnly resulLed from an
lncrease ln lnvenLorles of ` 120236 lacs and lncrease ln debLors and oLher recelvables of ` 100S81 lacs
neL cash used ln operaLlng acLlvlLles was ` 63S71 lacs ln flscal 2009 1he above has malnly resulLed from an
lncrease ln lnvenLorles of ` 82399 lacs and lncrease ln debLors and oLher recelvables of ` 723S lacs
neL cash used ln operaLlng acLlvlLles was ` 60090 lacs ln flscal 2008 1he above has malnly resulLed from an
lncrease ln lnvenLorles of ` 76179 lacs and lncrease ln debLors and oLher recelvables of ` 18940 lacs
cosh f/ow used in lnvestinq 4ctivities
neL cash flows from lnvesLlng acLlvlLles was ` 407 lacs for Lhe slx monLh perlod ended SepLember 30 2010 1he neL
cash flow from lnvesLlng acLlvlLles prlmarlly resulLed from Lhe sale of lnvesLmenLs by Lhe Company Lo Lhe Lune of `
9S3 lacs
neL cash used ln lnvesLlng acLlvlLles was ` 16331 lacs for Lhe year ended March 31 2010 1he neL cash used ln
lnvesLlng acLlvlLles prlmarlly resulLed from Lhe purchase of flxed asseLs of `16616 lacs durlng Lhe year
neL cash used ln lnvesLlng acLlvlLles was ` 7S73 lacs for Lhe year ended March 31 2009 1he neL cash used ln
lnvesLlng acLlvlLles prlmarlly resulLed from Lhe purchase of flxed asseLs of ` 7739 lacs durlng Lhe year
neL cash used ln lnvesLlng acLlvlLles was ` 80S0 lacs for Lhe year ended March 31 2008 1he neL cash used ln
lnvesLlng acLlvlLles prlmarlly resulLed from Lhe purchase of flxed asseLs of ` 6836 lacs and lnvesLmenLs made Lo Lhe
exLenL of ` 1401 lacs durlng Lhe year



199


cosh f/ow from finoncinq 4ctivities
neL cash used ln flnanclng acLlvlLles was ` 31281 lacs for Lhe slx monLh perlod ended SepLember 30 2010 neL cash
used ln flnanclng acLlvlLles was prlmarlly Lhe resulL of repaymenL of a parL of secured loans Lo Lhe exLenL of ` 30704
lacs and paymenL of lnLeresL of ` 12931 lacs

neL cash from flnanclng acLlvlLles was ` 82436 lacs for Lhe year ended March 31 2010 neL cash from flnanclng
acLlvlLles was prlmarlly Lhe resulL of proceeds of secured and unsecured loans Laken Lo Lhe exLenL of ` 32807 lacs
and ` 16782 lacs respecLlvely and proceeds of securlLles premlum of ` 46408 lacs on lssue of shares
neL cash from flnanclng acLlvlLles was ` 8S111 lacs for Lhe year ended March 31 2009 neL cash from flnanclng
acLlvlLles was prlmarlly Lhe resulL of proceeds of secured and unsecured loans Laken Lo Lhe exLenL of ` 83047 lacs
and ` 12666 lacs respecLlvely
neL cash from flnanclng acLlvlLles was ` 70007 lacs for Lhe year ended March 31 2008 neL cash from flnanclng
acLlvlLles was prlmarlly Lhe resulL of proceeds of secured loans Laken Lo Lhe exLenL of ` 306SS lacs and proceeds of
securlLles premlum of ` 330 lacs on lssue of shares
IINANCIAL CSI1ICN
As aL SepLember 30 2010 March 31 2010 2009 and 2008 Lhe neL worLh of Lhe Company was ` 141891 lacs `
12S668 lacs ` 62632 lacs and ` S9137 lacs respecLlvely
ASSL1S
1he followlng dlscusslon compares Lhe Company's flnanclal poslLlon as of SepLember 30 2010 March 31 2010
2009 and 2008
(` `` ` lo locs)
art|cu|ars
S|x month per|od
ended Sept 30
2010 (`) `) `) `)
ear ended
Mar 31 2010
(`) `) `) `)
ear ended
Mar 31 2009
(`) `) `) `)
ear ended
Mar 31 2008
(`) `) `) `)
llxed AsseLs (neL block) 26824 2811S 146S4 8369
lnvesLmenLs 083 168S 14S8 1S21
lnvenLorles 363S9S 338973 218736 136337
Sundry uebLors 107189 38992 3264 3604
Cash 8ank 8alances 3870 7362 17120 31S3
CLher CurrenL asseLs Loans Advances 36081 3S696 37862 27919
ueferred 1ax AsseLs / (LlablllLy) S37 33S 163 222
1ota| Assets S38178 4S11S9 2932S7 181126

lixed 4ssets
1he lncrease ln flxed asseLs has been prlmarlly due Lo addlLlons Lo Lhe gross block for expanslon acLlvlLles
lnvestments
lnvesLmenLs malnly conslsL of quoLed shares of varlous companles
lnventories
lnvenLorles comprlse of Lhe sLocks of waLches [ewellery moblles pens eLc
5undry uebtors
1he rlse ln Lhe amounL of sundry debLors over Lhe years ls malnly aLLrlbuLable Lo Lhe lncrease ln number of
cusLomers



200


cosh ond 8onk bo/onces

1hls conslsLs of Cash ln hand balance wlLh scheduled banks flxed deposlLs and accrued lnLeresL Lhereon 1he
breakup of Lhe cash and bank balance ls as follows
(` `` ` lo locs)
art|cu|ars
S|x month
per|od ended
Sept 30 2010
(` `` ` )
ear ended
Mar 31
2010 (` `` ` )
ear ended
Mar 31
2009 (` `` ` )
ear ended
Mar 31
2008 (` `` ` )
Cash ln Pand (As CerLlfled by Lhe ManagemenL) 1S88 2119 1076 81S
8alance wlLh scheduled banks ln
CurrenL accounLs 1412 471 11983 267
Cheque ln Pand 690
llxed ueposlL wlLh 8anks (lncludlng lnLeresL Accrued) 870 4772 3329 1093
CumulaLlve ueposlL wlLh 8ank 732 288
1C1AL 3870 7362 17120 31S3
Other current ossets Loons ond 4dvonces
1he breakup of Lhe above ls as follows
(` `` ` lo locs)
art|cu|ars
S|x month per|od
ended Sept 30
2010 (` `` `)

ear ended
Mar 31 2010
(` `` `)
ear ended
Mar 31 2009
(` `` `)
ear ended
Mar 31 2008
(` `` `)
Advances (recoverable ln cash or klnd or
value Lo be recelved Lhereof ) 4479 20176 8822 14776
uuLles 1axes 8729 7008 7423 39S1
repald Lxpenses 1062 S34 218 046
SecurlLy ueposlLs 21811 7978 21399 9146
1C1AL 36081 3S696 37862 27920

LIA8ILI1ILS AND kCVISICNS
1he followlng Lable shows Lhe prlnclpal componenLs of Lhe llablllLles as of SepLember 30 2010 March 31 2010
2009 and 2008
(` `` ` lo locs)
art|cu|ars
S|x month per|od
ended Sept 30
2010 (` `` `)
ear ended
Mar 31 2010
(` `` `)
ear ended
Mar 31 2009
(` `` `)
ear ended
Mar 31 2008
(` `` `)
Secured Loans 141498 172203 139397 S6348
unsecured Loans S1334 3S980 19198 6S33
CurrenL LlablllLles rovlslons 1979S6 108807 64099 S8667
1C1AL 390787 316990 22269S 121S48

5ecured ond unsecured Loons
As of SepLember 30 2010 Lhe Company had ouLsLandlng loans (secured and unsecured) of ` 192832 lacs as
compared Lo ` 208183 lacs as of March 31 2010 ` 1S8S9S lacs as of March 31 2009 and ` 62881 lacs as of
March 31 2008
1he followlng Lable glves a brlef summary of our secured and unsecured loans as of SepLember 30 2010 March 31
2010 2009 and 2008






201


(` `` ` lo locs)
art|cu|ars
S|x month per|od
ended Sept 30 2010
(` `` `)
ear ended
Mar 31 2010
(` `` `)
ear ended
Mar 31 2009
(` `` `)
ear ended
Mar 31 2008
(` `` `)
SLCUkLD LCANS
Loans from 8ank
8ank CverdrafL (lClCl 8ank LLd) 14993 1S060
Cash CredlL (S8l) 1246S8 1S4626 123780 S4811
(lncludes Cheques ln LranslL)
SLC (S8l) 1S013
1erm Loan (unlon 8ank of lndla) S62
vehlcle Loan
PulC 8ank LLd 1747 222S
lamlly CredlL llmlL LLd 100 292 604 97S
1C1AL 141498 172203 139396 S6348

UNSLCUkLD LCANS
lrom Schedule 8ank 2008 4048 8377 6233
lrom 8odles CorporaLe* 4S000 21086 1S00
lrom n8lC 3688 S617 9021
lrom Shareholders 300 300 300 300
lrom ulrecLors/romoLers 338 4929
1C1AL S1334 3S980 19198 6S33

1C1AL LCANS 192832 208183 1S8S9S 62881

1he lncreases ln Lhe secured loans were made Lo saLlsfy Lhe flnanclal needs of Lhe Company

uebt toquity qeorinq
1he Company's debLLoequlLy gearlng as of SepLember 30 2010 and March 31 2010 2009 and 2008 was 136
166 2S3 106 Llmes respecLlvely lor Lhese purposes Lhe debLLoequlLy gearlng raLlo represenLs LoLal debL over
LqulLy

5hore copito/
lor deLalls on Lhe caplLal bulld up of Lhe Company refer Lhe secLlon LlLled CaplLal SLrucLure" on age no 49 of Lhls
urafL 8ed Perrlng rospecLus

5hore 4pp/icotion money
1he Company had share appllcaLlon money pendlng alloLmenL Lo Lhe Lune of ` 440 lacs ` 7931 lacs ` 8S lacs and
` SS lacs as aL March 31 2008 2009 2010 and SepLember 30 2010 respecLlvely
continqent /iobi/ities
1he conLlngenL llablllLles LhaL have noL been provlded for as of SepLember 30 2010 are as follows
ln respecL of 8ank CuaranLee glven Lo !olnL Commlssloner of Sales 1ax Mumbal amounLlng Lo ` 3944 lacs

MAkkL1 kISkS
ln Lhe normal course of buslness Lhe Company ls exposed Lo cerLaln markeL rlsks such as lnLeresL raLe rlsk forelgn
exchange rlsk and credlL rlsk

202


lnterest kote kisk
1he Company may be exposed Lo lnLeresL raLe rlsk on any addlLlonal debL flnanclng LhaL may be needed for varlous
reasons ln fuLure and Lhe repaymenL or reflnanclng of ouLsLandlng debL upward flucLuaLlons ln lnLeresL raLes
lncrease Lhe cosLs of boLh exlsLlng and new debL llucLuaLlons ln lnLeresL raLes also lmpacL Lhe value of Lhe
Company's lnvesLmenL porLfollo
loreiqn xchonqe kisk
Changes ln currency exchange raLes lnfluence Lhe Company's resulLs of operaLlons 1he Company reporLs lLs
flnanclal resulLs ln lndlan rupees whlle a porLlon of Lhe Company's expenses are denomlnaLed generaLed or
lncurred ln currencles oLher Lhan lndlan rupees
credit kisk
CredlL rlsk ls Lhe rlsk of flnanclal loss Lo Lhe Company lf a cusLomer or counLerparLy Lo an agreemenL falls Lo meeL lLs
conLracLual obllgaLlons and arlses prlnclpally from Lhe Company's Lrade recelvables 1he Company's exposure Lo
credlL rlsk ls lnfluenced malnly by Lhe lndlvldual characLerlsLlcs of each cusLomer or counLerparLy 1hus Lhe
Company has esLabllshed deLalled credlL pollcles under whlch each new cusLomer ls revlewed lndlvldually for
credlLworLhlness before sLandard paymenL and dellvery Lerms and condlLlons are lmplemenLed 1he Company
ensures LhaL sales on accounL are made Lo cusLomers wlLh approprlaLe credlL hlsLory 1he Company manages lLs
credlL rlsk malnly Lhrough close rlsk monlLorlng 1he Company's pollcy ls Lo enLer lnLo LransacLlons wlLh a wlde
dlverslLy of credlLworLhy counLerparLles Lo mlLlgaLe any slgnlflcanL concenLraLlon of credlL rlsk lor deLalls on Lhe
rlsks please refer Lo Lhe dlscusslon ln Lhe secLlon LlLled 8lsk lacLors" on age no 11 of Lhls urafL 8ed Perrlng
rospecLus

unusuo/ or infrequent events or tronsoctions
1o Lhe Company's knowledge and excepL as dlsclosed hereln Lhere have been no evenLs or LransacLlons LhaL may
be descrlbed as unusual" or lnfrequenL"
5iqnificont economic chonqes thot moterio//y offected or ore /ike/y to offect income from continuinq
operotions
1o Lhe Company's knowledge and excepL as dlsclosed hereln Lhere are no slgnlflcanL economlc changes LhaL have
maLerlally and adversely affecLed or are llkely Lo have a maLerlal adverse effecL on Lhe Company's lncome from
conLlnulng operaLlons
known trends or uncertointies thot hove hod or ore expected to hove o moterio/ odverse impoct on so/es
revenue or income from continuinq operotions
1he Company's buslness has been lmpacLed and ls expecLed Lo conLlnue Lo be lmpacLed by Lhe Lrends ldenLlfled
above ln Lhe secLlon LlLled ManagemenL's ulscusslon and Analysls of llnanclal CondlLlon and 8esulLs of CperaLlons
lacLors AffecLlng 8esulLs of CperaLlons" beglnnlng on age no 190 of Lhls urafL 8ed Perrlng rospecLus and Lhe
uncerLalnLles descrlbed ln Lhe secLlon LlLled 8lsk lacLors" beglnnlng on age no 11 of Lhls urafL 8ed Perrlng
rospecLus 1o Lhe Company's knowledge excepL as has been descrlbed ln Lhls urafL 8ed Perrlng rospecLus Lhere
are no known facLors whlch Lhe Company would expecL Lo have a maLerlal adverse lmpacL on lLs revenues or
lncome from conLlnulng operaLlons



203


luture chonqes in re/otionship between costs ond income
CLher Lhan as descrlbed ln Lhe chapLers 8lsk lacLors" and ManagemenL's ulscusslon and Analysls of llnanclal
CondlLlon and 8esulLs of CperaLlons" and elsewhere ln Lhe urafL 8ed Perrlng rospecLus Lo Lhe Company's
knowledge Lhere are no known facLors whlch wlll have a maLerlal adverse lmpacL on lLs operaLlon and flnances
lncreose in revenue
ln addlLlon Lo lncreases ln Lhe volume of sales of Lhe Companys producLs Lhe lnLroducLlon of Lhe new producLs
and/or brands would also llkely conLrlbuLe Lo lncreases ln Lhe Company's revenues
New product or business seqment
CLher Lhan as descrlbed ln Lhe secLlon LlLled Cur 8uslness" beglnnlng on age 91 of Lhls urafL 8ed Perrlng
rospecLus Lo Lhe Company's knowledge Lhere are no new producLs or buslness segmenLs
1oto/ turnover of eoch mojor industry seqment in which Our compony operoted
1he Company has been prlmarlly deallng ln Luxury producLs lor deLalls please refer Lo secLlon LlLled lndusLry
Cvervlew" on page 82 of Lhls urafL 8ed Perrlng prospecLus
5eosono/ity of business
1he Company generaLes hlgher sales durlng second half of Lhe flnanclal year due Lo Lhe bunchlng of fesLlvals (llke
uurga u[a ulwall ChrlsLmas eLc) wlnLer sales onseL of marrlage season eLc 1he Company belleves Lhls seasonallLy
ls sLandard ln Lhe lndlan luxury reLall lndusLry and does noL have a maLerlal adverse lmpacL on lLs buslness
5totus of ony pub/ic/y onnounced New Products or 8usiness 5eqments
We have noL announced any new producLs or buslness segmenL
5iqnificont dependence on o sinq/e or few supp/iers or customers
1he Company does noL belleve lL ls dependenL on a slngle or few brand owners or cusLomers
competitive conditions
1he Company may face slgnlflcanL compeLlLlon from exlsLlng and new players ln Lhe lndusLry lor more deLalls
please refer Lo Lhe dlscusslons of Lhe Company's compeLlLlon ln Lhe secLlons 8lsk lacLors" and Cur 8uslness" on
age nos 11 and 91 respecLlvely ln Lhls urafL 8ed Perrlng rospecLus
5iqnificont ueve/opments
1here are no slgnlflcanL developmenLs lmpacLlng Lhe Company's resulLs of operaLlons or flnanclal condlLlon slnce
SepLember 30 2010

ke/oted Porty 1ronsoctions

lor deLalls please refer Lo Lhe dlscusslon ln Lhe secLlon LlLled llnanclal SLaLemenLs 8elaLed arLy 1ransacLlons" on
age no 168 of Lhls urafL 8ed Perrlng rospecLus



204



SECTIUN VI - LECAL AND UTHER INFURMATIUN
. - UUTSTANDINC LITICATIUNS AND MATERIAL DEVELUPMENTS
Cur Company ls lnvolved ln cerLaln legal proceedlngs / clalms whlch are lncldenLal Lo our buslness and operaLlons
1here are ouLsLandlng llLlgaLlons lnvolvlng our Company lLs ulrecLors romoLers and Croup Companles 1hese
proceedlngs are pendlng aL dlfferenL levels of ad[udlcaLlons We can glve no assurances LhaL Lhese proceedlngs
would be declded ln our favour Any declslon whlch may be agalnsL us parLly or fully would adversely affecL our
flnanclal poslLlon and cash flows

AL Lhe same Llme our Company has also lnlLlaLed legal proceedlngs agalnsL cerLaln parLles under negoLlable
lnsLrumenLs AcL 1889 and for recovery of Company dues from such parLles ueLalls of legal proceedlngs agalnsL and
by Lhe Company are glven as under

a) lltlqotloo oqolost tbe compooy

Sr No Nature of ||t|gat|on Number of Cutstand|ng cases Aggregate approx|mate
amount |nvo|ved (`)
1 Clvll roceedlngs 1 2238988S

b) lltlqotloo by tbe compooy

Sr No Nature of ||t|gat|on Number of Cutstand|ng cases Aggregate approx|mate
amount |nvo|ved (`)
1 Clvll roceedlngs 1 S186300

Case deta||s for the a) and b)*
SLNC DA1L LVLN1
1 04062008 AlloLmenL of sLall no 27 ln Lhe ground floor of Lhe mall was conflrmed and rlme
deposlLed ` 2181600/ Lowards lnlLlal securlLy deposlL wlLh hoenlx
2 20012009 hoenlx cancelled Lhe alloLmenL and LermlnaLed Lhe leave and llcense for Lhe sald sLall
no C27 holdlng prlme llable for alleged maLerlal breach" ln Lerms of a conLracL whlch
was never flnally concluded
3 06042009 rlme caused Lo lssue a demand noLlce upon hoenlx vlde leLLer of lLs Learned AdvocaLe
requlrlng hoenlx Lo refund Lhe securlLy deposlLs and oLher sums LogeLher wlLh `
2000000/ Lowards loss of furnlLure and flxLure and lnLeresL aL Lhe raLe of 24 per
annum aparL from compensaLlon and damages
4 27042009 hoenlx replled Lo Lhe aforesald laLLer by conLendlng LhaL lL has forfelLed Lhe enLlre
securlLy deposlL and clalmed llcense fee for Lhe alleged full lockln perlod form !uly 1
2009 Lo May 31 2013 as well as damages
S 0S062009 rlme flled 1lLle SulL no 1784 of 2009 agalnsL hoenlx ln Lhe courL of Learned 9
Lh
Clvll
!udge (Senlor ulvlslon) aL Allpore clalmlng ` S186300/ Lowards refunds of securlLy
deposlL and oLher sums loss of furnlLure and flxLure and lnLeresL aL Lhe raLe of 24 per
annum (noLlces were duly served upon hoenlx before 21072009)
6 21072009 hoenlx flled L C SulL no 119/163 of 2009 ln Lhe courL of small Causes aL Mumbal
agalnsL rlme clalmlng ` 2238988S/ Lowards Lhe llcense fee for Lhe alleged full lockln
perlod from !uly 1 2009 Lo May Lhls amounL (1hls SulL Was flled as a counLer blasL Lo
kolkaLa sulL afLer recelvlng Lhe noLlce of kolkaLa sulL)
7 31082009 hoenlx enLered appearance ln kolkaLa sulL SubsequenLly lL flled an appllcaLlon under
order 7 8ules 10 11 of Lhe Clvll rocedure Code 1908 for re[ecLlon of plalnL on Lhe


20S

ground of [urlsdlcLlon and cause of acLlon 1he sald appllcaLlon ls pendlng for dlsposal
8 09102009 rlme enLered appearance ln Mumbal sulL SubsequenLly lL flled an appllcaLlon under
SecLlon 10 of Lhe Clvll rocedure Code 1908 for SLay of sulL ln vlew of earller flllng of
kolkaLa sulL on Lhe self same cause of acLlon 1he sald appllcaLlon ls pendlng for
dlsposal
9 01032011 Cn 1
sL
March 2011 Lhe learned !udge was pleased Lo re[ecL Lhe rlme's AppllcaLlon
under SecLlon 10 of CC and dlrecLed Lo flle Lhe wrlLLen sLaLemenL wlLh Lhe appllcaLlon
of condonaLlon of delay by 2S
Lh
March2011
10 01032011 rlme's AppllcaLlon for sLay of SulL under secLlon 10 of Clvll rocedure Code has been
re[ecLed by Lhe Small Causes CourL Mumbal and Company ls looklng forward Lo
challenge Lhe re[ecLlon order before Lhe hlgher courL as soon as Lhey geL Lhe cerLlfled
copy of Lhe order
11 04032011 4
Lh
March was Lhe daLe alloLLed for hearlng Lhe rlme's appllcaLlon for amendmenL of
Cause LlLle consequenL of change name of Lhe company
1he courL declded Lo hear on 21
sL
march 2011 and Lhe hoenlx's appllcaLlon for Lhe
re[ecLlon of Lhe plalnL of Company wlll be Laken up for hearlng afLer Lhe dlsposal of
amendmenL appllcaLlon
*8lML 8L1AlL lnulA 8lvA1L LlMl1Lu 8lML
1PL PCLnlx MlLLS LlMl1Lu PCLnlx
PlCP S18LL1 PCLnlx (C8Anu CALLL8lA) MuM8Al MALL

c) lltlqotloo oqolost tbe ultectots

Sr
No
Name of the D|rector Nature of ||t|gat|on Number of Cutstand|ng
cases
Aggregate
approx|mate amount
|nvo|ved (`)
nll nll nll nll nll

d) lltlqotloo oqolost tbe ltomotets

Sr
No
Name of the romoter Nature of ||t|gat|on Number of Cutstand|ng
cases
Aggregate
approx|mate amount
|nvo|ved (`)
nll nll nll nll nll

e) lltlqotloo oqolost tbe ltomotet Ctoop otltles

Sr
No
Name of the romoter
Group
Nature of ||t|gat|on Number of Cutstand|ng
cases
Aggregate
approx|mate amount
|nvo|ved (`)
nll nll nll nll nll





206



. - CUVERNMENT APPRUVALS

1he Approvals and Llcenses recelved by our Company from governmenL auLhorlLles llsLed below enable us Lo carry
ouL our presenL buslness acLlvlLles unless oLherwlse sLaLed hereln below Lhese approvals are valld and subslsLlng
as on Lhe daLe of Lhls urafL 8ed Perrlng rospecLus lL musL however be dlsLlncLly undersLood LhaL ln granLlng Lhe
above approvals Lhe CovernmenL and oLher auLhorlLles do noL Lake any responslblllLy for Lhe flnanclal soundness of
our Company or for Lhe correcLness of any of Lhe sLaLemenLs or any commlLmenLs made or oplnlons expressed

1he llcenses permlsslons and approvals obLalned by our Company under varlous CenLral and SLaLe Laws for carrylng
ouL lLs buslness are enllsLed below

AkCVALS MA1LkIAL 1C CUk CUkkLN1 8USINLSS AC1IVI1ILS

INCCkCkA1ICN AND C1nLk S1A1U1Ck CCMLIANCLS
Cert|f|cate of Incorporat|on
Cur Company was lncorporaLed on May 11 1990 under Lhe name and sLyle of 'Chanduka Carrlers rlvaLe LlmlLed'
bearlng reglsLraLlon number 2148986 of 1990 and reglsLered wlLh 8eglsLrar of Companles WesL 8engal Cur
Company changed lLs name Lo 'SMA MarkeLlng rlvaLe LlmlLed' for whlch lL recelved fresh cerLlflcaLe of
lncorporaLlon consequenL on change of name daLed november 13 1998 1he Company LhereafLer changed lLs
name Lo 'rlme 8eLall lndla rlvaLe LlmlLed' for whlch lL recelved fresh cerLlflcaLe of lncorporaLlon consequenL on
change of name daLed !anuary 29 2008
1he presenL reglsLered offlce of Lhe Company ls locaLed aL 1/1 Camac SLreeL Shree Man[arl 8ulldlng SulLe no 7
SLh lloor kolkaLa700016
Cert|f|cate of Incorporat|on consequent to the Change of Name
Cur Company was converLed lnLo a ubllc LlmlLed Company and Lhe name of Lhe Company was changed Lo 'rlme
8eLall lndla LlmlLed' wef !anuary 19 2010 and recelved a fresh cerLlflcaLe of lncorporaLlon from uepuLy 8eglsLrar
of Companles kolkaLa WesL 8engal Cur Company ldenLlflcaLlon number (Cln) of our Company ls
U63090W81990LC048986

1rademark keg|strat|on

1he company Lhrough lLs advocaLes uSen Co paLenLs Lrademark aLLorneys made an appllcaLlon daLed
2/12/2009 along wlLh a cheque of ` 2S00 drawn ln Lhe favor of Lhe 8eglsLrar of Lrademark" for reglsLraLlon of Lhe
mark 1he rlme" as a Lrademark under class 3S ln respecL adverLlslng ulsLrlbuLlon markeLlng wholesale
deparLmenLal sLore Lradlng servlce relaLlng Lo reLall excluslve showrooms 1he appllcaLlon for reglsLraLlon ls
pendlng
ermanent Account Number (AN)
Cur Company's An (ermanenL AccounL number) lssued by lncome 1ax ueparLmenL CovernmenL of lndla ls
AAlCS67448
1ax Deduct|on Account Number (1AN)
Cur Company's 1ax ueducLlon AccounL number (1An) ls CALS08916l lssued by lncome 1ax ueparLmenL
CovernmenL of lndla



207


Importer Lxporter Code (ILC)

CerLlflcaLe of lmporLer LxporLer Code (lLC) daLed !anuary 18 2008 lssued by Lhe MlnlsLry of Commerce Lo our
Company alloLLlng lLC number 0208019367 and sLaLlng daLe of lssue as !anuary 18 2008

L|censes under shop and Lstab||shment Act
State of Maharashtra
SrNo Name of Shops keg|strat|on Date keg|strat|on Number Va||d upto
1 6/7 clLy mall L8S Marg
ChaLkoper
1/12/2009

760117076 /
commerclal
31/12/2011
2 C8 2 C8 lL8 narlman olnL
Mumbal 400021
1 /06/ 2009 7600983S6 31/12/2010
3 oberol mall unlL no C/2
Coregoan easL
11/ 11/ 2008 7600732S3 / Shop l 31/12/2012

State of West 8enga|
SrNo Name of Shops keg|strat|on Date keg|strat|on
Number
Va||d Upto
1 148 8ash 8hlharl Avenue 12/06/2007 kol / 1olly / 1 /
8068
11/06/13
2 10/3 rlgln road kolkaLa 18 uay 2003 kol / 8how / l /
7937
17/12/1012
3 uC 1 salL lake clLy clLy cenLer
shop A'203/204
31/01/2007 n24 pgs /
8ldhannagan(n) / l
/ S8110
3012013
4 l8M mukhr[ee 8oad

26/8/98 cul / Pary / l /
10134
2S/8/2010
S 37S rlnce Anwar Shah 8oad
kolkaLa 68 !adavpur
23/02/2011 kol/!ad/1/10440 3 years from Lhe
daLe of reglsLraLlon
1 164/1 ManlckLala Maln 8oad
Manl Square llrsL lloor
kolkaLLa 7000S4
March 17 2011 kol/Manlck/l/42SS 3 years from Lhe
daLe of 8eglsLraLlon

State of ka[asthan
SrNo Name of Shops keg|strat|on Date keg|strat|on
Number
Va||d Upto
1 MCl meLropollLan mall shops
no C 16 ground floor bals
godown clrcle 8hawanl slng
road !alpur
11007 SM138S/8
8halravl/170/07
nA

State of Chhatt|sgarh
SrNo Name of Shops keg|strat|on Date keg|strat|on
Number
Va||d Upto
1 rlme WaLches 281107 26S8S / 88 / 0S /
2007
31/12/2008 Lo 2011


208


C1nLk S1A1U1Ck LICLNCLS ACUIkLD

Centra| Sa|es tax (keg|strat|on 1urnover) ku|es 19S7
8eg no 2234130S706
lssued on Sep 3 2007 (ChhaLLlsgarh)

W 8 State 1ax on rofess|ons 1rades Ca|||ng Lmp|oyments Act 1979
no LCn 2108S8S
lssued on 0S/02/2008
form ll A ( cerLlflcaLe of enrolmenL )


Maharashtra state tax on rofess|ons 1rades Ca|||ng Lmp|oyments Act 197S
1LC 994S1647S61
lssue on 18/S/2009
(CerLlflcaLe of enrollmenL)


W 8 State 1ax on rofess|ons 1rades Ca|||ng Lmp|oyments Act 1979
CerLlflcaLlon of 8eglsLraLlon
8CC 0038164
LlablllLy wlLh effecL from 1407
lssued on 11/7/07


Maharashtra state tax on profess|ons trades ca|||ng emp|oyments Act 197S
8eglsLraLlon no 760117076 / commerclal ll
for shop no 6/7 clLy mall L8S Marg ChaLkoperW
8eglsLraLlon uaLe uecember 1 2009
valld Llll 31122011
rlme 8eLall lndla vL LLd
no of employee S


ko|kata Mun|c|pa| Corporat|on (L|censee Department)
Slno 036S621
CL no 0011 9103 6133
valld upLo 31/03/2011
LasL daLe of renewal wlLhouL delay charges 31/10/2010


1he West 8enga| Va|ue Added 1ax ku|es 200S
form 3
8eglsLraLlon no 194S1012010
LlablllLy beglns Aprll 200S
lssued on uec 29 2006
8eneflL sLreeL 8n mukhr[ee chlLrakooL bulldlng manl square LLd souLh clLy


ko|kata Mun|c|pa| Corporat|on L|censes Department
Sl no 0396931
CML no 008 3400 993S
CerLlflcaLe of LnllsLmenL under W8 flre servlce AcL 19S0
?ears 201011
SouLh clLy 8enewal uaLe 31/10/2010
valld 31/03/11









209


ko|kata Mun|c|pa| Corporat|on L|cense Department
Sl no 0392S7S
CML no 4090 2200 0432
CerLlflcaLe of LnllshmenL under W8 flre servlce AcL 19S0
?ears 2010 11 8enewal ark 31/10/10
uesprlya ark
valld 31/03/11

ko|kata Mun|c|pa| Corporat|on L|cense Department
Sl no 0S291S6
CML no 0016 0201 3414
CerLlflcaLe of LnllshmenL under W8 flre servlce AcL 19S0
?ears 2010 11 8enewal ark 31/10/10
valld 31/03/11
Manl square


8|dhannagar Mun|c|pa||ty (||cense Department)
uemand no 00037/0SS24/20102011
Assessee no 01/074/S/0139S
valld upLo March 2011
LasL daLe of renewal wlLhouL delay charges 31/12/2010


ko|kata Munc|pa| Corporat|on (||cense Department)
CML no 4070 2200 1626
Sl no 0479201
valld upLo 31/03/2011
8enewal uaLe 31/10/2010
lorum

ko|kata Munc|pa| Corporat|on (||cense Department)
CerLlflcaLe of enllshmenL lssue under W8 flre servlce AcL 19S0
CenLral sales 1ax (8eglsLraLlons 1urnover) 8ules 19S7
CerLlflcaLe of 8eglsLraLlon 194S1012204
uaLe of lssue 120898
WesL 8engal

Centra| Sa|es 1ax (keg|strat|ons 1urnover) ku|es 19S7 (Gu[arat)
8eglsLraLlon no 24S73803813
valld form 6/9/08


ka[asthan Va|ue Added 1ax 2003
valld flrm 1/10/2007
uaLe of lssue of orlglnal llcense CcLober 4 2007
uaLe of lssue of Amended cerLlflcaLe !une 23 2010
1ln 08702112S86/08702112S8S (cenLral )

Maharashtra va|ue added tax 2002
1ln 274S0669049 v 274S0669049 C
effecLlve daLe 4808

1an Number
no CAL S 08916f
lssued on !un 30 2010
8eference no 31490300027161171 / 1nA / C8 / nC8




210


Import and Lxport Code
code 0208019367
uaLe of lssue 18112008
llle no 02/04/130/01919/AM09/daLe 4112008


LSIC keg|strat|on
1he company vldes lLs leLLer daLed !anuary 1 2011 submlLLed form 1 for reglsLraLlon of Lhe company under LSlC ln
reply Lo Lhe sald leLLer Lhe LSlC deparLmenL vlde lLs leLLer daLed !anuary 1 2011 made Lhe followlng observaLlons ln
para 4
Oo tbe bosls of tbe pottlcolots lo tespect of yoot estobllsbmeot sobmltteJ by yoo lo lotm 01 JoteJ 20/1/2011
yoot estobllsbmeot folls wltblo tbe petvlew of 5ectloo 1(5) of tbe Act wltb effect ftom 27/11/2010 lo cose bowevet
sobsepoeot focts teveol tbot yoot estobllsbmeot wos covetoble ftom o Jote ptlot to tbe Jote meotlooeJ obove yoo
sboll moke yootself lloble to comply wltb tbe ptovlsloo of tbe Act ftom socb eotllet Jote
ISIN keg|strat|on
Cur Company's lSln reglsLraLlon ls lSlnlnL881L01012































211


SECTIUN VII - UTHER RECULATURY AND STATUTURY DISCLUSURES
AUTHURITY FUR THE ISSUE
Author|ty for the Issue

1he presenL lnlLlal ubllc lssue of LqulLy Shares has been auLhorlzed by Lhe 8oard of ulrecLors by a resoluLlon daLed
CcLober 1 2010 and by a speclal resoluLlon passed pursuanL Lo secLlon 81(1A) of Lhe Companles AcL aL Lhe LxLra
ordlnary Ceneral MeeLlng of Lhe shareholders of Lhe Company held on CcLober 21 2010 whlch was called aL a
shorLer noLlce afLer consenL of all shareholders was obLalned as per Lhe provlslons of Lhe Companles AcL 19S6 as
amended

roh|b|t|on by SL8I
Cur Company romoLers romoLers Croup ulrecLors Croup Companles ln whlch our dlrecLors are assoclaLed as
dlrecLors have noL been prohlblLed from accesslng or operaLlng ln caplLal markeLs or resLralned from buylng selllng
or deallng ln securlLles under any order or dlrecLlon passed by SL8l

roh|b|t|on by k8I
Cur Company romoLers romoLers Croup ulrecLors 8elaLlves (as deflned under Companles AcL 19S6) of
romoLers Croup Companles ln whlch our dlrecLors are assoclaLed as dlrecLors have noL been declared as wlllful
defaulLers by 88l or any oLher CovernmenLal auLhorlLles
Conf|rmat|on
none of our ulrecLors are assoclaLed wlLh Lhe SecurlLles MarkeL
L||g|b|||ty Ior 1he Issue
Cur Company ls ellglble for Lhe lssue ln accordance wlLh 8egulaLlon 26 of Lhe SecurlLles and Lxchange 8oard of lndla
(lssue of CaplLal and ulsclosure 8equlremenLs) 8egulaLlons 2009 whlch sLaLes as follows

(26)(1) Ao lssoet moy moke oo loltlol pobllc offetloq lf

(o) 1be compooy bos oet tooqlble ossets of ot leost ` J ctotes lo eocb of tbe pteceJloq J foll yeots (of 12 mootbs
eocb) of wblcb oot mote tboo 50 ls belJ lo mooetoty ossets
ltovlJeJ tbot lf mote tboo 50 of tbe oet tooqlble ossets ote belJ lo mooetoty ossets tbe compooy bos
moJe fltm commltmeots to Jeploy socb excess mooetoty ossets lo lts bosloess/ptoject

(b) 1be compooy bos o ttock tecotJ of Jlsttlbotoble ptoflts lo tetms of 5ectloo 205 of tbe compooles Act 1956
fot ot leost tbtee (J) oot of lmmeJlotely pteceJloq flve (5) yeots
ltovlJeJ fottbet tbot exttootJlooty ltems sboll oot be cooslJeteJ fot colcolotloq Jlsttlbotoble ptoflts lo
tetms of 5ectloo 205 of compooles Act 1956

(c) 1be compooy bos o oet wottb of ot leost ` 1 ctote lo eocb of tbe pteceJloq J foll yeots (of 12 mootbs eocb)

(J) 1be oqqteqote of tbe ptoposeJ lssoe ooJ oll ptevloos lssoes moJe lo tbe some floooclol yeot lo tetms of slze
Joes oot exceeJ flve (5) tlmes lts ptelssoe oet wottb os pet tbe ooJlteJ bolooce sbeet of tbe lost floooclol
yeot

(e) lo cose tbe compooy bos cbooqeJ lts oome wltblo tbe lost ooe yeot otleost 50 of tbe teveooe fot tbe
pteceJloq 1 foll yeot ls eotoeJ by tbe compooy ftom tbe octlvlty soqqesteJ by tbe oew oome




212



Cur Company ls ellglble for Lhe lssue under 8egulaLlon 26(1) of Lhe SecurlLles and Lxchange 8oard of lndla (lssue of
CaplLal and ulsclosure 8equlremenLs) 8egulaLlons 2009 as explalned under wlLh Lhe ellglblllLy crlLerla calculaLed ln
accordance wlLh 8esLaLed llnanclal SLaLemenLs


(a) Cur Company has neL Langlble asseLs of aL leasL ` 300 crores ln each of Lhe precedlng 3 full years (of 12
monLhs each) of whlch noL more Lhan S0 ls held ln moneLary asseLs

(` lo locs)
art|cu|ars 200S06 200607 200708 200809 200910
neL 1anglble asseLs* 1S070 38487 1224S9 2291S7 3423S3
MoneLary asseLs** 640 1286 31S3 17120 7362
ercenLage of MoneLary asseLs Lo neL
Langlble asseLs 4 3 3 7 2

* neL 1anglble asseLs" mean Lhe sum of all neL asseLs of Lhe lssuer excludlng lnLanglble asseLs as
deflned ln AccounLlng SLandard 26 (AS 26) lssued by Lhe lnsLlLuLe of CharLered AccounLanLs of lndla le neL
block of flxed asseLs lnvesLmenLs deferred Lax asseLs and Lhe neL currenL asseLs of Lhe Company
** MoneLary asseLs lnclude cash ln hand balance wlLh scheduled banks and deposlLs

(b) Cur Company has a Lrack record of dlsLrlbuLable proflLs ln Lerms of SecLlon 20S of Lhe Companles AcL 19S6
for aL leasL Lhree (3) ouL of lmmedlaLely precedlng flve (S) years
(` lo locs)

(c) Cur Company has a neL worLh of aL leasL ` 100 crore ln each of Lhe precedlng 3 full years (of 12 monLhs
each)
(` lo locs)
art|cu|ars 200S06 200607 200708 200809 200910
neL WorLh 6188 12792 S9137 62632 12S668

(d) 1he Company shall ensure LhaL Lhe aggregaLe of Lhe proposed lssue and all prevlous lssues made ln Lhe
same flnanclal year ln Lerms of slze (le publlc lssue by way of Lhls offer documenL + flrm alloLmenL +
promoLers' conLrlbuLlon Lhrough Lhe offer documenL) does noL exceed flve (S) Llmes our pre lssue neL
worLh as per Lhe audlLed balance sheeL of Lhe lasL flnanclal year

(e) Cur Company has noL changed lLs name ln Lhe lasL one year

(ConsequenL Lo converslon of Lhe Company from rlvaLe LlmlLed Lo ubllc LlmlLed Cur Company was converLed
lnLo a ubllc LlmlLed Company and Lhe name of Lhe Company was changed Lo 'rlme 8eLall lndla LlmlLed' wef
!anuary 19 2010 and recelved a fresh cerLlflcaLe of lncorporaLlon from uepuLy 8eglsLrar of Companles kolkaLa
WesL 8engal)

lurLher our posLlssue face value caplLal shall be ` Lacs and ln accordance wlLh 8egulaLlon 26(4) of Lhe SL8l
(lSSuL Cl CAl1AL Anu ulSCLCSu8L 8LCul8LMLn1S) 8egulaLlons 2009 our Company underLakes LhaL Lhe number
of alloLLees ln Lhe proposed lssue shall be aL leasL 1000 oLherwlse we shall forLhwlLh refund Lhe enLlre
subscrlpLlon amounL recelved ln case of delay lf any ln refund we shall pay lnLeresL on Lhe appllcaLlon money aL
Lhe raLe of 1S per annum for Lhe perlod of delay

Accordlngly Lhe Company ls ellglble for Lhe lssue under 8egulaLlon 26(1) of Lhe SL8l 8egulaLlons

art|cu|ars 200S06 200607 200708 200809 200910
roflL avallable for approprlaLlons 1271 1924 7443 348S 8246


213


SL8I DISCLAIMLk CLAUSL

AS kLUIkLD CC CI 1nIS DkAI1 kLD nLkkING kCSLC1US nAS 8LLN SU8MI11LD 1C SL8I I1 IS 1C 8L
DIS1INC1L UNDLkS1CCD 1nA1 SU8MISSICN CI DkAI1 kLD nLkkING kCSLC1US 1C 1nL SLCUkI1ILS AND
LxCnANGL 8CAkD CI INDIA (SL8I) SnCULD NC1 IN AN WA 8L DLLMLD Ck CCNS1kULD 1nA1 1nL SAML nAS
8LLN CLLAkLD Ck AkCVLD 8 SL8I SL8I DCLS NC1 1AkL AN kLSCNSI8ILI1 LI1nLk ICk 1nL IINANCIAL
SCUNDNLSS CI AN SCnLML Ck 1nL kCILC1 ICk WnICn 1nL ISSUL IS kCCSLD 1C 8L MADL Ck ICk 1nL
CCkkLC1NLSS CI 1nL S1A1LMLN1S MADL Ck CINICNS LxkLSSLD IN 1nL DkAI1 kLD nLkkING kCSLC1US
1nL 8CCk kUNNING LLAD MANAGLk nLM SLCUkI1ILS LIMI1LD nAS CLk1IIILD 1nA1 1nL DISCLCSUkLS
MADL IN 1nL DkAI1 kLD nLkkING kCSLC1US AkL GLNLkALL ADLUA1L AND AkL IN CCNICkMI1 WI1n
1nL SL8I (ISSUL CI CAI1AL AND DISCLCSUkL kLUIkLMLN1S) kLGULA1ICNS 2009 IN ICkCL ICk 1nL 1IML
8LING 1nIS kLUIkLMLN1 IS 1C IACILI1A1L INVLS1CkS 1C 1AkL AN INICkMLD DLCISICN ICk MAkING AN
INVLS1MLN1 IN 1nL kCCSLD ISSUL

I1 SnCULD ALSC 8L CLLAkL UNDLkS1CCD 1nA1 WnILL 1nL CCMAN IS kIMAkIL kLSCNSI8LL ICk
1nL CCkkLC1NLSS ADLUAC AND DISCLCSUkL CI ALL kLLLVAN1 INICkMA1ICN IN 1nL DkAI1 kLD nLkkING
kCSLC1US 1nL 8CCk kUNNING LLAD MANAGLk IS LxLC1LD 1C LxLkCISL DUL DILIGLNCL 1C LNSUkL 1nA1
1nL CCMAN DISCnAkGLS I1S kLSCNSI8ILI1 ADLUA1LL IN 1nIS 8LnALI AND 1CWAkDS 1nIS
UkCSL 1nL 8CCk kUNNING LLAD MANAGLk nLM SLCUkI1ILS LIMI1LD nAS IUkNISnLD 1C SL8I A DUL
DILIGLNCL CLk1IIICA1L DA1LD MAkCn 23 2011 WnICn kLADS AS ICLLCWS

WL 1nL 8CCk kUNNING LLAD MANAGLk 1C 1nL A8CVL MLN1ICNLD ICk1nCCMING ISSUL S1A1L AND
CCNIIkM AS ICLLCWS

1 WL nAVL LxAMINLD VAkICUS DCCUMLN1S INCLUDING 1nCSL kLLA1ING 1C LI1IGA1ICN LIkL
CCMMLkCIAL DISU1LS A1LN1 DISU1LS DISU1LS WI1n CCLLA8CkA1CkS L1C AND C1nLk
MA1LkIALS IN CCNNLC1ICN WI1n 1nL IINALISA1ICN CI 1nL DkAI1 kLD nLkkING kCSLC1US
Lk1AINING 1C 1nL SAID ISSUL

2 CN 1nL 8ASIS CI SUCn LxAMINA1ICN AND 1nL DISCUSSICNS WI1n 1nL ISSULk CCMAN I1S DIkLC1CkS
AND C1nLk CIIICLkS C1nLk AGLNCILS INDLLNDLN1 VLkIIICA1ICN CI 1nL S1A1LMLN1S CCNCLkNING
1nL C8ILC1S CI 1nL ISSUL kICL IUS1IIICA1ICN AND 1nL CCN1LN1S CI 1nL DCCUMLN1S AND C1nLk
ALkS IUkNISnLD 8 1nL CCMAN WL CCNIIkM 1nA1

a 1nL DkAI1 kLD nLkkING kCSLC1US IILLD WI1n 1nL 8CAkD IS IN CCNICkMI1 WI1n 1nL
DCCUMLN1S MA1LkIALS AND ALkS kLLLVAN1 1C 1nL ISSUL

b ALL 1nL LLGAL kLUIkLMLN1S CCNNLC1LD WI1n 1nL ISSUL AS ALSC 1nL kLGULA1ICNS GUIDLLINLS
INS1kUC1ICNS L1C IkAMLD] ISSULD 8 1nL 8CAkD 1nL CLN1kAL GCVLkNMLN1 AND AN C1nLk
CCML1LN1 AU1nCkI1 IN 1nIS 8LnALI nAVL 8LLN DUL CCMLILD WI1n AND

c 1nL DISCLCSUkLS MADL IN 1nL DkAI1 kLD nLkkING kCSLC1US AkL 1kUL IAIk AND ADLUA1L 1C
LNA8LL 1nL INVLS1CkS 1C MAkL A WLLLINICkMLD DLCISICN AS 1C 1nL INVLS1MLN1 IN 1nL
kCCSLD ISSUL (AND SUCn DISCLCSUkLS AkL IN ACCCkDANCL WI1n 1nL kLUIkLMLN1S CI 1nL
CCMANILS AC1 19S6 1nL SL8I (ISSUL CI CAI1AL AND DISCLCSUkL kLUIkLMLN1S) kLGULA1ICNS
2009 AND C1nLk ALICA8LL LLGAL kLUIkLMLN1S)

3 WL CCNIIkM 1nA1 8LSIDLS CUkSLLVLS ALL 1nL IN1LkMLDIAkILS NAMLD IN 1nL DkAI1 kLD nLkkING
kCSLC1US AkL kLGIS1LkLD WI1n SL8I AND 1nA1 1ILL DA1L SUCn kLGIS1kA1ICNS AkL VALID

4 WL nAVL SA1ISIILD CUkSLLVLS A8CU1 1nL CAA8ILI1I CI 1nL UNDLkWkI1LkS 1C IULIIL 1nLIk
UNDLkWkI1ING CCMMI1MLN1S


214



S WL CLk1II 1nA1 WkI11LN CCNSLN1 IkCM kCMC1LkS nAS 8LLN C81AINLD ICk INCLUSICN CI
1nLIk SLCIIILD SLCUkI1ILS AS Ak1 CI kCMC1LkS' CCN1kI8U1ICN SU8ILC1 1C LCCkIN AND 1nL
SLCIIILD SLCUkI1ILS kCCSLD 1C ICkM Ak1 CI 1nL kCMC1LkS' CCN1kI8U1ICN SU8ILC1 1C LCCk
IN WILL NC1 8L DISCSLD] SCLD] 1kANSILkkLD 8 1nL kCMC1LkS DUkING 1nL LkICD S1Ak1ING
IkCM 1nL DA1L CI IILING 1nL DkAI1 kLD nLkkING kCSLC1US WI1n 1nL 8CAkD 1ILL 1nL DA1L CI
CCMMLNCLMLN1 CI LCCkIN LkICD AS S1A1LD IN 1nL DkAI1 kLD nLkkING kCSLC1US

6 WL CLk1II 1nA1 kLGULA1ICN 33 CI 1nL SL8I (ISSUL CI CAI1AL AND DISCLCSUkL kLUIkLMLN1S)
kLGULA1ICNS 2009 WnICn kLLA1LS 1C SLCIIILD SLCUkI1ILS INLLIGI8LL ICk CCMU1A1ICN CI
kCMC1LkS CCN1kI8U1ICN nAS 8LLN DUL CCMLILD WI1n AND AkCkIA1L DISCLCSUkLS AS 1C
CCMLIANCL WI1n 1nL CLAUSL nAVL 8LLN MADL IN 1nL DkAI1 kLD nLkkING kCSLC1US

7 WL UNDLk1AkL 1nA1 SU8 kLGULA1ICN (4) CI kLGULA1ICN (32) AND CLAUSL (C) AND (D) CI SU8
kLGULA1ICN (2) CI kLGULA1ICN 8 CI 1nL SLCUkI1ILS AND LxCnANGL 8CAkD CI INDIA (ISSUL CI
CAI1AL AND DISCLCSUkL kLUIkLMLN1S) kLGULA1ICNS 2009 SnALL 8L CCMLILD WI1n WL IUk1nLk
CCNIIkM 1nA1 AkkANGLMLN1S nAVL 8LLN MADL 1C LNSUkL 1nA1 kCMC1LkS CCN1kI8U1ICN SnALL
8L kL1 IN AN LSCkCW ACCCUN1 WI1n A SCnLDULLD CCMMLkCIAL 8ANk AND SnALL 8L kLLLASLD 1C
1nL ISSULk ALCND WI1n 1nL kCCLLDS CI 1nL U8LIC ISSUL

NC1 ALICA8LL

8 WL CLk1II 1nA1 1nL kCCSLD AC1IVI1ILS CI 1nL CCMAN ICk WnICn 1nL IUNDS AkL 8LING kAISLD
IN 1nL kLSLN1 ISSUL IALL WI1nIN 1nL 'MAIN C8ILC1S' LIS1LD IN 1nL C8ILC1 CLAUSL CI 1nL
MLMCkANDUM CI ASSCCIA1ICN CI 1nL CCMAN AND 1nA1 1nL AC1IVI1ILS WnICn nAVL 8LLN
CAkkILD CU1 UN1IL NCW AkL VALID IN 1LkMS CI 1nL C8ILC1 CLAUSL CI I1S MLMCkANDUM CI
ASSCCIA1ICN

9 WL CCNIIkM 1nA1 NLCLSSAk AkkANGLMLN1S nAVL 8LLN MADL 1C LNSUkL 1nA1 1nL MCNLS
kLCLIVLD UkSUAN1 1C 1nL ISSUL AkL kL1 IN A SLAkA1L 8ANk ACCCUN1 AS Lk 1nL kCVISICNS CI
SU8SLC1ICN (3) CI SLC1ICN 73 CI 1nL CCMANILS AC1 19S6 AND 1nA1 SUCn MCNL SnALL 8L
kLLLASLD 8 1nL SAID 8ANk CNL AI1Lk LkMISSICN IS C81AINLD IkCM ALL 1nL S1CCk LxCnANGLS
MLN1ICNLD IN 1nL kCSLC1US WL IUk1nLk CCNIIkM 1nA1 1nL AGkLLMLN1 LN1LkLD IN1C 8L1WLLN
1nL 8ANkLkS 1C 1nL ISSUL AND 1nL ISSULk CCMAN SLCIIICALL CCN1AINS 1nIS CCNDI1ICN

10 WL CLk1II 1nA1 A DISCLCSUkL nAS 8LLN MADL IN 1nL DkAI1 kLD nLkkING kCSLC1US 1nA1 1nL
INVLS1CkS SnALL 8L GIVLN AN C1ICN 1C GL1 1nL SnAkLS IN DLMA1 Ck nSICAL MCDL

a NC1 ALICA8LL AS 1nL ISSUL SI2L IS MCkL 1nAN kS 10 CkCkLS AS Lk SLC1ICN 68 8 CI 1nL
CCMANILS AC1 19S6 1nL LUI1 SnAkLS AkL 1C 8L ISSULD IN DLMA1 MCDL CNL

11 WL CLk1II 1nA1 ALL 1nL ALICA8LL DISCLCSUkLS MANDA1LD IN 1nL SLCUkI1ILS AND LxCnANGL
8CAkD CI INDIA (ISSUL CI CAI1AL AND DISCLCSUkL kLUIkLMLN1S) kLGULA1ICNS 2009 nAVL 8LLN
MADL IN ADDI1ICN 1C DISCLCSUkLS WnICn IN CUk VILW AkL IAIk AND ADLUA1L 1C LNA8LL 1nL
INVLS1Ck 1C MAkL A WLLL INICkMLD DLCISICN

12 WL CLk1II 1nA1 1nL ICLLCWING DISCLCSUkLS nAVL 8LLN MADL IN 1nL DkAI1 kLD nLkkING
kCSLC1US

a AN UNDLk1AkING IkCM 1nL ISSULk CCMAN 1nA1 A1 AN GIVLN 1IML 1nLkL SnALL 8L CNL CNL
DLNCMINA1ICN ICk 1nL SnAkLS CI 1nL CCMAN AND

b AN UNDLk1AkING IkCM 1nL CCMAN 1nA1 I1 SnALL CCML WI1n SUCn DISCLCSUkL AND
ACCCUN1ING NCkMS SLCIIILD 8 1nL 8CAkD IkCM 1IML 1C 1IML



21S



13 WL UNDLk1AkL 1C CCML WI1n 1nL kLGULA1ICNS Lk1AINING 1C ADVLk1ISLMLN1 IN 1LkMS CI 1nL
SLCUkI1ILS AND LxCnANGL 8CAkD CI INDIA (ISSUL CI CAI1AL AND DISCLCSUkL kLUIkLMLN1S)
kLGULA1ICNS 2009 WnILL MAkING 1nL ISSUL

14 WL LNCLCSL A NC1L LxLAINING nCW 1nL kCCLSS CI DUL DILIGLNCL nAS 8LLN LxLkCISLD 8 US IN
VILW CI 1nL NA1UkL CI CUkkLN1 8USINLSS 8ACkGkCUND Ck 1nL ISSULk SI1UA1ICN A1 WnICn 1nL
kCCSLD 8USINLSS S1ANDS 1nL kISk IAC1CkS kCMC1LkS LxLkILNCL L1C

1S WL LNCLCSL A CnLCkLIS1 CCNIIkMING kLGULA1ICNWISL CCMLIANCL WI1n 1nL ALICA8LL
kCVISICNS CI 1nL SLCUkI1ILS AND LxCnANGL 8CAkD CI INDIA (ISSUL CI CAI1AL AND DISCLCSUkL
kLUIkLMLN1S) kLGULA1ICNS 2009 CCN1AINING DL1AILS SUCn AS 1nL kLGULA1ICN NUM8Lk I1S
1Lx1 1nL S1A1US CI CCMLIANCL AGL NUM8Lk CI 1nL DkAI1 kLD nLkkING kCSLC1US WnLkL 1nL
kLGULA1ICN nAS 8LLN CCMLILD WI1n AND CUk CCMMLN1S II AN

1he flllng of Lhe urafL 8ed Perrlng rospecLus does noL however absolve Lhe Company from any llablllLles under
SecLlon 63 or secLlon 68 of Lhe Companles AcL 19S6 or from Lhe requlremenL of obLalnlng such sLaLuLory or oLher
clearances as may be requlred for Lhe purpose of Lhe proposed lssue SL8l furLher reserves Lhe rlghL Lo Lake up aL
any polnL of Llme wlLh Lhe 88LM any lrregularlLles or lapses ln offer documenL

All legal requlremenLs perLalnlng Lo Lhe lssue wlll be complled wlLh aL Lhe Llme of reglsLraLlon of Lhe 8ed Perrlng
rospecLus wlLh Lhe 8CC ln Lerms of SecLlons S6 60 and 608 of Lhe Companles AcL 19S6
D|sc|a|mer Statement from the Company and the 8ook kunn|ng Lead Manager
Cur Company lLs ulrecLors and Lhe 8ook 8unnlng Lead Manger accepLs no responslblllLy for sLaLemenLs made
oLherwlse Lhan ln Lhls urafL 8ed Perrlng rospecLus or ln Lhe adverLlsemenL or any oLher maLerlal lssued by or aL
lnsLance of Lhe Company and LhaL anyone placlng rellance on any oLher source of lnformaLlon lncludlng our webslLe
wwwLheprlmeln would be dolng so aL hls or her own rlsk

1he 8ook 8unnlng Lead Manager accepLs no responslblllLy save Lo Lhe llmlLed exLenL as provlded ln Lhe
Memorandum of undersLandlng enLered lnLo beLween Lhe 8ook 8unnlng Lead Manager vlz Pem SecurlLles LlmlLed
and Lhe Company and Lhe underwrlLlng AgreemenL Lo be enLered lnLo beLween Lhe underwrlLers and our Company

All lnformaLlon shall be made avallable by Lhe 8ook 8unnlng Lead Manager and Lhe Company Lo Lhe publlc and
lnvesLors aL large and no selecLlve or addlLlonal lnformaLlon would be avallable for a secLlon of lnvesLors ln any
manner whaLsoever lncludlng road show presenLaLlons research or sales reporLs or aL collecLlon cenLers or
elsewhere

nelLher Lhe Company nor any member of Lhe SyndlcaLe ls llable for any fallure ln downloadlng Lhe 8lds due Lo
faulLs ln any sofLware/hardware sysLem or oLherwlse

lnvesLors who 8ld ln Lhe lssue wlll be requlred Lo conflrm and wlll be deemed Lo have represenLed Lo Lhe Company
LhaL Lhey are ellglble under all appllcable laws rules regulaLlons guldellnes and approvals Lo acqulre LqulLy Shares
of Lhe Company and wlll noL lssue sell pledge or Lransfer Lhe LqulLy Shares of Lhe Company Lo any person who ls
noL ellglble under any appllcable laws rules regulaLlons guldellnes and approvals Lo acqulre LqulLy Shares of Lhe
Company 1he Company Lhe underwrlLers and Lhelr respecLlve dlrecLors offlcers agenLs afflllaLes and
represenLaLlves accepL no responslblllLy or llablllLy for advlslng any lnvesLor on wheLher such lnvesLor ls ellglble Lo
acqulre LqulLy Shares of Lhe Company

1he 8ook 8unnlng Lead Manager and lLs assoclaLes and afflllaLes may engage ln LransacLlons wlLh and perform
servlces for Lhe Company and Lhelr respecLlve Croup Companles afflllaLes or assoclaLes or Lhlrd parLles ln Lhe
ordlnary course of buslness and have engaged or may ln Lhe fuLure engage ln commerclal banklng and lnvesLmenL


216



banklng LransacLlons wlLh Lhe Company and Lhelr respecLlve Croup Companles afflllaLes or assoclaLes or Lhlrd
parLles for whlch Lhey have recelved and may ln Lhe fuLure recelve compensaLlon


Caut|on

1he lssuer Company and Lhe 8ook 8unnlng Lead Manager accepLs no responslblllLy for Lhe sLaLemenLs made
oLherwlse Lhan ln Lhls urafL 8ed Perrlng rospecLus or ln Lhe adverLlsemenL or ln any oLher maLerlal lssued by or aL
Lhe lnsLance of Lhe Company and Lhe 8ook 8unnlng Lead Manager and any one placlng rellance on any oLher source
of lnformaLlon would be dolng so aL hls/her/Lhelr own rlsk
D|sc|a|mer In kespect Cf Iur|sd|ct|on
1hls lssue ls belng made ln lndla Lo persons resldenL ln lndla (lncludlng lndlan naLlonals resldenL ln lndla who are noL
mlnors Puls companles corporaLe bodles and socleLles reglsLered under Lhe appllcable laws ln lndla and
auLhorlsed Lo lnvesL ln shares lndlan MuLual lunds reglsLered wlLh SL8l lndlan flnanclal lnsLlLuLlons commerclal
banks reglonal rural banks cooperaLlve banks (sub[ecL Lo 88l permlsslon) or LrusLs under appllcable LrusL law and
who are auLhorlsed under Lhelr consLlLuLlon Lo hold and lnvesL ln shares permlLLed lnsurance companles and
penslon funds lnsurance funds seL up and managed by Lhe army and navy and lnsurance funds seL up and managed
by Lhe ueparLmenL of osLs lndla) and Lo llls Lllglble n8ls and oLher ellglble forelgn lnvesLors (vlz lvCls
mulLllaLeral and bllaLeral developmenL flnanclal lnsLlLuLlons) 1hls urafL 8ed Perrlng rospecLus does noL however
consLlLuLe an lnvlLaLlon Lo purchase shares offered hereby ln any [urlsdlcLlon oLher Lhan lndla Lo any person Lo
whom lL ls unlawful Lo make an offer or lnvlLaLlon ln such [urlsdlcLlon Any person lnLo whose possesslon Lhls urafL
8ed Perrlng rospecLus comes ls requlred Lo lnform hlmself or herself abouL and Lo observe any such resLrlcLlons
Any dlspuLe arlslng ouL of Lhls lssue wlll be sub[ecL Lo Lhe [urlsdlcLlon of approprlaLe courL(s) ln kolkaLa only
no acLlon has been or wlll be Laken Lo permlL a publlc offerlng ln any [urlsdlcLlon where acLlon would be requlred
for LhaL purpose excepL LhaL Lhls urafL 8ed Perrlng rospecLus has been flled wlLh SL8l for lLs observaLlons and SL8l
shall glve lLs observaLlons ln due course Accordlngly Lhe LqulLy Shares represenLed Lhereby may noL be offered or
sold dlrecLly or lndlrecLly and Lhls urafL 8ed Perrlng rospecLus may noL be dlsLrlbuLed ln any [urlsdlcLlon excepL
ln accordance wlLh Lhe legal requlremenLs appllcable ln such [urlsdlcLlon nelLher Lhe dellvery of Lhls urafL 8ed
Perrlng rospecLus nor any sale hereunder shall under any clrcumsLances creaLe any lmpllcaLlon LhaL Lhere has
been no change ln Lhe affalrs of Lhe Company (le rlme 8eLall lndla LlmlLed) slnce Lhe daLe hereof or LhaL Lhe
lnformaLlon conLalned hereln ls correcL as of any Llme subsequenL Lo Lhls daLe
1he LqulLy Shares have noL been and wlll noL be reglsLered llsLed or oLherwlse quallfled ln any oLher [urlsdlcLlon
ouLslde lndla and may noL be offered or sold and 8lds may noL be made by persons ln any such [urlsdlcLlon excepL
ln compllance wlLh Lhe appllcable laws of such [urlsdlcLlon
1he Lqu|ty Shares have not been and w||| not be reg|stered under the US Secur|t|es Act of 1933 as amended (the
"Secur|t|es Act") and may not be offered or so|d w|th|n the Un|ted States except pursuant to an exempt|on from
or |n a transact|on not sub[ect to the reg|strat|on requ|rements of the Secur|t|es Act and app||cab|e state
secur|t|es |aws Accord|ng|y the Lqu|ty Shares are on|y be|ng offered and so|d (|) w|th|n the Un|ted States on|y to
persons reasonab|y be||eved to be "qua||f|ed |nst|tut|ona| buyers" as def|ned |n ku|e 144A under the Secur|t|es
Act and referred to |n the Draft ked nerr|ng rospectus as "US I8s" (for the avo|dance of doubt the term US
I8s does not refer to a category of |nst|tut|ona| |nvestor def|ned under app||cab|e Ind|an regu|at|ons and
referred to |n th|s Draft ked nerr|ng rospectus as "I8s") |n transact|ons exempt from or not sub[ect to the
reg|strat|on requ|rements of the Secur|t|es Act and (||) outs|de the Un|ted States |n re||ance on kegu|at|on S
under the Secur|t|es Act






