MIRA INFORM REPORT

Report Date :

05.11.2014

IDENTIFICATION DETAILS

Name :	JUST GROUP LIMITED
Formerly Known as :	JUST JJS PTY LTD
Registered Office :	'Just Jeans Building', 658 Church Street, Richmond, Victoria, Zip code 3121
Country :	Australia
Financials (as on) :	27.07.2013 (Consolidated) 27.07.2013 (Group Consolidated)
Date of Incorporation :	24.05.2001
Com. Reg. No.:	096911410
Legal Form :	Australian Non-Listed Public Company, Limited by Shares
Line of Business :	· Subject operates as a Fashion Apparel Retailer with over 1,000 Retail Outlets located across Australia, New Zealand, Singapore and South Africa. · Subject operates as a wholly owned subsidiary of Premier Investments Limited. Subject product ranges includes : · Apparel · Casualwear · Luxurious designer sleepwear · Loungewear · Homewear · Footwear · Gifts
No of Employees :	6,500 employees (Just Group)

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
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 – June 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Australia	A1	A1

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

austraLia ECONOMIC OVERVIEW

The Australian economy has experienced continuous growth and features low unemployment, contained inflation, very low public debt, and a strong and stable financial system. By 2012, Australia had experienced more than 20 years of continued economic growth, averaging 3.5% a year. Demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports. The high Australian dollar has hurt the manufacturing sector, while the services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. Australia was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control. Australia has benefited from a dramatic surge in its terms of trade in recent years, stemming from rising global commodity prices. Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia plays an active role in the World Trade Organization, APEC, the G20, and other trade forums. Australia has bilateral free trade agreements (FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, has a regional FTA with ASEAN and New Zealand, is negotiating agreements with China, India, Indonesia, Japan, and the Republic of Korea, as well as with its Pacific neighbors and the Gulf Cooperation Council countries, and is also working on the Trans-Pacific Partnership Agreement with Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.

Source : CIA

CORPORATE DETAILS

Verified Address

Subject name JUST GROUP LIMITED Business address 'Just Jeans Building' 658 Church Street Town Richmond Province Victoria Zip / Postal code 3121 Country Australia Telephone +61 3 94200200 Fax +61 3 94260200 Email justgroup@jjh.com.au Website www.justgroup.com.au

Registered address 'Just Jeans Building' 658 Church Street Town Richmond Province Victoria Zip / Postal code 3121 Country Australia

SUMMARY DETAILS

Report Summary

Date registered 24/05/2001 Legal form Australian Non-Listed Public Company, Limited by Shares Key personnel Mark McInnes Line of business The Subject’s business consist of retail of fashion apparel. Staff employed 6,500 employees (Just Group)

Paid-up capital AUD13,726,000.00 Sales turnover / Revenue / Income AUD847,254,000.00 (Consolidated 12 months, 27/07/2013) Net income / loss AUD54,381,000.00 (Consolidated 12 months, 27/07/2013) Total assets AUD345,484,000.00 (Consolidated 12 months, 27/07/2013) Share equity AUD134,571,000.00 (Consolidated 12 months, 27/07/2013)

CREDIT RISK OUTLOOK

Subject’s Credit Risk Analysis

Country risk Country risk is minimal Operation trend Operational trend is steady Management experience Management is adequately experienced Financial performance Financial performance is very good Remarks Larger credit can still be considered as the Subject's is well positioned in the market and the financial stability of the group is positive.

Organisation structure Organisational structure is consistent Detrimental No detrimental records found Payment history No payment delays noted

STATUTORY DETAILS

Registry Information

Date registered 24/05/2001 Legal form Australian Non-Listed Public Company, Limited by Shares Registration number Australian Company Number: 096911410 Registered authority Australian Securities and Investments Commission Tax / VAT number Australian Business Number: 97096911410

Statutory status Active Previous name JUST JJS PTY LTD AMSTELAND PTY LIMITED (initial) Change of legal form None reported.

