MIRA
INFORM REPORT
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Report Date : |
05.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
INTERNATIONAL GEMOLOGICAL INSTITUTE |
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Indian Operation office: |
404 Mani Mahal, 11/21 Mathew Road, Opera House, Mumbai – 400004 |
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Country: |
India |
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Legal Form : |
Instituld |
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Line of Business : |
Gem Certification and Appraisal. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
IGI (International Gemological Institute) is a reputed institute
having headquarter in Antwerp. Available information indicates high financial responsibility of the subject.
Trade relations are fair. Payments are correct and as per commitments. Nothing adverse reported Subject can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Indian Operation Office: |
404 Mani Mahal, 11/21 Mathew Road, Opera House, Mumbai – 400004 |
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Tel. No.: |
971-4-235-0543 |
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Fax No.: |
971-4-235-0542 |
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E-Mail : |
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WORDWIDE OFFICE: |
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EUROPE |
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Belgium Office: |
IGI Belgium – World Head Office Schupstraat 1, 2018 Antwerp, Belgium |
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Tel. No.: |
91-32-3-231.68.45 |
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Fax No.: |
91-32-3-232.07.58 |
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E-Mail : |
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Italy Office: |
IGI Italy – School of Gemology Via O. Sala 26, 32040 Borca di Cadore (BI), Italia |
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Tel. No.: |
91-39-462-34.26.62/43-548.26.19 |
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Fax No.: |
91-39-43-548.26.19 |
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E-Mail : |
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NORTH AND SOUTH
AMERICA |
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United States Office 1: |
IGI – New York 589, Fifth Avenue, New York – 10017, USA |
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Tel. No.: |
1-212-753-7100 |
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Fax No.: |
1-212-753-7759 |
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E-Mail : |
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United States Office 2: |
IGI – Los Angeles 550 South Hill Street, Los
Angles, CA – 90013, USA |
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Tel. No.: |
1-213-955-0008 |
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Fax No.: |
1-213-955-8060 |
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E-Mail : |
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Canada Office: |
IGI Canada 27 Queen Street East, Floor 12, Toronto, ON M5C 2M6, Canada |
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Tel. No.: |
1-416-594-2500 |
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Fax No.: |
1-416-594-9671 |
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E-Mail : |
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MIDDLE EAST |
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United Arab Emlrates: |
IGI Dubai Goldland M24, Post Box No.57664, Deira, Dubai, USA |
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Tel. No.: |
971-4-235-0543 |
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Fax No.: |
971-4-235-0542 |
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E-Mail : |
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Israel Office: |
IGI Tel Aviv Maccabi Building Jabotinsky Street 1, 52520 Ramat Gan, Israel |
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Tel. No.: |
972-54-397-21-83 |
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Fax No.: |
972-361-37231 |
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E-Mail : |
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ASIA AND PACIFIC |
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Japan Office: |
IGI Japan 3-22-8 Ueno Taito – Ku, Tokyo, Japan |
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Tel. No.: |
81-3-5807/2958 |
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Fax No.: |
81-3-5807/2959 |
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E-Mail : |
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Hongkong Office: |
IGI Hong Kong Suite 302, Aon China Building, 29 Queen’s Road, C Central, Hongkong |
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Tel. No.: |
852-25-22-98-80 |
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Fax No.: |
852-25-22-98-87 |
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E-Mail : |
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Thailand Office: |
IGI Thailand BGI Building 9, Soi Charoen Krung 36, New Road Bangkok – 10500,
Thailand |
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Tel. No.: |
66-2-630-67-28 |
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Fax No.: |
66-2-630-67-28 |
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E-Mail : |
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BUSINESS DETAILS
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Line of Business : |
Gem Certification and Appraisal. |
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GENERAL INFORMATION
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No. of Employees : |
About 450 |
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Bankers : |
Not Available |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
N.A. |
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Borrowed : |
N.A. |
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Total : |
N.A. |
LOCAL AGENCY
FURTHER INFORMATION
History
Established in Antwerp, New York, Hongkong, Mumbai, Bangkok, Tokyo,
Dubai, Toronto, Los Angeles, Tel Aviv and Cavalese, Subject is the world’s
largest independent gem certification and appraisal institute and is renowned
for its quality services, extensive experience and know-how.
