MIRA INFORM REPORT

Report Date :

06.07.2007

IDENTIFICATION DETAILS

Name :	NAMO ALLOYS PRIVATE LIMITED
Registered Office :	3721, Gali Barna, Sadar Bazar, Delhi – 110 006, India
Country :	India
Financials (as on) :	31.03.2005
Date of Incorporation :	15^th July, 1996
CIN No.:	U27203DL1996PTC075448
Com. Reg. No.:	55-75448
TAN No.: (Tax Deduction & Collection Account No.)	DELN05635A
PAN No.: (Permanent Account No.)	AABCN7015J
Legal Form :	Private limited liability company
Line of Business :	Manufacturers of Aluminum and Zinc Alloys & Non Ferrous Metal Alloys.

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 200000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having satisfactory track. Directors are reported as experienced, respectable and having satisfactory track records. Their trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. The management declined to part with latest financials. No latest details could be available from Government Records.

LOCATIONS

Registered Office :	3721, Gali Barna, Sadar Bazar, Delhi – 110 006, India
Tel. No.:	91-11-23674878
Fax No.:	91-129-5276408/3549920
E-Mail :	rd@namoalloy.com
Website :	http://www.namoalloys.com
Area :	500 Sq. ft
Location :	Owned
Head Office/Factory :	14/1, Mile Stone, Mathura Road, Faridabad – 121 004, Haryana
Tel. No.:	91-129-2279612 / 613 / 614
Fax No.:	91-129-2276408
Area :	5500 Sq. ft
Location :	Owned

DIRECTORS

Name :	Mr. Naresh Kumar Jain
Designation :	Director
Address :	3721, Gali Barna, Sadar-Bazar, New Delhi - 100006
Date of Birth/Age :	14^th January, 1964
Qualification :	Graduate
Experience :	20 years
Date of Appointment :	13^th September, 1999
Name :	Mr. Neeraj Kumar Jain
Designation :	Director
Address :	3721, Gali Barna, Sadar-Bazar, New Delhi - 100006
Date of Birth/Age :	11^th August, 1968
Qualification :	Graduate
Experience :	16 years
Date of Appointment :	18^th February, 2000
Name :	Mr. Vipin Jain
Designation :	Director
Date of Birth/Age :	02^nd October, 1970
Date of Appointment :	29^th September, 2001
Name :	Mr. Rishabh Jain
Designation :	Director
Address :	1/11159, Subhash Park, Naveen Shahdara, Delhi
Date of Birth/Age :	2^nd October, 1970
Date of Appointment :	29^th September, 2001

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares
Mr. Naresh Kumar Jain	355000
Mr. Neeraj Kumar Jain	235000
Mr. Vipin Jain	252500
Mr. Anand Prakash Jain	25000
Mr. Kamlesh Jain	205000
Mr. Naveen Kumar Jain	215000
Ms. Rachna Jain	215000
Ms. Shobha Jain	175000
Anand Prakash Jain, HUF	40000
Ms. Archana Jain	160000
Mr. Abhishek Jain	100
Ms. Asha Jain	100
Aay Kay Enterprises	100
Ess Pee Associates	100
Jagdish Choun Rajeev Kumar	100
Kewal Ram Sheetal Pd Jain	10
Ms. Meenu Jain	100000
Ms. Meenakshi Jain	100
Naresh Kumar Jain, HUF	100
Naveen Kumar Jain, HUF	7500
Neeraj Kumar Jain , HUF	7500
Mr. Rakesh Kumar Jain	10
Shree Kunthunath Metal Industries Private Limited	10
Ms. Shalini Jain	10
Ms. Sunita Jain	10
Ms. Samero Devi	10
Ms. Soma Jain	10
S. P. textiles	10
Shital Jagdish Investment	10
Vipin Kumar Jain, HUF	10
Xeraphon Fincap Services Private Limited	20,000
Varnen International Limited	165,000
Ms. Usha Jain	100
Nitin Corporation	100
Mr. Vijay Kumar Jain	10
Shital Trade Lincs	100
Agarsons Fincap Services Private Limited	60,000

BUSINESS DETAILS

Line of Business :	Manufacturers of Aluminum and Zinc Alloys & Non Ferrous Metal Alloys.
Imports from :	Germany, U.K., Middle East and France
Terms :
Selling :	Cash or Credit (30 days) terms
Purchasing :	Cash or L/C terms

PRODUCTION STATUS

Particulars	Unit	Actual Production
Non Ferrous Metal Alloys	Kgs.	8374463.570

GENERAL INFORMATION

Suppliers :

v HindLamts Industries Limited, India

v Bharat Aluminium Company Limited, India

v Shar Metel Scrap Company Limited, U.A.E

v London Metal Recycling Company, U.K.

