MIRA INFORM REPORT

Report Date :

10.05.2012

IDENTIFICATION DETAILS

Name :	PRIMEX INFRASTRUCTURE PRIVATE LIMITED (w.e.f. 27.03.2008)
Formerly Known As :	SARAOGI ELECTRO CIRCUITS PRIVATE LIMITED
Registered Office :	53 A, Mirza Galib Street, Kolkata – 700016, West Bengal, India
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	07.12.1984
Com. Reg. No.:	21-038265
Capital Investment / Paid-up Capital :	Rs.4.450 Millions
CIN No.: [Company Identification No.]	U32309WB1984PTC038265
TAN No.: [Tax Deduction & Collection Account No.]	CALS02364F
PAN No.: [Permanent Account No.]	AAECS4908A
Legal Form :	Private Limited Liability Company
Line of Business :	Real Estate Business.
No. of Employees :	9 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 370000
Status :	Project under Implementation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	As claimed by Mr. Aravahzi (Accounts Manager). Subject was incorporated in the year 1984 by name Saraogi Electro Circuits Private Limited. Its line of business was trading of electronic products. Later, it has changed its name to Primex Infrastructure Private Limited and the line of business was changed to real estate business in the year 2008. The project of the company is under implementation. Payments are unknown. The company can be considered for business dealings on a secured 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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Aravahzi
Designation :	Accounts Manager
Contact No.:	91-44-30221100
Date :	04.05.2012

LOCATIONS

Registered Office :	53 A, Mirza Galib Street, Kolkata – 700016, West Bengal, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	accounts@naturalproductsindia.com accounts@primexinfrastructure.com sgaportal@yahoo.co.in alok_gupta83@hotmail.com
Website :	www.primexinfrastructure.com
Location :	Owned
Administrative Office :	13, Chittaranjan Road, Alwarpet, Chennai – 600018, Tamilnadu, India
Tel. No.:	91-44-30221100
Fax No.:	91-44-30139474
E-Mail :	marketing@primexinfrastructure.com

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Ravi Kumar Gupta

Designation :

Director

Address :

Old No.9, L R N colony, Sarada Collage Road, Salem – 636007, Tamilnadu, India

Date of Birth/Age :

11.05.1957

Date of Appointment :

11.02.2011

DIN No.:

00163450

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U00113TZ1994PLC005254	OPG AGRO FARMS LIMITED	Director	5/8/1994	5/8/1994	-	Active	NO
2	L27109TN1995PLC067863	KANISHK STEEL INDUSTRIES LIMITED	Managing director	31/01/2008	27/04/1995	-	Active	NO
3	U40101TN2000PTC045702	OPG ENERGY PRIVATE LIMITED	Director	11/9/2000	11/9/2000	28/03/2008	Active	NO
4	U28931TN1980PLC008544	DELHI STEEL TUBES INDUSTRIES LIMITED	Director	21/01/2003	21/01/2003	-	Active	NO
5	U15311TN2004PLC052855	SALEM FOOD PRODUCTS LIMITED	Director	31/03/2004	31/03/2004	-	Active	NO
6	U40105TN2006PTC060564	OPG RENEWABLE ENERGY PRIVATE LIMITED	Director	17/07/2006	17/07/2006	28/03/2008	Active	NO
7	U40100TN2007GAT063498	OPG POWER MAHARASHTRA PRIVATE LIMITED	Director	14/05/2007	14/05/2007	-	Active	NO
8	U40109TN2008PTC068498	OM ENERGY GENERATION PRIVATE LIMITED	Managing director	8/7/2008	8/7/2008	-	Active	NO
9	U31907KA2008PTC056312	RAVI POWER AND STEEL PRIVATE LIMITED	Director	12/12/2008	12/12/2008	7/1/2011	Active	NO
10	U05110TZ1983PLC001263	SONAL VYAPAR LIMITED	Director	30/09/2009	21/01/2009	23/01/2012	Active	NO
11	U27310KA2008PTC046325	MAA DEVSAR INFRASTRUCTURE AND STEELS PRIVATE LIMITED	Director	18/09/2009	18/09/2009	17/02/2011	Active	NO
12	U40108TN2010PLC074394	GITA RENEWABLE ENERGY LIMITED	Director	28/01/2010	28/01/2010	-	Active	NO
13	U27100KA2007PTC042025	SRI SRI RUKMANI ROLLING MILL PRIVATE LIMITED	Whole-time director	17/02/2010	17/02/2010	30/09/2010	Active	NO
14	U40103KA2010PTC053300	OJAS THERMAL ENERGY BEOHARI PRIVATE LIMITED	Director	20/04/2010	20/04/2010	-	Active	NO
15	U40107KA2010PTC053471	OJAS ENERGY (M.P.) PRIVATE LIMITED	Director	4/5/2010	4/5/2010	-	Active	NO
16	U40107KA2010PTC053470	OJAS ENERGY KARNATAKA PRIVATE LIMITED	Director	4/5/2010	4/5/2010	-	Active	NO
17	U01403KA2010PTC053517	MEENAKSHI AGRO AND FLOUR MILL PRIVATE LIMITED	Director	7/5/2010	7/5/2010	30/01/2012	Active	NO
18	U27310TN2010PLC075626	CHENNAI FERROUS INDUSTRIES LIMITED	Director	7/5/2010	7/5/2010	-	Active	NO
19	U24100KA2010PTC053518	SRI RUKMANI FOAM PRODUCTS PRIVATE LIMITED	Director	7/5/2010	7/5/2010	-	Active	NO
20	U40107KA2010PTC053513	OJAS THERMAL ENERGY SHAHDOL PRIVATE LIMITED	Director	7/5/2010	7/5/2010	-	Active	NO
21	U40107KA2010PTC053588	OPG SOLAR (KARNATAKA) PRIVATE LIMITED	Director	11/5/2010	11/5/2010	-	Active	NO
22	U51900KA2010PLC053600	OPG EXPORT LIMITED	Director	12/5/2010	12/5/2010	-	Active	NO
23	U29253KA2010PTC053609	RAVI BEARING MANUFACTURERS PRIVATE LIMITED	Director	13/05/2010	13/05/2010	-	Active	NO
24	U40108KA2010PTC054079	OJAS ENERGY TAMILNADU PRIVATE LIMITED	Director	16/06/2010	16/06/2010	-	Active	NO
25	U40108KA2010PTC054074	OJAS ENERGY MAHARASHTRA PRIVATE LIMITED	Director	16/06/2010	16/06/2010	-	Active	NO
26	U32309WB1984PTC038265	PRIMEX INFRASTRUCTURE PRIVATE LIMITED	Director	11/2/2011	11/2/2011	-	Active	NO
27	U27310KA2007PLC043017	APS STEELS LIMITED	Director	23/04/2012	23/04/2012	-	Active	NO

Name :

Mr. Anil Kumar Saraogi

Designation :

Director

Address :

3-A – Raja Santosh Road, Alipore, Kolkata – 700027, west Bengal, India

Date of Birth/Age :

28.01.1961

Date of Appointment :

07.12.1984

DIN No.:

00402127

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15412WB1982PTC034960	MOTI FOOD PRODUCTS PRIVATE LIMITED	Director	15/09/1983	15/09/1983	-	Active	NO
2	U32309WB1984PTC038265	PRIMEX INFRASTRUCTURE PRIVATE LIMITED	Director	7/12/1984	7/12/1984	-	Active	NO
3	U74999WB1980PTC032741	DECORATIVE EXPORTS PRIVATE LIMITED	Director	25/09/1992	25/09/1992	-	Active	NO
4	U29299WB1993PLC061076	NATURAL PRODUCTS EXPORT CORPORATION LIMITED	Director	1/4/1994	1/4/1994	-	Active	NO
5	U51909TN1994PTC029673	FLOWERS AND FRAGRANCES PRIVATE LIMITED	Managing director	26/12/1994	26/12/1994	-	Active	YES
6	U70200WB1996PTC081361	NATURAL CONSTRUCTIONS PRIVATE LIMITED	Director	17/09/1996	17/09/1996	-	Active	NO
7	U26942MP1984PTC002588	NATURAL CEMENTS PRIVATE LIMITED	Director	1/4/2001	1/4/2001	9/1/2009	Active	NO
8	U51909WB2002PTC094084	AT HOME RETAILING PRIVATE LIMITED	Director	4/1/2002	4/1/2002	24/12/2010	Strike off	NO
9	U70102TN2007PTC064599	NATURAL REALTY PRIVATE LIMITED	Director	1/9/2007	1/9/2007	-	Active	NO

Name :

Mr. Vimal Kumar Saraogi

Designation :

Director

Address :

3-A – Raja Santosh Road, 4^th Floor, Flat No.4A, Alipore, Kolkata – 700027, west Bengal, India

