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Report Date : |
09.07.2013 |
IDENTIFICATION DETAILS
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Name : |
POINT FORTIN HARDWARE DRIVE IN LIMITED |
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Registered Office : |
#27-29 Guapo Cap-de-Ville Main Road, Point Fortin |
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Country : |
Trinidad and Tobago |
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Date of Incorporation : |
1987 |
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Com. Reg. No.: |
106337 |
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Legal Form : |
Limited Company |
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Line of Business : |
Wholesale and retail distribution of hardware items. |
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No. of Employees : |
30 |
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 : |
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 – March, 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Trinidad and Tobago |
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 |
TRINIDAD
AND TOBAGO - ECONOMIC OVERVIEW
Trinidad and Tobago has earned a reputation as an excellent
investment site for international businesses and has one of the highest growth
rates and per capita incomes in Latin America. Economic growth between 2000 and
2007 averaged slightly over 8%, significantly above the regional average of
about 3.7% for that same period; however, GDP has slowed down since then and
contracted during 2009-2011 due to depressed natural gas prices and changing
markets. Growth had been fueled by investments in liquefied natural gas,
petrochemicals, and steel with additional upstream and downstream investment
planned. Trinidad and Tobago is the leading Caribbean producer of oil and gas,
and its economy is heavily dependent upon these resources but it also supplies
manufactured goods, notably food products and beverages, as well as cement to
the Caribbean region. Oil and gas account for about 40% of GDP and 80% of
exports, but only 5% of employment. Oil production has declined over the last
decade as the country focused the majority of its efforts on natural gas.
However, declining reserves, lack of government investment in the sector, and
the changing global gas market raises concern for the long-term growth of the
country's energy sector. Although Trinidad and Tobago enjoys cheap electricity
from natural gas, the renewable energy sector has recently garnered increased
interest. The country is also a regional financial center with a well-regulated
and stable financial system. Other sectors the Government of Trinidad and
Tobago targeted for increased investment and projected growth include tourism,
agriculture, information and communications technology, and shipping. The
economy benefits from a growing trade surplus with the US. The US is Trinidad
and Tobago's leading trade partner. The previous MANNING administration benefited
from fiscal surpluses fueled by the dynamic export sector; however, declines in
oil and gas prices have reduced government revenues, challenging the current
government's commitment to maintaining high levels of public investment. Crime
and Bureaucratic hurdles continue to be the biggest deterrents for attracting
more foreign direct investment and business.
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Source
: CIA |
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IDENTIFICATION |
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Ordered as: |
POINT FORTIN HARDWARE |
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Address in the order: |
40-43 60 FREDERICK SETTLEMENT CARONI WEST INDIES Trinidad and Tobago |
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Comments on data supplied: |
The address mentioned corresponds to one branch of the
company. |
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Legal Name: |
POINT FORTIN HARDWARE DRIVE IN LIMITED |
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Trade Name: |
POINT FORTIN HARDWARE DRIVE IN |
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Legal Address |
#27-29 Guapo Cap-de-Ville Main Road, Point Fortin,
Trinidad and Tobago |
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Operative Address |
#27-29 Guapo Cap-de-Ville Main Road, Point Fortin,
Trinidad and Tobago |
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Telephone: |
(868) 648-3053 / 3256 |
Registration Number : |
106337 |
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Fax: |
(868) 648-3256 |
Legal Form: |
Limited Company |
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Email: |
faheem@tstt.net.tt |
Registered in: |
Trinidad and Tobago |
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Website: |
N.A. |
Date Created: |
1987 |
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Manager: |
Sheikh Mohammed, President |
Date Incorporated: |
August 6, 1998 |
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Staff: |
30 |
Stock: |
500 000 Ordinary Shares |
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Value: |
TT$1 00 each |
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Activity: |
Wholesale and retail distribution of hardware items. |
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Management: |
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Sheikh Mohammed, President Sandra Dabideen, Director Salisha Ali, Accounts assistant |
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Legal Filings |
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The sources consulted record no detrimental legal or
labor court information. |
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Public |
NO |
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Shareholders |
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Shareholders Parent Company(ies): |
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This company is privately held and the owners are: Mohammed Ashfaq Sheikh (100 000 Ordinary Shares) Sandra Dabideen (1 Ordinary Share) The mentioned information was confirmed during the
interview. |
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Payments |
REGULAR |
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Related
Companies: |
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The subject has a sister company located at: Sheikh Hardware Ltd 17-19 George Street Port of Spain Trinidad and Tobago No other related companies were found for this company. |
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Financials
- COMMERCIAL TRENDS AND FORECAST |
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As a private company the subject does not publish any
financial statements. |
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We have contacted Salisha Ali, Accounts assistant, who
refused to provide us any financial data on grounds of confidentiality. |
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However our financial sources could provide us with the
following data. Those figures are estimates provided by confidential
banking and financial institutions working with the company. |
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Currency |
DATE |
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TTD |
2012 |
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Turnover |
75 340 000 |
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Operating Income |
9 900 000 |
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Net Income |
8 600 000 |
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Net worth |
60 000 000 |
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Bank liabilities |
8 500 000 |
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The cash flow is |
Very Good |
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Currency |
DATE |
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TTD |
2011 |
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Turnover |
74,100,000 |
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Operating Income |
9,400,000 |
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Net Income |
8,100,000 |
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Net worth |
52,000,000 |
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Bank liabilities |
10,000,000 |
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The cash flow is |
very good |
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Currency |
DATE |
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TTD |
2010 |
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Turnover |
73,200,000 |
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Operating Income |
8,100,000 |
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Net Income |
6,200,000 |
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Net worth |
53,000,000 |
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Bank liabilities |
12,000,000 |
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The cash flow is |
Correct |
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Currency |
DATE |
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TTD |
2009 |
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Turnover |
72,349,621 |
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Operating Income |
9,210,531 |
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Net Income |
6,854,691 |
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Current Assets |
44,294,263 |
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Fixed Assets |
17,304,052 |
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Net worth |
46,773,357 |
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Liabilities |
14,824,958 |
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The cash flow is |
Correct |
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Currency |
DATE |
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USD |
2008 |
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Turnover |
11,000,000 |
Comments on the financial data: This information was not
verified by the company.
The financial figures for 2008 and 2009 were given by Mohammed Sheikh, President.
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Profitability |
N.A. |
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Indebtedness |
CONTROLLED |
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Cash |
VERY GOOD |
N/a
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GEOPOLITICS
- TRINIDAD AND TOBAGO |
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POLITICAL DATA |
ECONOMIC DATA |
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Form of Government: Parliamentary system
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Currency: 100.00 TTD = 15.5767 USD |
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Name of the Bank |
Republic Bank |
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Location
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#12-14 Techier Main Road, Point Fortin |
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Account Number |
Confidential |
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Comments |
This information was verified by the company. |
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Name of the Bank |
RBC Bank |
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Location
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Main Road, Point Fortin |
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Account Number |
Confidential |
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Comments |
This information was verified by the company. |
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HISTORY |
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The company has been operating since 1987. In 1998, the registration of the company was continued, as
set out in the Article of Continuance of the Companies Act and under the
number 106337. |
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PRINCIPAL
ACTIVITY |
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The company engages in wholesale and retail distribution
of hardware items. |
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Products/Services
description: |
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The company is supplier of all Structural Steel Beams,
Acrylic Sheets 4 x 8 PLEXY, I Beams, Channel Iron, Galvanize Pipes, Steel
Rods, Electrical Poles, Window Profile Hollow, SCH 40 Steel and Galvanize
Pipes, MS Sheets, Steel & Galvanize Sheets, BRC, Solid Squares, Foam Ply,
Lumber, Vinyl, Angles, Flats and OSHA Approved Scaffold Planks. |
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Sales
are: |
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Wholesale, Retail |
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Clients: |
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Public in general, professionals of the industry depending
on the demand. |
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Suppliers: |
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Kaleidoscope Paints Limited - Trinidad and Tobago Southern Wholesale Stores Limited - Trinidad and Tobago Timber Valley - U.S.A. |
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Operations
area: |
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National, Local |
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The company imports from worldwide. |
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The company exports to the Caribbean Region. |
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Trade
References: |
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Kaleidoscope Paints Limited El Socorro Extension Road, San Juan Tel: 1-868-638-2214 Clients since: 2007 Payment trend: 30 days Credt line: between TT$25,000.00 and TT$50,000.00 Southern Wholesale Stores Limited #185 Union Road, Harmony Hall, Marabella Tel: 1-868-658-4506 Clients since: 2002 Payment trend: on a 30 days basis Credit line: TT$100,000.00. Average monthly purchase: TT$50,000.00 |
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The subject employs 30 employee(s) |
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Comments
on staff: |
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This information was verified by the company. |
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PAYMENTS |
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made on a 25 days basis - monitored over the last 12
months |
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LOCATION |
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Headquarters |
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#27-29 Guapo Cap-de-Ville Main Road, Point Fortin,
Trinidad and Tobago. |
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Comments
on location: |
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At the above address an administrative office and sales
outlet can be found. |
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Branches: |
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The company has a warehouse and Showroom located at
40,41,42,43 & 60 Frederick Settlement, Caroni, Trinidad W.I. No other branches were reported. |
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Rating |
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Local credit bureau gave a good credit rate. The company is in Good Standing. This means that all
local and federal taxes were paid on due date. |
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Final
Opinion |
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Point Fortin Hardware (Drive In) Ltd is an experienced
company that was established in 1987. The structure has an additional location in Trinidad, and
a staff of about 30 people being considered a small sized company. The company engages in wholesale and retail distribution
of hardware items. The company also deals with a well-known bank in Trinidad
and Tobago. The figures available show that the company has a
controlled indebtedness and that the cash is very good. We therefore suggest that a credit line may be considered
for EUR 100 000. |
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Person
Interviewed |
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Salisha Ali |
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Position |
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Accounts assistant |
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Comments |
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We contacted the company and talked to Salisha who kindly
confirmed most of the information in this report except for the financial
figures which she refused to disclose. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.04 |
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|
1 |
Rs.90.89 |
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Euro |
1 |
Rs.78.27 |
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.