217


D|sc|a|mer C|ause of Des|gnated Stock Lxchange 8SL L|m|ted Mumba|

As requlred a copy of Lhls urafL 8ed Perrlng rospecLus has been submlLLed Lo 8ombay SLock Lxchange LLd Lo use
8SLs name ln Lhls urafL 8ed Perrlng rospecLus as one of Lhe sLock exchanges on whlch Lhls Companys securlLles
are proposed Lo be llsLed 8SL has glven vlde lLs leLLer no uaLed permlsslon Lo our Company Lo use 8SLs
name ln Lhls urafL 8ed Perrlng rospecLus as Lhe sLock exchange on whlch our furLher securlLles are proposed Lo be
llsLed 1he 8SL has scruLlnlzed Lhls urafL 8ed Perrlng rospecLus for lLs llmlLed lnLernal purpose of decldlng on Lhe
maLLer of granLlng Lhe aforesald permlsslon Lo Lhls Company 8SL does noL ln any manner
l WarranL cerLlfy or endorse Lhe correcLness or compleLeness of any of Lhe conLenLs of Lhls urafL 8ed Perrlng
rospecLus

ll warranL LhaL our Companys securlLles wlll be llsLed or wlll conLlnue Lo be llsLed on Lhe respecLlve exchanges

lll Lake any responslblllLy for Lhe flnanclal or oLher soundness of Lhls Company lLs romoLers lLs managemenL or
any scheme or pro[ecL of our Company and lL should noL for any reason be deemed or consLrued LhaL Lhls
urafL rospecLus has been cleared or approved by Lhe 8SL Lvery person who deslres Lo apply for or oLherwlse
acqulres any securlLles of Lhls Company may do so pursuanL Lo lndependenL lnqulry lnvesLlgaLlon and analysls
and shall noL have any clalm agalnsL 8SL whaLsoever by reason of any loss whlch may be suffered by such
person consequenL Lo or ln connecLlon wlLh such subscrlpLlon/acqulslLlon wheLher by reason of anyLhlng
sLaLed or omlLLed Lo be sLaLed hereln or for any oLher reason whaLsoever

D|sc|a|mer C|ause Cf 1he NSL

As requlred a copy of Lhls urafL 8ed Perrlng rospecLus has been submlLLed Lo Lhe nSL 1he ulsclalmer Clause as
lnLlmaLed by Lhe nSL Lo us posL scruLlny of Lhls urafL 8ed Perrlng rospecLus shall be lncluded ln Lhe 8ed Perrlng
rospecLus prlor Lo 8oC flllng
D|sc|a|mer C|ause of IC Grad|ng Agency CkLDI1 ANALSIS kLSLAkCn LIMI1LD
CkLDI1 ANALSIS kLSLAkCn LIMI1LD (CAkL) lC gradlng ls a oneLlme assessmenL and Lhe analysls draws heavlly
from Lhe lnformaLlon provlded by Lhe Company as well as lnformaLlon obLalned from sources belleved by CA8L Lo
be accuraLe and rellable Powever CA8L does noL guaranLee Lhe accuracy adequacy or compleLeness of any
lnformaLlon and ls noL responslble for any errors or omlsslons or for Lhe resulLs obLalned from Lhe use of such
lnformaLlon CA8L's lC Cradlng does noL Lake cognlzance of Lhe prlce of Lhe securlLy and lL ls noL a
recommendaLlon Lo buy sell or hold shares/securlLles lL ls also noL a commenL on Lhe offer prlce or Lhe llsLed prlce
of Lhe scrlp lL does noL lmply LhaL CA8L performs an audlL funcLlon or forenslc exerclse Lo deLecL fraud lL ls also noL
a forecasL of Lhe fuLure markeL performance and Lhe earnlngs prospecLs of Lhe Company also lL does noL
lndlcaLe compllance/vlolaLlon of varlous sLaLuLory requlremenLs CA8L shall noL be llable for any losses lncurred by
users from any use of Lhe lC gradlng

I|||ng

A copy of Lhe urafL 8ed Perrlng rospecLus has been flled wlLh Lhe SL8I aL lLs 8eglonal Cfflce ln kolkaLa aL
1he followlng address
1be keqloool Moooqet l1 cbombets JtJ lloot 16 comoc 5tteet kolkoto 700 017 (emoll sebletoseblqovlo)

Also Lhe urafL 8ed Perrlng rospecLus ls flled wlLh Lhe followlng SLock Lxchanges

8ombay Stock Lxchange L|m|ted
! 1owers ualal SLreeL
lorL Mumbal 400 001
Nat|ona| Stock Lxchange of Ind|a L|m|ted
Lxchange laza
loL no C/1 C 8lock
8andrakurla Complex 8andra (L)
Mumbal 400 0S1

218



A copy of Lhe 8ed Perrlng rospecLus along wlLh Lhe documenLs requlred Lo be flled under SecLlon 608 of Lhe
Companles AcL wlll be dellvered for Lhe reglsLraLlon Lo Lhe 8eglsLrar of Companles kolkaLa WesL 8engal and a copy
of Lhe rospecLus Lo be flled under SecLlon 60 of Lhe Companles AcL would be dellvered for reglsLraLlon wlLh 8oC aL
Lhe Cfflce of Lhe 8eglsLrar of Companles slLuaLed aL nlzam alace 2nd MSC 8ulldlng 2nd lloor 234/4 A!C8ose
8oad kolkaLa700020 WesL 8engal
L|st|ng
1he LqulLy Shares Lo be lssued Lhrough Lhe urafL 8ed Perrlng rospecLus are proposed Lo be llsLed on 8SL and nSL
and llsLlng appllcaLlon wlll be made Lo 8SL and nSL for permlsslon Lo llsL Lhe LqulLy Shares and for an offlclal
quoLaLlon of Lhe LqulLy Shares of our Company 8ombay SLock Lxchange LLd wlll be Lhe ueslgnaLed SLock Lxchange

lf Lhe permlsslons Lo deal ln and for an offlclal quoLaLlon of Lhe LqulLy Shares are noL granLed by any of Lhe SLock
Lxchanges menLloned above Lhe Company wlll forLhwlLh repay wlLhouL lnLeresL all moneys recelved from Lhe
appllcanLs ln pursuance of Lhls urafL 8ed Perrlng rospecLus lf such money ls noL repald wlLhln elghL days afLer Lhe
Company become llable Lo repay lL le from Lhe daLe of refusal or wlLhln 70 days from Lhe 8ld/lssue Closlng uaLe
whlchever ls earller Lhen Lhe Company and every ulrecLor of Lhe Company who ls an offlcer ln defaulL shall on and
from such explry of elghL days be llable Lo repay Lhe money wlLh lnLeresL aL Lhe raLe of lnLeresL of 1S per annum
on appllcaLlon money as prescrlbed under SecLlon 73 of Lhe Companles AcL 19S6

rlme 8eLall lndla LlmlLed has recelved lnprlnclple approval from

8SL vlde lLs leLLer no daLed

nSL vlde lLs leLLer no daLed

1he Company wlLh Lhe asslsLance of Lhe 8ook 8unnlng Lead Manager shall ensure LhaL all sLeps for Lhe compleLlon
of Lhe necessary formallLles for llsLlng and commencemenL of Lradlng aL all Lhe SLock Lxchanges menLloned above
are Laken wlLhln 12 Worklng uays from Lhe 8ld/lssue Closlng uaLe
Consents
ConsenLs ln wrlLlng of Lhe 8oard of ulrecLors of our Company SLaLuLory AudlLors of Lhe Company Chlef llnanclal
Cfflcer Company SecreLary / Compllance Cfflcer of Lhe Company 8ook 8unnlng Lead Manager Lo Lhe lssue
8eglsLrar Lo Lhe lssue Lhe 8ankers Lo Lhe lssue 8anker's Lo Lhe Company Legal Advlsor Lo Lhe Company Lo acL ln
Lhelr respecLlve capaclLles wlll be obLalned and flled along wlLh a copy of Lhe 8ed Perrlng rospecLus wlLh Lhe 8oC
as requlred under SecLlons 60 and 608 of Lhe Companles AcL and such consenLs shall noL be wlLhdrawn up Lo Lhe
Llme of dellvery of Lhe 8ed Perrlng rospecLus for reglsLraLlon wlLh Lhe 8oC

ln accordance wlLh Lhe Companles AcL and SL8l 8egulaLlons 8 koLharl Co CharLered AccounLanLs (eer 8evlew
AudlLors of Lhe Company) have glven Lhelr wrlLLen consenL Lo Lhe lncluslon of Lhelr audlL reporL daLed March 7
2011 and sLaLemenL of Lhe Lax beneflLs daLed March 7 2011 ln Lhe form and conLexL ln whlch lL appears ln Lhls urafL
8ed Perrlng rospecLus and such consenL has noL be wlLhdrawn up Lo Lhe Llme of submlsslon of Lhe urafL 8ed
Perrlng rospecLus wlLh SL8l

1he Company has noL appolnLed any Lscrow 8anker for Lhe lssue 1he name and Lhelr consenL wlll be Laken ln due
course as and when Lhe Company wlll appolnL Lhem





219


Lxpert Cp|n|on
LxcepL Lhe reporL of Lhe AudlLor of our Company on Lhe resLaLed audlLed flnanclal lnformaLlon and Lhe sLaLemenL of
Lax beneflLs and Lhe reporL provlded by Lhe lC Cradlng Agencles (coples of such reporLs wlll be annexed Lo Lhe
urafL 8ed Perrlng rospecLus) furnlshlng Lhe raLlonale for Lhelr gradlng whlch wlll be provlded Lo Lhe lndlan SLock
Lxchanges pursuanL Lo Lhe SL8l 8egulaLlons we have noL obLalned any oLher experL oplnlons
ub||c Issue Lxpenses
1he expenses of Lhls lssue whlch lncludes fees payable Lo Lhe 8ook 8unnlng Lead Manager Lo Lhe lssue 8eglsLrars Lo
Lhe lssue Legal Advlsors Lo our Company AudlLors Lscrow 8anker's charges rlnLlng and SLaLlonery
AdverLlsemenL Lxpenses and all oLher lncldenLal and mlscellaneous expenses for llsLlng of Lhe LqulLy Shares on Lhe
SLock Lxchanges 1he LoLal esLlmaLed expenses are ` Lacs whlch ls of Lhe lssue slze 1he deLalls of Lhe
expenses are as glven below


Sr No

Descr|pt|on


` |n |acs
of 1ota| Issue
Lxpenses
of 1ota| Issue
S|ze
1 8ook 8unlng Lead Manager's lees*

2 8eglsLrar's lees*

4 8ankers Lo Lhe lssue *
S lC Cradlng Lxpenses*
6 rlnLlng SLaLlonary osLage and dlspaLch*
7 lssue adverLlsemenL and ubllclLy expenses*

8 8rokerage and Selllng Commlsslons*
9 CLher Lxpenses lncludlng (8eglsLrar lee Legal lee LlsLlng
lee SL8l 8SL nSuL CuSL eLc)*

10 ConLlngencles*

1ota|


*wlll be lncorporaLed aL Lhe Llme of flllng Lhe 8ed Perrlng rospecLus
1he expenses for Lhls lssue lncludes lssue managemenL fees selllng commlsslon dlsLrlbuLlon expenses legal fees
fees Lo advlsors sLaLlonery cosLs adverLlslng expenses and llsLlng fees payable Lo Lhe SLock Lxchanges among
oLhers 1he LoLal expenses for Lhls lssue are esLlmaLed aL ` Lakhs and wlll be meL ouL of Lhe proceeds of Lhe
presenL lssue 1he deLalls of fee payable are esLlmaLed as follows
Iees ayab|e to the 8ook kunn|ng Lead Manager
1he LoLal fees payable Lo Lhe 8ook 8unnlng Lead Manager lfor Lhe lssue wlll be as per Lhe Memorandum of
undersLandlng execuLed beLween Lhe Company and Lhe 8ook 8unnlng Lead Manager daLed lebruary 11 2011 of
whlch ls avallable for lnspecLlon aL Lhe 8eglsLered Cfflce of Lhe Company
Iees ayab|e to the keg|strar
1he LoLal fees payable Lo Lhe 8eglsLrar Lo Lhe lssue wlll be as per Lhe Memorandum of undersLandlng execuLed
beLween Lhe Company and Lhe 8eglsLrar Lo Lhe ubllc lssue daLed lebruary 2S 2011 copy of whlch ls avallable for
lnspecLlon aL Lhe 8eglsLered Cfflce of Lhe Company AdequaLe funds wlll be provlded Lo Lhe 8eglsLrar Lo Lhe lssue Lo
enable Lhem Lo send refund order(s) or alloLmenL advlce by reglsLered posL or speed posL or under cerLlflcaLe of
posLlng

220


Iees ayab|e to the IC Grad|ng Agency
1he LoLal fees payable Lo Lhe lC Cradlng Agency for Lhe lssue ls as per Lhe LngagemenL LeLLer beLween Lhe
Company and Lhe lC Cradlng Agency daLed uecember 16 2010 copy of whlch ls avallable for lnspecLlon aL Lhe
8eglsLered Cfflce of Lhe Company

8rokerage and Se|||ng Comm|ss|on

1he 8rokerage for Lhe lssue wlll be pald noL more Lhan of Lhe lssue rlce of Lhe LqulLy Shares by rlme 8eLall
lndla LlmlLed on Lhe basls of Lhe alloLmenLs made agalnsL Lhe appllcaLlons bearlng Lhe sLamp of a member of any
recognlzed SLock Lxchange ln lndla ln Lhe 8roker column 8rokerage aL Lhe same raLe wlll also be payable Lo Lhe
8ankers Lo Lhe lssue ln respecL of Lhe alloLmenLs made agalnsL appllcaLlons procured by Lhem provlded Lhe
respecLlve forms of appllcaLlon bear Lhelr respecLlve sLamp ln Lhe 8roker column ln case of Lamperlng or over
sLamplng of 8rokers / AgenLs codes on Lhe appllcaLlon form Lhe Company's declslon Lo pay brokerage ln Lhls
respecL wlll be flnal and no furLher correspondence wlll be enLerLalned ln Lhls maLLer 1he Company aL lLs sole
dlscreLlon may conslder paymenL of addlLlonal lncenLlve ln Lhe form of klLLy or oLherwlse Lo Lhe performlng brokers
on such Lerms and mode as may be declded by Lhe Company

Cthers

1he LoLal fees payable Lo Lhe Legal Advlsor AudlLors and 1ax AudlLor wlll be as per Lhelr respecLlve engagemenL
leLLers

Underwr|t|ng comm|ss|on brokerage and se|||ng comm|ss|on on rev|ous Issues

Slnce Lhls ls an lnlLlal ubllc Cffer of our Company no sum has been pald or has been payable as commlsslon or
brokerage for subscrlblng Lo or procurlng or agreelng Lo procure subscrlpLlon for any of our LqulLy Shares slnce our
lncepLlon

rev|ous Issue Deta||s

Cur Company has noL made any lssue of equlLy shares Lo Lhe publlc prlor Lo Lhe presenL ubllc lssue

rev|ous cap|ta| |ssue dur|ng the prev|ous three years by ||sted Group Compan|es and assoc|ates of the
Company

none of Lhe Croup Companles and assoclaLes of Lhe Company are llsLed on any sLock exchange
Issue Ctherw|se 1han Ior Cash
1he Company has noL lssued any shares for conslderaLlon oLher Lhan cash

Notes

Cur Company lssued 309272 equlLy shares on SepLember 20 2008 as purchase conslderaLlon pald for Lhe
amalgamaLlon of awan ro[ecL vL LLd and rlme Clocks vL LLd wlLh rlme 8eLall lndla LlmlLed" 1he
309272 equlLy shares were lssued Lo all Lhe shareholders of awan ro[ecL vL LLd And rlme Clocks vL LLd
pursuanL Lo Lhe Plgh CourL Crder (WesL 8engal) daLed !une 18 2008

Cur Company has lssued 760S360 equlLy shares on SepLember 30 2010 as 8onus Shares alloLLed ouL of
SecurlLles remlum ln Lhe raLlo of S new Shares alloLLed for every 1 held
rom|se V|sV|s erformance
Cur Company has noL made any lssue of equlLy shares Lo Lhe publlc prlor Lo Lhe presenL ubllc lssue



221

L|sted Ventures of romoters
Cur romoLers do noL have any llsLed venLures
Compan|es Under 1he Same Management
1here are no llsLed companles under Lhe same managemenL wlLhln Lhe meanlng of SecLlon 370(18) of Lhe AcL
Cutstand|ng Debentures 8onds And reference Shares
As of Lhe daLe of flllng Lhls urafL 8ed Perrlng rospecLus our Company does noL have any ouLsLandlng uebenLures
8onds or reference shares
Stock Market Data Ior Shares Cf Cur Company
1hls belng an lnlLlal publlc lssue of Lhe Company Lhe equlLy shares of our Company are noL llsLed on any sLock
exchange
Mechan|sm Ior kedressa| Cf Investor Gr|evances
1he Memorandum of undersLandlng beLween Lhe 8eglsLrar Lo Lhe lssue and our Company wlll provlde for reLenLlon
of records wlLh Lhe 8eglsLrar Lo Lhe lssue for a perlod of aL leasL Lhree years from Lhe lasL daLe of dlspaLch of Lhe
leLLers of alloLmenL demaL credlL and refund orders Lo enable Lhe lnvesLors Lo approach Lhe 8eglsLrar Lo Lhe lssue
for redressal of Lhelr grlevances

All grlevances relaLlng Lo Lhe lssue may be addressed Lo Lhe 8eglsLrar Lo Lhe lssue glvlng full deLalls such as name
address of Lhe appllcanL number of LqulLy Shares applled for amounL pald on appllcaLlon and Lhe bank branch or
collecLlon cenLre where Lhe appllcaLlon was submlLLed

All grlevances relaLlng Lo Lhe AS8A process may be addressed Lo Lhe SCS8 glvlng full deLalls such as name address
of Lhe appllcanL appllcaLlon number number of LqulLy Shares applled for amounL pald on appllcaLlon and Lhe
ueslgnaLed 8ranch or Lhe collecLlon cenLre of Lhe SCS8 where Lhe AS8A 8ldcumAppllcaLlon lorm was submlLLed by
Lhe AS8A 8ldders
D|sposa| Cf Investors' Gr|evances
Cur Company or Lhe 8eglsLrar Lo Lhe lssue shall redress rouLlne lnvesLor grlevances wlLhln 10 (Len) buslness days
from Lhe daLe of recelpL of Lhe complalnL ln case of nonrouLlne complalnLs and complalnLs where exLernal
agencles are lnvolved our Company wlll seek Lo redress Lhese complalnLs as expedlLlously as posslble

1he 8oard of ulrecLors of 8lL has consLlLuLed a Shareholder/lnvesLor Crlevance CommlLLee whlch lnLeralla
approves lssue of dupllcaLe cerLlflcaLes and oversees and revlews all maLLers connecLed wlLh securlLles Lransfers and
oLher processes

1he CommlLLee also looks lnLo redressal of shareholders' complalnLs relaLed Lo Lransfer of shares nonrecelpL of
declared dlvldend eLc 1he CommlLLee oversees performance of Lhe 81A and recommends measures for overall
lmprovemenL ln Lhe quallLy of lnvesLor servlces 1he summary sLaLemenL of lnvesLor relaLed LransacLlons and deLalls
are also consldered by Lhe 8oard of ulrecLors of 8lL

Cur Company assures LhaL Lhe 8oard of ulrecLors ln respecL of Lhe complalnLs lf any Lo be recelved shall adhere Lo
Lhe followlng schedule





222



Sr No Nature of Comp|a|nts 1|me 1ab|e for kedressa|
1 nonrecelpL of 8efund WlLhln 10 worklng days of recelpL of complalnL
sub[ecL Lo producLlon of saLlsfacLory evldence(s)
2 nonrecelpL of Share CerLlflcaLe / uemaL CredlL WlLhln 10 worklng days of recelpL of complalnL
sub[ecL Lo producLlon of saLlsfacLory evldence(s)
3 Any oLher complalnL wrL Lhe lssue WlLhln 10 worklng days of recelpL of complalnL wlLh all
relevanL papers / evldence(s)

As aL Lhe flllng of Lhls urafL 8ed Perrlng rospecLus Lhere were no lnvesLor complalnLs pendlng wlLh/ agalnsL rlme
8eLall lndla LlmlLed

Cur Company has appolnLed Mr nayan !aln Company SecreLary and Compllance Cfflcer of our Company as
Compllance Cfflcer who would dlrecLly deal wlLh SL8l wlLh respecL Lo lmplemenLaLlon /compllance of varlous laws
regulaLlons and oLher dlrecLlves lssued by SL8l and maLLers relaLed Lo lnvesLor ComplalnLs 1he lnvesLor may
conLacL Lhe Compllance Cfflcer ln case of any pre lssue/ posL lssue relaLed problems 1he Compllance Cfflcer can be
conLacLed aL Lhe followlng address

r|me keta|| Ind|a L|m|ted
1/1 Camac SLreeL
Shree Man[arl 8ulldlng
SLh lloor SulLe no 07
kolkaLa 700016
WesL 8engal (lnulA)
1el no +91 033 30S8S89S
lax no +91 033 400 36641
Lmall nayan[aln[prlmewaLchworldcom
WebslLe wwwLheprlmeln
Changes |n Aud|tors
M/s Choshal Co CharLered AccounLanLs (Membershlp no 0S8808) were occupylng Lhe offlce of AudlLor of Lhe
Company as per Lhe provlslons of secLlon 224 of Lhe Companles AcL 19S6 ln Lhe Annual Ceneral MeeLlng of Lhe
company held on SepLember 30 2010 for Lhe flnanclal year ended March 31 200910 M/S Choshal Co
CharLered AccounLanLs were reappolnLed as AudlLors of Lhe Company from Lhe concluslon of Lhe sald Annual
Ceneral MeeLlng Llll Lhe concluslon of nexL Annual Ceneral MeeLlng for Lhe llnanclal year 201011 ln Lhe LxLra
Crdlnary Ceneral MeeLlng of Lhe Company held on CcLober 21 2010 M/s 8 koLharl Company CharLered
AccounLanLs (llrm 8egn no 307069L) were appolnLed as !olnL SLaLuLory AudlLors of Lhe Company who hold valld
cerLlflcaLe lssued by Lhe eer 8evlew 8oard of Lhe lnsLlLuLe of CharLered AccounLnLs of lndla

Cap|ta||zat|on of keserves or rof|ts (dur|ng the |ast f|ve years)

Cur Company has lssued 760S360 equlLy shares on SepLember 30 2010 as 8onus shares ln Lhe raLlo of S shares for
every 1 share held Lhrough caplLallzaLlon of 8eserves durlng Lhe lasL S years
keva|uat|on of Assets (dur|ng the |ast f|ve years)
Cur Company has noL revalued lLs asseLs durlng Lhe lasL flve years





223


SECTIUN VIII - ISSUE RELATED INFURMATIUN
8. - TERMS UF THE ISSUE
1he LqulLy Shares belng offered Lhrough Lhls lssue are sub[ecL Lo Lhe Lerms and condlLlons of Lhls urafL 8ed Perrlng
rospecLus Lhe 8ldcumAppllcaLlon form AS8A 8ldcumAppllcaLlon lorm Lhe Memorandum and ArLlcles of
AssoclaLlon of our Company Lhe ConflrmaLlon of AllocaLlon noLe Lhe guldellnes for llsLlng of securlLles lssued by
Lhe CovernmenL of lndla and SL8l (lCu8) 8egulaLlons 2009 Lhe ueposlLorles AcL 8SL 88l 8CC and/or oLher
auLhorlLles as ln force on Lhe daLe of Lhe lssue and Lo Lhe exLenL appllcable

ln addlLlon Lhe LqulLy Shares shall also be sub[ecL Lo such oLher condlLlons as may be lncorporaLed ln Lhe alloLmenL
advlces and oLher documenLs/cerLlflcaLes LhaL may be execuLed ln respecL of Lhe lssue 1he LqulLy Shares shall also
be sub[ecL Lo laws as appllcable guldellnes noLlflcaLlons and regulaLlons relaLlng Lo Lhe lssue of caplLal and llsLlng
and Lradlng of securlLles lssued from Llme Lo Llme by SL8l Lhe CovernmenL of lndla Lhe SLock Lxchanges Lhe 88l
8oC and/or oLher auLhorlLles as ln force on Lhe daLe of Lhe lssue and Lo Lhe exLenL appllcable

kank|ng of Lqu|ty Shares
1he LqulLy Shares belng offered shall be sub[ecL Lo Lhe provlslons of Lhe Companles AcL our Memorandum and
ArLlcles of AssoclaLlon and shall rank parl passu ln all respecLs wlLh Lhe exlsLlng LqulLy Shares lncludlng ln respecL of
Lhe rlghLs Lo recelve dlvldend 1he alloLLees wlll be enLlLled Lo dlvldend voLlng rlghLs or any oLher corporaLe
beneflLs lf any declared by us afLer Lhe daLe of AlloLmenL

Mode of ayment of D|v|dend
1he declaraLlon and paymenL of dlvldends wlll be recommended by Lhe 8oard of ulrecLors and approved by Lhe
shareholders of Lhe Company ln Lhelr dlscreLlon sub[ecL Lo Lhe provlslons of Lhe ArLlcles of AssoclaLlon and Lhe
Companles AcL

Comp||ance w|th SL8I ( ICDk ) kegu|at|ons 2009
Cur Company shall comply wlLh all dlsclosure and accounLlng norms as speclfled by SL8l from Llme Lo Llme

Iace Va|ue and Issue r|ce
1he LqulLy Shares havlng a face value of ` 10/ each are belng offered ln Lerms of Lhls urafL 8ed Perrlng rospecLus
aL Lhe rlce of per LqulLy Share aL Lhe lower end of Lhe rlce 8and and per LqulLy Share aL Lhe upper end of
Lhe rlce 8and 1he lssue prlce wlll be deLermlned by Lhe 8oard of ulrecLors of our Company ln consulLaLlon wlLh
Lhe 88LM on Lhe basls of assessmenL of markeL demand for Lhe equlLy shares offered by way of book bulldlng AL
any glven polnL of Llme Lhere shall be only one denomlnaLlon of Lhe
LqulLy Shares of our Company sub[ecL Lo appllcable laws

k|ghts of the Lqu|ty Shareho|ders

Sub[ecL Lo appllcable laws Lhe equlLy shareholders shall have Lhe followlng rlghLs
8lghL Lo recelve dlvldend lf declared
8lghL Lo aLLend general meeLlng and exerclse voLlng rlghLs unless prohlblLed by law
8lghL Lo voLe on poll elLher personally or by proxy
8lghL Lo recelve offer for rlghLs shares and Lhe alloLLed bonus shares lf announced
8lghL Lo recelve surplus on llquldaLlon
8lghL of free LransferablllLy and
Such oLher rlghLs as may be avallable Lo a shareholder under Lhe AcL Lerms of Lhe llsLlng agreemenLs wlLh
Lhe SLock Lxchanges(s) and Lhe ArLlcles of AssoclaLlon of our Company



224


lor a deLalled descrlpLlon of Lhe maln provlslons of Lhe ArLlcles of AssoclaLlon of our Company relaLlng Lo among
oLher Lhlngs voLlng rlghLs dlvldend forfelLure and llen and/or consolldaLlon/spllLLlng eLc see Lhe secLlon enLlLled
Maln rovlslons of ArLlcles of AssoclaLlon of Lhe Company" on page 268 of Lhe urafL 8ed Perrlng rospecLus

Market Lot and 1rad|ng Lot

In terms of sect|on 688 of the Compan|es Act the Lqu|ty Shares of the Company sha|| be a||otted on|y |n
demater|a||sed form In terms of ex|st|ng SL8I ICDk kegu|at|ons the trad|ng |n the Lqu|ty Shares sha|| on|y be |n
demater|a||zed form for a|| |nvestors

Slnce Lradlng of Lhe LqulLy Shares wlll be ln demaLerlallsed mode Lhe Lradeable loL ls one LqulLy share AllocaLlon
and alloLmenL of LqulLy Shares Lhrough Lhls lssue wlll be done only ln elecLronlc form ln mulLlple of one LqulLy Share
sub[ecL Lo mlnlmum of equlLy shares Lo Lhe successful bldders

Io|nt no|ders
Where Lwo or more persons are reglsLered as Lhe holders of any LqulLy Shares Lhey shall be deemed Lo hold Lhe
same as [olnLLenanLs wlLh beneflLs of survlvorshlp
Iur|sd|ct|on
Lxcluslve [urlsdlcLlon for Lhe purpose of Lhe lssue ls wlLh Lhe compeLenL courLs/auLhorlLles ln kolkaLa lndla
Nom|nat|on Iac|||ty to Investor

ln accordance wlLh SecLlon 109A of Lhe Companles AcL Lhe sole or flrsL 8ldder along wlLh oLher [olnL 8ldders may
nomlnaLe any one person ln whom ln Lhe evenL of Lhe deaLh of sole 8ldder or ln case of [olnL 8ldders deaLh of all
Lhe 8ldders as Lhe case may be Lhe LqulLy Shares alloLLed lf any shall vesL A person belng a nomlnee enLlLled Lo
Lhe LqulLy Shares by reason of Lhe deaLh of Lhe orlglnal holder(s) shall ln accordance wlLh SecLlon 109A of Lhe
Companles AcL be enLlLled Lo Lhe same advanLages Lo whlch he or she would be enLlLled lf he or she were Lhe
reglsLered holder of Lhe equlLy share(s) Where Lhe nomlnee ls a mlnor Lhe holder(s) may make a nomlnaLlon Lo
appolnL ln Lhe prescrlbed manner any person Lo become enLlLled Lo equlLy share(s) ln Lhe evenL of hls or her deaLh
durlng Lhe mlnorlLy A nomlnaLlon shall sLand resclnded upon a sale of equlLy share(s) by Lhe person nomlnaLlng A
buyer wlll be enLlLled Lo make a fresh nomlnaLlon ln Lhe manner prescrlbed lresh nomlnaLlon can be made only on
Lhe prescrlbed form avallable on requesL aL our 8eglsLered Cfflce or Lo Lhe reglsLrar and Lransfer agenLs of our
Company ln accordance wlLh SecLlon 1098 of Lhe Companles AcL any person who becomes a nomlnee by vlrLue of
Lhe provlslons of SecLlon 109A of Lhe Companles AcL shall upon Lhe producLlon of such evldence as may be requlred
by our 8oard elecL elLher a) Lo reglsLer hlmself or herself as Lhe holder of Lhe equlLy shares or b) Lo make such
Lransfer of Lhe equlLy shares as Lhe deceased holder could have made lurLher our 8oard may aL any Llme glve
noLlce requlrlng any nomlnee Lo choose elLher Lo be reglsLered hlmself or herself or Lo Lransfer Lhe equlLy shares
and lf Lhe noLlce ls noL complled wlLh wlLhln a perlod of 90 days our 8oard may LhereafLer wlLhhold paymenL of all
dlvldends bonuses or oLher moneys payable ln respecL of Lhe equlLy shares unLll Lhe requlremenLs of Lhe noLlce
have been complled wlLh Slnce Lhe alloLmenL of LqulLy Shares ln Lhe lssue wlll be made only ln demaLerlallsed
mode Lhere ls no need Lo make a separaLe nomlnaLlon wlLh our Company nomlnaLlons reglsLered wlLh respecLlve
deposlLory parLlclpanL of Lhe appllcanL would prevall lf Lhe lnvesLor wanLs Lo change Lhe nomlnaLlon Lhey are
requesLed Lo lnform Lhelr respecLlve deposlLory parLlclpanL

M|n|mum Subscr|pt|on

lf we do noL recelve Lhe mlnlmum subscrlpLlon of 90 of Lhe Cffer Lhrough Cffer uocumenL lncludlng devolvemenL
of Lhe underwrlLers wlLhln 60 days from Lhe closure of Lhe lssue we shall forLhwlLh refund Lhe enLlre subscrlpLlon
amounL recelved lf Lhere ls a delay beyond 8 days afLer we become llavle Lo pay Lhe amounL we shall pay lnLeresL
prescrlbed under SecLlon 73 of Lhe Companles AcL 19S6



22S


Arrangements for D|sposa| of Cdd Lots

Slnce our LqulLy Shares wlll be Lraded ln demaLerlallsed form only Lhe markeLable loL ls one (1) LqulLy Share
1herefore Lhere ls no posslblllLy of any odd loLs

kestr|ct|ons If Any on 1ransfer and 1ransm|ss|on of Lqu|ty Shares] Debentures and on the|r Conso||dat|on]
Sp||tt|ng

LxcepL as menLloned under Lhe headlng 1ransfer and 1ransmlsslon of Shares" under secLlon LlLled Maln rovlslons
Cf ArLlcles Cf AssoclaLlon Cf 1he Company" on page 268 of Lhls urafL 8ed Perrlng rospecLus Lhere are no
resLrlcLlons on Lransfer / Lransmlsslon on our LqulLy Shares

W|thdrawa| of Issue

Cur Company ln consulLaLlon wlLh Lhe 88LM reserves Lhe rlghL noL Lo proceed wlLh Lhe lssue any Llme afLer Lhe 8ld /
lssue openlng daLe buL before Lhe 8oard meeLlng for alloLmenL wlLhouL asslgnlng any reason Lhereof

er|od of Subscr|pt|on
1he subscrlpLlon llsL for publlc lssue shall remaln open for aLleasL 3 worklng days and noL more Lhan 10 worklng
days

lovestots lleose oote tbot os pet lettet oo llst/smJ/sm/2006 JoteJ Ioly 0J 2006 ooJ lettet oo N5/llO/251016
JoteJ Ioly 06 2006 lssoeJ by 85 ooJ N5 tespectlvely blJs ooJ ooy tevlsloo lo blJs sboll oot be occepteJ oo
5ototJoys ooJ bollJoys os JecloteJ by tbe 5tock xcbooqes

Cur Company ln consulLaLlon wlLh Lhe 88LM reserves Lhe rlghL Lo revlse Lhe rlce 8and durlng Lhe 8lddlng/ lssue
erlod provlded LhaL Lhe Cap rlce shall be less Lhan or equal Lo 120 of Lhe lloor rlce and Lhe lloor rlce shall
noL be less Lhan Lhe face value of Lhe LqulLy Shares 1he revlslon ln rlce 8and shall noL exceed 20 on Lhe elLher
slde le Lhe floor prlce can move up or down Lo Lhe exLenL of 20 of Lhe floor prlce dlsclosed aL leasL Lwo (2) days
prlor Lo Lhe 8ld/ lssue Cpenlng uaLe and Lhe Cap rlce wlll be revlsed accordlngly

In case of rev|s|on |n the r|ce 8and the 8|dd|ng er|od w||| be extended for three (3) add|t|ona| 8us|ness Days
after rev|s|on of r|ce 8and sub[ect to the 8|dd|ng er|od not exceed|ng 10 work|ng days Any rev|s|on |n the r|ce
8and and the rev|sed 8|dd|ng er|od |f app||cab|e w||| be w|de|y d|ssem|nated by not|f|cat|on to the Stock
Lxchanges by |ssu|ng a press re|ease and a|so by |nd|cat|ng the change on the web s|te of the 8kLM and at the
term|na|s of the members of the Synd|cate

App||cat|on by L||g|b|e NkIs IIIs and Iore|gn Venture Cap|ta| Iunds reg|stered w|th SL8I As per the po||cy of
the Government of Ind|a CC8s cannot part|c|pate |n the Issue

1he currenL provlslons of Lhe lorelgn Lxchange ManagemenL (1ransfer or lssue of SecurlLy by a erson 8esldenL
ouLslde lndla) 8egulaLlons 2000 Lhere exlsLs a general permlsslon for Lhe n8ls llls and lvCls reglsLered wlLh SL8l
Lo lnvesL ln shares of lndlan companles by way of subscrlpLlon ln an lC Powever such lnvesLmenLs would be
sub[ecL Lo oLher lnvesLmenL resLrlcLlons under Lhe lorelgn Lxchange ManagemenL (1ransfer or lssue of SecurlLy by a
erson 8esldenL ouLslde lndla) 8egulaLlons 2000 88l and / or SL8l regulaLlons as may be appllcable Lo such
lnvesLors lL ls Lo be dlsLlncLly undersLood LhaL Lhere ls no reservaLlon for n8ls llls or lCvls reglsLered wlLh SL8l
appllcanLs wlll be LreaLed on Lhe same basls wlLh oLher caLegorles for Lhe purpose of allocaLlon

1he alloLmenL of Lhe LqulLy Shares Lo non8esldenLs shall be sub[ecL Lo Lhe condlLlons lf any as may be prescrlbed
by Lhe CovernmenL of lndla/88l whlle granLlng such approvals

1he Lqu|ty Shares have not been and w||| not be reg|stered under the US Secur|t|es Act of 1933 (the "Secur|t|es
Act") or any state secur|t|es |aws |n the Un|ted States and may not be offered or so|d w|th|n the Un|ted States or
to or for the account or benef|t of "US persons" (as def|ned |n kegu|at|on S under the Secur|t|es Act) 1he
Lqu|ty Shares sha|| be so|d on|y outs|de the Un|ted States |n comp||ance w|th kegu|at|on S and the app||cab|e |aws
of the [ur|sd|ct|on where those offers and sa|es occur



226


1he above |nformat|on |s g|ven for the benef|t of the 8|dders 1he 8|dders are adv|sed to make the|r own
enqu|r|es about the ||m|ts app||cab|e to them Cur Company and the 8kLM do not accept any respons|b|||ty for
the comp|eteness and accuracy of the |nformat|on stated here|nabove Cur Company and the 8kLM are not ||ab|e
to |nform the |nvestors of any amendments or mod|f|cat|ons or changes |n app||cab|e |aws or regu|at|ons wh|ch
may occur after the date of the Draft ked nerr|ng rospectus 8|dders are adv|sed to make the|r |ndependent
|nvest|gat|ons and ensure that the number of Lqu|ty Shares 8|d for do not exceed the app||cab|e ||m|ts under |aws
or regu|at|ons

kestr|ct|on on 1ransfer of Shares
1here are no resLrlcLlons on Lransfers and Lransmlsslon of shares/ debenLures and on Lhelr consolldaLlon / spllLLlng
excepL as provlded ln Lhe urafL 8ed Perrlng rospecLus and ln Lhe ArLlcles of AssoclaLlon of our Company lor
furLher deLalls refer Lo chapLer LlLled Moin Provisions of the 4rtic/es of 4ssociotion on page 268 of Lhe urafL 8ed
Perrlng rospecLus

ursuanL Lo Lhe exlsLlng regulaLlons CC8s are noL ellglble Lo parLlclpaLe ln Lhe lssue lurLher n8ls who are noL
Lllglble n8ls are noL permlLLed Lo parLlclpaLe ln Lhe lssue LqulLy Shares acqulred by Lllglble n8ls can be only sold Lo
any oLher person ellglble Lo acqulre Lhe same ln accordance wlLh all appllcable laws rules and regulaLlons Sub
accounLs of llls reglsLered wlLh SL8l belng forelgn corporaLe or forelgn lndlvlduals are noL ellglble Lo parLlclpaLe ln
Lhe lssue ln Lhe Cl8 orLlon

1he Lqu|ty Shares have not been and w||| not be reg|stered ||sted or otherw|se qua||f|ed |n any other [ur|sd|ct|on
outs|de Ind|a and may not be offered or so|d and 8|ds may not be made by persons |n any such [ur|sd|ct|on
except |n comp||ance w|th the app||cab|e |aws of such [ur|sd|ct|on

1he Lqu|ty Shares have not been and w||| not be reg|stered under the US Secur|t|es Act of 1933 as amended (the
"Secur|t|es Act") and may not be offered or so|d w|th|n the Un|ted States (as def|ned |n kegu|at|on S under the
Secur|t|es Act) except pursuant to an exempt|on from or |n a transact|on not sub[ect to the reg|strat|on
requ|rements of the Secur|t|es Act 1he Lqu|ty Shares are be|ng offered and so|d on|y outs|de the Un|ted States |n
offshore transact|ons |n comp||ance w|th kegu|at|on S under the Secur|t|es Act and the app||cab|e |aws of the
[ur|sd|ct|ons where those offers and sa|es occur Issue of Lqu|ty Shares |n demater|a||zed form |n the Issue

ln accordance wlLh Lhe SL8l (lCu8) 8egulaLlons LqulLy Shares wlll be lssued Lransferred and AlloLmenL shall be
made only ln Lhe demaLerlallzed form Lo Lhe AlloLLees AlloLLees wlll have Lhe opLlon Lo remaLerlallze Lhe LqulLy
Shares lf Lhey so deslre as per Lhe provlslons of Lhe Companles AcL and Lhe ueposlLorles AcL

Investors shou|d note that |n terms of Sect|on 688 of the Compan|es Act the Lqu|ty Shares wou|d be a||otted to
a|| successfu| 8|dders on|y |n the demater|a||zed form 8|dders w||| not have the opt|on of gett|ng a||otment of the
Lqu|ty Shares |n phys|ca| form 1he Lqu|ty Shares on A||otment sha|| be traded on|y |n the demater|a||zed
segment of the Stock Lxchanges









227


8. - ISSUE STRUCTURE

1he presenL ubllc lssue ls of 7S00000 LqulLy Shares of `10 each for cash aL a prlce of ` per LqulLy Share
(lncludlng a share premlum of ` per LqulLy Share) for cash aggregaLlng Lo ` Lacs (Lhe lssue") 1he lssue wlll
consLlLuLe 4S10 of Lhe posL lssue paldup caplLal of our Company

ISSUL S1kUC1UkL

1he presenL ubllc lssue ls of 7S00000 LqulLy Shares of ` 10 each for cash aL a prlce of ` per LqulLy Share
(lncludlng a share premlum of ` per LqulLy Share) for cash aggregaLlng Lo ` Lacs (Lhe lssue") 1he lssue wlll
consLlLuLe 4S10 of Lhe posL lssue paldup caplLal of our Company

art|cu|ars I8s# Non |nst|tut|ona| 8|dders keta|| Ind|v|dua| 8|dders
number of LqulLy Shares
avallable for allocaLlon*
37S0000
LqulLy Shares (allocaLlon
on proporLlonaLe basls)
noL less Lhan 112S000
LqulLy Shares or lssue
slze less allocaLlon Lo
Cl8 8ldders and 8eLall
lndlvldual 8ldders shall
be avallable for
allocaLlon
noL less Lhan 262S000
LqulLy Shares or lssue
slze less allocaLlon Lo
Cl8 8ldders and non
lnsLlLuLlonal 8ldders
shall be avallable for
allocaLlon
ercenLage of lssue Slze
avallable for
AlloLmenL/allocaLlon
AL leasL S0 of Lhe
lssue (of whlch S shall
be reserved for MuLual
lunds only)
MuLual lunds
parLlclpaLlng ln Lhe S
reservaLlon ln Lhe Cl8
orLlon wlll also be
ellglble for allocaLlon ln
Lhe remalnlng Cl8
orLlon 1he
unsubscrlbed porLlon
ln Lhe MuLual lund
reservaLlon wlll be
Avallable Lo Cl8s up Lo
30 of Lhe Cl8 orLlon
shall be avallable for
allocaLlon Lo Anchor
lnvesLors on a
dlscreLlonary basls ouL of
whlch oneLhlrd porLlon
shall be reserved for
domesLlc MuLual lunds
noL less Lhan 1S of Lhe
lssue or Lhe lssue less
allocaLlon Lo Cl8 8ldders
and 8eLall lndlvldual
8ldders shall be
Avallable for allocaLlon
noL less Lhan 3S of Lhe
lssue or Lhe lssue less
allocaLlon Lo Cl8 8ldders
and non lnsLlLuLlonal
8ldders shall be
Avallable for allocaLlon
8asls of
AlloLmenL/AllocaLlon lf
respecLlve caLegory ls
oversubscrlbed
roporLlonaLe**
(a) LqulLy Shares (Lo be
ad[usLed for Anchor
lnvesLor orLlon lf
appllcable) aggregaLlng `
mllllons shall be
avallable for allocaLlon on
a proporLlonaLe basls Lo
MuLual lunds and (b)
LqulLy Shares (Lo be
roporLlonaLe roporLlonaLe

228

ad[usLed for Anchor
lnvesLor orLlon lf
appllcable) aggregaLlng Lo
` mllllons shall be
alloLLed on a proporLlonaLe
basls Lo all Cl8s lncludlng
MuLual lunds recelvlng
allocaLlon as per (a) above
Mlnlmum 8ld Such number of LqulLy
Shares LhaL Lhe 8ld
AmounL exceeds `
200000
Such number of LqulLy
Shares LhaL Lhe 8ld
AmounL exceeds `
200000
LqulLy Shares
Maxlmum 8ld noL exceedlng Lhe slze
of Lhe lssue sub[ecL Lo
appllcable llmlLs
noL exceedlng Lhe slze
of Lhe lssue sub[ecL Lo
appllcable llmlLs
Such number of LqulLy
Shares whereby 8ld
AmounL does noL
exceed ` 200000
Mode of AlloLmenL Compulsorlly ln
uemaLerlallzed form
Compulsorlly ln
uemaLerlallzed form
Compulsorlly ln
uemaLerlallzed form
8ld LoL LqulLy Shares and ln
mulLlples of LqulLy
Shares LhereafLer
LqulLy Shares and ln
mulLlples of LqulLy
Shares LhereafLer
LqulLy Shares and ln
mulLlples of LqulLy
Shares LhereafLer

AlloLmenL LoL
LqulLy Shares and ln
mulLlples of one LhereafLer
LqulLy Shares and ln
mulLlples of one LhereafLer
LqulLy Shares and ln
mulLlples of one
LhereafLer
1radlng LoL/ MarkeL LoL Cne LqulLy Share Cne LqulLy Share Cne LqulLy Share
Who can 8ld
(1)[
A muLual fund venLure
caplLal fund and forelgn
venLure caplLal lnvesLor
reglsLered wlLh SL8l a
forelgn lnsLlLuLlonal
lnvesLor and subaccounL
(oLher Lhan a subaccounL
whlch ls forelgn corporaLe
or forelgn lndlvldual)
reglsLered wlLh SL8l a
publlc flnanclal lnsLlLuLlon
as deflned ln SecLlon 4A of
Lhe Companles AcL 19S6 a
scheduled commerclal
bank a mulLllaLeral and
bllaLeral developmenL
flnanclal lnsLlLuLlon a sLaLe
lndusLrlal developmenL
corporaLlon an lnsurance
company reglsLered wlLh
Lhe lnsurance 8egulaLory
and uevelopmenL
AuLhorlLy (l8uA) provldenL
funds wlLh
mlnlmum corpus of `
2S00 lacs and penslon
funds wlLh mlnlmum
corpus of ` 2S00 lacs and
8esldenL lndlan
lndlvlduals Lllglble n8ls
Pul applylng Lhrough
Lhelr karLa mlnors
applylng Lhrough Lhelr
naLural guardlan
companles corporaLe
bodles sclenLlflc
lnsLlLuLlons socleLles
LrusLs sub accounLs of llls
reglsLered wlLh SL8l whlch
are forelgn corporaLe or
forelgn
lndlvlduals
8esldenL lndlvlduals
(lncludlng Pul applylng
Lhrough Lhelr karLa
mlnors applylng Lhrough
Lhelr naLural guardlan and
Lllglble n8ls)
applylng for LqulLy Shares
such LhaL Lhe 8ld AmounL
does noL Lxceed `
200000 ln value


229

naLlonal lnvesLmenL lund
seL up by resoluLlon no l
no2/3/200S uull daLed
november 23 200S of Lhe
CovernmenL of lndla
publlshed ln Lhe CazeLLe of
lndla lnsurance funds seL
up and managed by army
navy or alr force of Lhe
unlon of lndla and
lnsurance funds seL up and
managed by Lhe
ueparLmenL of osLs lndla
ellglble Lo 8ld ln Lhe lssue
1erms of aymenL ## 8ld AmounL shall be
payable aL Lhe Llme of
submlsslons of 8ld cum
AppllcaLlon lorm Lo Lhe
88LMs (lncludlng Anchor
lnvesLor) and submlsslon
of AS8A lorm Lo SCS8 ln
case of AS8A bldders Lhe
SCS8 shall be auLhorlzed Lo
block Lhe bld amounL
MenLloned ln Lhe AS8A
lorm
8ld AmounL shall be
payable aL Lhe Llme of
submlsslons of 8ld cum
AppllcaLlon lorm Lo Lhe
SyndlcaLe Members and
submlsslon of AS8A lorm
Lo SCS8 ln case of AS8A
bldders Lhe SCS8 shall
be auLhorlzed Lo block Lhe
bld amounL menLloned ln
Lhe AS8A lorm
8ld AmounL shall be
payable aL Lhe Llme of
submlsslons of 8ld cum
AppllcaLlon lorm Lo Lhe
SyndlcaLe Members and
submlsslon of AS8A lorm
Lo SCS8 ln case of AS8A
bldders Lhe SCS8 shall be
auLhorlzed Lo block Lhe
bld amounL menLloned ln
Lhe AS8A lorm

Q 5ubject to vo/id bids beinq received ot or obove the lssue Price undersubscription if ony in ony coteqory
wou/d be o//owed to be met with spi// over interse from ony other coteqories ot the discretion of our compony in
consu/totion with the 8kLM subject to opp/icob/e provisions of 5ecurities ond xchonqe 8oord of lndio {lssue of
copito/ ond uisc/osure kequirements) kequ/otions 2009

*1he lssue ls belng made Lhrough Lhe 8ook 8ulldlng rocess whereln aL leasL S0 of Lhe lssue shall be avallable for
allocaLlon on a proporLlonaLe basls Lo Cl8s ouL of whlch S shall be avallable for allocaLlon on a proporLlonal basls
Lo MuLual lunds only and Lhe remalnder shall be made avallable for allocaLlon on a proporLlonaLe basls Lo all Cl8s
lncludlng MuLual lunds sub[ecL Lo valld 8lds belng recelved from Lhem aL or above Lhe lssue rlce rovlded LhaL
our Company may allocaLe up Lo 30 of Lhe Cl8 orLlon Lo Anchor lnvesLors aL Lhe Anchor lnvesLor lssue rlce on a
dlscreLlonary basls ouL of whlch aL leasL oneLhlrd wlll be avallable for allocaLlon Lo domesLlc MuLual lunds only ln
Lhe evenL of undersubscrlpLlon ln Lhe Anchor lnvesLor orLlon Lhe balance LqulLy Shares shall be added Lo Lhe neL
Cl8 orLlon 1he remalnder shall be avallable for allocaLlon on a proporLlonaLe basls Lo Cl8 8ldders lncludlng MuLual
lunds sub[ecL Lo valld 8lds belng recelved from Lhem aL or above Lhe lssue rlce lf aL leasL S0 of Lhe lssue cannoL
be alloLLed Lo Cl8s Lhe enLlre appllcaLlon monles wlll be refunded undersubscrlpLlon lf any ln any caLegory
excepL Lhe Cl8 orLlon would be allowed Lo be meL wlLh splllover from any oLher caLegory or comblnaLlon of
caLegorles aL Lhe dlscreLlon of our Company ln consulLaLlon wlLh Lhe 88LMs and Lhe ueslgnaLed SLock Lxchange
1he Cl8 orLlon lncludes Anchor lnvesLor orLlon as per Lhe SL8l 8egulaLlons ln case Lhe 8ld cum AppllcaLlon lorm
ls submlLLed ln [olnL names Lhe lnvesLors should ensure LhaL Lhe demaL accounL ls also held ln Lhe same [olnL names
and ln Lhe same sequence ln whlch Lhey appear ln Lhe 8ld cum AppllcaLlon lorm

** AllocaLlon Lo Anchor lnvesLors shall be on a dlscreLlonary basls sub[ecL Lo mlnlmum number of Lwo Anchors
lnvesLors 1he mlnlmum bld for Anchor lnvesLors shall be such number of LqulLy Shares so LhaL Lhe 8ld AmounL
exceeds ` 100 mllllon



230


# 1he Company may allocaLe up Lo 30 of Lhe Cl8 orLlon Lo Anchor lnvesLors on a dlscreLlonary basls ln
accordance wlLh Lhe SL8l (lCu8) 8egulaLlons 2009 CneLhlrd of Lhe Anchor lnvesLor orLlon shall be reserved
for domesLlc MuLual lunds sub[ecL Lo valld 8lds belng recelved from domesLlc MuLual lunds aL or above Lhe
prlce aL whlch allocaLlon ls belng done Lo oLher Anchor lnvesLors lor deLalls please see Lhe secLlon lssue
rocedure" beglnnlng on page 232 of Lhls urafL 8ed Perrlng rospecLus
## ln case of AS8A 8ldders Lhe SCS8 shall be auLhorlsed Lo block such funds ln Lhe bank accounL of Lhe 8ldder
LhaL are speclfled ln Lhe AS8A 8ld cum AppllcaLlon lorm
(1)
ln case Lhe 8ldcumAppllcaLlon lorm ls submlLLed ln [olnL names Lhe 8ldders should ensure LhaL Lhe demaL
accounL ls also held ln Lhe same [olnL names and Lhe names are ln Lhe same sequence ln whlch Lhey appear ln
Lhe 8ldcumAppllcaLlon lorm
W|thdrawa| of the Issue

Cur Company ln consulLaLlon wlLh Lhe 88LMs reserves Lhe rlghL noL Lo proceed wlLh Lhe lssue aL any Llme afLer Lhe
8ld/lssue Cpenlng uaLe buL before AlloLmenL of LqulLy Shares ln such an evenL our Company would lssue a publlc
noLlce ln Lhe newspapers ln whlch Lhe pre lssue adverLlsemenLs were publlshed wlLhln Lwo days of Lhe 8ld/lssue
Closlng uaLe / decldlng noL Lo proceed wlLh Lhe lssue provldlng reasons for noL proceedlng wlLh Lhe lssue Cur
Company shall also prompLly lnform Lhe same Lo Lhe sLock exchanges on whlch our LqulLy Shares are proposed Lo
be llsLed Any furLher lssue of LqulLy Shares by our Company shall be ln compllance wlLh appllcable laws lf Lhe lssue
ls wlLhdrawn afLer Lhe 8ld / lssue Closlng daLe our Company shall be requlred Lo flle a fresh offer documenL wlLh
SL8l 1he 88LMs Lhrough Lhe 8eglsLrar Lo Lhe Cffer shall noLlfy Lhe SCS8s Lo unblock Lhe bank accounLs of Lhe AS8A
8ldders wlLhln one day from Lhe day of recelpL of such noLlflcaLlon

noLwlLhsLandlng Lhe foregolng Lhe lssue ls also sub[ecL Lo obLalnlng (l) Lhe flnal llsLlng and Lradlng approvals of Lhe
SLock Lxchanges whlch Lhe Company shall apply for afLer AlloLmenL and (ll) Lhe flnal 8CC approval of Lhe
rospecLus afLer lL ls flled wlLh Lhe 8CC

8ID ] ISSUL LkICD
8ID ] ISSUL CLNS CN*
8ID ] ISSUL CLCSLS CN
* Oot compooy moy cooslJet pottlclpotloo by Aocbot lovestots 1be 8lJ/lssoe letloJ fot Aocbot lovestots sboll be
ooe Joy ptlot to tbe 8lJ/lssoe Opeoloq uote

Cur Company ln consulLaLlon wlLh Lhe 8ook 8unnlng Lead Managers may allocaLe up Lo 30 of Lhe Cl8 orLlon le
LqulLy Shares Lo Anchor lnvesLors on a dlscreLlonary basls ln accordance wlLh Lhe SL8l 8egulaLlons 1he Anchor
lnvesLor 8ld/ lssue erlod shall be one day prlor Lo Lhe 8ld/ lssue Cpenlng uaLe and 8lddlng by Anchor lnvesLors
shall be compleLed on Lhe same day lor furLher deLalls see Lhe secLlon LlLled lssue rocedure" on age no 232

LxcepL ln relaLlon Lo Lhe 8lds recelved from Lhe Anchor lnvesLors 8lds and any revlslon ln 8lds shall be accepLed
on|y between 1000 am and 300 pm (lndlan SLandard 1lme) durlng Lhe 8lddlng erlod as menLloned above aL
Lhe blddlng cenLres menLloned on Lhe 8ld cum AppllcaLlon lorm Cn Lhe 8ld/lssue Closlng uaLe 8lds (excludlng Lhe
AS8A 8ldders) shall be uploaded unLll (l) 400 pm ln case of 8lds by Cl8 8ldders and non lnsLlLuLlonal 8ldders and
(ll) unLll S00 pm or such exLended Llme as permlLLed by 8SL and nSL ln case of 8lds by 8eLall lndlvldual 8ldders lL
ls clarlfled LhaL 8lds noL uploaded ln Lhe book would be re[ecLed 8lds by AS8A 8ldders shall be uploaded by Lhe
SCS8 ln Lhe elecLronlc sysLem Lo be provlded by 8SL and nSL






231


ln case of dlscrepancy of daLa beLween Lhe SLock Lxchanges and Lhe ueslgnaLed 8ranches of Lhe SCS8s Lhe declslon
of Lhe 8eglsLrar Lo Lhe lssue ln consulLaLlon wlLh Lhe 88LMs our Company and Lhe ueslgnaLed SLock Lxchange
based on Lhe physlcal / elecLronlc records as Lhe case may be of Lhe AS8A 8ld cum AppllcaLlon lorms shall be flnal
and blndlng on all concerned lurLher Lhe 8eglsLrar Lo Lhe lssue may ask for recLlfled daLa from Lhe SCS8

uue Lo llmlLaLlon of Llme avallable for uploadlng Lhe 8lds on Lhe 8ld/lssue Closlng daLe Lhe bldders excepL Anchor
lnvesLors are advlsed Lo submlL Lhelr 8lds one day prlor Lo Lhe 8ld/lssue Closlng uaLe and ln any case no laLer Lhan
Lhe Llme menLloned above on Lhe 8ld/lssue Closlng uaLe All Llme menLloned ln Lhe urafL 8ed Perrlng rospecLus
are lndlan SLandard 1lme 8ldders oLher Lhan Anchor lnvesLors are cauLloned LhaL ln Lhe evenL a large number of
8lds are recelved on Lhe 8ld/lssue Closlng uaLe as ls Lyplcally experlenced ln publlc offerlngs some 8lds may noL geL
uploaded due Lo lack of sufflclenL Llme Such 8lds LhaL cannoL be uploaded wlll noL be consldered for allocaLlon
under Lhe lssue lf such 8lds are noL uploaded Lhe lssuer 88LMs SyndlcaLe Members and Lhe SCS8 wlll noL be
responslble 8lds wlll be accepLed only on 8uslness uays le Monday Lo lrlday (excludlng any publlc holldays)

Cn Lhe 8ld/lssue Closlng uaLe exLenslon of Llme wlll be granLed by Lhe SLock Lxchanges only for uploadlng Lhe 8lds
recelved by 8eLall 8ldders afLer Laklng lnLo accounL Lhe LoLal number of 8lds recelved upLo Lhe closure of Lhe Llme
perlod for accepLance of 8ld cum AppllcaLlon lorms as sLaLed hereln and reporLed by Lhe 88LMs Lo Lhe SLock
Lxchanges wlLhln half an hour of such closure

1he Company ln consulLaLlon wlLh Lhe 88LMs reserves Lhe rlghL Lo revlse Lhe rlce 8and durlng Lhe 8ld/lssue
erlod ln accordance wlLh Lhe SL8l lCu8 8egulaLlons provlded LhaL Lhe Cap rlce ls less Lhan or equal Lo 120 of Lhe
lloor rlce 1he lloor rlce can be revlsed up or down Lo a maxlmum of 20 of Lhe lloor rlce

ln case of revlslon ln Lhe rlce 8and Lhe lssue erlod wlll be exLended for Lhree addlLlonal worklng days afLer
revlslon of rlce 8and sub[ecL Lo a maxlmum of 10 worklng days Any revlslon ln Lhe rlce 8and and Lhe revlsed
8lddlng erlod lf appllcable wlll be wldely dlssemlnaLed by noLlflcaLlon Lo Lhe SCS8s SLock Lxchanges by lssulng a
publlc noLlce ln edlLlon of ln Lhe Lngllsh language edlLlon of ln Lhe Plndl language and edlLlon of
ln Lhe reglonal language and also by lndlcaLlng Lhe change on Lhe webslLes of Lhe 88LMs SCS8s and aL Lhe
Lermlnals of members of Lhe SyndlcaLe ln Lhe evenL of any revlslon ln Lhe rlce 8and wheLher upwards or
downwards Lhe mlnlmum appllcaLlon slze shall remaln LqulLy Shares sub[ecL Lo Lhe 8ld AmounL payable on such
mlnlmum appllcaLlon belng ln Lhe range of ` S000 Lo ` 7000











232


8. - ISSUE PRUCEDURE
Aoy 8lJJet (otbet tboo Aocbot lovestots) moy pottlclpote lo tbls lssoe tbooqb tbe A58A ptocess A58A 8lJJets sboolJ
oote tbot tbe A58A ptocess lovolves oppllcotloo ptoceJotes tbot ote Jlffeteot ftom tbe ptoceJotes oppllcoble to
8lJJets otbet tboo A58A 8lJJets neoce 8lJJets opplyloq tbtooqb tbe A58A ptocess sboolJ cotefolly teoJ tbe
ptovlsloos oppllcoble to socb oppllcotloos befote mokloq tbelt oppllcotloo tbtooqb tbe A58A ptocess

It may be noted that pursuant to the SL8I c|rcu|ar (no CIk]CID]DIL]2]2010) dated Apr|| 6 2010 the
SL8I has dec|ded to extend the AS8A fac|||ty to I8s |n a|| pub||c |ssues open|ng on or after May 1 2010

Investors shou|d note that A||otment to a|| successfu| 8|dders w||| on|y be |n demater|a||sed form 8|dders w||| not
have the opt|on of rece|v|ng A||otment of the Lqu|ty Shares |n phys|ca| form 1he Lqu|ty Shares on A||otment sha||
be traded on|y |n the demater|a||sed segment of the Stock Lxchanges

