MIRA INFORM REPORT

Report Date :

10.10.2007

IDENTIFICATION DETAILS

Name :	MAHARASHTRA METAL POWDERS LIMITED
Formerly Known As:	SEMI CONDUCTOR PACKAGES PRIVATE LIMITED
Registered Office :	211 Shrimohini, 345, Kingsway, Nagpur – 440001, Maharashtra
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	09.09.1983
Com. Reg. No.:	11-30813
CIN No.: [Company Identification No.]	U32300MH1983PLC030813
IEC No.	0388199091
TAN No.: [Tax Deduction & Collection Account No.]	NGPM00276D
Legal Form :	A closely held public limited liability company
Line of Business :	Manufacturer and exporter of importer of aluminum powder, aluminum paste, etc.

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 410000
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 reported as 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 :	211 Shrimohini, 345, Kingsway, Nagpur – 440001, Maharashtra, India
Tel. No.:	91-712-524645/533585/548439
Fax No.:	91-712-530461
E-Mail :	mmpl@bom4.vsnl.net.in mmp_l@satyam.net.in
Website :	http://www.mmpowders.com
Area :	1540 sq. Fts.
Location:	Rented
Factory 1 :	Village, Naregaon Post, Shahpur, District – Bhandara – 441906, Maharashtra, India
Tel. No.:	91-7784-281126
Area :	26 acres
Location:	Owned

DIRECTORS

Name :	Shri Prasannamal M. Lodha
Designation :	Director
Address :	10, Gangwal Park, Jaipur – 302 004, Rajasthan, India
Date of Birth/Age :	09.03.1930
Qualification :	Chartered Accountants
Experience :	50 years
Date of Appointment:	22.07.1999
Name :	Shri Arun Bhandari
Designation :	Managing Director
Address :	83, Shivagi Nagar, Nagpur – 440 010, Maharashtra, India
Date of Birth/Age :	18.09.1955
Qualification :	B. E.
Date of Appointment:	05.02.1981
Name :	Shri Shivram V. Bhagwat
Designation :	Director
Address :	“Sadicha”, 80, Vidya Vihar, Pratap Nagar, Nagpur – 440 022, Maharashtra, India
Date of Birth/Age :	08.11.1924
Qualification :	M. Sc.
Experience :	50 years
Date of Appointment:	11.02.1991
Name :	Shri. Hemant A. Jahagirdar
Designation :	Whole Time Director
Address :	66, Hindustan Colony, Wardha Road, Nagpur – 440 015, Maharashtra, India
Date of Birth/Age :	31.07.1951
Qualification :	M. Sc. PHD
Experience :	25 years
Date of Appointment:	01.08.1997
Name :	Shri Sureshkumar K. Jakothiya
Designation :	Whole Time Director
Address :	503, NeelgaganCo-operative Society, Dhantoli, Nagpur- 440 012, Maharashtra, India
Date of Birth/Age :	04.04.1947
Qualification :	B. E.
Experience :	25 years
Date of Appointment:	01.09.2000
Name :	Shri Maganmal M. Jain
Designation :	Director
Address :	Gokul , Civil Lines, Nagpur- 440 001, Maharashtra, India
Date of Birth/Age :	20.06.1934
Qualification :	Chartered Accountants
Experience :	45 Years
Date of Appointment:	06.01.1995
Name :	Shri Hemant Lodha
Designation :	Director
Address :	Himalaya Paradise, 206, Civil Lines, Nagpur – 440 001, Maharashtra, India
Date of Birth/Age :	49 years
Qualification :	Chartered Accountants
Experience :	25 years
Date of Appointment:	04.08.2003

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Nayank Fasabys Private Limited	928750
Shri. P. M. Lodha	718800
Shri Arun Bhandari	753200
Smt. Sarof Bhandari	110775
M/s. Aditya Chemicals Limited	345000
M/s. Star Civadips and Engineering Limited	400000
Smt. Nedmani Jain	300000

Category	Percentage of Holding
Bodies Corporate (not mentioned above)	31.58
Directors or relatives of directors	29.76
Other top fifty (50) shareholders (other than listed above)	12.64
Others	26.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and exporter of importer of aluminum powder, aluminum paste, etc.

Products :

Item Code No.	Product Description
76032000	Aluminium Powders
32129000	Aluminium Paste

Exports to :

Thailand, Singapore

Imports from :

Singapore

Terms :

Selling :

Credit (30 days)

Purchasing :

L/C terms

PRODUCTION STATUS – As on 31.03.2005

Particulars	Unit	Installed Capacity	Actual Production
Flake Aluminium Powder	M. T.	2100	1868898
Atomized Aluminium Powder	M. T.	4000	3781068
Aluminium Paste	M. T.	900	625494

GENERAL INFORMATION

Bankers :

v Union Bank of India

Dhantoli Branch, Nagpur, Maharashtra, India

v SICOM Limited

Nirmal, 1^st Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India

v State Bank of India

Kingsway Branch, Nagpur, Maharashtra, India

Facilities :

Particulars	As on 31.03.2005 Rs. in Millions
Secured Loans:
From State Bank Of India (Working Capital)	51.325
From SICOM (Term Loan)	4.600
Total	55.925
Unsecured Loans:
Sales Tax Deferment (1993 PSI)	22.229
From Director	0.010
From Others	7.856
Total	30.095

Banking Relations :	Satisfactory
Auditors :
Name :	N. S. Rathore and Company Chartered Accountants
Address :	59, Sardar Patel Marg, Jaipur- 302 001, Rajasthan, India
Tel. No.:	91-941-2361830
Fax No.:	91-941-2372919
Associates/Subsidiaries :	Ø STAR CIRCLIPS AND ENGINEERING LIMITED. Website : http://www.starcirclips.com Line of Business: Manufacturer of Circlips, Washers, Spring Washers, Dowell Pin Multiformed Components and special parts of spring steel etc Ø NAGPUR PULVERIZERS & MINERALS LIMITED Website : http:// www.npmnagpur.com Line of Business : Manufacturer of MANGANESE DI OXIDE POWDER, MANGANOUS OXIDE POWDER

CAPITAL STRUCTURE

Authorized Capital:

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs. 10 each	Rs. 70.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
6880000	Equity Shares	Rs. 10 each	Rs. 68.800 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		68.800	68.800	68.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		35.952	33.646	29.424
4] (Accumulated Losses)		0.000	(1.587)	(0.365)
NETWORTH		104.752	100.859	97.859
LOAN FUNDS
1] Secured Loans		65.926	55.925	59.242
2] Unsecured Loans		35.901	30.095	23.413
TOTAL BORROWING		101.827	86.020	82.655
DEFERRED TAX LIABILITIES		17.179	17.798	17.725
TOTAL		223.758	204.677	198.239
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		102.052	90.455	88.935
Capital work-in-progress		6.912	6.222	6.246
INVESTMENT		10.216	10.216	10.216
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	43.703	41.650	36.621
	Sundry Debtors	70.643	70.153	64.449
	Cash & Bank Balances	1.626	1.191	1.368
	Other Current Assets	4.055	2.288	3.526
	Loans & Advances	10.768	7.127	6.109
Total Current Assets		130.795	122.409	112.073
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	26.217	24.625	19.231
	Provisions	0.000	0.000	0.000
Total Current Liabilities		26.217	24.625	19.231
Net Current Assets		104.578	99.784	92.842
MISCELLANEOUS EXPENSES		0.000	204.677	198.239
TOTAL		223.758	204.677	198.239

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
Sales Turnover		332.240	330.067	258.420
Other Income		0.648	0.265	0.000
Total Income		333.488	330.332	258.420
Profit/(Loss) Before Tax		4.743	6.301	5.497
Provision for Taxation		1.337	1.272	1.176
Profit/(Loss) After Tax		3.406	5.029	4.321
Earnings in Foreign Currency :
	Export Earnings	NA	14.020	9.065
Imports :
	Raw Materials	NA	8.238	7.746
Expenditures :
	Raw Materials Consumed	167.007	168.633	143.187
	Consumption of stores and spare goods, work-in-progress	10.721	12.544	0.000
	Increase or decrease in finished goods, work-in-progress	(3.876)	(0.745)	2.312
	Salaries, wages and bonus	30.154	26.879	15.548
	Managerial Remuneration	1.661	1.437	0.000
	Payment of Auditors	0.028	0.024	0.000
	Interest	5.155	5.569	0.000
	Insurance Expenses	2.011	1.524	0.000
	Power and Fuel	24.186	23.864	0.000
	Depreciation and amortization	7.037	6.493	6.248
	Other Expenditure	84.661	77.691	85.628
Total Expenditure		328.745	324.031	252.923

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
PAT / Total Income	(%)	1.02	1.52	1.67
Net Profit Margin (PBT/Sales)	(%)	1.43	1.91	2.13
Return on Total Assets (PBT/Total Assets}	(%)	2.04	2.96	2.73
Return on Investment (ROI) (PBT/Networth)		0.05	0.06	0.06
Debt Equity Ratio (Total Liability/Networth)		1.22	2.27	2.22
Current Ratio (Current Asset/Current Liability)		4.99	4.97	5.82

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets

v Freehold Land/ Leasehold Land

v Factory Building

v Non-Factory Building

v Furniture and Fixtures

v Plant and Machinery

v Electric Installation

v Vehicles

v Office and Laboratory Equipments

v Computers

v Holiday Resort

v Live Stock

Form 8

Name of the company	MAHARASHTRA METAL POWDERS LIMITED
Presented By	MAHARASHTRA METAL POWDERS LIMITED
1) Date and description of instrument creating the change	Deed of Mortgage dated 30.12.1994 executed by the Company in favour of The state Industrial and Investment Corporation of Maharashtra Limited now known as SICOM Limited (SICOM) (hereinafter referred to as “the said Mortgage”)
2) Amount secured by the charge/amount owing on the securities of charge	Term Loan of Rs. 20.000 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 Company created a first mortgage and charge in favour of SICOM by way of: a) First legal Mortgage on all that piece and parcel of Non Agricultural land bearing Survey No. 43, within the Village limits of Maregaon Taluka, Registration Sub-District, District and Registration District: Bhandara, admeasuring 80128 Sq. mtrs and thereabouts together with the buildings and structures constructed/ to be constructed thereon: b) First hypothecation on all the plant, engines, boilers, motors, machinery (whether fixed or movable) spare parts, electric and other installations, implements, equipments, tools, utensils, appliances, fixtures, fittings, vehicles, accessories, stores relating to the said plant and machinery and other article both present and future at Village Maregaon, District: Bhandara c) Assignment of the goodwill of the business uncalled capital and all the licenses and Registrations of the Company d) Floating charge on other properties and assets of the Company including stocks of raw materials, goods in process, finished and semi-finished goods, stores not relating to the said plant and machinery or any spare parts thereof and book debts and other outstandings with a right to the Company to create prior hypothecation pledge or charge in favour of its Bankers over the stocks of raw-materials, finished and semi-finished goods, goods-in-process, stores not relating to the said plant and machinery and book debts for availing overdraft cash credit or other facilities granted by the Company’s bankers for its working capital requirements in the ordinary course of its business.
4) Gist of the terms and conditions and extent and operation of the charge.	a) The Company agreed to repay to SICOM the said Term Loan of Rs. 20.000 millions by 25 quarterly installments, commencing from 15^th December 1995. The first 10 installments are of Rs. 0.700 million each. The next 8 installments are of Rs. 0.900 million each and the last 3 installments are of Rs. 1.000 million each. b) The Company agreed to pay interest at the rate of 19.50% per annum payable by quarterly rests on 31^st January, 30^th April, 31^st July and 31^st October, every year with a PROVISO to pay additional compound interest at the rate of 2.5% per annum over and above SICOM’s lending rate in case of default in payment of any installment of the principal sum and / or interest on the total amount in default during the period of such default. c) The Company agreed to maintain a minimum margin of 45% during the current of the said Term Loan and d) The Company covenanted not to deal with or dispose off by sale or otherwise nor enter into any lease arrangement nor shall create in favour of any other party any mortgage, lien or charge by way of hypothecation pledge or otherwise howsoever nor crease any encumbrances of any kind whatsoever on the Mortgaged Premises or on any of its other properties and assets both present and future during the currency of the said term loan.
5) Name and Address and description of the person entitled to the charge.	SICOM Limited Nirmal, 1^st Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India
6) Date and brief description of instrument modifying the charge	Deed of Further Charge and Additional Security dated 29.01.1998 executed by the Company in favour of SICOM (hereinafter referred to as “the said Deed of Further Charge and Additional Security”)
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.	a) By the said Deed of Further Charge and Additional Security SICOM lent and advanced/ agreed to lend and advance to the Company an Additional Term Loan of Rs. 25.000 millions which the Company agreed to repay to SICOM by 19 quarterly installments, commencing from 15.07.1999. The first installment shall be of Rs. 1.000 million the subsequent 12 installments shall be of Rs. 1.300 millions each and the last 6 installments shall be of Rs. 1.400 millions each. Together with interest thereon @ 3.5% per annum above SICOM’s reference rate (which at present is 16% per annum) due and payable quarterly on 28^th February, 31^st May, 31^st August, and 30^th November, every year for the respective periods ending on these dates with a provision for payment of additional/ compound interest @ 8% per annum over and above SICOM/s reference rate mentioned above in case of default in payment of any installment of principal and/ or interest on their respective due dates as mentioned in the said Deed of Further Charge and Additional Security. b) By the said Deed of Further Charge and Additional Security, the Company further charged by way of a first charge to SICOM all its properties and assets mentioned item No. 3) above to further secure to SICOM the repayment of the said Additional Term Loan of Rs. Rs. 25.000 millions. Together with interest thereon, costs, charges and expenses. c) By the said Deed of Further charge and Additional Security, the Company mortgaged and charged by way of first mortgage and charge. i) All those pieces or parcel of land bearing Gat/ Block Nos. 55/1, 56/1 and 56/2, admeasuring in aggregate 2H-00R equivalent to 20000 sq. mtrs or thereabouts situate at village Maregaon, Taluka and District Bhandara Together with building and structures constructed and to be hereafter constructed thereon ii) All the Additional Plant and Machinery and all other properties and assets both present and future and both at Gat No. 43 and Gat Nos. 55/1, 56/1 and 56/2 situate at Village Maregaon Taluka and District Bhandara As and by way of additional security to secure SICOM the due repayment of the said Term Loan of Rs. 20.000 millions and the said Additional Term Loan of Rs. 25.000 millions. Together with interest, thereon, costs, charges and expenses. d) By the said Deed of Further charge and Additional Securities the Company agreed – i) That all terms, covenants, conditions, powers, provisions, agreements and declarations contained in the said Mortgage shall extend to and supply to the said Additional Term Loan ii) To maintain a minimum margin of 24% on the value of Fixed assets considered for security and disbursement by SICOM and iii) Not to deal with or dispose off by sale or otherwise nor enter into any lease arrangement nor shall create any mortgage lien or charge by way of hypothecation, pledge or otherwise in respect of the said additional property. e) All the other terms, covenants and condition mentioned in the said Mortgage and the said Deed of Further Charge and Additional Security.

