MIRA INFORM REPORT

Report Date :

11.08.2012

IDENTIFICATION DETAILS

Name :	V-MART RETAIL LIMITED (w.e.f.2008)
Formally Known As :	V-MART RETAIL PRIVATE LIMITED (w.e.f.2006) VARIN COMMERCIAL PRIVATE LIMITED
Registered Office :	F-11, Udyog Nagar Industrial Area, Peeragarhi, Rohtak Road, New Delhi – 110041
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.07.2002
Com. Reg. No.:	55-163727
Capital Investment / Paid-up Capital :	Rs.73.409 Millions
CIN No.: [Company Identification No.]	U51909DL2002PLC163727
TAN No.: [Tax Deduction & Collection Account No.]	DELV08640C
PAN No.: [Permanent Account No.]	AABCV7206K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Chain of Retail Stores.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1800000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financially company is performing well. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	LONG TERM RATING : CRISIL BBB+
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.
Date	April, 2012

Rating Agency Name	CRISIL
Rating	SHORT TERM RATING : CRISIL A2
Rating Explanation	Having strong degree of safety regarding timely payment of financial obligation it carry moderate credit risk.
Date	April, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY (FINANCIAL DETAILS)

Name :	Mr. Ranjan
Designation :	Accounts Manager
Contact No.:	91-11-27473908
Date :	10.08.2012

LOCATIONS

Registered Office :

F-11, Udyog Nagar Industrial Area, Peeragarhi, Rohtak Road, New Delhi – 110041, India

Tel. No.:

91-11-27473908 / 45254444

Fax No.:

91-11-45254429

E-Mail :

cs@vmart.co.in

ranjan@vmart.co.in

Website :

http://www.vmart.co.in/

Regional Office :

Bhora House Ground Floor, Navneet Press, Shukhram Nagar, Ahmedabad -380008, Gujarat, India

Tel. No.:

91-79-32944447

Stores:

Located at

Pitam Pura	Lucknow	Vikas Nagar	Lakshmi Nagar
Lajpat Nagar	Kanpur	Shahjanpur	Chhapra
Shahdra	Saharanpur	Sitapur	Church Road
Karnal	Muradabad	Renukut	Gaya
Ambala	Meerut	Varanasi	Jamnagar
Ajmer	Muzaffar Nagar	Luxa	Sri Nagar
Kota	Aligarh	Azamgarh	Darbanga
Udaipur	Gurdaspur	Sultanpur	Bhagalpur
Bhopal	Pathankot	Pratapgarh	Motihari
Berasia	Jalandhar	Gazipur	Arrah
Ujjain	Moga	Jaunpur	Begusarai
Law Garden	Chandigarh	Gorakhpur	Faizabad
Vadodra	Gandhidham	Mangalam	Bahraich
Bharuch	Junagarh	Basti	Gonda
Bhav Nagar	Mehsana	Deoria

DIRECTORS

As on 19.09.2011

Name :	Mr. Lalit Madangopal Agarwal
Designation :	Managing Director
Address :	B-81, Belvedere Park, DLF Phase – 3, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	15.01.1970
Qualification :	B.Com, Diploma in Financial Management
Date of Appointment :	24.07.2002
DIN No.:	00900900
Name :	Mr. Madangopal Agarwal
Designation :	Whole-Time Director
Address :	B-81, Belvedere Park, DLF Phase – 3, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	14.09.1943
Qualification :	B. Com
Date of Appointment :	24.07.2002
DIN No.:	02249947
Name :	Mr. Hemanta Kumar Agarwal
Designation :	Whole-Time Director
Address :	D-61, Galaxy Tower, Behind Grand Bhagwati Bodakdev, Ahemdabad – 380054, Gujarat, India
Date of Birth/Age :	25.06.1971
Qualification :	B. Com
Date of Appointment :	24.08.2003
DIN No.:	02242019
Name :	Mr. Aakash Moondhra
Designation :	Director
Address :	B-162, Belvedere Park, DLF Phase – 3, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	24.08.1973
Qualification :	CA
Date of Appointment :	27.09.2010
DIN No.:	02654599

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909DL2002PLC163727	V-MART RETAIL LIMITED	Director	27/09/2010	18/03/2010	-	Active	NO
2	U01400HR2011PTC044043	TOTAL FARM SOLUTIONS PRIVATE LIMITED	Director	07/10/2011	07/10/2011	01/07/2012	Active	NO
3	U74120MH2011PTC223411	UNION INFRASTRUCTURE SOLUTIONS PRIVATE LIMITED	Director	24/10/2011	24/10/2011	20/07/2012	Active	NO

