MIRA INFORM REPORT

Report Date :

08.04.2008

IDENTIFICATION DETAILS

Name :	INDIAN ADDITIVES LIMITED
Registered Office :	Express Highway, Manali, Chennai – 600068, Tamilnadu
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	13.07.1989
Com. Reg. No.:	017705
CIN No.: [Company Identification No.]	U24294TN1989PLC017705
TAN No.: [Tax Deduction & Collection Account No.]	MUMI02603G
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Manufacture and Market Chemical Additives for the Oil Industry.

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 20008640
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a 50:50 joint venture of Cheuron Oronite Company LLC, USA and Chennai Petroleum Corporation Limited, India. Available information indicates satisfactory financial responsibility of the company. General financial position is satisfactory. Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office/Factory :	Express Highway, Manali, Chennai – 600068, Tamilnadu, India
Tel. No.:	91-44-25941236
Fax No.:	91-44-25941184
E-Mail :	ncnc@ialindia.com
Corporate Office :	480, Anna Salai, Nandanam, Chennai – 600035, Tamilnadu, India
Tel. No.:	91-44-25942133
Fax No.:	91-44-25941184

DIRECTORS

Name :	Mr. N Chandrasekharan
Designation :	Director
Address :	K 11, Prakrti, Vijayanagar, Velachery – 600042, Chennai
Date of Birth/Age :	19.05.1945
Date of Appointment :	19.09.2006
Name :	Mr. K.K. Acharya
Designation :	Director
Address :	MRL House, New No. 2, Old No. 67, Seethamal Road, Alwarpet, Chennai – 600016, Tamilnadu
Date of Birth/Age :	28.11.1949
Date of Appointment :	19.09.2006
Name :	Mr. Kalyan Kumar Acharya
Designation :	Director
Address :	MRL House, New No. 2, Old No. 67, Seethamal Road, Alwarpet, Chennai – 600016, Tamilnadu
Date of Birth/Age :	28.11.1949
Date of Appointment :	13.02.2006
Name :	Mr. Nannat Chandrasekharan
Designation :	Director
Address :	GF1, Dakshin, 84 First Avenue, Indira Nagar, Adyar, Chennai – 600020, Tamilnadu
Date of Birth/Age :	19.05.1945
Date of Appointment :	10.10.2003
Name :	Mr. Sridharan Nallan Chakravarthy
Designation :	Director
Address :	48(Old No. 26) Babu Rajendra Prasad Road West Mambalam, Chennai – 600033, Tamilnadu
Date of Birth/Age :	13.05.1951
Date of Appointment :	31.01.2003
Name :	Mr. Balachandran Kolvilakathu
Designation :	Director
Address :	Flat 3, Gee Gae Castle, No. 186, Lloyds Road, Chennai – 600086, Tamilnadu
Date of Birth/Age :	14.05.1955
Date of Appointment :	01.10.2006
Name :	Mr. Michael Joseph Dearing
Designation :	Director
Address :	27 Stevens Dr. Parc Stevens #01-02, Singapore – 257919
Date of Birth/Age :	17.05.1956
Date of Appointment :	31.08.2005
Name :	Mr. Koo Eng Goh
Designation :	Director
Address :	4 Bright Hill Crescent, Singapore 579663
Date of Birth/Age :	09.05.1960
Date of Appointment :	09.10.2003

Name :	Mr. A. Kasturi Rangan
Designation :	Director
Address :	A-2, Sneha Sadan, Karpagam Avenue, Chennai – 600 028
Date of Appointment :	29.07.2005
Name :	Mr. S V. Narasimhan
Designation :	Director
Address :	Old 67 New -12, Seethammal Road, Alwarpet Chennai – 600018, Tamilandu
Date of Birth/Age :	07.04.1951
Date of Appointment :	21.11.2000

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 08.09.2004

Names of Shareholders	No. of Shares
Mr. V. Srinivasan	1
Chennai Petroleum Corporation Limited	1183395
Chevron Oronite Company LLC	1183397
Mr. A Kasturi Rangan	1
Thomas Lee Nelson	1
Mr. N C Sridharan	2
Mr. R Sankaran	2
Mr. N Chandrasekharan	2
As on : 30.09.2007
Category	Percentage of Holding
Government Companies	50
Foreign holdings (FIIs, FCs, FFIs, NRIs or OCB or others)	50

BUSINESS DETAILS

Line of Business :

Manufacture and Market Chemical Additives for the Oil Industry.

GENERAL INFORMATION

Bankers :

Indian Overseas Bank Esplanade Branch, No. 7, Esplanade, Chennai – 600108, Tamilnadu E-Mail: esplnbr@chemsco.iobnet.co.in

Banking Relations :	Satisfactory
Auditors :
Name :	Price Water House Chartered Accountants
Address :	32, Khader Nawaz Khan Road, Nungambakkam, Chennai – 600006, Tamilandu

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.100/- each	Rs.300.000 millions

Issued Capital :

No. of Shares	Type	Value	Amount
2394470	Equity Shares	Rs.100/- each	Rs.239.447 millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2366800	Equity Shares	Rs.100/- each	Rs.236.680 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		236.680	236.680	236.680
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		263.536	250.643	237.561
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		500.216	487.323	474.241
LOAN FUNDS
1] Secured Loans		58.363	0.000	21.484
2] Unsecured Loans		45.000	0.000	0.000
TOTAL BORROWING		103.363	0.000	21.484
DEFERRED TAX LIABILITIES		13.489	15.900	17.100
TOTAL		617.068	503.223	512.825
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		137.190	134.455	152.786
Capital work-in-progress		0.000	2.207	1.061
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	300.458	277.865	184.895
	Sundry Debtors	203.787	141.155	183.978
	Cash & Bank Balances	2.201	20.381	52.178
	Other Current Assets	6.070	7.229	7.363
	Loans & Advances	63.931	62.089	87.988
Total Current Assets		576.447	508.719	516.402
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	70.920	118.027	132.968
	Provisions	25.649	24.131	24.456
Total Current Liabilities		96.569	142.158	157.424
Net Current Assets		479.878	366.561	358.978
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		617.068	503.223	512.825

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		1359.584	1293.062	1101.553
Other Income		20.072	33.658	16.267
Total Income		1379.656	1326.720	1117.820
Profit/(Loss) Before Tax		50.705	50.377	53.796
Provision for Taxation		20.621	23.800	15.129
Profit/(Loss) After Tax		30.084	26.577	38.667
Expenditures :
	Raw Material Consumed	1009.216	1030.718	746.858
	Consumption of stores and spares parts	53.251	61.768	16.553
	Increase/(Decrease) in Finished Goods	12.445	(73.069)	36.703
	Salaries, Wages, Bonus, etc.67.334	67.334	61.506	43.760
	Payment to Auditors	0.505	0.404	0.406
	Interest	8.941	4.674	0.989
	Insurance Expenses	3.499	3.065	3.222
	Power & Fuel	56.512	60.797	46.231
	Depreciation & Amortization	18.088	19.719	27.564
	Other Expenditure	180.498	173.857	233.063
Total Expenditure		1410.289	1343.439	1155.349

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	2.18	2.00	3.45
Net Profit Margin (PBT/Sales)	(%)	3.72	3.89	4.88
Return on Total Assets (PBT/Total Assets}	(%)	7.10	7.83	8.41
Return on Investment (ROI) (PBT/Networth)		0.10	0.10	0.11
Debt Equity Ratio (Total Liability/Networth)		0.19	0.29	0.33
Current Ratio (Current Asset/Current Liability)		5.96	3.57	3.28

LOCAL AGENCY FURTHER INFORMATION

AUTO INDUSTRY

The Indian automobile industry is going through a technological change where each firm is engaged in changing its processes and technologies to sustain the competitive advantage and provide customers with the optimized products and services. Starting from the two wheelers, trucks, and tractors to the multi utility vehicles, commercial vehicles and the luxury vehicles, the Indian automobile industry has achieved tremendous amount of success in the recent years. The well-developed Indian automotive industry ably fulfils this catalytic role by producing a wide variety of vehicles: passenger cars, light, medium and heavy commercial vehicles, multi-utility vehicles such as jeeps, scooters, motorcycles, mopeds, three wheelers, tractors etc.

The automotive sector is one of the core industries of the Indian economy, whose prospect is reflective of the economic resilience of the country. Continuous economic liberalization over the years by the government of India has resulted in making India as one of the prime business destination for many global automotive players. The automotive sector in India is growing at around 18 per cent per annum.

The Indian automotive industry started its new journey from 1991 with delicensing of the sector and subsequent opening up for 100 per cent FDI through automatic route. Since then almost all the global majors have set up their facilities in India taking the production of vehicle from 2 million in 1991 to 9.7 million in 2006 (nearly 7 per cent of global automobiles production and 2.4 per cent of four wheeler production).

The cumulative annual growth rate of production of the automotive industry from the year 2000-2001 to 2005-2006 was 17 per cent. The cumulative annual growth rate of exports during the period 2000-01 to 2005-06 was 32.92 per cent. The production of the automotive industry is expected to achieve a growth rate of over 20 per cent in 2006-07 and about 15 per cent in 2007-08. The export during the same period is expected to grow over 20 per cent.

Advantage India

India holds huge potential in the automobile sector including the automobile component sector owing to its technological, cost and manpower advantage. Further, India has a well-developed, globally competitive Auto Ancillary Industry and established automobile testing and R&D centres. The country enjoys natural advantage and is among the lowest cost producers of steel in the world. The Indian automobile industry today boasts of being the largest three wheeler second largest two wheelers manufacturers in the world, world largest motorcycle manufacturer is in India, second largest tractor manufacturer in the world, fifth largest commercial vehicle manufacturer in the world and third largest car market in Asia.

Investment Opportunities

Establishing Research and Development Centres

Establishing Engineering Centres

Passenger Car Segment

Two Wheeler Segment

Heavy truck Segment

Production

One of the largest industries in India, automotive industry has been witnessing impressive growth during the last two decades. Abolition of licensing in 1991, permitting automatic approval and successive liberalization of the sector over the years have led to overall development of the automobile industry. The freeing of the industry from restrictive environment, on the one hand, helped it to restructure, absorb new technologies, align itself to global developments and realize its potential and on the other hand, this has significantly increased industry's contribution to overall industrial growth in the country. The automobile industry witnessed a growth of 19.35 percent in April- July 2006 when compared to April- July 2005.

Domestic Sales

Ø The figures for April-January 2008 over April-January 2007 indicate that domestic sales of automobiles decelerated with a negative growth rate of (-) 4.82 percent.

Ø The cumulative growth of the Passenger Vehicles segment during April-January 2008 was 12.79 percent. Passenger Cars grew by 12.75 percent, Multi Purpose Vehicles by 23.60 percent and Utility Vehicles by 8.95 percent in April-January 2008 compared to the same period last year.

Ø In April- January 2008, the Commercial Vehicles segment grew by 2.98 percent over the same period in 2007. Light Commercial Vehicles recorded a growth of 13.84 percent; however, Medium & Heavy Commercial Vehicles witnessed a fall by 4.55 percent.

Ø Three Wheelers sales fell by 8.54 percent with sales of Goods Carriers decreasing by 19.34 percent. Passenger Carriers also fell with a negative growth rate of 0.84 percent during the period.

Ø Two Wheeler sales registered a negative growth of 8.04 percent during April-January 2008 over April-January 2007. Though Moped and Scooter segments grew by 18.23 percent and 14.68 percent respectively, Motorcycle and Electric Two Wheeler segments declined by 12.43 percent and 39.27 percent respectively.

Exports

Automobile Exports saw a growth rate at 18.15 percent during April- January 2008.

Exports of two wheelers segment grew by 27.07 percent, Commercial Vehicles exports grew by 17.88 percent and Passenger Vehicles exports at 4.89 percent in April-January 2008 over the same period last year and 3-Wheelers exports declined by 2.23 percent during this period.

Auto Components Industry

Surge in automobile industry since the nineties has led to robust growth of the auto component sector in the country. In tandem with the industry trends, the Indian component sector has shown great advances in recent years in terms of growth, spread, absorption of new technologies and flexibility. Indian auto component industry has seen major growth with the arrival of world vehicle manufacturers from Japan, Korea, US and Europe. Today, India is emerging as one of the key auto components center in Asia and is expected to play a significant role in the global automotive supply chain in the near future.

The auto parts industry has emerged as one of India's fastest growing manufacturing sectors and a globally competitive one. The auto components industry in India is dominated by around 500 key players, which contribute more than 85 percent of India's production. The industry has very deep forward and backward linkages with almost every other engineering manufacturing sector of the economy. It supports industries like automobiles, machine tools, steel, aluminum, rubber, plastics, electrical, electronics, forgings and machining.

India has also emerged as an outsourcing hub for auto parts for international companies such as Ford, General Motors, Daimler Chrysler, Fiat, Volkswagon, and Toyota.

India enjoys cost advantage with regard to castings and forgings. The manufacturing costs in India are 25 to 30 percent lower than its western counterparts. India's competitive advantage does not come from costs alone, but from its full service supply capability.

To encourage the smooth growth of the industry, the Government of India has allowed automatic approval for foreign equity investment up to 100 percent of manufacture of auto components. Further, the engineering export promotion council under the aegis of Ministry of Commerce and Industry, Government of India, over the years has been engaged in promoting exports of engineering goods including auto parts. Besides, the Automotive Component Manufacturers' Association of India (ACMA) represents the Indian auto component industry. The association is engaged in promoting trade, technology upgradation, quality enhancement, and collection and dissemination of information.

Exports of auto-components

India is being preferred as low cost country by various global OEMs for sourcing auto components for their worldwide production. As a result of this, Indian auto component industry's export scenario has changed. Now, 75 per cent of its export is directed to OEM and rest is feeding the after sales market overseas. while auto component exports grew by 40 per cent in 2004-05 to a level of US$ 1.4 billion, it registered a growth rate of 46 per cent in 2005-06 and crossed US$ 2 billion mark. A high growth of over 40 per cent is expected to materialize in 2006-07 as well. Total export was of the order of Rs. 6237 crore during the year 2004-05 and Rs. 9127 crore during the year 2005-06.

Foreign Direct Investment

The Indian auto industry with a turnover of US$ 12 billion and the auto parts industry with a turnover of US$3 billion offer excellent scope for FDI. Automatic approval for foreign equity investment upto 100 per cent of manufacture of automobiles and component is permitted. The automobile industry is delicensed Import of components is freely allowed Automotive Mission Plan 2016.

The Government of India is drawing up an Automotive Mission Plan 2016 (AMP 2016) that aims to make India a global automotive hub. To maintain the high rate of growth of the automotive industry and to retain the attractiveness of Indian market and further enhancing the competitiveness of Indian companies, the Government has prepared the mentioned ten-year Automotive Mission Plan. The idea is to draw a futuristic plan of action with full participation of the stakeholders and to implement it in mission mode to meet the challenges coming in the way of growth of industry. Through this Automotive Mission Plan, Government also wants to provide a level playing field to the players in the sector and to lay a predictable future direction of growth to enable the manufacturers in making a more informed investment decision.

Major players in the automobile sector

Ø Tata

Ø Mahindra

Ø Ashok Leyland

Ø Bajaj

Ø Hero Honda

Ø Daimler Chrysler

Ø Suzuki

Ø Ford

Ø Fiat

Ø Hyundai

Ø General Motors

Ø Volvo

Ø Yamaha

Ø Mazda

Form 8:

Name of the company

INDIAN ADDITIVES LTD

Presented By

Mr. N Chandrasekharan, Director

1) Date and description of instrument creating the change

27.10.1992 Letter of hypothecation and letters of credit

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

Rupees Twenty Three Crores

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 Raw materials, Work-in-progress, Finished Goods, Consumable spares, hypothecation of receivable (Book Debts), Documents of title and goods/accepted hundies, hypothecation of plant and machinery, present and future and (movable and immovable) with present approximate value of Rs.367.400 millions (on completion of the project)

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

Hypothecation of Raw Materials, Book Debts, Work-in-progress, finished goods, consumable spares – Interest Rate – 20.75%, LC – Documents and title goods

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

Indian Overseas Bank, Esplanade Branch, Chennai – 600108

6) Date and brief description of instrument modifying the charge

Letter dated 16.07.2005 advising sanctioned credit limits

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.

Credit facilities availed from Indian Overseas Bank stands from Rs.227.500 millions to Rs.115.500 millions as per current requirements

Particulars	Present Limits (Rs. In millions)	Revised Limits Rs. In millions)
Cash credit against inventories and book debts	97.500	60.000
LC Inland	30.000	--
LC Foreign	50.000	40.000
Guarantees Inland	50.000	40.000
Term Loan	0.0000	0.000
Total	227.500	115.000

Corporate identity number (CIN) Foreign company registration number	U24294TN1989PLC017705
Name of the Company	INDIAN ADDITIVES LTD
Address	Express Highway, Manali, Chennai – 600068, Tamilnadu
This form is for	Modification of Charges
Type of Charge	Book Debts, Movable Property (not being pledge) and Hypothecation
Particulars of the charge holder	Indian Overseas Bank Esplanade Branch, No. 7, Esplanade, Chennai – 600108, Tamilnadu E-Mail: esplnbr@chemsco.iobnet.co.in
Amount secured by the charge	Rs.135.000 millions
Brief of the principal terms and conditions	Rate of interest: Cash Credit (HYP): Interest@ BPLR – 0.50% VIZ 11% as per sanction letter dated 14.08.2006 Terms of Payments: As per agreement Margin: Stocks – 25% Book Debts – 40% L/C – 10% Extent and operation of the charge As per agreement Others: Cash credit – Rs.80.000 millions Letter of Guarantee – Rs.40.000 millions (Inland Foreign) Total Amount – Rs.135.000 millions
Date of Instrument modifying Charge	20.12.2006

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 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.39.93
UK Pound	1	Rs.79.34
Euro	1	Rs.62.55

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		66

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