MIRA INFORM REPORT

Report Date :

23.08.2008

IDENTIFICATION DETAILS

Name :	RALSON (INDIA) LIMITED
Registered Office :	J - 38 Udyog Nagar, Rohtak Road, Delhi-110 041
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	30.03.1974
Com. Reg. No.:	55-42836
CIN No.: [Company Identification No.]	U51909DL1974PLC042836
TAN No.: [Tax Deduction & Collection Account No.]	DELR05554D
PAN No.: [Permanent Account No.]	AABCB7995K
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturers and Exporters of Tyres and Tubes

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 3000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Trade relations are fair. General financial position is good. Business is active. Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings.

INFORMATION PARTED BY

Name :	Mr. Anil Jain
Designation :	Accuntant
Contact No.:	91-9213161237
Date :	12.06.2008

LOCATIONS

Registered Office :	J-38, Udyog Nagar, Rohtak Road, Delhi-110041, India
Tel. No.:	91-11-25473917/25473918
Fax No.:	91-11-25473918/25473735
E-Mail :	ralsonindia@vsnl.com ho@ralson.com
Website :	www.ralson.com
Area :	10 acres
Corporate Office :	80/182, Rajender Nagar, Industrial Area, Mohan Nagar, Ghaziabad, Punjab, India
Tel. No.:	91-120-3269871
Area :	Owned
Factory 1 :	Ralson Nagar, GT Road, Ludhiana-141003, Punjab, India
Tel. No.:	91-161-2511501 to 2511510
Fax No.:	91-161-2511511, 2511512 upto 510
E-Mail :	ralson.ldh@rmc.sprintrps.ems.vsnl.net.in
Area :	10 acres

DIRECTORS

Name :	Mr. Sanjeev Pahwa
Designation :	Managing Director
Address :	B 20/3192, Gurdev Nagar, Ludhiana-141002, Punjab, India
Date of Birth/Age :	26.12.1966
Date of Appointment :	02.03.1991
Name :	Mrs. Rachna Pahwa
Designation :	Director
Address :	B 20/3192, Gurdev Nagar, Ludhiana-141002, Punjab, India
Date of Birth/Age :	06.06.1972
Date of Appointment :	27.03.1998
Name :	Mr. Mohmad Abdul Zahir
Designation :	Director
Address :	Hose No. 95, New Rajguru Nagar, VIA Thrike, Ludhiana-142021, Punjab, India
Date of Appointment :	30.01.1986
Name :	Mr. Krishna Rani
Designation :	Director
Address :	B 20/3192, Gurdev Nagar, Ludhiana-141002, Punjab, India
Date of Birth/Age :	20.08.1940
Date of Appointment :	15.06.1974
Name :	Mrs. Priyanka Arora
Designation :	Director
Name :	Mrs. Rani Sodhi
Designation :	Director
Name :	Mr. A Roy
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Deepak Jain
Designation :	Company Secretary
Address :	149-C, Rishi Nagar, Ludhiana-141001, Punjab, India
Date of Birth/Age :	23.01.1959
Date of Appointment :	01.03.2005
Name :	Mr. Hari Kishan Sharma
Designation :	Secretary
Address :	H. No. 212, Rishi Mohalla, Nawan Shahr-144514, Punjab, India
Date of Birth/Age :	12.03.1938
Date of Appointment :	25.02.2008
Name :	Mr. Anil Jain
Designation :	Accountant
Mobile No. :	91-9213161237

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.11.2005

Names of Shareholders	No. of Shares
Krishna Rani	449565
Neeraj Nanda	8
Sanjeev Pahwa	875328
Shivansi Investments	402264
Pahwa Traders and Exporters Limited	213052
Ujjwal Investments	266109
Ralson Hoding Private Limited	195088
Ram Commercial	861097
Krishna Rani (HUF)	2800
Krishna Rani	2800
Krishna Rani	2800
Krishna Rani	2800
Priyanka Arora	58211
Om Prakash Pahwa	2800
Rachna Pahwa	140169
Sanjeev Pahwa	64560

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2007

Category	Percentage
Bodies corporate (not mentioned above)	62.95
Directors or relatives of directors	37.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporters of Tyres and Tubes

Products :

Product Description	ITC Code
Cycle/ Rickshaw Tyres	401150
Cycle/Rickshaw Tubes	401320
Automotive Tyres	4011.90

Brand Names :

‘RALCO’

Exports :

Products :

Tyres and Tubes for cycle and rickshaw

Countries :

· UAE

· Saudi Arabia

· Bangladesh

· Srilanka

· Europe

Imports :

Products :

Raw Chemicals and Materials

Countries :

