MIRA INFORM REPORT

Report No. :	307185
Report Date :	09.02.2015

IDENTIFICATION DETAILS

Name :	K.K. SPUN PIPE PRIVATE LIMITED
Registered Office :	7/18A, Ground Floor, Sarvapriya Vihar, New Delhi – 110016
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.01.2006
Com. Reg. No.:	11-144590
Capital Investment / Paid-up Capital :	Rs.78.027 Millions
CIN No.: [Company Identification No.]	U29199DL2006PTC144590
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCK7334A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of RCC Pipes.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payments are reported to be usually 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

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Kavish Gupta
Designation :	Director
Contact No.:	91-11-41828557

LOCATIONS

Registered Office :	7/18A, Ground Floor, Sarvapriya Vihar, New Delhi – 110016, India
Tel. No.:	91-11-41828557/ 26851473/ 26510684/ 26851478
Fax No.:	91-11-41828556/ 26851473
E-Mail :	rajesh.roy@kkspunpipes.co.in zoiros.consulting@gmail.com kksp@kkspupipes.com ca_pawanchadha@hotmail.com ccsgupta1997@gmail.com pkg@kkspunpipes.com
Website ;	http://www.kkspunpipes.com
Corporate Office :	10th Floor, Tower A Vatika Mindscapes, 12/3, Sarai Khwaja Mathura Road, Sector-27, Faridabad – 121003, Haryana, India
Tel. No.:	91-129-2251500
E-Mail :	info@kkspunpipes.com
Factory 1 :	Tigaon Road, Ballabgarh – 121004, Haryana, India
Factory 2 :	Plot No. SPL 3 and 4, RIICO Industrial Area, Tapukara, Alwar – 301707, Rajasthan, India
Factory 3 :	Khata No.26, Gata No.437, Village Labpur, Hameet, Tehsil Bilari, District Moradabad – 244001, Uttar Pradesh, India
Factory 4 :	Sewage Treatment Plant, Salarpur Road, Deenapur, Varanasi – 221007, Uttar Pradesh, India
Factory 5 :	A1 and A2, Growth Center, Jainpur, Industrial Area, Kanpur, Dehal, Uttar Pradesh, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Himanshu Kumar Gupta

Designation :

Director

Address :

7/18A, Sarpirya Vihar, New Delhi – 110016, India

Date of Birth/Age :

17.02.1981

Qualification :

B. Tech.

Date of Appointment :

09.01.2006

PAN No.:

AGXPG2533K

DIN No.:

00822757

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	Company/ LLP Status	Defaulting status
1	U29199DL2006PTC144590	K.K.SPUN PIPE PRIVATE LIMITED	Director	09-01-2006	09-01-2006	Active	NO
2	U45201DL2006PTC146667	SAI CONCRETE INFRASTRUCTURE PRIVATE LIMITED	Director	01-03-2007	01-03-2007	Active	NO
3	U74999DL2010PTC197771	JAISHREE WIRES AND FASTNERS PRIVATE LIMITED	Director	07-01-2010	07-01-2010	Active	NO
4	U63040DL2011PTC212125	PHK LOGISTICS PRIVATE LIMITED	Director	03-01-2011	03-01-2011	Active	NO

Name :

Mr. Parmod Kumar Gupta

Designation :

Director

Address :

B-4/52, Azad Apartments Hauz Khas, New Delhi – 110016, India

Date of Birth/Age :

23.09.1955

Date of Appointment :

09.01.2006

PAN No.:

ADUPG8878K

DIN No.:

00824409

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	U29199DL2006PTC144590	K.K.SPUN PIPE PRIVATE LIMITED	Director	09-01-2006	09-01-2006	-	Active	NO
2	U45201DL2006PTC146667	SAI CONCRETE INFRASTRUCTURE PRIVATE LIMITED	Director	22-02-2006	22-02-2006	-	Active	NO
3	U74999DL2010PTC197771	JAISHREE WIRES AND FASTNERS PRIVATE LIMITED	Director	07-01-2010	07-01-2010	-	Active	NO
4	L72900DL1999PLC099103	LUMAX AUTOMOTIVE SYSTEMS LIMITED	Director	30-09-2010	31-08-2010	11-07-2011	Active	NO
5	U63040DL2011PTC212125	PHK LOGISTICS PRIVATE LIMITED	Director	03-01-2011	03-01-2011	-	Active	NO

Name :

Mr. Kavish Gupta

Designation :

Director

Address :

7/18A, Sarpirya Vihar, New Delhi – 110 016, India

Date of Birth/Age :

16.12.1986

Date of Appointment :

01.01.2010

PAN No.:

AKYPG7096E

DIN No.:

02953533

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	Company/ LLP Status	Defaulting status
1	U29199DL2006PTC144590	K.K.SPUN PIPE PRIVATE LIMITED	Director	01-01-2010	01-01-2010	Active	NO
2	U63040DL2011PTC212125	PHK LOGISTICS PRIVATE LIMITED	Director	03-01-2011	03-01-2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Parmod Kumar Gupta	5420402	69.47
Himanshu Kumar Gupta	1438105	18.43
Jai Shree Gupta	104201	1.34
Kavish Gupta	840035	10.77
Total	7802743	100.00

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of RCC Pipes.
Products :	Pre-Cast Product · R.C.C Pipes · Box Culverts · Jacking Pipe · Conical Manholes · Sub Pillar Foundation · SFRC Drain Covers · U Shape Channel Drains · Vent Shafts · HDPE/PVC Lined RCC pipes · Perforated Pipe · Fly over wall panel Telecom Products · Telecom Poles · Telecom Shelters · Telecom Tower · Prefabricated Steel Telecom Products Plastic Product · T-grip HDPE/PVC
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	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
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Customers :

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

No. of Employees :

Not Divulged

Bankers :

State Bank of India

Commercial Branch, 70, The Great Eastern Centre, Ground Floor, Nehru Place, Delhi - 110019, India

· ICICI Bank Limited

Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· ING Vysya Bank Limited

Nagar 13, Main Road, West Patel Nagar, New Delhi, Delhi - 110008, India

· HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	217.086	164.138
Other loans and advances	134.072	90.766
SHORT TERM BORROWINGS
Loans repayable on demand from banks	208.925	230.179
Total	560.083	485.083

Banking Relations :	--
Financial Institution :	· Siemens Financial Services Private Limited 130, Pandurang Budhkar Marg, Worli, Mumbai - 400018, Maharashtra, India
Auditors :
Name :	Kharabanda Associates Chartered Accountants
Address :	112, RPS, Sheikh Sarai, Phase-1, New Delhi - 110017, India
PAN No. :	AAGPK3615B
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· KK Concrete Technologies KK Pipe and Precast Friends Enterprises

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital : Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 86.502 Millions

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
8,500,000	Equity Shares	Rs.10/- each	Rs. 85.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7,802,743	Equity Shares	Rs.10/- each	Rs. 78.027 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	78.027	58.936	58.936
(b) Reserves & Surplus	381.711	268.795	234.353
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	12.000	0.000
Total Shareholders’ Funds (1) + (2)	459.738	339.731	293.289
(3) Non-Current Liabilities
(a) long-term borrowings	378.594	308.860	380.371
(b) Deferred tax liabilities (Net)	31.654	22.275	16.567
(c) Other long term liabilities	312.502	181.067	164.984
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	722.750	512.202	561.922
(4) Current Liabilities
(a) Short term borrowings	208.925	230.179	192.685
(b) Trade payables	338.953	141.780	224.846
(c) Other current liabilities	290.310	131.195	74.966
(d) Short-term provisions	17.500	1.311	0.000
Total Current Liabilities (4)	855.688	504.465	492.497
TOTAL	2038.176	1356.398	1347.708
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	931.506	668.123	619.015
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	59.078	54.493
(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	5.537	1.786	1.798
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	937.043	728.987	675.306
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	597.600	298.936	200.653
(c) Trade receivables	326.263	219.744	384.729
(d) Cash and cash equivalents	66.591	47.229	33.745
(e) Short-term loans and advances	110.679	61.502	53.275
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1101.133	627.411	672.402
TOTAL	2038.176	1356.398	1347.708

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX		54.393	34.442	30.003
	Earnings/ (Loss) Per Share (Rs.)		6.97	5.84	5.09

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt/Networth)	1.28	1.59	1.95
Current Ratio (Current Asset/Current Liability)	1.29	1.24	1.37

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	58.936	58.936	78.027
Reserves & Surplus	234.353	268.795	381.711
Share Application money pending allotment		12.000
Net worth	293.289	339.731	459.738
Long-term borrowings	380.371	308.860	378.594
Short term borrowings	192.685	230.179	208.925
Total borrowings	573.056	539.039	587.519
Debt/Equity ratio	1.954	1.587	1.278

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10534162	19/11/2014	1,200,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 70, THE GREAT EASTERN CENTRE,  GROUND FLOOR, NEHRU PLACE, DELHI - 110019, INDIA	C35526458
2	10517309	22/08/2014	19,290,000.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	C18588293
3	10513337	07/08/2014	200,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C15335318
4	10516691	31/07/2014	2,500,914.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C18122275
5	10503637	30/05/2014	7,892,220.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C06986939
6	10500735	12/04/2014	95,000,000.00	ING VYSYA BANK LIMITED	NAGAR 13, MAIN ROAD, WEST PATEL NAGAR, NEW DELHI, DELHI - 110008, INDIA	C05450713
7	10505634	28/03/2014	2,154,012.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C08947418
8	10482802	18/02/2014	29,200,000.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG,, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B98546229
9	10477461	05/02/2014	8,900,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B96282322
10	10467398	21/12/2013	17,401,828.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B92466713
11	10466996	05/12/2013	3,635,100.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B91851741
12	10395209	31/12/2012	14,271,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA	B65244501
13	10391927	12/11/2012	469,000.00	STATE BANK OF INDIA	SME BRANCH, SHAHDARA, DELHI, DELHI - 110032, INDIA	B64122039
14	10378577	30/08/2012	10,830,380.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B58929175
15	10371289	13/08/2012	13,400,000.00	L & T FINANCE LIMITED	L&T HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA  - 400001, INDIA	B55934541
16	10305022	01/05/2014 *	1,171,900,000.00	STATE BANK OF INDIA COMMERCIAL BRANCH NEHRU PLACE	70,THE GREAT EASTERN CTR. GROUND FLOOR, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	C03527645

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Other loans and advances	27.436	53.956
Total	27.436	53.956

FIXED ASSETS

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Office Equipment

Computer 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. 61.74
UK Pound	1	Rs. 94.65
Euro	1	Rs. 70.79

INFORMATION DETAILS

Information Gathered by :	SAN
Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
-- PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.