8ook 8u||d|ng rocedure

1hls lssue ls belng made Lhrough Lhe 8ook 8ulldlng rocess whereln aL leasL S0 of Lhe lssue shall be made avallable
for allocaLlon on a proporLlonaLe basls Lo Cl8s lncludlng S of Lhe Cl8 orLlon (excludlng Lhe Anchor lnvesLor
porLlon) whlch shall be made avallable for allocaLlon Lo MuLual lunds only and Lhe remalnlng Cl8 porLlon shall be
avallable for allocaLlon on a proporLlonaLe basls Lo all Cuallfled lnsLlLuLlonal 8uyers lncludlng MuLual lunds sub[ecL
Lo valld 8lds belng recelved aL or above lssue rlce rovlded LhaL our Company may allocaLe up Lo 30 of Lhe Cl8
orLlon Lo Anchor lnvesLors aL Lhe Anchor lnvesLor lssue rlce on a dlscreLlonary basls ouL of whlch aL leasL one
Lhlrd wlll be avallable for allocaLlon Lo domesLlc MuLual lunds only ln Lhe evenL of undersubscrlpLlon ln Lhe Anchor
lnvesLor orLlon Lhe balance LqulLy Shares shall be added Lo Lhe remalnlng Cl8 orLlon S of Lhe remalnlng Cl8
orLlon shall be avallable for allocaLlon on a proporLlonaLe basls Lo MuLual lunds only

8|d cum App||cat|on Iorm

8ldders are requlred Lo submlL Lhelr 8lds Lhrough Lhe SyndlcaLe AS8A 8ldders lnLendlng Lo subscrlbe Lo Lhe lssue
shall submlL a compleLed AS8A 8ld cum AppllcaLlon lorm elLher ln physlcal or elecLronlc form Lo a deslgnaLed
branch of Lhe SCS8 wlLh whom Lhe bank accounL Lo be blocked ls malnLalned lurLher Cl8 blds can be procured
and submlLLed only Lhrough Lhe 88LMs or Lhelr afflllaLes or SyndlcaLe Members 1he Cl8s who bld Lhrough Lhe
AS8A process shall submlL Lhelr 8lds Lo Lhe deslgnaLed branch of Lhe SCS8s ln case of Cl8 8ldders 88LMs may
re[ecL any 8ld procured by any or all of Lhe SyndlcaLe Member aL Lhe Llme of accepLance of 8ld cum AppllcaLlon
lorm for reasons Lo be recorded ln wrlLlng for re[ecLlng Lhe 8ld and Lhe reasons Lhereof shall be dlsclosed Lo such
8ldder ln case of non lnsLlLuLlonal 8ldders and 8eLall lndlvldual 8ldders our Company would have a rlghL Lo re[ecL
Lhe 8lds only on Lechnlcal grounds

Investors shou|d note that A||otment of Lqu|ty Shares to a|| successfu| 8|dders w||| on|y be |n the demater|a||zed
form 8|dders w||| not have the opt|on of gett|ng A||otment of the Lqu|ty Shares |n phys|ca| form 8|d cum
App||cat|on Iorms wh|ch do not have deta||s of the 8|dders' depos|tory account sha|| be treated as |ncomp|ete
and re[ected 1he Lqu|ty Shares on A||otment sha|| be traded on|y |n the demater|a||zed segment of the Stock
Lxchanges 8|d cum App||cat|on Iorms wh|ch do not have the deta||s of the 8|dders' AN (other than 8|ds made
on beha|f of the Centra| and the State
Governments res|dents of the state of S|kk|m and off|c|a| appo|nted by the courts) sha|| be treated as |ncomp|ete
and are ||ab|e to be re[ected 8|dders are adv|sed to ensure that any s|ng|e 8|d from them does not exceed the
|nvestment ||m|ts or max|mum number of Lqu|ty Shares that can be he|d by them under the re|evant |aws ru|es
regu|at|ons gu|de||nes and approva|s

8ldders shall only use Lhe speclfled 8ld cum AppllcaLlon lorm bearlng Lhe sLamp of Lhe 88LMs/member of Lhe
SyndlcaLe or of Lhe SCS8 as appllcable excepL for AS8A 8ld cum AppllcaLlon lorms downloaded from Lhe webslLes
of Lhe SLock Lxchanges ln whlch case Lhe AS8A 8ld Cum AppllcaLlon lorms shall bear an unlque appllcaLlon number



233


for Lhe purpose of maklng a 8ld ln Lerms of Lhe urafL 8ed Perrlng rospecLus 1he 8ld cum AppllcaLlon lorm shall
conLaln lnformaLlon abouL Lhe 8ldder and Lhe prlce and Lhe number of LqulLy Shares LhaL Lhe 8ldder wlshes Lo 8ld
1he 8ldder shall have Lhe opLlon Lo make a maxlmum of Lhree 8lds ln Lhe 8ld cum AppllcaLlon lorm and such
opLlons shall noL be consldered as mulLlple 8lds upon Lhe AllocaLlon of LqulLy Shares dlspaLch of Lhe CAn and
flllng of Lhe rospecLus wlLh Lhe 8oC Lhe 8ld cum AppllcaLlon lorm shall be consldered as Lhe AppllcaLlon lorm
upon compleLlng and submlLLlng Lhe 8ld cum AppllcaLlon lorm Lo a member of Lhe SyndlcaLe (and ln Lhe case of an
AS8A 8ld cum AppllcaLlon form Lo Lhe SCS8) Lhe 8ldder ls deemed Lo have auLhorlzed our Company Lo make Lhe
necessary changes ln Lhe urafL 8ed Perrlng rospecLus and Lhe 8ld cum AppllcaLlon lorm as would be requlred for
flllng Lhe rospecLus wlLh Lhe 8oC and as would be requlred by SL8l and / or 8oC afLer such flllng wlLhouL prlor or
subsequenL noLlce of such changes Lo Lhe 8ldder 1he prescrlbed color of Lhe 8ld cum AppllcaLlon lorm for varlous
caLegorles ls as follows


* 8lJ com Appllcotloo fotms fot Aocbot lovestots sboll be moJe ovolloble ot tbe offlce of tbe 8klMs ooJ ot tbe
5yoJlcote Membets

**xclosloq electtoolc A58A 8lJ com Appllcotloo lotms
ln accordance wlLh Lhe SL8l (lCu8) 8egulaLlons 2009 all lnvesLors are ellglble Lo apply Lhrough AS8A

Who can 8|d?

lndlan naLlonals resldenL ln lndla who are ma[ors ln slngle or [olnL names (noL more Lhan Lhree and ln Lhe same
order ln whlch Lhey appear ln Lhe beneflclary accounL held wlLh Lhe ueposlLory arLlclpanL)

Plndu undlvlded lamllles or Puls ln Lhe lndlvldual name of Lhe kotto 1he 8ldder should speclfy LhaL Lhe
8ld ls belng made ln Lhe name of Lhe Pul ln Lhe 8ld cum AppllcaLlon lorm as follows name of Sole or llrsL
bldder x?Z Plndu undlvlded lamlly applylng Lhrough x?Z where x?Z ls Lhe name of Lhe kotto" 8lds by
Puls would be consldered aL par wlLh Lhose from lndlvlduals
Companles corporaLe bodles and socleLles reglsLered under Lhe appllcable laws ln lndla and auLhorlzed Lo
lnvesL ln Lhe equlLy shares
Lllglble n8ls on a repaLrlaLlon basls or a nonrepaLrlaLlon basls sub[ecL Lo appllcable laws n8ls oLher Lhan
Lllglble n8ls are noL ellglble Lo parLlclpaLe ln Lhls lssue
MuLual lunds reglsLered wlLh SL8l
ubllc flnanclal lnsLlLuLlon as deflned ln secLlon 4A of Lhe Companles AcL 19S6
lndlan llnanclal lnsLlLuLlons commerclal banks (excludlng forelgn banks) reglonal rural banks cooperaLlve
banks (sub[ecL Lo 88l regulaLlons and Lhe SL8l rules and regulaLlons as appllcable)
venLure CaplLal lunds reglsLered wlLh SL8l
lorelgn venLure CaplLal lnvesLors reglsLered wlLh SL8l
SLaLe lndusLrlal uevelopmenL CorporaLlons
1rusLs/socleLles reglsLered under Lhe SocleLles 8eglsLraLlon AcL 1860 as amended or under any oLher law
relaLlng Lo 1rusLs/socleLles and who are auLhorlzed under Lhelr consLlLuLlon Lo hold and lnvesL ln equlLy
shares

Category Co|our of 8|d cum App||cat|on Iorm**
8esldenL lndlan Lllglble n8ls applylng on a non
repaLrlaLlon basls (AS8A as well as non AS8A 8ldders)

non8esldenLs Lllglble n8ls lvCls llls reglsLered

mulLllaLeral and bllaLeral developmenL flnanclal
lnsLlLuLlons on a repaLrlaLlon basls (AS8A as well as
non AS8A 8ldders)

Anchor lnvesLors*

234


lorelgn lnsLlLuLlonal lnvesLors (llls) and subaccounLs reglsLered wlLh SL8l oLher Lhan a subaccounL whlch
ls a forelgn corporaLe or a forelgn lndlvldual under Lhe Cl8 CaLegory
SubaccounLs of llls reglsLered wlLh SL8l whlch are forelgn corporaLe or forelgn lndlvlduals only under Lhe
non lnsLlLuLlonal 8ldders CaLegory

SclenLlflc and/or lndusLrlal 8esearch CrganlzaLlons auLhorlzed Lo lnvesL ln equlLy shares
lnsurance companles reglsLered wlLh lnsurance 8egulaLory and uevelopmenL AuLhorlLy lndla
rovldenL funds wlLh mlnlmum corpus of ` 2S00 lacs and who are auLhorlzed under Lhelr consLlLuLlon Lo
hold and lnvesL ln equlLy shares
enslon funds wlLh mlnlmum corpus of ` 2S00 lacs and who are auLhorlzed under Lhelr consLlLuLlon Lo
hold and lnvesL ln equlLy shares
naLlonal lnvesLmenL lund seL up by resoluLlon l no 2/3/200Suull daLed november 23 200S of
CovernmenL of lndla publlshed ln Lhe CazeLLe of lndla
MulLllaLeral and 8llaLeral uevelopmenL llnanclal lnsLlLuLlons
lnsurance funds seL up and managed by army navy or alr force of Lhe unlon of lndla
lnsurance funds seL up and managed by Lhe ueparLmenL of osLs lndla
ersons oLherwlse ellglble Lo lnvesL under all appllcable laws rules regulaLlons guldellnes and
Any oLher Cl8s permlLLed Lo lnvesL sub[ecL Lo compllance wlLh appllcable laws rules regulaLlons
guldellnes and approvals ln Lhe lssue

current/y os per the extont lul Po/icy of 6overnment of lndio loreiqn uirect lnvestment is not permitted in the
retoi/ trodinq of mu/tip/e bronds

4s per the existinq po/icy of the 6overnment of lndio Oc8s ore not o//owed to porticipote in this lssue

1he informotion obove ond otherwise contoined in this section os reqords investment /ows investments /imits
etc os opp/icob/e to vorious coteqories of investors is qiven for the benefit of 8idders Our compony 5yndicote
Member ond the 8kLMs ore not /iob/e for ony omendments or modificotion or chonqes in opp/icob/e /ows or
requ/otions which moy occur ofter the dote of the uroft ked nerrinq Prospectus

Anchor Investor ort|on

Cur Company may conslder parLlclpaLlon by Anchor lnvesLors ln Lhe lssue for up Lo 30 of Lhe Cl8 porLlon ln
accordance wlLh Lhe appllcable SL8l 8egulaLlons 1he Anchor lnvesLor 8ld/lssue perlod shall be one day prlor Lo Lhe
8ld/lssue Cpenlng uaLe 1he Cl8 orLlon shall be reduced Lo Lhe exLenL of allocaLlon under Lhe Anchor lnvesLor
orLlon ln accordance wlLh Lhe SL8l 8egulaLlons Lhe key Lerms for parLlclpaLlon ln Lhe Anchor lnvesLor orLlon are
as follows
(a) Anchor lnvesLors shall be Cl8s as deflned ln Lhe SL8l 8egulaLlons
(b) 1he Anchor lnvesLor 8ld musL be for a mlnlmum of such number of LqulLy Shares so LhaL Lhe Anchor lnvesLor 8ld
AmounL exceeds ` 100 mllllon and ln mulLlples of LqulLy Shares LhereafLer An Anchor lnvesLor 8ld cannoL be
submlLLed for more Lhan Lhe Anchor lnvesLor orLlon
(c) AL leasL one Lhlrd of Lhe Anchor lnvesLor orLlon shall be reserved for allocaLlon Lo domesLlc MuLual lunds on a
dlscreLlonary basls
(d) 1he blddlng for Anchor lnvesLors shall open one day before Lhe 8ld/lssue Cpenlng uaLe and shall be compleLed
on Lhe same day
(e) Cur Company ln consulLaLlon wlLh Lhe 8ook 8unnlng Lead Managers shall flnallse allocaLlon Lo Lhe Anchor
lnvesLors on a dlscreLlonary basls sub[ecL Lo compllance wlLh requlremenLs regardlng mlnlmum number of alloLees
(f) 1he number of LqulLy Shares allocaLed Lo Lhe Anchor lnvesLors and Lhe prlce aL whlch Lhe allocaLlon ls made
shall be made avallable ln publlc domaln by Lhe 8ook 8unnlng Lead Managers before Lhe 8ld/lssue Cpenlng uaLe
(g) Anchor lnvesLors shall pay Lhe enLlre 8ld AmounL aL Lhe Llme of submlsslon of Lhelr 8ld
(h) ln case Lhe lssue rlce ls greaLer Lhan Lhe Anchor lnvesLor rlce Lhe addlLlonal amounL belng Lhe dlfference
beLween Lhe lssue rlce and Anchor lnvesLor rlce shall be pald by Lhe Anchor lnvesLors ln Lhe evenL Lhe lssue rlce
ls lower Lhan Lhe Anchor lnvesLor rlce Lhe alloLmenL Lo Anchor lnvesLors shall be aL Anchor lnvesLor rlce



23S


(l) 1he LqulLy Shares alloLLed ln Lhe Anchor lnvesLor orLlon shall be lockedln for a perlod of 30 days from Lhe daLe
of AlloLmenL
([) 1he 8ook 8unnlng Lead Managers or any person relaLed Lo Lhe 8ook 8unnlng Lead
Managers/romoLer/promoLer group shall noL parLlclpaLe ln Lhe Anchor lnvesLor orLlon
(k) 8lds made by Cl8s under boLh Lhe Anchor lnvesLor orLlon and Lhe Cl8 orLlon shall noL be consldered as
mulLlple 8lds
(l) 1he paymenL lnsLrumenLs for paymenL lnLo Lhe Lscrow AccounL should be drawn ln favour of

ln case of 8esldenL Anchor lnvesLors Lscrow AccounL 8lML 8L1AlL ubllc lssue Anchor lnvesLor 8"
ln case of non8esldenL Anchor lnvesLor Lscrow AccounL 8lML 8L1AlL ubllc lssue Anchor lnvesLor
n8"
(m) 1he mlnlmum number of alloLees ln Lhe Anchor lnvesLor orLlon shall noL be less Lhan
Lwo where Lhe allocaLlon under Anchor lnvesLor orLlon ls up Lo ` 2S000 lacs and
flve where Lhe allocaLlon under Anchor lnvesLor orLlon ls more Lhan ` 2S000 lacs

AddlLlonal deLalls lf any regardlng parLlclpaLlon ln Lhe lssue under Lhe Anchor lnvesLor orLlon shall be dlsclosed ln
Lhe adverLlsemenL for Lhe rlce 8and publlshed by our Company ln one Lngllsh naLlonal dally newspaper one Plndl
naLlonal dally newspaper and one reglonal dally newspaper wlLh wlde clrculaLlon where Lhe 8eglsLered Cfflce of
our Company ls slLuaLed aL leasL Lwo Worklng uays prlor Lo Lhe 8ld / lssue Cpenlng uaLe

1he above |nformat|on |s g|ven for the benef|t of the 8|dders Cur Company and the 8ook kunn|ng Lead Managers
are not ||ab|e for any amendments or mod|f|cat|on or changes |n app||cab|e |aws or regu|at|ons wh|ch may occur
after the date of the Draft ked nerr|ng rospectus

art|c|pat|on by assoc|ates of the 8kLMs and the Synd|cate Members

1he 88LMs and Lhe SyndlcaLe Members shall noL be enLlLled Lo subscrlbe Lo Lhls lssue ln any manner excepL Lowards
fulfllllng Lhelr underwrlLlng obllgaLlons Powever assoclaLes and afflllaLes of Lhe 88LMs and Lhe SyndlcaLe Members
are enLlLled Lo subscrlbe for LqulLy Shares ln Lhe lssue lncludlng ln Lhe Cl8 orLlon (excludlng Lhe Anchor lnvesLor
orLlon) and non lnsLlLuLlonal orLlon where Lhe allocaLlon ls on a proporLlonaLe basls Such blddlng and
subscrlpLlon may be on Lhelr own accounL or Lhelr cllenLs 88LMs and any persons relaLed Lo Lhe 88LMs Lhe
romoLer and Lhe romoLer Croup cannoL apply ln Lhe lssue under Lhe Anchor lnvesLor orLlon

8idders ore odvised to ensure thot ony sinq/e 8id from them does not exceed the investment /imits or moximum
number of quity 5hores thot con be he/d by them under the re/evont /ows ru/es requ/otions quide/ines ond
opprovo/s or os specified in the uroft ked nerrinq Prospectus

8|ds by Mutua| Iunds

under Lhe SL8l lCu8 8egulaLlons aL leasL oneLhlrd of Lhe Anchor lnvesLor orLlon wlll be avallable for allocaLlon Lo
domesLlc MuLual lunds only on a dlscreLlonary basls and S of Lhe Cl8 orLlon le 187000 LqulLy Shares (to be
oJjosteJ fot Aocbot lovestot lottloo lf oppllcoble) are speclflcally reserved for MuLual lunds on a proporLlonaLe
basls An ellglble 8ld by a MuLual lund shall flrsL be consldered for allocaLlon proporLlonaLely ln Lhe MuLual lund
orLlon ln Lhe evenL LhaL Lhe demand ln Lhe MuLual lund orLlon ls greaLer Lhan 187000 LqulLy Shares (to be
oJjosteJ fot Aocbot lovestot lottloo lf oppllcoble) allocaLlon shall be made Lo MuLual lunds proporLlonaLely Lo Lhe
exLenL of Lhe MuLual lund orLlon 1he remalnlng demand by Lhe MuLual lunds shall as parL of Lhe aggregaLe
demand by Cl8 8ldders be avallable for allocaLlon proporLlonaLely ouL of Lhe remalnder of Lhe Cl8 orLlon afLer
excludlng Lhe allocaLlon ln Lhe MuLual lund orLlon

As pet tbe cotteot teqolotloos tbe followloq testtlctloos ote oppllcoble fot lovestmeots by motool fooJs

no muLual fund scheme shall lnvesL more Lhan 10 of lLs neL asseL value ln Lhe equlLy shares or equlLy relaLed
lnsLrumenLs of any company provlded LhaL Lhe llmlL of 10 shall noL be appllcable for lnvesLmenLs ln lndex funds or

236


secLor or lndusLry speclflc funds no muLual fund under all lLs schemes should own more Lhan 10 of any company's
paldup share caplLal carrylng voLlng rlghLs

1he 8lds made by asseL managemenL companles or cusLodlans of MuLual lunds shall clearly lndlcaLe Lhe name of
Lhe concerned scheme for whlch appllcaLlon ls belng made

In case of a mutua| fund a separate 8|d can be made |n respect of each scheme of the mutua| fund reg|stered
w|th SL8I and such 8|ds |n respect of more than one scheme of the mutua| fund w||| not be treated as mu|t|p|e
8|ds prov|ded that the 8|ds c|ear|y |nd|cate the scheme concerned for wh|ch the 8|d has been made

8|ds by L||g|b|e NkIs

Lllglble n8ls are requlred Lo comply wlLh Lhe followlng
8ld cum AppllcaLlon lorms wlll be made avallable for Lllglble n8ls aL our 8eglsLered Cfflce 88LMs and wlLh
Lhe members of Lhe SyndlcaLe
Lllglble n8ls may please noLe LhaL only such appllcaLlons as are accompanled by paymenL ln free forelgn
exchange or by deblL Lo Lhelr non 8esldenL LxLernal (n8L) / lorelgn Currency non 8esldenL (lCn8) accounLs
shall be consldered for AlloLmenL under Lhe Lllglble n8l caLegory on repaLrlable basls 1he n8ls who lnLend
Lo make paymenL Lhrough non8esldenL Crdlnary (n8C) le on non repaLrlaLlon basls accounLs shall use
Lhe 8ld cum AppllcaLlon lorm meanL for 8esldenL lndlans and shall noL use Lhe forms meanL for Lllglble
n8ls le ln colour
All lnsLrumenLs accompanylng blds shall be payable ln Mumbal only

8|ds by IIIs

As pet tbe cotteot teqolotloos tbe followloq testtlctloos ote oppllcoble fot lovestmeots by llls

1he lssue of LqulLy Shares Lo a slngle lll should noL exceed 10 of LoLal posLlssue paldup share caplLal ln respecL
of an lll lnvesLlng ln Lhe LqulLy Shares on behalf of lLs subaccounLs Lhe lnvesLmenL on behalf of each subaccounL
shall noL exceed 10 of Lhe LoLal paldup share caplLal or S of Lhe Companys LoLal paldup share caplLal ln case
such subaccounL ls a forelgn corporaLe or a forelgn lndlvldual As of now Lhe aggregaLe lll holdlng ln Lhe Company
cannoL exceed 24 of Lhe Company's LoLal paldup share caplLal WlLh Lhe approval of Lhe 8oard of ulrecLors and
Lhe shareholders by way of a speclal resoluLlon Lhe aggregaLe lll holdlng can go up Lo 100

A sub accounL of a lll whlch ls a forelgn corporaLe or forelgn lndlvldual shall noL be consldered Lo be a Cuallfled
lnsLlLuLlonal 8uyer as deflned under Lhe SL8l 8egulaLlons for Lhe lssue

Sub[ecL Lo compllance wlLh all appllcable lndlan laws rules regulaLlons guldellnes and approvals ln Lerms of
regulaLlon 1SA(1) of Lhe SL8l (lorelgn lnsLlLuLlonal lnvesLors) 8egulaLlons 199S as amended by Lhe SL8l(lorelgn
lnsLlLuLlonal lnvesLors)(AmendmenL) 8egulaLlons 2008 (SL8I III kegu|at|ons") an lll as deflned ln Lhe SL8l lll
8egulaLlons or lLs sub accounL may lssue deal or hold off shore derlvaLlve lnsLrumenLs(deflned under Lhe SL8l lll
8egulaLlons as any lnsLrumenL by whaLever name called whlch ls lssued overseas by a forelgn lnsLlLuLlonal lnvesLor
agalnsL securlLles held by lL LhaL are llsLed or proposed Lo be llsLed on any recognlsed sLock exchange ln lndla as lLs
underlylng) dlrecLly or lndlrecLly only ln Lhe evenL (l) such offshore derlvaLlve lnsLrumenLs are lssued only Lo
persons who are regulaLed by an approprlaLe forelgn regulaLory auLhorlLy and (ll) such offshore derlvaLlve
lnsLrumenLs are lssued afLer compllance wlLh 'know your cllenL' norms 1he lll ls also requlred Lo ensure LhaL no
furLher lssue or Lransfer of any Cffshore uerlvaLlve lnsLrumenL lssued by lL ls made Lo any persons LhaL are noL
regulaLed by an approprlaLe forelgn regulaLory auLhorlLy as deflned under Lhe SL8l lll 8egulaLlons SubaccounLs of
llls are noL permlLLed Lo lssue offshore derlvaLlve lnsLrumenLs AssoclaLes and afflllaLes of Lhe underwrlLers
lncludlng Lhe 88LMs and Lhe SyndlcaLe Members LhaL are llls may lssue offshore derlvaLlve lnsLrumenLs agalnsL
LqulLy Shares AlloLLed Lo Lhem ln Lhe lssue





237


8|ds by SL8I reg|stered Venture Cap|ta| Iunds and Iore|gn Venture Cap|ta| Investors

As pet tbe cotteot teqolotloos tbe followloq testtlctloos ote oppllcoble fot 58l teqlsteteJ veotote copltol looJs ooJ
lotelqo veotote copltol lovestots

1he SL8l (venLure CaplLal lunds) 8egulaLlons 1996 and Lhe SL8l (lorelgn venLure CaplLal lnvesLor) 8egulaLlons
2000 prescrlbe lnvesLmenL resLrlcLlons on venLure caplLal funds and forelgn venLure caplLal lnvesLors respecLlvely
reglsLered wlLh SL8l Accordlngly Lhe holdlng ln any company by any lndlvldual venLure caplLal fund or lvCl should
noL exceed 2S of Lhe corpus of Lhe venLure caplLal fund/forelgn venLure caplLal lnvesLor Powever venLure caplLal
funds or forelgn venLure caplLal lnvesLors may lnvesL noL more Lhan 3333 of Lhelr respecLlve lnvesLlble funds ln
varlous prescrlbed lnsLrumenLs lncludlng ln lCs

ursuanL Lo Lhe SL8l lCu8 8egulaLlons Lhe shareholdlng of SL8lreglsLered vCl and lvCl held ln a company prlor Lo
maklng an lnlLlal publlc offerlng would be exempL from lockln requlremenLs only lf Lhe shares have been held by
Lhem for aL leasL one year prlor Lo Lhe Llme of flllng Lhe urafL 8ed Perrlng rospecLus wlLh SL8l

1he above |nformat|on |s g|ven for the benef|t of the 8|dders 1he 8|dders are adv|sed to make the|r own
enqu|r|es about the ||m|ts app||cab|e to them Cur Company |ts D|rectors and off|cers the 8kLMs do not accept
any respons|b|||ty for the comp|eteness and accuracy of the |nformat|on stated here|nabove Cur Company |ts
D|rectors and off|cers and the 8kLMs are not ||ab|e to |nform the |nvestors of any amendments or mod|f|cat|on or
changes |n app||cab|e |aws or regu|at|ons wh|ch may occur after the date of the Draft ked nerr|ng rospectus
8|dders are adv|sed to make the|r |ndependent |nvest|gat|ons and ensure that the number of Lqu|ty Shares 8|d
for do not exceed the app||cab|e |nvestment ||m|ts under |aws or regu|at|ons or max|mum number of Lqu|ty
Shares that can be he|d by them under app||cab|e |aws

Max|mum and M|n|mum 8|d S|ze

(a) Ior keta|| Ind|v|dua| 8|dders 1he 8ld musL be for a mlnlmum of LqulLy Shares and ln mulLlples of LqulLy
Share LhereafLer so as Lo ensure LhaL Lhe 8ld AmounL payable by Lhe 8ldder does noL exceed ` 200000 ln case of
revlslon of 8lds Lhe 8eLall lndlvldual 8ldders have Lo ensure LhaL Lhe 8ld AmounL does noL exceed ` 200000 ln
case Lhe 8ld AmounL ls over ` 200000 due Lo revlslon of Lhe 8ld or revlslon of Lhe rlce 8and or on exerclse of cuL
off opLlon Lhe 8ld would be consldered for allocaLlon under Lhe non lnsLlLuLlonal orLlon 1he opLlon Lo 8ld aL CuL
off rlce ls an opLlon glven Lo Lhe 8eLall lndlvldual 8ldders (lncludlng AS8A 8ldders) lndlcaLlng Lhelr agreemenL Lo 8ld
and purchase aL Lhe lssue rlce as deLermlned aL Lhe end of Lhe 8ook 8ulldlng rocess

(b) Ior Cther 8|dders (Non Inst|tut|ona| 8|dders and I8s b|dd|ng |n the I8 ort|on) 1he 8ld musL be for a
mlnlmum of such number of LqulLy Shares such LhaL Lhe 8ld AmounL exceeds ` 200000 and ln mulLlples of
LqulLy Shares LhereafLer A 8ld cannoL be submlLLed for more Lhan Lhe lssue slze Powever Lhe maxlmum 8ld by a
Cl8 lnvesLor should noL exceed Lhe lnvesLmenL llmlLs prescrlbed for Lhem by appllcable laws Under ex|st|ng SL8I
ICDk kegu|at|ons a I8 8|dder b|dd|ng |n the I8 ort|on cannot w|thdraw |ts 8|d after the 8|d]Issue C|os|ng Date
and |s requ|red to pay the ent|re 8|d Amount upon subm|ss|on of the 8|d

ln case of revlslon ln 8lds Lhe non lnsLlLuLlonal 8ldders who are lndlvlduals have Lo ensure LhaL Lhe 8ld AmounL ls
greaLer Lhan ` 200000 for belng consldered for allocaLlon ln Lhe non lnsLlLuLlonal orLlon ln case Lhe 8ld AmounL
reduces Lo ` 200000 or less due Lo a revlslon ln 8lds or revlslon of Lhe rlce 8and 8lds by non lnsLlLuLlonal 8ldders
who are oLherwlse ellglble for allocaLlon ln Lhe 8eLall orLlon would be consldered for allocaLlon under Lhe 8eLall
orLlon non lnsLlLuLlonal 8ldders and Cl8s are noL allowed Lo 8ld aL CuLoff rlce aymenLs made upon any
revlslon of 8lds wlll be ad[usLed agalnsL Lhe paymenL made aL Lhe Llme of Lhe orlglnal 8ld or Lhe prevlously revlsed
8ld as appllcable

(c) Ior 8|dders |n the Anchor Investor ort|on Cnly Cl8s can parLlclpaLe ln Lhe Anchor lnvesLor orLlon 1he 8ld
musL be for a mlnlmum of such number of LqulLy Shares such LhaL Lhe 8ld AmounL ls for ` 100 mllllon or more and


238


ln mulLlples of LqulLy Shares LhereafLer 8lds by Anchor lnvesLors under Lhe Anchor lnvesLor orLlon and ln Lhe
Cl8 orLlon (excludlng Anchor lnvesLor orLlon) shall noL be consldered as mulLlple 8lds A 8ld cannoL be submlLLed
for more Lhan 30 of Lhe Cl8 orLlon Anchor Investors cannot w|thdraw the|r 8|ds after the Anchor Investor 8|d]
Issue er|od and are requ|red to pay the ent|re 8|d Amount at the t|me of subm|ss|on of the 8|d

Informat|on for the 8|dders
(a) 1he urafL 8ed Perrlng rospecLus wlll be flled by our Company wlLh Lhe 8oC aL leasL Lhree days before Lhe
8ld/lssue Cpenlng uaLe
(b) 1he members of Lhe SyndlcaLe wlll clrculaLe coples of Lhe 8ld cum AppllcaLlon lorm Lo poLenLlal lnvesLors and aL
Lhe requesL of poLenLlal lnvesLors coples of Lhe urafL 8ed Perrlng rospecLus 1he SCS8 shall ensure LhaL Lhe
abrldged prospecLus ls made avallable on Lhere webslLe
(c) Cur Company and Lhe 88LMs wlll declare Lhe 8ld/lssue Cpenlng uaLe 8ld/lssue Closlng uaLe aL Lhe Llme of flllng
Lhe urafL 8ed Perrlng rospecLus wlLh Lhe 8oC and also publlsh Lhe same ln Lwo naLlonal newspapers (one each ln
Lngllsh and Plndl) and one reglonal newspaper where Lhe 8eglsLered Cfflce of our Company ls slLuaLed each wlLh
wlde clrculaLlon lurLher lL shall also be dlsplayed on Lhe webslLe of our Company wwwLheprlmeln 1he lloor
rlce ls Llmes Lhe face value and Lhe Cap rlce ls Llmes Lhe face value 1he rlce 8and and Lhe Mlnlmum 8ld
LoL wlll be declded by our Company ln consulLaLlon wlLh Lhe 88LMs and adverLlsed by Lhe company aL leasL Lwo (2)
worklng days prlor Lo Lhe 8ld / lssue Cpenlng uaLe
(d) 1he members of Lhe SyndlcaLe shall accepL 8lds from Lhe 8ldder durlng Lhe 8lddlng erlod ln accordance wlLh
Lhe Lerms of Lhe SyndlcaLe AgreemenL
(e) Any lnvesLor (who ls ellglble Lo lnvesL ln our LqulLy Shares) who would llke Lo obLaln Lhe urafL 8ed Perrlng
rospecLus and/ or Lhe 8ld cum AppllcaLlon lorm can obLaln Lhe same from our 8eglsLered Cfflce 88LMs or from
any of Lhe members of Lhe SyndlcaLe
(f) 1he 8lds should be submlLLed on Lhe prescrlbed 8ld cum AppllcaLlon lorm only 8ld cum AppllcaLlon lorms (oLher
Lhan elecLronlc Lhe AS8A 8ld cum AppllcaLlon lorm) should bear Lhe sLamp of Lhe 88LM or member of SyndlcaLe
oLherwlse Lhey wlll be re[ecLed 8lds by AS8A 8ldders shall be accepLed by Lhe ueslgnaLed 8ranches of SCS8s ln
accordance wlLh Lhe SL8l lCu8 8egulaLlons and any clrculars lssued by SL8l ln Lhls regard
(g) 1he 8ldders can 8ld aL any prlce wlLhln Lhe rlce 8and ln mulLlples of LqulLy Shares ln accordance wlLh Lhe
SL8l lCu8 8egulaLlons our Company ln consulLaLlon wlLh Lhe 88LMs reserves Lhe rlghL Lo revlse Lhe rlce 8and
durlng Lhe 8lddlng/lssue perlod 1he cap on Lhe rlce 8and wlll noL be more Lhan 120 of Lhe floor of Lhe rlce
8and Sub[ecL Lo compllance wlLh Lhe lmmedlaLely precedlng senLence Lhe floor of Lhe rlce 8and can move up or
down Lo Lhe exLenL of 20 of Lhe floor of Lhe rlce 8and
(h) ln case Lhe rlce 8and ls revlsed Lhe 8lddlng/lssue perlod shall be exLended by an addlLlonal Lhree worklng
days sub[ecL Lo Lhe LoLal 8lddlng/lssue perlod noL exceedlng 10 worklng uays 1he revlsed rlce 8and and
8lddlng/lssue perlod lf appllcable wlll be wldely dlssemlnaLed by noLlflcaLlon Lo Lhe SLock Lxchanges and by
publlshlng ln Lwo naLlonal newspapers (one each ln Lngllsh and Plndl) and one reglonal newspaper wlLh wlde
clrculaLlon ln Lhe place where our 8eglsLered Cfflce ls slLuaLed and
also by lndlcaLlng Lhe change on Lhe webslLes of Lhe 88LMs and aL Lhe Lermlnals of Lhe members of Lhe SyndlcaLe

Method and rocess of 8|dd|ng

(a) Cur Company along wlLh Lhe 88LMs shall declare Lhe 8ld/lssue Cpenlng uaLe 8ld/lssue Closlng uaLe aL Lhe Llme
of flllng Lhe urafL 8ed Perrlng rospecLus wlLh 8oC and also publlsh Lhe same ln one Lngllsh naLlonal dally
newspaper one Plndl naLlonal dally newspaper and one reglonal language newspaper each wlLh wlde clrculaLlon ln
Lhe place where our 8eglsLered Cfflce ls slLuaLed 1hls adverLlsemenL sub[ecL Lo Lhe provlslons of SecLlon 66 of Lhe
Companles AcL shall be ln Lhe formaL prescrlbed ln Schedule xlll of Lhe SL8l (lCu8) 8egulaLlons 2009 1he rlce 8and
and Lhe Mlnlmum 8ld LoL for Lhe lssue wlll be declded by our Company ln consulLaLlon wlLh Lhe 88LMs lncludlng Lhe
relevanL flnanclal raLlos compuLed for boLh Lhe Cap rlce and lloor rlce and adverLlsed aL leasL Lwo worklng days
prlor Lo Lhe 8ld/lssue Cpenlng uaLe ln one Lngllsh naLlonal dally newspaper one Plndl naLlonal dally newspaper and
one reglonal language newspaper where Lhe 8eglsLered offlce of our Company ls slLuaLed each wlLh wlde
clrculaLlon 1he members of Lhe SyndlcaLe and Lhe SCS8s shall accepL 8lds from Lhe 8ldders durlng Lhe 8ld/lssue
erlod
(b) 1he 8lddlng erlod shall be for a mlnlmum of Lhree worklng days and noL exceedlng 10 worklng days (lncludlng
Lhe days for whlch Lhe lssue ls open ln case of revlslon ln rlce 8and) ln case Lhe rlce 8and ls revlsed Lhe revlsed


239


rlce 8and and Lhe 8lddlng erlod wlll be wldely dlssemlnaLed by noLlflcaLlon Lo SCS8s 8SL and nSL and wlll be
publlshed ln one Lngllsh naLlonal dally newspaper one Plndl naLlonal dally newspaper and one reglonal language
newspaper where Lhe 8eglsLered Cfflce of our Company ls slLuaLed each wlLh wlde clrculaLlon and also by
lndlcaLlng Lhe change on Lhe webslLes of Lhe 88LMs and aL Lhe Lermlnals of members of Lhe SyndlcaLe and Lhe
8lddlng erlod may be exLended lf requlred by an addlLlonal Lhree worklng days sub[ecL Lo Lhe LoLal 8lddlng erlod
noL exceedlng 10 worklng days
(c) uurlng Lhe 8ld/lssue erlod ellglble lnvesLors who are lnLeresLed ln subscrlblng for Lhe LqulLy Shares should
approach Lhe members of Lhe SyndlcaLe or Lhelr auLhorlzed agenLs Lo reglsLer Lhelr 8ld
(d) Lach 8ld cum AppllcaLlon lorm wlll glve Lhe 8ldder Lhe cholce Lo 8ld for up Lo Lhree opLlonal prlces (for deLalls
see 8lds aL ulfferenL rlce Levels" below) wlLhln Lhe rlce 8and and speclfy Lhe demand (le Lhe number of LqulLy
Shares 8ld for) ln each opLlon 1he prlce and demand opLlons submlLLed by Lhe 8ldder ln Lhe 8ld cum AppllcaLlon
lorm wlll be LreaLed as opLlonal demands from Lhe 8ldder and wlll noL be cumulaLed AfLer deLermlnaLlon of Lhe
lssue rlce Lhe maxlmum number of LqulLy Shares 8ld for by a 8ldder aL or above Lhe lssue rlce wlll be consldered
for allocaLlon/AlloLmenL and Lhe resL of Lhe 8ld(s) lrrespecLlve of Lhe 8ld AmounL wlll become auLomaLlcally
lnvalld
(e) 1he 8ldder cannoL 8ld on anoLher 8ld cum AppllcaLlon lorm afLer 8lds on one 8ld cum AppllcaLlon lorm have
been submlLLed Lo any member of Lhe SyndlcaLe or a SCS8 respecLlvely Submlsslon of an addlLlonal 8ld cum
AppllcaLlon lorm Lo elLher Lhe same or Lo anoLher member of Lhe SyndlcaLe or AS8A lorm Lo any SCS8 wlll be
LreaLed as mulLlple 8lds and ls llable Lo be re[ecLed elLher before enLerlng Lhe 8ld lnLo Lhe elecLronlc blddlng sysLem
or aL any polnL of Llme prlor Lo Lhe allocaLlon or AlloLmenL of LqulLy Shares ln Lhls lssue Powever Lhe 8ldder can
revlse Lhe 8ld Lhrough Lhe 8evlslon lorm Lhe procedure for whlch ls deLalled ln Lhe 8ollJ up of tbe 8ook ooJ
kevlsloo of 8lJs beglnnlng on page 244 of Lhe urafL 8ed Perrlng rospecLus rovlded LhaL 8lds submlLLed by a Cl8
ln Lhe Anchor lnvesLor orLlon and ln Lhe neL Cl8 orLlon wlll noL be consldered as MulLlple 8lds
(f) 1he 88LMs shall accepL 8lds from Lhe Anchor lnvesLors durlng Lhe Anchor lnvesLor 8ld/lssue erlod le one uay
prlor Lo Lhe 8ld/ lssue Cpenlng uaLe
(g) upon recelpL of Lhe AS8A 8ld cum AppllcaLlon lorm submlLLed wheLher ln physlcal or elecLronlc mode Lhe
ueslgnaLed 8ranch of Lhe SCS8 shall verlfy lf sufflclenL funds equal Lo Lhe 8ld AmounL are avallable ln Lhe AS8A
AccounL as menLloned ln Lhe AS8A 8ld cum AppllcaLlon lorm prlor Lo uploadlng such 8lds wlLh Lhe SLock
Lxchanges
(h) lf sufflclenL funds are noL avallable ln Lhe AS8A AccounL Lhe ueslgnaLed 8ranch of Lhe SCS8 shall re[ecL such 8lds
and shall noL upload such 8lds wlLh Lhe SLock Lxchanges
(l) lf sufflclenL funds are avallable ln Lhe AS8A AccounL Lhe SCS8 shall block an amounL equlvalenL Lo Lhe 8ld
AmounL menLloned ln Lhe AS8A 8ld cum AppllcaLlon lorm and wlll enLer each 8ld opLlon lnLo Lhe elecLronlc blddlng
sysLem as a separaLe 8ld and generaLe a 18S for each prlce and demand opLlon 1he 18S shall be furnlshed Lo Lhe
AS8A 8ldder on requesL
([) uurlng Lhe 8lddlng perlod 8ldders (oLher Lhan Cl8s) may approach Lhe members of Lhe SyndlcaLe or Lhelr
auLhorlzed agenL Lo submlL Lhelr 8ld Lvery member of Lhe SyndlcaLe shall accepL blds from 8ldders who place
orders Lhrough Lhem and shall have Lhe rlghL Lo veL Lhe 8lds sub[ecL Lo Lhe Lerms of Lhe SyndlcaLe AgreemenL and
Lhe urafL 8ed Perrlng rospecLus
(k) LxcepL ln relaLlon Lo Lhe 8lds recelved from Lhe Anchor lnvesLors Lhe members of Lhe SyndlcaLe wlll enLer each
8ld opLlon lnLo Lhe elecLronlc blddlng sysLem as a separaLe 8ld and generaLe a 1ransacLlon 8eglsLraLlon Sllp (1kS")
for each prlce and demand opLlon and glve Lhe same Lo Lhe 8ldder 1herefore a 8ldder can recelve up Lo Lhree 18Ss
for each 8ld cum AppllcaLlon lorm lL ls Lhe responslblllLy of Lhe 8ldder Lo obLaln Lhe 18S from Lhe member of Lhe
SyndlcaLe
(l) Along wlLh Lhe 8ld cum AppllcaLlon lorm all 8ldders wlll make paymenL ln Lhe manner descrlbed under 1etms of
loymeot ooJ loymeot loto tbe sctow Accooot(s) beglnnlng on page 2S2 of Lhe urafL 8ed Perrlng rospecLus
(m) 1he 88LMs shall dlspaLch Lhe urafL 8ed Perrlng rospecLus and oLher lssue maLerlal lncludlng AS8A lorms Lo
Lhe ueslgnaLed SLock Lxchange Lhe 8ankers Lo Lhe lssue lnvesLors' assoclaLlons and SCS8s ln advance

L|ectron|c keg|strat|on of 8|ds

upon recelpL of Lhe AS8A lorm wheLher ln physlcal or elecLronlc Lhe ueslgnaLed 8ranch shall reglsLer and upload
Lhe 8ld uslng onllne faclllLles of SLock Lxchanges 1he 8ook 8unnlng Lead Managers Lhe Co 8ook 8unnlng Lead

240


Manager our Company Lhe Selllng Shareholder lLs dlrecLors afflllaLes assoclaLes and Lhelr respecLlve dlrecLors and
offlcers and Lhe 8eglsLrar Lo Lhe lssue shall noL Lake any responslblllLy for acLs mlsLakes errors omlsslons and
commlsslons eLc ln relaLlon Lo 8lds accepLed by SCS8s 8lds uploaded by SCS8s 8lds accepLed buL noL uploaded by

SCS8s or 8lds accepLed and uploaded wlLhouL blocklng funds ln Lhe AS8A AccounLs lL shall be presumed LhaL for
8lds uploaded by SCS8s Lhe 8ld AmounL has been blocked ln Lhe relevanL AS8A AccounL

AL Lhe Llme of reglsLerlng each 8ld Lhe ueslgnaLed 8ranches shall enLer Lhe lnformaLlon perLalnlng Lo Lhe lnvesLor
lnLo Lhe onllne sysLem lncludlng Lhe followlng deLalls

name of Lhe 8ldder(s)
AppllcaLlon number
An
lnvesLor CaLegory and sub caLegory

keta|| NonInst|tut|ona| I8
(no sub caLegory) 1 lndlvldual
2 CorporaLe
3 CLhers
1 MuLual funds
2 llnanclal lnsLlLuLlons
3 lnsurance companles
4 lorelgn lnsLlLuLlonal lnvesLors
S CLher Lhan corporaLe and
lndlvldual sub accounLs oLhers

number of LqulLy Shares 8ld for
8ank accounL number
8ld amounL
ueposlLory parLlclpanL ldenLlflcaLlon no and
CllenL ldenLlflcaLlon number of Lhe 8ldder's beneflclary accounL

ln case of elecLronlc AS8A lorm Lhe AS8A 8ldder shall hlmself flll ln all Lhe above menLloned deLalls excepL Lhe
appllcaLlon number whlch shall be sysLem generaLed 1he SCS8s shall LhereafLer upload all Lhe above menLloned
deLalls ln Lhe elecLronlc blddlng sysLem provlded by Lhe SLock Lxchanges

A sysLem generaLed 18S wlll be glven Lo Lhe AS8A 8ldder upon requesL as proof of Lhe reglsLraLlon of Lhe 8ld lL ls
Lhe AS8A 8ldder's responslblllLy Lo obLaln Lhe 18S from Lhe ueslgnaLed 8ranches 1he reglsLraLlon of Lhe 8ld by Lhe
ueslgnaLed 8ranch does noL guaranLee LhaL Lhe LqulLy Shares 8ld for shall be AllocaLed Lo Lhe AS8A 8ldders Such
18S wlll be nonnegoLlable and by lLself wlll noL creaLe any obllgaLlon of any klnd

1he SLock Lxchanges offer a screenbased faclllLy for reglsLerlng 8lds for Lhe lssue whlch wlll be avallable on Lhe
Lermlnals of ueslgnaLed 8ranches durlng Lhe 8ld/lssue perlod 1he ueslgnaLed 8ranches can also seL up faclllLles for
offllne elecLronlc reglsLraLlon of 8lds sub[ecL Lo Lhe condlLlon LhaL Lhey wlll subsequenLly upload Lhe offllne daLa flle
lnLo Lhe onllne faclllLles for book bulldlng on a regular basls Cn Lhe 8ld/lssue Closlng uaLe Lhe ueslgnaLed 8ranches
shall upload Lhe 8lds Llll such Llme as may be permlLLed by Lhe SLock Lxchanges

1he SCS8 may re[ecL Lhe AS8A 8ld lf Lhe AS8A AccounL malnLalned wlLh Lhe SCS8 as menLloned ln Lhe
AS8A 8ld cum AppllcaLlon lorm does noL have sufflclenL funds equlvalenL Lo Lhe 8ld AmounL SubsequenL Lo Lhe
accepLance of Lhe 8ld by Lhe ueslgnaLed 8ranch our Company would have a rlghL Lo re[ecL Lhe 8lds only on
Lechnlcal grounds

8|ds at D|fferent r|ce Leve|s and kev|s|on of 8|ds

(a) 1he rlce 8and has been flxed aL ` Lo ` per LqulLy Share ` belng Lhe lloor rlce and ` belng Lhe
Cap rlce 1he 8ldders can 8ld aL any prlce wlLh ln Lhe rlce 8and ln mulLlples of ` 1 1he rlce 8and and Lhe
mlnlmum 8ld LoL Slze for Lhe lssue shall be declded by our Company ln consulLaLlon wlLh Lhe 88LMs and


241

adverLlsed ln Lhree newspapers (one ln Lngllsh one ln Plndl and ln one reglonal newspaper) aL leasL Lwo worklng
days prlor Lo Lhe 8ld/lssue Cpenlng uaLe
(b) Cur Company ln consulLaLlon wlLh Lhe 88LMs reserves Lhe rlghL Lo revlse Lhe rlce 8and durlng Lhe 8ld/lssue
erlod ln accordance wlLh Lhe SL8l lCu8 8egulaLlons provlded LhaL Lhe Cap rlce shall be less Lhan or equal Lo 120

of Lhe lloor rlce and Lhe lloor rlce shall noL be less Lhan Lhe face value of Lhe LqulLy Shares 1he revlslon ln rlce
8and shall noL exceed 20 on elLher slde le Lhe floor prlce can move up or down Lo Lhe exLenL of 20 of Lhe lloor
rlce dlsclosed aL leasL Lwo days prlor Lo Lhe 8ld/lssue Cpenlng uaLe and Lhe Cap rlce wlll be revlsed accordlngly
(c) Cur Company ln consulLaLlon wlLh Lhe 88LMs can flnallze Lhe Anchor lnvesLor lssue rlce wlLhln Lhe rlce 8and
ln accordance wlLh Lhls clause wlLhouL Lhe prlor approval of or lnLlmaLlon Lo Lhe Anchor lnvesLors
(d) ln case of revlslon ln Lhe rlce 8and Lhe lssue erlod wlll be exLended for Lhree addlLlonal days afLer revlslon of
rlce 8and sub[ecL Lo a maxlmum of 10 worklng days Any revlslon ln Lhe rlce 8and and Lhe revlsed 8lddlng erlod
lf appllcable wlll be wldely dlssemlnaLed by noLlflcaLlon Lo Lhe SCS8s SLock Lxchanges by lssulng a publlc noLlce ln
ln Lhe Lngllsh language ln Lhe Plndl language and ln Lhe reglonal language ln Lhe place where our
8eglsLered ls slLuaLed and also by lndlcaLlng Lhe change on Lhe webslLes of Lhe 88LMs SCS8s and aL Lhe Lermlnals of
members of Lhe SyndlcaLe
(e) Cur Company ln consulLaLlon wlLh Lhe 88LMs can flnallze Lhe lssue rlce wlLhln Lhe rlce 8and ln accordance
wlLh Lhls clause wlLhouL Lhe prlor approval of or lnLlmaLlon Lo Lhe 8ldders
(f) 1he 8ldder can 8ld aL any prlce wlLhln Lhe rlce 8and 1he 8ldder has Lo 8ld for Lhe deslred number of LqulLy
Shares aL a speclflc prlce 8eLall lndlvldual 8ldders applylng for a maxlmum 8ld ln any of Lhe blddlng opLlons noL
exceedlng ` 200000 may 8ld aL CuLoff rlce nowever b|dd|ng at Cutoff r|ce |s proh|b|ted for I8s and Non
Inst|tut|ona| 8|dders and such 8|ds from I8s and Non Inst|tut|ona| 8|dders sha|| be re[ected
(g) 8eLall lndlvldual 8ldders who 8ld aL Lhe CuLoff rlce agree LhaL Lhey shall purchase Lhe LqulLy Shares aL any prlce
wlLhln Lhe rlce 8and 8eLall lndlvldual 8ldders blddlng aL CuLoff rlce shall deposlL Lhe 8ld AmounL based on Lhe
Cap rlce ln Lhe Lscrow AccounL(s) ln Lhe evenL Lhe 8ld AmounL ls hlgher Lhan Lhe subscrlpLlon amounL payable by
Lhe 8eLall lndlvldual 8ldders who 8ld aL CuLoff rlce (le Lhe LoLal number of LqulLy Shares allocaLed ln Lhe lssue
mulLlplled by Lhe lssue rlce) Lhe 8eLall
lndlvldual 8ldders who 8ld aL CuLoff rlce shall recelve Lhe refund of Lhe excess amounLs from Lhe 8efund
AccounL(s) ln Lhe manner descrlbed under Lhe paragraph LlLled Poyment of kefund" beglnnlng on page 263 of Lhe
urafL 8ed Perrlng rospecLus
(h) ln case of an upward revlslon ln Lhe rlce 8and announced as above 8eLall lndlvldual 8ldders who had 8ld aL
CuLoff rlce could elLher (l) revlse Lhelr 8ld or (ll) make addlLlonal paymenL based on Lhe revlsed Cap rlce (such
LhaL Lhe LoLal amounL le orlglnal 8ld AmounL plus addlLlonal paymenL does noL exceed ` 200000 for 8eLall
lndlvldual 8ldders blddlng aL Lhe CuLoff rlce lf Lhe 8ldder wanLs Lo conLlnue Lo 8ld aL CuLoff rlce) wlLh Lhe
members of Lhe SyndlcaLe Lo whom Lhe orlglnal 8ld was
submlLLed or ln Lhe case of AS8A 8ldders lnsLrucL Lhe SCS8 Lo whom Lhe orlglnal 8ld was submlLLed Lo block
addlLlonal amounLs based on Lhe cap of Lhe revlsed rlce 8and ln case Lhe LoLal amounL (le orlglnal 8ld AmounL
plus addlLlonal paymenL) exceeds ` 200000 for 8eLall lndlvldual 8ldders blddlng aL Lhe CuLoff rlce Lhe 8ld wlll be
consldered for allocaLlon under Lhe non lnsLlLuLlonal orLlon ln Lerms of Lhe urafL 8ed Perrlng rospecLus lf
however Lhe 8ldder does noL elLher revlse Lhe 8ld or make
addlLlonal paymenL and Lhe lssue rlce ls hlgher Lhan Lhe Cap rlce prlor Lo revlslon Lhe number of LqulLy Shares
8ld for shall be ad[usLed downwards for Lhe purpose of AlloLmenL such LhaL Lhe no addlLlonal paymenL would be
requlred from Lhe 8ldder and Lhe 8ldder ls deemed Lo have approved such revlsed 8ld aL Lhe CuLoff rlce
(l) ln case of a downward revlslon ln Lhe rlce 8and announced as above 8eLall lndlvldual 8ldders who have 8ld aL
CuLoff rlce could elLher revlse Lhelr 8ld or Lhe excess amounL pald aL Lhe Llme of blddlng would be refunded from
Lhe Lscrow AccounL
([) ln Lhe evenL of any revlslon ln Lhe rlce 8and wheLher upwards or downwards Lhe mlnlmum appllcaLlon slze
shall remaln LqulLy Shares lrrespecLlve of wheLher Lhe 8ld AmounL payable on such mlnlmum appllcaLlon ls noL
ln Lhe range of ` S000 Lo ` 7000

IN ACCCkDANCL WI1n 1nL SL8I ICDk kLGULA1ICNS LUI1 SnAkLS WILL 8L ISSULD 1kANSILkkLD AND
ALLC1MLN1 SnALL 8L MADL CNL IN 1nL DLMA1LkIALISLD ICkM 1C 1nL ALLC11LLS ALLC11LLS WILL nAVL
1nL C1ICN 1C kLMA1LkIALISL 1nL LUI1 SnAkLS II 1nL SC DLSIkL AS Lk 1nL kCVISICNS CI 1nL
CCMANILS AC1 AND 1nL DLCSI1CkILS AC1 I1 IS MANDA1Ck ICk ALL 1nL 8IDDLkS 1C GL1 1nLIk LUI1

242


SnAkLS IN DLMA1LkIALISLD ICkM ALL 8IDDLkS SnCULD MLN1ICN 1nLIk DLCSI1Ck Ak1ICIAN1'S NAML
DLCSI1Ck Ak1ICIAN1 IDLN1IIICA1ICN NUM8Lk AND 8LNLIICIAk ACCCUN1 NUM8Lk IN 1nL 8ID CUM
ALICA1ICN ICkM INVLS1CkS MUS1 LNSUkL 1nA1 1nL NAML GIVLN IN 1nL 8ID CUM ALICA1ICN ICkM IS
LxAC1L 1nL SAML AS 1nL NAML IN WnICn 1nL DLCSI1Ck ACCCUN1 IS nLLD IN CASL 1nL 8ID CUM

ALICA1ICN ICkM IS SU8MI11LD IN ICIN1 NAMLS I1 SnCULD 8L LNSUkLD 1nA1 1nL DLCSI1Ck ACCCUN1 IS
ALSC nLLD IN 1nL SAML ICIN1 NAMLS AND AkL IN 1nL SAML SLULNCL IN WnICn 1nL ALAk IN 1nL 8ID
CUM ALICA1ICN ICkM
1he Lradlng of Lhe LqulLy Shares of our Company would be ln demaLerlallzed form only for all lnvesLors ln Lhe demaL
segmenL of Lhe respecLlve SLock Lxchanges 8ldders are advlsed Lo ensure LhaL any slngle 8ld from Lhem does noL
exceed Lhe lnvesLmenL llmlLs or maxlmum number of LqulLy Shares LhaL can be held by Lhem under Lhe relevanL
laws rules regulaLlons guldellnes and approvals

1erms of ayment and ayment |nto the Lscrow Account(s)

Lach 8ldder shall provlde full 8ld AmounL aL Lhe Llme of submlsslon of Lhe 8ld cum AppllcaLlon lorm by drawlng a
cheque or demand drafL for Lhe maxlmum amounL of Lhe 8ld ln favour of Lhe Lscrow AccounL(s) of Lhe Lscrow

CollecLlon 8ank(s) (for deLalls see paragraph LlLled loymeot losttoctloos beglnnlng on page 2S2 of Lhe urafL 8ed
Perrlng rospecLus and submlL Lhe same Lo Lhe member of Lhe SyndlcaLe Lo whom Lhe 8ld ls belng submlLLed 8ld
cum AppllcaLlon lorms accompanled by cash/sLock lnvesL/money order shall noL be accepLed 1he 8ldder may also
provlde Lhe full 8ld AmounL by way of an elecLronlc Lransfer of funds Lhrough Lhe 81CS mechanlsm Lach Cl8 shall
provlde Lhe full 8ld AmounL only Lo Lhe SyndlcaLe Member 1he full 8ld AmounL has Lo be pald aL Lhe Llme of Lhe
submlsslon of Lhe 8ld cum AppllcaLlon form 1he full 8ld AmounL shall be enLered and prlnLed on Lhe 18S whlch
shall be furnlshed upon requesL

1he members of Lhe SyndlcaLe shall deposlL Lhe cheque or demand drafL wlLh Lhe Lscrow CollecLlon 8ank(s) whlch
wlll hold such monles for Lhe beneflL of Lhe 8ldders unLll Lhe ueslgnaLed uaLe Cn Lhe ueslgnaLed uaLe Lhe Lscrow
CollecLlon 8ank(s) shall Lransfer Lhe funds equlvalenL Lo Lhe slze of Lhe lssue from Lhe Lscrow AccounL(s) as per Lhe
Lerms of Lhe Lscrow AgreemenL lnLo Lhe ubllc lssue AccounL wlLh Lhe 8anker(s) Lo Lhe lssue 1he balance amounL
afLer Lransfer Lo Lhe ubllc lssue AccounL shall be held for Lhe beneflL of Lhe 8ldders who are enLlLled Lo refunds

Lach caLegory of 8ldders le Anchor lnvesLors Cl8 8ldders non lnsLlLuLlonal 8ldders and 8eLall lndlvldual 8ldders
would be requlred Lo pay Lhe full 8ld AmounL aL Lhe Llme of Lhe submlsslon of Lhe 8ld cum AppllcaLlon lorm

ln accordance wlLh Lhe Companles AcL Lhe requlremenLs of Lhe SLock Lxchanges and Lhe SL8l 8egulaLlons our
Company furLher underLakes LhaL
(l) AlloLmenL of LqulLy Shares wlll be made only ln demaLerlallzed form lncludlng Lhe credlL of AlloLLed LqulLy Shares
Lo Lhe beneflclary accounLs of Lhe ueposlLory arLlclpanLs wlLhln 12 Worklng uays of Lhe 8ld Closlng uaLe
(ll) WlLh respecL Lo 8ldders oLher Lhan AS8A 8ldders dlspaLch of refund orders or ln case Lhe refund or porLlon
Lhereof ls made ln elecLronlc manner Lhe refund lnsLrucLlons are glven Lo Lhe clearlng sysLem wlLhln 12 Worklng
uays from Lhe 8ld Closlng uaLe wlll be ensured WlLh respecL Lo Lhe AS8A 8ldders lnsLrucLlons for unblocklng Lhe
AS8A AccounL wlll be made wlLhln 12 Worklng uays from Lhe 8ld Closlng uaLe and
(lll) lf allocaLlon advlce or refund orders have noL been dlspaLched Lo Lhe 8ldders or lf ln case Lhe refund or porLlon
Lhereof ls made ln elecLronlc manner Lhrough dlrecL credlL nLl1 81CS or nLCS Lhe refund lnsLrucLlons have noL
been lssued Lo Lhe clearlng sysLem ln Lhe dlsclosed manner and/or demaL credlLs are noL made Lo 8ldders wlLhln
elghL days from Lhe day our Company becomes llable Lo repay our Company and every offlcer ln defaulL wlll on and
from Lhe explry of such elghL days be [olnLly and severally llable Lo repay Lhe money wlLh lnLeresL aL 1S pet
oooom as prescrlbed under subsecLlon (2) and (2A) of secLlon 73 of Lhe Companles AcL

L|ectron|c keg|strat|on of 8|ds

(a) 1he members of Lhe SyndlcaLe and Lhe SCS8s wlll reglsLer Lhe 8lds recelved uslng Lhe onllne faclllLles of Lhe
SLock Lxchanges 1here wlll be aL leasL one onllne connecLlvlLy ln each clLy where Lhe sLock exchanges are locaLed
ln lndla and where such 8lds are belng accepLed 1he 88LMs our Company and Lhe 8eglsLrar Lo Lhe lssue are noL


243

responslble for any acLs mlsLakes or errors or omlsslon and commlsslons ln relaLlon Lo (l) Lhe 8lds accepLed by Lhe
members of Lhe SyndlcaLe and Lhe SCS8s (ll) Lhe 8lds uploaded by Lhe members of Lhe SyndlcaLe and Lhe SCS8s (lll)
Lhe 8lds accepLed buL noL uploaded
by Lhe members of Lhe SyndlcaLe and Lhe SCS8s or (lv) wlLh respecL Lo AS8A 8lds 8lds accepLed and uploaded
wlLhouL blocklng funds ln Lhe AS8A AccounLs Powever Lhe SCS8s shall be responslble for any errors ln Lhe 8ld
deLalls uploaded by Lhem lL shall be presumed LhaL for Lhe 8lds uploaded by Lhe SCS8s Lhe 8ld AmounL has been
blocked ln Lhe relevanL AS8A AccounL
(b) 1he SLock Lxchanges wlll offer a screenbased faclllLy for reglsLerlng such 8lds for Lhe lssue 1hls faclllLy wlll be
avallable on Lhe Lermlnals of Lhe members of Lhe SyndlcaLe and Lhelr auLhorlzed agenLs and Lhe SCS8s durlng Lhe
8lddlng erlod 1he SyndlcaLe Members and Lhe ueslgnaLed 8ranches can also seL up faclllLles for offllne elecLronlc
reglsLraLlon of 8lds sub[ecL Lo Lhe condlLlon LhaL lL wlll subsequenLly upload Lhe offllne daLa flle lnLo Lhe onllne
faclllLles for book bulldlng on a regular basls
(c) Cn Lhe 8ld/lssue Closlng uaLe Lhe members of Lhe SyndlcaLe and Lhe ueslgnaLed 8ranches of Lhe SCS8s shall
upload Lhe 8lds Llll such Llme as may be permlLLed by Lhe SLock Lxchanges 1hls lnformaLlon wlll be avallable wlLh
Lhe 88LMs on a regular basls 8ldders are cauLloned LhaL a hlgh lnflow of blds Lyplcally experlenced on Lhe lasL day
of Lhe blddlng may lead Lo some 8lds recelved on Lhe lasL day noL belng uploaded due Lo lack of sufflclenL uploadlng
Llme and such blds LhaL could noL uploaded wlll noL be consldered for allocaLlon 8lds wlll only be accepLed on
worklng days le Monday Lo lrlday (excludlng any publlc hollday)
(d) 1he aggregaLe demand and prlce for 8lds reglsLered on Lhe elecLronlc faclllLles of Lhe SLock Lxchanges wlll be
uploaded on a half hourly basls consolldaLed and dlsplayed onllne aL all blddlng cenLres and Lhe webslLe of Lhe
SLock Lxchanges A graphlcal represenLaLlon of consolldaLed demand and prlce would be made avallable aL Lhe
blddlng cenLers and aL Lhe webslLes of each of Lhe SLock Lxchanges durlng Lhe 8ld/ lssue erlod
(e) AL Lhe Llme of reglsLerlng each 8ld Lhe members of Lhe SyndlcaLe shall enLer Lhe followlng deLalls of Lhe lnvesLor
ln Lhe onllne sysLem
name of Lhe 8ldder 8ldders should ensure LhaL Lhe name glven ln Lhe 8ld cum AppllcaLlon lorm ls exacLly
Lhe same as Lhe name ln whlch Lhe ueposlLary AccounL ls held ln case Lhe 8ld cum AppllcaLlon lorm ls
submlLLed ln [olnL names 8ldders should ensure LhaL Lhe ueposlLory AccounL ls also held ln Lhe same [olnL
names and are ln Lhe same sequence ln whlch Lhey appear ln Lhe 8ld cum AppllcaLlon lorm
lnvesLor CaLegory lndlvldual CorporaLe Lllglble n8l ll lll or MuLual lund Cl8s lvCl eLc
numbers of LqulLy Shares 8ld for
8ld AmounL
8ld cum AppllcaLlon lorm number
ueposlLory arLlclpanL ldenLlflcaLlon number and CllenL ldenLlflcaLlon number of Lhe beneflclary accounL of
Lhe 8ldder
rlce opLlon
Cheque amounL
Cheque number
An excepL for 8lds on behalf of Lhe CenLral and SLaLe CovernmenLs resldenLs of Lhe sLaLe of Slkklm and
offlclals appolnLed by Lhe courLs