Customers :

Major customers includes End Users and OEM’s

v Maruti Udyog Limited, India

v Hero Honda Motors Limited, India

v Escorts Limited, India

No. of Employees :

70

Bankers :

v Canara Bank, Janpat Branch, Delhi – 110 006

v IDBI Bank Limited

v Standard Chartered Bank

v The Bank of Rajasthan

v Kotak Mahindra Finance

v HDFC Bank Limited

v Hong Kong & Shanghai Banking Cooperative Limited

Facilities :

Secured Loan	31.03.2005 (Rs. In millions)
ICICI Bank Limited	0.936
Standard Chartered Bank	0.205
Canara Bank	20.864
Canara Bank (Term Loan)	1.618
External Commercial Borrowings	53.579
Bill of Exchange	8.896
Total	86.100

Banking Relations :	Satisfactory
Auditors :	Jain Sushil Kumar & Associates Chartered Accountants
Address:	Kamla Nagar, Delhi – 110 007
Tel. No.:	91-11-23851883 / 23858769
Fax No.:	91-11-23852403
E-Mail :	jainsushil@indiatimes.com , sushiljainca@hotmail.com
Associates/Subsidiaries :	v Shri Kunthunath Metal Industries Private Limited v Naveen Jain Metal Udyog v Vardhman Sales Agency v Akshay Aluminium Alloys

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs.10/- each	Rs. 25.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1993930	Equity Shares	Rs.10/- each	Rs. 19.939 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2007	31.03.2006
Sales Turnover	1200.000	940.000

Expected Sales (2007-08) : Rs. 1300.000 millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2005	31.03.2004	31.03.2003
SHAREHOLDERS FUNDS
1] Shree Mahavir Jee and Anand Prakash Jain		0.001	0.001	0.001
2] Share Capital		19.939	20.939	18.490
3] Reserves & Surplus		32.656	29.697	20.919
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		52.596	50.637	39.410
LOAN FUNDS
1] Secured Loans		86.100	69.138	62.008
2] Unsecured Loans		20.960	21.101	25.148
TOTAL BORROWING		107.060	90.239	87.156
DEFERRED TAX LIABILITIES		0.983	0.881	0.761
TOTAL		160.639	141.757	127.327
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.440	24.183	25.004
Capital work-in-progress
INVESTMENT		7.526	4.850	4.150
DEFERREX TAX ASSETS
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	69.300	44.772	27.735
	Sundry Debtors	73.929	74.793	54.206
	Cash & Bank Balances	1.533	0.370	0.644
	Loans & Advances	15.015	8.655	35.553
Total Current Assets		159.777	128.590	118.138
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities & Provisions	31.104	15.875	19.984
Total Current Liabilities		31.104	15.875	19.984
Net Current Assets		128.673	112.715	98.154
MISCELLANEOUS EXPENSES		0.000	0.009	0.019
TOTAL		160.639	141.757	127.327

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2005	31.03.2004	31.03.2003
Sales Turnover [including other income]	835.206	699.134	690.346
Profit/(Loss) Before Tax	4.183	5.211	2.227
Provision for Taxation	2.224	1.334	1.172
Profit/(Loss) After Tax	1.959	3.877	1.055
Import Value	243.096	334.426	NA
Total Expenditure	831.022	692.093	686.300

KEY RATIOS

PARTICULARS		31.03.2005	31.03.2004	31.03.2003
PAT / Total Income	(%)	0.23	0.55	0.15
Net Profit Margin (PBT/Sales)	(%)	0.50	0.80	0.34
Return on Total Assets (PBT/Total Assets}	(%)	2.27	3.31	1.51
Return on Investment (ROI) (PBT/Networth)		0.07	0.10	0.06
Debt Equity Ratio (Total Liability/Networth)		2.62	2.10	2.72
Current Ratio (Current Asset/Current Liability)		5.13	8.10	5.91

LOCAL AGENCY FURTHER INFORMATION

Operations:

The sales of the company has increased by 17.71% Appx. However, the net profit of company has reduced from Rs. 5.211 Millions to Rs. 4.344 Millions. The reduction in net profit is because of the canning on account of amount of Foreign Exchange Fluctuation which has decreased from Rs, 3.276 Millions to Rs. 0.157 Millions. However the net profit (Excluding canning on account of Foreign Exchange Fluctuation last year) of the company have increased.

Financial Result:

During the year ended March 31^st 2005 the company achieved the turnover of Rs. 763.245

Millions. The net profit has been Rs. 4.183 Millions

Dividend

To conserve the resources of the company. The director have decided not to recommend any dividend for the year ended March 31, 2005

Fixed Assets:

v Land

v Office Premises

v Furniture & Fixture

v Vehicles

v Plant & Machinery

v Computer

v Office Equipment

v Computer

v Air Conditioners

v Fax Machine

v Xerox Machine

v Electrical Fitting

v Mobile Phone

Subject is in trade terms with the following:

v Sunbeam Auto Limited, Gurgaon

v Rico Industries Limited, Gurgaon

v Maruti Udyog Limited, Gurgaon

Name of the Company	Namo Alloys private Limited
Presented By	Canara Bank
1) Date and description of instrument creating the change	13.02.2001 Hypothecation Agreement of Goods and Book debts (DALC) Agreement for irrevocable letter of credit Registered
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 15.000 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	All the goods and commodities purchased acquired, received under the FLC (DA) facilities including raw – materials, semi finished goods of alluminizinc alloys now lying or hereinafter stored at the godowns, yards and premis at 14/1 Mile Stone, Mathura Road, Faridabad or lying at any other place wheresover All the book – debts, outstanding, money receivable, claims and bills arising out of the sale, disposal of the goods received under the said credit facilities which are now due and owing
4) Gist of the terms and conditions and extent and operation of the charge.	All amount payable under the FLC (DA) Limit of Rs. 15.000 Millions shall carry interest in case of default at the rate of 18.25% per annum with quarterly rests or at such other rate as may be specified by the bank from time to time Margin - 25%
5) Name and Address and description of the person entitled to the charge.	Canara Bank, Chandani Chowk, Delhi – 110006
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	Namo Alloys private Limited
Presented By	Canara Bank
1) Date and description of instrument creating the change	13.02.2001 Cash Credit Agreement
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 35.000 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	The whole of the borrowers present and future stocks or raw materials, goods in process of manufacturer and all stores and all finished and manufactured goods and articles such as alluminium and Zine Alloys together with all stores, components and spares which now belong to or may hereafter from time to time, during the continuance of this security belong to the borrower and which are or shall or about the borrowers factory, Godown, and other premises at 4/1 Mile Stone, Mathura Road, Faridabad or lying at any other place wheresover All the book – debts, outstanding, money receivable, claims and bills arising out of the sale, disposal of the goods received under the said credit facilities which are now due and owing
4) Gist of the terms and conditions and extent and operation of the charge.	The interest on OCC (Stocks) Limit Rs. 35.500 Millions shall be charged at the rate 4% over ongoing PLR subject to a minimum of 16.25% per annum with quarterly rests or at such other rate as may be specified by the bank from time to time Margin - 25%
5) Name and Address and description of the person entitled to the charge.	Canara Bank, Chandani Chowk, Delhi – 110006
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	Namo Alloys private Limited
Presented By	Canara Bank
1) Date and description of instrument creating the change	13.02.2001 Term Loan Agreement Deed of Hypothecation re. Machinery
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 14.800 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 plant, machinery, tools and accessories and other assets as per list enclosed to schedule ‘A’ to this Deed of Hypothecation of Machinery, Installed at 4/1 Mile Stone, Mathura Road, Faridabad or lying at any other place wheresover
4) Gist of the terms and conditions and extent and operation of the charge.	The interest on Term Loan shall be charged at the rate of 15.05% per annum with quarterly rests or at such other rate as may be specified by the bank from time to time Repayable in 74 enquire monthly instalments of Rs. 0.200 Millions each with re – payment holiday of 6 month
5) Name and Address and description of the person entitled to the charge.	Canara Bank, Chandani Chowk, Delhi – 110006
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	Namo Alloys private Limited
Presented By	Canara Bank
1) Date and description of instrument creating the change	13.02.2001 Counter Indemnity Agreement re Collatera Machinery Letter Evidencing Deposit of Title Deeds Alongwith Schedule ‘A’ & ‘B’
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 2.000 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 plant, machinery, tools and accessories and other assets as per list enclosed to schedule ‘A’ to this agreement stored/ Installed at the borrowers premises at 4/1 Mile Stone, Mathura Road, Faridabad or lying at any other place wheresover Equitable mortgage by deposited of title deeds in respectable of company immovable property situate at Plot No. 2, Khasra No. 13, Killa No. ½ (1-13), 2 (7-9) at 14/1 Mile Stone, Mathura Road, Faridabad or lying at any other place wheresover