Date of Birth/Age :

03.03.1940

Date of Appointment :

07.12.1984

DIN No.:

00402009

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U32309WB1984PTC038265	PRIMEX INFRASTRUCTURE PRIVATE LIMITED	Director	7/12/1984	7/12/1984	-	Active	NO
2	U29299WB1993PLC061076	NATURAL PRODUCTS EXPORT CORPORATION LIMITED	Managing director	13/12/1993	13/12/1993	-	Active	NO
3	U51909TN1994PTC029673	FLOWERS ANDFRAGRANCES PRIVATE LIMITED	Director	26/12/1994	26/12/1994	-	Active	YES
4	U70200WB1996PTC081361	NATURAL CONSTRUCTIONS PRIVATE LIMITED	Director	17/09/1996	17/09/1996	-	Active	NO
5	U70102TN2007PTC064599	NATURAL REALTY PRIVATE LIMITED	Director	1/9/2007	1/9/2007	-	Active	NO
6	U74999WB1980PTC032741	DECORATIVE EXPORTS PRIVATE LIMITED	Director	25/02/2009	25/02/2009	-	Active	NO
7	U26940WB2009PTC139330	AMRITA CEMENT PRIVATE LIMITED	Director	12/11/2009	12/11/2009	-	Active	NO
8	U55101WB2009PTC139331	NATURAL HOTELS AND RESORTS PRIVATE LIMITED	Director	12/11/2009	12/11/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Aravahzi
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Arvind Kumar Gupta	6450
Alok Gupta	6450
Kanish Gupta	6450
Ravi Gupta (HUF)	2900
Natural Realty Private Limited	22250
Total	44500

(AS ON 30.09.2010)

Equity Shares Break – up

Category	Percentage
Bodies corporate	50.00
Directors or relatives of directors	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Real Estate Business.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

OEM’s

No. of Employees :

9 (Approximately)

Bankers :

· Punjab National Bank

Alwarpet Branch, Chennai, Tamilnadu, India

· Bank of India

· United Bank of India

Facilities :

Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Natural Construction Private Limited	0.000	4.248
Vimal Kumar Saraogi	0.000	0.761
Natural Realty Private Limited	15.038	0.000
At-Home Retalling Private Limited	0.000	0.875
Decorative Exports Private Limited	7.820	1.936
Natural Products Exp. Corporation Limited	0.530	0.171
Total	23.388	7.991

Banking Relations :	--
Auditors :
Name :	Singhi and Sudhir Chartered Accountant
Address :	Flat No.12, Srinivasa Apartments, Turnbulla Road, 1^st Street, Nandanam, Chennai – 600035, Tamilnadu, India
PAN No.:	AACPS4177Q
Other Related Parties :	· Natural Construction Private Limited · Decorative Exports Private Limited · V K Saraogi and Sons HUF

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
44500	Equity Shares	Rs.100/- each	Rs.4.450 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		4.450	4.450	4.450
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		97.775	97.667	97.667
4] (Accumulated Losses)		(9.437)	(9.126)	(9.139)
NETWORTH		92.788	92.991	92.978
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		23.388	7.991	7.991
TOTAL BORROWING		23.388	7.991	7.991
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		116.176	100.982	100.969
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.100	0.100
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.056	0.056
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.226	0.150	0.315
	Other Current Assets	115.768	110.567	106.339
	Loans & Advances	0.870	0.268	4.768
Total Current Assets		116.864	110.985	111.422
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.786	10.155	10.617
	Other Current Liabilities
	Provisions	0.022	0.017	0.005
Total Current Liabilities		0.808	10.172	10.622
Net Current Assets		116.056	100.813	100.800
MISCELLANEOUS EXPENSES		0.120	0.013	0.013
TOTAL		116.176	100.982	100.969

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	0.26	0.20	0.20
Current Ratio (Current Asset/Current Liability)	144.63	10.91	10.49

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	No
Profitability for last three years	No
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

BUSINESS ACTIVITY

The company has stared residential complex construction. The company has applied for various statutory approval for setting of this project. The company has aleady received approval from Air port Authority of India. Company expects the CMDA approval shortly. Other than there was no other activity.

FINANCIAL RESULTS

The company has written off old advances of Rs.0.265 Million, which are nor recoverable as decided by the directors.

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 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.53.46
UK Pound	1	Rs.86.27
Euro	1	Rs.69.40

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		26

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.