MIRA INFORM REPORT

Report Date :

16.12.2008

IDENTIFICATION DETAILS

Name :	MILLENIUM LAMINATES PRIVATE LIMITED
Registered Office :	306,3^rd, Floor, Iscon Mall, Star Bazar Building, Jodhpur Char Rasta, Ahmedabad-380015, Gujarat
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	30.01.2002
Com. Reg. No.:	04-040412
CIN No.: [Company Identification No.]	U20212GJ2002PTC040412
TAN No.: [Tax Deduction & Collection Account No.]	AHMM04609D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Exporters of attractive High Pressure Decorative and Industrial Laminates Sheets, Formica 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 539665
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are fair. Payments are usually correct and as per commitments. The concern can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	306,3^rd, Floor, Iscon Mall, Star Bazar Building, Jodhpur Char Rasta, Ahmedabad-380015, Gujarat, India
Tel. No.:	91-79-2676369/30988875
Mobile No.:	91-9879001684 Mr. Vikas Aggarwal 91-9825073212 Mr. Vishal Aggarwal 91-9825028347 Ms. Khushbo
Fax No.:	91-79-40028458
E-Mail :	millenniumlaminates@yahoo.co.in info@millenumlaminate.com mipllaminates@egujarat.net seturman7@yahoo.co.in
Website :	http;//www.milleniumlaminate.com
Area :	3000 sq. ft.
Location :	Owned
Factory :	Block No. 153, of Land Survery No. 168/2 and 168/3, Village-Dhanot, Talluka-Kalol, District Gundhinagar.
Area :	14527 sq. ft.
Location :	Owned

DIRECTORS

Name :	Mr. Vishal V. Agarval
Designation :	Director
Address :	8 Kairvila Apt., Nr. Sarthi Hotel, Bodakdev, Ahmedabad
Date of Appointment :	30.01.2002
Date of Ceasing :	17.03.2004
Name :	Mr. Vikas V. Agarval
Designation :	Director
Address :	8 Kairvila Apt., Nr. Sarthi Hotel, Bodakdev, Ahmedabad
Date of Appointment :	30.01.2002
Name :	Ms. Vanita V. Agarval
Designation :	Director
Address :	8 Kairvila Apt., Nr. Sarthi Hotel, Bodakdev, Ahmedabad
Date of Appointment :	15.07.2006
Name :	Mrs. Santoshdevi V. Agarwal
Designation :	Director
Address :	C/2, 14 Goyal Intecity opp. T.V. Tower, Near Drive-in Thaltej, Ahmedabad.
Date of Birth/Age :	18.11.1956
Date of Appointment :	01.10.2003
Name :	Mr. Vijaykumar V. Agarwal
Designation :	Director
Address :	C/2, 14 Goyal Intecity opp. T.V. Tower, Near Drive-in Thaltej, Ahmedabad.
Date of Birth/Age :	17.07.1954
Date of Appointment :	09.02.2004

KEY EXECUTIVES

Name :	Mr. Prem R. Laddha
Designation :	Company Secretary
Address :	615, Sahyog Apartment, Keshavnagar, Subhash Bridge, Ahmedabad.
Tel. No. :	91-79-27551156
Name :	Ms. Khusboo Sheikh
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on :29.09.2007.

Names of Shareholders	No. of Shares
Mr. Vikash V. Agarwal	300000
Mr. Vishal V. Agarwal	270000
Ms. Vanita V. Agarwal	30000
Mrs. Ruchira Agarwal	30000
M/S Vijay Agarwal	20000
M/S V. K. Finance	120000
M/S Pratha Finvest Private Limited	180000
M/S Millennium Agro Systems Private Limited	214200
M/S Universal Electique Motors Private Limited	180000
M/S Sevtang International Private Limited	150000
M/S G. H. Investrade Private Limited	282142
M/S Rankpur Securities Private Limited	178571
M/S Ambica Marketing Leasing Private Limited	135714
M/S Gujarat Jhaveri Spinners Limited	175000
M/S Ramdev Marketing Private Limited	35714
M/S Nexus Software Limited	120000
M/S Shree Corporation	175000
Mr. Sam Shre	28571
M/S G. A. Suppliers Private Limited	191000
M/S Artline	150000
M/S B. G. S. Credits Private Limited	116600
M/S Degga Real Estate Private Limited	120000
M/S Fitworth Distributors Private Limited	190000
M/S Innocent Merchandise Private Limited	50000
M/S Jayshree Properties And Exports Private Limited	50000
M/S Jenco Oversease Private Limited	100000
M/S Kazirang Buildiners Private Limited	144500
M/S Lumax Merchantile Private Limited	121600
M/S Madsan Agency	50000
M/S Manak Commercial Private Limited	100000
M/S M. G. A. Traders Private Limited	95000
M/S Midnighat Agency Private Limited	75000
M/S Millan Merchant Private Limited	50000
M/S Penther Vanijya Private Limites	130000
M/S Ramuka Commercial Private Limited	105000
M/S Sahaj Tieupp. Limited	110000
M/S Topline Private Limited	50000
C/O, Genex Power Corporation	50000
M/S Makamsi Enterprise Private Limited	50000
M/S R. T. Rease Search Limites	50000
M/S Sristhi Growth Fund Private Limited	50000
M/S Suryadeep Salt Refinery And Chemical Works Limited	30000

As on 29.09.2007

Sr. No.	Category	Percentage
1	Bodies Corporate (not mentioned above)	83.71
2	Directors or relatives of directors	16.29
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers and Exporters of attractive High Pressure Decorative and Industrial Laminates Sheets, Formica etc.
Products :	Decorative, Laminated Sheets, Compact Laminate, Liner Laminate, Sandwich Laminate, Becker Laminates, Engraving Laminate, Single Side Decorative Sheets, Double side Decorative Laminates, Barker Laminates, Plain/Solids Laminated Sheets, Wooden designs, Marbles, laminated sheets, Decorative Sheets, attractive laminated sheets, industrial sheets, etc.
Exports :
Products :	Decorative, Laminated Sheets, Compact Laminate, Liner Laminate, Sandwich Laminate, Becker Laminates, Engraving Laminate, Single Side Decorative Sheets, Double side Decorative Laminates, Barker Laminates, Plain/Solids Laminated Sheets, Wooden designs, Marbles, laminated sheets, Decorative Sheets, attractive laminated sheets, industrial sheets, etc.
Countries :	USA, UK, Canada, Europe, Sri Lanka, Palestine, Vietnam, Singapore, Dominican Republic, Germany, Saudi Arabia, Jordan, Dubai, Yemen, Africa, Greece, Muscat, Iran Israel, Kuwait, Thailand, Taiwan.
Imports :
Products :	Raw Materials, components and Spare Parts
Terms :
Selling :	L.C. and as per mutually agreed terms
Purchasing :	L.C. and as per mutually agreed terms

PRODUCTION STATUS

Particulars	Pieces	Licensed Capacity	Installed Capacity	Actual Production
Decorative Laminated Sheets	20.00Lakhs Sheets	N.A.	20.00Lakhs sheets	20.00 Lakhs Sheets

GENERAL INFORMATION

No. of Employees :

About 60

Bankers :

UCO Bank Ashram Road,

ICICI Bank

HDFC Bank, Senapati Bapat Marg, Lower Parel (w), Mumbai

Facilities :

Secured Loans:
Term loan from UCO Bank, Ashram Road, Ahmadabad. (secured against mortgageLand/Building/Immovable properties and Hypo. On the movable assets etc.)	Rs. 4. 613 Millions
Cash Credit from UCO Bank, Ashram Road, Ahmadabad. (secured against hypothecation of Raw Materials, Stock in process, Finished Goods and receivable and gurantee given by Director of the Company)	Rs. 7.340 Millions
EPC from UCO Bank, Ashram Road, Ahmadabad. (secured against hypothecation of Raw Materials, Stock in process, Finished Goods and receivable and gurantee given by Director of the Company)	Rs. 11.284 Millions
FBP from UCO Bank, Ashram Road, Ahmadabad. (secured against hypothecation of Raw Materials, Stock in process, Finished Goods and receivable and gurantee given by Director of the Company)	Rs. 7.169 Millions
From ICICI Bank Limited (Secured against Hire Purchase of Motor Car)	Nil.
From TML Finicial services limited (secured against Loading Tempo Loan)	Rs. 0.370 Millions
From Kotak Mahindra Prima Plus limited (secured against Hire purchase of Motor Car)	Rs. 0.018 Millions
From Reliance Capital limited (secured against Loading Tempo Loan)	Rs. 0.582 Millions
TOTAL	Rs. 31.376Millions
Unsecured Loans
From Directors and Shareholders	Rs. 9.087Millions

Banking Relations :	Satisfactory
Auditors :
Name :	J. T. Shah and Company
Address :	201,202, Lalita Complex 352/3, Rasala Marg, Navrangpura, Ahmedabad,
Tel. No. :	91-79-26444430,26444440

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5963612	Equity Shares	Rs.10/-each	59.636 Millions

Share Application Money: Rs. 3.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Share Capital		59.636	50.636	47.036
2] Share Application Money		3.000	7.690	9.690
] Reserves & Surplus		45.297	31.985	26.546
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		107.933	90.311	83.272
LOAN FUNDS
1] Secured Loans		31.379	18.967	23.344
2] Unsecured Loans		9.087	2.900	0.000
TOTAL BORROWING		40.466	21.867	23.344
DEFERRED TAX LIABILITIES		7.803	3.990	3.041
TOTAL		156.202	116.168	109.657
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		68.415	43.948	28.279
Capital work-in-progress		0.552	0.018	2.062
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	47.443	41.453	35.887
	Sundry Debtors	84.582	63.223	41.865
	Cash & Bank Balances	1.743	2.657	3.233
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.604	19.787	23.309
Total Current Assets		151.372	127.120	104.294
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	62.149	54.399	24.975
	Provisions	2.080	0.630	0.134
Total Current Liabilities		64.229	55.030	25.109
Net Current Assets		87.143	72.090	79.185
MISCELLANEOUS EXPENSES		0.092	0.110	0.128
TOTAL		156.202	116.168	109.657

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008	31.03.2007
Sales Turnover		222.928	178.966
Other Income		11.865	8.395
Total Income		234.793	187.361
Profit/(Loss) Before Tax		11.375	4.006
Provision for Taxation		6.112	2.559
Profit/(Loss) After Tax		6.112	2.559
Earnings in Foreign Currency :
	Export Earnings, Commissions, Other Earnings	74.107	59.449
Total Earnings		74.107	59.449
Imports :
	Raw Materials	32.513	N.A.
	Stores & Spares	0.000	N.A.
	Capital Goods	29.312	N.A.
	Others	0.000	N.A.
Total Imports		61.825	N.A.
Expenditures :
	Manufacturing and Administrative Expenses	36.880	38.517
	Raw Material Consumed	175.918	139.699
	Purchases made for re-sale	1.741	5.146
	Interest	4.975	2.833
	Depreciation & Amortization	3.288	1.819
	Increase/(Decrease) in Finished Goods	0.616	4.659
Total Expenditure		223.418	183.355

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007
PAT / Total Income	(%)	2.60	1.36
Net Profit Margin (PBT/Sales)	(%)	5.10	2.23
Return on Total Assets (PBT/Total Assets}	(%)	5.17	2.34
Return on Investment (ROI) (PBT/Networth)		0.10	0.04
Debt Equity Ratio (Total Liability/Networth)		0.96	0.85
Current Ratio (Current Asset/Current Liability)		2.35	2.31

LOCAL AGENCY FURTHER INFORMATION

The Registered Office of the company has been shifted from 34, Omkar House, C G Road, Navrangpura, Ahmedabad-380009, Gujarat, India to the present address w.e.f. 01.12.2005

Bankers Charges Report as per Registry

Name of the company

MILLENNIUM LAMINATES PRIVATE LIMITED

Presented By

Mr. Vikas Agarwal [Director]

1) Date and description of instrument creating the change

27.06.2003. Deed of Hypothecation of goods and book debts and plant and machinery etc.

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

Rs. 25.000 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 whole of the company’s tangible moveable property viz. Raw materials, stock in process and stock in trade, plant and machineries, Book Debts both present and future, etc. more particularly described in the second schedule of the deed which now or hereinafter from time to time during this security shall be brought into stored, installed or be in or about the company’s premises belonging to company or wherever else the same shall stand hypothecated by way of first charge to the UCO Bank, ashram Road Branch Ahmedabad, for the repayment on demand of all money at any time payable by the company to the bank.

The credit facilities are also secured by personal guarantee of following directors – 1. Vikas V Agarwal, 2. Vishal V Agarwal

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

The terms and conditions are as under –

Credit Facilities	Amount [Millions]	Rate of Interest	Margin
Term Loan	13.000	PTLR + 3.5 %	48 %
Cash Credit [Hypo. of stock]	3.000	PLR + 3.5 %	25 %
Cash Credit [Hypo – Book Debts]	2.000	PLR + 3.5 %	30 %
Export Packing Credit	2.000	As per RBI / bank directives	10 %
FBP / FBD on DA / DP [60 days]	2.000	As per RBI / bank directives	Nil
Letter of credit	2.500	As per RBI / bank directives	10 %
Bank Guarantee	0.500	As per RBI / bank directives	10 %

The Term loan Rs. 13.000 Millions shall be repaid in 20 equal quarterly installment with interest starting from January 2005. Other credit facilities are repayable on demand and valid for one year from the date of sanction.

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

UCO Bank,

Ashram Road Branch,

Near Sanyas Ashram, Ahmedabad

6) Date and brief description of instrument modifying the charge

NA

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.

NA

FORM 8

This form is for	Creation of charge
Name of the company	MILLENNIUM LAMINATES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	306,3^rd, Floor, Iscon Mall, Star Bazar Building, Jodhpur Char Rasta, Ahmedabad, Gujarat-380015. India
Type of charge	Immovable Property
Particular of charge holder	HDFC Bank limited HDFC Bank House, Sena pati Bapat Marg,Lower parel, Mumbai.
Nature of description of the instrument creating or modifying the charge	Memorandum Recording past transaction of Creation of Mortgage by Deposit of title Deeds.
Date of instrument Creating the charge	17.05.2008
Amount secured by the charge	Rs.51.500 MILLIONS
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by Bank from time to time. Terms of Repayment On Demand Margin Company shall at all times during the continuance of this security maintain a sufficient amount to provide the margin of security as may from time to time advise by the Bank. Extent and Operation of the charge The Company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as stated under item No.14 as security for the due repayment/payment of the company`s dues including principal amount of the facility, interest, liquidated damages, costs, charges and expenses etc. Others Nil.
Short particulars of the property charged	Immovable property situated at plot No. 1, 2 and 3 situated on land of Block No. 152, situate , lying and being at mouse-Ghanot Taluka Kalol in the Reg. Distric of Gandhinagar.

OPERATIONS :

During the year Under review, the Company`s net sales increased to Rs. 22.290 millions as compared to

Rs. 17.890 millions during the previous year showing a growth of 24% compared to Previous year. Despite the steep price increase by the suppliers of the vital raw materials on account of spiraling crude oil prices in the international markets, the efficient management of resources and cost controls exercised by the management, the company had performed exceedingly well during the year and hopes to continue the growth momentum in the current year also.

PLANS AND PROSPECTS :

The Director have a great sense of excitement at the unprecedented opportunities unfolding in the infrastructure sector and expected further boost to our industry as its further had ;been directlllllllly linked to the growth in the infrastructure and the related sectors.

On the whole, the business environment looks, encouraging the demand for the company`s products continue to be robust in the home market as well as the overseas markers. The company has plans for debottleneecking of the existing facilities by carrying out modifications of the equipments as well as installation of additional machineries to improve the quality and control the costs of the products.

Although the directors are confident of maintaining the growth in the coming years, with new wntrants and almost all manufacturer enhancing their capacities, market will be fiercely competitive, therby margins are expected to be under some pressure.

To meet the working capital requirement and expansion program 963612 Equity Shares of Rs. 10/- each were issued and allotted.

AS PER WEBSITE

Millenium Laminate is dealing and importing the decorative and compact laminated sheets on regular basis . in this context they would like to introduce their selves as one of leading manufacturer and exporter of the high pressure laminates.

• They are an well establish company in the field of manufacturing of attractive, elegent and superior quality hpl sheets of various designes since last 18years.
• They are producing the next-gen products of high quality with the state of the art techonology which are classic in nature and are long lasting.
• Their products are customer-attractive and durable and will also result as an good add on for the company.
• Currently they are producing high pressure laminated sheets in the 6 sizes of 1220 mm x 2440 mm, 1300 mm x 2800 mm, 1300 x 3050, 1220 x 3050, 1245 x 2465, and 915 x 2135mm with the total production capacity of more than 10million square meters per annum.
• Finish available with them are gloss, matt, seude, chiffon, textures . And product is available in the various thicknesses ranging from 0.5 mm to 15 mm.
• Various kind of laminates what they manufacture on a regualr basis are like decorative laminates, comapct laminates, fire retardant laminates, anti ageing laminates, unilayer, white liner, multicolour, chemical resistant laminates, backer sheets, post forming laminates, flooring laminates,, uv proof laminates. Apart from this othe products can also been manufactured when informed
• They have been exporting their products nearly to all part of the world and they are very well accepted by their customers. Few of the countries where they exporting are srilanka, palestine, vietnam, singapore, dominican republic, germaney, soudi arabia, jorden, dubai, yeman, africa, united kingdom, usa , greece, muscat etc. They are pleased to inform you that repeat orders continuously are being received from their all customers.
• They Can Offer An Very Attractive And Competative Prices
• Fast delievery and prompt service is major reason what have make us so successful in last so many years.
• Once they establish a business relations with each other they are committed and bonded to theself at all times and will work for the long term relations

Subject is a renowned organisation that specialises in the manufacture and export of laminates. Exquisite range of designs in wooden, marbles, abstracts, metallics & plain colors in various finishes like gloss, matt, texture, emboss etc. that complement the entire decor. Designed with artistic brilliance, these laminates add to the grace of interiors. Never compromising with quality, their motto is to provide best quality products and better services to their customers.

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.47.82
UK Pound	1	Rs.73.08
Euro	1	Rs.65.56

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	No
--AFFILIATION	YES/NO	No
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
TOTAL		45

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