WlLh respecL Lo AS8A 8lds aL Lhe Llme of reglsLerlng each 8ld Lhe ueslgnaLed 8ranches of Lhe SCS8s shall enLer Lhe
followlng lnformaLlon perLalnlng Lo Lhe 8ldder lnLo Lhe elecLronlc blddlng sysLem
- name of Lhe 8ldder(s)
- AS8A 8ld cum AppllcaLlon lorm number
- An (of llrsL 8ldder lf more Lhan one 8ldder)
- lnvesLor CaLegory and SubCaLegory
keta|| Non|nst|tut|ona| I8s
(no sub caLegory) lndlvldual
CorporaLe
CLher
MuLual lunds
llnanclal lnsLlLuLlons
lnsurance companles
lorelgn lnsLlLuLlonal lnvesLors
oLher Lhan corporaLe and
lndlvldual
Sub accounLs

244


- u lu and cllenL ldenLlflcaLlon number
- CuanLlLy
- rlce
- 8ank AccounL number
- Cheque number
- Cheque AmounL

(f) A sysLem generaLed 18S wlll be glven Lo Lhe 8ldder as a proof of Lhe reglsLraLlon of each of Lhe blddlng opLlons It
|s the 8|dder's respons|b|||ty to obta|n the 1kS from the members of the Synd|cate or the Des|gnated 8ranches of
the SCS8s 1he reglsLraLlon of Lhe 8ld by Lhe member of Lhe SyndlcaLe or Lhe ueslgnaLed 8raches of Lhe SCS8s does
noL guaranLee LhaL Lhe LqulLy Shares shall be allocaLed/ AlloLLed elLher by Lhe members of Lhe SyndlcaLe or our
Company

(g) Such 18S wlll be nonnegoLlable and by lLself wlll noL creaLe any obllgaLlon of any klnd
(h) ln Lhe case of Cl8 8ldders ln Lhe Cl8 orLlon 88LMs may re[ecL any 8ld procured by any or all of Lhe SyndlcaLe
Member aL Lhe Llme of accepLance of 8ld cum AppllcaLlon lorm for reasons Lo be recorded ln wrlLlng for re[ecLlng
Lhe 8ld and Lhe reasons Lhereof shall be dlsclosed Lo such 8ldder ln case of non lnsLlLuLlonal 8ldders and 8eLall
lndlvldual 8ldders 8lds would noL be re[ecLed excepL on Lhe Lechnlcal grounds llsLed under Lhe paragraph LlLled
CtoooJs fot 1ecbolcol kejectloos beglnnlng on page 2S6 of Lhe urafL 8ed Perrlng rospecLus 1he SCS8s wlll noL
re[ecL 8lds excepL on Lhe Lechnlcal ground llsLed ln Lhls urafL 8ed Perrlng rospecLus
(l) 1he permlsslon glven by Lhe SLock Lxchanges Lo use Lhelr neLwork and sofLware of Lhe Cnllne lC sysLem should
noL ln any way be deemed or consLrued Lo mean LhaL Lhe compllance wlLh varlous sLaLuLory and oLher requlremenLs
by our Company and Lhe 88LMs are cleared or approved by Lhe SLock Lxchanges nor does lL ln any manner warranL
cerLlfy or endorse Lhe correcLness or compleLeness of any of Lhe compllance wlLh Lhe sLaLuLory and oLher
requlremenLs nor does lL Lake any responslblllLy for Lhe flnanclal or oLher soundness of our Company our
romoLers our managemenL or any scheme or pro[ecL of our Company
([) lL ls also Lo be dlsLlncLly undersLood LhaL Lhe approval glven by Lhe SLock Lxchanges should noL ln any way be
deemed or consLrued LhaL Lhe urafL 8ed Perrlng rospecLus has been cleared or approved by Lhe SLock Lxchanges
nor does lL ln any manner warranL cerLlfy or endorse Lhe correcLness or compleLeness of any of Lhe conLenLs of Lhe
urafL 8ed Perrlng rospecLus nor does lL warranL LhaL Lhe LqulLy Shares wlll be llsLed or wlll conLlnue Lo be llsLed on
Lhe SLock Lxchanges
(k) Cnly 8lds LhaL are uploaded on Lhe onllne lC sysLem of Lhe SLock Lxchanges shall be consldered for allocaLlon/
AlloLmenL 1he members of Lhe SyndlcaLe and Lhe SCS8s wlll be glven upLo one day afLer Lhe 8ld/lssue Closlng uaLe
Lo verlfy u lu and CllenL lu uploaded ln Lhe onllne lC sysLem durlng Lhe 8ld/lssue erlod afLer whlch Lhe daLa wlll
be senL Lo Lhe 8eglsLrar Lo Lhe lssue for reconclllaLlon and AlloLmenL of LqulLy Shares ln case of dlscrepancy of daLa
beLween Lhe SLock Lxchanges and Lhe members of Lhe SyndlcaLe or Lhe ueslgnaLed 8ranches of Lhe SCS8s Lhe
declslon of Lhe 88LMs based on Lhe physlcal records of 8ld cum AppllcaLlon lorms shall be flnal and blndlng on all
concerned
(l) ueLalls of 8lds ln Lhe Anchor lnvesLor orLlon wlll noL be reglsLered on Lhe onllne faclllLles of elecLronlc faclllLles
of 8SL and nSL ln Lhe evenL such 8ld AmounL has noL been blocked Lhe Anchor lnvesLor's 8ld shall be re[ecLed

8u||d Up of the 8ook and kev|s|on of 8|ds

(a) 1he blddlng process shall be only Lhrough an elecLronlcally llnked LransparenL blddlng faclllLy provlded by Lhe
SLock Lxchanges 8lds reglsLered by varlous 8ldders Lhrough Lhe members of Lhe SyndlcaLe and SCS8s shall be
elecLronlcally LransmlLLed Lo 8SL and nSL malnframe on a regular basls 1he blddlng Lermlnals shall conLaln an
onllne graphlcal dlsplay of Lhe aggregaLe demand and bld prlces updaLed aL perlodlc lnLervals noL exceedlng LhlrLy
mlnuLes
(b) 1he book geLs bullL up aL varlous prlce levels 1hls lnformaLlon wlll be avallable wlLh Lhe 88LMs on a regular
basls
(c) uurlng Lhe 8lddlng erlod any 8ldder who has reglsLered hls or her lnLeresL ln Lhe LqulLy Shares aL a parLlcular
prlce level ls free Lo revlse hls or her 8ld wlLhln Lhe rlce 8and uslng Lhe prlnLed 8evlslon lorm whlch ls a parL of Lhe
8ld cum AppllcaLlon lorm



24S


(d) 8evlslons can be made ln boLh Lhe deslred number of LqulLy Shares and Lhe 8ld AmounL by uslng Lhe 8evlslon
lorm AparL from menLlonlng Lhe revlsed opLlons ln Lhe revlslon form Lhe 8ldder musL also menLlon Lhe deLalls of
all Lhe opLlons ln hls or her 8ld cum AppllcaLlon lorm or earller 8evlslon lorm lor example lf a 8ldder has 8ld for
Lhree opLlons ln Lhe 8ld cum AppllcaLlon lorm and he ls changlng only one of Lhe opLlons ln Lhe 8evlslon lorm he
musL sLlll flll Lhe deLalls of Lhe oLher Lwo opLlons LhaL are noL belng revlsed ln Lhe 8evlslon lorm 1he members of
Lhe SyndlcaLe and Lhe SCS8s wlll noL accepL lncompleLe or lnaccuraLe 8evlslon lorms
(e) 1he 8ldder can make Lhls revlslon any number of Llmes durlng Lhe 8lddlng erlod Powever for any revlslon(s) ln
Lhe 8ld Lhe 8ldders wlll have Lo use Lhe servlces of Lhe same member of Lhe SyndlcaLe or Lhe SCS8s Lhrough whom
he or she had placed Lhe orlglnal 8ld 8ldders are advlsed Lo reLaln coples of Lhe blank 8evlslon lorm and Lhe
revlsed 8ld musL be made only ln such 8evlslon lorm or coples Lhereof
(f) ln case of an upward revlslon ln Lhe rlce 8and announced as above 8eLall lndlvldual 8ldders who had 8ld aL CuL
off rlce could elLher (l) revlse Lhelr 8ld or (ll) shall make addlLlonal paymenL based on Lhe cap of Lhe revlsed rlce
8and (such LhaL Lhe LoLal amounL le orlglnal 8ld AmounL plus addlLlonal paymenL does noL exceed ` 200000 lf Lhe
8ldder wanLs Lo conLlnue Lo 8ld aL CuLoff rlce) wlLh Lhe members of Lhe SyndlcaLe Lo whom Lhe orlglnal 8ld was
submlLLed ln case Lhe LoLal amounL (le orlglnal 8ld AmounL plus addlLlonal paymenL) exceeds ` 200000 Lhe 8ld
wlll be consldered for allocaLlon under Lhe nonlnsLlLuLlonal orLlon ln Lerms of Lhe urafL 8ed Perrlng rospecLus lf
however Lhe 8ldder does noL elLher revlse Lhe 8ld or make addlLlonal paymenL and Lhe lssue rlce ls hlgher Lhan
Lhe cap of Lhe rlce 8and prlor Lo revlslon Lhe number of LqulLy Shares 8ld for shall be ad[usLed downwards for Lhe
purpose of allocaLlon such LhaL no addlLlonal paymenL would be requlred from Lhe 8ldder and Lhe 8ldder ls
deemed Lo have approved such revlsed 8ld aL CuLoff rlce
(g) ln case of a downward revlslon ln Lhe rlce 8and announced as above 8eLall lndlvldual 8ldders who have bld aL
CuLoff rlce could elLher revlse Lhelr 8ld or Lhe excess amounL pald aL Lhe Llme of blddlng would be refunded from
Lhe 8efund AccounL
(h) Cur Company ln consulLaLlon wlLh Lhe 88LMs shall declde Lhe mlnlmum number of LqulLy Shares for each 8ld Lo
ensure LhaL Lhe mlnlmum appllcaLlon value ls wlLhln Lhe range of ` S000 Lo ` 7000
(l) Any revlslon of Lhe 8ld shall be accompanled by paymenL ln Lhe form of cheque or demand drafL for Lhe
lncremenLal amounL lf any Lo be pald on accounL of Lhe upward revlslon of Lhe 8ld 1he excess amounL lf any
resulLlng from downward revlslon of Lhe 8ld would be reLurned Lo Lhe 8ldder aL Lhe Llme of refund ln accordance
wlLh Lhe Lerms of Lhe urafL 8ed Perrlng rospecLus WlLh respecL Lo Lhe AS8A 8lds lf revlslon of Lhe 8lds resulLs ln
an lncremenLal amounL by an lnsLrucLlon Lo Lhe relevanL SCS8 Lo block Lhe addlLlonal 8ld amounL ln case of 8lds
oLher Lhan AS8A 8lds Lhe members of Lhe SyndlcaLe shall collecL Lhe paymenL ln Lhe form of cheque or demand
drafL lf any Lo be pald on accounL of upward revlslon of Lhe 8ld aL Lhe Llme of one or more revlslons ln such cases
Lhe members of Lhe SyndlcaLe wlll revlse Lhe earller 8ld deLalls wlLh Lhe revlsed 8ld and provlde Lhe cheque or
demand drafL number of Lhe new paymenL lnsLrumenL ln Lhe elecLronlc book 1he 8eglsLrar Lo Lhe lssue wlll
reconclle Lhe 8ld daLa and conslder Lhe revlsed 8ld daLa for preparlng Lhe 8asls of AlloLmenL
([) When a 8ldder revlses hls or her 8ld he or she shall surrender Lhe earller 18S and geL a revlsed 18S from Lhe
concerned member of Lhe SyndlcaLe or SCS8s as appllcable It |s the respons|b|||ty of the 8|dder to request for and
obta|n the rev|sed 1kS wh|ch w||| act as proof of h|s or her hav|ng rev|sed the prev|ous 8|d
(k) Cnly 8lds LhaL are uploaded on Lhe onllne lC sysLem of Lhe SLock Lxchanges shall be consldered for allocaLlon/
AlloLmenL ln Lhe evenL of a dlscrepancy of daLa beLween Lhe 8lds reglsLered on Lhe onllne lC sysLem and Lhe
physlcal 8ld cum AppllcaLlon form Lhe declslon of our Company ln consulLaLlon wlLh Lhe 88LMs based on Lhe
physlcal records of Lhe 8ld cum AppllcaLlon lorms shall be flnal and blndlng on all concerned
(l) 1he SyndlcaLe Members may modlfy selecLed flelds (vlz u lu and CllenL lu) ln Lhe 8ld deLalls already uploaded
upLo one day posL Lhe 8ld/lssue Closlng erlod

Under ex|st|ng SL8I (ICDk) kegu|at|ons 2009 a I8 8|dder b|dd|ng |n the I8 ort|on cannot w|thdraw |ts 8|d
after the 8|d]Issue C|os|ng Date







246


r|ce D|scovery and A||ocat|on

(a) AfLer Lhe 8ld/lssue Closlng uaLe Lhe 88LMs wlll analyze Lhe demand generaLed aL varlous prlce levels and
dlscuss Lhe prlclng sLraLegy wlLh our Company
(b) Cur Company ln consulLaLlon wlLh Lhe 88LMs shall flnallze Lhe lssue rlce
(c) AllocaLlon Lo Cl8s wlll be aL leasL S0 of Lhe lssue (lncludlng S of Cl8 orLlon speclflcally reserved for MuLual
lunds) noL less Lhan 1S of Lhe lssue wlll be avallable for allocaLlon Lo non lnsLlLuLlonal 8ldders and noL less Lhan
3S of Lhe lssue wlll be avallable for allocaLlon Lo 8eLall lndlvldual 8ldders on a proporLlonaLe basls ln Lhe manner
speclfled ln SL8l lCu8 8egulaLlons and Lhe urafL 8ed Perrlng rospecLus ln consulLaLlon wlLh Lhe ueslgnaLed SLock
Lxchange sub[ecL Lo valld blds belng recelved aL or above Lhe lssue rlce
(d) AllocaLlon Lo Anchor lnvesLors shall be aL Lhe dlscreLlon of our Company ln consulLaLlon wlLh Lhe 88LMs sub[ecL
Lo compllance wlLh Lhe SL8l lCu8 8egulaLlons ln Lhe evenL of under subscrlpLlon ln Lhe Anchor lnvesLor orLlon Lhe
balance LqulLy Shares shall be added Lo Lhe Cl8 orLlon (excludlng Lhe Anchor lnvesLor porLlon)
(e) lf Lhe lssue rlce ls hlgher Lhan Lhe Anchor lnvesLor AllocaLlon rlce Lhe addlLlonal amounL shall be pald by Lhe
Anchor lnvesLors Powever lf Lhe lssue rlce ls lower Lhan Lhe Anchor lnvesLor AllocaLlon rlce Lhe dlfference shall
noL be payable Lo Lhe Anchor lnvesLors
(f) lf aL leasL S0 of Lhe lssue ls noL alloLLed Lo Cl8s Lhe enLlre subscrlpLlon monles shall be refunded under
subscrlpLlon lf any ln Lhe Cl8 orLlon non lnsLlLuLlonal orLlon and 8eLall orLlon would be meL wlLh splll over
from any oLher caLegory aL Lhe dlscreLlon of our Company and ln consulLaLlon wlLh Lhe 88LMs Lhe ueslgnaLed SLock
Lxchange ln Lhe evenL LhaL Lhe aggregaLe demand ln Lhe Cl8 orLlon has been meL under subscrlpLlon ln oLher
caLegorles lf any would be allowed Lo be meL wlLh splllover from any oLher caLegory or comblnaLlon of caLegorles
aL Lhe dlscreLlon of our Company ln consulLaLlon wlLh Lhe 88LMs Lhe ueslgnaLed SLock Lxchange
(g) S of Lhe Cl8 orLlon shall be avallable for allocaLlon on a proporLlonaLe basls Lo MuLual lunds only (Lo be
ad[usLed for Anchor lnvesLor orLlon lf appllcable) 1he remalnder of Lhe Cl8 orLlon shall be avallable for
allocaLlon on a proporLlonaLe basls Lo Cl8s lncludlng MuLual funds sub[ecL Lo valld 8lds belng recelved from Lhem aL
or above Lhe lssue rlce lf Lhe aggregaLe demand by MuLual lunds ln Lhe MuLual lund orLlon ls less Lhan S of Lhe
Cl8 porLlon Lhe balance LqulLy Shares avallable for allocaLlon ln Lhe MuLual lund orLlon wlll flrsL be added Lo Lhe
Cl8 orLlon and be AlloLLed proporLlonaLely Lo Lhe Cl8 8ldders
(h) AllocaLlon Lo Lllglble n8ls llls ellglble / permlLLed sub accounLs of llls forelgn venLure caplLal funds reglsLered
wlLh SL8l applylng on repaLrlaLlon basls wlll be sub[ecL Lo appllcable law rules regulaLlons guldellnes approvals
and Lhe Lerms and condlLlons sLlpulaLed by Lhe ll8 and 88l whlle granLlng permlsslon for AlloLmenL of LqulLy
Shares Lo Lhem ln Lhls lssue
(l) 1he 88LMs ln consulLaLlon wlLh our Company shall noLlfy Lhe members of Lhe SyndlcaLe of Lhe lssue rlce and
allocaLlons Lo Lhelr respecLlve 8ldders where Lhe full 8ld AmounL has noL been collecLed from Lhe 8ldders
([) Cur Company reserves Lhe rlghL Lo cancel Lhe lssue any Llme afLer Lhe 8ld/lssue Cpenlng uaLe buL before Lhe
AlloLmenL and Lhe reasons Lhereof shall be glven as a publlc noLlce wlLhln Lwo days of Lhe cancellaLlon of Lhe lssue /
8ld/lssue Closlng uaLe 1he publlc noLlce wlll be lssued ln Lhe same newspapers where Lhe prelssue adverLlsemenLs
had appeared lurLher Lhe SLock Lxchanges wlll also be lnformed prompLly ln Lerms of Lhe SL8l ( lCu8 ) 8egulaLlons
2009 Cl8 8ldders blddlng ln Lhe Cl8 orLlon shall noL be allowed Lo wlLhdraw Lhelr 8ld afLer Lhe 8ld/lssue Closlng
uaLe
(k) Cur Company ln consulLaLlon wlLh Lhe 88LMs reserves Lhe rlghL Lo re[ecL any 8ld procured from Cl8 8ldders by
any or all SyndlcaLe Members ln case of Cl8 8ldders 88LMs may re[ecL any 8ld procured by any or all of Lhe
SyndlcaLe Member aL Lhe Llme of accepLance of 8ld cum AppllcaLlon lorm for reasons Lo be recorded ln wrlLlng for
re[ecLlng Lhe 8ld and Lhe reasons Lhereof shall be dlsclosed Lo such 8ldder
(l) Cl8 8ldders shall noL be allowed Lo wlLhdraw Lhelr 8ld afLer Lhe 8ld / lssue Closlng daLe lurLher Anchor
lnvesLors shall noL be allowed Lo wlLhdraw Lhelr 8ld afLer Lhe Anchor lnvesLor 8lddlng uaLe
(m) 1he AlloLmenL deLalls shall be puL on Lhe webslLe of 8eglsLrar Lo Lhe lssue

S|gn|ng of Underwr|t|ng Agreement and koC I|||ng

(a) Cur Company Lhe 88LMs and Lhe SyndlcaLe Members shall enLer lnLo an underwrlLlng AgreemenL on
flnallzaLlon of Lhe lssue rlce and AllocaLlon Lo Lhe 8ldders




247


(b) AfLer slgnlng Lhe underwrlLlng AgreemenL Lhe updaLed urafL 8ed Perrlng rospecLus/ 8ed Perrlng rospecLus
wlll be flled by our Company wlLh 8oC whlch Lhen would be Lermed 'rospecLus' 1he rospecLus would have
deLalls of Lhe lssue rlce lssue slze underwrlLlng arrangemenLs and would be compleLe ln all maLerlal respecLs
(c) We wlll flle a copy of Lhe urafL 8ed Perrlng rospecLus/8ed Perrlng rospecLus and rospecLus wlLh Lhe 8oC ln
Lerms of SecLlons S6 60 and 608 of Lhe Companles AcL

Announcement of reIssue Advert|sement

Sub[ecL Lo Lhe provlslons of secLlon 66 of Lhe Companles AcL 19S6 our Company shall afLer reglsLerlng Lhe 8ed
Perrlng rospecLus wlLh Lhe 8eglsLrar of Companles make a prelssue adverLlsemenL ln one Lngllsh naLlonal dally
newspaper one Plndl naLlonal dally newspaper and one reglonal language newspaper aL Lhe place where Lhe
8eglsLered Cfflce of Lhe lssuer ls slLuaLed each wlLh wlde clrculaLlon


Advert|sement regard|ng r|ce 8and

lf Lhe rlce 8and ls noL menLloned ln Lhe urafL 8ed Perrlng rospecLus Lhen our Company shall announce Lhe rlce
8and aL leasL Lwo worklng days before Lhe 8ld / lssue Cpenlng uaLe lncludlng Lhe relevanL flnanclal raLlos compuLed
for boLh Lhe Cap rlce and lloor rlce ln all Lhe newspapers ln whlch Lhe prelssue adverLlsemenL was released le
ln one Lngllsh naLlonal dally newspaper one Plndl naLlonal dally newspaper and one reglonal language newspaper
aL Lhe place where Lhe reglsLered offlce of Lhe lssuer ls slLuaLed each wlLh wlde clrculaLlon

Advert|sement regard|ng Issue r|ce and rospectus
A sLaLuLory adverLlsemenL wlll be lssued by our Company afLer Lhe flllng of Lhe rospecLus wlLh Lhe 8oC ln an
Lngllsh naLlonal newspaper a Plndl naLlonal newspaper and a reglonal newspaper where Lhe 8eglsLered Cfflce of
our Company ls slLuaLed each wlLh wlde clrculaLlon 1hls adverLlsemenL ln addlLlon Lo Lhe lnformaLlon LhaL has Lo
be seL ouL ln Lhe sLaLuLory adverLlsemenL shall lndlcaLe Lhe lssue rlce Any maLerlal updaLes beLween Lhe daLe of
Lhe urafL 8ed Perrlng rospecLus 8ed Perrlng rospecLus and Lhe rospecLus shall be lncluded ln such sLaLuLory
adverLlsemenL

Issuance of Conf|rmat|on of A||ocat|on Note ("CAN")

(a) upon approval of Lhe 8asls of AlloLmenL by Lhe ueslgnaLed SLock Lxchange Lhe 8eglsLrar Lo Lhe lssue shall send
Lo Lhe 88LMs and Lhe SyndlcaLe Members a llsL of Lhe 8ldders who have been allocaLed/ AlloLLed LqulLy Shares ln
Lhe lssue 1he approval of Lhe basls of AlloLmenL by Lhe ueslgnaLed SLock Lxchange for Cl8 8ldders ln Lhe Cl8
orLlon may be done slmulLaneously wlLh or prlor Lo Lhe approval of Lhe basls of AlloLmenL for Lhe 8eLall and non
lnsLlLuLlonal 8ldders Powever lnvesLors should noLe LhaL our Company shall ensure LhaL Lhe daLe of AlloLmenL of
Lhe LqulLy Shares Lo all lnvesLors ln Lhls lssue shall be done on Lhe same daLe 1he lnsLrucLlons by our Company for
Lhe demaL credlL of Lhe LqulLy Shares Lo all 8ldders ln Lhe lssue shall be done on Lhe same daLe lor Anchor
lnvesLors see noLlce Lo Anchor lnvesLors AlloLmenL 8econclllaLlon and 8evlsed CAns"
(b) 1he 88LMs or Lhe SyndlcaLe Members would dlspaLch a CAn Lo Lhelr 8ldders who have been allocaLed LqulLy
Shares ln Lhe lssue 1he dlspaLch of a CAn shall be deemed a valld blndlng and lrrevocable conLracL for Lhe 8ldder
Lo pay Lhe enLlre lssue rlce for all Lhe LqulLy Shares allocaLed Lo such 8ldder
(c) 8ldders who have been allocaLed LqulLy Shares and who have already pald Lhe 8ld AmounL lnLo Lhe Lscrow
AccounL(s) aL Lhe Llme of blddlng shall dlrecLly recelve Lhe CAn from Lhe 8eglsLrar Lo Lhe lssue sub[ecL however Lo
reallzaLlon of hls or her cheque or demand drafL pald lnLo Lhe Lscrow AccounL(s) 1he dlspaLch of a CAn shall be
deemed a valld blndlng and lrrevocable conLracL for Lhe 8ldder Lo pay Lhe enLlre lssue rlce for Lhe AlloLmenL Lo
such 8ldder
(d) 1he lssuance of CAn ls sub[ecL Lo Notice to l8s 4//otment keconci/iotion ond kevised c4Ns" as seL forLh
below




248


Not|ce to Anchor Investors A||otment keconc|||at|on and kev|sed CANs

AfLer Lhe Anchor lnvesLor 8lddlng uaLe a physlcal book wlll be prepared by Lhe 8eglsLrar on Lhe basls of 8ld cum
AppllcaLlon lorms recelved ln Lhe Anchor lnvesLor orLlon 8ased on Lhe physlcal book and aL Lhe dlscreLlon of our
Company and 8ook 8unnlng Lead Managers selecL Anchor lnvesLors may be senL a CAn wlLhln Lwo worklng days of
Lhe Anchor lnvesLor 8lddlng uaLe lndlcaLlng Lhe number of LqulLy Shares LhaL may be allocaLed Lo Lhem 1hls
provlslonal CAn and Lhe flnal allocaLlon ls sub[ecL Lo (a) physlcal appllcaLlon belng valld ln all respecLs along wlLh
sLlpulaLed documenLs belng recelved by Lhe 8eglsLrar Lo Lhe lssue (b) Lhe lssue rlce belng flnallzed aL a prlce noL
hlgher Lhan Lhe Anchor lnvesLor lssue rlce and (c) alloLmenL by Lhe 8oard of ulrecLors Sub[ecL Lo SL8l 8egulaLlons
cerLaln 8ld appllcaLlons may be re[ecLed due Lo Lechnlcal reasons nonrecelpL of funds cancellaLlon of cheques
cheque bounclng lncorrecL deLalls among oLher Lhlngs and Lhese re[ecLed appllcaLlons wlll be reflecLed ln Lhe
reconclllaLlon and basls of AlloLmenL as approved by Lhe ueslgnaLed SLock Lxchange ln such lnsLances or ln Lhe
evenL Lhe lssue rlce ls flxed hlgher LhaL Lhe Anchor lnvesLor lssue rlce a revlsed CAn may be senL Lo Anchor
lnvesLors prlce of Lhe LqulLy Shares ln such revlsed CAn may be dlfferenL from LhaL speclfled ln Lhe earller CAn
Anchor lnvesLors should noLe LhaL Lhey may be requlred Lo pay addlLlonal amounLs lf any by Lhe ayln uaLe
speclfled ln Lhe revlsed CAn for any lncreased allocaLlon or prlce of LqulLy Shares whlch shall ln no evenL be laLer
Lhan Lwo days afLer Lhe 8ld Closlng uaLe Any revlsed CAn lf lssued wlll supersede ln enLlreLy Lhe earller CAn


Not|ce to I8s A||otment keconc|||at|on and kev|sed CANs

Cl8s blddlng ln Lhe Cl8 orLlon wlll be senL a CAn lndlcaLlng Lhe number of LqulLy Shares LhaL may be allocaLed Lo
Lhem afLer Lhe flnal 8asls of AlloLmenL as approved by Lhe ueslgnaLed SLock Lxchange and reflecLed ln Lhe
reconclled physlcal book prepared by Lhe 8eglsLrar Lo Lhe lssue 1he CAn wlll consLlLuLe Lhe valld blndlng and
lrrevocable conLracL (sub[ecL only Lo Lhe lssue of a revlsed CAn) for Lhe Cl8 Lo pay Lhe enLlre lssue rlce for all Lhe
LqulLy Shares allocaLed Lo such Cl8 1he revlsed CAn lf lssued wlll supersede ln enLlreLy Lhe earller CAn

Des|gnated Date and A||otment of Lqu|ty Shares

(a) Cur Company wlll ensure LhaL (a) AlloLmenL of LqulLy Shares and (ll) credlL Lo Lhe successful 8ldder's deposlLory
accounL ls done wlLhln 12 Worklng uays of Lhe 8ld/lssue Closlng uaLe
(b) ln accordance wlLh Lhe SL8l lCu8 8egulaLlons LqulLy Shares wlll be lssued Lransferred and AlloLmenL shall be
made only ln Lhe demaLerlallzed form Lo Lhe AlloLLees AlloLLees wlll have Lhe opLlon Lo remaLerlallze Lhe LqulLy
Shares lf Lhey so deslre as per Lhe provlslons of Lhe Companles AcL and Lhe ueposlLorles AcL

Investors are adv|sed to |nstruct the|r Depos|tory art|c|pant to accept the Lqu|ty Shares that may be a||ocated/
A||otted to them pursuant to th|s Issue

Genera| Instruct|ons

uos
(a) Check lf you are ellglble Lo apply as per Lhe Lerms of Lhe urafL 8ed Perrlng rospecLus and under appllcable laws
rules regulaLlons guldellnes and approvals
(b) Lnsure LhaL you have 8ld wlLhln Lhe rlce 8and
(c) 8ead all Lhe lnsLrucLlons carefully and compleLe Lhe 8ld cum AppllcaLlon lorm
(d) Lnsure LhaL Lhe deLalls abouL ueposlLory arLlclpanL and 8eneflclary AccounL are correcL as AlloLmenL of LqulLy
Shares wlll be ln Lhe demaLerlallzed form only
(e) Lnsure LhaL Lhe beneflclary accounL ls acLlvaLed
(f) Lnsure LhaL Lhe 8lds are submlLLed aL Lhe blddlng cenLers only on forms bearlng Lhe sLamp of a SyndlcaLe
Member or wlLh respecL Lo AS8A 8ldders ensure LhaL your 8ld ls submlLLed aL a ueslgnaLed 8ranch of Lhe SCS8
where Lhe AS8A 8ldders or Lhe person whose bank accounL wlll be uLlllzed by Lhe AS8A 8ldder for blddlng has a
bank accounL
(g) Lnsure LhaL you have been glven a 18S for all your 8ld opLlons



249


(h) Lnsure LhaL you have funds equal Lo Lhe 8ld AmounL ln your bank accounL malnLalned wlLh Lhe SCS8 before
submlLLlng Lhe AS8A 8ld cum AppllcaLlon lorm Lo Lhe respecLlve ueslgnaLed 8ranch of Lhe SCS8
(l) SubmlL revlsed 8lds Lo Lhe same member of Lhe SyndlcaLe Lhrough whom Lhe orlglnal 8ld was placed and obLaln a
revlsed 18S
([) Lnsure LhaL Lhe full 8ld AmounL ls pald for Lhe 8lds submlLLed Lo Lhe members of Lhe SyndlcaLe and funds
equlvalenL Lo Lhe 8ld AmounL are blocked ln case of any 8lds submlLLed Lhough Lhe SCS8s
(k) WlLh respecL Lo AS8A 8lds ensure LhaL Lhe AS8A 8ld cum AppllcaLlon lorm ls slgned by Lhe accounL holder ln
case Lhe appllcanL ls noL Lhe accounL holder Lnsure LhaL you have menLloned Lhe correcL bank accounL number ln
Lhe AS8A 8ld cum AppllcaLlon lorm
(l) lnsLrucL your respecLlve banks Lo noL release Lhe funds blocked ln Lhe bank accounL under Lhe AS8A process
(m) LxcepL for 8lds on behalf of Lhe CenLral or SLaLe CovernmenL and Lhe offlclals appolnLed by Lhe courLs each of
Lhe 8ldders should menLlon Lhelr ermanenL AccounL number (An) alloLLed under Lhe l1 AcL
(n) Lnsure LhaL Lhe uemographlc ueLalls (as deflned ln Lhe secLlon LlLled 8idders uepository 4ccount ond 8onk
uetoi/s" beglnnlng on page 2S0 of Lhe urafL 8ed Perrlng rospecLus) are updaLed Lrue and correcL ln all respecLs
(o) Lnsure LhaL Lhe name(s) glven ln Lhe 8ld cum AppllcaLlon lorm ls exacLly Lhe same as Lhe name(s) ln whlch Lhe
beneflclary accounL ls held wlLh Lhe ueposlLory arLlclpanL ln case Lhe 8ld cum AppllcaLlon lorm ls submlLLed ln
[olnL names ensure LhaL Lhe beneflclary accounL ls also held ln same [olnL names and such names are ln Lhe same
sequence ln whlch Lhey appear ln Lhe 8ld cum AppllcaLlon lorm


uonts

(a) uo noL 8ld for lower Lhan Lhe mlnlmum 8ld slze
(b) uo noL 8ld/revlse 8ld AmounL Lo less Lhan Lhe lloor rlce or hlgher Lhan Lhe Cap rlce
(c) uo noL 8ld for alloLmenL of LqulLy Shares ln physlcal form
(d) uo noL 8ld on anoLher 8ld cum AppllcaLlon lorm afLer you have submlLLed a 8ld Lo Lhe member of Lhe SyndlcaLe
(e) uo noL pay Lhe 8ld AmounL ln cash by money order by posLal order or by sLock lnvesL
(f) uo noL send 8ld cum AppllcaLlon lorms by posL lnsLead submlL Lhe same Lo a member of Lhe SyndlcaLe only
(g) uo noL 8ld aL CuLoff rlce (for Cl8 8ldders and non lnsLlLuLlonal 8ldders)
(h) uo noL flll up Lhe 8ld cum AppllcaLlon lorm such LhaL Lhe LqulLy Shares 8ld exceeds Lhe lssue Slze and/ or
lnvesLmenL llmlL or maxlmum number of LqulLy Shares LhaL can be held under Lhe appllcable laws or regulaLlons or
maxlmum amounL permlsslble under Lhe appllcable regulaLlons or under Lhe Lerms of Lhe urafL 8ed Perrlng
rospecLus
(l) uo noL submlL Lhe Cl8 number lnsLead of Lhe An as Lhe 8ld ls llable Lo be re[ecLed on Lhls ground
([) uo noL bld aL 8ld AmounL exceedlng ` 200000 ln case of 8ld by a 8eLall lndlvldual 8ldder and

Instruct|ons for Comp|et|ng the 8|d cum App||cat|on Iorm
8ldders can obLaln 8ld cum AppllcaLlon lorms and/or 8evlslon lorms from Lhe members of Lhe SyndlcaLe or Lhe
8eglsLered Cfflce of our Company

8|ds and kev|s|ons of 8|ds

8lds and revlslons of 8lds musL be
(a) Made only ln Lhe prescrlbed 8ld cum AppllcaLlon lorm or 8evlslon lorm as appllcable
(b) CompleLed ln full ln 8LCCk LL11L8S ln LnCLlSP and ln accordance wlLh Lhe lnsLrucLlons conLalned hereln ln Lhe
8ld cum AppllcaLlon lorm or ln Lhe 8evlslon lorm lncompleLe 8ld cum AppllcaLlon lorms or 8evlslon lorms are
llable Lo be re[ecLed 8ldders should noLe LhaL Lhe members of Lhe SyndlcaLe and / or Lhe SCS8s (as approprlaLe) wlll
noL be llable for errors ln daLa enLry due Lo lncompleLe or llleglble 8ld cum AppllcaLlon lorms or 8evlslon lorms
(c) lnformaLlon provlded by Lhe 8ldders wlll be uploaded ln Lhe onllne lC sysLem by Lhe members of Lhe SyndlcaLe
and SCS8s as Lhe case may be and Lhe elecLronlc daLa wlll be used Lo make allocaLlon/AlloLmenL lease ensure
LhaL Lhe deLalls are correcL are leglble
(d) lor 8eLall lndlvldual 8ldders (lncludlng Lllglble n8ls) Lhe 8ld musL be for a mlnlmum of LqulLy Shares and ln
mulLlples of LhereafLer sub[ecL Lo a maxlmum 8ld AmounL of ` 200000 ln case Lhe 8ld AmounL ls over `

2S0


200000 due Lo revlslon of Lhe 8ld or revlslon of Lhe rlce 8and or on exerclse of CuLoff opLlon Lhe 8ld would be
consldered for allocaLlon under Lhe non lnsLlLuLlonal 8ldders porLlon 1he CuLoff opLlon ls an opLlon glven only Lo
Lhe 8eLall lndlvldual 8ldders lndlcaLlng Lhelr agreemenL Lo 8ld and purchase aL Lhe flnal lssue rlce as deLermlned aL
Lhe end of Lhe 8ook 8ulldlng rocess
(e) lor non lnsLlLuLlonal 8ldders and Cl8 8ldders blddlng ln Lhe Cl8 orLlon (lncludlng Lllglble n8ls)8lds musL be for
a mlnlmum of such number of LqulLy Shares LhaL Lhe 8ld AmounL exceeds ` 200000 and ln mulLlples of LqulLy
Shares LhereafLer 8lds cannoL be made for more Lhan Lhe lssue Slze 8ldders are advlsed Lo ensure LhaL a slngle 8ld
from Lhem should noL exceed Lhe lnvesLmenL llmlLs or maxlmum number of shares LhaL can be held by Lhem under
Lhe appllcable laws or regulaLlons Cl8s blddlng ln Lhe Cl8 orLlon cannoL wlLhdraw Lhelr 8ld afLer Lhe 8ld/lssue
Closlng uaLe
(f) ln case of revlslon ln 8lds Lhe non lnsLlLuLlonal 8ldders who are lndlvlduals have Lo ensure LhaL Lhe 8ld AmounL
ls greaLer Lhan ` 200000 for belng consldered for allocaLlon ln Lhe non lnsLlLuLlonal orLlon ln case Lhe 8ld AmounL
reduces Lo ` 200000 or less due Lo a revlslon ln 8lds or revlslon of Lhe rlce 8and 8lds by non lnsLlLuLlonal 8ldders
who are ellglble for allocaLlon ln Lhe 8eLall orLlon would be consldered for allocaLlon under Lhe 8eLall orLlon non
lnsLlLuLlonal 8ldders and Cl8s are noL allowed Lo 8ld aL CuL off rlce
(g) 8lds by non 8esldenLs Lllglble n8ls llls and lorelgn venLure CaplLal lunds reglsLered wlLh SL8l on a repaLrlaLlon
basls shall be ln Lhe names of lndlvlduals or ln Lhe names of llls or lvCls buL noL ln Lhe names of mlnors CC8s
flrms or parLnershlps forelgn naLlonals (excludlng Lllglble n8ls) or Lhelr nomlnees
(h) ln slngle name or ln [olnL names (noL more Lhan Lhree and ln Lhe same order ln whlch Lhey appear ln Lhe
beneflclary accounL held wlLh Lhe ueposlLory arLlclpanL)

(l) 1humb lmpresslons and slgnaLures oLher Lhan ln Lhe languages speclfled ln Lhe LlghLh Schedule Lo Lhe
ConsLlLuLlon of lndla musL be aLLesLed by a MaglsLraLe or a noLary ubllc or a Speclal LxecuLlve MaglsLraLe under
offlclal seal

8|dder's Depos|tory Account and 8ank Deta||s

8|dders shou|d note that on the bas|s of AN number of the So|e]I|rst 8|dder Depos|tory art|c|pant's name
Depos|tory art|c|pantIdent|f|cat|on number and benef|c|ary account number prov|ded by them |n the 8|d cum
App||cat|on Iorm the keg|strar to the Issue w||| obta|n from the Depos|tory the demograph|c deta||s |nc|ud|ng
address 8|dders bank account deta||s Magnet|c Ink Character kecogn|t|on ("MICk") code and occupat|on
(here|nafter referred to as "Demograph|c Deta||s") 1hese Demograph|c Deta||s wou|d be used for g|v|ng refunds
(|nc|ud|ng through phys|ca| refund warrants d|rect cred|t LCS]NLCS NLI1 and k1GS) to the 8|dders nence
8|dders are adv|sed to |mmed|ate|y update the|r Demograph|c Deta||s as appear|ng on the records of the
depos|tory part|c|pant |ease note that fa||ure to do so cou|d resu|t |n de|ays |n d|spatch] cred|t of refunds to
8|dders at the 8|dders so|e r|sk and ne|ther the 8kLMs the keg|strar to the Issue nor the Lscrow Co||ect|on 8anks
nor Cur Company sha|| have any respons|b|||ty and undertake any ||ab|||ty for the same nence 8|dders shou|d
carefu||y f||| |n the|r Depos|tory Account deta||s |n the 8|d cum App||cat|on Iorm Iurther |t |s mandatory to
prov|de the bank deta||s |n the 8|d cum App||cat|on Iorm fa|||ng wh|ch the 8|d w||| be ||ab|e to be re[ected

I1 IS MANDA1Ck ICk ALL 1nL 8IDDLkS 1C GL1 1nLIk LUI1 SnAkLS IN DLMA1LkIALISLDICkM ALL 8IDDLkS
SnCULD MLN1ICN 1nLIk DLCSI1Ck Ak1ICIAN1'S NAML DLCSI1Ck Ak1ICIAN1 IDLN1IIICA1ICN
NUM8Lk AND 8LNLIICIAk ACCCUN1 NUM8Lk IN 1nL 8ID CUM ALICA1ICN ICkM INVLS1CkS MUS1 LNSUkL
1nA1 1nL NAML GIVLN IN 1nL 8ID CUM ALICA1ICN ICkM IS LxAC1L 1nL SAML AS 1nL NAML IN WnICn 1nL
DLCSI1Ck ACCCUN1 IS nLLD IN CASL 1nL 8ID CUM ALICA1ICN ICkM IS SU8MI11LD IN ICIN1 NAMLS I1
SnCULD 8L LNSUkLD 1nA1 1nL DLCSI1Ck ACCCUN1 IS ALSC nLLD IN 1nL SAML ICIN1 NAMLS AND AkL IN
1nL SAML SLULNCL IN WnICn 1nL ALAk IN 1nL 8ID CUM ALICA1ICN ICkM

1hese uemographlc ueLalls would be used for all correspondence wlLh Lhe 8ldders lncludlng malllng of Lhe refund
orders/CAns/AllocaLlon Advlce and prlnLlng of 8ank parLlculars on Lhe refund order or maklng refunds elecLronlcally
and Lhe uemographlc ueLalls glven by 8ldders ln Lhe 8ld cum AppllcaLlon lorm would noL be used for any oLher
purpose by Lhe 8eglsLrar Lo Lhe lssue Pence Lhe 8ldders are advlsed Lo updaLe Lhelr uemographlc ueLalls as
provlded Lo Lhe u and ensure Lhey are Lrue and correcL



2S1


8y slgnlng Lhe 8ld cum AppllcaLlon lorm Lhe 8ldder would be deemed Lo have auLhorlzed Lhe deposlLorles Lo
provlde upon requesL Lo Lhe 8eglsLrar Lo Lhe lssue Lhe requlred uemographlc ueLalls as avallable on lLs records

kefund orders (where refunds are not be|ng made e|ectron|ca||y)]A||ocat|on Adv|ce]CANs wou|d be ma||ed at the
address of the 8|dder as per the Demograph|c Deta||s rece|ved from the Depos|tor|es 8|dders may note that
de||very of refund orders]a||ocat|on adv|ce]CANs may get de|ayed |f the same once sent to the address obta|ned
from the Depos|tor|es are returned unde||vered In such an event the address and other deta||s g|ven by the
8|dder |n the 8|d cum App||cat|on Iorm wou|d be used on|y to ensure d|spatch of refund orders |ease note that
any such de|ay sha|| be at the 8|dders so|e r|sk and ne|ther our Company keg|strar to the Issue Lscrow Co||ect|on
8ank(s) nor the 8kLMs sha|| be ||ab|e to compensate the 8|dder for any |osses caused to the 8|dder due to any
such de|ay or ||ab|e to pay any |nterest for such de|ay In case of refunds through e|ectron|c modes as deta||ed |n
the Draft ked nerr|ng rospectus 8|dders may note that refunds may get de|ayed |f bank part|cu|ars obta|ned
from the Depos|tory art|c|pant are |ncorrect or |ncomp|ete

ln case no correspondlng record ls avallable wlLh Lhe ueposlLorles whlch maLches Lhree parameLers namely An
numbers and names of Lhe 8ldders (lncludlng Lhe order of names of [olnL holders) Lhe ueposlLory arLlclpanL's
ldenLlLy (u lu) and Lhe beneflclary's accounL number Lhen such 8lds are llable Lo be re[ecLed

8|ds by Non kes|dents L||g|b|e NkIs IIIs and Iore|gn Venture Cap|ta| Iunds reg|stered w|th SL8I on a
repatr|at|on bas|s
8lds and revlslon Lo 8lds musL be made
1 Cn Lhe 8ld cum AppllcaLlon lorm or Lhe 8evlslon lorm as appllcable (8lue ln color) and compleLed ln full ln
8LCCk LL11L8S ln LnCLlSP ln accordance wlLh Lhe lnsLrucLlons conLalned Lhereln

2 ln a slngle name or [olnL names (noL more Lhan Lhree and ln Lhe same order as Lhelr ueposlLory arLlclpanL
deLalls)

3 8lds on a repaLrlaLlon basls shall be ln Lhe names of lndlvlduals or ln Lhe names of llls buL noL ln Lhe names of
mlnors CC8s flrms or parLnershlps forelgn naLlonals (excludlng Lllglble n8ls) or Lhelr nomlnees Lllglble n8ls for a
8ld AmounL of up Lo ` 200000 would be consldered under Lhe 8eLall orLlon for Lhe purposes of allocaLlon and 8lds
for a 8ld AmounL of more Lhan ` 200000 would be consldered under non lnsLlLuLlonal orLlon for Lhe purposes of
allocaLlon by oLher ellglble non 8esldenL 8ldders for a mlnlmum of such number of LqulLy Shares and ln mulLlples
of LhereafLer LhaL Lhe 8ld AmounL exceeds ` 200000 lor furLher deLalls see Lhe secLlon LlLled Moximum ond
Minimum 8id 5ite" beglnnlng on page 237 of Lhe urafL 8ed Perrlng rospecLus

kefunds d|v|dends and other d|str|but|ons |f any w||| be payab|e |n Ind|an kupees on|y and net of bank charges
and ] or comm|ss|on In case of 8|dders who rem|t money through Ind|an kupee drafts purchased abroad such
payments |n Ind|an kupees w||| be converted |nto US Do||ars or any other free|y convert|b|e currency as may be
perm|tted by the k8I at the rate of exchange preva|||ng at the t|me of rem|ttance and w||| be d|spatched by
reg|stered post or |f the 8|dders so des|re w||| be cred|ted to the|r NkL or ICNk accounts as the case may be
deta||s of wh|ch shou|d be furn|shed |n the space prov|ded for th|s purpose |n the 8|d cum App||cat|on Iorm Cur
Company w||| not be respons|b|e for |oss |f any |ncurred by the 8|dder on account of convers|on of fore|gn
currency

As per the k8I regu|at|ons CC8s are not perm|tted to part|c|pate |n the Issue

1here |s no reservat|on for Non kes|dents L||g|b|e NkIs IIIs and fore|gn venture cap|ta| funds and a|| Non
kes|dents L||g|b|e NkI III and fore|gn venture cap|ta| funds app||cants w||| be treated on the same bas|s w|th
other categor|es for the purpose of A||ocat|on





2S2


8|ds under ower of Attorney

ln case of 8lds made pursuanL Lo a power of aLLorney or by llmlLed companles corporaLe bodles reglsLered
socleLles a cerLlfled copy of Lhe power of aLLorney or Lhe relevanL resoluLlon or auLhorlLy as Lhe case may be along
wlLh a cerLlfled copy of Lhe Memorandum of AssoclaLlon and ArLlcles of AssoclaLlon and/or bye laws musL be lodged
along wlLh Lhe 8ld cum AppllcaLlon lorm lalllng Lhls our Company reserves Lhe rlghL Lo accepL or re[ecL any 8ld ln
whole or ln parL ln elLher case wlLhouL asslgnlng any reason Lhereof
ln case of 8lds made pursuanL Lo a power of aLLorney by llls lvCls a cerLlfled copy of Lhe power of aLLorney or Lhe
relevanL resoluLlon or auLhorlLy as Lhe case may be along wlLh a cerLlfled copy of Lhelr SL8l reglsLraLlon cerLlflcaLe
musL be lodged along wlLh Lhe 8ld cum AppllcaLlon lorm lalllng Lhls our Company reserves Lhe rlghL Lo accepL or
re[ecL any 8ld ln whole or ln parL ln elLher case wlLhouL asslgnlng any reason Lhereof
ln case of 8lds made pursuanL Lo a power of aLLorney by MuLual lunds a cerLlfled copy of Lhe power of aLLorney or
Lhe relevanL resoluLlon or auLhorlLy as Lhe case may be along wlLh a cerLlfled copy of Lhelr SL8l reglsLraLlon
cerLlflcaLe musL be lodged along wlLh Lhe 8ld cum AppllcaLlon lorm lalllng Lhls our Company reserves Lhe rlghL Lo
accepL or re[ecL any 8ld ln whole or ln parL ln elLher case wlLhouL asslgnlng any reason Lhereof
ln case of 8lds made by lnsurance companles reglsLered wlLh Lhe lnsurance 8egulaLory and uevelopmenL AuLhorlLy
a cerLlfled copy of cerLlflcaLe of reglsLraLlon lssued by lnsurance 8egulaLory and uevelopmenL AuLhorlLy musL be
lodged along wlLh Lhe 8ld cum AppllcaLlon lorm lalllng Lhls our Company reserves Lhe rlghL Lo accepL or re[ecL any
8ld ln whole or ln parL ln elLher case wlLhouL asslgnlng any reason Lhereof
ln case of 8lds made by provldenL funds wlLh mlnlmum corpus of ` 2S0 mllllon (sub[ecL Lo appllcable law) and
penslon funds wlLh mlnlmum corpus of ` 2S0 mllllon a cerLlfled copy of cerLlflcaLe from a charLered accounLanL
cerLlfylng Lhe corpus of Lhe provldenL fund/penslon fund musL be lodged along wlLh Lhe 8ld cum AppllcaLlon lorm
lalllng Lhls our Company reserves Lhe rlghL Lo accepL or re[ecL any 8ld ln whole or ln parL ln elLher case wlLhouL
asslgnlng any reason Lhereof
Cur Company ln lLs absoluLe dlscreLlon reserves Lhe rlghL Lo relax Lhe above condlLlon of slmulLaneous lodglng of
Lhe power of aLLorney along wlLh Lhe 8ld cum AppllcaLlon form sub[ecL Lo such Lerms and condlLlons LhaL our
Company and Lhe 88LMs may deem flL
Cur Company ln lLs absoluLe dlscreLlon reserve Lhe rlghL Lo permlL Lhe holder of Lhe power of aLLorney Lo requesL
Lhe 8eglsLrar Lo Lhe lssue LhaL for Lhe purpose of prlnLlng parLlculars on Lhe refund order and malllng of Lhe refund
order/CAns/allocaLlon advlce / refunds Lhrough elecLronlc Lransfer of funds Lhe uemographlc ueLalls glven on Lhe
8ld cum AppllcaLlon lorm should be used (and noL Lhose obLalned from Lhe ueposlLory of Lhe 8ldder) ln such cases
Lhe 8eglsLrar shall use uemographlc ueLalls as glven ln Lhe 8ld cum AppllcaLlon lorm lnsLead of Lhose obLalned from
Lhe deposlLorles

ayment Instruct|ons

Lscrow Mechan|sm

Cur Company and Lhe SyndlcaLe Members shall open Lscrow AccounL(s) wlLh Lhe Lscrow CollecLlon 8ank(s) for Lhe
collecLlon of Lhe 8ld AmounL payable upon submlsslon of Lhe 8ld cum AppllcaLlon lorm and for amounLs payable
pursuanL Lo AllocaLlon/AlloLmenL ln Lhe lssue
1he Lscrow CollecLlon 8anks wlll acL ln Lerms of Lhe urafL 8ed Perrlng rospecLus and Lhe Lscrow AgreemenL 1he
Lscrow CollecLlon 8ank(s) for and on behalf of Lhe 8ldders shall malnLaln Lhe monles ln Lhe Lscrow AccounL 1he
Lscrow CollecLlon 8ank(s) shall noL exerclse any llen whaLsoever over Lhe monles deposlLed Lhereln and shall hold
Lhe monles Lhereln ln LrusL for Lhe 8ldders Cn Lhe ueslgnaLed uaLe Lhe Lscrow CollecLlon 8ank(s) shall Lransfer Lhe
funds from Lhe Lscrow AccounL lnLo Lhe ubllc lssue AccounL and 8efund AccounL as per Lhe Lerms of Lhe Lscrow
AgreemenL 1he balance amounL afLer Lransfer Lo Lhe ubllc lssue AccounL shall be held for Lhe beneflL of Lhe
8ldders who are enLlLled Lo refunds aymenLs of refund Lo Lhe 8ldders shall also be made from Lhe 8efund AccounL
are per Lhe Lerms of Lhe Lscrow AgreemenL and Lhe urafL 8ed Perrlng rospecLus
LxcepL as seL forLh under lnterest in cose of ue/oy in uispotch of 4//otment Letters/kefund Orders" beglnnlng on
page 26S of Lhe urafL 8ed Perrlng rospecLus Lhe 8ldder wlll noL recelve lnLeresL on Lhe 8ld AmounL





2S3


1he 8ldders should noLe LhaL Lhe escrow mechanlsm ls noL prescrlbed by SL8l and has been esLabllshed as an
arrangemenL beLween our Company Lhe SyndlcaLe Members Lhe Lscrow CollecLlon 8ank(s) and Lhe 8eglsLrar Lo Lhe
lssue Lo faclllLaLe collecLlons from Lhe 8ldders

ayment mechan|sm for AS8A 8|dders

1he AS8A 8ldders shall speclfy Lhe bank accounL number ln Lhe AS8A 8ld cum AppllcaLlon lorm and Lhe SCS8 shall
block an amounL equlvalenL Lo Lhe 8ld AmounL ln Lhe bank accounL speclfled ln Lhe AS8A 8ld cum AppllcaLlon lorm
1he SCS8 shall keep Lhe 8ld AmounL ln Lhe relevanL bank accounL blocked unLll recelpL of lnsLrucLlons from Lhe
8eglsLrar Lo Lhe lssue Lo unblock Lhe 8ld AmounL 1he 8ld AmounL shall remaln blocked ln Lhe AS8A AccounL unLll
flnallzaLlon of Lhe 8asls of AlloLmenL ln Lhe lssue and consequenL Lransfer of Lhe 8ld AmounL Lo Lhe ubllc lssue
AccounL

ayment |nto Lscrow Account(s) for 8|dders other than AS8A 8|dders

Lach 8ldder shall draw a cheque or demand drafL for Lhe amounL payable on Lhe 8ld and/or on AllocaLlon/AlloLmenL
as per Lhe followlng Lerms
All 8ldders would be requlred Lo pay Lhe full 8ld AmounL aL Lhe Llme of Lhe submlsslon of Lhe 8ld cum AppllcaLlon
lorm
1 Cl8 nonlnsLlLuLlonal 8ldders and 8eLall lndlvldual 8ldders shall wlLh Lhe submlsslon of Lhe 8ld cum AppllcaLlon
lorm draw a paymenL lnsLrumenL for Lhe 8ld AmounL ln favour of Lhe Lscrow AccounL(s) and submlL Lhe same Lo
Lhe members of Lhe SyndlcaLe lf Lhe paymenL ls noL made ln favour of Lhe Lscrow AccounL wlLhln Lhe sLlpulaLed
Llme Lhe 8ld ls llable Lo be re[ecLed
2 Anchor lnvesLors would be requlred Lo pay Lhe 8ld AmounL aL Lhe Llme of submlsslon of Lhe appllcaLlon ln Lhe
evenL of lssue rlce belng hlgher Lhan Lhe prlce aL whlch allocaLlon ls made Lo Anchor lnvesLors Lhe Anchor
lnvesLors shall be requlred Lo pay such addlLlonal amounL Lo Lhe exLenL of shorLfall beLween Lhe prlce aL whlch
allocaLlon ls made Lo Lhem and Lhe lssue rlce lf Lhe lssue rlce ls lower Lhan Lhe prlce aL whlch allocaLlon ls made
Lo Anchor lnvesLors Lhe amounL ln excess of
Lhe lssue rlce pald by Anchor lnvesLors shall noL be refunded Lo Lhem
3 1he paymenL lnsLrumenLs for paymenL lnLo Lhe Lscrow AccounL should be drawn ln favour of
ln case of 8esldenL Cl8 8ldders "Lscrow AccounL 8lML 8L1AlL Cl8 8"
ln case of nonresldenL Cl8 8ldders "Lscrow AccounL 8lLM 8L1AlL Cl8 n8"
ln case of 8esldenL 8ldders "Lscrow AccounL 8lML 8L1AlL ubllc lssue8"
ln case of non 8esldenL 8ldders Lscrow AccounL 8lML 8L1AlL ubllc lssue n8"
4 ln case of 8lds by Lllglble n8ls applylng on repaLrlaLlon basls Lhe paymenLs musL be made Lhrough lndlan 8upee
drafLs purchased abroad or cheques or bank drafLs for Lhe amounL payable on appllcaLlon remlLLed Lhrough normal
banklng channels or ouL of funds held ln non8esldenL LxLernal (n8L) AccounLs or lorelgn Currency non8esldenL
(lCn8) AccounLs malnLalned wlLh banks auLhorlzed Lo deal ln forelgn exchange ln lndla along wlLh documenLary
evldence ln supporL of Lhe remlLLance aymenL wlll noL be accepLed ouL of non8esldenL Crdlnary (n8C) accounL
of non8esldenL 8ldder blddlng on a repaLrlaLlon basls aymenL by drafLs should be accompanled by bank
cerLlflcaLe conflrmlng LhaL Lhe drafL has been lssued by deblLlng Lo n8L AccounL or lCn8 AccounL malnLalned wlLh
banks auLhorlzed Lo deal ln forelgn exchange ln lndla
S ln case of 8lds by n8ls applylng on nonrepaLrlaLlon basls Lhe paymenLs musL be made Lhrough lndlan 8upee
urafLs purchased abroad or cheques or bank drafLs for Lhe amounL payable on appllcaLlon remlLLed Lhrough normal
banklng channels or ouL of funds held ln non8esldenL LxLernal (n8L) AccounLs or lorelgn Currency non8esldenL
(lCn8) AccounLs malnLalned wlLh banks auLhorlzed Lo deal ln forelgn exchange ln lndla along wlLh documenLary
evldence ln supporL of Lhe remlLLance or ouL of a non8esldenL Crdlnary (n8C) AccounL of a non8esldenL 8ldder
blddlng on a nonrepaLrlaLlon basls aymenL by drafLs should be accompanled by a bank cerLlflcaLe conflrmlng LhaL
Lhe drafL has been lssued by deblLlng an n8L or lCn8 or n8C AccounL
S ln case of 8lds by llls or lvCls Lhe paymenL should be made ouL of funds held ln Speclal non 8esldenL 8upee
AccounL along wlLh documenLary evldence ln supporL of Lhe remlLLance aymenL by drafLs should be accompanled
by bank cerLlflcaLe conflrmlng LhaL Lhe drafL has been lssued by deblLlng Lo Speclal non 8esldenL 8upee AccounL


2S4


6 Where a 8ldder has been AllocaLed/ AlloLLed a lesser number of LqulLy Shares Lhan Lhe 8ldder has 8ld for Lhe
excess amounL lf any pald on blddlng afLer ad[usLmenL Lowards Lhe balance amounL payable on Lhe LqulLy Shares
allocaLed wlll be refunded Lo Lhe 8ldder from Lhe 8efund AccounL
7 1he members of Lhe SyndlcaLe shall deposlL Lhe cheque or demand drafL wlLh Lhe Lscrow CollecLlon 8anks whlch
wlll hold Lhe monles deposlLed ln Lhe Lscrow AccounL for Lhe beneflL of Lhe 8ldders (oLher Lhan AS8A 8ldders) Llll
Lhe ueslgnaLed uaLe
8 Cn Lhe ueslgnaLed uaLe Lhe Lscrow CollecLlon 8anks shall Lransfer Lhe funds from Lhe Lscrow AccounL(s) as per
Lhe Lerms of Lhe Lscrow AgreemenL lnLo Lhe ubllc lssue AccounL wlLh Lhe 8ankers Lo Lhe lssue
9 no laLer Lhan 12 Worklng uays from Lhe 8ld/lssue Closlng uaLe Lhe 8efund 8ank shall refund all amounLs payable
Lo unsuccessful 8ldders (oLher Lhan AS8A 8ldders) and also Lhe excess amounL pald on 8lddlng lf any afLer
ad[usLlng for AllocaLlon/AlloLmenL Lo Lhe 8ldders
10 aymenLs should be made by cheque or demand drafL drawn on any bank (lncludlng a CooperaLlve 8ank)
whlch ls slLuaLed aL and ls a member of or submember of Lhe bankers' clearlng house locaLed aL Lhe cenLre where
Lhe 8ld cum AppllcaLlon lorm ls submlLLed CuLsLaLlon cheques/bank drafLs drawn on banks noL parLlclpaLlng ln Lhe
clearlng process wlll noL be accepLed and appllcaLlons accompanled by such cheques or bank drafLs are llable Lo be
re[ecLed Cash / sLock lnvesL / Money Crders / osLal orders wlll noL be accepLed
11 8ldders are advlsed Lo menLlon Lhe number of appllcaLlon form on Lhe reverse of Lhe cheque/ demand drafL Lo
avold mlsuse of lnsLrumenLs submlLLed along wlLh Lhe 8ld cum AppllcaLlon lorm
12 ln case clear funds are noL avallable ln Lhe Lscrow AccounLs as per flnal cerLlflcaLes from Lhe Lscrow CollecLlon
8anks such 8lds are llable Lo be re[ecLed

ayment by Stock |nvest]money order

under Lhe Lerms of Lhe 88l Clrcular no u8Cu no lSC 8C 42/244700/200304 daLed november 0S 2003 Lhe
opLlon Lo use Lhe sLock lnvesL lnsLrumenL ln lleu of cheques or bank drafLs for paymenL of 8ld money has been
wlLhdrawn aymenL Lhrough sLock lnvesL would noL be accepLed ln Lhls lssue lurLher paymenLs Lhrough money
order would noL be accepLed ln Lhls lssue

ayment by cash ] money order

aymenL Lhrough cash/ money order shall noL be accepLed ln Lhls lssue

Subm|ss|on of 8|d Cum App||cat|on Iorm

All 8ld cum AppllcaLlon lorms or 8evlslon lorms duly compleLed and accompanled by accounL payee cheques or
drafLs shall be submlLLed Lo Lhe members of Lhe SyndlcaLe aL Lhe Llme of submlsslon of Lhe 8ld
WlLh respecL Lo AS8A 8ldders Lhe AS8A 8ld cum AppllcaLlon lorm or Lhe AS8A 8evlslon lorm shall be submlLLed Lo
Lhe ueslgnaLed 8ranches of Lhe SCS8s
no separaLe recelpLs shall be lssued for Lhe money payable on Lhe submlsslon of 8ld cum AppllcaLlon lorm or
8evlslon lorm Powever Lhe collecLlon cenLre of Lhe members of Lhe SyndlcaLe wlll acknowledge Lhe recelpL of Lhe
8ld cum AppllcaLlon lorms or 8evlslon lorms by sLamplng and reLurnlng Lo Lhe 8ldder Lhe acknowledgemenL sllp
1hls acknowledgemenL sllp wlll serve as Lhe dupllcaLe of Lhe 8ld cum AppllcaLlon lorm for Lhe records of Lhe 8ldder

