MIRA INFORM REPORT

Report Date :

16.03.2011

IDENTIFICATION DETAILS

Name :	WAL MART STORES INC
Registered Office :	Corporation Trust Center 1209 Orange Street, Wilmington, 19801, De
Country :	United States
Financials (as on) :	31.01.2010
Date of Incorporation :	31.10.1969
Legal Form :	Corporation for Profit
Line of Business :	Retail Stores

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 3.000.000
Status :	Good
Payment Behaviour :	Usually Correct
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
United States	a1	a1

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

GEOPOLITICS - UNITED STATES

POLITICAL DATA	ECONOMIC DATA
Form of Government: Federal Economic Risk: Nil	Currency: USD Branch Situation: Stable

IDENTIFICATION

Ordered as:	Walmart Store Inc
Address in the order:	1372, Broadway 2nd Floor, New York, 10018 USA
Comments on data supplied:	Dear Client, Your order was on Walmart Stores Inc, at address 1372, Broadway 2nd Floor, New York 10018. We have learned that this is a non incorporated business unit of Walmart Stores Inc. The legal address of incorporation is in Delaware, and the corporate headquarters are located at 702 SW Eighth Street, Bentonville, AR 72716-8611, United States. That is why we proceed to use these as the addresses for the operative and legal address.
Legal Name:	WAL MART STORES INC
Legal Address	CORPORATION TRUST CENTER 1209 ORANGE STREET, WILMINGTON, 19801, DE, USA.(Registered Agent)
Operative Address	702 SW Eighth Street, Bentonville, AR 72716-8611, United States.(Corporate Headquarters)
Telephone:	479-273-4000	ID :	0732109
Fax:	479-273-4053	Legal Form:	Corporation for Profit
Email:	info@walmartstores.com	Registered in:	Delaware
Website:	http://www.walmartstores.com	Date Created:	1945
Manager:	Mr. Mike Duke, Chief Executive Officer	Date Incorporated:	October 31, 1969
Staff:	2,100,000	Stock:	3,636,547,192
		Value:	$0.10 Par Value
Activity:	Retail stores.

BANKS

Name of the Bank	BANK OF NEW YORK
Location	Confidential
Account Number	Confidential
Name of the Bank	JP MORGAN CHASE BANK
Location	Confidential
Account Number	Confidential
Name of the Bank	BANK ONE
Location	Confidential
Account Number	Confidential

