MIRA INFORM REPORT

Report Date :

24.09.2008

IDENTIFICATION DETAILS

Name :	SUNRISE INDUSTRIES (INDIA) LIMITED
Formerly Known As :	SUNRISE POLYMERS AND INDUSTRIES (INDIA) LIMITED
Registered Office :	Block No. 30, Village - Garadhia, Jarod-Samlaya Road, Baroda - 391 520, Gujarat
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	01.06.1992
Com. Reg. No.:	04-17745
CIN No.: [Company Identification No.]	U17119GJ1992PLC017745
TAN No.: [Tax Deduction & Collection Account No.]	BRDS01283C
Legal Form :	A closely held public limited liability company.
Line of Business :	Manufacturer, Exporter and Importer of Process Equipments.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 350000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. Input for this report was parted by Mr. Siju, Accountant of the company.

INFORMATION PARTED BY

Name :	Mr. Shiju
Designation :	Executive Finance
Date :	23.09.2008

LOCATIONS

Registered Office / Factory :	Block No. 30, Village - Garadhia, Jarod-Samlaya Road, Tal. - Savli, Baroda - 391 520, Gujarat, India
Tel. No.:	91 – 2667 - 251342, 251276, 251350, 251626 - 28
Fax No.:	91 – 2667 - 251360
E-Mail :	info@sunrisepolymers.com marketing@sunrisepolymers.com accounts@sunrisepolymers.com sunrise@sunrisepolymers.com
Website :	http://www.sunrisepolymers.com
Area :	50000 sq.fts.
Location :	Owned
Corporate Office :	860/3, G.I.D.C. Estate, Post Box No. 843, Makarpura Road, Baroda - 390 010, Gujarat, India
Tel. No.:	91 – 265 - 2644958, 2645421, 2640829, 2658025-6
Fax No.:	91 – 265 – 2638742, 2645412
Area :	10000 sq.fts.
Location :	Owned

DIRECTORS

Name :	Mr. Joy Kutty
Designation :	Managing Director
Address :	A / 7, Nandanvan Society, Sussen Tarsali Road, Baroda – 390010, Gujarat, India joy@sunrisepolymers.com
Date of Birth/Age :	04.01.1961
Date of Appointment :	01.04.1996
Other Directorship :	Sunrise Industrial Equipments Private Limited U29199GJ1990PTC013627 Sunrise Industrial Chemicals Limited U24231GJ1994PLC023330
Name :	Mr. Molly Kutty
Designation :	Director
Address :	A / 7, Nandanvan Society, Sussen Tarsali Road, Baroda – 390010, Gujarat, India
Date of Birth/Age :	10.05.1967
Date of Appointment :	01.04.1996
Other Directorship :	Sunrise Industrial Equipments Private Limited U29199GJ1990PTC013627 Sunrise Industrial Chemicals Limited U24231GJ1994PLC023330
Name :	Mr. Thomas Kunju Kutty
Designation :	Additional Director
Address :	25 R K Puram Society, Tarsali, Baroda – 390 009, Gujarat, India
Date of Birth/Age :	12.05.1971
Date of Appointment :	01.04.1998
Name :	Mr. Malay Kumar Girija Prasanna Banerjee
Designation :	Director
Address :	Woodland Society, 105 Woodland Harmony, Gananjay Society, Gandhi Bhavan Road, Kothrud, Pune – 411 038, Maharashtra, India
Date of Birth/Age :	30.10.1952
Date of Appointment :	30.09.2006
Name :	Mr. Balasubramanian Muthiah
Designation :	Director
Address :	D-11-6, Second Link Road, Indian Institute of Technology, Chennai – 600 036, Tamil Nadu, India
Date of Birth/Age :	06.08.1963
Date of Appointment :	30.09.2006
Name :	Mr. Sujit Kumar Roy
Designation :	Director
Address :	B-13, Queens Park, 71/1 Juhu Road, Santacruz (West), Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	10.05.1941

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 30.09.2005)

Names of Shareholders	No. of Shares
Joy Kutty	939100
Thomas Kutty	401600
Rosani Joseph	101000
Joseph	306000
Babu Kutty	130500
Raju Kutty	337000
Candy Thomas	66000
Joseph N A	17000
Alexandar Kutty	110000
Candy Thomas	75000
Alexandar Candy	45000
Sunrise Industrial Chemicals Limited	10421000
Kunju Kutty	15000

Equity shares Breakup (percentage of total equity)

(As on 30.09.2007)