Name :	Mr. Krishan Kumar Gupta
Designation :	Director
Address :	Flkat No.604 C, Badhwar Appartment, Plot No.3, Sector 6, Dwarka – 110075, New Delhi – 110075, India
Date of Birth/Age :	03.08.1947
Qualification :	B.Com
Date of Appointment :	27.09.2010
DIN No.:	02602767

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909DL2002PLC163727	V-MART RETAIL LIMITED	Director	27/09/2010	18/03/2010	-	Active	NO
2	U74140WB2005PLC106619	RESURGENT INDIA LIMITED	Director	09/12/2011	09/12/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ranjan
Designation :	Accounts Manager
Name :	Mr. Yogesh Bhardwaj
Designation :	Secretary
Address :	B-63, Yadav Nagar, Sameypur, Delhi- 110042, India
Date of Birth/Age :	09.01.1975
Date of Appointment :	1812.2008
PAN No.:	ANWPB3305Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.09.2011

Names of Shareholders	No. of Shares
Lalit Madangopal Agarwal	1154750
Madangopal Agarwal	361250
Hemanta Kumar Agarwal	305000
Madangopal Agarwal (HUF)	548250
Lalit Madangopal Agarwal (HUF)	672250
Hemanta Kumar Agarwal (HUF)	223150
Uma Devi Agarwal	713400
Sangeeta Agarwal	1143250
Smiti Agarwal	438950
Writers and Publishers Private Limited, India	41667
Naman Finance and Investment Private Limited, India	1739019
Total	7340936

List of allottees

As on 15.06.2012

Names of Allottees	No. of Shares Allotted
Lalit Madangopal Agarwal	1039275
Madangopal Agarwal	325125
Hemanta Kumar Agarwal	274500
Lalit Madangopal Agarwal (HUF)	605025
Madangopal Agarwal (HUF)	493425
Hemanta Kumar Agarwal (HUF)	200835
Sangeeta Agarwal	1028925
Uma Devi Agarwal	642060
Smiti Agarwal	395055
Writers and Publishers Private Limited, India	37500
Naman Finance and Investment Private Limited, India	1565117
Total	6606842

As on 19.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	24.26
Directors or relatives of Directors	75.74
Total	100.00

BUSINESS DETAILS

Line of Business :

Chain of Retail Stores.

PRODUCTION STATUS

As on 31.03.2011

Particulars	Licensed Capacity	Installed Capacity	Actual Production
		Stiching Machines (No.)	No. in Pcs.*
Apparels	N.A	72	269847

*includes job work done by third parties.

The Company is not required to obtain License under Industries (Development and Regulation) Act, and therefore licensed capacity is not applicable.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· UCO Bank, Nehru Place, 93, Ashok Bhawan, New Delhi - 110019, India

· State Bank of India, Commercial Branch, A-5 South Extension part-I, New Delhi – 110048, India

· Andhra Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee Term Loans Banks Secured	348.361	237.533
Finance Lease Obligation Long-Term Secured	19.454	26.774
Other Debt Secured	0.826	0.288
Total	368.641	264.595
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee Term Loans Banks Unsecured	0.000	5.261
Loans Directors Unsecured	0.000	4.950
Other Debt Unsecured	18.000	18.029
Total	18.000	28.240

Banking Relations :	--
Auditors :
Name :	Walker Chandiok and Company Chartered Accountants
Address :	L-41, Connaught Circus, New Delhi-110001,India
PAN No.:	AAAFW4298E
Related Parties:	Naman Finance and Investment Private Limited

CAPITAL STRUCTURE

After 19.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13947778	Equity Shares	Rs.10/- each	Rs.139.478 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1,50,00,000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
73,40,936	Equity Shares	Rs.10/- each	Rs.73.409 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		73.409	68.534	68.534
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		367.624	308.978	285.704
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		441.033	377.512	354.238
LOAN FUNDS
1] Secured Loans		368.641	264.595	261.953
2] Unsecured Loans		18.000	28.240	35.884
TOTAL BORROWING		386.641	292.835	297.837
DEFERRED TAX LIABILITIES		0.000	0.000	0.721
TOTAL		827.674	670.347	652.796
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		252.630	217.329	204.544
Capital work-in-progress		15.353	6.563	1.231
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		3.651	1.416	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	711.060	534.245	492.801
	Sundry Debtors	4.985	0.708	0.718
	Cash & Bank Balances	21.078	13.374	17.453
	Other Current Assets	0.236	0.122	0.098
	Loans & Advances	156.933	118.291	115.783
Total Current Assets		894.292	666.740	626.853
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	236.657	165.082	139.054
	Other Current Liabilities	11.285	9.372	0
	Provisions	90.310	47.247	40.778
Total Current Liabilities		338.252	221.701	179.832
Net Current Assets		556.040	445.039	447.021
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		827.674	670.347	652.796

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2139.829	1435.656	1421.441
		Other Income	8.151	5.910	2.543
		TOTAL (A)	2147.980	1441.566	1423.984
Less	EXPENSES
		Consumption Materials Changes Inventories	1544.672	993.809	1342.458
		Employee Related Expenses	115.675	93.291
		Administrative Selling Other Expenses	293.646	236.172
		Prior Period Items	0.000	(0.232)
		TOTAL (B)	1953.993	1323.040	1342.458
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		193.987	118.526	81.526
Less	FINANCIAL EXPENSES (D)		48.486	40.061	32.519
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		145.501	78.465	49.007
Less/ Add	DEPRECIATION/ AMORTISATION (F)		48.534	41.674	31.648
	PROFIT BEFORE TAX (E-F) (G)		96.967	36.791	17.359
Less	TAX (H)		34.897	14.636	7.323
	PROFIT AFTER TAX (G-H) (I)		62.070	22.155	10.036
	IMPORTS
		Purchase of finished goods for trading	4.443	3.151	0.000
		Purchase of Capital Assets (Furniture & Fixture)	0.351	0.000	0.000
	TOTAL IMPORTS		4.794	3.151	0.000
	Earnings Per Share (Rs.)		8.93	3.23	1.68

Particulars	31.03.2012
Sales Turnover (Approximately)	2810.000

Expected Sales (2012-2013) : Rs.3000.000 Millions

The above information has been parted by Mr. Ranjan

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.89	1.54	0.70
Net Profit Margin (PBT/Sales)	(%)	4.53	2.56	1.22
Return on Total Assets (PBT/Total Assets}	(%)	8.45	4.16	2.09
Return on Investment (ROI) (PBT/Networth)		0.22	0.10	0.05
Debt Equity Ratio (Total Liability/Networth)		1.64	1.36	1.35
Current Ratio (Current Asset/Current Liability)		2.64	3.01	3.49

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Director, if available	Yes
32]	PAN of Director, if available	No
33]	Voter ID No of Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE:

The registered office address of the company has been shifted from “F-11, Udyog Nagar Industrial Area, Rohtak Road, Peera Gadhi, New Delhi – 110041, India” to the present address w.e.f. 14.12.2011

MANAGEMENT DISCUSSION AND ANALYSIS:

At present, the Indian Retail Industry is one of the largest among the industries, accounting for over ten per cent of the country`s GDP and around eight per cent of the employment. Eventually, this Industry has come forth as one of the most dynamic and fast paced industries. The whole concept of shopping has undergone a change in terms of format and consumer buying behavior, ushering in a revolution in shopping in India. Today every nook and corner of most cities seems beaming with massive, gorgeous set ups, neon signage’s and well dressed up windows screaming for attention. Discount stores, convenience stores, supermarkets, departmental stores, hyper marts, shopping complexes, malls have all arrived in a big way. In India, the vast middle class population and its almost untapped retail opportunities are the key attractive forces, which help the Indian Retail Industry to grow faster. The future of the Indian Retail Industry appears promising with the growth of the market, government policies becoming more flexible and newly emerging technologies facilitating operations.

OPERATING RESULTS AND BUSINESS:

The Company completes its ninth eventful year in the field of fashion retailing.

Sustained focus on retail operational efficiency coupled with a diversified cost effective geographic footprint has contributed to a satisfactory business performance.

Revenue growth can be attributed to the encouraging performance of stores located in strategic catchments pan India. The Company has executed strategic measures like store expansion in prospective catchments, inventory rationalisation, focus on garnering higher top lines and control of operational costs thus translating retail touch points into profit centers.

OUTLOOK:

Competition has become more intense today. To win over the competition, the company tries to ensure that the same goods are provided at a fair price with additional / unique value-added services, which ultimately acts as a differentiator for the customer to choose which store to buy from. As a part of its strategy, t he company rides two of the wining retail trends – being in fashion and low prices – and making a very effective combination out of it. The ability to catch a wining fashion trend and make the same available in stores in the shortest possible time, also augurs well for the company’s higher conversion ratio and higher percentage of satisfied customers. Rather than solely concentrating on forecasting, the company has developed its business around reacting swiftly. This apart, various factors like strong sourcing strategies and expertise in merchandising, passing on the benefits of cheaper sourcing of standard quality merchandise to the customers, standardization of product information, in house manufacturing facility, exclusive designs. larger share of private labels, own distribution network resulting in lower cost of logistics, continued focus of the company on overall cost rationalisation, lower marketing costs due to more focus on BTL activities, better working capital rotation and enhanced same store sales have helped the company deliver better results.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

(Rs. Millions)

Particulars	31.03.2011	31.03.2010
Demand raised by the sales tax authorities	21.059	9.054
Demand raised by Labour department	2.945	0.000

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company

U51909DL2002PLC163727

Name of the company

V-MART RETAIL LIMITED

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

F-11, Udyog Nagar Industrial Area, Peeragarhi, Rohtak Road, New Delhi – 110041, India

E-mail id : cs@vmart.co.in

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

10244645

Type of charge

Immovable property

Book debts

Movable property (not being pledge)

Floating charge

Others (Current and Fixed Assets)

Particular of charge holder

State Bank of India, Commercial Branch, A-5 South Extension part-I, New Delhi – 110048, India

E-mail id : sushil.agrawal@sbi.co.in

Nature of instrument creating charge

CF1-A supplemental working capital consortium agreement for increase in the overall limit.

CF2-A supplemental joint deed of hypothecation for increase in the overall limit.

CF3 inter se agreement

Copy of recitals

Date of instrument Creating the charge

06.02.2012

Amount secured by the charge

Rs.410.000 Millions

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

Rate of Interest

As decided by the consortium members from time to time.

Terms of Repayment

on demand

Margin

As decided by the consortium members from time to time.

Extent and Operation of the charge

First pari-passu charge on all the current assets (except receivables which are financed by ICICI through credit cards) and First pari-passu charge on all the fixed assets of the co. with Andhra Bank ( consortium member) and State Bank of India acting as lead bank of the consortium .

Short particulars of the property or asset(s) charged (including complete address and location of the property)

The whole of the current assets ( except credit cards receivables which are financed by ICICI Bank ) of the borrower namely ,stocks of raw-materials , stocks in process , semi-finished goods ,finished goods ,stores and spares not relating to the plant and machinery ( Consumable and stores ) , and all other movable assets both present and future whether now lying loose or in case or which are now lying or stored in or about or shall hereinafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about of the borrower's factories, premises, and godowns situated at various multi locations or wherever else the same may be or be held by any party to the order or disposition of the borrower or in the course of transit or on high seas and wheresoever in the possession of the borrower and either by way of substitution or addition By way of first pari-passu charge with Andhara Bank

First pari-passu charge on all the fixed assets of the company both present and future with Andhra Bank including following equitable mortgages :-

1). Residential property at apartment No.BPB081, 8th floor wing no.PBO.-33 and 34 Balvedere Park Phase II and III DLF City Gurgaon in the name of Sh. Lalit Agarwal, Mrs. Sangeeta Agarwal and Sh. Madan Mohan Agarwal.

2). Residential property situated at 6th floor D-61 Galaxi Tower Judge Bungalow Vastrapur Ahmedabad in the name of Sh. Hemant Agrawal and Mrs. Smiti Agrawal .

3). Residential property at B-141-A SF Cittranjan Park New Delhi owned by Smt. Prem Lata Jatia . Together with all infrastructures / fixtures / and other installations thereon both present and future.

Date of instrument modifying the charge

Particulars of the present modification

Now the credit facilities sanctioned by SBI consortium enhanced to Rs.410.000 Millions as under :

(Rs. In Millions)

	FB	NFB	TOTAL
SBI	280.000	30.000	310.000
ANDHRA BANK	100.000	NIL	100.000
TOTAL	380.000	30.000	410.00

FIXED ASSETS:

· Plant and Machinery

· Leasehold Improvements

· Computer

· Furniture and Fixtures

· Vehicles

WEBSITE DETAILS:

PROFILE

Subject is a multi-brand family store that provides its customers true value for money.

They offer their customers a great shopping experience each time they visit them by offering a vast range of products under one roof. Maintaining high standards in quality and design, their stores have come up to offer fashion garments at down-to-earth prices and over time emerged as the destination of choice for bargain hunters and the fashionable alike.

They primarily started their operations with the chain of “Value Retail” departmental store located in metro cities. Their stores cater the needs of the entire family altogether by offering apparels, general merchandise and kirana (cornershop) goods.

They have more than 59 stores across 51 cities including metro cities with a total area of more than 4 lac sq.ft. Their stores are located in prime cities such as New Delhi, Gujarat, Uttar Pradesh, Bihar, Punjab, Chandigarh, Haryana, Jammu and Kashmir, Rajasthan and Madhya Pradesh. They are among the pioneers in setting up modern ambience stores or large retail malls across various small towns and cities including Sultanpur, Ujjain, Motihari and more.

HISTORY

First incorporated as Varin Commercial Private Limited under the Companies Act in 2002 in West Bengal. Then in 2004, they opened their maiden store in New Delhi.

The company was subsequently renamed to V-mart Retail Private Limited in 2006. In the year of 2008, they hit the base by registering V-mart Retail as a public limited entity.

As the time passes by they took the shape of a renowned family brand that caters the needs of whole family by offering high quality retail products. Along with growing customers, they achieved a turnover of over Rs 2000.000 million in 2011-12.

MILESTONES OF SUBJECT

Mr. Lalit Agarwal,

Chairman and Managing Director (MD):

He holds a Bachelor’s Degree in Commerce from Bombay University, and a Diploma in Financial Management from the Narsee Monjee Institute of Management Studies, Mumbai. He was also involved in setting up of a printing and packaging unit, a water theme park in Kolkata and was associated with a retail chain till 2003. He has more than 16 years of rich experience in the retail industry. With a vision to establish the concept of “value retailing” in certain untapped regions of India, he setup up units of retail stores under the brand name of “V-Mart” in the year 2003. He spearheads the company and is responsible for formulating and implementing the business plans.

Mr. Hemant Agarwal,

Director:

He garnered his Bachelor’s Degree in Commerce from Utkal University, Cuttack. He started his career by joining the family retail store in Cuttack and was integral in the formation of the company. He has experience in tackling and resolving the issues in retail industry and has been instrumental in developing a strong vendor base thereby, strengthening the procurement of apparel merchandise, which is the backbone of their retail malls. He is also responsible for managing the growth and development of their private labels and persistently working as a catalyst for business operations of their existing stores and continued expansion in western and central India. 

Mr. Madan Agarwal,

Director:

He has the Bachelor’s Degree in Arts from the City College, the University of Calcutta. He has more than 3 decades of experience in retail industry. He started his career by opening a retail shop in the year 1975 and later on in 1979 opened another retail store of apparels and footwear in Cuttack known as “Shreeman Shreemati”. He is a mentor and a guiding force for their Company’s growth. He provides vital rationale inputs and insights time to time on cost control and the overseas procurement of general merchandise and Kirana Bazaar business verticals of their Company.

Mr. Krishan Kumar Gupta,

Director:

He is an associate member of the Indian Institute of Bankers. He also holds a post graduate Diploma in bank management from the National Institute of Bank Management, Pacific Rim Bankers Programme Certification from University of Washington Business School plus Diploma Certification in Sales and Marketing Management, Business Management, Export and Import Management, Financial Management and International Business Management from National Institute of Labour Education and Management. He is currently a director in Resurgent India Limited and has previously worked as an executive in Central Bank of India and handled various portfolios such as credit, recovery, development and human resources development. 

Mr. Aakash Moondhra,

Director:

He holds a Bachelor’s Degree in Commerce from the University of Delhi and Master’s Degree in Business Administration from Southern Methodist University, Texas. He is a steady member of the Institute of Chartered Accountants of India and the Institute of Company Secretaries of India. He has held various positions in Nokia India Private Limited, Baring Private Equity Partners (India), heading the retail vertical, Bharti Retail Private Limited, Bharti Airtel Limited and AT and T Corporation and currently working as a chief financial officer in Jasper Infotech Private Limited,

Mr. Kamal Kumar Gupta,

Director:

He is professionally an experienced Chartered Accountant and a partner at Salapuria and Partners. He is also a member of the Institute of Chartered Accountants of India and currently a director in Data Alarm Overseas Private Limited. 

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.55.34
UK Pound	1	Rs.86.45
Euro	1	Rs.68.04

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		48

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.