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Report Date : |
17.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAITHAO COMPANY LIMITED |
|
|
|
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Registered Office : |
Thua dat so 191, To ban do so 3 Tan Minh Hamlet, Minh Thanh Commune, Dau Tieng District, Binh Duong Province |
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Country : |
Vietnam |
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Date of Incorporation : |
2001 |
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Com. Reg. No.: |
3700769847 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject specializes in manufacturing and trading rubber latex of the type used in the processing industry automotive tires, shoe soles. |
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No. of Employees : |
100 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Vietnam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
VIETNAM - ECONOMIC OVERVIEW
Vietnam is a densely-populated developing country that has
been transitioning from the rigidities of a centrally-planned economy since 1986.
Vietnamese authorities have reaffirmed their commitment to economic
modernization in recent years. Vietnam joined the World Trade Organization in
January 2007, which has promoted more competitive, export-driven industries.
Vietnam became an official negotiating partner in the Trans-Pacific Partnership
trade agreement in 2010. Agriculture's share of economic output has continued
to shrink from about 25% in 2000 to less than 22% in 2012, while industry's
share increased from 36% to nearly 41% in the same period. State-owned
enterprises account for roughly 40% of GDP. Poverty has declined significantly,
and Vietnam is working to create jobs to meet the challenge of a labor force
that is growing by more than one million people every year. The global recession
hurt Vietnam's export-oriented economy, with GDP in 2012 growing at 5%, the
slowest rate of growth since 1999. In 2012, however, exports increased by more
than 18%, year-on-year; several administrative actions brought the trade
deficit back into balance. Between 2008 and 2011, Vietnam's managed currency,
the dong, was devalued in excess of 20%, but its value remained stable in 2012.
Foreign direct investment inflows fell 4.5% to $10.5 billion in 2012. Foreign
donors have pledged $6.5 billion in new development assistance for 2013. Hanoi
has oscillated between promoting growth and emphasizing macroeconomic stability
in recent years. In February 2011, the Government shifted policy away from
policies aimed at achieving a high rate of economic growth, which had stoked
inflation, to those aimed at stabilizing the economy, through tighter monetary
and fiscal control. Although Vietnam unveiled a broad, "three pillar"
economic reform program in early 2012, proposing the restructuring of public
investment, state-owned enterprises, and the banking sector, little perceptible
progress had been made by early 2013. Vietnam's economy continues to face
challenges from an undercapitalized banking sector. Non-performing loans weigh
heavily on banks and businesses. In September 2012, the official bad debt ratio
climbed to 8.8%, though some independent analysts believe it could be higher
than 15%
Source
: CIA
SUBJECT IDENTIFICATION &
LEGAL FORM
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Current legal status
|
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English Name |
|
MAITHAO COMPANY LIMITED |
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Vietnamese Name |
|
CONG TY TNHH MAI THAO |
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Short name |
|
MAITHAO CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2001 |
|
Business Registration No. |
|
3700769847 |
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Date of the latest adjustment (4th)
|
|
03 Apr 2013 |
|
Place of Registration |
|
Business Registration Office of Planning
and Investment Department of Binh Duong Provine |
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Chartered capital |
|
VND 53,000,000,000 |
|
Tax code |
|
3700769847 |
|
Total Employees |
|
100 |
Historical Identification & Legal form
|
List |
Changed Items |
|
1 |
Subject has got former Business
Registration No: 4602002482 issued on 14 Dec 2006 Changed to: 3700769847 |
|
2 |
Subject has got former Chartered capital:
VND 21,000,000,000 Changed to: VND 53,000,000,000 |
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ADDRESSES
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Head Office
(Representative Office in Hochiminh City) |
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Address |
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No. 64/1J D3 Street, Ward 25, Binh Thanh District,
Ho Chi Minh City, Vietnam |
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Telephone |
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(84-8) 3512 7198 |
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Fax |
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(84-8) 3510 6459 - 3512 1279 |
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Email |
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Website |
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Registration
Address |
||
|
Address |
|
Thua dat so 191, To ban do so 3 Tan Minh Hamlet,
Minh Thanh Commune, Dau Tieng District, Binh Duong Province, Vietnam |
|
Telephone |
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(84-650) 629 3772 |
|
Website |
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DIRECTORS
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1.
NAME |
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Mr.
HO MINH PHUONG |
|
Position |
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Director |
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Date of Birth |
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26 Apr 1962 |
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ID Number/Passport |
|
024449814 |
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ID Issue Date |
|
19 Jan 2006 |
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ID Issue Place |
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Police Station of
Hochiminh City |
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Resident |
|
No. 64/1J D3 Street,
Ward 25, Binh Thanh District, Ho Chi Minh City, Vietnam |
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Nationality |
|
Vietnamese |
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Tel/Mobile phone |
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+84 913 740 620 |
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Email |
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Qualification |
|
Management |
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2.
NAME |
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Ms.
NGUYEN THI HUONG |
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Position |
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Deputy Director |
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ID Number/Passport |
|
024449815 |
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ID Issue Place |
|
Police Station of Ho
Chi Minh City |
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Resident |
|
No. 64/1J D3 Street,
Ward 25, Binh Thanh District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
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Qualification |
|
Management |
|
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3.
NAME |
|
Mr.
HUYNH MAI KHOA |
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Position |
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Chief Accountant |
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Resident |
|
Ho Chi Minh City,
Vietnam |
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Nationality |
|
Vietnamese |
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Qualification |
|
Accounting |
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BUSINESS NATURE AND ACTIVITIES
|
|
|
|
Subject specializes in manufacturing and trading
rubber latex of the type used in the processing industry automotive tires,
shoe soles... |
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IMPORT & EXPORT ACTIVITIES
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IMPORT: N/A |
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EXPORT: |
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·
Market |
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Malaysia, Brazil, Germany, China, Hongkong, India, Spain... |
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BANKERS
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||
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||
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1.
