MIRA INFORM REPORT

Report Date :

31.07.2012

IDENTIFICATION DETAILS

Name :	DELHI DUTY FREE SERVICES PRIVATE LIMITED
Registered Office :	Airport Building No. 302, New Udaan Bhawan Complex, Near Terminal – 3, Indira Gandhi International Airport, New Delhi – 110 037
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.07.2009
Com. Reg. No.:	55-191963
Capital Investment / Paid-up Capital :	Rs. 800.000 millions
CIN No.: [Company Identification No.]	U52599DL2009PTC191963
TAN No.: [Tax Deduction & Collection Account No.]	DELD11695F
PAN No.: [Permanent Account No.]	AADCD2518C
Legal Form :	Private Limited Liability Company
Line of Business :	Operating Duty Free Shop (Retailer)
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 2750000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track. It has incurred loss during 2011. Accumulated loses recorded by the company appears to be increasing. 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 great caution.

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	CARE
Rating	BBB+ (Long term facilities)
Rating Explanation	Moderate Credit Risk
Date	17^th May 2012

Rating Agency Name	CARE
Rating	A3+
Rating Explanation	Higher Credit Risk
Date	17^th May 2012

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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.

LOCATIONS

Registered Office :	Airport Building No. 302, New Udaan Bhawan Complex, Near Terminal – 3, Indira Gandhi International Airport, New Delhi – 110 037, India
Tel. No.:	91-11-49342900
Mobile No.:	91-11-49342935
E-Mail :	parveen.gupta@delhidutyfree.co.in

DIRECTORS

As on 18.08.2011

Name :

Mr. Sidharath Shrawankumar Kapur

Designation :

Director

Address :

37, Lovedale Apartments, 10^th Floor, Opposite Fariyas Hotel, Minnodesai Marg, Colaba, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

20.07.1962

Date of Appointment :

30.06.2010

DIN No.:

02153416

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	U74900MH2008FTC181946	Transocean Drilling Services (India) Private Limited	Director	06/05/2008	06/05/2008	10/11/2008	Active	NO
2	U55101DL2009PTC196639	Travel Food Services (Delhi Terminal 3) Private Limited	Director	26/02/2010	26/02/2010	-	Active	NO
3	U55101DL2009PTC192897	DELHI SELECT SERVICE HOSPITALITY PRIVATE LIMITED	Director	01/09/2010	30/03/2010	24/01/2012	Active	NO
4	U55101DL2009PTC193995	Devyani Food Street Private Limited	Director	30/07/2010	14/04/2010	24/01/2012	Active	NO
5	U52599DL2009PTC191963	DELHI DUTY FREE SERVICES PRIVATE LIMITED	Director	07/12/2010	30/06/2010	-	Active	NO
6	U74999DL2010PTC203419	TIM Delhi Airport Advertising Private Limited	Director	19/08/2011	09/07/2010	-	Active	NO
7	U74900DL2009PTC196125	Delhi Cargo Service Center Private Limited	Nominee director	17/09/2010	17/09/2010	14/03/2011	Active	NO
8	U74900DL2009FTC191359	CELEBI DELHI CARGO TERMINAL MANAGEMENT INDIA PRIVATE LIMITED	Director	15/11/2010	09/11/2010	-	Active	NO
9	U62200AP2008PLC059646	GMR Airport Developers Limited	Director	22/08/2011	22/01/2011	-	Active	NO

Name :

Mr. Appakudal Nithyanand

Designation :

Additional Director

Address :

C – 4/36, Second Floor, Safdarjang Development Area, New delhi, Delhi – 110 016, India

Date of Birth/Age :

17.05.1970

Date of Appointment :

15.02.2011

DIN No.:

00149845

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	U45201HR2006PLC036025	DLF PROJECTS LIMITED.	Alternate director	02/05/2008	02/05/2008	29/07/2008	Active	NO
2	U74140DL2004PTC124427	EIGEN TECHNICAL SERVICES PRIVATE LIMITED	Alternate director	10/03/2009	19/08/2008	27/11/2009	Active	NO
3	U55101DL2009PTC192897	DELHI SELECT SERVICE HOSPITALITY PRIVATE LIMITED	Additional director	04/11/2009	04/11/2009	17/03/2010	Active	NO
4	U55101DL2009PTC193995	Devyani Food Street Private Limited	Additional director	09/11/2009	09/11/2009	14/04/2010	Active	NO
5	U55101DL2009PTC196639	Travel Food Services (Delhi Terminal 3) Private Limited	Director	04/12/2009	04/12/2009	26/02/2010	Active	NO
6	U72200KA2009PLC051272	WIPRO AIRPORT IT SERVICES LIMITED	Director	25/06/2010	29/01/2010	30/08/2011	Active	NO
7	U63030DL2010PTC198985	DELHI AIRPORT PARKING SERVICES PRIVATE LIMITED	Director	29/06/2011	03/03/2010	21/01/2012	Active	NO
8	U74999DL2010PTC203419	TIM Delhi Airport Advertising Private Limited	Director	19/08/2011	09/07/2010	-	Active	NO
9	U52599DL2009PTC191963	DELHI DUTY FREE SERVICES PRIVATE LIMITED	Director	18/08/2011	15/02/2011	-	Active	NO
10	U74900DL2009PTC196125	Delhi Cargo Service Center Private Limited	Nominee director	14/03/2011	14/03/2011	-	Active	NO
11	U74300MH2007PTC176612	LAQSHYA HYDERABAD AIRPORT MEDIA PRIVATE LIMITED	Nominee director	07/05/2011	07/05/2011	-	Active	NO

Name :

Deepak Talwar

Designation :

Director

Address :

6/14, Shanti Niketan, New Delhi – 110 021, India

Date of Birth/Age :

18.08.1959

Date of Appointment :

07.07.2009

DIN No.:

00254809

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	U74899DL1995PTC072032	DEEPAK TALWAR CONSULTANTS PRIVATE LIMITED	Director	29/08/1995	29/08/1995	-	Active	NO
2	U74140DL1998PTC092100	TRACK INDIA PRIVATE LIMITED	Director	01/04/1998	01/04/1998	01/09/2010	Active	NO
3	U73200DL1998NPL093920	ADVANTAGE INDIA COMMUNITY DEVELOPMENT	Director	19/05/1998	19/05/1998	-	Active	NO
4	U93090DL1997PTC084574	INTEGRAL PR SERVICES PRIVATE LIMITED	Director	08/08/2002	08/08/2002	-	Active	NO
5	U52190DL2005PTC133525	Skylark Warehousing Solutions Private Limited	Director	21/03/2005	21/03/2005	01/02/2011	Active	NO
6	U63040DL2005PTC137076	CEDAR TRAVELS PRIVATE LIMITED	Director	02/06/2005	02/06/2005	01/02/2011	Active	NO
7	U15511DL2006PTC153293	IDFS TRADINGS PRIVATE LIMITED	Director	07/09/2006	07/09/2006	11/09/2006	Active	NO
8	U15492DL2007PTC162572	Mars Nutrition India Private Limited	Director	25/04/2007	25/04/2007	07/06/2012	Active	NO
9	U15331DL2007PTC162668	Mars Petcare India Private Limited	Director	27/04/2007	27/04/2007	07/06/2012	Active	NO
10	U15122DL2007PTC162657	Mars Snackfood India Private Limited	Director	27/04/2007	27/04/2007	07/06/2012	Active	NO
11	U15100DL2007PTC162665	Mars Symbioscience India Private Limited	Director	27/04/2007	27/04/2007	07/06/2012	Active	NO
12	U55101DL2008PTC175070	SSP Catering India Private Limited	Director	10/03/2008	10/03/2008	28/03/2008	Active	NO
13	U74140DL2009PTC191187	FIRST STRATEGIC MANAGEMENT PRIVATE LIMITED	Director	12/06/2009	12/06/2009	16/02/2010	Active	NO
14	U93090DL2009PTC191290	AIRPORT TALENT MANAGEMENT PRIVATE LIMITED	Director	16/06/2009	16/06/2009	14/05/2010	Active	NO
15	U52599DL2009PTC191963	DELHI DUTY FREE SERVICES PRIVATE LIMITED	Director	07/07/2009	07/07/2009	-	Active	NO
16	U52100DL2010PTC198579	Koncept Retail Services Private Limited	Director	02/02/2010	02/02/2010	-	Active	NO
17	U74899DL1973PTC006788	SONAR PAPER PRODUCTS PVT LTD	Director	23/03/2010	23/03/2010	-	Active	NO
18	U64200HR2008PTC038177	MNP INTERCONNECTION TELECOM SOLUTIONS INDIA PRIVATE LIMITED	Director	26/09/2011	31/05/2011	09/02/2012	Active	NO
19	U52100MH2012PTC225859	BB Retail Private Limited	Director	09/01/2012	09/01/2012	-	Active	NO
20	U52100DL2012PTC237967	Infinity Duty Free Services Private Limited	Director	22/06/2012	22/06/2012	-	Active	NO

