MIRA INFORM REPORT

 

 

Report Date :

30.05.2007

 

IDENTIFICATION DETAILS

 

Name :

HWASHIN AUTOMOTIVE INDIA PRIVATE LIMITED

 

 

Registered Office :

Plot F-65A, SIPCOT Industrial Park, Irungattukottai, Sriperumbudur Taluk – 602105, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

03.01.2002

 

 

Com. Reg. No.:

48250

 

 

CIN No.:

[Company Identification No.]

U34300TN2002PTC048250

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers, Importers and Exporters of Body Parts, Chassis Parts, Engine Parts, Test Kits, Components and Assemblies of Automobiles.

 

 

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 1900000

 

 

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.

 

 

LOCATIONS

 

Registered Office :

Plot F-65A, SIPCOT Industrial Park, Irungattukottai, Sriperumbudur Taluk – 602105, Tamilnadu, India

Tel. No.:

91-44-27156844

Fax No.:

91-44-27156845

Area :

Owned

 

 

Head Office :

First Floor, Emelen Complex, 620/51, Mahalingapuram, Chennai 600034, Tamilnadu, India

Tel. No.:

9841060731

Fax No.:

91-4111-2356846

 

 

Corporate Office :

First Floor, Emelen Complex, 620/51 Mahalingapuram, Chennai 60034, Tamilnadu, India.

Mobile No.:

9841060731

Fax No.:

91-4111-2356846

 

 

Factory 1 :

Plot No. F - 65 A, Irungattukottai, Sriperumbudur, Kancheepuram, Tamilnadu - 602105, India

 

 

DIRECTORS

 

Name :

Mr. Sundararajan Ramachandran

Designation :

Director

Address :

10, School Street, Radha Nagar, Chrompet, Chennai-600044, Tamilnadu

Date of Appointment :

03.01.2002

Date of Ceasing :

07.01.2002

 

 

Name :

Mr. Sridhar Krishnamoorthy

Designation :

Director

Address :

A-7, Krishnaselvam Estates, New Colony, Chrompet, C, Chennai-600044, Tamilnadu

Date of Appointment :

03.01.2002

Date of Ceasing :

07.01.2002

 

 

Name :

Mr. Kim Ho Yeol

Designation :

Director

Address :

Rustic Styles, 1st Floor, K Block, 14th Street, Anna Nagar East, Chennai-600102, Tamilnadu

Date of Birth/Age :

05.10.1962

Date of Appointment :

03.01.2002

Date of Ceasing :

25.10.2002

 

 

Name :

Mr. Kyung Ho Ryoo

Designation :

Director

Address :

S-1, Mayapur Mandakni, No.27, Mahatma Gandhi Road, Shastri Nagar, Chennai-600020, Tamilnadu

Date of Birth/Age :

07.07.1961

Date of Appointment :

03.01.2002

Date of Ceasing :

24.04.2006

 

 

Name :

Mr. Hang Young Lee

Designation :

Director

Address :

Rustic Styles, 1st Floor, K Block, 14th Street, Anna Nagar East, Chennai-600102, Tamilnadu

Date of Birth/Age :

18.04.1955

Date of Appointment :

26.07.2002

Date of Ceasing :

27.01.2003

 

 

Name :

Mr. Tai Heon Song

Designation :

Managing Director

Address :

3A, Rani Malammai Tower, Block No.1, M R C Nagar, R A Puram, Chennai-600028, Tamilnadu

Date of Birth/Age :

29.06.1949

Date of Appointment :

20.12.2002

 

 

Name :

Mr. Seong Tae Kim

Designation :

Director

Address :

F-1, Mayapur Mandakini, No.27, Mahatma Gandhi Road, Shastri Nagar, Chennai-600020, Tamilnadu

Date of Birth/Age :

26.10.1964

Date of Appointment :

24.04.2006

 

 

KEY EXECUTIVES

 

Name :

Mr. T Lakshminarayana

Designation :

Company Secretary

Address :

No.35/64, Bajanai Koil Street, Choolalmedu, Chennai-600094, Tamilnadu

Date of Birth/Age :

31.07.1967

Date of Appointment :

26.04.2004

 

 

Name :

Mr. S T Kim

Designation :

General Manger -Purchase

Date of Birth/Age :

43 years

Qualification :

B.E.

Experience :

22 years

Date of Appointment :

25.02.2002

Previous Employment :

Hwashin Company Limited, Korea

 

 

Name :

Mr. Y J Mun

Designation :

Dy. General Manager - Quality

Date of Birth/Age :

45 years

Qualification :

B.E.

Experience :

24 years

Date of Appointment :

10.07.2002

Previous Employment :

Hwashin Company Limited, Korea

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

No. of Shares

Percentage of Holding

Hwashin Company Limited, Korea

25490000

--

Hwashin Company Limited, Korea (Mr. S T Kim - Nominee)

5000

--

Hwashin Company Limited, Korea (Mr. T H Song - Nominee)

5000

--

 

 

 

As on 31.03.2006

 

 

Foreign holdings

--

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers, Importers and Exporters of Body Parts, Chassis Parts, Engine Parts, Test Kits, Components and Assemblies of Automobiles.

 

 

Products :

ITC Code

Product Description

87089900

Parts and Accessories for motor vehicles

 

PRODUCTION STATUS

 

Particulars

Unit

 

Installed Capacity

Actual Production

Pressed parts for various version of motor car (in terms of cars)

Nos.

 

300000

252704

 

 

GENERAL INFORMATION

 

No. of Employees :

200

 

 

Bankers :

v      Indian Overseas Bank, Irugattukottai 602105, Tamilnadu, India

v      Chohung Bank

v      Exim Bank, Korea

 

 

Facilities :

Secured Loans :

 

Loan From Bank :

Term Loan : Rs.291.978 millions

 

Unsecured Loans :

 

Term Loan from Exim Bank, Korea : Rs.197.278 millions

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Vijayaraghavan & Associates

Chartered Accountants

Address :

51, Giri Road, T Nagar Chennai 600017, Tamilnadu, India

Tel. No.:

91-44-28264273

Fax No.:

91-44-28257223

 

 

Parent Company :

Hwashin Company Limited, Korea

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

35000000

Equity Shares

Rs.10/- each

Rs.350.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

25500000

Equity Shares

Rs.10/- each

Rs.255.000 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.12.2005

31.12.2004

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

255.000

255.000

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

222.234

168.432

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

477.234

423.432

LOAN FUNDS

 

 

 

1] Secured Loans

 

291.978

252.852

2] Unsecured Loans

 

197.278

261.977

TOTAL BORROWING

 

489.256

514.829

DEFERRED TAX LIABILITIES

 

33.741

9.848

 

 

 

 

TOTAL

 

1000.231

948.109

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

521.847

643.767

Capital work-in-progress

 

141.135

0.856

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

200.819

154.788

 

Sundry Debtors
 

269.426

334.487

 

Cash & Bank Balances
 

275.279

85.816

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

217.398

150.481

Total Current Assets
 

962.922

725.572

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

506.011

347.117

 

Provisions
 

119.662

75.434

Total Current Liabilities
 

625.673

422.551

Net Current Assets
 

337.249

303.021

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.465

 

 

 

 

TOTAL

 

1000.231

948.109

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.12.2005

31.12.2004

Sales Turnover

 

1984.139

1613.325

Other Income

 

6.610

2.074

Total Income

 

1990.750

1615.399

 

 

 

 

Profit/(Loss) Before Tax

 

100.724

79.074

Provision for Taxation

 

68.341

53.782

Profit/(Loss) After Tax

 

32.383

25.292

 

 

 

 

Imports :

 

 

 

 

Capital Goods

 

42.680

121.229

 

Others

 

693.885

150.363

Total Imports

 

736.566

271.592

 

 

 

 

Expenditures :

 

 

 

 

Administrative Expenses

 

296.182

239.955

 

Raw Material Consumed

 

1010.224

681.621

 

Increase/(Decrease) in Finished Goods

 

(0.004)

0.000

 

Finance Charges

 

29.829

27.922

 

Depreciation & Amortization

 

218.018

203.770

 

Other Expenditure

 

335.775

383.057

Total Expenditure

 

1890.025

1536.325

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.12.2005

31.12.2004

PAT / Total Income

(%)
 

1.63

1.56

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

5.06

4.89

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

6.78

5.77

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.21

0.19

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

2.34

2.21

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.54

1.72

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Form 8 Particular for creation or modification of charges 

Name of the company

HWASHIN AUTOMOTIVE INDIA PRIVATE LIMITED

Presented By

Director

1) Date and description of instrument creating the change

Dated 18.07.2002

Deposit of title deeds for creation of equitable mortgage on land and building

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

Rs.270.000 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

Factory land leased by SIPCOT plus Super Structural building (NOC obtained from lessor)

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

Exclusive first charge on fixed assets of the company viz, land and building to cover the term loan of Rs.270.000 millions

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

Indian Overseas Bank,

Large Advances Branch

Irungattukottai – 602105

6) Date  and brief description of instrument modifying the charge

Letter of hypothecation (for securing machineries/ vehicles/ book debts) dated 25.05.2005;

Term loan agreement dated 25.05.2005

Confirmation letter evidencing creation of supplemental mortgage on 25.05.2005

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.

With the revision of term loan I from Rs.270.000 millions to Rs.189.000 millions and sanction of fresh term loan of Rs.100.000 millions, total limit stands enhanced from Rs.300.000 millions to Rs.319.000 millions. Following are the existing and enhanced limits :

(Rs. In millions)

Nature of facility

Existing limit

Enhanced limit

Term loan I

270.000

189.000

Cash credit

30.000

30.000

Fresh term loan

Nil

100.000

Total limit

300.000

319.000

 

The above enhanced limit of Rs.319.000 millions is secured by first exclusive charge on fixed assets and Block assets of the company as also on the fully paid stocks of raw materials, work in progress, finished goods and receivables not more than 60 days and all other current assets in favour of Indian Overseas Bank

 

Rate of interest for term loan at 7% p.a. with monthly rests or such rate or rates of interest as the bank may specify from time to time

 

Term loan is repayable in four installments of Rs.25.000 millions each starting from 25.05.2006

 

The above enhanced limit of Rs.319.000 millions is further collaterally secured by way of extension of equitable mortgage by way of deposit of title deeds in respect of property situated at F 65-A, SIPCOT Industrial Park at Irungattukottai

 

All other terms and conditions remain unchanged

 

BUSINESS

 

Subject was incorporated to carry on business of manufacture, deal, import and export body parts, chassis parts, engine parts, test kits, components and assemblies of automobiles.

 

Company’s fixed assets include Lease hold land, land development charge, Buildings, Plant and Machinery, Furniture and fixtures, Computers, Office Equipments and Vehicles.

 

Introduction

 

The company was incorporated on 30.01.2002. with the object of manufacturing automobile pressed components. The company has commenced its commercial production on 01.11.2002 and the parts are being supplied to Hyundai Motor India Limited, for their various versions of cars. The company also obtained an order from Ford India Private Limited to supply fuel tank to one of its models.

 

Awards and Certifications

 

In their report for the year 2004 it has already been informed that the company have received 100 PPM Certificate from Det Norske Veritas Certification Inc. (DNV), Houstoon, Texas, USA and ISO 140001 Certification from DNV during the year 2004.

 

The main focus areas are

 

Tubular concept on Coupled Torsion Beam Axle. This new technology is widely spreading on world and now India is importing the same

To design tabular CTBA

To develop and manufacture tabular CTBA in the company and

To export the same from the company in India to other foreign countries.

 

Research and Development activities during the year :

 

The R&D is focusing on Suspension  system, Pedal and Fuel tank. They have started this year to study (Bench Marking) their competitors like Ford, Honda, Maruti and Tata products to analyze their cost, quality, cycle atime and other advantages have been listed. This bench marking report will be considered while developing new products.

 

Future plan of action :

 

Their future plan is to get foreign and domestic projects for developing new Automotive products with new technology, advanced materials to reduce product cost and improving quality with out any compromise on it’s life time. They are focusing to file patents in this emerging trend of suspension using tabular technology (LVS). So next year they are planning to get DSIR recognition, which facilitate to get projects from domestic and foreign OEM.

 

Business :

 

Indian Automobile industry has registered 13% growth in numbers in fiscal 2005-06.

 

According to figures released by society of Indian Automobile Manufacturers (SIAM), the total vehicle production in fiscal 2005-06 ended on 31.03.2006 touched a new high of 10 million units, which include production of 9735216 units of vehicles and an estimated production of more than 270000 units of tractors.

 

Car sales recorded a modest 7.55% growth in fiscal 2005-06 The total sales of car in the reporting fiscal ended 31.03.2006, was a climb down from the high 17.7 % growth in fiscal 2004-05.

 

In the financial year ended March 2006, their major customer Hyundai Motors India Limited sold 224243 cars, a 30% growth over the previous year. Exports grew 95% during the year with total exports of 82093 cars while domestic sales grew 9.5% to reach 142150 units, according to a company press release, which growth had totally benefited their company with regard to volume of business.

 

The products supplied by their company are well accepted by Hyundai Motor India Limited and their company had achieved a stage of total perfection. The statistics indicates that the future outlook for automotive industry is very good and the directors are hopeful of achieving maximum capacity utilization in the next year. The directors are also hopeful of earning good profit in the ensuing year.

 

Outlook for 2006-07

 

Following the announcement of eight percent excise duty cut on small cars by Finance Minister P Chidambaram in Union budget the car sales grew by over 22% in the month of March 2006.

 

Sales are expected to go strong this fiscal with analysis pointing out that the eight percent excuse duty cut on small cars is likely bring in more numbers. This can also be gauged by the high 23% growth in March by when most of the car companies had announced a price cut to pass the excise duty benefit to the customers.

 

Though the budget did not spring any surprises for the sector directly, they remain n positive on the sector from a long term perspective. Considering the trends in the global automobile industry, they believe that there exists a huge potential for Indian auto ancillary players going forward. Intensified competition in the global arena would keep befit from the auto manufacturers under pressure. Thus, they expect Indian players to benefit from the outsourcing opportunities available, considering India’s competitive edge in technical and high skilled jobs as compared to other low cost countries like China.

 

The reduction in customs duties on certain key inputs, however, is a welcome move. This will ensure that the Indian auto ancillary industry remains cost competitive vis a vis major rivals, which will aid in achieving ht eexport target of US billion by 2008 (US 4 billion now). However, any slowdown in the Indian auto industry will hurt the prospects of the companies that rely primarily on domestic demand.

 

Budget Impact

 

Being, an ancillary the performance of the industry is closely linked to the automobile industry. While the positive announcements for the automobile industry should augur swell for auto ancillary players, they would als stand to benefit to a certain extent in terms of input costs with customs duty on certain steel products having been brought down.

 

Peak custom duty reduced from 15% to 12.5%

Excise duty on cars having engine capacity upto 1200 cc (petrol based engines) and 1500 cc (diesel based engines) and length of the car upto 4000 mm reduced from 24% to 16%.

Continued thrust on road infrastructure

Custom duty on alloy steel and non ferrous (primary and secondary) metals reduced from 10% to 7.5%

 

Financial results

 

The directors reported that the turnover of the company for the fourth year of operations was Rs.1984.139 millions which showed a growth rate of about 23%. They informed that the company has made a profit of Rs.100.724 millions which is about 5% on sales for the fourth year ended 31.12.2005 after providing for depreciation of Rs.218.018 millions. The surplus of the company amounting to Rs.32.383 millions is retained and no amount was transferred to Reserves. The directors decided to retain the surplus for expansion and has not recommended any dividend for the year.

 

Implementation of SAP

 

The directors informed that during the 21st Board meeting it was decided to implement SAP in the company. The company has successfully developed and implemented System Applications and Products (SAP) for data processing in the areas of materials management (MM), production planning (PP), sales and distribution (SD), financial accounting (FI) and Controlling (CO) with effect from 01.06.2005. the directors would like to place on record their appreciation of the involvement, had working and meeting the implementation schedule particularly Mr. S Y Han and the key users. The performance of SAP is found to be excellent and it has the advantage of time saving and accuracy.

 

Commencement of Unit II

 

The directors informed that in order to meet the increasing demand for the products, it was decided in the 3rd annual general meeting to expand the manufacturing facility. Accordingly an existing closed unit with land building and machinery was acquired from Inkor Autotech India Private Limited after renovation and reconditioning the unit is ready for commencement of production. It is also informed that this unit will be called as Unit II of the company and will be treated as a branch office for all legal purpose and to avail some advantages. The commercial production will be started on 01.03.2006.

 

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.40.54

UK Pound

1

Rs.80.21

Euro

1

Rs.54.51

 

 

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

NO

--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/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