MIRA
INFORM REPORT
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Report Date : |
18.06.2008 |
IDENTIFICATION DETAILS
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Name : |
SUCHI SPECIALITY FASTENERS |
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Registered Office : |
A/B/1, GIDC Ankaleshwar, Bharuch-
393002, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
01.07.2004 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
BRDSO4235A |
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PAN No.: [Permanent Account No.] |
AAVFS5409C |
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Legal Form : |
Partnership concern with an
unlimited liability of the partners. |
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Line of Business : |
Manufacturer and Exporter of
special stainless steel and others metal turned and mill parts. |
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 : |
Small Concern |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small
concern meeting its smaller commitments timeously. Trade relations are fair.
Business is active. The concern can be considered good
for small to mediocre business dealings. |
INFORMATION PARTED BY
|
Name : |
Mr. Vasudev Patel |
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Designation : |
Partner |
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Date : |
16.06.2008 |
LOCATIONS
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Registered Office/Factory : |
Plot No. 72, Special Economic Zone
Surat Exim City (Diamond Industrial Park) , GIDC. Sachin, Surat – 394230
Gujarat, India. |
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Tel. No.: |
91-261-3243809 |
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Mobile No.: |
91-937744400 |
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Fax No.: |
91-261-2397774 |
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E-Mail : |
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Website : |
www.suchifasteners.com |
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Area : |
10000 sq fts. |
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Location
: |
Owned |
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Branch : |
117/ Siddhartha Complex, R.C. Dutt
Road, Alkapuri, Vadhodhra – 400005, India |
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Area : |
600 sq ft |
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Location
: |
Owned |
PARTNERS
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Name : |
Mr. Vasudev Patel |
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Designation : |
Partner |
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Date of Birth/Age : |
36 years |
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Qualification : |
Mechanical Engineering |
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Name : |
Mr. Surendra Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
71 years |
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Qualification : |
CA |
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Name : |
Mrs. Gigna Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
36 years |
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Qualification : |
BSC (Micro) |
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Name : |
Mrs. Gauri Patel |
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Designation : |
Partner |
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Date of Birth/Age : |
50 years |
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Qualification : |
Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of
special stainless steel and others metal turned and mill parts. |
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Exports : |
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Countries
: |
Entire Europe and Canada, USA |
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Terms : |
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Selling
: |
LC and Advance |
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Purchasing
: |
Credit (30 days) |
GENERAL INFORMATION
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Customers : |
Distributors |
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No. of Employees : |
20 |
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Bankers : |
Dena Bank, Baroda Branch |
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Facilities
: |
Cash Credit, Term Loans Rs. 6.000
Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Parikh and Company (Chartered
Accountant) |
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Address
: |
2nd Floor, Parvati
Sadan Professor. Manekraaji Road, Dandia Bazar, Baroda – 390001, India |
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Tel No: |
91-265-2423370 |
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Fax No: |
91-265-2423370 |
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Resi
No: |
91-265-2310599 |
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Parent Company : |
v Suchi Fasteners Address: Daboi Line of Business: Making Stainless Steel Washer and
Stamping Parts. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 6.000 Millions |
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Borrowed
: |
0.000 |
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Total : |
Rs. 6.000 Millions |
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] Partner’s Capital |
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5.509 |
4.563 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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5.509 |
4.563 |
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LOAN FUNDS |
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1] Secured Loans |
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3.628 |
1.579 |
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2] Unsecured Loans |
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0.607 |
0.608 |
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TOTAL
BORROWING |
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4.235 |
2.187 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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9.744 |
6.750 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.697 |
4.268 |
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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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0.000 |
0.000 |
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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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2.778 |
1.318 |
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Sundry Debtors |
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2.420 |
0.804 |
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Cash & Bank Balances |
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0.251 |
0.458 |
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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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0.546 |
0.265 |
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Total Current Assets |
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5.995 |
2.845 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.974 |
0.402 |
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Provisions |
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0.000 |
0.000 |
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Total Current Liabilities |
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0.974 |
0.402 |
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Net Current Assets |
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5.021 |
2.443 |
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MISCELLANEOUS EXPENSES |
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0.026 |
0.039 |
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TOTAL |
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9.744 |
6.750 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
12.000 |
7.000 |
Not
Available |
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Net
Profit (or loss) before tax as per Profit and Loss Account |
Not
Available |
1.504 |
0.626 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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21.48 |
9.27 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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21.48 |
0.00 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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28.87 |
24.17 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.27 |
0.13 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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0.94 |
0.56 |
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Current
Ratio (Current
Asset/Current Liability) |
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6.15 |
7.07 |
LOCAL AGENCY FURTHER INFORMATION
Profile:-
Subject started manufacturing washers in the year 1980 with a single
minded determination to cater to the needs of international fasteners market.
Beginning
was made in a small factory shed of 750 sq. ft. with one lathe, drilling
machine and surface grinder to make dies and a mechanical power press to stamp
out washers and an equal open space.
First
decade was full of struggle because indian economy was a protected one with
numerous government controlls and very high rates of import tariffs. After the
opening of economy with the liberalisation in 1991 the pace of growth
excelerated and today subject has 50 presses for production of washers with
capacity to manufacture 100 tons of washers per month, 5000 sq. ft. of factory
area and 10,000 sq. ft.space for storage of raw materials and finished goods.
Subject has always maintained high quality production of burfree, smooth
and flat washers. quality is the bench mark for concern and assures its
customers of shipments of high quality washers.
Toady
subject manufactures and export Aluminium, Brass, Copper, Silicon Bronze and
Stainless Steel Washers as per various internationals standards. Countersunk
type finishing cup and flanged washers is their speciality.
They have a strong work force of 150 people
to achieve their goal of high quality production.
Subject has
always maintained high quality production of burfree, smooth and flat washers.
Quality is the moto of subject and assures its customers of
shipments of high quality washers
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 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.42.92 |
|
UK Pound |
1 |
Rs.84.48 |
|
Euro |
1 |
Rs.66.66 |
SCORE & RATING EXPLANATIONS
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SCORE
FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
|
36 |
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 |
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<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 |
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