MIRA INFORM REPORT

Report Date :

01.03.2008

IDENTIFICATION DETAILS

Name :	ROJEE TASHA STAMPINGS PRIVATE LIMITED
Registered Office :	1102/C/3 Saivilla, Lakaki Road, Model Colony, Pune – 411016, Maharashtra
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	19.08.1983
Com. Reg. No.:	11-30653
CIN No.: [Company Identification No.]	U34300MH1983PTC030653
TAN No.: [Tax Deduction & Collection Account No.]	PNER06322B
PAN No.: [Permanent Account No.]	AAACR9827P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Pressing and Precision Machines Parts.

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 727300
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track records. General financial position is satisfactory. Profit margin is under severe pressure. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	1102/C/3 Saivilla, Lakaki Road, Model Colony, Pune – 411016, Maharashtra, India
Tel. No.:	91-20-27472019 / 27475574
Fax No.:	91-20-27475390
E-Mail :	ganage@vsnl.com
Factory :	Unit I : J – 212, MIDC, Bhosari, Pune – 411026, Maharashtra, India Tel. No. : 91-20-27477606 / 25651345 Fax No. : 91-20-25651345 Unit II : Gat No. 776, Kudalwadi, Chikhali, Pune – 412114, Maharashtra, India Unit III : Gate No. 281, 283 and 284, Nanekarwadi, Chakan, Taluka Khed, Pune – 410501, Maharashtra, India

DIRECTORS

Name :	Mr. Shivaji Devrao Ganage
Designation :	Director
Address :	1102/C/3 Saivilla, Lakaki Road, Model Colony, Pune – 411016, Maharashtra, India
Date of Appointment :	19.08.1983
Name :	Ms. Pratibha Shivaji Ganage
Designation :	Director
Address :	1102/C/3 Saivilla, Lakaki Road, Model Colony, Pune – 411016, Maharashtra, India
Date of Appointment :	19.08.1983
Name :	Mr. Ramhari Devrao Ganage
Designation :	Director
Address :	78, National Housing Society, Aundh – Pune – 411007, Maharashtra, India
Date of Appointment :	19.08.1983
Name :	Mr. Mavinmar K. Bhure
Designation :	Director
Address :	C/o. D.S. Kore, Rudra Behind Sainath Mandir, Keshavnagar, Chinchwad, Pune – 411033, Maharashtra, India
Date of Appointment :	21.09.2001

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Mr. Shivaji D. Ganage	529450
Ms. Pratibha S. Ganage	385450
Mr. Shivaji D. Ganage	189100
Mr. Ramhari D. Ganage	230250
Ganage Pressing Private Limited	7365750
Ms. Sangeeta Ramhari Ganage	220000
Mr. Rohit Ramhari Ganage	20000
Mr. Rohan Ramhari Ganage	20000
Mr. Tushar Shivaji Ganage	20000
Mr. Jitesh Shivaji Ganage	20000
Total	9000000
Category	Percentage
Bodies Corporate (not mentioned above)	82.00
Directors or relatives of directors	18.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Pressing and Precision Machines Parts.

PRODUCTION STATUS

Particulars	Unit	Installed Capacity	Actual Production
Automobile Parts	M.T.	14900	783.47

GENERAL INFORMATION

Bankers :

Bank of Baroda Add 1 : Corporate Banking Branch, Shivajinagar, University Road, Pune – 411005, Maharashtra, India Add 2 : Senapati Bapat Road Branch, Pune – 411016, Maharashtra, India IDBI Bank IDBI House, F. C. Road, Pune – 411005, Maharashtra, India Kotak Mahindra Bank Limited Pune Branch, Virwani Plaza, East Street, Pune – 411001, Maharashtra, India Industrial Development Bank of India Limited Dnyaneshwar Paduka Chowk, Fergusson Collage Road, Shivajinagar, Pune – 411004, Maharashtra

Banking Relations :	Satisfactory
Auditors :
Name :	Mohan Deshmukh and Company Chartered Accountants
Address :	B – 306, Narayan Chambers, Narayan Peth, Pune – 411005, Maharashtra, India
Holding Company :	Ganage Pressings Private Limited
Associates :	Automotive Metal Stampings Private Limited Poona Tools Private Limited SPG [GGP] Auto Industries Rojee Tasha Enterprises Pratibha Engineering Works Autoparts Engineering Private Limited Sommati Sintered Metals and Alloys Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs. 10/- each	Rs. 90.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs. 10/- each	Rs. 90.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		90.000	90.000	59.742
2] Share Application Money		79.698	75.588	38.146
3] Reserves & Surplus		12.127	6.125	13.497
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		181.825	171.713	111.385
LOAN FUNDS
1] Secured Loans		142.530	62.274	72.115
2] Unsecured Loans		72.366	1.356	4.758
TOTAL BORROWING		214.896	63.630	76.873
DEFERRED TAX LIABILITIES		23.475	15.167	5.556
TOTAL		420.196	250.510	193.814
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		287.789	207.416	185.003
Capital work-in-progress		21.945	31.120	0.232
INVESTMENT		4.629	4.629	4.629
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	61.805	16.098	12.185
	Sundry Debtors	35.796	7.312	12.799
	Cash & Bank Balances	6.634	2.442	0.060
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	77.453	40.748	30.958
Total Current Assets		181.688	66.600	56.002
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	74.064	59.282	52.058
	Provisions	1.809	0.000	0.000
Total Current Liabilities		75.873	59.282	52.058
Net Current Assets		105.815	7.318	3.944
MISCELLANEOUS EXPENSES		0.018	0.027	0.006
TOTAL		420.196	250.510	193.814

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2006	31.03.2005	31.03.2004
Sales Turnover [including other income]	514.181	97.086	46.023
Profit/(Loss) Before Tax	15.560	5.989	10.672
Provision for Taxation	--	--	4.734
Profit/(Loss) After Tax	15.560	5.989	5.938
Expenditure	498.621	91.097	35.351

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
PAT / Total Income	(%)	3.02	6.16	12.90
Net Profit Margin (PBT/Sales)	(%)	3.02	6.16	23.18
Return on Total Assets (PBT/Total Assets}	(%)	3.31	2.18	4.42
Return on Investment (ROI) (PBT/Networth)		0.08	0.03	0.09
Debt Equity Ratio (Total Liability/Networth)		1.60	0.71	1.15
Current Ratio (Current Asset/Current Liability)		2.40	1.12	1.07

LOCAL AGENCY FURTHER INFORMATION

Form 8:

Name of the company	ROJEE TASHA STAMPINGS PRIVATE LIMITED
Presented By	BANK OF INDIA, SHIVAJINAGAR UNIVERSITY ROAD, PUNE
1) Date and description of instrument creating the change	13.09.2005 Hypothecation cum loan agreement [plant and machinery, stocks and book debts]
2) Amount secured by the charge/amount owing on the securities of charge	Demand Loan : Rs. 30 millions Cash Credit, Letter of Credit a Bank Guarantee : Rs. 19.500 millions --------------------------- Total : Rs. 49.500 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	Company has hypothecated its following properties Entire plant and machinery at J – 212 MIDC Bhosari, Pune – 411026 by way of 1^st charge Part of plant and machinery and stocks at Gat No. 281, 283 and 284 Nanekarwadi, Chakan, Pune by way of second charge [over which IDBI has go 1^st charge] Hypothecation of all stocks of materials such as steel and goods and semi finished goods, spare parts, components in process, spares, etc, at a. J – 212, MIDC, Bhosari, Pune – 26 b. Gat No. 776 / 777 / 778, Kundalwadi, Chikhali c. Gat No. 281, 283, 284 Nanekarwadi, Chakan, Pune Hypothecation of all present and future book debts, outstanding, money receivables, claims, bills due from any person party.
4) Gist of the terms and conditions and extent and operation of the charge.	Rate of Interest: 0.75% below BPLR presently 10% p.a. or as notified by the bank from time to time. Commission for LC and BG as mentioned in the hypothecation cum loan and as notified by the bank from time to time Agreement dated 13.09.2005 Margin : 25% Repayment of demand loan :- 35 EMI of Rs. 0.990 million each w.e.f. October, 2005
5) Name and Address and description of the person entitled to the charge.	BANK OF INDIA Corporate Banking Branch, Shivajinagar, University Road, Pune – 411005
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

Name of the company	ROJEE TASHA STAMPINGS PRIVATE LIMITED, PUNE
Presented By	Sundaram Finance Limited, No. 21, Patullos Road, Chennai – 600002, Tamilnadu, India
1) Date and description of instrument creating the change	Loan Agreement dated 29.10.2004 bearing Loan Cont No. : WM – 4241
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 0.535 million
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	On the security of 1. No. 2004 Model Tata Pickup bearing E. No. : 497TC89KVZ2936288; Ch. No. : 386531KVZ746589 as mentioned in the 1st schedule of the enclosed copy of the loan agreement
4) Gist of the terms and conditions and extent and operation of the charge.	The total loan amount of Rs. 0.590 million is repayable in 36 monthly instalments as follows: 34 monthly instalments of Rs. 0.016 million each and the last instalments of Rs. 0.016 million. The 1st loan instalment falls due on 29.10.2004
5) Name and Address and description of the person entitled to the charge.	Sundaram Finance Limited No. 21, Patullos Road, Chennai – 600002, Tamilnadu, India
6) Date and brief description of instrument modifying the charge	N.A.
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.	N.A.

Name of the company	ROJEE - TASHA STAMPINGS PRIVATE LIMITED
Presented By	ROJEE - TASHA STAMPINGS PRIVATE LIMITED
1) Date and description of instrument creating the change	1. Deed of Mortgage dated 22.11.2004 2. Loan Agreement dated 22.11.2004 [Both documents constitute a single charge]
2) Amount secured by the charge/amount owing on the securities of charge	Term Loan Facility : Rs. 2.000 millions [Purchase Order Finance Facility] Bank Guarantee : Rs. 7.800 millions ------------------------- TOTAL : Rs. 9.800 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	All the piece and parcel of Land and Building of Ganage Pressing Private Limited, situated at Gat No. 227 [p] to 243, 245, 248 at village Nanekarwadi, Chakan, Pune as well as the Plant and Machinery affixed to the land / building and / or situate thereon / therein. The description of the said land and building and plant and machinery is more particularly described in Part I and Part II of the schedule to the deed of mortgage
4) Gist of the terms and conditions and extent and operation of the charge.	Term Loan Facility [Purchase Order Finance] : [Rs. 2 millions] Interest : PLR 13.25% p.a. – 6.25% p.a. = 7% p.a. Tenure : 12 months Personal Guarantee of Directors : Mr. S. D. Ganage, Mr. R. D. Ganage, Mrs. Pratibha Ganage [and Mrs. Sangeeta Ganage] Mortgage in respect of the land and building, plant and machinery of Ganage Pressings Private Limited
5) Name and Address and description of the person entitled to the charge.	Kotak Mahindra Bank Limited 429 / 430, 4^th Floor, Sohrab Hall, 21, Sasoon Road, Pune – 1
6) Date and brief description of instrument modifying the charge	Deed of Hypothecation dated 21.05.2005
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.	The original charge was created on 22.11.2004 for Rs. 9.800 millions Now by this modification dated 21.05.2005, the company has provided the additional security which is as follows : Mechanical Press, Model PKZZ IV 500 ITS, Capacity – 500 T Mechanical Press Model PKZZ IV 500 ITS, Capacity – 500 T Mechanical Press Model PE2 – U – 315 FS Capacity 315 T Mechanical Press Model PD4HH 630/400 ES, Capacity 1030 T Mechanical Press Model PE2-U-315 FS Capacity 315 T All machines are make : Erfurt Germany

Form 8 Particular for creation or modification of charges

Corporation identity number or foreign company registrations number of the company	U34300MH1983PTC030653
Name of the company	ROJEE TASHA STAMPINGS PRIVATE LIMITED
Address	1102/C/3 Saivilla, Lakaki Road, Model Colony, Pune – 411016, Maharashtra
This Form is for	Modification of charge
Type of Charges	Hypothecation
Particular of the charge holder	Bank of India Corporate Banking Branch, Shivajinagar, University Road, Pune – 411005, Maharashtra, India E-mail : boipcbb@vsnl.net
Amount Secure by the charge	Rs. 49.500 millions
Brief of the principal terms and conditions and extent and operation of the charge	ROI : 0.75% below BPLR presently 10% p.a. or as notified by the bank from time to time. Commission for LC and BG as mentioned in the hypothecation cum loan and as notified by the bank from time to time Margin : 25% repayment of demand loan : 35 EMI of Rs. 0.990 million each w.e.f. October, 2005, for details pl. see annexure
Description of the property charge whether it is a charge on	Immovable properties, plant and machinery, stock in trade and book debts
Modification charge Charge identification number of the charge to be modified	90093185
Brief description of the instrument modifying the charge	Equitable mortgage by deposit of title deeds
Particulars of the Property charged	Entire plant and machinery at J – 212, MIDC Bhosari, Pune – 411026 by way of 1^st charge. Part of plant and machinery and stocks at Gat No. 281, 283 & 284 Nanekarwadi, Chakan, Pune by way of second charge [over which IDBI has 1^st charge]. Hypothecation of all stocks of raw materials such as steels and finished goods, pressed sheets, semi finished goods, spare parts, components, stocks in process, spares, etc. [for details see annexure]
Particulars of the present modification	Equitable mortgage created over company’s immovable property to secure Bank of India’s loan of Rs. 49.500 millions. Pl. see annexure for details of modification and annexure for property mortgaged.

Corporation identity number or foreign company registrations number of the company	U34300MH1983PTC030653
Name of the company	ROJEE TASHA STAMPINGS PRIVATE LIMITED
Address	1102/C/3 Saivilla, Lakaki Road, Model Colony, Pune – 411016, Maharashtra
This Form is for	Modification of charge
Type of Charges	Equitable mortgage or mortgage of property by depositing the title deeds
Particular of the charge holder	L99999MH1985PLC038137 KOTAK MAHINDRA BANK LIMITED 36 – 38 A, Narimanbhavan, 227, D, Nariman Point, Mumbai – 400021, Maharashtra, India E-mail : raghu.bangalorekar@kotak.com
Amount Secure by the charge	Rs. 9.800 millions
Brief of the principal terms and conditions and extent and operation of the charge	Interest @ 9.25%
Description of the property charge whether it is a charge on	Immovable properties, plant and machinery, furniture and fixtures and others
Modification charge Charge identification number of the charge to be modified	90094117
Brief description of the instrument modifying the charge	Supplemental Deed of Hypothecation
Date of instrument modifying the charge	20.07.2006
Particulars of the Property charged	Property situated at Gat No. 227 [p] to 243, 245, 248, Village Nanekarwadi, Chakan, Pune AND at Gat No. 776, 777, 778, Kudalwadi, Chikhali, Pune
Particulars of the present modification	Overall existing limit of Rs. 35.100 millions to Rs. 55.275 millions by additional Term Loan II of Rs. 24.075 millions and repayment of Term Loan I which reduced from Rs. 20.300 millions to rs. 16.400 millions

Corporation identity number or foreign company registrations number of the company	U34300MH1983PTC030653
Name of the company	ROJEE TASHA STAMPINGS PRIVATE LIMITED
Address	1102/C/3 Saivilla, Lakaki Road, Model Colony, Pune – 411016, Maharashtra
This Form is for	Creation of charge
Type of Charges	Hypothecation
Particular of the charge holder	L99999MH1985PLC038137 KOTAK MAHINDRA BANK LIMITED 36 – 38 A, Narimanbhavan, 227, D, Nariman Point, Mumbai – 400021, Maharashtra, India E-mail : raghu.bangalorekar@kotak.com
Nature or description of the instrument creating charge	Deed of Hypothecation
Date of the instrument creating charge	31.05.2006
Amount Secure by the charge	Rs. 24.075 millions
Brief of the principal terms and conditions and extent and operation of the charge	Interest @ 10.5% and repayable in 36 equal instalments
Description of the property charge whether it is a charge on	Vehicles and others
Particulars of the Property charged	Property situated at Rojee Tasha Stampings Private Limited, Nanekarwadi, Chakan, Pune and Rojee Tasha Stampings Private Limited, Kudalwadi, Chikhali, Pune

Corporate identity number (CIN) Foreign company registration number	U34300MH1983PTC030653
Name of the Company	ROJEE TASHA STAMPINGS PRIVATE LIMITED
Address	1102/C/3 Saivilla, Lakaki Road, Model Colony, Pune – 411016, Maharashtra, India
This form is for	Creation of charge
Type of Charge	Movable Property (not being pledge)
Particulars of the charge holder	Industrial Development Bank of India Limited Dnyaneshwar Paduka Chowk, Fergusson Collage Road, Shivajinagar, Pune – 411004, Maharashtra, India renub.seth@idbi.co.in
Nature or description of the instrument(s) creating or modifying the charge	Deed of Hypothecation
Date of the instrument creating or modifying the charge	08.11.2006
Amount secured by the charge	Rs.150.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interests: LIBOR plus 300 bps Terms of repayment: 5 years fro the date of disbursement in 54 equal monthly installments after initial moratorium of 6 months. Margin: N.A. Extent and operation of the charge: Corporate Loan USD 3333334 equivalent to Rs.150.000 Millions given to Ganage Pressings Private Limited for which the company i.e. Rojee – Tasha Stampings Private Limited has provided a collateral security of the moveable goods.
Short particulars of the property charged (including location of the property)	The company has provided a collateral security of the movable properties at Gat No.281/283 and 284, Nanekarwadi, Chakan, Taluka Khed, Pune including moveable plant and machinery, machinery spares, tools and accessories and other movables, both present and future (except book debts) for the loan Rs.150.000 Millions extended to Ganage Pressings Private Limited
Particular of the present modification	NA

Fixed Assets

• Land
• Plant and Machinery
• Furniture and Fixtures
• Building

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.39.92
UK Pound	1	Rs.79.31
Euro	1	Rs.60.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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