MIRA INFORM REPORT
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Report Date : |
2nd May, 2006 |
IDENTIFICATION DETAILS
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Name : |
MILLMORE
ENGINEERING PRIVATE LIMITED |
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Registered Office : |
240,
Old Mahabalipuram Road, Sholinganallur, Chennai-600119, Tamilnadu, India |
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Country : |
India |
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Financials (as on) : |
31-03-2003 |
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Date of Incorporation : |
1979 |
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Com. Reg. No.: |
18-7290 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
CHEM02144C |
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Legal Form : |
A
Private Limited Company with an Unlimited Liability |
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Line of Business : |
Manufacturer
of Rice Milling Machinery |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 50000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed company having fine track. Trade relations
are fair. Financial position is satisfactory Payments are correct and as per
commitments. The company can be considered good for normal business dealings
at usual trade terms and conditions |
LOCATIONS
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Registered Office/ Head
Office : |
240,
Old Mahabalipuram Road, Sholinganallur, Chennai-600119, Tamilnadu, India |
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Tel. No.: |
91-44-27474753 |
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Fax No.: |
91-44-28343782 |
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E-mail: |
millmore@mel3.vsnl.net.in |
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Website: |
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Factory : |
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Area : |
3
acres |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr.
D S Ganapathy |
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Designation : |
Managing
Director |
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Address : |
Road
(Behind Airtal Tower), Off. Chennai IT Highway Chennai-603103, Tamil Nadu,
India |
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Tel. No.: |
91-44-30963923/30963930 |
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Mobile No.: |
91-9840091977/9444087172 |
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Fax No.: |
91-44-28343782 |
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Website : |
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Name : |
Mrs.
G Endale |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
of Rice Milling Machinery |
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Exports of : |
Rice
Milling Machinery |
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Exports to : |
Srilanka,
Suriname, Vietnam, U.A.E etc. |
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Imports of: |
Rubber
Rolls Machinery |
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Imports from : |
Korea,
Vietnam, China etc |
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Terms : |
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Selling : |
L/C,
Cash – 30 days & Credit – 60 days |
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Purchasing : |
Cash
– 30 days & Credit – 60 days |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
Total
– 45 |
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Bankers : |
Indian
Overseas Bankers, Mungumhakkan, Chennai-600119, Tamilnadu |
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Banking Relations : |
Good |
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Auditors : |
Mr.
R Bupathy & Company Chartered
Accountant |
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Sister Concern: |
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CAPITAL STRUCTURE
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,12,550 |
Equity
Shares |
Rs. 10 each |
Rs.1.125 million |
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FINANCIAL
DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2002 |
31.03.2003 |
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Sales Turnover |
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20.000 |
20.000 |
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Profit for the year |
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ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2002 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.126 |
1.126 |
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2] Reserves & Surplus |
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11.606 |
10.779 |
NETWORTH
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12.732 |
11.905 |
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LOAN FUNDS |
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1] Secured Loans |
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3.655 |
3.899 |
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2] Unsecured Loans |
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0.210 |
0.210 |
TOTAL
BORROWING
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3.865 |
4.109 |
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DEFERRED TAX LIABILITIES |
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TOTAL
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16.597 |
16.014 |
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APPLICATION OF FUNDS
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FIXED ASSETS
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Gross Block
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21.815 |
21.859 |
Net Block
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16.941 |
16.365 |
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INVESTMENT
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0.043 |
0.043 |
DEFERREX TAX ASSETS
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- |
(0.232) |
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CURRENT ASSETS, LOANS & ADVANCES
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15.038 |
14.824 |
Total Current Assets
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15.038 |
14.824 |
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Less : CURRENT LIABILITIES & PROVISIONS
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15.425 |
14.986 |
Total Current Liabilities
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15.425 |
14.986 |
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Net Current
Assets
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(0.387) |
(0.162) |
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MISCELLANEOUS EXPENSES
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- |
- |
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TOTAL
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16.597 |
16.014 |
LOCAL AGENCY FURTHER INFORMATION
The company has been registered with the Registrar of
Companies, Govt. Of India at Chennai
as a Private Limited Company and obtained the certificate
of Incorporation in 1977 and
commenced its manufacturing activities in 1979.
The Company has set up a plant at Chennai for the
manufacture and supply of modern Rice Milling Machinery and has an installed
capacity of 120 complete mills per annum. It is a self contained unit having
facilities for manufacturing all post harvest machinery like Rice Milling
machinery, Paddy Parboiling and Drying Plants, Dhall Milling Machinery, Wheat Cleaning
Machines, Pepper Processing Machines, etc.
The Company is well versed in the basic engineering,
design, fabrication, erection and commissioning of the plant and machinery
required for complete modernization of the rice milling industry and can execute
orders on turn key basis. It is one of the reputed companies of its kind in
India and has been able to transplant the technological marvels namely the
modern rice mills into the traditional rice culture in India. With a team of
professional managers in the saddle the company has an unenviable edge over
competition. A long list of more than one thousand of customers spread over the
Southern, Northern, Western, Eastern and Central region of India as well as
Parts of Nepal, Europe and South America vouch for the superior qualities and
excellent performance on Millmore Machinery. A prompt after sales service
network have rendered Millmore's image ringing in the minds of satisfied miller
clientele
QUALITY
- INTERNATIONAL RECOGNITIONQUALITY - INTERECOGNITI
The challenge of elevating quality to the highest levels
and standard so as to gain an
entry into international markets has indeed brought the company to the
forefront. At
Millmore factory the attention to quality begins at the raw material stage and
extends
to the packaging of the finished product. The most systematic testing coupled
with no compromise on quality has resulted in Millmore machinery being exported
to countries
like Nepal, Surinam, The Netherlands and many orders, are on the anvil. The
Company's products have been tested and certified by Tamilnadu Agricultural
University, Coimbatore
for Indian Market and SGS Monitoring Services B.V. Spijkenisse, The Netherlands
for Export Market.
THE COMPANY HAS THE FOLLOWING STATUTORY REGISTRATION
a. RCMC certificate No. EPC/REG/MAD/46/88-89 dated 27-06-88 Issued by
Engineering Export Promotion Council.
b. Importer and Exporter Code No. 0488037140 issued by Joint Chief Controller
of Imports & Exports, Chennai..
c. Exporter Code No. MM001177 allotted by Reserve Bank of India, Chennai.
d. CST No. 598706 dated 24th May 1979 and TNGST No. 0920633/95-96.
THE COMPANY HAS MEMBERSHIP IN
a. Member - Project Evaluation Committee - Modernization of
Rice Mill industry - Central Food Technological Research Institute, Mysore.
b. Member of Panel on Rice Milling Machinery - BUREAU OF INDIAN STANDARDS - New
Delhi.
c. Engineering Export Promotion Council.
d. Andhra Chamber of Commerce.
e. Indo-German Chamber of Commerce.
f. industrial Associate - Centre for industrial Consultancy Sponsored Research
Indian Institute of Technology, Chennai.
g. Member Tamilnadu Small and Tiny industries Association.
Export front
The Company has participated in the International Indian
Trade Fairs organized by the Trade Fair Authority of India at Singapore during
April'87 and Malaysia during January'88 and TEAM-89 Kualalumpur, Malaysia in
order to project our image in International Market. Reputed firms well
experienced in the International Market in Nigeria, Luxembourg, Amsterdam and
Miami have been appointed as agents for marketing the Company's Product.
The Company's commitment in Export quality machinery enabled it to bag an Award from Engineering Export Promotion Council for outstanding performance in Export of Food Processing Machines - industrial for 1993-94.
RESEARCH AND DEVELOPMENT MLLMORE
Research and Development constantly
upgrades product features and design in line with latest technology and in tune
with the requirements of millers. The product development division has modern
facilities and provides the key thrust in continued efforts towards upgrading
rice mill technology and customer satisfaction. The Company has close liaison
with research institutions like Post harvest Technology Centre, ITT Kheragpur,
Central Food Technological Research Institute, Mysore and Paddy Processing
Research Centre, Thanjore. For keeping abreast with latest developments.
PATENT
Millmore's continuous Research and
Development work have resulted in the invention and manufacture of new machines
of improved designs as per International Standard like Automatic Rubber Roll
Sheller, Humidified Rice Polisher(Rice Glazing Machine) commercially known as
Silk Rice Polisher or Water Jet Polisher and Abrasive - Friction Polisher.
These machines have been patented under the Indian Patent Act, 1971.
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
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Currency |
Unit
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Indian Rupees |
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US
Dollar |
1 |
Rs.45.30 |
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UK
Pound |
1 |
Rs.78.45 |
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Euro |
1 |
Rs.54.88 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |