MIRA INFORM REPORT

Report Date :

13.10.2008

IDENTIFICATION DETAILS

Name :	MADRAS ENGINEERING INDUSTRIES PRIVATE LIMITED
Registered Office :	14, Satyanarayana Avenue, Madras – 600 028, Tamilnadu
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	17.11.1976
Com. Reg. No.:	18-7223
CIN No.: [Company Identification No.]	U35999TN1976PTC007223
TAN No.: [Tax Deduction & Collection Account No.]	CHEM00053E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automobile Parts.

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 1300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track. Available information indicates satisfactory financial responsibility of the company. Trade relations are fair. Business is active. Payments are reported as usually made as per commitments. The company can be considered good for normal business dealings.

INFORMATION PARTED BY

Name :	Ms. Vasumati
Designation :	Accounts Executive
Date :	11.10.2008

LOCATIONS

Registered Office :	14, Satyanarayana Avenue, Madras – 600 028, Tamilnadu, India
Tel. No.:	91-44-26258433 / 26254346
Fax No.:	91-44-26250178
E-Mail :	meil@giasmdol.vsnl.net.in
Website :	http://www.madrasengineering.com
Location :	Owned
Factory 1 (Manual Slack Adjusters) :	C-6 Industrial Estate, Ambattur, Chennai – 600058, Tamilnadu, India.
Tel. No.:	91-44-43983200 / 91-44-26258433
Fax No.:	91-44-26250178
E-Mail :	meil@madrasengineering.com
Factory 2 (Automatic Slack Adjusters) :	5 and 6, SIDCO Industrial Estate, Maraimalainagar - 603209. India.
Tel. No.:	91-44-47423100 / 91-44-27452646
Fax No.:	91-44-27452546
Factory 3 Automatic Slack Adjusters) :	Plot No. AA7, 6th Avenue, Auto Ancillary SEZ, Natham Sub Post, Mahindras World City, Chengelpet, Kancheepuram District - 603 002, Tamil Nadu, India.
Tel. No.:	91-44-47423000
Fax No.:	91-44-47423099

DIRECTORS

Name :	Mr. E K Parthasarathy
Designation :	Managing Director
Address :	14, Sathyanarayana Avenue, Chennai – 600 028, Tamilnadu, India
Date of Birth/Age :	27.07.1936
Qualification :	BE
Date of Appointment :	17.11.1976
Name :	Mrs. Radha Parthasarathy
Designation :	Director
Address :	14, Sathyanarayana Avenue, Chennai – 600 028, Tamilnadu, India
Date of Birth/Age :	21.12.1940
Date of Appointment :	17.11.1976
Name :	Mr. Sriram Sivaram
Designation :	Whole Time Director
Address :	14, Sathyanarayana Avenue, Boat Club Road, Chennai – 600 028, Tamilnadu, India
Date of Birth/Age :	18.04.1968
Date of Appointment :	02.02.2006
Name :	Mrs. Priya Sriram
Designation :	Whole Time Director
Date of Birth/Age :	06.04.1968
Date of Appointment :	20.04.2007

KEY EXECUTIVES

Name :	Mr. A Raghavan
Designation :	Company Secretary
Address :	Plot No. 237, 7^th Cross Extn., Heritage Jayendra Nagar, Sembakkam, Chennai – 600 073, Tamilnadu, India
Tel No.:	91-44-22782232

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 22.07.2005)

Names of Shareholders	No. of Shares
E K Parthasarathy (HUF)	12500
Radha Parthasarathy	160500
E K Parthasarathy	721000
Ramya Parthasarathy	20833
Priya Parthasarathy	17833
Sanjay Parthasarathy	17334
Sundram Fasteners Limited	125000
John Bruce	350000
ICICI Trusteeship Services Limited (ICICI Equity Fund)	150000
Total	1575000

Equity shares Breakup (percentage of total equity)

(As on 30.09.2008)

Category	Percentage
Nationalized or other banks	10.00
Foreign holdings (Foreign institutional investor(s), Foreign companie(s), Foreign financial institution(s), Non-resident Indian(s) or Overseas corporate bodies or Others	22.00
Bodies corporate	8.00
Directors or relatives of directors	60.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Automobile Parts.
Products :	· Manual Slack Adjusters (MSA) · Automatic Slack Adjusters (ASA) · Components of Slack Adjusters
Exports :
Products :	Manual Slack Adjuster
Countries :	· USA · Dubai · UK
Imports :
Products :	· Oreing · Pennian etc. parts used in auto mobile
Countries :	· USA · Germany · Japan
Terms :
Selling :	L/C and Credit (30 days / 60 days / 90 days)
Purchasing :	L/C and Credit (30 days / 60 days / 90 days)

GENERAL INFORMATION

Customers :	Auto Industries
No. of Employees :	200
Bankers :	State Bank of India Ambattur Industrial Estate Branch, No. 86A and B IInd Main Road, Ambattur Industrial Estate, Chennai – 600 058, Tamilnadu, India
Facilities :	CC, BG, ETC – Rs.406 millions

Banking Relations :	Satisfactory
Auditors :
Name :	Natraj Associates Chartered Accountants
Address :	288, TTK Road, Alwarpet, Chennai – 600 018, Tamilnadu, India

CAPITAL STRUCTURE

(As on 30.09.2008)

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1575000	Equity Shares	Rs.10/- each	Rs.15.750 millions

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] Share Capital		15.750	15.750	15.750
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		247.683	137.580	96.446
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		263.433	153.330	112.196
LOAN FUNDS
1] Secured Loans		247.288	95.496	54.783
2] Unsecured Loans		3.464	4.190	4.695
TOTAL BORROWING		250.752	99.686	59.478
DEFERRED TAX LIABILITIES		26.015	14.390	11.251
TOTAL		540.200	267.406	182.925
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		326.445	192.646	97.802
Capital work-in-progress		1.924	25.656	18.223
INVESTMENT		0.000	0.000	5.442
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	98.732	79.707	43.004
	Sundry Debtors	205.447	68.591	45.479
	Cash & Bank Balances	27.386	8.968	30.756
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	36.970	22.711	12.309
Total Current Assets		368.535	179.977	131.548
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	155.043	130.332	64.452
	Provisions	1.661	0.541	5.638
Total Current Liabilities		156.704	130.873	70.090
Net Current Assets		211.831	49.104	61.458
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		540.200	267.406	182.925

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
Sales Turnover		1597.962	788.485	585.760
Other Income		0.000	0.000	0.000
Total Income		1597.962	788.485	585.760
Profit/(Loss) Before Tax		191.242	74.745	33.812
Provision for Taxation		62.711	28.224	13.863
Profit/(Loss) After Tax		128.531	46.521	19.949
FOB Value :		456.628	485.643	368.166
	Export Earnings
Imports :
	Raw Materials	97.997	57.965	38.618
	Stores & Spares	12.285	0.000	0.000
	Capital Goods	18.768	23.588	0.000
Total Imports		129.050	81.553	38.618
Expenditures :
	Financial charges	40.536	10.812	6.205
	Depreciation & Amortization	21.185	9.112	8.239
	Other Expenditure	1344.999	693.816	537.504
Total Expenditure		1406.720	713.740	551.948

KEY RATIOS

PARTICULARS		31.03.2008	31.03.2007	31.03.2006
PAT / Total Income	(%)	8.04	5.90	3.41
Net Profit Margin (PBT/Sales)	(%)	11.97	9.48	5.77
Return on Total Assets (PBT/Total Assets}	(%)	27.52	20.06	14.74
Return on Investment (ROI) (PBT/Networth)		0.73	0.49	0.30
Debt Equity Ratio (Total Liability/Networth)		1.55	1.50	1.15
Current Ratio (Current Asset/Current Liability)		2.35	1.38	1.88

LOCAL AGENCY FURTHER INFORMATION

Trade References

· Tata Motors

· Ashok Leyland

· Asia Motors

Form No. 8

Name of the company

MADRAS ENGINEERING INDUSTRIES PRIVATE LIMITED

Presented By

State Bank of India, Ambattur Industrial Estate, Chennai – 600 058, Tamilnadu, India

1) Date and description of instrument creating the change

Dated 30.12.1985

Hypothecation of goods and assets

Sanction letter No. C and I/ADV/125, dated 30.12.1985

Registered on 30.12.1985

2) Amount secured by the charge/amount owing on the securities of charge

Open Cash Credit Rs.2.400 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Stock of raw materials, semi-finished, finished goods, and bills receivables.

4) Gist of the terms and conditions and extent and operation of the charge.

Interest 1% above SBIAR minimum 17.5% p.a.

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Ambattur Industrial Estate Branch, No. 86A and B IInd Main Road, Ambattur Industrial Estate, Chennai – 600 058, Tamilnadu, India

6) Date and brief description of instrument modifying the charge

Dated 14.09.2005

1. Supplemental Agreement of Loan for Increase in the Overall Limit in Form C1A.

2. Supplemental Agreement of Hypothecation of Goods and Assets for increase in the Overall Limit in Form C2A.

3. Supplemental Agreement of Pledge of Goods and Assets for increase in the Overall Limit in Form C3A.

4. Letter Regarding the Grant of Individual Limits within the Overall Limit in Form C5.

All dated 14.09.2005 and relates to one and the same charge.

