MIRA INFORM REPORT

Report Date :

11.06.2014

IDENTIFICATION DETAILS

Name :	WAL-MART INDIA PRIVATE LIMITED
Registered Office :	E-20, 1^st and 2^nd Floor, Hauz Khas Main Market, New Delhi – 110016
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	17.08.2007
Com. Reg. No.:	55-167118
Capital Investment / Paid-up Capital :	Rs.3592.727 Millions
CIN No.: [Company Identification No.]	U51909DL2007PTC167118
TAN No.: [Tax Deduction & Collection Account No.]	DELB09826F
PAN No.: [Permanent Account No.]	AADCB2110L
Legal Form :	Private Limited Liability Company
Line of Business :	Chain of departmental store.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management has failed to file its financial record with government department for the year 2013. As per available financial record of 2012, the rating reflects company’s weak financial risk profile marked by huge accumulated losses incurred by the company which has eroded net worth and below average financial performance of the company. Business is active. Payment terms are slow. The company can be considered for business dealings on safe and secured trade terms and conditions. NOTE: As claimed by Mr. Krishnan, sales head that subject company was joint venture with “Bharti Venture Limited” and started their operation with the name Bharti Walmart India Private Limited. Further he also claimed that on 9^th September 2013 they demerged with Bharti Venture Limited and from 20^th January 2014 they are now operating as Walmart India Private Limited.

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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

Name :	Mr. Vikrant
Designation :	Construction Department
Contact No.:	91-124-44568500
Name :	Mr. Krishnan
Designation :	Sales Head
Contact No.:	91-8800711147
Date :	11.06.2014

LOCATIONS

Registered Office :	E-20, 1^st and 2^nd Floor, Hauz Khas Main Market, New Delhi – 110016, India
Tel. No.:	91-124-44568500
Mobile No.:	91-8800711147
Fax No.:	Not Available
E-Mail :	gurdeep.kaur@bharti.wal-mart.com urvashi.sahai@wal-mart.com
Corporate Office :	4^th Floor, Orchid Center Sector-53, Golf Course Road, Opposite Sun City Gurgaon – 122022, Haryana, India
Branch Office :	Survey No.37 & 38, Kacharakanahalli, Village Jadigenahalli Hobli Hoskote Taluk Bangalore – 560034, Karnataka, India

DIRECTORS

AS ON 16.05.2013

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

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	U51909DL2007PTC167118	Wal-Mart India Private Limited	Director	05/03/2010	30/11/2009	-	Active	NO

Name :

Mr. Rajan Bharti Mittal

Designation :

Director

Address :

E-9/17, Vasant Vihar, Vasant Marg, New Delhi – 110057, India

Date of Birth/Age :

05.10.1960

Date of Appointment :

17.08.2007

Date of Cessation :

28.12.2013

DIN No.:

00028016

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	U74899DL1983PTC015323	BHARTI INFOTEL PRIVATE LIMITED	Director	04/03/1983	04/03/1983	-	Active	NO
2	U32039HR1985PLC032091	BHARTI TELECOM LIMITED	Director	16/03/1989	16/03/1989	-	Active	NO
3	U92113DL1985PLC021580	BHARTI TELE COM LTD	Director	16/03/1989	16/03/1989	-	Not Available for eFiling	NO
4	L74899DL1995PLC070609	Bharti Airtel Limited	Director	01/04/2007	07/07/1995	-	Active	NO
5	U32204HR1999PLC042204	BEETEL TELETECH LIMITED	Director	30/03/1999	30/03/1999	04/11/2009	Active	NO
6	U72900DL2001PTC109151	LILY PROJECTS PRIVATE LIMITED	Director	10/01/2001	10/01/2001	01/12/2006	Amalgamated	NO
7	L92200DL1999PLC103001	T.V. TODAY NETWORK LIMITED.	Director	21/11/2001	21/11/2001	08/11/2010	Active	NO
8	U70101DL2003PTC120760	BHARTI REALTY PRIVATE LIMITED	Director	06/06/2003	06/06/2003	-	Amalgamated	NO
9	U45208DL2003PLC123388	Bharti Realty Holdings Limited	Managing director	28/09/2010	08/12/2003	-	Active	NO
10	U99999DL1956NPL002635	FEDERATION OF INDIAN CHAMBER OF COMMERCE AND INDUSTRY.	Director	08/01/2004	08/01/2004	-	Active	NO
11	U66010MH2005PLC157108	BHARTI AXA LIFE INSURANCE COMPANY LIMITED	Alternate director	16/05/2006	16/05/2006	11/06/2007	Active	NO
12	U72300DL2005PLC142756	Bharti Ventures Limited	Director	24/09/2007	14/11/2006	-	Active	NO
13	U72300DL2005PTC142757	Bharti Overseas Private Limited	Director	21/09/2007	14/11/2006	-	Active	NO
14	U51909DL2007PLC158953	BHARTI RETAIL LIMITED	Director	07/02/2007	07/02/2007	30/11/2012	Active	NO
15	U52599DL2007PLC159150	CEDAR SUPPORT SERVICES LIMITED	Director	11/08/2008	12/02/2007	01/06/2010	Active	NO
16	U74993DL2007PLC163757	BHARTI ENTERPRISES LIMITED.	Director	23/09/2008	22/05/2007	28/01/2010	Active	NO
17	U51909DL2007PTC167118	Wal-Mart India Private Limited	Director	17/08/2007	17/08/2007	28/12/2013	Active	NO
18	U65923DL2007PTC168640	Bharti (RBM) Holdings Private Limited	Director	12/09/2008	25/09/2007	-	Active	NO
19	U74900DL2007PTC169368	Gourmet Investments Private Limited	Director	18/09/2008	12/10/2007	05/10/2011	Active	NO
20	U92100DL2007PLC170574	Indus Towers Limited	Director	20/11/2007	20/11/2007	07/12/2007	Active	NO
21	U70101DL2003PLC123387	BHARTI REALTY LIMITED.	Managing director	16/09/2008	01/04/2008	16/11/2009	Active	NO
22	U15133HR2004PTC041215	FieldFresh Foods Private Limited	Alternate director	25/11/2008	25/11/2008	28/01/2009	Active	NO
23	U74900DL2009PTC190101	Bharti (RBM)Trustees Private Limited	Director	30/09/2010	08/05/2009	-	Active	NO
24	U74900DL2009PTC190102	Bharti (RBM) Resources Private Limited	Director	30/09/2010	08/05/2009	-	Active	NO
25	U74900DL2009PTC190214	Bharti (Satya) Trustees Private Limited	Director	30/09/2010	12/05/2009	-	Active	NO
26	U74140DL2009PTC190299	Bharti (RBM) Services Private Limited	Director	30/09/2010	14/05/2009	-	Active	NO
27	U74900DL2009PTC190495	Bharti Management Private Limited	Director	30/09/2010	21/05/2009	-	Active	NO
28	U74140DL2010PTC197775	BHARTI ENTERPRISES (HOLDING) PRIVATE LIMITED	Director	06/12/2010	08/01/2010	-	Active	NO
29	U66010DL2010PTC211456	Bharti Insurance Holdings Private Limited	Director	15/12/2010	15/12/2010	22/12/2010	Active	NO

Name :

Mr. Raj Kumar Jain

Designation :

Director

Address :

C-35, Second Floor, West End, New Delhi – 110022, India

Date of Birth/Age :

02.03.1959

Date of Appointment :

24.08.2007

Date of Cessation :

30.06.2013

DIN No.:

01741527

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	U51909DL2007PTC167118	Wal-Mart India Private Limited	Director	13/05/2008	24/08/2007	30/06/2013	Active	NO
2	U51909DL2007PLC158953	BHARTI RETAIL LIMITED	Managing director	01/04/2014	01/04/2014	-	Active	NO

Name :

Mr. Inderjit Walia

Designation :

Director

Address :

