MIRA INFORM REPORT

Report Date :

01.06.2012

IDENTIFICATION DETAILS

Name :	MARKS AND SPENCER RELIANCE INDIA PRIVATE LIMITED (w.e.f 07.06.2008)
Formerly Known as:	Tapti Trading Private Limited
Registered Office :	4^thFloor, Court House, Lokmanya Tilak Dhobi Talao, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.11.2007
Com. Reg. No.:	11-175711
Capital Investment/ Paid-up Capital:	Rs.595.100 Millions
CIN No.: [Company Identification No.]	U51900MH2007PTC175711
TAN No.: [Tax Deduction & Collection Account No.]	MUMM34463C
PAN No.: [Permanent Account No.]	AAFCM5990D
Legal Form :	Private Limited Liability Company
Line of Business :	Retailing of Garment and Accessories
No. of Employees:	Not Available

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 7186000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a joint venture between Marks and Spencer and Reliance Retail. It is an established company having satisfactory track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active payments are reported to be usually correct and as per commitments. In view of Strong Promoters of the company can be considered normal for business dealings at usual trade 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 :	4^thFloor, Court House, Lokmanya Tilak Dhobi Talao, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-67673800
Fax No.:	91-22-44771882
E-Mail :	niraj.karnatak@marks-and-spencer.in indra.bisht@marks-and-spencer.in
Stores:	· Amritsar · Bangalore · Chennai · Delhi · Gurgoan · Noida · Hyderabad · Kolkata · Mumbai · Pune

DIRECTORS

As on 04.08.2011

Name :

Mr. Bijou Kurien

Designation :

Director

Address :

# 33/2 Grant Road, Bangalore – 560001, Karnataka, India

Date of Birth/Age :

17.01.1959

Date of Appointment :

07.10.2008

Din No.:

01802995

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	U25194KA1983PTC005754	OCEANIC RUBBER WORKS PRIVATE LIMITED	Director	15/12/1983	15/12/1983	-	Active	NO
2	U17236KA1985PTC006656	ORIENTAL TAPES PRIVATE LIMITED	Director	8/11/1991	8/11/1991	-	Under Process of Striking off	NO
3	U52110TZ1992PTC003731	STELLA TREADS PRIVATE LIMITED	Director	20/04/1992	20/04/1992	-	Active	NO
4	U70101TZ1991PLC003557	TITAN PROPERTIES LIMITED	Director	22/04/2003	22/04/2003	24/04/2008	Active	NO
5	U91110DL2004NPL128854	ALL INDIA FEDERATION OF HOROLOGICAL INDUSTRIES	Director	6/9/2004	6/9/2004	-	Active	NO
6	U25199MH1998PLC114011	Reliance Gems and Jewels Limited	Whole-time director	1/4/2012	22/10/2007	-	Active	NO
7	U01403MH2007PLC172415	RELIANCE LIFESTYLE HOLDINGS LIMITED	Director	31/10/2008	26/10/2007	-	Active	NO
8	U51900MH2007PTC175637	Reliance-Vision Express Private Limited	Director	24/07/2008	28/11/2007	-	Active	NO
9	U51900MH2007PTC175638	Reliance-GrandOptical Private Limited	Director	31/10/2008	28/11/2007	-	Active	NO
10	U52100MH2007PLC175533	RELIANCE LEISURES LIMITED	Director	31/10/2008	6/12/2007	-	Active	NO
11	U51109MH2007PTC176276	Reliance-GrandVision India Supply Private Limited	Director	24/07/2008	7/1/2008	-	Active	NO
12	U36991MH1999PTC119874	OFFICE DEPOT RELIANCE SUPPLY SOLUTIONS PRIVATE LIMITED	Director	30/09/2008	19/04/2008	-	Active	NO
13	U51900MH2007PTC175711	Marks and Spencer Reliance India Private Limited	Director	30/09/2009	7/10/2008	-	Active	NO
14	L33301DL1988PLC033434	Timex Group India Limited	Additional director	29/07/2011	29/07/2011	-	Active	NO
15	U85191MH2011NPL222989	Retailers Association's Skill Council of India	Director	13/10/2011	13/10/2011	-	Active	NO

