MIRA INFORM REPORT

Report Date :

24.11.2008

IDENTIFICATION DETAILS

Name :	DB CORP LIMITED
Registered Office :	Plot No. 280, Sarkhej Gandhinagar Highway, Near YMCA Club, Makarba, Ahmedabad – 380 054, Gujarat
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	27.10.1995
Com. Reg. No.:	04-47208
CIN No.: [Company Identification No.]	U22210GJ1995PLC047208
TAN No.: [Tax Deduction & Collection Account No.]	RKTD01424D / PTLD12325F
PAN No.: [Permanent Account No.]	AACCM5772G
Legal Form :	A Closely held Public Limited Liability Company.
Line of Business :	Publishers of Newspaper, Periodicals, Magazines, Pamphlets, Journals, etc.

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 9000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Mr. Bhupendra Mahida (Accounts Manager) directed to Mr. Mukesh Mangal (Finance Manager) who parted some vital details. Subject is a new company (due to transfer of existing business from various companies) of Dainik Bhaskar Group. Available information indicates high financial responsibility of the company. Trade relations are fair. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in a medium to long run.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Mukesh Mangal
Designation :	Finance Manager
Date :	21.11.2008

LOCATIONS

Registered Office / Printing Press :	Plot No. 280, Sarkhej Gandhinagar Highway, Near YMCA Club, Makarba, Ahmedabad – 380 054, Gujarat
Tel No.:	91-79-39888850
Fax No.:	91-79-39814001
E-Mail :	guptanavink@gmail.com p_jignesh@gvj.bhaskarnet.com v_ritu@mp.bhaskarnet.com s.sonali@bhaskarnet.com mukesh@guj.bhaskarnet.com j.vilas@mp.bhaskarnet.com
Website :	www.http://gujarat.bsnl.co.in www.bhaskar.com
Area :	3 Acre + Printing Press
Location :	Owned
Administrative Office :	Divya Bhaskar Unit No. of DB Corp Limited, Plot No. 280, Near YMCA Club , Makarba -380 054 , Ahmedabad 380 054, Gujarat
Tel. No.:	91-22-26925466
Corporate Office :	280 S G Highway , Near Tayota, Ahmedabad – 380 054, Gujarat, India

DIRECTORS

Name :	Mrs. Namita Agrawal
Designation :	Director
Address :	E -1/79, Arera Colony, Bhopal – 462 016, Madhya Pradesh, India
Date of Birth/Age :	12.06.1972
Date of Appointment :	10.12.2005
Date of Ceasing:	22.09.2007
Name :	Mr. Ramesh Agarwal
Designation :	Director
Address :	E -1/79, Arera Colony, Bhopal – 462 016, Madhya Pradesh, India
Date of Birth/Age :	24.03.1945
Date of Appointment :	10.12.2005
Name :	Mr. Sudhir Agarwal
Designation :	Director
Address :	E -1/79, Arera Colony, Bhopal – 462 016, Madhya Pradesh, India
Date of Birth/Age :	20.07.1967
Date of Appointment :	10.12.2005
Name :	Mr. Girish Agarwal
Designation :	Director
Address :	E -1/79, Arera Colony, Bhopal – 462 016, Madhya Pradesh, India
Date of Birth/Age :	10.07.1971
Date of Appointment :	27.10.1995
Name :	Mr. Pawan Agarwal
Designation :	Director
Address :	E -1/79, Arera Colony, Bhopal – 462 016, Madhya Pradesh, India
Date of Birth/Age :	31.07.1974
Date of Appointment :	10.12.2005
Name :	Mrs. Jyoti Agarwal
Designation :	Director
Address :	E -1/79, Arera Colony, Bhopal – 462 016, Madhya Pradesh, India
Date of Birth/Age :	01.04.1971
Date of Appointment :	27.10.1995
Name :	Mr. Niten Malhan
Designation :	Director
Address :	112/122 A Wing Sarnath Building, Warden Road, Mumbai – 400 026, Maharashtra, India
Date of Birth/Age :	02.08.1971
Date of Appointment :	12.12.2006
Name :	Mr. Ajay Gopikisan Piramal
Designation :	Director
Address :	41/42 4^th Floor, Benzer Terrace, Worli Sea Face, Worli, Mumbai – 400 018, Maharashtra, India
Date of Birth/Age :	03.08.1955
Date of Appointment :	29.08.2008
Name :	Mr. Piyush Pandey
Designation :	Director
Address :	1^st Floor Krishna Kunj Road No. 5, opposite Cadell Road Mahim, Mumbai – 400 016, Maharashtra
Date of Birth/Age :	05.09.1955
Date of Appointment :	29.08.2008
Name :	Mr. Kailashchandra Chowdhary
Designation :	Director
Address :	F No. 405, Anand Bhawan %77, MG Road, Indore – 452 001, Madhya Pradesh
Date of Birth/Age :	08.05.1940
Date of Appointment :	29.08.2008
Name :	Mr. Harish Bijoor
Designation :	Director
Address :	D - 47, Golden Enclave , Airport Road, Bangalore – 560 017, Karnataka, India
Date of Birth/Age :	03.06.1961
Date of Appointment :	29.08.2008
Name :	Mr. Ashwani Singhal
Designation :	Director
Address :	Flat No. 509, Mittal Park, 44 Janardan Mhatre Marg, Juhu, Mumbai – 400 049, Maharashtra
Date of Birth/Age :	31.10.1961
Date of Appointment :	29.08.2008

