MIRA INFORM REPORT

Report Date :

13.01.2014

IDENTIFICATION DETAILS

Name :	SAHIBA LIMITED (w.e.f. 04.10.2012)
Formerly Known As :	SAHIBA FABRICS LIMITED
Registered Office :	Basement Floor, Near Krishna Textile Market, Ring Road, Surat – 395002, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	15.12.1989
Com. Reg. No.:	04-013121
Capital Investment / Paid-up Capital :	Rs. 153.217 Millions
CIN No.: [Company Identification No.]	U17119GJ1989PLC013121
TAN No.: [Tax Deduction & Collection Account No.]	SRTS00923G
PAN No.: [Permanent Account No.]	AADCS3580K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Fabrics.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2700000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an estalblished company having satisfactory track record. Trade relation reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealing 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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: “BBB-”
Rating Explanation	Moderate credit quality and average credit risk.
Date	December, 2012

Rating Agency Name	CARE
Rating	Short term bank facilities: “A3”
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	December, 2012

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.

LOCATIONS

Registered Office :	Basement Floor, Near Krishna Textile Market, Ring Road, Surat – 395002, Gujarat, India
Tel. No. :	91-261-2355047
Fax No. :	Not Available
E-Mail :	ho@sahibafabrics.com
Factory :	Block No. 93-94, Village- Bagumara, Jolwa patiya, Taluka: Palsana, Surat - 394305, Gujarat, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Kuldeepsingh Jagdishsingh Saluja

Designation :

Managing Director

Address :

B/4, Krishna Textile Market, Basement Floorr, Ring Road, Surat – 395002, Gujarat, India

Date of Birth/Age :

10.05.1955

Qualification :

Gratuate

Date of Appointment :

29.12.2012

PAN No. :

AFSPS3683Q

DIN No. :

01100183

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	U17119GJ1989PLC013121	SAHIBA LIMITED	Managing director	29/12/2012	15/12/1989	-	Active	NO
2	U17219GJ1993PTC019300	SAHIBA FASHIONS PRIVATE LIMITED	Director	16/04/1993	16/04/1993	05/01/2010	Active	NO
3	U17116GJ1993PTC020267	SAHIBA SILK MILLS PVT LTD	Director	24/09/1993	24/09/1993	05/01/2010	Active	NO
4	U17119GJ1993PTC020266	SAHIBA OVERSEAS PVT LTD	Director	24/09/1993	24/09/1993	10/11/2009	Active	NO
5	U67120GJ1996PTC029898	SAHIBA CAPITAL PRIVATE LIMITED	Director	12/06/1996	12/06/1996	10/11/2009	Active	NO

Name :

Mr. Iqbalsingh Jagdishsingh Saluja

Designation :

Whole-time director

Address :

4-Basement Floor, Krishna Textile Market, Near J.J. A.C.Market, Ring Road, Surat – 395002, Gujarat, India

Date of Birth/Age :

03.02.1962

Qualification :

Gratuate

Date of Appointment :

01.04.2011

PAN No.:

AGUPS7560F

DIN No. :

00867784

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	U67120GJ1996PTC029898	SAHIBA CAPITAL PRIVATE LIMITED	Director	12/06/1996	12/06/1996	10/11/2009	Active	NO
2	U22211GJ1988PTC010267	SAHIBA PRINTS PRIVATE LIMITED	Director	01/04/2001	01/04/2001	05/01/2010	Active	NO
3	U17119GJ1989PLC013121	SAHIBA LIMITED	Whole-time director	01/04/2011	29/09/2007	-	Active	NO

Name :

Mr. Brijmohan Surajmal Gujjar

Designation :

Director

Address :

5, Krishna Textile Market, Ring Road, Surat – 395002, Gujarat, India

Date of Birth/Age :

10.03.1965

Qualification :

Gratuate

Date of Appointment :

01.04.2001

DIN No. :

01669328

Name :

Mr. Mahendrasingh Jagdishsingh Saluja

Designation :

Whole-time director

Address :

45, Subhash Nagar Society, Ghod Dod Road, Surat – 395007, Gujarat, India

Date of Birth/Age :

08.04.1958

Qualification :

Gratuate

Date of Appointment :

29.12.2012

PAN No. :

ADAPS6445G

DIN No. :

