MIRA INFORM REPORT

Report Date :

21.11.2008

IDENTIFICATION DETAILS

Name :	UNITED ENTERPRISES
Registered Office :	Raw House, F-76/33, Sector – 12, Kharghar, Navi Mumbai – 410201, Maharashtra
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	01.04.1996
Com. Reg. No.:	400705/S/1704
PAN No.: [Permanent Account No.]	AABFU5447N
Legal Form :	Partnership Concern with an Unlimited Liability Company
Line of Business :	Manufacturer and Trader of Iron and Steel Scaffolding, Shuttering Equipment and Form Works.

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear
Comments :	Subject is a well-established and reputed concern having satisfactory track. Partners are reported as experienced, respectable and having satisfactory means of their own. Trade relations are fair. Business is active. No complaints have been heard from market sources. It would be advisable to take adequate securities while dealing with the subject.

INFORMATION PARTED BY

Name :	Mr. C. V. Lakshmanan
Designation :	Partner
Date :	20.11.2008

LOCATIONS

Registered Office :	Raw House, F-76/33, Sector – 12, Kharghar, Navi Mumbai – 410201, Maharashtra, India
Tel. No.:	91-22-25286791
Fax No.:	91-22-25273965
E-Mail :	ceevee@vsnl.net
Website :	http://www.unistageindia.com
Location :	Rented
Corporate Office :	13/4, Chandrodaya Society, CST Road, Chembur, Navi Mumbai – 400071, Maharashtra, India
Tel. No.:	91-22-25286791/ 5791
Email :	sharada@sriscaffolding.com cvl@sriscaffolding.com
Factory :	219, Big Splash, Sector 17, Vashi, Navi Mumbai – 400705, Maharashtra, India
Tel No.:	91-22-5288473/5951159
Fax No.:	91-22-5951159
Email :	ssplbom@bom4.vsnl.net.in
Website :	http://www.unistageindia.com
Branch Office :	Pune A, Aishwarya Residency, 47/3, Erandwane, Off Law Collage Road, Pune – 411014, Maharashtra, India Gujarat C-18, Meeraj Complex, Near Natubhai Centre, Race Course Road, Vadodara – 390009, Gujarat, India

PARTNERS

Name :	Mr. C. V. Lakshmanan
Designation :	Partner
Address :	B-5, Nellai Apartments, Swastik Park, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	05.08.1936
Qualification :	B. Sc
Experience :	50 years
Name :	Mr. Aher Raja Vamanrao
Designation :	Partner
Address :	Gaikwad Building, Pawala Street, New Charni Road, Mumbai – 400004, Maharashtra, India
Date of Birth/Age :	19.09.1948
Qualification :	Diploma in C.E.
Experience :	33 years
Name :	Mr. Sridhar Laxmanan
Designation :	Partner
Address :	B-5, Nellai Apartments, Swastik Park, Chembur, Mumbai – 400071, Maharashtra, India
Date of Birth/Age :	11.09.1968
Qualification :	B.E. Mechanical
Experience :	15 years

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Iron and Steel Scaffolding, Shuttering Equipment and Form Works.

Products :

Products Descriptions	Item Code No.
Iron, Steel and Scaffolding Item	0203

GENERAL INFORMATION

Suppliers :

• Khanna Industries Pipes Private Limited

11, Satyam, 318 Linking Road, Khar (West), Mumbai – 400052, Maharashtra, India

Contact Person: Mr. Manish Khanna

Tel No.: 91-22-6487623

• Varsh Enterprises

32/A, Savita, M G Road, Kandivali (West), Mumbai – 400067, Maharashtra, India

Contact Person:Mr. Alkesh Panchal

Tel No.:91-22-8624654

• A. G. C. Scaffolding Private Limited
• Ashirwad Enterprises
• Bharti Insurance
• Bharti International
• Bishan Steel Industrial
• Esskay International Corporation
• Fivebro Engineering Company
• Global Steel Trading
• Mahavir Steel Industries Limited
• Parekh Steels
• Super Enterprises
• Shree Enterprises
• Purav Steel Products

Customers :

• Hindustan Construction Company Limited

Hincon House, L. B. S. Marg, Vikhroli (West), Mumbai – 400067, Maharashtra, India

Contact Person: Mr. A. B. Phadke

Tel. No. 91 – 22 – 577 5959 Ext.: 230

• Shapoorji Pallonji Company Limited

41/45, S. P. Centre, Minoo Desai Marg, Colaba, Mumbai – 400005, Maharashtra, India

Contact Person: Mr. P. Sampat

Tel. No. 91 – 22 – 287 1040

• Larsen & Toubro Limited

Powai Works, Powai, Mumbai – 400 072, Maharashtra, India

Contact Person: Mr. S. M. Rane

Tel. No. 91 – 22 – 858 1401 Ext. 2778

• Ray Constructions Limited

G-26/30, Suyog, L. B. S. Marg, Vikhroli (West), Mumbai – 400083, Maharashtra, India

Contact Person: Mr. Mohan Nair

Tel. No. 91 – 22 – 578 0690 / 578 4873

• New Consolidated Construction Limited

Rahimtulla House, Fort, Mumbai – 400001, Maharashtra, India

Contact Person: Mr. Nair

Tel. No. 91 – 22 – 266 0090

• JMC Projects Limited

Ahmedabad, Gujarat, India

• Musale Construction
• Edcon Real Estate Developer

No. of Employees :

5

Bankers :

• Corporation Bank

Near Municipality Office, Chembur, Mumbai – 400071, Maharashtra, India

• Corporation Bank

Baroda and Pune

• Bank of Maharashtra

Nashik City Branch, Nashik, Maharashtra, India

• Shamrao Vithal Co-operative Bank Limited

Chembur, Mumbai – 400 071, Maharashtra, India

• CITI Bank

Standard Chartered Bank

Facilities :

Rs.15.000 Millions from Bank of Maharashtra

Secured Loans	31.03.2008 (Rs. In Millions)
CITI Bank	0.161
Standard Chartered Bank	0.872
Total	1.033
Unsecured Loans	31.03.2008 (Rs. In Millions)
From Others
Mr. A. B. Phadke	0.155
Mr. Raj I. Lakhani	0.081
Mrs. Neena Thakkar	0.209
Ms. Swapna Krishnamurthy	0.209
Ms. Swati Krishnamurthy	0.209
Mrs. Lalitha Krishnan	0.150
Total	1.013

Banking Relations :	Satisfactory
Auditors :
Name :	Pravin Jayanti and Associates Chartered Accountant
Address :	404, Surat Sadan, 4^th Floor, 88/89, Surat Street, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-23752191/ 23778006
Fax No.:	91-22-23701697
Email :	pjaassociates@rediffmail.com pravinjayantiassociates@gmail.com
Associates/Subsidiaries :	Unistage Engineer (India) Private Limited 13/4, Chandrodaya Society, CST Road, Chembur, Mumbai – 400071, Maharashtra, India (Manufacturer and Trading of Steel Scaffolding and Shuttering Equipment) Sri Scaffolding Private Limited B-5, Nekkai Apartment, Swastik Park, Chembur, Mumbai – 400071, Steel Scaffolding and Shuttering Equipment (Manufacturer and Exporter of Steel Scaffolding and Shuttering Equipment)

CAPITAL STRUCTURE

MR. C. V. LAKSHMANAN’S CAPITAL ACCOUNT

(RS IN MILLIONS)

Particulars	31.03.2008	Particulars	31.03.2008
Advance Tax	0.060	By Balance B/F	0.157
Bank	0.120	Shares of Profit	0.138
Fringe Benefits Tax	0.010
TDS	0.000
To Balance C/F	0.105
Total	0.295	Total	0.295

MR. RAJA V. AHER’S CAPITAL ACCOUNT

(RS IN MILLIONS)

Particulars	31.03.2008	Particulars	31.03.2008
Advance Tax	0.100	By Balance B/F	0.256
Bank	0.110	Shares of Profit	0.229
Fringe Benefits Tax	0.016
TDS	0.000
To Balance C/F	0.259
Total	0.485	Total	0.485

MR. SRIDHAR LAKSHMANAN’S CAPITAL ACCOUNT

(RS IN MILLIONS)

Particulars	31.03.2008	Particulars	31.03.2008
Advance Tax	0.040	By Balance B/F	0.093
Fringe Benefits Tax	0.007	Shares of Profit	0.092
TDS	0.000
To Balance C/F	0.138
Total	0.185	Total	0.185

SUMMARY OF PARTNERS’S CAPITAL ACCOUNT

(RS IN MILLIONS)

Name of the Partners	31.03.2008
Mr. C. V. Lakshmanan	0.105
Mr. Raja V. Aher	0.259
Mr. Sridhar Lakshmanan	0.138
Total	0.502

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	31.03.2007	31.03.2006
SHAREHOLDERS FUNDS
1] Partner’s Capital		0.502	0.506	0.724
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.502	0.506	0.724
LOAN FUNDS
1] Secured Loans		1.033	1.513	0.406
2] Unsecured Loans		1.013	0.781	1.737
TOTAL BORROWING		2.046	2.294	2.143
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2.548	2.800	2.867
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.364	0.392	0.277
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.678	0.285	0.095
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.679	7.474	3.767
	Sundry Debtors	14.728	11.819	8.259
	Cash & Bank Balances	0.742	0.208	0.160
	Other Current Assets	1.602	1.946	2.553
	Loans & Advances	2.012	0.239	0.155
Total Current Assets		32.763	21.686	14.894
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	23.827	19.032	12.399
	Provisions	1.519	0.531	0.000
Total Current Liabilities		31.257	19.563	12.399
Net Current Assets		1.506	2.123	2.495
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2.548	2.800	2.867

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
Sales Turnover		75.585	53.892	34.301
Other Income		0.371	0.012	0.358
Total Income		75.956	53.904	34.659
Profit/(Loss) Before Tax		0.459	0.207	0.294
Provision for Taxation		0.000	0.000	0.000
Profit/(Loss) After Tax		0.459	0.207	0.294
Expenditures :
	Cost of Goods Sold	71.765	50.047	30.489
	Administrative Expenses	1.059	1.356	1.352
	Interest	1.258	0.999	0.813
	Depreciation & Amortization	0.149	0.113	0.066
	Other Expenditure	1.266	1.182	1.645
Total Expenditure		75.497	53.697	34.365

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	0.60	0.38	0.85
Net Profit Margin (PBT/Sales)	(%)	0.61	0.38	0.86
Return on Total Assets (PBT/Total Assets}	(%)	1.39	0.94	1.94
Return on Investment (ROI) (PBT/Networth)		0.91	0.14	0.41
Debt Equity Ratio (Total Liability/Networth)		66.34	43.20	20.09
Current Ratio (Current Asset/Current Liability)		1.05	1.11	1.20

LOCAL AGENCY FURTHER INFORMATION

Parameters	Current Year	Preceding Year
Paid up Share Capital/ Capital of Partner/ Proprietor	0.502	0.506
Share Application Money/ Current Account of Partner or Proprietor	NA	NA
Reserve and Surplus/ Profit and Loss Account	NA	NA
Secured Loans	1.033	1.513
Unsecured Loans	1.013	0.781
Current Liabilities and Provision	31.258	19.562
Total of Balance Sheet	2.548	2.800
Gross Turnover/ Gross Receipts	75.585	53.892
Gross Profit	3.820	3.845
Commission Received	Nil	Nil
Commission Paid	-	0.450
Interests Received	0.370	0.010
Interests Paid	1.258	0.999
Depreciation as per Books of Accounts	0.149	0.113
Net Profit (or loss) before tax as per profit and loss account	0.459	0.207
Taxes on income paid/ provided for in the books	0.056	-

NAME OF THE PARTNERS AND PROFIT SHARING RATIO

Name of the Partners	Profit Sharing Ratio
Mr. C. V. Lakshmanan	30%
Mr. Raja V. Aher	50%
Mr. Sridhar Lakshmanan	20%
Total	100.00%

ADDITION TO FIXED ASSETS

Particulars	Date of Addition	Amount (Rs. In Millions)	Date put to use
Computers	01.04.2007 17.08.2007 18.12.2007 08.01.2008	0.034 0.013 0.004 0.004	01.04.2007 17.08.2007 18.12.2007 08.01.2008
Furniture and Fixture	31.05.2007	0.035	31.05.2007
Office Equipment	12.06.2007 02.02.2008	0.003 0.016	12.06.2007 02.02.2008
Mobile	-	0.014	-
Total		0.123

Note:

• Date of put to use of assets purchases during the year, has been certified by the assesses and verifies with the supporting evidences available with the assesses.

• Depreciation amount worked out on the basis of W.D.V. as appeared in the Books of account of the assesses and relevant rate of depreciation.

(RS IN MILLIONS)

Particulars	Transactions (Credit)	Closing Balance
April	5.405	5.405
May	4.282	9.686
June	6.426	16.113
July	8.005	24.117
August	4.573	28.690
September	6.610	35.300
October	4.447	39.747
Total	39.748	39.748

PROFIT AND LOSS

(RS IN MILLIONS)

Particulars	31.03.2009 (Estimated)
Gross Sales
Sales – Export	0.000
Sales – Domestic	100.000
Sub Total (Gross Sales)	100.000
Less Excise Duty	-
Net Sales	100.000
% wise rise/ fall in net sales as compared to previous year	322.800
Other Operating Income
Export Incentives	-
Duty Darwback	-
Other	-
Total Operating Income	100.000
Cost of Sales
Raw Materials Consumed	-
[a] Imported	-
[b] Indigenous	94.700
Power and Fuel	0.000
Direct labour and Wages	0.000
Other Manufacturing Expenses	0.000
Depreciation	0.200
Sub Total	94.900
Add : Opening Stock of WIP	-
Less : Closing Stock of WIP	-
Total Cost of Production	94.900
Add : Opening Stock of finished goods	-
Less: Closing Stock of finished goods	-
Total Cost of Sales	94.900
Selling, General and Administrative Expenses	2.800
Cost of Sales + SGA	97.700
Operating profit before interest	2.300
Interests	1.300
Operating profit after interest	1.000
Non-operating Items
Profit on sale of assets/ investment	-
Investment and Dividend	-
Forex gains	-
Non-op Income from subsidiaries	-
Tax Refund	-
Other Non-operating Income	0.000
Total Non-operating Income	0.000
Deduct Non – Operating Expenses	-
Loss on sale of assets	-
Prem Expenses W/Off	-
Other Non-operating Expenses	0.000
Total Non-operating Expenses	0.000
Net Non-operating Income / Expenses	0.000
Profit before tax	1.000
Provision for taxation	-
Current	-
Deferred	-
Sub Total: Provision for Taxation	0.000
Net Profit After Tax	1.000
Extraordinary Items Adjustments:
Extraordinary Income Adjustments (+)	-
Sub Total Extraordinary Items	0.000
Adjusted PAT (Excl Extraordinary Items)	1.000
Dividend Paid
On Equity Capital	-
On Preference Shares Capital	-
Dividend Tax
Partner’s Withdrawal	-
Dividend (%)	-
Retained Profit	1.000
Cash Accruals	1.200
Inventory
Raw materials - Imported	-
Raw materials - Indigenous	9.000
Work in Process	-
Finished Goods (Incl Traded Goods)	0.000
Other consumable spares –	-
Imported	-
Indigenous	-
Sub Total (Inventory)	9.000
Advances to Suppliers	1.000
Advances Payment of Tax	0.200
Other Current Assets	1.500
Total Current Assets	25.400
FIXED ASSETS
Gross Block	0.600
Less: Accumulated Depreciation	0.100
Net Block	0.500
Capital Work in Progress
Non-Current Assets
Investment/ Books/ Advances/ Deposits (Which are not current assets)	-
Investment in group concerns	-
Loans to group concerns/ Advances to subsidiaries	-
Investment in others	0.000
Advances to suppliers of capital goods and contractors	-
Deferred receivable (maturity exceeding one year)	-
Debtors > mths.	-
Others (Loans and Advances Non Current in Nature, ICD’s etc)	0.000
Less : Drawings	-
Deferred Tax Assets
Other Non-Current Assets (Including Dues From Directors)
Total Non-Current Assets	0.000
Intangible assets: [goodwill, patents and trademarks)
Accumulated Losses, Preliminary Expenses, Miscellaneous Expenditure Nor W/Off, Other Deferred Revenue Expenses	-
Total Assets	25.900
Tangible Net worth	1.500

BALANCE SHEET

(RS IN MILLIONS)

Particulars	31.03.2009 (Estimated)
CURRENT LIABILITIES
Short – Term borrowings from banks [including bill purchased, discounted and excess borrowings placed on repayment basis] Note: Bills Negotiated under LC should be excluded	-
Bank Borrowings– From Bank	6.000
Bank Borrowings – From Other Bank	-
Sub Total	0.600
Short Term Borrowings from others	0.000
Creditors for Purchases	12.500
Advance/ payments from customers  / Deposits from dealers	0.400
Provision for tax and Others	0.000
Dividend payable	-
Statutory liabilities [due within one year]	-
Installments of term loans / Deferred Payment Credits / Debentures/ Deposits/ Redeemable Preference Shares [Due within one year]	-
Deposit	-
Other current liabilities [due within one year]	1.500
Total Current Liabilities	20.400
TERM LIABILITIES
Debentures	-
Preference Shares	-
Dealer’s Deposit	-
Deferred Tax Liability	-
Term Loans	1.500
Term Deposit	-
Unsecured Loans (Quasi Equity)	2.500
Other Term Liabilities	-
Total Term Liabilities	4.000
Total Outside Liabilities	-
NET WORTH
Equity Shares Capital	-
Shares Capital (Paid-up)	0.000
Share Application (Finalized for allotment)	-
Sub Total (Shares Capital)	0.000
General Reserve	-
Revaluation Reserve	-
Other Reserves and Surplus
Partners Capital/ Proprietor’s Capital	1.500
Share Premium	-
Capital Subsidy	-
Others	-
Balance in P and L Account (+/-)	-
NET WORTH	1.500
TOTAL LIABILITIES	25.900
CURRENT ASSETS
Cash and Bank Balance	0.400
Investments	-
Government and other Trustee securities	-
Fixed deposit with bank	0.100
Others	-
Receivables
Receivables other than deferred and exports [Domestics]	12.300
Export receivables	-
Notes: All receivable upto 180 days only to be included Sale bills negotiated under LC to be excluded.

Fixed Assets:

• Office Equipment
• Printer
• Computers
• Audito Visual Equipment
• Mobile
• Furniture and Fixture
• Motor Car

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.50.52
UK Pound	1	Rs.75.54
Euro	1	Rs.63.12

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions