MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	BHARTI WAL-MART PRIVATE LIMITED	Principal Name 1	Mr. Manik Hiru Jhangiani
Status	Moderate	Principal Name 2	Mr. Rajan Bharti Mittal
		Registration #	55-167118
Street Address	Bharti Crescent, 1, Nelson Mandela Road, Phase II, Vasant Kunj, New Delhi – 110070, Delhi, India
Established Date	17.08.2007	SIC Code	--
Telephone#	--	Business Style 1	Cash and Carry Business.
Fax #	--	Business Style 2	--
Homepage	www.bharti.com	Product Name 1	--
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 801,001,000	Product Name 3	--
Shareholders	Foreign holdings (50%) Bodies corporate (50%)	Banking	The Honkong and Shanghai Banking Corporation Limited
Public Limited Corp.	NO	Business Period	4 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	B (26)
Related Company
Relation	Country	Company Name	CEO
Associate	India	Bharti Retail Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	428,499,000	Current Liabilities	1,484,519,000
Inventories	626,863,000	Long-term Liabilities	4,420,000,000
Fixed Assets	709,345,000	Other Liabilities	69,536,000
Deferred Assets	000	Total Liabilities	5,974,055,000
Invest& other Assets	135,712,000	Retained Earnings	[4,874,637,000]
		Net Worth	[4,073,636,000]
Total Assets	1,900,419,000	Total Liab. & Equity	1,900,419,000
Total Assets (Previous Year)	966,164,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	7,720,940,000	Net Profit	[1,679,020,000]
Sales(Previous yr)	1,984,470,000	Net Profit(Prev.yr)	[1, 512,720,000]

MIRA INFORM REPORT

Report Date :

27.09.2011

IDENTIFICATION DETAILS

Name :	BHARTI WAL-MART PRIVATE LIMITED

Registered Office :	Bharti Crescent, 1, Nelson Mandela Road, Phase II, Vasant Kunj, New Delhi – 110070, Delhi

Country :	India

Financials (as on) :	31.12.2010

Date of Incorporation :	17.08.2007

Com. Reg. No.:	55-167118

Capital Investment/ Paid-up Capital:	Rs. 801.001 Millions

CIN No.: [Company Identification No.]	U51909DL2007PTC167118

TAN No.: [Tax Deduction & Collection Account No.]	DELB9826F

Legal Form :	Private Limited Liability Company

Line of Business :	Cash and Carry Business.

No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 16300000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is a joint – venture between Bharti Group India and Wal – Mart USA. It is a company having moderate track. The Company has huge accumulated losses. Profitability of the company is under severe pressure. However, Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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 – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

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

LOCATIONS

Registered Office :	Bharti Crescent, 1, Nelson Mandela Road, Phase II, Vasant Kunj, New Delhi – 110070, Delhi, India
E-Mail :	Gurdeep.Kaur@bharti.wal-mart.com
Website :	www.bharti.com

Corporate Office :	4^th Floor, Orchid Center, Sector – 53, Golf courses Road, Opp. Sun City, Gurgaon – 122002, Haryana, India

DIRECTORS

As On 25.03.2011

Name :	Mr. Manik Hiru Jhangiani
Designation :	Director
Address :	19, Kaitilya Marg, Chanakyapuri, New Delhi – 110021, India
Date of Birth/Age :	17.07.1965
Date of Appointment :	30.11.2009
DIN No:	02727699

Other Directorship:

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	U32039HR1985PLC032091	BHARTI TELECOM LIMITED	Managing director	04-09-09	22-07-09	-	Active	NO
2	U65900MH2007FTC173079	Bharti AXA Investment Managers Private Limited	Director appointed in casual vacancy	21-08-09	21-08-09	-	Active	NO
3	U66030KA2007PLC043362	BHARTI AXA GENERAL INSURANCE COMPANY LIMITED	Director appointed in casual vacancy	24-08-09	24-08-09	-	Active	NO
4	U74140KA2007PTC043520	GIBA Holdings Private Limited	Director	27-09-10	24-08-09	-	Active	NO
5	U64201DL2006PLC156038	Bharti Infratel Limited	Director	09-08-10	26-08-09	-	Active	NO
6	U51909DL2007PTC167118	Bharti Wal-Mart Private Limited	Director	05-03-10	03-09-09	-	Active	NO
7	U67120DL1996PTC076641	FIRST AMERICAN SECURITIES PRIVATE LIMITED	Director appointed in casual vacancy	10-09-09	10-09-09	-	Active	NO
8	U66010MH2005PLC157108	BHARTI AXA LIFE INSURANCE COMPANY LIMITED	Director appointed in casual vacancy	10-09-09	10-09-09	-	Active	NO
9	U52599DL2007PLC159150	CEDAR SUPPORT SERVICES LIMITED	Director	21-06-10	10-12-09	-	Active	NO
10	U64202DL2007PLC172081	Bharti Infratel Ventures Limited	Director	09-08-10	17-12-09	-	Active	NO
11	U74993DL2007PLC163757	BHARTI ENTERPRISES LIMITED.	Director	30-09-10	24-12-09	-	Active	NO
12	U51909DL2007PLC158953	BHARTI RETAIL LIMITED	Director	29-04-10	12-01-10	-	Active	NO
13	U66010DL2010PTC211456	Bharti Insurance Holdings Private Limited	Additional director	21-12-10	21-12-10	-	Active	NO

Name :	Mr. Rajan Bharti Mittal
Designation :	Director
Address :	E – 9/17, Vasant Vihar, Vasant Marg, New Delhi – 110065, India
Date of Birth/Age :	05.10.1960
Date of Appointment :	17.08.2007
DIN No:	00028016

Other Directorship:

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	U74899DL1983PTC015323	BHARTI INFOTEL PRIVATE LIMITED	Director	04-03-83	04-03-83	-	Active	NO
2	U92113DL1985PLC021580	BHARTI TELE COM LTD	Director	16-03-89	16-03-89	-	Not Available for eFiling	NO
3	U32039HR1985PLC032091	BHARTI TELECOM LIMITED	Director	16-03-89	16-03-89	-	Active	NO
4	L74899DL1995PLC070609	Bharti Airtel Limited	Director	01-04-07	07-07-95	-	Active	NO
5	U32204HR1999PLC042204	BEETEL TELETECH LIMITED	Director	30-03-99	30-03-99	04-11-09	Active	NO
6	U72900DL2001PTC109151	LILY PROJECTS PRIVATE LIMITED	Director	10-01-01	10-01-01	01-12-06	Amalgamated	NO
7	L92200DL1999PLC103001	T.V. TODAY NETWORK LIMITED.	Director	21-11-01	21-11-01	08-11-10	Active	NO
8	U70101DL2003PTC120760	BHARTI REALTY PRIVATE LIMITED	Director	06-06-03	06-06-03	-	Amalgamated	NO
9	U70101DL2003PLC123388	Bharti Realty Holdings Limited	Managing director	28-09-10	08-12-03	-	Active	NO
10	U66010MH2005PLC157108	BHARTI AXA LIFE INSURANCE COMPANY LIMITED	Alternate director	16-05-06	16-05-06	11-06-07	Active	NO
11	U72300DL2005PTC142757	Bharti Overseas Private Limited	Director	21-09-07	14-11-06	-	Active	NO
12	U72300DL2005PLC142756	Bharti Ventures Limited	Director	24-09-07	14-11-06	-	Active	NO
13	U51909DL2007PLC158953	BHARTI RETAIL LIMITED	Director	07-02-07	07-02-07	-	Active	NO
14	U52599DL2007PLC159150	CEDAR SUPPORT SERVICES LIMITED	Director	11-08-08	12-02-07	01-06-10	Active	NO
15	U74993DL2007PLC163757	BHARTI ENTERPRISES LIMITED.	Director	23-09-08	22-05-07	28-01-10	Active	NO
16	U51909DL2007PTC167118	Bharti Wal-Mart Private Limited	Director	17-08-07	17-08-07	-	Active	NO
17	U65923DL2007PTC168640	Bharti (RBM) Holdings Private Limited	Director	12-09-08	25-09-07	-	Active	NO
18	U74900DL2007PTC169368	Bharti (LM) Holdings Private Limited	Director	18-09-08	12-10-07	-	Active	NO
19	U92100DL2007PLC170574	Indus Towers Limited	Director	20-11-07	20-11-07	07-12-07	Active	NO
20	U70101DL2003PLC123387	BHARTI REALTY LIMITED.	Managing director	16-09-08	01-04-08	16-11-09	Active	NO
21	U15133HR2004PTC041215	Field Fresh Foods Private Limited	Alternate director	25-11-08	25-11-08	28-01-09	Active	NO
22	U74900DL2009PTC190102	Bharti (RBM) Resources Private Limited	Director	30-09-10	08-05-09	-	Active	NO
23	U74900DL2009PTC190101	Bharti (RBM)Trustees Private Limited	Director	30-09-10	08-05-09	-	Active	NO
24	U74900DL2009PTC190214	Bharti (Satya) Trustees Private Limited	Director	30-09-10	12-05-09	-	Active	NO
25	U74140DL2009PTC190299	Bharti (RBM) Services Private Limited	Director	30-09-10	14-05-09	-	Active	NO
26	U74900DL2009PTC190495	Bharti Management Private Limited	Director	30-09-10	21-05-09	-	Active	NO
27	U74140DL2010PTC197775	BHARTI ENTERPRISES (HOLDING) PRIVATE LIMITED	Director	06-12-10	08-01-10	-	Active	NO
28	U66010DL2010PTC211456	Bharti Insurance Holdings Private Limited	Director	15-12-10	15-12-10	22-12-10	Active	NO

Name :	Mr. Scott Anthony Price
Designation :	Director
Address :	Unit 2801-02, 28/F, New York Life Tower, Windsor House, 311 Gloucester Road, Causeway Bay Hong Kong
Date of Birth/Age :	20.04.1961
Date of Appointment :	30.11.2009
DIN No:	02890248

Name :	Mr. Rajkumar Jain
Designation :	Director
Address :	AR 5118, The Aralias, DLF Golf Links, Gurgaon – 122009, India
Date of Birth/Age :	02.03.1959
Date of Appointment :	24.08.2007
DIN No:	01741527

Name :	Mr. Carl Douglas Mc Millon
Designation :	Director
Address :	1701, Tiger Boulevard, Bantonville AB, 72712, U.S.A.
Date of Birth/Age :	17.10.1966
Date of Appointment :	03.09.2009
DIN No:	02788051

Name :	Mr. Inderjit Walia
Designation :	Director
Address :	C-1, Greater Kailash, Enclave – 1, New Delhi – 110048, Delhi, India
Date of Birth/Age :	17.05.1958
Date of Appointment :	30.11.2009
DIN No:	01812849

Other Directorship:

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	U92100DL2007PLC170574	Indus Towers Limited	Director	04-06-08	07-12-07	-	Active	NO
2	U64202DL2007PLC172081	Bharti Infratel Ventures Limited	Director	01-08-08	31-12-07	-	Active	NO
3	U74120DL2007PLC158956	Centum Learning limited	Director	07-07-08	15-01-08	-	Active	NO
4	U74140DL2008PTC173843	Bharti Retail Resources Private Limited	Director	08-02-08	08-02-08	-	Amalgamated	NO
5	U51909DL2007PLC158953	BHARTI RETAIL LIMITED	Director	18-10-10	20-03-08	-	Active	NO
6	U64201DL2006PLC156038	Bharti Infratel Limited	Director	22-07-08	31-03-08	-	Active	NO
7	U32204HR1999PLC042204	BEETEL TELETECH LIMITED	Director	25-09-08	02-05-08	-	Active	NO
8	U51909DL2007PTC167118	Bharti Wal-Mart Private Limited	Director	05-03-10	05-11-08	-	Active	NO
9	U52599DL2007PLC159150	CEDAR SUPPORT SERVICES LIMITED	Director	29-09-09	24-02-09	01-12-10	Active	NO
10	U15133HR2004PTC041215	Field Fresh Foods Private Limited	Director	21-08-09	21-08-09	19-11-09	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.03.2011

Names of Shareholders		No. of Shares
Cedar Support Services Limited (India)		800900
Bharti Ventures Limited (India)		39249100
Wal-Mart Mauritius (1) Holding Company Limited, (Mauritius)		40050000
Wal-Mart Mauritius (2) Holding Company Limited, (Mauritius)		100
Total		80100100

Equity Share Break up (Percentage of Total Equity)

As on 04.06.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Cash and Carry Business

GENERAL INFORMATION

Bankers :