KEY EXECUTIVES

Name :	Mrs. Ritu Varshney
Designation :	Secretary
Address :	35, Senior, Hig Katar Hills, Bhopal – 462 043, Madhya Pradesh , India
Date of Birth/Age :	17.04.1978
Date of Appointment :	12.12.2006
E-Mail :	v_ritu@mp.bhaskarnet.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Mr. Chandra Agarwal	32009062
Mrs. Kasturi Devi Agarwal	3452695
Mr. Sudhir Agarwal	18005206
Bhaskar Industries Limited	1106000
Mrs. Jyoti Agarwal	19905788
Mr. Girish Agarwal	15526186
Mr. R C Agarwal HUF	821758
Bhaskar Fiscal and Infrastructure Limited	9280920
Mrs. Namita Agarwal	6541200
Peacock Trading and Investment Private Limited	10127247
Chambal Trading Private Limited	8421400
Mr. Pawan Agarwal	17723808
Mrs. Nitika Agarwal	3476000
Bhopal Financial Services Private Limited	5657190
Devfiscal Services Private Limited	1659000
Bhaskar Publication and Allied Industries Private Limited	3017800
Cliffrose Investment Limited	12056190

List of Allotees (As on 29.09.2007):-

Names of Allotees	No. of Shares
Mr. Ramesh Chandra Agarwal	31603884
Mrs. Kasturi Devi Agarwal	3408990
Mr. Sudhir Agarwal	17777292
Bhaskar Industries Limited	1092000
Mrs. Jyoti Agarwal	19653816
Mr. Girish Agarwal	15329652
Mr. R C Agarwal HUF	811356
Bhaskar Fiscal and Infrastructure Limited	9163440
Mrs. Namita Agarwal	6458400
Peacock Trading and Investment Private Limited	9999054
Chambal Trading Private Limited	8314800
Mr. Pawan Agarwal	17499456
Mrs. Nitika Agarwal	3432000
Bhopal Financial Services Private Limited	5585580
Dev Fiscal Services Private Limited	1638000
Bhaskar Publication and Allied Industries Private Limited	2979600
Cliffrose Investment Limited	11903580
Mr. Sunderbabu Venugopal	312
(As on 31.07.2007)
Mr. Sunderbabu Venugopal
Equity Shares	4
Preference Shares	1

(As on 30.09.2007):-

Equity Shares Breakup (Percentage of Total Equity):

Sr No.	Category	Percentage
1	Foreign holdings (Foreign institutional investor(s), Foreign companie(s), Foreign financial institution(s), Non – Resident Indian(s) or Overseas corporate bodies or others	7.14
2	Bodies Corporate	23.26
3	Directors or relative of directors	69.60
	Total	100.00

BUSINESS DETAILS

Line of Business :	Publishers of Newspaper, Periodicals, Magazines, Pamphlets, Journals, etc.
Brand / Paper Name	· Divya Bhaskar · Dainik Bhaskar
Terms :
Selling :	Cash, Credit (30-60 days)
Purchasing :	Cash Credit (30 days)

PRODUCTION STATUS (As on 31.03.2007):-

Licensed capacity is not applicable

Installed Capacity :

Particulars	No. of Machines	Installed Capacity
Cold Set Machines	49	1584000
Heat Set Machines	4	96000

Actual Production:

Particulars	Actual Production
Newspaper	1197977

GENERAL INFORMATION

Customers :

Distributors

No. of Employees :

2000

Bankers :

· Industrial Development Bank of India Limited

Address : IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

· Standard Chartered Bank

Address : 90, MG Road, Fort Branch, Mumbai, Maharashtra, India

Secured Loans	31.03.2007 (Rs. In Millions)
Term Loans
Rupee Loans from Bank	1293.457
Foreign Currency Loans from Bank	---
From Financial Institutions	1011.111
Cash Credit Facility from Banks	936.506
Total	3241.074

Unsecured Loans	31.03.2007 (Rs. In Millions )
Security Deposits from Agents	186.201
From Subsidiary Company	28.582
Total	214.783

Financial Institutions:

· Rabo India Finance Limited

Address: 1 A, Janpath, New Delhi – 110 001, India

Email ID: sejal.jaradi@rabobank.com

· IL And FS Trust Company Limited

Address : Financial Centre Plot No. 22, G Block, Bandra Kurla Complex, Bandra East, Mumbai – 400 051, Maharashtra, India

Banking Relations :

Satisfactory

Auditors :

Name 1:

Gupta Navin K and Company

Chartered Accountants

Address :

Near Pyarelal ka Bada, Dal Bazar, Gwalior – 474 009, Madhya Pradesh, India

Tel No.:

91-751-2328302 / 4076611

Name 2:

S R Batliboi and Associates

Chartered Accountants

Address :

6^th Floor, Express Tower, Nariman Point, Mumbai – 400 021, Maharashtra, India

Tel No.:

91-22-22876485 / 22876401

Group Companies :

· Writers and publisher limited

· Bhaskar Phototyope Setter

· Bhaskar Printing Press

· RC Phototype Setter

· RC Printer

· Bhaskar Publications and Allied Industries Private Limited

· New Era Publications Private Limited

· Bhaskar Fiscal and Infrastructure Limited

· Bhaskar industries Limited

· Bhasskar Multinet Limited

· Bhaskar Exxoil Limited

Associates/Subsidiaries :

Name of the company: Synergy Media Entertainment Limited

CIN of the company :U92132MP2005PLC18039

Name of the Company : I Media Corp Limited

CIN of the Company : U64202MP2006PLC018676

Name of the Company : All Season Events Private Limited

CIN of the company : U74140MP2006PTC019035

CAPITAL STRUCTURE

(As on 30.09.2007):-

Authorised Capital :

No. of Shares	Type	Value	Amount
249000000	Equity Shares	Rs. 10/- each	Rs. 2490.000 millions
1000	Preference Shares	Rs. 10000/- each	Rs. 10.000 millions
		Total	Rs. 2500.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
168787766	Equity Shares	Rs. 10/- each	Rs. 1687.878 millions
1	Preference Shares	Rs. 10000/- each	Rs. 0.010 millions
		Total	Rs. 1687.888 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		21.466	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1711.193	1136.664	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1732.659	1137.164	0.500
LOAN FUNDS
1] Secured Loans		3241.075	3398.873	0.000
2] Unsecured Loans		214.783	182.062	0.000
TOTAL BORROWING		3455.858	3580.935	0.000
DEFERRED TAX LIABILITIES		269.108	247.470	0.000
TOTAL		5457.625	4965.569	0.500
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1854.128	1357.865	0.000
Capital work-in-progress		84.371	5.029	0.000
INVESTMENT		705.841	700.868	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	633.408	559.897	0.000
	Sundry Debtors	1461.422	1146.710	0.000
	Cash & Bank Balances	176.716	79.581	0.000
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1595.481	1606.599	0.470
Total Current Assets		3867.027	3392.787	0.470
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	969.210	361.119	0.005
	Provisions	95.167	151.165	0.000
Total Current Liabilities		1064.377	512.284	0.005
Net Current Assets		2802.650	2880.503	0.465
MISCELLANEOUS EXPENSES		10.635	21.304	0.035
TOTAL		5457.625	4965.569	0.500

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006
Sales Turnover		6633.230	5276.578
Other Income		90.980	53.368
Total Income		6724.210	5329.946
Net profit for the year		672.980	509.974
Import Value		1150.342	1471.953
Expenditures :
	Raw Material Consumed	3271.304	2740.619
	Purchases made for re-sale	17.652	15.867
	Consumption of stores and spares parts	377.149	338.922
	Salaries, Wages, Bonus, etc.	519.253	341.424
	Managerial Remuneration	2.122	1.192
	Payment to Auditors	3.652	0.600
	Interest	181.838	165.298
	Insurance Expenses	6.931	5.730
	Power & Fuel	104.623	89.573
	Depreciation & Amortization	108.780	84.536
	Other Expenditure	1457.926	1036.211
Total Expenditure		6051.230	4819.972

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Net Profit Margin (PBT/Sales)	(%)	10.15	9.66	NA
Return on Total Assets (PBT/Total Assets}	(%)	10.34	9.35	NA
Return on Investment (ROI) (PBT/Networth)		0.39	0.45	NA
Debt Equity Ratio (Total Liability/Networth)		2.61	3.60	0.01
Current Ratio (Current Asset/Current Liability)		3.63	6.62	94.00

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS:-

· Building

· Plant and Machinery

· Office Equipments

· Vehicles

· Furniture and Fixtures

· Computers

· Electric Fitting – Fan and Coolers

FORM 8:-

Corporate identity number of the company	U22210GJ1995PLC047208
Name of the company	DB CORP LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 280, Sarkhej Gandhinagar Highway, Near YMCA Club, Makarba, Ahmedabad – 380 054, Gujarat
This form is for	Creation of charge
Type of charge	· Book Debts · Movable Property · Floating Charge
Particular of charge holder	Standard Chartered Bank Address : 90, MG Road, Fort, Mumbai – 400 001, Maharashtra E-Mail: reenabang@rediffmail.com
Nature of instrument creating charge	Unattested Memorandum of Hypothecation
Date of instrument Creating the charge	21.07.2008
Amount secured by the charge	Rs. 500.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest: Letter of Credit / payment Undertaking Facility / OD / WCDL Interest / Commission – As Agreed by and with the bank from time to time. Term of repayment: As agreed by and with the Bank from time to time. Margin: As applicable, if any Extent and operation of the charge: The Bank is having pari-passu charge on stocks and book debts of the company.
Short particulars of the property charged (Including location of the property)	Hypothecation by way of first pari-passu floating charge on a) all present and future book debts, outstanding monies, receivables, claims and bills b) All present and future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise.

Corporation identity number or foreign company registrations number of the company	U22210GJ1995PLC047208
Name of the company	DB CORP LIMITED
Address	Plot No. 280, Sarkhej Gandhinagar Highway, Near YMCA Club , Makarba -380 054, Ahmedabad, Gujarat
This Form is for	Creation of charge
Type of Charges	Book debts Others
Particular of the charge holder	Rabo India Finance Limited Address: 1 A, Janpath, New Delhi – 110 001, India Email ID: sejal.jaradi@rabobank.com
Nature or description of the instrument creating charge	Deed of hypothecation
Date of the instrument creating charge	04.05.2007
Amount Secure by the charge	Rs. 1400.000 millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest : A variable interest rate linked to RIF Reference Rate. This interest rate currently works out to 11.25% p.a. The interest rate shall be reset on annual basis at the end of every year from the date of disbursal based on RIF ‘s reference rate. Terms of repayment: In 18 equal quarterly installment starting at the end of 9 month from date of first drawdown Margin: Not applicable Extent and operation of the charge: 1^st charge on pari passu basis with yes Bank Limited for term loan of Rs. 700.000 millions on all movable properties, both present and future, including, but not limited to plant and machinery, etc. pertaining to “Dainik Bhaskar” Centres,/ Location At Chandigarh, Panipat, Hissar, Noida, Faridabad, Delhi, Bhopal / Govindpura (Bhopal), Indore, Raipur, Bilaspur, Jaipur, Udaipur, Kota, Ajmer, Jodhpur, and Bikaner with a rest as per the optional attachment. Others: Pursuant to the scheme of arrangement between Writers and Publishers Limited and DB Corp Limited Sanctioned buy hon’ble high court of Gujarat vide its order dated 10.10.2006, Writers and Publishers writers is demerged into DB Corp Limited w.e.f. 12.12.2006. Therefore this hypothecation deed is executed to secure the term loan of Rs. 1400.000 millions which was the Term loan of Writers and Publishers limited prior to de-merger, and as per the scheme is now the Term loan of DB Corp Limited.
Short particulars of the Property charged	The whole of the movable properties of the borrower pertaining to “Dainik Bhaskar centres” / location as more particularly described in the schedule I of the hypothecation deed and the whole of the current assets of the borrower’s stock of raw materials, semi finished and finished goods, stores and spares not relating to plant and machinery (consumable stores and Spares), Bills receivables and book debts and all other movables , both present and future whether lying - rest as per the optional attachment.

Other details:-

Business:

The company has entered into business Transfer Agreement with Saurashtra Samachar Private Limited and New Era Publications Private Limited for acquisitions of certain business as a going concern with effect from January 1, 2007. The respective assets and liabilities of the business have been acquired by the company at their book values. The difference of Rs. 5.155 millions between the book value of net assets and the consideration paid by the company has been accounted as goodwill.

Contingent Liabilities:

Letter of Credit against purchase of capital goods Rs. 2.100 millions.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.03
UK Pound	1	Rs.74.42
Euro	1	Rs.62.71

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	NO
--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, 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