MIRA INFORM REPORT

Report No. :	343183
Report Date :	07.10.2015

IDENTIFICATION DETAILS

Name :	SKYSCRAPERS STEELS LIMTED (w.e.f. 08.05.2015)
Formerly Known As :	ALOGOMA STEELS LIMITED (w.e.f.10.07.2013) GOVINDA IMPEX LIMITED
Registered Office :	121, Chittaranjan Avenue, Kolkata – 700073, West Bengal
Tel. No.:	91-9331361704 (Mr. Rana)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.06.2000
Com. Reg. No.:	21-092086
Capital Investment / Paid-up Capital :	Rs.139.103 Million
CIN No.: [Company Identification No.]	U28113WB2000PLC092086
IEC No.:	Not Available
TIN No.:	19200956098
CST No.:	19200956292
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCG2845F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Iron and steel materials which includes sponge iron, TMT bar, M.S. Scrap Billet and sheets along with specialty products.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2000. The name of the company has changed from ALOGOMA STEELS LIMITED to SKYSCRAPERS STEEL LIMITED with effect from 8^th May 2015. For the FY 2014, the company has recorded drastic dip of 52.09% in its sales turnover and incurred heavy loss. It has also recorded decline in its reserves marked by huge borrowings. However, trade relations are fair. Business is active. Payment are slow but correct. The company can be considered for business dealings with some caution.

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

NOT AVAILABLE

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Rana
Designation :	Accountant
Contact No.:	91-9331361704
Date :	06.10.2015

LOCATIONS

Registered / Head Office :	121, Chittaranjan Avenue, Kolkata – 700073, West Bengal, India
Tel. No.:	Not Available
Mobile No.:	91-9331361704 (Mr. Rana)
Fax No.:	Not Available
E-Mail :	govindaimpex@yahoo.com
Website :	www.alogomasteels.co.in
Factory :	Mouza, Sahebdihi, P.O. Hatasuria, P.S. Barjora – 722202, West Bengal, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Rajesh Singhi

Designation :

Director

Address :

Block-H2B, Flat-1A, 61 B. L. Saha Road, Kolkata - 700053, West Bengal, India

Date of Appointment :

30.09.2015

PAN No.:

ALSPS4854M

DIN No.:

00063151

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	U31300WB1989PTC046332	NARAYAN WIRES PRIVATE LIMITED	Director	08/06/1994	08/06/1994	03/11/2011	Active	NO
2	U28113WB2000PLC092086	Skyscrapers Steels Limited	Director	30/09/2015	30/06/2000	-	Active	NO
3	U27104WB1996PTC080373	RADHIKA ELECTRO-CAST PRIVATE LIMITED	Director	01/07/2003	01/07/2003	25/01/2012	Active	NO
4	U27310WB2004PTC098088	SHASHWAT METALLIC PRIVATE LIMITED	Director	15/03/2004	15/03/2004	15/07/2011	Active	NO
5	U27109WB1996PTC080292	ALOGOMA MINERALS PRIVATE LIMITED	Director	05/07/2005	05/07/2005	01/10/2014	Active	NO
6	U14108WB2005PTC104298	BANKURA DRI MINING MANUFACTURERS COMPANY PRIVATE LIMITED	Director	27/07/2005	27/07/2005	-	Active	NO
7	U27109WB2005PLC102735	VAISHANAVI ISPAT LIMITED	Director	22/03/2006	22/03/2006	03/02/2014	Active	NO
8	U51109WB2005PTC102597	MEMORIAL COMMERCIAL PRIVATE LIMITED	Director	29/03/2007	29/03/2007	05/11/2014	Active	NO
9	U51909WB2005PTC101218	GULDASTA COMMERCIAL PRIVATE LIMITED	Director	31/03/2008	31/03/2008	05/11/2014	Active	NO
10	U28910WB2009PTC136155	QFAB STEELS PRIVATE LIMITED	Director	23/06/2009	23/06/2009	07/02/2014	Active	NO
11	U45209WB2010PTC141390	SHASHWAT INFRASTRUCTURE PRIVATE LIMITED	Director	30/09/2015	25/01/2010	-	Active	NO
12	U27100WB2010PTC141489	AROHIE INDUSTRIES PRIVATE LIMITED	Director	29/01/2010	29/01/2010	03/12/2013	Active	NO
13	U27101OR2005PTC007954	KALINGA FERRO ISPAT PRIVATE LIMITED	Director	11/03/2010	11/03/2010	14/05/2014	Active	NO
14	U51109WB2007PTC114417	DIVYASHAKTI MERCHANTS PRIVATE LIMITED	Director	05/05/2010	05/05/2010	08/07/2011	Active	NO
15	U72900WB2011PTC158492	AASHI INFRASTRUCTURE PRIVATE LIMITED	Director	03/02/2011	03/02/2011	20/07/2012	Active	NO
16	U51101WB2010PTC146859	EASTERN TRADECOM PRIVATE LIMITED	Director	02/06/2011	02/06/2011	17/01/2015	Active	NO

Name :

Mr. Subhendu Bhattacherjee

Designation :

Director

Address :

328, G.T. Road, P.O. Bally, Howrah - 711201, West Bengal, India

Date of Appointment :

01.07.2003

DIN No.:

01712563

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	U28113WB2000PLC092086	Skyscrapers Steels Limited	Director	01/07/2003	01/07/2003	-	Active	NO
2	U17124CT1994PLC008350	SALASAR STEEL AND POWER LIMITED	Director	23/03/2005	23/03/2005	30/09/2010	Active	NO
3	U14108WB2005PTC104298	BANKURA DRI MINING MANUFACTURERS COMPANY PRIVATE LIMITED	Managing director	21/07/2005	20/07/2005	-	Active	NO
4	U27109WB2005PLC102735	VAISHANAVI ISPAT LIMITED	Director	24/07/2006	24/07/2006	-	Active	NO
5	U27109WB1991PTC197458	MACEDON INDO_AUSTRIAN VENTURES PRIVATE LIMITED	Director	30/09/2009	15/07/2009	-	Active	NO
6	U74210WB2009PTC138848	SAS FABRICATORS PRIVATE LIMITED	Director	13/10/2009	13/10/2009	-	Active	NO
7	U27109WB1996PTC080292	ALOGOMA MINERALS PRIVATE LIMITED	Director	01/07/2015	18/07/2014	-	Active	NO
8	U51909WB2005PTC101218	GULDASTA COMMERCIAL PRIVATE LIMITED	Additional director	04/11/2014	04/11/2014	-	Active	NO
9	U51109WB2005PTC102597	MEMORIAL COMMERCIAL PRIVATE LIMITED	Additional director	04/11/2014	04/11/2014	-	Active	NO
10	U51101WB2010PTC146859	EASTERN TRADECOM PRIVATE LIMITED	Director	30/09/2015	16/01/2015	-	Active	NO
11	U27101OR2005PTC007954	KALINGA FERRO ISPAT PRIVATE LIMITED	Additional director	15/07/2015	15/07/2015	-	Active	NO

Name :

Mr. Shyam Sundar Sharma

Designation :

Director

Address :

89/324 Bangurpark, Navgunj, Flat- 101, Rishra - 712248, West Bengal, India

Date of Appointment :

29.09.2012

DIN No.:

03583334

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	U27104WB1996PTC080373	RADHIKA ELECTRO-CAST PRIVATE LIMITED	Director	26/07/2011	26/07/2011	-	Active	NO
2	U28113WB2000PLC092086	Skyscrapers Steels Limited	Director	29/09/2012	04/11/2011	-	Active	NO
3	U27109WB1996PTC080292	ALOGOMA MINERALS PRIVATE LIMITED	Director	01/07/2015	07/11/2011	-	Active	NO
4	U51101WB2010PTC146859	EASTERN TRADECOM PRIVATE LIMITED	Director	14/07/2012	14/07/2012	-	Active	NO

Name :

Mr. Gopal Chand More

Designation :

Director

Address :

13/1, Kalakar Street, Kolkata - 700007, West Bengal, India

Date of Appointment :

30.09.2015

DIN No.:

07199409

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	U45209WB2010PTC141390	SHASHWAT INFRASTRUCTURE PRIVATE LIMITED	Additional director	30/05/2015	30/05/2015	09/06/2015	Active	NO
2	U28113WB2000PLC092086	Skyscrapers Steels Limited	Director	30/09/2015	30/05/2015	-	Active	NO
3	U27109WB1996PTC080292	ALOGOMA MINERALS PRIVATE LIMITED	Director	30/09/2015	30/05/2015	-	Active	NO
4	U27109WB2005PLC102735	VAISHANAVI ISPAT LIMITED	Director	30/09/2015	15/07/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rana
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 30.09.2014

SHAREHOLDERS FILE ATTACH

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	84.00
Directors or relatives of Directors	16.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Iron and steel materials which includes sponge iron, TMT bar, M.S. Scrap Billet and sheets along with specialty products.
Products :	Sponge Iron TMT Bar M.S. Scrap Billet
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	State Bank of India
Branch Address	Overseas Branch, Samriddhi Bhavan, Block-A, 1, Strand Road, Kolkata – 700001, West Bengal, 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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Term loans from banks	402.812	402.218
Intercorporate borrowings	179.600	179.600
Total	582.412	581.818

Auditors :
Name :	Arup Das and Associates Chartered Accountants
Address :	61, Bhupen Bose Avenue, Kolkata – 700004, West Bengal, India
PAN No.:	AAIPD2906J
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
13910300	Equity Shares	Rs.10/- each	Rs.139.103 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	139.103	139.103	133.183
(b) Reserves & Surplus	206.924	338.587	332.519
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	31.100
Total Shareholders’ Funds (1) + (2)	346.027	477.690	496.802
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	30.615	31.308	33.735
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	30.615	31.308	33.735
(4) Current Liabilities
(a) Short term borrowings	605.171	604.578	498.080
(b) Trade payables	809.052	486.575	1316.147
(c) Other current liabilities	0.719	1.056	1.796
(d) Short-term provisions	14.702	14.702	22.684
Total Current Liabilities (4)	1429.644	1106.911	1838.707
TOTAL	1806.286	1615.909	2369.244
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	179.632	193.214	206.989
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.721	1.721	1.721
(e) Other Non-current assets	55.330	57.248	61.440
Total Non-Current Assets	236.683	252.183	270.150
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	280.450	375.742	275.900
(c) Trade receivables	1188.262	872.131	1138.204
(d) Cash and cash equivalents	5.931	7.503	14.231
(e) Short-term loans and advances	74.960	88.350	650.715
(f) Other current assets	20.000	20.000	20.044
Total Current Assets	1569.603	1363.726	2099.094
TOTAL	1806.286	1615.909	2369.244

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	566.564	1182.610	2089.662
	Other Income	1.624	6.086	5.965
	TOTAL	568.188	1188.696	2095.627
Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000	210.384
	Purchases of Stock-in-Trade	468.953	1186.179	1803.745
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	127.359	(99.841)	66.444
	Employees benefits expense	1.225	1.192	2.708
	Other expenses	1.221	1.535	13.081
	TOTAL	598.758	1089.065	2096.362
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(30.570)	99.631	(0.735)
Less	FINANCIAL EXPENSES	88.067	85.207	82.981
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(118.637)	14.424	-83.716
Less/ Add	DEPRECIATION/ AMORTISATION	13.718	13.774	13.827
	PROFIT/ (LOSS) BEFORE TAX	(132.355)	0.650	(97.543)
Less	TAX	(0.692)	(2.046)	0.301
	PROFIT/ (LOSS) AFTER TAX	(131.663)	2.696	(97.844)
	Earnings / (Loss) Per Share (Rs.)	(9.46)	0.19	(7.03)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	(31.865)	(172.199)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(23.24)	0.23	(4.68)
Operating Profit Margin (PBDIT / Sales)	(%)	(5.40)	8.42	(0.04)
Return on Total Assets (PBT/Total Assets}	(%)	(7.33)	0.04	(4.12)
Return on Investment (ROI) (PBT/Networth)		(0.38)	0.00	(0.20)
Debt Equity Ratio (Total Debt/Networth)		1.75	1.27	1.00
Current Ratio (Current Asset/Current Liability)		1.10	1.23	1.14

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	133.183	139.103	139.103
Reserves & Surplus	332.519	338.587	206.924
Share Application money pending allotment	31.100	0.000	0.000
Net worth	496.802	477.690	346.027
long-term borrowings	0.000	0.000	0.000
Short term borrowings	498.080	604.578	605.171
Total borrowings	498.080	604.578	605.171
Debt/Equity ratio	1.003	1.266	1.749

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	2089.662	1182.610	566.564
		(43.407)	(52.092)

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	2089.662	1182.610	566.564
Profit	(97.844)	2.696	(131.663)
	(4.68%)	0.23%	(23.24%)

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	Yes
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)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
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	No
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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Intercorporate borrowings	22.759	22.760
Total	22.759	22.760

INDEX OF CHARGES

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10419427	03/09/2014 *	292,500,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, KOLKATA, 1, STRAND ROAD, 4TH FLOOR, SAMRIDDHI BHAVAN, KOLKATA - 700001, WEST BENGAL, INDIA	C30803050
2	80029563	29/11/2012 *	609,600,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, KOLKATA, SAMRIDDHI BHAVAN, BLOCK-A, 1, STRAND ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	B64395833

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• 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.65.39
UK Pound	1	Rs.99.05
Euro	1	Rs.73.19

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	AMT
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.