MIRA INFORM REPORT

Report Date :

29.07.2008

IDENTIFICATION DETAILS

Name :	PRASAD ACUMETER PRIVATE LIMITED
Registered Office :	Plot No. 88, Road No. 9, Jubilee Hills, Hyderabad – 500 033, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	04.08.1980
Com. Reg. No.:	01 - 2754
CIN No.: [Company Identification No.]	U29219AP1980PTC002754
TAN No.: [Tax Deduction & Collection Account No.]	HYDP00008B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Kraft Paper Tapes, Label Stock, Chromo Label Stock.

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 58585
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having satisfactory track. Trade relations are fair. Financial position is good. Payments are correct and as per commitments. The company is doing very well. It can be considered good for any normal business dealings at usual trade terms. It can be regarded as a promising business partner in a medium to long – run.

LOCATIONS

Registered Office :	Plot No. 88, Road No. 9, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India
Tel. No.:	91-40-23608733 / 23548804
Fax No.:	91-40-23547704
E-Mail :	info@paplimited.com madhu@paplimited.com prasadkp@paplimited.com
Website :	http://www.paplimited.com
Area :	Owned
Factory :	Shed No. 13B, Type-1, APIIC Indl. Estate, Kukatpally, Hyderabad – 500 072 Andhra Pradesh, India
Tel. No.:	91- 40- 23079012
Area :	Owned

DIRECTORS

Name :	Mr. K.P. Prasad
Designation :	Director (Tech)
Address :	Plot No. 88, Road No. 9, Jubilee Hills, Hyderabad-33, Andhra Pradesh, India
Date of Birth/Age :	01.07.1941
Date of Appointment :	03.05.1990
Name :	Mrs. Madhu Kilaru
Designation :	Managing Director
Address :	Plot No. 88, Road No. 9, Jubilee Hills, Hyderabad-33, Andhra Pradesh, India
Date of Birth/Age :	24.02.1946
Date of Appointment :	05.01.1891
Name :	Mr. G. Jagadeesh
Designation :	Director
Address :	108, Dnarakamani Apartments, Navodaya Colony, Yella Reddyavda, Hyderabad – 500033, Andhra Pradesh
Date of Birth/Age :	04.10.1940
Date of Appointment :	04.08.1990

KEY EXECUTIVES

Name :	M/s. S V Achary and Company
Designation :	Company Secretary
Address :	Flat No.201, Vijayaveer Residency, Shyam Karan Road, Divysshakti Complex Lane, Ameerpet, Hyderabad – 500 016, Andhra Pradesh, India
Tel No.:	91-40-55529114
Mobile No :	91-9391016505
E-mail :	anchary_cs@yahoo.co.in

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2005

Names of Shareholders	No. of Shares
Mr. L. Krishna Veni	250
Mrs. G. Sarla Devi	650
Mrs. K. Annapuran Devi	750
Mr. G. Jagadeesh	350
Dr. C. Sudha	900
Mr. C. Bapineedu	300
Mr. K. Harichnadra Prasad	500
Dr. K. R. K. Prasad	1100
Dr. K. Gangadhar Prasad	4500
Dr. K. Sasidhar Prasad	3500
Dr. R. S. Prasad	250
Mr. Gokaraju Swathi	450
Mrs. G. Prathiba Rao	500
Mr. Sitarama Raju	150
Mrs. P. Sruthi	901
Mrs. Madhu Kilaru	6000
Dr. P R. K. Prasad	450
Mr. P. T. Vikram Prasad	450
Mr. K. P. Prasad	4705
Mr. P. Brahmaji Rao	350
Total	27006

As on 31.03.2007

Equity Share Breakup	Percentage of Holding
Category
Directors of relatives of directors	87.00
Other top fifty (50) shareholders (other than listed above)	13.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Kraft Tapes, Label Stock, Chromo Label Stock.

PRODUCTION STATUS

As on 31.03.2007

Particulars	Unit	Licensed Capacity	Installed Capacity
Chromo Label stock Kraft Paper Tapes Label Stock	Sq. Mtr.	2250	2250

GENERAL INFORMATION

No. of Employees :	200
Bankers :	v Canara Bank Limited Somajiguda Branch, Hyderabad, Andhra Pradesh, India

Banking Relations :	Satisfactory
Auditors :
Name :	Brahmayya and Company Chartered Accountants
Address :	Flat No. 403, Golden Green Apartments, Irrum Manzil, Somjiguda, Hyderabad-500002, Andhra Pradesh, India

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs. 100 each	Rs. 4.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27006	Equity Shares	Rs. 100 each	Rs. 2.700 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		2.700	2.700	2.700
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		9.017	7.937	7.314
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.717	10.637	10.014
LOAN FUNDS
1] Secured Loans		1.195	0.046	1.174
2] Unsecured Loans		10.137	15.443	15.444
TOTAL BORROWING		11.332	15.489	16.618
DEFERRED TAX LIABILITIES		0.188	0.256	0.000
TOTAL		23.237	26.382	26.632
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.998	3.733	3.931
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	11.671	13.097	7.571
	Sundry Debtors	13.545	15.239	18.191
	Cash & Bank Balances	0.226	0.121	0.145
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.744	3.118	4.059
Total Current Assets		29.186	31.575	29.966
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	8.222	6.661	5.873
	Provisions	1.725	2.265	1.392
Total Current Liabilities		9.947	8.926	7.265
Net Current Assets		19.239	22.650	22.702
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		23.237	26.382	26.632

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2007	31.03.2006	31.03.2005
Sales Turnover	68.504	69.139	76.831
Other Income	1.146	0.260	0.265
Total Income	69.650	69.399	77.096
Profit/(Loss) Before Tax	1.824	1.767	3.527
Provision for Taxation	0.744	1.144	1.370
Profit/(Loss) After Tax	1.080	0.623	2.157
Exports :
F.O.B. Value	1.602	1.148	NA
Total Exports	1.602	1.148	NA
Imports :
CIF Value	31.490	29.137	NA
Total Imports	31.490	29.137	NA
Expenditures :
(Increase)/Decrease in Stock	(0.105)	0.958	0.108
Financial Charges	1.687	2.158	2.022
Depreciation	0.539	0.542	0.591
Other Expenditure	65.705	63.974	70.848
Total Expenditure	67.826	67.632	73.569

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	1.55	0.90	2.80
Net Profit Margin (PBT/Sales)	(%)	2.66	2.56	4.59
Return on Total Assets (PBT/Total Assets}	(%)	2.62	2.55	4.57
Return on Investment (ROI) (PBT/Networth)		0.16	0.16	0.35
Debt Equity Ratio (Total Liability/Networth)		0.85	0.84	0.72
Current Ratio (Current Asset/Current Liability)		2.93	3.54	4.12

LOCAL AGENCY FURTHER INFORMATION

Form 8

Name of the company	PRASAD ACUMETER PRVATE LIMITED
Presented By	Mrs. Madhu Kilaru
1) Date and description of instrument creating the change	28.4.1983 Hypothecation dated 28.4.1983 Rs. 1.370 Millions Executed by the company in favor of Andhra Pradesh stets finance corporation Agreement pf book debts dated 28.4.1983
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 1.370 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	Imported machinery and imported testing equipment Indigenous machinery and indigenous laboratory equipment together with all items of ets and other installations whether attached to or lying loose either at the said premises or elsewhere acquired to and owned by the borrower All book debts present and future
4) Gist of the terms and conditions and extent and operation of the charge.	Repayment by loan over a period not axceeding 10 year by 19 half yearly installment interest at the rate 6.5% above bank rate ruling from time to time
5) Name and Address and description of the person entitled to the charge.	Andhra Pradesh State Financial Corporation, Hyderabad
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

Form 8

Name of the company	PRASAD ACUMETER PRVATE LIMITED
Presented By	Mrs. Madhu
1) Date and description of instrument creating the change	12.9.1997 Hypothecation Agreement
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 1.000 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	Charge on Stock
4) Gist of the terms and conditions and extent and operation of the charge.	ROI – 17.34% all other term & condition by the bank from time to time
5) Name and Address and description of the person entitled to the charge.	Canara Bank, Somajiguda Branch, Hyderabad
6) Date and brief description of instrument modifying the charge	6.3.1998 Hypothecation Agreement
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.	Existing charge on stocks of Rs. 3.500 Millions to be enhanced to Rs. 1.500 Millions

Form 8

Name of the company	PRASAD ACUMETER PRVATE LIMITED
Presented By	Mrs. Madhu
1) Date and description of instrument creating the change	22.2.1989 Hypothecation Agreement
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 3.500 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	Charge on Stock
4) Gist of the terms and conditions and extent and operation of the charge.	ROI – 19.75% all other term & condition by the bank from time to time
5) Name and Address and description of the person entitled to the charge.	Canara Bank, Somajiguda Branch, Hyderabad
6) Date and brief description of instrument modifying the charge	9.2.1998 Hypothecation Agreement
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.	Existing charge on stocks of Rs. 3.500 Millions to be enhanced to Rs. 4.000 Millions

Form 8

Name of the company	PRASAD ACUMETER PRVATE LIMITED
Presented By	Mrs. Madhu
1) Date and description of instrument creating the change	5.8.1997 Hypothecation Agreement
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 0.600 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	Hypothecation of OPEL Astra brand motor car proposed to be purchased out of bank loan and all those motor vehicles already purchased by the company in future
4) Gist of the terms and conditions and extent and operation of the charge.	Interest payable on the loan is payable at such rates including as may be prescribed by RBI from time to time at 16.5% compounded quarterly 18.75% compounded quarterly for delayed period on overdue other terms and conditions
5) Name and Address and description of the person entitled to the charge.	Canara Bank, Somajiguda Branch, Hyderabad

Form 8

Name of the company	PRASAD ACUMETER PRVATE LIMITED
Presented By	Mrs. Madhu
1) Date and description of instrument creating the change	22.2.1989 Hypothecation Agreement
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 12.000 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 and book debts, land and building , plant and machinery of the company fixed assets at shed no. 13B, type - I, Apiic, Industrial, Estate, Hyderabad
4) Gist of the terms and conditions and extent and operation of the charge.	ROI – 19.75% all other term & condition by the bank from time to time
5) Name and Address and description of the person entitled to the charge.	Canara Bank, Somajiguda Branch, Hyderabad
6) Date and brief description of instrument modifying the charge	12.9.1997 Hypothecation Agreement 12.9.1997 Book debts 12.9.1997 Machinery 12.9.1997 Schedule
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.	Existing charge on stocks of Stock and book debts, land and building , plant and machinery of the company fixed assets at shed no. 13B, type - I, Apiic, Industrial, Estate, Hyderabad Charge on book debts Charge on stock

Form 8

Name of the company	PRASAD ACUMETER PRVATE LIMITED
Presented By	Mrs. Madhu
1) Date and description of instrument creating the change	17.2.1989 Hypothecation Agreement
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 1.500 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	Hypothecation of raw metrical, released paper, maplitho paper, aliminium foil etc.
4) Gist of the terms and conditions and extent and operation of the charge.	ROI – 19.75% all other term & condition by the bank from time to time
5) Name and Address and description of the person entitled to the charge.	Canara Bank, Somajiguda Branch, Hyderabad
6) Date and brief description of instrument modifying the charge	Supplementary 21.12.1992
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.	Existing charge on stocks of Rs. 1.875 Millions to be enhanced to Rs. 2.500 Millions

Fixed Assets

v Land

v Factory Building

v Plant and Machinery

v Safety Equipment

v Electrical Installation

v Furniture and Fittings

v Office Equipments

v Vehicles

v Computer

As Per Website Details

Director’s Profile

Name: Mrs. Madhu Kilaru

She is a Graduate in Mathematics with B.Sc Degree from Andhra University. She has taken her Master’s Degree in Business Administration (Finance and Accounts) in Boston, Mass; U.S.A. She has worked in different companies as Chief Accounts Officer and finally for 3 years with Acumeter Labs., a coater Laminator producer in Marlboro, Mass; U.S.A. Where She was the financial controller of the company

Profile of Technical Director

Name: Mr. Prasad Kilaru

Qualifiation: B.Sc in Mechanical Engineering from Benaras Hindu University.

Experience:

Worked as Assistant Engineer/ Executive Engineer in Heavy Engineering Corporation, Ranchi from 1962-65. 

Moved to U.S.A. as an immigrant and started working for Acumeter Labs., Marlboro, Mass, from 1972-1981, initially as a Quality Control Engineer.Last position held was as Vice President (International Customer Service) in U.S.A. for a period of 5 years from 1977-81.During this period,he traveled extensively all over the world to install label stock making equipment, Baby diapers and sanitary napkins making equipment.