BOARD OF MANAGEMENT

Key Personnel

Name Mark McInnes Designation Chief Executive Officer Name Ashley John Gardner Designation Chief Financial Officer

BOARD OF DIRECTORS

Appointments

Name Terrence Luke McCartney Title Director Appointment date 04/03/08 Address 30 Glencairn Avenue Camberwell, VIC 3124 Australia Biography Born on 18/10/1953 in Perth, Western Australia, Australia. Terry McCartney became a Non-Executive Director of The Just Group on 4 March 2008. Terry has had a comprehensive career in retailing spanning more than 25 years especially with the Coles Myer group culminating in his roles as Managing Director of Kmart Australia and New Zealand and Myer Grace Bros. Subsequently Terry has been involved in consultancy assignments here in Australia and overseas, for corporations including BHP Billiton and Sual Holdings, a global aluminium producer, private equity investors and expert witness submissions. Name Solomon Lew Title Director Appointment date 22/09/08 Address 2A Whernside Avenue Toorak, VIC 3142 Australia Biography Born on 22/03/1945 in Melbourne, Victoria, Australia. Solomon Lew became a non-executive director and Chairman of The Just Group on 22 September 2008. Mr Lew is also a non-executive director and Chairman of Premier Investments Limited. For many years, Mr Lew has been a director of Century Plaza Investments, the largest shareholder in Premier. Mr Lew has over 40 years experience in the manufacture, importation, wholesaling and retailing of textiles, apparel and general merchandise. Mr Lew's success in the clothing industry has been largely due to his ability to read fashion trends and interpret them for the Australian market and to efficiently and cost-effectively produce quality garments. He is the Chairman on the Mount Scopus College Foundation, a member of the Board of Trustees of the Sport and Tourism Youth Foundation, a life member of The Duke of Edinburgh's Award World Fellowship, A Patron of Opera Australia and a Chairman or director of several philanthropic organisations. Mr Lew was a director of Coles Myer Limited from 1985 to 2002, serving as Vice Chairman from 1989, Chairman from 1991 to 1995, Executive Chairman in 1995 and Vice Chairman in 1995 and 1996. He was also a director of the Reserve Bank of Australia from 1992 to 1997. Name Henry David Lanzer Title Director Appointment date 22/09/08 Address 208 Kooyong Road Toorak, VIC 3142 Australia Biography Born on 01/03/1958 in Adelaide, South Australia, Australia. Henry Lanzer became a non-executive director of The Just Group on 22 September 2008. Mr Lanzer is a Managing Partner of Arnold Bloch Leibler, a leading Australian commercial law firm. He has over 25 years experience in providing legal and strategic advice to some of Australia's leading companies. Mr Lanzer is Life Governor of the Mount Scopus College Council, President of the Mount Scopus College Foundation and a director of the TarraWarra Museum of Art and a member of the Development Committee of The Burnet Institute. Name Mark Lee Middeldorf Title Director Appointment date 22/09/08 Address 8 Fosbery Avenue Caulfield North, VIC 3161 Australia Biography Born on 21/09/1972 in South Africa. Mark Middeldorf became a non-executive of The Just