MIRA INFORM REPORT

Report Date :

01.02.2014

IDENTIFICATION DETAILS

Name :	SAI FASHIONS (UK) LTD.

Registered Office :	207-209 Queens Road, Cheetham Hill, Manchester, M8

Country :	United Kingdom

Financials (as on) :	31.10.2012

Date of Incorporation :	07.10.2002

Com. Reg. No.:	04554965

Legal Form :	Private Independent

Line of Business :	· Professional, Scientific and Technical Services business support service [We tried to confirm / obtain the detailed activity but the same is not available from any sources]

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	No Complaints

Litigation :	Clear

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 – December 01, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

United Kingdom

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

UNITED KINGDOM - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the second largest economy in Europe after Germany. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase.

Source : CIA

Company Name and Address

Sai Fashions (UK) Ltd.

207-209 Queens Road

Cheetham Hill

Manchester, M8

United Kingdom

(Registered Address)

Employees:	NA
Company Type:	Private Independent

Quoted Status:	Non-quoted Company
Incorporation Date:	07-Oct-2002
Auditor:	Dbf Associates

Financials in:	USD (Mil)
Fiscal Year End:	31-Oct-2012
Reporting Currency:	British Pound Sterling
Annual Sales:	NA
Total Assets:	1.4

Industry

Industry	Miscellaneous Professional Services
ANZSIC 2006:	6999 - Other Professional, Scientific and Technical Services Not Elsewhere Classified
ISIC Rev 4:	8299 - Other business support service activities n.e.c.
NACE Rev 2:	8299 - Other business support service activities n.e.c.
NAICS 2012:	561990 - All Other Support Services
UK SIC 2007:	8299 - Other business support service activities n.e.c.
US SIC 1987:	7389 - Business Services, Not Elsewhere Classified

Key Executives

Name	Title
Jyoti Sarwal	Director, Secretary
Dalip Sarwal	Director

Financial Summary

FYE: 31-Oct-2012

USD (mil)

Key Figures
Current Assets	1.33
Fixed Assets	0.08
Total Liabilities	1.11
Net Worth	0.26

Key Ratios
Current Ratio	1.20
Acid Test	0.39

Registered No.(UK): 04554965

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6334069
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6219099

Corporate Overview

Location
207-209 Queens Road
Cheetham Hill
Manchester, M8
United Kingdom

$Description: \\VIVEK\web\images\spacer.gif$

Sales GBP(mil):	NA
Assets GBP(mil):	0.9
Employees:	NA
Fiscal Year End:	31-Oct-2012

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Industry:	Business Services

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Incorporation Date:	07-Oct-2002
Company Type:	Private Independent
Quoted Status:	Not Quoted
Registered No.(UK):	04554965

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Director, Secretary:	Jyoti Sarwal

Industry Codes

ANZSIC 2006 Codes:
6999	-	Other Professional, Scientific and Technical Services Not Elsewhere Classified

ISIC Rev 4 Codes:
8299	-	Other business support service activities n.e.c.

NACE Rev 2 Codes:
8299	-	Other business support service activities n.e.c.

NAICS 2012 Codes:
561990	-	All Other Support Services

US SIC 1987:
7389	-	Business Services, Not Elsewhere Classified

UK SIC 2007:
8299	-	Other business support service activities n.e.c.

Financial Data

Financials in:	GBP(mil)
$Description: \\VIVEK\web\images\spacer.gif$
Assets:	0.9
Current Assets:	0.8
Fixed Assets:	0.1
Long Term Debt:	0.0
Total Liabilities:	0.7
Issued Capital:	0.0
Working Capital:	0.1
Net Worth:	0.2
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Date of Financial Data:	31-Oct-2012

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1 Year Growth

Key Corporate Relationships

Auditor:	Dbf Associates
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Auditor:	Dbf Associates
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Auditor History
Dbf Associates	31-Oct-2012
Dbf Associates	31-Oct-2011
Dbf Associates	31-Oct-2009
Dbf Associates	31-Oct-2008
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Executives Report

Board of Directors

Name

Title

Function

Jyoti Sarwal

Director, Secretary

Director/Board Member

Age: 52

Dalip Sarwal

Director

Director/Board Member

Age: 45

Executives

Name

Title

Function

Jyoti Sarwal

Director, Secretary

Company Secretary

Age: 52

Directors and Shareholders Report

Main Office Address:
207-209 Queens Road
Cheetham Hill
Manchester
United Kingdom M8

Annual Return Date: 07 Oct 2013

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Jyoti Sarwal	Current	01 Nov 1969	61 Prestwich Hill, Manchester, Greater Manchester M25 9PY	07 Oct 2002	NA	Current:2 Previous:0 Disqualifications:0
Dalip Sarwal	Current	19 Sep 1968	61 Prestwich Hill, Manchester, Greater Manchester M25 9PY	25 Sep 2003	NA	Current:2 Previous:0 Disqualifications:0

Corporate Directors

Company Name	Status	Registered Address	Appointment Date	Resignation Date
Dcs Nominees Limited	Previous	Carpenter Court, 1 Maple Road Bramhall, Stockport, Greater Manchester SK7 2DH	07 Oct 2002	07 Oct 2002

Individual Secretaries

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Jyoti Sarwal	Current	01 Nov 1969	61 Prestwich Hill, Manchester, Greater Manchester M25 9PY	10 Mar 2004	NA	Current:2 Previous:0 Disqualifications:0
Sandeep Arora	Previous	04 Jan 1973	207-209, Queens Road Cheetham Hill, Manchester, Greater Manchester M8 0RP	07 Oct 2002	10 Mar 2004	Current:0 Previous:1 Disqualifications:0

Corporate Secretaries

Company Name	Status	Registered Address	Appointment Date	Resignation Date
Dcs Corporate Secretaries Limited	Previous	Carpenter Court 1 Maple Road, Bramhall, Stockport, Greater Manchester SK7 2DH	07 Oct 2002	07 Oct 2002

Individual Shareholders

Name	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Dilip Sarwal	1 Ordinary GBP 1.00	Ordinary	1	1.00	1.00	50.00
Jyoti Sarwal	1 Ordinary GBP 1.00	Ordinary	1	1.00	1.00	50.00

Annual Profit & Loss

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Oct-2012	31-Oct-2011	31-Oct-2010	31-Oct-2009	31-Oct-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.633407	0.62326	0.643546	0.650218	0.516581
Consolidated	No	No	No	No	No

Depreciation	0.0	0.0	0.0	0.0	0.0

Annual Balance Sheet

Financials in: USD (mil)

	31-Oct-2012	31-Oct-2011	31-Oct-2010	31-Oct-2009	31-Oct-2008
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.62191	0.61954	0.625469	0.606667	0.618908
Consolidated	No	No	No	No	No

Total Tangible Fixed Assets	0.1	0.1	0.0	0.0	0.0
Intangible Assets	0.0	0.0	0.0	0.0	0.0
Investments	0.0	0.0	0.0	0.0	0.0
Total Fixed Assets	0.1	0.1	0.0	0.0	0.0
Total Stocks Work In Progress	0.9	1.0	0.7	0.8	0.5
Trade Debtors	-	-	0.0	-	-
Other Debtors	-	-	0.0	-	-
Total Debtors	0.0	0.0	0.0	0.0	0.1
Cash and Equivalents	0.4	0.1	0.0	0.0	0.0
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	1.3	1.1	0.7	0.8	0.6
Total Assets	1.4	1.2	0.7	0.9	0.7
Trade Creditors	-	-	0.1	-	-
Bank Overdraft	-	-	0.0	-	-
Accruals/Deferred Income (Current Liability)	-	-	0.0	-	-
Social Security/VAT	-	-	0.0	-	-
Other Current Liabilities	1.1	0.9	0.4	0.7	0.4
Total Current Liabilities	1.1	0.9	0.6	0.7	0.4
Group Loans (Long Term Liability)	-	-	0.0	-	-
Director Loans (Long Term Liability)	-	-	0.0	-	-
Hire Purchase (Long Term Liability)	-	-	0.0	-	-
Leasing (Long Term Liability)	-	-	0.0	-	-
Total Hire Purchase Loans (Long Term Liability)	-	-	0.0	-	-
Other Long Term Loans	-	-	0.0	-	-
Accruals/Deferred Income (Long Term Liability)	-	-	0.0	-	-
Other Long Term Liabilities	0.1	0.1	0.0	0.0	0.1
Total Long Term Liabilities	0.1	0.1	0.0	0.0	0.1
Deferred Taxation	0.0	0.0	0.0	0.0	0.0
Other Provisions	0.0	0.0	0.0	0.0	0.0
Total Provisions	0.0	0.0	0.0	0.0	0.0
Issued Capital	0.0	0.0	0.0	0.0	0.0
Share Premium Accounts	0.0	0.0	0.0	0.0	0.0
Revaluation Reserve	0.0	0.0	0.0	0.0	0.0
Retained Earnings	0.3	0.2	0.2	0.1	0.2
Other Reserves	0.0	0.0	0.0	0.0	0.0
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	0.3	0.2	0.2	0.1	0.2
Net Worth	0.3	0.2	0.2	0.1	0.2

Annual Cash Flows

Financials in: USD (mil)

	31-Oct-2012	31-Oct-2011	31-Oct-2010	31-Oct-2009	31-Oct-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.633407	0.62326	0.643546	0.650218	0.516581
Consolidated	No	No	No	No	No

Annual Ratios

Financials in: USD (mil)

	31-Oct-2012	31-Oct-2011	31-Oct-2010	31-Oct-2009	31-Oct-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.62191	0.61954	0.625469	0.606667	0.618908
Consolidated	No	No	No	No	No

Current Ratio	1.20	1.17	1.28	1.21	1.41
Liquidity Ratio	0.39	0.12	0.09	0.09	0.24
Trade Credit by Debtors	-	-	1,156.00	-	-
Borrowing Ratio	-	-	3,316.00%	-	-
Equity Gearing	1,813.00%	1,574.00%	2,106.00%	1,600.00%	2,404.00%
Debt Gearing	-	-	22.67%	-	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.48
UK Pound	1	Rs.102.95
Euro	1	Rs.84.60

INFORMATION DETAILS

Report Prepared by :

NIT

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

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%)

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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.