4) Gist of the terms and conditions and extent and operation of the charge.	The above is hypothecated/ mortgaged to collaterally secure Guarantee Limit Rs. 2.000 Millions granted to the company Margin – 25%
5) Name and Address and description of the person entitled to the charge.	Canara Bank, Chandani Chowk, Delhi – 110006
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	Namo Alloys private Limited
Presented By	Canara Bank
1) Date and description of instrument creating the change	13.02.2001 Term Loan Agreement Deed of Hypothecation re. Machinery
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 14.800 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 plant, machinery, tools and accessories and other assets as per list enclosed to schedule ‘A’ to this Deed of Hypothecation of Machinery, Installed at 4/1 Mile Stone, Mathura Road, Faridabad or lying at any other place wheresover
4) Gist of the terms and conditions and extent and operation of the charge.	The interest on Term Loan shall be charged at the rate of 15.05% per annum with quarterly rests or at such other rate as may be specified by the bank from time to time Repayable in 74 enquire monthly instalments of Rs. 0.200 Millions each with re – payment holiday of 6 month
5) Name and Address and description of the person entitled to the charge.	Canara Bank, Chandani Chowk, Delhi – 110006
6) Date and brief description of instrument modifying the charge	13.02.2001 Agreement re Collatera Machinery Letter Evidencing Deposit of Title Deeds Alongwith Schedule ‘A’ & ‘B’
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.	The Term Loan Rs. 14.800 Millions shall also be collaterally secured by the following Hypothecation of plant, machinery, tools and accessories and other assets as per list enclosed to schedule ‘A’ to this agreement stored/ Installed at the borrowers premises at 4/1 Mile Stone, Mathura Road, Faridabad or lying at any other place wheresover Equitable mortgage by deposited of title deeds in respectable of company immovable property situate at Plot No. 2, Khasra No. 13, Killa No. ½ (1-13), 2 (7-9) at 14/1 Mile Stone, Mathura Road, Faridabad or lying at any other place wheresover
Name of the Company	Namo Alloys private Limited
Presented By	Canara Bank
1) Date and description of instrument creating the change	13.02.2001 Cash Credit Agreement
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 35.000 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	The whole of the borrowers present and future stocks or raw materials, goods in process of manufacturer and all stores and all finished and manufactured goods and articles such as alluminium and Zine Alloys together with all stores, components and spares which now belong to or may hereafter from time to time, during the continuance of this security belong to the borrower and which are or shall or about the borrowers factory, Godown, and other premises at 4/1 Mile Stone, Mathura Road, Faridabad or lying at any other place wheresover All the book – debts, outstanding, money receivable, claims and bills arising out of the sale, disposal of the goods received under the said credit facilities which are now due and owing
4) Gist of the terms and conditions and extent and operation of the charge.	The interest on OCC (Stocks) Limit Rs. 35.500 Millions shall be charged at the rate 4% over ongoing PLR subject to a minimum of 16.25% per annum with quarterly rests or at such other rate as may be specified by the bank from time to time Margin - 25%
5) Name and Address and description of the person entitled to the charge.	Canara Bank, Chandani Chowk, Delhi – 110006
6) Date and brief description of instrument modifying the charge	13.02.2001 Counter Indemnity Agreement re Collatera Machinery Letter Evidencing Deposit of Title Deeds Alongwith Schedule ‘A’ & ‘B’
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.	The Term Loan Rs. 35.500 Millions shall also be collaterally secured by the following Hypothecation of plant, machinery, tools and accessories and other assets as per list enclosed to schedule ‘A’ to this agreement stored/ Installed at the borrowers premises at 4/1 Mile Stone, Mathura Road, Faridabad or lying at any other place wheresover Equitable mortgage by deposited of title deeds in respectable of company immovable property situate at Plot No. 2, Khasra No. 13, Killa No. ½ (1-13), 2 (7-9) at 14/1 Mile Stone, Mathura Road, Faridabad or lying at any other place wheresover

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.40.46
UK Pound	1	Rs.81.55
Euro	1	Rs.55.09

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	6
--PROFITABILIRY	1~10	6
--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	YES
--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		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