C-1, Greater Kailash, Enclave-1, New Delhi – 110022, India

Date of Birth/Age :

17.05.1958

Date of Appointment :

30.11.2009

Date of Cessation :

28.12.2013

DIN No.:

01812849

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	U92100DL2007PLC170574	Indus Towers Limited	Director	04/06/2008	07/12/2007	-	Active	NO
2	U64202DL2007PLC172081	Bharti Infratel Ventures Limited	Director	01/08/2008	31/12/2007	-	Amalgamated	NO
3	U74120DL2007PLC158956	Centum Learning limited	Director	07/07/2008	15/01/2008	11/02/2014	Active	NO
4	U74140DL2008PTC173843	Bharti Retail Resources Private Limited	Director	08/02/2008	08/02/2008	-	Amalgamated	NO
5	U51909DL2007PLC158953	BHARTI RETAIL LIMITED	Director	18/10/2010	20/03/2008	-	Active	NO
6	L64201DL2006PLC156038	Bharti Infratel Limited	Director	22/07/2008	31/03/2008	03/09/2012	Active	NO
7	U32204HR1999PLC042204	BEETEL TELETECH LIMITED	Director	25/09/2008	02/05/2008	16/11/2011	Active	NO
8	U51909DL2007PTC167118	Wal-Mart India Private Limited	Director	05/03/2010	05/11/2008	28/12/2013	Active	NO
9	U52599DL2007PLC159150	CEDAR SUPPORT SERVICES LIMITED	Director	28/06/2013	24/02/2009	-	Active	NO
10	U15133HR2004PTC041215	FieldFresh Foods Private Limited	Director	21/08/2009	21/08/2009	19/11/2009	Active	NO
11	U55101DL2011PTC228190	Atrium Restaurants India Private limited	Director	01/12/2011	01/12/2011	07/06/2012	Active	NO
12	U64200DL2013PLC253495	Bharti Infratel Services Limited	Director	04/06/2013	04/06/2013	-	Active	NO
13	U64200DL2010PTC205334	WIRELESS BROADBAND BUSINESS SERVICES (HARYANA) PRIVATE LIMITED	Additional director	25/06/2013	25/06/2013	-	Amalgamated	NO
14	U64200DL2010PTC205333	WIRELESS BROADBAND BUSINESS SERVICES (DELHI) PRIVATE LIMITED	Additional director	25/06/2013	25/06/2013	-	Amalgamated	NO
15	U64200DL2010PTC205336	WIRELESS BROADBAND BUSINESS SERVICES (KERALA) PRIVATE LIMITED	Additional director	25/06/2013	25/06/2013	-	Amalgamated	NO
16	U72900MH2007PTC175384	AIRTEL BROADBAND SERVICES PRIVATE LIMITED	Director	30/09/2013	25/06/2013	29/01/2014	Active	NO
17	U72200DL2013PLC254747	Nxtra Data Limited	Additional director	09/08/2013	09/08/2013	-	Active	NO

Name :

Mr. Devendra Khanna

Designation :

Director

Address :

Devi Sadan, Ground Floor, L 1/5, Hauz Khas, New Delhi – 110016, India

Date of Birth/Age :

14.07.1960

Date of Appointment :

27.02.2013

Date of Cessation :

28.12.2013

DIN No.:

