MIRA INFORM REPORT

Report Date :

25^th May, 2006.

IDENTIFICATION DETAILS

Name :	DOZCO (INDIA) PRIVATE LIMITED
Registered Office :	6, Waterloo Street, 3^rd Floor, Room No. 309, Kolkata – 700069, West Bengal, India
Country:	India
Financials (as on):	31.03.2005
Date of Incorporation :	30^th March 1992
Com. Reg. No.:	21-54998.
CIN No.: [Company Identification No.]	U29130WB1992PTC054998
TAN No.: [Tax Deduction & Collection Account No.]	CALD01356F
PAN No.: [Permanent Account No.]	AABCD0776E
Legal Form :	Private Limited Liability Company.
Line of Business :	Importer, Exporter and Distributors of all types of Heavy Earth Moving and Construction Machinery Spare Parts and Daewod Construction, Equipments and wide range of crenuine / Replacement major parts, Assembly for all 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 100000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. General financial position is good. Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings.

LOCATIONS

Registered Office :	6, Waterloo Street, Suite No. 309, 3^rd Floor, Kolkata – 700069, West Bengal, India
Tel. No.:	91-33-22489809/ 2082/ 22101930
Fax No.:	91-33-22480604
E-Mail :	dozcoccu@vsnl.com kolkata@dozco.com
Web Site :	http://www.dozco.com
Area :	1000 sq.ft
Location :	Industrial area
Premises :	owned
Head Office :	Plot No. 243, Block D, Industrial Development Area, Auto Nagar, Visakhapatnam - 530012
Tel. No.:	91-891-2769681
Fax No.:	0891-2769687
E-Mail :	vizag@dozco.com
Web Site :	http://www.dozco.com
Factory 1 :	1, Rajhans Mansion, Bank More, Dhanbad - 826001, Bihar
Area :	5000 sq.ft
Location :	Industrial area
Premises :	owned
Branch :	Ahmedabad B-1 and B-2, Milan Complex, Near Sarkhej-Sanand Chokadi, Gandhi Nagar, Bavla Highway Sarkhej, Ahmedabad-382210, Gujarat, India
Tel. No.:	91-79-26899181 / 26891915
Fax No.:	91-79-26891934
E-Mail :	ahmedabad@dozco.com
Branch :	Bilaspur Opposite LIC Building, Magarapara Road, Bilaspur-495001, Chattisgarh.
Tel. No.:	91-7752-223988 / 2503707
Fax No.:	91-7752-227107
E-Mail :	bilaspur@dozco.com
Branch :	Chennai 919, Poonamallee High Road, Chennai –600084, Tamilnadu, India
Tel. No.:	91-44-26413623 / 26425720
Fax No.:	91-44-25321594
E-Mail :	chennai@dozco.com
Branch :	Dhanbad 1, Rajhans Mission, Bank More, Dhanbad-826001, India
Tel. No.:	91-326-2303800 / 2304700
Fax No.:	91-326-2303266
E-Mail :	dhanbad@dozco.com
Branch :	Nagpur S06 Second Floor, Amarjyoti Palace, Lokmat Square, Wardha Road, Nagpur-440012, Maharashtra, India
Tel. No.:	91-712-2538292
Fax No.:	91-712-2547940
E-Mail :	nagpur@dozco.com
Branch :	Satna Radha Swamy Farm House, House No. 5, Kothi Road Civil Lines, Satna- 485001, Madhya Pradesh, India
Tel. No.:	91-7672-2224179
Fax No.:	91-7672-2509509
E-Mail :	satna@dozco.com
Branch :	Udaipur 144, Technorate Society, Bedla Road, Udaipur-313001, India
Tel. No.:	91-294-2450183
Fax No.:	91-294-2480294
E-Mail :	udaipur@dozco.com
Branch :	Visakhapatnam Plot NO. 243, Block No-D, Industrial Development Area, Auto Nagar, Visakhapatnam-530012, Andhra Pradesh, India
Tel. No.:	91-891-2769681
Fax No.:	91-891-2769687
E-Mail :	vizag@dozco.com
Branch :	Liasion Office, Bangalore Usha Kiran Complex, Near Sarakki Gate, Kanakpura Main Road, Bangalore –560072, Karnataka, India
Tel. No.:	91-80-30622630
E-Mail :	chennaidaewoo@dozco.com
Representative Office :	Located at : v Jaipur, Rajasthan v Kolhapur, Maharashtra v Kota, Rajasthan v Salem, Tamil Nadu

