MIRA
INFORM REPORT
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Report Date : |
12.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
SHAKTI CHEMICALS |
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Registered Office : |
103 Mandvi Navjivan, 121, Kazi Sayed Street Masjid Mumbai - 400003 |
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Date of Incorporation : |
20/05/1996 |
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Financials (as on) : |
31.03.2006 |
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IEC No. : |
0397085559 |
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Legal Form : |
A sole proprietory concern |
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Line of Business : |
Trader and importer of chemicals and solvents. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 85000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern having fine track. Trade relations are fair. Payments are usually correct and as per commitments. The concern can be considered good for normal business dealings at usual trade terms and conditions |
LOCATIONS
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Registered Office : |
103 Mandvi Navjivan, 121, Kazi Sayed Street Masjid Mumbai - 400003 |
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Tel. No.: |
91-22-23438264 |
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Fax No.: |
91-22-23424488 |
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Mobile : |
91-9820026506 |
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E-Mail : |
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Area : |
220 sq. fts. – Owned |
SOLE
PROPRIETOR/PARTNERS/DIRECTORS
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Name : |
Mr. Nehal Kumar H. Gandhi |
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Designation : |
Proprietors |
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Address : |
602 Meru Tower, A- Wing, 549 Jame Jamshed Road, Matunga Mumbai – 400019 |
BUSINESS DETAILS
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Line of Business : |
Trader and importer of chemicals and solvents |
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Agencies Held : |
Vinyl Chemicals (India) Limited |
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Imports from : |
China, Taiwan, Korea, Russia, Germany, Japan, Argentina and Middle East. |
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Terms : |
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Selling : |
Credit (45 to 75 days) |
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Purchasing : |
L/C, Cash and Credit |
GENERAL
INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
8 persons in office |
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Bankers : |
Fort Mumbai
Wadala Mumbai Cash Credit Limit : Rs. 20.000 millions
Churchgate, Bomaby 55.000 Millions |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory |
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Auditors : |
P. M. Nayak and Company Chartered Accountants 16, A Riddhi Siddhi Apartment, 54 R. A. Kidwai Road, Matunga – 400019 |
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Tel. No.: |
91-22-24014551 |
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Mobile No.: |
91-22-24014551 |
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Sister Concern : |
Ø Shakti
Derivitives 106 Mandvi
Navjivan Line of Business
: Commody- Bullion Ø Shakti
Securities 103 Mandvi Navjivay Line of Business:
Shares |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 12.534 millions |
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Borrowed : |
Rs. 8.915 millions |
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Total : |
Rs. 21.449 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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8.899 |
12.534 |
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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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8.899 |
12.534 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
1.854 |
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2] Unsecured
Loans |
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26.436 |
7.061 |
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TOTAL BORROWING
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26.436 |
8.915 |
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DEFERRED TAX
LIABILITIES |
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TOTAL
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35.335 |
21.449 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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5.780 |
5.768 |
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Capital work-in-progress
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INVESTMENT
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0.600 |
0.300 |
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DEFERREX TAX ASSETS
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CURRENT ASSETS, LOANS &
ADVANCES
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Inventories
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31.272 |
28.291 |
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Sundry Debtors
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49.245 |
32.068 |
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Cash & Bank Balances
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3.336 |
7.640 |
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Other Current Assets
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18.562 |
1.305 |
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Loans & Advances
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0.115 |
0.004 |
Total Current Assets
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102.53 |
69.308 |
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Less :
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities &
Provision
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73.575 |
53.927 |
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Total Current Liabilities
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73.575 |
53.927 |
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Net Current Assets
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28.955 |
15.381 |
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MISCELLANEOUS EXPENSES
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0.000 |
0.000 |
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TOTAL
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35.335 |
21.449 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other
income]
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284.737 |
215.199 |
163.419 |
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Profit/(Loss) Before Tax
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2.389 |
1.911 |
1.228 |
Provision for Taxation
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- |
- |
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Profit/(Loss) After Tax
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2.389 |
1.911 |
1.228 |
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Import Value
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NA |
14.806 |
64.277 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
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(%)
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0.84 |
0.88
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0.75 |
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Net Profit Margin
(PBT/Sales) |
(%) |
0.84 |
0.88
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0.75 |
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Return on Total
Assets
(PBT/Total Assets} |
(%) |
2.205 |
2.54
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- |
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Return on
Investment (ROI)
(PBT/Networth) |
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0.27 |
0.15
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- |
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Debt Equity Ratio
(Total Liability/Networth) |
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8.26 |
5.01
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- |
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Current Ratio
(Current Asset/Current Liability) |
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1.39 |
1.28
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LOCAL AGENCY
FURTHER INFORMATION
Subject imports chemicals and solvents.
The concern is in trade terms with:
Ø Globe Chemicals GMBH - Spohrstr – 2, D22083, Hemburg, Germany.
Ø M/s. C. J. Shah and Company – 105 Bajaj Bhawan 10th Floor Nariman Point Mumbai –400021
Ø M/s. Adani Exports – 7th Floor Eagle Flight, Chakala Andheri (East),
Shri Udaybhai
Ø M/s. Cresent Chemsole – 2nd Floor Windsornofa factory, Near Raheja Point,
Shri Mukeshbhai
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.27 |
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UK Pound |
1 |
Rs.85.54 |
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Euro |
1 |
Rs.58.23 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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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 |
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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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46 |
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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