MIRA
INFORM REPORT
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Report Date : |
24.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
HARRISON COOLING TOWERS PRIVATE LIMITED |
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Registered Office : |
B/2, Audumber Liberty Garden, RDNO. 3, Malad (West), Mumbai – 400 064,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2000 |
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Date of Incorporation : |
21.05.1993 |
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Com. Reg. No.: |
11-72103 |
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CIN No.: [Company
Identification No.] |
U74999MH1993PTC072103 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Timber Cooling Tower, Timber water Cooling
Tower and Timber induced draught Cooling Tower. Also manufactures wooden
Cooling Tower, industrial Cooling Tower, frp water Cooling Tower, frp circle
Cooling Tower and heat exchanger. |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Poor |
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Payment Behaviour : |
Delayed |
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Litigation : |
Unknown |
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Comments : |
Management remained non- cooperative during current investigation. The company is poor in Corporate Governance as since 1993, it has not
files financials. It can be considered for any business dealings on safe and secured trade
terms and conditions only. |
LOCATIONS
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Registered Office : |
B/2, Audumber Liberty Garden, RDNO. 3, Malad (West), Mumbai – 400 064,
Maharashtra, India |
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Tel. No.: |
91-22-28880789 |
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Fax No.: |
91-22-28815040 |
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Factory : |
Plot No. 43, Street No. 7, Saidham Road, Malwani, Malad (West), Mumbai
– 400 095, India |
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Tel. No.: |
91-22-28812795 / 28819818 / 28885256 |
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Fax No.: |
91-22-28810339 |
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E-Mail : |
harrison@vsnl.com |
DIRECTORS
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Name : |
Mr. Simon Harris Plavartala |
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Designation : |
Managing Director |
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Address : |
4/5, Shivshakti C.H.S. Limited, Kurar, Malad (E), Mumbai – 400 047,
Maharashtra, India |
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Date of Birth/Age : |
20.07.1956 |
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Date of Appointment : |
21.05.1993 |
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Name : |
Mr. Sincy Simon Plavartala |
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Designation : |
Director |
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Address : |
4/5, Shivshakti C.H.S. Limited, Kurar, Malad (E), Mumbai – 400 047,
Maharashtra, India |
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Date of Appointment : |
21.05.1993 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 19.08.200)
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Names of Shareholders |
No. of Shares |
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Simon Harris Plavartala |
100 |
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Sincy Simon Plavartala |
100 |
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Total |
200 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Timber Cooling Tower, Timber water Cooling
Tower and Timber induced draught Cooling Tower. Also manufactures wooden
Cooling Tower, industrial Cooling Tower, frp water Cooling Tower, frp circle
Cooling Tower and heat exchanger. |
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Products : |
·
FRP Square Cooling Tower ·
FRP Circle Cooling Tower ·
Timber Induced Draught Cooling Tower
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GENERAL
INFORMATION
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Suppliers : |
·
Ahura Engineers ·
Comfort Engineering Services ·
E-mark India Limited ·
Gulf Advance Lighting ·
Hindustan Lever Limited ·
Praj Industries Limited ·
Tata SSL Limited ·
Mysore Ammonia Private Limited |
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Customers : |
·
Albright & Wilson Chemicals India Limited ·
Asian Chemicals Works (Bombay) Private Limited ·
Allied Instruments Private Limited ·
Alok Industries Limited ·
Asian Oil Company ·
Bharat Fertilisers Industries Limited ·
Camlin Limited ·
Coromandel Cements Limited ·
Cresent Alloyes Private Limited ·
E.I.D. Parry Limited ·
Five Star Galvanisors ·
Greaves Limited ·
Hindustan Petroleum Corpn. Limited ·
J.M.Enterpriprises ·
Kamani Oil Industries Limited ·
Leesa Flora Products Private Limited ·
National Plastics Inds. Limited ·
Praj Industries Limited ·
Puma Stationery Private Limited ·
Sam Enterprises ·
Veelakhs International Limited |
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Bankers : |
Mogaveera Co-operative Bank Limited Andheri (East), Mumbai |
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Banking
Relations : |
Unknown |
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Auditors : |
Mr. M. G. Gurav and Company Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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200 |
Equity Shares |
Rs.10/- each |
Rs.0.002 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
(Since incorporation of the company, no financials are available. Thus
the company is poor in Corporate Governence and attracts substancial penalty
from Registry.)
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2000 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.002 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.002 |
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LOAN FUNDS |
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1] Secured Loans |
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0.191 |
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2] Unsecured Loans |
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0.091 |
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TOTAL BORROWING |
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0.282 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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0.284 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.395 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.111 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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Cash & Bank Balances |
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Other Current Assets |
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Loans & Advances |
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Total
Current Assets |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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Provisions |
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Total
Current Liabilities |
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Net Current Assets |
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(2.373) |
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MISCELLANEOUS EXPENSES |
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0.002 |
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Profit and Loss |
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1.149 |
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TOTAL |
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0.284 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2000 |
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Sales Turnover |
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4.460 |
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Other Income |
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0.000 |
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Total Income |
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4.460 |
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Profit/(Loss) Before Tax |
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(0.348) |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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(0.348) |
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Total Expenditure |
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4.808 |
KEY RATIOS
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PARTICULARS |
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31.03.2000 |
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PAT / Total Income |
(%) |
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(7.80) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(7.80) |
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Return on Investment (ROI) (PBT/Networth) |
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174.00 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
·
Furniture amd Fixture
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Machinery
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Motor Car
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Factory Wall
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Fax Machine
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Computer
·
Office Equipment
Form No. 8
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Name of the company |
HARRISON COOLING TOWERS PRIVATE LIMITED |
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Presented By |
Mr. Simon
Plavartala |
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1) Date and description of instrument creating the change |
Loan Agreement
and Pronote dated 02.11.1995 |
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2) Amount secured by the charge/amount owing on the securities of charge |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
B/2, Audumber Liberty Garden, RDNO. 3, Malad (West), Mumbai – 400 064,
Maharashtra, India |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Lien on the above |
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5) Name and Address and description of the person entitled to the charge. |
Mogaveera Co-operative Bank Limited Andheri (East), Mumbai |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.97 |
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UK Pound |
1 |
Rs.84.72 |
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Euro |
1 |
Rs.66.99 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
1 |
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OPERATING SCALE |
1~10 |
1 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
1 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
1 |
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--LEVERAGE |
1~10 |
- |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
- |
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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 |
NO |
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TOTAL |
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8 |
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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