MIRA INFORM REPORT

Report No. :	316455
Report Date :	13.04.2015

IDENTIFICATION DETAILS

Name :	VISHAL PIPES LIMITED
Registered Office :	1^ST Floor, Room No. 7, 11 Crooked Lane, Near Raj Bhawan , Kolkata – 700069, West Bengal
Tel. No.	91-9971902727 (Mr. Vivek Agarwal)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.03.1988
Com. Reg. No.:	203452
Capital Investment / Paid-up Capital :	Rs. 107.876 Million
CIN No.: [Company Identification No.]	U26956WB1988PLC203452
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACV3101G
Legal Form :	A Closely Held Public Limited liability Company
Line of Business :	Manufacturing of ERW Black pipe, Galvanized Steel Tubes, Hand Pumps, GI Transmission Tower Structure, PVC Pipes and HDPE Pipes.
No. of Employees :	300 (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 890000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Profitability of the company seems to be low during 2014. However, General financial position of the company is decent. The rating also takes into consideration extensive experience of VPL’s promoters in the pipe and pipe fittings segment and established relationship with customers. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	CRISIL
Rating	Long Term Rating = BB+
Rating Explanation	Have inadequate credit quality and carry high credit risk
Date	October 9, 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4+
Rating Explanation	Have Minimal degree of safety and carry vary high credit risk.
Date	October 9, 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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Vivek Agarwal
Designation :	International Sales Department
Contact No.:	91-9971902727
Date :	10.04.2015

LOCATIONS

Registered Office :	1^ST Floor, Room No. 7, 11 Crooked Lane, Near Raj Bhawan , Kolkata – 700069, West Bengal, India
Tel. No.:	Not Available
Mobile No.:	91-9971902727 (Mr. Vivek Agarwal)
Fax No.:	Not Available
E-Mail :	vivek@vishalpipes.com
Website :	http://www.vishalpipes.com
Location :	Owned
Sales Office :	C – 101, Dadu Dayal House, R.D.C., Raj Nagar, Ghaziabad – 201002, Uttar Pradesh, India
Tel. No.:	91-120-2700856
Fax No.:	91-120-2700857
Factory :	A-71 and C-23, Industrial Area, , District Bulandshahar Sikandrabad – 203205, Uttar Pradesh, India
Tel. No.:	91-5735-224399 / 223423 / 222680
Fax No.:	91-5735-222680
Branch Office :	32, Nishant Kunj, 14st Floor, Kohat Enclave, Pitampura, New Delhi – 110034, India
Tel. No.:	91-11-46205620 (100 Lines)
Fax No.:	91-11-46205699

DIRECTORS

AS ON 05.09.2014

Name :

Mr. Radhey Shyam Agrwal

Designation :

Managing Director

Address :

209, Kohat Enclave, Pitampura, New Delhi – 110034, Delhi, India

Date of Appointment :

18.06.2013

DIN No. :

00369011

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	U26956WB1988PLC203452	VISHAL PIPES LIMITED	Managing director	18/06/2013	21/03/1988	-	Active	NO
2	U28111DL2006PTC148810	DADU PIPES PRIVATE LIMITED.	Director	03/01/2007	03/01/2007	24/10/2008	Active	NO
3	U51909DL2005PTC138371	AXIOM EXIM PRIVATE LIMITED	Director	01/10/2012	01/10/2012	-	Active	NO

Name :

Mrs. Meena Devi Agrawal

Designation :

Director

Address :

KC-6, Kavi Nagar, Ghaziabad – 201009, Uttar Pradesh, India

Date of Appointment :

20.09.2002

DIN No. :

00393494

Name :

Mr. Nirmal Kumar Agarwal

Designation :

Whole-time Director

Address :

KC-6, Kavi Nagar, Ghaziabad – 201009, Uttar Pradesh, India

Date of Appointment :

01.04.2014

DIN No. :

