MIRA INFORM REPORT

Report Date :

9^th June, 2006

IDENTIFICATION DETAILS

Name :	GSP CROP SCIENCE PRIVATE LIMITED
Formerly Known As :	GUJARAT SUPER PHOSPHATE INDUSTRIES PRIVATE LIMITED
Registered Office :	404, Lalitha Complex, 352/2, Between Jain Mandir – Mithakhali Six Road, Navrangpura, Ahmedabad – 380009, Gujarat, India
Country :	India
Financials (as on) :	31.03.2005
Date of Incorporation :	12.02.1985
Com. Reg. No.:	04-7641
CIN No.: [Company Identification No.]	U24120GJ1985PTC007641
Legal Form :	Subject is a private limited liability company.
Line of Business :	Manufacturer and Seller of Chemicals, Fertilizers and Pesticides.

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established and reputed company having fine track. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Financial position is good. Payments are correct and as per commitments. The company can be considered good for any normal business dealings.

LOCATIONS

Registered Office :	404, Lalitha Complex, 352/2, Between Jain Mandir – Mithakhali Six Road, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26466580/26440493
Fax No.:	91-79-26448872
E-Mail :	bpiad1@sanchanet.in bpi@ad1.vsnl.net.in
Website :	http://www.gujaratsuper.com
Area :	2000 sq. fts.
Premises :	Owned
Corporate Office :	1^st Floor, Amar Chambers, Relief Road, Kalupur, Ahmedabad –380002, Gujarat, India
Tel. No.:	91-79-27430299/27489081
Fax No.:	91-79-27435431
Factory 1 :	Plot No. 101 to 103, GVMM Industrial Estate, Odhav Road, Ahmedabad – 382415, Gujarat, India
Tel. No.:	91-79-2900927/2900528/2873927/2871030
Fax No.:	91-79-2902526
E-Mail :	gujaratsuper@satyam.net.in
Area :	50000 sq. fts.
Premises :	Owned

DIRECTORS

Name	Mr. Vrajmohan Ramanlal Shah
Designation	Chairman and Managing Director
Address	4/A, Rekhra Park Society, Vijaynagar Road, Naranpura, Ahmedabad – 380013, Gujarat
Date of Birth	03/12/1941
Date of Appointment	12/02/1985
Name	Mr. Chandrakant Ramanlal Shah
Designation	Director
Address	6, Tristar Apartments, Ambawadi, Ahmedabad – 380 006, Gujarat
Date of Birth	30/11/1949
Date of Appointment	12/02/1985
Name	Mr. Kunalbhai Vrajmohan Shah
Designation	Director
Address	4/A, Rekhra Park Society, Vijaynagar Road, Naranpura, Ahmedabad – 380013, Gujarat
Date of Birth	31/10/1969
Date of Appointment	01/03/1994
Name	Mr. Bhaveshbhai Vrajmohan Shah
Designation	Director
Address	4/A, Rekhra Park Society, Vijaynagar Road, Naranpura, Ahmedabad – 380013, Gujarat
Date of Birth	30/09/1971
Date of Appointment	01/03/1994
Name	Mr. Shah Kenal Vrajmohan
Designation	Director
Address	4/A, Rekhra Park Society, Vijaynagar Road, Naranpura, Ahmedabad – 380013, Gujarat
Date of Birth	31.10.1969
Date of Appointment	01.03.1994
OTHER PERSONNEL
Mr. Rakesh M. Pathak	Company Secretary

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares
Mr. Vrajmohan Shah	8
Bharat Pesticides Private Limited	38000
Mr. Shah Vrajmohan Ramanlal	12329
Mr. Shah Falguniben K.	2036
Ms. Vilasben V. Shah	6400
Mr. Kunal V. Shah	12074
Ms. Deepaben B. Shah	2036
Mr. Shah Vrajmohan Ramanlal (HUF)	5160
Mr. Shah Vrajmohan Ramanlal	11954
Mr. Bhaveshbhai Vrajmohan Shah	11954
Mr. Bhaveshbhai Vrajmohan Shah (HUF)	1
Mr. Shah Kenal Vrajmohan	1

BUSINESS DETAILS

Line of Business :	Manufacturer and Seller of Chemicals, Fertilizers and Pesticides.
Products :	Chemicals, Fertilizers and Pesticides.
Imports from :	Raw materials from reputed manufacturers and suppliers in Europe, USA and China
Terms :	L/C, DA or DP

PRODUCTION STATUS

For the year ended 31.03.2004

Class of Goods	Unit	Actual Production
Pesticides:
Liquids K. L.	MT	1171.17
Dust	MT	2369.39

