MIRA
INFORM REPORT
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Report Date : |
09.10.2007 |
IDENTIFICATION DETAILS
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Name : |
JAY AMBE GOWRI PETRO CHEM LIMITED |
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Registered Office : |
Plot No. 7-2-B 12, Opposite Santh Nagar Post Office, Industrial Estate,
Sanathnagar, Hyderabad – 500018, Andhra Pradesh |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.01.2006 |
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Com. Reg. No.: |
48669 |
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CIN No.: [Company
Identification No.] |
U24110AP2006PLC048669 |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturers of Chemicals |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2000 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and yet to established itself. As per first financials
of the company, had not started commercial operations. Company had been
successful in obtaining several loans from its bank. No further details could
be made available. The company can be considered for any business dealings on fully safe
and secured trade terms and conditions, initially. |
LOCATIONS
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Registered Office / Factory : |
Plot No. 7-2-B 12, Opposite Santh Nagar Post Office, Industrial
Estate, Sanathnagar, Hyderabad – 500018, Andhra Pradesh, India |
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Tel. No.: |
91-40-23818520 |
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Fax No.: |
91-40-23818640 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Narendra Kumar Patel |
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Designation : |
Director |
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Address : |
Flat No D2 E2, Baba Apartment, |
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Date of Birth/Age : |
01.05.1975 |
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Date of Appointment : |
03.01.2006 |
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Name : |
Mr. Maruswmy Madhu |
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Designation : |
Director |
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Address : |
H No 8-5 ˝, Raju Colony, Bala Nagar, |
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Date of Birth/Age : |
10.08.1974 |
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Date of Appointment : |
03.01.2006 |
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Name : |
Mr. Jitesh Kumar Jani |
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Designation : |
Director |
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Address : |
H. No. 7-1-644/318, Sundeer Nagar, |
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Date of Birth/Age : |
19.07.1970 |
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Date of Appointment : |
03.01.2006 |
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Name : |
Mr. Hemal Hasmukhlal Doshi |
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Designation : |
Director |
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Address : |
8, Shanti Niketan, |
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Date of Birth/Age : |
04.06.1973 |
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Date of Appointment : |
01.09.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Narendra Kumar Patel |
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22500 |
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Jigisha Patel |
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9000 |
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M Madhu |
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9000 |
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Jitesh Kumar Jani |
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4500 |
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M. Govenda Reddy |
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3500 |
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Rita Jani |
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1000 |
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V. V. R. Chowdhary |
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500 |
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Total |
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50000 |
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Equity Share
Breakup |
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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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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Chemicals |
GENERAL INFORMATION
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Bankers : |
Axis Bank Limited 6-3-879/B, 1st Floor, Pullareddy Buildings, Green Lands,
Begumpet, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Narne Hari Babu Chartered Accountants |
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Address : |
Flat No. 4, Rukmini Apartments, Yousufguda Check Post, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.500 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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0.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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0.031 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.000 |
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Total
Current Assets |
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0.031 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.000 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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0.000 |
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Net Current Assets |
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0.031 |
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MISCELLANEOUS EXPENSES |
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0.469 |
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TOTAL |
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0.500 |
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LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
10062161 |
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Corporate
identity number of the company |
U24110AP2006PLC048669 |
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Name of the
company |
JAY AMBE GOWRI PETRO CHEM LIMITED |
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Address of the
registered office or of the principal place of business in |
Plot No. 7-2-B 12, Opposite Santh Nagar Post Office, Industrial Estate,
Sanathnagar, Hyderabad – 500018, Andhra Pradesh |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
Axis Bank Limited 6-3-879/B, 1st Floor, Pullareddy Buildings, Green Lands,
Begumpet, |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum of
entry |
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Date of
instrument Creating the charge |
02.08.2007 |
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Amount secured by
the charge |
Rs. 100.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR 1.50 % I.E.
13.50 % p.a. payable at monthly rests.
Terms of
repayment Payable on demand
Margin Stock 25% Book debts : 40 %
Extent operation
of the charge Cash Credit –
Primary – First charge on the entire current assets of the company letter of
credit – primary – goods, materials procured, imported under LC’s extension
of charge on the entire current assets, present and future of the firm |
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Short particulars
of the property charged |
Survey No. 94 Of
14 Acres – 26 Gts Situated At Mother Diary Road, Pasmailaram, Hayatnagar
Mandal, Near outer ring road, |
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Particulars of
the present modification |
No change in limits
or any terms and conditions Equitable
mortgage by deposit of title deeds for secured the limits. |
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 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.39.55 |
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1 |
Rs.80.44 |
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Euro |
1 |
Rs.55.49 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
1 |
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--CREDIT LINES |
1~10 |
1 |
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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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12 |
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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