Name of the company	MAHARASHTRA METAL POWDERS LIMITED
Presented By	State Bank of India Kingsway, Nagpur, Maharashtra, India
1) Date and description of instrument creating the change	a) Agreement of Hypothecation of Goods and Assets (Form C-2) dated 10.12.1993 b) Form C-5 dated 10.12.1993 Both agreements executed for creation of a single charge of Rs. 36.800 millions
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 36.800 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 by way of first charge of all present and future goods, book debts and all other moveable assets including documents of title to goods, outstanding moneys, receivables including receivables by way of cash assistance/ cash incentives under the Cash Incentive Scheme or any other scheme, any claims including claims by way of refund of custom/excise duties under duty draw back credit schemes or any other scheme, bills, invoices, policies, guarantees, engagements, securities, investments and rights wherever lying stored and kept and whether lying stored and kept and whether in possession of the Borrower of the Bank of any third party whether in India or elsewhere throughout the world including all such goods as may be in course of shipment, transit or delivery.
4) Gist of the terms and conditions and extent and operation of the charge.	Rate of Interest: Raw Materials: 25% Finished Goods: 33 1/3% Stores: 40% Interest @2% above SBAR minimum 17% per annum effective rate being 17.75% (inclusive of interest tax) subject to changes from time to time as per RBI guidelines.
5) Name and Address and description of the person entitled to the charge.	State Bank of India Kingsway Branch, Nagpur, Maharashtra, India
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

Corporate identity number (CIN) Foreign company registration number	U32300MH1983PLC030813
Name of the Company	MAHARASHTRA METAL POWDERS LIMITED
Address	211 Shrimohini, 345, Kingsway, Nagpur – 440001, Maharashtra, India
This form is for	Modification of charge
Type of Charge	A charge on Immovable Property
Particulars of the charge holder	Union Bank of India Dhantoli Branch, Nagpur- 440 010, Maharashtra, India E-Mail: msagrawal_ca@yahoo.com
Nature or description of the instrument(s) creating or modifying the charge	As per Agreement
Date of the instrument creating or modifying the charge	16.01.2007
Amount secured by the charge	Rs. 70.000 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	As per Agreement
Short particulars of the property charged (including location of the property)	As per Agreement
Particular of the present modification	CC Limit is increased by Rs. 10.000 millions

Website details attached:

COMPANY PROFILE

Subject is producing aluminium powders (atomized, pyrotechnic and flakes) and aluminium pastes (leafing and non-leafing) near the central Indian City of Nagpur. The manufacturing plant is certified for ISO 9002 by RWTUV, Germany

The installed capacities are as under.

1) Atomized Powders: 4000 MTPA

2) Pyrotechnic and flake aluminium: 2400 MTPA

3) Aluminium Pastes: 600 MTPA

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. 39.31
UK Pound	1	Rs. 80.12
Euro	1	Rs. 55.76

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		48

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.	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