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Report Date : |
14.06.2013 |
IDENTIFICATION DETAILS
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Name : |
OILFIELD TECHNOLOGY LTD |
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Registered Office : |
Flat 1 Dorset House 8 Heaton Moor Road Heaton Moor Stockport, SK4 4NS |
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Country : |
United Kingdom |
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Financials (as on) : |
31.01.2012 |
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Date of Incorporation : |
26.01.2001 |
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Com. Reg. No.: |
04148134 |
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Legal Form : |
Private Independent |
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Line of Business : |
Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Unknown |
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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
Oilfield
Technology Ltd
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Business
Description
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Manufacture of computer, electrical and |
Industry
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Industry |
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ANZSIC 2006: |
2419 - Other Professional and Scientific Equipment
Manufacturing |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
3825 - Instruments for Measuring and Testing of
Electricity and Electrical Signals |
Key Executives
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Financial Summary
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1 - Profit &
Loss Item Exchange Rate: USD 1 = GBP 0.6246957
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6375173
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Executives Report
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Annual Return Date: 26 Jan 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 |
06 Dec 1948 |
Flat 1 Dorset House, 8 Heaton Moor Road Heaton Moor, |
27 Feb 2001 |
NA |
Current:2 |
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Previous |
02 Jul 1938 |
Wychwood Sand Lane, Nether Alderley, |
27 Feb 2001 |
16 Dec 2005 |
Current:0 |
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Previous |
02 Jul 1967 |
82 Ashley Drive, Bramhall, |
27 Feb 2001 |
01 Mar 2007 |
Current:0 |
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Previous |
12 Jun 1947 |
14 Allgreave Close, |
27 Feb 2001 |
15 Dec 2005 |
Current:0 |
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Corporate Directors |
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Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
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Countrywide Company Directors Limited |
Previous |
386-388 Palatine Road, |
26 Jan 2001 |
30 Jan 2001 |
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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 |
06 Dec 1948 |
Flat 1 Dorset House, 8 Heaton Moor Road Heaton Moor, |
27 Feb 2001 |
NA |
Current:2 |
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Corporate Secretaries |
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Company Name |
Status |
Registered Address |
Appointment Date |
Resignation Date |
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Countrywide Company Secretaries Limited |
Previous |
386-388 Palatine Road, |
26 Jan 2001 |
30 Jan 2001 |
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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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A J Jaworski |
500 Ordinary GBP 0.01 |
Ordinary |
500 |
0.01 |
5.00 |
5.49 |
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Dorota Dyakowska |
250 Ordinary GBP 0.01 |
Ordinary |
250 |
0.01 |
2.50 |
2.75 |
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G A Davies |
500 Ordinary GBP 0.01 |
Ordinary |
500 |
0.01 |
5.00 |
5.49 |
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J C S Kimber |
5500 Ordinary GBP 0.01 |
Ordinary |
5,500 |
0.01 |
55.00 |
60.44 |
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Joanna Dyakowska |
250 Ordinary GBP 0.01 |
Ordinary |
250 |
0.01 |
2.50 |
2.75 |
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Unist Ventures Ltd |
2100 Ordinary GBP 0.01 |
Ordinary |
2,100 |
0.01 |
21.00 |
23.08 |
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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-Jan-2012 |
31-Jan-2011 |
31-Jan-2009 |
31-Jan-2008 |
31-Jan-2006 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate
(Period Average) |
0.624696 |
0.648787 |
0.558389 |
0.499611 |
0.553078 |
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Consolidated |
No |
No |
No |
No |
No |
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Audit Fees |
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-Jan-2012 |
31-Jan-2011 |
31-Jan-2009 |
31-Jan-2008 |
31-Jan-2006 |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
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Exchange Rate |
0.637517 |
0.624317 |
0.717437 |
0.503018 |
0.562635 |
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Consolidated |
No |
No |
No |
No |
No |
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Trade Debtors |
- |
- |
- |
- |
0.0 |
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Cash and Equivalents |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Current Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Trade Creditors |
- |
- |
- |
- |
0.1 |
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Bank Overdraft |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Bank Loan Overdrafts |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Short Term Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Current Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Total Current Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Working Capital |
0.0 |
0.0 |
0.0 |
0.0 |
-0.1 |
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Total Long Term Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Other Long Term Liabilities |
0.1 |
0.1 |
0.1 |
0.2 |
0.0 |
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Total Long Term Liabilities |
0.1 |
0.1 |
0.1 |
0.2 |
0.0 |
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Issued Capital |
0.0 |
- |
- |
- |
- |
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Retained Earnings |
-0.1 |
-0.1 |
-0.1 |
-0.2 |
-0.1 |
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Other Reserves |
- |
- |
- |
- |
0.1 |
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Total Reserve |
-0.1 |
-0.1 |
-0.1 |
-0.2 |
-0.1 |
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Total Shareholders Funds |
-0.1 |
-0.1 |
-0.1 |
-0.2 |
-0.1 |
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Net Worth |
-0.1 |
-0.1 |
-0.1 |
-0.2 |
-0.1 |
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Annual Cash
Flows |
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Financials in:
USD (mil) |
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|
31-Jan-2012 |
31-Jan-2011 |
31-Jan-2009 |
31-Jan-2008 |
31-Jan-2006 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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Filed Currency |
GBP |
GBP |
GBP |
GBP |
GBP |
|
Exchange Rate
(Period Average) |
0.624696 |
0.648787 |
0.558389 |
0.499611 |
0.553078 |
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Consolidated |
No |
No |
No |
No |
No |
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Paid Up Equity |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Annual Ratios |
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|
31-Jan-2012 |
31-Jan-2011 |
31-Jan-2009 |
31-Jan-2008 |
31-Jan-2006 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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Filed Currency |
- |
- |
- |
- |
- |
|
Exchange Rate |
- |
- |
- |
- |
- |
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Consolidated |
No |
No |
No |
No |
No |
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Current Ratio |
- |
- |
- |
- |
0.25 |
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Solvency Ratio |
-106,797.53% |
-106,797.53% |
-104,221.69% |
-106,797.53% |
-301.22% |
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Current Debt Ratio |
- |
- |
- |
- |
-1.33 |
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Long Term Debt Ratio |
- |
- |
- |
- |
0.00 |
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Total Debt Ratio |
- |
- |
- |
- |
-1.33 |
|
Debt Asset Ratio |
- |
- |
- |
- |
401.22% |
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Working Finance |
0.09% |
0.09% |
0.10% |
0.09% |
- |
|
Shareholder Liquidity |
-1.00 |
-1.00 |
-1.00 |
-1.00 |
- |
|
Financial Strength Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
0.25 |
|
Reserve Movement |
0.00% |
0.00% |
0.00% |
153.16% |
-56.81% |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.41 |
|
|
1 |
Rs.91.62 |
|
Euro |
1 |
Rs.78.12 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
-- |
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.