MIRA
INFORM REPORT
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Report Date : |
01.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
JIICO EXPORTS PRIVATE LIMITED |
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Registered Office : |
48 – A, Indian Mirror Steet, Block – A, Kolkata 700 013, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.08.2004 |
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Com. Reg. No.: |
099443 |
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CIN No.: [Company
Identification No.] |
U17299WB2004PTC099443 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALJ02538E |
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PAN No.: [Permanent
Account No.] |
AABCJ4702G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of textile products like border, fabric with
hand embroidery, scarves and stoles of different variety. |
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. |
Small |
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Maximum Credit Limit : |
USD 192 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Company’s profitability is under severe
pressure. It has some accumulated
losses. Payments are reported as slow
but correct. The Company can be considered normal for small business dealings at
usual trade terms and conditions with slight caution initially. |
LOCATIONS
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Registered Office : |
48 – A, Indian Mirror Steet, Block – A, Kolkata 700 013, West Bengal,
India |
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Tel. No.: |
91-33-22441850 / 64505429 |
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Fax No.: |
91-33-22445216 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Rajib Nahar |
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Designation : |
Director |
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Address : |
48A, Indian Mirror Street, Kolkata 700 013, West Bengal, India |
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Date of Appointment : |
13.08.2004 |
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Name : |
Anupama Nahar |
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Designation : |
Director |
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Address : |
48A, Indian Mirror Street, Kolkata 700 013, West Bengal, India |
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Date of Appointment : |
13.08.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Rajib Nahar |
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7500 |
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Anupama Nahar |
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2500 |
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Total |
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10000 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Directors or relatives of Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of textile products like border, fabric with
hand embroidery, scarves and stoles of different variety. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
50 |
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Bankers : |
Chowringhee Branch, 388, Chowringhee Road, Kolkata 700071, West
Bengal, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Subhas Arjun and Company Chartered Accountant |
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Address : |
P-41, Prince Street, 5th floor, Kolkata 700072, West
Bengal, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.100
Million |
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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0.100 |
0.100 |
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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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[0.052] |
[0.064] |
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NETWORTH |
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0.048 |
0.036 |
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LOAN FUNDS |
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1] Secured Loans |
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0.651 |
0.000 |
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2] Unsecured Loans |
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3.264 |
0.068 |
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TOTAL BORROWING |
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3.915 |
0.068 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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3.963 |
0.104 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.471 |
0.004 |
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Capital work-in-progress |
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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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3.300 |
0.000 |
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Sundry Debtors |
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1.384 |
0.000 |
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Cash & Bank Balances |
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0.152 |
0.062 |
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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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0.540 |
0.000 |
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Total
Current Assets |
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5.376 |
0.062 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.937 |
0.015 |
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Provisions |
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0.010 |
0.000 |
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Total
Current Liabilities |
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1.947 |
0.015 |
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Net Current Assets |
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3.429 |
0.047 |
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MISCELLANEOUS EXPENSES |
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0.063 |
0.053 |
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TOTAL |
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3.963 |
0.104 |
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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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122.12
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2.30 |
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Current Ratio (Current Asset/Current Liability) |
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2.76
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4.13 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Corporate
identity number of the company |
U17299WB2004PTC099443 |
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Name of the
company |
JIICO EXPORTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
48 – A, Indian Mirror Steet, Block – A, Kolkata 700 013, West Bengal,
India |
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This form is for |
Creation of
Charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
Chowringhee
Branch, 388, Chowringhee Road, Kolkata 700071, West Bengal, India |
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Nature of
instrument creating charge |
Agreement of Loan
of hypothecation Read with letter
o arrangement |
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Date of
instrument Creating the charge |
24.02.2000 |
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Amount secured by
the charge |
Rs. 2.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Interest 7.35%
p.a. with monthly and/or as may be current from time to time as per the
banking and RBI Guidelines. Margin : 10% of
Export Packing Credit First Charge – on
the whole of the hypothecated goods. |
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Description of
the property charged |
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Particulars of
the property charged |
Location at 48 – A, Indian
Mirror Steet, Block – A, Kolkata 700 013, West Bengal, India |
AS PER WEBSITE
DETAILS:
Subject is an organization which deals in the manufacture, export &
fabrication of textile products like border, fabric with hand embroidery,
scarves and stoles of different variety and ranges with various techniques used
in surface embellishment like hand painting, gun spray, hand embroidery, bead
& sequence work.
They also manufacture leather accessories like ladies hand bag, purse, wallet
& gents wallet, office bag, etc. They have well experienced & efficient
work force. They produce quality products & designs of international
standard & according to latest trends.
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. 39.32 |
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UK Pound |
1 |
Rs. 81.35 |
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Euro |
1 |
Rs. 56.75 |
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 |
4 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
YES |
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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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26 |
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. |
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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