BUSINESS

HISTORY
	Although Walmart was incorporated in Delaware in October 1969, the businesses conducted by the founders began in 1945 when Sam M. Walton opened a franchise Ben Franklin variety store in Newport, Arkansas. In fiscal 1992, the subject began its first international initiative when entered into a joint venture in Mexico, in which they owned a 50% interest along with Cifra S.A. de C.V. (“Cifra”). In fiscal 1998, the company acquired the controlling interest in Cifra, and in February 2000, Cifra officially changed its name to Wal-Mart de Mexico, S.A. de C.V. Since fiscal 1992, Wall-Mart international presence has continued to expand.
PRINCIPAL ACTIVITY
	Wal-Mart Stores, Inc. operates retail stores in various formats worldwide. The company's Walmart U.S. segment offers meat, produce, deli, bakery, dairy, frozen foods, floral, and dry grocery; health and beauty aids, household chemicals, paper goods, and pet supplies; electronics, toys, cameras and supplies, photo processing services, cellular phones, cellular service plan contracts, and prepaid service; fabrics and crafts, stationery and books, automotive accessories, hardware and paint, horticulture and accessories, sporting goods, outdoor entertaining, and seasonal merchandise; apparel, shoes, and jewelry; pharmacy and optical services; and home furnishings, house wares, and small appliances through discount stores, supercenters, and neighborhood markets, as well as through walmart.com. Its International segment includes various formats of retail stores and restaurants, including supermarkets, combination discount and grocery stores, supercenters, Sam’s Clubs, hypermarkets, cash-n-carry stores, department stores, and general merchandise stores. The company’s Sam’s Club segment offers merchandise, including hard goods, soft goods, and selected private-label items under the MEMBER’S MARK, BAKERS & CHEFS, and SAM’S CLUB brands through warehouse membership clubs in the United States, as well as through samsclub.com.
Products/Services description:
	Food Laundry products General merchandise
Sales are:
	Retail
Brands:
	SAM'S CLUB WAL-MART SUPERCENTER WAL-MART VACATIONS WALTON LIFE FITNESS CENTER BUD'S DISCOUNT CITY WAL-MART WAL-MART AVIATION WAL-MART EXPRESS
Clients:
	General Clientele
Operations area:
	National, International, Local
The company imports from Worldwide depending on the demand.
The company export to Worldwide depending on the demand.
Competitors:
	Stop n' shop Food Emporium K Mart
The subject employs 2,100,000 employee(s)
Comments on staff:
	There are 2, 100,000 employees worldwide.
PAYMENTS
	made on a 55 days basis - monitored over the last 12 months
LOCATION
Headquarters
	The company is headquartered at 702 SW Eighth Street Bentonville, AR 72716-8611, United States.
The property is:
	Owned
Comments on location:
	The company is incorporated in Delaware for tax purposes. However, it is headquartered in Arkansas.
Branches:
	The address provided in the order: 601 N Walton Blvd Bentonville Arkansas 72716, USA. Belongs to the LOGISTICS BLDG (Import division) As of January 31, 2010, it operated 803 discount stores, 2,747 supercenters, 158 neighborhood markets, and 596 Sam's Clubs in the United States; 43 units in Argentina, 434 in Brazil, 317 in Canada, 252 in Chile, 170 in Costa Rica, 77 in El Salvador, 164 in Guatemala, 53 in Honduras, 1 in India, 371 in Japan, 1,469 in Mexico, 55 in Nicaragua, 56 in Puerto Rico, and 371 in the United Kingdom, as well as 279 stores in the Peoples Republic of China.

Shareholders - Manager - Related Companies

Listed at the stock exchange:
	YES
Capital:
	%of Shares Held by All Insider and 5% Owners:46% %of Shares Held by Institutional & Mutual Fund Owners:34% %of Float Held by Institutional & Mutual Fund Owners:62% Number of Institutions Holding Shares:1381
Shareholders Parent Company(ies):
	Major Direct Holders: Walton Jim C Shares: 10,493,219 Reported: Jun 4, 2010 Walton S Robson Shares: 2,781,783 Reported: Jun 1, 2009 Scott H Lee Jr Shares: 820,637 Reported: Mar 15, 2010 Duke Michael T Shares: 754,173 Reported: Mar 3, 2010 Glass David D Shares: 612,788 Reported: Mar 31, 2009 Top Institutional Holders: Vanguard Group, Inc. (The) State Street Corporation Blackrock Institutional Trust Company, N.A. Berkshire Hathaway, Inc Bank Of New York Mellon Corporation Fmr Llc Northern Trust Corporation Grantham Mayo Van Otterloo & Company Invesco Ltd. State Farm Mutual Automobile Insurance Co Top Mutual Fund Holders: Vanguard Total Stock Market Index Fund Vanguard 500 Index Fund Spdr S&P 500 Etf Trust Vanguard Institutional Index Fund-Institutional Index Fd Gmo Quality Fund College Retirement Equities Fund-Stock Account Vanguard/Wellington Fund Inc. Dodge & Cox Stock Fund Spartan 500 Index Fund Washington Mutual Investors Fund
Management:
	Mr. Mike Duke, CEO Mr. Thomas M. Schoewe, CFO Mr. Eduardo Castro-Wright, Vice Chairman, Chief Exec. Officer of Global Com, Chief Exec. Officer of Global Sourcing, Pres of Global Com and Pres of Global Sourcing Mr. Doug McMillon, Exec. VP, Chief Exec. Officer of International Operations and Pres of International Operations Mr. Brian Cornell, Exec. VP, Chief Exec. Officer of Sam's Club and Pres of Sam's Club Board: S. Robson Walton Chairman of the Board of Directors H. Lee Scott, Jr. Chairman of the Executive Committee of the Board of Directors of Wal-Mart Stores, Inc. and Former Chief Executive Officer Aida M. Alvarez Former Administrator of the U.S. Small Business Administration and a member of President Bill Clinton's Cabinet from 1997 to 2001 James W. Breyer The Managing Partner of Accel Partners M. Michele Burns Chairman and CEO of Mercer Human Resource Consulting, a subsidiary of Marsh and McLennan Companies, Inc. James I. Cash, Jr. A director of The Chubb Corporation, General Electric Company and other private companies, and former director of Microsoft Corporation. Roger C. Corbett A director of The Reserve Bank of Australia, Fairfax Media Limited, and Chairman of the board of directors ALH Group Pty Limited. Douglas N. Daft Retired Chairman of the Board and CEO of The Coca-Cola Company Michael T. Duke President and Chief Executive Officer, Wal-Mart Stores, Inc. Gregory B. Penner A member of the board of directors of Global Hyatt Corp. Steven S Reinemund Retired Chairman and CEO of PepsiCo, Inc. Arne M. Sorenson Executive vice president and chief financial officer of Marriott International, Inc., a position he has held since 1998. Jim C. Walton Chairman of the board and CEO of Arvest Bank Group, Inc. Christopher J. Williams Chairman and CEO of The Williams Capital Group, L.P. Linda S. Wolf A trustee for investment funds advised by the Janus Capital Group, Inc.
Related Companies:
	Significant Subsidiaries: Wal-Mart Stores East, LP, Delaware, 100% Wal-Mart Property Company, Delaware, 100% Wal-Mart Real Estate Business Trust, Delaware, 100% ASDA Group Limited, England 100% Subsidiaries not included in the list are omitted because, in the aggregate, they are insignificant.

Financials - COMMERCIAL TRENDS AND FORECAST

The subject is a public company traded at the New York stock exchange (NYSE) under the symbol (NYSE:WMT).

Please find enclosed the financial statements.

Legal Fillings

There are several UCC files listed with the Secretary of State of Delaware.

Filing Number: 40000018401321

Filing Date: 08-26-2010

Secured Party: THOMPSON TRACTOR CO., INC.

Filing Number: 0002767541

Filing Date: 08-09-2010

Secured Party: RM ACQUISITION, LLC D/B/A RAND MCNALLY

Filing Number: 201016234666

Filing Date: 08-05-2010

Secured Party: RM ACQUISITION, LLC

Filing Number: 2010-44458341

Filing Date: 07-13-2010

Secured Party: RAND MCNALLY

Filing Number: 10071220690040

Filing Date: 07-12-2010

Secured Party: RM ACQUISITION, LLC

There are various claims, lawsuits, and pending actions against the Company and its subsidiaries incident to the operations of its businesses. It is the opinion of management, after consultation with counsel, that the ultimate resolution of such claims, lawsuits and pending actions will not have a material adverse effect on the Company's consolidated financial position, results of operations or liquidity.

The last annual report was filed on March 30, 2010.

For information:

The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America.

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

rating

Local credit bureau gave a good credit rate. The company is in Good Standing. This means that all local and federal taxes were paid on due date.
Final Opinion:
	The company was founded 65 years ago. The company currently employs 2,100,000 people being considered a worldwide large sized company. This is one of the most profitable US corporations. Even though there are not enough liquid assets to satisfy current obligations, Operating Profits are more than adequate to service the debt. The sources consulted record no detrimental legal or labor court information. A credit line may be considered for USD 3.000.000 with confidence.

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public Records	YES
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

Financial

Income Statement

View: Annual Data | Quarterly Data

All numbers in thousands

Period Ending		Jan 31, 2010	Jan 31, 2009	Jan 31, 2008
Total Revenue		408,214,000	404,374,000	378,799,000
Cost of Revenue		304,657,000	304,056,000	286,515,000
Gross Profit		103,557,000	100,318,000	92,284,000
	Operating Expenses
	Research Development	-	-	-
	Selling General and Administrative	79,607,000	77,520,000	70,288,000
	Non Recurring	-	-	-
	Others	-	-	-
	Total Operating Expenses	-	-	-
Operating Income or Loss		23,950,000	22,798,000	21,996,000
	Income from Continuing Operations
	Total Other Income/Expenses Net	181,000	284,000	305,000
	Earnings Before Interest And Taxes	24,131,000	23,082,000	22,301,000
	Interest Expense	2,065,000	2,184,000	2,103,000
	Income Before Tax	22,066,000	20,898,000	20,198,000
	Income Tax Expense	7,139,000	7,145,000	6,908,000
	Minority Interest	(513,000)	(499,000)	(406,000)
	Net Income From Continuing Ops	14,927,000	13,753,000	12,884,000
	Non-recurring Events
	Discontinued Operations	(79,000)	146,000	(153,000)
	Extraordinary Items	-	-	-
	Effect Of Accounting Changes	-	-	-
	Other Items	-	-	-
Net Income		14,335,000	13,400,000	12,731,000
Preferred Stock And Other Adjustments		-	-	-
Net Income Applicable To Common Shares		14,335,000	13,400,000	12,731,000

Balance Sheet

View: Annual Data | Quarterly Data

All numbers in thousands

Period Ending		Jan 31, 2010	Jan 31, 2009	Jan 31, 2008
Assets
Current Assets
	Cash And Cash Equivalents	7,907,000	7,275,000	5,569,000
	Short Term Investments	-	-	-
	Net Receivables	4,144,000	3,905,000	3,654,000
	Inventory	33,160,000	34,511,000	35,180,000
	Other Current Assets	3,120,000	3,258,000	3,182,000
Total Current Assets		48,331,000	48,949,000	47,585,000
Long Term Investments		-	-	-
Property Plant and Equipment		102,307,000	95,653,000	97,017,000
Goodwill		16,126,000	15,260,000	16,071,000
Intangible Assets		-	-	-
Accumulated Amortization		-	-	-
Other Assets		3,942,000	3,567,000	2,841,000
Deferred Long Term Asset Charges		-	-	-
Total Assets		170,706,000	163,429,000	163,514,000
Liabilities
Current Liabilities
	Accounts Payable	50,550,000	47,638,000	44,278,000
	Short/Current Long Term Debt	4,919,000	7,669,000	11,269,000
	Other Current Liabilities	92,000	83,000	2,907,000
Total Current Liabilities		55,561,000	55,390,000	58,454,000
Long Term Debt		36,401,000	34,549,000	33,402,000
Other Liabilities		-	-	-
Deferred Long Term Liability Charges		5,508,000	6,014,000	5,111,000
Minority Interest		2,180,000	1,794,000	1,939,000
Negative Goodwill		-	-	-
Total Liabilities		99,650,000	97,747,000	98,906,000
Stockholders' Equity
Misc Stocks Options Warrants		307,000	397,000	-
Redeemable Preferred Stock		-	-	-
Preferred Stock		-	-	-
Common Stock		378,000	393,000	397,000
Retained Earnings		66,638,000	63,660,000	57,319,000
Treasury Stock		-	-	-
Capital Surplus		3,803,000	3,920,000	3,028,000
Other Stockholder Equity		(70,000)	(2,688,000)	3,864,000
Total Stockholder Equity		70,749,000	65,285,000	64,608,000
Net Tangible Assets		54,623,000	50,025,000	48,537,000

