MIRA INFORM REPORT

 

 

Report Date :

08.10.2007

 

IDENTIFICATION DETAILS

 

Name :

DOZCO (INDIA) PRIVATE LIMITED

 

 

Registered Office :

6, Waterloo Street, 3rd Floor, Room No. 309, Kolkata – 700069, West Bengal

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

30.03.1992

 

 

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, 3rd Floor,  Kolkata – 700069, West Bengal, India

Tel. No.:

91-33-22489809/ 2082/ 22101930 / 22482082

Fax No.:

91-33-22480604

E-Mail :

 kolkata@dozco.com

opbangur@dozco.com

mailto:dozkkbms@md3.vsnl.net.in 

mailto:ngbdozco@cal3.vsnl.net.in

Website :

http://www.dozco.com

Area :

1000 sq.fts

Location :

(Owned) Industrial area

 

 

Head Office :

Plot No. 243, Block D, Industrial Development Area, Auto Nagar, Visakhapatnam - 530012

Tel. No.:

91-891-2769681

Fax No.:

91-891-2769687

E-Mail :

vizag@dozco.com

 

 

Factory 1 :

1, Rajhans Mansion, Bank More, Dhanbad - 826001, Bihar

Area :

5000 sq.fts

Location :

(Owned) Industrial area

 

 

Branches :

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 :

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 :

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 :

Jaipur, Rajasthan

Kolhapur, Maharashtra

Kota, Rajasthan

Salem, Tamil Nadu

 

DIRECTORS

 

Name :

Mr. Radhe Shyam Bangur

Designation :

Director

Address :

Minocha colony, Mungeli Road, Bilaspur-495001, Chattisgarh, India

Date of Birth/Age :

20.01.1952

Date of Appointment :

30.03.1992

 

 

Name :

Mr. Ramesh Kumar Bangur

Designation :

Director

Address :

Nagpur – 12

Date of Birth/Age :

10.12.1958

Qualification :

B. COM.

Date of Appointment :

03.03.1992

 

 

Name :

Mr. Nand Gopal Bangur

Designation :

Director

Address :

Santi Bhavan, Bank More, Dhanbad-826001, Jharkhand, India

Date of Birth/Age :

06.05.1964

Qualification :

M. Tech.

Date of Appointment :

03.03.1992

 

 

Name :

Mr. Shiv Kumar Bangur

Designation :

Director

Address :

Amarjyoti Palace, Lokmat Square, Nagpur-440012, Maharashtra, India

Date of Birth/Age :

19.02.1954

Date of Appointment :

01.04.1994

 

 

Name :

Mr. Kamal Kishore Bangur

Designation :

Director

Address :

E-44, Anna Nagar (East), 3rd Floor, Chennai-600084, Tamilnadu, India

Date of Birth/Age :

05.06.1968

Date of Appointment :

01.04.1994

 

 

Name :

Mr. Om Prakash Bangur

Designation :

Whole time Director

Address :

50-A, Purna Das Road, 3rd Floor, Kolkata – 700029, West Bengal, India

Year of Birth :

14.02.1957

Qualification :

B. Com, ACA

Experience :

26 years

Date of Appointment :

03.03.1992

Other Directorship :

GCB Finvest Private Limited

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

No. of Shares

Galaxy Merchants Private Limited

186200

Kamdhenu Lefins Private Limited

35600

MGB Commercial Private Limited

164800

Radiant Projects Private Limited

51600

Total

438200

 

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

 

 

Deemed Exports :

 

Products:

Mining and construction equipment

Countries :

Bhutan and Nepal 

 

 

Imports :

 

Products:

Machinery and parts

Countries :

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 and Its Subsidiary Companies

v      Durgapur Cement Limited

v      Hindustan Copper Limited

v      Raymonds Cement Works

v      The Tata Iron and Steel Company Limited and Other major mining, cement and construction companies.

v      Retailers

v      Others

 

 

No. of Employees :

300

 

 

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 :

 

Name :

R. K. Periwal and Company

Chartered Accountants

Address :

Hind Motor - 712 233, Hooghly, West Bengal, India

Parent Company :

Bangur Group Company

 

 

Associates/Subsidiaries :

v      Bangur Rubber Works

v      GCB Finvest Private Limited

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1500000

Equity Shares

Rs. 10/-

Rs. 15.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

871400

Equity Shares

Rs. 10/-

Rs. 8.714 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2006

31.03.2005

31.03.2004

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

8.714

7.522

5.972

2] Reserves & Surplus/(Accumulated Losses)

63.183

39.610

22.277
NETWORTH

71.897

47.132

28.249

LOAN FUNDS

 

 

 

1] Secured Loans

47.724

38.405

26.025

2] Unsecured Loans

54.765

53.216

64.129
TOTAL BORROWING

102.489

91.621

90.154

DEFERRED TAX LIABILITIES

0.000

0.000

0.000
 

 

 

 
TOTAL

174.386

138.753

118.403
 

 

 

 
APPLICATION OF FUNDS

 

 

 
 

 

 

 
FIXED ASSETS [Net Block]

43.682

25.190

21.152
Capital work-in-progress

0.000

0.000

0.000
 

 

 

 
INVESTMENT

0.170

0.168

0.149
 

 

 

 
CURRENT ASSETS, LOANS & ADVANCES

 

 

 
 
Inventories

358.803

151.935

 
Sundry Debtors

147.078

148.153

 
 
Cash & Bank Balances

69.163

73.047

251.890
 
Other Current Assets

0.000

0.000

 
 
Loans & Advances

44.742

17.582

 
Total Current Assets
619.786
390.717
251.890
Less : CURRENT LIABILITIES & PROVISIONS
 
 
 
 
Current Liabilities

469.625

265.548

154.788
 

Provisions

19.627

11.774

0.000
 

Total Current Liabilities

489.252

277.322

154.788
Net Current Assets
130.534
113.395
97.102
 

 

 

 
MISCELLANEOUS EXPENSES

0.000

0.000

0.000
 

 

 

 
TOTAL

174.386

138.753

118.403

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2006

31.03.2005

31.03.2004
Sales Turnover [including other income]

939.514

595.863

408.929
 

 

 

 
Profit/(Loss) Before Tax

19.976

14.021

6.009
Provision for Taxation

0.000

0.000

2.156
Profit/(Loss) After Tax

19.976

14.021

3.853
 

 

 

 
Export Value

0.705

4.679

1.155
 

 

 

 
Import Value

N.A.