DIRECTORS

Name :	Mr. Radheshyam Bangur
Designation :	Director
Address :	Mindcha colony, Bilaspur.
Date of Birth/Age :	20^th January, 1952
Date of Appointment :	30^th March, 1992
Name :	Mr. Ramesh Kumar Bangur
Designation :	Director
Address :	Nagpur – 12
Qualification:	B. COM.
Date of Birth/Age :	10^th December, 1958
Date of Appointment :	3^rd March, 1992
Name :	Mr. Nand Gopal Bangur
Designation :	Director
Address :	Santi Bhavan, Bank More, Dhanbad-826001, Jharkhand, India
Qualification:	M. Tech.
Date of Birth/Age :	6^th May, 1964
Date of Appointment :	3^rd March, 1992
Name :	Mr. Shiv Kumar Bangur
Designation :	Director
Address :	Agarjothi, Chattisgar - 1
Date of Birth/Age :	19^th February, 1954
Date of Appointment :	1^st April, 1994
Name :	Mr. Kamal Kishore Bangur
Designation :	Director
Address :	50 A Purna Das Road, 2^nd Floor, Kolkata-700029, West Bengal, India
Qualification:	B.E.
Date of Birth/Age :	5^th June, 1968
Date of Appointment :	1^st April, 1994
Name :	Mr. Om Prakash Bangur
Designation :	Director
Address :	50-A, Purna Das Road, Kolkata - 700029
Year of Birth :	1957
Qualification :	B. Com ACA
Experience :	26 years
Other Directorship :	GCB Finvest Private Limited

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares	Percentage of Holding
Mr. Kamal Kishore Bangur	40000	8.25
Mr. Nand Gopal Bangur	40000	9.75
Mr. Om Prakash Bangur	43000	10.75
Mr. Radheshyam Bangur	60000	8.75
Mr. Ramesh Kumar Bangur	40000	10.75
Mr. Shiv Kumar Bangur	40000	8.25
Mrs. Bhagwani Devi Bangur	35000	8.75
Mrs. Leela Devi Bangur	23000	5.75
Mrs. Manju Bangur	2000	0.50
Mrs. Poonam Bangur	5000	1.25
Mrs. Tara Devi Bangur	30000	7.50
Mrs. Usha Bangur	3500	0.87
Mr. Nand Gopal Bangur and Family (HUF)	10000	2.50
Mr. Om Prakash Bangur and Family (HUF)	1500	0.37
Mr. Ramesh Kumar Bangur and Family (HUF)	10000	2.50
Mr. Shiv Kumar Bangur and Family (HUF)	15000	3.75
GCB Finvest Private Limited	40000	10.00

BUSINESS DETAILS

Line of Business :	Importer, Exporter and Distributors of all types of Heavy Earth Moving and Construction Machinery Spare Parts and Daewod Construction, Equipments and wide range of crenuine / Replacement major parts, Assembly for all equipments.
Products :	v Daewoo Hydraulic Excavator v Rock Breakers v Hydraulic Pump Components v Hallite Seals and Seal Kits
Agencies Held :	v Ajax, Australia v Itm Itraltractor, Italy v Italricambi srl, Italy v Nok Corporation, Japan v Commercial Intertake, USA v Federal Mogul, USA v G N L, Italy v Heavy Equipment Parts Company, USA v Donaldson v Freudenberg, Germany v Hallite
Exports to :	Bhutan and Nepal
Imports from :	Australia, Italy, Japan, Singapore, UK and USA
Terms :
Selling :	L/C, Credit (30 Days)
Purchasing :	L/C, Credit (30 Days)

