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Report Date : |
06.11.2012 |
IDENTIFICATION DETAILS
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Name : |
DIASTAR PTE LIMITED |
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Registered Office : |
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Country : |
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Date of Incorporation : |
22.01.1982 |
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Com. Reg. No.: |
198200309G |
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Legal Form : |
Limited Exempt Private Company |
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Line of Business : |
Retail |
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No. of Employees : |
Not Available |
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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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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Singapore |
A1 |
A1 |
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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 |
SINGAPORE - ECONOMIC OVERVIEW
Singapore has a highly developed
and successful free-market economy. It enjoys a remarkably open and
corruption-free environment, stable prices, and a per capita GDP higher than
that of most developed countries. The economy depends heavily on exports,
particularly in consumer electronics, information technology products,
pharmaceuticals, and on a growing financial services sector. Real GDP growth
averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a
result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in
2011, on the strength of renewed exports. Over the longer term, the government
hopes to establish a new growth path that focuses on raising productivity,
which has sunk to a compound annual growth rate of just 1.8% in the last decade.
Singapore has attracted major investments in pharmaceuticals and medical
technology production and will continue efforts to establish Singapore as
Southeast Asia's financial and high-tech hub.
Source : CIA
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Company Name: |
DIASTAR PTE LIMITED |
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Supplied Name: |
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101 Cecil Street, # 15-06, Tong Eng Bldg, Singapore 069533, Singapore. |
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Supplied
Address: |
101 CECIL STREET, 15-06, TONG ENG BUILDING, SINGAPORE - 069533. |
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Fax Number: |
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E-mail: |
Notes: Subject’s exact name and address are as
above.
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Credit Opinion: |
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Registered Name: |
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Registered
Address: |
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Date of
Registration:: |
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Registered
Number: |
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Country of
Incorporation: |
Singapore |
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Registered
Capital: |
SGD 1,300,000
(USD 1,065,090) (As of 2012.11,
1 SGD = 0.8193 USD) |
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Paid-up Capital: |
SGD 1,300,000
(USD 1,065,090) = 1,300,000 Shares@1 SGD |
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Legal Form: |
Limited Exempt Private
Company |
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Principal
Activities: |
47731--Retail
Sale Of Jewellery 47733-- Retail
Sale Of Watches And Clocks |
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N/A |
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Status: |
Live Company |
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Listed at Stock
Exchange: |
No |
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Date of Last
Annual Return: |
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Notes: Subject did not
introduce its staff number and from other source we can not obtain the relevant
information, either.
Subject was
incorporated on
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Subscription
Amount |
Proportion of
Investment (%) |
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1,100,000 |
85% |
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Meeta Bhavik
Mehta |
200,000 |
15% |
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Total |
1,300,000 |
100% |
Major Shareholder
Information:
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1 |
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Name: |
Bhavik Dhirajlal Mehta |
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ID Number: |
S |
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Address: |
187 Tanjong Rhu Road #11-15 Sanctuary Green
Singapore 436925 |
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2 |
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Name: |
Meeta Bhavik Mehta |
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ID Number: |
S2221473Z |
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Address: |
187 Tanjong Rhu Road #11-15 Sanctuary Green Singapore
436925 |
Detailed
Information of Management:
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1 |
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Name: |
Loh Chow Sim |
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Position: |
Secretary |
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ID Number: |
S0444561I |
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Address: |
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Nationality: |
Singapore citizen |
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Date of Appointment: |
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2 |
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Name: |
Bhavik Dhirajlal Mehta |
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Position: |
Director |
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ID Number: |
S |
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Address: |
187 Tanjong Rhu Road #11-15 Sanctuary Green
Singapore 436925 |
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Nationality: |
Singapore P.R. |
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Date of Appointment: |
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3 |
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Name: |
Meeta Bhavik Mehta |
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Position: |
Director |
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ID Number: |
S2221473Z |
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Address: |
187 Tanjong Rhu Road #11-15 Sanctuary Green
Singapore 436925 |
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Nationality: |
Singapore P.R. |
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Date of Appointment: |
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4 |
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Name: |
Saahil Bhavik Mehta |
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Position: |
Director |
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ID Number: |
S8570003J |
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Address: |
187 Tanjong Rhu Road #11-15 Sanctuary Green
Singapore 436925 |
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Nationality: |
Singapore Citizen |
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Date of Appointment: |
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5 |
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Name: |
Mehta Saagar Bhavik |
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Position: |
Director |
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ID Number: |
S8839100D |
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Address: |
187 Tanjong Rhu Road #11-15 Sanctuary Green
Singapore 436925 |
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Nationality: |
Singapore Citizen |
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Date of Appointment: |
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Offices
& Factories
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Office |
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Address: |
101 Cecil Street, # 15-06, Tong Eng Bldg, Singapore 069533, Singapore. |
Production
Information
l
Subject is engaged in processing of diamonds and
gemstones, etc
l
It is introduced that subject has manufacturing
bases in China and India.
Purchase
Information
l
Subject purchases diamonds mainly from India, etc
Sales
Information
l
Subject’s engaged in sales of jewelry and subject’s
major products include diamonds, gemstones and 18KT white and yellow gold
jewelery, etc
l
Subject’s products are both sold in domestic and
overseas market and it is introduced that subject’s operation spreads over
South East Asia, Australia, Japan and USA.
Major products
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Diamonds |
Loose diamonds
ranging from 1/2 pointers to 1 over carat sizes and GIA HRD and IGI hearts
& Arrows certificated diamonds. |
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Jewelery |
Fine 18 KT white
and yellow gold jewelery in diamonds and colored gemstones. |
Purchase
Domestic Markets
Subject has little
domestic purchase
Overseas Markets
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Products |
Payment Terms |
Proportion |
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CBD, etc |
100% |
Domestic Markets
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Sales Terms |
Proportion |
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Processed diamonds and jewelery, etc |
CBD, etc |
100% |
Overseas Markets
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Product |
Sales Terms |
Proportion |
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Processed diamonds and jewelery, etc |
CBD, etc |
100% |
In Singapore,
Limited Exempt Private Companies are not obligated to submit their financial
statements to the local registry. We did not find the financials of subject from
the local registry, the subject also declined to disclose such information due
to the confidentiality reason.
Bank Charges
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1 |
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Charge Number |
199903658 |
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Date of Registration |
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Name |
Singapore Island Bank Limited |
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Amount Secured |
All Monies |
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2 |
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Charge Number |
200201525 |
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Date of Registration |
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Name |
Standard Chartered Bank |
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Amount Secured |
All Monies |
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3 |
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Charge Number |
200204801 |
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Date of Registration |
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Name |
Australia And New Zealand Banking Group Limited |
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Amount Secured |
All Monies |
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4 |
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Charge Number |
9404539 |
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Date of Registration |
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Name |
Singapore Island Bank Limited |
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Amount Secured |
All Monies |
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5 |
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Charge Number |
C200602749 |
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Date of Registration |
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Name |
DBS Bank Ltd. |
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Amount Secured |
All Monies |
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6 |
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Charge Number |
C200710702 |
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Date of Registration |
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Name |
Oversea-Chinese Banking Corporation Limited |
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Amount Secured |
All Monies |
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7 |
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Charge Number |
C200905485 |
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Date of Registration |
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Name |
United Overseas Bank Limited |
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Amount Secured |
All Monies |
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Name: |
R NITHIANANTHAM & CO |
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Department: |
Sales department
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DIAMOND INDUSTRY –
INDIA
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From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
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The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
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The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
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Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
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Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
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The diamond jewellery industry in India today may be
more than Rs 60000 mil and is rated amongst the fastest growing in the
world. Indi ranks third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
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Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND
SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in many
cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.08 |
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1 |
Rs.86.68 |
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Euro |
1 |
Rs.69.36 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.