01996768

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	U64201DL1997PLC091001	Bharti Airtel Services Limited	Director	01/08/2008	18/01/2008	29/10/2013	Active	NO
2	U74999DL2000PLC108006	BHARTI AQUANET LIMITED	Director	01/08/2008	21/01/2008	-	Amalgamated	NO
3	U32308DL2007PLC161809	IFFCO Kisan Sanchar Limited	Director	05/09/2008	23/01/2008	30/06/2009	Active	NO
4	U32039HR1985PLC032091	BHARTI TELECOM LIMITED	Managing director	08/08/2008	29/01/2008	22/07/2009	Active	NO
5	U74899DL1995PLC067527	BHARTI HEXACOM LIMITED	Director	19/09/2013	27/03/2008	-	Active	NO
6	U74140DL2008PTC173843	Bharti Retail Resources Private Limited	Director	24/04/2009	19/06/2008	-	Amalgamated	NO
7	U15133HR2004PTC041215	FieldFresh Foods Private Limited	Director	21/08/2009	19/08/2008	24/02/2014	Active	NO
8	U32204DL2008PLC183976	Bharti Teleports Limited	Managing director	29/10/2012	06/10/2008	-	Active	NO
9	U32204HR1999PLC042204	BEETEL TELETECH LIMITED	Director	27/07/2009	27/01/2009	-	Active	NO
10	U74140KA2007PTC043520	GIBA Holdings Private Limited	Director	30/05/2012	24/06/2011	06/03/2014	Active	NO
11	U74900DL2011FLC221516	BSB INNOVATION INDIA LIMITED	Director	27/06/2011	27/06/2011	22/11/2011	Active	NO
12	U74900DL2007PTC169368	Gourmet Investments Private Limited	Director	28/09/2012	05/10/2011	11/02/2014	Active	NO
13	U55101DL2011PTC228190	Atrium Restaurants India Private limited	Director	28/09/2012	01/12/2011	19/03/2014	Active	NO
14	U66010DL2010PTC211456	Bharti Insurance Holdings Private Limited	Director	28/09/2012	06/01/2012	-	Active	NO
15	U66030KA2007PLC043362	BHARTI AXA GENERAL INSURANCE COMPANY LIMITED	Director	30/05/2012	10/01/2012	06/03/2014	Active	NO
16	U67120MH1996PTC250182	FIRST AMERICAN SECURITIES PRIVATE LIMITED	Director	28/09/2012	12/01/2012	06/03/2014	Active	NO
17	U66010MH2005PLC157108	BHARTI AXA LIFE INSURANCE COMPANY LIMITED	Director	07/06/2012	17/01/2012	06/03/2014	Active	NO
18	U92200DL2006PLC156075	Bharti Telemedia Limited	Director	24/09/2012	08/02/2012	-	Active	NO
19	U65900MH2007FTC173079	BOI AXA Investment Managers Private Limited	Director appointed in casual vacancy	15/02/2012	15/02/2012	07/05/2012	Active	NO
20	U74993DL2007PLC163757	BHARTI ENTERPRISES LIMITED.	Director	28/09/2012	07/03/2012	-	Active	NO
21	U72900MH2007PTC175384	AIRTEL BROADBAND SERVICES PRIVATE LIMITED	Director	24/05/2012	24/05/2012	-	Active	NO
22	U64200DL2010PTC205336	WIRELESS BROADBAND BUSINESS SERVICES (KERALA) PRIVATE LIMITED	Director	24/05/2012	24/05/2012	-	Amalgamated	NO
23	U64200DL2010PTC205334	WIRELESS BROADBAND BUSINESS SERVICES (HARYANA) PRIVATE LIMITED	Director	24/05/2012	24/05/2012	-	Amalgamated	NO
24	U64200DL2010PTC205333	WIRELESS BROADBAND BUSINESS SERVICES (DELHI) PRIVATE LIMITED	Director	24/05/2012	24/05/2012	-	Amalgamated	NO
25	U51909DL2007PLC158953	BHARTI RETAIL LIMITED	Director	28/06/2013	30/11/2012	-	Active	NO
26	U52599DL2007PLC159150	CEDAR SUPPORT SERVICES LIMITED	Director	28/06/2013	30/11/2012	-	Active	NO
27	U93000DL2010PLC208520	Centum Workskills India Limited	Director	17/09/2013	19/12/2012	11/02/2014	Active	NO
28	U74120DL2007PLC158956	Centum Learning limited	Director	17/09/2013	19/12/2012	-	Active	NO
29	U72200HR1999PLC041214	Comviva Technologies Limited	Director	17/06/2013	31/12/2012	-	Active	NO
30	U51909DL2007PTC167118	Wal-Mart India Private Limited	Director	16/05/2013	27/02/2013	28/12/2013	Active	NO
31	U72200DL2013PLC254747	Nxtra Data Limited	Director	02/07/2013	02/07/2013	09/08/2013	Active	NO
32	U74140DL2008PLC184218	Mehrauli Realty and Consultants Limited	Director	30/09/2013	12/07/2013	-	Active	NO
33	U45208DL2003PLC123388	Bharti Realty Holdings Limited	Director	30/09/2013	05/09/2013	-	Active	NO
34	U93000DL2013NPL259599	Satya Electoral Trust.	Director	25/10/2013	25/10/2013	10/03/2014	Active	NO

Name :

Mr. Michael Jerome Bender

Designation :

Director

Address :

14853, South 7^th Street, Phoenix, 85048

Date of Birth/Age :

22.11.1961

Date of Appointment :

20.11.2012

Date of Cessation :

31.01.2014

DIN No.:

06431150

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	U51909DL2007PTC167118	Wal-Mart India Private Limited	Director	16/05/2013	20/11/2012	31/01/2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Vikrant
Designation :	Construction Department
Name :	Mr. Krishnan
Designation :	Sales Head

MAJOR SHAREHOLDERS

AS ON 16.05.2013

Names of Shareholders	No. of Shares
Cedar Support Services Limited, India	4130380
Bharti Ventures Limited, India	202414307
Wal-Mart Mauritius (1) Holdings Company Limited, Mauritius	206544687
Wal-Mart Mauritius (2) Holdings Company Limited, Mauritius	515
Total	413089889

Equity Share Break up (Percentage of Total Equity)

AS ON 16.05.2013

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 :	Chain of departmental store.
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Divulged

Bankers :

· Citi Bank

· Standard Chartered Bank

· JP Morgan Chase Bank, N.A.

· The Hong Kong and Shanghai Banking Corporation Limited

· Deutsche Bank AG

Facilities :

SECURED LOANS	31.12.2012 Rs. In Millions	31.12.2011 Rs. In Millions
Long Term Borrowings
Term Loans from Banks	15840.000	10150.000
Short Term Borrowings
Other Loans and Advances	1250.575	893.456
Total	17090.575	11043.456

Banking Relations :	--
Auditors :
Name :	S.R Batliboi and Company Chartered Accountants
Address :	Golf View, Corporate Tower-Bsector-42, Sector Road, Gurgaon, Haryana, India
PAN No.:	AALFS0506L
Joint venture :	· Bharti Ventures Limited · Cedar Support Services Limited · Wal-Mart Mauritius (1) Holdings Company Limited · Wal-Mart Mauritius (2) Holdings Company Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Bharti Retail 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
Others :	· Wal-Mart Stores Inc. · WM India Technical and Consultancy Services Private Limited

CAPITAL STRUCTURE

AFTER 31.12.2012

Authorised Capital : Rs.30000.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 12252.734 Millions

AS ON 31.12.2012

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
359272724	Equity Shares	Rs.10/- each	Rs.3592.727 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3,592.727	2,001.001
(b) Reserves & Surplus	(11,377.028)	(7,653.807)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(7,784.301)	(5,652.806)
(3) Non-Current Liabilities
(a) long-term borrowings	15,840.000	10,150.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	216.277	126.274
(d) long-term provisions	98.336	64.508
Total Non-current Liabilities (3)	16,154.613	10,340.782
(4) Current Liabilities
(a) Short term borrowings	2,043.978	893.456
(b) Trade payables	1,997.910	1,981.480
(c) Other current liabilities	1,669.814	737.615
(d) Short-term provisions	101.267	64.263
Total Current Liabilities (4)	5,812.969	3,676.814
TOTAL	14,183.281	8,364.790
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3,269.157	2,041.949
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	1,050.831	262.940
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	749.913	646.819
(e) Other Non-current assets	69.138	51.090
Total Non-Current Assets	5,139.039	3,002.798
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	3,710.087	2,044.897
(c) Trade receivables	5,990.542	3,106.444
(d) Cash and cash equivalents	104.399	64.309
(e) Short-term loans and advances	232.464	141.639
(f) Other current assets	6.750	4.703
Total Current Assets	10,044.242	5,361.992
TOTAL	15,183.281	8,364.790

SOURCES OF FUNDS		31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		801.001
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		801.001
LOAN FUNDS
1] Secured Loans		4,420.000
2] Unsecured Loans		0.000
TOTAL BORROWING		4,420.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		5,221.001
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		709.345
Capital work-in-progress		135.702
INVESTMENT		0.010
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	626.863
	Sundry Debtors	23.222
	Cash & Bank Balances	43.682
	Other Current Assets	0.398
	Loans & Advances	361.199
Total Current Assets		1,055.364
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	1,484.520
	Provisions	69.537
Total Current Liabilities		1,554.057
Net Current Assets		(498.693)
MISCELLANEOUS EXPENSES		0.000
PROFIT / (LOSS) DEBIT BALANCE		4,874.637
TOTAL		5,221.001

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.12.2012	31.12.2011	31.12.2010
	SALES
		Income
		Other Income
		TOTAL		33,818.300	18,764.330	7,711.339
Less	EXPENSES
		TOTAL		37,541.521	21,543.549	9,390.357
	PROFIT/(LOSS) BEFORE TAX			(3,723.221)	(2,779.219)	(1,679.018)
Less	TAX			0.000	(0.049)	0.000
	PROFIT/(LOSS) AFTER TAX			(3,723.221)	(2,779.170)	(1,679.018)
	IMPORTS
			Capital Goods	283.086	341.940	105.520
			Traded Goods	125.591	60.712	2.833
	TOTAL IMPORTS			408.677	402.652	108.353
	Earnings/(Loss) Per Share (Rs.)			(9.01)	NA	NA

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011	31.12.2010
PAT / Total Income	(%)	(11.01)	(14.81)	(21.77)
Return on Total Assets (PBT/Total Assets}	(%)	(26.35)	(34.30)	(95.14)
Return on Investment (ROI) (PBT/Networth)		0.48	0.49	(2.10)
Debt Equity Ratio (Total Debt /Networth)		(2.30)	(1.95)	5.52
Current Ratio (Current Asset/Current Liability)		1.73	1.46	0.68

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012
	Rs. In Millions	Rs. In Millions
Share Capital	2001.001	3592.727
Reserves & Surplus	(7653.807)	(11377.028)
Net worth	(5652.806)	(7784.301)
long-term borrowings	10150.000	15840.000
Short term borrowings	893.456	2043.978
Total borrowings	11043.456	17883.978
Debt/Equity ratio	(1.954)	(2.297)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2010	31.12.2011	31.12.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	7,711.339	18,764.330	33,818.300
		143.334	80.227

NET PROFIT MARGIN

Net Profit Margin	31.12.2010	31.12.2011	31.12.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	7,711.339	18,764.330	33,818.300
Profit	(1,679.018)	(2,779.170)	(3,723.221)
	(21.77%)	(14.81%)	(11.01%)

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	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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PERFORMANCE:

During the financial year ended December 31, 2012, total income of the Company has increased by 80.23% from Rs. 18764.330 Millions to Rs.33818.300 Millions and incurred a loss of Rs.3723.220 Millions,

The directors are very optimistic and upbeat about the business outlook in the future. It is felt that our Cash and n Carry Wholesale Business which is a Business to Business trading has considerable scope for growth.

CORPORATE INFORMATION:

Bharti Wal-Mart Private Limited (the Company) is a private company domiciled in India and incorporated under the provisions of Companies Act, 1956 on August 17, 2007. It is a joint venture among Wal-Mart Mauritius (1) Holdings Company Limited, Wal-Mart Mauritius (2) Holdings Company Limited, Bharti Ventures Limited and Cedar Support Services Limited Private Limited for setting up wholesale cash-and-carry business in India.

UNSECURED LOANS:

Particulars	31.12.2012 Rs. In Millions	31.12.2011 Rs. In Millions
Short Term Borrowings
Other Loans and Advances	793.403	0.000
Total	793.403	0.000

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10438243	10/06/2013	250,000,000.00	CITI BANK N.A.	124, JEEVAN BHARTI BUILDING, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA	B80205149
2	10410590	18/02/2013	250,000,000.00	BNP PARIBAS	8TH FLOOR, SOOD TOWERS,, 25 BARAKHAMBA ROAD,, NEW DELHI, DELHI - 110001, INDIA	B70358932
3	10373111	02/07/2012	1,500,000,000.00	CITI BANK N.A.	5TH FLOOR, JEEVAN BHARTI BUILDING, CONNAUGHT CIRCUS, NEWDELHI, DELHI - 110001, INDIA	B56600653
4	10362475	18/06/2012 *	300,000,000.00	STANDARD CHARTERED BANK	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B43317452
5	10369870	18/06/2012	1,250,000,000.00	JP MORGAN CHASE BANK, N.A.	J. P. MORGAN TOWER, OFF. C.S.T. ROAD,, KALINA, SANTACRUZ (EAST), MUMBAI, MAHARASHTRA - 400098, INDIA	B45431798
6	10370184	18/06/2012	1,250,000,000.00	BANK OF AMERICA N.A.	CORPORATE CREDIT RISK, 1ST FLOOR, DLF CENTRE, SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA	B45559523
7	10365094	18/06/2012	1,500,000,000.00	BNP PARIBAS	1ST FLOOR, SOOD TOWERS, 25 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B43457100
8	10362666	18/06/2012	1,750,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	25 , BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B42475434
9	10322222	19/10/2011	500,000,000.00	JPMORGAN CHASE BANK N.A.	J. P. MORGAN TOWER, OFF. C.S.T. ROAD, KALINA, SANTACRUZ (EAST), MUMBAI, MAHARASHTRA - 400098, INDIA	B27511161
10	10319811	11/10/2011	375,000,000.00	STANDARD CHARTERED BANK	NARAIN MANZIL BRANCH, 23, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B26132134
11	10320295	11/10/2011	375,000,000.00	DEUTSCHE BANK AG	4TH FLOOR, DLF SQUARE, JACARANDE MARG, DLF PHASE-I, GURGAON, HARYANA - 122002, INDIA	B26389031
12	10320553	11/10/2011	1,150,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	25 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B26574434
13	10320825	11/10/2011	1,450,000,000.00	CITI BANK	DLF CENTER, 5TH FLOOR, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B26695155
14	10320909	10/10/2011	1,150,000,000.00	BNP PARIBAS	SOOD TOWERS, 1ST FLOOR,, 25, BARAKHAMBA ROAD,, NEW DELHI, DELHI - 110001, INDIA	B26740449
15	10240156	18/08/2010	650,000,000.00	DEUTSCHE BANK	DLF SQUARE - 4TH FLOOR, JACARANDA MARG, DLF PHASE-II, GURGAON, HARYANA - 122002, INDIA	A94751211
16	10238687	18/08/2010	750,000,000.00	BNP PARIBAS	1ST FLOOR, SOOD TOWERS, 25 BARAKHAMBA ROAD,, NEW DELHI, DELHI - 110001, INDIA	A94230034
17	10241067	18/08/2010	850,000,000.00	CITIBANK N A	DLF CENTRE, 5TH FLOOR,, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	A95081014
18	10240557	18/08/2010	1,000,000,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	A94926573
19	10243042	18/08/2010	1,000,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	BIRLA HOUSE, 25 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	A95968244
20	10148529	01/11/2012 *	2,560,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	BIRLA TOWERS, 25, BARAKHAMBA ROAD ,, NEW DELHI, DELHI - 110001, INDIA	B64113947
21	10148109	29/04/2010 *	600,000,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	A84656255
22	10148108	23/03/2009	1,650,000,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	A59009860

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicles

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 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.59.26
UK Pound	1	Rs.99.63
Euro	1	Rs.80.59

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	KRN
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		14

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.