INS1kUC1ICNS ICk CCMLL1ING 1nL AS8A ICkM

1 8lds Lhrough AS8A musL be made only ln Lhe prescrlbed AS8A lorm (lf submlLLed ln physlcal mode) or
elecLronlc mode
2 1he AS8A 8ld may be made ln slngle name or ln [olnL names (noL more Lhan Lhree and ln Lhe same order as Lhelr
ueposlLory arLlclpanL deLalls)
3 CompleLed ln full ln 8LCCk LL11L8S ln LnCLlSP and ln accordance wlLh Lhe lnsLrucLlons conLalned hereln and ln
Lhe AS8A lorm
4 1he 8lds musL be for a mlnlmum of LqulLy Shares and ln mulLlples of LqulLy Shares LhereafLer sub[ecL Lo a
maxlmum 8ld such LhaL Lhe 8ld AmounL does noL exceed Lhe maxlmum lnvesLmenL llmlLs prescrlbed under law



2SS


S 1humb lmpresslons and slgnaLures oLher Lhan ln Lhe languages speclfled ln Lhe LlghLh Schedule ln Lhe
ConsLlLuLlon of lndla musL be aLLesLed by a MaglsLraLe or a noLary ubllc or a Speclal LxecuLlve MaglsLraLe under
offlclal seal
6 AS8A 8ldders should correcLly menLlon Lhe AS8A AccounL number ln Lhe AS8A lorm and should ensure LhaL funds
equal Lo Lhe 8ld AmounL are avallable ln Lhe AS8A AccounL before submlLLlng Lhe AS8A lorm Lo Lhe respecLlve
ueslgnaLed 8ranch ln case Lhe amounL avallable ln Lhe bank accounL speclfled ln Lhe AS8A 8ld cum AppllcaLlon
lorm ls lnsufflclenL for blocklng Lhe amounL equlvalenL Lo Lhe 8ld AmounL Lhe SCS8 shall re[ecL Lhe appllcaLlon
7 lf Lhe AS8A AccounL holder ls dlfferenL from Lhe AS8A 8ldder Lhe AS8A lorm should be slgned by Lhe accounL
holder as provlded ln Lhe AS8A lorm no more Lhan flve AS8A 8ld cum AppllcaLlon lorms can be submlLLed per
bank accounL ln Lhe lssue
8 AS8A 8ldders should correcLly menLlon Lhelr u lu and CllenL lu ln Lhe AS8A lorm lor Lhe purpose of evaluaLlng
Lhe valldlLy of 8lds Lhe demographlc deLalls of AS8A 8ldders shall be derlved from Lhe u lu and CllenL lu
menLloned ln Lhe AS8A lorm

AS8A 8|dder's Depos|tory Account and 8ank Deta||s

ALL AS8A 8IDDLkS SnALL kLCLIVL 1nL LUI1 SnAkLS ALLC11LD 1C 1nLM IN DLMA1LkIALISLD ICkM ALL AS8A
8IDDLkS SnCULD MLN1ICN 1nLIk DLCSI1Ck Ak1ICIAN1'S NAML DLCSI1Ck Ak1ICIAN1
IDLN1IIICA1ICN NUM8Lk AND 8LNLIICIAk ACCCUN1 NUM8Lk IN 1nL AS8A ICkM AS8A 8IDDLkS MUS1
LNSUkL 1nA1 1nL NAML GIVLN IN 1nL AS8A ICkM IS LxAC1L 1nL SAML AS 1nL NAML IN WnICn 1nL

DLCSI1Ck ACCCUN1 IS nLLD IN CASL 1nL AS8A ICkM IS SU8MI11LD IN ICIN1 NAMLS I1 SnCULD 8L
LNSUkLD 1nA1 1nL DLCSI1Ck ACCCUN1 IS ALSC nLLD IN 1nL SAML ICIN1 NAMLS AND AkL IN 1nL SAML
SLULNCL IN WnICn 1nL ALAk IN 1nL AS8A ICkM

AS8A 8ldders should noLe LhaL on Lhe basls of An of Lhe AS8A 8ldders ueposlLory arLlclpanL's name and
ldenLlflcaLlon number and beneflclary accounL number provlded by Lhem ln Lhe AS8A lorm Lhe 8eglsLrar Lo Lhe
lssue wlll obLaln from Lhe ueposlLory demographlc deLalls of Lhe AS8A 8ldders lncludlng address Pence AS8A
8ldders should carefully flll ln Lhelr ueposlLory AccounL deLalls ln Lhe AS8A lorm
As Lhese demographlc deLalls would be used for all correspondence wlLh Lhe AS8A 8ldders Lhey are advlsed Lo
updaLe Lhelr demographlc deLalls as provlded Lo Lhelr ueposlLory arLlclpanLs

8y slgnlng Lhe AS8A lorm Lhe AS8A 8ldder ls deemed Lo have auLhorlsed Lhe ueposlLorles Lo provlde upon
requesL Lo Lhe 8eglsLrar Lo Lhe lssue Lhe requlred uemographlc ueLalls as avallable on lLs records
CAn/allocaLlon advlce would be malled aL Lhe address of Lhe AS8A 8ldder as per Lhe uemographlc ueLalls recelved
from Lhe ueposlLorles AS8A 8ldders may noLe LhaL dellvery of CAn/allocaLlon advlce may be delayed lf Lhe same
once senL Lo Lhe address obLalned from Lhe ueposlLorles are reLurned undellvered noLe LhaL any such delay shall
be aL Lhe sole rlsk of Lhe AS8A 8ldders and nelLher of Lhe ueslgnaLed 8ranches Lhe members of Lhe SyndlcaLe our
Company or Lhe 8eglsLrar Lo Lhe lssue shall be llable Lo compensaLe Lhe AS8A 8ldder for any losses caused Lo Lhe
AS8A 8ldder due Lo any such delay or be llable Lo pay any lnLeresL for such delay

ln case no correspondlng record ls avallable wlLh Lhe ueposlLorles LhaL maLch Lhree parameLers namely An of Lhe
AS8A 8ldders Lhe u lu and Lhe beneflclary accounL number Lhen such 8lds are llable Lo be re[ecLed

AS8A 8ldders are requlred Lo ensure LhaL Lhe beneflclary accounL ls acLlvaLed as LqulLy Shares wlll be AlloLLed ln
demaLerlallsed form only

Cther Instruct|ons

loint 8ids in the cose of lndividuo/s
8lds may be made ln slngle or [olnL names (noL more Lhan Lhree) ln Lhe case of [olnL 8lds all paymenLs wlll be made
ouL ln favour of Lhe 8ldder whose name appears flrsL ln Lhe 8ld cum AppllcaLlon lorm or 8evlslon lorm ('llrsL


2S6


8ldder') All communlcaLlons wlll be addressed Lo Lhe llrsL 8ldder and wlll be dlspaLched Lo hls or her address as per
Lhe uemographlc ueLalls recelved from Lhe ueposlLory
Mu/tip/e 8ids
A 8ldder should submlL only one 8ld (and noL more Lhan one) for Lhe LoLal number of LqulLy Shares requlred 1wo
or more 8lds wlll be deemed Lo be mulLlple 8lds lf Lhe sole or llrsL 8ldder ls one and Lhe same ln case of a MuLual
lund a separaLe 8ld can be made ln respecL of each scheme of Lhe muLual fund reglsLered wlLh SL8l and such 8lds
ln respecL of more Lhan one scheme of Lhe muLual fund wlll noL be LreaLed as mulLlple 8lds provlded LhaL Lhe 8lds
clearly lndlcaLe Lhe scheme concerned for whlch Lhe 8ld has been made 8lds by Cl8s under Lhe Anchor lnvesLor
orLlon and ln neL Cl8 orLlon wlll noL be consldered as mulLlple 8lds
Cur Company ln consulLaLlon wlLh Lhe 88LMS reserves Lhe rlghL Lo re[ecL ln lLs absoluLe dlscreLlon all or any
mulLlple 8lds ln any or all caLegorles ln Lhls regard Lhe procedures whlch would be followed by Lhe 8eglsLrar Lo Lhe
lssue Lo deLecL mulLlple appllcaLlons are glven below
1 All appllcaLlons wlLh Lhe same name and age wlll be accumulaLed and Laken Lo a separaLe process flle whlch
would serve as a mulLlple masLer
2 ln Lhls masLer a check wlll be carrled ouL for Lhe same An ln cases where Lhe An ls dlfferenL Lhe same wlll be
deleLed from Lhls masLer
3 1he 8eglsLrar wlll obLaln from Lhe deposlLorles deLalls of Lhe appllcanL's address based on Lhe u lu and
8eneflclary AccounL number provlded ln Lhe 8ld cum AppllcaLlon lorm and creaLe an address masLer
4 1he addresses of all Lhe appllcaLlons ln Lhe mulLlple masLer wlll be sLrung from Lhe address masLer 1hls lnvolves
puLLlng Lhe addresses ln a slngle llne afLer deleLlng nonalpha and nonnumerlc characLers le commas full sLops
hash eLc SomeLlmes Lhe name Lhe flrsL llne of address and pln code wlll be converLed lnLo a sLrlng for each
appllcaLlon recelved and a phoLo maLch wlll be carrled ouL amongsL all Lhe appllcaLlons processed A prlnLouL of Lhe
addresses wlll be Laken Lo check for common names 1he appllcaLlons wlLh same name and same address wlll be
LreaLed as mulLlple appllcaLlons
S 1he appllcaLlons wlll be scruLlnlzed for u lu and beneflclary accounL numbers ln case appllcaLlons bear Lhe same
u lu and 8eneflclary AccounL numbers Lhese wlll be LreaLed as mulLlple appllcaLlons
6 SubsequenL Lo Lhe aforesald procedures a prlnL ouL of Lhe mulLlple masLers wlll be Laken and Lhe appllcaLlons
physlcally verlfled Lo Lally slgnaLures as also faLher's/ husband's names Cn compleLlon of Lhls Lhe appllcaLlons wlll
be ldenLlfled as mulLlple appllcaLlons AS8A 8lds made by dupllcaLe coples of Lhe same AS8A 8ld cum AppllcaLlon
lorm (le Lwo AS8A 8ld cum AppllcaLlon lorms bearlng Lhe same unlque ldenLlflcaLlon number) shall be LreaLed as
mulLlple 8lds and shall be re[ecLed
ln cases where Lhere are more Lhan 20 valld appllcanLs havlng a common address such shares wlll be kepL ln
abeyance posL AlloLmenL and released on conflrmaLlon of k?C norms by Lhe deposlLorles

Permonent 4ccount Number or P4N

LxcepL for 8lds on behalf of Lhe CenLral or SLaLe CovernmenL and Lhe offlclals appolnLed by Lhe courLs each of Lhe
8ldders should menLlon hls/her An alloLLed under Lhe l1 AcL Lach 8ldder or ln Lhe case of a 8ld ln [olnL names
each of Lhe 8ldders should menLlon hls/her An AppllcaLlons wlLhouL Lhls lnformaLlon wlll be consldered
lncompleLe and are llable Lo be re[ecLed It |s to be spec|f|ca||y noted that 8|dders shou|d not subm|t the GIk
number |nstead of the AN as the 8|d |s ||ab|e to be re[ected on th|s ground

lurLher 8ldders resldlng ln Lhe SLaLe of Slkklm are exempLed from Lhe mandaLory requlremenL of An 1he
exempLlon ls sub[ecL Lo Lhe ueposlLory arLlclpanLs verlfylng Lhe veraclLy of Lhe clalm of Lhe lnvesLors LhaL Lhey are
resldenLs of Slkklm by collecLlng sufflclenL documenLary evldence ln supporL of Lhelr address

unique ldentificotion Number {"ulN")

ursuanL Lo clrculars daLed Aprll 27 2007 (no M8u/uo/Clr0S/2007) and !une 2S 2007 (no M8u/uo/Clr
08/2007) lssued by SL8l Lhe requlremenL of uln under Lhe SL8l (CenLral daLabase of MarkeL arLlclpanLs)
8egulaLlons 200S has been dlsconLlnued and lrrespecLlve of Lhe amounL of LransacLlon An has been made Lhe
sole ldenLlflcaLlon number for all parLlclpanLs ln Lhe securlLles markeL




2S7


kiqht to keject 8ids

ln case of Cl8 8ldders our Company ln consulLaLlons wlLh Lhe 88LMs may re[ecL any 8ld procured by any or all of
Lhe SyndlcaLe Member aL Lhe Llme of accepLance of 8ld cum AppllcaLlon lorm for reasons Lo be recorded ln wrlLlng
for re[ecLlng Lhe 8ld and Lhe reasons Lhereof shall be dlsclosed Lo such 8ldder rovlded furLher LhaL our Company
ln consulLaLlon wlLh Lhe 88LMs reserves Lhe rlghL Lo re[ecL any 8ld recelved from Anchor lnvesLors wlLhouL
asslgnlng any reasons Lherefore ln case of non lnsLlLuLlonal 8ldders and 8eLall lndlvldual 8ldders our Company has
a rlghL Lo re[ecL 8lds based on Lechnlcal grounds only ConsequenL refunds shall be made Lhrough any of Lhe modes
descrlbed ln Lhe urafL 8ed Perrlng rospecLus and wlll be senL Lo Lhe 8ldder's address aL Lhe 8ldder's rlsk WlLh
respecL Lo AS8A 8lds Lhe ueslgnaLed 8ranches of Lhe SCS8s shall have Lhe rlghL Lo re[ecL AS8A 8lds lf aL Lhe Llme of
blocklng Lhe 8ld AmounL ln Lhe 8ldder's bank accounL Lhe respecLlve ueslgnaLed 8ranch ascerLalns LhaL sufflclenL
funds are noL avallable ln Lhe 8ldder's bank accounL malnLalned wlLh Lhe SCS8 SubsequenL Lo Lhe accepLance of Lhe
AS8A 8ld by Lhe SCS8 our Company would have a rlghL Lo re[ecL Lhe AS8A 8lds only on Lechnlcal grounds

Grounds for 1echn|ca| ke[ect|ons

8ldders are advlsed Lo noLe LhaL 8lds are llable Lo be re[ecLed lotet ollo on Lhe followlng Lechnlcal grounds
1 AmounL pald does noL Lally wlLh Lhe amounL payable for Lhe hlghesL value of LqulLy Shares 8ld for WlLh respecL
Lo AS8A 8lds Lhe amounLs menLloned ln Lhe AS8A 8ld cum AppllcaLlon lorm does noL Lally wlLh Lhe amounL
payable for Lhe value of Lhe LqulLy Shares 8ld for
2 Age of llrsL 8ldder noL glven
3 ln case of parLnershlp flrms LqulLy Shares may be reglsLered ln Lhe names of Lhe lndlvldual parLners and noL
parLnershlp flrms and as such no flrm shall be enLlLled Lo apply
4 8ld by persons noL compeLenL Lo conLracL under Lhe lndlan ConLracL AcL 1872 lncludlng mlnors (excepL Lhrough
Lhelr naLural / legal guardlan) lnsane persons and persons wlLh unsound mlnd
S An noL sLaLed or Cl8 number sLaLed lnsLead (excepL for 8lds on behalf of Lhe CenLral or SLaLe CovernmenL
resldenLs of Lhe sLaLe of Slkklm and Lhe offlclals appolnLed by Lhe courLs)
6 8lds for lower number of LqulLy Shares Lhan speclfled for LhaL caLegory of lnvesLors
7 8lds aL a prlce less Lhan Lhe lloor rlce
8 8lds aL a prlce more Lhan Lhe Cap rlce
9 8lds aL CuLoff rlce by non lnsLlLuLlonal 8ldders and Cl8 8ldders
10 8lds for number of LqulLy Shares whlch are noL ln mulLlples of
11 CaLegory noL Llcked
12 MulLlple 8lds as descrlbed ln Lhe urafL 8ed Perrlng rospecLus
13 ln case of 8ld under power of aLLorney or by llmlLed companles corporaLe LrusL eLc relevanL documenLs are
noL submlLLed
14 8lds accompanled by money order/posLal order/cash/sLock lnvesL
1S SlgnaLure of sole and/or [olnL 8ldders mlsslng WlLh respecL Lo AS8A 8lds Lhe 8ld cum AppllcaLlon form noL
belng slgned by Lhe accounL holders lf Lhe accounL holder ls dlfferenL from Lhe 8ldder
16 8ld cum AppllcaLlon lorms does noL have Lhe sLamp of Lhe 88LMS or Lhe SyndlcaLe Members AS8A 8ld cum
AppllcaLlon lorm does noL have Lhe sLamp of Lhe SCS8 excepL for AS8A 8ld cum AppllcaLlon lorms downloaded
from Lhe webslLes of Lhe SLock Lxchanges ln whlch case Lhe AS8A 8ld Cum AppllcaLlon lorms shall bear an unlque
appllcaLlon number
17 8ld cum AppllcaLlon lorms does noL have 8ldder's deposlLory accounL deLalls or Lhe deLalls glven are
lncompleLe
18 8ld cum AppllcaLlon lorms are noL dellvered by Lhe 8ldders wlLhln Lhe Llme prescrlbed as per Lhe 8ld cum
AppllcaLlon lorms 8ld/lssue Cpenlng uaLe adverLlsemenL and Lhe 8ed Perrlng rospecLus and as per Lhe
lnsLrucLlons ln Lhe 8ed Perrlng rospecLus and Lhe 8ld cum AppllcaLlon lorms
19 WlLh respecL Lo AS8A 8lds lnadequaLe funds ln Lhe bank accounL Lo block Lhe 8ld AmounL speclfled ln Lhe AS8A
8ld cum AppllcaLlon lorm aL Lhe Llme of blocklng such 8ld AmounL ln Lhe bank accounL
20 ln case no correspondlng record ls avallable wlLh Lhe ueposlLorles LhaL maLches Lhree parameLers namely An
numbers and names of Lhe 8ldders (lncludlng Lhe order of names of [olnL holders) Lhe ueposlLary arLlclpanL's
ldenLlLy (u lu) and Lhe beneflclary's accounL number

2S8


21 8lds for amounLs greaLer Lhan Lhe maxlmum permlsslble amounLs prescrlbed by Lhe appllcable regulaLlons
22 8lds ln respecL where Lhe 8ld cum AppllcaLlon lorm do noL reach Lhe 8eglsLrar Lo Lhe lssue prlor Lo Lhe
flnallzaLlon of Lhe '8asls of AlloLmenL'
23 8lds by Cl8s noL submlLLed Lhrough a SyndlcaLe Member or ln case of AS8A 8lds for Cl8s noL lnLlmaLed Lo Lhe
88LM / SyndlcaLe Members
24 8lds by CC8s
2S 8lds by uS resldenLs or uS persons
26 8lds where clear funds are noL avallable ln Lhe Lscrow AccounLs as per Lhe flnal cerLlflcaLe from Lhe Lscrow
CollecLlon 8anks
27 8lds noL uploaded ln Lhe 8ook would be re[ecLed
28 8lds or revlslon Lhereof by Cl8 8ldders and non lnsLlLuLlonal 8ldders where Lhe 8ld AmounL ls ln excess of
8s200000 uploaded afLer 400 pm on Lhe 8ld/lssue Closlng uaLe
29 8ank accounL deLalls noL glven
30 8lds for alloLmenL of LqulLy Shares ln physlcal form
31 8lds by persons prohlblLed from buylng selllng or deallng ln Lhe shares dlrecLly or lndlrecLly by SL8l or any oLher
regulaLory auLhorlLy
32 ln case Lhe u lu cllenL lu and An menLloned ln Lhe 8ld Cum AppllcaLlon lorm and enLered lnLo Lhe elecLronlc
blddlng sysLem of Lhe SLock Lxchanges by Lhe members of Lhe SyndlcaLe do noL maLch wlLh Lhe u lu cllenL lu and
An avallable ln Lhe records wlLh Lhe deposlLorles nonsubmlsslons of bank accounL deLalls ln Lhe space provlded ln
Lhe appllcaLlon form and
33 8lds by persons who are noL ellglble Lo acqulre LqulLy Shares of our Company ln Lerms of all appllcable laws
rules regulaLlons guldellnes and approvals
34 8lds LhaL do noL comply wlLh Lhe securlLles laws of Lhelr respecLlve [urlsdlcLlons
3S 8lds by any persons ouLslde lndla lf noL ln compllance wlLh appllcable forelgn and lndlan laws
36 AS8A AppllcaLlons made by uslng dupllcaLe copy of AS8A 8ld cum AppllcaLlon lorm downloaded from Lhe
webslLe of Lhe SLock Lxchanges (le Lwo AS8A 8ld cum AppllcaLlon lorms bearlng Lhe same unlque ldenLlflcaLlon
number)
37 8lds by n8ls noL dlscloslng Lhelr resldenLlal sLaLus and
38 8lds by lvCls wlLhouL obLalnlng necessary consenLs and approvals lf requlred ln Lerms of any appllcable law
rule regulaLlon or guldellne

Any 8evlslon lorm submlLLed by Cl8s wlLh a downward revlslon ln Lhe quanLlLy and/or prlce of Lhe Cffer Shares for
whlch a 8ld cum AppllcaLlon lorm has been submlLLed shall be re[ecLed and Lhe orlglnal 8ld shall conLlnue Lo be
valld

Lqu|ty Shares |n Demater|a||sed Iorm w|th NSDL or CDSL

As per Lhe provlslons of SecLlon 688 of Lhe Companles AcL Lhe AlloLmenL of LqulLy Shares ln Lhls lssue shall be only
ln a demaLerlallsed form (le noL ln Lhe form of physlcal cerLlflcaLes buL be funglble and be represenLed by Lhe
sLaLemenL lssued Lhrough Lhe elecLronlc mode)
ln Lhls conLexL Lwo agreemenLs have been slgned among our Company Lhe respecLlve ueposlLorles and Lhe
8eglsLrar Lo Lhe lssue
AgreemenL daLed March 21 2011 wlLh nSuL our Company and Lhe Llnk lnLlme lndla rlvaLe LlmlLed
AgreemenL daLed lebruary 02 2011 wlLh CuSL our Company and Lhe Llnk lnLlme lndla rlvaLe LlmlLed
All 8ldders can seek AlloLmenL only ln demaLerlallsed mode 8lds from any 8ldder wlLhouL relevanL deLalls of hls or
her deposlLory accounL are llable Lo be re[ecLed
a) A 8ldder applylng for LqulLy Shares musL have aL leasL one beneflclary accounL wlLh elLher of Lhe ueposlLory
arLlclpanLs of elLher nSuL or CuSL prlor Lo maklng Lhe 8ld
b) 1he 8ldder musL necessarlly flll ln Lhe deLalls (lncludlng Lhe beneflclary accounL number and ueposlLory
arLlclpanL's ldenLlflcaLlon number) appearlng ln Lhe 8ld cum AppllcaLlon lorm or 8evlslon lorm
c) AlloLmenL Lo a successful 8ldder wlll be credlLed ln elecLronlc form dlrecLly Lo Lhe beneflclary accounL (wlLh Lhe
ueposlLory arLlclpanL) of Lhe 8ldder




2S9


d) names ln Lhe 8ld cum AppllcaLlon lorm or 8evlslon lorm should be ldenLlcal Lo Lhose appearlng ln Lhe accounL
deLalls ln Lhe ueposlLory ln case of [olnL holders Lhe names should necessarlly be ln Lhe same sequence as Lhey
appear ln Lhe accounL deLalls ln Lhe ueposlLory
e) lf lncompleLe or lncorrecL deLalls are glven under Lhe headlng '8ldders ueposlLory AccounL ueLalls' ln Lhe 8ld cum
AppllcaLlon lorm or 8evlslon lorm lL ls llable Lo be re[ecLed
f) 1he 8ldder ls responslble for Lhe correcLness of hls or her uemographlc ueLalls glven ln Lhe 8ld cum AppllcaLlon
lorm vlsvls Lhose wlLh hls or her ueposlLory arLlclpanL
g) LqulLy Shares ln elecLronlc form can be Lraded only on Lhe sLock exchanges havlng elecLronlc connecLlvlLy wlLh
nSuL and CuSL 1he SLock Lxchanges where our LqulLy Shares are proposed Lo be llsLed have elecLronlc connecLlvlLy
wlLh CuSL and nSuL
h) 1he Lradlng of Lhe LqulLy Shares of our Company would be ln demaLerlallsed form only for all lnvesLors ln Lhe
demaL segmenL of Lhe respecLlve SLock Lxchanges

Commun|cat|ons

All fuLure communlcaLlons ln connecLlon wlLh 8lds made ln Lhls lssue should be addressed Lo Lhe 8eglsLrar Lo Lhe
lssue quoLlng Lhe full name of Lhe sole or llrsL 8ldder 8ld cum AppllcaLlon lorm number 8ldders ueposlLory
AccounL ueLalls number of LqulLy Shares applled for daLe of 8ld form name and address of Lhe member of Lhe
SyndlcaLe where Lhe 8ld was submlLLed and cheque or drafL number and lssulng bank Lhereof or wlLh respecL Lo
AS8A 8lds bank accounL number ln whlch Lhe amounL equlvalenL Lo Lhe 8ld AmounL was blocked

8|dders can contact the Comp||ance Cff|cer or the keg|strar to the Issue |n case of any preIssue or postIssue
re|ated prob|ems such as nonrece|pt of |etters of A||otment cred|t of transferred shares |n the respect|ve
benef|c|ary accounts refund orders etc In case of AS8A 8|ds subm|tted to the Des|gnated 8ranches of the SCS8s
the 8|dders can contact the Des|gnated 8ranches of the SCS8s

Impersonat|on

ALLenLlon of Lhe appllcanLs ls speclflcally drawn Lo Lhe provlslons of subsecLlon (1) of SecLlon 68 A of Lhe Companles
AcL whlch ls reproduced below
Aoy petsoo wbo
(o) mokes lo o flctltloos oome oo oppllcotloo to o compooy fot ocpoltloq ot sobsctlbloq fot ooy sbotes tbetelo ot
(b) otbetwlse loJoces o compooy to ollot ot teqlstet ooy ttoosfet of sbotes tbetelo to blm ot ooy otbet petsoo lo o
flctltloos oome sboll be poolsboble wltb lmptlsoomeot fot o tetm wblcb moy exteoJ to flve yeots

ALLC1MLN1

8as|s of A||otment

4 lor ketoi/ lndividuo/ 8idders
a) 8lds recelved from Lhe 8eLall lndlvldual 8ldders aL or above Lhe lssue rlce shall be grouped LogeLher Lo
deLermlne Lhe LoLal demand under Lhls caLegory 1he AlloLmenL Lo all Lhe successful 8eLall lndlvldual 8ldders wlll be
made aL Lhe lssue rlce
b) 1he lssue slze less AlloLmenL Lo non lnsLlLuLlonal and Cl8 8ldders shall be avallable for AlloLmenL Lo 8eLall
lndlvldual 8ldders who have 8ld ln Lhe lssue aL a prlce LhaL ls equal Lo or greaLer Lhan Lhe lssue rlce
c) lf Lhe aggregaLe demand ln Lhls caLegory ls less Lhan or equal Lo 262S000 LqulLy Shares (assumlng aL or above
Lhe lssue rlce full AlloLmenL shall be made Lo Lhe 8eLall lndlvldual 8ldders Lo Lhe exLenL of Lhelr valld 8lds)
d) lf Lhe aggregaLe demand ln Lhls caLegory ls greaLer Lhan 262S000 LqulLy Shares aL or above Lhe lssue rlce Lhe
AlloLmenL shall be made on a proporLlonaLe basls up Lo a mlnlmum of LqulLy Shares and mulLlples of LqulLy
Shares LhereafLer lor Lhe meLhod of proporLlonaLe 8asls of AlloLmenL refer below




260


8 lor Non lnstitutiono/ 8idders

a) 8lds recelved from non lnsLlLuLlonal 8ldders aL or above Lhe lssue rlce shall be grouped LogeLher Lo deLermlne
Lhe LoLal demand under Lhls caLegory 1he AlloLmenL Lo all successful non lnsLlLuLlonal 8ldders wlll be made aL Lhe
lssue rlce
b) 1he lssue slze less AlloLmenL Lo Cl8s and 8eLall orLlon shall be avallable for AlloLmenL Lo non lnsLlLuLlonal
8ldders who have 8ld ln Lhe lssue aL a prlce LhaL ls equal Lo or greaLer Lhan Lhe lssue rlce
c) lf Lhe aggregaLe demand ln Lhls caLegory ls less Lhan or equal Lo 112S000 LqulLy Shares aL or above Lhe lssue
rlce full AlloLmenL shall be made Lo non lnsLlLuLlonal 8ldders Lo Lhe exLenL of Lhelr demand
d) ln case Lhe aggregaLe demand ln Lhls caLegory ls greaLer Lhan 112S000 LqulLy Shares aL or above Lhe lssue rlce
AlloLmenL shall be made on a proporLlonaLe basls up Lo a mlnlmum of LqulLy Shares and mulLlples of LqulLy
Shares LhereafLer lor Lhe meLhod of proporLlonaLe basls of AlloLmenL refer below

c lor l8s {exc/udinq 4nchor lnvestor Portion)

8lds recelved from Lhe Cl8 8ldders aL or above Lhe lssue rlce shall be grouped LogeLher Lo deLermlne Lhe
LoLal demand under Lhls porLlon 1he AlloLmenL Lo all Lhe Cl8 8ldders wlll be made aL Lhe lssue rlce
1he Cl8 orLlon (excludlng Lhe Anchor lnvesLor orLlon) shall be avallable for AlloLmenL Lo Cl8 8ldders who
have 8ld ln Lhe lssue aL a prlce LhaL ls equal Lo or greaLer Lhan Lhe lssue rlce
AlloLmenL shall be underLaken ln Lhe followlng manner

(a) ln Lhe flrsL lnsLance allocaLlon Lo MuLual lunds for S of Lhe Cl8 orLlon (excludlng Lhe Anchor lnvesLor orLlon)
shall be deLermlned as follows

(l) ln Lhe evenL LhaL MuLual lund 8lds exceeds S of Lhe Cl8 orLlon (excludlng Lhe Anchor lnvesLor orLlon)
allocaLlon Lo MuLual lunds shall be done on a proporLlonaLe basls of noL less Lhan 187S00 LqulLy Shares (Lo be
ad[usLed for Anchor lnvesLor orLlon lf appllcable) for up Lo S of Lhe Cl8 orLlon (excludlng Lhe Anchor lnvesLor
orLlon)
(ll) ln Lhe evenL LhaL Lhe aggregaLe demand from MuLual lunds ls less Lhan S of Lhe Cl8 orLlon (excludlng Lhe
Anchor lnvesLor orLlon) Lhen all MuLual lunds shall geL full AlloLmenL Lo Lhe exLenL of valld 8lds recelved aL or
above Lhe lssue rlce
(lll) LqulLy Shares remalnlng unsubscrlbed lf any noL allocaLed Lo MuLual lunds shall be avallable for AlloLmenL Lo
all Cl8 8ldders as seL ouL ln (b) below

(b) ln Lhe second lnsLance AlloLmenL Lo all Cl8s shall be deLermlned as follows

(l) ln Lhe evenL LhaL Lhe oversubscrlpLlon ln Lhe Cl8 orLlon (excludlng Lhe Anchor lnvesLor orLlon) all Cl8 8ldders
who have submlLLed 8lds above Lhe lssue rlce shall be AlloLLed LqulLy Shares on a proporLlonaLe basls of noL less
Lhan 3S62S00 LqulLy Shares for up Lo 9S of Lhe Cl8 orLlon
(ll) MuLual lunds who have recelved allocaLlon as per (a) above for less Lhan Lhe number of LqulLy Shares 8ld for
by Lhem are ellglble Lo recelve LqulLy Shares on a proporLlonaLe basls along wlLh oLher Cl8 8ldders
(lll) undersubscrlpLlon below S of Lhe Cl8 orLlon (excludlng Lhe Anchor lnvesLor orLlon) lf any from MuLual
lunds would be lncluded for allocaLlon Lo Lhe remalnlng Cl8 8ldders on a proporLlonaLe basls

u lor 4nchor lnvestors

AllocaLlon of LqulLy Shares Lo Anchor lnvesLors aL Lhe Anchor lnvesLor lssue rlce wlll be aL Lhe dlscreLlon of our
Company ln consulLaLlon wlLh Lhe 8ook 8unnlng Lead Managers sub[ecL Lo compllance wlLh Lhe followlng
requlremenLs
a noL more Lhan 30 of Lhe Cl8 orLlon wlll be allocaLed Lo Anchor lnvesLors
b AL leasL oneLhlrd of Lhe Anchor lnvesLor orLlon shall be avallable for allocaLlon Lo domesLlc MuLual lunds only
c AllocaLlon Lo a mlnlmum number of Lwo Anchor lnvesLors
1he number of LqulLy Shares AlloLLed Lo Anchor lnvesLors and Lhe Anchor lnvesLor lssue rlce shall be made
avallable ln Lhe publlc domaln by Lhe 8ook 8unnlng Lead Managers before Lhe 8ld Cpenlng uaLe


261


Sub[ect to va||d b|ds be|ng rece|ved at or above the Issue r|ce Undersubscr|pt|on |f any |n any category wou|d
be a||owed to be met w|th sp||| over |nterse from any other categor|es at the d|scret|on of our Company |n
consu|tat|on w|th the 8kLM sub[ect to app||cab|e prov|s|ons of Secur|t|es and Lxchange 8oard of Ind|a (Issue of
Cap|ta| and D|sc|osure kequ|rements) kegu|at|ons 2009
1he 8ook 8unnlng Lead Managers Lhe 8eglsLrar Lo Lhe lssue and Lhe ueslgnaLed SLock Lxchange shall ensure LhaL
Lhe basls of AlloLmenL ls flnallzed ln a falr and proper manner ln accordance wlLh Lhe SL8l 8egulaLlons

1he meLhod of proporLlonaLe basls of alloLmenL ls sLaLed below

I||ustrat|on of A||otment to I8s Cther 1han Anchor Investors

A Issue Deta||s
Sr
No
art|cu|ars Issue Deta||s
1 lssue Slze 200 crores equlLy shares
2 orLlon avallable Lo Cl8s* 100 crore equlLy shares
3 Anchor lnvesLor orLlon 30 crores
4 orLlon Avallable Lo Cl8s* oLher Lhan Anchor lnvesLors (2)(3) 70 crores equlLy shares
Cf whlch
a) 8eservaLlon Lo Ml (S) 3S crores equlLy shares
b) 8alance for all Cl8s lncludlng Mls 66S crores equlLy shares
S number of Cl8 appllcanLs 10
6 number of shares applled for S00 crores equlLy shares
* Where S0 of Lhe lssue slze ls requlred Lo be alloLLed Lo Cl8s

8 Deta||s of I8 8|ds
SrNo 1ype of I8 b|dders # No of shares b|d for ( |n crores)
1 A1 S0
2 A2 20
3 A3 130
4 A4 S0
S AS S0
6 Ml1 40
7 Ml2 40
8 Ml3 80
9 Ml4 20
10 MlS 20
1ota| S00













262


A1AS (I8 b|dders other than MIs)
MI1MIS (I8 b|dders wh|ch are MIs)

C Deta||s of A||otment to I8 8|dders]App||cants
(No of equ|ty shares |n Crores)
1ype of
I8
b|dders
Lqu|ty
Shares
b|d for
A||ocat|on of 3S
crores
equ|ty shares to
MI's
proport|onate|y (see
note 2)
A||ocat|on of ba|ance
66S crores equ|ty
shares to I8s
proport|onate|y
(see note 4)
Aggregate
a||ocat|on to
MIs
A1 S0 0 66S 0
A2 20 0 266 0
A3 130 0 1729 0
A4 S0 0 66S 0
AS S0 0 66S 0
Ml1 40 07 S32 602
Ml2 40 07 S32 602
Ml3 80 14 1064 1204
Ml4 20 03S 266 301
MlS 20 03S 266 301

1ota| S00 3S0 66S0 3010

|ease note
1) 1he lllusLraLlon presumes compllance wlLh Lhe provlslons of regulaLlon S1(1) perLalnlng Lo mlnlmum alloLmenL

2) CuL of 70 crores equlLy shares allocaLed Lo Cl8s 3S crores (le S) wlll be allocaLed on proporLlonaLe basls
among S muLual fund appllcanLs who applled for 200 shares ln Cl8 caLegory

3) 1he balance 66S crores equlLy shares le 70 3S (avallable for Mls) wlll be allocaLed on proporLlonaLe basls
among 10 Cl8 appllcanLs who applled for S00 shares (lncludlng S Ml appllcanLs who applled for 200 shares)


4) 1he flgures aL Col no lv are arrlved as under
a) lor Cl8s oLher Lhan muLual funds (A1 Lo AS) no of shares bld for (le Col ll) x 66S / 496S
b) lor muLual funds (Ml1 Lo MlS) (no of shares bld for (le Col ll) less shares alloLLed (le col lll ) x 66S / 496S
c) 1he numeraLor and denomlnaLor for arrlvlng aL allocaLlon of 66S crores shares Lo Lhe 10 Cl8s are reduced by 3S
crores shares whlch has already been alloLLed Lo muLual funds aL Col no(lll)

Method of roport|onate 8as|s of A||otment |n the Issue

LxcepL ln relaLlon Lo Anchor lnvesLors ln Lhe evenL of lssue belng oversubscrlbed our Company shall flnallze Lhe
8asls of AlloLmenL ln consulLaLlon wlLh Lhe ueslgnaLed SLock Lxchange 1he LxecuLlve ulrecLor (or any oLher senlor
offlclal nomlnaLed by Lhem) of Lhe ueslgnaLed SLock Lxchange along wlLh Lhe 88LMS and Lhe 8eglsLrar Lo Lhe lssue
shall be responslble for ensurlng LhaL Lhe basls of AlloLmenL ls flnallzed ln a falr and proper manner
LxcepL ln relaLlon Lo Anchor lnvesLors AlloLmenL shall be made ln markeLable loLs on a proporLlonaLe basls as
explalned below
a) 8ldders wlll be caLegorlzed accordlng Lo Lhe number of LqulLy Shares applled for

b) 1he LoLal number of LqulLy Shares Lo be AlloLLed Lo each caLegory as a whole shall be arrlved aL on a
proporLlonaLe basls whlch ls Lhe LoLal number of LqulLy Shares applled for ln LhaL caLegory (number of 8ldders ln



263


Lhe caLegory mulLlplled by Lhe number of LqulLy Shares applled for) mulLlplled by Lhe lnverse of Lhe over
subscrlpLlon raLlo

c) number of LqulLy Shares Lo be AlloLLed Lo Lhe successful 8ldders wlll be arrlved aL on a proporLlonaLe basls whlch
ls LoLal number of LqulLy Shares applled for by each 8ldder ln LhaL caLegory mulLlplled by Lhe lnverse of Lhe over
subscrlpLlon raLlo

d) ln all 8lds where Lhe proporLlonaLe AlloLmenL ls less Lhan LqulLy Shares per 8ldder Lhe alloLmenL shall be
made as follows
Lach successful 8ldder shall be AlloLLed a mlnlmum of LqulLy Shares and
1he successful 8ldders ouL of Lhe LoLal 8ldders for a caLegory shall be deLermlned by draw of loLs ln a
manner such LhaL Lhe LoLal number of LqulLy Shares AlloLLed ln LhaL caLegory ls equal Lo Lhe number of
LqulLy Shares calculaLed ln accordance wlLh (b) above

e) lf Lhe proporLlonaLe AlloLmenL Lo a 8ldder ls a number LhaL ls more Lhan buL ls noL a mulLlple of one (whlch ls
Lhe markeLable loL) Lhe declmal would be rounded off Lo Lhe hlgher whole number lf LhaL number ls 0S or hlgher lf
LhaL number ls lower Lhan 0S lL would be rounded off Lo Lhe lower whole number All 8ldders ln such caLegorles
would be AlloLLed LqulLy Shares arrlved aL afLer such roundlng off

f) lf Lhe LqulLy Shares allocaLed on a proporLlonaLe basls Lo any caLegory are more Lhan Lhe LqulLy Shares AlloLLed Lo
Lhe 8ldders ln LhaL caLegory Lhe remalnlng LqulLy Shares avallable for AlloLmenL shall be flrsL ad[usLed agalnsL any
oLher caLegory where Lhe AlloLLed shares are noL sufflclenL for proporLlonaLe AlloLmenL Lo Lhe successful 8ldders ln
LhaL caLegory 1he balance LqulLy Shares lf any remalnlng afLer such ad[usLmenL wlll be added Lo Lhe caLegory
comprlslng 8ldders applylng for mlnlmum number of LqulLy Shares

g) Sub[ecL Lo valld 8lds belng recelved AlloLmenL of LqulLy Shares Lo Anchor lnvesLors wlll be aL Lhe dlscreLlon of our
Company ln consulLaLlon wlLh Lhe 8ook 8unnlng Lead Managers

ayment of kefund

8ldders musL noLe LhaL on Lhe basls of name of Lhe 8ldders ueposlLory arLlclpanL's name u lu 8eneflclary
AccounL number provlded by Lhem ln Lhe 8ld cum AppllcaLlon lorm Lhe 8eglsLrar Lo Lhe lssue wlll obLaln from Lhe
ueposlLorles Lhe uemographlc ueLalls lncludlng 8ldders' address bank accounL deLalls lncludlng Lhe nlne dlglL
MagneLlc lnk CharacLer 8ecognlLlon (MICk") code as appearlng on a cheque leaf Pence 8ldders are advlsed Lo
lmmedlaLely updaLe Lhelr bank accounL deLalls as appearlng ln Lhe records of Lhe ueposlLory arLlclpanL lease

noLe LhaL fallure Lo do so could resulL ln delays ln dlspaLch of refund order or refunds Lhrough elecLronlc Lransfer of
funds as appllcable and any such delay shall be aL Lhe 8ldders' sole rlsk and
nelLher our Company Lhe 8eglsLrar Lo Lhe lssue Lscrow CollecLlon 8ank(s) 8ankers Lo Lhe lssue nor Lhe 88LMs shall
be llable Lo compensaLe Lhe 8ldders for any losses caused Lo Lhe 8ldder due Lo any such delay or llable Lo pay any
lnLeresL for such delay

Mode of mak|ng refunds

8ldders oLher Lhan AS8A 8ldders musL noLe LhaL on Lhe basls of Lhe names of Lhe 8ldders ueposlLory arLlclpanL's
name u lu 8eneflclary AccounL number provlded by Lhem ln Lhe 8ld cum AppllcaLlon lorm Lhe 8eglsLrar Lo Lhe
lssue wlll obLaln from Lhe ueposlLorles Lhe 8ldders' bank accounL deLalls lncludlng Lhe nlne dlglL MagneLlc lnk
CharacLer 8ecognlLlon (MICk") code as appearlng on a cheque leaf Pence 8ldders are advlsed Lo lmmedlaLely
updaLe Lhelr bank accounL deLalls as appearlng on Lhe records of Lhe ueposlLory arLlclpanL lease noLe LhaL fallure
Lo do so could resulL ln delays ln dlspaLch of refund order or refunds Lhrough elecLronlc Lransfer of funds as
appllcable and any such delay shall be aL Lhe 8ldders' sole rlsk and nelLher our Company Lhe 8eglsLrar Lo Lhe lssue
Lscrow CollecLlon 8ank(s) 8ankers Lo Lhe lssue nor Lhe 88LMs shall be llable Lo compensaLe Lhe 8ldders for any
losses caused Lo Lhe 8ldder due Lo any such delay or llable Lo pay any lnLeresL for such delay

264


1he paymenL of refund lf any would be done Lhrough varlous modes ln Lhe followlng order of preference

1 LCS (LlecLronlc Clearlng Servlces) ] NLCS (naLlonal LlecLronlc Clearlng Servlces) aymenL of refund would be
done Lhrough LCS/nLCS for appllcanLs havlng an accounL aL any of Lhe cenLers where such faclllLy has been made
avallable 1hls mode of paymenL of refunds would be sub[ecL Lo avallablllLy of compleLe bank accounL deLalls
lncludlng Lhe MlC8 code as appearlng on a cheque leaf from Lhe ueposlLorles 1he paymenL of refunds ls
mandaLory for appllcanLs havlng a bank accounL aL any of such cenLers excepL where Lhe appllcanL belng ellglble
opLs Lo recelve refund Lhrough nLl1 dlrecL credlL or 81CS

2 D|rect Cred|t AppllcanLs havlng bank accounLs wlLh Lhe 8efund 8anker(s) as menLloned ln Lhe 8ld cum
AppllcaLlon form shall be ellglble Lo recelve refunds Lhrough dlrecL credlL Charges lf any levled by Lhe 8efund
8ank(s) for Lhe same would be borne by our Company

3 k1GS (8eal 1lme Cross SeLLlemenL) AppllcanLs havlng a bank accounL aL any of Lhe cenLre's where such faclllLy
has been made avallable and whose refund amounL exceeds ` 1lacs have Lhe opLlon Lo recelve refund Lhrough
81CS Such ellglble appllcanLs who lndlcaLe Lhelr preference Lo recelve refund Lhrough 81CS are requlred Lo provlde
Lhe lndlan llnanclal SysLem Code (llSC") code ln Lhe 8ld cum AppllcaLlon lorm ln Lhe evenL Lhe same ls noL
provlded refund shall be made Lhrough LCS / nLCS Charges lf any levled by Lhe 8efund 8ank(s) for Lhe same
would be borne by our Company Charges lf any levled by Lhe appllcanL's bank recelvlng Lhe credlL would be borne
by Lhe 8ldder

4 NLI1 (naLlonal LlecLronlc lund 1ransfer) aymenL of refund shall be underLaken Lhrough nLl1 wherever Lhe
appllcanLs' bank branch ls nLl1 enabled and has been asslgned Lhe lndlan llSC code whlch can be llnked Lo a
MagneLlc lnk CharacLer 8ecognlLlon (MlC8) code of LhaL parLlcular bank branch llSC Code wlll be obLalned from Lhe
webslLe of 88l as on a daLe prlor Lo Lhe daLe of paymenL of refund duly mapped wlLh MlC8 code Wherever Lhe
appllcanLs have reglsLered Lhelr nlne dlglL MlC8 number and Lhelr bank accounL number whlle openlng and
operaLlng Lhe demaL accounL Lhe same wlll be duly mapped wlLh Lhe llSC Code of LhaL parLlcular bank branch and
Lhe paymenL of refund wlll be made Lo Lhe appllcanLs Lhrough Lhls meLhod 1he process flow ln respecL of refunds
by way of nLl1 ls aL an evolvlng sLage and hence use of nLl1 ls sub[ecL Lo operaLlonal feaslblllLy cosL and process
efflclency and Lhe pasL experlence of Lhe 8eglsLrars Lo Lhe lssue ln Lhe evenL LhaL nLl1 ls noL operaLlonally feaslble
Lhe paymenL of refunds would be made Lhrough any one of Lhe oLher modes as dlscussed ln Lhls secLlon

lor all oLher appllcanLs lncludlng Lhose who have noL updaLed Lhelr bank parLlculars wlLh Lhe MlC8 code Lhe
refund orders wlll be dlspaLched under cerLlflcaLe of posLlng for value up Lo ` 1S00 and Lhrough Speed osL/
8eglsLered osL for refund orders of ` 1S00 and above Such refunds wlll be made by cheques pay orders or
demand drafLs drawn on Lhe Lscrow CollecLlon 8anks and payable aL par aL places where 8lds are recelved 8ank
charges lf any for cashlng such cheques pay orders or demand drafLs aL oLher cenLers wlll be payable by Lhe
8ldders

8efunds Lo any speclfled caLegory of appllcanLs may be made ln any oLher elecLronlc manner permlsslble under Lhe
banklng laws for Lhe Llme belng ln force lf speclfled by SL8l ln Lhls regard

Mode of mak|ng refunds for AS8A 8|dders

ln case of AS8A 8ldders Lhe 8eglsLrar Lo Lhe lssue shall lnsLrucL Lhe relevanL SCS8 Lo unblock Lhe funds ln Lhe
relevanL AS8A AccounL Lo Lhe exLenL of Lhe 8ld AmounL speclfled ln Lhe AS8A 8ld cum AppllcaLlon lorms for
wlLhdrawn re[ecLed or unsuccessful or parLlally successful AS8A 8lds wlLhln nlne worklng days of Lhe 8ld/lssue
Closlng uaLe

DISCSAL CI ALICA1ICNS AND ALICA1ICN MCNILS AND IN1LkLS1 IN CASL CI DLLA

WlLh respecL Lo 8ldders oLher Lhan AS8A 8ldders our Company shall ensure dlspaLch of AlloLmenL advlce refund
orders (excepL for 8ldders who recelve refunds Lhrough elecLronlc Lransfer of funds) and glve beneflL Lo Lhe



26S


beneflclary accounL wlLh ueposlLory arLlclpanLs and submlL Lhe documenLs perLalnlng Lo Lhe AlloLmenL Lo Lhe
SLock Lxchanges wlLhln Len days of Lhe 8ld/lssue Closlng uaLe

ln case of appllcanLs who recelve refunds Lhrough LCS / nLCS dlrecL credlL or 81CS Lhe refund lnsLrucLlons wlll be
glven Lo Lhe clearlng sysLem wlLhln 12 worklng days from Lhe 8ld/lssue Closlng uaLe A sulLable communlcaLlon shall
be senL Lo Lhe 8ldders recelvlng refunds Lhrough Lhls mode wlLhln 10 days of 8ld/lssue Closlng uaLe glvlng deLalls of
Lhe bank where refunds shall be credlLed along wlLh amounL and expecLed daLe of elecLronlc credlL of refund

Cur Company shall use besL efforLs Lo ensure LhaL all sLeps for compleLlon of Lhe necessary formallLles for llsLlng and
commencemenL of Lradlng aL all Lhe SLock Lxchanges where Lhe LqulLy Shares are proposed Lo be llsLed are Laken
wlLhln 12 worklng days of Lhe 8ld/ lssue Closlng uaLe

ln accordance wlLh Lhe Companles AcL Lhe requlremenLs of Lhe SLock Lxchanges and Lhe SL8l (lCu8 ) 8egulaLlons
2009 our Company furLher underLakes LhaL

AlloLmenL of LqulLy Shares shall be made only ln demaLerlallzed form lncludlng Lhe credlL of AlloLLed LqulLy
Shares Lo Lhe beneflclary accounLs of Lhe ueposlLory arLlclpanLs wlLhln 10 (Len) days of Lhe 8ld/lssue
Closlng uaLe

WlLh respecL Lo 8ldders oLher Lhan AS8A 8ldders dlspaLch of refund orders or ln a case where Lhe refund or porLlon
Lhereof ls made ln elecLronlc manner Lhe refund lnsLrucLlons are glven Lo Lhe clearlng sysLem wlLhln Len worklng
days of Lhe 8ld/lssue Closlng uaLe would be ensured WlLh respecL Lo Lhe AS8A 8ldders lnsLrucLlons for unblocklng
of Lhe AS8A 8ldder's 8ank AccounL shall be made wlLhln elghL days from Lhe 8ld/lssue Closlng uaLe

Cur Company shall pay lnLeresL aL 1S pa for any delay beyond Lhe Len worklng days from Lhe 8ld/lssue Closlng
uaLe as menLloned above lf AlloLmenL ls noL made and refund orders are noL dlspaLched or lf ln a case where Lhe
refund or porLlon Lhereof ls made ln elecLronlc manner Lhe refund lnsLrucLlons have noL been glven Lo Lhe clearlng
sysLem ln Lhe dlsclosed manner and/or demaL credlLs are noL made Lo lnvesLors wlLhln elghL days from Lhe day our
Company becomes llable Lo repay (le Len Worklng uays afLer Lhe 8ld / lssue Closlng uaLe or Lhe daLe of refusal by
Lhe SLock Lxchange(s) whlchever ls earller) lf such money ls noL repald wlLhln elghL days from Lhe day our Company
becomes llable Lo repay lL our Company and every offlcer ln defaulL shall on and from explry of elghL days be llable
Lo repay Lhe money wlLh lnLeresL aL Lhe raLe of 1S as prescrlbed under SecLlon 73 of Lhe Companles AcL

Letters of A||otment or kefund Crders

Cur Company shall glve credlL Lo Lhe beneflclary accounL wlLh deposlLory parLlclpanLs wlLhln Len worklng days from
Lhe 8ld/lssue Closlng uaLe AppllcanLs resldlng aL Lhe cenLres where clearlng houses are managed by Lhe 88l wlll geL

refunds Lhrough LCS / nLCS only excepL where appllcanL ls oLherwlse dlsclosed as ellglble Lo geL refunds Lhrough
dlrecL credlL and / or 81CS Cur Company shall ensure dlspaLch of refund orders lf any of value up Lo ` 1S00 by
under CerLlflcaLe of osLlng" and wlll dlspaLch refund orders above ` 1S00 lf any by reglsLered posL or speed
posL aL Lhe sole or flrsL 8ldder's sole rlsk wlLhln 10 days of Lhe 8ld/lssue Closlng uaLe AppllcanLs resldlng aL Lhe
cenLers where LCS / nLCS faclllLy has been made avallable where clearlng houses are managed by Lhe 88l wlll geL
refunds Lhrough LCS / nLCS sub[ecL Lo adequaLe deLalls belng avallable ln Lhe uemographlc ueLalls recelved from
Lhe ueposlLorles excepL where appllcanL ls oLherwlse dlsclosed as ellglble Lo geL refunds Lhrough ulrecL CredlL and
81CS or any oLher mode as menLloned above ln case of AS8A 8ldders Lhe 8eglsLrar Lo Lhe lssue shall lnsLrucL Lhe
relevanL SCS8s Lo unblock Lhe funds ln Lhe relevanL AS8A AccounL Lo Lhe exLenL of Lhe 8ld AmounL speclfled ln Lhe
AS8A 8ld cum AppllcaLlon lorms for wlLhdrawn re[ecLed or unsuccessful or parLlally successful AS8A 8lds wlLhln
elghL Worklng days of Lhe 8ld/lssue Closlng uaLe whlch shall be compleLed wlLhln one Worklng uay afLer Lhe
recelpL of such lnsLrucLlon from Lhe 8eglsLrar Lo Lhe lssue




266


Interest |n case of de|ay |n d|spatch of A||otment Letters or kefund Crders] |nstruct|on to SCS8s by the
keg|strar to the Issue

Cur Company agrees LhaL Lhe AlloLmenL of LqulLy Shares ln Lhe lssue shall be made noL laLer Lhan Len Worklng uays
of Lhe 8ld / lssue Closlng uaLe Cur Company furLher agrees LhaL lL shall pay lnLeresL aL Lhe raLe of 1S pa lf Lhe
AlloLmenL leLLers or refund orders have noL been dlspaLched Lo Lhe appllcanLs or lf ln a case where Lhe refund or
porLlon Lhereof ls made ln elecLronlc manner Lhe refund lnsLrucLlons have noL been glven ln Lhe dlsclosed manner
wlLhln Len Worklng days from Lhe 8ld / lssue Closlng uaLe or lnsLrucLlons Lo SCS8s Lo unblock funds ln Lhe AS8A
AccounLs shall be glven wlLhln elghL Worklng uays of Lhe 8ld/lssue Closlng uaLe as Lhe case may be
Cur Company wlll provlde adequaLe funds requlred for dlspaLch of refund orders or AlloLmenL advlce Lo Lhe
8eglsLrar Lo Lhe lssue
8efunds wlll be made by cheques payorders or demand drafLs drawn on a bank appolnLed by our Company as a
8efund 8ank and payable aL par aL places where 8lds are recelved 8ank charges lf any for encashlng such cheques
pay orders or demand drafLs aL oLher cenLre's wlll be payable by Lhe 8ldders

In case of rev|s|on |n the r|ce 8and the 8|dd|ng er|od w||| be extended for three add|t|ona| work|ng days after
rev|s|on of r|ce 8and sub[ect to the tota| 8|dd|ng er|od not exceed|ng 10 work|ng days Any rev|s|on |n the r|ce
8and and the rev|sed 8|dd|ng er|od |f app||cab|e w||| be w|de|y d|ssem|nated by not|f|cat|on to SCS8s 8SL and
NSL and w||| be pub||shed |n one Lng||sh nat|ona| da||y newspaper one n|nd| nat|ona| da||y newspaper and one
reg|ona| |anguage newspaper where the keg|stered Cff|ce of our Company |s s|tuated each w|th w|de
c|rcu|at|on and a|so by |nd|cat|ng the change on the webs|tes of the 8kLMs and at the term|na|s of the members
of the Synd|cate

Ut|||zat|on Cf Issue roceeds

1he 8oard of ulrecLors declares LhaL
All monles recelved ouL of Lhls lssue shall be Lransferred Lo a separaLe bank accounL oLher Lhan Lhe bank
accounL referred Lo ln subsecLlon (3) of SecLlon 73 of Lhe Companles AcL
ueLalls of all monles uLlllzed ouL of Lhe lssue shall be dlsclosed and conLlnue Lo be dlsclosed Llll Lhe Llme any
parL of Lhe lssue proceeds remalns unuLlllzed under an approprlaLe separaLe head ln Lhe balance sheeL of
our Company lndlcaLlng Lhe purpose for whlch such monles have been uLlllzed
ueLalls of all unuLlllzed monles ouL of Lhe lssue lf any shall be dlsclosed under an approprlaLe separaLe
head ln Lhe balance sheeL of our Company lndlcaLlng Lhe form ln whlch such unuLlllzed monles have been
lnvesLed

Cur Company shall noL have recourse Lo Lhe proceeds of Lhe lresh lssue unLll Lhe flnal llsLlng and Lradlng approvals
from Lhe SLock Lxchanges have been obLalned

Undertak|ngs 8y Cur Company
Cur Company underLakes Lhe followlng
LhaL Lhe complalnLs recelved ln respecL of Lhls lssue shall be aLLended Lo by us expedlLlously and
saLlsfacLorlly
LhaL all sLeps wlll be Laken for Lhe compleLlon of Lhe necessary formallLles for llsLlng and commencemenL of
Lradlng aL all Lhe SLock Lxchanges where Lhe LqulLy Shares are proposed Lo be llsLed wlLhln Lwelve worklng
days of 8ld / lssue Closlng uaLe
LhaL Lhe funds requlred for maklng refunds Lo unsuccessful 8ldders as per Lhe mode(s) dlsclosed shall be
made avallable Lo Lhe 8eglsLrar Lo Lhe lssue by us
LhaL where refunds are made Lhrough elecLronlc Lransfer of funds a sulLable communlcaLlon shall be senL
Lo Lhe appllcanL wlLhln 10 days of Lhe 8ld/ lssue Closlng uaLe as Lhe case may be glvlng deLalls of Lhe bank
where refunds shall be credlLed along wlLh amounL and expecLed daLe of elecLronlc credlL of refund
LhaL adequaLe arrangemenLs shall be made Lo collecL all AS8A appllcaLlons and Lo conslder Lhem slmllar Lo
nonAS8A appllcaLlons whlle flnallzlng Lhe basls of alloLmenL
LhaL Lhe cerLlflcaLes of Lhe securlLles/ refund orders Lo Lhe nonresldenL lndlans shall be dlspaLched wlLhln
speclfled Llme and


267


LhaL no furLher lssue of LqulLy Shares shall be made Llll Lhe LqulLy Shares offered Lhrough Lhe urafL 8ed
Perrlng rospecLus are llsLed or unLll Lhe 8ld monles are refunded on accounL of nonllsLlng under
subscrlpLlon eLc
lnsLrucLlons Lo SCS8s Lo unblock funds ln Lhe AS8A AccounLs shall be glven wlLhln nlne worklng days of Lhe
8ld/lssue Closlng uaLe
1he Company shall noL have recourse Lo Lhe lssue proceeds unLll Lhe flnal approval for llsLlng and Lradlng of
Lhe LqulLy Shares from all Lhe SLock Lxchanges where llsLlng ls soughL has been recelved

W|thdrawa| of the Issue

Cur Company ln consulLaLlon wlLh Lhe 88LMs reserves Lhe rlghL noL Lo proceed wlLh Lhe lssue anyLlme afLer Lhe
8ld/lssue Cpenlng uaLe buL before Lhe AlloLmenL of LqulLy Shares ln such an evenL our Company would lssue a
publlc noLlce ln Lhe newspapers ln whlch Lhe prelssue adverLlsemenLs were publlshed wlLhln Lwo days of Lhe 8ld/
lssue Closlng uaLe provldlng reasons for noL proceedlng wlLh Lhe lssue Cur Company shall also lnform Lhe same Lo
SLock Lxchanges on whlch Lhe LqulLy Shares are proposed Lo be llsLed Any furLher lssue of LqulLy Shares by our
Company shall be ln compllance wlLh appllcable laws lf Lhe lssue ls wlLhdrawn afLer Lhe 8ld/lssue Closlng uaLe our
Company shall be requlred Lo flle a fresh urafL 8ed Perrlng rospecLus wlLh Lhe 8oard

kLS1kIC1ICNS CN ICkLIGN CWNLkSnI CI INDIAN SLCUkI1ILS

lorelgn lnvesLmenL ln lndlan securlLles ls regulaLed Lhrough Lhe lndusLrlal ollcy 1991 of Lhe CovernmenL of lndla
and lLMA Whlle Lhe lndusLrlal ollcy 1991 prescrlbes Lhe llmlLs and Lhe condlLlons sub[ecL Lo whlch forelgn
lnvesLmenL can be made ln dlfferenL secLors of Lhe lndlan economy lLMA regulaLes Lhe preclse manner ln whlch
such lnvesLmenL may be made under Lhe lndusLrlal ollcy unless speclflcally resLrlcLed forelgn lnvesLmenL ls freely
permlLLed ln all secLors of lndlan economy up Lo any exLenL and wlLhouL any prlor approvals buL Lhe forelgn
lnvesLor ls requlred Lo follow cerLaln prescrlbed procedures for maklng such lnvesLmenL lorelgn lnvesLmenL ls
allowed up Lo 100 under auLomaLlc rouLe ln our Company

lndla's currenL lorelgn ulrecL lnvesLmenL (IDI) ollcy lssued by Lhe ueparLmenL of lndusLrlal ollcy and
romoLlon MlnlsLry of Commerce and lndusLry Col (DI) by clrcular 2 of 2010 wlLh effecL from CcLober 1
2010 consolldaLes and supercedes all prevlous press noLes press releases and clarlflcaLlons on lul lssued by Lhe
ul

llls are permlLLed Lo subscrlbe Lo shares of an lndlan company ln a publlc offer wlLhouL Lhe prlor approval of Lhe
88l so long as Lhe prlce of Lhe equlLy shares Lo be lssued ls noL less Lhan Lhe prlce aL whlch Lhe equlLy shares are
lssued Lo resldenLs

