MIRA
INFORM REPORT
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Report Date : |
13.06.2007 |
IDENTIFICATION DETAILS
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Name : |
VENUS FURNITURE PRIVATE LIMITED |
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Registered Office : |
401, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.04.2004 |
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Com. Reg. No.: |
146036 |
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CIN No.: [Company
Identification No.] |
U36100MH2004PTC146036 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV12111B |
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PAN No.: [Permanent
Account No.] |
AABCV9128J |
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Legal Form : |
Private Limited Liability company |
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Line of Business : |
Manufacturer of Office Furniture |
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 : |
USD 20536 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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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
usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
401, |
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Tel. No.: |
91-22-27573404 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Chandresh Prajivandas Thakker |
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Designation : |
Director |
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Address : |
A – 802, Somnath Enclave, E – B / 4 Sargam Shopping Centre, |
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Date of Appointment : |
13.04.2004 |
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Name : |
Mr. Hitesh Kantilal Dalwadi |
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Designation : |
Director |
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Address : |
9 – C, Trimurti Apartment, City life Road, |
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Date of Appointment : |
13.04.2004 |
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Name : |
Mrs. Parul Sunil Dalwadi |
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Designation : |
Director |
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Address : |
401, |
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Date of Appointment : |
13.04.2004 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mrs. Parul Sunil Dalwadi |
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6000 |
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Mr. Hitesh Kantilal Dalwadi |
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6000 |
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Mr. Chandresh Prajivandas Thakker |
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6000 |
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Category |
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Percentage of Holding |
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Directors or Relatives of Directors |
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100.000 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer of Office Furniture |
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GENERAL INFORMATION
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Bankers : |
The Cosmos Co-Op
Bank Limited Bandra (West), Mumbai
- 400050 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
G M Meisheri and Company Chartered Accountants |
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Address : |
22, Arvind Villa, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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486120 |
Equity Shares |
Rs.10/- each |
Rs.4.861
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.861 |
0.180 |
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2] Share Application Money |
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0.105 |
0.105 |
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3] Reserves & Surplus |
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0.168 |
0.006 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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5.134 |
0.291 |
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LOAN FUNDS |
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1] Secured Loans |
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6.806 |
0.000 |
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2] Unsecured Loans |
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8.898 |
10.846 |
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TOTAL BORROWING |
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15.704 |
10.846 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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20.838 |
11.137 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.930 |
7.430 |
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Capital work-in-progress |
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10.012 |
3.280 |
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INVESTMENT |
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0.149 |
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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2.874 |
0.979 |
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Sundry Debtors |
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3.122 |
0.771 |
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Cash & Bank Balances |
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2.702 |
0.889 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.184 |
0.000 |
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Total
Current Assets |
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8.882 |
2.639 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.545 |
2.892 |
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Provisions |
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0.305 |
0.124 |
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Total
Current Liabilities |
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6.850 |
3.016 |
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Net Current Assets |
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2.031 |
(0.377) |
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MISCELLANEOUS EXPENSES |
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0.716 |
0.804 |
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TOTAL |
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20.838 |
11.137 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 (Estimated) |
31.03.2005 (Estimated) |
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Sales Turnover |
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20.000 |
10.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.33 |
0.87 |
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Current Ratio (Current Asset/Current Liability) |
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1.29 |
0.87 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
VENUS FURNITURE
PRIVATE LIMITED |
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Presented By |
The Cosmos Co-Op
Bank Limited Bandra (West),
Mumbai – 400050 |
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1) Date and description of instrument creating the change |
Deed of Mortgage 11.10.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.26.500
millions
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
1) All that piece
and parcel of the and known as Plot No.8A – 1 / 2 B Situated in TTC
Industrial Area within the village limits of Dighe and now within the limits
of day is Mumbai Municipal Corporation Taluka and Registration sub. Dist and
registration dist. Thane and the said free hold portion of the plot is ad.
About 3992sq.mts. together with construction made and being thereon and the
said property is bounded as under: On or towards
North : By Plot No. 8A / 1 / 2A On or towards
West : By thane Belapur Rand On or towards
South : By On or towards
East : By Plot No. 8A – 1 / 2A 2) All that piece
and parcel of ht eland known as plot No. 8A – 1 / 2 A situate in TTC
Industrial Area within the village limits of Navi Mumbai Municipal
Corporation, Taluka and registration sub Dist. And Registration Dist Thane
and the said lease hold portion of the plot is right for the remaining period
as hold and possessed by the borrower company and together with construction
made to be made thereon and the said property is bounded as under: On or towards
North : By Plot No. 8A / 1 / 2A On or towards
West : By thane Belapur Rand On or towards
South : By On or towards
East : By Plot No. 8A – 1 / 2A schedule 2 of the
Hypothecation stock, Book Debts Raw Material, plant and Machineries fixture
etc. the list of
stock, book debts, raw material, plant and machinery, furniture, fixtures
etc. hypothecation
under this indenture is given separately which is attached herewith as
annexure “A” In witnesseth
whereof the borrower / mortgage company through its directors has put its
seal and signature on the day month the year first hereinabove written
witness |
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4) Gist of the terms and conditions and extent and operation of the charge. |
as per Bank rule |
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5) Name and Address and description of the person entitled to the charge. |
The Cosmos Co-Op
Bank Limited Bandra (West),
Mumbai - 400050 |
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.40.93 |
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1 |
Rs.80.76 |
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Euro |
1 |
Rs.54.46 |
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 |
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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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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