The Honkong and Shanghai Banking Corporation Limited, Birla House, 25, Barakhamba Road, New Delhi – 110001, India
Citibank N A, DLF Centre 5^th Floor, Parliament Street, New Delhi – 110001, Delhi, India
Standard Chartered Bank, Credit Risk Control, Narian Manzil, 23 Barakhamba Road, New Delhi – 110001, India
BNP Paribas, 1^st Floor, Sood Towers, 25 Barakhamba Road, New Delhi – 110001, Delhi, India

Facilities :

Secured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Term Loan	4420.000	1930.000
Bank Overdraft	0.000	34.591
Total	4420.000	1964.591

Unsecured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Loan and Advances from Bank - Short Term Loan	0.000	565.000
Total	0.000	565.000


Banking Relations :	--

Auditors :
Name :	S R Batliboi and Company Chartered Accountant
Address :	Golf View Corporate Tower B, Sector 42, Sector Road, Gurgaon – 122002, Haryana, India
PAN No :	AALFS0506L

Enterprise having indirect control :	Wal-Mart Stores Inc, USA

Joint Venture :	Bharti Ventures Limited (formely Bharti Enterprises (India) Limited) Cedar Support Services Limited (Bharti Retail (Holding) Private Limited)

Companies under Common Control :	WM India Technical and Consultancy Services Private Limited

Associates/Subsidiaries :	Bharti Retail Private Limited Bharti Airtel Limited Bharti Airtel Services Limited Field Fresh Foods Private Limited Beetel Teletech Limited Centum Learning Limited Bharti Axa General Insurance Company Limited Bharti Enterprises Limited Bharti Enterprises (Holding) Private Limited Bharti Foundation

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount

500000000	Equity Shares	Rs. 10 /- each	Rs. 5000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

80100100	Equity Shares	Rs. 10 /- each	Rs. 801.001 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		801.001	801.001	801.001
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		[4874.637]	(3195.618)	(1682.899)
NETWORTH		[4073.636]	(2394.617)	(881.898)
LOAN FUNDS
1] Secured Loans		4420.000	1964.591	750.470
2] Unsecured Loans		0.000	565.000	0.000
TOTAL BORROWING		4420.000	2529.591	750.470
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		346.364	134.974	(131.428)

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		709.345	234.004	152.949
Capital work-in-progress		135.702	10.881	22.730

INVESTMENT		0.010	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	626.863	154.260	67.688
	Sundry Debtors	23.222	422.750	130.089
	Cash & Bank Balances	43.682	2.527	1.116
	Other Current Assets	0.397	0.082	0.015
	Loans & Advances	361.198	141.660	89.043
Total Current Assets		1055.362	721.279	287.951
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	1484.519	799.602	572.473
	Provisions	69.536	31.588	22.586
Total Current Liabilities		1554.055	831.190	595.059
Net Current Assets		[498.693]	[109.911]	[307.108]

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		346.364	134.974	(131.428)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income			236.869
		Other Income			24.911
		TOTAL (A)	7720.940	1984.470	261.780

Less	EXPENSES
		Cost of Goods Sold			220.314
		Personal Expenses			578.790
		Administrative Expenses			829.032
		Other Expenditure			0.000
		TOTAL (B)	9299.250	3448.060	1628.136

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		[1578.31]	[1463.590]	(1366.356)

Less	FINANCIAL EXPENSES (D)		NA	NA	27.909

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		[1578.31]	(1463.590)	(1394.265)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		100.710	48.030	20.292

	PROFIT / LOSS BEFORE TAX (E-F) (G)		[1679.020]	(1511.620)	(1414.557)

Less	TAX (H)		0.000	1.100	6.768

	PROFIT/ LOSS AFTER TAX (G-H) (I)		[1679.020]	(1512.720)	(1421.326)

	IMPORTS
		Raw Materials	0.000	0.000	0.000
		Stores & Spares	0.000	0.000	0.000
		Capital Goods	105.519	20.075	8.126
		Others	2.833	0.654	0.546
	TOTAL IMPORTS		108.352	20.729	8.672

	Earnings Per Share (Rs.)		--	--	(17.74)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	[21.74]	(76.23)	(542.95)

Net Profit Margin (PBT/Sales)	(%)	--	--	(597.21)

Return on Total Assets (PBT/Total Assets}	(%)	[88.35]	(158.237)	(320.84)

Return on Investment (ROI) (PBT/Networth)		[0.41]	(0.63)	(1.60)

Debt Equity Ratio (Total Liability/Networth)		[1.46]	(1.40)	(0.67)

Current Ratio (Current Asset/Current Liability)		0.67	0.88	0.48

LOCAL AGENCY FURTHER INFORMATION

Note:

The Registered Address of the Company has been shifted from Aravali Crescent, 1, Nelson Mandela Road, Phase II, Vasant Kunj, New Delhi – 110070, India to present address with effect from 24.05.2010.

Operations:

Subject was incorporate on 17.08.2007. It is a joint venture among Wal-Mart Mauritius (1) Holding Company Limited, Wal-Mart Mauritius (2) Holding Company Limited, Bharti Ventures Limited (Earlier known as Bharti Enterprises (India) Limited) and Ceddar Support Services Limited (Earlier known as Bharti Retail (Holdings) Private Limited) for setting up wholesale cash and carry business in India.

Concern:

The accumulated losses of the Company as at December 31, 2010 amounting to Rs. 4874.637 Millions has resulted in erosion of net worth as on that date. Further it has incurred a negative cash flow from operation of Rs. 1055.995 Millions and loss of Rs. 1679.018 Millions during the year ended December 31, 2010 and has net current liability of Rs. 498.692 Millions as a December 31, 2010.

However as the Company had started commercial operations during the year 2008, the management believes that it is in initial gestation period and had expected to incur losses. The accumulated losses of the company are envisaged and mainly towards development of infrastructure to support the long term growth plan. The company has tied up with the bank for the loans to meet its partial cash flow requirements and also has commitment by Joint Venture Partners through Joint Venture Agreement to contribute to the shortfall of the capital requirements

In the opinion of the management, on the above basis, there is no going concern issue with the Company and accordingly the financial statements have been prepared on going concern basis.

Form 8:

This form is for	Creation of charge
Corporate identity number of the company	U51909DL2007PTC167118
Name of the company	BHARTI WAL-MART PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Bharti Crescent, 1, Nelson Mandela Road, Phase II, Vasant Kunj, New Delhi – 110070, Delhi, India Email: prashant.kumar@bharti.wal-mart.com
Type of charge	Book Debts Movable Property Others
Particular of charge holder	Citibank N A, DLF Centre 5^th Floor, Parliament Street, New Delhi – 110001, Delhi, India Email: ashwani.khubani@citi.com
Nature of description of the instrument creating or modifying the charge	Unattested Memorandum of Hypothecation dated 18^th August, 2010 creating first pari passu charge on movable fixed assets and creating second pari passu charge on current assets.
Date of instrument Creating the charge	18.08.2010
Amount secured by the charge	Rs. 850.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rate of Interest as negotiated and agreed with the lender. Terms of Repayment As per Term Loan dated 21st June 2010, Term Loan would be repaid after 5 years from respective draw down date. Margin As agreed by the bank. Extent and Operation of the charge First pari passu charge on movable fixed assets and second pari passu charge on current assets.
Short particulars of the property charged	All present and future book debts, outstanding moneys receivable, claim s and bills. All present and future stock in trade consisting of raw material, finished goods, goods in process in manufacturing and other merchandise whatsoever, being movable properties. All present and future of the movable properties of the Borrower including without limitation its movable plant and machinery, furniture and fittings, equipment, computers hardware and computer software. machinery spares, tools and accessories and other movable.

Fixed Assets:

Furniture And Fixtures
Leasehold Improvements
Computers
Plant and Machinery and Office Equipments

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 records 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.49.61
UK Pound	1	Rs.76.67
Euro	1	Rs.66.47

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		26

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

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

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

RATING EXPLANATIONS

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

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

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

MIRA INFORM REPORT

626.863

154.260

67.688

23.222

422.750

130.089

43.682

2.527

1.116

0.397

0.082

0.015

361.198

141.660

89.043

1055.362

0.000

0.000

0.000

1484.519

799.602

572.473

69.536

31.588

22.586

1554.055

[498.693]

[21.74]

(76.23)

--

--

[88.35]

(158.237)

[0.41]

(0.63)

[1.46]

(1.40)

0.67

0.88

Unit