MIRA INFORM REPORT

Report Date :

08.10.2007

IDENTIFICATION DETAILS

Name :	NEWAGE ELECTRICAL INDIA LIMITED
Formerly Known As :	CUMMINS GENERATOR TECHNOLOGIES INDIA LIMITED
Registered Office :	C-33 M.I.D.C. Ahmednagar- 414 111 Maharashtra
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	01.05.1991
Com. Reg. No.:	061456
CIN No.: [Company Identification No.]	U31101PN1991PLC061456
TAN No.: [Tax Deduction & Collection Account No.]	PNENO3919G
PAN No.: [Permanent Account No.]	AABCC1533E
Legal Form :	A closely held public limited liability company
Line of Business :	Engaged in the business of manufacturing Brushless A. C. generators

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track records. Available information indicates high financial responsibility of the company. 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. It can be regarded as a promising business partners in a medium to long – run.

LOCATIONS

Registered Office :	C-33 M.I.D.C. Ahmednagar, Maharashtra, India - 414 111
Tel. No.:	91-241- 560 3464/ 5 / 6
Fax No.:	91-241- 277 7494
E-Mail :	info@newageelectricalindia.com ; medha.s.rane@cummins.com
Website :	http://www.newageelectricalindia.com
Corporate Office :	203, Mayfair Towers - I, wakdewadi, Shivajinagar, Pune, Maharashtra, India - 411 005
Tel. No.:	91-20-5603 464 / 5 / 6
Fax No.:	91-20-5602 5331

DIRECTORS

Name :	Mr. Norris Allen Michael
Designation :	Chairman
Address :	Acasid House, South Road, Bourne PE 10 RJD, England
Date of Birth/Age :	02/07/1957
Date of Appointment :	28/07/2003
Name :	Mr. Bhargava Inderoutt Pradeep
Designation :	Managing Director
Address :	19 Cazy Retreat, Sinon Society, Pune
Date of Birth/Age :	25/08/1949
Qualification :	Bachelor of Science Bachelor of Engineering PGDBA
Experience :	2 ½ years
Date of Appointment :	01/05/2003
Last Employment :	Cummins India Ltd –Director
Name :	Mr. Srikanth Padmanabhan
Designation :	Director
Address :	Holand House, Marn Street, PE9 3NB, England
Date of Birth/Age :	25/05/1964
Date of Appointment :	12/04/2004
Name :	Mr. Paul Crossley
Designation :	Director
Address :	C/o Newage International Ltd, Slamiord, England
Date of Birth/Age :	07/04/1962
Date of Appointment :	19/04/2004
Name :	Mr. Anant Talaulicar
Designation :	Director
Address :	2101, Gramdevi, Mumbai
Date of Birth/Age :	11/07/1961
Date of Appointment :	19/04/2004
Name :	Mr. Rajiv Batra
Designation :	Director
Address :	Flat No. 5 The IRIS, 3^rd Floor, S No 28/29/A, Lane E, Koregaon Park Road, Pune 411001
Date of Birth/Age :	3/09/1955
Date of Appointment :	07/09/2004
Name :	Mr. Sarpotdar Govind Shrikant
Designation :	Director
Address :	Flat no. 4 & 5 Plot No 4, 137/4, Salokha Gururaj Housing Society, Near Jai Bhawani Society, Pune – 411 038
Date of Birth/Age :	08/11/1950
Date of Appointment :	13/09/2002
Name :	Mr. Mcoowell Vicent Peter
Designation :	Director
Address :	21, Gateways, Epson, U K
Date of Birth/Age :	28/04/1945
Date of Appointment :	28/07/2003
Name :	Mr. Ibbo Son Iric Paul
Designation :	Director
Address :	9 St. Mary’s Woddnewton, PE8 5ET, England
Date of Birth/Age :	08/02/1958
Date of Appointment :	28/07/2003
Name :	Mr. Venkatesan N. Ravi
Designation :	Director
Address :	77 Natinal Co-op Housing Society Ltd, Baner Road, Aundh, Pune – 411007
Date of Birth/Age :	12/01/1963
Date of Appointment :	28/07/2003
Name :	Mr. Sachin Bhagwat
Designation :	Company Secretary

BUSINESS DETAILS

Line of Business :	Engaged in the business of manufacturing Brushless A. C. generators
Products :	Item Code No. 85.01 Product Description Brushless AC Generator

PRODUCTION STATUS

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Brushless AC Generator	Kw	4030893	3092880	2222793

