MIRA
INFORM REPORT
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Report Date : |
02.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SONEX TV APPLIANCES PRIVATE LIMITED |
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Registered Office : |
3C, Chowringhee Lane, Kolkata – 700016, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.07.2000 |
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Com. Reg. No.: |
21-92121 |
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CIN No.: [Company
Identification No.] |
U92132WB2000PTC092121 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALS12154C |
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PAN No.: [Permanent
Account No.] |
AAFCS7583Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Marketing of Electronics and Home
Appliances. |
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 35000 |
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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 company having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. The
company is doing well. It can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
3C, Chowringhee Lane, Kolkata – 700016, West Bengal, India |
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Tel. No.: |
91-33-22520880 |
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Fax No.: |
91-33-22520884 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Arun Kumar Poddar |
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Designation : |
Director |
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Address : |
20 SRI Aurobindra Road, Salkia, Howrah – 711106, West Bengal, India |
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Date of Birth/Age : |
15.08.1950 |
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Date of Appointment : |
10.07.2000 |
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Name : |
Mr. Chandralal Chowdhory |
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Designation : |
Director |
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Address : |
9, Shyama Chandra Chowd, Hury Lane, Salkia, Howrah – 711106, West
Bengal, India |
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Date of Appointment : |
10.07.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Arun Kumar Poddar |
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153905 |
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Mr. Chandralal Chowdhory |
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205623 |
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Mr. Binoy Kar |
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12593 |
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Mr. Molay Ghatak |
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12593 |
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Mr. Manas Kumar Dey |
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12593 |
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Mr. Subir Ghosh |
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2693 |
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Total |
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400000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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89.88 |
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Other top Fifty shareholders ( Other than listed above) |
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10.12 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Marketing of Electronics and Home
Appliances. |
GENERAL
INFORMATION
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No of Employees : |
45 |
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Bankers : |
57 Park Street, Park Street Branch, Kolkata – 700016, West Bengal,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Agarwal Vishwanath and Associates Chartered Accountant |
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Address : |
7B, Dacres Lane, 1st Floor, Kolkata – 700069, Kolkata,
India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs.10/- Each |
Rs.4.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs.10/- Each |
Rs.4.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.000 |
4.000 |
4.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.117 |
2.453 |
2.360 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.117 |
6.453 |
6.360 |
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LOAN FUNDS |
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1] Secured Loans |
26.343 |
9.883 |
16.576 |
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2] Unsecured Loans |
8.201 |
7.900 |
0.700 |
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TOTAL BORROWING |
34.544 |
17.783 |
17.276 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
41.661 |
24.236 |
23.636 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.484 |
0.981 |
1.106 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.509 |
0.095 |
0.009 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
25.160
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10.417 |
0.841 |
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Sundry Debtors |
25.953
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17.458 |
27.696 |
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Cash & Bank Balances |
5.783
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1.762 |
1.603 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
5.030
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2.738 |
2.541 |
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Total
Current Assets |
61.926
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32.375 |
32.681 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
21.856
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9.148 |
10.133 |
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Provisions |
0.402
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0.067 |
0.027 |
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Total
Current Liabilities |
22.258
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9.215 |
10.160 |
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Net Current Assets |
39.668
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23.160 |
22.521 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
41.661 |
24.236 |
23.636 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover (Estimated) |
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25.000 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.98
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4.18 |
4.32 |
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Current Ratio (Current Asset/Current Liability) |
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2.78
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3.51 |
3.22 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number of the company |
U92132WB2000PTC092121 |
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Name of the
company |
SONEX TV APPLIANCES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
3C, Chowringhee Lane, Kolkata – 700016, West Bengal, India |
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This form is for |
Modification of Charge |
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Type of charge |
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Particular of
charge holder |
57 Park Street, Park Street Branch, Kolkata – 700016, West Bengal,
India |
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Nature of
instrument creating charge |
Hypothecation
Deed |
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Date of
instrument Creating the charge |
30.04.2007 |
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Amount secured by
the charge |
Rs.50.000
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of
Interests: 1% over PLR (PLR
= 13.25%) Terms of
Repayments: On Demand Margin: Cash Credit – 25% LC – 10% BG – 20% Extent and
Operation of the charge: Stock Movable
Property both present and future Immovable
Property |
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Particulars of
the property charged |
Residential
Property at 20 Aurobindo Road Flat at 181,
Dharmatala Road, Salkia, Howrah 7/1/2, Gouri Bari
Lane, Kolkata – 700006, Leasehold 23 Flats at 200/2C, Rash Behri Ave. Kolkata
– 700029 |
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Particulars of
the present modification |
Overall Limit
Rs.50.00 Millions (Out of which Cash Credit Rs.28.000 Millions, Letter of
Credit Rs.20.000 Millions, Bank Guarantee Rs.2.000 Millions) |
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.43.34 |
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UK Pound |
1 |
Rs.86.53 |
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Euro |
1 |
Rs.68.54 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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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54 |
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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