Group on 22 September 2008. Mark is an executive of Century Plaza Group of Companies. He has been associated with Century Plaza since 2001 with roles in relation to business analysis and investment. Prior to joining Century Plaza Mark held management positions at KPMG in London, at Grant Thornton in Johannesburg and at the ANZ Bank. Mark is a member of both the Institute of Chartered Accounts in Australia and the South African Institute of Chartered Accountants. Mark holds a Bachelor of Commerce and a Bachelor of Accounting from the University of the Witwatersrand. Name Ashley John Gardner Title Director and Company Secretary Appointment date 08/04/11 Address 10 Clemac Close Langwarrin South, VIC 3911 Australia Biography Born on 14/05/1971 in Melbourne, Victoria, Australia. Ashley Gardner became an executive director of The Just Group on 8 April 2011. Ashley Gardner was appointed Chief Financial Officer in January 2007 and is responsible for the Groups Finance and IT departments. Ashley has impeccable finance, retail and fashion credentials including previous positions of CFO and Executive Director at Country Road. Ashley holds a Bachelor of Commerce (Hons) from the University of Melbourne and is also a qualified Chartered Accountant. Name Mark McInnes Title Director Appointment date 04/04/11 Address 19 Hamilton Road Malvern, VIC 3144 Australia Biography Born on 06/05/1965 in Melbourne, Victoria, Australia. Mark McInnes was appointed Chief Executive Officer of Premier Investments Ltd. and Chief Executive Officer of Just Group, on April 4, 2011. Mark is an experienced retailer with over 25 years of success in retail, including his most recent position as Chief Executive Officer of David Jones Ltd. In his time as CEO of David Jones, Mark turned the company into a fashion and financial success and generated in excess of $2 billion dollars of Shareholder value. When he became CEO of David Jones, the share price was $1.03 and when he left it was $4.44. In addition, the dividend per share had grown from 6c a share to 28c a share. Mark holds a Master of Business Administration from Melbourne University. Name Colette Mary Garnsey Title Director Appointment date 17/10/12 Address 34 Beresford Road Bellevue Hill, NSW 2023 Australia Biography Born on 07/02/1960 in Sydney, New South Wales, Australia. Ms Garnsey was recently appointed Core Brands Director at Premier Investments, previously Group General Manager at Pacific Brands. She has had over 30 years' experience in retail and was formerly in senior management at David Jones Limited for over 20 years, most recently holding the position of Group General Manager. She is a board member of Australian Wool Innovation Limited (since 2011), the L'Oréal Melbourne Fashion Festival (since 2006), a Committee member of the TCF Innovation Council (since 2010) and a judge of the Veuve Clicquot Business Woman of the Year. Ms Garnsey has also had five years manufacturing, wholesale and distribution experience and spent three years in consultancy across design, retail and manufacturing for various companies within the textile, clothing and retail industries in addition to spending three years as an Advisory Board member of the CSIRO TCF&L Sector Advisory Committee.

Staff employed 6,500 employees (Just Group)

Other Appointments

Auditor ERNST & YOUNG 8 Exhibition Street Melbourne, VIC 3000 Australia Solicitor ARNOLD BLOCH LEIBLER Level 21, 333 Collins Street Melbourne, VIC 3000 Australia

SHARE CAPITAL

Composition

Authorized capital AUD13,726,000.00 Number / Type of shares 201,330,882 Ordinary Shares Share par value No par value Issued capital AUD13,726,000.00

Paid-up capital AUD13,726,000.00

OWNERSHIP / SHAREHOLDERS

Composition

How listed Full list Shareholder name PREMIER INVESTMENTS LIMITED Address Level 53, 101 Collins Street Melbourne, VIC 3000 Australia Number / Type of shares 201,330,882 Ordinary Shares Percentage (%) of shares 100%

Ownership / Shareholding remarks On 8 August 2008, Premier Investments Limited obtained a controlling interest in the shares of Just Group Limited following an off-market takeover offer for all of the Group shares that commenced on 31 March 2008. Just Group Limited was removed from the official ASX list on 22 September 2008 and became a non listed public company.

CORPORATE AFFILIATIONS AND RELATED COMPANIES

Structure

Company name PREMIER INVESTMENTS LIMITED Affiliation type Parent Company Country of business Australia Comments Premier Investments Limited is an Australian public company limited by shares. It has been listed on the Australian Securities Exchange (ASX) since 15 December 1987. Premier was established as an investment company to maximise growth in capital returns to shareholders through the acquisition of controlling or strategic shareholdings in premier Australian companies with a particular concentration on the areas of retailing, importing and distributing. For many years, Premier’s principal investment was a significant shareholding in Coles Myer Limited (subsequently renamed Coles Group). Premier disposed of this investment to an entity associated with Wesfarmers Limited in April 2007. In August 2008 Premier was successful in obtaining control of the Just Group. Premier now owns the brands Just Jeans, Jay Jays, Portmans, Jacqui E, Peter Alexander, Dotti and Smiggle. Company name JUST JEANS GROUP PTY LIMITED Affiliation type Wholly-owned Subsidiary Country of business Australia Company name JUST JEANS PTY. LTD. Affiliation type Wholly-owned Subsidiary Country of business Australia Company name JACQUI E PTY LTD Affiliation type Wholly-owned Subsidiary Country of business Australia Company name PORTMANS PTY LTD Affiliation type Wholly-owned Subsidiary Country of business Australia Company name SMIGGLE PTY LTD Affiliation type Wholly-owned Subsidiary Country of business Australia Company name JACQUELINE-EVE (RETAIL) PROPRIETARY LIMITED Affiliation type Wholly-owned Subsidiary Country of business Australia Company name JACQUELINE-EVE (LEASES) PROPRIETARY LIMITED Affiliation type Wholly-owned Subsidiary Country of business Australia Company name JACQUELINE-EVE (HOBART) PROPRIETARY LIMITED Affiliation type Wholly-owned Subsidiary Country of business Australia Company name JACQUELINE-EVE FASHIONS PROPRIETARY LIMITED Affiliation type Wholly-owned Subsidiary Country of business Australia

Remarks on corporate affiliations and related companies Other companies of the Just Group should be considered affiliates of the Subject.

BANK AND MORTGAGES

Bank Details

Name of bank Commonwealth Bank of Australia Address Australia Name of bank Australia and New Zealand Banking Group Limited Address Australia Name of bank National Australia Bank Limited Address Australia

Comments It is generally not the policy of local banks to provide credit status information to non related parties, however interested parties would be advised to consult first with the Subject if banker's references are required.

Mortgages

None reported.

Legal Filings

Bankruptcy filings None reported. Court judgements None reported.

Tax liens None reported. Others None reported.

FINANCIAL STATISTICS

Description

Financial statement source Commercial Registry Filings Financial statement date 27/07/13 Style of financial statement Full audited

Currency of financial statement Australia Dollar (AUD) Exchange rate 1 USD = AUD 1.07 as of 30-07-2014

Concise Financial Data	Consolidation style	Consolidated	Consolidated	Group Consolidated
	Currency	Australia Dollar (AUD)	Australia Dollar (AUD)	Australia Dollar (AUD)
	Date of financial year end	27/07/13	28/07/12	27/07/13
	Length of financial accounts	12 months	12 months	12 months
	Sales turnover / Revenue / Income	847,254,000.00	843,678,000.00	1,018,244,000.00
	Profit / Loss before tax	76,717,000.00	70,180,000.00	245,956,000.00
	Net income / loss	54,381,000.00	50,012,000.00	174,473,000.00
	Non-current assets	218,320,000.00	215,427,000.00	1,139,739,000.00
	Property, plant and equipment	81,226,000.00	80,326,000.00	83,402,000.00
	Current assets	127,164,000.00	109,285,000.00	422,275,000.00
	Inventories	83,959,000.00	71,092,000.00	83,959,000.00
	Cash and cash equivalents	20,590,000.00	18,959,000.00	313,157,000.00
	Accounts receivable	4,442,000.00	4,981,000.00	6,858,000.00
	Total assets	345,484,000.00	324,712,000.00	1,562,014,000.00
	Current liabilities	83,367,000.00	75,137,000.00	89,588,000.00
	Non-current liabilities	127,546,000.00	141,385,000.00	172,060,000.00
	Accounts payable	56,347,000.00	48,076,000.00	54,514,000.00
	Total liabilities	210,913,000.00	216,522,000.00	261,648,000.00
	Share equity	134,571,000.00	108,190,000.00	1,300,366,000.00
	Retained earnings	114,144,000.00	101,763,000.00	674,962,000.00

Remarks

The consolidated financial statement above relates to the Subject and all its subsidiaries. The group consolidated financial statement above relates to the Subject's Parent Company Premier Investments Limited and all its subsidiaries.

