MIRA
INFORM REPORT
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Report Date : |
17.10.2007 |
IDENTIFICATION DETAILS
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Name : |
ABC INTERNATIONAL |
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Registered Office : |
402,Commerce House, 9/1, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1985 |
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Com. Reg. No.: |
KA/BNG/III/20B24B |
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IEC No.: |
0789001811 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA05404A |
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PAN No.: [Permanent
Account No.] |
ABXPM9605M |
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Legal Form : |
Sole Proprietory concern |
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Line of Business : |
Exporters of
Processed Foods, currently focussing on Tamarind Products, Gherkins, Spices
etc. |
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 30000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established concern having satisfactory track. Trade relations are fair.
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 : |
402, Commerce
House, 9/1, |
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Tel. No.: |
91-80-22203997/ 22203526 |
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Mobile No.: |
91-9845034633 |
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Fax No.: |
91-80-22251022 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Location : |
500 sq.fts |
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Warehouse: |
Horamavu, |
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Area : |
2000 sq.fts |
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Location : |
Rented |
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Factory 1 : |
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Area : |
10000 sq.ft. (2
acres Land) |
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Factory 2 : |
Nidadole, Andhra
Pradesh |
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Area : |
10000 sq.ft. (2
acres Land) |
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Branches : |
Godown Horamavu, Outer |
SOLE PROPRIETOR
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Name : |
Ms. Aslesha Madappa |
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Designation : |
Proprietor |
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Address : |
D -8, Shanthi Kiran Apartments, |
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Date of Birth/Age : |
54 years |
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Qualification : |
B. A. (Hons) |
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Experience : |
31 years |
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Mobile No.: |
91-9845034633 |
KEY EXECUTIVES
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Name : |
Mr. P. P. Madappa |
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Designation : |
Chairman |
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Address : |
402, Commerce
House, 9/1, |
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Mobile No.: |
91-9341249711 |
BUSINESS DETAILS
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Line of Business : |
Exporters of
Processed Foods. Currently focussing on Tamarind Products, Gherkins, Spices |
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Products : |
Ø
Tamarind
Concentrate Ø
Tamarind
Powders- Spray Dried, Dehydrated and Tray Dried Ø
Seedless
Tamarind Slabs Ø
Kernel
Tamarind Slabs Ø
Tamarind
Seeds Kernel Powder (TKP) Ø
Tamarind
Seed Oil Ø
Spices-
Whole and Powdered Ø
Tamarind
Candies (Soft and hard boiled) Ø
Tamarind
Fruit Bars Ø
Gherkins-
Bulk packing in Brine, Acetic Acid and Vinegar Ø
Gherkins
– Consumer packing in bottles and cans Ø
Dehydrated
Fruit and Vegetable Powders Ø
Spray
Dried Fruit and Vegetable Powders Ø
Spice
Oils and Oleoresins |
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Brand Names : |
“KIKI” |
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Exports : |
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Countries : |
Europe, Korea, Sri
Lanka, Australia, Saudi Arabia, Germany, Japan, Indonesia, Iraq , Russia |
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Imports : |
No imports |
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Terms : |
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Selling : |
TT, L/C (30 days), Advance payments, Sight |
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Purchasing : |
Credit (30-60 Days) |
PRODUCTION STATUS
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Particulars |
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Actual Production |
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Processed
Foods |
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500 Matric TonnesPer Annum |
GENERAL INFORMATION
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Suppliers : |
Ø
Hitech
Blow Moulders, Blore Ø
Ø
Esquire
Foods, Doddballapur |
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Customers : |
End users |
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No. of Employees : |
7 |
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Bankers : |
Ø
Syndicate
Bank Limited, Vasant Nagar, Bangalore-52 Ø
Stanchart
Bank, |
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Facilities : |
Rs. 2.500
Millions from Syndicate Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gyanoba and Bhat Chartered Accountants |
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Tel. No.: |
91-22-41512430 |
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Fax No.: |
91-22-22259782 |
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Memberships (with Chambers of Commerce, Associations
etc.) |
APEDA, CHEMEXCIL,
FICCI, AWAKE |
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Associates/Subsidiaries : |
Ø
Karturi
Networks Limited Ø
Address:
embassy Centre, Activity: Export fresh cut
roses of Gherkins Ø
Kodagu
Foods Private Limited Ø
Triplem
Consultants Private limited Address: 402 Commerce House, BKLR Activity: Management Consultancy |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.7.500 millions |
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Borrowed : |
--- |
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Total : |
Rs.7.500 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
15.000 |
6.500 |
5.500 |
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Profit/Loss for the year |
25% |
15-20% |
15-20% |
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Export Value |
NA |
6.500 |
5.500 |
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Import Value |
NA |
2.000 |
1.500 |
Average Value of
Inventories at any Given Time: 2.000 Millions
Expected Sales (2007-08): Rs. 25.000 millions
LOCAL AGENCY FURTHER INFORMATION
Promoters of the Organisation
are specialised in the area of Agricultural Sciences, Agricultural Processing , Agricultural Exports and also
and managing the different Agricultural activities of Growing, Manufacturing
and marketing Core Competence in the above area ensures quality products to
meet international norms.
WEBSITE DETAILS:
The Concern’s firm
commitment to product quality and customer satisfaction. Its business
philosophy based on the holistic approach from “seed to shelf, ensures finest
quality, strict adherance to business ethics and reasonable business terms.
The People
behind the enterprise
The core competence
of the concern stems from the fact that the promoters of the concern are
specialized in the areas of Agricultural Sciences, Food Processing, Agricultural
Exports and also in managing the different agricultural activities of growing,
manufacturing and marketing. Some of the senior executives in the concern, in
Marketing, Finance and International Trade. This is an added advantage and
strength to the concern and importers.
