MIRA
INFORM REPORT
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Report Date : |
17.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
NEWAGE INDUSTRIES |
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Registered Office : |
7, Champaklal Udyog Bhavan, Sion (East), Mumbai-400022, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1960 |
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IEC No.: |
2488006157 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN10378E |
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PAN No.: [Permanent
Account No.] |
AACFN3696B |
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Legal Form : |
Partnership Concern with Unlimited Liability of the Partner |
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Line of Business : |
Manufacturer and Exporter of Fire Fighting Equipments |
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 200000 |
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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 and reputed concern having satisfactory
track records. Trade relations are fair. Business is active. Payments are
reported as usually made as per commitments. The concern can be considered good for normal business dealings. Mr. Manish Sanghvi (Manager F and A) parted general details but
declined to part with financials. |
LOCATIONS
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Registered Office : |
7, Champaklal Udyog Bhavan, Sion (East), Mumbai-400022, Maharashtra,
India |
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Tel. No.: |
91-22-24077421 |
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Fax No.: |
91-22-24074229 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Regional Offices : |
Located at:- ·
New Delhi ·
Kolkatta ·
Chennai ·
Bangalore ·
Dubai |
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Factory : |
Post Box No. 3, Ambawadi Industrial Estate, Surendra Nagar – 363001,
Gujarat, India |
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Tel. No.: |
91-2752-243651/ 243652 |
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Fax No.: |
91-2752-243463 |
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Area : |
Owned |
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Branch Office : |
12-A/25, Gopal Tower, Rajendra Place, New Delhi-110008, India |
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Tel. No.: |
91-11-45062553 |
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Fax No.: |
91-11-65427223/ 65427224 |
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E-Mail : |
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Area : |
Rented |
PARTNERS
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Name : |
Mr. Bharat J Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
56 Years |
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Qualification : |
B Com. |
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Experience : |
35 Years |
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Name : |
Mr. Milind A Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
27 Years |
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Qualification : |
MBA |
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Experience : |
10 Years |
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Name : |
Mr. Jimit M Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
25 Years |
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Qualification : |
MBA |
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Experience : |
8 Years |
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Name : |
Mr. Ashok M Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
53 Years |
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Qualification : |
B.E |
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Experience : |
30 Years |
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Name : |
Mr. Nikhil A Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
25 Years |
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Qualification : |
B Com |
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Experience : |
5 Years |
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Name : |
Ms. Nisha J Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
28 Years |
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Qualification : |
B Com |
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Experience : |
5 Years |
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Name : |
Ms. Ashmi Hemant Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
22 Years |
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Qualification : |
B Com |
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Experience : |
5 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Fire Fighting Equipments |
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Products : |
·
Fire Hose ·
Landing Valves ·
Stand-Post Hydrants ·
Dry Riser Equipments ·
Coupling and Adpators ·
Hose Reel ·
Cabinets ·
Nozzles ·
Monitors ·
Foam Equipments ·
Water Based Sprinkler ·
Fire Fighting Pump ·
Trunkey System Jobs ·
Miscellaneous ·
Fire Tenders and Vehiciles |
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Exports : |
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Products : |
Fire fighting |
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Countries : |
·
Singapore ·
Middle-east ·
Africa ·
Australia ·
Sri Lanka ·
Gulf Countries ·
Bangladesh ·
Malaysia ·
Italy ·
U.S.A ·
Europe |
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Imports : |
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Products : |
Fire Fighting |
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Countries : |
·
Europe ·
Singapore ·
U.S.A ·
Germany ·
China |
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Terms : |
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Selling : |
L/C and Credit ( 30-60 Days) |
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Purchasing : |
L/C and Credit ( 30-60 Days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
342 ( Office 106, Factory 230, Branch 6) |
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Bankers : |
Bank of Baroda, Sion Branch, |
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Facilities : |
Rs. 92.500 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Joshi Shah and Associates Chartered Accountant |
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Address : |
A/1, Navdeep Flats, Near Navjivan Press, Ashram Road, Ahmedabad-14,
Gujarat, India |
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Tel. No.: |
91-7925-504967 |
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Associates/Subsidiaries : |
·
Newage House Manufacturing Company 6, Champaklal Udyog Bhavan, Sion (East),
Mumbai-400022, Maharashtra, India Line of Business: Manufacturing of Fire
Hoses ·
Armtex Rubber Private Limited 4, Champaklal Udyog Bhavan, Sion (East),
Mumbai-400022, Maharashtra, India Line of Business: Manufacturing of Fire Hoses |
CAPITAL STRUCTURE
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Capital Investment (Group): |
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Owned : |
Rs. 40.000 Millions ( Estimated) |
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Borrowed : |
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Total : |
Rs. 40.000 Millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Group Sales Turnover (Estimated) |
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400.000 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
History:
A company founded in 1961 at Surendranagar, Gujarat India for
manufacturing Fire Fighting Equipments and Fire Fighting hoses. The company’s
quality based principle has lead to the meteoric rise in the Fire Fighting
Industry.