BUSINESS DETAILS

Operational Details

Main activities The Subject operates as a fashion apparel retailer with over 1,000 retail outlets located across Australia, New Zealand, Singapore and South Africa. The Subject's range of brands comprises of: - Just Jeans: A retailer of fashionable wear for the 16-39 year old, Just Jeans operates 241 outlets across Australia and New Zealand. - JayJays: A retailer of street wear for the 16-18 year old, JayJays has 218 outlets throughout Australia, New Zealand and South Africa. - Jacqui-E: A retailer of affordable women's clothing, Jacqui-E has 100 outlets across Australia and New Zealand. - Peter Alexander: A retailer of sleepwear and footwear, Peter Alexander has 64 outlets across Australia and New Zealand as well as an online business. - Portmans: A retailer of fashionable women's wear, Portmans has 100 outlets in Australia, New Zealand and South Africa. - Dotti: A retailer of fashionable women's wear, Dotti has 108 outlets in Australia and New Zealand. - Smiggle: A retailer of stationery and storage products, Smiggle has 157 outlets throughout Australia, New Zealand and Singapore. The Subject operates as a wholly owned subsidiary of Premier Investments Limited. Premier Investments Limited (Premier) operates a number of specialty retail fashion chains within the specialty retail fashion markets in Australia, New Zealand and via a joint venture entity in South Africa. The Company operates in two segments: investments and retail. The investments segment is managed and operated through the Company. The retail segment operates through subsidiaries established in their respective markets. The Company’s brands include Just Jeans, Jay Jays, Jacqui E, Peter Alexander, Dotti and Smiggle. Products and services Apparel: Casualwear Luxurious designer sleepwear Loungewear Homewear Footwear Gifts Brands JUST JEANS JAY JAYS JACQUI E PETER ALEXANDER PORTMANS DOTTI SMIGGLE

Purchases

Local None reported.

International The Subject sources its product(s) / material(s) from countries such as India, China, Italy, Turkey.

Sales

Local The Subject sells its product(s) locally.

International The Subject exports its product(s) to countries such as New Zealand, South Africa, Singapore.

Business Facilities and Assets

Premises The Subject operates from the verified heading address consisting of a warehouse and an administrative office.

Branches In addition, the Group operates from office branches located at Sydney, Adelaide, Perth, Brisbane and Auckland, as well as distribution centres located in Melbourne, Sydney and Auckland. Furthermore, the Group operates from over 1,000 retail outlets located across Australia, New Zealand, Singapore and South Africa.

SUMMARIZED COUNTRY RISK

Gross Domestic Products (GDP) and Economic Overview

Central bank Reserve Bank of Australia Reserve of foreign exchange and gold US$ 46.714 billion Gross domestic product (GDP) US$ 1.586 trillion Purchasing power parity (GPP) 954.296 billion of International dollars GDP per capita (current prices) US$ 68,916 GDP composition by sector agriculture: 4% industry: 25.6% services: 70.4% Inflation 2010: 2.8% 2011: 3.4% 2012: 2.7% Unemployment rate 2010: 5.2% 2011: 5.1% 2012: 5.2%