Subject is a
pioneer in the manufacturing of various Tamarind Products in
Product
Characteristics
“KiKi” brand
Tamarind concentrate in paste from is extracted from fresh tamarind which grows
abundantly in Southern and Eastern parts of
ABCI’s stringent
quality control system ensures the total production process according to
international standards at every stage of production and each batch is checked
for its quality.
The Process
The entire of
manufacturing Tamarind Concentrate is automated, hygienic and comforting to FPO
(Food Processing Order of the Government of India) Standards. The special
process retains the natural tangy flavour, purity, sweetness, taste and the
precious vitamin C. The juice is concentrated to reach the desired brix level
of 65 Degree. Depectinised Tamarind concentrate (80 Degree brix) is by removing
the inherent pectin content through biopectinaze enzyme process.
Applications
Tamarind Concentrates
and other Tamarind Products are used as a souring agent. “KiKi” Tamarind
products are an effective substitute for vinegar, tomatoes and lemon juice.
Extensively used in Indian, Thai, Chinese, Malaysian and Mexican cuisine, they
are also used in the manufacturing of Western sauces and ketchups. It is a base
for soft drinks. Its applications are found in :
Ø
Soups,
noodles, stews, gravies, sauces and ethnic food items
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Seasonings,
dry instant premixes, instant soup premixes, tamarind juice
Ø
Instant
soft drink syrup / powder
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Indian
dishes like vindaloo, sambar, rasam, curry, puliogare, panipuri, many snacks,
chutneys and sauces
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As a
flavouring ingredient in alcoholic and non alcoholic (hot and cold) beverages-
iced tea
Ø
Confectioneries
– candies and pastries
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Pharmaceutical-
oral hygiene products and cough syrup
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As a
material in food processing
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Fish,
meat and seafood preservation
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As a
substitute for vinegar and tartaric acid
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As a
taste enhancer for any food or beverage
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In
curing chewing, pipe and cigarette tobaccos
Ø
Dairy
products – yoghurt and other flavoured milk products
Gherkin
Gherkin industry is
fairly new. It is only 10 years old. Gherkins (cucumos Sativus) are
miniaturised cucumber used for pickling (sweet, vinegar and acetic acid) by
different end users. These pickles are normally consumed as snack for cocktails
of TV meals. The main institutional market for Gherkins is fast-food
restaurants world-wide. The major markets for Gherkins are
Grades:
Gherkins are sold
on the basis of counts (number of fruits per kg.). The lower the count, the
lower the price and vice versa. The popular counts in commercial transactions
vary as follows:
5-10, 10-20, 20-30,
30-40, 40-60, 60-80, 80-100, 80-120, 120-160, 150-300, 160-300 and 300+. Some
buyers may combine the above counts and ask for assorted counts such as
80-1210, 150-300 etc. Therefore, the processing and trading / exporting of
gherkins are wholly customer – focussed.
Medium of
Packing:
Gherkins are usually
packed in 3 media.
- Brine
- Vinegar
- Acetic Acid
Packing:
The products are
packed in bulk and consumer packs. Bulk packing is made in food Grade HMHDPE
barrels, 220/ 240 litre capacity or as per customer specifications. Net drained
weight will vary from 150 kgs to 180 kgs per drum for bulk for bulk packing.
Capacity in a 20’s container will be 80 barrels.
Consumer packs are
usually in glass jars of 500ml, 650ml or 750ml. The recipe for consumer packs
are given by the importer. More often than not, the importers of Gherkins in
consumer packs provide bottles, vinegar and labels. Thus, it is customer –
specific.
Product
Specifications
Organoleptic
Characteristics:
Colour: typical green/ greenish yellow
Aspect: Sound, Full Gherkins
Texture: firm and very crispy to bite
Taste: Characteristic of pickled product without
oxidation
Chemical
Properties:
Gherkins
in Brine
Salinity as NaCI
: 15% ± 1%
Acidity as
Lactic Acid:>0.6%,
pH:<3.5
Gherkins
in Acetic Acid and Natural Vinegar
Acidity: 3.2%±0.2%, Salt:4%±0.2%
Calcium
chloride: Customized
Process
Flow [ bulk packing in Brine]
Quality Rejects:
The Undesirable
fruits would include bloaters, soft/dehydrated, shrivelled, decayed, injured,
discoloured, / bleached fungal infested, putrefied, sunburnt, curved, crooked,
nubbins, borer damaged, cut and rotten, fruits with steam /flowers, etc. The
gherkins also shall not contain foreign material such as flowers, other
vegetative materials (such as hair, bolts, nuts, nails etc.) and non-vegetable
materials (such as stems, grass, leaves etc.) Brine solution status such as
fermentation, salt content and brine solution quality shall be as per standard
required and acceptable to the customer. The packed gherkins shall not have
undesirable levels of insecticide and pesticide residues.
Spice
Oils, Oleoresins and Extracts
ABCI exports an
assorted list of spices and commodities. The major spice items exported include
Chill, Pepper, Cardamom, Ginger, Turmeric etc. in whole of in powder form. Various
spice oils and oleoresins also being exported sporadically. Other commodities
of export include Rice, Sugar, Soya products etc.
ABCI can supply
Whole and Powdered spices as per specific enquiries of customers.
ABCI exports Spices
Oils, Oleoresins and Extracts as per Buyer’s specific requirements. These
include Tamarind Seed Oil and Red chilly Seed Oil recently developed and
supplied to overseas clients.
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.39.68 |
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|
1 |
Rs.80.53 |
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Euro |
1 |
Rs.56.23 |
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 |
YES |
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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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