MIRA
INFORM REPORT
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Report Date : |
09.06.2007 |
IDENTIFICATION DETAILS
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Name : |
INAR PROFILES PRIVATE LIMITED |
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Registered Office : |
4/13, |
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Country : |
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Date of Incorporation : |
07.06.2005 |
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Com. Reg. No.: |
46461 |
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CIN No.: [Company
Identification No.] |
U29309AP2005PTC046461 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
VPNI00316B |
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PAN No.: [Permanent
Account No.] |
AABCI3890E |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers and suppliers of hot-dipped galvanised cable
trays, support systems and fabricated steel products. |
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 : |
New and small company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and in the process of establishing itself.
Directors are however reported as experienced and respectable businessmen. Trade
relations are reported as fair. Payments are usually correct and as per
commitments. The company can be considered for small to mediocre business dealings
with slight caution initially. |
LOCATIONS
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Registered Office : |
4/13, |
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Website : |
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Corporate Office : |
E-10 & 11, Industrial Estate, Anakapalle - 531 021,
Visakhapatnam Dist., |
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Tel. No.: |
91-8924-320878 |
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Fax No.: |
91-8924-221512 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Tyagarajan Gautam |
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Designation : |
Managing Director |
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Address : |
E – 2, Baydrive,
Nowroji,Maharanipeta, Visakhapatam - 530002 |
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Date of Birth/Age : |
29.12.1969 |
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Date of Appointment : |
07.06.2005 |
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Name : |
Mr. Sarma Mani |
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Designation : |
Director |
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Address : |
4-13, |
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Date of Birth/Age : |
26.04.1951 |
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Date of Appointment : |
07.06.2005 |
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Name : |
Ms. T. Vasantha |
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Designation : |
Director |
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Address : |
4-13, |
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Date of Birth/Age : |
18.07.1946 |
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Date of Appointment : |
07.06.2005 |
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Name : |
Ms. Aparna Gautam |
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Designation : |
Director |
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Address : |
E – 2, Baydrive,
Nowroji,Maharanipeta, Visakhapatam - 530002 |
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Date of Birth/Age : |
17.01.1973 |
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Date of Appointment : |
07.06.2005 |
KEY EXECUTIVES
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Name : |
Mr. S. Ramesh |
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Designation : |
Works Manager |
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Name : |
Mr. U. Satishkumar |
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Designation : |
Production & Maintenance
Manager |
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Name : |
Mr. G. Ramarao |
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Designation : |
Q. A. Manager |
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Name : |
Mr. K. Narayana Murty |
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Designation : |
Administrative Manager |
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Name : |
Mr. J. Bijay Kumar Dora |
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Designation : |
Commercial Manager |
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Name : |
Mr. N. Srinivasa Rao |
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Designation : |
Materials Manager |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. Tyagarajan Gautam |
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10000 |
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Mr. Sarma Mani |
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10000 |
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Ms. T. Vasantha |
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10000 |
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Ms. Aparna Gautam |
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10000 |
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Total |
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40000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and suppliers of hot-dipped galvanised cable
trays, support systems and fabricated steel products. |
GENERAL INFORMATION
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Customers : |
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Bankers : |
Bank of Opposite MRO
Office, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
VISAKHA STEEL ALLIEDS (Hot-Dip Galvanizing Plant) E-8, Industrial Estate, Anakapalli - 531 021, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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800000 |
Equity Shares |
Rs. 10/- each |
Rs. 8.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs. 10/- each |
Rs. 4.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Not Available
LOCAL AGENCY FURTHER INFORMATION
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
10044182 |
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Corporate
identity number of the company |
U29309AP2005PTC046461 |
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Name of the
company |
INAR PROFILES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
4/13, |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Bank of Opposite MRO
Office Anakapalle -
531001, |
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Nature of description
of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
11.04.2007 |
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Amount secured by
the charge |
Rs. 17.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: No change in Rate
of Interest for Cash Credit : 0.50 % over BOI PLR Terms of
repayment : No change in
Terms of repayment Margin : No change in
margin of Stock : 25 % Book Debts 40 % and Bank Guarantee 25 % Extent and
Operation of the charge : Rs. 17.500
Millions consisting of Cash Credit facility of Rs. 10.000 Millions ad Bank
Guarantee facility of Rs. 7.500 Millions |
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Short particulars
of the property charged |
Second charge by
way of Equitable Mortgage on all those piece and parcel of land situated at
Plot No. E10 & E11 of APIIC Industrial Park, Rajupalem Village,
Anakapalle Mandal, Visakhapatnam, adm. 1595.87 sq. mtrs. together with all
building and structures thereon and all the plant and machinery attached to
earth or permanently fastened to anything attached and first charge in favour
of Small Industries Development Bank of India, Visakhapatnam |
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Particulars of
the present modification |
In addition to
the existing securities now charge by way of second charge basis on equitable
mortgage on all those piece and parcel of land situated at Plot No. E10 &
E11 of APIIC Industrial Park, Rajupalem Village, Anakapalle Mandal,
Visakhapatnam, adm. 1595.87 sq. mtrs. together with all building and
structures thereon and all the plant and machinery attached to earth. There is no
change in Credit Facilities of Rs. 17.500 Millions |
AS PER WEBSITE
About the Company
Subject
is manufacturers and suppliers of hot-dipped galvanised cable trays, support systems
and fabricated steel products in
Their
group started its operations in 1986, and their promoters, needless to say,
have acquired a high level of expertise in this field. Armed with their rich
experience of 20 years, their promoters decided to start INAR with the purpose
of bringing out an exclusive line of cable tray systems and cold roll formed
products.
Located
near the Port City of Visakhapatnam, INAR Profiles is committed to continuously
innovate and use the latest manufacturing methods along with high quality raw
material to offer their customers products that are uncompromising in terms of
quality, adaptability and functionality.
Their
products cater mostly to the infrastructure industries, namely, the Power, Energy
and Petroleum segments. Their company therefore plays a critical role in the
timely implementation of a number of infrastructure projects in the country and
they are committed to execute all their orders on time, every time.
Their
company provides an open and professional work environment that fosters
superior performance from all their employees. Their employees are efficient,
qualified and motivated with a high level of commitment to quality and
on-schedule delivery.
Quality
System
They
are committed to provide the best quality products to their customers. Their
quality department follows stringent processes right from raw material
procurement to order completion and delivery. To ensure that they get it right
the first time, every time they follow various quality documents and quality
control procedures at every stage of the manufacturing process.
Given below is the list of documents used by their quality
department:
- Quality Manual
- IS Standard Manual
- Quality Plan
- Machinery Maintenance Document
- Calibration of measuring instruments
- Work allotment documents
- Work progress logbook
Raw
Material Inspection:
First,
the quality department carries out a thorough inspection of the raw material
which includes a physical visual dimensional check to ensure that it follows
the IS Standards and is as per the approved drawing/documents. The raw material
is then released for manufacturing.
Inspection
at the Manufacturing Stage:
Their
internal inspection process is designed in such a manner that at each stage during
the production process, the manufactured material is thoroughly verified to
ensure compliance with the tender specs and approved drawings. They also carry
out dimensional visual check for the first batch of material and subsequently
on a random basis for the rest of the material.
Non
conformance control:
Their
processes are designed in such a way that at each stage of the production
process, they carry out inspection and verification of the previous process.
This enables they to rectify defects during the manufacturing stage itself,
thus resulting in over all minimization of rejection rate.
Assembling
stage:
Various
tests are conducted during and post assembling stage to ensure conformation to
IS specs, tender specs and the customer quality plan. The tests conducted
include, deflection test, load Test, DP tests and IS Standard galvanising
tests.
Inspection
status identification procedure:
After
thorough inspection of the end product as per IS standards, tender
specifications and agreed specifications, they offer the product to the
customer for a joint inspection and obtain their clearance certificate.
Dispatch:
Once they receive the clearance certificate from the customer, they go ahead
with the dispatch of the product.
Erection
and Commissioning:
As the
nature of their contract is limited to design, manufacturing and supply of the
material, they do not undertake erection and commissioning of the job. However,
on specific request of the customers, they send their team for supervision
during the erection and commissioning of cable trays and support systems.
Products
Cable
trays and accessories are manufactured by they under strict quality control.
All basic aspects of manufacturing like Shearing, Bending, Punching, Grinding,
Welding etc. are given special attention to obtain excellent finish and robust
construction.
They
manufacture cable trays and accessories in various sizes as required by their
customers. They also assist in choosing the required specification to suit
application and load conditions.
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.40.98 |
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1 |
Rs.80.98 |
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Euro |
1 |
Rs.54.99 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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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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30 |
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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