GENERAL INFORMATION

No. of Employees :	About 800
Suppliers :	² Anography Sturdy Engineers (India) Private Limited ² Bhavsar Foundries Private Limited ² Saurabh Engineers ² Chetak Industries ² Superb Engineers ² Classic Wire Insulations ² Surya Engineering Works ² D.P. Engineering Company ² Suyog Industries ² Enkay Traders ² Sunraj Rubbers industries ² Glassfibre and Allied industries ² S.V. Industries ² Kiran Udyog ² Thriam Polymers ² M. k. Engineers ² Unique Industry ² Polycom Associates ² Vishgral industries ² Rushas Engineering Company Limited ² Vibha Technics ² Sarnaik Brother private Limited ² Wood Arts ² Star Casting Private Limited ² Superb Diecastings Private Limited
Bankers :	HDFC Bank Limited Bank of Baroda Citibank N. A. State Bank of India

Banking Relations :	Good
Auditors :
Name :	Price Warehouse Chartered Accountants
Collaborators :
Group Companies :	Newage International Limited, UK Newage AVK-SEG Asia Pacific Pte. Limited Newage AVK-SEG, USA Wuxi Newage Altrnators Limited Stamford Mexico S. DE R. L. DE C.V. Cummins India Limited Cummins Inc, USA. Onan Corporation Limited AVK – SEG (India) Power Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs. 10.00 each	Rs. 30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1607001	Equity Shares	Rs. 10.00 each	Rs. 16.070 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		16.070	16.070	16.070
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		398.784	270.049	230.016
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		414.854	286.119	246.086
LOAN FUNDS
1] Secured Loans		13.305	0.000	0.000
2] Unsecured Loans		66.032	68.135	68.722
TOTAL BORROWING		79.337	68.135	68.722
DEFERRED TAX LIABILITIES		11.707	14.020	0.000
TOTAL		505.898	368.274	314.858
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		203.171	183.197	116.762
Capital work-in-progress		6.081	6.574	0.000
INVESTMENT		34.257	102.389	114.725
DEFERREX TAX ASSETS		0.000	0.000	0.110
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	142.872	123.098	71.762
	Sundry Debtors	468.754	291.430	215.420
	Cash & Bank Balances	44.503	15.176	22.955
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	44.911	20.709	22.146
Total Current Assets		701.040	450.413	332.283
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	339.040	287.440	210.736
	Provisions	99.611	86.859	38.336
Total Current Liabilities		438.651	374.299	249.072
Net Current Assets		262.389	76.114	83.211
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		505.898	368.274	314.858

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2006	31.03.2005	31.03.2004
Sales Turnover	2093.554	1426.486	1035.519
Other Income	0.000	0.000	0.000
Total Income	2093.554	1426.486	1035.519
Profit/(Loss) Before Tax	392.324	226.563	118.525
Provision for Taxation	135.322	84.224	40.507
Profit/(Loss) After Tax	257.002	142.339	78.018
Export Value	362.221	87.515	40.749
Import Value	106.435	160.103	93.351
Total Expenditure	1701.230	1199.923	916.994

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
PAT / Total Income	(%)	12.27	9.978	7.534
Net Profit Margin (PBT/Sales)	(%)	18.73	14.058	10.117
Return on Total Assets (PBT/Total Assets}	(%)	43.38	30.510	21.019
Return on Investment (ROI) (PBT/Networth)		0.94	0.791	0.481
Debt Equity Ratio (Total Liability/Networth)		1.05	1.546	1.291
Current Ratio (Current Asset/Current Liability)		1.59	1.203	1.334

LOCAL AGENCY FURTHER INFORMATION

Cummins Generator Technologies is present in India as Newage Electrical India Limited

Cummins Generator Technologies is present in India as Newage Electrical India Ltd., a recognized market leader in Brushles A. C. Generator (Alternator) product range. Established in 1991, the company has consistently set new standards of quality and business excellence. The market perceives 'STAMFORD Alternators' as a premium quality product. The company has won several prestigious awards including the Rajiv Gandhi National Quality Award & golden peacock national quality award.

Reserves :

The reserves at the beginning of the year stood at Rs. 213.900 millions the directors propose to transfer Rs. 15.300 millions to general reserve, after which the total reserves as at 31^st March, 2005 would be Rs. 229.200 millions.

Opening balance in profit and loss account was Rs .10.200 millions the closing balance in profit and loss account of Rs. 35 million is proposed to be carried forward to the next year.

Performance :

The year 2004-05 was on more cheerful year for the company. Sales in value grew by 38% whereas the sales volume increased by 42%. Pre tax profit was Rs. 226.600 millions as against Rs. 118.500 millions for the year 2003-04.

Exports grew from Rs. 41.300 millions in the previous yea to Rs. 8.75 millions in the year 2004-05, an increase of 111%.

