MIRA
INFORM REPORT
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Report Date : |
11.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SIEWERT AND DHOLAKIA OVERSEAS PRIVATE LIMITED |
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Registered Office : |
No. 24/178, ‘Dholakia House’, K P K Menon road, Willingdon Island, Cochin
– 682 003, Kerala |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.06.2002 |
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Com. Reg. No.: |
019822 |
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CIN No.: [Company
Identification No.] |
U51226KL2002PTC019822 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHNS04081A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is a commission agent dealing in agricultural raw material. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 98000 |
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Status : |
Good |
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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 company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair.
Business is active. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
No. 24/178, ‘Dholakia House’, K P K Menon road, Willingdon Island,
Cochin – 682 003, Kerala, India |
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E-Mail: |
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Corporate Office : |
Dholakia House, |
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Tel. No.: |
91-484-2669144 |
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Fax No.: |
91-484-2667260 |
DIRECTORS
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Name : |
Mr. M A Dholakia |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Vikram Amritlal Dholakia |
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Designation : |
Managing Director |
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Address : |
Star Bright, Chullikkal, Thoppumpady, P O |
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Date of Birth/Age : |
30.06.1944 |
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Date of Appointment : |
26.06.2002 |
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Name : |
Mr. Devendra Dholakia |
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Designation : |
Director |
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Name : |
Mr. Dipesh Dholakia |
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Designation : |
Director |
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Name : |
Mr. Sachin Vikram Dholakia |
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Designation : |
Additional Director |
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Address : |
13/1100, Star Bright, |
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Date of Birth/Age : |
13.04.1977 |
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Date of Appointment : |
06.08.2007 |
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Name : |
Mr. Rajeev Vikram Dholakia |
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Designation : |
Additional Director |
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Address : |
13/1100, Star Bright, |
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Date of Birth/Age : |
25.10.1972 |
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Date of Appointment : |
06.08.2007 |
SHAREHOLDING PATTERN
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Names of Shareholders |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is a commission agent dealing in agricultural raw material. |
GENERAL INFORMATION
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No. of Employees : |
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Bankers : |
State Bank of Overseas Branch, E-Mail: sbi.00967@sbi.co.in |
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Facilities : |
- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K. Venkatachalam Aiyer and Company Chartered Accountants |
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Address : |
Union House, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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60000 |
Equity Shares |
Rs. 10.00 each |
Rs. 0.600 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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60000 |
Equity Shares |
Rs. 10.00 each |
Rs. 0.600 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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0.600 |
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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24.146 |
24.328 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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24.746 |
24.428 |
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LOAN FUNDS |
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1] Secured Loans |
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4.403 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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4.403 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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29.149 |
24.428 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.773 |
3.011 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.792 |
0.510 |
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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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10.748 |
3.296 |
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Sundry Debtors |
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0.000 |
1.414 |
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Cash & Bank Balances |
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10.705 |
15.481 |
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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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3.807 |
1.897 |
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Total
Current Assets |
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25.260 |
22.088 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.628 |
1.190 |
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Provisions |
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0.048 |
0.000 |
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Total
Current Liabilities |
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0.676 |
1.190 |
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Net Current Assets |
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24.584 |
20.898 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.009 |
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TOTAL |
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29.149 |
24.428 |
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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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0.21 |
0.05 |
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Current Ratio (Current Asset/Current Liability) |
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37.37 |
18.56 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
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Corporate
identity number (CIN) Foreign company registration number |
U51226KL2002PTC019822 |
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Name of the
Company |
SIEWERT AND DHOLAKIA OVERSEAS PRIVATE LIMITED |
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Address |
No. 24/178, ‘Dholakia House’, K P K Menon road, Willingdon Island,
Cochin – 682 003, Kerala |
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This form is for |
Creation of
charge |
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Type of Charge |
A charge on: v
Book
Debts v
Movable
property (not being pledge) |
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Particulars of
the charge holder |
State Bank of Overseas Branch, E-Mail: sbi.00967@sbi.co.in |
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Nature or
description of the instrument(s) creating or modifying the charge |
1.
Agreement
of Loan cum Hypothecation 2.
Letter
of arrangement |
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Date of the
instrument creating or modifying the charge |
15.05.2007 |
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Amount secured by
the charge |
Rs. 27.000
millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
Interest: Interest @3%
below State Bank Advance Rate (SBAR=12.75% w.e.f. 09.04.2007) rising or
falling therewith, on daily products with monthly rests. Present effective
rate 9.75% per annum. (b) Term of
Payment: As stipulated by
the Bank from time to time. (c) Margin: Margin for Fund
Based limits – 25% Margin for Non
Fund based limits – 10% (d) Extent and
operation of the charge: This is a charge
on all present and future stocks, raw materials, goods, book debts and
vehicles and all other movable assets f the borrower. (e) Others: The total limit
of Rs. 27.000 millions is as follows:
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Short particulars
of the property charged (including location of the property) |
All present and
future stocks, raw materials, goods, book debts and vehicles and all other
movable assets of borrower including receivables, documents of title to
goods, outstanding monies, bills, invoices, documents, contracts, insurance
policies, guarantees, engagements, securities, investments and rights and
present machinery as per schedule B to Agreement of Loan cum Hypothecation
and all future machinery. |
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. 40.58 |
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1 |
Rs. 82.22 |
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Euro |
1 |
Rs. 55.97 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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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63 |
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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