Income Statement

View: Annual Data | Quarterly Data

All numbers in thousands

Period Ending		Oct 31, 2010	Jul 31, 2010	Apr 30, 2010	Jan 31, 2010
Total Revenue		101,952,000	103,689,000	99,848,000	113,751,000
Cost of Revenue		75,906,000	77,520,000	74,703,000	85,291,000
Gross Profit		26,046,000	26,169,000	25,145,000	28,460,000
	Operating Expenses
	Research Development	-	-	-	-
	Selling General and Administrative	20,435,000	20,014,000	19,373,000	21,054,000
	Non Recurring	-	-	-	-
	Others	-	-	-	-
	Total Operating Expenses	-	-	-	-
Operating Income or Loss		5,611,000	6,155,000	5,772,000	7,406,000
	Income from Continuing Operations
	Total Other Income/Expenses Net	53,000	57,000	51,000	53,000
	Earnings Before Interest And Taxes	5,664,000	6,212,000	5,823,000	7,459,000
	Interest Expense	569,000	542,000	522,000	522,000
	Income Before Tax	5,095,000	5,670,000	5,301,000	6,937,000
	Income Tax Expense	1,505,000	1,946,000	1,834,000	1,982,000
	Minority Interest	(154,000)	(151,000)	(143,000)	(175,000)
	Net Income From Continuing Ops	3,590,000	3,724,000	3,467,000	4,955,000
	Non-recurring Events
	Discontinued Operations	-	-	-	(57,000)
	Extraordinary Items	-	-	-	-
	Effect Of Accounting Changes	-	-	-	-
	Other Items	-	-	-	-
Net Income		3,436,000	3,573,000	3,324,000	4,723,000
Preferred Stock And Other Adjustments		-	-	-	-
Net Income Applicable To Common Shares		3,436,000	3,573,000	3,324,000	4,723,000

Balance Sheet

View: Annual Data | Quarterly Data

All numbers in thousands

Period Ending		Oct 31, 2010	Jul 31, 2010	Apr 30, 2010	Jan 31, 2010
Assets
Current Assets
	Cash And Cash Equivalents	10,616,000	10,195,000	8,516,000	7,907,000
	Short Term Investments	-	-	-	-
	Net Receivables	4,374,000	4,531,000	4,235,000	4,144,000
	Inventory	41,059,000	34,793,000	35,503,000	33,160,000
	Other Current Assets	3,519,000	3,526,000	3,420,000	3,120,000
Total Current Assets		59,568,000	53,045,000	51,674,000	48,331,000
Long Term Investments		-	-	-	-
Property Plant and Equipment		106,542,000	103,814,000	102,928,000	102,307,000
Goodwill		16,586,000	15,993,000	15,859,000	16,126,000
Intangible Assets		-	-	-	-
Accumulated Amortization		-	-	-	-
Other Assets		4,194,000	4,092,000	3,910,000	3,942,000
Deferred Long Term Asset Charges		-	-	-	-
Total Assets		186,890,000	176,944,000	174,371,000	170,706,000
Liabilities
Current Liabilities
	Accounts Payable	55,435,000	55,049,000	53,261,000	50,550,000
	Short/Current Long Term Debt	12,895,000	10,531,000	11,177,000	4,919,000
	Other Current Liabilities	77,000	75,000	74,000	92,000
Total Current Liabilities		68,407,000	65,655,000	64,512,000	55,561,000
Long Term Debt		43,899,000	38,702,000	35,780,000	36,401,000
Other Liabilities		-	-	-	-
Deferred Long Term Liability Charges		6,197,000	5,368,000	5,152,000	5,508,000
Minority Interest		2,495,000	2,250,000	2,273,000	2,180,000
Negative Goodwill		-	-	-	-
Total Liabilities		120,998,000	111,975,000	107,717,000	99,650,000
Stockholders' Equity
Misc Stocks Options Warrants		367,000	323,000	325,000	307,000
Redeemable Preferred Stock		-	-	-	-
Preferred Stock		-	-	-	-
Common Stock		3,969,000	3,999,000	4,059,000	378,000
Retained Earnings		61,451,000	61,746,000	62,486,000	66,638,000
Treasury Stock		-	-	-	-
Capital Surplus		-	-	-	3,803,000
Other Stockholder Equity		105,000	(1,099,000)	(216,000)	(70,000)
Total Stockholder Equity		65,525,000	64,646,000	66,329,000	70,749,000
Net Tangible Assets		48,939,000	48,653,000	50,470,000	54,623,000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.27
UK Pound	1	Rs.72.95
Euro	1	Rs.63.08

RATING EXPLANATIONS

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

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%)

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.