MIRA INFORM REPORT

Report Date :

18.04.2008

IDENTIFICATION DETAILS

Name :	COSMIC FERRO ALLOYS PRIVATE LIMITED
Registered Office :	Sikkim Commerce House 4/1, Middleton St. 4^th Floor, Shakespeare Sara, Kolkata-700071, West Bengal
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	23.07.2003
Com. Reg. No.:	21-96622
CIN No.: [Company Identification No.]	U27104WB2003PTC096622
TAN No.: [Tax Deduction & Collection Account No.]	CALC03766A
PAN No.: [Permanent Account No.]	AACCC1730C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Ferro Alloys, Silicon Manganese, Ferro Silicon, Ferro Chrome and Ferro Manganese

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Maximum Credit Limit :	USD 920000
Status :	Small company
Payment Behaviour :	Usually correct
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 :	Sikkim Commerce House 4/1, Middleton St. 4^th Floor, Shakespeare Sara, Kolkata-700071, West Bengal, India
Tel. No.:	91-33-22836551/ 22836552/ 22836554
Fax No.:	91-33-22836553
E-Mail :	birla.satis@gmail.com, cosmicgroup@vsnl.net
Factory :	Village Ghutgoria, P O Barjoria-722168, District Bankura, West Bengal, India
Tel. No.:	91-3241-257404
Fax No.:	91-3241-256185

DIRECTORS

Name :	Mr. Satyanarayan Bidawatka
Designation :	Director
Address :	190-A, Manicktalla Main Road, 3^rd Floor, Kankurgachi, Kolkata-700054, West Bengal
Date of Birth/Age :	28.11.1947
Date of Appointment :	23.07.2003
Name :	Mr. Ravi Kumar Birla
Designation :	Director
Address :	11A, Dover Lane, Kolkata-700029, West Bengal
Date of Birth/Age :	05.07.1962
Date of Appointment :	23.07.2003
Name :	Mr. Radhey Shyam Birla
Designation :	Director
Address :	82/9, Ballygunge Place, Kolkata-700019, West Bengal
Date of Birth/Age :	02.10.1935
Date of Appointment :	24.07.2003
Name :	Mr. Satish Kumar Birla
Designation :	Director
Address :	32/9, Ballygunge Place, Kolkata-700019, West Bengal
Date of Birth/Age :	03.11.1963
Date of Appointment :	23.07.2003
Name :	Mr. Krishnendu Mukherjee
Designation :	Additional Director
Address :	46/3A, Central Road, Flat No.18, Kolkata-700032, West Bengal
Date of Birth:	18.11.1963
Date of Appointment :	24.07.2003

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Mr. Sathyanarayan Bidwatka	4000
Mr. Ravi Kumar Birla	3000
Mr. Satish Kumar Birla	3000
Total	10000
Equity Share Break-up [As on 31.03.2007]	Percentage of Holding
Bodies Corporate	63.00
Directors or relatives of the Directors	37.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Ferro Alloys, Silicon Manganese, Ferro Silicon, Ferro Chrome and Ferro Manganese

Products:

Item Code No. (ITC Code)	72021100
Product Description	Ferro Manganese

Item Code No. (ITC Code)	72023000
Product Description	Silico Manganese

Item Code No. (ITC Code)	NA
Product Description	Ferro Silicon

GENERAL INFORMATION

No. of Employees :	About 50
Bankers :	· State Bank of India, Commercial Branch (A/C No. 01600020110) · The Fedaral Bank Limited, Ballygunge Branch, 1/D, Mandeville Gardens, Kolkata-700019, West Bengal · ICICI Bank Limited Landmark, Race Course Circle, Vadodara 390007

Banking Relations :	Satisfactory
Auditors :
Name :	B Jain and Company Chartered Accountants
Address :	26, Strand Road, 1^st Floor, Kokata-700001, West Bengal. India
Tel. No.:	91-33-22434933
E-Mail :	pulu@vsnl.com

CAPITAL STRUCTURE

As on 31.03.2007

Authorised Capital :

No. of Shares	Type	Value	Amount
5407600	Equity Shares	Rs.10/- each	Rs. 54.076 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value		Amount
5407600	Equity Shares	Rs.10/- each	Rs. 54.076 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		54.076	50.211	34.771
2] Share Application Money		13.675	36.530	33.100
3] Reserves & Surplus		163.811	130.958	0.000
4] (Accumulated Losses)		0.000	0.000	27.106
NETWORTH		231.562	217.699	94.977
LOAN FUNDS
1] Secured Loans		244.894	230.486	157.834
2] Unsecured Loans		5.232	1.222	1.050
TOTAL BORROWING		250.126	231.708	158.884
DEFERRED TAX LIABILITIES		38.288	2.455	0.917
TOTAL		519.976	451.862	254.778
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		300.378	253.138	209.652
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	217.727	200.407	77.887
	Sundry Debtors	82.666	27.990	5.308
	Cash & Bank Balances	40.796	36.149	21.654
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	87.544	51.297	14.563
Total Current Assets		428.733	315.843	119.412
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	206.458	116.759	74.234
	Provisions	2.723	0.428	0.142
Total Current Liabilities		209.181	117.187	74.376
Net Current Assets		219.552	198.656	45.036
MISCELLANEOUS EXPENSES		0.046	0.068	0.090
TOTAL		519.976	451.862	254.778

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		865.561	368.141	32.678
Other Income		57.914	4.482	29.307
Total Income		923.475	372.623	61.985
Profit/(Loss) Before Tax		55.519	3.628	2.725
Provision for Taxation		38.126	1.825	1.058
Profit/(Loss) After Tax		17.393	1.803	1.667
Expenditures :
	Raw Material Consumed	338.781	139.913	24.847
	Purchases made for re-sale	33.594	9.027	0.000
	Increase/(Decrease) in Finished Goods	29.881	[42.685]	0.000
	Salaries, Wages, Bonus, etc.	9.896	6.634	1.384
	Managerial Remuneration	0.000	0.000	0.000
	Payment to Auditors	0.015	0.015	0.015
	Interest	29.528	23.133	3.212
	Insurance Expenses	2.202	1.010	0.521
	Power & Fuel	277.363	142.907	17.573
	Depreciation & Amortization	11.267	9.368	0.962
	Other Expenditure	135.429	79.673	10.746
Total Expenditure		867.956	368.995	59.260

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	1.88	0.48	2.68
Net Profit Margin (PBT/Sales)	(%)	6.41	0.98	8.33
Return on Total Assets (PBT/Total Assets}	(%)	7.61	0.63	0.82
Return on Investment (ROI) (PBT/Networth)		0.24	0.01	0.02
Debt Equity Ratio (Total Liability/Networth)		1.98	1.60	2.45
Current Ratio (Current Asset/Current Liability)		2.04	2.69	1.60

LOCAL AGENCY FURTHER INFORMATION

Business:

To manufacture, produce, process, formulate, buy, sell, import, export, trade or otherwise deal in ferrous and non ferrous metals, ferrous and non ferrous powders including alloy steel, ferro alloys, ferro chrome, ferro silicon, ferro manganese, silicon carbide, calcium carbide, ferro silicon magnesium, titanium, bentonite powder, tungsten, vanadium and lime stone powder strontium, ferro silicon, zircontium, ferro aluminium, refrectors, silico manganese, chemicals, minerals, pig iron, steel castings, chrome alloys, silicon s\alloys, manganese alloys, aluminium thermic alloys.

Form 8 Particular for creation or modification of charges

Name of the company

COSMIC FERRO ALLOYS PRIVATE LIMITED

Presented By

The company

1) Date and description of instrument creating the change

Agreement of cash credit dated 02.08.2005.

Letter of credit agreement dated 02.08.2005

Term loan agreement dated 02.08.2005.

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

Rs.50.500 millions

Nature of Facility	Limit (Rs. In millions)
Cash credit	20.000
Letter of credit	15.000
Term loan	15.500
Overall Limit	50.500

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 goods, produce, merchandise and any other stocks mentioned in the ex schedule to the agreement as also specified here under or in the stock statement submitted by the borrower from time to time which now or hereafter from time to time during this security shall be brought into stored or be in or about the borrowers godowns or premises at village Ghutaghoria, Post and P.O. Barjora, District Bankura, West Bengal or wherever else the same may be and which may come into existence by accretion, modification or purchase or otherwise shall be hypothecated to the Bank and its assigns by way of first charge.

All the borrower’s present and future book debts, outstanding moneys receivables, claims, contracts, engagements, deposits, rights and assets shall be hypothecated to the Bank and its assigns by way of first charge.

Schedule

The entire stock of finished goods, semi finished goods and goods in process, raw mat3erials like manganese ore, coke, quartz etc. all book debts and other receivables bills raised, advance payments made etc.

All goods and documents of title to goods and other documents covered under the respective letters of credit which may have been already delivered or shall be hereinafter delivered into your possession or into the possession of your agents by the borrower or by the borrower or by any person, firm or company on the borrower behalf as a result of your opening the respective letters of credit or in connection with the transaction there under

The borrowers hereby charges and hypothecates to the bank all the said assets/vehicles/ vessels/ machineries specified and described in schedule I to the agreement as also specified hereunder of which entire description will be finished later which can be incorporated in schedule by the officials of the bank which will at any time during the continuance of this security normally be housed/garaged/anchored in or about village Ghutghoria, P.O. Barjora, District Bankura, West Bengal or elsewhere in India by way of first charge.

Schedule I

Particulars of assets/vehicles/vessels/machineries

Full description of the item with number	Trade Name (Make)	Model and year	New/Used	Invoice Price	Other details as Reg. No. Chassis No., Engine No., Seating Capacity including driver, unladen weight etc.
Arc Furnace	Ghalasi	2005	New	239.00L	Nil
Cooling System	Ghalasi	2005	New	13.00L	Nil
Hardware briquetting plant	Ghalasi	2005	New	102.00L	Nil
CI Casting pans	Asansol Steel	2005	New	18.00L	Nil
Slag Pots	Asansol Steel	2005	New	11.00L	Nil
Ladle	Vikash Cosmic	2005	New	12.00L	Nil

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

The borrower shall not do or allow anything which may prejudice the security and shall comply with the terms and conditions of the agreement.

The Bank reserves the right to charge the interest, as additional interest, commission, discount, costs, charges and expenses at such rates as may be determined by the Bank from time to time according to Banking norms and RBI guidelines, the present rate of interest being

For cash credit : @ 12.25% p.a. with monthly rests.

For Term Loan : @ 1.25% above BPLR minimum @ 12.75% p.a. with monthly rest and compounded, rising and falling therewith calculated respectively on the daily balance of the amount due or at such other rates that the Bank may from time to time stipulate. The present BPLR of the Bank is 11.50% and accordingly the borrowers shall pay interest at the rate of 12.75% p.a. with monthly rest subject to revision in rates of interest as provided above.

The Term Loan of Rs.15.500 millions is repayable with interest, additional interest, charges and other expenses in 63 months commencing from the date of disbursal of the loan or any part there of in 54 monthly installments of Rs.0.287 millions each.

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

The Fedaral Bank Limited

Ballygunge Branch

1/D, Mandeville Gardens,

Kolkata-700019, West Bengal

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

This Form is for	Creation of charge
Charge identification number of the charge to be modified	NA
Corporate identity number of the company	U27104WB2003PTC096622
Name of the company	COSMIC FERRO ALLOYS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Sikkim Commerce House 4/1, Middleton St. 4^th Floor, Shakespeare Sara, Kolkata-700071, West Bengal, India
Type of charge	· Book Debts · Movable Property
Particular of charge holder	The Federal Bank Limited Ballygunge Branch, 1/D, Mandiville Gardens, Kolkata 700019, West Bengal, India E-mail: cale@federalbank.co.in
Nature of description of the instrument creating or modifying the charge	1] Letter of credit agreement 2] Agreement for Export Advances Executed against following adhoc credit limits disbursed to the company. A] Adhoc LC limit Rs. 60.000 Millions B] Adhoc FDBP limit – Rs. 30.000 Millions C] Adhoc PFC limits Rs. 20.000 Millions
Date of instrument Creating the charge	08.01.2008
Amount secured by the charge	Rs. 110.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	[a] Rate of interest The Borrower shall pay interest on letter of credit @ 2% p.a. over the Reserve Bank of India Advance Rate subject to minimum of 13.75% p.a. at monthly rests or at such other rate as may be prescribed by the Bank from time to time. The borrower shall pay interest on Export Advances BPLR 3% p.a. for the FDBP limit. Overdue interest @ 2% or such rates as may be prescribed by the Bank/RBI from time to time. [b] Terms of repayment On demand [c] Margin As per banks rule [d] Extent and operation of the charge The Borrower hereby hypothecates in favour of the Bank by way of first charge the whole of the stock of raw materials, packing materials, consumable spares, goos in process and finished goods including goods in transit belonging to the Borrower wherever situated and whatsoever.
Short particulars of the property charged	The borrower hereby hypothecates in favour of the bank by way of first charge the whole of the stock of raw materials, pacing materials, consumable spares, goods in process and finished goods including goods in transit belonging to the Borrower wherever situated and whatsoever.
Date of latest modification prior to the present modification	NA
Particulars of the present modification	NA

Name of the company	COSMIC FERRO ALLOYS PRIVATE LIMITED
Presented By	Mr. Satish Kumar Birla
1) Date and description of instrument creating the change	Deed of hypothecation dated the 01.03.2005 executed by Cosmic Ferro Alloys Private Limited in favour of ICICI Bank Limited,
2) Amount secured by the charge/amount owing on the securities of charge	Rupees Term Loan of Rs. 0.592 Millions [hereinafter referred to as “the facility”]
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 situated at Sikkim Commerce House 4/1, Middleton St. 4^th Floor, Shakespeare Sara, Kolkata-700071, West Bengal, India
4) Gist of the terms and conditions and extent and operation of the charge.	In consideration of ICICI Bank having agreed to lend and advance to the Company the facility, agreement and declaration by the Company, interalia as follows: Convenant by the company to repay the facilkity and pay interest and all other monies in the manner set out in the facility agreement dated 01.03.2005 between the company and ICICI Bank and to comply with the terms and conditions of the said facility agreement. The said assets was thereby mortgaged to ICICI bank, as and by way of first charge as security for and be charged with the repayment of the facility with all interest, premia on prepayment, costs, charges and expenses and all other monies payable by the company to ICICI bank in respect thereof. The Company to keep the said assets of the marketable and good condition and also insured as provided therein. Power of to take charge and/or possession of recover, receive, appoint receivers of and remove and/or sale by public auction or private contract, dispatch for realization or otherwise dispose off or deal with all or any part of the said assets, etc. as provided therein.
5) Name and Address and description of the person entitled to the charge.	ICICI Bank Limited Landmark, Race Course Circle, Vadodara 390007
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

Website Details :

Subject is one of the leading manufacturers and exporters of Ferro Alloys namely Ferro Chrome, Ferro Silicon, Ferro Manganese, Silico Manganese, has set new benchmarks in the industry with its quality products.

They have developed their core competence in the field of manufacturing and exporting of Ferro Alloys: Ferro Chrome, Ferro Silicon, Ferro Manganese, Silico Manganese. They focus on business processes for the improvement in the quality and ensure the safety of the products. They endeavor to manufacture high quality products that are delivered within the stipulated time to their clients. Quality raw material, right type of equipment and quality control measures culminate into quality products. They have spread their wings into vast overseas countries and have made indefatigable efforts to offer products of international standards.

Their Product Line

They engineer highest quality Ferro Alloys as per the specification of their clients for the satisfaction of their clients. Their product line includes:

v Ferro Manganese

v Silico Manganese

v Ferro Chrome

v Ferro Silicon

Products	Mn (%)	Si (%)	Carbon (%)	Phos (%)	Sulphur (%)
Fero Manganese
High Carbon Ferro Manganese	70-75	1.5 Max	6-8	0.35 to 0.43	0.05 Max
High Carbon Ferro Manganese	75-80	1.5 to 2.0	6-8	0.35 Max	0.05 max
High Carbon Ferro Manganese – Low Phos	70-75	1.5 Max	6-8	0.15 Max	0.05 max
Silico Manganese
High Carbon Silico Manganese	60-65	14-18	2.0 Max	0.3 Max	0.05 Max
High Carbon Silico Manganese	65-70	15-20	2 Max	0.25-0.30	0.05 max
Medium Carbon Silico Manganese	56-58	23-26	0.5 to 0.6	0.15-0.20	0.05 max
Medium Carbon Silico Manganese	55	21	0.5	0.20 max	0.05 max

Fero Chrome	Cr (%)	C (%)	Si (%)	P (%)	S (%)	V (%)	Ni (%)	Ti (%)
High Carbon Fero Chrome	60 min	8 Max	3 Max	0.03/0.04 Max	0.04 Max	0.15 Max	0.25 Max	0.20 Max
High Carbon Fero Chrome - LP	60 min	8 Max	4 Max	0.020 Max	0.04 Max	0.15 Max

Their Excellence

Being a quality conscious company, they are innovating new production techniques to continually enhance efficiency to offer quality products. Their aim is to deliver an unparalleled level of quality with one thing in mind complete satisfaction. Their products are thoroughly checked in the quality control section to maintain highest quality standards. Their team of experts maintains a strict vigil on the quality of the products before they are dispatched. Their laboratory vis -a-vis quality control equipment/appliances one of standard par excellence.

.

Their Patrons

They have a wide client base which consists of satisfied and loyal clients across the globe. Their commitment to quality and timely deliveries has earned them the goodwill of their clients.

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. 39.96
UK Pound	1	Rs. 78.66
Euro	1	Rs. 63.31

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		34

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