Name :

Mr. Sriram Srinivasan

Designation :

Director

Address :

354 6^th Main I Block – Koramangala, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

02.12.1955

Date of Appointment :

08.12.2010

Din No.:

00473346

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	U51900MH2007PTC175637	Reliance-Vision Express Private Limited	Director	7/7/2010	28/04/2010	-	Active	NO
2	U51109MH2007PTC176276	Reliance-GrandVision India Supply Private Limited	Director	7/7/2010	28/04/2010	-	Active	NO
3	U51900MH2007PTC175711	Marks and Spencer Reliance India Private Limited	Director	4/8/2011	8/12/2010	-	Active	NO
4	U51909MH2006PLC166165	RELIANCE TRENDS LIMITED	Additional director	24/03/2012	24/03/2012	-	Active	NO

Name :

Mr. Jatin Luthra

Designation :

Whole Time Director

Address :

B1 09 SFS Flats Sheikh Sarai – 1, New Delhi -110017, Delhi, India

Date of Birth/Age :

21.12.1963

Qualification :

FCA FCS

Date of Appointment :

07.10.2008

Din No.:

02226585

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	U51900MH2007PTC175711	Marks and Spencer Reliance India Private Limited	Whole-time director	1/1/2010	7/10/2008	-	Active	NO

Name :

Mr. Simeon Piasecki

Designation :

Director

Address :

25, Temple Road, Windsor Breks, United Kingdom –SL41HP

Date of Birth/Age :

07.05.1962

Date of Appointment :

22.09.2010

Din No.:

00296731

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	U51909KA2005PTC050069	MARKS AND SPENCER (INDIA) PRIVATE LIMITED	Director	16/08/2005	16/08/2005	4/6/2007	Active	NO
2	U51900MH2007PTC175711	Marks and Spencer Reliance India Private Limited	Director	4/8/2011	15/09/2010	30/11/2011	Active	NO

Name :

Mr. Clem Charalambos Constantine

Designation :

Director

Address :

17, Home Field Road, Radlett, United Kingdom –WD78PX

Date of Birth/Age :

05.03.1962

Date of Appointment :

17.09.2009

Din No.:

02760597

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	U51900MH2007PTC175711	Marks and Spencer Reliance India Private Limited	Director	30/09/2009	17/09/2009	6/9/2011	Active	NO

Name :

Mr. Nicholas Dermott Vance Allen

Designation :

Director

Address :

13 St Marks Road, Windsor, United Kingdom – SL43BD

Date of Birth/Age :

05.04.1968

Date of Appointment :

15.12.2009

Din No.:

02767038

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	U51900MH2007PTC175711	Marks and Spencer Reliance India Private Limited	Director	17/09/2010	15/12/2009	-	Active	NO

Name :

Mr. Martin Jones

Designation :

Director

Address :

79, Mandrake Road, London – SW177PX, United Kingdom

Date of Birth/Age :

03.8.1979

Qualification :

A Levels

Date of Appointment :

18.02.2010

Din No.:

02925527

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	U51900MH2007PTC175711	Marks and Spencer Reliance India Private Limited	Director	17/09/2010	18/02/2010	16/04/2012	Active	NO

Name :

Mr. Luke Aaran Banks

Designation :

Whole Time Director

Address :

18, Aahlea Meadow, Bishops, Cleeve, Cheltenhan –GL527WG, United Kingdom

Date of Birth/Age :

30.06.1980

Qualification :

Heriot Watt University, Edinburgh; MSC Fashion Retail Marketing

Date of Appointment :

18.12.2010

Din No.:

03349960

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	U51900MH2007PTC175711	Marks and Spencer Reliance India Private Limited	Alternate director	6/9/2011	8/12/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ravi Mohan
Designation :	Secretary
Address :	C -1/355 C1 Block Yamuna Vihar, Delhi - 110053
Date of Appointment :	15.09.2010
Pan No.:	AGTPM4230H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 04.08.2011