1he Lransfer of shares beLween an lndlan resldenL and a nonresldenL does noL requlre Lhe prlor approval of Lhe
ll8 or Lhe 88l provlded LhaL (l) Lhe acLlvlLles of Lhe lnvesLee company are under Lhe auLomaLlc rouLe under Lhe
forelgn dlrecL lnvesLmenL (IDI) ollcy and Lransfer does noL aLLracL Lhe provlslons of Lhe SL8l (SubsLanLlal
AcqulslLlon of Shares and 1akeovers) 8egulaLlons 1997 (ll) Lhe nonresldenL shareholdlng ls wlLhln Lhe secLoral
llmlLs under Lhe lul pollcy and (lll) Lhe prlclng ls ln accordance wlLh Lhe guldellnes prescrlbed by SL8l/88l

As per Lhe exlsLlng pollcy of Lhe CovernmenL of lndla CC8s cannoL parLlclpaLe ln Lhls lssue

current/y os per the extont lul Po/icy of 6overnment of lndio loreiqn uirect lnvestment is not permitted in the
retoi/ trodinq of mu/tip/e bronds



268


SECTIUN IX: MAIN PRUVISIUNS UF ARTICLES UF ASSUCIATIUN UF THE ISSUER
CUMPANY
copltollseJ/uefloeJ tetms oseJ lo tbls sectloo bove tbe some meooloq tbot bos beeo qlveo to socb tetms lo tbe
Attlcles of Assoclotloo of tbe compooy lleose oote tbot eocb ptovlsloo betelo below ls oombeteJ os pet tbe
cottespooJloq ottlcle oombet lo tbe Attlcles of Assoclotloo of tbe compooy lotsooot to 5cbeJole ll of tbe compooles
Act ooJ tbe 58l keqolotloos tbe molo ptovlsloos of tbe Attlcles of Assoclotloo of tbe compooy ote JetolleJ below

II CAI1AL AND INCkLASL AND kLDUC1ICN CI CAI1AL
3 1he AuLhorlsed Share CaplLal of Lhe company shall be Lhe caplLal as speclfled ln Clause v of Lhe
Memorandum of AssoclaLlon wlLh power Lo lncrease and reduce Lhe Share CaplLal of Lhe company and Lo
dlvlde Lhe shares ln Lhe CaplLal for Lhe Llme belng lnLo several classes as permlsslble ln law and Lo aLLach
LhereLo respecLlvely such preferenLlal deferred quallfled or speclal rlghLs prlvlleges or condlLlons as may
be deLermlned by or ln accordance wlLh Lhe ArLlcles of AssoclaLlon of Lhe Company Lo vary modlfy
amalgamaLe or abrogaLe any such rlghLs prlvlleges or condlLlons ln such manner as may for Lhe Llme
belng be provlded ln Lhe ArLlcles of AssoclaLlon

4 1he Company ln Ceneral MeeLlng may from Llme Lo Llme lncrease Lhe CaplLal by Lhe creaLlon of new
shares Such lncrease Lo be of such aggregaLe amounL and Lo be dlvlded lnLo such shares of such
respecLlve amounLs as Lhe resoluLlon shall prescrlbe Sub[ecL Lo Lhe provlslons of Lhe AcL any shares of
Lhe orlglnal or lncreased caplLal shall be lssued upon such Lerms and condlLlons and wlLh such rlghLs and
prlvlleges annexed LhereLo as Lhe Ceneral MeeLlng resolvlng upon Lhe creaLlon Lhereof shall dlrecL and lf
no dlrecLlon be glven as Lhe ulrecLors shall deLermlne and ln parLlcular such shares may be lssued wlLh a
preferenLlal or quallfled rlghL Lo dlvldends or oLherwlse and ln Lhe dlsLrlbuLlon of asseLs of Lhe Company
and wlLh a rlghL of voLlng aL general meeLlngs of Lhe Company ln conformlLy wlLh SecLlon 87 of Lhe AcL
Whenever Lhe CaplLal of Lhe Company has been lncreased under Lhe provlslons of Lhls ArLlcle Lhe
ulrecLors shall comply wlLh Lhe provlslons of SecLlon 97 of Lhe AcL

S LxcepL ln so far as oLherwlse provlded ln Lhe condlLlons of lssue of shares by Lhese presenLs any caplLal
ralsed by Lhe creaLlon of new shares shall be consldered as parL of Lhe exlsLlng caplLal and shall be sub[ecL
Lo provlslons hereln conLalned wlLh reference Lo Lhe paymenL of calls and lnsLallmenLs forfelLure llen
surrender Lransfer and Lransmlsslon voLlng and oLherwlse

6 Sub[ecL Lo Lhe provlslons of SecLlon 80 of Lhe AcL Lhe Company shall have Lhe power Lo lssue reference
Shares whlch aL or aL Lhe opLlon of Lhe Company are llable Lo be redeemed and Lhe resoluLlon auLhorlslng
such lssue shall prescrlbe Lhe manner Lerms and condlLlons of redempLlon

7 Cn Lhe lssue of 8edeemable reference Shares under Lhe provlslons of ArLlcle 6 hereof Lhe followlng
provlslons shall Lake effecL

a) no such shares shall be redeemed excepL ouL of Lhe proflLs of Lhe Company whlch would
oLherwlse be avallable for dlvldend or ouL of Lhe proceeds of a fresh lssue of shares made for Lhe
purpose of Lhe redempLlon

b) no such shares shall be redeemed unless Lhey are fully pald

c) Where any such shares are redeemed oLherwlse Lhan ouL of Lhe proceeds of a fresh lssue Lhere
shall ouL of Lhe proflLs whlch would oLherwlse have been avallable for dlvldend be Lransferred Lo
a reserve fund Lo be called Lhe CaplLal 8edempLlon 8eserve AccounL" a sum equal Lo Lhe
nomlnal amounL of Lhe shares redeemed and Lhe provlslons of Lhe AcL relaLlng Lo Lhe reducLlon


269

of Lhe share caplLal of Lhe Company shall excepLs as provlded ln SecLlon 80 of Lhe AcL apply as lf
Lhe CaplLal 8edempLlon 8eserve AccounL were pald up share caplLal of Lhe Company

8 1he Company may (sub[ecL Lo Lhe rovlslons of SecLlon 78 80 100 Lo 10S boLh lncluslve of Lhe AcL) from
Llme Lo Llme by Speclal 8esoluLlon reduce lLs caplLal any CaplLal 8edempLlon 8eserve AccounL or Share
remlum AccounL ln any manner for Lhe Llme belng auLhorlsed by law and ln parLlcular caplLal may be
pald off on Lhe fooLlng LhaL lL may be called upon agaln or oLherwlse 1hls ArLlcle ls noL Lo derogaLe from
any power Lhe Company would have lf Lhe were omlLLed

9 Sub[ecL Lo Lhe provlslons of SecLlon 94 of Lhe AcL Lhe Company ln Ceneral MeeLlng may from Llme Lo Llme
subdlvlde or consolldaLe lLs shares or any of Lhem and Lhe resoluLlon whereby any share ls subdlvlded
may deLermlne LhaL as beLween Lhe holders of Lhe shares resulLlng from such subdlvlslon one or more
of such shares shall have some preference or speclal advanLage as regards dlvldend caplLal or oLherwlse
over or as compared wlLh Lhe oLher or oLhers Sub[ecL as aforesald Lhe Company ln Ceneral MeeLlng may
also cancel shares whlch have noL been Laken or agreed Lo be Laken by any person and dlmlnlsh Lhe
amounL of lLs share caplLal by Lhe amounL of Lhe shares so cancelled

10 Whenever Lhe CaplLal ls dlvlded lnLo dlfferenL classes of shares all or any of Lhe rlghLs and prlvlleges
aLLached Lo each class may sub[ecL Lo Lhe provlslons of SecLlons 106 and 107 of Lhe AcL be modlfled
commuLed affecLed or abrogaLed or dealL wlLh by agreemenL beLween Lhe Company and any person
purporLlng Lo conLracL on behalf of LhaL class provlded such agreemenL ls raLlfled ln wrlLlng by holders of
aL leasL LhreefourLhs of nomlnal value of Lhe lssued shares of Lhe class or ls conflrmed by a resoluLlon
passed aL a separaLe Ceneral MeeLlng of Lhe holders of shares of LhaL class and supporLed by Lhe voLes of
Lhe holders of aL leasL LhreefourLhs of Lhose shares and all Lhe provlslons herelnafLer conLalned as Lo
Ceneral MeeLlngs shall muLaLls muLandls apply Lo every such MeeLlng buL so LhaL Lhe quorum Lhereof
shall be members presenL ln person or by proxy and holdlng LhreefourLhs of Lhe nomlnal amounL of Lhe
lssued shares of Lhe class 1hls ArLlcle ls noL Lo derogaLe from any power Lhe Company would have lf lL
were omlLLed

III IUk1nLk ISSUL CI SnAkLS
11 1he Share CaplLal of Lhe Company shall be ln accordance wlLh requlremenLs of Law as ln force from Llme
Lo Llme

1 Where aL any Llme afLer Lhe explry of Lwo years from Lhe formaLlon of Lhe Company or aL any Llme
afLer Lhe explry of one year from Lhe alloLmenL of shares ln Lhe Company made for Lhe flrsL Llme afLer
lLs formaLlon whlchever ls earller lL ls proposed Lo lncrease Lhe subscrlbed caplLal of Lhe Company by
Lhe alloLmenL of furLher shares Lhen

a Such furLher shares shall be offered Lo Lhe person who aL Lhe daLe of Lhe offer are
holders of Lhe equlLy shares of Lhe Company ln proporLlon as nearly as clrcumsLances
admlL Lo Lhe caplLal paldup on Lhose shares aL LhaL daLe

b 1he offer aforesald shall be made by a noLlce speclfylng Lhe number of shares offered
and llmlLlng a Llme noL belng less Lhan flfLeen days from Lhe daLe of Lhe offer wlLhln
whlch Lhe offer lf noL accepLed wlll be deemed Lo have been decllned

c 1he offer aforesald shall be deemed Lo lnclude a rlghL exerclsable by Lhe person
concerned Lo renounce Lhe shares offered Lo hlm or any of Lhem ln favour of any oLher
person and Lhe noLlce referred Lo ln subclause (b) shall conLaln a sLaLemenL of Lhls rlghL

d AfLer Lhe explry of Lhe Llme speclfled ln Lhe noLlce aforesald or on recelpL of earller
lnLlmaLlon from Lhe person Lo whom such noLlce ls glven LhaL he decllnes Lo accepL Lhe

270

shares offered Lhe 8oard of ulrecLors may dlspose of Lhem ln such manner as Lhey Lhlnk
mosL beneflclal Lo Lhe Company

2 noLwlLhsLandlng anyLhlng conLalned above Lhe furLher shares aforesald may be offered Lo any
persons (wheLher or noL Lhose persons lnclude Lhe persons referred Lo above ln any manner
whaLsoever)
l lf a speclal resoluLlon Lo LhaL effecL ls passed by Lhe Company ln general meeLlng or

ll Where no such resoluLlon ls passed lf Lhe voLes casL (wheLher on a show of hands or poll as
Lhe case may be) ln favour of Lhe proposal conLalned ln Lhe resoluLlon moved ln LhaL general
meeLlng (lncludlng Lhe casLlng voLe lf any of Lhe Chalrman) by members who belng enLlLled
so Lo do voLe ln person or where proxles are allowed by proxy exceed Lhe voLes lf any casL
agalnsL Lhe proposal by members so enLlLled and voLlng and Lhe CenLral CovernmenL ls
saLlsfled on an appllcaLlon made by Lhe 8oard of ulrecLors ln Lhls behalf LhaL Lhe proposal ls
mosL beneflclal Lo Lhe Company

3 noLhlng ln subclause (c) hereof shall be deemed

l 1o exLend Lhe Llme wlLhln whlch offer should be accepLed or

ll 1o auLhorlze any person Lo exerclse Lhe rlghL of renunclaLlon for a second Llme on Lhe
ground LhaL Lhe person ln whose favour Lhe renunclaLlon was flrsL made has decllned Lo Lake
Lhe shares comprlsed ln Lhe renunclaLlon

4 noLhlng ln Lhls ArLlcle shall apply Lo Lhe lncrease of Lhe subscrlbed caplLal of Lhe Company caused by
Lhe exerclse of an opLlon aLLached Lo Lhe debenLures lssued by Lhe Company

l 1o converL such debenLures or loans lnLo shares ln Lhe Company or

ll 1o subscrlbe for shares ln Lhe Company

rovlded LhaL Lhe Lerms of lssue of such debenLures or Lerms of such loans lnclude a Lerm provldlng for
such opLlons and such Lerm

l LlLher has been approved by Lhe CenLral CovernmenL before Lhe lssue of debenLures or Lhe
ralslng of Lhe loans or ls ln conformlLy wlLh 8ules lf any made by LhaL CovernmenL ln Lhls behalf
and

ll ln Lhe case of debenLures or loans or oLher Lhan debenLures lssued Lo or loans obLalned from Lhe
CovernmenL or any lnsLlLuLlon speclfled by Lhe CenLral CovernmenL ln Lhls behalf has been
approved by Lhe speclal resoluLlon passed by Lhe Company ln Ceneral MeeLlng before Lhe lssue
of Lhe loans

l Any lncrease ln Lhe subscrlbed CaplLal of Lhe Company by alloLmenL of furLher Shares
wheLher ouL of unlssued Share CaplLal or ouL of lncreased Share CaplLal or oLherwlse shall
be effecLed ln accordance wlLh Lhe appllcable requlremenLs of Law

ll Any acqulslLlon of Shares or oLher SecurlLles of Lhe Company by Lhe persons who can acqulre
SecurlLles of a company lncorporaLed ln lndla shall be ln compllance wlLh any appllcable
laws regulaLlons or guldellnes or any requlremenLs of Law



271

12 SnAkLS A1 1nL DISCSAL CI 1nL DIkLC1CkS

A Sub[ecL Lo Lhe provlslons of SecLlon 81 of Lhe AcL lf appllcable and Lhese ArLlcles Lhe Shares ln
Lhe CaplLal of Lhe Company for Lhe Llme belng (lncludlng any Shares formlng parL of any lncreased
CaplLal of Lhe Company) shall be under Lhe conLrol of Lhe 8oard who may lssue alloL or oLherwlse
dlspose of Lhe same or any of Lhem Lo such ersons ln such proporLlon and on such Lerms and
condlLlons and elLher aL a premlum or aL par or aL a dlscounL (sub[ecL Lo compllance wlLh Lhe
provlslons of SecLlon 78 and 79 of Lhe AcL) aL such Llme as Lhey may from Llme Lo Llme Lhlnk flL
and wlLh Lhe sancLlon of Lhe Members Lo glve Lo any erson or ersons Lhe opLlon or rlghL Lo
apply for any Shares elLher aL par or premlum or aL a dlscounL durlng such Llme and for such
conslderaLlon as Lhe ulrecLors Lhlnk flL and may lssue and alloL Shares ln Lhe CaplLal of Lhe
Company on paymenL ln full or parL of any properLy sold and Lransferred or for any servlces
rendered Lo Lhe Company ln Lhe conducL of lLs buslness and any Shares whlch may so be alloLLed
may be lssued as fully pald up Shares and lf so lssued shall be deemed Lo be fully pald Shares
provlded however noLwlLhsLandlng Lhe foregolng Lhe opLlon or rlghL Lo call on Shares shall noL
be glven Lo any erson or ersons wlLhouL Lhe sancLlon of Lhe Company ln Lhe Ceneral MeeLlng

8 ln addlLlon Lo and wlLhouL derogaLlng from powers for LhaL purpose conferred on Lhe 8oard
under Lhese ArLlcles Lhe Members may sub[ecL Lo Lhe provlslons of SecLlon 81 of Lhe AcL
deLermlne LhaL any Shares (wheLher formlng parL of Lhe orlglnal caplLal or of any lncreased
CaplLal of Lhe Company) shall be offered Lo such ersons (wheLher Members or holders of
uebenLures or any oLher SecurlLles or noL) ln such proporLlon and on such Lerms and condlLlons
and elLher (sub[ecL Lo compllance wlLh Lhe provlslons of SecLlons 78 and 79 of Lhe AcL) aL a
premlum or aL par or aL a dlscounL as Lhe Members shall deLermlne and wlLh full power Lo glve
any person (wheLher a Member or holders of uebenLures or any oLher SecurlLles or noL) Lhe
opLlon Lo call for or be alloLLed Shares of any class of Lhe Company elLher (sub[ecL Lo compllance
wlLh Lhe provlslons of SecLlons 78 and 79 of Lhe AcL) aL a premlum or aL par or aL a dlscounL such
opLlon belng exerclsable aL such Llme and for such conslderaLlon as may be dlrecLed by Lhe
Members or Lhe Members make any oLher provlslon whaLsoever for Lhe lssue alloLmenL or
dlsposal of any Shares

C Any appllcaLlon slgned by or on behalf of an appllcanL for Shares ln Lhe Company followed by an
alloLmenL of any Shares Lhereln shall be an accepLance of Shares wlLhln Lhe meanlng of Lhese
ArLlcles and every person who Lhus or oLherwlse accepLs any Shares and whose name ls on Lhe
8eglsLer of Members shall for Lhe purposes of Lhese ArLlcles be a Member

u 1he money (lf any) whlch Lhe 8oard shall on Lhe alloLmenL of any Shares belng made by Lhem
requlre or dlrecL Lo be pald by way of deposlL call or oLherwlse ln respecL of any Shares alloLLed
by Lhem shall lmmedlaLely on Lhe lnserLlon of Lhe name of Lhe alloLLee ln Lhe 8eglsLer of
Members as Lhe name of Lhe holder of such Shares become a debL due Lo and recoverable by Lhe
Company from Lhe alloLLees Lhereof and shall be pald by hlm accordlngly

L Lvery Member or hls helrs LxecuLors or AdmlnlsLraLors shall pay Lo Lhe Company Lhe porLlon of
Lhe CaplLal represenLed by hls Share or Shares whlch may for Lhe Llme belng remaln unpald
Lhereon ln such amounLs aL such Llme or Llmes and ln such manner as Lhe 8oard shall from Llme
Lo Llme ln accordance wlLh Lhe ArLlcles requlre or flx for Lhe paymenL Lhereof

l lf any Share sLands ln Lhe names of Lwo or more Members Lhe Member flrsL named ln Lhe
8eglsLer of Members shall as regards recelpL of ulvldends or bonus or servlce of noLlces and all
or any oLher maLLers connecLed wlLh Lhe Company excepL voLlng aL MeeLlngs and Lhe Lransfer of
Shares be deemed Lhe sole holder Lhereof buL Lhe [olnL holders of a Share shall be severally as
well as [olnLly llable for Lhe paymenL of all lnsLallmenLs and calls due ln respecL of such Shares
and for all lncldenLs Lhereof accordlng Lo Lhese ArLlcles


272

C LxcepL as ordered by a CourL of compeLenL [urlsdlcLlon or as by law requlred Lhe Company shall
be enLlLled Lo LreaL Lhe Member whose name appears on Lhe 8eglsLer of Members as Lhe holder
of any Share or whose name appears as Lhe 8eneflclal Cwner of Shares ln Lhe records of Lhe
ueposlLory as Lhe absoluLe owner Lhereof and accordlngly shall noL be bound Lo recognlse any
benaml LrusL or equlLy or equlLable conLlngenL or oLher clalm Lo or lnLeresL ln such Share on Lhe
parL of any oLher erson wheLher or noL he shall have express or lmplled noLlce Lhereof 1he
8oard shall be enLlLled aL Lhelr sole dlscreLlon Lo reglsLer any Shares ln Lhe [olnL names of any Lwo
or more ersons or Lhe survlvor or survlvors of Lhem

1LkMS CI ISSUL CI DL8LN1UkL
13 Any debenLures debenLure sLock or oLher securlLles may be lssued aL a dlscounL premlum or oLherwlse
and may be lssued on condlLlon LhaL Lhey shall be converLlble lnLo shares of any denomlnaLlon and wlLh
any prlvlleges and condlLlon as Lo redempLlon surrender drawlng alloLmenL of shares aLLendlng (buL noL
voLlng) aL Lhe Ceneral MeeLlng AppolnLmenL of ulrecLors and oLherwlse uebenLure wlLh Lhe rlghL Lo
converslon lnLo or alloLmenL of shares shall be lssued only wlLh Lhe consenL of Lhe company ln Lhe
Ceneral MeeLlng by a Speclal 8esoluLlon

IV SnAkLS AND CLk1IIICA1LS
14 1he Company shall cause Lo be kepL a 8eglsLer and lndex of Members ln accordance wlLh SecLlons 1S0 and
1S1 of Lhe AcL 1he Company shall be enLlLled Lo keep ln any SLaLe or CounLry ouLslde lndla a branch
8eglsLer of Members resldenL ln LhaL SLaLe or counLry

1S 1he shares ln Lhe CaplLal shall be numbered progresslvely accordlng Lo Lhelr several denomlnaLlons and
excepL ln Lhe manner herelnbefore menLloned no share shall be subdlvlded Lvery forfelLed or
surrendered share shall conLlnue Lo bear Lhe number by whlch Lhe same was orlglnally dlsLlngulshed

16 a) Where aL any Llme afLer Lhe explry of Lwo years from Lhe formaLlon of Lhe Company or aL any Llme
afLer Lhe explry of one year from Lhe alloLmenL of shares ln Lhe Company made for Lhe flrsL Llme afLer
lLs formaLlon whlchever ls earller lL ls proposed Lo lncrease Lhe subscrlbed caplLal of Lhe Company by
alloLmenL of furLher shares wheLher ouL of unlssued share caplLal or ouL of lncreased share caplLal
Lhen such furLher shares shall be offered Lo Lhe persons who on Lhe daLe of Lhe offer are holders of
Lhe equlLy shares of Lhe Company ln proporLlon as nearly as clrcumsLances permlL Lo Lhe caplLal
paldup on Lhese shares on LhaL daLe Such offer shall be made by a noLlce speclfylng Lhe number of
shares offered and llmlLlng a Llme noL belng less Lhan flfLeen days from Lhe daLe of Lhe offer wlLhln
whlch Lhe offer lf noL accepLed wlll be deemed Lo have been decllned AfLer Lhe explry of Lhe Llme
speclfled ln Lhe noLlce aforesald or on recelpL of earller lnLlmaLlon from Lhe person Lo whom such
noLlce ls glven LhaL he decllnes Lo accepL Lhe shares offered Lhe 8oard may dlspose of Lhem ln such
manner as Lhey Lhlnk mosL beneflclal Lo Lhe Company

b) noLwlLhsLandlng anyLhlng conLalned ln Lhe precedlng subclause Lhe Company may

l by a speclal resoluLlon or

ll where no such speclal resoluLlon ls passed lf Lhe voLes casL (wheLher on a show of hands or on a
poll as Lhe case may be) ln favour of Lhe proposal conLalned ln Lhe resoluLlon moved ln LhaL
general meeLlng (lncludlng Lhe casLlng voLe lf any of Lhe Chalrman) by members who belng
enLlLled so Lo do voLe ln person or where proxles are allowed by proxy exceed Lhe voLes lf any
casL agalnsL Lhe proposal by members so enLlLled Lo voLlng and Lhe CenLral CovernmenL ls
saLlsfled on an appllcaLlon made by Lhe 8oard of ulrecLors ln Lhls behalf LhaL Lhe proposal ls mosL
beneflclal Lo Lhe Company offer furLher shares Lo any person of persons and such person or
persons may or may noL lnclude Lhe persons who aL Lhe daLe of Lhe offer are Lhe holders of Lhe
equlLy shares of Lhe Company

c) noLwlLhsLandlng anyLhlng conLalned ln subclause (a) above buL sub[ecL however Lo SecLlon 81(3) of
Lhe AcL Lhe Company may lncrease lLs subscrlbed caplLal on exerclse of an opLlon aLLached Lo Lhe


273

debenLures lssued or loans ralsed by Lhe Company Lo converL such debenLures or loans lnLo shares or
Lo subscrlbe for shares ln Lhe Company

17 Sub[ecL Lo Lhe provlslons of Lhese ArLlcles and of Lhe AcL Lhe shares shall be under Lhe conLrol of Lhe
ulrecLors who may alloL or oLherwlse dlspose of Lhe same Lo such persons on such Lerms and condlLlons
and aL such Llmes as Lhe ulrecLors Lhlnk flL and sub[ecL Lo Lhe sancLlon of Lhe Company ln Ceneral MeeLlng
wlLh full power Lo glve any person Lhe opLlon Lo call for or be alloLLed shares of any class of Lhe Company
elLher aL par or aL a dlscounL and for such Llme arld aL such conslderaLlon as Lhe ulrecLors Lhlnk flL 1he
8oard of ulrecLors shall cause Lo be made Lhe reLurn as Lo alloLmenL provlded for ln SecLlon 7S of Lhe AcL

18 ln addlLlon Lo and wlLhouL derogaLlng from Lhe powers for Lhe purpose conferred on Lhe 8oard under
ArLlcles 13 and 14 Lhe Company ln Ceneral MeeLlng may sub[ecL Lo Lhe provlslons of SecLlon 81 of Lhe
AcL deLermlne LhaL any shares (wheLher formlng parL of Lhe orlglnal caplLal or of any lncreased caplLal of
Lhe Company) shall be offered Lo such persons (wheLher members or noL) ln such proporLlon and on such
Lerms and condlLlonsand elLher (sub[ecL Lo compllance wlLh Lhe provlslons of SecLlons 78 and 79 of Lhe
AcL) aL a premlum or aL a dlscounL as such Ceneral MeeLlng shall deLermlne and wlLh full power Lo glve
any person (wheLher a member or noL) Lhe opLlon Lo call for or be alloLLed shares of any class of Lhe
Company elLher (sub[ecL Lo compllance wlLh Lhe provlslons of SecLlons 78 and 79 of Lhe AcL) aL a
premlum or aL par or aL a dlscounL as such Ceneral MeeLlng shall deLermlne and wlLh full power Lo glve
any person (wheLher a member or noL) Lhe opLlon belng exerclsable aL such Llmes and for such
conslderaLlon as may be dlrecLed by such Ceneral MeeLlng of Lhe Company and Lhe Ceneral MeeLlng may
make any oLher provlslons whaLsoever for Lhe lssue alloLmenL or dlsposal of any shares

19 Any appllcaLlon slgned by or on behalf of an appllcanL for shares ln Lhe Company followed by an
alloLmenL of any share shall be an accepLance of shares wlLhln Lhe meanlng of Lhese ArLlcles and every
person who does or oLherwlse accepLs shares and whose name ls on Lhe 8eglsLer shall for Lhe purpose of
Lhese ArLlcles be a member

20 1he money (lf any) whlch Lhe 8oard shall on Lhe alloLmenL of any share belng made by Lhem requlre or
dlrecL Lo be pald by way of deposlL call or oLherwlse ln respecL of any shares alloLLed by Lhem shall
lmmedlaLely on Lhe lnserLlon of Lhe name of Lhe alloLLee ln Lhe 8eglsLer of Members as Lhe name of Lhe
holder of such shares become a debL due Lo and recoverable by Lhe Company from Lhe alloLLee Lhereof
and shall be pald by hlm accordlngly

21 Lvery member or hls helrs execuLors or admlnlsLraLors shall pay Lo Lhe Company Lhe porLlon of Lhe
caplLal represenLed by hls share or shares whlch may for Lhe Llme belng remaln unpald Lhereon ln such
amounLs aL such Llme or Llmes and ln such manner as Lhe 8oard shall from Llme Lo Llme ln accordance
wlLh Lhe Companys regulaLlons requlre or flx for Lhe paymenL Lhereof

22 a) Lvery member or alloLLee of shares shall be enLlLled wlLhouL paymenL Lo recelve one cerLlflcaLe
speclfylng Lhe name of Lhe person ln whose favour lL ls lssued Lhe shares Lo whlch lL ls relaLed and
Lhe amounL paldup Lhereon Such cerLlflcaLe shall be lssued only ln pursuance of a resoluLlon
passed by Lhe 8oard and on surrender Lo Lhe Company of lLs leLLer of alloLmenL or lLs fracLlonal
coupons or requlslLe value save ln cases of lssues agalnsL leLLers of accepLance of renunclaLlon or ln
cases of lssue of bonus shares Lvery such cerLlflcaLe shall be lssued under Lhe seal of Lhe Company
whlch shall be afflxed ln Lhe presence of Lwo ulrecLors or persons acLlng on behalf of Lhe ulrecLors
wlLh a duly reglsLered power of aLLorney and Lhe SecreLary or some oLher person appolnLed by Lhe
8oard for Lhe purpose and Lwo dlrecLors or Lhelr aLLorneys and Lhe SecreLary or oLher person shall
slgn Lhe share cerLlflcaLe provlded LhaL lf Lhe composlLlon of Lhe 8oard permlLs lL aL leasL one of Lhe
aforesald Lwo ulrecLors shall be a person oLher Lhan a Managlng or WholeLlme ulrecLor arLlculars
of every share cerLlflcaLe lssued shall be enLered ln Lhe 8eglsLer of Members agalnsL Lhe name of Lhe
person Lo whom lL has been lssued lndlcaLlng Lhe daLe of lssue

b) Any Lwo or more [olnL alloLLees of a share shall for Lhe purpose of Lhls ArLlcle be LreaLed as a slngle

274

member and Lhe cerLlflcaLe of any share whlch may be Lhe sub[ecL of [olnL ownershlp may be
dellvered Lo Lhe person flrsL named whlch shall be sufflclenL dellvery Lo all of Lhem lor any
furLher cerLlflcaLe Lhe 8oard shall be enLlLled buL shall noL be bound Lo prescrlbe a charge
noL exceedlng 8upee Cne 1he Company shall comply wlLh Lhe provlslons of SecLlon 113 of Lhe AcL

c) A ulrecLor may slgn a share cerLlflcaLe by afflxlng hls slgnaLure Lhereon by means of any machlne
equlpmenL or oLher mechanlcal or elecLrlcal means such as engravlng ln meLal or llLhography buL
noL by means of a rubber sLamp provlded LhaL Lhe ulrecLor shall be responslble for Lhe safe
cusLody of such machlne equlpmenL or oLher maLerlal used for Lhe purpose

23 a) no cerLlflcaLe of any share or shares shall be lssued elLher ln exchange for Lhose whlch are sub
dlvlded or consolldaLed or ln replacemenL of Lhose whlch are defaced Lorn or old decreplL worn
ouL or where Lhe cages on Lhe reverse for recordlng Lransfers have been fully uLlllsed unless Lhe
cerLlflcaLe ln lleu of whlch lL ls lssued ls surrendered Lo Lhe Company

b) When a new share cerLlflcaLe has been lssued ln pursuance of clause (a) of Lhls ArLlcle lL shall sLaLe
on Lhe face of lL and agalnsL Lhe sLub or counLerfoll Lo Lhe effecL LhaL lL ls lssued ln lleu of Share
CerLlflcaLe no subdlvlded / replaced / on consolldaLlon of shares

c) LlMl1A1lCn Cl 1lML lC8 lSSuL Cl CL81lllCA1LS
Lvery member shall be enLlLled wlLhouL paymenL Lo one or more cerLlflcaLes ln markeLable loLs for
all Lhe shares of each class or denomlnaLlon reglsLered ln hls name or lf Lhe dlrecLors so approve
(upon paylng such fees as Lhe ulrecLors so Llme deLermlne) Lo several cerLlflcaLes each for one or
more of such shares and Lhe company shall compleLe and have ready for dellvery such cerLlflcaLes
wlLhln Lhree monLhs from Lhe daLe of alloLmenL unless Lhe condlLlons of lssue Lhereof oLherwlse
provlde or wlLhln Lwo monLhs of Lhe recelpL of appllcaLlon of reglsLraLlon of Lransfer Lransmlsslon
subdlvlslon consolldaLlon or renewal of any of lLs shares as Lhe case may be Lvery cerLlflcaLes of
shares shall be under Lhe seal of Lhe Company and shall speclfy Lhe number and dlsLlncLlve numbers
of shares ln respecL of whlch lL ls lssued and amounL paldup Lhereon and shall be ln such form as
Lhe dlrecLors may prescrlbe and approve provlded LhaL ln respecL of a share or shares more Lhan
one cerLlflcaLe and dellvery of a cerLlflcaLe of shares Lo one or several [olnL holders shall be sufflclenL
dellvery Lo all such holder

d) lSSuL Cl nLW CL81lllCA1L ln LACL Cl CnL uLlACLu LCS1 C8 uLS18C?Lu
lf any cerLlflcaLe be worn ouL defaced muLllaLed or Lorn or lf Lhere be no furLher space on Lhe back
Lhereof for endorsemenL of Lransfer Lhen upon producLlon and surrender Lhereof Lo Lhe Company
a new cerLlflcaLe may be lssued ln lleu Lhereof and lf any cerLlflcaLe losL or desLroyed Lhen upon
proof Lhereof Lo Lhe saLlsfacLlon of Lhe Company and on execuLlon of such lndemnlLy as Lhe
Company deem adequaLe belng glven a new cerLlflcaLe ln lleu Lhereof shall be glven Lo Lhe parLy
enLlLled Lo such losL or desLroyed cerLlflcaLe Lvery cerLlflcaLe under Lhe arLlcle shall be lssued
wlLhouL paymenL of fees lf Lhe ulrecLors so declde or on paymenL of such fees (noL exceedlng ` 2/
for each cerLlflcaLe) as Lhe ulrecLors shall prescrlbe rovlded LhaL no fee shall be charged for lssue
of new cerLlflcaLes ln replacemenL of Lhose whlch are old defaced or worn ouL or where Lhere ls no
furLher space on Lhe back Lhereof for endorsemenL of Lransferrovlded LhaL noLwlLhsLandlng whaL
ls sLaLed above Lhe ulrecLors shall comply wlLh such rules or regulaLlon or requlremenL of any SLock
Lxchange or Lhe rules made under Lhe AcL or rules made under SecurlLles ConLracLs (8egulaLlon) AcL
19S6 or any oLher AcL or rules appllcable Lhereof ln Lhls behalf

e) 1he provlslons of Lhls ArLlcle shall muLaLls muLandls apply Lo uebenLures and oLher SecurlLles of Lhe
Company

f) lf a share cerLlflcaLe ls losL or desLroyed a new cerLlflcaLe ln lleu Lhereof shall be lssued only wlLh
Lhe prlor consenL of Lhe 8oard and on such Lerms lf any as Lo evldence an lndemnlLy as Lo paymenL
of ouLofpockeL expenses lncurred by Lhe Company ln lnvesLlgaLlng evldence as Lhe 8oard may
Lhlnk flL


27S

g) When a new share cerLlflcaLe has been lssued ln pursuance of clause (c) of Lhls ArLlcle lL shall sLaLe
on Lhe face of lL and agalnsL Lhe sLub or counLerfoll Lo Lhe effecL LhaL lL ls dupllcaLe lssued ln lleu of
share cerLlflcaLe no 1he word uupllcaLe shall be sLamped or punched ln bold leLLers across Lhe
face of Lhe share cerLlflcaLe

h) Where a new share cerLlflcaLe has been lssued ln pursuance of clause (a) or clause (c) of Lhls ArLlcle
parLlculars of every such share cerLlflcaLe shall be enLered ln a 8eglsLer of 8enewed and uupllcaLe
CerLlflcaLe lndlcaLlng agalnsL Lhe names of Lhe persons Lo whom Lhe cerLlflcaLe ls lssued Lhe number
and daLe of lssue of Lhe share cerLlflcaLe ln lleu of whlch Lhe new cerLlflcaLe ls lssued and Lhe
necessary changes be lndlcaLed ln Lhe 8eglsLer of Members by sulLable cross reference ln Lhe
8emarks column

l) All blank forms Lo be lssued for lssue of share cerLlflcaLes shall be prlnLed and Lhe prlnLlng shall be
done only on Lhe auLhorlLy of a resoluLlon of Lhe 8oard 1he blank forms shall be consecuLlvely
machlne numbered and Lhe forms and Lhe blocks and engravlngs relaLlng Lo Lhe prlnLlng of such
forms shall be kepL ln Lhe cusLody of Lhe SecreLary or of such oLher person as Lhe 8oard may appolnL
for Lhe purpose and Lhe SecreLary or Lhe oLher person as aforesald shall be responslble for
renderlng an accounL of Lhese forms Lo Lhe 8oard

[) 1he Managlng ulrecLor of Lhe Company for Lhe Llme belng or lf Lhe Company has no Managlng
ulrecLor every ulrecLor of Lhe Company shall be responslble for Lhe malnLenance preservaLlon and
safe cusLody of all books and documenLs relaLlng Lo Lhe lssue of share cerLlflcaLes excepL Lhe blank
forms of share cerLlflcaLes referred Lo ln subArLlcle (f)

k) All books referred Lo ln subArLlcle (g) shall be preserved ln good order permanenLly

24 lf any share sLands ln Lhe names of Lwo or more persons Lhe person flrsL named ln Lhe reglsLer shall as
regards recelpL of dlvldends or bonus or servlce of noLlce and all or any oLher maLLer connecLed wlLh Lhe
Company excepL voLlng aL meeLlngs be deemed Lhe sole holder Lhereof buL Lhe [olnL holders of a share
shall be severally as well as [olnLly llable for Lhe paymenL of all lnsLallmenLs and calls due ln respecL of
such shares for all lncldenLs Lhereof accordlng Lo Lhe Companys regulaLlons

2S LxcepL as ordered by a CourL of compeLenL [urlsdlcLlon or as by law requlred Lhe Company shall noL be
bound Lo recognlze any equlLable conLlngenL fuLure or parLlal lnLeresL ln any share or (excepL provlded)
any rlghL ln respecL of a share oLher Lhan an absoluLe rlghL LhereLo ln accordance wlLh Lhese ArLlcles ln
Lhe person from Llme Lo Llme reglsLered as Lhe holder Lhereof buL Lhe 8oard shall be aL llberLy aL Lhelr
sole dlscreLlon Lo reglsLer any share ln Lhe [olnL names of any Lwo or more persons or Lhe survlvor or
survlvors of Lhem

26 1he Company shall have power sub[ecL Lo and ln accordance wlLh all Lhe appllcable provlslons of Lhe AcL
and Lhe rules made Lhereunder Lo purchase any of lLs own fully pald shares or oLher speclfled securlLles
wheLher or noL Lhey are redeemable and may make a paymenL ouL of lLs free reserves or securlLles
premlum accounL of Lhe Company or proceeds of any shares or oLher speclfled securlLles provlded LhaL no
buy back of any klnd of shares or oLher speclfled securlLles shall be made ouL of Lhe proceeds of an earller
lssue of Lhe same klnd of shares or same klnd of oLher speclfled securlLles or from such oLher sources as
may be permlLLed by Law on such Lerms condlLlons and ln such manner as may be prescrlbed by Lhe Law
from Llme Lo Llme ln respecL of such purchase

V UNDLkWkI1ING AND 8kCkLkAGL
27 Sub[ecL Lo Lhe provlslons of SecLlon 76 of Lhe AcL Lhe Company may aL any Llme pay a commlsslon Lo any
person ln conslderaLlon of hls subscrlblng or agreelng Lo subscrlbe (wheLher absoluLely on condlLlonally)
for any shares ln or debenLures of Lhe Company buL so LhaL Lhe commlsslon shall noL exceed ln Lhe case
of shares flve per cenL of Lhe prlce aL whlch Lhe shares are lssued and ln Lhe case of debenLures Lwo and

276

a half per cenL of Lhe prlce aL whlch Lhe debenLures are lssued Such commlsslon may be saLlsfled by
paymenL of cash or by alloLmenL of fully or parLly pald shares or parLy ln one way and parLly ln Lhe oLher

28 1he Company may pay a reasonable sum for brokerage

VI IN1LkLS1 CU1 CI CAI1AL
29 Where any shares are lssued for Lhe purpose of ralslng money Lo defray Lhe expenses of Lhe consLrucLlon
of any work or bulldlng or Lhe provlslon of any planL whlch cannoL be made proflLable for a lengLhy
perlod Lhe Company may pay lnLeresL on so much of LhaL share caplLal as ls for Lhe Llme belng pald up
for Lhe perlod aL Lhe raLe and sub[ecL Lo Lhe condlLlons and resLrlcLlons provlded by SecLlon 208 of Lhe
AcL and may charge Lhe same Lo caplLal as parL of Lhe cosL of consLrucLlon of Lhe work or bulldlng or Lhe
provlslon of planL

VII CALLS
30 1he 8oard may from Llme Lo Llme and sub[ecL Lo Lhe Lerms on whlch any shares have been lssued and
sub[ecL Lo Lhe condlLlons of alloLmenL by a resoluLlon passed aL a meeLlng of Lhe 8oard (and noL by
clrcular resoluLlon) make such call as lL Lhlnks flL upon Lhe members ln respecL of all moneys unpald on
Lhe shares held by Lhem respecLlvely and each member shall pay Lhe amounL of every call so made on
hlm Lo Lhe person or persons and aL Lhe Llmes and places appolnLed by Lhe 8oard A call may be made
payable by lnsLallmenLs

31 llfLeen days noLlce ln wrlLlng of any call shall be glven by Lhe Company speclfylng Lhe Llme and place of
paymenL and Lhe person or persons Lo whom such call shall be pald

32 A call shall be deemed Lo have been made aL Lhe Llme when Lhe resoluLlon auLhorlslng such call was
passed aL a meeLlng of Lhe 8oard

33 A call may be revoked or posLponed aL Lhe dlscreLlon of Lhe 8oard

34 1he opLlon or rlghL Lo call of shares noL be glven Lo any person excepL wlLh Lhe sancLlon of Lhe Company ln
Ceneral MeeLlng

3S 1he [olnLholders of a share shall be [olnLly and severally llable Lo pay all calls ln respecL Lhereof

36 1he 8oard may from Llme Lo Llme aL lLs dlscreLlon exLend Lhe Llme flxed for Lhe paymenL of any call and
may exLend such Llme as Lo all or any of Lhe members who from resldence aL a dlsLance or oLher cause
Lhe 8oard may deem falrly enLlLled Lo such exLenslon buL no member shall be enLlLled Lo such exLenslon
save as a member of grace and favour

37 lf any member falls Lo pay any call due from hlm on Lhe day appolnLed for paymenL Lhereof or any such

exLenslon Lhereof as aforesald he shall be llable Lo pay lnLeresL of Lhe same from Lhe day appolnLed for
Lhe paymenL Lhereof Lo Lhe Llme of acLual paymenL aL such raLe as shall from Llme Lo Llme be flxed by Lhe
8oard buL noLhlng ln Lhls ArLlcle shall render lL obllgaLory for Lhe 8oard Lo demand or recover any lnLeresL
from any such member

38 Any sum whlch may by Lhe Lerms of lssue of a share becomes payable on alloLmenL or aL any flxed daLe
wheLher on accounL of Lhe nomlnal value of Lhe share or by way of premlum shall for Lhe purposes of
Lhese ArLlcles be deemed Lo be a call duly made and payable on Lhe daLe on whlch by Lhe Lerms of lssue
Lhe same becomes payable and ln case of nonpaymenL all Lhe relevanL provlslons of Lhese ArLlcles as Lo
paymenL of lnLeresL and expenses forfelLure or oLherwlse shall apply as lf such sum had become payable
by vlrLue of a call duly made and noLlfled

39 Cn Lhe Lrlal or hearlng of any acLlon or sulL broughL by Lhe Company agalnsL any member or hls


277

represenLaLlves for Lhe recovery of any money clalmed Lo be due Lo Lhe Company ln respecL of hls shares
lL shall be sufflclenL Lo prove LhaL Lhe name of Lhe member ln respecL of whose shares Lhe money ls
soughL Lo be recovered appears enLered on Lhe 8eglsLer of Members as Lhe holder aL or subsequenLly Lo
Lhe daLe aL whlch Lhe money ls soughL Lo be recovered ls alleged Lo have become due on Lhe shares ln
respecL of such money ls soughL Lo be recovered LhaL Lhe resoluLlon maklng Lhe call ls duly recorded ln
Lhe MlnuLe 8ook and LhaL noLlce of such call was duly glven Lo Lhe member or hls represenLaLlves used ln
pursuance of Lhese ArLlcles and LhaL lL shall noL be necessary Lo prove Lhe appolnLmenL of Lhe ulrecLors
who made such call nor LhaL a quorum of ulrecLors was presenL aL Lhe 8oard aL whlch any call was made
nor LhaL Lhe meeLlng aL whlch any call was made duly convened or consLlLuLed nor any oLher maLLers
whaLsoever buL Lhe proof of Lhe maLLer aforesald shall be concluslve evldence of Lhe debL

40 nelLher Lhe recelpL by Lhe Company of a porLlon of any money whlch shall from Llme Lo Llme be due from
any member Lo Lhe Company ln respecL of hls shares elLher by way of prlnclpal or lnLeresL nor any
lndulgence granLed by Lhe Company ln respecL of Lhe paymenL of any such money shall preclude Lhe
Company from LhereafLer proceedlng Lo enforce a forfelLure of such shares as herelnafLer provlded

41 a) 1he 8oard may lf lL Lhlnks flL agree Lo and recelve from any member wllllng Lo advance Lhe same
all or any parL of Lhe accounLs of hls respecLlve shares beyond Lhe sums acLually called up and upon
Lhe moneys so pald ln advance or upon so much Lhereof from Llme Lo Llme and aL any Llme
LhereafLer as exceeds Lhe amounL of Lhe calls Lhen made upon and due ln respecL of Lhe shares on
accounL of whlch such advances are made Lhe 8oard may pay or allow lnLeresL aL such raLe as Lhe
member paylng Lhe sum ln advance and Lhe 8oard agree upon 1he 8oard may agree Lo repay aL any
Llme an amounL so advanced or may aL any Llme repay Lhe same upon glvlng Lo Lhe member Lhree
monLhs noLlce ln wrlLlng rovlded LhaL moneys pald ln advance of calls on any shares may carry
lnLeresL buL shall noL confer a rlghL Lo dlvldend or Lo parLlclpaLe ln proflL

b) no member paylng any such sum ln advance shall be enLlLled Lo voLlng rlghLs ln respecL of Lhe
moneys so pald by hlm unLll Lhe same would buL for such paymenL become presenLly payable

AMLN1 IN AN1ICIA1ICN CI CALL MA CAkk IN1LkLS1
42 1he ulrecLors may lf Lhey Lhlnk flL sub[ecL Lo Lhe provlslons of secLlon 92 of Lhe AcL agree Lo and recelve
from any member wllllng Lo advance Lhe same whole or any parL of Lhe moneys due upon Lhe shares held
by hlm beyond Lhe sums acLually called for and upon Lhe amounL so pald or saLlsfled ln advance so much
Lhereof as from Llme Lo Llme exceeds Lhe amounL of Lhe calls Lhen made upon Lhe shares ln respecL of
whlch such advance has been made Lhe company may pay lnLeresL aL such raLe as Lhe member paylng
such sum ln advance and Lhe ulrecLors agree upon provlded LhaL money pald ln advance of calls shall noL
confer a rlghL Lo parLlclpaLe ln proflLs or dlvldend 1he ulrecLors may aL any Llme repay Lhe amounL so
advanced
1he members shall noL be enLlLled Lo any voLlng rlghLs ln respecL of Lhe moneys so pald by hlm unLll Lhe
same would buL for such paymenL become presenLly payable
1he provlslons of Lhese ArLlcles shall muLaLls muLandls apply Lo Lhe calls on uebenLures of Lhe Company

VIII LILN
43 1he Company shall have a flrsL and paramounL llen upon all Lhe shares (oLher Lhan fully paldup shares)
reglsLered ln Lhe name of each member (wheLher solely or [olnLly wlLh oLhers) and upon Lhe proceeds of
sale Lhereof for all moneys (wheLher presenLly payable or noL) called or payable aL a flxed Llme ln respecL
of such shares and no equlLable lnLeresL ln any shares shall be creaLed excepL upon Lhe fooLlng and upon
Lhe condlLlon LhaL ArLlcle 22 hereof ls Lo have full effecL Any such llen shall exLend Lo all dlvldends from
Llme Lo Llme declared ln respecL of such shares unless oLherwlse agreed Lhe reglsLraLlon of a Lransfer of
shares shall operaLe as a walver of Lhe Companys llen lf any on such shares

44 lor Lhe purpose of enforclng such llen Lhe 8oard may sell Lhe shares sub[ecL LhereLo ln such manner as
Lhey shall Lhlnk flL and for LhaL purpose may cause Lo be lssued a dupllcaLe cerLlflcaLe ln respecL of such
shares and may auLhorlse one of Lhelr member Lo execuLe a Lransfer Lhereof on behalf of and ln Lhe name

278

of such member no sale shall be made unLll such perlod as aforesald shall have arrlved and unLll noLlce
ln wrlLlng of Lhe lnLenLlon Lo sell shall have been served on such member or hls represenLaLlves and
defaulL shall have been made by hlm or Lhem ln paymenL fulflllmenL or dlscharge of such debLs llablllLles
or engagemenLs for fourLeen days afLer such noLlce

4S 1he neL proceeds of any such sale shall be recelved by Lhe Company and applled ln or Lowards paymenL of
such parL of Lhe amounL ln respecL of whlch Lhe llen exlsLs as ls presenLly payable and Lhe resldue lf any
shall (sub[ecL Lo a llke llen for sums noL presenLly payable as exlsLed upon Lhe shares before Lhe sale) be
pald Lo Lhe persons enLlLled Lo Lhe shares aL Lhe daLe of Lhe sale

CCMAN'S LILN CN SnAkLS
46 (A) 1he Company shall have a flrsL and paramounL llen upon all Lhe Shares/uebenLures (oLher Lhan fully
paldup Shares/uebenLures) reglsLered ln Lhe name of each Member (wheLher solely or [olnLly wlLh
oLhers) and upon Lhe proceeds of sale Lhereof for all moneys (wheLher presenLly payable or noL) called or
payable aL a flxed Llme ln respecL of such Shares/uebenLures and no equlLable lnLeresL ln any Share shall
be creaLed excepL upon Lhe condlLlon LhaL Lhls ArLlcle wlll have full effecL and such llen shall exLend Lo all
ulvldends and bonuses from Llme Lo Llme declared ln respecL of such Shares and lnLeresL ln respecL of
uebenLures unless oLherwlse agreed Lhe reglsLraLlon of a Lransfer of Shares/uebenLures shall operaLe as
a walver of Lhe Company's llen lf any on such Shares/uebenLures 1he ulrecLors may aL any Llme declare
any Shares/uebenLures wholly or ln parL Lo be exempL from Lhe provlslons of Lhls ArLlcle

Ix ICkILI1UkL CI SnAkL
47 lf any member falls Lo pay any call or lnsLallmenL on or before Lhe day appolnLed for Lhe paymenL of Lhe
same Lhe 8oard may aL any Llme LhereafLer durlng such Llme as Lhe call or lnsLallmenL remalns unpald
serve noLlce on such member requlrlng hlm Lo pay Lhe same LogeLher wlLh any lnLeresL LhaL may have
accrued and all expenses LhaL may have been lncurred by Lhe Company by reason of such non paymenL

48 1he noLlce shall name a day (noL belng less Lhan 1hlrLy days from Lhe daLe of Lhe noLlce) and a place or
places on and aL whlch such call or lnsLallmenL and such lnLeresL and expenses as aforesald are Lo be pald
1he noLlce shall also sLaLe LhaL ln Lhe evenL of non paymenL aL or before Lhe Llme and aL Lhe place
appolnLed Lhe shares ln respecL of whlch such call was made or lnsLallmenL ls payable wlll be llable Lo be
forfelLed

49 lf Lhe requlslLlons of any such noLlce as aforesald be noL complled wlLh any shares ln respecL of whlch
such noLlce has been glven may aL any Llme LhereafLer before paymenL of all calls or lnsLallmenLs
lnLeresL and expenses due ln respecL Lhereof be forfelLed by a resoluLlon of Lhe 8oard Lo LhaL effecL
Such forfelLure shall lnclude all dlvldends declared ln respecL of Lhe forfelLed shares and noL acLually pald
before Lhe forfelLure

S0
When any shares shall have been so forfelLed noLlce of Lhe forfelLure shall be glven Lo Lhe member ln
whose name lL sLood lmmedlaLely prlor Lo Lhe forfelLure and an enLry of Lhe forfelLure wlLh Lhe daLe
Lhereof shall forLhwlLh be made ln Lhe 8eglsLer of Members buL no forfelLure shall be ln any manner
lnvalldaLed by any omlsslon or neglecL Lo glve such noLlce or Lo make any such enLry as aforesald

S1 Any share so forfelLed shall be deemed Lo be Lhe properLy of Lhe Company and Lhe 8oard may sell re
alloL or oLherwlse dlspose of Lhe same ln such manner as Lhlnk flL

S2 1he 8oard may aL any Llme before any share so forfelLed shall have been sold realloLLed or oLherwlse
dlsposed of annul Lhe forfelLure Lhereof upon such condlLlons as lL Lhlnks flL

S3 A person whose share has been forfelLed shall cease Lo be a member ln respecL of Lhe forfelLed share buL
shall noLwlLhsLandlng remaln llable Lo pay and shall forLhwlLh pay Lo Lhe Company all calls or
lnsLallmenL lnLeresL and expenses owlng ln respecL of such share aL Lhe Llme of Lhe forfelLure LogeLher


279

wlLh lnLeresL Lhereon from Lhe Llme of forfelLure unLll paymenL aL such raLe as Lhe 8oard may deLermlne
and Lhe 8oard may enforce Lhe paymenL Lhereof Lo any parLy Lhereof wlLhouL any deducLlon or
allowance for Lhe value of Lhe shares aL Lhe Llme of forfelLure buL shall noL be under any obllgaLlon Lo do
so

S4 1he forfelLure of a share lnvolve exLlncLlon aL Lhe Llme of Lhe forfelLure of all lnLeresL and all clalms and
demands agalnsL Lhe Company ln respecL of Lhe share and all oLher rlghLs lncldenLal Lo Lhe share excepL
only such of Lhose rlghLs as by Lhese ArLlcles are expressly saved

SS A duly verlfled declaraLlon ln wrlLlng LhaL Lhe declaranL ls a ulrecLor of Lhe Company and LhaL cerLaln
shares ln Lhe Company have been duly forfelLed on a daLe sLaLed ln Lhe declaraLlon shall be concluslve
evldence of Lhe facLs Lhereln sLaLed as agalnsL all persons clalmlng Lo be enLlLled Lo Lhe shares and such
declaraLlon and Lhe recelpL of Lhe Company for Lhe conslderaLlon lf any glven for Lhe shares on Lhe sale
or dlsposlLlon Lhereof shall consLlLuLe a good LlLle Lo such shares and Lhe person Lo whom any such share
ls sold shall be reglsLered as Lhe member ln respecL of such share and shall noL be bound Lo see Lo Lhe
appllcaLlon of Lhe purchase money nor shall hls LlLle Lo such share be affecLed by any lrregularlLy or
lnvalldlLy ln Lhe proceedlngs ln reference Lo such forfelLure sale or dlsposlLlon

S6 upon any sale realloLmenL or oLher dlsposal under Lhe provlslons of Lhe precedlng ArLlcles Lhe
cerLlflcaLe or cerLlflcaLes orlglnally lssued ln respecL of Lhe relaLlve shares shall (unless Lhe same shall on
demand by Lhe Company have been prevlously surrendered Lo lL by Lhe defaulLlng member) sLand
cancelled and become null and vold and of no effecL and Lhe ulrecLors shall be enLlLled Lo lssue a
dupllcaLe cerLlflcaLe or cerLlflcaLes ln respecL of Lhe sald shares Lo Lhe person or persons enLlLled LhereLo

x 1kANSILk AND 1kANSMISSICN CI SnAkLS
S7 1he Company shall keep a book Lo be called Lhe 8eglsLer of 1ransfers and Lhereln shall be falrly and
dlrecLly enLered parLlculars of every Lransfer or Lransmlsslon of any share

S8 1he lnsLrumenL of 1ransfer shall be ln wrlLlng and all Lhe provlslons of SecLlon 108 of Lhe AcL shall be duly
complled wlLh ln respecL of all Lransfer of shares and Lhe reglsLraLlon Lhereof

S9 Lvery such lnsLrumenL of Lransfer shall be execuLed boLh by Lransferor and Lhe Lransferee and Lhe
Lransferor shall be deemed Lo remaln Lhe holder of such share unLll Lhe name of Lhe Lransferee shall have
been enLered ln Lhe 8eglsLer of Members ln respecL Lhereof 1he 8oard shall noL lssue or reglsLer a
Lransfer of any share ln favour of a mlnor (excepL ln cases when Lhey are fully pald up)

60 1he 8oard shall have power on glvlng seven days prevlous noLlce by adverLlsemenL ln some newspaper
clrculaLlng ln Lhe dlsLrlcL ln whlch Lhe Cfflce of Lhe Company ls slLuaLed Lo close Lhe Lransfer books Lhe

8eglsLer of Members or 8eglsLer of uebenLure holders aL such Llme or Llmes and for such perlod or
perlods noL exceedlng LhlrLy days aL a Llme and noL exceedlng ln Lhe aggregaLe forLyflve days ln each
year as lL may deem expedlenL

61 Sub[ecL Lo Lhe provlslons of SecLlon 111 111A of Lhe AcL Lhe 8oard of ulrecLors may aL lLs own absoluLe
and unconLrolled dlscreLlon and wlLhouL asslgnlng any reason decllne Lo reglsLer or acknowledge any
Lransfer of shares (noLwlLhsLandlng Lhe proposed Lransferee be already a Member) buL ln such case lL
shall wlLhln one monLh from Lhe daLe on whlch Lhe lnsLrumenL of Lransfer was lodged wlLh Lhe Company
send Lo Lhe Lransferee and Lhe Lransferor noLlce of Lhe refusal Lo reglsLer such Lransfer provlded LhaL
reglsLraLlon of a Lransfer shall noL be refused on Lhe ground of Lhe Lransferor belng elLher alone or [olnLly
wlLh any oLher person or persons lndebLed Lo Lhe Company on any accounL whaLsoever excepL where
Lhe Company has llen on shares

62 Lvery holder of shares ln or uebenLures of Lhe Company may aL any Llme nomlnaLe ln Lhe manner

280

prescrlbed under Lhe AcL a person Lo whom hls Shares ln or uebenLures of Lhe Company shall vesL ln Lhe
evenL of deaLh of such holder

Where Lhe Shares ln or uebenLures of Lhe Company are held by more Lhan one person [olnLly Lhe [olnL
holders may LogeLher nomlnaLe ln Lhe prescrlbed manner a person Lo whom all Lhe rlghLs ln Lhe Shares
or uebenLures of Lhe Company as Lhe case may be held by Lhem shall vesL ln Lhe evenL of deaLh of all
[olnL holders

noLwlLhsLandlng anyLhlng conLalned ln any oLher law for Lhe Llme belng ln force or ln any dlsposlLlon
wheLher LesLamenLary or oLherwlse or ln Lhese ArLlcles ln respecL of such Shares ln or uebenLures of Lhe
Company where a nomlnaLlon made ln Lhe prescrlbed manner purporLs Lo confer on any person Lhe rlghL
Lo vesL Lhe Shares ln or uebenLures of Lhe Company Lhe nomlnee shall on Lhe deaLh of Lhe Shareholders
or holder of uebenLures of Lhe Company or as Lhe case may be on Lhe deaLh of all Lhe [olnL holders
become enLlLled Lo all Lhe rlghLs ln Lhe Shares or uebenLures of Lhe Company Lo Lhe excluslon of all oLher
persons unless Lhe nomlnaLlon ls varled or cancelled ln Lhe prescrlbed manner under Lhe provlslons of
Lhe AcL

Where Lhe nomlnee ls a mlnor lL shall be lawful for Lhe holder of Lhe Shares or holder of uebenLures Lo
make Lhe nomlnaLlon Lo appolnL ln Lhe prescrlbed manner under Lhe provlslons of Lhe AcL any person Lo
become enLlLled Lo Lhe Shares ln or uebenLures of Lhe Company ln Lhe evenL of hls deaLh durlng Lhe
mlnorlLy

63 Any person who becomes a nomlnee by vlrLue of Lhe provlslon of Lhe above ArLlcle upon producLlon of
such evldence as may be requlred by Lhe 8oard and sub[ecL as herelnafLer provlded elecL elLher
a) Lo be reglsLered hlmself as holder of Lhe shares or debenLures as Lhe case may be or

b) Lo make such Lransfer of Lhe shares or debenLures as Lhe case may be as Lhe deceased
shareholder or debenLure holder as Lhe case may be could have made

lf Lhe nomlnee so becomlng enLlLled elecLs hlmself Lo be reglsLered as holder of Lhe Shares or
uebenLures as Lhe case may be he shall dellver or send Lo Lhe Company a noLlce ln wrlLlng slgned by hlm
sLaLlng LhaL he so elecLs and such noLlce shall be accompanled wlLh deaLh cerLlflcaLe of Lhe deceased
shareholder or debenLure holder and Lhe cerLlflcaLe(s) of Shares or uebenLures as Lhe case may be held
by Lhe deceased ln Lhe Company

Sub[ecL Lo Lhe provlslons of SecLlon 1098(3) of Lhe AcL and Lhese ArLlcles Lhe 8oard may reglsLer Lhe
relevanL Shares or uebenLures ln Lhe name of Lhe nomlnee of Lhe Lransferee as lf Lhe deaLh of Lhe
reglsLered holder of Lhe Shares or uebenLures had noL occurred and Lhe noLlce or Lransfer were a Lransfer
slgned by LhaL shareholder or debenLure holder as Lhe case may be

A nomlnee on becomlng enLlLled Lo Shares or uebenLures by reason of Lhe deaLh of Lhe holder or [olnL
holders shall be enLlLled Lo Lhe same dlvldend and oLher advanLages Lo whlch he would be enLlLled lf he
were Lhe reglsLered holder of Lhe Share or uebenLure excepL LhaL he shall noL before belng reglsLered as
holder of such Shares or uebenLures be enLlLled ln respecL of Lhem Lo exerclse any rlghL conferred on a
member or uebenLure holder ln relaLlon Lo meeLlngs of Lhe Company

1he 8oard may aL any Llme glve noLlce requlrlng any such person Lo elecL elLher Lo be reglsLered hlmself
or Lo Lransfer Lhe Shares or uebenLures and lf Lhe noLlce ls noL complled wlLh wlLhln nlneLy days Lhe
8oard may LhereafLer wlLhhold paymenL of all dlvldends bonuses lnLeresL or oLher moneys payable or
rlghLs accrued or accrulng ln respecL of Lhe relevanL Shares or uebenLures unLll Lhe requlremenLs of Lhe
noLlce have been complled wlLh

64 no share shall ln any clrcumsLances be Lransferred Lo any lnsolvenL or persons of unsound mlnd

6S Sub[ecL Lo Lhe provlslons of ArLlcles S7 and S8 any person becomlng enLlLled Lo shares ln consequence of


