MIRA INFORM REPORT

Report Date :

24.04.2007

IDENTIFICATION DETAILS

Name :	V I OFFICE EQUIPMENT PRIVATE LIMITED
Registered Office :	No. 13, Kamala Arcade, 669, New No. 306, Mount Road, Chennai – 600006, Tamilnadu
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	11.04.1989
Com. Reg. No.:	18-17214
CIN No.: [Company Identification No.]	U51909TN1989PTC017214
TAN No.: [Tax Deduction & Collection Account No.]	CHEV00516F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of articles of paper and paperboard.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 35000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	No. 13, Kamala Arcade, 669, New No. 306, Mount Road, Chennai – 600006, Tamilnadu, India
Tel. No.:	91-44-28297188 / 28523688 / 28553956 / 28528916
Fax No.:	91-44-28297326 / 28521326
E-Mail :	vijex_c@airtelbroadband.in vijey_@vsnl.com

DIRECTORS

Name :	Mr. Vijay Chand Baid
Designation :	Chairman cum Managing Director
Address :	B -4 -4, Silver Park Apartments, 24 Thani Kachalam Road, T. Nagar, Chennai – 600017, Tamilnadu, India
Date of Birth/Age :	25.11.1958
Date of Appointment :	01.06.1996
Name :	Mr. Navratan Baid
Designation :	Whole Time Director
Address :	B -4 -4, Silver Park Apartments, 24 Thani Kachalam Road, T. Nagar, Chennai – 600017, Tamilnadu, India
Date of Birth/Age :	05.08.1957
Date of Appointment :	11.04.1989
Name :	Ms. Sunita Baid
Designation :	Whole Time Director
Address :	B -4 -4, Silver Park Apartments, 24 Thani Kachalam Road, T. Nagar, Chennai – 600017, Tamilnadu, India
Date of Birth/Age :	05.03.1967
Date of Appointment :	01.06.1996

KEY EXECUTIVES

Name :	Mr. S. Sridhar
Designation :	Senior Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Navratan Baid	13600
Vijay Chand Baid	69700
Priyankar Baid	12300
Praghya Baid	5100
Preksha Baid	4500
Subukaran Baid	500
Indira Devi Baid	18300
Ujjuwal Baid	1500
Bhavuk Baid	6300
Muskan Baid	4300
Vaishaly Baid	3200
Usha Devi Baid	2300
Prerna Baid	3500
Jinesh Baid	5400
Mamol’s Baid	500
Anandamal Baid	12700
Nilesh Kumar Baid	23000
Rajendra Kumar Kochra	5000
Vijay Kumar Marott	400
Rajesh Surana	10000
Chindamani Vyabar Private Limited	243000
Meera Devi Baid	40900
Sunita Baid	3000
Bharathi Baid	10500
Manimudra Vincom Private Limited	10000
Caplin Commercial Private Limited	10000
BPO Finance and Investments Private Limited	20000
Sharp Investments Limited	10000
Ashoka Kumar	10
Total	549510

BUSINESS DETAILS

Line of Business :	Manufacturer of articles of paper and paperboard.
Products :	Thermal Transformer Ribbon

GENERAL INFORMATION

No. of Employees :
Bankers :	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006
Facilities :	--

Banking Relations :	Satisfactory
Auditors :
Name :	S. C. Bichhavat Chartered Accountants
Address :	No. 160, Govindappa, Naicken Street, 3^rd Floor, Chennai – 600001, Tamilnadu, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs. 10/- each	Rs. 6.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
549510	Equity Shares	Rs. 10/- each	Rs. 5.495 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		5.495	5.495
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		3.535	3.296
4] (Accumulated Losses)		0.000	0.000
NETWORTH		9.030	8.791
LOAN FUNDS
1] Secured Loans		12.010	5.762
2] Unsecured Loans		9.793	3.292
TOTAL BORROWING		21.803	9.054
DEFERRED TAX LIABILITIES		0.226	0.231
TOTAL		31.059	18.076
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.863	1.511
Capital work-in-progress		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	28.251	21.177
	Sundry Debtors	16.416	15.332
	Cash & Bank Balances	4.245	4.931
	Loans & Advances	1.811	0.823
Total Current Assets		50.723	42.263
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	21.533	25.706
	Provisions
Total Current Liabilities		21.533	25.706
Net Current Assets		29.190	16.557
MISCELLANEOUS EXPENSES		0.006	0.008
TOTAL		31.059	18.076

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005
Sales Turnover		167.027	132.796
Total Income		167.027	132.796
Profit/(Loss) Before Tax		0.469	0.361
Provision for Taxation		0.000	0.000
Profit/(Loss) After Tax		0.469	0.361
Expenditures :
	Other Expenditure	166.558	132.435
Total Expenditure		166.558	132.435

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005
PAT / Total Income	(%)	0.28	0.27
Net Profit Margin (PBT/Sales)	(%)	0.28	0.27
Return on Total Assets (PBT/Total Assets}	(%)	0.89	0.82
Return on Investment (ROI) (PBT/Networth)		0.05	0.04
Debt Equity Ratio (Total Liability/Networth)		4.80	3.95
Current Ratio (Current Asset/Current Liability)		2.36	1.64

LOCAL AGENCY FURTHER INFORMATION

Name of the company	V I OFFICE EQUIPMENT PRIVATE LIMITED
Presented By	V I OFFICE EQUIPMENT PRIVATE LIMITED
Date and description of instrument creating the change	21.12.1993 Hypothecation agreement on stock
Amount secured by the charge/amount owing on the securities of charge	Rs. 0.500 Millions
Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Stock of Imported Thermal paper, fax roll papers, floppies etc
Gist of the terms and conditions and extent and operation of the charge.	OCC – Rs. 0.500 Millions payable on demand ROI @ 16.58 % P. A.
Name and Address and description of the person entitled to the charge.	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006
Date and brief description of instrument modifying the charge	Supplemental Agreement dated 27.12.2001 for enhancing the OCC limits upto Rs. 5.500 Millions
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.	On 27.12.2001 the existing OCC limits of Rs. 4.0 Millions is enhanced to Rs. 5.5 millions Total limits becomes Now Rs. 16.5 Millions OCC : Rs. 5.5 Millions FLC / ILC : Rs. 10 Millions CDB / LCDB : Rs. 1.00 Millions

Name of the company	V I OFFICE EQUIPMENT PRIVATE LIMITED
Presented By	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006
Date and description of instrument creating the change	21.12.1993 Hypothecation agreement on stock
Amount secured by the charge/amount owing on the securities of charge	Rs. 0.500 Millions
Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Stock of Imported Thermal paper, fax roll papers, floppies etc
Gist of the terms and conditions and extent and operation of the charge.	OCC – Rs. 0.500 Millions payable on demand ROI @ 16.58 % P. A.
Name and Address and description of the person entitled to the charge.	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006
Date and brief description of instrument modifying the charge	Hypothecation agreement of goods and book debts dated 16.02.2002 for sanctioning of FLC limits of Rs. 2.5 Millions
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.	On 16.02.2002 in addition to the existing FLC limits of Rs. 10 millions Bank is sanctioned FLC limits for Rs. 2.5 millions 60 days usance, in he e vent of crystallisation of liabilities ROI @ 18.25 % Total Limits are OCC : Rs. 5.5 Millions FLC / ILC : Rs. 12.5 Millions CDB : Rs. 1.00 Millions