00818632

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	U01120DL1996PTC078729	DADU AGRO (INDIA) PRIVATE LIMITED	Director	01/06/2002	01/06/2002	28/03/2009	Active	NO
2	U26956WB1988PLC203452	VISHAL PIPES LIMITED	Whole-time director	01/04/2014	16/03/2004	-	Active	NO

Name :

Mrs. Madhu Aggarwal

Designation :

Director

Address :

209, Kohat Enclave, Pitampura, New Delhi – 110034, Delhi, India

Date of Appointment :

10.07.2007

DIN No. :

01224638

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	U01120DL1996PTC078729	DADU AGRO (INDIA) PRIVATE LIMITED	Director	30/06/2003	30/06/2003	28/03/2009	Active	NO
2	U26956WB1988PLC203452	VISHAL PIPES LIMITED	Director	10/07/2007	10/07/2007	-	Active	NO
3	U51909DL2005PTC138371	AXIOM EXIM PRIVATE LIMITED	Additional director	06/01/2014	06/01/2014	-	Active	NO

Name :

Mr. Vishal Agarwal

Designation :

Whole-time Director

Address :

KC-6, Kavi Nagar, Ghaziabad – 201009, Uttar Pradesh, India

Date of Appointment :

01.04.2009

DIN No. :

01662585

Name :

Rohit Singhal

Designation :

Director

Address :

B-1/103, Sunrise Appartment, Sector 13, Rohini, Delhi – 110085, India

Date of Appointment :

01.08.2008

DIN No. :

02275595

KEY EXECUTIVES

Name :	Mr. Yogesh Durgapal
Designation :	Secretary
Address :	D-325, 1^st Floor, Pandav Nagar Delhi – 110092, India
Date of Appointment :	03.07.2006
PAN No.:	AJNPD2361D
Name :	Mr. Vivek Agarwal
Designation :	International Sales Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Shareholders File Attached

As on 05.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	20.57
Directors or relatives of Directors	65.81
Other top fifty shareholders	13.62
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of ERW Black pipe, Galvanized Steel Tubes, Hand Pumps, GI Transmission Tower Structure, PVC Pipes and HDPE Pipes.

Products :

Item Code No. (ITC Code)	Product Description
73069090	Steel Pipes, tubes and galvanished steel pipes

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

L\C

Purchasing :

L\C

PRODUCTION STATUS Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Steel Authority of India Limited
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 :	L & T
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 :

300 (Approximately)

Bankers :

Banker Name	The Jammu and Kashmir Bank Limited
Branch Address	Chawri Bazar, Delhi – 110006, 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 :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loans from others	106.338	0.000
Rupee term loans from banks	0.000	68.916
SHORT TERM BORROWINGS
Rupee term loans from banks	6.028	31.217
Working capital loans from banks	334.556	347.277
Total	446.922	447.410

Auditors :
Name :	O. Aggarwal and Company Chartered Accountants
Address :	H-3/11akrishna Nagar
PAN No.:	AAAFO6019P
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

After 05.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.100/- each	Rs.125.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1213830	Equity Shares	Rs.100/- each	Rs.121.383 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.100/- each	Rs.125.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1078764	Equity Shares	Rs.100/- each	Rs. 107.876 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	107.876	80.276	78.923
(b) Reserves & Surplus	192.800	127.772	110.828
(c) Money received against share warrants	0.000	0.000	1.200
(2) Share Application money pending allotment	11.400	0.000	0.000
Total Shareholders’ Funds (1) + (2)	312.076	208.048	190.951
(3) Non-Current Liabilities
(a) long-term borrowings	143.305	121.288	69.883
(b) Deferred tax liabilities (Net)	14.162	11.015	9.113
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.437	0.359	0.214
Total Non-current Liabilities (3)	157.904	132.662	79.210
(4) Current Liabilities
(a) Short term borrowings	340.584	378.494	336.712
(b) Trade payables	80.854	84.420	95.366
(c) Other current liabilities	33.274	72.663	27.532
(d) Short-term provisions	21.160	17.619	10.932
Total Current Liabilities (4)	475.872	553.196	470.542
TOTAL	945.852	893.906	740.703
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	147.149	124.560	123.419
(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	4.471	4.471	4.471
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.905	3.591	3.371
(e) Other Non-current assets	2.635	4.561	3.682
Total Non-Current Assets	159.160	137.183	134.943
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	277.906	314.625	218.255
(c) Trade receivables	384.540	297.163	301.771
(d) Cash and cash equivalents	32.119	73.196	31.945
(e) Short-term loans and advances	92.127	71.739	53.789
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	786.692	756.723	605.760
TOTAL	945.852	893.906	740.703

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2898.263	2191.914	1804.750
	Other Income	2.606	2.578	2.321
	TOTAL (A)	2900.869	2194.492	1807.071
Less	EXPENSES
	Cost of Materials Consumed	2452.843	1901.595	1534.136
	Purchases of Stock-in-Trade	81.031	93.635	69.984
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	41.375	-84.912	(2.305)
	Employees benefits expense	18.071	15.982	15.409
	Other expenses	220.640	178.709	119.169
	Extraordinary Item	0.000	0.000	24.172
	TOTAL (B)	2813.960	2105.009	1760.565
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	86.909	89.483	46.506
Less	FINANCIAL EXPENSES (D)	54.843	53.452	42.966
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	32.066	36.031	3.540
Less/ Add	DEPRECIATION/ AMORTISATION (F)	6.161	13.592	7.578
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	25.905	22.439	-4.038
Less	TAX (H)	9.177	7.542	-0.811
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	16.728	14.897	-3.227
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	287.018	254.810	87.958
	TOTAL EARNINGS	287.018	254.810	57.958
	Earnings / (Loss) Per Share (Rs.)	19.78	18.76	(4.35)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.58	0.68	-0.18
Operating Profit Margin (PBDIT/Sales)	(%)	3.00	4.08	2.58
Return on Total Assets (PBT/Total Assets}	(%)	2.75	2.52	-0.55
Return on Investment (ROI) (PBT/Networth)		0.08	0.11	-0.02
Debt Equity Ratio (Total Debt/Networth)		1.55	2.40	2.13
Current Ratio (Current Asset/Current Liability)		1.65	1.37	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	78.923	80.276	107.876
Reserves & Surplus	110.828	127.772	192.800
Share Application money pending allotment	0.000	0.000	11.400
Net worth	189.751	208.048	312.076
long-term borrowings	69.883	121.288	143.305
Short term borrowings	336.712	378.494	340.584
Total borrowings	406.595	499.782	483.889
Debt/Equity ratio	2.143	2.402	1.551

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	1804.750	2191.914	2898.263
		21.453	32.225

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	1804.750	2191.914	2898.263
Profit	(3.227)	14.897	16.728
	(0.18%)	0.68%	0.58%

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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	No
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

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10555023	15/01/2015	4,000,000.00	The Hongkong and Shanghai Banking Corporation Limited	25, Birla Tower, Barakhamba Road, New Delhi, Delhi - 110001, INDIA	C46640801
2	10555019	15/01/2015	120,000,000.00	The Hongkong and Shanghai Banking Corporation Limited	Birla Towers, 25, Barakhamba Road, New Delhi, Delhi - 110001, INDIA	C46639878
3	10117273	06/08/2008	50,000,000.00	SBI FACTORS AND COMMERCIAL SERVICES PRIVATE LIMITED	1104, 11TH FLOOR, SURYA KIRAN BUILDING, 19, K.G MARG, NEW DELHI, Delhi - 110001, INDIA	A43498989
4	80019182	26/02/2015 *	690,400,000.00	The Jammu and Kashmir Bank Limited	CHAWRI BAZAR, DELHI, Delhi - 110006, INDIA	C46435244

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Deposits from other	3.000	0.000
Loans and advances from others	33.967	52.372
Total	36.967	52.372

FIXED ASSETS

• Land
• Buildings
• Office building
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• 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. 62.37
UK Pound	1	Rs. 91.60
Euro	1	Rs. 66.49

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	RAS
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	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	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		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.