MIRA
INFORM REPORT
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Report Date : |
08.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
ASHIRWAD CHEMICALS |
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Registered Office : |
29, Shreenath Nagar, Street No. 1, Behind S T Bus Stop, Junagadh- 362 002,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Estimated) |
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Year of Establishment : |
1999 |
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IEC No.: |
2403002364 |
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Central Sales Tax
No.: |
24620200701 |
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State Sales Tax
No.: |
24120200701 |
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PAN No.: [Permanent
Account No.] |
Aagfa3517q |
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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 Silica Gel |
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 10000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established concern having satisfactory track.
Trade relations are fair. Payments are usually correct and as per
commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Jagdish V Kathiriya |
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Designation : |
Partner |
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Contact No.: |
91-9825283808 |
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Date : |
06.10.2008 |
LOCATIONS
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Registered Office : |
29, Shreenath Nagar, Street No. 1, Behind S T Bus Stop, Junagadh- 362
002, Gujarat, India |
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Tel. No.: |
91-285-2661083 |
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Mobile No.: |
91-9825283808 (Mr. Jagdish V Kathiriya) |
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Fax No.: |
91-285-2660483 |
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E-Mail : |
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Website : |
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Area : |
5 Acres |
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Location : |
Owned |
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Branches : |
Dhoraji Road, Near Vinay Solvent, Makhiyala,
Junagadh-362 014, Gujarat, India |
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Tel. No.: |
91-285-2661083 |
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Fax No.: |
91-285-2660483 |
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E-Mail : |
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Website : |
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Area : |
6 Acres |
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Location : |
Owned |
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Correspondence
Office: |
101, Shreenath Nagar, Street No. 3, S T Bus Stop Station, Junagadh –
362 002, Gujarat, India |
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Tel No.: |
91-285-2661083 |
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Mobile No.: |
91-9825283808 |
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Fax No.: |
91-285-2660483 |
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E-Mail : |
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Websites : |
PARTNERS
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Name : |
Mr. Jagdish V Kathiriya |
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Designation : |
Partner |
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Age : |
35 years |
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Qualification : |
Chemical Engineering |
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Name : |
Mr. Hitesh Kathiriya |
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Designation : |
Partner |
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Date of Birth/Age : |
28 years |
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Qualification : |
B. Com |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Silica Gel |
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Products: |
· Silica Gel · Non-Indicating (White) Silica Gel · Self-Indicating (Blue & Orange) Silica gel · Column Chromatography Grade Silica Gel · Silica Gel Sachets |
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Exports : |
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Products : |
Silica Gel |
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Countries : |
Europe, USA, Germany |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Customers : |
End Users, Manufacturers |
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No. of Employees : |
14 (6 in Office and 8 in Factory) |
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Bankers : |
HDFC Bank, Junagadh Branch, Gujarat, India |
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Facilities : |
The concern do not enjoy facility from its bankers. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Subhash Akabari Chartered Accountants |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 2.000 millions (Estimated) |
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Borrowed : |
--- |
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Total : |
Rs. 2.000 millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 (Estimated) |
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Sales Turnover |
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14.500 |
Expected Sales (2008-09): Rs.17.500 millions
LOCAL AGENCY FURTHER
INFORMATION
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Additional
Requirement of Indiamart for Trust-Seal |
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IEC Code : 2403002364 |
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PAN / TAN : AAGFA3517Q |
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Bank Name : HDFC Bank |
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Bank Address :Junagadh |
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Bank A/c. No.:02312560000507 |
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Account Since :2003 |
WEBSITE DETAILS:-
Subject is Manufacturer and supplier of silica gel.
They are a quality driven concern and dedicated to offer excellent products with extreme ease of ordering process. Improvising their manufacturing and quality control process, with the pace of time, they have been able to clinch many high profile clients from across the globe.
Over the years, their expertise in silica gel technology and in-depth applications knowledge in the markets they serve enable them to develop a wide product range based on controlling particle size, porosity, and surface chemistry.
Their unwavering determination and consistent efforts has helped them to reach the acme of perfection. From their customer service personnel to their extensive sales-team, they are dedicated to deliver complete customer satisfaction. Enhancing their concern's goodwill in the competitive arena, they have always focused on providing their services on the grounds of complete transparency and honesty.
Silica gel is an amorphous form of silicon dioxide, which is synthetically produced in the form of hard irregular granules (having the appearance of crystals) or hard irregular beads. A microporous structure of interlocking cavities gives a very high surface area (800 square meters per gram). It is this structure that makes silica gel a high capacity desiccant. Water molecules adhere to the gel surface because it exhibits a lower vapour pressure than the surrounding air. When an equilibrium of equal pressure is reached, no more adsorption occurs. Thus the higher the humidity of the surrounding air, the greater the amount of water that is adsorbed before equilibrium is reached. It is in these higher humidity conditions (above 50% Relative Humidity) that stored or in-transit items are susceptible to damage.
The beauty of silica gel is the physical adsorption of water vapour into its
internal pores. There is no chemical reaction, no by products or side
effects. Even when saturated with water vapour, silica gel still has the
appearance of a dry product, its shape unchanged.
Silica gel was developed just prior to WWI and was used in Allied gas masks;
then, in WWII it was used extensively to keep penicillin dry. It remains the
highest capacity adsorbent available today. Not a "gel" as commonly
thought of, and not to be confused with "silicon gel", silica gel is
a porous, granular form of silica, synthetically manufactured from sodium
silicate.
The internal structure of each small silica gel granule is composed of a vast
network of inter-connecting microscopic pores, which attract and hold moisture
by a phenomena known as physical adsorption and capillary condensation. (It
sounds ridiculous, but a single teaspoon of Hydrosorbent Silica Gel has an
internal adsorptive area equivalent to a football field, including the two end
zones.) Hydrosorbent Silica Gel is inert, non-toxic and safe to use to protect
foods, medicines, sensitive materials, electronics, films, etc. Even when
saturated with adsorbed moisture, silica gel looks and feels dry to the touch.
Hydrosorbent Silica Gel can be reactivated indefinitely. Each Hydrosorbent
Silica Gel unit has a built-in indicator which turns from blue to pink
signalling when the product is saturated with moisture and needs reactivation.
Once saturated with moisture, silica gel can be easily reactivated in a
conventional oven for lifetime protection. Since World War II, silica gel has
been the desiccan
Advantages of silica gel as a desiccant.
Silica gel has many other properties that recommend it as a desiccant.
It will adsorb up to one third of its own weight in water vapour. This
adsorption efficiency is approximately 35% greater that typical desiccant
clays, making silica gel the preferred choice where weight or efficiency are
important factors.
It has an almost indefinite shelf life if stored in airtight conditions.
It can be regenerated and reused if required. Gently heating silica gel will
drive off the adsorbed moisture and leave it ready for reuse.
It is a very inert material, it will not normally attack or corrode other
materials and with the exception of strong alkalis and hydrofluoric acid is
itself resistant to attack.
It is non-toxic and non-flammable.
It is most frequently and conveniently used packed in a breathable sachet or
bag. These are available in a wide range of sizes suitable for use with a wide
range of applications.
Adsorption Capacity
In general, the water vapor adsorption capacity of Silica Gel greatly increases with a rise in relative humidity. Factors such as temperature and flow rate can affect the dynamic capacity of the gel.
Selective Adsorption
Silica Gel will selectively adsorb compounds of differing molecular weights. In the liquid phase, compounds of high polarity ate more readily adsorbed.
The relative order of absorbability for several compounds is as follows:
· Water (most readily adsorbed)
· Alcohols
· Aromatics
· Di-Olefins
· Olefins
· Paraffins (least readily adsorbed)
Dynamic Adsorption is the process by which the Silica Gel removes an
impurity (such as water) from a continuously flowing gas stream. The use of
Silica Gel in a drying column can produce exit gas with a dew point of 100°F.
How to regenerate (Re-Dry) Silica Gel
There are two methods used for re-drying silica gel. One method uses the oven, and the other uses the microwave.
1. Oven Drying Method :
This method gives the best results even though it takes longer. Set the oven for 275oF. Place the silica gel in an appropriate container and dry the gel until it turns medium blue. The oven drying method takes approximately 1-1/2 hours per quart of gel. One quart of gel equals weighs approximately 1.9 lbs (30 ounces).
2. Microwave drying method :
Place the silica gel in an appropriate container and set the microwave power to the medium to medium high setting. Dry for approximately 3 to 5 minutes and inspect the gel for color change. If the gel has not dried, stir it with a spoon and heat it for another 3 to 5 minutes. Stir the gel each time it is inspected. Approximate drying time is 8 to 12 minutes per pound of gel. The actual heating times will vary according to the type of microwave.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.01 |
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UK Pound |
1 |
Rs.84.16 |
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Euro |
1 |
Rs.65.20 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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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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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
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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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