MIRA INFORM REPORT
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Report Date : |
09.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
SUMEET
EXPORTS INDIA |
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Registered Office : |
217-
R, Model Town, Ludhiana, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1990 |
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IEC No.: |
3091000281 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDS04094G |
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PAN No.: [Permanent
Account No.] |
AAJFS5241A |
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Legal Form : |
Partnership
Concern with an Unlimited Liability of the Partners |
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Line of Business : |
Manufacturers
of Cotton Knitted Garments, Kids wear and Fabrics. |
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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Maximum Credit Limit : |
USD
650000 |
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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 government recognised export house. Trade relations are
fair. Financial position is reported as good. Payments are correct and as per
commitments. The concern
is doing well. It can
be regarded as a promising business partner in medium to long run |
LOCATIONS
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Registered Office : |
217-R,
Model Town, Ludhiana, Punjab, India |
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Tel. No. : |
91-161-2634961-966 |
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Mobile : |
91-9814022011
/ 9876322011 |
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Fax No. : |
91-161-2632531 |
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E-mail : |
vandana@sumeetexports.com |
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Website : |
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Area : |
10000
sq. ft. |
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Location : |
Owned |
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Factory
1 : |
Street
No. 1, Vishnu Nagar, Rahon Road, Ludhiana-141007, Punjab, India |
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Tel.
No.: |
91-161-2634961/966
/2630959/ 2630960 |
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Fax
No.: |
91-161-2632531/
2630959/ 2630960 |
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Mobile
No.: |
91-9814022011 |
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Area : |
125000
sq. ft. |
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Location : |
Owned |
PARTNERS
|
Name : |
Mr.
Kuldip Thapar |
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Designation : |
Partner |
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Address : |
217 R,
Model Town, Ludhiana, Punjab |
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Date of Birth/Age : |
60
years |
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Qualification : |
B.A. |
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Experience : |
35
years |
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Name : |
Mr.
Sumeet Thapar |
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Designation : |
Partner
/ Chief Executive Officer |
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Address : |
217 R,
Model Town, Ludhiana, Punjab |
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Date of Birth/Age : |
36
years |
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Qualification : |
Graduate |
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Experience : |
16
years |
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Name : |
Mr.
Vineet Thapar |
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Designation : |
Partner |
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Address : |
217 R,
Model Town, Ludhiana, Punjab |
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Date of Birth/Age : |
34
years |
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Qualification : |
B. Com |
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Experience : |
14
years |
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Name : |
Ms.
Reva Thapar |
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Designation : |
Partner |
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Address : |
217 R,
Model Town, Ludhiana, Punjab |
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Date of Birth/Age : |
55
years |
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Qualification : |
B.A. |
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Experience : |
20
years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
and Exporters of Baby wear, and Kids wear for Marks & Spensers, Next,
Tesco, Mothercare, Carefour, Disney, etc. |
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Products : |
Body Suits,
Bodies, Onesies, Sleep Suits, T-shirts, Rompers and Twin Sets |
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Brand Names : |
LITTLE
STAR |
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Exports to : |
U.K.,
U.S.A., France, Europe and Canada [Baby wear, Knitted Garments and Kids wear] |
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Imports from : |
Hong Kong,
England and China [Snaps, Buttons, Labels, Tags and Accessories] |
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Terms : |
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Selling : |
L/C,
Cash and Credit |
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Purchasing : |
L/C,
Cash and Credit |
PRODUCTION
STATUS
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Bodysuit, Sleep suit, T- Shirts, Pyjamas,
Twin sets, Bibs, Blankets |
Pcs. |
40000 per day |
32000 per days |
GENERAL
INFORMATION
|
Suppliers : |
Vardhaman
Spinning and Weaving Mills Limited, India Mahavir
Spinning and Weaving Mills Limited, India Prym
Fashion Snapwell
Fasteners |
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Customers : |
Wholesalers
and Retailers Hema,
Holland Kooshies,
Canada H
& M, Sweden Wool
Worth, England Tesco,
England Carrefour,
France Wallmart,
Canada Mothercare,
England Next,
England TCP,
U.S.A. M
& S, England |
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No. of Employees : |
460 |
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Bankers : |
Canara
Bank, Bharat Nagar Chowk, Ludhiana, Punjab Tel.
No.: 91-161-2447482 Fax
No.: 91-161-2442298 |
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Facilities : |
Cash Credit
: Rs. 57.500 millions |
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Banking Relations : |
Good |
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Auditors : |
Harminder
Singh & Company Chartered
Accountants, Sarabha
Nagar, Ludhiana, Punjab |
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Mobile : |
91-9872344556 |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.
95.000 millions |
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Borrowed : |
Rs.
70.000 millions |
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Total : |
Rs.
165.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
|
Particulars |
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|
31.03.2006 |
|
Sales Turnover |
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250.000 |
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Export Value |
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250.000 |
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Import Value |
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30.000 |
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Net Profit |
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3.000 |
Expected
Sales (31.03.2007) : Rs.400.000 millions
LOCAL AGENCY
FURTHER INFORMATION
Trade References :
Swastik
Trading Company
9, Guru
Nanak Market, Ludhiana, Punjab
Contact
Person : Mr. Bhatia
Tel.
No.: 91-161-2704227
Fax No.:
91-161-2704238
VGM
Traders
217 R
Model Town, Ludhiana, Punjab
Contact
Person : Mr. Kuldip Thaper
Tel.
No.: 91-161-2403448
Fax No.:
91-161-2632531
Prym Fashion
India
A 7/22
DLF Phase I, Gurgaon
Contact
Person : Mr. Volker
Tel. No.
: 91-124-4051031
Bebebe
International
Vardhaman
Spinning and Weaving Mills Limited, Ludhiana
Mahavir
Spinning and Weaving Mills Limited, Ludhiana
Company
Profile
They are glad to introduce to you their company as a
specialist manufacturers of quality knitted garments for babies and children in
their vertically integrated manufacturing unit.
They would like to present to you their brief company
profile as they understand that you are one of the major buyers of high quality
but very competitively priced baby and children’s clothing.
About them :
They are located at Ludhiana in North India, which is
a hub of high quality cotton production and popularly known as ‘MANCHESTER OF EAST’.
They are dealing with the top of the line highly
quality conscious high street retail store clients in Europe & Canada.
At present they have a capacity to produce 30000 units
per day in their modern set up. The
foundation of Smeet Exports was laid in 1990 and since then their single minded
commitment to excel in the specialized manufacturing of high quality babywear
has enabled them to reach the present level of a team of 700 fully skilled
people from a start up company of 10 people within the last 10 years.
Their product
profile for baby and children wear is based on customer needs and designs
Product Profile
They specialise in knitted baby and children wear.
They have mastered the following which are the popular style of
babies wear / children wear.
Bodysuits / bodies, in various variations in style and fabrics.
Sleepsuits / rompers / pyjamas / union suits
Different styles of baby t – shirts – basic round neck, polo neck
t – flat collar t – shirt, v – neck t – shirts.
Shorty rompers with bibs & booties
Twin sets – tow pieces pyjama sets and shortama’s
They produce different kinds of popular accessories like blankets,
booties, hats, mittens, bibs.
Various different kinds of fabric is being used for these styles –
such as interlock, single jersey, terry, velour, fleece, different kinds of
ribs, pique, popcorn, waffle etc.
Infrastructure :
Their’s is a modern unit which is fully vertically integrated.
Right from the knitting of the yarn till the final garmenting / finishing
they are equipped with the best machinery which enables them to counter the
tough international quality standards.
They have Knitting machines terrot / Germany, camber U.K, keum
yong Korea
They are using fongs soft flow machines for dyeing the fabric.
Compacting of all fabrics is done in house with the use of latest
felt technolog compactor. Printing is
also done in house using pigment and plastic colours with the latest technology
for embroideries they have 5 barudan computerized machines
Sewing is done on the latest computerised Pegasus, Juki and
brother machines capable of delivering highest quality standards, cutting room
is equipped with Gerber cad, cam and spreaders.
Steam Ironing is being done on machinery supplied by Viet GmbH of
Germany.
Latest models of prym / fiocchi and ykk [stocko] machines are
being used for applying snaps / poppers.
All the garments are passed through Hasima japan compterised
metal/ needle detection machine before they are finally packed.
The plant layout and all infrastructure is planned in such a way
that it ensures smooth functioning & canalised movement of the material,
thereby leading to best results in the limited required time.
It includes the following styles that they
specialize in
Body suits, bodies, onesies.
Sleep suits, rompers and pyjamas.
T-shirts (round, polo, flat collar ,V-neck)
Rompers (with bibs and booties)
Twin-Sets (two piece pyjama sets and short amas)
Accessories such as booties, hats, mittens, bibs etc.
The variety of fabrics used for these
styles include:
Interlock ,Single jersey, Terry ,Velour
, Fleece, Various types of ribs, Pique, Popcorn and Waffle etc.
Mission :
To offer eco friendly products that deliver comfort and elegant looks
and elegant looks to customers worldwide through an organization that unleashes
the creative and constructive energies of its people
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DEPARTMENT |
FUNCTION |
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CEO’s office |
To provide strategic vision & overall guidance to the
organisation |
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COO’s office |
To ensure operational effectiveness from the point of view of
quality, volume and time |
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Merchandising Team |
To serve as a link between the organization and customers and to
service all there needs |
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Planning Team |
Formulate critical paths and ensure adherence within the
organization |
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Human resources |
To create a culture where an individual can utilise his
potential to enhance organisational effectiveness |
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Quality assurance team |
To ensure that quality / safety norms specified are understood
and followed at all stages |
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Procurement team |
To ensure timely delivery of materials as per the volume and
quality norms |
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Production team |
To meet the quality, volume & time norms as specified by the
customer by utilising the best of infrastructure available |
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.44.12 |
|
UK
Pound |
1 |
Rs.87.01 |
|
Euro |
1 |
Rs.57.45 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
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 |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
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