MIRA INFORM REPORT

Report Date :

17.10.2007

IDENTIFICATION DETAILS

Name :	DOMINO’S PIZZA INDIA LIMITED
Registered Office :	Chamber No. 1517, 15^TH Floor, Devika Towers, 6, Nehru Place, New Delhi – 110019
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	16.03.1995
Com. Reg. No.:	55-66426
CIN No.: [Company Identification No.]	U74899DL1995PLC066426
TAN No.: [Tax Deduction & Collection Account No.]	DELD04631E / DELD03279D / CALD02145D
PAN No.: [Permanent Account No.]	AABC01821C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Pizza Franchisee

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 325348
Status :	Satisfactory
Payment Behaviour :	Correct
Litigation :	Clear
Comments :	Subject is a Master Franchisee of Domino’s Pizza International Inc. USA. Available information indicates high financial responsibility of the company. Trade relations are fair. Profit margin is under server pressure. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings due to exposure of parent company.

LOCATIONS

Registered Office :	Chamber No. 1517, 15^TH Floor, Devika Towers, 6, Nehru Place, New Delhi – 110019
Tel. No.:	91-11-65282934
E-Mail :	mona_aggarwal@dominosin.com Taraj_Mittal@dominosin.com
Website :	www.dominos.co.in
Corporate Office :	Plot 1A, Sector 16A, Institutional Area, Noida – 201301, Uttar Pradesh
Tel. No.:	91-120-2516820 -22
Fax No.:	91-120-2516842
E mail:	domindia@dominosin.com
Websites:	www.dominosin.com
Branches :	North Regional Offices: Plot No. 1A Sector 16A, Noida Institutional Area, Noida – 201 301 Tel No: 91-120-2516820 -22 Fax No: 95-120-2516842 East Regional office: Merrill Estate, B-111/1B, B T Road, Kolkata – 700 035 Tel No: 91-33-25780717 Fax No: 491-33-25775939 South Regional Offices: No. 897, 6^th Block, next to Koramangla Indoor Stadium, Koramangla, Bangalore – 560 095 Tel no: 91-80-41530666 / 4153066 -67 West Regional Offices: Ground Floor, Contractor Building, 41, R K Marg, Ballard Estaet, Mumbai – 400 038 Tel No: 91-22-66338680 -82 -83 Fax No: 22-491-6338681

DIRECTORS

Name :	Mr. Bhartia Sunder Shyam
Designation :	Director
Address :	46, Friends Colony, New Delhi – 110065
Date of Birth/Age :	9.11.1952
Date of Appointment :	16.03.1995
Name :	Mr. Bhartia Shankar Hari
Designation :	Director
Address :	H – 11, Maharani Bagh, New Delhi – 110065
Date of Birth/Age :	12.12.1956
Date of Appointment :	16.03.1995
Name :	Mr. Rai Bodhishwar
Designation :	Director
Address :	E – 151, Greater Kailash, New Delhi – 110048
Date of Birth/Age :	01.12.1934
Date of Appointment :	14.04.2000
Name :	Mr. Gupta Mukesh
Designation :	Director
Address :	171, 7^th Floor, Sita Ram Apartments, I P Extn. Patparganj, New Delhi – 110092
Date of Birth/Age :	7.08.1959
Date of Appointment :	28.06.2002
Name :	Mr. Kaul Ajay
Designation :	Director
Address :	Apartment No. 7, 1^ST Floor, House No. 12, Friends Colony, New Delhi – 110065
Date of Birth/Age :	11.12.1963
Qualification	B. Tech. IIT, MBA
Experience	16 Years
Date of Appointment :	14.03.2005
Date of Appointment :	14.03.2005
Name :	Mr. Gaurav Mathur
Designation :	Director
Address :	No. 24-01, Leonie Hill Road, Singapore
Date of Birth/Age :	15.11.1974
Date of Appointment :	27.06.2003
Name :	Ms. Hetal Madhukant Gandhi
Designation :	Director
Address :	Rosy House Cooperative Society, Flat – 61, North Avenue, Santacruz (West), Mumbai – 400054
Date of Birth/Age :	29.07.1965
Date of Appointment :	30.09.2004
Name :	Mr. Arvind Nair
Designation :	Director
Address :	2, Western Avenue, Maharani Bagh, New Delhi – 110065
Date of Birth/Age :	30.01.1956
Date of Appointment :	3.10.2001
Date of Ceasing:	14.12.2004
Name :	Mr. Anil Ahuja
Designation :	Director
Address :	8, Cuscaden Walk, # 10-02, Singapore – 249692
Date of Birth/Age :	11.04.2005
Date of Appointment :	27.06.2003
Name :	Mr. Ravi Shankar Gupta
Designation :	Company Sectary
Address :	610, Mahagun Manor, Plot No. F – 30, Sector – 50, Noida – 201301
Date of Birth/Age :	08.08.1967
Date of Appointment :	28.06.2002
Name :	Mr. Milind Narendra Patel
Designation :	Director
Address :	13-A, Vaibhav, 80, Bhulabhai Desai Road, Mumbai 400 026, Maharashtra
Date of Birth/Age :	18.10.1968
Date of Appointment :	27.03.2006
Name :	Mr. Shyam Sunder Bhartia
Designation :	Director
Address :	46 Friends colony (East), New Delhi -110 065, India
Date of Birth/Age :	09.11.1952
Date of Appointment :	16.03.1995