Name :

Edmond Francis Foley

Designation :

Director

Address :

Donnybrook Shanaway Road, Ennis Co Clare, Ireland - 00

Date of Birth/Age :

06.01.1953

Date of Appointment :

07.12.2010

DIN No.:

02843440

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	U52599DL2009PTC191963	DELHI DUTY FREE SERVICES PRIVATE LIMITED	Director	07/12/2010	07/10/2009	-	Active	NO

Name :

John Boland

Designation :

Director

Address :

Flat No. 12, Building No. 174, Avenue 45, Al Qurayah – 545, Bahrain

Date of Birth/Age :

09.04.1962

Date of Appointment :

07.12.2009

DIN No.:

02831507

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	U52599DL2009PTC191963	DELHI DUTY FREE SERVICES PRIVATE LIMITED	Director	07/12/2010	07/10/2009	-	Active	NO

KEY EXECUTIVES

Name :	Parveen Gupta
Designation :	Secretary
Date of Appointment :	15/12/2010
PAN No.:	AFEPG4984L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.08.2011

Names of Shareholders	No. of Shares
IDFS Trading Private Limited, India	13623999
Barathi Arun, India	1
Delhi International Airport Private Limited, India	39920000
Yalorvin Limited, India	26456000
TOTAL	80000000

Equity Share Break up (Percentage of Total Equity)

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	33.07
Bodies corporate	66.93
Total	100.00

BUSINESS DETAILS

Line of Business :	Operating Duty Free Shop (Retailer)
Products :	· Perfumes · Cosmetics · Confectionery · Liquor · Tobacco · Discover India · Fashion · New Launches

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Indian Bank, New Delhi Branch, Main Branch, G – 41, Connaught Circus, New Delhi – 110 003, Delhi, India

· Indian Overseas Bank, 70, Golf Links, New Delhi – 110 003, India

· State Bank of India, T\erminal-3, IGI Airport, New Delhi – 110 037, India

· Axis Bank, Sector – 14, Gurgaon, Haryana – 122 001, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee Term Loans	2283.986	1649.995
Working Capital Loans	79.200	0.000
Total	2363.186	1649.995

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Building No. 10, 18^th Floor, Tower – B, DLF Cyber City, Phase – II, Gurgaon, Haryana, India
Tel. No.:	91-124-2549191
Fax No.:	91-124-2549101
PAN No.:	AAIFB4734C
Joint Venture Parties:	· Yalorvin Limited · IDFS Tradings Private Limited[CIN : U15511DL2006PTC153293] · Delhi International Airport Private Limited (DIAL) [CIN : U63033DL2006PTC146936]
Entities in which joint venture partners have significant influence:	· Aer Rianta International Middle East W.L.L. · GMR Sports Private Limited [CIN : U92410KA2008PTC051176] · Track India Private Limited [CIN : U74140DL1998PTC092100]

CAPITAL STRUCTURE

As on 18.08.2011

Authorized Capital:

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs. 10/- each	Rs.800.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs. 10/- each	Rs.800.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		800.000	0.100
2] Share Application Money		0.000	800.231
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(112.460)	(59.816)
NETWORTH		687.540	740.515
LOAN FUNDS
1] Secured Loans		2363.186	1649.995
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		2363.186	1649.995
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		3050.726	2390.510
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		291.908	0.327
Capital work-in-progress		5.778	2.927
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	588.143	0.000
	Sundry Debtors	11.222	0.000
	Cash & Bank Balances	302.106	63.425
	Other Current Assets	2.521	0.547
	Loans & Advances	2416.273	2331.158
Total Current Assets		3320.265	2395.130
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	553.119	7.320
	Other Current Liabilities	11.456	0.554
	Provisions	2.650	0.000
Total Current Liabilities		567.225	7.874
Net Current Assets		2753.040	2387.256
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		3050.726	2390.510

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	2227.792	0.000
		Other Income	41.037	0.957
		TOTAL	2268.829	0.957
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	2321.474	60.773
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(52.645)	(59.816)
	PROFIT BEFORE TAX		(52.645)	(59.816)
Less	TAX		0.000	0.000
	PROFIT AFTER TAX		(52.645)	(59.816)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(59.816)	0.000
	BALANCE CARRIED TO THE B/S		(112.460)	(59.816)
	Earnings Per Share (Rs.)		0.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	(2.32)	(6250.36)
Net Profit Margin (PBT/Sales)	(%)	(2.36)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(1.45)	(2.49)
Return on Investment (ROI) (PBT/Networth)		(0.07)	(0.08)
Debt Equity Ratio (Total Liability/Networth)		4.26	2.23
Current Ratio (Current Asset/Current Liability)		5.85	304.18

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	----
14]	Estimation for coming financial year	No
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No

NOTE:

Registered office of the company has been shifted from 1/1, East Patel Nagar, Near Metro Station, New Delhi-110008, India to the present office address w.e.f. 23.07.2012

Operations:

The Company is engaged in the retail business of selling duty free products from shops situated at arrivals and departure areas of Terminal 3 at Indira Gandhi International Airport, New Delhi. The Company opened seven (7) shops in departure area of Airport and three (3) shops in arrival area of Airport during the period under review and introduced wide range of products such as liquor, tobacco, perfumes and cosmetics, Blanc, MCM and Samsonite Black products during the period under review.

Background:

Delhi Duty Free Services Private Limited (“the Company”) is a Company incorporated on 7^th July 2009 under the provisions of Companies Act, 1956. The Company is a joint venture between Delhi International Airport Private Limited, Yalorvin Limited and IDFS Trading Private Limited and is primarily engaged in the business of operating duty free shops at international airports in India.

Bankers Charges Report as per Registry

Corporate identity number of the company	U52599DL2009PTC191963
Name of the company	Delhi Duty Free Services Private Limited
Address of the registered office or of the principal place of business in India of the company	1/1 East Patel Nagar, Near Metro Station, New Delhi – 110008, India e-mail: parveen.gupta@dehlidutyfree.co.in
This form is for	Creation of charge
Type of charge	Book Debts Movable Property (not being pledge) Current Assets
Particular of charge holder	Icici Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India, e-mail: prerana.priyadarshii@icicibank.com
Nature of instrument creating charge	Deed of hypothecation
Date of instrument Creating the charge	15.11.2011
Amount secured by the charge	Rs. 871.600 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash credit: sum of I-Base and spread per annum Commission on Bank Guarantee: 0.70% p.a. Handling charges: 0.30% p.a. Commission on Counter Bank Guarantee: 1% p.a. Derivatives: As per treasury rates Terms of Repayment On demand Margin Cash credit: Uniform margin of 25% against all components of inventory and book debts (cover period for book debts 90 days) Guarantees covering disputed liabilities - 100.0% Financial guarantees - 20.0% Performance guarantees - 20.0% Extent and Operation of the charge 1. First charge by way of hypothecation of entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares and such other movables including book-debts, bills whether documentary or clean, outstanding monies, receivables, both present and future. 2. First charge on all movable fixed assets of the company, both present and future (except those financed by other financial institution). 3. First and exclusive charge on escrow receivable. Others The above is to secure the Cash credit Rs. 89.20 million, Bank Guarantee Rs. 120 million, Bank Guarantee (sub limit of CC) Rs. 40 million Counter Bank Guarantee (sub limit of BG) Rs. 160 million and Derivative of Rs. 662.40 million
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge by way of hypothecation of entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares and such other movables including book-debts, bills whether documentary or clean, outstanding monies, receivables, both present and future. First charge on all movable fixed assets of the company, both present and future (except those financed by other financial institution). First and exclusive charge on escrow receivable.

Website Details:

Delhi Duty Free Services (DDFS), a Delhi International Airport Limited (DIAL), In-flight Duty Free Services (IDFS), and Aer Rianta International (ARI) Joint Venture Company recently deployed Microsoft's Dynamics NAV solutions to sharpen its competitive edge, strengthen controls, and simplify operations to meet unique travel retail needs, and back-office demands.

DDFS Benefits from Dynamics NAV:

• Automated processes save time
• Multi-currency transaction made simple
• Integrated surveillance reduces losses
• Efficient inventory ensures optimal stocks
• On time business data improves business management

Under this tie-up, Microsoft provided DDFS with role tailored Dynamics NAV solutions to customize its complex workflows, facilitate the integration of third-party applications, centrally manage retail solution while, seamlessly integrating with its existing IT infrastructure. Dynamics NAV also meets statutory compliances related to Indian customs and flawlessly integrates with the surveillance system and payment gateway application to minimize human error.

"We are delighted to have partnered with Microsoft for its ERP solution, Dynamics NAV. The solution seamlessly integrates with our existing IT framework to manage point-of-sales terminals and financial system, leading to transparency and efficient management. The solution also gives a single view of business-critical information, ensures zero downtime, optimize employee efficiency, while maintaining high levels of customer satisfaction with quick return over investment," says Abhay Pandey, Head-IT, Delhi Duty Free Services.

Harmonizing with PricewaterhouseCoopers, a Microsoft Gold Certified Partner known for its wide clientele in the retail and distribution sector, DDFS successfully addressed their two major problems i.e. the ability to customize processes and user-friendly solutions for quick adoption.

"We are happy to partner with Delhi Duty Free Services (DDFS) in their journey of implementing end-to-end retail solution by providing them with Microsoft's ERP Solution-Microsoft Dynamics NAV. We are constantly innovating to help our customers streamline their businesses, minimizing costs, maximizing profits. Microsoft Dynamics NAV proved to be the best and the most suited solution for DDFS as it could customize processes and is user friendly for quick adoption. It helps boost productivity and provides a smarter solution, maximizing their effectiveness in driving business impact. We are confident that Dynamics NAV would meet the Technology demands of DDFS." said Sanjay Kumar Pal, Director- Marketing, Microsoft Business Solutions.

Delhi Duty Free Services Private Limited (DDFS) operates 40,000 square feet duty-free retail stores and kiosks at Terminal 3 of Delhi's Indira Gandhi International Airport. It ensures a wide range of products, which establish it as one of the world's prominent travel retail shopping destinations.

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.55.44
UK Pound	1	Rs.87.12
Euro	1	Rs.68.14

INFORMATION DETAILS

Report Prepared by :

NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	1
--CREDIT LINES	1~10	3
--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.