MIRA
INFORM REPORT
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Report Date : |
06.07.2007 |
IDENTIFICATION DETAILS
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Name : |
KHURANA METAL PRIVATE LIMITED |
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Registered Office : |
Plot No.27, Village Mubarakpur, |
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Country : |
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Date of Incorporation : |
1997 |
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CIN No.: [Company
Identification No.] |
U28994PB1997PTC019773 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDK00470B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Brass and C P Bathroom Fittings and
Toilet Accessories. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
-- |
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Status : |
Small company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. business is active. Payments are however
reported as slow but correct. Despite of several follow-ups, Mr. Singh did not part with latest
financials inspite of continuous promises. |
LOCATIONS
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Registered Office/ Factory : |
Plot No.27, Village Mubarakpur, |
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Tel. No.: |
91-181-2747847/ 2225685/ 2232203 (R) |
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Mobile No.: |
91-9814060216/ 9876400490 |
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Fax No.: |
91-181-2747447 |
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E-Mail : |
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Website : |
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Area : |
Total 9000 Sq.ft. (Owned) |
DIRECTORS
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Name : |
Mr. Balwinder Singh |
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Designation : |
Managing Director |
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Date of Birth/Age : |
47 years |
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Qualification : |
S.S.C. |
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Experience : |
20 years |
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Name : |
Mr. Bupinder Singh |
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Designation : |
Director |
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Name : |
Mr. Arvinder Kaur |
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Designation : |
Director |
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Date of Birth/Age : |
41 years |
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Qualification : |
SSC |
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Experience : |
20 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Brass and C P Bathroom Fittings and
Toilet Accessories. |
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Products : |
v
Brass and C.P. Bathroom Fittings v
Toilet Accessories |
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Exports : |
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Countries : |
Worldwide |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash And Credit (30 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
40 |
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Bankers : |
State Bank of |
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Facilities : |
Cash Credit Limit : Rs.1.900 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. R K Kashyap & Company Chartered Accountants |
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Address : |
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Associates/Subsidiaries : |
Khurana Plastic Address : Plot No.27, Village Mubarakpur, Line of Business : Acrelic Bath Tubs |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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85600 |
Equity Shares |
Rs.10/- each |
Rs.0.856
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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10.000 |
8.000 |
Expected Sales (2007-08) : Rs.15.000 millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2001 |
31.03.2000 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.119 |
1.026 |
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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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(0.225) |
(0.262) |
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NETWORTH |
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0.894 |
0.764 |
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LOAN FUNDS |
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1] Secured Loans |
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1.386 |
1.625 |
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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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1.386 |
1.625 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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2.280 |
2.389 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.724 |
1.827 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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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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Sundry Debtors |
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Cash & Bank Balances |
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1.885 |
1.232 |
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Other Current Assets |
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Loans & Advances |
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Total
Current Assets |
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1.885 |
1.232 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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Provisions |
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Total
Current Liabilities |
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1.341 |
0.686 |
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Net Current Assets |
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0.544 |
0.546 |
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MISCELLANEOUS EXPENSES |
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0.012 |
0.016 |
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TOTAL |
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2.280 |
2.389 |
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KEY RATIOS
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PARTICULARS |
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31.03.2001 |
31.03.2000 |
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PAT / Total Income |
(%) |
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.05 |
3.02 |
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Current Ratio (Current Asset/Current Liability) |
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1.40 |
1.79 |
LOCAL AGENCY FURTHER INFORMATION
Website Details :
State-of-the-art infrastructure,
diligent professionals and capability to ensure timely delivery are the
hallmark of every esteemed organization. These features stand as the synonyms
of Khurana Metal (P) Ltd. The
progressive business house has earned a reputation of a distinguished manufacturer
and exporter of premier quality
Brass and C.P. Bathroom Fittings and Toilet Accessories. Expertize in delivering products with technical perfection and
outstanding function helps the organization to earn a reputable status in both,
the domestic and global market. They even provide the services of Submersible
Pumps to their clients.
They are a professionally
managed organisation working only for the sole motto of delivering world class
products at the most reasonable prices to their valued clients. Their
collection of products depicts utter sheen and is appealing enough to
steal everyone's heart. Their future plan is to expand their business platform
and install a single phase nickel plant.
Khurana Metal (P) Ltd. is a
prominent manufacturer and exporter of unparalleled-
Brass and C.P. Bathroom Fittings
Toilet Accessories.
The company is a
pool of experienced professionals and ultra modern facilities to deliver
distinctive products at pocket-friendly prices to its valued clients. Backed up
by their wide distribution network, they are capable of ensuring timely
delivery of the products.
Quality Assurance
They are a quality driven
organization and strictly follow stringent quality control procedures
throughout their manufacturing process to ensure error free production from
every stage. The finest quality of brass and non-ferrous metals are employed in
their manufacturing process to ensure the production of top-notch quality
items. Each product is manufactured under strict supervision of highly
experienced quality inspectors that invalidates every possibility of quality
degradation.
Alluring Designs
They offer a wide spectrum of
products in a variety of colours and designs. Each product is exclusively
designed to add more glorious zest in the bathroom. Their highly creative
designers work diligently to innovate the latest and trendy designs in order to
quench the thirst of every quality savvy client.
Infrastructure
They boast of an outstanding
infrastructure which is equipped with the latest standardised machines and
excellent manpower to manufacture an unbeatable range of bathroom fittings and
toilet accessories. Their unit is loaded with world class lathe machines,
kapson machines, grinders, polish machines and various other machines to
execute every task efficiently and smoothly. A wide distribution network and
sound storage facility provide them the capability to store bulk quantity of
finished items. They are capable of feeding bulk demand in the shortest frame of
time.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.4.46 |
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1 |
Rs.81.55 |
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Euro |
1 |
Rs.55.09 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
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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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31 |
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/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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