Public debt (general Government gross debt as percentage (%) of GDP) 2010: 20.4% 2011: 22.9% 2012: 24% Government bond ratings Standard & Poors: AAA Moodys rating: Aaa Moodys outlook: STA Market value of publicly traded shares US$1.198 trillion Largest companies Qantas Airways (Airline),Coca-Cola Amatil (Beverages), CSL (Biotechs), Brambles (Business & Personal Services),Crown Ltd (Casinos & Gaming), Amcor (Containers & Packaging),Suncorp-Metway (Diversified Insurance), BHP Billiton (Diversified Metals & Mining),Newcrest Mining (Diversified Metals & Mining), Orica (Diversified Metals & Mining), Iluka Resources (Diversified Metals & Mining), Origin Energy (Electric Utilities), AGL Energy (Electric Utilities), Wesfarmers (Food Retail), Woolworths (Food Retail), Metcash (Food Retail), Macquarie Group (Investment services), AMP (Investment services), Challenger Ltd (Investment services), Fortescue Metals Group (Iron & Steel), Bluescope Steel (Iron & Steel), Commonwealth Bank (Major Banks), Westpac Banking Group (Major Banks), National Australia Bank (Major Banks), ANZ (Major Banks), Woodside Petroleum (Oil & Gas Operations), Santos (Oil & Gas Operations), Caltex Australia (Oil & Gas Operations), WorleyParsons (Oil Services & Equipment), Toll Holdings (Other Transportation), Transurban Group (Other Transportation), QBE Insurance Group (Property & Casualty Insurance), Insurance Australia Group (Property & Casualty Insurance), QR National (Railroads), Westfield Group (Real Estate), Stockland Australia (Real Estate), Westfield Retail Trust (Real Estate), Lend Lease (Real Estate), CFS Retail Property Trust (Real Estate), Goodman Group (Real Estate), Bendigo & Adelaide Bank (Regional Banks), Bank of Queensland (Regional Banks), Incitec Pivot (Specialized Chemicals), Telstra (Telecommunications Services)

Trade and Competitiveness Overview

Total exports US$263.9 billion Export commodities Coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment Total imports US$239.7 billion Import commodities Machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products Best countries for doing business 10 out of 185 countries Global competitiveness ranking 20 (ranking by country on a basis of 144, the first is the best)

Major export partners China 27.4%, Japan 19.2%, South Korea 8.9%, India 5.8% Major import partners China 18.5%, US 11.4%, Japan 7.9%, Singapore 6.3%, Germany 4.7% FDI inflows 2009: US$26,554 million 2010: US$35,556 million 2011: US$41,317 million FDI outflows 2009: US$16,693 million 2010: US$12,791 million 2011: US$19,999 million

Country and Population Overview

Total population 22.68 million Total area 7,692,024 km2 Capital Canberra

Currency Australian dollars (AUD) Internet users as percentage (%) of total population 79%

PAYMENT OUTLOOK

Purchases Term

International L/C, Telegraphic transfer, D/P, Credit 30-120 days

Sales Term

Local Cash, Credit card, Bank transfer, Credit 30-120 days

International Telegraphic transfer, D/P, Credit 30-120 days

Trade Reference / Payment Behaviour

Comments As local and international trade references were not supplied, the Subject's payment track record history cannot be appropriately determined but based on our research, payments are believed to be met without delay.

Investigation Note

Sources Interviews and material provided by the Subject Other official and local business sources

Attachments

Attachments Financial statements List of subsidiaries

KEY FINANCIAL RATIOS

For financial year end	27/07/13	28/07/12	.
Profitability	.	.	.
Pre-tax profit (loss) margin (%)	9.05	9.05
Net profit (loss) margin (%)	6.42	5.93
Return on Invested Capital	.	.	.
Return on assets (%)	15.74	15.40
Return on equity (%)	40.41	46.23
Liquidity	.	.	.
Current ratio	1.53	1.45
Quick ratio	0.52	0.51
Cash ratio	0.16	0.17
Accounts receivable turnover ratio (times)	190.74	169.38
Accounts payable turnover ratio (times)	15.04	17.55
Collection period (days)	1.91	2.15
Payment period (days)	24.27	20.80
Inventory turnover ratio (times)	10.09	11.87
Inventory conversion period (days)	36.17	30.76
Asset Management	.	.	.
Fixed asset turnover ratio (times)	10.43	10.50
Asset turnover ratio (times)	2.45	2.60
Capital Structure and Solvency	.	.	.
Total debt to asset ratio (%)	61.05	66.68
Total debt to equity ratio (%)	156.73	200.13
Non-current debt to equity ratio (%)	94.78	130.68

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.41
UK Pound	1	Rs.98.06
Euro	1	Rs.76.67

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIS

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	--

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.