· Japan

· Germany

· Korea

· china

Terms :

Selling :

Cash and Credit (30 Days)

Purchasing :

Cash and Credit ( 90 Days)

GENERAL INFORMATION

Customers :	Wholesalers and Retailers
No. of Employees :	100
Bankers :	State Bank of India, SCB, Miller Ganj, Luddiana-141003, Punjab, India The HSBC Bank Limited, Birla House, 25, Barakhamba Road, New Delhi-110001, India State Bank of Patiala, Miller Ganj, Ludhiana-141003 Corporation Bank, SCO-34, Feroze Gandhi Market, Pakhowal Road, Ludhiana-141003 Punjab National Bank, Dhandari Kalan, Ludhiana-141003 United Commercial Bank, Delhi, Krishna Nagar,
Facilities :	CC (From United Commercial Bank)

Banking Relations :	Satisfactory
Auditors :
Name :	Dass Khanna and Company Chartered Accountant
Address :	B-XX-711, 1^st Floor, Pakhowal Road, Guredev Nagar, Ludhiana,-141001, Punjab, India
Name :	Shyam Bastogi and Company Chartered Accountant
Address :	Delhi
Associates/Subsidiaries :	· Ralco Enterprises · Ralcon Exports · Trading and Expor

CAPITAL STRUCTURE

As on 289.09.2007

Authorised Capital :

No. of Shares	Type	Value	Amount
21000000	Equity Shares	Rs.10/- each	Rs.210.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4534700	Equity Shares	Rs.10/- each	Rs.45.347 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		45.347	45.347	45.347
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		573.395	567.292	548.567
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		618.742	612.639	593.914
LOAN FUNDS
1] Secured Loans		451.633	356.197	286.858
2] Unsecured Loans		87.008	83.452	81.476
TOTAL BORROWING		538.641	439.649	368.334
DEFERRED TAX LIABILITIES		7.580	10.453	21.390
TOTAL		1164.963	1062.741	983.638
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		400.539	339.900	359.452
Capital work-in-progress		22.411	25.627	20.065
INVESTMENT		1.500	1.379	1.687
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	477.180	405.295	340.676
	Sundry Debtors	620.080	578.426	509.706
	Cash & Bank Balances	12.386	10.199	8.689
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	120.279	169.770	96.726
Total Current Assets		1229.925	1163.690	955.797
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	489.510	468.051	353.659
	Provisions	0.000	0.000	0.000
Total Current Liabilities		489.510	468.051	353.659
Net Current Assets		740.415	695.639	602.138
MISCELLANEOUS EXPENSES		0.098	0.196	0.296
TOTAL		1164.963	1062.741	983.638

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		3577.210	3346.976	2723.919
Other Income		19.382	37.150	33.714
Total Income		3596.592	3384.126	2757.633
Profit/(Loss) Before Tax		10.979	19.086	124.576
Provision for Taxation		0.049	0.303	47.501
Profit/(Loss) After Tax		10.930	18.783	77.075
Earnings in Foreign Currency :
	Export Earnings	689.837	622.169	444.635
Expenditures :
	Raw Material Consumed	2545.276	2340.144	1844.395
	Purchases made for re-sale	63.983	4.269	5.373
	Consumption of stores and spares parts	18.259	68.566	64.399
	Increase/(Decrease) in Finished Goods	41.162	[5.358]	[7.662]
	Salaries, Wages, Bonus, etc.	207.554	197.889	181.288
	Managerial Remuneration	1.768	1.286	1.168
	Payment to Auditors	0.665	0.601	0.529
	Interest	43.207	26.258	22.594
	Insurance Expenses	7.226	6.826	5.601
	Power & Fuel	207.593	202.888	155.253
	Depreciation & Amortization	78.772	78.737	45.971
	Other Expenditure	370.148	442.934	314.148
Total Expenditure		3585.613	3365.040	2633.057

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	0.30	0.56	2.79
Net Profit Margin (PBT/Sales)	(%)	0.31	0.57	4.57
Return on Total Assets (PBT/Total Assets}	(%)	0.67	1.81	9.47
Return on Investment (ROI) (PBT/Networth)		0.02	0.03	0.21
Debt Equity Ratio (Total Liability/Networth)		1.66	0.79	1.22
Current Ratio (Current Asset/Current Liability)		2.51	2.49	2.70

LOCAL AGENCY FURTHER INFORMATION

Trustseal Acceptance Chart

Existence Verification
Statutory Approvals
Legal Status of Firm	A Closely Held Public Limited Liability Company
Income Tax Registration	AABCB7995K
VAT/ TIN Registration	09288801321
Import Export Code	0501079689
Name of Bank	United Commercial Bank
Current Account Number	466
Account Since	2000
Company ESI Reg. Number	673374364
Credibility Factors
IndiaMART Client Since	+ 4 Years
Trade Affiliations
SSI Registration	Yes
Chambers of Commerce Membership	No

Trade References:

• Husna Traders
• Hindglass Agency
• Imram Glass House
• Atlas Cycle Industries Limited, Sonepat
• Hero Cycle Limited, Ludhiana
• A one Cycle Limited, Ludhiana
• Nahar Exports Limited, Ludhiana

Bankers Charges Report as per Registry

Name of the company	RALSON (INDIA) LIMITED
Presented By	Mr. Deepak Jain, Company secretary
1) Date and description of instrument creating the change	15.01.2001, Agreement for hypothecation of goods and assets (Form C-1A, C-2A, C-3A, C-4A and C-5) registered on 09.02.2001
2) Amount secured by the charge/amount owing on the securities of charge	Medium Term Loan of Rs. 350.000 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	One heavy duty internal mixer original design Warner and Pfiledgere Type KG-255 N (with 4 wing Tragential Rotor System) and its accessories including its allied machinery.
4) Gist of the terms and conditions and extent and operation of the charge.	Interest @0.75% over SBMTL i.e. 12.75% at quarterly rests subject to change from time to time as prescribed by the bank. Repayable on demand. Extent of operation of charge 100%
5) Name and Address and description of the person entitled to the charge.	State Bank of India, SCB, Mille Ganj, Ludhiana
6) Date and brief description of instrument modifying the charge	23.01.2006, Supplemental Agreement of Loan for increase in overall limit (Form C-1A, C-2A, C-3A, C-4A, C-5)
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.	In addition to existing balance term loan of Rs. 25.500 Millions a further loan of Rs. 45.000 Millions sanctioned. Thus raising the total amount of term loan to Rs. 70.500 Millions secured by first Charge on Fixed Assets of the company Equitable mortgage of immovable property Rate of Interest : on additional term loan of Rs. 450.000 Millions @1.50% below SBAR, Minimum 8.75% p.a. with monthly rests. Extent of operation of charge – 100%

This form is for	Modification of charge
Charge identification number of the modified	80004171
Corporate identity number of the company	U51909FL1974PLC042836
Name of the company	RALSON (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	J-38, Udyog Nagar, Rohtak Road, Delhi-110041, India
Type of charge	Book Debts Movable Property Immovable Property
Particular of charge holder	State Bank of India, Pahwa Complex, Miller Ganj, Ludhiana-141003, Punjab, India
Nature of description of the instrument creating or modifying the charge	Working capital consortium agreement Joint deed of hypothecation
Date of instrument Creating the charge	13.09.2007
Amount secured by the charge	Rs. 590.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest will be charged at SBAR (State Bank Advance Rate), present effective rate being 12.75% p.a. with monthly rests. Terms of Repayment Repayable on demand Margin Raw Material imp/ indg. And spares: 25% Stock in process : 25% Finished Goods : 25% Receivable (Domestic) : 40% Receivable (Exports) : Nil LC : Nil BG : Nil Extent and Operation of the charge 100% Others Security Primary : First pari- Passu charge on entire current assets (Both present and future) of the company. Collateral : Extension of charge on fixed assets (Both present and future) of the company on pari- Passu basis, with other consortium banks.
Short particulars of the property charged	Whole of the Current Assets of the Borrower namely, Stocks of Raw Materials, Stocks in process, Semi Finished and Finished goods, Stores and Spares not relating to Plant and Machinery (Consumable stores and spares), Bills Receivable and Book Debts and all other moveables, both present and future whether now or in cases or which now lying or stored in or about or shall hereinafter from time to time during the continuance of the security of these presents.
Date of latest modification prior to the present modification	20.05.2006
Particulars of the present modification	Amount Secured increased from Rs, 481.000 Millions to Rs, 590.000 Millions.

SCHEME OF AMALGAMATION OF RAM LUBHYA AND SONS LIMITED WITH RALSON India LIMITED

During the year a scheme of amalgamation of Ram Lubhaya and Sons Limited (RLSL) with Ralson (India) Limited (RIL) was formulated. The scheme was approved by Creditors and members of the respective companies and the same was got sanctioned by the Honble High Court of Delhi and Honble high Court of Punjab and Haryana at Chandigarah vide their orders dated 28/10/2005 and 10/11/2005 respectively. As per the scheme Ram, Lubhaya and sons Limited stands vested with the company w.e.f. 01-01-2005. This is expected to enhance the shareholders values and will improve the competitiveness of amalgamated entity.

AS PER WEBSITE

With professional expertise and thoroughness in every operation, subject today stands tall as India's largest company in the field of bicycle and Automobile tyres, tubes and bicycle components. Subject is the first and only Bicycle Tyre manufacturer in India to be accredited with an ISO 9001 Certification. Led from the front by Mr. Sanjeev Pahwa, Chairman-Cum-Director, Subject is taping the full potential of booming global market and the promising domestic scenario. Company's turnover has shot up from US $ 65.27 m in 2004 surpassing the industry's annual growth rate.

Nothing But the Best Ralson's Quality

They aim to achieve not just customer satisfaction but customer delight. The customer's joy in its products is the ultimate measure of success. Total quality is its overriding concern. It is both a goal and a path, as they strive for continuous quality improvement. Sophisticated controls are used to ensure that the end products meet the highest quality standards.

Rich Variety : Ralson's Range
Expect nothing but the widest possible range of tyres (Nylon and Cotton, Coloured, Gumwall, White wall and Black), tubes (Natural and Butyl rubber) and components from them. The consistent quality and rich variety of their product range ensures that they always meet customer aspirations. Their proactive R and D department fuels momentum for growth by continuously developing newer sizes and designs.

Modernization and Expansion : Ralson Vision

Inherent dynamism, spirit of enterprise and an all encompassing vision has helped us to initiate many new high growth activities. The company has set up a separate plant for automobile tyre. A major expansion activity is a foot in company's tyre plant also to enhance the production capacity.

World to conquer : Ralson Exports

They have taken up the challenge of delivering quality tyres, tubes and components to demanding markets abroad. They are all set to repeat in the international market the success they have enjoyed in the domestic market. Already they have made their presence felt in Europe, South and Central America, South East Asia, Gulf, Middle East and Africa.

Subject has rather been successful in creating a brand image of quality, innovation and workmanship.

Ralson Auto Tyres, being introduced recently in the market, are being manufactured at Doraha near Ludhiana in a state-of-the-art plant. The Company is presently concentrating on manufacturing of Moped, Scooter, Motorcycle, Three wheeler and LCV tyres. Rubber compounds of Ralson auto tyres have been developed keeping durability, grip and ruggedness in  mind. So the riders can race or ride on Ralson Tyres confidently both on & off-road.

Ralson Auto Tyres have successfully cleared the quality test at Central Institute of Road Transport, Pune. During actual use, they will last as long as the best brands available in tyre market in India. Ralson Tyres are being supplied as original equipment in coveted scooter, moped and motorcycle brands.

Subject will strive forward into the future with confidence to accomplish it's goal of providing range of tyres at affordable price and continue to expand it's production facility and thereby in winning confidence of the users.

Subject has taken up the challenge in delivering quality tyres, tubes and components to demanding markets abroad. They have already made their presence felt in the various countries of Africa, Gulf, Latin America and South Asia. Subject’s outstanding performance in export has also been lauded by Government of INDIA by way of the CAPEXIL TOP EXPORTS AWARDS.

Subject products are not sought after by overseas buyers for their price, rather subject has been successful in creating a brand image of quality, innovation and workmanship. Subject has an unmatched capability to custom make tyres, tubes and components for its overseas buyers.

Largest Product Range

Subject offers the widest range of MTB, ATB and BMX tyres in Nylon or cotton cord, in black, colored, white-wall, skin wall or gum wall. Similarly, it offers tubes made of Butyl or Natural Rubber in as many sizes as goes the range of its tyres with various types of Valves.

Market Leader In India

Subject accounts for the highest share of bicycle tyre/tube replacement market in India. It is also most favoured tyre brand of Hero, Avon, TI and Atlas - all prominent bicycle manufacturers of India.

Globally Accepted Quality
Ralson tyres and tubes are exported to countries of Europe, South and Central America, Africa, Middle-East, Gulf and Far-East. Subject's outstanding performance in exports has won it Government of India, CAPEXIL Top Export Awards.

Most Sophisticated R & D

Subject has the most sophisticated and best equipped RandD set-up in cycle tyre industry in India to develop new materials, sizes and designs of company's product. This RandD set-up enjoys the recognition of Department of Science and Technology, Govt. of India.

Diversification Plan

Subject is now vigorously implementing a diversification plan to manufacture Automobile tyres for Two Wheelers. It has set-up a separate plant to manufacture Moped, Scooter and Motor- Cycle tyres. These products have been launched recently.

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.43.38
UK Pound	1	Rs.81.34
Euro	1	Rs.64.55

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	8
--PROFITABILIRY	1~10	6
--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	YES
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		67

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