GENERAL INFORMATION

Trade Terms :

v Gharda Chemicals Limited

v Bayer India Limited

v Wockhardt Limited

v SPIC Limited

v Zeneca ICI Limited

v Cheminova India Limited

No. of Employees :

35

Bankers :

v Bank of Baroda, Maskati Market Branch, Ahmedabad – 390002, Gujarat

v State Bank of India, SPL Commercial Branch, Gandhidham, Ahmedabad

v HDFC Bank Limited

v ICICI Bank Limited

Facilities :

Secured Loan	31.03.2005
Cash Credit Secured by hypothecation of raw material, finished goods and packing materials and equipment mortgage of factory	20.462
Book Debt Secured by hypothecation of book debts and personal guarantee of director	9.996
Term Loan
Bank of Baroda Secured by hypothecation of Machinerisand personal guarantee of director	13.012
Can Bank Factors Limited Secured by debts factored	6.400
Vehicles Loan
Term Loan from HDFC Bank Limited Secured by hypothecation of Car	0.298
ICICI Bank Limited Secured by hypothecation of Car	0.439
Term Loan for Lease hold land at GIDC Kathwada	2.471
Total	53.081

Banking Relations :	Good
Auditors :	Kotadi Associates Chartered Accountants B-405, Premium House, Opp. Gandhinagar Rly. Station, Nr. Mithakhali Rly. Crossing, Ahmedabad – 380009.
Tel. No.:	91-79-26580410
Parent Company	Bharat Pesticides Industries Private Limited 404, Lalitha Complex, 352/2, Rasala Road, Navrangpura, Ahmedabad – 380009, Gujarat
Sister Concerns :	Bharat Pesticides Private Limited Amar Chember, Radio Road, Ahmedabad, Gujarat, India Universal Chemicals Industries

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 100/-	Rs. 10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90000	Equity Shares	Rs. 100/-	Rs. 9.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2005	31.03.2004	31.03.2003
SHAREHOLDERS FUNDS
1] Share Capital	9.000	9.000	8.000
2] Reserves & Surplus	67.097	33.669	22.423
NETWORTH	76.097	42.669	30.423
LOAN FUNDS
1] Secured Loans	53.081	27.332	20.655
2] Unsecured Loans	14.207	13.401	13.611
TOTAL BORROWING	67.288	40.733	34.266
DEFERRED TAX LIABILITIES	2.793	2.355	0.000
TOTAL	146.178	85.757	64.689
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]	68.063	29.519	21.526
Capital work-in-progress	0.000	6.188	--
INVESTMENTS	0.029	0.034	0.011
DEFERREX TAX ASSETS	0.000	0.000	2.556
CURRENT ASSETS, LOANS & ADVANCES
Inventories	102.299	51.624	39.420
Sundry Debtors	61.284	57.478	20.845
Cash & Bank Balances	8.461	14.259	3.437
Other Current Assets	0.012	0.045	0.017
Loans & Advances	30.869	8.055	5.946
Total Current Assets	202.925	131.461	69.665
Less: CURRENT LIABILITIES & PROVISIONS
Current Liabilities & Provision	124.839	71.748	24.775
Provisions		9.700	4.300
Total Current Liabilities	124.839	81.448	29.075
Net Current Assets	78.086	50.013	40.590
MISCELLANEOUS EXPENSES	0.000	0.003	0.006
TOTAL	146.178	85.757	64.689

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2005	31.03.2004	31.03.2003
Sales Turnover [including other income]	508.171	255.515	165.050
Profit/(Loss) Before Tax	54.454	25.657	10.623
Provision for Taxation	21.138	14.411	3.574
Profit/(Loss) After Tax	33.316	11.246	7.049
Import value	126.274	42.484	25.731
Total Expenditures	453.718	229.857	154.526

KEY RATIOS

PARTICULARS		31.03.2005	31.03.2004	31.03.2003
PAT / Total Income	(%)	6.55	4.40	4.27
Net Profit Margin (PBT/Sales)	(%)	10.71	10.04	6.43
Return on Total Assets (PBT/Total Assets}	(%)	20.09	15.34	15.24
Return on Investment (ROI) (PBT/Networth)		0.71	0.60	0.35
Debt Equity Ratio (Total Liability/Networth)		2.52	3.92	2.13
Current Ratio (Current Asset/Current Liability)		1.62	1.61	2.39

LOCAL AGENCY FURTHER INFORMATION

HISTORY

Subject was originally incorporated on 12^th February, 1985 under the name and style of “Gujarat Superphosphate Industries Private Limited” at Ahmedabad in Gujarat having Company Registration Number 7641.

The name of the company was changed to present with effect from 19^th September, 2003.

The company changed its Registered Office from “1^st Floor, Amar Chambers, Relief Road, Kalupur, Ahmedabad- 380002, Gujarat” to present address.

BUSINESS

As a first step the company established an R&D Lab to synthesise wide range of Agro Chemical Products, which included Pesticide Technicals, Plant Nutrients etc. The company continued R&D efforts by an expert team of committed scientists resulted in house synthesis of technicals like Finvalerate, Cypermetlrin, Quinalphos, Acephate, Ethion, Hexaconazole, Plant Nutrients, based on Sulphut, Copper, Manganese and Zinc in liquid forms.

Sales Promotion

To ensure grass root level promotion of the right usage of pesticides. A team of qualified field personnel keeps a close watch on the sales and services of its products to the consumers thought the country.

The company’s field equipped with samples, sales promotion, material and spray equipments are continuously demonstrating proper used of products and also conducting training programmer and group discussions with Government Organisation, Agencies, Agriculture, Universities, Progressive farmers Research Institutes to promote its products. The company lays great emphasis on total qualities assurance on all its products.

Fixed Assets

v Land

v Factory Shed

v Office Building

v Plant & Machinery

v Laboratory Equipment

v Electric Fitting

v Furniture & Fixture

v Office Equipment

v Factory Equipment

v Vehicles

Name of the company

GSP CROP SCIENCE PRIVATE LIMITED

Presented By

Mr. V R Shah

1) Date and description of instrument creating the change

Agreement for hypothecation of goods and assets dated 06.06.2005

2) Amount secured by the charge/amount owing on the securities of charge

Credit facility of Rs. 185.200 Millions

Working Capital Facilities – Rs. 152.900 Millions

Term Loan – Rs. 32.300 Millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Working Capital Facilities

All present and future goods, book debts and all other movable assets of the borrower including document of title to goods and other assets such as outstanding monies receivable, claims, bills, invoices, document, policies, guarantees etc. shall stand hypothecation to bank by way of first charge, more particularly stated in the sanction letter dated 20.04.2005

Term Loan

Term loan secured by hypothecation of all present and future plant and machineries, building of technical division at 100-103 GVMMIE, Ahmedabad

Term Loan and new term loan of Rs. 17.000 secured by hypothecation of all present and future plant and machineries and other movable assets of formulation division.

4) Gist of the terms and conditions and extent and operation of the charge.

Charge was created to secure various credit facilities aggregation to Rs. 185.200 Millions

Fund Base

Demand Cash Credit	45.000
EPC/FBD (within DCC limit)	(04.00)
Stand by line of credit	6.700
Total	51.700
Various term loan	15.300
New term loan	17.000
Total	84.000

Non Fund Base

Letter of credit	100.00
Bank guarantee	1.200
Total	101.200

Rate of Interest

Facilities	CRA	Pricing/Charge
DCC	SB – 3	At SBAR
Term Loan	SBTL – 3	At 0.75% above SBAR
EPC/FBD	SB – 3	As per instruction of Bank
LC/BG	SB – 3	As applicable to SB – 3 rated
SLC	SB - 3	1% above applicable rate

Margin

Raw Material - 30%

Stock in Process - 50%

Finished Goods - 40%

Receivable - 50%

Letter of Credit - 15 %

Bank Guarantee - 40%

EPC - 10%

Other terms and conditions as per sanction letter enclosed herewith.

5) Name and Address and description of the person entitled to the charge.

State Bank of India, SPL Commercial Branch, Gandhidham, Ahmedabad

6) Date and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable

Name of the company

GSP CROP SCIENCE PRIVATE LIMITED

Presented By

Mr. V R Shah

1) Date and description of instrument creating the change

Memorandum of deposit for creation of charge for term loan dated 24.08.2005

2) Amount secured by the charge/amount owing on the securities of charge

Credit facility of Rs. 185.200 Millions

Working Capital Facilities – Rs. 152.900 Millions

Term Loan – Rs. 32.300 Millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Property being plot no. 101 to 103 each admeasuring 1111.11 sq. ft yards or there about to Gujarat vepari maha mandal sahakari vasahat limited, and allotted to the forming part of Survey No. 67,70,75, and 123 of maje odhav, sim,taluka city and sub district Ahmedabad T. P. Schema No. 3 Final Plot No. 15,16,17,35 and 40

Property being plot no. 100 each admeasuring 928.79 sq. ft yards or there about to M/s. Universal Chemical Industries forming part of Survey No. 67,70,75, and 123 of maje odhav, sim,taluka city and sub district Ahmedabad T. P. Schema No. 3 Final Plot No. 15,16,17,35 and 40

Office No. 404, in the building known as “Lalita Complex belonging to Lalita Complex Association and Final Plot 352, sub Plot – 3, Part lying and being at Moje Changispur, Taluka city in the registration

Plot No. 551 admeasuring 6149 sq. ft yards there about in GIDC kathwada situed on Revenue survey No. 47/p, 1/ p at Moje Changispur, Taluka

And more particularly descried in the schedule referred to part – 1 & 2 attached hereto in favour of the bank

4) Gist of the terms and conditions and extent and operation of the charge.