281

Lhe deaLh lunacy bankrupLcy or lnsolvency of any member or Lhe marrlage of a female member or by
any lawful means oLher Lhan by a Lransfer ln accordance wlLh Lhese presenLs may wlLh Lhe consenL of Lhe
8oard of ulrecLors (whlch lL shall noL be under any obllgaLlon Lo glve) upon produclng such evldence LhaL
he susLalns Lhe characLer ln respecLs of whlch he proposes Lo acL under Lhls arLlcle of hls LlLle as Lhe
holder of Lhe shares or elecL Lo have some person nomlnaLed by hlm and approved by Lhe 8oard of
ulrecLors reglsLered as such holder provlded neverLheless LhaL lf such person shall elecL Lo have hls
nomlnee reglsLered he shall LesLlfy Lhe elecLlon by execuLlng Lo hls nomlnee an lnsLrumenL of Lransfer ln
accordance wlLh Lhe provlslons hereln conLalned and unLll he does so he shall noL be freed from any
llablllLy ln respecL of Lhe shares 1hls ArLlcle ls referred Lo ln Lhese ArLlcles as Lhe 1ransmlsslon ArLlcle

66 A person enLlLled Lo a share by Lransmlsslon shall sub[ecL Lo Lhe rlghL of Lhe ulrecLors Lo reLaln such
dlvldends or money as herelnafLer provlded ls enLlLled Lo recelve and may glve dlscharge for any
dlvldends or oLher moneys payable ln respecL of Lhe share

67 Lvery lnsLrumenL of Lransfer shall be presenLed Lo Lhe Company duly sLamped for reglsLraLlon
accompanled by such evldence as Lhe 8oard of ulrecLors may requlre Lo prove Lhe LlLle of Lhe Lransferor
hls rlghL Lo Lransfer Lhe shares and generally under and sub[ecL Lo such condlLlons and regulaLlons as Lhe
8oard of ulrecLors shall from Llme Lo Llme prescrlbe and every reglsLered lnsLrumenL of Lransfer shall
remaln ln Lhe cusLody of Lhe Company unLll desLroyed by order of Lhe 8oard of ulrecLors

68 lor Lhe purpose of Lhe reglsLraLlon of a Lransfer Lhe cerLlflcaLe or cerLlflcaLes of Lhe share or shares Lo be
Lransferred musL be dellvered Lo Lhe Company along wlLh (same as provlded ln SecLlon 108 of Lhe AcL) a
properly sLamped and execuLed lnsLrumenL of Lransfer

69 1here shall be pald Lo Lhe Company ln respecL of Lhe Lransfer or Lransmlsslon of any number of shares Lo
Lhe same parLy such fee lf any as Lhe ulrecLors may requlre

70 Company shall lncur no llablllLy or responslblllLy whaLsoever ln consequence of lLs reglsLerlng or glvlng
efforL Lo any Lransfer of shares made or purporLlng Lo be made by any apparenL legal owner Lhereof (as
shown or appearlng ln Lhe 8eglsLer of Members) Lo Lhe pre[udlce of persons havlng or clalmlng any
equlLable rlghL LlLle or lnLeresL Lo or ln Lhe sald shares noLwlLhsLandlng LhaL Lhe Company may have had
noLlce of such equlLable rlghL LlLle or lnLeresL or noLlce prohlblLlng reglsLraLlon of such Lransfer and may
have enLered such noLlce or deferred LhereLo ln any book of Lhe Company and Lhe Company shall noL be
bound or requlred Lo regard or aLLend or glve effecL Lo any noLlce whlch may be glven Lo lL of any
equlLable rlghL LlLle or lnLeresL or be under any llablllLy whaLsoever for refuslng or neglecLlng so Lo do
Lhough lL may have been enLered or referred Lo ln some book of Lhe Company buL Lhe Company shall
neverLheless be aL llberLy Lo regard and aLLend Lo any such noLlce and glve effecL LhereLo lf Lhe 8oard of
ulrecLors shall so Lhlnk flL

NC ILL CN 1kANSILk Ck 1kASMISSICN
71 no fee shall be charged for reglsLraLlon of Lransfer Lransmlsslon probaLe successlon cerLlflcaLe and
leLLers of admlnlsLraLlon cerLlflcaLe of ueaLh or Marrlage ower of ALLorney or Slmllar oLher documenL

INS1kUMLN1 CI 1kANSILk
72 1he lnsLrumenL of Lransfer shall be ln wrlLlng and all provlslons of SecLlon 108 of Lhe Companles AcL 19S6
and sLaLuLory modlflcaLlon Lhereof for Lhe Llme belng shall be duly complled wlLh ln respecL of all Lransfer
of shares and reglsLraLlon Lhereof

DIkLC1CkS MA kLIUSL 1C kLGIS1Lk 1kANSILk
73 Sub[ecL Lo Lhe provlslon of secLlon 111A Lhese ArLlcle and oLher appllcable provlslons of Lhe AcL or any
oLher law for Lhe Llme belng ln force Lhe 8oard may refuse wheLher ln pursuance of any power of Lhe
Company under Lhese ArLlcles or oLherwlse Lo reglsLer Lhe Lransfer of or Lhe Lransmlsslon by operaLlon of
law of Lhe rlghL Lo any shares or lnLeresL of a member ln or debenLures of Lhe Company 1he Company

282

shall wlLhln one monLh from Lhe daLe on whlch Lhe lnsLrumenL of Lransfer or Lhe lnLlmaLlon of such
Lransmlsslon as Lhe case may be was dellvered Lo Company send noLlce of Lhe refusal Lo Lhe Lransferee
and Lhe Lransferor or Lhe person glvlng lnLlmaLlon of such Lransmlsslon as Lhe case may be glvlng reasons
for such refusal rovlded LhaL Lhe reglsLraLlon of a Lransfer shall noL be refused on Lhe persons lndebLed
Lo Lhe Company on any accounL whaLsoever excepL where Lhe Company has a llen on shares

DLMA1LkIALISA1ICN CI SLCUkI1ILS
74 1he provlslons of Lhls ArLlcle shall apply noLwlLhsLandlng anyLhlng Lo Lhe conLrary conLalned ln any oLher
ArLlcles

1 lor Lhe purpose of Lhls ArLlcle

8eneflclal Cwner means a person or persons whose name ls recorded as such wlLh a
deposlLory SL8l means Lhe SecurlLles Lxchange 8oard of lndla esLabllshed under
SecLlon 3 of Lhe SecurlLles Lxchange 8oard of lndla AcL 1992 and

ueposlLory means a company formed and reglsLered under Lhe Companles AcL 19S6
and whlch has been granLed a cerLlflcaLe of reglsLraLlon Lo acL as deposlLory under
SecurlLles Lxchange 8oard of lndla AcL 1992 and whereln Lhe securlLles of Lhe
Company are dealL wlLh ln accordance wlLh Lhe provlslons of Lhe ueposlLorles AcL 1996

2 1he Company shall be enLlLled Lo demaLerlallse securlLles and Lo offer securlLles ln a
demaLerlallsed form pursuanL Lo Lhe ueposlLorles AcL 1996

3 Lvery holder of or subscrlber Lo securlLles of Lhe Company shall have Lhe opLlon Lo recelve
cerLlflcaLes for such securlLles or Lo hold Lhe securlLles wlLh a ueposlLory Such a person who ls
Lhe beneflclal owner of Lhe securlLles can aL any Llme opL ouL of a deposlLory lf permlLLed by law
ln respecL of any securlLles ln Lhe manner provlded by Lhe ueposlLorles AcL 1996 and Lhe
Company shall ln Lhe manner and wlLhln Lhe Llme prescrlbed lssue Lo Lhe beneflclal owner Lhe
requlred cerLlflcaLes for Lhe SecurlLles

lf a person opLs Lo hold hls SecurlLles wlLh Lhe deposlLory Lhe Company shall lnLlmaLe such
deposlLory Lhe deLalls of alloLmenL of Lhe SecurlLles and on recelpL of Lhe lnformaLlon Lhe
deposlLory shall enLer ln lLs record Lhe name of Lhe alloLLee as Lhe beneflclal owner of Lhe
SecurlLles
4 All securlLles held by a deposlLory shall be demaLerlallsed and be ln funglble form noLhlng
conLalned ln SecLlons 1S3 1S3A 1S38 1878 187C and 372A of Lhe AcL shall apply Lo a deposlLory
ln respecL of Lhe securlLles held by on behalf of Lhe beneflclal owners

S (a) noLwlLhsLandlng anyLhlng Lo Lhe conLrary conLalned ln Lhe AcL or Lhese ArLlcles a deposlLory
shall be deemed Lo be Lhe reglsLered owner for Lhe purposes of effecLlng Lransfer of ownershlp of
securlLles of Lhe Company on behalf of Lhe beneflclal owner

b) Save as oLherwlse provlded ln (a) above Lhe deposlLory as Lhe reglsLered owner of Lhe
securlLles shall noL have any voLlng rlghLs or any oLher rlghLs ln respecL of Lhe securlLles held by lL

c) Lvery person holdlng securlLles of Lhe Company and whose name ls enLered as Lhe beneflclal
owner of securlLles ln Lhe record of Lhe deposlLory shall be enLlLled Lo all Lhe rlghLs and beneflLs
and be sub[ecL Lo all Lhe llablllLles ln respecL of Lhe securlLles whlch are held by a deposlLory and
shall be deemed Lo be a Member of Lhe Company

6 noLwlLhsLandlng anyLhlng conLalned ln Lhe AcL or Lhese ArLlcles Lo Lhe conLrary where securlLles
of Lhe Company are held ln a deposlLory Lhe records of Lhe beneflclary ownershlp may be served
by such deposlLory on Lhe Company by means of elecLronlc mode or by dellvery of flopples or
dlscs


283

7 noLhlng conLalned ln SecLlon 108 of Lhe AcL or Lhese ArLlcles shall apply Lo a Lransfer of securlLles
effecLed by a Lransferor and Lransferee boLh of whom are enLered as beneflclal owners ln Lhe
records of a deposlLory

8 noLwlLhsLandlng anyLhlng conLalned ln Lhe AcL or Lhese ArLlcles where securlLles are dealL wlLh
by a deposlLory Lhe Company shall lnLlmaLe Lhe deLalls Lhereof Lo Lhe deposlLory lmmedlaLely on
alloLmenL of such securlLles

9 noLhlng conLalned ln Lhe AcL or Lhese ArLlcles regardlng Lhe necesslLy of havlng dlsLlncLlve
numbers for securlLles lssued by Lhe Company shall apply Lo securlLles held wlLh a deposlLory

10 1he 8eglsLer and lndex of beneflclal owners malnLalned by a deposlLory under Lhe ueposlLorles
AcL 1996 shall be deemed Lo be Lhe 8eglsLer and lndex of Members and SecurlLy holders for Lhe
purposes of Lhese ArLlcles

CCILS CI MLMCkANDUM AND Ak1ICLLS 1C 8L SLN1 1C MLM8LkS
7S Coples of Lhe Memorandum and ArLlcles of AssoclaLlon of Lhe Company and oLher documenLs referred Lo
ln SecLlon 39 of Lhe AcL shall be senL by Lhe 8oard Lo every Member aL hls requesL wlLhln flfLeen days of
Lhe requesL on paymenL of 8e 1/ for each copy

8CkkCWING CWLkS
76 1he 8oard may from Llme Lo Llme aL lLs dlscreLlon sub[ecL Lo Lhe provlslons of SecLlon 292 of Lhe AcL
ralse or borrow elLher from Lhe ulrecLors or from elsewhere and secure Lhe paymenL of any sum or sums
of money for Lhe purpose of Lhe Company provlded LhaL Lhe 8oard shall noL wlLhouL Lhe sancLlon of Lhe
Company ln Ceneral MeeLlng borrow any sum of money whlch LogeLher wlLh money borrowed by Lhe
Company (aparL from Lemporary loans obLalned from Lhe Companys bankers ln Lhe ordlnary course of
buslness) exceed Lhe aggregaLe for Lhe Llme belng of Lhe pald up caplLal of Lhe Company and lLs free
reserves LhaL ls Lo say reserves noL seL aslde for any speclflc purpose

77 1he 8oard may ralse or secure Lhe repaymenL of such sum or sums ln such manner and upon such Lerms
and condlLlons ln all respecLs as lL Lhlnks flL and ln parLlcular by Lhe lssue of bonds perpeLual or
redeemable debenLures or debenLuresLock or any morLgage or oLher securlLy on Lhe underLaklng of Lhe
whole or any parL of Lhe properLy of Lhe Company (boLh presenL and fuLure lncludlng lLs uncalled caplLal
for Lhe Llme belng)

78 Any debenLures debenLuresLock bonds oLher securlLles may be lssued aL a dlscounL and oLherwlse
debenLures debenLuresLock bonds and oLher securlLles may be made asslgnable free from any equlLles
beLween Lhe Company and Lhe person Lo whom Lhe same may be lssued uebenLures debenLuresLock
bonds or oLher securlLles wlLh a rlghL of converslon lnLo or alloLmenL of shares shall be lssued only wlLh
sancLlon of Lhe Company ln Ceneral MeeLlng

79 Save as provlded ln SecLlon 108 of Lhe AcL no Lransfer of debenLures shall be reglsLered unless a proper
lnsLrumenL of Lransfer duly sLamped and execuLed by Lhe Lransferor and Lransferee has been dellvered Lo
Lhe Company LogeLher wlLh Lhe cerLlflcaLe or cerLlflcaLes of Lhe debenLures

80 lf Lhe 8oard refuses Lo reglsLer Lhe Lransfer of any debenLures Lhe Company shall wlLhln one monLh from
Lhe daLe on whlch Lhe lnsLrumenL of Lransfer was lodged wlLh Lhe company send Lo Lhe Lransferee and Lo
Lhe Lransferor Lhe noLlce of such refusal

81 1he 8oard shall cause a proper 8eglsLer Lo be kepL ln accordance wlLh Lhe provlslons of SecLlon 143 of Lhe
AcL of all morLgages debenLures and charges speclflcally affecLlng Lhe properLy of Lhe Company and shall
cause Lhe requlremenLs of SecLlons 118 and 12S and 127 Lo 144 boLh lncluslve of Lhe AcL ln LhaL behalf Lo

284

be duly complled wlLh so far as Lhey are oughL Lo be complled wlLh by Lhe 8oard

82 1he Company shall lf aL any Llme lL lssues debenLures keep 8eglsLer and lndex of uebenLure holders ln
accordance wlLh SecLlon 1S2 of Lhe AcL 1he Company shall have Lhe power Lo keep ln any SLaLe or
CounLry ouLslde lndla a 8ranch 8eglsLer of uebenLureholders resldenL ln LhaL SLaLe or CounLry

CCNVLkSICN CI SnAkLS IN1C S1CCk AND kLCCNVLkSICN
83 1he Company ln Ceneral MeeLlng may converL any paldup shares lnLo sLock and when any shares shall
have been converLed lnLo sLock Lhe several holders of such sLock may henceforLh Lransfer Lhelr
respecLlve lnLeresL Lhereln or any parL of such lnLeresL ln Lhe same manner and sub[ecL Lo Lhe same
regulaLlons as and sub[ecL Lo whlch Lhe shares from whlch Lhe sLock arose mlghL have been Lransferred lf
no such converslon had Laken place or as near LhereLo as clrcumsLances wlll admlL 1he Company may aL
any Llme reconverL any sLock lnLo paldup shares of any denomlnaLlon

84 1he holders of sLock shall accordlng Lo Lhe amounL of sLock held by Lhem have Lhe same rlghLs prlvlleges
and advanLages as regards dlvldends and voLlng aL Lhe meeLlngs of Lhe Company and oLher maLLers as lf
Lhey held Lhe shares from whlch Lhe sLock arose buL no such prlvlleges or advanLages (excepL
parLlclpaLlon ln Lhe dlvldends and proflLs of Lhe Company and ln Lhe asseLs of wlndlngup) shall be
conferred by an amounL of sLock whlch would noL lf exlsLlng ln shares have conferred LhaL prlvllege or
advanLage

MLL1ING CI MLM8LkS
8S 1he company shall ln each year hold a Ceneral MeeLlng as lLs Annual Ceneral MeeLlng ln addlLlon Lo any
oLher meeLlngs ln LhaL year All Ceneral MeeLlngs oLher Lhan Annual Ceneral MeeLlng shall be
LxLraordlnary Ceneral MeeLlngs 1he flrsL Annual Ceneral MeeLlng shall be held wlLhln elghLeen monLhs
from Lhe daLe of lncorporaLlon of Lhe company and Lhe nexL Annual Ceneral MeeLlng shall be held wlLhln
slx monLhs afLer Lhe explry of Lhe flnanclal year ln whlch Lhe flrsL Annual Ceneral MeeLlng was held and
LhereafLer an Annual Ceneral MeeLlng of Lhe Company shall be held wlLhln slx monLhs afLer Lhe explry of
each flnanclal year provlded LhaL noL more Lhan flfLeen monLhs shall elapse beLween Lhe daLe of one
Annual Ceneral MeeLlng and LhaL of Lhe nexL noLhlng conLalned ln Lhe foregolng provlslons shall be Laken
as affecLlng Lhe rlghL conferred upon Lhe 8eglsLrar under Lhe provlslons of SecLlon 166(1) of Lhe AcL Lo
exLend Lhe Llme wlLhln whlch any Annual Ceneral MeeLlng may be held Lvery Annual Ceneral MeeLlng
shall be called for on a Llme durlng buslness hours on a day LhaL ls noL a publlc hollday and shall be held
ln Lhe offlce of Lhe company or aL some oLher place wlLhln Lhe clLy ln whlch Lhe offlce of Lhe Company ls
slLuaLed as Lhe 8oard may deLermlne and Lhe noLlces Lalllng Lhe MeeLlng shall speclfy lL as Lhe Annual
Ceneral MeeLlng 1he Company may ln anyone Annual Ceneral MeeLlng flx Lhe Llme for lLs subsequenL
Annual Ceneral MeeLlng Lvery member of Lhe Company shall be enLlLled Lo aLLend elLher ln person or by

proxy and Lhe AudlLor of Lhe Company shall be enLlLled Lo aLLend and Lo be heard aL any Ceneral MeeLlng
whlch he aLLends on any parL of Lhe buslness concerns hlm as AudlLor AL every Annual Ceneral MeeLlng
of Lhe Company Lhere shall be lald on Lhe Lable Lhe ulrecLors 8eporL (lf noL already aLLached ln Lhe
AudlLed sLaLemenL of AccounLs) Lhe proxy 8eglsLer wlLh proxles and Lhe 8eglsLer of ulrecLors Share
holdlngs of whlch laLLer 8eglsLer shall remaln open and accesslble durlng Lhe conLlnuance of Lhe meeLlng
1he 8oard shall cause Lo be prepared Lhe Annual LlsL of Members summary of Lhe Share CaplLal 8alance
SheeL and roflL and Loss AccounL and forward Lhe same Lo Lhe 8eglsLrar ln accordance wlLh SecLlons 1S9
161 and 220 of Lhe AcL

86 1he 8oard may whenever lL Lhlnks flL call an LxLraordlnary Ceneral MeeLlng and lL shall do so upon a
requlslLlon ln wrlLlng by any member or members holdlng ln Lhe aggregaLe noL less Lhan oneLenLh of such
of Lhe paldup caplLal as aL Lhe daLe carrles Lhe rlghL of voLlng ln regard Lo Lhe maLLer ln respecL of whlch
Lhe requlslLlon has been made

87 Any valld requlslLlon so made by members musL sLaLe Lhe ob[ecL or ob[ecLs of Lhe meeLlng proposed Lo be
called and musL be slgned by Lhe requlslLlonlsLs and be deposlLed aL Lhe offlce provlded LhaL such
requlslLlon may conslsL of several documenLs ln flle form each slgned by one or more requlslLlonlsLs


28S


88 upon Lhe recelpL of any such requlslLlon Lhe 8oard shall forLhwlLh call an LxLraordlnary Ceneral MeeLlng
and lf Lhey do noL proceed wlLhln LwenLyone days from Lhe daLe of Lhe requlslLlon belng deposlLed aL Lhe
offlce Lo cause a meeLlng Lo be called on a day noL laLer Lhan forLyflve days from Lhe daLe of deposlL of
Lhe requlslLlon Lhe requlslLlonlsLs or such of Lhelr number as represenLs elLher a ma[orlLy ln value of Lhe
paldup share caplLal of Lhe Company as ls referred Lo ln SecLlon 169(4) of Lhe AcL whlch ever ls less may
Lhemselves call Lhe meeLlng buL ln elLher case any meeLlng so called shall be held wlLhln Lhree monLhs
from Lhe daLe of Lhe dellvery of Lhe requlslLlon as aforesald

89 Any meeLlng called under Lhe foregolng ArLlcles by Lhe requlslLlonlsLs shall be called ln Lhe same manner
as nearly as posslble as LhaL ln whlch meeLlngs are Lo be called by Lhe 8oard

90 1wenLyone days noLlce aL leasL of every Ceneral MeeLlng Annual or LxLraordlnary and by whosoever
called speclfylng Lhe day place and hour of meeLlng and Lhe general naLure of Lhe buslness Lo be
LransacLed LhereaL shall be glven ln Lhe manner herelnafLer provlded Lo such persons as are under Lhese
ArLlcles enLlLled Lo recelve noLlce from Lhe Company rovlded LhaL ln Lhe case of an Annual Ceneral
MeeLlng wlLh Lhe consenL ln wrlLlng of all Lhe members enLlLled Lo voLe LhereaL and ln Lhe case of any
oLher meeLlng wlLh Lhe consenL of members holdlng noL less Lhan 9S percenL of such parL of Lhe pald up
share caplLal of Lhe Company as glves a rlghL Lo voLe aL Lhe meeLlng any be convened by a shorLer noLlce
ln Lhe case of an Annual Ceneral MeeLlng lf any buslness oLher Lhan (l) Lhe conslderaLlon of Lhe AccounLs
8alance SheeLs and 8eporLs of Lhe 8oard of ulrecLors and AudlLors (ll) Lhe declaraLlon of dlvldend (lll) Lhe
appolnLmenL of ulrecLors ln place of Lhose reLlrlng (lv) Lhe appolnLmenL of and flxlng of remuneraLlon of
Lhe AudlLors ls proposed Lo be LransacLed Lhen ln LhaL evenL Lhere shall be annexed Lo Lhe noLlce of Lhe
MeeLlng a sLaLemenL seLLlng ouL all maLerlals facLs concernlng each such lLem of buslness lncludlng ln
parLlcular Lhe naLure of concern or lnLeresL lf any Lhereln of every dlrecLor and Lhe Manager (lf any)
Where any such lLem of speclal buslness relaLes Lo or affecLs any oLher Company Lhe exLenL of
shareholdlng lnLeresL ln oLher company of every ulrecLor and Lhe Manager lf any of Lhe Company shall
also be seL ouL ln Lhe sLaLemenL lf Lhe exLenL of such share holdlng lnLeresL ls noL less Lhan 20 percenL of
Lhe paldup share caplLal of LhaL oLher company Where any lLem of buslness conslsLs of Lhe accordlng of
approval Lo any documenL by Lhe meeLlng Lhe Llme and place where Lhe documenL can be lnspecLed shall
be speclfled ln Lhe sLaLemenL aforesald

91 1he accldenLal omlsslon Lo glve any such noLlce as aforesald Lo any of Lhe members or Lhe non recelpL
Lhereof shall noL lnvalldaLe Lhe holdlng of Lhe meeLlng or any resoluLlon passed aL any such meeLlng

92
no Ceneral MeeLlng Annual or LxLraordlnary shall be compeLenL Lo enLer upon dlscuss or LransacL any
buslness whlch has noL been menLloned ln Lhe noLlce or noLlces upon whlch lL was convened

93 llve members presenL ln person shall be quorum for a Ceneral MeeLlng

94 A body corporaLe belng a member shall be deemed Lo be personally presenL lf lL ls represenLed ln
accordance wlLh SecLlon 187 of Lhe AcL

9S lf aL Lhe explraLlon of half an hour from Lhe Llme appolnLed for holdlng a meeLlng of Lhe Company a
quorum shall noL be presenL Lhe meeLlng lf convened by or upon Lhe requlslLlon of members shall sLand
dlssolved buL ln any oLher case Lhe meeLlng shall sLand ad[ourned Lo Lhe same day ln Lhe nexL week or lf
LhaL day ls a publlc hollday unLll Lhe nexL succeedlng day whlch ls noL a publlc hollday aL Lhe same Llme
and place or Lo such oLher day and aL such oLher Llme and place ln Lhe clLy or Lown ln whlch Lhe offlce of
Lhe Company ls for Lhe Llme belng slLuaLed as Lhe 8oard may deLermlne and lf aL such ad[ourned meeLlng
a quorum ls noL presenL aL Lhe explraLlon of half an hour from Lhe Llme appolnLed for holdlng Lhe
meeLlng Lhe members presenL shall be quorum and may LransacL Lhe buslness for whlch Lhe meeLlng was
called

286


96 1he Chalrman (lf any) of Lhe 8oard shall be enLlLled Lo Lake Lhe chalr aL every Ceneral MeeLlng wheLher
Annual or LxLraordlnary lf Lhere be no such Chalrman of Lhe 8oard or lf aL any meeLlng he shall noL be
presenL wlLhln flfLeen mlnuLes of Lhe Llme appolnLed for holdlng such meeLlng or lf he shall be unable or
unwllllng Lo Lake Lhe Chalr Lhen Lhe dlrecLors presenL may choose one of Lhelr member Lo be Lhe
Chalrman of Lhe meeLlng lf no dlrecLor be presenL or lf all Lhe dlrecLors presenL decllne Lo Lake Lhe chalr
Lhen Lhe Members presenL shall elecL one of Lhelr number Lo be Chalrman

97 no buslness shall be dlscussed aL any Ceneral MeeLlng excepL Lhe elecLlon of a Chalrman whlle Lhe chalr
ls vacanL

98 1he Chalrman wlLh Lhe consenL of Lhe members may ad[ourn any meeLlng from Llme Lo Llme and from
place Lo place ln Lhe clLy ln whlch lL ls held buL no buslness shall be LransacLed aL any ad[ourned meeLlng
oLher Lhan Lhe buslness lefL unflnlshed aL Lhe meeLlng from whlch Lhe ad[ournmenL Look place

99 AL any Ceneral MeeLlng a resoluLlon puL Lo voLe aL Lhe meeLlng shall be declded on a show of hands
unless a poll ls (before or on Lhe declaraLlon of Lhe resulL of Lhe show of hands) demanded by aL leasL flve
members havlng Lhe rlghL Lo voLe on Lhe resoluLlon and presenL ln person or by proxy or by Lhe Chalrman
of Lhe MeeLlng or by any member or members holdlng noL less Lhan oneLenLh of Lhe LoLal voLlng power
ln respecL of Lhe resoluLlon or by any member or members presenL ln person or by proxy and holdlng
shares ln Lhe Company conferrlng a rlghL Lo voLe on Lhe resoluLlon belng shares on whlch an aggregaLe
sum has been paldup on all Lhe shares conferrlng LhaL rlghL and unless a poll ls demanded a declaraLlon
by Lhe Chalrman LhaL a resoluLlon has on a show of hands been carrled unanlmously or by a parLlcular
ma[orlLy or losL and an enLry Lo LhaL effecL ln Lhe MlnuLe 8ook of Lhe Company shall be concluslve
evldence of Lhe facL wlLhouL proof of Lhe number or proporLlon of Lhe voLes recorded ln favour of or
agalnsL Lhe resoluLlon

100 ln Lhe case of an equallLy of voLes Lhe Chalrman shall boLh on a show of hands and aL a poll (lf any) have
a casLlng voLe ln addlLlon Lo Lhe voLe or voLes Lo whlch he may be enLlLled as a member

101 lf a poll ls demanded as aforesald Lhe same shall sub[ecL Lo ArLlcle 91 be Laken aL such Llme (noL laLer
Lhan forLyelghL hours from Lhe Llme when Lhe demand was made) and place ln Lhe clLy or Lown ln whlch
Lhe Cfflce of Lhe Company ls for Lhe Llme belng slLuaLe and elLher by open voLlng or by balloL as Lhe
Chalrman shall dlrecL and elLher aL once or afLer an lnLerval or ad[ournmenL or oLherwlse and Lhe resulL
of Lhe poll shall be deemed Lo be Lhe resoluLlon of Lhe meeLlng aL whlch Lhe poll was demanded 1he

demand for a poll may be wlLhdrawn aL any Llme by Lhe person or persons who made Lhe demand

102 Where a poll ls Lo be Laken Lhe Chalrman of Lhe meeLlng shall appolnL Lwo scruLlneers Lo scruLlnlze Lhe
voLe glven on Lhe poll and Lo reporL Lhereon Lo hlm Cne of Lhe scruLlnlzers so appolnLed shall always be a
member (noL belng an offlcer or employee of Lhe Company) presenL aL Lhe meeLlng provlded such
member ls avallable and wllllng Lo be appolnLed 1he Chalrman shall have power aL any Llme before Lhe
resulL of Lhe poll ls declared Lo remove a ScruLlnlzer from offlce and flll vacancles ln Lhe offlce of
ScruLlnlzer from such removal or from any oLher cause

103 Any poll duly demanded on Lhe elecLlon of Chalrman of a meeLlng or on any quesLlon of ad[ournmenL
shall be Laken aL Lhe meeLlng forLhwlLh

104 1he demand for a poll excepL on Lhe quesLlons of Lhe elecLlon of Lhe Chalrman and of an ad[ournmenL
shall noL prevenL Lhe conLlnuance of a meeLlng for Lhe LransacLlon of any buslness oLher Lhan Lhe quesLlon
on whlch Lhe poll has been demanded

VC1L CI MLM8LkS
10S no member shall be enLlLled Lo voLe elLher personally or by proxy aL any Ceneral MeeLlng or MeeLlng of a


287

class of shareholders elLher upon a show of hands or upon a poll ln respecL of any shares reglsLered ln hls
name on whlch any calls or oLher sums presenLly payable by hlm have noL been pald or ln regard Lo whlch
Lhe Company has and has exerclsed any rlghL of llen

106 Sub[ecL Lo Lhe provlslons of Lhese ArLlcles and wlLhouL pre[udlce Lo any speclal prlvlleges or resLrlcLlons as
Lo voLlng for Lhe Llme belng aLLached Lo any class of shares for Lhe Llme belng formlng parL of Lhe CaplLal
of Lhe Company every member noL dlsquallfled by Lhe lasL precedlng ArLlcle shall be enLlLled Lo be
presenL and Lo speak and voLe aL such meeLlng and on a show of hands every member presenL ln person
shall have one voLe and upon a poll Lhe voLlng flghLs of every member presenL ln person or by proxy shall
be ln proporLlon Lo hls shares of Lhe paldup equlLy share caplLal of Lhe Company rovlded however lf
any preference shareholder be presenL aL any meeLlng of Lhe Company save as provlded ln clause (b) of
subsecLlon (2) of SecLlon 87 he shall have a rlghL Lo voLe only on resoluLlons placed before Lhe meeLlng
whlch dlrecLly affecL Lhe rlghLs aLLached Lo hls preference shares

107 Cn a poll Laken aL meeLlng of Lhe Company a member enLlLled Lo more Lhan one voLe or hls proxy or
oLher person enLlLled Lo voLe for hlm as Lhe case may be need noL lf he voLes use all hls voLes or casL ln
Lhe same way all Lhe voLes he used or may absLaln from voLlng

108 A member of unsound mlnd or ln respecL of whom an order has been made by any CourL havlng
[urlsdlcLlon ln lunacy may voLe wheLher on a show of hands or on a poll by hls commlLLee or oLher legal
guardlan and any such commlLLee or guardlan may on poll voLe by proxy lf any member be a mlnor Lhe
voLe ln respecL of hls share or shares shall be by hls guardlan or any of hls guardlans lf more Lhan one Lo
be selecLed ln case of dlspuLe by Lhe Chalrman of Lhe meeLlng

109 lf Lhere be [olnL holders of any shares anyone of such person may voLe aL any meeLlng or may appolnL
anoLher person (wheLher a member or noL) as hls proxy ln respecL of such shares as lf he were solely
enLlLled LhereLo by Lhe proxy so appolnLed shall noL have any rlghL Lo speak aL Lhe meeLlng and lf more
Lhan one of such [olnL holders be presenL aL any meeLlng LhaL one of Lhe sald persons so presenL whose
name sLands hlgher on Lhe 8eglsLer shall alone be enLlLled Lo speak and Lo voLe ln respecL of such shares
buL Lhe oLher or oLhers of Lhe [olnLholders shall be enLlLled Lo be presenL aL Lhe meeLlng Several
execuLors or admlnlsLraLors of a deceased member ln whose name shares sLand shall for Lhe purpose of
Lhese ArLlcles Lo be deemed [olnL holders Lhereof

110 Sub[ecL Lo Lhe provlslons of Lhese ArLlcles voLes may be glven elLher personally or by proxy A body

corporaLe belng a member may voLe elLher by a proxy or by a represenLaLlve duly auLhorlsed ln
accordance wlLh SecLlon 187 of Lhe AcL and such represenLaLlve shall be enLlLled Lo exerclse Lhe same
rlghLs and powers (lncludlng Lhe rlghLs Lo voLe by proxy) on behalf of Lhe body corporaLe whlch he
represenLs as Lhe body could exerclse lf lL were an lndlvldual member

111 Any person enLlLled under ArLlcle 61 Lo Lransfer any share may voLe aL any Ceneral MeeLlng ln respecL
Lhereof ln Lhe same manner as lf he were Lhe reglsLered holder of such shares provlded LhaL forLyelghL
hours aL leasL before Lhe Llme of holdlng Lhe meeLlng or ad[ourned meeLlng as Lhe case may be aL whlch
he proposes Lo voLe he shall saLlsfy Lhe ulrecLors of hls rlghL Lo Lransfer such shares and glve such
lndemnlLy (lf any) as Lhe ulrecLors may requlre or Lhe ulrecLors shall have prevlously admlLLed hls rlghL Lo
voLe aL such meeLlng ln respecL Lhereof

112 Lvery proxy (wheLher a member or noL) shall be appolnLed ln wrlLlng under Lhe hand of Lhe appolnLer or
hls aLLorney or lf such appolnLer ls a corporaLlon under Lhe common seal of such corporaLlon or be
slgned by an offlcer or any aLLorney duly auLhorlsed by lL and any CommlLLee or guardlan may appolnL
such proxy 1he proxy so appolnLed shall noL have any rlghL Lo speak aL Lhe meeLlng

113 An lnsLrumenL of proxy may appolnL a proxy elLher for Lhe purpose of a parLlcular meeLlng speclfled ln Lhe

288

lnsLrumenL and any ad[ournmenL Lhereof or lL may appolnL for Lhe purpose of every meeLlng of Lhe
Company or of every meeLlng Lo be held before a daLe speclfled ln Lhe lnsLrumenL and every
ad[ournmenL of any such meeLlng

114 A member presenL by proxy shall be enLlLled Lo voLe only on a poll

11S 1he lnsLrumenL appolnLlng a proxy and Lhe power of aLLorney or oLher auLhorlLy (lf any) under whlch lL ls
slgned or a noLarlally cerLlfled copy of LhaL power or auLhorlLy shall be deposlLed aL Lhe offlce noL laLer
Lhan forLyelghL hours before Lhe Llme for holdlng Lhe meeLlng aL whlch Lhe person named ln Lhe
lnsLrumenL proposes Lo voLe and ln defaulL Lhe lnsLrumenL of proxy shall noL be LreaLed as valld no
lnsLrumenL appolnLlng a proxy shall be valld afLer Lhe explraLlon of Lwelve monLhs from Lhe daLe of lLs
execuLlon

116 Lvery lnsLrumenL of proxy wheLher for a speclfled meeLlng or oLherwlse shall as nearly as clrcumsLances
wlll admlL be ln any of Lhe forms seL ouL ln Schedule lx of Lhe AcL

117 A voLe glven ln accordance wlLh Lhe Lerms of an lnsLrumenL of proxy shall be valld noLwlLhsLandlng Lhe
prevlous deaLh or lnsanlLy of Lhe prlnclpal or revocaLlon of Lhe proxy of any power of aLLorney under
whlch such proxy was slgned or Lhe Lransfer of Lhe share ln respecL of whlch Lhe voLe ls glven provlded
LhaL no lnLlmaLlon ln wrlLlng of Lhe deaLh or lnsanlLy revocaLlon or Lransfer shall have been recelved aL
Lhe offlce before Lhe meeLlng

118 no ob[ecLlon shall be made Lo Lhe valldlLy of any voLe excepL aL any meeLlng or poll aL whlch such voLe
shall be Lendered and every voLe wheLher glven personally or by proxy noL dlsallowed aL such meeLlng or
poll shall be deemed valld for all purposes of such meeLlng or poll whaLsoever

119 noLwlLhsLandlng any Lhlng conLalned ln Lhe foregolng Lhe company shall LransacL such buslness as may
be speclfled by Lhe CenLral CovernmenL from Llme Lo Llme Lhrough Lhe means of posLal balloL ln case of
resoluLlons Lo be passed by posLal balloL no meeLlng need Lo be held aL a speclfled Llme and space
requlrlng physlcal presence of members Lo form a quorum Where a resoluLlon wlll be passed by posLal
balloL Lhe company shall ln addlLlon Lo Lhe requlremenLs of glvlng requlslLe clear days noLlce send Lo all
Lhe members Lhe followlng

l urafL resoluLlon and relevanL explanaLory sLaLemenL clearly explalnlng Lhe reasons Lherefor

ll osLal balloL for glvlng assenL or dlssenL ln wrlLlng by members and

lll osLage prepald envelope (by 8eglsLered osL) for communlcaLlng assenLs or dlssenLs on Lhe
posLal balloL Lo Lhe company wlLh a requesL Lo Lhe members Lo send Lhelr communlcaLlons wlLhln
30 days from Lhe daLe of dlspaLch of noLlce

1he Company shall also follow such procedure for conducLlng voLe by posLal balloL and for ascerLalnlng
Lhe assenL or dlssenL as may be prescrlbed by Lhe AcL and Lhe relevanL 8ules made Lhereunder

120 1he Chalrman of any meeLlng shall be Lhe sole [udge of Lhe valldlLy of every voLe Lendered aL such
meeLlng 1he Chalrman presenL aL Lhe Laklng of a poll shall be Lhe sole [udge of Lhe valldlLy of every voLe
Lendered aL such poll

121 1 1he Company shall cause mlnuLes of all proceedlngs of every Ceneral MeeLlng Lo be kepL by
maklng wlLhln LhlrLy days of Lhe concluslon of every such meeLlng concerned enLrles Lhereof ln
books kepL for LhaL purpose wlLh Lhelr pages consecuLlvely numbered

2 Lach page of every such book shall be lnlLlaled or slgned and Lhe lasL page of Lhe record of
proceedlngs of such meeLlng ln such books shall be daLed and slgned by Lhe Chalrman of Lhe


289

same meeLlng wlLhln Lhe aforesald perlod of LhlrLy days or ln Lhe evenL of Lhe deaLh or llablllLy of
LhaL Chalrman wlLhln LhaL perlod by a ulrecLor duly auLhorlsed by Lhe 8oard for Lhe purpose

3 ln no case Lhe mlnuLes of proceedlngs of a meeLlng shall be aLLached Lo any such book as
aforesald by pasLlng or oLherwlse

4 1he mlnuLes of each meeLlng shall conLaln a falr and correcL summary of Lhe proceedlngs LhereaL

S All appolnLmenLs of Cfflcers made aL any meeLlng aforesald shall be lncluded ln Lhe mlnuLes of
Lhe meeLlngs

6 noLhlng hereln conLalned shall requlre or be deemed Lo requlre Lhe lncluslon ln any such mlnuLes
of any maLLer whlch ln Lhe oplnlon of Lhe Chalrman of Lhe meeLlng

a ls or could reasonably be regarded as defamaLory of any person or

b ls lrrelevanL or lmmaLerlal Lo Lhe proceedlng or

c ls deLrlmenLal Lo Lhe lnLeresL of Lhe Company

1he Chalrman of Lhe meeLlng shall exerclse an absoluLe dlscreLlon ln regard Lo Lhe
lncluslon or nonlncluslon of any maLLer ln Lhe mlnuLes on Lhe aforesald grounds

7 Any such mlnuLes shall be evldence of Lhe proceedlngs recorded Lhereln

8 1he book conLalnlng Lhe mlnuLes of proceedlngs of Ceneral MeeLlngs shall be kepL aL Lhe offlce of
Lhe Company and shall be open durlng buslness hours for such perlods noL belng less ln Lhe
aggregaLe Lhan Lwo hours ln each day as Lhe ulrecLors deLermlne Lo Lhe lnspecLlon of any
member wlLhouL charge

DIkLC1CkS
122 1 unLll oLherwlse deLermlned by a Ceneral MeeLlng of Lhe Company and sub[ecL Lo Lhe provlslons
of SecLlon 2S2 of Lhe AcL Lhe number of ulrecLors excludlng uebenLure and AlLernaLe ulrecLors

(lf any) shall noL be less Lhan Lhree nor more Lhan Lwelve

2 1he subscrlber Lo Memorandum ArLlcles of AssoclaLlon are Lhe flrsL dlrecLors of Lhe Company

123 lf aL any Llme Lhe Company obLalns any loan or any asslsLance ln connecLlon Lhere wlLh by way of
guaranLee or oLherwlse from any person flrm body corporaLe local auLhorlLy or publlc body (herelnafLer
called Lhe lnsLlLuLlon) or lf aL any Llme Lhe Company lssues any shares debenLures and enLers lnLo any
conLracL or arrangemenL wlLh Lhe lnsLlLuLlon whereby Lhe lnsLlLuLlon subscrlbes for or underwrlLes Lhe
lssue of Lhe Companys shares or debenLures or provldes any asslsLance Lo Lhe Company ln any manner
and lL ls a Lerm of Lhe relaLlve loan asslsLance conLracL or agreemenL LhaL Lhe lnsLlLuLlon shall have Lhe
rlghL Lo appolnL one or more dlrecLors Lo Lhe 8oard of Lhe Company Lhen sub[ecL Lo Lhe provlslons of
SecLlon 22S of Lhe AcL and sub[ecL Lo Lhe Lerms and condlLlons of such loan asslsLance conLracL or
arrangemenL Lhe lnsLlLuLlon shall be enLlLled Lo appolnL one or more dlrecLor or ulrecLors as Lhe case
may be Lo Lhe 8oard of Lhe Company and Lo remove from offlce any dlrecLor so appolnLed and Lo appolnL
anoLher ln hls place or ln Lhe place of ulrecLor so appolnLed who reslgns or oLherwlse vacaLes hls offlce
Any such appolnLmenL or removal shall be made ln wrlLlng and shall be served aL Lhe offlce of Lhe
Company 1he dlrecLor or dlrecLors so appolnLed shall nelLher be requlred Lo hold any quallflcaLlon share
nor be llable Lo reLlre by roLaLlon and shall conLlnue ln Lhe offlce for so long as Lhe relaLlve loan
asslsLance conLracL or arrangemenL as Lhe case may be subslsLs

290


124 lf lL ls provlded by Lhe 1rusL ueed securlng or oLherwlse ln connecLlon wlLh any lssue of debenLures of Lhe
Company LhaL any person or persons shall have power Lo nomlnaLe a ulrecLor of Lhe Company Lhen ln
Lhe case of any and every such lssue of debenLure Lhe person or persons havlng such power may exerclse
such power from Llme Lo Llme and appolnL a ulrecLor accordlngly Any ulrecLor so appolnLed ls hereln
referred Lo as uebenLure ulrecLor A uebenLure ulrecLor may be removed from offlce aL any Llme by Lhe
person or persons ln whom for Lhe Llme belng ls vesLed Lhe power under whlch he was appolnLed and
anoLher ulrecLor maybe appolnLed ln hls place A uebenLure ulrecLor shall noL be allowed Lo hold any
quallflcaLlon share

12S lf Lhe Company aL any Llme have a mlnlmum pald up caplLal of 8upees llve Crore or such sum as may be
prescrlbed and aL leasL one Lhousand or more small shareholders Lhen Lhe company may suomoLo or
upon requlslLlon of noL less Lhan one LenLh of Lhe LoLal number of small shareholders proceed Lo appolnL
a nomlnee from amongsL small shareholders as a ulrecLor of Lhe Company 1he small shareholders
dlrecLor shall before hls appolnL flle hls consenL Lo acL as a ulrecLor ln wrlLlng Lo Lhe Company and Lhe
Lenure of such appolnLmenL shall be Lhree years aL a Llme wlLhouL reLlremenL by roLaLlon buL shall be
ellglble for reappolnLmenL for anoLher Lenure Pe shall however noL be appolnLed as Managlng ulrecLor
or Whole 1lme ulrecLor under any clrcumsLances and shall be sub[ecL Lo same dlsquallflcaLlons and shall
vacaLe hls offlce on Lhe same grounds as are appllcable Lo oLher ulrecLors ln pursuance of Lhese ArLlcles
1he company shall follow such 8ules as may be prescrlbed by Lhe CenLral CovL ln Lhls behalf

no small shareholders dlrecLor appolnLed ln accordance wlLh Lhe provlslons of Lhls ArLlcle shall hold
offlce aL Lhe same Llme as small shareholders dlrecLor ln more Lhan Lwo companles

126 1he 8oard may appolnL an AlLernaLe ulrecLor Lo acL for a ulrecLor (herelnafLer called Lhe Crlglnal
ulrecLor) durlng hls absence for a perlod of noL less Lhan Lhree monLhs from Lhe SLaLe ln whlch Lhe
meeLlngs of Lhe 8oard are ordlnarlly held An AlLernaLe ulrecLor appolnLed under Lhls ArLlcle shall noL
hold offlce for a perlod longer Lhan LhaL permlsslble Lo Lhe Crlglnal dlrecLor ln whose place he has been
appolnLed and shall vacaLe Lhe offlce of Lhe Crlglnal ulrecLor when he reLurns Lo LhaL SLaLe lf Lhe Lerms of
offlce of Lhe Crlglnal ulrecLor are deLermlned before he so reLurns Lo LhaL sLaLe any provlslons ln Lhe AcL
or ln Lhese ArLlcles for Lhe auLomaLlc reappolnLmenL of any reLlrlng ulrecLor ln defaulL of anoLher
appolnLmenL shall apply Lo Lhe Crlglnal ulrecLor and noL Lo Lhe AlLernaLe ulrecLor

127 Sub[ecL Lo Lhe provlslons of SecLlons 260 and 264 of Lhe AcL Lhe 8oard shall have power aL any Llme and

from Llme Lo Llme Lo appolnL any oLher quallfled person Lo be an AddlLlonal ulrecLor buL so LhaL Lhe LoLal
number of ulrecLors shall noL aL any Llme exceed Lhe maxlmum 12 flxed under Lhe ArLlcle 114 Any such
AddlLlonal ulrecLor shall hold offlce only up Lo Lhe daLe of Lhe nexL Annual Ceneral MeeLlng

128 unLll oLherwlse deLermlned by Lhe Company ln Ceneral MeeLlng a ulrecLor shall noL be requlred Lo hold
any shares ln Lhe caplLal of Lhe Company as hls quallflcaLlon

129 WlLhouL pre[udlce Lo Lhe resLrlcLlons lmposed by SecLlon 226 of Lhe AcL a ulrecLor who ls requlred Lo hold
quallflcaLlon shares may acL as a ulrecLor before acqulrlng such shares buL shall lf he ls noL already
quallfled obLaln hls quallflcaLlon and every ulrecLor oLher Lhan a ulrecLor appolnLed by Lhe CenLral or a
SLaLe CovernmenL shall flle wlLh Lhe Company a declaraLlon speclfylng Lhe quallflcaLlon shares held by
hlm wlLhln Lwo monLhs from hls appolnLmenL as a dlrecLor

130 Sub[ecL Lo Lhe provlslons of SecLlon 262 264 and 284(6) of Lhe AcL Lhe 8oard shall have power aL any
Llme and from Llme Lo Llme Lo appolnL any oLher quallfled person Lo be a ulrecLor Lo flll a casual vacancy
Any person so appolnLed shall hold offlce only up Lo Lhe daLe Lo whlch Lhe ulrecLor ln whose place he ls
appolnLed would have held offlce lf lL had noL been vacaLed by hlm

131 1 Sub[ecL Lo Lhe provlslons of Lhe AcL a Managlng ulrecLor or Managlng ulrecLors or ulrecLor who
ls/are ln Lhe wholeLlme employmenL of Lhe Company may be pald remuneraLlon elLher by way of


291

a monLhly paymenL or aL a speclfled percenLage of Lhe neL proflLs of Lhe Company or parLly by
one way and parLly by Lhe oLher

2 Sub[ecL Lo Lhe provlslons of Lhe AcL a ulrecLor who ls nelLher ln Lhe whole Llme employmenL nor
a Managlng ulrecLor may be pald remuneraLlon elLher

l by way of monLhly quarLerly or annual paymenL wlLh Lhe approval of Lhe CenLral
CovernmenL or

ll by way of commlsslon lf Lhe Company by a speclal resoluLlon auLhorlsed such paymenL

3 1he fees payable Lo a ulrecLor (lncludlng a Managlng or wholeLlme ulrecLor lf any) for
aLLendlng a MeeLlng of Lhe 8oard or CommlLLee Lhereof may be ln accordance wlLh and sub[ecL
Lo Lhe provlslons of SecLlon 309 of Lhe AcL or such oLher sum as Lhe Company ln Ceneral MeeLlng
may from Llme Lo Llme deLermlne

132 1he 8oard may allow any pay Lo any dlrecLor who ls noL a bonaflde resldenL of Lhe place where Lhe
meeLlngs of Lhe 8oard are ordlnarlly held and who shall come Lo such place for Lhe purpose of aLLendlng
any meeLlng such sum as Lhe 8oard may conslder falr compensaLlon for Lravellng boardlng lodglng and
oLher expenses ln addlLlon Lo hls fee for aLLendlng such meeLlng as above speclfled and lf any ulrecLor be
called upon Lo go or reslded ouL of Lhe ordlnary place of hls resldence on Lhe Companys buslness he shall
be enLlLled Lo be repald and relmbursed any Lravellng or oLher expenses lncurred ln connecLlon wlLh
buslness of Lhe Company

133 1he conLlnulng ulrecLors may acL noLwlLhsLandlng any vacancy ln Lhelr body buL lf and so long as Lhelr
number ls reduced below Lhe mlnlmum number flxed by Lhe ArLlcle 114 hereof Lhe conLlnulng ulrecLors
noL belng less Lhan Lhree may acL for Lhe purpose of lncreaslng Lhe number of dlrecLors Lo LhaL number
or for summonlng a Ceneral MeeLlng buL for no oLher purpose

134 1 1he offlce of a ulrecLor shall lpso facLo be vacaLed lf

a) he falls Lo obLaln wlLhln Lhe Llme speclfled ln subsecLlon (1) of SecLlon 270 of Lhe
AcL or aL any Llme LhereafLer ceases Lo hold Lhe share quallflcaLlon lf any necessary for
hls appolnLmenL or

b) he ls found Lo be of unsound mlnd by a CourL of compeLenL [urlsdlcLlon or

c) he applles Lo be ad[udlcaLed an lnsolvenL or

d) he ls ad[udged lnsolvenL or

e) he ls convlcLed by a CourL ln lndla of any offence and ls senLenced ln respecL Lhereof Lo
lmprlsonmenL for noL less Lhan slx monLhs or

f) he falls Lo pay any call ln respecL of shares of Lhe Company held by hlm wheLher alone or
[olnLly wlLh oLhers wlLhln slx monLhs from Lhe lasL daLe flxed for Lhe paymenL of Lhe call
or

g) he absenLs from Lhree consecuLlve meeLlngs of Lhe 8oard or from all meeLlngs of Lhe
8oard for a conLlnuous perlod of Lhree monLhs whlchever ls Lhe longer wlLhouL
obLalnlng leave of absence from Lhe 8oard or

h) he or any flrm of whlch he ls a parLner or any prlvaLe company of whlch he ls a dlrecLor
accepLs a loan or any guaranLee or securlLy for a loan from Lhe Company ln

292

conLravenLlon of SecLlon 29S of Lhe AcL or

l) he acLs ln conLravenLlon of SecLlon 299 of Lhe AcL or

[) he has been removed from offlce ln pursuance of SecLlon 203 of Lhe AcL or

k) by noLlce ln wrlLlng Lo Lhe Company LhaL he reslgns hls offlce or

l) any offlce or place of proflL under Lhe Company or under any subsldlary of Lhe Company
ls held ln conLravenLlon of SecLlon 314 of Lhe AcL and by operaLlon of LhaL SecLlon he ls
deemed Lo vacaLe Lhe offlce

2 noLwlLhsLandlng any maLLer or Lhlng ln subclauses (d) (e) and ([) of clause (1) Lhe
dlsquallflcaLlon referred Lo ln Lhose subclauses shall noL Lake effecL

a) for LhlrLy days from Lhe daLe of ad[udlcaLlon senLence or order or

b) where an appeal or peLlLlon ls preferred wlLhln Lhe LhlrLy days aforesald agalnsL Lhe
ad[udlcaLlon senLence or convlcLlon resulLlng ln Lhe senLence or order unLll Lhe explry of
seven days from Lhe daLe on whlch such appeal or peLlLlon ls dlsposed off or

c) where wlLhln Lhe seven days aforesald any furLher appeal or peLlLlon ls preferred ln
respecL of Lhe ad[udlcaLlon senLence convlcLlon or order and Lhe appeal or peLlLlon lf
allowed would resulL ln Lhe removal of Lhe dlsquallflcaLlon unLll such furLher appeal or
peLlLlon ls dlsposed off

13S 1 A ulrecLor or hls relaLlve a flrm ln whlch such ulrecLor or relaLlve ls a parLner or any oLher
parLner ln such flrm or a prlvaLe company of whlch Lhe ulrecLor ls a member or a prlvaLe
company of whlch Lhe Company ls a member or dlrecLor may enLer lnLo any conLracL wlLh
Company for Lhe sale purchase or supply of any goods maLerlals or servlces or for underwrlLlng
Lhe subscrlpLlon of any shares ln or debenLures of Lhe Company provlded LhaL Lhe sancLlon of
Lhe 8oard ls obLalned before or wlLhln Lhree monLhs of Lhe daLe on whlch Lhe conLracL ls enLered

lnLo ln accordance wlLh SecLlon 297 of Lhe AcL

2 no sancLlon shall however be necessary for

a) any purchase of goods and maLerlals from Lhe Company or Lhe sale of Lhe goods or maLerlals
Lo Lhe Company by any such dlrecLor relaLlve flrm's parLner or prlvaLe company as
aforesald for cash aL prevalllng markeL prlces or

b) any conLracL or conLracLs beLween Lhe Company on one slde and any such ulrecLor relaLlve
flrm parLner or prlvaLe company on Lhe oLher slde for sale purchase or supply of any goods
maLerlals and servlces ln whlch elLher Lhe Company or Lhe dlrecLor relaLlve flrm parLner or
prlvaLe company as Lhe case may be regularly Lrades or does buslness where Lhe value of
Lhe goods and maLerlals or Lhe cosL of such servlces does noL exceed ` S000/ (8upees llve
1housand only) ln Lhe aggregaLe ln any year comprlsed ln Lhe perlod of Lhe conLracL or
conLracLs

rovlded LhaL ln Lhe clrcumsLances of urgenL necesslLy a ulrecLor relaLlve flrm parLner or
prlvaLe company as aforesald may wlLhouL obLalnlng Lhe consenL of Lhe 8oard enLer lnLo any such
conLracL wlLh Lhe Company for Lhe sale purchase or supply of any goods maLerlals or servlces
even lf Lhe value of such goods or Lhe cosL of such servlces exceeds ` S000/ (8upees llve
1housand only) ln Lhe aggregaLe ln any year comprlsed ln Lhe perlod of Lhe conLracL and Lhe
consenL of Lhe 8oard shall be obLalned Lo such conLracL or conLracLs aL a meeLlng wlLhln Lhree


293

monLhs of Lhe daLe on whlch Lhe conLracL was enLered lnLo

136 A dlrecLor of Lhe Company who ls ln any way wheLher dlrecLly or lndlrecLly concerned or lnLeresLed ln a
conLracL or proposed conLracL or arrangemenL enLered lnLo or Lo be enLered lnLo by or on behalf of Lhe
company shall dlsclose Lhe naLure of hls concern or lnLeresL aL a meeLlng of Lhe 8oard ln Lhe manner
provlded ln SecLlon 299(2) of Lhe AcL provlded LhaL lL shall noL be necessary for a ulrecLor Lo dlsclose hls
concern or lnLeresL ln any conLracL or arrangemenL enLered lnLo or Lo be enLered lnLo wlLh any oLher
company where any of Lhe ulrecLors of Lhe Company elLher hlmself or along wlLh hls relaLlves holds or
hold Lwo per cenL of Lhe paldup share caplLal ln any such oLher company

137 A Ceneral noLlce glven Lo Lhe 8oard by Lhe ulrecLors Lo Lhe effecL LhaL he ls a dlrecLor or member of a
speclfled body corporaLe or ls a member of a speclfled flrm and ls Lo be regarded as concerned or
lnLeresLed ln any conLracL or arrangemenL whlch may afLer Lhe daLe of Lhe noLlce be enLered lnLo wlLh
LhaL body corporaLe or flrm shall be deemed Lo be a sufflclenL dlsclosure of concern or lnLeresL ln relaLlon
Lo any conLracL or arrangemenL so made Any such general noLlce shall explre aL Lhe end of Lhe flnanclal
year ln whlch lL ls glven buL may be renewed for a furLher perlod of one flnanclal year aL a Llme by a fresh
noLlce glven ln Lhe lasL monLh of Lhe flnanclal year ln whlch lL would have oLherwlse explred of such
general noLlce and no renewal Lhereof shall be of effecL unless lL ls glven aL a meeLlng of Lhe 8oard or Lhe
ulrecLor concerned Lakes reasonable sLeps Lo secure LhaL lL ls broughL up and read aL Lhe flrsL meeLlng of
Lhe 8oard afLer lL ls glven

138 no dlrecLor shall as ulrecLor Lake any parL ln Lhe dlscusslon of or voLe on any conLracL or arrangemenL
enLered lnLo by or on behalf of Lhe Company lf he ls ln any way wheLher dlrecLly or lndlrecLly concerned
or lnLeresLed ln such conLracL or arrangemenL nor shall hls presence counL for Lhe purpose of formlng a
quorum aL Lhe Llme of any such dlscusslon or voLe and lf he does voLe hls voLe shall be vold provlded
however LhaL noLhlng hereln conLalned shall apply Lo
a) any conLracL of lndemnlLy agalnsL any loss whlch Lhe ulrecLors or any one or more of Lhem may
suffer by reason of becomlng or belng sureLles or a sureLy for Lhe Company

b) any conLracL or arrangemenL enLered lnLo or Lo be enLered lnLo wlLh a publlc company or a
prlvaLe company whlch ls a subsldlary of a publlc company ln whlch Lhe lnLeresL of Lhe ulrecLor

conslsLs solely
l ln hls belng
a) a dlrecLor ln such company and

b) Lhe holder of noL more Lhan shares of such number or value Lhereln as ls
requlslLe Lo quallfy hlm for appolnLmenL as a ulrecLor Lhereof he havlng been
nomlnaLed as such ulrecLor by Lhe Company or

ll ln hls belng a member holdlng noL more Lhan 2 of lLs paldup share caplLal

139 1he Company shall keep a 8eglsLer ln accordance wlLh SecLlon 301(1) and shall wlLhln Lhe Llme speclfled ln
SecLlon 301(2) enLer Lhereln such of Lhe parLlculars as may be relevanL havlng regard Lo Lhe appllcaLlon
LhereLo of SecLlon 297 or SecLlon 299 of Lhe AcL as Lhe case may be 1he 8eglsLer aforesald shall also
speclfy ln relaLlon Lo each ulrecLor of Lhe Company Lhe names of Lhe bodles corporaLe and flrms of whlch
noLlce has been glven by hlm under ArLlcle 128 1he 8eglsLer shall be kepL aL Lhe offlce of Lhe Company
and shall be open Lo lnspecLlon aL such offlce and exLracLs may be Laken Lherefrom and coples Lhereof ln
Lhe same manner and on paymenL of Lhe same fee as ln Lhe case of Lhe 8eglsLer of Members of Lhe
Company and Lhe provlslon of SecLlon 163 of Lhe AcL shall apply accordlngly

140 A ulrecLor may be or become a dlrecLor of any company promoLed by Lhe Company or ln whlch lL may be
lnLeresLed as a vendor shareholder or oLherwlse and no such dlrecLor shall be accounLable for any

294

beneflLs recelved as dlrecLor or shareholder of such company excepL ln so far as SecLlon 209(6) or SecLlon
314 of Lhe AcL may be appllcable

141 AL every Annual Ceneral MeeLlng of Lhe Company oneLhlrd of such of Lhe ulrecLors for Lhe Llme belng as
are llable Lo reLlre by roLaLlon or lf Lhelr number ls noL Lhree or a mulLlple of Lhree Lhe number nearesL Lo
oneLhlrd shall reLlre from offlce

142 Sub[ecL Lo SecLlon 2S6(2) of Lhe AcL Lhe ulrecLors Lo reLlre by roLaLlon under ArLlcle 132 aL every Annual
Ceneral MeeLlng shall be Lhose who have been longesL ln Lhe offlce slnce Lhelr lasL appolnLmenL buL as
beLween persons who became dlrecLors on Lhe same day Lhose who are Lo reLlre shall ln defaulL of and
sub[ecL Lo any agreemenL among Lhemselves be deLermlned by loL

143 A reLlrlng ulrecLor shall be ellglble for reelecLlon

144 Sub[ecL Lo SecLlons 2S8 and 2S9 of Lhe AcL Lhe Company aL Lhe Ceneral MeeLlng aL whlch a ulrecLor
reLlres ln manner aforesald may flll up Lhe vacaLed offlce by elecLlng a person LhereLo

14S a) lf Lhe place of Lhe reLlrlng ulrecLor ls noL so fllled up and Lhe meeLlng has noL expressly resolved
noL Lo flll Lhe vacancy Lhe meeLlng shall sLand ad[ourned unLll Lhe same day ln Lhe nexL week aL
Lhe same Llme and place

b) lf aL Lhe ad[ourned meeLlng also Lhe place of Lhe reLlrlng ulrecLor ls noL fllled up and LhaL
meeLlng also has noL expressly resolved noL Lo flll Lhe vacancy Lhe reLlrlng ulrecLor shall be so
deemed Lo have been reappolnLed aL Lhe ad[ourned meeLlng unless

l aL LhaL meeLlng or aL Lhe prevlous meeLlng Lhe resoluLlon for Lhe reappolnLmenL of such
ulrecLor has been puL Lo Lhe meeLlng and losL

ll Lhe reLlrlng ulrecLor has by a noLlce ln wrlLlng addressed Lo Lhe Company or lLs 8oard
expressed hls unwllllngness Lo be so reappolnLed


lll he ls noL quallfled or ls dlsquallfled for appolnLmenL

lv a resoluLlon wheLher speclal or ordlnary ls requlred for Lhe appolnLmenL or
reappolnLmenL by vlrLue of any provlslons of Lhe AcL or

v Lhe provlslon Lo subsecLlon (2) of SecLlon 263 of Lhe AcL ls appllcable Lo Lhe case

146 Sub[ecL Lo SecLlon 2S9 of Lhe AcL Lhe Company may by Crdlnary 8esoluLlon from Llme Lo Llme lncrease
or reduce Lhe number of dlrecLors and may afLer Lhelr quallflcaLlons (sub[ecL Lo Lhe provlslons of SecLlon
284 of Lhe AcL) remove any ulrecLor before Lhe explraLlon of hls perlod of offlce and appolnL anoLher
quallfled person ln hls sLead 1he person so appolnLed shall hold offlce durlng such Llme as Lhe dlrecLor ln
whose place he ls appolnLed would have held Lhe same lf he had noL been removed

147 1 no person noL belng a reLlrlng ulrecLor shall be ellglble for appolnLmenL Lo Lhe offlce of dlrecLor
aL any Ceneral MeeLlng unless he or some member lnLendlng Lo propose hlm has noL less Lhan
fourLeen days before Lhe meeLlng lefL aL Lhe offlce of Lhe Company a noLlce ln wrlLlng under hls
hand slgnlfylng hls candldaLure for Lhe offlce of ulrecLor or Lhe lnLenLlon of such member Lo
propose hlm as a candldaLe for LhaL offlce

2 Lvery person (oLher Lhan a dlrecLor reLlrlng by roLaLlon or oLherwlse or a person who has lefL aL
Lhe offlce of Lhe Company a noLlce under SecLlon 2S7 of Lhe AcL slgnlfylng hls candldaLure for Lhe
offlce of a ulrecLor) proposed as a candldaLe for Lhe offlce of a ulrecLor shall slgn and flle wlLh
Lhe Company Lhe consenL ln wrlLlng Lo acL as a ulrecLor lf appolnLed


29S

3 A person oLher Lhan a ulrecLor reappolnLed afLer reLlremenL by roLaLlon of lmmedlaLely on Lhe
explry of hls Lerm of offlce or an AddlLlonal or AlLernaLe ulrecLor or a person fllllng a casual
vacancy ln Lhe offlce of a ulrecLor under SecLlon 262 of Lhe AcL appolnLed as a ulrecLor or
reappolnLed as an AddlLlonal or AlLernaLe ulrecLor lmmedlaLely on Lhe explry of hls Lerm of
offlce shall noL acL as a ulrecLor of Lhe Company unless he has wlLhln LhlrLy days of hls
appolnLmenL slgned and flled wlLh Lhe 8eglsLrar hls consenL ln wrlLlng Lo acL as such ulrecLor

148 a) 1he Company shall keep aL lLs offlce a 8eglsLer conLalnlng Lhe parLlculars of lLs ulrecLors
Managers SecreLarles and oLher persons menLloned ln SecLlon 303 of Lhe AcL and shall oLherwlse
comply wlLh Lhe provlslons of Lhe sald SecLlon ln all respecLs

b) 1he Company shall ln respecL of each of lLs ulrecLors also keep aL lLs offlce a 8eglsLer as requlred
by SecLlon 307 of Lhe AcL and shall oLherwlse duly comply wlLh Lhe provlslons of Lhe sald SecLlon
ln all respecLs

149 a) Lvery ulrecLor lncludlng a person deemed Lo be a ulrecLor by vlrLue of Lhe LxplanaLlon Lo sub
secLlon (1) of SecLlon 303 of Lhe AcL Managlng ulrecLor Manager or SecreLary of Lhe Company
shall wlLhln LwenLy days of hls appolnLmenL Lo any of Lhe above offlces ln any oLher body
corporaLe dlsclose Lo Lhe Company Lhe parLlculars relaLlng Lo hls offlce ln Lhe oLher body whlch
are requlred Lo be speclfled under subsecLlon (1) of SecLlon 303 of Lhe AcL

b) Lvery ulrecLor and every person deemed Lo be a ulrecLor of Lhe Company by vlrLue of subsecLlon
(10) of SecLlon 307 of Lhe AcL shall glve noLlce Lo Lhe Company of such maLLers relaLlng Lo hlmself
as may be necessary for Lhe purpose of enabllng Lhe Company Lo comply wlLh Lhe provlslon of
LhaL SecLlon

MANAGING DIkLC1Ck
1S0 Sub[ecL Lo Lhe provlslons of Lhe AcL and of Lhese ArLlcles Lhe 8oard shall have power Lo appolnL from Llme
Lo Llme any of lLs member or members as Managlng ulrecLor or Managlng ulrecLors of Lhe Company for

flxed Lerm noL exceedlng flve years aL a Llme and upon such Lerms and condlLlons as Lhe 8oard Lhlnks flL
and sub[ecL Lo Lhe provlslons of ArLlcle 143 Lhe 8oard may by resoluLlon vesL ln such Managlng ulrecLor
or Managlng ulrecLors such of Lhe powers hereby vesLed ln Lhe 8oard generally as lL Lhlnks flL and such
powers may be made exerclsable for such perlod or perlods and upon such condlLlons and sub[ecL Lo such
resLrlcLlons as lL may deLermlne 1he remuneraLlon of a Managlng ulrecLor may be by way of monLhly
paymenL fee for each meeLlng or parLlclpaLlon ln proflLs or by any or all Lhese modes or any oLher mode
noL expressly prohlblLed by Lhe AcL

1S1 1he Managlng ulrecLor or Managlng ulrecLors shall noL exerclse Lhe powers Lo

a) make calls on share holders ln respecL of money unpald on Lhe shares ln Lhe Company

b) lssue debenLures and excepL Lo Lhe exLenL menLloned ln Lhe resoluLlon passed aL Lhe
8oard meeLlng under SecLlon 292 of Lhe AcL shall also noL exerclse Lhe powers Lo

c) borrow moneys oLherwlse Lhan on debenLures

d) lnvesL Lhe funds of Lhe Company and

e) make loans

1S2 1he Company shall noL appolnL or employ or conLlnue Lhe appolnLmenL or employmenL of a person as lLs
Managlng or wholeLlme ulrecLor who

296

a) ls an undlscharged lnsolvenL or has aL any Llme been ad[udged as lnsolvenL

b) suspends or has aL any Llme suspended paymenL Lo hls credlLors or makes or has aL any Llme
made a composlLlon wlLh Lhem or

c) ls or has aL any Llme been convlcLed by a CourL of an offence lnvolvlng moral LurplLude

1S3 A Managlng ulrecLor shall noL whlle he conLlnues Lo hold LhaL offlce be sub[ecL Lo Lhe reLlremenL by
roLaLlon ln accordance wlLh ArLlcle 132 lf he ceases Lo hold Lhe offlce of ulrecLor he shall lpso facLo and
lmmedlaLely cease Lo be a Managlng ulrecLor

CnAIkMAN CI 1nL 8CAkD CI DIkLC1CkS
1S4 8A!lv CPC8A shall be and shall conLlnue as Lhe nonreLlrlng Chalrman of Lhe 8oard so long as he ls
wllllng Lo be a ulrecLor and Chalrman of Lhe Company and shall noL be llable Lo reLlre by roLaLlon 1he
Chalrman shall preslde aL all meeLlngs of Lhe 8oard and Lhe Ceneral MeeLlngs of Lhe Company 1he
Chalrman shall have a casLlng voLe ln Lhe evenL of a Lle

1SS ln Lhe evenL Lhe above ArLlcle (a) becomes lnoperaLlve Lhe 8oard of ulrecLors of Lhe Company shall be
enLlLled Lo appolnL one among Lhemselves as Chalrman of Lhe 8oard and deLermlne Lhe perlod for whlch
each of Lhem Lo hold such offlce

1S6 ln absence of 8A!lv CPC8A or any appolnLed or nomlnaLed Chalrman or ln Lhe evenL of Lhelr belng
unwllllng Lo acL as Lhe Chalrman aL any meeLlng of Lhe 8oard Lhe members presenL aL Lhe 8oard meeLlng
shall deslgnaLe one among Lhemselves Lo preslde aL such meeLlng as Chalrman
1S7 All Lhe ulrecLors shall exerclse Lhelr voLlng rlghLs Lo ensure LhaL Lhese ArLlcles are lmplemenLed and acLed
upon by Lhem Lo prevenL Lhe Laklng of any acLlon by Lhe Company or by any Member whlch ls conLrary Lo
or wlLh a vlew or lnLenLlon Lo evade or defeaL Lhe Lerms as conLalned ln Lhese ArLlcles


kCCLLDINGS CI 1nL 8CAkD CI DIkLC1CkS
1S8 1he ulrecLors may meeL LogeLher as a 8oard for Lhe dlspaLch of buslness from Llme Lo Llme and shall so
meeL aLleasL once ln every Lhree monLhs and aLleasL four such meeLlngs shall be held ln every year 1he
ulrecLors may ad[ourn and oLherwlse regulaLe Lhelr meeLlngs as Lhey Lhlnk flL

1S9 noLlce of every meeLlng of Lhe 8oard shall be glven ln wrlLlng Lo every ulrecLor for Lhe Llme belng ln lndla
and aL hls usual address ln lndla Lo every oLher ulrecLor

160 1he SecreLary shall as and when dlrecLed by Lhe ulrecLors Lo do so convene a meeLlng of Lhe 8oard by
glvlng a noLlce ln wrlLlng Lo every oLher ulrecLor

161 1he 8oard shall appolnL a Chalrman of lLs meeLlngs and deLermlne Lhe perlod for whlch he ls Lo hold
offlce lf no Chalrman ls appolnLed or lf aL any meeLlng of Lhe 8oard Lhe Chalrman ls noL presenL wlLhln
flve mlnuLes afLer Lhe Llme appolnLed for holdlng Lhe same Lhe ulrecLors presenL shall choose someone
of Lhelr member Lo be Lhe Chalrman of such meeLlng

162 1he quorum for a meeLlng of Lhe 8oard shall be deLermlned from Llme Lo Llme ln accordance wlLh Lhe
provlslons of Lhe SecLlon 287 of Lhe AcL lf a quorum shall noL be presenL wlLhln flfLeen mlnuLes from Lhe
Llme appolnLed for holdlng a meeLlng of Lhe 8oard lL shall be ad[ourned unLll such daLe and Llme as Lhe
Chalrman of Lhe 8oard shall appolnL

163 A meeLlng of Lhe 8oard of whlch a quorum be presenL shall be compeLenL Lo exerclse all or any of Lhe
auLhorlLles powers and dlscreLlons by or under Lhese ArLlcles for Lhe Llme belng vesLed ln or exerclsable
by Lhe 8oard


297


164 Sub[ecL Lo Lhe provlslons of SecLlons 316 327(4) and 386 of Lhe AcL quesLlons arlslng aL any meeLlng shall
be declded by a ma[orlLy of voLes and ln case of any equallLy of voLes Lhe Chalrman shall have a second
or casLlng voLe

16S 1he 8oard may sub[ecL Lo Lhe provlslons of Lhe AcL from Llme Lo Llme and aL any Llme delegaLe any of lLs
powers Lo a commlLLee conslsLlng of such ulrecLor or ulrecLors as lL Lhlnks flL and may from Llme Lo Llme
revoke such delegaLlon Any commlLLee so formed shall ln Lhe exerclse of Lhe powers so delegaLed
conflrm Lo any regulaLlon LhaL may from Llme Lo Llme be lmposed upon lL by Lhe 8oard

166 1he meeLlngs and Lhe proceedlngs of any such CommlLLee conslsLlng of Lwo or more members shall be
governed by Lhe provlslons hereln conLalned for regulaLlng Lhe meeLlngs and proceedlngs of Lhe 8oard so
for as Lhe same are appllcable LhereLo and are noL superseded by any regulaLlons made by Lhe 8oard
under Lhe ArLlcle 1S2

167 Save ln Lhose case where a resoluLlon ls requlred by SecLlons 262 292297316372(4) and 386 of Lhe AcL
Lo be passed aL a meeLlng of Lhe 8oard a resoluLlon shall be as valld and effecLual as lf lL had been passed
aL Lhe meeLlng of Lhe 8oard or CommlLLee of Lhe 8oard as Lhe case may be duly called and consLlLuLed lf
a drafL Lhereof ln wrlLlng ls clrculaLed LogeLher wlLh Lhe necessary papers lf any Lo all Lhe ulrecLors or Lo
all Lhe members of Lhe CommlLLee of Lhe 8oard as Lhe case may be Lhen ln lndla (noL belng less ln
number Lhan Lhe quorum flxed for a meeLlng of Lhe 8oard or CommlLLee as Lhe case may be) and Lo all
oLher ulrecLors or members of Lhe CommlLLee aL Lhelr usual address ln lndla and has been approved by
such of Lhem as are Lhen ln lndla or by a ma[orlLy of Lhem as are enLlLled Lo voLe on Lhe resoluLlon

168 All acLs done by any meeLlng of Lhe 8oard or by a CommlLLee of Lhe 8oard or by any person acLlng as a
ulrecLor shall noLwlLhsLandlng LhaL lL shall afLerwards be dlscovered LhaL Lhere was some defecL ln Lhe
appolnLmenL of such ulrecLor or persons acLlng as aforesald or LhaL Lhey or any of Lhem were dlsquallfled
or had vacaLed offlce or LhaL Lhe appolnLmenL of any of Lhem had been LermlnaLed by vlrLue of any

provlslons conLalned ln Lhe AcL or ln Lhese ArLlcles be as valld as lf every such person had been duly
appolnLed and was quallfled Lo be a ulrecLor and had noL vacaLed hls offlce or hls appolnLmenL had noL
been LermlnaLed provlded LhaL noLhlng ln Lhls ArLlcle shall be deemed Lo glve valldlLy Lo acLs done by a
ulrecLor afLer hls appolnLmenL has been shown Lo Lhe Company Lo be lnvalld or Lo have been LermlnaLed

169 1 1he Company shall cause mlnuLes of all proceedlngs of every meeLlng of Lhe 8oard and
CommlLLee Lhereof Lo be kepL by maklng wlLhln LhlrLy days of Lhe concluslon of every such
meeLlng enLrles Lhereof ln Lhe books kepL for LhaL purpose wlLh Lhelr pages consecuLlvely
numbered

2 Lach page of every such book shall be lnlLlaled or slgned and Lhe lasL page of Lhe record of
proceedlngs of each meeLlng ln such book shall be daLed and slgned by Lhe Chalrman of Lhe sald
meeLlng or Lhe Chalrman of Lhe nexL succeedlng meeLlng

3 ln no case shall Lhe mlnuLes of proceedlngs of a meeLlng be aLLached Lo any such book as
aforesald by a pasLlng or oLherwlse

4 1he mlnuLes of each meeLlng shall conLaln a falr and correcL summary of Lhe proceedlngs LhereaL

S All appolnLmenLs of offlcers made aL any of Lhe meeLlngs aforesald shall be lncluded ln Lhe
mlnuLes of Lhe meeLlngs

6 1he mlnuLes shall also conLaln

a Lhe names of Lhe ulrecLors presenL aL Lhe meeLlng and

298

b ln Lhe case of each resoluLlon passed aL Lhe meeLlng Lhe names of Lhe ulrecLors lf any
dlssenLlng from or noL concurrlng ln Lhe resoluLlon

7 noLhlng conLalned ln subclause (1) Lo (6) shall be deemed Lo requlre Lhe lncluslon ln any such
mlnuLes of any maLLer whlch ln Lhe oplnlon of Lhe Chalrman of Lhe meeLlng

a ls or could reasonably be regarded as defamaLory of any person

b ls lrrelevanL or lmmaLerlal Lo Lhe proceedlngs or

c ls deLrlmenLal Lo Lhe lnLeresL of Lhe Company

1he Chalrman shall exerclse an absoluLe dlscreLlon ln regard Lo Lhe lncluslon or non
lncluslon of any maLLer ln Lhe mlnuLes on Lhe grounds speclfled ln Lhls subclause

8 MlnuLes of meeLlngs kepL ln accordance wlLh Lhe aforesald provlslons shall be evldence of Lhe
proceedlngs recorded Lhereln

170 1he 8oard may exerclse all such powers of Lhe Company and do all such acLs and Lhlngs as are noL by Lhe
AcL or any oLher AcL or by Lhe Memorandum or by Lhe ArLlcles of Lhe Company requlred Lo be exerclsed
by Lhe Company ln Ceneral MeeLlng sub[ecL neverLheless Lo Lhese ArLlcles Lo Lhe provlslons of Lhe AcL or
any oLher AcL and Lo such regulaLlons belng noL lnconslsLenL wlLh Lhe aforesald regulaLlons or provlslons
as may be prescrlbed by Lhe Company ln Ceneral MeeLlng buL no regulaLlons made by Lhe Company ln
Ceneral MeeLlng shall lnvalldaLe any prlor acL of Lhe 8oard whlch would have been valld lf LhaL regulaLlon
had noL been made rovlded LhaL Lhe 8oard shall noL excepL wlLh Lhe consenL of Lhe Company ln Ceneral
MeeLlng


a) sell lease or oLherwlse dlspose of Lhe whole or subsLanLlally Lhe whole of Lhe underLaklng of Lhe
Company or where Lhe Company owns more Lhan one underLaklng of Lhe whole or subsLanLlally
Lhe whole of any such underLaklng

b) remlL or glve Llme for Lhe repaymenL of any debL due by a ulrecLor

c) lnvesL oLherwlse Lhan ln LrusL securlLles Lhe amounL of compensaLlon recelved by Lhe Company
ln respecL of Lhe compulsory acqulslLlon of any such underLaklng as ls referred Lo ln clause (a) or
of any premlses or properLles used for any such underLaklng and wlLhouL whlch lL cannoL be
carrled on or can be carrled on only wlLh dlfflculLy or only afLer a conslderable Llme

d) borrow moneys where Lhe moneys Lo be borrowed LogeLher wlLh Lhe moneys already borrowed
by Lhe Company (aparL from Lemporary loans obLalned from Lhe Companys bankers ln Lhe
ordlnary course of buslness) wlll exceed Lhe aggregaLe of Lhe pald up caplLal of Lhe Company and
lLs free reserves LhaL ls Lo say reserve noL seL aparL for any speclflc purpose rovlded furLher
LhaL Lhe powers speclfled ln SecLlon 292 of Lhe AcL shall sub[ecL Lo Lhese ArLlcles be exerclsed
only aL meeLlngs of Lhe 8oard unless Lhe same be delegaLed Lo Lhe exLenL Lhere ln sLaLed or

e) conLrlbuLe Lo charlLable and oLher funds noL dlrecLly relaLlng Lo Lhe buslness of Lhe Company or
Lhe welfare of lLs employees any amounLs Lhe aggregaLe of whlch wlll ln any flnanclal year
exceed LwenLyflve Lhousand rupees or flve per cenL of lLs average neL proflLs as deLermlned ln
accordance wlLh Lhe provlslons of SecLlons 349 and 3S0 of Lhe AcL durlng Lhe Lhree flnanclal years
lmmedlaLely precedlng whlchever ls greaLer

171 WlLhouL pre[udlce Lo Lhe general powers conferred by Lhe lasL precedlng ArLlcle and so as noL ln any way
Lo llmlL or resLrlcL Lhose powers and wlLhouL pre[udlce Lo Lhe oLher powers conferred by Lhese ArLlcles


299

buL sub[ecL Lo Lhe resLrlcLlons conLalned ln Lhe lasL precedlng ArLlcle lL ls hereby declared LhaL Lhe
ulrecLors shall have Lhe followlng powers LhaL ls Lo say power

1 1o pay Lhe cosLs charges and expenses prellmlnary and lncldenLal Lo Lhe promoLlon formaLlon
esLabllshmenL and reglsLraLlon of Lhe Company

2 1o pay any charge Lo Lhe caplLal accounL of Lhe Company and commlsslon or lnLeresL lawfully
payable LhereouL under Lhe provlslons of SecLlons 76 and 208 of Lhe AcL

3 Sub[ecL Lo SecLlons 292 and 297 of Lhe AcL Lo purchase or oLherwlse acqulre for Lhe Company any
properLy rlghLs or prlvlleges whlch Lhe Company ls auLhorlsed Lo acqulre aL or for such prlce or
conslderaLlon and generally on such Lerms and condlLlons as Lhey may Lhlnk flL and ln any such
purchase or oLher acqulslLlon Lo accepL such LlLle as Lhe ulrecLors may belleve or may be advlsed
Lo be reasonably saLlsfacLory

4 AL Lhelr dlscreLlon and sub[ecL Lo Lhe provlslons of Lhe AcL Lo pay for any properLy rlghLs or
prlvlleges acqulred by or servlces rendered Lo Lhe Company elLher wholly or parLlally ln shares
bonds debenLures morLgages or oLher securlLles of Lhe Company and such shares may be
lssued elLher as fully pald up or wlLh such amounL credlLed as pald up Lhereon as may be agreed
upon all or any parL of Lhe properLy of Lhe Company and lLs uncalled caplLal or noL so charged

S 1o secure Lhe fulflllmenL of any conLracLs or engagemenL enLered lnLo by Lhe Company by
morLgage or charge of all or any of Lhe properLy of Lhe Company and lLs uncalled caplLal for Lhe
flrm belng or ln such manner as Lhey may Lhlnk flL

6 1o accepL from any member as far as may be permlsslble by law a surrender of hls shares or any
parL Lhereof on such Lerms and condlLlons as shall be agreed

7 1o appolnL any person Lo accepL and hold ln LrusL for Lhe Company and properLy belonglng Lo Lhe
Company ln whlch lL ls lnLeresLed or for any oLher purposes and execuLe such deeds and do all
such Lhlngs as may be requlred ln relaLlon Lo any LrusL and Lo provlde for Lhe remuneraLlon of
such LrusLee or LrusLees

8 1o lnsLlLuLe conducL defend compound or abandon any legal proceedlngs by or agalnsL Lhe
Company or lLs offlcers or oLherwlse concernlng Lhe affalrs of Lhe Company and also Lo
compound and allow Llme for paymenL or saLlsfacLlon of any debLs due and of any clalm or
demands by or agalnsL Lhe Company and Lo refer any dlfferences Lo arblLraLlon and observe and
perform any awards made Lhereon

9 1o acL on behalf of Lhe Company ln all maLLers relaLlng Lo bankrupLs and lnsolvenLs

10 1o make and glve recelpLs releases and oLher dlscharges for moneys payable Lo Lhe Company
and for Lhe clalms and demands of Lhe Company

11 Sub[ecL Lo Lhe provlslons of SecLlons 292 29S 370 and 372 of Lhe AcL Lo lnvesL and deal wlLh any
moneys of Lhe Company noL lmmedlaLely requlred for Lhe purpose Lhereof upon such securlLy
(noL belng shares of Lhls Company) or wlLhouL securlLy and ln such manner as Lhey Lhlnk flL and
from Llme Lo Llme Lo vary Lhe slze of such lnvesLmenLs Save as provlded ln SecLlon 49 of Lhe AcL
all lnvesLmenLs shall be made and held ln Lhe Companys own name

12 1o execuLe ln Lhe name and on behalf of Lhe Company ln favour of any ulrecLor or oLher person
who may lncur or be abouL Lo lncur any personal llablllLy wheLher as prlnclpal or sureLy for Lhe
beneflL of Lhe Company such morLgages of Lhe Companys properLy (presenL or fuLure) as Lhey
Lhlnk flL and any such morLgage may conLaln a power of sale and such oLher powers provlslons

300

covenanLs and agreemenLs as shall be agreed upon

13 1o deLermlne from Llme Lo Llme who shall be enLlLled Lo slgn on Lhe Companys behalf bllls
noLes recelpLs accepLances endorsemenLs cheques dlvldends warranLs releases conLracLs
and documenLs and Lo glve Lhe necessary auLhorlLy for such purpose

14 1o dlsLrlbuLe by way of bonus amongsL Lhe sLaff of Lhe Company share or shares ln Lhe proflLs of
Lhe Company and Lo glve Lo any offlcer or oLher person employed by Lhe Company a commlsslon
on Lhe proflLs of any parLlcular buslness or LransacLlon and Lo charge such bonus or commlsslon
as parL of Lhe worklng expenses of Lhe Company

1S 1o provlde for Lhe welfare of ulrecLors or exulrecLors or employees or exemployees of Lhe
Company and Lhelr wlves wldows and famllles or Lhe dependenLs or connecLlons of such persons
by bulldlng or conLrlbuLlng Lo Lhe bulldlng of houses dwelllngs or by granLs of money penslon
graLulLles allowances bonus or oLher paymenLs or by creaLlng and from Llme Lo Llme subscrlblng
or conLrlbuLlng Lo provldenL and oLher assoclaLlons lnsLlLuLlons funds or LrusLs and by provldlng
or subscrlblng or conLrlbuLlng Lowards places of lnsLrucLlons and recreaLlon hosplLals and
dlspensarles medlcal and oLher aLLendance and oLher asslsLance as Lhe 8oard shall Lhlnk flL and
Lo subscrlbe or conLrlbuLe or oLherwlse Lo asslsL or Lo guaranLee money Lo charlLable
benevolenL rellglous sclenLlflc naLlonal or oLher lnsLlLuLlons or ob[ecLs whlch shall have any
moral or oLher clalm Lo supporL or ald by Lhe Company elLher by reason of locallLy of operaLlon
or of publlc and general uLlllLy or oLherwlse

16 8efore recommendlng any dlvldend Lo seL aslde ouL of Lhe proflLs of Lhe Company such sums as
Lhey may Lhlnk proper for depreclaLlon or Lo uepreclaLlon lund or Lo an lnsurance lund or as a
8eserve lund or Slnklng lund or any Speclal lund Lo meeL conLlngencles or Lo repay uebenLures
or uebenLure sLock or for speclal dlvldends or for equallzed dlvldends or for repalrlng lmprovlng

exLendlng and malnLalnlng any of Lhe properLy of Lhe Company and for such oLher purpose
(lncludlng Lhe purposes referred Lo ln Lhe precedlng clause) as Lhe 8oard may ln Lhelr absoluLe
dlscreLlon Lhlnk conduclve Lo Lhe lnLeresL of Lhe Company and sub[ecL Lo SecLlon 292 of Lhe AcL
Lo lnvesL Lhe several sums so seL aslde or so much Lhereof as requlred Lo be lnvesLed upon such
lnvesLmenLs (oLher Lhan shares of Lhe Company) as Lhey may Lhlnk flL and from Llme Lo Llme Lo
deal wlLh and vary such lnvesLmenLs and dlspose of any apply and expand all or any parL Lhereof
for Lhe beneflL of Lhe Company ln such manner and for such purpose as Lhe 8oard ln Lhelr
absoluLe dlscreLlon Lhlnk conduclve Lo Lhe lnLeresL of Lhe Company noLwlLhsLandlng LhaL Lhe
maLLers Lo whlch Lhe 8oard apply or upon whlch Lhey expend Lhe same or any parL Lhereof may
be maLLers Lo or upon whlch Lhe caplLal moneys of Lhe Company mlghL rlghLly be applled or
expended and Lo dlvlde Lhe 8eserve lund lnLo such speclal lunds as Lhe 8oard may Lhlnk flL wlLh
full power Lo Lransfer Lhe whole or any porLlon of a 8eserve lund or dlvlslon of a 8eserve lund Lo
anoLher 8eserve lund or dlvlslon of a 8eserve lund and wlLh full power Lo employ Lhe asseLs
consLlLuLlng all or any of Lhe above lunds lncludlng Lhe uepreclaLlon lund ln Lhe buslness of Lhe
Company or ln Lhe purchase or repaymenL of uebenLures or debenLuresLock and wlLhouL belng
bound Lo keep Lhe same separaLe from Lhe oLher asseLs and wlLhouL belng bound Lo pay
lnLeresL on Lhe same wlLh power however Lo Lhe 8oard aL Lhelr dlscreLlon Lo pay or allow Lo Lhe
credlL of such funds lnLeresL aL such raLe as Lhe 8oard may Lhlnk proper

17 Sub[ecL Lo Lhe provlslons of Lhe AcL Lo appolnL and aL Lhelr dlscreLlon remove or suspend such
general managers managers secreLarles asslsLanLs supervlsor clerks agenLs and servanLs of
permanenL Lemporary or speclal servlces as Lhey may for Llme Lo Llme Lhlnk flL and Lo deLermlne
Lhelr powers and duLles and flx Lhelr salarles or emolumenLs or remuneraLlon and Lo requlre
securlLy ln such lnsLances and Lo such amounL as Lhey may Lhlnk flL Also from Llme Lo Llme
provlde for Lhe managemenL and LransacLlon of Lhe affalrs of Lhe Company ln any speclfled
locallLy ln lndla or elsewhere ln such manner as Lhey Lhlnk flL and Lhe provlslons conLalned ln Lhe


301

four nexL followlng subclauses shall be wlLhouL pre[udlce Lo Lhe general powers conferred by Lhls
subclause

18 1o comply wlLh Lhe requlremenLs of any local law whlch ln Lhelr oplnlon lL shall ln Lhe lnLeresL of
Lhe Company be necessary of expedlenL Lo comply wlLh

19 lrom Llme Lo Llme and aL any Llme Lo esLabllsh any Local 8oard for managlng any of Lhe affalrs of
Lhe Company ln any speclfled locallLy ln lndla or elsewhere and Lo appolnL any persons Lo Lhe
members of such Local 8oards and Lo flx Lhelr remuneraLlon

20 Sub[ecL Lo SecLlon 292 293 of Lhe AcL from Llme Lo Llme and aL any Llme delegaLe Lo any person
so appolnLed any of Lhe powers auLhorlLles and dlscreLlon for Lhe Llme belng vesLed ln Lhe 8oard
oLher Lhan Lhelr power Lo make calls or Lo make loans or borrow or moneys and Lo auLhorlse Lhe
Members for Lhe Llme belng of any such Local 8oard or any of Lhem Lo flll up any vacancles
Lhereln and Lo acL noLwlLhsLandlng vacancles and any such appolnLmenL or delegaLlon may be
made on such Lerms and sub[ecL Lo such condlLlons as Lhe 8oard may Lhlnk flL and Lhe 8oard may
aL any Llme remove any person so appolnLed and may annul or vary any such delegaLlon

21 AL any Llme and from Llme Lo Llme by ower of ALLorney under Lhe Seal of Lhe Company Lo
appolnL any person or persons Lo be Lhe ALLorney or ALLorneys of Lhe Company for such
purposes and wlLh such powers auLhorlLles and dlscreLlon (noL exceedlng Lhose vesLed ln or
exerclsable by Lhe 8oard under Lhese presenLs and excludlng Lhe powers Lo make calls and
excludlng also excepL ln Lhelr llmlLs auLhorlsed by Lhe 8oard Lhe power Lo make loans and
borrow moneys) and for such perlod and sub[ecL Lo such condlLlons as Lhe 8oard may from Llme
Lo Llme Lhlnk flL and any such appolnLmenL may (lf Lhe 8oard Lhlnks flL) be made ln favour of Lhe
members or any of Lhe Members of any Local 8oard esLabllshed as aforesald or ln favour of any

company or Lhe shareholders dlrecLors nomlnees or managers of any company or flrm or
oLherwlse ln favour of any flucLuaLlng body of persons wheLher nomlnaLed dlrecLly by Lhe 8oard
and any such ower of ALLorney may conLaln such powers for Lhe proLecLlon or convenlence of
persons deallng wlLh such aLLorneys as Lhe 8oard may Lhlnk flL and may conLaln powers enabllng
any such delegaLes or aLLorneys as aforesald Lo subdelegaLe all or any of Lhe powers auLhorlLles
and dlscreLlons for Lhe Llme belng vesLed ln Lhem

22 Sub[ecL Lo SecLlons 294 294A 297 and 300 of Lhe AcL for or ln relaLlon Lo any of Lhe maLLers
aforesald or oLherwlse for Lhe purposes of Lhe Company Lo enLer lnLo all such conLracLs and Lo
execuLe and do all such acLs deeds and Lhlngs ln Lhe name and on behalf of Lhe Company as Lhey
may conslder expedlenL

23 Sub[ecL Lo Lhe provlslons of Companles AcL 19S6 Lhe 8oard may pay such remuneraLlon Lo
Chalrman / vlce Chalrman of Lhe 8oard upon such condlLlons as Lhey may Lhlnk flL

1nL SLCkL1Ak
172 1he ulrecLors may from Llme Lo Llme appolnL and aL Lhelr dlscreLlon remove Lhe SecreLary provlded LhaL
where Lhe 8oard comprlses only Lhree ulrecLors nelLher of Lhem shall be Lhe SecreLary 1he SecreLary
appolnLed by Lhe dlrecLors pursuanL Lo Lhls ArLlcle shall be a wholeLlme SecreLary 1he ulrecLors may also
aL any Llme appolnL some person who need noL be SecreLary Lo keep Lhe reglsLers requlred Lo be kepL by
Lhe Company

1nL SLAL
173 a) 1he 8oard shall provlde a Common Seal for Lhe purposes of Lhe Company and shall have power
from Llme Lo Llme Lo desLroy Lhe same and subsLlLuLe a new Seal ln lleu Lhereof and Lhe Seal shall
never be used excepL by Lhe auLhorlLy of Lhe 8oard or a CommlLLee of Lhe 8oard prevlously glven

302

b) 1he Company shall also be aL llberLy Lo have an offlclal Seal ln accordance wlLh SecLlon S0 of Lhe
AcL for use ln any LerrlLory dlsLrlcL or place ouLslde lndla

174 Lvery ueed or oLher lnsLrumenL Lo whlch Lhe seal of Lhe Company ls requlred Lo be afflxed shall unless
Lhe same ls execuLed by a duly consLlLuLed aLLorney be slgned by any one ulrecLor provlded LhaL ln
respecL of Lhe Share CerLlflcaLe Lhe Seal shall be afflxed ln accordance wlLh Lhe ArLlcle 19(a)

DIVIDLNDS
17S 1he proflLs of Lhe Company sub[ecL Lo any speclal rlghLs relaLlng LhereLo creaLed or auLhorlsed Lo be
creaLed by Lhese ArLlcles and sub[ecL Lo Lhe provlslons of Lhese ArLlcles shall be dlvlslble among Lhe
members ln proporLlon Lo Lhe amounL of caplLal paldup on Lhe shares held by Lhem respecLlvely

176 1he Company ln Ceneral MeeLlng may declare dlvldends Lo be pald Lo members accordlng Lo Lhelr
respecLlve rlghLs buL no dlvldend shall exceed Lhe amounL recommended by Lhe 8oard buL Lhe Company
ln Ceneral MeeLlng may declare a smaller dlvldend

177 no dlvldend shall be declared or pald oLherwlse Lhan ouL of Lhe proflLs of Lhe flnanclal year arrlved aL
afLer provldlng for depreclaLlon ln accordance wlLh Lhe provlslons of SecLlon 20S of Lhe AcL or ouL of Lhe
proflLs of Lhe Company for any prevlous flnanclal year or years arrlved aL afLer provldlng for depreclaLlon
ln accordance wlLh Lhese provlslons and remalnlng undlsLrlbuLed or ouL of boLh provlded LhaL

a) lf Lhe Company has noL provlded for depreclaLlon for any prevlous flnanclal year or years lL shall
before declarlng or paylng a dlvldend for any flnanclal year provlde for such depreclaLlon ouL of
Lhe proflLs of Lhe flnanclal year or years


b) lf Lhe Company has lncurred any loss ln any prevlous flnanclal year or years Lhe amounL of Lhe
loss or any amounL whlch ls equal Lo Lhe amounL provlded for depreclaLlon for LhaL year or Lhose
years whlchever ls less shall be seL off agalnsL Lhe proflLs of Lhe company for Lhe year for whlch
Lhe dlvldend ls proposed Lo be declared or pald or agalnsL Lhe proflLs of Lhe Company for any
prevlous flnanclal year or years arrlved aL ln boLh cases afLer provldlng for depreclaLlon ln
accordance wlLh Lhe provlslons of subsecLlon (2) of SecLlon 20S of Lhe AcL or agalnsL boLh

178 1he 8oard may from Llme Lo Llme pay Lo Lhe Members such lnLerlm dlvldend as ln Lhelr [udgemenL Lhe
poslLlon of Lhe Company [usLlfles

179 Where caplLal ls pald ln advance of calls such caplLal may carry lnLeresL buL shall noL ln respecL Lhereof
confer a rlghL Lo dlvldend or parLlclpaLe ln proflLs

180 All dlvldends shall be apporLloned and pald proporLlonaLely Lo Lhe amounLs pald or credlLed as pald on
Lhe shares durlng any porLlon or porLlons of Lhe perlod ln respecL of whlch Lhe dlvldend ls pald buL lf any
share ls lssued on Lerms provldlng LhaL lL shall rank for dlvldend as from a parLlcular daLe such share shall
rank for dlvldend accordlngly

181 1he 8oard may reLaln Lhe dlvldends payable upon shares ln respecL of whlch any person ls under Lhe
ArLlcle 61 enLlLled Lo become a member or whlch any person under LhaL ArLlcle ls enLlLled Lo Lransfer
unLll such a person shall become a member ln respecL of such shares or duly Lransfer Lhe same

182 Anyone of several persons who are reglsLered as [olnLholders of any share may glve effecLual recelpLs for
all dlvldends or bonus and paymenLs on accounL of dlvldends or bonus or oLher moneys payable ln
respecL of such shares

183 no member shall be enLlLled Lo recelve paymenLs of any lnLeresL or dlvldend ln respecL of hls share or


303

shares whlle any money may be due or owlng from hlm Lo Lhe Company ln respecL of such share or
shares or oLherwlse howsoever elLher alone or [olnLly wlLh any oLher person or persons and Lhe 8oard
may deducL from Lhe lnLeresL or dlvldend payable Lo any member all sums of money so due from hlm Lo
Lhe Company

184 A Lransfer of share shall noL pass Lhe rlghL Lo any dlvldend declared Lhereon before Lhe reglsLraLlon of Lhe
Lransfer

18S unless oLherwlse dlrecLed any dlvldend may be pald by cheque or warranL or by a paysllp or recelpL
havlng Lhe force of a cheque or warranL senL Lhrough Lhe posL Lo Lhe reglsLered address of Lhe member or
person enLlLled or ln case of [olnLholders Lo LhaL one of Lhem flrsL named ln Lhe 8eglsLer ln respecL of Lhe
[olnLholdlngs Lvery such cheque or WarranL shall be made payable Lo Lhe order of Lhe person Lo whom lL
ls senL 1he Company shall noL be llable or responslble for any cheque or WarranL or paysllp or recelpL
losL ln Lransmlsslon or for any dlvldend losL Lo Lhe member of person enLlLled LhereLo by Lhe forged
endorsemenL of any cheque or warranL or Lhe forged slgnaLure of any paysllp or recelpL or Lhe fraudulenL
recovery of Lhe dlvldend by any oLher means

186 no unclalmed dlvldend shall be forfelLed by Lhe 8oard unless Lhe clalm LhereLo becomes barred by law
and Lhe company shall comply wlLh Lhe provlslon of SecLlons 20SA and 20SC of Lhe AcL ln respecL of all
unclalmed or unpald dlvldends

UNAID Ck UNCLAIMLD DIVIDLND
187 lf Lhe Company has declared a ulvldend buL whlch has noL been pald or Lhe ulvldend warranL ln respecL
Lhereof has noL been posLed or senL wlLhln 30 days from Lhe daLe of declaraLlon Lo any Member enLlLled
Lo Lhe paymenL of such dlvldends Lhe Company shall wlLhln 7 days from Lhe daLe of explry of Lhe sald

perlod of 30 days open a speclal accounL ln LhaL regard wlLh any scheduled bank called Lhe unpald
ulvldend of 8ellance ower LlmlLed" and Lransfer Lo Lhe sald accounL Lhe LoLal amounL of ulvldend whlch
remalns unpald or ln relaLlon Lo whlch no ulvldend warranL has been posLed

188 Any money so Lransferred Lo Lhe unpald dlvldend accounL of Lhe Company whlch remalns unpald or
unclalmed for a perlod of 7 years from Lhe daLe of such Lransfer shall be Lransferred by Lhe Company Lo
Lhe lund esLabllshed under subsecLlon (1) of SecLlon 20SC of Lhe AcL vlz lnvesLors LducaLlon and
roLecLlon lund"

189 no unpald or unclalmed ulvldend shall be forfelLed by Lhe 8oard

190 Any Ceneral MeeLlng declarlng a dlvldend may on Lhe recommendaLlon of Lhe ulrecLors make a call on
Lhe members of such amounL as Lhe meeLlng flxes buL so LhaL Lhe call on each member shall noL exceed
Lhe dlvldend and Lhe dlvldend may lf so arranged beLween Lhe Company and Lhe member be seL off
agalnsL Lhe calls

CAI1ALISA1ICN CI kLSLkVLS
191 Any Ceneral MeeLlng may resolve LhaL any moneys lnvesLmenLs or oLher asseLs formlng parL of
undlvlded proflLs of Lhe Company sLandlng Lo Lhe credlL of Lhe 8eserves or any CaplLal 8edempLlon
8eserve lund ln Lhe hands of Lhe Company and avallable for dlvldend or represenLlng premlums recelved
on Lhe lssue of shares and sLandlng Lo Lhe credlL of Lhe Share remlum AccounL be caplLallsed and
dlsLrlbuLed amongsL such of Lhe members as would be enLlLled Lo recelve Lhe same lf dlsLrlbuLed by way
of dlvldend and ln Lhe same proporLlons on Lhe fooLlng LhaL Lhey become enLlLled LhereLo as caplLal and
LhaL all or any parL of such caplLallsed fund be applled on behalf of such members ln paylng up ln full any
unlssued shares debenLures or debenLuresLock of Lhe Company whlch shall be dlsLrlbuLed accordlngly
or ln or Lowards paymenL of Lhe uncalled llablllLy on any lssued shares and LhaL such dlsLrlbuLlon or
paymenL shall be accepLed by such members ln full saLlsfacLlon of Lhelr lnLeresL ln Lhe sald caplLallsed

304

sum rovlded LhaL any sum sLandlng Lo Lhe credlL of a Share remlum AccounL or a CaplLal 8edempLlon
8eserve lund may for Lhe purposes of Lhls ArLlcle only be applled ln Lhe paylng up of unlssued shares Lo
be lssued Lo members of Lhe Company as fully pald bonus shares

192 A Ceneral MeeLlng may resolve LhaL any surplus money arlslng from Lhe reallsaLlon of any caplLal asseL of
Lhe Company or any lnvesLmenLs represenLlng Lhe same or any oLher undlsLrlbuLed proflLs of Lhe
Company noL sub[ecL Lo charge for lncome Lax be dlsLrlbuLed among Lhe members on Lhe fooLlng LhaL
Lhey recelve Lhe same as caplLal

193 lor Lhe purpose of glvlng effecL Lo any resoluLlon under Lhe Lwo lasL precedlng arLlcles hereof Lhe 8oard
may seLLle any dlfflculLy whlch may arlse ln regard Lhe dlsLrlbuLlon as lL Lhlnks expedlenL and ln parLlcular
may lssue fracLlonal cerLlflcaLes and may flx Lhe value of dlsLrlbuLlon of any speclflc asseLs and may
deLermlne LhaL cash paymenL shall be made Lo any members upon Lhe fooLlng of Lhe value so flxed ln
order Lo ad[usL Lhe rlghLs of all parLles and may vesL such cash or speclflc asseLs ln LrusLees upon such
LrusLs for Lhe persons enLlLled Lo Lhe 8oard Where requlslLe a proper conLracL shall be flled ln
accordance wlLh SecLlon 7S of Lhe AcL and Lhe 8oard may appolnL any person Lo slgn such conLracL on
behalf of Lhe person enLlLled Lo Lhe dlvldend or caplLal fund and such appolnLmenL shall be effecLlve

ACCCUN1S
194 1 1he company shall keep aL Lhe offlce or aL such oLher place ln lndla as Lhe 8oard Lhlnks flL proper
8ooks of AccounL ln accordance wlLh SecLlon 209 of Lhe AcL wlLh respecL Lo

a all Lhe sums of moneys recelved and expended by Lhe Company and Lhe maLLers ln
respecL of whlch Lhe recelpLs and expendlLure Lake place


b all sales and purchases of goods by Lhe Company

c Lhe AsseLs and llablllLles of Lhe Company

2 Where Lhe 8oard decldes Lo keep all or any of Lhe 8ooks of AccounL aL any place oLher Lhan Lhe
offlce of Lhe Company Lhe Company shall wlLhln seven days of Lhe declslon flle wlLh Lhe 8eglsLrar
a noLlce ln wrlLlng glvlng Lhe full address of LhaL oLher place

3 1he Company shall preserve ln good order Lhe 8ooks of AccounL relaLlng Lo Lhe perlod of noL less
Lhan elghL years precedlng Lhe currenL year LogeLher wlLh Lhe vouchers relevanL Lo any enLry ln
such 8ooks of AccounL

4 Where Lhe Company has a branch offlce wheLher ln or ouLslde lndla Lhe Company shall be
deemed Lo have complled wlLh Lhe ArLlcle lf proper 8ooks of AccounL relaLlng Lo Lhe LransacLlons
effecLed aL Lhe branch offlce are kepL aL Lhe branch offlce and proper summarlzed reLurns made
up Lo daLe aL lnLervals of noL more Lhan Lhree monLhs are senL by Lhe branch offlce Lo Lhe
Company aL lLs offlces aL oLher place ln lndla aL whlch Lhe Companys 8ooks of AccounL are kepL
as aforesald

S 1he 8ooks of AccounL shall glve a Lrue and falr vlew of Lhe sLaLe of affalrs of Lhe Company or
branch offlce as Lhe case may be and explaln lLs LransacLlon 1he 8ooks of AccounL and oLher
books and papers shall be open Lo lnspecLlon by any ulrecLors durlng buslness hours

19S 1he 8oard shall from Llme Lo Llme deLermlne wheLher and Lo whaL exLenL and aL whaL Llmes and place
and under whaL condlLlons and regulaLlons Lhe accounLs and books of Lhe Company or any of Lhem shall
be open Lo Lhe lnspecLlon of members noL belng ulrecLors and no person (noL belng a member) shall
have any rlghL of lnspecLlng any accounL or books or documenL of Lhe Company excepL as conferred by
law or auLhorlsed by Lhe 8oard



30S

196 1he ulrecLors shall from Llme Lo Llme ln accordance wlLh SecLlons 210 211 212 21S 216 and 217 of Lhe
AcL cause Lo be prepared and Lo be lald before Lhe Company ln Ceneral MeeLlng such 8alance SheeLs
roflL and Loss AccounL and 8eporLs as are requlred by Lhese SecLlons

197 A copy of every such roflL and Loss AccounL and 8alance SheeL (lncludlng Lhe AudlLors 8eporL and every
oLher documenL requlred by law Lo be annexed or aLLached Lo Lhe 8alance SheeL) shall aL leasL LwenLy
one days before Lhe meeLlng aL whlch Lhe same are Lo be lald before Lhe members be senL Lo Lhe
members of Lhe Company Lo holders of debenLures lssued by Lhe Company (noL belng debenLures whlch
ex facle are payable Lo Lhe bearer Lhereof) Lo LrusLees for Lhe holders of such debenLures and Lo all
persons enLlLled Lo recelve noLlce of Ceneral MeeLlng of Lhe Company

AUDI1
198 AudlLors shall be appolnLed and Lhelr rlghLs and duLles regulaLed ln accordance wlLh SecLlons 224 Lo 233
of Lhe AcL

199 1he llrsL AudlLor or AudlLors of Lhe Company shall be appolnLed by Lhe 8oard wlLhln one monLh of Lhe
daLe of reglsLraLlon of Lhe Company and Lhe AudlLor or AudlLors so appolnLed shall hold offlce unLll Lhe
concluslon of Lhe llrsL Annual Ceneral MeeLlng provlded LhaL Lhe Company may aL a Ceneral MeeLlng
remove any such AudlLor or all of such AudlLors and appolnL ln hls or Lhelr place any oLher person or
persons who have been nomlnaLed for appolnLmenL by any member of Lhe Company and of whose
nomlnaLlon noLlce has been glven Lo Lhe members of Lhe company noL less Lhan fourLeen days before Lhe
daLe of Lhe MeeLlng provlded furLher LhaL lf Lhe 8oard falls Lo exerclse lLs powers under Lhls ArLlcle Lhe
Company ln Ceneral MeeLlng may appolnL Lhe flrsL AudlLor or AudlLors
1he aforesald provlslons shall muLaLls muLandls apply Lo any SecreLarlal AudlLor appolnLed under Lhe

relevanL provlslons of Lhe AcL

DCCUMLN1S AND NC1ICLS
200 1 A documenL or noLlce may be served or glven by Lhe Company on any member elLher personally
or sendlng lL by posL Lo hlm Lo hls reglsLered address or (lf he has no reglsLered address ln lndla)
Lo Lhe address lf any ln lndla supplled by hlm Lo Lhe Company for servlng documenLs or noLlces
on hlm

2 Where a documenL or noLlce ls senL by posL servlces of Lhe documenL or noLlce shall be deemed
Lo be effecLed by properly addresslng prepaylng and posLlng a leLLer conLalnlng Lhe documenL or
noLlce provlded LhaL where a member has lnLlmaLed Lo Lhe Company ln advance LhaL documenLs
or noLlces should be senL Lo hlm under a cerLlflcaLe of posLlng or by reglsLered posL wlLh or
wlLhouL acknowledgmenL due and has deposlLed wlLh Lhe Company a sum sufflclenL Lo defray Lhe
expenses of Lhe dolng so servlce of Lhe documenLs or noLlce shall noL be deemed Lo be effecLed
unless lL ls senL ln Lhe manner lnLlmaLed by Lhe member and such servlce shall be deemed Lo
have been effecLed ln Lhe case of noLlce of a meeLlng aL Lhe explraLlon of forLyelghL hours afLer
Lhe leLLer conLalnlng Lhe documenL or noLlce ls posLed and ln any oLher case aL Lhe Llme aL whlch
Lhe leLLer would be dellvered ln Lhe ordlnary course of posL

201 A documenL or noLlce adverLlsed ln a newspaper clrculaLlng ln Lhe nelghborhood of Lhe Cfflce shall be
deemed Lo be duly served or senL on Lhe day on whlch Lhe adverLlsemenL appears Lo every member who
has no reglsLered address ln lndla and has noL supplled Lo Lhe Company an address wlLhln lndla for
servlng of documenLs on or Lhe sendlng of noLlces Lo hlm

202 A documenL or noLlce may be served or glven by Lhe Company on or glven Lo Lhe [olnLholders of a share
by servlng or glvlng Lhe documenL or noLlce on or Lo Lhe [olnLholders named flrsL ln Lhe 8eglsLer of
Members ln respecL of Lhe share


306

203 A documenL or noLlce may be served or glven by Lhe Company on or Lo Lhe persons enLlLled Lo a share ln
consequence of Lhe deaLh or lnsolvency of a member by sendlng lL Lhrough posL ln a prepald leLLer
addressed Lo hlm or Lhem by name or by Lhe LlLle of represenLaLlves of Lhe deceased or asslgnee of Lhe
lnsolvenL or by any llke descrlpLlon aL Lhe address (lf any) ln lndla supplled for Lhe purpose by Lhe persons
clalmlng Lo be enLlLled or (unLll such an address has been so supplled) by servlng Lhe documenL or noLlce
ln any manner ln whlch Lhe same mlghL have been glven lf Lhe deaLh or lnsolvency had noL
occurreduocumenLs or noLlces of every Ceneral MeeLlng shall be served or glven ln Lhe same manner
herelnbefore on or Lo (a) every member (b) every person enLlLled Lo a share ln consequence of Lhe deaLh
or lnsolvency of a member and (c) Lhe AudlLor for Lhe Llme belng of Lhe Company

204 Lvery person who by operaLlon of law Lransfer or oLher means whaLsoever shall become enLlLled Lo any
share shall be bound by every documenL or noLlce ln respecL of such shares prevlously Lo hls name and
address belng enLered on Lhe 8eglsLer of Members shall have been duly served on or glven Lo Lhe person
from whom he drlves hls LlLle Lo such shares

20S Any documenL or noLlce Lo be served or glven by Lhe Company may be slgned by a ulrecLor or some
person duly auLhorlsed by Lhe 8oard of ulrecLors for such purpose and Lhe slgnaLures LhereLo may be
wrlLLen prlnLed or llLhographed

206 All documenLs or noLlces Lo be served or glven by members on or Lo Lhe Company or any offlce Lhereof
shall be served or glven by sendlng lL Lo Lhe Company or Cfflcer aL Lhe Cfflce by posL under a cerLlflcaLe of
posLlng or by reglsLered posL or by leavlng lL aL Lhe offlce



WINDING U
207 1he LlquldaLor on any wlndlngup (wheLher volunLary under supervlslon or compulsory) may wlLh Lhe
sancLlon of a Speclal 8esoluLlon buL sub[ecL Lo Lhe rlghLs aLLached Lo any preference share caplLal dlvlde
among Lhe conLrlbuLorles ln specle any parL of Lhe asseLs of Lhe Company and may wlLh Lhe llke sancLlon
vesL any parL of Lhe asseLs of Lhe Company ln LrusLees upon such LrusLs for Lhe beneflL of Lhe
conLrlbuLorles as Lhe LlquldaLor wlLh Lhe llke sancLlon shall Lhlnk flL

INDLMNI1 AND kLSCNSI8ILI1
208 Lvery Cfflcer or AgenL for Lhe Llme belng of Lhe Company shall be lndemnlfled ouL of Lhe asseLs of Lhe
Company agalnsL all llablllLy lncurred by hlm ln defendlng any proceedlng wheLher clvll or crlmlnal ln
whlch [udgmenL ls glven ln hls favour or ln whlch he ls acqulLLed or dlscharged or ln connecLlon wlLh any
appllcaLlon under SecLlon 633 of AcL ln whlch rellef ls granLed Lo hlm by Lhe CourL

SLCkLC
209 Sub[ecL Lo Lhe provlslons of Lhese ArLlcles and Lhe AcL no member or oLher person (noL belng a ulrecLor)
shall be enLlLled Lo enLer Lhe properLy of Lhe Company or Lo lnspecL or examlne Lhe Companys premlses
or properLles of Lhe Company wlLhouL Lhe permlsslon of Lhe ulrecLors or Lo requlre dlscovery of or any
lnformaLlon respecLlng any deLall of Lhe Companys Lradlng or any maLLer whlch ls or may be ln Lhe naLure
or a Lrade secreL mysLery of Lrade or secreL process or of any maLLer whaLsoever whlch may relaLe Lo Lhe
conducL of Lhe buslness of Lhe Company and whlch ln Lhe oplnlon of Lhe ulrecLors wlll be lnexpedlenL ln
Lhe lnLeresL of Lhe Company Lo communlcaLe






307


SECTIUN X - MATERIAL CUNTRACTS AND DUCUMENTS FUR INSPECTIUN
I MA1LkIAL CCN1kAC1S
(1) Memorandum of undersLandlng daLed lebruary 11 2011 enLered lnLo by Lhe Company rlme 8eLall lndla
LlmlLed wlLh Lhe 8ook 8unnlng Lead Manager Lo Lhe lssue Pem SecurlLles LlmlLed

(2) Memorandum of undersLandlng daLed lebruary 2S 2011 enLered lnLo by Lhe Company wlLh Llnk lnLlme lndla
rlvaLe LlmlLed Lo acL as Lhe 8eglsLrar Lo Lhe lssue

(3) Lscrow AgreemenL daLed beLween Lscrow CollecLlng 8ank Lhe 8ook 8unnlng Lead Manager Lhe 8eglsLrar
and Lhe lssuer Company

(4) 1rlparLlLe AgreemenL daLed March 21 2011 beLween Lhe nSuL Lhe lssuer Company and Lhe 8eglsLrar

(S) 1rlparLlLe AgreemenL daLed lebruary 02 2011 beLween Lhe CuSL Lhe lssuer Company and Lhe 8eglsLrar

(6) AgreemenL daLed CcLober 01 2010 beLween 8lL and Mr 8a[lv Chopra Lo appolnL hlm as Managlng ulrecLor of
Lhe Company

(7) AgreemenL daLed CcLober 01 2010 beLween 8lL and Mrs Sonlya Chopra Lo appolnL her as WholeLlme ulrecLor
of Lhe Company

(8) SyndlcaLe AgreemenL daLed beLween our Company Lhe 8ook 8unnlng Lead Manager and Lhe SyndlcaLe
Members

(9) underwrlLlng AgreemenL daLed beLween our Company Lhe 8ook 8unnlng Lead Manager and Lhe SyndlcaLe
Members

II DCCUMLN1S
(1) Memorandum and ArLlcles of AssoclaLlon of our Company as amended

(2) Memorandum and ArLlcles of AssoclaLlons of our Croup Company as amended from Llme Lo Llme

(3) CerLlflcaLe of lncorporaLlon daLed May 11 1990 lssued by Lhe 8eglsLrar of Companles kolkaLa WesL
8engal lssued Lo our Company ln Lhe name of Lhe Chanduka Carrlers rlvaLe LlmlLed

(4) lresh CerLlflcaLe of lncorporaLlon daLed november 13 1998 lssued by Lhe 8eglsLrar of Companles
kolkaLa WesL 8engal lssued Lo our Company consequenL Lo Lhe change ln Lhe name from Chanduka Carrlers
rlvaLe LlmlLed Lo SMA MarkeLlng rlvaLe LlmlLed

(S) lresh CerLlflcaLe of lncorporaLlon daLed !anuary 22 2008 lssued by Lhe 8eglsLrar of Companles kolkaLa
WesL 8engal lssued Lo our Company consequenL Lo Lhe change ln Lhe name from SMA MarkeLlng rlvaLe
LlmlLed Lo rlme 8eLall lndla rlvaLe LlmlLed

(6) lresh CerLlflcaLe of lncorporaLlon daLed !anuary 19 2010 lssued by Lhe 8eglsLrar of Companles kolkaLa WesL
8engal lssued Lo our Company upon change of name on converslon Lo ubllc LlmlLed Company from rlme
8eLall lndla rlvaLe LlmlLed Lo rlme 8eLall lndla LlmlLed

(7) CerLlflcaLes of lncorporaLlon lssued by Lhe 8eglsLrar of Companles kolkaLa WesL 8engal lssued Lo our
romoLer Croup Company




308




(8) Copy of Lhe 8esoluLlon passed aL 8oard MeeLlng held on CcLober 01 2010 and copy of Lhe Speclal 8esoluLlon
passed aL Lhe LxLra Crdlnary Ceneral MeeLlngs of Lhe Company held on CcLober 21 2010 under SecLlon 81
81(1A) of Lhe Companles AcL 19S6 for auLhorlzlng Lhe lssue

(9) Coples of Lhe Annual 8eporLs of our Company for Lhe years ended March 31 2006 March 31 2007 March 31
2008 March 31 2009 and March 31 2010 and Palf ?ear ended SepLember 30 2010

(10) Coples of Lhe Annual 8eporLs of our Croup Company for Lhree years ended March 31 2008 March 31 2009
and March 31 2010

(11) ConsenLs of Lhe ulrecLors Chlef llnanclal Cfflcer Company SecreLary and Compllance Cfflcer AudlLors 8ook
8unnlng Lead Manager Lo Lhe lssue Legal Advlsor Lo Lhe lssue 8anker Lo Lhe Company lC Cradlng Agency
and 8eglsLrar Lo Lhe lssue Lo lnclude Lhelr names ln Lhls urafL 8ed Perrlng rospecLus Lo acL ln Lhelr
respecLlve capaclLles

(12) Copy of Lhe 1ax 8eneflLs CerLlflcaLe daLed March 7 2011 by M/s 8koLharl Co CharLered AccounLanLs

(13) Copy of Lhe CharLered AccounLanL CerLlflcaLe daLed March 21 2011 by M/s 8koLharl Co CharLered
AccounLanLs regardlng Lhe sources and deploymenL of funds

(14) Copy of AudlLor's 8eporL daLed March 7 2011 by M/s 8koLharl Co CharLered AccounLanLs on llnanclal
SLaLemenLs as resLaLed of Lhe lssuer Company


(1S) Copy of 8esoluLlon passed aL Lhe 8oard MeeLlng held on uecember 3 2010 for Lhe formaLlon of Lhe AudlL
CommlLLee lnvesLor Crlevance CommlLLee Share 1ransfer CommlLLee Copy of 8esoluLlon passed aL Lhe 8oard
MeeLlng held on SepLember 22 2010 for Lhe formaLlon of Lhe 8emuneraLlon CommlLLee

(16) Coples of 8esoluLlons for passed aL Lhe 8oard MeeLlng held on CcLober 6 2010 approvlng Lhe Lerms of
compensaLlon Lo Lhe Managlng ulrecLor and WholeLlme ulrecLor of Lhe Company

(17) Copy of lndusLry 8esearch 8eporL daLed !anuary 2011 prepared by CA8L

(18) Lease AgreemenL daLed CcLober CcLober 13 2010 enLered beLween Lhe lssuer Company and Chopra lllms
LnLerLalnmenL rlvaLe LlmlLed for one Lable space slLuaLed aL 1/1 Camac SLreeL kolkaLa 700016

(19) Lease agreemenL daLed Aprll 1 2010 beLween Lhe lssuer Company and Lhe Mr 8a[lv Chopra for shop space
slLuaLed aL 148 8ash 8eharl Avenue kolkaLa 700 029

(20) uue ulllgence CerLlflcaLe daLed on March 23 2011 from 8ook 8unnlng Lead Manager Pem SecurlLles
LlmlLed Mumbal

(21) uue ulllgence CerLlflcaLe and 8eporL daLed March 19 2011 from Legal Advlsors Lo Lhe Company MlndsprlghL
Legal Mumbal


(22) lnprlnclple LlsLlng Approval daLed recelved from 8SL

(23) lnprlnclple LlsLlng Approval daLed recelved from nSL

(24) Plgh CourL Crder (WesL 8engal) approvlng Lhe scheme of amalgamaLlon on !une 18 2008 of Lhe 1ransferor
Companles namely awan ro[ecL rlvaLe LlmlLed and rlme Clocks rlvaLe LlmlLed wlLh rlme 8eLall lndla
LlmlLed (1ransferee company)

(2S) lC Cradlng 8eporL daLed by CA8L








309


lll 1|me and p|ace at wh|ch the contracts together w|th documents w||| be ava||ab|e for |nspect|on
from the date of Draft ked nerr|ng rospectus unt|| the date of c|os|ng of the subscr|pt|on ||st at the
keg|stered Cff|ce of the Company

1/1 Camac SLreeL
Shree Man[arl 8ulldlng
SLh lloor SulLe no 07
kolkaLa 700016
WesL 8engal (lnulA)
1el no +91 033 30S8S89S
lax no +91 033 400 36641
Lmall prlme[prlmewaLchworldcom
WebslLe wwwLheprlmeln

Oo oll wotkloq Joys le ftom MooJoy to ltlJoy ftom 1100 AM tlll 100 lM

310

SECTIONXIDECLARATION
We, Lhe ulrecLors of Lhe Company, cerLlfy LhaL all relevanL provlslons of Lhe Companles AcL, 19S6, and Lhe
guldellneslssuedbyLheCovernmenLoflndlaorLhe8egulaLlonslssuedbyLheSecurlLlesandLxchange8oard
oflndla,esLabllshedunderSecLlon3ofLheSecurlLlesandLxchange8oardoflndlaAcL,1992,asLhecasemay
be, have been complled wlLh and no sLaLemenL made ln Lhls urafL 8ed Perrlng rospecLus ls conLrary Lo Lhe
provlslons of Lhe Companles AcL, 19S6, Lhe SecurlLles and Lxchange 8oard of lndla AcL, 1992 or Lhe rules
madeLhereunderor8egulaLlonslssued,asLhecasemaybe.WefurLhercerLlfyLhaLallLhesLaLemenLslnLhls
urafL8edPerrlngrospecLusareLrueandcorrecL.

SignedbyalltheDirectorsofPrimeRetailIndiaLimited

Sd/
Mr.RajivChopra
(Chalrman&ManaglngulrecLor)
Sd/
Mrs.SoniyaChopra
(WholeLlmeulrecLor)

Sd/
Mr.MohitChopra
(AlLernaLlveulrecLorLoMr.AshlshChopra,non
LxecuLlve,nonlndependenLulrecLor)
Sd/
Mr.ChittaRanjanDas
(nonLxecuLlve,lndependenLulrecLor)

Sd/
Mr.JetendraKumarJain
(nonLxecuLlve,lndependenLulrecLor)
Sd/
Mr.JayPrakashSarda
(nonLxecuLlve,lndependenLulrecLor)

SignedbyChiefFinancialOfficeroftheCompany

Sd/
Mr.PawanMundhra

SignedbyCompanySecretary&ComplianceOfficeroftheCompany

Sd/
Mr.NayanJain

Place:Kolkata
Date:March23,2011