MIRA
INFORM REPORT
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Report Date : |
20.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
KHODAY SILK STREAMS |
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Registered Office : |
# 23, 1st Main Road, Nehru Nagar, Kumara Park West, Bangalore
– 560 020, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1993 |
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IEC No.: |
0703015451 |
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PAN No.: [Permanent
Account No.] |
ATSPS0006P |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer, Exporter and Importer of Silk Fabrics, Home furnishings
and made ups. |
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 750000 |
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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. 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. |
INFORMATION PARTED
BY
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Name : |
Mr. Srinivas |
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Designation : |
Partner |
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Contact No.: |
91-9343730445 |
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Date : |
16.10.2008 |
LOCATIONS
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Registered Office : |
# 23, 1st Main Road, Nehru Nagar, Kumara Park West, Bangalore
– 560 020, Karnataka, India |
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Tel. No.: |
91-80-41221262 / 41227314 / 23463007 |
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Mobile No.: |
91-9243403306 / 9343730445 |
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Fax No.: |
91-80-41227313 / 41227314 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. ft. |
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Location : |
Rented |
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Factory : |
No. 23, Yashaswini Complex, Kebba Halla, Sunkadakatte, Bangalore – 79,
India |
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Area : |
10000 Sq. ft. |
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Location : |
Rented |
SOLE PROPRIETOR
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Name : |
Mrs. Padma Bai |
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Designation : |
Proprietor |
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Date of Birth/Age : |
60 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Silk Fabrics, Home furnishings
and made ups. |
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Products : |
·
Dupion Silk ·
Taffets Silk ·
Satin Silk ·
Organza Silk ·
Chiffon Silk ·
Georgette Silk ·
Jacquard Silk ·
Knitted Silk Fabrics ·
Silk Home Furnishings |
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Exports : |
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Countries : |
·
USA ·
UK ·
Europe ·
UAE ·
Hongkong ·
Thailand ·
Turkey ·
Other Asian Countries |
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Imports : |
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Products : |
Raw Silk |
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Countries : |
China |
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Terms : |
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Selling : |
L/C – T/T, D/A - Advance
payments |
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Purchasing : |
D/P – 30 to 45 days |
GENERAL
INFORMATION
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Customers : |
·
Wholesalers ·
Retailers ·
Designers ·
Departmental Stores Worldwide |
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No. of Employees : |
50 |
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Bankers : |
Canara Bank Avenue Road Branch, Bangalore |
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Facilities : |
About 20.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Ranganath Chartered Accountants |
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Address : |
Bangalore |
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Memberships : |
Indian Silk Promotion Council |
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Associates/Subsidiaries : |
S. Khoday Silk Twisting Factory, Bangalore Legal Form : Partnership
Concern Mr. Suresh S Khoday (Partner) Mr. Srinivas S Khoday (Partner) |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.150.000 millions |
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Borrowed : |
- |
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Total : |
Rs.150.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2008 |
31.03.2007 |
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Sales Turnover |
60.000 |
45.000 |
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Profit/Loss for the year |
About 10 to 15% |
About 10 to 15% |
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Export Value |
60.000 |
45.000 |
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Import Value |
40.000 |
30.000 |
Average Value of Inventories at any given time Rs.40.000 millions
LOCAL AGENCY FURTHER
INFORMATION
Trustseal Acceptance Chart
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Parameters |
Details |
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Existence Verification |
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Name |
KHODAY SILK STREAMS |
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Address |
# 23, 1st Main Road, Nehru Nagar, Kumara Park West,
Bangalore – 560 020, Karnataka, India |
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2nd address |
Factory No. 23, Yashaswini Complex, Kebba Halla, Sunkadakatte, Bangalore – 79,
India |
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Phone/ Mobile Numbers |
91-80-41221262 / 93437-30445 |
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Fax Numbers |
91-80-41227313 |
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Electricity Bill |
N2 P 7226 |
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Statutory Approvals |
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Legal Status of Firm |
Proprietory |
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Income Tax Registration |
APSPS0006P |
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Central Sales Tax Registration |
75787714 |
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VAT/ TIN Registration |
29480204418 |
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Import Export Code |
0703015451 |
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Name of Bank |
Canara Bank |
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Current Account Number |
51312 |
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Account Since |
About 4 years |
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Credibility Factors |
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IndiaMART Client Since |
About 4 years |
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Years of Establishment |
1993 |
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Turn Over |
Rs.60.000 millions |
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Turn Over Year |
2007-08 |
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Trade Affiliations |
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SSI Registration |
080-01-64 / PMT / TINNY |
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Export Promotion Council |
ISEPC/REG/MFR/2003-04/05/228 |
Web Details
For centuries, Silk has had a reputation of a luxurious and sensuous fabric,
one associated with wealth and success. Silk is yet another word for elegance,
and the fabric is prized for its versatility, wearability and comfort. Being
one of the most beautiful textiles, it has been given the title of 'Queen of
Textiles'. Counting on the popularity of the fabric across the globe, they -
Subject, came into being in the year 1997 as a manufacturer and exporter of
silk fabrics, home furnishings and made ups.
The radiant array of silk that we present, comprises a wide variety namely,
Dupion Silk, Taffeta Silk, Satin Silk, Organza Silk, Chiffon, Georgette Silk
and Jacquard. Apart from these silk fabrics they are also manufacturing cushion
covers, window panels, bed spreads and many such varieties. The success of the
company in a short time period is attributed to the consummate artwork and
exquisite craftsmanship of the qualified management and agile workers.
The Silk Saga
Bringing out such a delicate range is not an
easy task, attention to minutest details is a must. Hence they make sure to use
ultra soft silk threads that are also strong and lustrous. Natural silk yarns
are sourced from some of the best suppliers from across the country to ensure
that quality is not compromise even at the elementary stages. The knack for
detailing has fetched them repeated orders from the clients since the
inception. Some of the highlighting features of the range are as follows:
·
Impeccable Softness
·
Wide Patterns
·
Durable
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Non shrinkable
In addition to the showcased gamut of knitted
silk fabrics, they also present a variety of printed silk fabrics, silk drapery
fabrics, plain home furnishings, fashion garments and accessories. These are:
Silk Fashion Garments
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Chiffon Silk Dresses
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Chiffon Tops and Skirt
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Organza Silk Tops
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Satin Silk Tops
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Georgette Silk Dresses
Silk Fashion Accessories
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Silk Scarves
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Printed Chiffon Silk Scarves
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Taffeta Silk Scarves
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Georgette Silk Scarves
Characteristics of Silk
Silk is very strong in terms of tensile strength, meaning it can
withstand a lot of pulling type pressure without breaking. This should not,
however, be confused with wear ability or abrasion resistance. Silk will not
stand up to the heavy wear that other fibers will. It can take on many
different appearances. An Indian silk fabric may fool into thinking that it is
cotton or synthetic. The more refined the silk and the smaller the yarn, the
more it resembles the look and feel that we know as silky.
Silk is a protein fiber like wool. This gives it many of its characteristics. It
is sensitive to a range of chemical situations and cannot withstand prolonged
exposure to either high alkalinity or to acid or oily soils. It will become
brittle with age and exposure to sunlight.
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.48.68 |
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UK Pound |
1 |
Rs.84.37 |
|
Euro |
1 |
Rs.65.70 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
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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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 |
|
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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