Names of Shareholders	Class A	Class B	Class C
Reliance Retail Limited, India	1462650	-	55394500
Marks and Spencer International Holdings Limited, United kingdom	29850	565250	-
Marks and Spencer Singapore Investments Pte Limited, India, Singapore	1492500	28262500	-
	2985000	28827750	55394500

As on 04.08.2011

Equity Shares Break - up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	51.00
Bodies corporate	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Retailing of Garment and Accessories

Products :

ITC Number of Product	Product Description
620000	Readymade Garments
330000	Toiletries
620700	Undergarments

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available
Facilities :

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	Building No. 8, 7th & 8th floor, Tower B,DLF City, Phase-2,Gurgaon, Haryana, India
Pan No.:	AAEFP5579P
Joint Venture :	Marks and Spencer, Plc Marks and Spencer Singapore Investments Pte Limited Marks and Spencer International Holdings Limited Reliance Retail Limited
Subsidiaries :	Supreme Tradelinks Private Limited CIN No.:U51311RJ2002PTC017552
Associates:	Marks and Spencer India Private Limited

CAPITAL STRUCTURE

As on. 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3750000	A Type of Equity Shares	Rs.10/- each	Rs.37.500 Millions
36338000	B Type of Equity Shares	Rs.10/- each	Rs.363.380 Millions
69824000	C Type of Equity Shares	Rs.05/-each	Rs.349.120 Millions
Total			Rs.750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2985000	A Type of Equity Shares	Rs.10/- each	Rs.29.850 Millions
28827750	B Type of Equity Shares	Rs.10/- each	Rs.288.277 Millions
55394500	C Type of Equity Shares	Rs.05/- each	Rs.276.973 Millions
Total			Rs.595.100 Millions

Note:

1. Class B Shares do not carry any voting rights. 2. Class C Shares do not carry any voting rights and entitle the holder to half the legal and beneficial interest in the Company as Class B Shares

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		595.100	595.1000	495.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1540.000	1540.000	840.000
4] (Accumulated Losses)		(338.660)	(247.343)	(60.712)
NETWORTH		1796.440	1887.757	1274.388
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1796.440	1887.757	1274.388
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		269.104	183.711	2.121
Capital work-in-progress		12.756	2.464	24.047
INVESTMENT		516.002	516.002	483.955
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	550.993	359.660	0.000
	Sundry Debtors	2.668	1.522	0.000
	Cash & Bank Balances	471.719	793.750	591.564
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	466.692	397.539	239.702
Total Current Assets		1492.072	1552.471	831.266
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	441.721	331.048	59.207
	Other Current Liabilities	33.790	22.927	7.380
	Provisions	17.983	12.916	0.414
Total Current Liabilities		493.494	366.891	67.001
Net Current Assets		998.578	1185.580	764.265
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1796.440	1887.757	1274.388

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1945.365	538.740	NA
		Other Income	34.219	14.193	4.799
		TOTAL	1979.584	552.933	4.799
Less	EXPENSES		2070.900	739.564	65.371
	PROFIT/(LOSS) BEFORE TAX		(91.316)	(186.631)	(60.572)
Less	FRINGE BENEFIT TAX		0.000	0.000	128
	PROFIT/(LOSS) AFTER TAX		(91.316)	(186.631)	(60.700)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(247.343)	(60.712)	(12)
	BALANCE CARRIED TO THE B/S		(338.660)	(247.343)	(60.712)
	IMPORTS
		Finished Goods	530.976	147.753	NA
		Capital Goods	3.950	3.890	3.790
	TOTAL IMPORTS		534.926	151.643	3.790
	Earnings Per Share (Rs.)		(1.53)	(3.57)	(3.59)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(4.61)	(33.75)	(1264.85)
Net Profit Margin (PBT/Sales)	(%)	4.69	(34.64)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(5.18)	(9.73)	(7.27)
Return on Investment (ROI) (PBT/Networth)		(0.05)	(0.10)	0.05
Debt Equity Ratio (Total Liability/Networth)		0.27	0.19	0.05
Current Ratio (Current Asset/Current Liability)		3.02	4.23	12.41

