MIRA INFORM REPORT

BUSINESS INFORMATION REPORT

1. Summary Information

		COUNTRY	INDIA
COMPANY NAME	SAHARA INDIA COMMERCIAL CORPORATION LIMITED	PRINCIPAL NAME 1	MR. SUBRATA ROY SAHARA
STATUS	MODERATE	PRINCIPAL NAME 2	MR. JOY BROTO ROY
		REGISTRATION #	21-53999
STREET ADDRESS	SAHARA INDIA SADAN, 2-A, SHAKESHPEARE SARANI, KOLKATA – 700071, WEST BENGAL, INDIA
ESTABLISHED DATE	02.01.1992	SIC CODE	--
TELEPHONE#	91-33-22829075	BUSINESS STYLE 1	--
FAX #	91-33-22822889	BUSINESS STYLE 2	CONSTRUCTION
HOMEPAGE	--	PRODUCT NAME 1	--
# OF EMPLOYEES	1500	PRODUCT NAME 2	---
PAID UP CAPITAL	Rs.2,988,372,640/-	PRODUCT NAME 3	---
SHAREHOLDERS	BODIES CORPORATE-11.52% DIRECTORS OR RELATIVES OF DIRECTORS-85.08% OTHER TOP FIFTY SHAREHOLDERS-0.09% OTHERS-3.31%	BANKING	THE BANK OF RAJASTHAN LIMITED
PUBLIC LIMITED CORP.	--	BUSINESS PERIOD	18 YEARS
IPO	--	INTERNATIONAL INS.	--
PUBLIC ENTERPRISE	--	RATING	B (33)
RELATED COMPANY
RELATION	COUNTRY	COMPANY NAME	CEO
SUBSIDIARY COMPANY	INDIA	KABEER PROJECTS LIMITED	--
NOTE	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2009		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	196,062,469,000	Current Liabilities	172,851,348,000
Inventories	19,014,119,000	Long-term Liabilities	69,291,782,000
Fixed Assets	2,807,141,000	Other Liabilities	0,000
Deferred Assets	0,000	Total Liabilities	242,143,130,000
Invest& other Assets	12,146,049,000	Retained Earnings	13,633,512,000
		Net Worth	(12,113,352,000)
Total Assets	230,029,778,000	Total Liab. & Equity	230,029,778,000
Total Assets (Previous Year)	265,272,470,000
P/L Statement as of	31.03.2009		(Unit: Indian Rs.)
Sales	6,095,694,000	Net Profit	(4,498,924,000)
Sales(Previous yr)	19,506,186,000	Net Loss (Prev.yr)	(5,923,543,000)

MIRA INFORM REPORT

Report Date :

09.04.2011

IDENTIFICATION DETAILS

Name :	SAHARA INDIA COMMERCIAL CORPORATION LIMITED

Formerly Known as :	SAHARA INDIA HOUSING LIMITED

Registered Office :	Sahara India Sadan, 2A, Shakespeare Sarani, Kolkata – 700071, West Bengal

Country :	India

Financials (as on) :	31.03.2009

Date of Incorporation :	02.01.1992

Com. Reg. No.:	21-053999

CIN No.: [Company Identification No.]	U70109WB1992PLC053999

TAN No.: [Tax Deduction & Collection Account No.]	PNES17973E

PAN No.: [Permanent Account No.]	AADCS6118F

Legal Form :	A Closely Held Public Limited Liability Company. The company is a part of Sahara Group a medium sized industrial house.

Line of Business :	The object of the company is construction, developer, colonizer, contractor, purchases and production of software, broadcasting and telecasting of television, mineral water, etc.

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	--

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is a Sahara Group Company. It is a well – established and a reputed company having moderate track. There appears huge accumulated losses recorded by the company. Business is active. Payments are reported to be slow. Subject being a Sahara Group Company can be considered normal for business dealings at usual trade terms and conditions. However, huge accumulated losses should be borne in mind.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

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

LOCATIONS

Registered Office :	Sahara India Sadan, 2-A, Shakeshpeare Sarani, Kolkata – 700 071, West Bengal, India
Tel. No.:	91-33-22829075 / 22824910
Fax No.:	91-33-22822889
E-Mail :	sihllko@sancharnet.in statutorysiccl@rediffmail.com
Area :	Rented
Location :	Commercial