01669365

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	U17219GJ1993PTC019300	SAHIBA FASHIONS PRIVATE LIMITED	Director	16/04/1993	16/04/1993	05/01/2010	Active	NO
2	U17116GJ1993PTC020267	SAHIBA SILK MILLS PVT LTD	Director	24/09/1993	24/09/1993	05/01/2010	Active	NO
3	U67120GJ1996PTC029898	SAHIBA CAPITAL PRIVATE LIMITED	Director	12/06/1996	12/06/1996	10/11/2009	Active	NO
4	U17119GJ1989PLC013121	SAHIBA LIMITED	Whole-time director	29/12/2012	04/12/2002	-	Active	NO

Name :

Mr. Jaspreet Singh Kuldeepsingh Saluja

Designation :

Whole-time director

Address :

45, Subhash Nagar Society, Ghod Dod Road, Surat – 395007, Gujarat, India

Date of Birth/Age :

30.09.1980

Qualification :

Gratuate

Date of Appointment :

29.12.2012

PAN No. :

AELPS2124Q

DIN No. :

01713534

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	U17119GJ1989PLC013121	SAHIBA LIMITED	Whole-time director	29/12/2012	01/04/2001	-	Active	NO

Name :

Mr. Manish Kumar Ishwarlal Ahuja

Designation :

Director

Address :

17, Dhanlaxmi, Athwalines, Surat – 395001, Gujarat, India

Date of Birth/Age :

13.08.1980

Qualification :

Gratuate

Date of Appointment :

30.09.2010

DIN No. :

02854713

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	U17119GJ1989PLC013121	SAHIBA LIMITED	Director	30/09/2010	01/03/2010	-	Active	NO

Name :

Mr. Narayansingh Mangalsingh Rajpurohit

Designation :

Director

Address :

16, Suncity Row House, Near Model Town, Parvatpata, Dumbal, Surat – 395010, Gujarat, India

Date of Birth/Age :

26.4411.1981

Qualification :

Gratuate

Date of Appointment :

01.03.2010

DIN No. :

02854734

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	U17119GJ1989PLC013121	SAHIBA LIMITED	Director	30/09/2010	01/03/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Satyender Singh Chauhan
Designation :	Secretary
Address :	47, Shantivan Township, Opposite Gail Tower, New Rander Road, Tadwadi, Surat – 395009, Gujarat, India
Date of Birth/Age :	07.02.1975
Date of Appointment :	01.09.2012
PAN No.:	AKMPC8039R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	36.39
Directors or relatives of Directors	61.79
Other top fifty shareholders	1.82
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Fabrics.

Products :

Item Code No. (ITC Code)	Product Description
54071039	Manmade Fabrics

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Oriental Bank of Commerce, Jash Textile Market, Ring Road, Surat - 395002, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	138.812	184.928
SHORT TERM BORROWINGS
Loans repayable on demand from banks	124.548	30.424
Total	263.360	215.352

Banking Relations :	--
Auditors :
Name :	Goyal Vinod and Company Chartered Accountants
Address :	403, Shree Shyam Chambers, Opposite Sub Jail, Ring Road, Surat – 395002, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AACFG6149A
Associate:	· Sahiba Prints Private Limited CIN No.: U22211GJ1988PTC010267 Sahiba Silk Mills Private Limited CIN No.: U17116GJ1993PTC020267 Titu and Mahendra Tex Private Limited CIN No.: U17119GJ1989PTC013122 Sahiba Fashions Private Limited CIN No.: U17219GJ1993PTC019300 Sahiba Capital Private Limited CIN No.: U67120GJ1996PTC029898 Sahiba Overseas Private Limited CIN No.: U17119GJ1993PTC020266

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
17,000,000	Equity Shares	Rs.10/- each	Rs. 170.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15,321,710	Equity Shares	Rs.10/- each	Rs. 153.217 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	153.217	153.217
(b) Reserves & Surplus	520.725	495.118
(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)	673.942	648.335
(3) Non-Current Liabilities
(a) long-term borrowings	218.114	278.505
(b) Deferred tax liabilities (Net)	24.770	22.756
(c) Other long term liabilities	244.493	239.440
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	487.377	540.701
(4) Current Liabilities
(a) Short term borrowings	124.548	30.424
(b) Trade payables	85.145	71.000
(c) Other current liabilities	0.000	0.120
(d) Short-term provisions	28.707	22.646
Total Current Liabilities (4)	238.400	124.190
TOTAL	1399.719	1313.226
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	447.214	590.569
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.921	1.880
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	10.181	9.947
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	459.316	602.396
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	309.426	227.158
(c) Trade receivables	405.586	339.316
(d) Cash and cash equivalents	120.307	99.819
(e) Short-term loans and advances	105.084	44.537
(f) Other current assets	0.000	0.000
Total Current Assets	940.403	710.830
TOTAL	1399.719	1313.226

