1. Summary Information

		Country	India
Company Name	INFINITI RETAIL LIMITED	Principal Name 1	Mr. Rayaroth Kariandi Krishna Kumar
Status	Satisfactory	Principal Name 2	Mr. Rajendra R Bhinge
		Registration #	11-158120
Street Address	Bombay House, 24-Homi Modi Street, Mumbai – 400 001, Maharashtra, India
Established Date	16.12.2005	SIC Code	--
Telephone#	91-22-67613600	Business Style 1	Chain of Retail Stores
Fax #	91-22-67101903	Business Style 2	--
Homepage	www.cromaretail.com	Product Name 1	--
# of employees	Not available	Product Name 2	--
Paid up capital	Rs. 2400000000 /-	Product Name 3	--
Shareholders	Bodies corporate – 100%	Banking	HDFC Bank Limited
Public Limited Corp.	NO	Business Period
IPO	NO	International Ins.	6 years
Public Enterprise	NO	Rating	Ba (43)
Related Company
Relation	Country	Company Name	CEO
Fellow Subsidiaries	India	THDC Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	890,880,000	Current Liabilities	784,891,000
Inventories	948,786,000	Long-term Liabilities	1,502,367,000
Fixed Assets	727,082,000	Other Liabilities	000
Deferred Assets	000	Total Liabilities	2,287,258,000
Invest& other Assets	75,240,000	Retained Earnings	368,650,000
		Net Worth	354,730,000
Total Assets	2,641,988,000	Total Liab. & Equity	2,641,988,000
Total Assets (Previous Year)	1,972,359,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	10,214,000,000	Net Profit	(724,200,000)
Sales(Previous yr)	6,574,800,000	Net Profit(Prev.yr)	(863,900,000)

MIRA INFORM REPORT

Report Date :

04.11.2011

IDENTIFICATION DETAILS

Name :	INFINITI RETAIL LIMITED (w.e.f. 21.12.2005)
Formerly Known As :	VALVES ELECTRONICS LIMITED
Registered Office :	Bombay House, 24-Homi Modi Street, Mumbai – 400 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.12.2005
Com. Reg. No.:	11-158120
Capital Investment / Paid-up Capital :	Rs.2400.000 millions
CIN No.: [Company Identification No.]	U31900MH2005PLC158120
TAN No.: [Tax Deduction & Collection Account No.]	MUMV13188A
Legal Form :	A closely held Public limited liability company
Line of Business :	Chain of Retail Stores

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 1420000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Tata Sons Limited an investment company of country’s premier industrial house. There appears to be some losses incurred by the company. However trade relations are reported as fair. Business is active. Payments are reported to be usually correct. In view of strong Holding Company the subject can be considered normal for business dealings at usual trade terms and conditions.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	Bombay House, 24-Homi Modi Street, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-67613600
Fax No.:	91-22-67101903
E-Mail :	taher.ali@infinitiretail.com
Website :	www.cromaretail.com
Corporate Office :	202 Akruti Centre Point, Next to Marol Telephone Exchange, MIDC, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-67101900
Fax No.:	91-22-67101903
CROMA (Juhu Office) :	CROMA Ground Floor, Vasundhara CHS, Opp. Utpal Shanghvi School, JVPD, Vile Parle (West), Mumbai – 400 049, Maharashtra, India
Tel. No.:	91-22-67103333
Fax No.:	91-22-67107630
Branch Office (CROMA) :	Located at Mumbai · Malad · Santacruz Airport · Dahisar · CBD Belapur · Vashi · Mira Bhayender · Mulund Pune Ahmedabad · Himalaya · Devarc Surat · Bengalooru Eva Mall Koramangala New Delhi · Vikas Surya Shopping Mall

DIRECTORS

As on : 17.08.2010

Name :

Mr. Rayaroth Kariandi Krishna Kumar

Designation :

Chairman

Address :

‘Apsara’ NCPA Complex, Flat No. 213, B Block, Nariman Point, Mumbai – 400 021, Maharashtra, India

Date of Birth/Age :

18.07.1938

Date of Appointment :

18.05.2006

Din No.:

00027941

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L15491WB1962PLC031425	TATA GLOBAL BEVERAGES LIMITED	Director	05-05-87	05-05-87	-	Active	NO
2	L01131KA1943PLC000833	TATA COFFEE LIMITED	Nominee director	10-01-91	10-01-91	-	Active	NO
3	L74999MH1902PLC000183	THE INDIAN HOTELS COMPANY LIMITED	Director	29-08-97	29-08-97	-	Active	NO
4	U55101MH1968PLC013960	PIEM HOTELS LIMITED	Director	06-09-97	06-09-97	-	Active	NO
5	L55101TN1970PLC005897	ORIENTAL HOTELS LIMITED	Director	24-09-97	24-09-97	-	Active	NO
6	U44003MH1945PLC004403	TATA INDUSTRIES LIMITED	Director	03-04-98	03-04-98	-	Active	NO
7	U99999MH1917PLC000478	TATA SONS LIMITED	Director	22-01-02	22-01-02	-	Active	NO
8	U74999MH1922PLC001030	EWART INVESTMENTS LIMITED	Director	28-03-02	28-03-02	-	Active	NO
9	U99999MH1942PLC003573	TATA HOUSING DEVELOPMENT COMPANY LIMITED	Director	22-09-04	22-09-04	-	Active	NO
10	U64200AP1995PLC044060	TATA BUSINESS SUPPORT SERVICES LIMITED	Director	14-01-05	14-01-05	03-12-07	Active	NO
11	U31900MH2005PLC158120	INFINITI RETAIL LIMITED	Director	26-06-09	18-05-06	-	Active	NO
12	U65990MH1991PLC060670	TATA CAPITAL LIMITED	Additional director	01-11-06	01-11-06	30-04-07	Active	NO
13	U70102MH2007PLC168300	TATA REALTY AND INFRASTRUCTURE LIMITED.	Director	02-03-07	02-03-07	-	Active	NO
14	U51900MH1962PLC012528	TATA INTERNATIONAL LIMITED	Additional director	22-05-07	22-05-07	22-04-09	Active	NO
15	U74990MH2009PTC190764	RNT ASSOCIATES PRIVATE LIMITED	Director	05-03-09	05-03-09	-	Active	NO
16	U45401MH2007PTC170381	CASA DECOR PRIVATE LIMITED	Director	30-09-09	21-07-09	-	Active	NO
17	U15500HR2010PLC041616	NOURISHCO BEVERAGES LIMITED	Additional director	14-03-11	14-03-11	-	Active	NO

Name :

Mr. Rajendra R Bhinge

Designation :

Director

Address :

83, Landmark Carmichael Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

29.05.1952

Date of Appointment :

16.12.2005

Din No.:

00036557

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U01110MH1990PLC057600	ORIENTAL FLORATECH INDIA LIMITED	Director	16-04-91	16-04-91	26-05-09	Active	NO
2	U84200MH1992PLC066138	ITEL INDUSTRIES LIMITED	Director	27-03-92	27-03-92	28-08-08	Active	NO
3	U74999MH1993PLC072118	ORIENTAL SERITECH LIMITED	Director	25-05-93	25-05-93	07-08-09	Active	NO
4	U34300PN1996PLC015038	TATA JOHNSON CONTROLS AUTOMOTIVE LIMITED	Director	25-07-96	25-07-96	-	Active	NO
5	L32200MH1940PLC003164	NELCO LIMITED	Director	29-08-03	29-08-03	-	Active	NO
6	U34100MH1995PLC093733	TATA AUTOCOMP SYSTEMS LIMITED	Director	30-07-04	30-07-04	-	Active	NO
7	U31900MH2005PLC158120	INFINITI RETAIL LIMITED	Director	16-12-05	16-12-05	-	Active	NO
8	U51900MH2006PLC159776	COMPUTATIONAL RESEARCH LABORATORIES LIMITED	Director	06-08-07	14-07-06	-	Active	NO
9	U67120MH1987PLC044351	TATANET SERVICES LIMITED	Director	14-09-11	14-09-11	-	Active	NO

Name :

Mr. Pankaj K Gupta

Designation :

Director

Address :

B 7, Sneh Milan Khandelwal Society, 17^th Road, Khar (West), Mumbai – 400 052, Maharashtra, India

Date of Birth/Age :

07.08.1972

Date of Appointment :

16.12.2005

Din No.:

00467066

Name :

Mr. Ajit Joshi

Designation :

Chief Executive Officer and Managing Director

Address :

Flat No. 802, 8^th Floor, Badrinath Towers, Kailash Sarovar Sankul, Off Seven Bunglow, Versova, Andheri (West), Mumbai – 400 061, Maharashtra, India

Date of Birth/Age :

12.05.1960

Date of Appointment :

27.11.2006

Din No.:

01265581

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31900MH2005PLC158120	Infiniti Retail Limited	Managing director	27-11-06	27-11-06	-	Active	NO
2	U85191MH2011NPL222989	Retailers Association's Skill Council of India	Director	13-10-11	13-10-11	-	Active	NO

Name :

Mr. Arunkumar R. Gandhi

Designation :

Director

Address :

Akruti Astha, 23 G, Dongarsey Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

15.03.1943

Date of Appointment :

25.03.2010

Name :

Mr. Jimmy Bilimoria

Designation :

Director

Address :

5 Battery House, 2^nd Floor, 74, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

27.01.1947

Date of Appointment :

06.10.2009

KEY EXECUTIVES

Name :	Mr. Taher Ali
Designation :	Assistant Manager – Legal and Company Secretary
Address :	Flat No. 804, Wing – C, Nilgiri, Bamandaya Pada, Opp. Custom Colony, Military Road, Marol, Andheri East, Mumbai – 400072, Maharashtra, India
Date of Birth/Age :	06.03.1975
Date of Appointment :	18.09.2006
Name :	Mr. Avijit Mitra
Designation :	Chief Financial Officer
Name :	Ms. Priyanka Gidwani
Designation :	Head- Business Development and HR
Name :	Mr. Sumit Sahay
Designation :	Head Marketing
Name :	Mr. Deba Adhya
Designation :	Head Business Intelligence and Own Label
Name :	Mr. Hemant Taware
Designation :	Head Operations

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 17.08.2010

Names of Shareholders	No. of Shares
Tata Sons Limited, India	239999994
Tata Sons Limited and Phillie Dara Karkaria,	1
Tata Sons Limited and Bharat D Vasani, India	1
Tata Sons Limited and Rohinton P Wadia, India	1
Tata Sons Limited and Kersi Rustom Bhagat, India	1
Tata Sons Limited and Manoj Kumar Cheranalloor Vasudevan, India	1
Tata Sons Limited and Eruch N. Kapadia, India	1
Total	240000000

Equity share breakup (percentage of total equity)

(As on : 17.08.2010)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Chain of Retail Stores

GENERAL INFORMATION

Bankers :

· HDFC Bank Limited

· HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

· Bank of Baroda, Mumbai Main Office, 10/12, M S Marg, Fort Mumbai – 400023, Maharashtra, India

· HSBC Bank

Facilities :

Secured Loans	(As on 31.03.2010) Rs. In Millions	(As on 31.03.2009) Rs. In millions
6% Secured Redeemable Non Convertible Debentures (Secured by second charge created on moveable Fixed Assets, stock in trade and trade debts)	500.000	0.000
Term Loan from HDFC Bank (Secured by hypothecation of fixed Assets, Stock in trade and trade debtors)	350.000	150.000
Term Loan from Bank of Baroda (Secured by hypothecation of Fixed Assets)	600.000	100.000
Interest Accrued and Due	2.400	1.625
Total	1452.400	251.625
Unsecured Loan
Intercorporate Deposits	50.000	650.000
Interest Accrued and Due on Intercorporate Deposits	0.000	2.548
Total	50.000	652.548

Banking Relations :	Satisfactory
Auditors :
Name :	PKF Sridhar and Santhanam Chartered Accountant
Address :	No. 98-A, IV Floor, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600 004, Tamilnadu, India
Tel. No.:	91-44-28478701/2
Fax No.:	91-44-28478705
Email :	ssca@vsnl.com
Pan No.:	AAOFS2783G
Holding Company :	Tata Sons Limited CIN No.: U99999MH1917PLC000478
Fellow Subsidiaries :	· THDC Limited · Tata Consultancy Services Limited · CMC Limited · Tata AIG General Insurance Company Limited · Tata AIG Life Insurance Company Limited · Tata Teleservices (Maharashtra) Limited · Tata Teleservices Limited · TC Travel Service Limited · Ewart Investment Limited · Tata Capital Limited · Tata Investment Limited

CAPITAL STRUCTURE

As on : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
360000000	Equity Shares	Rs.10/- each	Rs.3600.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
240000000	Equity Shares (100 % held by Tata Sons Limited and its nominees)	Rs.10/- each	Rs.2400.000 millions

After : 17.08.2010

Authorised Capital : Rs. 3600.000 millions

Issued, Subscribed & Paid-up Capital : Rs. 2800.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		2400.000	2200.000	1800.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		368.650	0.000	0.000
4] (Accumulated Losses)		(2413.920)	(1689.838)	(825.812)
NETWORTH		354.730	510.162	974.188
LOAN FUNDS
1] Secured Loans		1452.367	251.625	111.510
2] Unsecured Loans		50.000	652.548	0.000
TOTAL BORROWING		1502.367	904.173	111.510
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1857.097	1414.335	1085.698
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		727.082	619.227	464.779
Capital work-in-progress		66.530	16.385	22.834
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	948.786	635.528	470.522
	Sundry Debtors	142.985	104.707	61.344
	Cash & Bank Balances	159.577	100.293	34.956
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	588.318	482.641	293.843
Total Current Assets		1839.666	1323.169	860.665
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	178.400	263.500	169.728
	Current Liabilities	559.778	284.907	104.804
	Provisions	46.713	9.617	6.094
Total Current Liabilities		784.891	558.024	280.626
Net Current Assets		1054.775	765.145	580.039
MISCELLANEOUS EXPENSES		8.710	13.578	18.046
TOTAL		1857.097	1414.335	1085.698

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	10214.000	6574.800	2859.876
		Other Income	17.100	4.100	1.664
		TOTAL (A)	10231.100	6578.900	2861.540
Less	EXPENSES
		Cost of Goods Sold	9083.000	5944.900	2704.117
		Staff Cost	336.500	289.600	156.658
		Administrative and Other Expenses	1298.600	1082.400	587.712
		Share Issue Expenses	4.900	4.900	4.788
		Exceptional Items	10.500	7.500	0.000
		Prior Period Items	10.500	0.000	0.000
		TOTAL (B)	10744.000	7329.300	3453.275
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(512.900)	(750.400)	(591.735)
Less	FINANCIAL EXPENSES (D)		149.000	63.800	14.340
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(661.900)	(814.200)	(606.075)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		62.300	47.400	24.348
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(724.200)	(861.600)	(630.423)
Less	TAX (H)		0.000	2.300	2.547
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(724.200)	(863.900)	(632.970)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1689.700)	(825.800)	(192.842)
	BALANCE CARRIED TO THE B/S		(2413.900)	(1689.700)	(825.812)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	5.900	1.000	0.115
	TOTAL EARNINGS		5.900	1.000	0.115
	IMPORTS
		Stores & Spares	0.000	0.100	0.603
	TOTAL IMPORTS		0.000	0.100	0.603
	Earnings Per Share (Rs.)		(3.29)	(168.97)	(76.100)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(7.07)	(13.13)	(22.12)
Net Profit Margin (PBT/Sales)	(%)	(7.09)	(13.10)	(22.22)
Return on Total Assets (PBT/Total Assets}	(%)	(28.21)	(44.36)	(47.56)
Return on Investment (ROI) (PBT/Networth)		(2.04)	(1.68)	(0.65)
Debt Equity Ratio (Total Liability/Networth)		6.44	2.86	0.40
Current Ratio (Current Asset/Current Liability)		2.34	2.37	3.07

LOCAL AGENCY FURTHER INFORMATION

OPERATING PROFIT

The Company’s Operating Loss for the financial year was Rs 554.700 millions against the previous year’s loss of Rs 790.300 millions. This represents a 659 basis points improvement in the Operating Margin over the previous financial year. The continued loss was mainly due to the new stores that operated for only part of the financial year.

BUSINESS OVERVIEW

The most significant achievement of the financial year was that the Company crossed the Rs 10000.000 millions turnover mark in the 3rd full year of operation. The Company is now one of the top three CDIT retailers in India by turnover. Resultantly the Company’s Operating Margin improved significantly by 659 basis points due to better trading terms with brands and improved operating efficiency.

Same-store sales grew by 13% over the previous financial year, despite the effects of the global economic meltdown witnessed in India during the first half of the financial year. The trend of sales recorded by most of the new stores launched during the financial year has also been encouraging, with a few stores already becoming profitable.

By the end of the financial year, the Company’s operations had spread to 10 cities in India viz. Mumbai, Pune, Delhi (NCR), Ahmedabad, Baroda, Surat, Rajkot, Bangalore, Hyderabad and Chennai. The Company plans to penetrate deeper into these markets with a view to becoming the dominant CDIT retailer in each of these cities within the next three years. In the coming financial year, the Company is planning to extend its footprints to Tier 2 cities around its existing clusters.

The Croma brand continues to consolidate its position as a trusted name in CDIT retailing, with a unique customer service proposition. During the year, the Company launched its own brand of products, which were received extremely well by the market. The Company plans to build a robust offering of “Croma” branded products in the next few years, which would improve its margins even further.

The Company continued to invest significant resources on training so that its customer promise of “We help you Buy” is effectively delivered through the front-end sales staff. The strategic exclusive partnership with a third party training company is delivering the desired results under the guidance of the Company’s management.

The economic meltdown offered a window of opportunity to the Company to renegotiate the existing rentals. The Company used this opportunity to reduce the rentals and also surrender excess area in many cases. These reductions in rentals and area have helped to improve the Operating Margin of the Company during the financial year. For the new stores signed up after the economic meltdown, the Company has managed to either get a sustainable fixed rent or derisk the operating leverage by negotiating revenue share arrangements in many cases.

The Indian CDIT market seems to have come out of the effects of the economic meltdown and is back on the growth path since the festival season in 2009. The Company is confident of continuing its steady growth in revenue in FY11 and expects the Operating Margin to improve significantly with its scale of operation.

CONTINGENT LIABILITIES : (RS. IN MILLIONS)

Particulars	31.03.2010
Bank Guarantees outstanding in favour of Government and other parties	1.400
Estimated amount of contracts to be executed on capital accountant and not provided for (net of advances)	33.700

FORM NO. 8:

This form is for

Modification of charge

Name of the company

Infiniti Retail Limited

Corporate identity number of the company

U31900MH2005PLC158120

Address of the registered office or of the principal place of business in India of the company

Bombay House, 24-Homi Modi Street, Mumbai – 400 001, Maharashtra, India

Type of charge

• Book Debts
• Movable Property
• Floating Charge

Particular of charge holder

Name :	Bank of Baroda
Address :	Mumbai Main Office, 10/12, M S Marg, Fort, Mumbai, Maharashtra -400023, India
Email :	fortap@bankofbaroda.com

Nature of description of the instrument creating or modifying the charge

Supplemental Letter of Hypothecation No. 3

Date of instrument Creating the charge

06.05.2010

Amount secured by the charge

Rs.600.000 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

ROI as may be mutually agreed between the bank and the company.

Terms of Repayment

On Demand

Margin

Margin as may be stipulated by the bank from time to time

Extent and Operation of the charge

First pari passu charge on stocks, book debts and movable fixed assets of Infiniti Retail Limited both Present and Future

Others :

Nil

Short particulars of the property charged (Including location of the property)

First Pari passu charge on all stocks and book debts both present and future

Date of instrument modifying the charge

19.01.2010

Particulars of the present modification

The present charge is extended due to sanction of Additional credit facilities of Rs. 200.000 millions by HDFC Bank Limited This facility is in addition to earlier facility of Rs. 400.000 millions sanctioned by HDFC Bank Limited to Infiniti Retail Limited Total facility after sanction of Additional facility and this modification is amounting to rs. 600.000 millions

FIXED ASSETS :

TANGIBLE ASSETS

· Leasehold improvements

· Plant and Machinery

· Furniture and Fixtures

· Computers

INTANGIBLE ASSETS

· Brand

· ERP Software

· Website Development

Web Details

About Croma

Subject, is a 100% subsidiary of Tata Sons Limited, promoted to operate in the promising consumer electronics retail market that is evolving in India.

Subject, has entered into a technical and sourcing agreement with an Australian retail giant, Woolworths Limited, which currently operates more than 2000 stores across Australia in 12 different formats, including consumer electronics retailing Subject will own and run the retail operations in India, while Woolworths will provide technical support and strategic sourcing facilities from its global network.

Subject has announced its plans to operate a national chain of multi brand outlets of consumer electronics and durables, under the brand name ‘CROMA’. These electronics mega stores, will offer the country’s widest range of consumer electronics products across categories and brands. With more than 6000 products, 180 brands and 8 categories – Home Entertainment, Small Appliances, White Goods, Computers, Communication, Music, Imaging and Gaming software - the stores will be spread over 15000 to 20000 sq.ft.

The first ‘Croma’ store was inaugurated on 9 th October 2006, in a suburb of Mumbai, Juhu. Corma is now also at Malad in Mumbai and has opened it doors in Ahmedabad too. Subject plans to launch 30 such large format stores across the country by 2008. Subject has ambitious plans to expand across India with atleast 100 stores by 2010.

With the philosophy of ‘We help you buy’, this high tech store promises to provide world class service through a team of highly qualified and trained staff, the best product range in India to choose from and great prices on a consistent basis.

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. 49.07
UK Pound	1	Rs. 78.78
Euro	1	Rs. 67.75

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	-
--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		43

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

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

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

RATING EXPLANATIONS

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

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

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