MIRA INFORM REPORT

Report Date :

16.03.2013

IDENTIFICATION DETAILS

Name :	LALIT PIPES AND PIPES LIMITED (w.e.f. 15.12.2006)
Formerly Known As :	LALIT PROFILES AND STEEL INDUSTRIES LIMITED
Registered Office :	138, Kasara Street, 3^rd Floor, Darukhana, Mumbai – 400 010, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.07.1991
Com. Reg. No.:	11-62513
Capital Investment / Paid-up Capital :	Rs.129.235 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 :	Manufacturers of Submerged Arc Welded Pipes
No. of Employees :	Around 800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 2400000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having a satisfactory track record. The performance capacity appears to be high financially seems to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term Rating A-
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation, it carry low credit risk.
Date	January, 2013

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 31-03-2012.

INFORMATION PARTED BY

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

LOCATIONS

Registered Office :	138, Kasara Street, 3^rd Floor, Darukhana, Mumbai – 400010, Maharashtra, India
Tel. No.:	91-22-27561169
Fax No.:	91-22-27561173
E-Mail :	kcb@lalitsawpipes.com smita@lalitsawpipes.com info@lalitsawpipes.com zoherdiler@lalitsawpipes.com smdiler@lalitsawpipes.com info@anucool.co.in
Website :	www.lalitsawpipes.com
Corporate Office :	212, Hermes Atrium, Sector- 11, C.B.D. Belapur, Navi Mumbai - 400614, Maharashtra, India
Tel. No.:	91-22-27561169
Fax No.:	91-22-27561173
Email :	info@lalitsawpipes.com
Factory :	Survey No. 77, Village Varaskol, Near Khardi Railway Station (C.R.), Tal. Shahapur, District Thane – 421304, Maharashtra, India
Tel. No.:	91-2527-244161/ 65/ 244322/ 23
Fax No.:	91-2527-244061
Email :	plant@lalitsawpipes.com

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 – 411003, Maharashtra, India
Date of Birth/Age :	14.05.1938
Date of Appointment :	01.04.2010
DIN No.:	00016162
PAN No.:	AACPD3757B
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 :	01.04.2010
DIN No.:	00016000
PAN No.:	AANPD1460C
Name :	Mr. Zoher Mohammed Diler
Designation :	Director
Address :	C-902, Arenja Towers, Sector-11, C.B.D Belapur, Navi Mumbai – 400614, Maharashtra, India
Date of Birth/Age :	02.03.1957
Date of Appointment :	01.04.2010
DIN No.:	00016090
PAN No.:	AANPD1460C
Name :	Mr. Salim Mohammed Diler
Designation :	Managing Director
Address :	B-703, Arenja Towers Sector-11, C.B.D Belapur, Navi Mumbai – 400614, Maharashtra, India
Date of Birth/Age :	19.03.1963
Date of Appointment :	01.04.2010
DIN No.:	00016121
PAN No.:	AAEPD7798Q
Name :	Mr. Hakim Husenibhai Harawala
Designation :	Director
Address :	Thakkr Falia, Huseinin Baug, Flat No. 15, 2nd 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, 3rd 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,4th 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, 3rd 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, 3rd 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, 3rd 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 17.03.2012)

Names of Allottess	No. of Shares Allotted
Shabbir Mohammedhussain Diler	321000
Rashida Shabbir Diler	321000
Sofia Hasan Diler	321000
Hasan Mohammedhussain Diler	321000
Zoher Mohammedhussain Diler	636000
Suraiya Zoher Diler	321500
Zehra Shabbir Diler	321000
Salim Mohammedhussain Diler	361000
Total	2923500

(AS ON 22.09.2010)

Equity Shares Break – up

Category	Percentage
Bodies corporate	48.00
Directors or relatives of directors	52.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Submerged Arc Welded Pipes

Products :

Products Description	Item Code No.
Tanks	73269099
Submerged Arc Welded Pipes	73051100

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

· HDFC Bank

HDFC Bank House, Senapati Bapat Marg, Lower Parel (west), Mumbai – 400013, Maharashtra, India

· Axis Bank Limited

Axis House, Ground Floor, Bombay Dyeing Mills Compound, P. B. Marg, Worli, Mumbai – 400025, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Rupee term loans from banks	17.341	21.227
Other loans and advances (Hypothecation of vehicles financed out of proceeds of loans)	1.150	0.264
Working capital loans from banks	194.748	212.090
Total	213.239	233.581

Banking Relations :	--
Auditors :
Name :	A S Kanchwalla and Associates Chartered Accountants
Address :	Lilly Towers, C.H.S.L.R.No.302, R. B. Sharma Centre, Jogeshwari, Mumbai - 400102, Maharashtra, India
PAN No:	AACPK1107A
E-Mail :	askanch@rediffmail.com
Associates :	· Sandhills Holdings Limited · Anucool Industrial Aids Private Limited, India

CAPITAL STRUCTURE

(AS ON 31.03.2012)

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
12923500	Equity Shares	Rs.10/- each	Rs.129.235 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		129.235	100.000	100.000
2] Share Application Money		0.000	29.235	29.235
3] Reserves & Surplus		481.482	393.332	330.378
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		610.717	522.567	459.613
LOAN FUNDS
1] Secured Loans		213.239	233.581	127.283
2] Unsecured Loans		13.460	3.371	6.376
TOTAL BORROWING		226.699	236.952	133.659
DEFERRED TAX LIABILITIES		41.754	37.763	37.271
TOTAL		879.170	797.282	630.543
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		357.805	322.135	338.064
Capital work-in-progress		37.117	50.038	11.281
INVESTMENT		0.723	0.225	0.113
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	367.108	312.626	167.958
	Sundry Debtors	512.327	423.488	225.097
	Cash & Bank Balances	62.252	52.100	101.664
	Other Current Assets	68.549	67.931	52.342
	Loans & Advances	0.000	0.000	3.844
Total Current Assets		1010.236	856.145	550.905
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	502.172	418.166	91.263
	Other Current Liabilities	23.014	11.941	178.557
	Provisions	1.525	1.154	0.000
Total Current Liabilities		526.711	431.261	269.820
Net Current Assets		483.525	424.884	281.085
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		879.170	797.282	630.543

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	2577.858	1754.424	1458.306
		Other Income	9.407	19.887	25.004
		TOTAL (A)	2587.265	1774.311	1483.310
Less	EXPENSES
		Cost of materials consumed	1685.690	1185.627
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(13.100)	(53.653)	1374.747
		Employee benefit expense	32.115	23.077
		Other expenses	656.619	457.117
		TOTAL (B)	2361.324	1612.168	1374.747
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		225.941	162.143	108.563
Less	FINANCIAL EXPENSES (D)		78.423	48.213	21.707
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		147.518	113.930	86.856
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.610	19.473	19.045
	PROFIT BEFORE TAX (E-F) (G)		127.908	94.457	67.811
Less	TAX (H)		39.757	31.503	22.054
	PROFIT AFTER TAX (G-H) (I)		88.151	62.954	45.757
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	240.465
	BALANCE CARRIED TO THE B/S		NA	339.175	286.221
	EARNINGS IN FOREIGN CURRENCY
		Sales FOB Value	2.144	3.796	100.196
	TOTAL EARNINGS		2.144	3.796	100.196
	IMPORTS
		Raw Materials	26.979	168.882	55.875
		Stores & Spares	0.310	3.054	6.483
		Capital Goods	0.000	24.260	1.976
	TOTAL IMPORTS		27.289	196.196	64.334
	Earnings Per Share (Rs.)		8.60	6.30	4.58

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.41	3.55	3.08
Net Profit Margin (PBT/Sales)	(%)	4.96	5.38	4.65
Return on Total Assets (PBT/Total Assets}	(%)	9.35	8.02	7.63
Return on Investment (ROI) (PBT/Networth)		0.21	0.18	0.15
Debt Equity Ratio (Total Debt/Networth)		0.37	0.45	0.29
Current Ratio (Current Asset/Current Liability)		1.92	1.99	2.04

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans and advances from related parties	3.371	3.371
Intercorporate deposits	10.089	0.000
Total	13.460	3.371

OPERATING RESULTS

The Company is manufacturing Submerged Arc Welded Pipes. During the year under report, the Company has sustained its growth drive and successfully executed orders related to energy, oil and gas sectors, which reflects achieving 45.82% higher revenue than previous year. The Sales and other income of the company during the year under review was Rs.2587.266 Millions as against Rs.1774.312 Millions during the corresponding period of the previous financial year. The net profit after tax was Rs. 88.151 Millions for the financial year.

FIXED ASSETS

· Land

· Building and Factory

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Motor Car

· Office Equipments

· Computer Equipment

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.54.16
UK Pound	1	Rs.81.74
Euro	1	Rs.70.50

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		49

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.