MIRA
INFORM REPORT
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Report Date : |
12.05.2007 |
IDENTIFICATION DETAILS
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Name : |
FLORA CHEMICALS |
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Registered Office : |
621, REENA Complex, |
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Country : |
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Financials (as on) : |
31.03.2007 Unaudited |
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Date of Incorporation : |
1995 |
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IEC No.: |
0399006524 |
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PAN No.: [Permanent
Account No.] |
AAUPS5732M |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Dealer and Importer of various types of Chemicals and Solvents. |
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 17800 |
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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 and reputed concern having satisfactory
track. Proprietor is reported as experienced and respectable businessman.
Trade relations are reported as fair. Business is active. 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 : |
621, REENA Complex, |
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Tel. No.: |
91-22-67554189 |
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Mobile No.: |
91-9223433436/9322402737 |
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Fax No.: |
91-22-67554190 |
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E-Mail : |
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Website : |
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Area : |
300sq.fts. |
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Location : |
Owned |
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Warehouse : |
Shree Storage, Jairam Compound, QRR. Rehnal Bhiwandi |
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Tel. No.: |
91-2522-270135 |
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Fax No.: |
91-2522-270862 |
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Area : |
3000sq.fts |
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Location : |
Leased |
SOLE PROPRIETOR
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Name : |
Mr. Amit Bhupendrashah |
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Designation : |
Proprietor |
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Address : |
I - 70, Vikrani, R.B. Mehta Raod, Ghatkopar ( East ), Mumbai - 400077 |
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Date of Birth/Age : |
32 Years |
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Qualification : |
Commerce |
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Experience : |
15 Years |
BUSINESS DETAILS
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Line of Business : |
Dealer and Importer of various types of Chemical and Solvents. |
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Products : |
♦
1,4 Butyne
diol ♦ Dimethylamine-40% ♦
Mono
Isopropylamine 99.5 Pc Min ♦
Sodium
Sulphide yellow Flakes |
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Imports : |
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Products : |
Allyl Chloride |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash/ Credit 90 days |
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Purchasing : |
Cash Credit 90 days |
GENERAL INFORMATION
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Customers : |
Wholesalers, End Users |
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No. of Employees : |
6 |
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Bankers : |
The Cosmos Co-Operative Bank Limited, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
U. V. Shah and Company Chartered Accountants |
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Address : |
mumbai |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 4.453 millions |
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Borrowed : |
- |
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Total : |
Rs. 4.453 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Partner’s Capital |
4.452 |
6.000 |
4.093 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.450 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.902 |
6.000 |
4.093 |
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LOAN FUNDS |
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1] Secured Loans |
0.744 |
2.055 |
0.271 |
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2] Unsecured Loans |
4.177 |
4.060 |
3.399 |
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TOTAL BORROWING |
4.921 |
6.115 |
3.67 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
16.823 |
12.115 |
7.763 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.320 |
1.067 |
0.899 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.722 |
1.901 |
1.248 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
8.010 |
4.520 |
3.410 |
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Sundry Debtors |
21.744 |
11.260 |
9.097 |
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Cash & Bank Balances |
0.183 |
0.058 |
0.104 |
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Other Current Assets |
3.888 |
0.000 |
0.000 |
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Loans & Advances |
1.313 |
0.030 |
0.558 |
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Total
Current Assets |
27.362
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15.868 |
13.169 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
15.580
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6.723 |
7.552 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
15.580 |
6.723 |
7.552 |
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Net Current Assets |
11.782 |
9.145 |
5.617 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
16.823 |
12.115 |
7.763 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
78.505 |
40.208 |
3.410 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
78.505 |
40.208 |
3.410 |
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Profit/(Loss) Before Tax |
7.450 |
2.983 |
2.806 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
7.450 |
2.983 |
2.806 |
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Expenditures : |
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Administrative Expenses |
10.330 |
3.807 |
3.038 |
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Salaries, Wages, Bonus, etc. |
35.297 |
1.310 |
9.892 |
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Interest |
10.712 |
64.60 |
7.029 |
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Insurance Expenses |
0.090 |
0.060 |
2.927 |
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Selling Expenses |
0.073 |
45.799 |
0.052 |
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Depreciation & Amortization |
0.000 |
1.093 |
1.428 |
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Other Expenditure |
9.201 |
5.194 |
3.356 |
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Total Expenditure |
65.703 |
121.863 |
27.722 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
9.49
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7.41 |
8.15 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.49
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7.41 |
8.15 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
25.97
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17.61 |
19.94 |
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Return on Investment (ROI) (PBT/Networth) |
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0.62
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0.49 |
0.68 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.30
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1.12 |
1.84 |
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Current Ratio (Current Asset/Current Liability) |
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1.75
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2.36 |
1.74 |
LOCAL AGENCY FURTHER INFORMATION
Trade Reference:
Solvay
Shree Raj Chemical – 310/12,
Fabricking E. I. Private Limited – D – 1004, Jumro Darshan, Mumbai –
400058, 91-22-26824770
Subject is Proprietorship concern and is established
in 1996.
Name of Proprietor is Mr. Amit Shah.
They are pleased to introduce theirselves as importer of Chemicals and solvents.
They cater to requirement of :
- Electroplating chemicals
- Metal treatment and finishing chemicals
- Construction chemicals
- Bottle washing chemicals
- Cosmetics
- Food Chemicals
- Textile auxiliary
- Dyes Intermediate
- Dry Cleaning Chemicals
- Paint Stripper
Profile
Mumbai
based Flora Chemicals is a distinguished name engaged in the import of various
types of chemicals and solvents established in year 1996. The Company after
establishing its presence in the domestic market and having an extensive
knowledge and understanding of the Indian chemical industry is now aiming to
spread its wings.
Quality :
Quality is the benchmark on which they import and trade their products. All
their products are made from superior quality chemicals under the supervision
of their supplier experienced chemists . Quality control measures are adopted
at various levels to ensure that their products conform to international
quality standards.
Infrastructure :
The
foundation of Flora Chemicals is based on a strong infrastructure. They have
their own warehouse at Bhiwandi where they stock their goods and a reliable
logistics system to ensure that our products reach to you on 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.40.87 |
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1 |
Rs.80.99 |
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Euro |
1 |
Rs.55.39 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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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54 |
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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