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	-
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	No
Banking Facility Details	No
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Note:

The Registered of the company has been shifted form the Second Floor, Chitrakoot, Shreeram Mills Premises, Ganpatrao kadam Marg. Worli, Mumbai – 400013, Maharashtra, India to the present address w.e.f.15.09.2010

Operational Review :

The Company continued its march to emerge as a leading player in the retailing of apparel and related products in through the ?Marks and Spencer? brand for which it holds an exclusive franchise in . During the year the Company has launched 4 new retail stores. The Company presently operates 19 stores of various sizes spread across various cities in India. All the new stores launched by the Company have received tremendous response from customers and the brand also witnessed enthusiasm from customers in the existing stores.

The Company, aided by the support and enthusiasm of the Joint Venture Partners, proposes to set up larger number of stores in the coming months and is geared up to increase the business size significantly. The roll out of new stores is mainly proposed in the upcoming malls located at convenient locations that offer good business potential for the Company enabling the Company to grow at a rapid pace.

During the year the Company significantly increased its revenue and has been able to reduce its losses considerably. With the proposed increase in size and scale of operations, the Directors are hopeful of the Company becoming cash positive in the near future

FIXED ASSETS

· IT Hardware

· Office Equipment

· Furniture and Fittings

· Lease Hold Improvements

Intangible Assets

Computer Software

AS PER WEB SITE DETIALS

Press Releases

21^st April 2012

M and S continues to build its presence in India’s tech-city with its fourth store-

Marks and Spencer (M and S) today opened its brand new store at 1 M.G. Road in Bangalore – its fourth store in the city.

Trading over two floors, the new 16,000 square feet store is in line with M and S’ international plans to build a strong presence in India, as one of its strategic international markets. M and S now has 25 stores in India and will open further stores throughout the year.

James Munson, Head of Retail and Marketing at M and S Reliance India, said: “Bangalore provides us with an exciting opportunity to grow our business in India. We’re delighted to have opened our new store at one of the city’s premier shopping destinations and this will complement our three other stores here. We’ve had a great response from customers on our first day and we’re looking forward to welcoming more customers to the store.”

The store offers the latest Spring/Summer collections and M and S’ exclusive innovations across womenswear, menswear and kidswear, as well as accessories, footwear, sleepwear, lingerie and beauty.

Luke Banks, Head of Buying and Merchandising at M and S Reliance India said: “Our latest fashion collections have a vibrant mix of trends, offering our customers in India a great range of high quality, stylish choices to start the summer in style. From fun retro inspired 50s skirts to printed tops that add drama to classic shapes – M and S has the key looks covered this season.”

Examples of M and S’ popular clothing brands at the store include:

· M and S Woman and M and S Man – Stylish, dependable but still inspiring, the range brings you the great value clothes you love.

· Limited Collection – Sexy, edgy and confident, the collection knows how to turn heads.

· Autograph – Luxurious, chic and sophisticated, the range embodies understated, international style.

· per una – Alive with romance and drama,  the clothes are feminine, vibrant and passionate.

· North Coast – takes a relaxed approach to life with a casual, authentic and laid back style.

· Blue Harbour – the clean, masculine range offers men considered style, where casual can still be smart.

· Collezione – Inspired by all things Italian, the range expresses confidence and attention to detail in every suave, stylish piece

Notes to Editors

About Marks and Spencer

Marks and Spencer is one of the UK’s leading retailers. M and S sells high quality, great value clothing and home products as well as outstanding quality food. Around 21 million customers visit its stores each week and has 78,000 employees across the UK and 43 territories globally.

Marks and Spencer was founded over 128 years ago and currently has over 730 UK stores and over 380 international stores across Europe, the Middle East and Asia.

For more information please visit http://corporate.marksandspencer.com   

About Marks and Spencer Reliance India

Marks and Spencer Reliance India pvt Ltd is the joint venture formed in April 2008 between Marks and Spencer and Reliance Retail.

M and S now has 25 stores located in Delhi, Gurgaon, Noida, Amritsar, Mumbai, Pune, Kolkata, Bangalore, Chennai and Hyderabad.

