MIRA INFORM REPORT

Report Date :

19.12.2011

IDENTIFICATION DETAILS

Name :	LALIT PIPES AND PIPES LIMITED
Formerly Known As :	LALIT PROFILES AND STEEL INDUSTRIES LIMITED LALIT PROFILES AND STEEL INDUSTRIES PRIVATE LIMITED
Registered Office :	138, Kasara Street, 3^rd Floor, Darukhana, Mumbai – 400 010, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.07.1991
Com. Reg. No.:	11-62513
Capital Investment / Paid-up Capital :	Rs.100.000 millions
CIN No.: [Company Identification No.]	U27200MH1991PLC062513
TAN No.: [Tax Deduction & Collection Account No.]	MUML04610E
PAN No.: [Permanent Account No.]	AAACL1877F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Submerged Arc Welded Pipes.
No. of Employees :	Around 800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 2100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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.

INFORMATION DECLINED BY

Name :	Mr. Kishor B
Designation :	Senior Finance Manger
Contact No.:	91-22-27561169
Date :	17.12.2011

LOCATIONS

Registered Office :	138, Kasara Street, 3^rd Floor, Darukhana, Mumbai – 400 010, Maharashtra, India
Tel. No.:	91-22-27561169
Fax No.:	91-22-27561173
E-Mail :	info@lalitsawpipes.com kcb@lalitsawpipes.com smita@lalitsawpipes.com plant@lalitsawpipes.com
Website :	www.lalitsawpipes.com
Corporate Office :	212, Hermes Atrium, Sector- 11, C.B.D. Belapur, Navi Mumbai - 400 614, Maharashtra, India
Tel. No.:	91-22-27561169
Fax No.:	91-22-27561173
Factory :	Survey No. 77, Village Varaskol, Near Khardi Railway Station (C.R.), Tal. Shahapur, District Thane – 421 304, Maharashtra, India
Tel. No.:	91-2527-244161 / 65 / 244322 / 23
Fax No.:	91-2527-244061

DIRECTORS

As on 22.09.2010

Name :	Mr. Shabbir Mohammed Diler
Designation :	Director
Address :	Orion Complex, Flat No. 15, D “Mughdali”, S/46/C/4, Patil Wadi, Pune – 411 003, Maharashtra, India
Date of Birth/Age :	14.05.1938
Date of Appointment :	16.07.1991
DIN No :	00016162

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27200MH1991PLC062513	Lalit Pipes and Pipes Limited	Director	16-07-91	16-07-91	Active	NO
2	U67120MH1991PLC062688	Sandhills Holdings Limited	Director	26-07-91	26-07-91	Active	NO

Name :	Mr. Hasan Mohammed Diler
Designation :	Director
Address :	264/66, Baner Road, Nichiket Park, Near Dr. Pai Bunglow, Pune – 411 045, Maharashtra, India
Date of Birth/Age :	15.10.1955
Date of Appointment :	16.07.1991
DIN No :	00016000

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27200MH1991PLC062513	Lalit Pipes and Pipes Limited	Director	16-07-91	16-07-91	Active	NO
2	U67120MH1991PLC062688	Sandhills Holdings Limited	Director	26-07-91	26-07-91	Active	NO
3	U91110PN2000NPL014586	Pimpri Chinchwad Iron and Steel Merchants Association	Director	10-03-00	10-03-00	Active	NO

Name :	Mr. Zoher Mohammed Diler
Designation :	Director
Address :	C-902, Arenja Towers, Sector-11, C.B.D Belapur, Navi Mumbai – 400 614, Maharashtra, India
Date of Birth/Age :	02.03.1957
Date of Appointment :	16.07.1991
DIN No :	00016090

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27200MH1991PLC062513	Lalit Pipes and Pipes Limited	Director	16-07-91	16-07-91	Active	NO
2	U67120MH1991PLC062688	Sandhills Holdings Limited	Director	26-07-91	26-07-91	Active	NO

Name :	Mr. Salim Mohammed Diler
Designation :	Director
Address :	B-703, Arenja Towers Sector-11, C.B.D Belapur, Navi Mumbai – 400 614, Maharashtra, India
Date of Birth/Age :	19.03.1963
Date of Appointment :	16.07.1991
DIN No :	00016121

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27200MH1991PLC062513	Lalit Pipes and Pipes Limited	Director	16-07-91	16-07-91	Active	NO
2	U67120MH1991PLC062688	Sandhills Holdings Limited	Director	26-07-91	26-07-91	Active	NO

Name :	Mr. Hakim Husenibhai Harawala
Designation :	Director
Address :	Thakkr Falia, Huseinin Baug, Flat No. 15, 2^nd Floor, Dohad – 390 151, Gujarat, India
Date of Birth/Age :	14.03.1982
Date of Appointment :	30.09.2005
Name :	Mr. Hasim Mohammed Husain Anandwala
Designation :	Director
Address :	Anand Complex, Flat No. 3, 3^rd Floor, Vanza Vad, Juna Pura, Dohad – 390 151, Gujarat, India
Date of Birth/Age :	02.02.1961
Date of Appointment :	30.09.2005
Name :	Mr. Hanan Nuruddin Kundawala
Designation :	Director
Address :	Saifee Apartment, Saifee Nagar,4^th Floor, Dohad – 389 151, Gujarat, India
Date of Birth/Age :	17.08.1955
Date of Appointment :	30.09.2005
Name :	Mr. Mohammad Abidali Dahodwala
Designation :	Director
Address :	Rahat Apartments, B//1, Halaw Pool, Old Aara Road, Krla (West), Mumbai – 400 070, Maharashtra, India
Date of Birth/Age :	14.09.1963
Date of Appointment :	30.09.2005
Name :	Mr. Mufazzal Alihusain Barkat
Designation :	Director
Address :	Crystal Residency, A-Wing, 3^rd Floor, Near Yasmeen Apartment, Mazagaon, Mumbai – 400 010, Maharashtra, India
Date of Birth/Age :	03.05.1978
Date of Appointment :	30.09.2005
Name :	Mr. Alihusainbhai Fakhruddin Barkat
Designation :	Director
Address :	Crystal Residency, A-Wing, 3^rd Floor, Near Yasmeen Apartment, Mazagaon, Mumbai – 400 010, Maharashtra, India
Date of Birth/Age :	03.03.1949
Date of Appointment :	30.09.2005
Name :	Mr. Shabbir Saifuddin Ghadiali
Designation :	Director
Address :	Alfiya Colony, Godi Road, Near Taheri Hall, Bunglow No. 815, Dohad – 389 151, Gujarat, India
Date of Birth/Age :	26.06.1949
Date of Appointment :	30.09.2005
Name :	Mr. Huseini Saifuddin Ghadiali
Designation :	Director
Address :	Thakkar Falia, Huseini Baug, Flat No. 18, 3^rd Floor, Dohad – 389 151, Gujarat, India
Date of Birth/Age :	01.03.1945
Date of Appointment :	30.09.2005

KEY EXECUTIVES

Name :	Mr. Kishor B
Designation :	Senior Finance Manger

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.09.2010

Names of Shareholders	No. of Shares
Shabbir Mohammedhussain Diler	475906
Rashida Shabbir Diler	479122
Shabana Shabbir Diler	163472
Reshma Shabbir Diler	63000
Sharmila Shabbir Diler	8600
Zehra Shabbir Diler	109900
Hasan Mohammedhussain Diler	396344
Sofee Hasan Diler	175250
Pervez Hasan Diler	297815
Masuma Hasan Diler	141500
Aasif Hasan Diler	289091
Zoher Mohammedhussain Diler	458932
Suraiya Zoher Diler	134130
Fazela Zoher Diler	274150
Pakeeza Zoher Diler	207544
Kameela Zoher Diler	218444
Jibraeel Zoher Diler	6800
Salim Mohammedhussain Diler	561502
Zehra Salim Diler	311365
Naziya Salim Diler	293233
Kashmira Salim Diler	125300
Cliff Salim Diler	8600
Sandhills Finance and Investments Expl Limited, India	4800000
Total	10000000

As on 22.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	48.00
Directors or relatives of directors	52.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Submerged Arc Welded Pipes.

Products :

ITC CODE NO	PRODUCT DESCRIPTION
7305.11 7306.10	Submerged Arc Welded Pipes

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Submerged Arc Welded Pipes	MT	N.A.	36000	28680.930

GENERAL INFORMATION

No. of Employees :

Around 800 (Approximately)

Bankers :

· YES Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India

· Axis Bank Limited, Vashi Br, Vardhaman Chambers, Plot No. 84, Sector 17, Vashi, Navi Mumbai – 400 705, Maharashtra, India

· Industrial Development Bank of India, IDBI Tower, Cuffe Parade, Mumbai – 400005, Maharashtra, India

· Axis Bank Limited, Credit Management Centre, Unit No.6, Corporate Park, Sion Trombay Road, Chembur, Mumbai – 400 071, Maharashtra, India

· Excellent Co-Operative Bank Limited, Head Office E.R. Road Branch, Mumbai – 400 003, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee term loans banks secured	21.227 (A)	3.555 (B)
Working capital loans banks secured	212.090 (C)	123.299 (D)
Loans taken for vehicles secured	0.264 (E)	0.429 (F)
Total	233.581	127.283

(A) (Term Loan from IDBI is Secured by fquitable Mortgage of Apartment no.903 Seawoods, Phase II, in Sector 54,56,58 at Nerul, Navi Mubai ) 1.Exclusive charge on moveable fixed assets procured out of Yes Bank Limited Facility 2. Personal gurantee of promoter directors

(B) (Term Loan from IDBI is Secured by fquitable Mortgage of Apartment no.903 Seawoods, Phase II, in Sector 54,56,58 at Nerul, Navi Mubai )

(C) AXIS Bank Limited (Cash Credit) 1. Pari Passu first charge on the entire current assets of the company both present and future 2. Pari Passu first charge on the entire fixed assets of the Company both present and future except assets specifically charged to Yes Bank Limited For their Term Loan of Rs.30.000 millions 3. Lien on fixed deposit of Rs.15.900 millions 4. Personal guarantee of promoter directors AXIS Bank Limited (Buyers Credit) 1. counter guarantee of the borrower 2. All the primary or collateral securities stipulated for cash Credit facilities Yes Bank Limited (Cash Credit) 1. Pari Passu first charge over current assets of the Company both present and future 2. First Pari Passu first charge over all fixed assets of the Company both present and future 3. Personal guarantee of promoter directors

(D) AXIS Bank Limited (Cash Credit) (Cash credit facility against first charge over the Company's current assets.,i.e. stock of raw Materials, WIP, finshed goods and receivables, present and future and first charge on entire fixed assets of the Company.) AXIS Bank Limited (Packing Credit) (Export Packing credit/Pre-shipment Credit in Foreign currency against extension of first charge on the stocks,

receivables and other current assets of the Co.)

(E) (Secured against Hypothecation of Car )

(F) (Secured against Hypothecation of Car )

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loans directors unsecured	3.371	6.376
Total	3.371	6.376

Banking Relations :	--
Auditors :
Name :	A S Kanchwalla and Associates Chartered Accountants
Address :	203, Fine Mansion, R No. 3, 3^rd Floor Dr. D N Road, Fort, Mumbai-400 001 Maharashtra, India
Tel. No.:	91-22-22622802/ 26792606
PAN No:	AACPK1107A
E-Mail :	askanch@rediffmail.com

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		100.000	100.000	100.000
2] Share Application Money		29.235	29.235	29.235
3] Reserves & Surplus		393.332	330.378	284.621
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		522.567	459.613	413.856
LOAN FUNDS
1] Secured Loans		233.581	127.283	61.560
2] Unsecured Loans		3.371	6.376	6.376
TOTAL BORROWING		236.952	133.659	67.936
DEFERRED TAX LIABILITIES		37.763	37.271	35.217
TOTAL		797.282	630.543	517.009
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		322.135	338.064	284.216
Capital work-in-progress		50.038	11.281	73.142
INVESTMENT		0.224	0.113	0.105
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	312.626	167.958	138.814
	Sundry Debtors	423.488	225.097	155.898
	Cash & Bank Balances	52.100	101.664	84.480
	Other Current Assets	60.115	52.342	0.000
	Loans & Advances	7.816	3.844	56.965
Total Current Assets		856.145	550.905	436.157
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	195.592	91.263	268.894
	Other Current Liabilities	235.668	178.557	7.717
	Provisions	0.000	0.000	0.000
Total Current Liabilities		431.260	269.820	276.611
Net Current Assets		424.885	281.085	159.546
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		797.282	630.543	517.009

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	1741.920	1458.306	1441.109
		Other Income	32.392	25.004	14.092
		TOTAL (A)	1774.312	1483.310	1455.201
Less	EXPENSES
		Consumption materials changes inventories	1268.466	1070.424	1339.758
		Manufacturing service costs	114.178	102.116
		Contact Cost	56.793	58.133
		Employee related expenses	20.122	16.992
		Administrative selling other expenses	166.891	127.082
		TOTAL (B)	1626.450	1374.747	1339.758
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		147.862	108.563	115.443
Less	INTEREST FINANCIAL CHARGES (D)		33.932	21.707	31.021
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		113.930	86.856	84.422
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.473	19.045	16.193
	PROFIT BEFORE TAX (E-F) (G)		94.457	67.811	68.229
Less	TAX (H)		31.503	22.054	23.823
	PROFIT AFTER TAX (G-H) (I)		62.954	45.757	44.406
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	240.465	206.059
Less	APPROPRIATIONS
		Transferred to General Reserve	NA	NA	10.000
	BALANCE CARRIED TO THE B/S		339.175	286.221	240.465
	EARNINGS IN FOREIGN CURRENCY
		Sales FOB Value	3.796	100.196	8.366
	TOTAL EARNINGS		3.796	100.196	8.366
	IMPORTS
		Raw Materials	168.882	55.875	68.869
		Stores & Spares	3.054	6.483	8.745
		Capital Goods	24.260	1.976	0.917
	TOTAL IMPORTS		196.196	64.334	78.531
	Earnings Per Share (Rs.)		0.63	4.58	4.44

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.55	3.08	3.05
Net Profit Margin (PBT/Sales)	(%)	5.42	4.65	4.73
Return on Total Assets (PBT/Total Assets}	(%)	8.02	7.63	9.47
Return on Investment (ROI) (PBT/Networth)		0.18	0.15	0.16
Debt Equity Ratio (Total Liability/Networth)		1.28	0.88	0.83
Current Ratio (Current Asset/Current Liability)		1.99	2.04	1.58

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Creditors due small micro enterprises	0.000	0.000	268.894
Creditors due others	195.592	91.263
Total	195.592	91.263	268.894

REVIEW OF OPERATIONS

The sales and other income of the Company during the year was Rs.177.413 millions as against Rs.1483.310 millions achieved during the corresponding period of the previous financial year. The net profit after tax was Rs.62.954 millions as against Rs.45.757 millions for the last financial year.

FORM 8

Corporate identity number of the company	U27200MH1991PLC062513
Name of the company	Lalit Pipes and Pipes Limited
Address of the registered office or of the principal place of business in India of the company	138, Kasara Street, 3^rd Floor, Darukhana, Mumbai – 400 010, Maharashtra, India
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	YES Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India CIN No.: L65190MH2003PLC143249 E-Mail : shareholders@yesbank.in
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation
Date of instrument Creating the charge	29.03.2011
Amount secured by the charge	Rs.30.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest Repayable in equal quarterly installments Terms of repayment Tenor: 36 months Margin Nil Extent and operation of the charge Exclusive charge on the movable fixed assets to be procured out of YBL facility. Others NIL
Short particulars of the property charged	Exclusive charge on the movable fixed assets to be procured out of YBL facility.

CONTINGENT LIABILITIES

Nature of Liability	31.03.2011 (Rs. in millions)
Guarantees given by the Banks to the third parties on behalf of the Company	254.546
Bill Discounted with Banks	Nil
Letter of Credit opened by the bankers of the Company in favour of Suppliers.	316.979
Show Cause notices cum demand for Excise Duty & Service Tax	10.662

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Other Equipments

· Computer and Computer Software

· Electrical Installation

· Goodwill

· Vehicles

· Furniture and Fixtures

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 records 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.52.81
UK Pound	1	Rs.82.00
Euro	1	Rs.68.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.