|
Report Date : |
24.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
LEATHEREX LIMITED |
|
|
|
|
Registered Office : |
5 Aristoteli Valaoriti,
Limassol |
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Country : |
Cyprus |
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|
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Date of Incorporation : |
01.06.1977 |
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Com. Reg. No.: |
C9519 |
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|
|
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Legal Form : |
Limited Company |
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|
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Line of Business : |
Manufacture of footwear |
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|
|
No. of Employees : |
14 |
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 |
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|
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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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Cyprus |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
CypRus - ECONOMIC OVERVIEW
The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for four-fifths of GDP. Tourism, financial services, and real estate are the most important sectors. Erratic growth rates over the past decade reflect the economy's reliance on tourism, the profitability of which often fluctuates with political instability in the region and economic conditions in Western Europe. Nevertheless, the economy in the area under government control has grown at a rate well above the EU average since 2000. Cyprus joined the European Exchange Rate Mechanism (ERM2) in May 2005 and adopted the euro as its national currency on 1 January 2008. An aggressive austerity program in the preceding years, aimed at paving the way for the euro, helped turn a soaring fiscal deficit (6.3% in 2003) into a surplus of 1.2% in 2008, and reduced inflation to 4.7%. This prosperity came under pressure in 2009, as construction and tourism slowed in the face of reduced foreign demand triggered by the ongoing global financial crisis. Although Cyprus lagged behind its EU peers in showing signs of stress from the global crisis, the economy tipped into recession in 2009, contracting by 1.7%, and has been slow to bounce back since, posting an anemic growth rate of 1.0% in 2010. A massive munitions blast in July 2011 at a Cypriot naval base triggered country-wide energy outages, a collapse of the governing coalition, and a cabinet shuffle intensifying Cyprus's economic problems. The economy experienced no economic growth in 2011. Serious Cypriot financial sector problems surfaced in early 2011 as the Greek fiscal crisis and euro zone debt crisis deepened. Two of Cyprus's biggest banks are among the largest holders of Greek bonds in Europe and have a substantial presence in Greece through bank branches and subsidiaries. A liquidity squeeze is choking the financial sector and the real economy as many global investors doubt the Cypriot economy can weather the EU crisis. Cyprus's borrowing costs have risen steadily because of its exposure to Greek debt. The budget deficit is on the rise and reached 7.4% of GDP in 2011, a violation of the EU's budget deficit criteria - no more than 3% of GDP. In response to the country's deteriorating finances and serious risk of contagion from the Greek debt crisis, Nicosia is promising to implement measures to cut the cost of the state payroll, curb tax evasion, and revamp social benefits. However, it has been slow to act, lacking a consensus in parliament and among the social partners for its proposed measures.
|
Source : CIA |
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Employees |
May
2012 |
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||
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Company |
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Total
Number |
14 |
|
|
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Additional
Info: |
|
Legal Advisor: VALENTINOS CHARAKIS, 4 Peter O'Connor,
Limassol ---- Correspondence: HIVE MANAGEMENT LTD, Po Box 51263, Limassol,
Tel: 25 868000 |
|
Assessment: |
Average Risk |
|
|
Payment Habits: |
NO COMPLAINTS |
|
|
Commercial morality |
Moderate |
|
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Financial strength |
Unable to comment |
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Maximum credit |
30,000.00 EUR |
|
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Date |
Event
Name |
Old
Value |
New
Value |
|
01/01/2008 |
Authorized Capital Changed |
250000.00 CYP |
427500.00 EUR |
|
01/01/2008 |
Nominal Values of Shares Changed |
1.00 CYP |
1.71 EUR |
|
15/12/1985 |
Authorized Capital Increased |
50000.00 CYP |
250000.00 CYP |
Authorized Capital 427,500.00 EUR Issued Capital
Nominal No Of Shares 250,000.00 Issued No Of Shares 200,000.00
Nominal value 1.71 EUR Paid Up 342,000.00 EUR
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Directors |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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ANTONIADES G. LAMBROS |
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Director |
|
553269(ID) |
Businessman |
55 |
01/06/1977 |
Yes |
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20 Chrysanthemon, Limassol,
3110, Cyprus |
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ANTONIADIS N. YIANNAKIS |
|
Director |
|
349318(ID) |
Land Owner |
84 |
01/06/1977 |
Yes |
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5 Aristoteli Valaoriti,
Limassol, Cyprus |
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ANTONIADES Y. NEOKLIS |
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Director |
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481274(ID) |
Economist |
60 |
01/06/1977 |
Yes |
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15 Platonos, Limassol, Cyprus |
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Secretary |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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ANTONIADES G. LAMBROS |
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Company Secretary |
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553269(ID) |
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55 |
12/04/2006 |
Yes |
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20 Chrysanthemon, Limassol,
3110, Cyprus |
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Experience : Occupation: Businessman |
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Shareholders |
ID / Reg. No. |
Acts As |
Nationality |
Shares |
% |
Shares Breakdown |
Class |
Type |
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LAMBROS Y. ANTONIADES LIMITED |
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C115926 |
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- |
90000 |
45 |
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20 Chrysanthemon, Ekali,
Limassol, Cyprus |
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ANTONIADES Y. NEOKLIS |
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481274(ID) |
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CYPRIOT |
70000 |
35 |
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15 Platonos, Limassol, Cyprus |
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ANTONIADOU N. ALIKI |
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506220(ID) |
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CYPRIOT |
20000 |
10 |
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15 Platonos, Limassol, Cyprus |
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ANTONIADIS N. YIANNAKIS |
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349318(ID) |
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CYPRIOT |
20000 |
10 |
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5 Aristoteli Valaoriti,
Limassol, Cyprus |
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Activity
Code |
Description |
|
|
NACE 2.1 |
1520 |
Manufacture of footwear - This class includes: -
manufacture of footwear for all purposes, of any material, by any process,
including moulding (see below for exceptions) - manufacture of leather parts of
footwear: manufacture of uppers and parts of uppers, outer and inner soles,
heels etc. - manufacture of gaiters, leggings and similar articles - - This
class excludes: - manufacture of footwear of textile material without applied
soles, see 14.19 - manufacture of wooden shoe parts (e.g. heels and lasts),
see 16.29 - manufacture of rubber boot and shoe heels and soles and other
rubber footwear parts, see 22.19 - manufacture of plastic footwear parts, see
22.29 - manufacture of ski-boots, see 32.30 - manufacture of orthopaedic
shoes, see 32.50 |
|
US SIC 1987 |
5139 |
Footwear wholesale dealing in |
|
US SIC 1987 |
5661 |
Shoe stores |
|
Line
of Business |
|
The company in question is involved
with the import (100%), export (50%) and trade on a wholesale (100%) basis of
men's and women's clothing and footwear. The contribution of trade in shoes
and clothing to company's volume of sales is 90% and 10% respectively. |
|
|
Export
to |
Percentage |
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|
South Africa |
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Export
Terms |
Percentage |
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Special agreements |
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Import
from |
Percentage |
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|
|
