MIRA INFORM REPORT
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Report Date : |
09.04.2011 |
IDENTIFICATION DETAILS
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Name : |
FU WANG CERAMIC INDUSTRY LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2010 (Consolidated) |
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Date of Incorporation : |
23.05.1995 |
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Com. Reg. No.: |
C-22197 |
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Legal Form : |
Public Limited
Company |
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Line of Business : |
Manufacturer & Seller of Tiles |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 22,000.00 |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
COMPANY DETAILS
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Name |
Fu Wang Ceramic
Industry Limited |
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Address |
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Country |
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Telephone No |
880-2-9889958, 9889864, 9887359, 8815476 |
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Fax No |
880-2-8827451 |
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E-Mail |
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Website |
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Established |
May 1995 |
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Company Registration No |
C-22197 |
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Registration date |
23rd
May 1995 |
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Legal Status |
Public Limited |
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Issuing Authority |
The Registrar of Joint Stock Companies & Firms , |
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Business Type |
Manufacturer & Exporter |
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Status |
Satisfactory |
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Payment Behavior |
No complaints have been heard regarding payments from local
suppliers or banks. |
LOCATIONS
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Head Office |
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Telephone No |
880-2-9889958, 9889864, 9887359, 8815476 |
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Fax No |
880-2-8827451 |
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E-Mail |
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Website |
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Branch |
Tejgaon Sales Office: House: 12/1, Phone: 9898466,
9887359 Mobile: sales:
01916084254 Email :
info@fuwanggroup.com House: 2, Road:
7, Block: G.Halishahar Housing Estate, Email :
info@fuwanggroup.com Sylhet Branch: Milion Monjil Rasos: 4,
Sunarpara Mirabazar,
Sylhet. Email :
info@fuwanggroup.com Bogra Branch: Shapru Cottage 4/18
Jaleswritala, (Kalibari More), Bogra. Email :
info@fuwanggroup.com House: 95, Puraton Kashba Kathal Tola, Email :
info@fuwanggroup.com Rangpur Branch: House: 170,
Lane:1 Bus ( North Babu Kha,
Rangpur. Email :
info@fuwanggroup.com Mymensing Branch: B: 9/12; Basic
Industrial Area Maskanda,
Maymensing. Email :
info@fuwanggroup.com Sharif Manzil Holding No.:
796/441 (Beside of C Email :
info@fuwanggroup.com Kustia Branch: Village:
Chourhash (Near Rifle Club), Post Office:
Bisic, Police station: Kustia, District:
Kustia. Email:
info@fuwanggroup.com Feni: Mouchak Snacks Golap Chowdhury
Market College Road,
Feni. Email:
info@fuwanggroup.com |
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Factory |
Hotapara,
Gazipur Sadar, Gazipur |
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Factory Telephone No |
880-2-9289229,
01913-421842 |
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Factory Fax No |
N/A |
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Warehouse |
Hotapara,
Gazipur Sadar, Gazipur |
DIRECTORS
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Name |
Mr. Hsu Chin Hua |
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Designation |
Chairman |
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Nationality |
Bangladeshi |
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Name |
Mr. Khaled N.
Kabir |
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Designation |
Managing
Director |
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Nationality |
Bangladeshi |
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Name |
Mr. Arif Ahmed
Chowdhury |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
Mr. Alexander
Lee |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
Mr. Sarder
Mohammad Ali |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
Mr. Kamal Kanti
Mondol |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
Mr. Biplob
Chakraborty |
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Designation |
Director |
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Nationality |
Bangladeshi |
BUSINESS DETAILS
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Line of Business |
Manufacturer & Seller |
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Items Dealing In |
Tiles |
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Terms of Purchase |
Local: Cash or Credit Import: Against L/C |
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Terms of |
Local: Cash or Credit Export: Against L/C |
BANKERS
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Name |
Dhaka Bank
Limited |
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Branch |
Banani Branch |
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Address |
Banani Commercial Area, |
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SWIFT |
N/A |
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Name |
Standard Bank
Limited |
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Branch |
Gulshan Branch |
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Address |
Gulshan Commercial Area, |
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SWIFT |
N/A |
FINANCIAL INFORMATION
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FU-WANG CERAMIC INDUSTRY LIMITED |
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CONSOLIDATED BALANCE SHEET AS ON 31 DECEMBER 2010 |
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UN-AUDITED |
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PARTICULARS |
31-Dec-2010 |
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NET ASSETS : |
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Non-Current Assets |
549,274,241 |
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Tangible Fixed Assets, net of
accumulated depreciation |
549,229,181 |
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Trade Marks |
45,060 |
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Current Assets |
324,988,774 |
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Inventories |
192,288,645 |
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Sundry Debtors |
42,851,846 |
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Loans, Advances and Deposits |
80,136,465 |
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Cash and Cash Equivalents |
9,711,818 |
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Current Liabilities and
Provisions |
(206,690,460) |
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Credits, Short Term Bank Loans
and others |
(134,295,442) |
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Creditors |
(19,685,618) |
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Accrued Expenses |
(6,985,090) |
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Provision for Income Tax |
(45,724,310) |
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Net Current Assets
/(Current Liabilities) |
118,298,314 |
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Taka |
667,572,555 |
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FINANCED BY : |
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Shareholders’ equity |
667,572,555 |
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Share Capital |
470,705,400 |
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Share Premium |
70,583,999 |
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Tax |
78,960,533 |
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Retained Earnings –As per
Profit & Loss Account |
47,322,623 |
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Taka |
667,572,555 |
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FU-WANG CERAMIC INDUSTRY LIMITED
Profit & Loss
Account
For the year ended
30 June 2010
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|
2010 |
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TURNOVER |
428,081,147 |
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COST OF GOODS SOLD |
320,728,956 |
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GROSS PROFIT |
107,352,191 |
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OPERATING EXPENSES |
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Administrative, Financial & Selling Expenses |
(78,136,315) |
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OPERATING PROFIT / (LOSS) |
29,215,876 |
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Non-operating Income |
5,941,917 |
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|
35,157,793 |
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Contribution to W. P. & Welfare Fund |
1,674,181 |
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NET PROFIT/(LOSS) BEFORE TAX |
33,483,612 |
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Provision for Income Tax |
9,207,993 |
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NET PROFIT/(LOSS) AFTER TAX |
24,275,619 |
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Profit brought forward |
27,808,195 |
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|
52,083,814 |
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Profit available for Appropriation |
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Appropriation : |
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Utilized for Bonus Share |
(15,000,000) |
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Profit carried Forward |
37,083,814 |
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Earnings Per Share (EPS) - Basic |
7.71 |
Auditors:
Sd/-
SAHA MAZUMDER
& CO.
CHARTERED ACCOUNTANTS
CAPITAL
STRUCTURE
|
Authorized
Capital |
Tk.500 million |
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Paid Up Capital |
Tk.300 million |
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Each Share Value |
Tk.100.00 |
EXCHANGE
RATE
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
|
1 |
118.9678 |
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U.S Dollar |
1 |
72.8300 |
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European Euro |
1 |
104.3945 |
ADVERSE DATA MONITORING
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Dishonored
Checks |
No Found |
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Debt |
No Records Found |
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Litigation |
No Records Found |
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Performance
Defaults |
No Records Found |
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Adverse Press
Coverage |
No Records Found |
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Money Laundering |
No Records Found |
MAXIMUM RECOMMENDED CREDIT
|
Amount |
Based On |
|
US$ 22,000.00 |
90 Days |
GENERAL INFORMATION
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Employees |
580 |
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Office Area (Sq.
Ft) |
4,200 sq.ft (rented) |
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Factory Area
(Sq. Ft) |
1 acres of lands (own) |
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Warehouse Area
(Sq. Ft) |
28,000 sq.ft.(own) |
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|
4 Floor Tiles 4 Wall
Tiles 4 Stair
Tiles 4 Skirting |
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Certifications |
4 ISO 9002 |
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Group Name |
4 Fu Wang Group |
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Subsidiaries /
Affiliates |
4 Fu Wang Foods Limited 4 Fu Wang Beverages Limited 4 Fu Wang Properties Limited |
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Enlisted With |
4 Dhaka
Stock Exchange Limited, 4 Chittagong
Stock Exchange Limited, |
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Member |
4 4 Dhaka
Chamber of Commerce & Industries, |
COMMENTS
The subject is public limited company engaged in
manufacturing & selling of ceramics tiles to the overseas markets. The
qualities of their products are of international standard. The subject is a
concern of Fu Wang Group,
The directors are all experienced businessmen. They are financially solvent and good at their business commitment, it is reported.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.04 |
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|
1 |
Rs.72.20 |
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Euro |
1 |
Rs.63.40 |
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 |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.