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Report Date : |
22.08.2013 |
IDENTIFICATION DETAILS
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Name : |
SETHI SILK STORES LTD. |
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Registered Office : |
Unit D Bridge Road Industrial Estate Bridge Road Southall, UB2 4AB |
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Country : |
United Kingdom |
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Financials (as on) : |
31.07.2012 |
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Date of Incorporation : |
06.10.1986 |
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Com. Reg. No.: |
02061787 |
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Legal Form : |
Private Independent |
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Line of Business : |
Wholesale of textiles, clothing and footwear |
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No. of Employees : |
25 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but 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, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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United Kingdom |
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 |
UNITED KINGDOM - ECONOMIC OVERVIEW
The UK, a leading trading power and financial center, is the
second largest economy in Europe after Germany. Over the past two decades, the
government has greatly reduced public ownership and contained the growth of
social welfare programs. Agriculture is intensive, highly mechanized, and
efficient by European standards, producing about 60% of food needs with less
than 2% of the labor force. The UK has large coal, natural gas, and oil
resources, but its oil and natural gas reserves are declining and the UK became
a net importer of energy in 2005. Services, particularly banking, insurance,
and business services, account by far for the largest proportion of GDP while
industry continues to decline in importance. After emerging from recession in
1992, Britain's economy enjoyed the longest period of expansion on record
during which time growth outpaced most of Western Europe. In 2008, however, the
global financial crisis hit the economy particularly hard, due to the
importance of its financial sector. Sharply declining home prices, high
consumer debt, and the global economic slowdown compounded Britain's economic
problems, pushing the economy into recession in the latter half of 2008 and
prompting the then BROWN (Labour) government to implement a number of measures
to stimulate the economy and stabilize the financial markets; these include
nationalizing parts of the banking system, temporarily cutting taxes,
suspending public sector borrowing rules, and moving forward public spending on
capital projects. Facing burgeoning public deficits and debt levels, in 2010
the CAMERON-led coalition government (between Conservatives and Liberal
Democrats) initiated a five-year austerity program, which aimed to lower
London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In
November 2011, Chancellor of the Exchequer George OSBORNE announced additional
austerity measures through 2017 because of slower-than-expected economic growth
and the impact of the euro-zone debt crisis. The CAMERON government raised the
value added tax from 17.5% to 20% in 2011. It has pledged to reduce the
corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an
asset purchase program of up to £375 billion (approximately $605 billion) as of
December 2012. During times of economic crisis, the BoE coordinates interest
rate moves with the European Central Bank, but Britain remains outside the
European Economic and Monetary Union (EMU). In 2012, weak consumer spending and
subdued business investment weighed on the economy. GDP fell 0.1%, and the
budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued
to increase.
Source
: CIA
Sethi Silk Stores Ltd.
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Business
Description
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Our company was set up in the 1940s and expanded to the UK in 1974 and
was incorporated in 1986 to serve the trade. We have specialised in silks and
polyesters ever since. We carry an extensive range of colours in Dupion Silk
and other silk fabrics. Dupion Silk is used in many ways including wedding
dress, curtains etc. The colours shown on the shade card here are for
illustration purposes only, please obtain a shade for actual colours. Shade
cards are available for £20.00 which will be refunded on your first order
over £250.00. Contact Information Telephone +44 (0)20 8571 9445 FAX +44
(0)20 8574 1952 Postal address SETHI SILK STORES LTD. Unit D, Bridge Road
Industrial Estate, Bridge Road Southall Middlesex UB2 4AB UK Electronic mail
General Information: info@dupionsilk.com |
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
424310 - Piece Goods, Notions, and Other Dry Goods
Merchant Wholesalers |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Financial Summary
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1 - Profit &
Loss Item Exchange Rate: USD 1 = GBP 0.633217
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6373146
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Executives
Report
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Annual Return Date: 15 Oct 2012
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Individual Directors |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
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Current |
19 Jun 1953 |
140 Springwell Road, |
17 Oct 1991 |
NA |
Current:2 |
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Current |
28 Oct 1962 |
64 Bulstrode Avenue, |
17 Oct 1991 |
NA |
Current:3 |
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Previous |
13 Aug 1957 |
108 Whitton Dene, |
17 Oct 1991 |
25 Sep 2011 |
Current:0 |
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Corporate Directors |
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There are no corporate directors for this company. |
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Individual Secretaries |
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Name |
Status |
DOB |
Filed Address |
Appointment Date |
Resignation Date |
Summary of Directorships |
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Current |
NA |
140 Springwell Road, |
17 Oct 1991 |
NA |
Current:2 |
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Corporate Secretaries |
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There are no corporate secretaries for this company. |
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Individual Shareholders |
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Name |
Share Details |
Share Type |
# of Shares |
Share Price (GBP) |
Share Value (GBP) |
% of Total Shares |
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Naresh Kumar Sethi (Deceased) |
1 Ordinary GBP 1.00 |
Ordinary |
1 |
1.00 |
1.00 |
33.33 |
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Ramesh Kumar Sethi |
1 Ordinary GBP 1.00 |
Ordinary |
1 |
1.00 |
1.00 |
33.33 |
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Sanjeev Ratanchand Sethi |
1 Ordinary GBP 1.00 |
Ordinary |
1 |
1.00 |
1.00 |
33.33 |
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Corporate Shareholders |
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There are no corporate shareholders for this company. |
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Financials in: USD (mil) |
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Except for share items (millions) and per
share items (actual units) |
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31-Jul-2012 |
31-Jul-2011 |
31-Jul-2010 |
31-Jul-2009 |
31-Jul-2008 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate
(Period Average) |
0.633217 |
0.626063 |
0.637195 |
0.636663 |
0.500129 |
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Consolidated |
No |
No |
No |
No |
No |
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Depreciation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Annual Balance
Sheet |
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Financials in:
USD (mil) |
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31-Jul-2012 |
31-Jul-2011 |
31-Jul-2010 |
31-Jul-2009 |
31-Jul-2008 |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate |
0.637315 |
0.609199 |
0.638529 |
0.603191 |
0.504821 |
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Consolidated |
No |
No |
No |
No |
No |
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Land & Buildings |
- |
- |
- |
- |
1.4 |
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Fixtures & Fittings |
- |
- |
- |
- |
0.1 |
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Plant & Vehicles |
- |
- |
- |
- |
0.0 |
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Total Tangible Fixed Assets |
0.9 |
1.0 |
1.0 |
1.0 |
1.6 |
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Intangible Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Investments |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Fixed Assets |
0.9 |
1.0 |
1.0 |
1.0 |
1.6 |
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Total Stocks Work In Progress |
1.1 |
0.6 |
0.5 |
0.5 |
0.5 |
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Total Debtors |
1.1 |
1.3 |
1.1 |
1.2 |
1.3 |
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Cash and Equivalents |
0.1 |
0.0 |
0.7 |
0.7 |
0.3 |
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Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Current Assets |
2.3 |
1.9 |
2.3 |
2.4 |
2.1 |
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Total Assets |
3.2 |
2.9 |
3.2 |
3.4 |
3.7 |
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Other Current Liabilities |
1.4 |
1.0 |
1.2 |
1.1 |
1.2 |
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Total Current Liabilities |
1.4 |
1.0 |
1.2 |
1.1 |
1.2 |
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Group Loans (Long Term Liability) |
- |
0.0 |
- |
- |
- |
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Director Loans (Long Term Liability) |
- |
0.0 |
- |
- |
- |
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Hire Purchase (Long Term Liability) |
- |
0.0 |
- |
- |
- |
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Leasing (Long Term Liability) |
- |
0.0 |
- |
- |
- |
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Total Hire Purchase Loans (Long Term Liability) |
- |
0.0 |
- |
- |
- |
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Other Long Term Loans |
- |
0.0 |
- |
- |
- |
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Accruals/Deferred Income (Long Term Liability) |
- |
0.0 |
- |
- |
- |
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Other Long Term Liabilities |
0.2 |
0.0 |
0.3 |
0.4 |
0.6 |
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Total Long Term Liabilities |
0.2 |
0.0 |
0.3 |
0.4 |
0.6 |
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Deferred Taxation |
0.0 |
- |
0.0 |
0.0 |
0.0 |
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Other Provisions |
0.0 |
0.2 |
0.0 |
0.0 |
0.0 |
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Total Provisions |
0.0 |
0.2 |
0.0 |
0.0 |
0.0 |
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Issued Capital |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Share Premium Accounts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Revaluation Reserve |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Retained Earnings |
1.6 |
1.7 |
1.7 |
1.9 |
1.9 |
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Other Reserves |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Minority Interests (Balance Sheet) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Shareholders Funds |
1.6 |
1.7 |
1.7 |
1.9 |
1.9 |
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Net Worth |
1.6 |
1.7 |
1.7 |
1.9 |
1.9 |
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Annual Cash
Flows |
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Financials in:
USD (mil) |
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|
31-Jul-2012 |
31-Jul-2011 |
31-Jul-2010 |
31-Jul-2009 |
31-Jul-2008 |
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Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.633217 |
0.626063 |
0.637195 |
0.636663 |
0.500129 |
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Consolidated |
No |
No |
No |
No |
No |
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Annual Ratios |
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Financials in:
USD (mil) |
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|
31-Jul-2012 |
31-Jul-2011 |
31-Jul-2010 |
31-Jul-2009 |
31-Jul-2008 |
|
Period Length |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
52 Weeks |
|
Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate |
0.637315 |
0.609199 |
0.638529 |
0.603191 |
0.504821 |
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Consolidated |
No |
No |
No |
No |
No |
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Current Ratio |
1.66 |
1.93 |
1.86 |
2.23 |
1.77 |
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Liquidity Ratio |
0.86 |
1.35 |
1.49 |
1.79 |
1.33 |
|
Equity Gearing |
50.38% |
58.66% |
54.08% |
55.64% |
51.33% |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.46 |
|
|
1 |
Rs.99.42 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
-- |
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.