Outlook :

The company expects that the domestic economy would perform better. Various measures taken by the central government are anticipated to provide booster to the industrial and economic growth in the domestic market. This would lead to a higher demand for electrical power. On the supply side no remarkable improvements are seen in generation and distribution of electrical power, with this it is expected that the peak power deficit will widen. This will provide stimulus to growth of captive power industry.

Price of steel. Copper and the other prime industrial metals have increased over last year. This has put pressure on net sales realization. The company is trying with every possible way of cost containment.

The expansion of the company’s plant at Ahemednagar is progressing on schedule. The company has been giving trust on increasing export wherein good opportunities do exist. The company has now a wide range of alternators available in its stable. With the recent introduction of alternators in P 7 series, the company produces alternators in the range of 7.5 KVA to 2200 KVA. It has recently renewed it agreement for technical assistance with Newage international limited, UK. The company believes that it will continue to record good performance in the current year also.

Finance :

Capital expenditure during the year was Rs. 51.700 millions and was financed out of the internal accruals.

Fixed Assets :

² Leased Hold,

² Building,

² Plant and Machinery,

² Furniture and Fixtures

² Vehicles

AVK SEG (India) Power Limited (AVK India) was formed as a joint venture between AVK SEG Holding Beteiligungs Gesellschaft Mbh (AVK Germany) and Control and Switchgear Company Limited.

Newage International Limited UK has acquired management control over AVK Germany through acquisition of majority shares in it.

The company is in trade terms with :

• Amit Engineering and Metal Pressing
• Bhavsar Foundries Private Limited
• Casilon Polymers Private Limited
• Kalantri Chemical Industries
• Rushas Engineering Company Limited
• Raja Rubbers & Tubes Private Limited
• Sarnaik Brothers Private Limited
• Sturdy Engineers (India) Private Limited
• Surya Engineering Works
• Ujwal Electrical Stampings.

Name of the Company CG NEWAGE ELECTRICALS LIMITED
Presented by	CG NEWAGE ELECTRICALS LIMITED
Date and description of instrument creating the change	Deed of Hypothecation dated the 26^th May 1992, executed by CG NEWAGE ELECTRICALS LIMITED (there in and hereinafter referred to as the company) in favour of the Industrial Credit And Investment Corporation of India Limited
Amount secured by the charge/amount owing on the securities of charge	Terms loan of Rs. 22 millions only (therein and hereinafter referred to as the loan)
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 movable property of the company situate at C-33, MIDC Industrial Area, Ahmednagar including the company’s movable plant and machinery, machinery spares, tools and accessories and other movables both present and future (save and except book debts) (therein and hereinafter referred to as “the said goods” ) short particulars whereof are giver in the annexure 1 hereto.
Gist of the terms and conditions and extent and operation of the charge.	In consideration of ICICI having lent and advanced to lend and advance to the company the loan, agreement and declaration buy the company inter alias, as follows : Covenant by the company to repay the loan and pay interest and all other monies in the manner set out in the loan agreement between the company and ICICI and to comply with the terms and conditions of the said loan agreement. The said Goods were thereby hypothecated inter aliao ICICI as and by way of first charge as security for and by charge with the repayment of he loan with interest thereon, additional interest, commitment charge, liquidated damages, premium on prepayment of on redemption, costs, charges and other expenses payable by the company to ICICI in respect thereof provided that the charge of ICICI on provided that the charged of ICICI on the said goods will be subject other charge of Charges Created and Or to be Created by the company in favour of its bankers on its stores and book debts and such other movable as may be specifically permitted by ICICI in writing to secure borrowings for working capital requirements. The company to keep the said goods in marketable and good condition and also insured as provided therein. Power of entry, power to take charge and or possession of, seize, recover, receive, appoint receivers of and remove and or sale by auction or private contract, despatch for realisation or otherwise dispose of or deal will all or any part of the said goods etc. as provided therein.
Name and Address and description of the person entitled to the charge.	The Industrial Credit and Investment Corporation of Indian Limited 163 Backbay Reclamation, Bombay 400020
Date and brief description of instrument modifying the charge	No instrument was executed but on the 31^st day of January , 1995 a joint mortgage was created by the company jointly in favour of ICICI and BOB by deposit of title deeds with ICICI, ICICI acting, for itself and as agent of BOB in respect of the company immovable properties situate at Plot No. C-33, MIDC Industrial Area, Ahmednagar in the State of Maharashtra in order to create a security thereon as and by way of a joint mortgage by deposit of title deeds pursuant to the resolution passed by the company on the 31^st day of December, 1993
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 Loan together with interest, compound interest, further interest additional interest commitment charges liquidated damages, premise on prepayment or on redemption, costs, charges, and other expenses payable by the company to ICICI in respect thereof secured under the abovementioned deed of hypothecation is also now secured by the said join mortgaged by deposit of title deeds in respect of the company’s immovable properties situate at Plot No C-33, MIDC Industrial Area, Ahmednagar in the state of Maharashtra together with all buildings and structures thereon and all plant and machinery attached to the earth or permanently fastened to anything to the earth.

AS PER WEBSITE

Business Overview

The company is in business of manufacturing Brushless A. C. generators. Its focus is to harness the power of years of experience and channel in unison the effort and commitment of thousands of employees towards a clear vision to electrify the future of all customers. They manufacture Brushless A. C. Generators from 5 kVA to 2200 kVA range by STAMFORD brand & market in SAARC region. Company product is well accepted in the market as a quality product & achieved a Major market share. All the expansion in the Company is made with the internal finance without any loans. The company is ISO 9001 : 2000 certified. The Company has dedicated vendor base having mutual dependability with the Company.

JIT System is effectively implemented in the Company. The Company has a young & dynamic technical & professional workforce. The average age of the employee is 28 years. Continuous development and improvement as the main thrust. - Product Up gradation to IP23, Differential protection for HC6Z frame, new frame developments like UC27V, BC,P7 frame. The complete office building was automated by Desk to desk computer system interconnected LAN system for networking. Use of MAPICS as the ERP solution for Computerization of all the departmental system for the flow of the information & records.

Vision and Future

· Customer’s Delight

· Preferred Product Supplier      

· Improved Growth, Profitability

· Stake holder’s Pride

· Maintain Market Leadership

· Thrust on Technology

· Enriched Environment & Society

· Dedicated Workforce

Leadership

Individually and collectively we commit to realizing its shared goals through the innovation, courage, energy and tenacity of the team. they continuously  seek to improve industry standards.

Team

The Core Values of Newage AVK SEG provide employees with the foundation for a healthy culture and strong relationships with our customers and suppliers:

Customers

Its commitment is to listen to and understand the needs of its customers and strive to exceed their expectations. We build relationships based on reliability, quality and innovation.

Growth

They seek opportunities for financial improvement in all areas of its business. They challenge the status quo to identify and pursue ways of delivering sustainable growth.

Talent

They recognize and nurture talent to secure our future. They commit to a culture which rewards achievement and constantly expands our knowledge, experience and opportunities.

Its team also likes to have fun – the team that plays together, stays together!

History

The company is a public limited company. Its Plant was inaugurated on 15th May, 1992. The operations commenced in the year 1993-94. Right from the inception, the Company has implemented many industrial engineering principles in the TQM way. The Company has achieved the phenomenal growth. Starting from humble sales of Rs. 0.5 millions in the first year 1993/94, progressed rapidly to the turnover of Rs. 6.400 millions in 1999-2000.& turnover of Rs 13 millions in the financial year 2004-2005. This has established Newage Electrical India Ltd. as a market leader in the Indian alternator market. The companies Manufacturing plant and registered office is located  at Ahmednagar in India. The corporate office started at Pune in year 2002-2003. Newage has achieved a largest capacity of manufacturing 30,000 alternators per annum in year 2004.

Major Highlights:-

· •April 1993 – Commercial Production Started.

· •May 1996 – Accredited With ISO 9000.

· •Year 1996 – Received Rajiv Gandhi National Quality Award – (Also In Year 2000)

· •April 2003 – NEIL Product IP 23 Compliant (First Newage Unit World-Wide)

· •Year 2003 – Sales Volume 13000 Alternators And Value US $ 19.3 Mn.

· •Jan 2004 – Formal Inauguration Of Facilities After Expansion (CAPEX US$ 1 Mn)

· •Feb 2004 – Started Exports To Newage Entities.

· •Aug 2004 – 800 Alternators Valued at US$ 0.8 Mn Exported Up To August 04.

· •Mid 2004 – Women Employed At All Levels In The Company.

· •End 2004 – Capacity In Place For Manufacturing 30000 Alternators Per Year.

· •April 2005 – Phase –III expansion capacity ramp up

· •Profit Making Enterprise since Inception …..

Product Range

Company Manufactures Brush-less Alternators with the most advanced design, production and testing facilities sets an international standard for ruggedness and reliability.

Presently available from 5 kVA to 2200 KVA, STAMFORD generators are suitable for all generator set configurations to meet the most demanding range of industrial, commercial, construction, telecommunications, mining and other standby or prime power applications.

Company leads the way in Automatic Voltage Regulator (AVR) technology, for both self-excited and PMG excited generators. Ongoing quality control programmes, based on rigorous component selection, testing, design refinement and encapsulation developments, and have made Newage's AVR technology a byword of reliability.

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. 39.49
UK Pound	1	Rs. 80.41
Euro	1	Rs. 55.76

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		72

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