MIRA
INFORM REPORT
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Report Date : |
10.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
EASTERN
ENGINEERING & TECHNOLOGIES PRIVATE LIMITED |
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Registered Office : |
49/2, Purnadas Road, Kolkata-700029, West
Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
06.11.2003 |
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Com. Reg. No.: |
21-97214 |
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CIN No.: [Company
Identification No.] |
U28920WB2003PTC097214 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALE01750A |
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PAN No.: [Permanent
Account No.] |
AABCE2336H |
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Legal Form : |
Private
limited liability company |
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Line of Business : |
Manufacturers
of Spare Parts and Equipments for Steel Plants, Rolling Mills, Aluminium
Smelters, Mines, Construction Items like Scaffoldings, Screw Jacks, Anchor,
etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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
10000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company, faring well. Directors are reported
as experienced, respectable and having satisfactory means of their own. Their
trade relations are reported as fair. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Head office : |
49/2, Purnadas Road, Kolkata-700029, West
Bengal, India |
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Tel. No.: |
91-33-24659297 |
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Mobile No.: |
91-9830035208 |
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Fax No.: |
91-33-24659298 |
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E-Mail : |
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Website : |
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Area : |
600
Sq. ft |
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Location : |
Rented
Residential |
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Factory
/ Warehouse : |
201,
Howrah Amta Road, Howrah – 711402, West Bengal, India |
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Tel.
No.: |
91-33-26538799 |
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Area : |
9000
sq. ft. |
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Location : |
Owned
Industrial |
DIRECTORS
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Name : |
Mr.
Sandeep Kasera |
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Designation : |
Director |
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Address : |
3-B, Hindustan Road, Kolkata-700029, West
Bengal, India |
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Date of Birth/Age : |
24th October, 1967 |
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Qualification : |
16 years |
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Experience : |
B. Tech (Mechanical) |
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Previous
Employment |
Tata International Limited |
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Name : |
Mrs.
Jyoti Kasera |
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Designation : |
Director |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Mr. Amit Kasera |
5000 |
11.43 |
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Mr.
Sandeep Kasera |
31250 |
71.43 |
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Mrs.
Jyoti Sandeep Kasera |
7500 |
17.14 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
of Spare Parts and Equipments for Steel Plants, Rolling Mills, Aluminium
Smelters, Mines, Construction Items like Scaffoldings, Screw Jacks, Anchor,
etc. |
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Exports to : |
Germany,
Oman, Saudi Arabia, Thailand and USA |
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Terms : |
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Selling : |
Cash
or Credit terms |
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Purchasing : |
Cash
or Credit terms |
GENERAL
INFORMATION
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Customers : |
Manufacturers
and Government Bodies |
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No. of Employees : |
10 |
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Bankers : |
The
Hong Kong & Shanghai Banking
Corporation Limited Ekdalia
Branch, Kolkata-700019, West Bengal, India Bank
of Baroda, Moore Avenue Branch, Kolkata - 700040 |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory |
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Auditors : |
N K
Tharad and Company Chartered
Accountants |
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Address: |
34,
Chittaranjan Avenue, Kolkata-700012, West Bengal |
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Tel No. : |
91-33-22370334 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
1,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
68,500 |
Equity Shares |
Rs. 10/- each |
Rs. 0.685 million |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
06.11.2003 To
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.685 |
0.437 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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2.287 |
1.123 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2.972 |
1.560 |
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LOAN FUNDS |
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1] Secured Loans |
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1.500 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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1.500 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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4.472 |
1.560 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.679 |
0.117 |
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Capital work-in-progress |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.964 |
1.114 |
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Sundry Debtors |
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12.821 |
3.616 |
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Cash & Bank Balances |
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1.185 |
0.022 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.411 |
0.144 |
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Total Current Assets |
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15.381 |
4.896 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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11.363 |
3.446 |
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Provisions |
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0.247 |
0.037 |
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Total Current Liabilities |
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11.610 |
3.483 |
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Net Current Assets |
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3.771 |
1.413 |
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MISCELLANEOUS EXPENSES |
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0.022 |
0.030 |
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TOTAL |
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4.472 |
1.560 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
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31.03.2005 |
06.11.2003 To
31.03.2004 |
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Sales Turnover [including other income] |
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32.296 |
4.505 |
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Profit/(Loss)
Before Tax |
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0.670 |
0.147 |
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Provision
for Taxation |
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[3.552] |
0.037 |
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Profit/(Loss)
After Tax |
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4.222 |
0.110 |
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Export
Value |
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29.422 |
4.505 |
KEY
RATIOS
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PARTICULARS |
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31.03.2005 |
06.11.2003 To
31.03.2004 |
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PAT / Total Income |
(%) |
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13.07 |
2.44 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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2.07 |
3.26 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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4.17 |
2.93 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.23 |
0.09 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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4.41 |
2.23 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.32 |
1.40 |
LOCAL AGENCY
FURTHER INFORMATION
The
subject has fixed its sales turnover of Rs. 100 Millions for 2006-07 financial
year.
About Us:
Eastern
Engineering is involved in manufacturing and supply of spare parts to:
v
Steel
Plants
v
Rolling
Mills
v
Aluminium
Smelters
v
Copper
Smelters
v
Mines
v
Cement
Plants
v
Sugar
mills and related areas
Eastern Advantage:
Eastern
Engineering and Technologies provides you with the following advantages:
v
Manufacturing
as per design
v
Strict
adherence to delivery schedules
v
Guaranteed
quality
v Product range from few Grams to few Tons
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.45.34 |
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UK
Pound |
1 |
Rs.85.82 |
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Euro |
1 |
Rs.58.05 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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 |
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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 |
|
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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