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Mr. Bhartia Shankar Hari	1
Mr. Bhartia Sunder Shyam	1
M/s. Jubilant Capital Private Limited	1
M/s. Jubilant Securities Private Limited	1
M/s. Alka Leasing & Fiscal company limited	3515995
Love Life Vinimay Private Limited	1
M/s. Weston Investments Limited	4837481
M/s. Jubilant Enpro Private Limited	31139457
M/s. Indcocean Pizza Holding Limited	6668016
M/s. The India Private Equity Fund	12002431
Ms. Bharita Shobhana	1
Ms. Bhartia Kavita	1
M/s. Infrastructure Leasing & Financial Services Limited	30

Equity Share Break – up (Percentage of Total Equity)

Sr. No.	Category	Percentage
1	Foreign Holdings (Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non resident India(s) or Overseas corporate bodies or others	40.42
2	Bodies Corporate	59.58
	Total	100.00

BUSINESS DETAILS

Line of Business :	Pizza Franchisee
Products :	Pizza
Exports :
Products :	Food Products and Management Fee
Countries :	Sri Lanka
Imports :
Products :	Capital Goods, Raw Material
Countries :	Australia , USA

PRODUCTION STATUS

Particulars	Unit	Actual Production
Pizza	Nos	5766534

GENERAL INFORMATION

No. of Employees :	600
Bankers :	v IDBI Bank Limited v Axis Bank Limited Address: B -2 and B -3, Sector 16, Noida 201 301, Uttar Pradesh, India E Mail: rajiv.kumar@axisbank.com
Banking Relations :	Satisfactory
Auditors :
Name :	S R Batliboi and Company (Raj Agrawal) Chartered Accountant
Address1 :	Ernst & Young Tower, B – 26, Qutab Institutional Area, New Delhi – 110016
Address 2:	6^th Floor, HT House, 18-20, Kasturba Gandhi Marg, New Delhi – 110 001, India
Holding Company:	Jubilant Enpro Private Limited
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity shares	Rs.10/- each	Rs. 600.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
58163387	Equity shares	Rs.10/- each	Rs.581.633 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		581.633	581.633	581.633
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		390.578	390.578	390.578
4] (Accumulated Losses)		[890.874]	[937.696]	(948.728)
NETWORTH		81.337	34.515	23.483
LOAN FUNDS
1] Secured Loans		342.202	239.330	228.408
2] Unsecured Loans		18.150	32.670	52.009
TOTAL BORROWING		360.352	272.000	280.417
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		441.689	306.515	303.900
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		453.744	314.094	320.590
Capital work-in-progress		30.502	10.446	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.078	19.505	13.925
	Sundry Debtors	9.375	4.804	3.449
	Cash & Bank Balances	37.013	28.679	27.573
	Other Current Assets	0.112	0.076	1.104
	Loans & Advances	100.911	71.123	67.673
Total Current Assets		177.489	124.187	113.724
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	196.262	135.615	125.704
	Provisions	23.784	6.597	4.710
Total Current Liabilities		220.046	142.212	130.414
Net Current Assets		[42.557]	[18.025]	(16.690)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		441.689	306.515	303.900

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		1553.892	1086.114	736.658
Other Income		3.029	16.710	8.141
Total Income		1556.921	1102.824	744.799
Profit/(Loss) Before Tax		64.781	14.375	[17.388]
Provision for Taxation		0.000	0.000	0.000
Profit/(Loss) After Tax		64.781	14.375	[17.388]
Expenditures :
	Raw Material Consumed	308.758	214.497	168.360
	Purchases made for re-sale	48.196	37.776	0.000
	Consumption of stores and spares parts	13.420	9.136	0.000
	Increase/(Decrease) in Finished Goods	0.085	0.074	0.060
	Salaries, Wages, Bonus, etc.	244.696	155.283	0.000
	Managerial Remuneration	8.987	7.971	0.000
	Payment to Auditors	2.058	1.495	0.000
	Interest	29.939	21.658	0.000
	Insurance Expenses	2.282	1.796	0.000
	Power & Fuel	83.509	61.768	0.000
	Depreciation & Amortization	77.709	88.130	54.103
	Other Expenditure	672.496	488.858	0.000
	Cost of beverages sold	0.000	0.000	27.948
	Provision for Employees	0.000	0.000	125.680
	Manufacturing and other expenses	0.000	0.000	351.774
	Finance charges	0.000	0.000	20.420
	Loss on Fixed Assets Discarded / Sold	0.000	0.000	14.126
	Diminution in value of Long Term Investment	0.000	0.000	0.311
Total Expenditure		1492.135	1088.442	762.782

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	4.16	1.30	(2.33)
Net Profit Margin (PBT/Sales)	(%)	4.16	1.32	(2.33)
Return on Total Assets (PBT/Total Assets}	(%)	9.78	3.20	(4.00)
Return on Investment (ROI) (PBT/Networth)		0.79	0.41	(0.74)
Debt Equity Ratio (Total Liability/Networth)		7.13	12.00	17.49
Current Ratio (Current Asset/Current Liability)		0.80	0.87	0.87

LOCAL AGENCY FURTHER INFORMATION

Nature of Industry	Hotels and Restaurants
Date of Commencement of Commercial production	January 1996
In case of new companies expected date of commencement of activities as per project approved by financial institution appearing in the prospectus	For the financial period ending March 2005 the company made a turnaround [as compared to the same period last year] by improving its topline by Rs. 166.759 Millions a growth on account of the following Increase in Contribution by 27.22% Increase productivity in store operating cost, Marketing cost and general & admin cost.
Foreign investments or collaborators if any	Investment by The India Private Equity Fund Indocean Pizza Holding Limited Weston Investment Limited

Corporation identity number or foreign company registrations number of the company	U74899DL1995PLC066426
Name of the company	DOMINO’S PIZZA INDIA LIMITED
Address	Chamber No. 1517, 15^TH Floor, Devika Towers, 6, Nehru Place, New Delhi – 110019
This Form is for	Modification of charge
Type of Charges	Book debts Others
Particular of the charge holder	Axis Bank Limited Address: B -2 and B -3, Sector 16, Noida 201 301, Uttar Pradesh, India E Mail: rajiv.kumar@axisbank.com
Nature or description of the instrument creating charge	Agreement of hypothecation of Current assets dated 26.07.2007 whereby the present Credit facilities to the tune of Rs. 150.000 millions shall stand further secured by way of first charge on pari passu basis over the current assets including receivables (under Escrow Arrangement )of the Borrower.
Date of the instrument creating charge	26.07.2007
Amount Secure by the charge	Rs.150.000 millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest: As per the form – 8 filed with respect to last modification Term of repayment As per the form – 8 filed with respect to last modification Margin: As per the form – 8 filed with respect to last modification Extent and operation of the charge: The present Credit facilities to the tune of Rs. 150.000 millions shall stand further secured by way of first charge on pari passu basis over the current assets including receivables (under Escrow Arrangement) of the Borrower vide Agreement of hypothecation of Current assets dated 26.07.2007
Short particulars of the Property charged	As per the form – 8 filed with respect to last modification
Date of last modification prior to the present modification	17.05.2006
Particulars of the present modification	The present Credit facilities to the tune of Rs. 150.000 millions shall stand further secured by way of first charge on pari passu basis over the current assets including receivables (under Escrow Arrangement) of the Borrower vide Agreement of hypothecation of Current assets dated 26.07.2007