Today the company has it’s factory spread over 25000 sq mtrs
and an employee strength of 350 people. Head office being at Mumbai with branch
offices at Delhi, Kolkatta, Chennai and agents in all major industrial towns.
The clients are from practically every field viz.
Refineries, Petrochemical, Power generation, Steel, Fertiliser, Defence
Services, Airports, Port Trusts, State and Municipal fire Service etc.
They are accredited with ISO 9001 : 2000 certification and
the products are approved by agencies such as UL, Lloyd’s, ISI,
D.G.Shipping etc.
They are exporting to almost 50 countires and and are
regular receipient of Export Excellence Awards
Compositions:
NEWAGE Group consists of two companies :-
1) NEWAGE INDUSTRIES.
2) NEWAGE HOSE MANUFACTURING COMPANY
NEWAGE INDUSTRIES has three subdivisions :-
a. Fire Fighting Equipments
b. Fire Protection Systems
c. Fire Vehicle and Pump
Fire Fighting Equipments Division can be described as one
integral unit comprising of Foundry, Machine Shop, Painting shop, Inspection
and testing department. The factory is equipped with state of the art
machineries such as Shell Moulding facility, CNC Machines, Sand /Grit Blasting
Machine.
Fire Protection Systems Division is specialized in Gas based
suppression systems like FE-227/FM-200, CO2, Inert gas, Water Mist System which
are designed based on UL/FM approved design software. Other then this they have
specialized in Rim Seal Fire Protection System for floating roof tank.
NEWAGE HOSE MANUFACTURING COMPANY based at Surendranagar is
the largest Fire Hose manufacturing company in India. The highest quality
standards have enabled to pass the toughest testing procedures listed by
various standards viz ISI, UL, LLOYDS & D.G. Shipping
The Associates:
1. Fike(USA) FE 227 systems,
Water Mist systems ECARO 25, Pro-inert, Co2
2. Dupont(USA) FE-227 Gas, FE-25 Gas
3. Notifier(USA) Fire Detection System
4. Eusebi Impianti srl(Italy) Inert Gas based system
5. Tohatsu Corp.(Japan) Portable Fire Pump
6. Lancier(Germany) Rescue Tools(Spreader,
Cutter, Combi Tools, Rams, Leak Seal pads)
7. Sava (Slovenia) Leak Sealing Pads, Lifting Bags
8. Aquafast(France) Floating Pump
9. Newtex(USA) Fire Entry and Proximity Suits
10. TIPSA(Spain) Blindex (Four Layered Fire hoses)
11. Stanley(USA) Hydraulic
Fire and Rescue Tools (Breaker, Wood Cutting Saw, Concrete
cutter,
Diamond chain saw, Dewatering pump, Ventilator etc a underwater tools)
Services:
NewAge Industries is a professional fire protection and life
safety design and engineering company. They pride themselves in always striving
to provide the cutting edge technology for various sectors like construction,
oil & gas, petrochemicals, Defense organizations, Navy, Airports, and
Power-plant etc. They are also a member of the National Fire Protection
Association (NFPA) and also Inline with the all International Code Of practices
and guidelines – ISO – 9001-2000, BIS, ASTM, TAC, FSAI etc. NewAge considering
the needs of clients offers following services.
Designing:
At NewAge, they advocate to the client by a consistent
design philosophy from concept to execution. Throughout the phases of a
traditional design, they integrate the necessary elements to present a prescriptive
fire protection system that is cost-effective to install and maintain.
For challenging designs involving life safety, property
protection, mission continuity, heritage preservation, and environmental
protection, the engineers develop a performance-based design, on specific
protection criteria.
Consulting or technical Support:
The evolving business and technology landscape requires
organizations to be active and flexible to react swiftly to the changing environment.
Building the right strategy and selecting the best technology to keep pace with
new business trends and technological advancements can help these organizations
ensure faster business results and remain ahead of their competition.
The NewAge technical
knowledge base is built on years of practical field experience and fundamental
engineering practices driven by the need for more strict utility safety and
system protection requirements. Also NewAge has skilled engineers who are aware
of all International standards can definitely help Client any technical
problems they faced. With the focus on progressive solutions. They continue to
grow with the industry to meet customer needs.
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] 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.48.86 |
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UK Pound |
1 |
Rs.84.22 |
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Euro |
1 |
Rs.65.21 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
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 |
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50 |
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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