GENERAL INFORMATION

Suppliers :	v Itm Italtractor, Italy v Ajax, Australia v Commercial Intertake, USA v G N L, Italy v Heavy Equipments Parts Company v Italricambi srl, Italy, v Nok, Singapore, v Federal Mogul, USA.
Customers :	v The Associated Cement Companies Limited v Coal India Limited & Its Subsidiary Companies v Durgapur Cement Limited v Hindustan Copper Limited v Raymonds Cement Works v The Tata Iron & Steel Company Limited and Other major mining, cement and construction companies. v Retailers v Others
No. of Employees :	135
Bankers :	v Canara Bank 2, Brabourne Road, Calcutta - 700 001, West Bengal v State Bank of India Overseas Branch,9-1-571 GNT Road, Visakhapatnam v Canara Bank New Market, Bank More, Dhanbad - 826001
Facilities:	v State Bank of India , Credit Limit : Rs. 150.000 Millions v Canara Bank, Credit Limit : Rs. 10.000 Millions

Banking Relations :	Good
Auditors :	P. K. Periwal & Company Chartered Accountants
Address :	2R-43, H. M. Colony, Hindmotor - 712 233, District Hooghly, Karnataka, India
Affiliates :	v Bangur Rubber Works v GCB Finvest Private Limited
Parent Company :	Bangur Group Company

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs. 10/-	Rs. 7.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
597200	Equity Shares	Rs. 10/-	Rs. 5.972 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2005	31.03.2004	31.03.2003
SHAREHOLDERS FUNDS
1] Share Capital		5.972	5.972	5.972
2] Reserves & Surplus/(Accumulated Losses)		22.276	22.277	18.827
NETWORTH		28.248	28.249	24.799
LOAN FUNDS
1] Secured Loans		26.025	26.025	34.880
2] Unsecured Loans		64.128	64.129	79.947
TOTAL BORROWING		90.153	90.154	114.827
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		118.401	118.403	139.626
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.150	21.152	16.292
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.148	0.149	0.148
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	100.445
	Sundry Debtors	100.223
	Cash & Bank Balances	0.221	251.890	218.879
	Other Current Assets	0.000
	Loans & Advances	51.000
Total Current Assets		251.889	251.890	218.879
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	154.786	154.788	95.693
	Provisions	0.000	0.000	0.000
	Total Current Liabilities	154.786	154.788	95.693
Net Current Assets		97.103	97.102	123.186
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		118.401	118.403	139.626

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2005	31.03.2004	31.03.2003
Sales Turnover [including other income]	595.963	408.929	304.618
Profit/(Loss) Before Tax	14.021	6.009	5.787
Provision for Taxation	5.131	2.156	1.962
Profit/(Loss) After Tax	8.890	3.853	3.825
Export Value	N.A	1.155	0.000
Import Value	N.A	155.887	155.574
Total Expenditure	0.000	0.000	298.830

KEY RATIOS

PARTICULARS		31.03.2005	31.03.2004	31.03.2003
PAT / Total Income	(%)	1.49	0.94	1.25
Net Profit Margin (PBT/Sales)	(%)	0.02	1.47	1.90
Return on Total Assets (PBT/Total Assets}	(%)	5.13	2.20	2.46
Return on Investment (ROI) (PBT/Networth)		0.50	0.21	0.23
Debt Equity Ratio (Total Liability/Networth)		8.67	8.67	8.49
Current Ratio (Current Asset/Current Liability)		1.63	1.63	2.29

LOCAL AGENCY FURTHER INFORMATION

Trade References:

v Coal India

v SAIL

v Port Trust

v IOL

AS PER WEBSITE:

DOZCO (INDIA) PVT LTD., has been distributing parts for Heavy Earth Moving Machinery for past the two decades. The Company has experienced steady growth since its inception and today they have offices at Ahemedabad, Bilaspur, Chennai, Dhanbad, Kolkata, Nagpur, Satna, Udaipur, Vishakhapatnam and liasion office at Bangalore.

They serve their valued customers scattered nationwide. Their customers come from every  field i.e. MINING INDUSTRY, CONSTRUCTION AND INFRASTRUCTURE SECTORS. Their growth test amounts to their working relationship with their customers scattered all over country and suppliers throughout the world. This relationship form strength, stability and expansion has led to reputation for success. This success is passed on with a great saving to their customers.

The recent advances in communications has again strengthen their role in the Trade. All offices of Company are connected to instant informative Computer Networking, hence the benefit goes directly to the customers about availability of parts etc., this is again reflected while servicing the customers quickly and efficiently.

Needless to mention that commitment to quality, prompt deliveries and effective service is the motto of DOZCO.

DOZCO offers a wide range of products and parts for KOMATSU, CATERPILLAR, POCLAIN, HITACHI, TEREX, WABCO, SAMSUNG, DAEWOO, HYUNDAI, ALLISON, TWIN-DISC, ZF, ETC. THEY have inventry of very large selected varieties of parts for almost all equipments working in the country.

Now, They have become authorised distributor for Daewoo Hydraulic Excavators. They can provide Service support also for all types of existing DAEWOO population as well as for the new machines sold by us.

WHY DOZCO ONLY?

• Their nine stocking locations, sales offices and one liasion office Nationwide.
• Their hundreds of product lines.
• Their intimate knowledge of Heavy Earth Moving Equipments and parts that are
  needed.
• Their hundreds of skilled and dedicated team members.
  
  They assure you quality and fastest delivery, backed with guarantee. They have so much to offer you for the equipments it is almost sure that you will find what you need. Make DOZCO as the main source of procurement.

v The Market they serve:

Getting the Mining Done

Mining and Quarrying such as Coal, Lignite, Limestone, Copper, Granite, Iron-Ore DOZCO helps to produce mining faster and at lower cost. They specalise in OE genuine and replacement parts such as under-carriage parts, Hydraulic Seal, Seal Kits, Wear-Parts, Bearings, Chassis Parts and many more.

Infrastructure Development 

India is emerging as one of the biggest site for Infrastructure Development such as construction of Big Highways, Bridge, Canal, Harbours, Docks etc .    

On the Global Scene

Wherever large equipment is at work DOZCO is the supplier for all the needs. Their many products coupled with  their dedicated service and fast response have helped us become the dominant source for parts in many countries.

Moving the Big Ones

It takes tough to move a monster like this. When it comes to UnderCarriage DOZCO has supplied almost everyone. After  all their business  boosted with undercarriage parts. Their range  of products & resources enables us  to meet  particularly any challenges.  

Wherever Equipment Works

Minimum Equipment Downtime, because they serve the parts off the shelf at various locations, where the above activities are going in India.

v Products:

Importers & Distributors of all types of Heavy Earthmoving & Construction Machinery Spare Parts and Daewoo Construction Equipments

Wide Range of Genuine / Replacement Parts are Available for following equipments:

• LOADERS FRONT-END/BACKHOE
• EXCAVATORS BACKHOE/LOADER
• DUMPERS (OFF THE ROAD TRUCK)
• BULLDOZERS/TRACTORS
• MOTOR GRADERS
• DIESEL ENGINE
• TRANSMISSION

Wide Range of Genuine / Replacement Major Parts / assembly available for all equipments:

• HYDRAULIC ROCK BREAKERS
• SWING BEARINGS
• HEAVY DUTY ROCK BUCKETS
• HEAVY DUTY RIPPERS
• HYDRAULIC PUMPS & MOTORS
• UNDER CARRIAGE

v Specials:

Importers & Distributors of all the types of Heavy Earthmoving & Construction Machinery spare parts and Daewoo Construction Equipments

ITM - Italitractor, S.P.A., Italy

Italricambi S.R.Italy

Donaldson Company inc.USA.

Hallite Seals International Ltd., UK

Tong Myung Heavy Industries Co., Ltd. Korea

Ajax Engineered Fasterners, Australia

G.N.L., S.P.A., Italy

Soosan, Korea

Federal Mougul Inc., U.S.A.

Pewag - Weissenfels, Austria.

