MIRA INFORM REPORT

Report Date :

20.03.2008

IDENTIFICATION DETAILS

Name :	TEBMA SHIPYARD LIMITED
Registered Office :	3^rdFloor, Khaleeli Centre, 149 Montieth Road, Egmore, Chennai - 600 008, Tamilnadu
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	09.07.1984
Com. Reg. No.:	10994
CIN No.: [Company Identification No.]	L27209TN1984PLC010994
TAN No.: [Tax Deduction & Collection Account No.]	CHET00687B
PAN No.: [Permanent Account No.]	AAACT1281B
Legal Form :	A Public Limited Liability Company. The Company’s shares are listed on the Stock Exchanges.
Line of Business :	The company is engaged in carrying out repairs to ships, ferries and tugs.

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 3063128
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track. Trade relations are fair. Financial position is satisfactory. 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 / Head Office :	3^rdFloor, Khaleeli Centre, 149 Montieth Road, Egmore, Chennai - 600 008, Tamilnadu, India
Tel. No.:	91-44-28271009/3638/3118/28553040/42/4845/4078/4616
Fax No.:	91-44-28257475/28553655
E-Mail :	temba@vsnl.com / compsec@tebma.com / info@tebma.com
Website :	http://www.temba.bizland.com , http://www.tebma.com
Area :	3000 sq. ft.
Location :	Leased
Shipyard 1:	“Aufa Building”, First Floor, No.258/7, Kodavoor Village, Malpe, Udupi – 576113, India
Tel. No.:	0820 2521376
Fax No.:	0820 2538901
E-Mail :	info@tebma.com
Shipyard 2 :	Temba Shipyard, Harbour III Complex, Chennai, Tamilnadu (Repair Yard)
Shipyard 3 :	No. 7, Pazhamathur Village, Madurantakam Taluk, Chengalpet, Tamilnadu, India
Shipyard 4 :	No.6, S.N. Chetty Street, Fishing Harbour Complex, New Washermanpet, Chennai-600081, Tamilnadu, India
Shipyard 5:	Malpe Harbour Complex, Malpe , Udupi – 576 108, Karnataka, India
Branches :	10, Old S. B. Colony Main Road, Chennai - 600 045, Tamilnadu, India
Factory:	2nd floor, Dock house building, Cochin Shipyard premises, Perumanoor, Kochi 682015 , Gujarat India
Tel. No.:	91-484 2364004/4006
Fax No.:	91-484 2364008
E-Mail :	info@tebma.com

DIRECTORS

Name :	Mr. P. K. Balan
Designation :	Managing Director
Address :	816/817, Poonamalee High Road, Kilpauk, Chennai – 600 010, Tamilnadu
Date of Birth/Age :	28/12/1951
Name :	Cdr. Dr. S. Subramanian
Designation :	Whole Time Director
Address :	10 Bharathi Nagar, Second Street, T. Nagar, Chennai – 600 017, Tamilnadu
Date of Birth/Age :	15/12/1949
Name :	Mr. Eapen Chacko
Designation :	Managing Director
Address :	Old No. 32, New No. 50, 53^rd Street, Ashok Nagar, Chennai – 600 083, Tamilnadu
Date of Birth/Age :	24/09/1943
Name :	Mr. P V Krishna
Designation :	Director
Date of Birth/Age :	52 years
Qualification :	B.com.,C.A.I.I.B
Expertise :	1. Financial Planning & Management 2. Project Management 3. Legal Matters
Other Directorships :	Dharti Dredging and Construction Limited – Director
Name :	Col. Vinod George
Designation :	Director
Name :	Mr. A G Krishnan
Designation :	Director
Date of Birth/Age :	51 years
Qualification :	B.Sc., ACA, GRAD CWA, ACS
Expertise :	1. Fiancial planing & Budgetary control 2. Fund Management. 3. Accounts & Auditing. 4. Taxation. 5. Secretarial Matters. 6 System Implementation & MIS.
Name :	Mr. G Sriram
Designation :	Director
Date of Birth/Age :	53 years
Qualification :	B. Tech.
Expertise :	1. Project Management and Engineering 2. Analysis and Optimisation of Operations 3. Financial Analysis of Project & Operation 4. Quality System Management 5. Environment & Safety Management
Other Directorships :	Bhavani Distilleries & Chemicals Limited
Name :	Mr. Hendrikus Van Berk
Designation :	Director
Name :	Mr. M M kamath
Designation :	Director
Name :	Mr. B Jayakumar
Designation :	Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders (as on 31.03.2007)	No. of Shares	Percentage of Holding
PROMOTERS HOLDING
Promoters
-- Indian	4887351	62.83%
-- Foreign	----	---
Persons acting in Concert	---	---
Sub Total	4887351	62.83%
NON – PROMOTERS HOLDING
Institutional Investors
-- Mutual Funds and UTI	27500	0.35%
-- Banks, Financial Institutions, Insurance Companies (Central and State Government Institutions/ Non Government Institutions)	---	---
-- Flls	35333	0.45%
Sub Total	62833	0.81%
OTHERS
-- Private Corporate Bodies	413874	5.32%
-- Indian Public	1892548	24.34%
-- NRIs/ OCBs	510474	6.56%
-- Any Other	11100	0.14%
Sub Total	2827996	37.36%
GRAND TOTAL	7778180	100.00%

BUSINESS DETAILS

Line of Business :

The company is engaged in carrying out repairs to ships, ferries and tugs.

Products :

Item Code No. (ITC Code)	89051000
Product Description	Dredgers
Item Code No. (ITC Code)	89011003
Product Description	Boats
Item Code No. (ITC Code)	89011002
Product Description	Launches
Item Code No. (ITC Code)	89040000
Product Description	Tugs
Item Code No. (ITC Code)	Plat form Supply Vessel
Product Description	89059000

Range of Products:

· Platform Supply Vessels

· Anchor handling Tugs

· Pilot Launches

· Dredgers (amphibious and conventional cutter suction)

· Floating Cranes and workboats

PRODUCTION STATUS (as on 31.03.2007):-

Particulars	Unit	Actual Production	Sales (Rs. in millions)
Platform supply Vessels	Nos.	4	1203.435
Tugs	Nos.	4	110.954
Dredgers	Nos.	---	---
Boats and Launches	Nos.	---	---
Barges	Nos.	1No.	21.769

GENERAL INFORMATION

Customers:

· Active Subsea AS, Norway

· ATVP, Navy

· Bangladesh IWTA

· Bhakra Beas Management Board

· CERP, Government of Andhra Pradesh

· Chilka Development Authority

· Cochin Port Trust

· Deep Sea Supply ASA, Norway

· Delhi Administration

· Dharti Dredging and Const Limited

· DOF, Norway

· Dredging Corporation. of India Limited.

· Ennore Coal Port Project

· Gopalpur Port, Orissa

· Government. of Orissa

· Gudami International Pte Limited.

· Gujarat Maritime Board

· Haydock International Limited, British Virgin Island

· Indian Navy

· Inland Waterways Authority of India

· J and K Lakes and Waterways

· Kakinada Port Project

· Kandla Port Trust

· Loktak Development Authority

· Madhya Pradesh Elec. Board

· Madras Port Trust

· Male Government

· Marino Dredgco Private Limited

· Mumbai Port Trust

· Ocean Dredging (India) Private. Limited.

· Reliance Petroleum Limited

· Shri Shakti LPG Limited.

· Tebma Marine Private Limited

· Tuticorin Port Trust

· Vijayawada Thermal Power Station.

· Windia Power Limited.

No. of Employees :

About 20

Bankers :

Ø Canara Bank, Teynampet Branch, Chennai - 600 018, Tamilnadu

Ø ICICI Bank Limited, Nungambakkam, Chennai – 600 034, Tamilnadu

Ø State Bank of Mauritius Limited

Ø State Bank of India

Ø The Dhanalakshmi Bank Limited

Ø Andhra Bank

Ø Syndicate Bank

Ø State Bank of Hyderabad

Ø HDFC Bank Limited

Ø ABN Amro Bank

Ø IDBI Bank Limited

Ø Centurion Bank of Punjab Limited

Ø Corporation Bank

Facilities :

Secured Loans (Rs. In millions) As on 31.03.2007:-

State Bank of Hyderabad (Term Loan)	92.114
State Bank of India (Term Loan)	104.720
Total	196.834

Banking Relations :

Good

Auditors :

V. Pichaikutty and Associates,

Chartered Accountants,

T. Nagar, Chennai- 600 017, Tamilnadu, India

Associates/Subsidiaries :

Tebma Gardens Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7778180	Equity Shares	Rs. 10/- each	Rs. 77.782 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		77.782	52.114	52.114
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		688.000	71.408	36.276
4] (Accumulated Losses)		0.000	0.000	(3.932)
NETWORTH		765.782	123.522	84.458
LOAN FUNDS
1] Secured Loans		196.834	69.930	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		196.834	72.472	0.496
DEFERRED TAX LIABILITIES		4.222	2.542	0.496
TOTAL		966.838	195.994	84.954
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		73.614	44.518	10.953
Capital work-in-progress		322.893	118.685	31.304
INVESTMENT		2.185	2.185	4.299
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.038	34.821	1.696
	Sundry Debtors	643.980	269.863	13.556
	Cash & Bank Balances	678.051	237.186	128.755
	Other Current Assets	12.723	13.072	9.717
	Loans & Advances	79.663	22.268	29.173
	Deferred Revenue Expenditure	0.000	4.863	2.037
Total Current Assets		1427.455	582.073	184.934
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	840.640	538.634	145.518
	Provisions	18.669	12.833	1.847
Total Current Liabilities		859.309	551.467	147.365
Net Current Assets		568.146	30.606	37.569
MISCELLANEOUS EXPENSES		0.000	0.000	0.829
TOTAL		966.838	195.994	84.954

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		1390.372	892.964	443.084
Other Income		0.000	0.000	0.000
Total Income		1390.372	892.964	443.084
Profit/(Loss) Before Tax		60.921	52.506	19.709
Provision for Taxation		18.650	7.500	2.557
Profit/(Loss) After Tax		42.271	45.006	17.152
Export Value		761.542	368.428	76.937
Import Value		715.185	595.959	249.590
Expenditures :
	Manufacturing Expenses	202.254	94.815	48.853
	Raw Material Consumed	959.577	672.045	337.568
	Salaries, Wages, Bonus, etc.	80.627	27.628	9.750
	Loss on sale of asset	0.000	0.240	0.060
	Financial Charges	38.293	20.184	10.064
	Know how fees written off	0.000	0.829	1.252
	Depreciation & Amortization	10.389	4.482	0.887
	Other Expenditure	38.311	20.235	14.941
Total Expenditure		1329.451	840.458	423.375

KEY RATIOS

Year	31.03.2007	31.03.2006	31.03.2005
Debt-Equity Ratio	0.30	0.34	0.00
Long Term Debt-Equity Ratio	0.30	0.34	0.00
Current Ratio	1.41	1.09	1.22
TURNOVER RATIOS
Fixed Assets	16.05	18.63	15.75
Inventory	57.52	48.02	177.79
Debtors	3.01	6.18	24.04
Interest Cover Ratio	2.59	3.60	2.38
Operating Profit Margin(%)	7.98	8.81	5.84
Profit Before Interest And Tax Margin(%)	7.22	8.30	5.62
Cash Profit Margin(%)	3.83	5.65	3.05
Adjusted Net Profit Margin(%)	3.08	5.13	2.84
Return On Capital Employed(%)	17.18	51.74	27.63
Return On Net Worth(%)	9.51	42.49	13.70

LOCAL AGENCY FURTHER INFORMATION

Biodata

In 1984, the Dutch company, Hydromeer, chose Tebma Marine Private Limited to manufacture its amphibian dredgers in India. Tebma Marine was established in 1978 as a ship repairing unit. The new company, Tebma Engineering Private Limited, was thus formed in 1984 to provide dredging services on an intergrated basis covering manufacture, supply, operation and maintenance of portable cutter suction dredgers. Subject is an acronym formed from the initials of its five original promoters -- K A Thomas, Eapen Chacko, P K Balasubramanian, Biren Mukherjee and A K Singh. It has been renamed Tebma Shipyards to reflect the nature of its activities. 

The company commenced commercial production of dredgers in 1987 and has been almost the sole dredger manufacturer in the country. Its activities were initially confined to building small harbour crafts, amphibian dredgers (which dredge upto 6 mtr) and conventional dredgers, with technical assistance from Degroot Nijkerk, one of the biggest dredger builders in the world. Subject has diversified into building medium-range sea-going vessels such as tugs, pilot launches, etc. 

Inspite of the recession faced by the ship building industry, the company's profit for the year 1999-2000 was Rs.9.577 millions as against Rs.8.085 millions in the previous year.

FINANCIAL PERFORMANCE 

During the year under review, the Company has achieved a post tax profit of Rs.42.271 millions for the operational period from 01.04.2006 to 31.03.2007 as against Rs.45.006 millions after tax for the earlier period. Income rose from Rs.892.964 millions to Rs.1390.372 millions resulting in an yield of Rs.60.921 millions of profit before tax as against Rs.52.506 millions recorded in the previous year. 

CURRENT ENGAGEMENTS 

The company has secured orders worth around Rs.12000.000 millions, predominantly from foreign buyers besides orders from Cochin Port Trust and Indian Navy.

Deliveries in respect of the orders on hand are expected to commence after May 2008. 

Deliveries in respect of orders being executed on behalf of Cochin Shipyard Limited has already commenced and the company has so far delivered 2 vessels out of 8. 

FUTURE OUTLOOK 

As the company has gained sufficient expertise to build and deliver Platform Supply Vessels for the off-shore industry it is poised for rapid growth on account of surging demand for these kind of vessels. 

With the orders on hand and expected in future, the company is confident of keeping the production yards occupied to its fullest capacity. 

The company will continue to take efforts to tap the export markets in the years to come.

CAPACITY ADDITION 

The new shipyard facility of the Company at Malpe, near Udupi, South Karnataka is nearing completion. The production has already commenced with the available facilities and the first vessel built at Malpe shipyard is expected to be delivered by May 2008. The Malpe shipyard will have the annual capacity to build 12 vessels equivalent to the MPSVs being built now when all the planned facilities are installed. 

The new shipyard at Malpe will have facilities not only for building vessels but also for providing repair services simultaneously. 

The Company's own facilities at Chengalpattu and the facilities provided to the company by Cochin Shipyard in their premises are being fully put to use. 

MANAGEMENT DISCUSSION AND ANALYSIS 

A lot of shipbuilding activity has shifted to Asian region and more particularly to India on account of availability of cheap labour but also on account of order book position of shipyards in Europe being more than full. Further, the Indian ship building industry is also developing sufficient expertise to undertake complex assignments. 

There is also a 'replacement' demand for aging offshore vessels especially tugs and offshore vessels. This has resulted in a fast track growth for many Indian shipyards which have their order books full. This scenario is expected to continue for the next few years. 

Current scenario in Tebma 

Subject has secured orders worth more than Rs.12000.000 millions, most of which are from foreign buyers besides orders from Cochin Port Trust and Indian Navy. 

Deliveries in respect of the orders on hand are expected to commence after May 2008. 

Deliveries in respect of orders being executed on behalf of Cochin Shipyard Limited has already commenced and the company has so far delivered 2 vessels. 

Strength 
Subject has built and delivered over 109 vessels till date and another 20 vessels, for which orders have been secured are in the process of being built and delivered. As the core management team has the required skill sets to execute any complex tasks, it is expected that the company would be able to secure more repeat orders from its existing customers, as in the past, and also from other buyers. 

Opportunities 
As the new shipyard of the company is located on the west coast of India, where the movement of defence and cargo vessels is expected to multiply manifold, there are plenty of opportunities available not only for ship building but also for providing repair services. 

Further, as the demand for the off-shore vessels are expected to grow substantially in the years to come, Subject is confident of bagging sufficient orders to keep its yards fully occupied. 

There is a possibility of Subject entering into strategic agreements with European yards to potentially exploit the Western European Market. 

Threats 
Even though there is intense competition from other companies in the private sector, subject is confident of sustaining itself on the basis of its core strengths and also on account of the expertise developed in building Tugs and off-shore vessels over the years at competitive prices. 

Risks and concerns 

Appreciating rupee against dollar is a major concern facing every company in India engaged in execution of export orders. Necessary steps are being taken to overcome the forex risks to the extent possible. 

As building of PSV is a highly sophisticated area of operation, there is a shortage of of qualified and skilled manpower to execute the ship building processes. However, employees of Subject are regularly trained in India and abroad to acquire the required skill sets. Subject also has plans to outsource training and trained supply of crew to meet the future requirements. 

Financial Performance 

The total income of the Company during the year under review was Rs. 1390.372 millions and the Net Profit is Rs.42.271 millions. 

FIXED ASSSET:

· Land

· Building

· Plant and Machinery

· Furniture and Fittings

· Office Equipment

· Vehicle

· Miscellaneous Assets

· Air Conditioner

WEBSITE DETAILS:

Company Profile:

Subject was incorporated in 1984 and is primarily engaged in the design and construction of workboat category of vessels including dredgers, tugs, floating cranes, offshore support vessels like PSVs,OSVs DSVs and Anchor handling Tugs etc. The company commenced commercial construction of amphibious cutter suction dredgers in technical tie-up with Hydromeer BV of Netherlands in 1987; with the first order from Madhya Pradesh Electricity Board.

The company has built and delivered 110 vessels in the past 20 years to clients like Government departments, The Indian Navy, major ports, leading Corporate bodies and clients in Male, Bangladesh and Sinsgapore.

The company with its production centers at Chengalpettu in Tamil Nadu, Malpe in Karnataka and Kochi in Kerala employs an experienced team of over 300 engineers. The company has entered into an MoU with Cochin Shipyard, India’s biggest shipbuilding hub, to construct off shore vessels and tugs at their yard. The Shipyard at Malpe in Karnataka ,when fully functional will have a capacity to build 10 vessels every year and repair upto 4 vessels simultaneously.

Corporate Information

Incorporated in 1984, subject had made rapid strides during the past two decades in design and construction of world class vessels in workboat category.

Current product range

· Platform Supply Vessels

· Anchor handling Tugs

· Pilot Launches

· Dredgers (amphibious and conventional cutter suction)

· Floating Cranes and workboats

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. 40.45
UK Pound	1	Rs. 81.20.
Euro	1	Rs. 63.48

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		72

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, 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