N.A

155.887
 

 

 

 
Total Expenditure

0.919

581.841

0.000

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2006

31.03.2005

31.03.2004
PAT / Total Income
(%)
2.13

2.35

0.94
 
 
 

 

 
Net Profit Margin

(PBT/Sales)

(%)
2.13

2.35

1.47
 

 
 

 

 
Return on Total Assets

(PBT/Total Assets}

(%)
3.01

3.37

2.20
 

 
 

 

 
Return on Investment (ROI)

(PBT/Networth)

 
0.28

0.30

0.21
 

 
 

 

 
Debt Equity Ratio

(Total Liability/Networth)

 
8.23

7.83

8.67
 

 
 

 

 
Current Ratio

(Current Asset/Current Liability)

 
1.27

1.41

1.63

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade References:

 

v      Coal India

v      SAIL

v      Port Trust

v      IOL

 

 

As Per Website:

 

Subject 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 liaison 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.

 

Commitment to quality, prompt deliveries and effective service is the motto of subject.


Subject 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 inventory of very large selected varieties of parts for almost all equipments working in the country.

 

Now, They have become authorized 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

 

Ø       Their nine stocking locations, sales offices and one liaison office Nationwide.

Ø       Their hundreds of product lines.

Ø       Their intimate knowledge of Heavy Earth Moving Equipments and parts that are
needed.

Ø       Their hundreds of skilled and dedicated team members.

They assure quality and fastest delivery, backed with guarantee. They have so much to offer for the equipments it is almost sure that customer will find what they need.

 

The Market they serve:

 

Getting the Mining Done

 

Mining and Quarrying such as Coal, Lignite, Limestone, Copper, Granite, Iron-Ore. Subject helps to produce mining faster and at lower cost. They specialize 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 subject is the supplier for all the needs. Their many products coupled with their dedicated service and fast response have helped them become the dominant source for parts in many countries.

 

Moving the Big Ones 

 

When it comes to Under Carriage subject has supplied almost everyone. Their business boosted with under carriage parts. Their range of products & resources enables them to meet particularly any challenges.

 

Equipment Works

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

 

 

 

Products:

 

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

 

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

 

Ø       Loaders Front-End/ Backhoe

Ø       Excavators Backhoe/ Loader

Ø       Dumpers (Off the road truck)

Ø       Bulldozers/ Tractors

Ø       Motor Graders

Ø       Diesel Engine

Ø       Transmission

 

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

 

Ø       Hydraulic Rock Breakers

Ø       Swing Bearings

Ø       Heavy Duty Rock Buckets

Ø       Heavy Duty Rippers

Ø       Hydraulic Pumps and Motors

Ø       Under Carriage

 

Specials:

 

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

 

 

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

Ø       Italricambi S.R. Italy

Ø       Donaldson Company inc. USA.

Ø       Hallite Seals International Limited, UK

Ø       Tong Myung Heavy Industries Company, Limited Korea

Ø       Ajax Engineered Fasterners, Australia

Ø       G.N.L., S.P.A., Italy

Ø       Soosan, Korea

Ø       Federal Mougul Inc., U.S.A.

Ø       Pewag - Weissenfels, Austria.

Ø       Fenner India Limited

Ø       Daewoo Heavy Industries and Machinery Limited

 

Import / Export

 

Imports:

Subject 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 authorized 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.


Exports:

Subject has sourced many OE/GENUINE parts such as Hydraulic parts, Chassis Parts, Transmission parts, etc. For Equipments manufactured in India with Foreign Collaboration such as Komatsu-Beml, Terex-Hm, Hitachi-Telco, Poclain- L and T etc. So, they are looking for the export requirement of parts manufactured in India for the following Equipments.

 

Loaders Front-End/Backhoe

         

Ø       20-21, 20-71

Ø       72-21, 72-71

Ø       BL 200, BL400, G1420,G3035

Ø       TWL3036 

Ø       3D.5D02.

 

Excavators Backhoe/Loader:

 

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

Ø       UH083LC. UH181. UH261. EX60.

Ø       EX100LC. EX200LC 

Ø       EX300LC. EX400.EX500. EX600.

Ø       PC220/BE220.PC300/BE300.PC650/BE650, 

Ø       PC1000/BE1000

 

Dumpers  (Of The Road Truck) :

 

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

Ø       R-25.R-35, 33-11C/D

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

Ø       LW-35, LW-50, LW-85

 

Bulldozers/Tractors :

 

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

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

Ø       D6H

 

Transmission :

 

Ø       CLBT754, CRT5633, CLBT5961, CLBT5961D, CLBT6061

Ø       TT2221, TT2000.

Ø       TT2221, TT2000, CLBT754, CRT5633,  

Ø       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.39.49

UK Pound

1

Rs.80.41

Euro

1

Rs.55.76

 

 

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 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