Category	Percentage
Foreign holdings (Foreign institutional investor(s), Foreign companie(s) Foreign financial institution (s), Non-resident indian(s) or Overseas corporate bodies or Others	53.43
Directors or relatives of directors	46.57
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Process Equipments.
Products :	FRF Equipments · Storage Tanks · Vessels Reactors · Pipes and Fittings · Scrubber/Absorber · Chimney/Stack · Launders/Trays/Channels · Godets · FRP Cover for Wind Mill Energy · FRP Blowers/Fans · FRP Sand Filter Nozzle Plates · FRP Separators
Brand Names :	“SUNOPLAST”
Exports :
Countries :	· USA · European Countries · Indonesia · UAE · Thailand · Bangladesh · Middle East · African Countries
Imports :
Products :	· Resins · Mat · CPVC · PVDS · PP and FRP Chemicals
Countries :	· Germany · Europe · USA · Japan · Spain · China
Terms :
Selling :	L/C and Credit (30 days)
Purchasing :	L/C and Credit (30 days)

GENERAL INFORMATION

Suppliers :	· Dow Chemical Pacific Limited, Singapore · Crest Composites and Plast Private Limited, India · George Fishing Piping Systems Limited, India · Kromatic and Instruments Private Limited, India · Amal Electrical · Aarvi Marketing Private Limited · C.N. Gandevia Clearing and Forwarding Agents · Crest Composites and Forwarding Agents · Network Polymers Private Limited · Suntech Mehta and Company · SVN Metal Corporation · M.M. Construction Private Limited · Shree Harikrushna Transport
Customers :	· End Users · OEM’s · All Plastic and Fiberglass, Inc. USA · Andritz Ag (Ruthner Surface Technologies), Austria · Century Textiles Company Limited, Thailand · Mitsubishi Heavy Industries Limited, Japan · Pt. Indah Kiat Pulp and Paper Tbk, Indonesia · Pt. Indo-Bharat Rayon, Indonesia · Pt. Lontar Papyrus Pulp and Paper Industry, Indonesia · Pt. South Pacific Viscose, Indonesia · Sterling Pulp and Chemicals Limited, Canada · Thai Organic Chemicals Company Limited, Thailand · Thai Rayon Public Company Limited, Thailand · Transworld Oil Resources, Abu Dhabi · Hamon Thermal Europe S.A., Belgium
No. of Employees :	350
Bankers :	Canara Bank Alkapuri Branch, R C Dutt Road, Baroda – 390 005, Gujarat, India

Banking Relations :	Satisfactory
Auditors :
Name :	· Sachin Mehta and Company Chartered Accountants Happy Home Apartments, No. 2, Behind Bina Clinic, Sampatrao Colony, R. C. Dutt Road, Baroda-390007, Gujarat, India Tel No : 91-265-2461497 · K.C. Mehta and Company Chartered Accountants · Parikh Mehta and Associates Chartered Accountants Happy Home Apartments, No. 2, Behind Bina Clinic, Sampatrao Colony, Vadodara - 390007, Gujarat, India
Holding Company :	Sunrise Industrial Chemicals Limited Address : GIDC, Makarpura, Baroda, Gujarat, India CIN No.: U24231GJ1994PLC023330
Associates/Subsidiaries :	· Gujarat Industrial Equipments Private Limited Address : GIDC, Makarpura, Baroda, Gujarat, India · Sunrise Industrial Equipments Private Limited CIN No.: U29199GJ1990PTC013627

CAPITAL STRUCTURE

(As on 30.09.2007)

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6669355	Equity Shares	Rs.10/- each	Rs.66.693 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		66.693	18.491	18.491
2] Share Application Money		0.000	48.203	0.000
3] Reserves & Surplus		4.274	2.854	10.913
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		70.967	69.548	29.404
LOAN FUNDS
1] Secured Loans		80.789	66.024	44.609
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		80.789	66.024	44.609
DEFERRED TAX LIABILITIES		4.406	4.134	0.000
Capital Subsidy		3.020	3.020
TOTAL		159.182	142.726	74.013
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		55.741	39.993	39.208
Capital work-in-progress		0.000	10.298	0.000
INVESTMENT		0.007	0.007	0.008
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	39.522	19.533	21.460
	Sundry Debtors	15.498	29.910	33.558
	Cash & Bank Balances	48.098	46.259	29.662
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	15.070	15.182	10.444
Total Current Assets		118.188	110.884	95.124
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	15.487	17.968	60.288
	Provisions	0.418	0.488	0.234
Total Current Liabilities		15.905	18.456	60.522
Net Current Assets		102.283	92.428	34.602
MISCELLANEOUS EXPENSES		1.151	0.000	0.195
TOTAL		159.182	142.726	74.013

