MIRA INFORM REPORT
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Report Date : |
17.04.2012 |
IDENTIFICATION DETAILS
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Name : |
STENTA FILMS ( |
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Formerly Known As : |
UPREACH SDN. BHD. |
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Registered Office : |
C/O Symphony Corporatehouse Sdn. Bhd., Level 8, Symphony House, Pusat Dagangan Dana 1, Jalan Pju 1a/46, Petaling Jaya, Selangor Darul Ehsan, Zip/Postal Code 47301 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
04.05.1989 |
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Com. Reg. No.: |
181796-T |
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Legal Form : |
Private Company Limited By
Shares |
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Line of Business : |
Manufacturing and distribution
of flexible packaging materials. |
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No. of Employees : |
250 |
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 3,000,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Malaysia |
a2 |
a2 |
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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 |
Verified Address
Subject name : STENTA FILMS (MALAYSIA) SENDIRIAN
BERHAD
Business address : Lot 10, Jalan P/10
Kawasan
Perusahaan Seksyen 10
Bandar
Baru Bangi
Town : Kajang
Province : Selangor Darul Ehsan
Zip/postal code : 43650
Country : Malaysia
Tel : +60 3 89243388
Fax : +60 3 89253907
Email : sales@stenta.po.my
Website : www.stentafilms.com.my
Registered address : C/o SYMPHONY CORPORATEHOUSE SDN. BHD.
Level 8,
Symphony House
Pusat
Dagangan Dana 1
Jalan PJU
1A/46
Town : Petaling Jaya
Province : Selangor Darul Ehsan
Zip/postal code : 47301
Country : Malaysia
Executive Summary
Date founded or registered : 04/05/1989
Legal form : Private Company
Limited By Shares
Chief executive : Ngoei Boon Liong
Issued & paid up capital
: MYR 61,000,000
Sales turnover : MYR 134,219,133 (Non-consolidated
12 months, 31/12/2010)
Net income : MYR 15,329,132
(Non-consolidated 12 months, 31/12/2010)
Total fixed assets : MYR 197,523,957
(Non-consolidated 12 months, 31/12/2010)
Line of business : Manufacturing and distribution
of flexible packaging materials.
Staff employed : 250 employees
Company Analysis
Country risk : Country risk is
minimal
Operation trend Operational
trend is levelling off
Management experience : Management is adequately experienced
Financial performance : Financial performance is good
Organization structure : Organizational structure is
consistent
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : USD 3,000,000
Credit amount asked : Not described.
Registry Data
Registration date : 04/05/1989
Legal form : Private Company Limited By
Shares
Registration no 181796-T
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : The
Subject was established under the name UPREACH SDN. BHD. and
changed to the current style on 06-11-1989.
Change of legal form : None reported.
Key Management
Name : Ngoei Boon Liong
Designation : Managing Director
Name : Wong Kok Hwa
Designation : General Manager
Appointments
Name : Ngoei Boon Liong
Designation : Director
Identification no : 0158648C
Appointment date : 17/09/91
Address : 305 Upper East Coast Road
Singapore
466443
Singapore
Name : Syed Abdullah Bin Syed
Abd Kadir
Designation : Director
Identification no : 540214-01-5441
Appointment date : 01/10/99
Address : 59, Lakeview Bungalows
Saujana
Resort
Section U2
40150 Shah
Alam
Selangor
Darul Ehsan
Malaysia
Name : Mirzan Bin Mahathir
Designation : Director
Identification no : 581126-02-5595
Appointment date : 17/12/92
Address : 26 Lorong Kota Dua
Bukit
Ledang
50480
Kuala Lumpur
Wilayah
Persekutuan
Malaysia
Name : Wong Kok Yong
Designation : Director
Identification no : 610418-10-6653
Appointment date : 22/04/10
Address : 42, Jalan BU 3/4
Bandar Utama
47900 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Name : Shah
Hakim @ Shahzanim Bin Zain
Designation : Director
Identification no : 650225-07-5439
Appointment date : 22/04/10
Address : 32, Jalan Chelagi
Damansara Heights
50490 Kuala Lumpur
Wilayah Persekutuan
Malaysia
Name : Wilson
Pribadi
Designation : Director
Identification no : B663420
Appointment date : 18/10/91
Address : Jl. HOS Cokroaminoto No. 24
Pondok Indah
Jakarta
Indonesia
Name : Andry
Pribady
Designation : Director
Identification no : S005696
Appointment date : 22/04/10
Address : Jl Sekolah Duta I/14-16
Rt.002/014, Kel.
Pondok Pinang, Kec.
Kebayoran Lama
Jakarta Selatan
Indonesia
Name : Wong
Siew Yeen
Designation : Company Secretary
Identification no : 700305-05-5166
Appointment date : 28/02/11
Address : No. 3, Jalan SS 15/5E
Subang Jaya
47500 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Name : Cheong
Choon Yin
Designation : Company Secretary
Identification no : 711103-03-5216
Appointment date : 22/09/08
Address : No. 11, Jalan USJ 3/4J
Subang Jaya
47600 Petaling Jaya
Selangor Darul Ehsan
Malaysia
Staff employed : 250 employees
Key Advisors
Auditors : ERNST & YOUNG
Level 23A,
Menara Milenium
Jalan
Damanlela
Pusat
Bandar Damansara
Damansara
Heights
50490
Kuala Lumpur
Wilayah
Persekutuan
Composition
Authorized Capital : MYR 65,000,000
No of shares : 64,000,000 Ordinary Shares /
1,000,000 7% Cumulative Redeemable Preference
Shares
Share par value : MYR 1
Issued capital : MYR 61,000,000
Paid up capital : MYR
61,000,000
How listed : Full List
Composition
Shareholder name : Low Geoff Jin Wei
Address : A-13-03 Kiaramas Ayuria
9 Jalan
Kiara 7
Bukit
Kiara
50480
Kuala Lumpur
Wilayah
Persekutuan
Malaysia
No. of shares : 1,000,000 Ordinary Shares
Shareholder name : RENTAK RIMBUN SDN. BHD.
Address : No. 16-1, Tingkat 1
Jalan
1176C Desa Pandan
55100
Kuala Lumpur
Wilayah
Persekutuan
Malaysia
No. of shares : 41,000,000 Ordinary Shares
Shareholder name : PT ARGHA KARYA PRIMA INDUSTRY TBK
Address : Jl Pahlawan, Karang Asem
Barat
Citeureup,
Bogor 16810
Indonesia
No. of shares : 14,000,000 Ordinary Shares
Shareholder name : Lim Koy Peng
Address : 9988 Lorong Penghulu Abbas
Bukit Baru
75150
Melaka
Malaysia
No. of shares : 1,000,000 Ordinary Shares
Shareholder name : Wong Soon Lim
Address : P13-03 Gold Mansion
Pangsapuri
Pasir Emas
Ujong Pasir
75050 Melaka
Malaysia
No. of shares : 1,000,000 Ordinary Shares
Shareholder name : Ngoei Boon Liong
Address : 305 Upper East Coast Road
Singapore 466443
Singapore
No. of shares : 1,000,000 Ordinary Shares
Shareholder name : Low Chung Kuay
Address : 250 Putra Heights
Jalan Pengkalan Batu
75150 Melaka
Malaysia
No. of shares : 1,000,000 Ordinary Shares
Shareholder name : Che Azizuddin Bin Che Ismail
Address : 118, Jalan Cengal Pasir
Sierramas
47000 Sungai Buloh
Selangor Darul Ehsan
Malaysia
No. of shares : 1,000,000
Ordinary Shares
Structure
Name : RENTAK RIMBUN SDN. BHD.
Affiliation type : Parent Company
Address : No. 16-1, Tingkat 1
Jalan
1176C Desa Pandan
55100
Kuala Lumpur
Wilayah
Persekutuan
Malaysia
Name : PT ARGHA KARYA PRIMA
INDUSTRY TBK
Affiliation type : Shareholder
Address : Jl Pahlawan, Karang Asem Barat
Citeureup,
Bogor 16810
Indonesia
Comments : PT Argha Karya Prima Industry, Tbk engages in the production and distribution of flexible packaging of films. The company offers a range of synthetic polymer products, such as biaxially oriented poly propylene films, polyester films, cast poly propylene films, and poly acrylonitrile films. Its products are used for packaging in the cigarette, food, and cosmetics industries, as well as for confectionery and printing applications. The company also involves in marketing and trading of films products. It sells its products under the brand names of Arlene, Areta, and Arcylene in Asia, the Middle East, the United States, Europe, Australia, New Zealand, and Africa. The company was founded in 1980 and is headquartered in Bogor, Indonesia.
Name : INTERNATIONAL RESOURCES
(H.K.) LIMITED
Affiliation type : Associate
Address : Room 1-2, 16/F Remington
Centre
23 Hung To
Road, Kwun Tong
Kowloon
Hong Kong
Name : INTERNATIONAL RESOURCES
CORP.
Affiliation type : Associate
Address : 5239 W.Woodmill Drive,
Suite 49
Wilmington
DE 19808
United
States
Bank Details
Name of bank : Malayan Banking Berhad (Maybank)
Address : Malaysia
Account details : Current Account
Comments : It is generally
not the policy of local banks to provide credit status information to non
related parties, however interested parties would be advised to consult first
with the Subject if banker's references are required.
Mortgages :
Total of Charge:
53,000,000.00
Date of Creation: 30-03-1992
Name of Chargee: BUMIPUTRA
MERCHANT BANKERS BERHAD
Charge Status: FULLY
SATISFIED
Total of Charge:
15,000,000.00
Date of Creation: 16-11-1992
Name of Chargee: MALAYAN
BANKING BHD
Charge Status: FULLY
SATISFIED
Total of Charge: 15,000,000.00
Date of Creation: 16-11-1992
Name of Chargee: MALAYAN
BANKING BERHAD
Charge Status: FULLY
SATISFIED
Total of Charge: FOREIGN
CURRENCY
Date of Creation: 21-08-1993
Name of Chargee: BBMB
INTERNATIONAL BANK L LTD
Charge Status: FULLY
SATISFIED
Total of Charge: 4,500,000.00
Date of Creation: 31-10-1994
Name of Chargee: MALAYAN
BANKING BERHAD
Charge Status: FULLY
SATISFIED
Total of Charge:
20,000,000.00
Date of Creation: 29-04-1995
Name of Chargee: BUMIPUTRA
MERCHANT BANKERS BERHAD
Charge Status: FULLY
SATISFIED
Total of Charge:
25,000,000.00
Date of Creation: 29-04-1995
Name of Chargee: DCB BANK
BERHAD
Charge Status: FULLY
SATISFIED
Total of Charge:
90,000,000.00
Date of Creation: 26-08-2003
Name of Chargee: ABRAR
DISCOUNTS BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 35,000,000.00
Date of Creation: 26-08-2003
Name of Chargee: RHB BANK BERHAD
Charge Status: FULLY RELEASED
Total of Charge: 115,000,000.00
Date of Creation: 26-08-2003
Name of Chargee: ABRAR DISCOUNTS BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 90,000,000.00
Date of Creation: 26-08-2003
Name of Chargee: ABRAR DISCOUNTS BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 90,000,000.00
Date of Creation: 26-08-2003
Name of Chargee: ABRAR DISCOUNTS BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 90,000,000.00
Date of Creation: 26-08-2003
Name of Chargee: ABRAR DISCOUNTS BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 3,000,000.00
Date of Creation: 03-04-2006
Name of Chargee: RHB BANK BERHAD
Charge Status: FULLY RELEASED
Total of Charge: 25,000,000.00
Date of Creation: 26-08-2010
Name of Chargee: MALAYAN BANKING BERHAD
Charge Status: UNSATISFIED
Total of Charge: 25,000,000.00
Date of Creation: 26-08-2010
Name of Chargee: MALAYAN BANKING BERHAD
Charge Status: FULLY RELEASED
Total of Charge: 25,000,000.00
Date of Creation: 26-08-2010
Name of Chargee: MALAYAN BANKING BERHAD
Charge Status: UNSATISFIED
Total of Charge: 30,000,000.00
Date of Creation: 14-06-2011
Name of Chargee: MALAYAN BANKING BERHAD
Charge Status: UNSATISFIED
Total of Charge: 30,000,000.00
Date of Creation: 14-06-2011
Name of Chargee: MALAYAN BANKING BERHAD
Charge Status: UNSATISFIED
Total of Charge:
55,000,000.00
Date of Creation: 27-07-2011
Name of Chargee: MALAYAN
BANKING BERHAD
Charge Status: UNSATISFIED
Total of Charge:
30,000,000.00
Date of Creation: 27-07-2011
Name of Chargee: MALAYAN
BANKING BERHAD
Charge Status: UNSATISFIED
Total of Charge:
55,000,000.00
Date of Creation: 27-07-2011
Name of Chargee: MALAYAN
BANKING BERHAD
Charge Status: UNSATISFIED
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
Description
Source of financial statement
: Commercial Registry Filings
Financial statement date : 31/12/10
Type of accounts : Full audited
Currency : Malaysia, Ringgit (MYR)
Exchange rate : 1 USD = MYR 3.07 as of
17-04-2012
Summarized
Financial Information
Consolidation type : Non Consolidated Non Consolidated
Currency : Malaysia,
Ringgit (MYR) Malaysia,
Ringgit (MYR)
Denomination : (x1) One (x1) One
Date of financial year end : 31/12/10 31/12/09
Length of accounts : 12 months 12 months
Sale turnover / Income : 134,219,133 134,914,081
Gross profit : 29,272,718 33,566,258
Profit before tax : 9,632,195 12,443,863
Net income : 15,329,132 11,560,116
Non current assets : 128,039,720 129,092,085
Current assets : 69,484,237 68,187,889
Inventories : 18,299,534 12,224,345
Total assets : 197,523,957 197,279,974
Current liabilities : 62,179,938 111,944,738
Non current liabilities : 11,586,148 17,906,497
Total liabilities : 73,766,086
129,851,235
Share equity : 123,757,871 67,428,739
Retained earning : 36,043,471
20,714,339
Main activities : The Subject is engaged in manufacturing and distribution of flexible packaging materials
for industrial use and consumer goods products.
Product & services :
· Arlene OPP Film
· Avin PVC Film
· Arex Acrylonitrate Film
· Areta PET Film
· Arcylene Cast PP Film
Purchases
International : Asian countries
Sales
Local : Yes
International : Worldwide
Key events : 7 September 2011
MEMORANDUM OF UNDERSTANDING
Description :Emivest Berhad (“Emivest” or Company”) Memorandum of understanding in relation to the proposed acquisition by Emivest of the entire issued and paid-up share capital of Stenta Films (Malaysia) Sendirian Berhad (“Stenta”) (“Proposed Acquisition”) (“MOU”)
The Board of Directors of Emivest wishes to announce that
the MOU had been mutually terminated by all parties to the MOU in view that the
conditional definitive agreement for the Proposed Acquisition had not been
entered into prior to the extraordinary general meeting for the Proposals as the parties are unable to reach an amicable agreement on the terms
of the definitive agreement to be entered into for the Proposed Acquisition. In
view thereof and subject to the completion of the Proposals, an application
will be submitted to Bursa Malaysia Securities Berhad (“Bursa Securities”) to
de-list Emivest from the official list of Bursa Securities. This announcement
is dated 7 September 2011.
28 April 2011
Company Name: EMIVEST BERHAD
MEMORANDUM OF UNDERSTANDING
Description: Emivest Berhad
(“Emivest” or Company”)
Memorandum of Understanding
in relation to the Proposed Acquisition by Emivest of the Entire Issued and
Paid-up Share Capital of Stenta Films (Malaysia) Sendirian Berhad (“Stenta”)
Announcement Details/Table Section:
We wish to announce that the Company has today entered into a memorandum of understanding (“MOU”) with certain shareholders of Stenta namely Rentak Rimbun Sdn Bhd (“RRSB”), Ngoei Boon Liong (“NBL”) and P.T. Argha Karya Prima Industry (“P.T. Argha”) (who collectively hold 56,000,000 ordinary shares of RM1.00 each representing 91.8% shareholding in Stenta), in relation to the proposed acquisition by the Company from all shareholders of Stenta (collectively “Sellers”), of the entire issued and paid-up share capital of Stenta for a purchase consideration of RM123,000,000 to be adjusted (if necessary) following the completion of the due diligence on Stenta by Emivest (“Consideration”), to be satisfied by the issuance to the Sellers proportionately to their shareholding in Stenta such number of ordinary shares of RM0.50 each in Emivest (“Emivest Shares” or “Shares”) at an issue price of RM0.50 per share such that the aggregate issue price is equivalent to the Consideration (“Consideration Shares”) (“Proposed Acquisition”). Upon the allotment of the Consideration Shares, the Sellers will, in proportion to the Consideration Shares received by them, transfer such number of Shares equivalent to 2% of the Consideration Shares, free of charge, to the existing shareholders of Emivest in proportion to their shareholdings.
Stenta is a company incorporated in Malaysia on 4 May 1989 under the Companies Act, 1965. The principal activities of Stenta are the manufacture and sale of flexible packaging materials.
Property &
Assets
Premises : The Subject operates from premises located at the verified heading address consisting of
production facilities, warehouse and administrative office.
Branches : None reported.
Other property : Total NBV of
property, plant and equipment as of 31-12-2010 was MYR 121,220,257.
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Central Bank of Malaysia
Reserve of foreign exchange & gold : US$135.7 billion as of 31 March 2012
Gross domestic product - GDP : US$ 247.781 billion
GPP (Purchasing power parity) : 442.01 billion of International dollars
GDP per capita - current prices : US$ 8,624
GDP - composition by sector : agriculture: 10.2% industry: 42.1% services: 47.8%
Inflation 2008: 5.4%
2009: 0.6%
2010: 1.7%
2011: 2.8%
Unemployment 2008 : 3.3 %
2009 : 3.6 %
2010: 3.3 %
2011: 3.2%
Public debt
(General Government gross
debt as a % GDP) 2008:
42.8 %
2009: 55.4 %
2010: 54.2%
Government bond
ratings Standard
& Poor's: A-/Stable/A-2
Moody's rating: A3
Moody's outlook: STA
Market value of publicly traded shares US$ 420 billion
Largest
companies in the country : CIMB Group Holdings (Banking), Sime
Darby (Conglomerates), Public Bank (Banking), Maybank (Banking), Tenaga
Nasional(Utilities), Petronas Chemicals, Maxis Berhad
Trade & Competitiveness Overview
Total exports US$210.3
billion
Exports commodities electronic
equipment, petroleum and liquefied natural gas, wood and
wood products, palm oil, rubber, textiles,
chemicals
Total imports US$156.2
billion
Imports commodities electronics, machinery,
petroleum products, plastics, vehicles, iron and
steel products, chemicals
Export - major
partners US
15.6%, Singapore 14.6%, Japan 9.1%, China 8.8%, Thailand 5%,
HongKong 4.6%
Import - major
partners Japan
13%, China 12.9%, Singapore 11.5%, US 10.8%, Taiwan 5.7%,
Thailand 5.3%, South Korea 4.9%, Germany
4.6%, Indonesia 4.2%
FDI Inflows 2007:
US$8,538 million
2008: US$7,318 million
2009: US$1,381 million
FDI Outflows 2007:
US$11,280 million
2008: US$14,988 million
2009: US$8,038 million
Best countries for
doing business 21 out of 183
countries
Global
competitiveness ranking 21
(ranking by country on a basis of 142, the first is the best)
Country and Population Overview
Total population :
28.23 million
Total area :
329,847 km2
Capital : Kuala Lumpur
Currency : Malaysia Ringgits (MYR)
Internet
users as % of total population :
55.3%
Purchase Term
Local : Prepayment, Bank transfer, Document
against payment, Credit up to 120 days
International : L/C, Telegraphic transfer, Document against
payment, Credit up to 120 days
Sales Term
Local : Prepayment, Bank transfer, Document
against payment, Credit up to 120 days
International : L/C, Telegraphic transfer, Document against
payment, Credit up to 120 days
Trade Reference/
Payment Behaviour
Comments : As local and international trade
references were not supplied, the Subject's payment track record history cannot
be appropriately determined but based on our research, payments are believed to
be met without delay.
Investigation Note
Sources : Interviews and material
provided by the Subject
Other official and local
business sources
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.66 |
|
UK Pound |
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.67.18 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
---- |
NB |
New Business |
---- |
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.