China, United
States of America |
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Comments |
and Middle East |
|
|
|
Import
Terms |
Percentage |
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|
Cash against documents |
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|
|
|
Open account |
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Premises |
|||
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Type |
headquarters |
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Address: |
Pafsaniou, Limassol Industrial Area, Lemesos, 3056, PoBox 51611, Limassol, Cyprus |
||
|
|
Headquarters comprise of |
Offices, Factory, Warehouse |
||
|
|
Headquarters are |
Owned |
||
|
|
Banks |
|
|
ALPHA BANK CYPRUS LTD |
|
|
22B Evanthous, Nicosia, 1101, Cyprus |
|
|
CYPRUS POPULAR BANK PUBLIC CO LTD |
|
|
39 Archiepiskopou Makariou C' Avenue, 2025, Nicosia, Cyprus |
|
|
USB BANK PLC |
|
|
83 Digeni Akrita Avenue, 5th Floor, Nicosia, 1070, Cyprus |
|
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Affiliates and Subsidiaries |
Relation |
Year Reg. |
|
|
NEOCLIS Y ANTONIADES ESTATES LTD |
Affiliated Company |
|
|
|
|
||
|
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NEOCLIS Y FARMS LTD |
Affiliated Company |
|
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|
||
|
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SPITZ GENERAL TRADING LIMITED |
Affiliated Company |
|
|
|
|
||
|
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YIANNAKIS N ANTONIADES & SONS LTD |
Affiliated Company |
|
|
|
|
||
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|
YIANNIS & NEOCLIS ANTONIADES FARMS LTD |
Affiliated Company |
|
|
No |
Date registered |
Date prepared |
Type |
Description/No |
Amount |
Sequence |
Beneficiary |
|
1 |
28/01/2009 |
09/01/2009 |
Mortgage |
Y54/09 |
750,000.00 EUR |
- |
Universal Bank Public Limited |
|
2 |
08/06/2004 |
30/12/2003 |
Floating Charge on all
Company's Assets |
|
500,000.00 CYP |
- |
Universal Bank Public Limited |
|
3 |
22/10/1999 |
05/10/1999 |
Mortgage |
Y7155/99 |
400,000.00 CYP |
- |
Alpha Bank Limited |
|
4 |
21/10/1999 |
05/10/1999 |
Mortgage |
Y7153/99 |
250,000.00 CYP |
- |
Alpha Bank Limited |
|
5 |
17/03/1987 |
05/12/1986 |
Fixed Charge on the Company's
Machinery |
|
3,750.00 CYP |
- |
Bank of Cyprus Public Company
Limited |
|
|
Total
Number |
Total
Amount (EUR) |
|
Mortgage |
3 |
1,860,590.94 |
|
Floating Charge on all Company's Assets |
1 |
854,300.72 |
|
Fixed Charge on the Company's Machinery |
1 |
6,407.26 |
|
TOTAL
CHARGES |
5 |
2,721,298.91 |
Charges History
|
No |
|
Date prepared |
Date End |
Type |
Description/No |
Amount |
Sequence |
Beneficiary |
|
|
1 |
30/12/2003 |
18/12/2003 |
21/09/2007 |
Mortgage |
Υ10140/03 |
400,000.00 CYP |
- |
Alpha Bank Limited |
|
|
2 |
12/12/2003 |
26/11/2003 |
04/09/2007 |
Mortgage |
Υ9398/03 |
80,000.00 CYP |
- |
Universal Bank Public Limited |
|
|
3 |
09/05/2002 |
08/05/2002 |
30/12/2003 |
Floating Charge on all Company's Assets |
|
100,000.00 CYP |
- |
Alpha Bank Limited |
|
|
4 |
15/12/2000 |
07/12/2000 |
02/05/2003 |
Mortgage |
Υ7898/00 |
67,000.00 CYP |
- |
Alpha Bank Limited |
|
|
5 |
22/10/1999 |
20/10/1999 |
30/12/2003 |
Floating Charge on all Company's Assets |
|
20,000.00 CYP |
- |
Alpha Bank Limited |
|
|
6 |
21/08/1996 |
09/08/1996 |
05/10/1999 |
Mortgage |
Y5489/96 |
400,000.00 CYP |
- |
Bank of Cyprus Public Company
Limited |
|
|
7 |
05/03/1983 |
01/03/1983 |
05/10/1999 |
Charge on the Debit Debenture |
|
150,000.00 CYP |
- |
Bank of Cyprus Public Company
Limited |
|
|
8 |
05/06/1981 |
28/05/1981 |
21/01/1983 |
Charge on the Debit Debenture |
|
100,000.00 CYP |
- |
Grindlays Bank Limited |
|
|
9 |
19/08/1977 |
01/08/1977 |
21/01/1983 |
Charge on the Debit Debenture |
|
50,000.00 CYP |
- |
Grindlays Bank Limited |
No negative data
|
|
Financial Estimates |
|||||
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|
|
Interview Date: |
07 May 2012 |
Submitted: |
Estimates |
Currency |
EUR |
|
|
- |
|
||||
|
|
Period |
31 Dec 2011 |
Month Ended |
12 |
Sales were |
6713000 |
|
|
|
|
|
|
|
|
|
|
Period |
31 Dec 2010 |
Month Ended |
12 |
Sales were |
6182650 |
|
|
|
|
|
|
|
|
|
|
Period |
31 Dec 2009 |
Month Ended |
12 |
Sales were |
5818602 |
MAIN SOURCES OF INFORMATION - FOR THIS
REPORT
i. Visited Official Companies’ Registry
ii. Interview with Company / Correspondence
iii. Desk Research
iv. Search through Internet Subscription Databases (Business Information)
v. Specialized Media Search Global & Local
vi. Search through internet Social Networks
vii. Infocredit Negative Record Database
viii. Relationship/Directorship Search through Infocredit Database
The company in question is involved with the import (100%), export (50%) and trade on a wholesale (100%) basis of men's and women's clothing and footwear.
Our efforts to contact an official were un successful. Please note that all information disclosed in this report was obtained from the company's web site the Official Company's Registrar and from a previous interview with Ms Andry Polyviou, company accounting Officer. Should any additional information becomes available we will forward them to you as soon as possible.
Reportedly the financials of 2011 are expected to be ready by the end of June 2012.
In addition, note that the latest financial details are not available at the file of the company at the official companies' registry house; as the law provides for all companies. Further financial details are not available from other public sources.
A check against our revealed that no negative payment incidents against Subject Company, such as unpaid invoices, dishonored cheques and utility bills, bankruptcies exist etc.
COUNTRY DEVELOPMENTS:
On, 04th of November 2011 published that: Moody's Investors Service has today downgraded Cyprus's government bond ratings to Baa3 from Baa1 and placed the ratings on review for further possible downgrade. The rating agency has also downgraded Cyprus's short-term rating to Prime-3 from Prime-2 and placed it on review for further possible downgrade.The key drivers for today's rating announcement are: 1. The high likelihood that the Cypriot banking system will require state support in 2012 as a result of the large expected write-downs on its exposures to Greek government bonds... 2. The Cypriot government's loss of international market access and the resulting likelihood that the government will need to seek emergency funding from official sources. 3. Cyprus's weaker-than-expected institutional capacity to approve and implement the budgetary and structural changes that are needed to correct the government's rising debt trajectory and improve the longer-term sustainability of its public finances.
On 10th of August 2011 Cyprus mail published that: Fitch cut Cyprus’ credit rating by two notches to BBB on Wednesday due to fiscal slippages, saying the island state was likely to require a bailout to meet its funding needs."The two-notch downgrade of ratings to 'BBB' reflects the actual and anticipated fiscal slippage, compounded by Fitch's expectation that the sovereign will be unable to access the international debt markets in order to refinance an increasing debt maturity profile in H211 and H112," Fitch said in a statement.
The other two main rating agencies, Standard and Poor’s and Moody’s, both cut the island's rating at the end of July. Moody's rates Cyprus Baa1, Standard and Poor's BBB-plus. On 19th of August 2011 Financial Mirror News published that: The industrial turnover index for reached 129.8 in May (base 2005=100) according to the Statistical Service, recording an increase of 3.8% compared with May 2010. Industrial production in the same period rose by 1.1%. For the period January-May 2011, the turnover index recorded an increase of 1.9% over the same period of the previous year. For manufacturing alone, the turnover index for May 2011 reached 121.0, recording an increase of 1,5% compared with May 2010.
The price index of construction materials reached 126.11 units (base year 2005=100,00) in July according to the Statistical Service Cystat, recording a marginal increase of 0.02% over the previous month. In the period January - July 2011, the index recorded an increase of 4.13% compared to the same period last year. The biggest increase so far has been in electromechanical products, price of which rose compared with the year earlier by 8.1% in the first seven months of the year. Metallic products rose by 6.9% and minerals rose by 4.3% in the same period. A milder increase of 2.9% was recorded for mineral products, while a decline of 0.4% was recorded for wood, insulation materials, chemicals and plastics. (End of Country Developments).
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Interview Date: |
07/05/2012 |
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Name: |
Ms Andry Polyviou |
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Quality: |
company |
Area: |
accounting |
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Title: |
officer |
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Confirm general details |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.77 |
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|
1 |
Rs.85.13 |
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Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.