MIRA
INFORM REPORT
|
Report Date : |
03.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MANDOVI
DRY DOCKS |
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Registered Office : |
204,
Damodar Chambers, 2nd Floor, Opposite Syndicate Bank,
Vasco-Da-Gama, Goa – 403802 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1993 |
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Legal Form : |
Sole Proprietary Concern |
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Line of Business : |
Manufacturers
of new construction of barges, ferry boats, tugs, catamaran vessels, coastal
vessels and other marine crafts. |
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
150000 |
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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 : |
This report is based
on an interview with Mr. Nilesh, Accountant of the concern. Subject is a
well-established concern having satisfactory track records. Trade relations
are fair. Payments are usually correct and as per commitments. The concern can be
considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
204,
Damodar Chambers, 2nd Floor, Opposite Syndicate Bank,
Vasco-Da-Gama, Goa – 403802, India |
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Tel. No.: |
91-832-2511602/3207368 |
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Fax No.: |
91-832-2511596 |
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E-Mail : |
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Website : |
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Location : |
Rented
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Factory
/ Workshop : |
Pilgao,
Bicholim, Goa – 403504, India |
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Tel.
No.: |
91-832-3207436/2363202 |
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Tele
Fax No.: |
91-832-2361269 |
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Area : |
15000
sq. ft. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. P. N. Sawant |
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Designation : |
Sole
Proprietor |
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Address : |
H. No.
67/11, Tiverm Marcela, Goa |
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Date of Birth/Age : |
60
years |
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Qualification : |
B. E. Mechanical |
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Experience : |
30
years |
KEY EXECUTIVES
|
Name
: |
Mr.
Atrey Sawant |
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Designation
: |
Chief
Executive Officer |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
of new construction of barges, ferry boats, tugs, catamaran vessels, coastal
vessels and other marine crafts. |
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Imports from : |
Korea, U.S.A, Romania, Ukraine, Sweden and
Italy [MS Plate, Volvo Engines and Gear Boxes] |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
L/C
and Credit [ 30 days] |
PRODUCTION
STATUS
|
Particulars |
Actual Production |
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New Construction of Marine Vessels |
22 IV Barges for last 20 Months |
GENERAL
INFORMATION
|
Suppliers : |
Ador
Welding Limited Ajay
Valves Private Limited Avishkar
Sales & Services A. V.
Kamat & Company Cummins
India Limited Cuncoulim
Oxygen Plant Limited Damadar
Barge Repairs & Supplies Dattaraj
Engineering works Daud
Electricals Datson
Engineers Datson
Industries Fabrica
De Gas Carbonico Private Limited Eilora
Enterprises Duferco
SA Durga Enterprises Ganesh
Trading Corporation Goa
Paints & Allied Products Govind
Poy Oxygen Limited Hasmukh
& Company John
Chagas Pereira & Sons Kanekar
Rudraksh Enterprises Machinery
& Allied Equipment |
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Customers : |
End Users |
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No. of Employees : |
206 |
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Bankers : |
Bank of India,
Campal Branch, Panaji, Goa |
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Facilities : |
Credit
Limit : Rs. 10.000 millions
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Banking Relations : |
-- |
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Auditors : |
A V Kamat and
Company Chartered
Accountants Cataine Albovkrve
Building, Panaji, Goa |
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Tel. No.: |
91-832-2225605 |
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Associates : |
v
Atreya Shipping
Private Limited Tivrem Marcela, Goa - 403701 Line of Business : Owns Barges v
Priyadarshini
River Cruises Tivrem Marcela, Goa - 403701 Line of Business : Owner of Passenger Vessel v
Atreya Farm,
Goa Line of Business : Coconut Plantation v
Atreya
Engineering Works Tivrem Marcela, Goa - 403701 Line of Business : Repairers of Marine
Crafts |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.
41.139 millions |
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Borrowed : |
-- |
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Total : |
Rs.
41.139 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
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Particulars |
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|
31.03.2004 |
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Sales Turnover |
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77.149 |
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Net Profit |
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0.930 |
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Import Value |
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1.940 |
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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41.139 |
19.719 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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41.139 |
19.719 |
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LOAN FUNDS |
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1] Secured Loans |
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4.359 |
4.448 |
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2] Unsecured Loans |
|
7.499 |
23.974 |
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TOTAL BORROWING |
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11.858 |
28.422 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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52.997 |
48.141 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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18.189 |
12.015 |
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Capital work-in-progress |
|
1.947 |
3.020 |
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INVESTMENT |
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4.606 |
4.203 |
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DEFERREX TAX ASSETS |
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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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0.389 |
0.265 |
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Sundry Debtors |
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16.930 |
11.794 |
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Cash & Bank Balances |
|
0.146 |
9.663 |
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Other Current Assets |
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45.432 |
65.329 |
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Loans & Advances |
|
18.184 |
13.671 |
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Total Current Assets |
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81.081 |
100.722 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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52.837 |
71.833 |
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Provisions |
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0.000 |
0.000 |
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Total Current Liabilities |
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52.837 |
71.833 |
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Net Current Assets |
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28.244 |
28.889 |
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MISCELLANEOUS EXPENSES |
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0.011 |
0.014 |
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TOTAL |
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52.997 |
48.141 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
302.611 |
276.823 |
77.149 |
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Net
Profit |
22.652 |
8.154 |
0.930 |
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Import
Value |
N.A. |
N.A. |
1.940 |
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Total
Expenditure |
279.959 |
268.144 |
N.A. |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
7.48 |
2.94 |
1.20 |
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Net
Profit Margin (PBT/Sales) |
(%) |
7.48 |
2.94 |
1.20 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
22.81 |
7.23 |
N.A. |
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Return
on Investment (ROI) (PBT/Networth) |
|
0.55 |
0.41 |
N.A. |
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Debt
Equity Ratio (Total
Liability/Networth) |
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1.57 |
5.08 |
N.A. |
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Current
Ratio (Current
Asset/Current Liability) |
|
1.53 |
1.40 |
N.A. |
LOCAL AGENCY
FURTHER INFORMATION
Trade
References :
Mr. Atul
Jadhav
Mukund
Building, Vasco Da Gama, Goa
Tel. No.
: 91-832-2513309
Mr. P.
V. Kamat
Ground
Floor, Pereira Chambers, Vasco Da Gama, Goa
Tel. No.
: 91-832-2513398
V M Salgaocar and Company Private limited,
Goa
Fixed
Assets
Land,
Mobile Crane, Shed Construction, Drydock, Plant & Machinery, Furniture
& Fixtures, Maruti Car, Computer, Accent Car, Mobile Phone, Printer,
Projector, Sonata Ambera Car, Air Conditioners and Maruti Alto Car
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.44.20 |
|
UK
Pound |
1 |
Rs.86.88 |
|
Euro |
1 |
Rs.58.53 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--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 |
|
|
>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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