ASIA COMMERCIAL JOIN T STOCK BANK |
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Address |
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No. 442 Nguyen Thi Minh Khai Street, Ward 5, District 3, Ho Chi Minh
City, Vietnam |
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Telephone |
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(84-8) 3929 0999 |
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Fax |
|
(84-8) 3839 9885 |
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2.
VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK THANH DA BRANCH |
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|
Address |
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No.633-635 Xo Viet Nghe Tinh Street-Ward 26, Binh Thanh District, Ho
Chi Minh City, Vietnam |
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Telephone |
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(84-8) 3511 8814/15/16 |
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Fax |
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(84-8) 3511 8813 |
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SHAREHOLDERS
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||
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||
|
1.
NAME |
|
Mr.
HO MINH PHUONG |
|
Position |
|
Director |
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Date of Birth |
|
26 Apr 1962 |
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ID Number/Passport |
|
024449814 |
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Issued on |
|
19 Jan 2006 |
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Issued Place |
|
Police Station of Hochiminh City |
|
Resident |
|
No. 64/1J D3 Street, Ward 25, Binh Thanh District,
Ho Chi Minh City, Vietnam |
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Email |
|
|
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Mobile phone |
|
+84 913 740 620 |
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Nationality |
|
Vietnamese |
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Value of shares |
|
VND 33,000,000,000 |
|
Percentage |
|
62.26% |
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||
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2.
NAME |
|
Ms.
NGUYEN THI HUONG |
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Position |
|
Deputy Director |
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ID Number/Passport |
|
024449815 |
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Issued Place |
|
Police Station of Ho Chi Minh City |
|
Resident |
|
No. 64/1J D3 Street, Ward 25, Binh Thanh District,
Ho Chi Minh City, Vietnam |
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Nationality |
|
Vietnamese |
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Value of shares |
|
VND 20,000,000,000 |
|
Percentage |
|
37.74% |
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FINANCIAL DATA
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|
Not available! |
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
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Trade Morality |
|
Normal |
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Liquidity |
|
N/A |
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Payment status |
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N/A |
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Financial Situation |
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N/A |
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Development trend |
|
Stable |
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Litigation data |
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No Record |
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Bankruptcy |
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No Record |
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Payment Methods |
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Direct payment or through its corresponding bank |
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Sale Methods |
|
Wholesaler |
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Public opinion |
|
Normal |
|
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INTERPRETATION ON THE SCORES
|
|
|
|
Subject
has operated since 2001 as a private enterprise, located in Chon Thanh Minh
Hung commune, Binh Phuoc province. In 2006, it became a limited liability
company under business registration No. 4602002482. From that time to now,
subject has adjusted its business registration four times, the last time was
on 03 Apr 2013. Currently, MAITHAO
CO., LTD is operating under
business registration No. 3700769847 (the same with tax code) and chartered
capital of VND 53 billion. Subject
specializes in manufacturing and trading rubber latex of the type used in the
processing industry automotive tires, shoe soles... About 90% finished
products are exported to foreign countries, the rest of it are consumed in
domestic market. Subject exports to Malaysia, Brazil, Germany, China,
Hongkong, India, Spain... The
main office of subject is located at 64/1J Road D3, Ward 25, Binh Thanh
District, Ho Chi Minh City, Vietnam. Its factory (also registration address)
is in Binh Duong province. At present, subject has about 100 staffs working.
It has operated for a long time so it has created stable traditional
customers. The management capacity is quite good. Mr. Ho Minh Phuong has many
years experience in this field. According to Ms. Do Thi Thuy My (former chief accountant), revenue in
2011 was about VND 1,422 billion and profit after tax was about VND 2.8
billion. Business operation is busy now. The subject has capacity to meet
normal business transaction. |
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------------ APPENDIX ----------
INDUSTRY DATA
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||||||
|
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|
Industry code |
GDP growth speed
by price compared with 1994 (%) |
Total
enterprises 2010 |
Total employees
2011 (Thous.pers.) |
Annual average
capital of enterprises 2010 (billion dongs) |
||
|
2012 |
2011 |
|||||
|
Agriculture,
Forestry and Fishing |
2.72 |
4.00 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and
Construction |
4.52 |
5.53 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and
Services |
6.42 |
6.69 |
187,195 |
15,270.2 |
6,957,082 |
|
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||||||
ECONOMIC INDICATORS
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|
2012 |
2011 |
2010 |
|||
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Population (Million person) |
88.78 |
87.84 |
86.93 |
|||
|
Gross Domestic Products (USD
billion) |
136 |
119 |
102.2 |
|||
|
GDP Growth (%) |
5.03 |
5.89 |
6.78 |
|||
|
GDP Per Capita
(USD/person/year) |
1,540 |
1,300 |
1,160 |
|||
|
Inflation (% Change in
Composite CPI) |
9.21 |
18.58 |
11.75 |
|||
|
State Budget Deficit compared
with GDP (%) |
4.8 |
4.9 |
5.8 |
|||
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|
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SERVICE TRADE PERFORMANCE
|
||||||
|
|
||||||
|
Billion USD |
2012 |
2011 |
2010 |
|||
|
Exports |
114.6 |
96.3 |
72.2 |
|||
|
Imports |
114.3 |
105.8 |
84.8 |
|||
|
Trade Balance |
0.3 |
-9.5 |
-12.6 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.39 |
|
|
1 |
Rs.89.89 |
|
Euro |
1 |
Rs.77.72 |
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 |
|
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.