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	1700.933	1703.248	1519.928
		Other Income	71.378	46.249	41.609
		TOTAL (A)	1772.311	1749.497	1561.537
Less	EXPENSES
		Cost of materials consumed	716.008	815.280	678.494
		Purchases of stock-in-trade	133.728	77.202	190.507
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(13.229)	45.483	(70.962)
		Employee benefit expense	266.378	235.154	206.286
		Other expenses	443.478	390.734	427.974
		TOTAL (B)	1546.363	1563.853	1432.299
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		225.948	185.644	129.238
Less	FINANCIAL EXPENSES (D)		35.881	39.365	25.379
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		190.067	146.279	103.859
Less/ Add	DEPRECIATION/ AMORTISATION (F)		155.538	130.802	52.346
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		34.529	15.477	51.513
Less	TAX (H)		7.923	8.629	18.609
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		26.606	6.848	32.904
	EARNINGS IN FOREIGN CURRENCY		419.492	567.047	284.002
	IMPORTS		3.552	194.120	184.223
	Earnings / (Loss) Per Share (Rs.)		1.67	0.45	2.17

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.50	0.39	2.11
Net Profit Margin (PBT/Sales)	(%)	2.03	0.91	3.39
Return on Total Assets (PBT/Total Assets}	(%)	2.47	1.18	N.A.
Return on Investment (ROI) (PBT/Networth)		0.05	0.02	N.A.
Debt Equity Ratio (Total Debt/Networth)		0.51	0.48	N.A.
Current Ratio (Current Asset/Current Liability)		3.94	5.72	N.A.

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last 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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10244844	28/12/2011 *	300,000,000.00	ORIENTAL BANK OF COMMERCE	JASH TEXTILE MARKET, RING ROAD, SURAT - 395002, GUJARAT, INDIA	B30492250
2	10191383	05/12/2009	74,000,000.00	ORIENTAL BANK OF COMMERCE	JASH TEXTILE MARKET, RING ROAD, SURAT - 395002, GUJARAT, INDIA	A75708115
3	10017749	09/05/2013 *	250,000,000.00	ORIENTAL BANK OF COMMERCE	JASH TEXTILE MARKET, RING ROAD, SURAT - 395002, GUJARAT, INDIA	B76633353
4	10017753	16/05/2012 *	769,000,000.00	ORIENTAL BANK OF COMMERCE	JASH TEXTILE MARKET, RING ROAD, SURAT - 395002, GUJARAT, INDIA	B40930679
5	10017755	19/08/2006	145,000,000.00	ORIENTAL BANK OF COMMERCE	JASH TEXTILE MARKET, RING ROAD, SURAT - 395002, GUJARAT, INDIA	A03897253
6	90109202	20/02/1996 *	1,500,000.00	ORIENTAL BANK OF COMMERCE	JAS TEXTILE AND YARN MARKET, RING ROAD, SURAT, GUJARAT, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Deposits from directors	79.302	93.577
Total	79.302	93.577

THE YEAR IN RETROSPECT AND FUTURE OUTLOOK:

During the year, the company has recorded decreased turnover of Rs. 1700.933 Millions of current year as against Rs. 1703.248 Millions of previous year. The company has recorded cash profit of Rs.190.067 Millions compared to previous year cash profit of Rs.146.279 Millions. The net profit of the company stands at Rs. 25.606 Millions during the year compared to last year net profit of Rs. 6.848 Millions.

The management of the company, during the year has already taken a step towards their expansion plan and company opened a new branch in metropolitan city like Mumbai.

The Management is working out modalities to lead the company's way to progress and growth both in terms of revenue and profitability.

CONTINGENT LIABILITIES: (AS ON 31.03.2013)

The Central Excise Department has raised the demand of Rs. 8.013 Millions which is disputed in appeal. The Company has deposited Rs.4.007 Millions on direction of Tribunal. As the Company is hopeful for deletion of demand, no any provision has been made.

There have been no any cases of delay in payments or of payment of interest on such delay payments to the reported supplier' defined under section 2(n) of the Micro, Small and Medium Enterprises Development Act ,2006. In view of no any reported information about the status of supplier covered under the said Act, the information about outstanding amount due including interest is not applicable.

FIXED ASSETS

v Tangible Assets

Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Motor Vehicles

Office Equipment

Other Equipments

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.61.94
UK Pound	1	Rs.102.06
Euro	1	Rs.84.31

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		47

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.