Fenner India Limited

Daewoo Heavy Industries and Machinery Limited

v Locations:

DOZCO offices and stock locations across INDIA to serve you as and when needed

• Ahmedabad, Gujarat
• Kolkata, West Bengal
• Chennai, Tamilnadu
• Dhanbad, Jharkhand
• Bilaspur, Chattisgharh
• Nagpur,  Maharashtra
• Satna, Madhya Pradesh
• Udaipur, Rajasthan
• Vishakapatnam, Andhra Pradesh

   Plus sales representatives in

· Kota, Rajasthan
*  Salem, Tamilnadu
*  Kolhapur, Maharashtra
*  Jaipur, Rajasthan

v Import / Export

IMPORTS: DOZCO imports regularly various genunine / replacement parts applicable to Excavators, Dozers, Loaders, Dump Trucks, Diesel Engines and Transmissions applicable to various Earthmoving Equipments. Being of any make such as Komatsu, Caterpillar, Hitachi, Terex, Wabco, Case-Poclain, Samsung , Hyundai, Daewoo, Italtricambi, FMG, Hallite, Ajax, Freudenberg, Donaldson, etc. Their strength in Indian market is good network in marketing. Hence they become largest Importers of Earthmoving parts in India. The above imports illustrated are apart from their authorised distribution line such as ITALITRACTOR ITM, NOK, ITALTRICAMBI, FMG, AJAX FASTERNERS, FREUDENBERG, GNL and DONALDSON. They feel that still they can add more  products in their distribution lines.

FOR ANY FURTHER INFORMATION . PLEASE CONTACT:
MR.O.P.BANGUR
         (or)
MR.N.G.BANGUR
TEL NO: 91-33-22489809 / 91- 891 - 2769681
FAX NO: 91-33-22480604 / 91- 891 - 2769687
EMAIL:  info@dozco.com

EXPORTS: DOZCO has sourced many OE/GENUINE parts such as Hydraulic parts, Chassis Parts, Transmission parts, etc. For Equipments manufacturd in India with Foreign Collabration  such as KOMATSU-BEML, TEREX-HM, HITACHI-TELCO, POCLAIN-L&T etc. So, they are looking for the  export requirement of parts manufactured in India for the following Equipments.

FOR ANY FURTHER INFORMATION, PLEASE CONTACT:

Mr. O.P. Bangur  
(or)
Mr. N.G. Bangur 

91-33-22489809 
(or) 
91-891-2769681 

Fax No:   91-33-22480604   (or)   91-891-2769687

Kolkata email:  kolkata@dozco.com

01. LOADERS FRONT-END/BACKHOE

20-21,20-71

72-21,72-71

BL 200,BL400,G1420,G3035

TWL3036

3D.5D

02. EXCAVATORS BACKHOE/LOADER:

 CK72.CK90/CK90-I/CK90-II/CK90-III. 
CK170.CK300

UH083LC. UH181 . UH261 . EX60.  
EX100LC. EX200LC 
EX300LC.EX400.EX500.EX600.

PC220/BE220.PC300/BE300.PC650/BE650, 
PC1000/BE1000

03. DUMPERS  (OF THE ROAD TRUCK) :

R-25/1025.R-35/1035,773B,777C.

R-25.R-35,33-11C/D

LW-35/BH-35,LW-50/BH-50,LW-85/BH-85,, HD785

LW-35,LW-50,LW-85

04.BULLDOZERS/TRACTORS  :

BD31A-17,BD50-A15,BD65-E8,BD80-A12, 
BD155-A1.BD355-A3,BD475.

D31A-17,D50-A15,D65-E8,D80-A12,D155-A1, 
D355-A3,D375A,D475A

D6H

05 . TRANSMISSION :

CLBT754,CRT5633,CLBT5961,CLBT5961D 
,CLBT6061

TT2221,TT2000.

TT2221, TT2000, CLBT754, CRT5633,  
CLBT5961,CLBT5961D,CLBT6061

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.45.85
UK Pound	1	Rs.85.68
Euro	1	Rs.58.89

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	6
--PROFITABILIRY	1~10	6
--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		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

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