Fixed Assets

v Freehold Land

v Leasehold Improvements

v Plant & Machinery

v Office Equipment

v Furniture & Fixture

v Vehicles

OTHER INFORMATION:

Job Profile

Mr. Ajay Kaul is responsible for the overall functioning of the company. His responsibility included supervision and control over operation, Marketing, Finance, Human Resource, Supply chain and Quality Control/ Product Development function of the company. In particular he leads the operating and strategic activities of the company and is responsible for the company’s day to day operation and profitability

Mr. Kaul had commendable experiences in the area of sales, Marking and customer services. He is knowledgeable about implementation of business plan

He had worked with American Express Travel Related Services, Modiluft, TNT India Limited etc. His last assignment was with TNT Express at Indonesia as Country Head.

WEBSITE DETAILS:

Subject. was incorporated in March 1995 as the master franchisee for India and Nepal, of Domino's Pizza International Inc., of USA. Moreover, the company holds the master franchisee rights for Sri Lanka and Bangladesh through its wholly owned subsidiary. Mr. Shyam S. Bhartia and Mr. Hari S. Bhartia of the Jubilant Organosys Group were the promoters of the company.

Since inception, the company has proceeded to become one of the largest and fastest growing international food chains in South Asia. The first Domino's Pizza store in India opened in January 1996, at New Delhi. Today, subject has been has grown into a countrywide network of over 165 outlets in 33 cities and is the leader in the fast food delivery segment.

Ever since it was established, subject has maintained its position of market leadership with its constant product innovation and maintenance of stringent service standards. More importantly, it has established a reputation for being a home delivery specialist capable of delivering its pizzas within 30 minutes to its community of loyal customers from its entire chain of stores around the country. Customers can order their pizzas by calling a single countrywide Hunger Helpline - 1800-111-123. In fact, subject was the first one to start this facility for its customers.

Domino's vision is focused on “Exceptional people on a mission to be the best pizza delivery company in the world! ". Domino's is committed to bringing fun and excitement to the lives of their customers by delivering delicious pizzas to their doorstep in 30 minutes or less, and all its strategies are aimed at fulfilling this commitment towards its large and ever-growing customer base.

Domino's constantly strives to develop products that suit the tastes of its customers, thereby bringing out the Wow effect (the feel good factor). Domino's believes strongly in the strategy of 'Think local and act regional' that is subtly blended with a playful images personified by its ' Hungry Kya? ' positioning. Thus, time and again Domino's has been innovating toppings suitable to the taste buds of the local populace and these have been very well accepted by the Indian market.

Press release:

The Hindu BusinessLine, New Delhi

September 03, 2007

Indian consuming 3 million pizza a month

Call it junk food if like, but people across the country are consuming over three million pizzas a month currently, and the monthly sales figures are projected to double in the next four years. According to industry data, of the total branded quick service restaurant market of over Rs 12000.000 millions, the pizza chains contribute around 50 per cent of the sales. In fact, the two pizza chains that currently dominate the branded pizza quick service restaurant market — Domino’s and Pizza Hut — together account for over 75 per cent share.

“Pizza is one of the most successful product categories that has grown in the quick service restaurant segment in India,” said Mr Anup Jain, Marketing Director, Pizza Hut, Yum! Restaurants International. “They sell over 1.4 million pizzas a month currently and expect to grow at over 20 per cent on a year-on-year basis for the next four years,” said Mr Jain. Pizza Hut has 134 restaurants across 34 cities in India and has 30 per cent share of the branded eating out market.

Big plans

Pizza Hut’s close competition, Domino’s, too has grand plans for expanding its operations in India. “They have just completed the 150 outlets mark and are currently selling over a million pizzas a month,” said Mr Ajay Kaul, Chief Executive Officer, of the company. The company plans to sell over five million pizzas through 500 outlets across 50 cities by 2011. On the factors fuelling the rising fast food consumption in an increasingly health conscious India, Mr Kaul said, “Though easy availability of disposable incomes is one factor, with it comes the fact that their target audience between the age group of 18 and 35 is always hard pressed for time.

They look for availability of cheap options that are available at odd hours. This is where they score.” Mr Jain also pointed out that “Even the health conscious indulge in food. Also, with hectic schedules and busy lifestyles, consumers revert to more such ways to lighten up their mood.” An industry watcher said, “Considering the long work hours of young professionals, it is only natural for them to reach out for easily available options that are ready-to-eat and less time consuming. In fact, it won’t be wrong to say that the pizza companies will also offer fat free or low calorie pizzas to cater to the needs of the health-conscious people.”

Chinese Pizza

Deccan Herald, Banglore

September 22, 2007

Subject has launched its new and innovative product range Domino’s Chinese Pizza with four combinations that present a Chinese taste. This latest offering is available in set combinations two vegetarian i.e.Chilly Paneer, Veg Manchurian and two Non-Vegetarian i.e. Chilly Chicken and Chiken Manchurian.

The two veg pizzas in regular size are priced at Rs. 110 and medium sized pizzas are prized at Rs. 200, while the large pizzas are for Rs. 350.

The two non-veg pizzas in regular size are prized at Rs. 135, medium at Rs. 245 and large at Rs. 395.

Like most corporate success stories, Domino's started out small - with just one store in 1960. Now, Domino's Pizza is celebrating over forty years of delivering food, fun and innovation .

Domino's Pizza Timeline

1960
Tom Monaghan and his brother James purchase "DomiNick's," a pizza store in Ypsilanti, Michigan. Monaghan borrowed $500 to buy the store.

1961
James trades his half of the business to Tom for a Volkswagen Beetle.

1965
Tom Monaghan is sole owner of company, and renames the business "Domino's Pizza, Inc."

1967
The first Domino's Pizza franchise store opens in Ypsilanti, Michigan.

1968
Company headquarters and commissary are destroyed by fire.

First Domino's store outside of Michigan opens in Burlington, Vermont.

1975
Amstar Corp., maker of Domino® Sugar, institutes a trademark infringement lawsuit against Domino's Pizza. In 1980, Federal court rules Domino's Pizza did not infringe on the Domino® Sugar trademark.

1983
Domino's first international store opens in Winnipeg, Canada.

The 1000th Domino's store opens.

The first Domino's store opens on the Australian continent, in Queensland, Australia.

1990
Domino's Pizza signs its 1,000th franchise.

1992
Domino's rolls out Breadsticks, the company's first national non-pizza menu item.

1993
Crunchy Thin Crust pizza is rolled out nationwide.

The company discontinues the 30-minute guarantee and re-emphasizes the Total Satisfaction Guarantee.

1994
Buffalo Wings are rolled out in all U.S. stores.

1995
Domino's Pizza International division opens its 1,000th store. First store opens on African continent, in Cairo, Egypt.

1996
Domino's launches its web site on the Internet (www.dominos.com). The company reaches record sales of $2.8 billion system-wide.

1997
Domino's Pizza opens its 1,500th store outside the United States, opening seven stores in 1 day on 5 continents consecutively.

Domino's Pizza launches a campaign to update the company logo and store interior with brighter colors and a newer look.

1998
Domino's Pizza founder, Tom Monaghan, announces retirement and sells the Company to Bain Capital, Inc.
Domino's launches another industry innovation, Domino's HeatWave®, a hot bag using patented technology that keeps pizza oven-hot to the customer's door.

1999

Dave Brandon is named Chairman and Chief Executive Officer of Domino's Pizza. Domino's Pizza announces record results for 1999. Worldwide sales exceed $3.36 billion. Revenues increased 4.4% over 1998.

2000
Domino's Pizza International opens its 2,000th store outside the United States. Domino's Pizza celebrates 40 years of delivering pizza and innovation to homes around the world.