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
Sales Turnover		90.723	100.152	153.005
Other Income		5.022	4.334	3.771
Total Income		95.745	104.486	156.776
Profit/(Loss) Before Tax		2.604	1.959	6.408
Provision for Taxation		0.827	(0.602)	1.250
Profit/(Loss) After Tax		1.777	2.561	5.158
Earnings in Foreign Currency :
Sale of goods manufactured		64.023	55.172	14.710
Expenditures :
	Raw Material Consumed	70.961	70.846	134.213
	Consumption of stores and spares parts	0.000	0.000	1.772
	Increase/(Decrease) in Finished Goods	(11.725)	3.970	(14.679)
	Salaries, Wages, Bonus, etc.	7.815	7.145	6.124
	Managerial Remuneration	1.815	1.200	0.780
	Payment to Auditors	0.060	0.067	0.049
	Interest	7.734	4.061	2.277
	Insurance Expenses	0.906	0.786	0.192
	Power & Fuel	0.000	0.000	0.670
	Depreciation & Amortization	3.154	2.771	2.314
	Other Expenditure	12.421	11.681	16.656
Total Expenditure		93.141	102.527	150.368

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	1.86	2.45	3.29
Net Profit Margin (PBT/Sales)	(%)	2.87	1.96	4.19
Return on Total Assets (PBT/Total Assets}	(%)	1.50	1.30	4.77
Return on Investment (ROI) (PBT/Networth)		0.04	0.03	0.22
Debt Equity Ratio (Total Liability/Networth)		1.36	1.21	3.58
Current Ratio (Current Asset/Current Liability)		7.43	6.01	1.57

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets

• Land
• Building
• Plant and Machinery
• Crane
• Air Conditioner
• Furniture and Fixture
• Type Writer
• Vehicles
• Computers
• Tools and Tackles
• Office Equipment
• Laboratory Equipments
• Garden Equipments
• Electrical Installation

Trade References

· Asland India Private Limited – Mumbai

· OSV Reinforcement Manufacturing Limited -

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the charge to be modified	90095210
Corporate identity number of the company	U17119GJ1992PLC017745
Name of the company	SUNRISE INDUSTRIES (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	Block No. 30, Village - Garadhia, Jarod-Samlaya Road, Tal. - Savli, Baroda - 391 520, Gujarat, India
Type of charge	· Book debts · Movable Property
Particular of charge holder	Canara Bank Alkapuri Branch, R. C. Dutt Road, Baroda – 390 005, Gujarat, India managermnorth0160@canbank.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental common hypothecation agreement dated 31.05.2007
Date of instrument Creating the charge	31.05.2007
Amount secured by the charge	Rs.72.300 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	· Rate of Interest C.C. @ 15 % p.a. P.C. @ 9.25 % p.a. L.C. not applicable Guarantee – not applicable Medium Term Loan @ 13.25% · Terms of repayment C C and P.C. - Repayable on demand Term Loan : The loan shall be repaid in 47 monthly instalments of Rs.0.080 million each and a last instalment of Rs.0.040 million · Margin 25 % on R.M. / Semi finished goods / finished goods 40 % on Book debts 50% on Term Loan · Extent operation of the charge First charge by way of hypothecation on the Stocks and Book Debts of the company situated at Block No. 30, village Gardhia, Jarod – Samlaya Road, Taluka Savli, and on filament winding machine with accessories.
Short particulars of the property charged	· Hypothecation of stock of Raw Materials / semi finished goods, finished goods located at Block No. 30, village Gardhia, Jarod – Samlaya Road, Taluka Savli, Vadodara – 391520 · Hypothecation of entire book debts of the company · Hypothecation of filament winding machine with accessories
Date of latest modification prior to the present modification	27.03.2007
Particulars of the present modification	The bank has revised the existing facilities by granting a medium term loan of Rs.3.800 millions and by withdrawing BULC (ST) of Rs.30.000 millions agreegating presently to Rs.72.300 millions. The breakup of revised facilities is as follows: CC : 20.000 millions, P C – 18.500 millions, LC : 20.000 millions, Guarantee – 10.000 millions and ML – 3.800 millions Accordingly the original charge crated on 26.02.2001 for Rs. 20 Millions and which was modified from time to time lastly on 27.03.2007 for Rs.98.500 millions is further revised and reduced to Rs.72.300 millions.

Corporate identity number of the company	U17119GJ1992PLC017745
Name of the company	SUNRISE INDUSTRIES (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	Block No. 30, Village - Garadhia, Jarod-Samlaya Road, Tal. - Savli, Baroda - 391 520, Gujarat, India
This form is for	Modification of charge
Type of charge	Equitable mortgage or mortgage of property by depositing the title deeds
Particular of charge holder	Canara Bank Alkapuri Branch, R. C. Dutt Road, Baroda – 390 005, Gujarat, India
Nature of instrument creating charge	Deposit of title deeds
Date of instrument Creating the charge	27.07.1995
Amount secured by the charge	Rs.8.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	The equitable mortgage was executed to extend the cover various credit facilities.
Description of the property charged indicating whether it is a charged on	Immovable properties
Particulars of the property charged	Block No. 30, Village – Faradhiya, Tal – Savli, Dist. Baroda
Charge identification number of the charge to be modified
Brief description of the instrument modifying the charge under section 135	Letter dated 09.03.2006 extending mortgage
Date of instrument modifying the charge
Particulars of the present modification	Credit facility enhanced to CC Rs.20.000 millions, L.C Rs.20.000 millions, BG Rs.10.000 millions and PC Rs.31.500 millions, Total 81.500 millions

AS PER WEBSITE

FRP Dreams

Chemical engineers like them often dream of plastics. That’s because most of them are dealing with some form or other of engineering plastics in their everyday lives. One night, one of us, Joy Kunjukutty, dreamt a little big on FRP Dream that actually came true of SUNRISE.

Today, under the dynamic leadership of Mr. Joy Kunjukutty, Sunrise Polymers and Industries (India) Limited, has grown into one of the few top organizations in South Asia that is involved in the design, manufacture and supply of Anti – Corrosive Equipment, Pipes and Fittings made with Composite Technology from Engineering Plastics.

His clear and focused vision for the company backed by a dedicated and efficient team of technical and marketing professionals, also ensured that SUNRISE was the first company in India and the only one in Asia to bag the ISO 9001 – 2000 (certification by TUV No. 0410020011126-E3) for the complete range of thermoplastic lined and thermoset process equipment, pipes and fittings and pollution control equipment. These are also manufactured to the relevant BS, ASTM, ASME, RTP, IS, DIN, AS and JIS standards accepted internationally.

Established in 1983 as Sunrise Industrial Equipments Private Limited, the organization had humble beginning – a small shed, some basic equipment, one order in hand for which they offered a never-done-before 5 years’ guarantee, and a lot of confidence in their ability to deliver what they promise and a determination to succeed.

Their state-of-the-art manufacturing facilities are now spread over 8000 sq. meters of shop floor and administrative offices, with a staff of 250 technical and management personnel, on the outskirts of Vadodara, Gujarat, India.

They have a technology transfer and buyback arrangement with All Plastics & Fiberglass Inc., USA, world leaders in FRP equipment, pipes and fittings.

Infrastructure

The Shop Floor area of 8000 sq. meters combined with an open area almost 80,000 sq. meters accommodates a range of the latest equipment, machinery, tools and control systems, as well as all handling systems for any type of single equipment of up to 15 meters. It is completely geared to handle any kind of turnkey job.

The Design Workshop creates the design, detail engineering of process equipment, pollution control systems, pipes, fittings and so on.

The – in – house R and D Unit is manned by highly qualified personnel who experiment with resins for high – temperature, high – corrosion and abrasion – resistant applications.

It is backed up by the fully equipped Testing Unit which test raw materials as well as final products. The Pipes and Fitting are tested for high pressure applications upto 105 kg/cm².

List of machinery

• Electric Oven
• Filament Winding Machine
• Hydraulic Press 100 Tonnes Capacity
• Pultrusion Machine
• Radial Drill Machine (2” capacity)
• RTM

Manufacturing standard

They manufacture equipments, pipes and fittings as per the latest standards: BS/ASTM/DIN/AS/JIS etc.

Manufacturing process

They follow the manufacturing process as per international technology to achieve maximum strength and the best quality.

• Filament winding
• Contact moulding
• Pultrusion

With more than 20 years' of experience in this field, they are one of the top players in the field of Composite Technology were their products are guaranteed to outperform and their last similar products made from conventional metal materials. This has been achieved primarily because they look upon their selves as a total solutions providers in this field, not just a fabricator of FRP products.

Their range of products broadly includes Chemicals Process Equipment, Reaction Vessels, Mixing Vessels, Storage Tanks, Pollution Control Equipment ( scrubbers, absorbers, towers, separators, blowers or fans, ducting, stacks, etc.), Exhaust Systems, Pipes & Fittings, Floor Gratings, Cable Trays, Industrial Sewers, Degassing Units and so on.

These are suitable for highly corrosive applications upto 350° C service temperature. They undertake design as per customer specifications, detail engineering, testing, manufacturing, supply, and finally, erection and commissioning.

Their products are designed, keeping in mind, the most severe combination of conditions, which may include apart from internal or external pressure and temperature, wind load, bending moments due to loads, loads due to heating and cooling of thermal gradients, loads applied by the personal during installation and operation as well as fatigue. They follow manufacturing process guidelines as per global technology procedures and standards to achieve maximum strength and the best quality. These include Filament Winding, Contact Moulding and Pultrusion.

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.45.72
UK Pound	1	Rs.84.81
Euro	1	Rs.67.60

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	YES
--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