Reliance Retail Limited is a subsidiary of Reliance Industries Limited opened its first retail store in November 2006 and today operates more than 1,000 stores in over 85 cities serving over 2.5 million customers every week.

M and S OPENS FIRST HIGH STREET SUSTAINABLE LEARNING

Stylish Fashions

In addition to its sustainable credentials, the store also offers this season’s latest collections and M and S’ exclusive innovations across womenswear, menswear – as well as accessories, sleepwear, lingerie and beauty.
Luke Banks, Head of Buying and Merchandising in India, commented: “It’s a pleasure to open our new store in Delhi with our latest fashion collections. Customers can choose from must-have bright colours across our clothing and accessories ranges to elegant tailoring and vintage-inspired lingerie. In menswear, we’ve translated key British heritage styles into a stylish collection of quality wardrobe staples.”

Examples of M and S’ popular clothing brands at the store include:

· Autograph – Luxurious, chic and sophisticated, the range embodies understated, international style.

· Limited Collection – Sexy, edgy and confident, the collection knows how to turn heads.

· per una - Alive with romance and drama,  the clothes are feminine, vibrant and passionate.

· Indigo Collection – Soft, pretty and coordinated casualwear, the collection is perfect for women who need easy style for a busy life.

· M and S Woman and M and S Man – Stylish, dependable but still inspiring, the range brings you the great value clothes you love.

· Blue Harbour – the clean, masculine range offers men considered style, where casual can still be smart.

· Collezione – Inspired by all things Italian, the range expresses confidence and attention to detail in every suave, stylish piece.

· North Coast - is a relaxed attitude to life, reflected in a casual, laid back look.

Notes to Editors

*LEED (Leadership in Energy and Environmental Design) is the US Building Green Council’s environmental rating system.

About M and S’ sustainable learning stores:

As part of Plan A, M and S’ environmental and ethical programme, the retailer has a commitment to open two new sustainable learning stores in the UK each year to support continuous improvement in its construction programme. M and S opened its first sustainable learning store in Sheffield in April 2011, followed by its Stratford City store in London in September 2011.  More information on the stores can be found at http://corporate.marksandspencer.com/howwedobusiness/hwdb_reports. 

In November 20112, M and S’ opened its first international sustainable learning store at Market City Mall in Bangalore. The 20,000 sq ft clothing, home and gifts store features energy efficient lighting (uses 15 per cent less energy), energy efficient air conditioning, water saving technology and high levels of construction waste has been recycled. The store is aiming for a LEED (Leadership in Energy and Environmental Design – the US Building Green Council’s environmental rating system) rating of Silver.

About Plan A:

Launched in 2007 and extended in March 2010, Plan A takes a holistic approach to sustainability focusing on involving customers, involving all areas of the business and tackling issues such as climate change, waste, raw materials, health and being a fair partner. M and S aims to become the world’s most sustainable major retailer by 2015.

About M and S Reliance India:

Marks and Spencer opened its first store in India in 2001 and in April 2008 signed a Joint Venture with Reliance Retail to form Marks and Spencer Reliance India Private Limited. M and S now has 25 stores located in Delhi, Gurgaon, Noida, Amritsar, Mumbai, Pune, Kolkata, Bangalore, Chennai and Hyderabad.

RELIANCE NEWS

MARKS AND SPENCER RELIANCE INDIA PRIVATE LIMITED to open 50 Stores by 2014

Marks and Spencer Reliance India Private Limited., a joint venture between Marks and Spencer Group PLC (MKS.LN) and a unit of India's Reliance Industries Ltd. (500325.BY), is on track to open 50 stores by 2014, its chief executive said Wednesday.

"We plan to open six-eight outlets in the next fiscal year," Mark Ashman told reporters on the sidelines of an industry conference.

The joint venture was set up to sell items such as apparels and household equipment.

It aims to source 70% of the raw materials for the products it sells by 2014 in an attempt to keep costs low, Ashman said.

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.56.42
UK Pound	1	Rs.87.38
Euro	1	Rs.69.95

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	-

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