2001
Domino's 7,000th store opens in Brooklyn, New York. Domino's launches long-term national partnership with the Make-A-Wish Foundation®.

Domino's India to set foot in Bangladesh, Nepal

Sindhu J. Bhattacharya

New Delhi , July 27

DOMINO'S India is set to spread its wings. The company said it was talking to several interested parties for appointing sub-franchisees in Nepal and Bangladesh.

Subject, a joint venture between the Bhartiyas of Jubilant Organosys and J. P. Morgan, is the master franchisee for India, Sri Lanka, Bangladesh and Nepal. But even after eight years, the joint venture has not begun operations in either Bangladesh or Nepal and has only two outlets in Sri Lanka. "Domino's Pizza India is the master franchisee for India and the neighbouring countries of Sri Lanka, Bangladesh and Nepal. They are talking to several parties for appointing a sub-franchisee in these two countries. Till date, all Domino's outlets in India are fully owned by the joint venture," the Managing Director, Mr Arvind Nair told Business Line.

Mr Nair said the pizza chain would expand into new geographies while keeping in mind the buyer profile and income levels of that region and "mindless" expansion would not be pursued.

On expansion plans in India, Mr Nair said there are already 90 stores across 25 towns and another 7-10 will be added per year. With an average investment of Rs 7. 0 Millions a store, the chain will invest up to Rs 70.000 Millions annually on expansion.

He said Domino's Pizza India has broken even for the first time last fiscal after it set shop in the country in 1996, but declined to provide any other financial data. Taking the example of Bangladesh and Nepal, Mr Nair said Domino's is planning to take the franchisee route to growth. "Over the next five years, fully-owned stores versus franchisees will be in the ratio of 2:1," Mr Nair said.

Asked whether free delivery, if the order is not delivered within 30 minutes, had worked well, Mr Nair said this was not a one-time promotion "but an investment in the brand. It is in fact a brand promise. Over the last three months since they launched this initiative, their sales have registered double digit growth rates."

Dominos to spend Rs 20 m on advt, new TVC features Rawal in double-role

Indiantelevision.com Team

(2 December 2004 5:00 pm)

NEW DELHI: Domino's Pizza India Limited, a leading pizza chain in India, has introduced in the Indian market an all-new Double Cheez Crunch Pizza, which is a successful product in other countries, and said that Bollywood actor Paresh Rawal will, feature in a double role in the new TV commercials.

The advertising campaign, for which a budget of Rs 20 million has been allocated, features the multifaceted Rawal and is based on the double theme where he is in a double role for the first time in a TV commercial --- a concept that goes down well with the Domino's Double Cheez Crunch Pizza.

The campaign has been created by Phat Phish Productions and conceptualised by Contract Advertising.

According to Domino's Pizza India Limited CEO Arvind Nair, "Domino's Double Cheez Crunch is the result of their consistent effort to offer their customers the best pizzas in the world. The Domino's Double Cheez Crunch is already a huge success in a number of markets around the globe and they are confident that it would be a welcome delight amongst their huge base of Indian customers."

The new pizza has a delicious soft creamy layer of cheese generously spread between two crunchy thin crust bases and more creamy cheese spread over the toppings. It's a new innovation and a major advertising campaign, comprising high impact television and press activity spread over a duration of four months, will support the launch.

Domino's Double Cheez Crunch Pizza is claimed to be an internationally acclaimed product and doing well in the markets of the US, UK, Australia, Japan, Korea, Taiwan and Malaysia.

It comes in the size of 10" and can be ordered in both vegetarian and non-vegetarian combinations. As a part of Domino's promotional offer, customers who buy a Double Cheez Crunch Pizza will get the second pizza at a 50 per cent discount.

Subject, which is the master franchisee for India, Nepal, Bangladesh and Sri Lanka, is promoted by Shyam and Hari Bhartia of the Jubilant Organosys Group (formally Vam Organic Group).

It opened its first Domino's Pizza store in India in January 1996, at New Delhi. Today Domino's Pizza India has grown into a countrywide network of stores, with a team of over 2,000 people.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.39.79
UK Pound	1	Rs.81.41
Euro	1	Rs.56.87

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions