MIRA INFORM REPORT

 

 

Report Date :

04.02.2013

 

IDENTIFICATION DETAILS

 

Name :

FARLIN TIMBERS PTE LTD

 

 

Formerly Known as:

VIRGIN WOOD PRODUCTS PTE (02/10/1997)

 

 

 

 

Registered Office :

435, Orchard Road, 21-01, Wisma Atria, 23887

 

 

 

 

Country :

Singapore

 

 

 

 

Date of Incorporation :

03.08.1994

 

 

 

 

Reg. No.:

199405441-Z

 

 

 

 

Legal Form :

Exempt Private

 

 

 

 

Line of Business :

Timber Wholesaling & General Commodities Trading

 

 

 

 

No. of Employees :

15

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

199405441-Z

COMPANY NAME

:

FARLIN TIMBERS PTE LTD

FORMER NAME

:

VIRGIN WOOD PRODUCTS PTE (02/10/1997)
FARLIN TIMBERS PTE LTD. (01/12/1995)

INCORPORATION DATE

:

03/08/1994

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

435, ORCHARD ROAD, 21-01, WISMA ATRIA, 238877, SINGAPORE.

BUSINESS ADDRESS

:

435 ORCHARD ROAD,#21-01 WISMA ATRIA, 238877, SINGAPORE.

TEL.NO.

:

65-63981188

FAX.NO.

:

65-63981188

WEB SITE

:

www.farlingroup.com

CONTACT PERSON

:

MOHAMMED FAROUK ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TIMBER WHOLESALING & GENERAL COMMODITIES TRADING

AUTHORISED CAPITAL

:

55,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 55,000,000.00

ISSUED AND PAID UP CAPITAL

:

55,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 55,000,000.00

SALES

:

N/A

NET WORTH

:

N/A

STAFF STRENGTH

:

15 [2012]

BANKER (S)

:

ABN AMRO BANK N.V.
AXIS BANK LIMITED SINGAPORE BRANCH
BANK OF BARODA
BANK OF INDIA
INDIAN BANK
INDIAN OVERSEAS BANK
PUNJAB NATIONAL BANK
SOCIETE GENERALE
STATE BANK OF INDIA, SINGAPORE BRANCH
UCO BANK

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

HIGH

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

HISTORY / BACKGROUND

 

The SC is an exempt private company which is allowed to have a minimum of two and a maximum of twenty shareholders and all the shareholders must be individuals. An exempt company is a type of private limited company. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, suing or be sued by other companies. The SC is governed by the Companies Act and must file in its annual return. The SC need not file in its financial statements but it has to file in a document duly signed by its director in charge of its finance, the secretary and its auditor stating that the SC is able to meet all its obligations as and when they fall due. Although the SC is not required to file in its financial statements, it also has to prepare its financial account which must be presented at the Annual General Meeting.

The SC is principally engaged in the (as a / as an) timber wholesaling & general commodities trading.

 

The major shareholder(s) of the SC are shown as follows :

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

MOHAMMED FAROUK +

95, GRANGE ROAD, 17-11, GRANGE RESIDENCES, 249616, SINGAPORE.

S2715761J

55,000,000.00

100.00

 

 

 

---------------

------

 

 

 

55,000,000.00

100.00

 

 

 

============

=====

 

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MR. IMRAN FAROUK

Address

:

12 HELY PLACE, MOUNT OMMANEY QLD, 4074, BRISBANE, AUSTRALIA.

IC / PP No

:

E4058721

Nationality

:

AUSTRALIAN

Date of Appointment

:

29/05/2012

 

DIRECTOR 2

 

Name Of Subject

:

MOHAMMED FAROUK

Address

:

95, GRANGE ROAD, 17-11, GRANGE RESIDENCES, 249616, SINGAPORE.

IC / PP No

:

S2715761J

Nationality

:

SINGAPOREAN

Date of Appointment

:

03/08/1994

MANAGEMENT

 

 

 

1)

Name of Subject

:

MOHAMMED FAROUK

 

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

J K MEDORA & CO

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

JEANNE SEET BENG CHOO

 

IC / PP No

:

S1234059A

 

Address

:

22 MALACCA STREET, 03-02 ROYAL BROTHERS CAPITAL BUILDING, 048980, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

ABN AMRO BANK N.V.

 

 

 

 

 

2)

Name

:

AXIS BANK LIMITED SINGAPORE BRANCH

 

 

 

 

 

3)

Name

:

BANK OF BARODA

 

 

 

 

 

4)

Name

:

BANK OF INDIA

 

 

 

 

 

5)

Name

:

INDIAN BANK

 

 

 

 

 

6)

Name

:

INDIAN OVERSEAS BANK

 

 

 

 

 

7)

Name

:

PUNJAB NATIONAL BANK

 

 

 

 

 

8)

Name

:

SOCIETE GENERALE

 

 

 

 

 

9)

Name

:

STATE BANK OF INDIA, SINGAPORE BRANCH

 

 

 

 

 

10)

Name

:

UCO BANK

 

 

 

 

 

The SC enjoys normal banking routine with above mentioned banker(s). The SC has bank charges with above mentioned banker(s).

 

 

ENCUMBRANCE (S)


ENCUMBRANCE 1

Date of Creation

:

25/10/2011

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

UNION BANK OF INDIA

 

 

Form 40 Dated

Registered and Numbered C201113437 In The Register of Charges



ENCUMBRANCE 2

Date of Creation

:

25/10/2011

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

UNION BANK OF INDIA

 

 

Form 40 Dated

Registered and Numbered C201113433 In The Register of Charges



ENCUMBRANCE 3

Date of Creation

:

29/10/2010

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

BANK OF BARODA

 

 

Form 40 Dated

Registered and Numbered C201010238 In The Register of Charges



ENCUMBRANCE 4

Date of Creation

:

31/08/2010

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

PUNJAB NATIONAL BANK

 

 

Form 40 Dated

Registered and Numbered C201007668 In The Register of Charges



ENCUMBRANCE 5

Date of Creation

:

21/06/2010

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

CANARA BANK

 

 

Form 40 Dated

Registered and Numbered C201005135 In The Register of Charges



ENCUMBRANCE 6

Date of Creation

:

24/05/2010

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

CANARA BANK

 

 

Form 40 Dated

Registered and Numbered C201004295 In The Register of Charges



ENCUMBRANCE 7

Date of Creation

:

20/08/2009

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

BANK OF INDIA

 

 

Form 40 Dated

Registered and Numbered C200905172 In The Register of Charges



ENCUMBRANCE 8

Date of Creation

:

24/07/2009

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

STATE BANK OF INDIA, SINGAPORE BRANCH

 

 

Form 40 Dated

Registered and Numbered C200904590 In The Register of Charges

ENCUMBRANCE 9

Date of Creation

:

06/04/2009

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

AXIS BANK LIMITED SINGAPORE BRANCH

 

 

Form 40 Dated

Registered and Numbered C200902027 In The Register of Charges


ENCUMBRANCE 10

Date of Creation

:

31/03/2009

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

AXIS BANK LIMITED SINGAPORE BRANCH

 

 

Form 40 Dated

Registered and Numbered C200901941 In The Register of Charges


ENCUMBRANCE 11

Date of Creation

:

28/06/2007

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

INDIAN OVERSEAS BANK

 

 

Form 40 Dated

Registered and Numbered C200704919 In The Register of Charges


ENCUMBRANCE 12

Date of Creation

:

22/06/2007

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

BANK OF BARODA

 

 

Form 40 Dated

Registered and Numbered C200704694 In The Register of Charges


ENCUMBRANCE 13

Date of Creation

:

30/05/2007

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

UCO BANK

 

 

Form 40 Dated

Registered and Numbered C200704107 In The Register of Charges


ENCUMBRANCE 14

Date of Creation

:

06/04/2004

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

SOCIETE GENERALE

 

 

Form 40 Dated

Registered and Numbered C200401744 In The Register of Charges


ENCUMBRANCE 15

Date of Creation

:

06/04/2004

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

SOCIETE GENERALE

 

 

Form 40 Dated

Registered and Numbered C200401743 In The Register of Charges


ENCUMBRANCE 16

Date of Creation

:

17/03/2004

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

INDIAN BANK

 

 

Form 40 Dated

Registered and Numbered C200401264 In The Register of Charges


ENCUMBRANCE 17

Date of Creation

:

19/02/2002

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

ABN AMRO BANK N.V.

 

 

Form 40 Dated

Registered and Numbered 200200829 In The Register of Charges


ENCUMBRANCE 18

Date of Creation

:

17/04/2012

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

STATE BANK OF INDIA, SINGAPORE BRANCH

 

 

Form 40 Dated

Registered and Numbered C201204172 In The Register of Charges



ENCUMBRANCE 19

Date of Creation

:

25/09/2012

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

EMIRATES NBD PJSC

 

 

Form 40 Dated

Registered and Numbered C201210903 In The Register of Charges



LEGAL CHECK AGAINST SC


* A check has been conducted in our databank againt the SC whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A


The SC refused to disclose its suppliers.

 

CLIENTELE

 

Local

:

NO

Percentage

:

0%

Overseas

:

YES

Percentage

:

100%

Export Market

:

ASIA, NEW ZEALAND, MIDDLE EAST

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES,TELEGRAPHIC TRANSFER (TT)

OPERATIONS

 

Goods Traded

:

TIMBER

 

 

Total Number of Employees:

 

YEAR

2012

2011

2010

 

 

 

 

 

 

GROUP

N/A

N/A

N/A

 

 

 

 

 

 

COMPANY

15

17

15

 

 

 

 

 

 

 

Branch

:

NO

 

 

Other Information:


The SC is principally engaged in the (as a / as an) timber wholesaling & general commodities trading.

The SC deals with round logs, sawn timber, staging planks and others.

The SC sells the products according to its customers' orders.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

 

Current Telephone Number

:

65-63981188

Match

:

YES

Address Provided by Client

:

435 ORCHARD ROAD, 21-01 WISMA ATRIA, SINGAPORE 238877

Current Address

:

435 ORCHARD ROAD,#21-01 WISMA ATRIA, 238877, SINGAPORE.

Match

:

YES

 

Other Investigations


On 5th December 2012 we contacted one of the staff from the SC and she provided some information on the SC.


FINANCIAL ANALYSIS

 

 

The SC is a private exempt company which does not need to file in its accounts with the Registrar of Companies for the information of the public. Therefore, we are not able to comment on the SC's financial performance.

 

 

 

 

 

 

 

Overall financial condition of the SC : N/A

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2006

2007

2008

2009

2010

 

 

 

 

 

 

Population (Million)

4.40

4.58

4.84

4.98

5.08

Gross Domestic Products ( % )

8.7

8.8

1.5

<0.8>

14.5

Consumer Price Index

1.0

2.1

6.6

0.6

2.8

Total Imports (Million)

378,924.1

395,979.7

450,892.6

356,299.3

423,221.8

Total Exports (Million)

431,559.2

450,627.7

476,762.2

391,118.1

478,840.7

 

 

 

 

 

 

Unemployment Rate (%)

2.7

2.3

2.2

3.2

2.2

Tourist Arrival (Million)

9.75

10.28

10.12

9.68

11.64

Hotel Occupancy Rate (%)

85.2

87.0

81.0

75.8

85.6

Cellular Phone Subscriber (Million)

1.05

1.22

1.31

1.37

1.43

 

 

 

 

 

 

Registration of New Companies (No.)

21,495

25,903

25,327

26,414

29,798

Registration of New Companies (%)

10.2

20.5

<2.2>

4.3

12.8

Liquidation of Companies (No.)

8,980

9,226

10,493

22,393

15,126

Liquidation of Companies (%)

28.1

2.7

13.7

113.4

<32.5>

 

 

 

 

 

 

Registration of New Businesses (No.)

24,219

24,762

24,850

26,876

23,978

Registration of New Businesses (%)

3.17

2.24

0.36

8.15

<10.78>

Liquidation of Businesses (No.)

26,843

21,322

21,150

23,552

24,211

Liquidation of Businesses (%)

<52.3>

<20.6>

<0.8>

11.4

2.8

 

 

 

 

 

 

Bankruptcy Orders (No.)

2,983

2,767

2,326

2,058

1,537

Bankruptcy Orders (%)

15.8

<7.2>

<15.9>

<11.5>

<25.3>

Bankruptcy Discharges (No.)

1,634

1,626

1,500

3,056

2,252

Bankruptcy Discharges (%)

<2.9>

<0.5>

<7.7>

103.7

<26.3>

 

 

 

 

 

 

INDUSTRIES ( % of Growth ) :

 

 

 

 

 

Agriculture

 

 

 

 

 

Production of Principal Crops

3.91

5.26

<0.32>

3.25

<0.48>

Fish Supply & Wholesale

1.33

<3.91>

<6.31>

<1.93>

3.60

 

 

 

 

 

 

Manufacturing *

94.4

100.0

95.8

91.8

119.1

Food, Beverages & Tobacco

89.9

100.0

107.7

102.7

109.5

Textiles

119.9

100.0

92.6

75.0

62.8

Wearing Apparel

114.5

100.0

71.8

45.3

26.4

Leather Products & Footwear

100.3

100.0

84.7

52.6

54.1

Wood & Wood Products

107.1

100.0

88.8

68.3

70.0

Paper & Paper Products

92.5

100.0

98.8

93.3

103.7

Printing & Media

97.6

100.0

96.7

82.5

84.7

Crude Oil Refineries

100.2

100.0

101.0

86.1

85.4

Chemical & Chemical Products

93.8

100.0

95.1

90.4

109.9

Pharmaceutical Products

102.1

100.0

92.8

104.4

159.9

Rubber & Plastic Products

100.1

100.0

92.2

77.6

86.1

Non-metallic Mineral

113.1

100.0

83.1

79.1

79.7

Basic Metals

110.0

100.0

120.9

101.9

112.5

Fabricated Metal Products

97.8

100.0

95.0

85.2

97.2

Machinery & Equipment

83.9

100.0

97.4

85.8

117.7

Electrical Machinery

98.8

100.0

98.1

104.2

149.1

Electronic Components

96.1

100.0

93.0

85.1

115.5

Transport Equipment

85.3

100.0

106.7

100.2

99.3

 

 

 

 

 

 

Construction

46.60

45.60

45.90

<36.9>

14.20

Real Estate

12.9

40.8

<11.2>

1.4

21.3

 

 

 

 

 

 

Services

 

 

 

 

 

Electricity, Gas & Water

<5.3>

11.00

<1.3>

1.70

4.00

Transport, Storage & Communication

6.00

8.50

11.60

3.90

12.80

Finance & Insurance

6.40

41.50

<5.9>

<16.4>

<0.4>

Government Services

13.50

3.80

17.40

4.50

9.70

Education Services

1.10

1.80

0.50

0.10

<0.9>

 

 

 

 

 

 

* Based on Index of Industrial Production (2007 = 100)

 

 

 

 

 

(Source : Department of Statistics)

 

 

 

 

 



INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING


The 1st Quarter 2012 total retail sales is expected to grow from a forecast SGD44.45bn (US$35.28bn) in 2011 to SGD51.50bn (US$46.82bn) by 2015. Singapore lacks the advantage of a massive consumer base, its low unemployment rate, the rapid influx of foreign immigrants and increasing visitor arrivals will continue to instill dynamism into the local retail scene and further buoy consumer spending.


The February 2011 budget provided a boost to consumer spending power, with the SGD6.6bn (US$5.2bn) Total Benefits package earmarked for households in 2011-2012 expected to have positive implications for the Singapore consumer.


In terms of retail sub-sectors, the over-the-counter pharmaceutical sector to be worth US$0.15bn in 2011 and for sales to increase by more than 35% to US$0.20bn by 2015. Sales of consumer electronics products are expected to increase by nearly 24%, from US$3.96bn in 2011 to US$4.90bn by the end of the forecast period on the back of strong demand for high-end products such as multimedia notebooks, 3G phones and smartphones.


The food retail segment will have a market share of 21.3% in 2011, when the sub-sector is forecast to be worth US$7.50bn. Sales are expected to grow to US$8.11bn by 2015.


Mass grocery retail sales are forecast to be US$3.46bn in 2011 and to grow by more than 25% to US$4.45bn by 2015, more than three times the rate of growth for overall food sales. This would take mass grocery retail's share of the overall food market from 45.7% in 2011 to 52.9% by the end of the forecast period.


Retail sales of Asian countries in 2011 are forecast US$3.13trn. China and India are predicted to account for nearly 91% of regional retail sales in 2011, and by 2015 their share of the regional market is expected to be more than 92%. Growth in regional retail sales for 2011-2015 is forecast at 71.6%, an annual average 14.4%. India should experience the most rapid rate of growth, followed by China. Singapore's market share of 1.1% in 2011 is forecast to fall to 0.8% by 2015.

 

 

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 1994, the SC is a Exempt Private company, focusing on timber wholesaling & general commodities trading. Having been in the industry for almost 2 decade, the SC has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. With an issued and paid up capital of RM55 million, the SC has the ability to further expand its business in the future.


We noted that all of the SC's products are exported to overseas countries. Thus, the business risk is well mitigated. However, as an export-oriented company, the SC faces high foreign exchange risk. Being a small company, the SC's business operation is supported by 15 employees. Overall, we regard that the SC's management capability is average.


As the SC is registered as an Exempt Private company, it is not required to file financial statements for public review. As such, we are unable to ascertain its present financial health.


As an export oriented company, its currency exposure is high. The SC faces foreign currency fluctuation which may affect its overall operating costs.


The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry. Nonetheless, the SC should adopt better competitive strategies in order to sustain its business position and to compete with other well established players in the same industry.


In view of above and based on our assessment, we recommend credit be granted to the SC with close monitoring.

 

 

FINANCIAL ACCOUNT


No latest financial accounts are available at the Registry Office.  

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.32

UK Pound

1

Rs.84.59

Euro

1

Rs.72.62

 

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.