Name of the company	V I OFFICE EQUIPMENT PRIVATE LIMITED
Presented By	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006
Date and description of instrument creating the change	21.12.1993 Hypothecation agreement on stock
Amount secured by the charge/amount owing on the securities of charge	Rs. 0.500 Millions
Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Stock of Imported Thermal paper, fax roll papers, floppies etc
Gist of the terms and conditions and extent and operation of the charge.	OCC – Rs. 0.500 Millions payable on demand ROI @ 16.58 % P. A.
Name and Address and description of the person entitled to the charge.	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006
Date and brief description of instrument modifying the charge	Hypothecation agreement of goods and book debts dated 15.03.2002 for sanctioning of FLC limits of Rs. 15 Millions Supplemental common hypothecation agreement dated 15.03.2002 for enhancing the total limits form Rs. 15 Millions to Rs. 20 millions
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.	On 15.03.2002 Existing regular FLC / ILC limits of Rs. 10 millions is enhanced to Rs. 15 Millions 60 days usance, in he e vent of crystallisation of liabilities ROI @ 18.25 % Total Limits are OCC : Rs. 4.00 Millions FLC / ILC : Rs. 15.00 Millions CDB : Rs. 1.00 Millions

Name of the company	V I OFFICE EQUIPMENT PRIVATE LIMITED
Presented By	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006
Date and description of instrument creating the change	21.12.1993 Hypothecation agreement on stock
Amount secured by the charge/amount owing on the securities of charge	Rs. 0.500 Millions
Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Stock of Imported Thermal paper, fax roll papers, floppies etc
Gist of the terms and conditions and extent and operation of the charge.	OCC – Rs. 0.500 Millions payable on demand ROI @ 16.58 % P. A.
Name and Address and description of the person entitled to the charge.	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006
Date and brief description of instrument modifying the charge	Common hypothecation agreement dated 03.09.1999 Agreement for opening of inland irrevocable letters of credit dated 03.09.1999 EMT draft II Letter for total enhanced limits dated 03.09.1999
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.	Existing OCC Limit is enhanced to Rs. 4 millions Payable on demand ROI @ 15.56 % p.a. FLC / ILC limit of Rs. 5 Millions in enhanced to Rs. 7.5 millions 60 days usance in the event of crystallisation of liabilities ROI @ 19.38 % p.a. Total limits is enhanced to Rs. 12 millions

Name of the company	V I OFFICE EQUIPMENT PRIVATE LIMITED
Presented By	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006
Date and description of instrument creating the change	01.08.1997 Hypothecation agreement on Goods
Amount secured by the charge/amount owing on the securities of charge	Rs. 4.000 Millions
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 Goods and Book debts
Gist of the terms and conditions and extent and operation of the charge.	Rs. 4 Millions ROI @ 20.25 % each of crystallisation of liabilities
Name and Address and description of the person entitled to the charge.	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006
Date and brief description of instrument modifying the charge	18.05.1998 Hypothecation agreement of Book debts
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.	FLC limit of Rs. 5 Millions 60 days usance and the event of crystallisation of liability rate of interest @ 20.25 %

Name of the company	V I OFFICE EQUIPMENT PRIVATE LIMITED
Presented By	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006
Date and description of instrument creating the change	02.05.1997 Hypothecation agreement of goods and book debts
Amount secured by the charge/amount owing on the securities of charge	Rs. 0.979 Millions
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 goods and book debts
Gist of the terms and conditions and extent and operation of the charge.	FLC Rs. 0.979 Millions In the event of crystallisation of liabilities ROI @ 21.75 %
Name and Address and description of the person entitled to the charge.	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006

Name of the company	V I OFFICE EQUIPMENT PRIVATE LIMITED
Presented By	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006
Date and description of instrument creating the change	18.03.1993 Hypothecation agreement of goods and book debts
Amount secured by the charge/amount owing on the securities of charge	Rs. 1.250 Millions
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 Goods and Book debts
Name and Address and description of the person entitled to the charge.	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006

Name of the company	V I OFFICE EQUIPMENT PRIVATE LIMITED
Presented By	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006
Date and description of instrument creating the change	20.07.1993 Hypothecation agreement of Machinery
Amount secured by the charge/amount owing on the securities of charge	Rs. 1.000 Millions
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 Machinery slitting and rewinding machine with a value of Rs. 0.301 Millions
Name and Address and description of the person entitled to the charge.	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006

Name of the company	V I OFFICE EQUIPMENT PRIVATE LIMITED
Presented By	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006
Date and description of instrument creating the change	05.03.1997 Hypothecation agreement on Machinery
Amount secured by the charge/amount owing on the securities of charge	Rs. 2.500 Millions
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 Machinery slitting and rewinding machine with a value of Rs. 0.106 Millions
Name and Address and description of the person entitled to the charge.	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006

Name of the company	V I OFFICE EQUIPMENT PRIVATE LIMITED
Presented By	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006
Date and description of instrument creating the change	21.12.1993 Hypothecation agreement on stock
Amount secured by the charge/amount owing on the securities of charge	Rs. 0.500 Millions Together with interest, cost, charges and other expenses, debited to the account form time to time
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 whole of the stock including imported thermal paper, fax roll papers, floppies etc, and also the book dents and receivables of the company both present and future.
Gist of the terms and conditions and extent and operation of the charge.	ROI @ 16.58 % P. A.
Name and Address and description of the person entitled to the charge.	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006
Date and brief description of instrument modifying the charge	Common hypothecation agreement dated 03.09.1999 Agreement for opening of inland irrevocable letters of credit dated 03.09.1999 EMT draft II Letter for total enhanced limits dated 03.09.1999
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.	Existing OCC Limit is enhanced to Rs. 4 millions Payable on demand ROI @ 15.56 % p.a. FLC / ILC limit of Rs. 5 Millions in enhanced to Rs. 7.5 millions 60 days usance in the event of crystallisation of liabilities ROI @ 19.38 % p.a. Total limits is enhanced to Rs. 12 millions

Name of the company	V I OFFICE EQUIPMENT PRIVATE LIMITED
Presented By	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006
Date and description of instrument creating the change	21.12.1993 Hypothecation agreement on stock
Amount secured by the charge/amount owing on the securities of charge	Rs. 0.500 Millions Together with interest, cost, charges and other expenses, debited to the account form time to time
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 whole of the stock including imported thermal paper, fax roll papers, floppies etc, and also the book dents and receivables of the company both present and future.
Gist of the terms and conditions and extent and operation of the charge.	ROI @ 16.58 % P. A.
Name and Address and description of the person entitled to the charge.	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006

Name of the company	V I OFFICE EQUIPMENT PRIVATE LIMITED
Presented By	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006
Date and description of instrument creating the change	21.12.1993 Hypothecation agreement on stock
Amount secured by the charge/amount owing on the securities of charge	Rs. 0.500 Millions Together with interest, cost, charges and other expenses, debited to the account form time to time
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 whole of the stock including imported thermal paper, fax roll papers, floppies etc, and also the book dents and receivables of the company both present and future.
Gist of the terms and conditions and extent and operation of the charge.	ROI @ 16.58 % P. A.
Name and Address and description of the person entitled to the charge.	Canara Bank, Thousand Lights, 5, Greams Road, Chennai – 600006
Date and brief description of instrument modifying the charge	Supplemental common hypothecation agreement dated 24.12.2004
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.	On 24.12.2004 in addition to the existing limits Rs. 5.00 millions, FLC,/ ILC limit Rs. 15 millions CDB / LCDB Limit Rs. 1 Millions total limits enhanced from Rs. 21 Millions to Rs. 31 Millions Now the total limits are OCC : Rs. 5 Millions FLC / ILC Regular : Rs. 15 Millions FLC / ILC Rs. 10 Millions CDB / LCDB Rs. 1.00 Millions Total Rs. 31 Millions Existing collateral securities will continue as security for total enhanced limits.

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.40.78
UK Pound	1	Rs.81.79
Euro	1	Rs.55.66

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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