MIRA INFORM REPORT

Report Date :

17.01.2008

IDENTIFICATION DETAILS

Name :	RAYMOND APPARELS LIMITED
Formerly Known As :	J. K. Bombay Limited
Registered Office :	New Hind House, N M Marg, Ballard Estate, Mumbai – 4000038, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	21.07.1948
Com. Reg. No.:	11-6460
CIN No.: [Company Identification No.]	U51109MH1948PLC006460
TAN No.: [Tax Deduction & Collection Account No.]	MUMR14675D
PAN No.: [Permanent Account No.]	AAACJ2732K
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturers and Marketers of Readymade Garments.

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 4383600
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company of Raymond Limited. Available information indicates high financial responsibility of the company and its’ management. Financial position of the company is good. Payments are 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 :	New Hind House, N M Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22686000
Fax No.:	91-22-22620052
E-Mail :	prasenjitguha@raymondindia.com
Factory 1 :	J. K. Buildings, Narottam Morarjee Marg, Ballard Estate, Mumbai – 400 038, Maharashtra, India
Tel. No.:	91-22-22618321
Factory 2 :	Jekegram, Pokhran Road, Thane – 400 606, Maharashtra
Tel. No.:	91-22-25341664/25341669/25341671/25341674/25344181

DIRECTORS

Name :	Mr. Vijaypat K. Singhania
Designation :	Chairman and Managing Director
Address :	J. K. House 59 A, Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	04.10.1938
Date of Appointment :	25.03.1980
Name :	Mr. Hari Gautamh Singhania
Designation :	Director
Address :	J. K. House 59 A, Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	09.09.1965
Date of Appointment :	30.03.1993
Name :	Mrs. Ashadevi V. Singhania
Designation :	Director
Address :	J. K. House 59 A, Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	29.05.1941
Date of Appointment :	30.03.1993
Name :	Mr. Balkrishna S. Kedia
Designation :	Director
Address :	Flat No. 111/121, Sarnath 59 B, Bhulabhai Desai Road, Mumbai-400026, Maharashtra
Date of Birth/Age :	20.09.1928
Date of Appointment :	30.05.1969
Name :	Mr. Akshay A. Singhania
Designation :	Director
Address :	J. K. House 59 A, Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	03.03.1969
Date of Appointment :	26.03.2003
Name :	Mr. Pradeepkumar Bhandari
Designation :	Director
Address :	Jekegram Polharan Road No. 1, Thane – 400606, Maharashtra, India
Date of Birth/Age :	15.08.1957
Date of Appointment :	25.09.1997
Name :	Mr. Anant A. Singhania
Designation :	Director
Address :	J. K. House 59 A, Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	10.10.1973
Date of Appointment :	26.03.2003
Name :	Mr. Pratap R. Jain
Designation :	Director
Address :	Flat No. 44, Darya Mahal B, Nepean Sea Road, Mumbai –400006, Maharashtra, India
Date of Birth/Age :	06.08.1944
Date of Appointment :	20.09.1993

KEY EXECUTIVES

Name :	Mr. Shreyas Joshi
Designation :	President
Date of Birth/Age :	47 Years
Qualification :	B. Text, M.S. University – Board, M. tech IIT Delhi, M B A, B K School of Management
Experience :	28 Years
Date of Appointment :	18.01.2003
Name :	Mr. Vineeth Nair
Designation :	Director Kidswear
Date of Birth/Age :	39 Years
Qualification :	B. A. [Economics and Mathematics], Master of Management Studies
Experience :	18 Years
Date of Appointment :	01.04.2005
Name :	Mr. Naresh Mehta
Designation :	Director – H R
Date of Birth/Age :	40 Years
Qualification :	B. Com. Master of Management Studies
Experience :	19 Years
Date of Appointment :	14.11.2005
Name :	Mr. Bharat Manseta
Designation :	Director – Design
Date of Birth/Age :	49 Years
Qualification :	B. Text
Experience :	25 Years
Date of Appointment :	09.01.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Raymond Limited	1999520
Raymond Limited J / W H. Sundar	10
Raymond Limited J / W R. Narayanan	10
Raymond Limited J / W Kaizad Hazari	10
Raymond Limited J / W Chetan Mody	10
Raymond Limited J / W B K Kedia	10
Raymond Limited J / W V M Bhartia	220
Total	1999790

BUSINESS DETAILS

Line of Business :

Manufacturers and Marketers of Readymade Garments.

Products :

Item Code No. (ITC Code)	620343.00
Product Description	Men’s Trousers – of Synthetic Fibres
Item Code No. (ITC Code)	620333.02
Product Description	Men’s Jackets and Blazers – of Synthetic Fibres – of other than Hand Printed
Item Code No. (ITC Code)	620312.00
Product Description	Men’s Suits – of Synthetic Fibres

PRODUCTION STATUS

Particulars	Unit	Installed Capacity	Actual Production
Readymade Garments	Nos.	0.388	0.140

GENERAL INFORMATION

Suppliers :

· Janton

· Bluestar Advertisers

· Monarch Jewellery India Private Limited

· Abacus Textiles Private Limited

No. of Employees :

1800

Bankers :

· Bank of India

M. G. Road, Mumbai – 400 001, Maharashtra

· Bank of Maharashtra

Navpada Branch, Thane – 400602

· Bank of Rajasthan Limited

Fort Branch , Mumbai

· UTI Bank Limited

Thane Branch, LBS Road, Thane

· HDFC Bank Limited

Facilities :

Secured Loans	31.03.2006
Term Loan from Bank (Secured by hypothecation of specified machineries purchased under Technology up gradation Fund Scheme)	11.935
Working Capital Advances from Banks (Secured by hypothecation of stocks, book debts and other tangible moveable assets)	176.364
Interest Accrued thereon Working Capital Advance Term Loan	0.502 0.076

Banking Relations :	Satisfactory
Auditors :
Name :	V. B. Dalal and Company Chartered Accountants
Associates :	· Pashmina Holdings Limited · Everblue Apparel Limited · Jaykayorg AG, Switzerland · J. K. (England) Limited, U.K. · Regency Texteis Portuguesa Limited · Textile Regency, Socied Limited · Hindustan Files Limited · Silver Spark Apparel Limited · Plugin Sales Limited · Celebrations Apparel Limited · Ring Plus Aqua Limited · R & A Logistics Inc. · Scissors Engineering Products Limited · J. K. Talabot Limited · J. K. Investo Trade (India) Limited · J. K. Helene Curtis Limited · P. T. Jaykay Files Indonesia · J. K. Investors (Bombay) Limited · J. K. Ansell Limited · Radha Krishna Films Limited
	·
Subsidiaries :	Colorplus Fashions Limited
Holding Company :	Raymond Limited CIN No. : L17117MH1925PLC001208
Joint Venture :	· Raymond Zambaiti Private Limited · Raymond Fedora Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
50,00,000	Equity Shares	Rs.10/- each	Rs.50.000 millions
34,30,000	6 % Preference Shares	Rs.100/- each	Rs.343.000 Millions
	Total		Rs.393.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20,00,000	Equity Shares	Rs.10/- each	Rs.20.000 Millions
34,30,000	6 % Preference Shares	Rs.100/- each	Rs.343.000 Millions
	Total		Rs.363.000 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		363.000	363.000	20.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		732.900	628.876	492.291
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1095.900	991.876	512.291
LOAN FUNDS
1] Secured Loans		541.700	188.877	90.347
2] Unsecured Loans		285.000	0.000	0.000
TOTAL BORROWING		826.700	188.877	90.347
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1922.600	1180.753	602.638
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		293.100	167.125	107.085
Capital work-in-progress		86.700	47.673	0.000
INVESTMENT		634.800	348.432	5.438
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	752.200	606.428	453.976
	Sundry Debtors	306.600	226.182	269.228
	Cash & Bank Balances	3.100	7.677	6.840
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	199.500	74.637	46.848
Total Current Assets		1261.400	914.924	776.892
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	333.700	273.862	278.298
	Provisions	19.700	23.539	8.479
Total Current Liabilities		353.400	297.401	286.777
Net Current Assets		908.000	617.523	490.115
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1922.600	1180.753	602.638

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		2371.000	2005.427	1714.712
Other Income		61.900	0.000	0.000
Total Income		2432.900	2005.427	1714.712
Profit/(Loss) Before Tax		162.600	230.864	123.586
Provision for Taxation		57.200	82.284	44.135
Profit/(Loss) After Tax		105.400	148.580	79.451
Export Value		N.A.	N.A.	N.A.
Import Value		N.A.	88.668	48.154
Expenditures :
	Raw Material Consumed	1037.500	0.000	0.000
	Purchases made for re-sale	23.800	0.000	0.000
	Payment to Auditors	7.900	0.000	0.000
	Interest	179.500	0.000	0.000
	Insurance Expenses	4.700	0.000	0.000
	Power & Fuel	952.500	0.000	0.000
	Depreciation & Amortization	45.500	0.000	0.000
	Other Expenditure	18.900	1774.563	1591.126
Total Expenditure		2270.300	1774.563	1591.126

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	4.33	7.41	4.63
Net Profit Margin (PBT/Sales)	(%)	6.86	11.51	7.21
Return on Total Assets (PBT/Total Assets}	(%)	10.46	21.34	13.98
Return on Investment (ROI) (PBT/Networth)		0.15	0.23	0.24
Debt Equity Ratio (Total Liability/Networth)		1.08	0.49	0.74
Current Ratio (Current Asset/Current Liability)		3.57	3.08	2.71

LOCAL AGENCY FURTHER INFORMATION

History

Subject was incorporated on 12^th November, 1970 at Mumbai in Maharashtra under the name and style of J. K. (Bombay) Limited having Company Registration Number 6460. Subsequently, the name of the company was changed to present

Award

The ‘Park Avenue’ Brand of the company was adjudged the ‘Most Admired Brand’ of the year in the category –‘Formal Wear’ at the Lycra images Fashion Awards 2006 for the second successive year.

As the Company’s business activity falls within a single primary business segment viz, ‘Ready-made garments and accessories’ the disclosure requirement of Accounting standard - 17 ‘Segment reporting’ issued by the Institute of Chartered Accountants of India is not applicable.

The company has operating lease agreements primarily for showrooms. The lease terms for the showrooms are for about 3-5 years. The rental expenses for the operating lease for the year ended 31.03.2006 was Rs. 38.076 Millions.

Share Capital

Sun-dividend the equity shares having face value of Rs.100/- per share into equity shares having face value of Rs.10/- per share

Increased the authorised share capital from Rs.50 millions dividend into 5000000 equity Shares of Rs.10/- each to Rs.393 millions dividend into 50000000 equity shares of Rs.10/- each aggregating Rs.50 millions and 3430000 preference shares of Rs.100/- each aggregating Rs.343 millions.

To augment the long term resources the company issued and allotted 343000 – 6 % cumulative redeemable preference share of Rs.100/- each aggregating Rs.343 millions to Raymond Limited, the Holding Company.

Subsidiary

The company acquired the entire holding of 74100 equity shares of Rs. 100/- each held by Raymond Limited the Holding Company in the share capital of Colorplus Fashion Limited became a subsidiary of the company.

Colorplus in its endeavour to maintain its prime position in the premium casual wear, is constantly innovating in terms of style as well as through improved fabric construction in order to set higher benchmark levels. Colorplus is committed to reducing response time to rapidly changing the emerging business scenarios in India and overseas.

Contingent Liabilities not provided for :	Amount in Millions
Disputed Sales Tax matters
Pending with Appellate Tribunal	4.926
Pending with Dy. Commissioner [Appeal]	0.580
Disputed demand in respect of Excise [Pending with Appellate Tribunal]	2.810
Disputed demand in respect of Income Tax [Pending with Appellate Tribunal]	--

Profile

The company has announced a major expansion programme for its apparel and denim businesses totalling over Rs.2000 millions. The expansion will include setting up two new manufacturing units for apparels and denimwear in Bangalore and a capacity expansion of its existing denim manufacturing facility at Yavatmal Maharashtra.

The company is setting up a new suit and formal trouser manufacturing facility in Bangalore with an annual capacity of 0.500 million trousers in two phases at a cost of Rs.400 millions. The phase I of the project will be operational by March and the phase II by September 2005.

The company is also setting up a denimwear manufacturing facility in Bangalore with an annual capacity of 300 millions garments at a cost of Rs.440 millions, which will be operational by December 2005.

The company will expand its denim manufacturing capacity at Yavatmal in Maharashtra from the existing 20 million meters to 30 million meters annually at a cost of Rs.1270 millions, which will go on stream by April, 2005.

Gautam Singhania, Chairman and Managing Director, Raymond said, “ Its investments in capacity expansion and new garments units are in line with our vision to become a global player in its areas of core competence. This is yet another step towards consolidating Raymond’s position as a globally recognized player in textile and apparel segments.”

Nabankur Gupta, Group President, Raymond said “ The company believe that its investments in the areas of denim and apparel will be the major drivers for the group in the future.”

It is in trade terms with :-

· Akshay Packaging, Mumbai, Maharashtra, India

· Indo Flexi, Mumbai, Maharashtra, India

· Black Label Fashions, Mumbai, Maharashtra, India

· Studio Art Process, Mumbai, Maharashtra, India

· United Packaging Industries, Mumbai, Maharashtra, India

· Calmon Abacus, Mumbai, Maharashtra, India

· Janton, Mumbai, Maharashtra, India

· Monarch Jewellery, Mumbai, Maharashtra, India

Name of the company

RAYMOND APPAREL LIMITED

Presented By

Bank of Maharashtra

Navpada Branch, Thane - 400602

1) Date and description of instrument creating the change

Agreement for Term Loan and Deed of Hypothecations of goods both dated 10.04.2002

Both the documents constitute as a single charge

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

Rs.20.000 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Stock of raw materials, finished and semi finished goods

Ready made garments and accessories

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

Rate of commission as per Bank’s rules 0.25 % over the PLR interest minimum 12.25 % p.a.

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

Bank of Maharashtra

Navpada Branch, Gokhale Road,Thane - 400602

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

Name of the company

RAYMOND APPAREL LIMITED

Presented By

Bank of Maharashtra

Navpada Branch, Thane - 400602

1) Date and description of instrument creating the change

29.07.200 Joint deed of hypothecation

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

Rs.170.000 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 current assets of the borrower stocks of raw materials, stocks in process, semi finished and finished goods sores, spares not relating to plant and machinery bills, receivables and book dents and all other movables both which are now lying or stored in or about or about or shall hereafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be held in State of Maharashtra or wherever else the same may be borrower or in the course of transit or on high seas or on high seas or an order or delivery howsoever and whosesoever in the possession of the borrower and either by way of substitution or addition and all the fixed assets of the company such as plant and machinery, furniture and fixture office equipment computers, automobiles vehicles and other fixed asset of the company premises any where in India or overseas or wherever in the possession of the borrower or otherwise

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

Details of credit facilities

Facility	Bank of Maharashtra	BOR Limited
Cash credit	20.4	13.6
Demand Loan	81.6	54.4

Interest commission as per RBI / HO Rules

Security to cover principal amount together with interest cost, charges expenses etc.

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

Bank of Maharashtra

Navpada Branch,

Gokhale Road,

Thane – 400602

Bank of Rajasthan Limited

Fort Branch

Mumbai

UTI Bank Limited

Thane Branch, LBS Road

Thane

6) Date and brief description of instrument modifying the charge

06.05.2005

Joint deed of hypothecation

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.

Original charge was created n 29.07.2000 for a sum of Rs.170 millions in aggregate

First modification enhanced the charge form Rs. 170.000 millions to Rs.242 millions on 29.10.2001 including the charge of the Bank Consortium aggregating Rs.222 millions

Second Modification enhanced the charge from Rs.242 millions to Rs.285.4 millions on 28.02.2002 being registered with ROC on 21.03.2002 as document no 251

By present modification

By a joint deed of hypothecation the borrower hypothecates by way of first charge all such assets as are more particularly described in para 2 of the Joint Deed of Hypothecation dated 06.05.2005 to secured aggregate working capital facilities of Rs. 360 millions in favour of the Bank consortium as per following :

Details of credit facilities

Facility	Bank of Maharashtra	UTI Bank Limited	HDFC Bank Limited
Cash credit Hyp of Stocks and Goods	46.8	72.0	36.0
Working capital Demand loan Hyp of Book debts	187.2	18.0	0.00

Fixed assets

· Buildings

· Plant and machinery

· Furniture and fittings

· Office equipment

· Computers

· Motor

· Vehicles

· SCM Computer Software

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.39.27
UK Pound	1	Rs.77.01
Euro	1	Rs.58.29

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		57

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