Subject is the oldest institute of its kind in Antwerp, was
founded in 1975 and along with its sister laboratories is one of the leading
gemological institutions worldwide.
Presently, a staff of just three has grown to over 450
professionals dedicated to a standard of excellence second to none and subject
issues more than one million reports per year.
Ten years ago, only the diamond dealer was using gemological
reports. Today, consumers have become more demanding and quality conscious
about the products they buy. A jewelry buyer seeking an explanation of why two
similar diamond rings are priced $1,000 apart is not satisfied with being told
simply that one is a 'better' diamond. He or she will want to know why it's
better. Consequently, today's jewelry consumers are more familiar with the 4Cs
than their parents were. Jewelers now consider supplying such information an
integral part of any sale and modern retail training programs stress the
importance of providing independent gemological reports for gems and jewelry in
addition to educating the consumer.
All this has led to an increase in demand for reliable grading
or appraisal reports from credible organizations such as the International
Gemological Institute subject
Thousands of jewelers, retail stores, insurance companies,
internet sales organizations, catalogue companies (mail order), accounting and
securities firms and consumers rely on IGI reports.
Today the majority of good quality gem and jewelry items are
sold with gemological reports.
Besides exceptional stones, a gem has no name, no history.
It's a Gem! The final user doesn't know where the stone was found, who
extracted it, who polished it, or the name of the dealer. The only document
that travels around the world with the gem is the gemological report.
Over the past decades an industry has been transformed.
Within a relatively short timeframe the gemstone and jewelry industry has been
catapulted from the dark ages into the fast paced information age of the 21st
century.
Technology and the information age have affected the diamond
industry. Similarly, the colored stone and jewelry industry has been
influenced. Optimum yield via computer for rough emerald, ruby and sapphire, as
well and jewelry design via computer, showing literally thousands of different
variations of a particular style are all commonplace today.
Gemology, the study of gemstones is usually divided into two
major categories, that of diamonds and that of all other gemstones, including
colored stones and pearls.
Forty years ago rarely did the gem and jewelry industry
require the services of a gemological laboratory, other than to distinguish
natural from cultured pearls. Today, subject gem lab has proven time and again
the necessity for its expertise. Along with the information age has come the
ability for chemists and scientists to create synthetic diamonds and gemstones.
Today, almost every diamond of a carat or more, sold by
manufacturers, at the diamond bourses around the world to retailers and
ultimately to consumers is accompanied by an independent grading certificate
adhering to the internationally accepted system for diamond grading.
The maturation of the gemstone cutting industry and the
jewelry manufacturing business both have led to become necessary trade
components. Another industry, which has recently evolved alongside the gem and
jewelry industry, is professional appraising. This industry has developed over
the last 20 years; where appraisers were once considered generalist tradesmen,
today they are specialized professionals.
Tradesmen originally became appraisers in their field of
expertise. Today, in addition to having prerequisite experience in their
individual discipline, professional appraisers must also possess a required
body of knowledge such as law and report preparation. Currently, the
professional gem and jewelry appraiser becomes accredited and certified by
major appraisal societies after fulfilling numerous requirements and passing
vigorous examinations. In order to maintain accreditation appraisers must
re-certify every five years.
Entering this new age companies look and feel different and
the economy has shifted. Markets are now global in scope and it has become
essential to understand these changes and to interpret how these changes affect
the jewelry industry.
Since 1975, subject reports have proven to be the
internationally recognized passport for gemstones and fine jewelry. At IGI over
450 scientific technicians and gemologists examine hundreds of thousands of
colored stones and jewelry items every year.
Subject has established bases of operations in eight vital industry locations
throughout the world. Five cities have achieved preeminence in the
international diamond and gemstone market: Antwerp, New York, Bangkok, Mumbai
and Tokyo.
As early as the XVI century, Antwerp was a center for commerce and is today synonymous with a tradition
of superb craftsmanship in the art of cutting fine gemstones. New York is a leading international
marketplace and financial center.
Bangkok is
Asia's largest fine gems capital and a major commercial center among countries
such as Singapore, Malaysia, Vietnam, Indonesia and the Philippines. Mumbai is the world largest diamond
polishing center. Tokyo is the
central hub of the Japanese diamond retail market, which is second in diamond
jewelry sales to the United States.
Additionally, Dubai
- due to its location and presence of international enterprise - is ideally
situated to serve the markets in the Middle East. Los Angeles has become a focal point of the diamond and jewelry
market on the West Coast of the U.S. Toronto,
as Canada's largest center of international trade, represents the commercial
gateway to the mines in the Northwestern Territories.
Services
Subject experts in the laboratory and experienced
instructors in the classroom are all dedicated to meeting your professional
needs. The Institute's wide variety of services include:
- Diamond and Colored Stone Certificates
- Gem and Jewelry Appraisal Reports
- Diamond and Colored Stone Courses
- Gem and Jewelry Seminars
- Cutting Advisory Services
- Laser Inscription and Table Branding
- Registration and Recovery
- Diamond Repair
- Jewelry Engraving
- Photography
Every day, increasing numbers of professionals and consumers
are taking advantage of subject services. Why?
Because at subject, they know how important it is for
consumers to buy safely, assured that their diamonds or gems are genuine. They
are also sensitive to the fact that jewelers must convey insight to their
clients by being able to offer adequate answers to the most probing questions.
Education
In 1982, Subject started its own gemological school in
Antwerp in order to share its knowledge and experience with other professionals
and gem enthusiasts. The subject gemology school currently offers an
unparalleled opportunity to expand one's practical knowledge and experience
through polished diamond, rough diamond, colored stones, pearl and gem cutting
courses led by a dynamic team of highly skilled and internationally recognized
gemologists, whose aim is to provide intense hands-on experience resulting in a
high level of student competence and expertise.
Subject courses are known for comprehensive and practical
learning methods. This is why thousands of candidate diamond dealers and
jewelers from over 90 different countries, wishing to acquire maximum
gemological knowledge in a limited timeframe, enroll in the IGI classes.
The subject courses are given in english, french, dutch,
arabic, chinese, hindi, japanese, russian, korean, italian, spanish and
turkish.
Upon passing final exams, students are awarded the subject
Diplomas.
Authority
The International Gemological Institute, the largest
independent grading and appraisal organization in the world, is dedicated to
serving the diamond, colored stone and jewelry industry in all its facets.
their standards of excellence have earned them a global reputation for
integrity, accuracy and reliability.
Affiliated to following organizations:
- AGTA (American Gem Trade Association)
- BBB (Better Business Bureau)
- Beurs voor Diamanthandel (Antwerp
Diamond Bourse)
- BLCC (Belgium Luxembourg Chamber of
Commerce in Hong Kong), Member and Director-
- CIBJO - The World Jewellery
Confederation Diamond Dealers Club of New York
- DFHK (Diamond Federation of Hong Kong)
DMIA (Diamond Manufacturers and Importers Association of America) - no
website currently
- ICA (International Colored Gemstone
Association) IDCA (Indian Diamond and Colorstone Association) - ISO
(International Organization of Standardization) JA (Jewelers of America)
- JVC (Jewelers Vigilance Committee)
- MJSA (Manufacturing Jewelers and
Suppliers of America )
- NCDIA (Natural Color Diamond
Association)
- WDC (World Diamond Council)
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 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.39.43 |
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UK Pound |
1 |
Rs.81.35 |
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Euro |
1 |
Rs.57.83 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
NO |
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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 |
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63 |
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
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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 |
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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. |
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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