Head Office :	Sahara India Sadan, 8^th Floor, 2, Kapoorthala Complex, Aliganj, Lucknow-226024, Uttar Pradesh, India
Tel. No.:	91-522-2332018/1408/4799
Fax No.:	91-522-2330135
E-Mail :	sihllko@sancharnet.in

Branch Office 1 :	Sahara India Sadan, CTS 40-44, S V Road, Goregaon (West), Mumbai – 400104, Maharashtra, India

Branch Office 2 :	Amby Valley, Sahara Lake City, Post Ambavane, Via Lonavla, Taluka Mulshi, Pune – 410401, Maharashtra, India
Tel. No.:	91-20-2965111
Fax No.:	91-20-2965040
E-Mail :	opdixit@hotmail.com

DIRECTORS

Name :	Mr. Subrata Roy Sahara
Designation :	Director
Address :	Sahara Shahar Vipul Khand Gomti Nagar, Lucknow, Uttar Pradesh
Date of Birth/Age :	10.06.1948
Date of Appointment :	20.07.1995
PAN No. :	ARKPS53189F

Name :	Mr. Joy Broto Roy
Designation :	Director
Address :	F 170 A, Sainik Farm, New Delhi
Date of Birth/Age :	12.01.1961
Date of Appointment :	20.07.1995
PAN No. :	ACRPR6786C

Name :	Mr. Om Pakash Srivastava
Designation :	Director
Address :	A 70G, Sector C Mahanagar, Lucknow, Uttar Pradesh
Date of Birth/Age :	27.06.1955
Date of Appointment :	20.07.1995
PAN No. :	AKHPS7919K

Name :	Mr. Dhan Singh Thapa
Designation :	Director
Address :	A 4, Sector C, Aliganj, Lucknow, Uttar Pradesh
Date of Birth/Age :	10.04.1928
Date of Appointment :	22.12.1998
Date of Ceasing :	05.09.2005
PAN No. :	AMBPT2119D

Name :	Mr. Prabha Shankar Mishra
Designation :	Director
Address :	E – 245, Greater Kailash II, New Delhi, India
Date of Birth/Age :	06.08.1936
Date of Appointment :	22.12.1998
PAN No. :	AFAPM4628M

Name :	Mr. Ranoj Dasgupta
Designation :	Director
Address :	Sahara India Sadan, 2 A, Shakespeare Sarani, Kolkata, West Bengal, India
Date of Birth/Age :	15.02.1939
Date of Appointment :	01.01.2000
PAN No. :	AAPPD4448N

Name :	Mr. Yogendra Narayan Saxena
Designation :	Director
Address :	MG 31, Sector C Aliganj, Lucknow, Uttar Pradesh, India
Date of Birth/Age :	20.01.1935
Date of Appointment :	22.12.1998
PAN No. :	ABLPS5692L

Name :	Mr. A. Seshagi Rao
Designation :	Director
Address :	21 A Sector B, Awho Colony, Secunderabad, Andhra Pradesh
Date of Birth/Age :	09.10.1941
Date of Appointment :	29.11.2001
PAN No. :	AAWPR5550N

Name :	Mr. Sihtiaque Ahmed
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Asad Ahmad
Designation :	Manager
Address :	537 Kha Nayapurva Sitapur Road, Lucknow, Uttar Pradesh
Date of Birth/Age :	25.12.1965
Date of Appointment :	01.04.2005
PAN No. :	AALPA0819Q

Name :	Mr. Onkar Prasad Dixit
Designation :	Manager
Address :	B 1177, Indira Nagar, Lucknow, Uttar Pradesh
Date of Birth/Age :	25.07.1944
Date of Appointment :	01.04.1997
PAN No. :	ADDPD1207A

Name :	Mr. A. N. Mukherjee
Designation :	Manager
Address :	D 35/204, Jangam Basi, Varanasi, Uttar Pradesh
Date of Birth/Age :	22.01.1953
Date of Appointment :	01.04.2003
PAN No. :	AATPM0220H

Name :	Dr. C. B. Thapa
Designation :	Secretary
Address :	36 Shiv Vihar Colony, Sector 5, Vikas Nagar, Lucknow, Uttar Pradesh
Date of Birth/Age :	17.11.1957
Date of Appointment :	06.07.1998
PAN No. :	ABNPT2137K

Name :	Mr. Manish Wahal
Designation :	Secretary
Address :	684, Abhilasha, Eldeco Colony, Udhyan- Il, Lucknow-226012, Uttar Pradesh, India
Date of Birth/Age :	16.07.1976
Date of Appointment :	01.09.2008
PAN No. :	AANPW9962A

MAJOR SHAREHOLDERS

As on 29.12.2007

Names of Shareholders		No. of Shares
Subrata Roy Sahara		2015923200
Subrata Roy Sahara		245032679
Sahara Property Construction Private Limited		130031320
Sahara Flagship Real Private Limited		109000000
Sahara Green Realtors Private Limited		105000000
J B Roy		64419042
O P Srivastava		55045010
O P Srivastava		47990400
J B Roy		112409442
Swapna Roy		47894400
Ashok Roy Choudhary		1842360
Vandana Bhargava		2022270

As on 31.12.2007

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		11.52
Directors or relatives of directors		85.08
Other top fifty shareholders		0.09
Others		3.31
Total		100.00

BUSINESS DETAILS

Line of Business :

The object of the company is construction, developer, colonizer, contractor, purchases and production of software, broadcasting and telecasting of television, mineral water, etc.

Products :

Generic Names of principal Products of Company

Item Code No. (ITC Code)	Product Description
820	Development, Construction and Marketing of Real Estate Projects
85.24	Production, Broadcasting of Television Programe

Terms :

Selling :

Cash, Contract and Credit

Purchasing :

Cash, Contract and Credit

GENERAL INFORMATION

Customers :

End Users and Consumers

No. of Employees :

1500 (Approximately)

Bankers :

Ø The Bank of Rajashtan Limited, Overseas Branch 204, Surya Kiran Building, Kasturba Gandhi Marg, New Delhi – 110001

Ø State Bank Of Hyderabad, Industrial Finance Branch, 14, Kasturba Gandhi Marg, New Delhi – 110001

Ø United Bank Of India, Lucknow

Ø UCO Bank, Nariman point Branch, 1^st Floor, Mafatlal Centre, Nariman Point, Mumbai – 400021, Maharashtra

Ø The Bank of Rajasthan Limited, Lower Parel Branch, 11/12 Ranghuvashi Mills, Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Ø Punjab National Bank, MG Marg, Branch, Hazratganj, Lucknow – 226 001, Uttar Pradesh

Facilities:

Unsecured loans	31.03.2009 Rs. In Millions
Optionally Fully Convertible Debentures	69223.282
Loan from Sahara India Future Fund Trust	68.500
Total	69291.782

Banking Relations :

Satisfactory

Financial Institution:

VS Net Limited, 327, Anna Salai, Teynampet Chennai-600006, Tamilnadu, India

Auditors :

Name :

D. S. Shukla and Company

Chartered Accountants,

Address :

MIG A-11, Sector C, Aliganj, Lucknow – 226024, Uttar Pradesh, India

Tel. No.:

91-522-2370034 / 2332054

E-Mail :

dsshuklaca@yahoo.co.in

Head Office:

New M. P. Building, Golghar, Gorakhpur – 273001, Uttar Pradesh, India

Tel No.:

91-522-2334098 / 2336151

Associates :

Sahara India Airlines Limited, Lucknow,
Sahara India Corporation Limited, Lucknow
Sahara India Electrical Limited, New Delhi
Sahara India Financial Corporation Limited, Lucknow
Sahara India Housing Corporation Limited, Lucknow
Sahara India International Corporation Limited, Lucknow
Sahara India Investment Corporation Limited, Lucknow
Sahara India Kuri S Limited, Lucknow
Sahara India Limited, Lucknow
Sahara India Mass Communication Limited, Lucknow
Sahara India Medical Institute Limited, Mumbai
Sahara India Mutual Benefit Company Limited, Lucknow
Sahara India Pharmachem Limited, Lucknow
Sahara India Publications Private Limited, Lucknow
Sahara India Services And Investments Limited
Sahara India Textile Mills Limited, Lucknow
Armd Media Entertainment P Limited
Entertainment Enterprises
Nalanda Electrical Udhog Limited
Sahara Realtors Corporation Private Limited
Sahara Net Corp Limited
Sahara Prime City Limited

Parent Company :

Sahara India Group Company

Subsidiaries :

Kabeer Projects Limited
Arren Consultants Private Limited
Sahara Sanchar Limited
Sahara India International Corporation Limited
Sahara Hills Limited
Aamby Valley Limited
Geon Studios Private Limited
Sahara School Holding Limited
Sahara Prime Realtors Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
2990000000	Equity Share	Re.1/- each	Rs.2990.000 Millions
1000000	Preference Shares	Rs.100 /- each	Rs.100.000 Millions
		Total	Rs.3090.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2988372640	Equity Shares	Re.1/- each	Rs.2988.372 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		2988.372	2988.372	2988.373
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		13633.512	13635.015	15254.943
4] (Accumulated Losses)		(28735.236)	(19091.926)	(11597.724)
NETWORTH		(12113.352)	(2468.539)	6645.592
LOAN FUNDS
1] Secured Loans		0.000	600.246	102.881
2] Unsecured Loans		69291.782	70085.149	80306.565
TOTAL BORROWING		69291.782	70685.395	80409.446
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		57178.430	68216.856	87055.038

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		2807.141	2628.133	21274.113
Capital work-in-progress		0.000	241.034	18.084

INVESTMENT		12139.479	72148.673	44903.682
DEFERREX TAX ASSETS		0.000	0.000	780.671

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19014.119	19533.280	89101.470
	Sundry Debtors	4833.573	6238.957	8954.978
	Cash & Bank Balances	1773.405	3357.396	2455.590
	Other Current Assets	17.766	54.183	128.949
	Loans & Advances	189437.725	161040.557	31198.565
Total Current Assets		215076.588	190224.373	131839.552
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors and Current Liabilities	172528.446	196744.797	111426.448
	Provisions	322.902	310.817	383.931
Total Current Liabilities		172851.348	197055.614	111810.379
Net Current Assets		42225.240	(6831.241)	20029.173

MISCELLANEOUS EXPENSES		6.570	30.257	49.315

TOTAL		57178.430	68216.856	87055.038

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
Sales Turnover		6095.694	19506.186	14743.890
Rental Income		65.659	16.012	22.738
Other Income		9970.383	3543.156	4316.860
Total Income		16131.736	23065.354	19083.488

Profit/(Loss) Before Tax		(4498.924)	(6704.213)	2633.694
Provision for Taxation		0.000	780.670	851.866
Profit/(Loss) After Tax		(4498.924)	(5923.543)	1781.828

Expenditures :
	Purchases made for re-sale	1949.247	3654.011	2146.012
	Increase/(Decrease) in Finished Goods	125.261	(2487.949)	(40.603)
	Salaries, Wages, Bonus, etc.	745.228	697.051	1415.237
	Payment to Auditors	2.757	2.809	4.269
	Interest	8537.284	1475.532	610.972
	Insurance Expenses	39.455	10.097	23.652
	Depreciation & Amortization	134.154	422.342	1445.031
	Other Expenditure	9097.274	25995.674	10845.220
Total Expenditure		20630.660	29769.567	16449.794

Earnings Per Share (Rs.)		(3.23)	---	---

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	(27.89)	(25.68)	8.49

Net Profit Margin (PBT/Sales)	(%)	(73.80)	(34.36)	27.78

Return on Total Assets (PBT/Total Assets}	(%)	(1.96)	(2.53)	1.64

Return on Investment (ROI) (PBT/Networth)		0.37	2.72	0.38

Debt Equity Ratio (Total Liability/Networth)		(19.98)	(108.46)	28.92

Current Ratio (Current Asset/Current Liability)		1.24	0.97	1.18

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

1. Infrastructure and Housing Division

A. Sahara City Homes and Sahara Grace Projects

Keeping in view the present scenario of the real estate sector, the Company found it prudent to execute Sahara City Homes Projects across India by another Group Company

B. Hi- Tech Township

Company’s Hi-Tech Township Project at Kanpur and Lucknow are still at approval stage. Amended Memorandum of Understanding (MOU) comprising the Compliance of additional / modified provisions in the Hi-Tech Policy 2007 with 15.05.2007 for further action. Company is pursuing for execution of Amended MOU and exemption from agricultural land ceiling prevalent in the state of Uttar Pradesh with the Development Authorities at Kanpur and Lucknow. However, some bottlenecks have cropped up regarding allocation of Land at Lucknow in favour of the company. The matter has been taken up with the concerned authorities and is expected to be sorted out shortly.

C. Other Real Estate Projects

Company’s initial projects, viz., Sahara Bazaar, Sahara Trade Centre, Sahara Shopping Centre, Sahara Shopping Centre all commercial in Lucknow and Sahara Upahar, residential project in Gorakhpur have been completed, and sold. The integrated township projects under the name Sahara States in Lucknow and Hyderabad have been completed and sold. Whereas in Gorakhpur and Bhopal, first phase has been completed and sale is in progress. Sahara Mall, Gurgaon has been completed and sold. Sahara Grace Gurgaon’s completion certificate is awaited on receipt of which handing over of possession shall start. Sahara grace, Lucknow is in advanced stage. These projects helped enormously to improve the image of the company in Realty Sector.

2. Media and Entertainment

SITV Network unit is Company’s Media and Entertainment arm and is doing the business of broadcasting / telecasting of TV programmes. The Company is also in the business of content provider through mobile, internet and other value added communication based services. The division is at present telecasting six news and three entertainment channels including ‘Sahara One’ and ‘Sahara Filmy’ Print Media is the field through which the Company has endeavored to undertake nation building activities. Sahara India Mass Communication, a registered partnership firm, in which the Company has 95% Stake, is in the business of Mass Communication involving publications of dailies and weeklies, in three languages – Hindi, Urdu and English.

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U70109WB1992PLC053999
Name of the company	SAHARA INDIA COMMERCIAL CORPORATION LIMITED
Address of the registered office or of the principal place of business in India of the company	Sahara India Sadan, 2-A, Shakeshpeare Sarani, Kolkata – 700071, West Bengal, India
Type of charge	Immovable Property
Particular of charge holder	The Bank of Rajasthan Limited, Lower Parel Branch, 11/12 Ranghuvashi Mills, Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	No Instrument – Memorandum of Deposit of Title Deed in Favour of the Bank of Rajasthan Limited for Rs. 300.000 Millions
Date of instrument Creating the charge	19.09.2008
Amount secured by the charge	Rs. 300.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Stipulated by bank from time to time Terms of Repayment As Stipulated by bank form time to time Margin As Stipulated by bank form time to time Extent and Operation of the charge First Charge (Present and Future) = Term Loan of Rs. 300.000 Millions And / Or as stipulated by Bank form time to time which will be operative till the entire amount of advance with interest, cost and other charges is adjusted in full Others As stipulated by bank form time to time and as per agreement attached and as per sanction letter of the bank
Short particulars of the property charged	First Charge (present and Future – (1) Emg. Of Flat A101, A102, A103, A104, A105, A106, A107, A201, A202, A203, A301, A303, A401, A402, A403, A501, A502, A503, A601, A602, A603, A701 Open Terrace (Total Carpet Area 27349.95 Sq.ft ) All the 23 flats situated wing A o the building named as gold filled plaza, constructed on the land bearing Cs No. 528 of Dharvi Division, Situated at Kala Dharvi Raod, Sion Mumbai

FIXED ASSETS:

· Land

· Land for Golf Course

· Goodwill

· Air conditioners

· Audio Equipments

· Boat

· Bugghi

· Building

· Residential Building

· Other Building

· Factory Building

· Clinical Instruments

· Communication Equipments

· Cycles

· EDP Systems

· Electrical Equipments

· Electricity and Fittings

· Furniture and Fixture

· Power Generation Equipments

· Heavy Vehicles

· Live Stock

· Office Equipments

· Plant and Machinery

· Production Equipments

· Safety Equipments

· Sports Equipments

· Studio Equipments

· Tools and Tackles

· Tubewell

· Video Equipments

· Vehicles

· VSAT

· Digital Satellites Receiver

· Houses Keeping Equipments

· Workshop Equipments

· Intangible Assets

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.44.04
UK Pound	1	Rs.72.20
Euro	1	Rs.63.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		33

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.

BUSINESS INFORMATION REPORT

MIRA INFORM REPORT

19014.119

19533.280

89101.470

4833.573

6238.957

8954.978

1773.405

3357.396

2455.590

17.766

54.183

128.949

189437.725

161040.557

31198.565

215076.588

190224.373

131839.552

172528.446

196744.797

111426.448

322.902

310.817

383.931

172851.348

197055.614

111810.379

42225.240

(6831.241)

20029.173

(27.89)

8.49

(73.80)

27.78

(1.96)

1.64

0.37

0.38

(19.98)

(108.46)

28.92

1.24

0.97

Unit