MIRA INFORM REPORT

Report No. :	332392
Report Date :	21.07.2015

IDENTIFICATION DETAILS

Name :	PRIME GOLD INFRA STEEL LIMITED (w.e.f 20.05.1998)
Formerly Known As :	KAMDHENU INDUSTRIES LIMITED
Registered Office :	91/22, Village Alipur, New Delhi - 110036
Tel. No.:	91-11-47610000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.05.1998
Com. Reg. No.:	55-093948
Capital Investment / Paid-up Capital :	Rs. 18.174 Million
CIN No.: [Company Identification No.]	U15490DL1998PLC093948
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Dealing in Iron and Steel Products and components of various nature, variety and sizes.
No. of Employees :	13 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an old and established company incorporated during the year 1998 having a satisfactory track record. Profit margin of the company is low. However, the rating takes into consideration satisfactory net worth position of the company with low borrowing and favorable gap between trade payable and trade receivable. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. In view of long standing record and acceptable financial base, the company can be considered normal for business dealings 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities=(BB-)
Rating Explanation	Moderate risk of default..
Date	30.05.2014

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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Vipin Bansal
Designation :	Chartered Accountant
Contact No.:	91-11-47610000
Date :	18.07.2015

LOCATIONS

Registered Office :	91/22, Village Alipur, New Delhi – 110036, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	cs@primegoldgroup.com
Head Office :	5/2, Punjabi Bagh Extension, Club Road, New Delhi-110026, India
Tel. No.:	91-11-47610000
Fax No.:	91-11-47610000/25226509
E-Mail :	cavipinbansal82@gmail.com enquiry@primegoldgroup.com
Website :	http://www.primegoldgroup.com
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Pradeep Aggarwal

Designation :

Managing Director

Address :

5/2, Punjabi Bagh Extention, Club Road, New Delhi-110026, India

Date of Birth/Age :

18.10.1960

Date of Appointment :

01.10.2012

DIN No.:

00005977

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	L27101DL1994PLC134282	KAMDHENU ISPAT LIMITED	Whole-time director	12/09/1994	12/09/1994	14/04/2007	Active	NO
2	U15490DL1998PLC093948	Prime Gold Infra Steel Limited	Managing director	01/10/2012	30/09/2005	-	Active	NO
3	U01122DL1997PLC085127	PRIME GOLD INTERNATIONAL LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
4	U24222DL2005PLC204879	Kamdhenu Paint Industries Limited	Director	30/09/2005	30/09/2005	31/07/2007	Active	NO
5	U27106DL2006PLC146601	KAMDHENU CONCAST LIMITED	Director	21/02/2006	21/02/2006	31/07/2007	Active	NO
6	U26959JK2000PTC002070	JAI DURGA CEMENT PRIVATE LIMITED	Director	10/05/2006	10/05/2006	-	Active	NO
7	U70102DL2006PTC149577	A P S BUILDCON PRIVATE LIMITED	Director	09/06/2006	09/06/2006	-	Active	NO
8	U74920DL1997PLC145037	RAGHUVEER METAL INDUSTRIES LIMITED tfr. from rajasthan to delhi	Director	30/09/2006	30/09/2006	05/11/2009	Active	NO
9	U74900DL2007PLC162582	KAMDHENU CEMENT LIMITED	Director	01/10/2009	25/04/2007	-	Active	NO
10	U65999TN1999PTC041948	R.V.MERCANTILE PRIVATE LIMITED	Director	20/09/2007	27/04/2007	-	Active	NO
11	U27209DL2008PLC177691	PRIME GOLD STEEL LIMITED	Director	06/05/2008	06/05/2008	-	Active	NO
12	U27100DL2008PLC180557	PRIME GOLD INDIA LIMITED	Director	07/07/2008	07/07/2008	-	Active	NO
13	U15139UP2008PTC035727	PRIME GOLD UDYOG PRIVATE LIMITED	Director	22/07/2008	22/07/2008	-	Active	NO
14	U51504DL2008PTC181628	SAJHEDARI MARKETING PRIVATE LIMITED	Director	01/08/2008	01/08/2008	28/12/2012	Active	NO
15	U28113DL2012PLC245537	PRIME GOLD -SAIL JVC LIMITED	Director	01/12/2012	01/12/2012	-	Active	NO
16	U51909WB2009PTC133022	SIDHIDAATRI SUPPLIERS PRIVATE LIMITED	Director	16/12/2013	16/12/2013	29/01/2015	Active	NO
17	U74120WB2010PTC149759	HALLMARK FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	16/12/2013	16/12/2013	24/01/2015	Active	NO
18	U40108TZ2014PLC020245	Prime Gold Energy Limited	Director	12/02/2014	12/02/2014	-	Active	NO

Name :

Ms. Geeta Agarwal

Designation :

Director

Address :

5/2, Punjabi Bagh Extention, Club Road, New Delhi-110026, India

Date of Birth/Age :

20.01.1987

Date of Appointment :

30.09.2006

DIN No.:

01197290

Name :

Mr. Anil Kumar

Designation :

Director

Address :

5/2, Punjabi Bagh Extention, Club Road, New Delhi-110026, India

Date of Birth/Age :

08.06.1982

Date of Appointment :

30.09.2013

DIN No.:

05144079

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	U51900DL1995PTC064803	Glitter Industries Private Limited	Additional director	12/12/2011	12/12/2011	-	Active	NO
2	U15490DL1998PLC093948	Prime Gold Infra Steel Limited	Director	30/09/2013	22/08/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vipin Bansal
Designation :	Chartered Accountant

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Pradeep Aggarwal	264936
Geeta Agarwal	266200
Achin Agarwal	6700
Kartik Agarwal	2500
Kriti Capital Services Limited, India	40000
Glitter Industries Private Limited, India	22000
Om Prakash Gupta	110000
M.V. Marketing Private Limited, India	50000
P.K. Agarwal And Sons (HUF)	115000
Lt. Col. Satish Kumar Kabu (Retd)	50100
Sushil Aggarwal	30000
India Dotcom Technologies Private Limited, India	40000
CMS Holding Private Limited, India	20000
Choti Leasing And Financiang Private Limited, India	20000
At All Times Yours Securities Private Limited, India	20000
Ravnet Solution Private Limited, India	20000
KMC Portfolio Private Limited, India	20000
GVS Laboratories (P) Limited, India	20000
Umrao Finance And Leasing Private Limited, India	20000
Usual Leasing And Finance Private Limited, India	20000
Dhan Raj Bharat Raj Properties Private Limited, India	20000
CEE Aar Décor Private Limited, India	12000
Lancer Engineering Private Limited, India	8000
Navodaya Marketing Private Limited, India	40000
Mukhosys Private Limited, India	20000
Transation India Private Limited, India	30000
Columns Net Chennels Private Limited, India	10000
Aditya Antibiotis Private Limited, India	20000
R.V Mercantile Private Limited, India	500000
TOTAL	1817436

As on 30.09.2014

Category	Percentage
Bodies corporate	53.48
Directors or relatives of Directors	29.73
Other top fifty shareholders	16.79
Total	100.00

BUSINESS DETAILS

Line of Business :	Dealing in Iron and Steel Products and components of various nature, variety and sizes.
Products :	Iron and Steel Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Countries :	China
Terms :	Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	TMR Projects Private Limited, Delhi ,India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Karan Steel, Delhi, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

• Neraj Paper Marketing

No. of Employees :

13 (Approximately)

Bankers :

Bank Name	State Bank of Bikaner and Jaipur
Branch	Paschim Vihar, New Delhi – 110063, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• State Bank of Bikaner and Jaipur, Jawala Heri Market, Paschim Vihar, New Delhi – 110063, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Indian Rupee Loan From Banks
Term Loans	0.000	0.404
Short-term borrowings
Cash Credit Limit From SBBJ	66.441	65.928
Total	66.441	66.332

Auditors :
Name :	DSP and Associates Chartered Accountants
Address :	201, 2^nd Floor, Himland House, Karampura Commercial Complex, Delhi – 110015, India
Tel. No.:	91-11-25920935 / 41427706
E-Mail :	sangoyal314@yahoo.com
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD8576A
Memberships :	Not Available
Collaborators :	Not Available
Associates:	Prime Gold India Limited Kamdhenu Cement Limited Prime Gold International Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1817436	Equity Shares	Rs.10/- each	Rs. 18.174 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	18.174	18.174	18.174
(b) Reserves & Surplus	64.541	62.936	61.722
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	82.715	81.110	79.896
(3) Non-Current Liabilities
(a) long-term borrowings	0.400	4.506	12.146
(b) Deferred tax liabilities (Net)	0.761	0.962	1.250
(c) Other long term liabilities	0.800	0.800	0.800
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1.961	6.268	14.196
(4) Current Liabilities
(a) Short term borrowings	66.441	65.928	61.595
(b) Trade payables	92.769	94.817	91.535
(c) Other current liabilities	15.085	10.668	22.842
(d) Short-term provisions	1.181	1.480	1.618
Total Current Liabilities (4)	175.476	172.893	177.590
TOTAL	260.152	260.271	271.682
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.316	13.120	13.521
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.120	1.120	1.120
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4.770	4.770	4.770
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.881	8.224	23.281
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	22.087	27.234	42.692
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	63.419	54.829	23.462
(c) Trade receivables	98.699	155.263	180.868
(d) Cash and cash equivalents	16.799	3.033	7.322
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	59.148	19.912	17.338
Total Current Assets	238.065	233.037	228.990
TOTAL	260.152	260.271	271.682

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	326.171	413.377	207.320
	Other Income	10.182	9.901	15.990
	TOTAL	336.353	423.278	223.310
Less	EXPENSES
	Purchases of Stock-in-Trade	317.425	427.250	178.614
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(8.589)	(31.367)	24.035
	Employees benefits expense	6.764	5.847	2.302
	Other expenses	5.493	4.821	2.526
	Extraordinary Items	0.000	0.000	(7.437)
	TOTAL	321.093	406.551	200.040
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	15.260	16.727	23.270
Less	FINANCIAL EXPENSES	11.294	12.709	12.910
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3.966	4.018	10.360
Less	DEPRECIATION/ AMORTISATION	1.804	1.990	2.293
	PROFIT/ (LOSS) BEFORE TAX	2.162	2.028	8.067
Less	TAX	0.556	0.815	1.353
	PROFIT/ (LOSS) AFTER TAX	1.606	1.213	6.714
	Earnings / (Loss) Per Share (Rs.)	0.88	0.67	3.69

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.418	4.809	6.212
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.49	0.29	3.24
Operating Profit Margin (PBIDT/Sales)	(%)	4.68	4.05	11.22
Return on Total Assets (PBT/Total Assets}	(%)	0.85	0.80	3.04
Return on Investment (ROI) (PBT/Networth)		0.03	0.03	0.10
Debt Equity Ratio (Total Debt /Networth)		0.81	0.93	1.00
Current Ratio (Current Asset/Current Liability)		1.36	1.35	1.29

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	18.174	18.174	18.174
Reserves & Surplus	61.722	62.936	64.541
Net worth	79.896	81.110	82.715
long-term borrowings	12.146	4.506	0.400
Short term borrowings	61.595	65.928	66.441
Current Maturities of Long-Term Debts	6.212	4.809	0.418
Total borrowings	79.953	75.243	67.259
Debt/Equity ratio	1.001	0.928	0.813

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	207.320	413.377	326.171
		99.391	(21.096)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	207.320	413.377	326.171
Profit	6.714	1.213	1.606
	3.24%	0.29%	0.49%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 24, Shivaji Marg Industrial Area, Najafgarh Road, Moti Nagar, New Delhi – 110015, India to the present address w.e.f.24.12.2008

PERFORMANCE

Total Income for the year ended March 31, 2014 has been decreased to Rs. 336.400 Million as compared to Rs. 423.300 Million for the previous fiscal year ended March 31, 2013. But profit tax for the financial year ended March 31, 2014 has been increased to Rs. 02.200 Million as compared to Rs. 02.000 Million for the financial year ended March 31, 2013.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Other Unsecured Loans	0.400	4.102
Total	0.400	4.102

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10505174	19/05/2014	479,800,000.00	State Bank of Bikaner and Jaipur	Jawala Heri Market,, Paschim Vihar,, New Delhi, Delhi - 110063, INDIA	C08112617
2	10353110	10/04/2012	20,000,000.00	State Bank of Bikaner and Jaipur	Jawala Heri Market, Paschim Vihar, New Delhi, Delhi - 110063, INDIA	B38745592
3	10037902	23/03/2013 *	76,400,000.00	State Bank of Bikaner and Jaipur	Paschim Vihar, New Delhi, Delhi - 110063, INDIA	B72893241

FIXED ASSETS

• Land
• Car
• Scooter
• Patents
• Electric Equipment
• Computer
• Furniture and Fixture
• Wind Power Plant
• Plant and Machinery
• Building

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.63.55
UK Pound	1	Rs.99.10
Euro	1	Rs.68.83

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	SUD

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
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.