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 credit facilities extended to the Company has been enhanced to Rs.258.500 millions Comprising of :

Nature of Facility	Enhanced (Rs. In Millions)
Fund Based
Cash Credit (Hyp)	10.000
Export Packing Credit (PCFC)	15.000
Foreign Bills Discounting	25.000
Term Loan I (FCNRB)	22.500
Term Loan II (FCNRB)	80.000
Stand by Line of Credit	10.000
Non Fund Based
Letter of Credit	5.000
Bank Guarantee	11.000
One Time LC (CG)	80.000
Total	258.500

Security

• First charge on the entire current assets of the company including Stock of Raw Material, Semi Finished Goods, Finished Goods, Stores, Spares, Consumables and Receivables, Documents of title to goods and the Bills purchased / discounted and Goods Covered under letter of Credit.

• First Charge on the fixed assets of the Company (present and future) including EM of factory lands (free and lease hold).

• Hypothecation of Plant and Machinery

Earlier securities given by the Company shall continue to cover the enhanced limit of Rs.258.500 millions

All other terms and conditions remain the same.

Corporate identity number of the company	U35999TN1976PTC007223
Name of the company	MADRAS ENGINEERING INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	14, Satyanarayana Avenue, Madras – 600 028, Tamilnadu, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	State Bank of India Ambattur Industrial Estate Branch, No. 86A and B IInd Main Road, Ambattur Industrial Estate, Chennai – 600 058, Tamilnadu, India
Nature of instrument creating charge	E.M Confirmation Letters
Date of instrument Creating the charge	01.11.2007
Amount secured by the charge	Rs.416.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	· Rate of interest As per the existing Terms and Conditions. · Terms of repayment As per the existing Terms and Conditions. · Margin As per the existing Terms and Conditions. · Extent and operation of the charge As per the existing Terms and Conditions.
Particulars of the present modification	By the present modification the existing overall limit to an extent of Rs.416.000 millions has additionally been secured by the existing charge on the immovable properties belonging to the Company.

Web Details

Subject was incorporated in Chennai in 1966 to serve the needs of the automobile ancillary industry. Commencing operations with contract machining of automotive components for major component manufacturers in South India, it has now become a major global source for the manufacture of slack adjusters for air brake systems and a tier 1 supplier to on road heavy duty vehicle manufacturers in India.

Export operations of subject which commenced with a single customer in Europe in 1989, now include a comprehensive range of slack adjusters used by reputed companies in the United Kingdom and Europe, the United States of America, Canada, the Middle East, Africa, Australia, New Zealand and Southeast Asia. Subject slack adjusters meet SAE J 1462 requirements. The current range of subject slack adjusters finds over 400 applications

Sales turnover in 2004-2005 was Rs 650 million ( USD 15 million ) and employee strength was 218. Subject is poised to capture new opportunities in the international and domestic markets and expects to register rapid top line growth in the coming years.

Profile

Subject was established in 1966 by Mr E K Parthasarathy . After post graduate engineering studies in the UK and rich work experience in major automobile engineering companies of the time in the UK and Europe, Mr Parthasarathy returned to India to set up manufacturing operations for automobile ancillaries in the country. Chennai ( then Madras ) was the city in which Mr Parthasarathy received his early education; it was also the hub of automobile manufacture in the south of India and it was logical for the company to be incorporated here.

In 1982, Sundaram-Clayton Limited (SCL), a TVS group company and market leader in India in the manufacture of air brake systems for medium and heavy commercial vehicles, outsourced the machining of manual slack adjuster bodies (MSA), to company. The Company has focused on the manufacture of slack adjusters since then and is now one of the largest manufacturer of MSAs in the world with annual production exceeding one million pieces. The Company markets its MSA directly.

Legislation enacted in Europe and North America in 1996, mandated that trucks, tractor-trailer combinations and passenger buses with air brake systems should be fitted with Automatic Slack Adjusters (ASA) instead of Manual Slack Adjusters, as an original equipment. Subject developed the product indigenously in 1998 and, in partnership with John Bruce who has considerable marketing and logistics experience in the global auto ancillary sector, commenced its global export operations . John Bruce and Company UK was formed in 1999 specifically to market and distribute the MEI ASAs throughout the World.

Legislation requiring Indian OEMs to use ASA is expected in 2006 will expand the market for ASA in India. Subject, with its experience in manufacturing ASA for the international market is well positioned to supply and service domestic requirements for ASA

Ownership Structure

Subject is a closely held private limited company, with equity participation by ICICI , Sundram Fasteners Limited and John Bruce and Co UK

Directors

Mr. E.K. Parthasarathy, Managing Director

E K Parthasarathy is a graduate engineer from Jadhavpur University and a Masters in Engineering from Cranfield. Whilst in the UK, and in Germany for nearly a decade, he worked for companies such as Vickers Armstrong and Guest Keen Nettleford, using his strengths in engineering design. Returning to India, Parthasarathy went into automotive ancillary manufacturing and established Madras Engineering Industries Private Limited.
Parthasarathy has served on the Boards of several companies and continues his long association with PRICOL as Director. He has a strong interest in the development of indigenous design capability and the transfer of technology, having been personally involved in the transfer of technology to an engineering company in Nairobi. Parthasarathy has served on the national Executive Committee of ACMA and the Chairman of the CII Southern Region.

Mrs. Radha Parthasarathy, Director

Hailing from a prominent industrialist's family of Tamilnadu -- TVS, Radha Parthasarathy has been involved in assisting E K Parthasarathy in his automotive ancillary business. An able administrator, she currently devotes much of her time to civic, cultural and social activities. Radha is an active member of the Crafts Council of India which promotes traditional Indian crafts. Radha has organized Carnatic Classical music concerts (her mother was an eminent composer) and has a keen interest in the renovation of south-Indian temples. Through her efforts, the rural community of the village Thandalam is on the threshold of a transformation with interventions in the areas of health, cottage industry and the environment. Radha is involved in civic activities in Chennai through the Exnora Club.

Management

Subject is managed by a team of professionals with rich experience in the automobile ancillary industry in India in the functional areas of Research and Product Development, Quality Assurance, Production Operations, Materials and Projects, Finance and Accounts and Marketing

Leading the team and reporting to the Managing Director/Board of company, is Sriram Sivaram. As President, Sriram is responsible for the growth and profitability of the company. Sriram holds a Bachelors degree in Engineering from the Indian Institute of Technology, Madras (now Chennai) and an MS and MBA from Cornell University in Ithaca, New York.

Sriram has worked for the past fifteen years with US based multinational companies in the energy sector where he has held various key management positions. These include Vice President of Global Sales and Marketing for Active Power Inc; President and Chief Technology Officer of Catalyst Power, (an ABB Subsidiary); Business Unit Leader - Ancillary Equipment Group at American Power Conversion Corporation (APC) prior to which he also served as its Country Manager – South Asia and established APC’s subsidiary in India.

Sriram has a proven track record of turning around a loss-making business, ramping up new businesses for organizations, integrating and consolidating existing businesses for better profitability, establishing new products globally and building capability in organizations to deliver products to customers worldwide.

Manufacturing Facilities

Subject has two state-of-the-art manufacturing facilities ( including CNC turning centers and CNC Horizontal machining centers) in and around Chennai and a third is being set up in the export oriented zone on the outskirts of Chennai.

A dedicated unit for the manufacturing assembling and testing of MSAs is located at Unit I in Ambattur Industrial Estate Chennai.

The manufacture of slack adjuster components and the assembly of ASAs are done at Unit II in Maraimalai Nagar, on the outskirts of Chennai.

Unit III at Mahindra World City Chennai, a Specialized Economic Zone (SEZ) will begin operation in 2006.

Subject plants have test facilities to conduct endurance and life cycle tests conforming to SAE standards as well as customer specific standards in its full fledged laboratory. The lab is equipped with sophisticated metrology equipment including a three co-ordinate measuring machine to check and ensure quality of its products at all stages of manufacture. Chemical and physical tests for raw materials, bars, castings and forgings and bought out components are tested in house. Where required, tests carried out at reliable and certified laboratories

Certification

MEIL Unit II is accredited with QS 9000 and MEI Unit I is accredited with ISO 9000 - 2000 QSS by TUV

Click on the links below to view certificates:

ISO 9000 - 2000 Certificate {pop-up}

QS 9000 Certificate {pop-up}

Marketing 

Subject handles markting of its Manual Slack Adjusters directly from its plant at Ambattur for all domestic and overseas customers.

Subject is marketing Automatic Slack Adjusters through John Bruce (UK) Ltd. for its overseas customers worldwide.

For the domestic market MEI Automatic Slack Adjusters and Self Setting Automatic Slack Adjusters (SS - ASA) are marketed from its plants in Chennai - INDIA.

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.48.72
UK Pound	1	Rs.82.17
Euro	1	Rs.65.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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