Charge was created to secure various credit facilities aggregation to Rs. 185.200 Millions

Fund Base

Demand Cash Credit	45.000
EPC/FBD (within DCC limit)	(04.00)
Stand by line of credit	6.700
Total	51.700
Various term loan	15.300
New term loan	17.000
Total	84.000

Non Fund Base

Letter of credit	100.00
Bank guarantee	1.200
Total	101.200

Rate of Interest

Facilities	CRA	Pricing/Charge
DCC	SB – 3	At SBAR
Term Loan	SBTL – 3	At 0.75% above SBAR
EPC/FBD	SB – 3	As per instruction of Bank
LC/BG	SB – 3	As applicable to SB – 3 rated
SLC	SB - 3	1% above applicable rate

Margin

Raw Material - 30%

Stock in Process - 50%

Finished Goods - 40%

Receivable - 50%

Letter of Credit - 15 %

Bank Guarantee - 40%

EPC - 10%

Other terms and conditions as per sanction letter enclosed herewith.

5) Name and Address and description of the person entitled to the charge.

State Bank of India, SPL Commercial Branch, Gandhidham, Ahmedabad

6) Date and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable

Name of the company

GSP CROP SCIENCE PRIVATE LIMITED

Presented By

Mr. V R Shah

1) Date and description of instrument creating the change

Hypothecation of goods dated 11.11.1993

Instrument of hypothecation of goods, book debts movable machinery dated 11.11.1993

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 3.500 Millions

Rs. 17.250 Millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

All stock of company, raw material, finished goods, stock in proves

Hypothecation of goods, book debts, machinery, future exclusive charges thereon

4) Gist of the terms and conditions and extent and operation of the charge.

Interest 19.5% + Interest Tax

As per sanction letter MMK/ADV/46/03/110 dated 30.06.2003 for 12 month

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda, Maskati Market Branch, Ahmedabad – 390002, Gujarat

6) Date and brief description of instrument modifying the charge

Supplemental hypothecation agreement for stock movable machinery, vehicles and book debts dated 17.7.2004

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Modification with enhancement from existing facilities of Rs. 40.000Millions as detailed below Rs. 45.000 Millionsin the from of line of credit facilities comprising cash credit

Cash credit stock - Rs. 10.000

Cash credit book debts – Rs. 10.000

Letter of credit - Rs. 20.000

Rate of interest 0.50% + BLPR with min 11% +0.50%

Margin

Raw Material - 30%

Stock in Process - 50%

Finished Goods - 40%

Book debts – 50%

Property charged machinery stock & book debts

Name of the company

GSP CROP SCIENCE PRIVATE LIMITED

Presented By

Mr. V R Shah

1) Date and description of instrument creating the change

Memorandum of deposited of title dated 11.11.1993

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 14.396 Millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Factory land/building suited at Gujarat vepari maha mandal sahakari vasahat limited, Ahmedabad

4) Gist of the terms and conditions and extent and operation of the charge.

As per sanction letter MMK/ADV/46/03/110 dated 30.06.2003 for 12 month

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda, Maskati Market Branch, Ahmedabad – 390002, Gujarat

6) Date and brief description of instrument modifying the charge

Supplemental hypothecation agreement for stock movable machinery, vehicles and book debts dated 17.7.2004

11.11.1993 – Rs. 14.396

11.11.1995 – Rs. 14.589

03.09.1997 – Rs. 5.750

21.08.1998 – Rs. 12.600

22.10.1999 – Rs. 16.500

21.05.2001 – Rs. 5.030

15.07.2003 – Rs. 14.300

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Extension of equitable to cover total limit of Rs. 60.564

Term Loan

Rs. 0.428

Rs. 1.148

Rs. 4.638

Rs. 8.750

Line of credit Rs. 45.000 performance bank Guarantee – 0.600

Name of the company

GSP CROP SCIENCE PRIVATE LIMITED

Presented By

Mr. V R Shah

1) Date and description of instrument creating the change

ADHOC Document import LC dated 5.03.2004

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 10.000 Millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Hypothecation of stock of raw materials, stock in process, finished goods, packing material etc. belonging to the company store at factory or in Godown and book debts present and future by the company

4) Gist of the terms and conditions and extent and operation of the charge.

As per FEDAI Rules 25% Cash Margin for 90 days

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda, Maskati Market Branch, Ahmedabad – 390002, Gujarat

6) Date and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable

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.45.92
UK Pound	1	Rs.84.62
Euro	1	Rs.58.03

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		63

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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

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