MIRA
INFORM REPORT
|
Report Date : |
12.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BHARTIYA NATURAL FIBRES |
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Registered Office : |
106/66, Big Bell Complex, IInd Floor, D B Road, R S Puram, Coimbatore
– 641 002, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.12.1998 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Bed Linen, Bath Linen, Cotton Yarn and
Sheetings, etc |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 80 |
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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 sand reputed concern having
satisfactory track. Trade relations are fair. Business is active. Payments
are reported as usually correct and per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Jinesh G Shah |
|
Designation : |
Proprietor |
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Contact No.: |
91-9843025142 |
|
Date : |
12.04.2008 |
LOCATIONS
|
Registered Office : |
106/66, Big Bell Complex, IInd Floor, D B Road, R S Puram, Coimbatore
– 641 002, Tamil Nadu, India |
|
Tel. No.: |
91-422-6540055 |
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Mobile No.: |
91-9363126814 / 9843025142 |
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Fax No.: |
91-422-4382424 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
65 Alagesan Road, 2 First Floor, SRP Nagar, Coimbatore – 2763, Saibaba
Main P O Coimbatore – 641 011, Tamil Nadu, India |
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Corporate Office: |
21/1, (Old No. 14), Venkitramana Road, West, 1st Floor, R S
Puram, Coimbatore – 641 002, Tamil Nadu, India |
SOLE PROPRIETOR
|
Name : |
Mr. Jinesh G Shah |
|
Designation : |
Proprietor |
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Date of Birth/Age : |
33 years |
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Qualification : |
MBA |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Bed Linen, Bath Linen, Cotton Yarn and
Sheetings, etc |
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|
|
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Products : |
·
Bed Linen ·
Bath Linen ·
Yarn ·
Cotton Yarn ·
Terry Products ·
Sheeting ·
Woven Fabrics ·
Raw Cotton ·
Fancy Yarn ·
Auto-Loom Fabrics ·
Customized Woven Fabrics
·
Cotton Fabrics ·
Stock-Lot Fabrics ·
Institutional Supplies |
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Exports : |
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Products : |
Bed Bath Linen |
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Countries : |
Belgium, Singapore |
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Imports : |
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Products : |
Fabrics |
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Countries : |
China, Korea |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers, End Users |
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No. of Employees : |
40 (10 in Office and 30 in Factory) |
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Bankers : |
· Union Bank of India Address: R S Puram, Coimbatore Branch,
Coimbatore – 641 002, Tamil Nadu, India · Lakshmi Vilas Bank · ICICI Bank |
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Facilities : |
CC – Rs. 0.500 million |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s C G Shah and Company Chartered Accountants |
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Address : |
No. 64, Tirumalai Pillai Road, T Nagar, Chennai – 600 017, Tamil Nadu,
India |
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Mobile No.: |
91-9840078718 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
( As on
31.03.2007) |
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Owned : |
Rs. 0.018 million |
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Borrowed : |
---- |
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Total : |
Rs. 0.018 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Proprietor’s Capital |
|
0.018 |
[0.191] |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
0.018 |
[0.191] |
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LOAN FUNDS |
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1] Secured Loans |
|
0.449 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
0.449 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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0.467 |
[0.191] |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.153 |
0.171 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
0.571
|
1.150 |
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Sundry Debtors |
|
0.424
|
0.000 |
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Cash & Bank Balances |
|
0.104
|
0.140 |
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Other Current Assets |
|
0.008
|
0.061 |
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Loans & Advances |
|
0.009
|
0.000 |
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Total
Current Assets |
|
1.116 |
1.351 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
0.802
|
1.713 |
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Provisions |
|
0.000
|
0.000 |
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Total
Current Liabilities |
|
0.802 |
1.713 |
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Net Current Assets |
|
0.314 |
[0.362] |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
0.467 |
[0.191] |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
12.012 |
3.247 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
12.012 |
3.247 |
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Profit/(Loss) Before Tax |
|
0.188 |
0.079 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
0.188 |
0.079 |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
|
0.123 |
0.000 |
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Rent |
|
0.021 |
0.061 |
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Payment to Auditors |
|
0.003 |
0.000 |
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Advertisement |
|
0.008 |
0.011 |
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Commission |
|
0.006 |
0.040 |
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Traveling Expenses |
|
0.051 |
0.014 |
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Telephone Charges |
|
0.026 |
0.037 |
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Miscellaneous expenses |
|
0.153 |
0.000 |
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Insurance expenses |
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0.000 |
0.007 |
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Depreciation & Amortization |
|
0.038 |
0.031 |
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Other Expenditure |
|
0.150 |
0.026 |
KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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PAT / Total
Income |
(%) |
|
1.57 |
2.43 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.57 |
2.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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14.84 |
5.19 |
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Return on Investment (ROI) (PBT/Networth) |
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10.44 |
[0.41] |
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Debt Equity Ratio (Total Liability/Networth) |
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69.33 |
[8.97] |
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Current Ratio (Current Asset/Current Liability) |
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1.39 |
0.79 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
· Kodeeswari Textiles, Coimbatore, Tamil Nadu, India
· SCM Textiles Spinners, Coimbatore, Tamil Nadu, India’
· Welcome Waeves, Coimbatore, Tamil Nadu, India
WEBSITE DETAILS:
The Concern at a
Glance
Premium quality products at competitive prices, made available to the clients within a stipulated period of time are the key factors that have given them a leading edge over their competitors. The concern has a renowned name in the industry and has been providing natural fibers and products since 1997. Their quality has won them accolades in many countries like Belgium and Singapore, where they regularly export.
They are a manufacturer, exporter, trader and supplier of a comprehensive range of products including Bed Linen, Bath Linen, Yarn, Cotton Yarn, Terry Products, Sheeting, Woven Fabrics, Raw Cotton, Fancy Yarn, Auto-Loom Fabrics, Customized Woven Fabrics, Cotton Fabrics, etc.
Product Range
The concern is a manufacturer, exporter, trader and supplier of a wide spectrum of products, which include the following:
·
Bed Linen
·
Bath Linen
·
Yarn
·
Cotton Yarn
·
Terry Products
·
Sheeting
·
Woven Fabrics
·
Raw Cotton
·
Fancy Yarn
·
Auto-Loom Fabrics
·
Customized Woven Fabrics
·
Cotton Fabrics
·
Stock-Lot Fabrics
·
Institutional Supplies.
Quality Assurance
Quality products play a pivotal role in determining the goodwill
of a company in the competitive business framework. Quality raw materials like
raw cotton, cotton yarn, cotton textiles, etc. are purchased by their
professionals from reliable sources only. With total quality management well in
place in the company, only flawless products are fabricated. The quality check
professionals employed at all levels keep a vigilant eye on all the processes,
thereby, ensuring no loopholes. Strict adherence to international quality
standard norms is a mandatory aspect, which is never ignored at their
production unit.
Infrastructure
·
A sound infrastructure armored with advance and
innovative technology
·
Right combination of personnel and machines- the total
operating system
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Production unit installed with the latest modern technology
and facilities
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Upgradation of machinery with the latest techniques
·
Competitive prices--the best price offered in the
market
·
Timely delivery of products, providing them an
additional edge in the market
·
Close co-ordination with their clients to understand
their specifications and deliver products in exact accordance
·
Detailed attention to the valuable feedback and
suggestions of their esteemed clients.
Other information;
There is no way to assess the financial
strength of this firm. No direct supplies recommended. Supplies against LC or
documents through bank recommended.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.94 |
|
UK Pound |
1 |
Rs.78.81 |
|
Euro |
1 |
Rs.63.05 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|