Is familiar with the growth of label and disposable adhesive products through out the world with first hand experience and has observed the Indian market growing in an un-organized sector between1972-81.

Has knowledge of raw material sources, finished product markets and technical details of most of the label stock market and has helped many companies in different parts of the world to develop the right product for the right application.

Company Profile

The company has been incorporated in the year 1980, with the collaboration of Acumeter Labs., Marlboro, Mass, U.S.A. who are machinery manufacturers for label stock making machinery.The company went into production with a small width (8”/200mm) production machine fully automated and with a very high speed of 150 mtrs. per minute using Hot Melt Pressure Sensitive technology for the first time in India.

Hot melt pressure sensitive  which is used as an adhesive was not available in India at that time.The company was importing from U.S.A, and Europe to meet the requirements of production.Subsequent to that between1983-85 the machine was expanded to handle up to 12”/300mm with the technical expertise of the Technical Director and collaborative efforts with the parent company.The company was the first to serve the Indian market with special grades of hot melt pressure sensitive adhesives and cut to order width products .

Around 1986-87 the company felt that it has been purchasing Release paper of nonstandard nature mainly from Mumbai at an exorbitant price where the base of release paper itself is not of good quality.Therefore, the company decided to float a sister company called A.P. Coated Papers Private Limited, exclusively to produce Release paper for the parent company, M/s. Prasad Acumeter Private Limited

The company bought for some time release base paper from Indian sources for siliconizing but subsequently being dissatisfied with the quality of the base the company started importing Super Calendared Glassine paper, Clay Coated Kraft (CCK) and Light Coated Craft (LCK) with different GSM from different sources in U.S.A., Finland, England and Italy for varieties of applications.

During 1986-94, the sister company was only coating tin based solvented silicone coating.Subsequent to which the company has developed the technology during 1995 to coat solventless silicone without using solvents and is very successful in doing so between1995 to present.

In the year 2000 the sister company however developed new technology to add control release additive  to the solventless platinum coating system so as to obtain different release levels for different applications.

During the same period because of the demand from the market for a wider product the company established another sister company called Sasidhar Industries to produce 20” wide label stock with indigenous water based acrylic emulsion and has successfully entered into the market both in roll form and sheet form.

During the year 2002 the company felt the need for expanding in the hotmelt sector itself and therefore installed a Nordson 20” Hot Melt Coater Laminator with a production capacity of 1,50,000 sq.mtrs per month single shift.

All in all from the modest start of Rs. 3.000 Millions turnover per year in 1982 the group of companies presently are doing approximately Rs. 150.000 Millions turnover per annum producing Rs. 0.600 Million sq.mtrs per month and 50 tons of release paper per month.This has been achieved with the trained personnel and the total strength of the entire employees including office in all the three companies being not more than 50.

Products

Presently between 12” original Acumeter machine and with the addition of 20” Nordson machine and with 20” Water based acrylic emulsion machine they are able to produce a wide variety of label stock products with different Face papers and different Release liners in different widths as per the customers needs. A typical example of the wide variety of the label stocks they are producing now are :-

v Chromo Art

v Mirrorkote

v Hi-Brite (Print Plus / Maplitho)

v Polyester – Opeque and Transparent

v Gold Foil

v Synthetic paper

v BOPP for over lamination

v PVC

v Coloured Chromo

v Metalized Silver Polyester

v Metalized Gold Polyester

v Holographic Polyester film and any other filmic products which are heat sensitive. 

v Barcode label stock

v Direct Thermal 

The company markets the above products depending on the customers’ requirements in widths ranging from 75mm – 500mm with different kinds of Release papers from Glassine, Clay Coated Kraft (CCK), Light Coated Kraft (LCK) and Super Calendared Kraft (SCK) all over India and also some exports to Middle East and Far East. Therefore, the customer has a wide choice to choose for different applications in different combinations of label stock including different adhesive properties like permanent, semi-permanent, removable, freezer grade and re-activatable adhesives.

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 :

The 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.

The 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. 42.54
UK Pound	1	Rs. 84.86
Euro	1	Rs. 66.95

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	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		63

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, they 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