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Report Date : |
18.06.2013 |
IDENTIFICATION DETAILS
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Name : |
INDUSTRIAS BIOQUIMICAS S.A |
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Registered Office : |
Km 27.2 Carretera a El Salvador, Municipio de Fraijanes, C.P. 01065, Ciudad de Guatemala |
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Country : |
Guatemala |
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Date of Incorporation : |
03.07.1995 |
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Com. Reg. No.: |
Deed No. 155 |
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Legal Form : |
Stock Company |
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Line of Business : |
Manufacturer of Pharmaceutical, Botanical Products and Medicinal
Substances |
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No. of Employees : |
200 |
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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Maximum Credit Limit : |
US$30,000.00 Dollars |
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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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Guatemala |
B1 |
B1 |
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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 |
Guatemala ECONOMIC OVERVIEW
Guatemala is
the most populous country in Central America with a GDP per capita roughly
one-half that of the average for Latin America and the Caribbean. The
agricultural sector accounts for 13% of GDP and 38% of the labor force; key
agricultural exports include coffee, sugar, bananas, and vegetables. The 1996
peace accords, which ended 36 years of civil war, removed a major obstacle to
foreign investment, and since then Guatemala has pursued important reforms and
macroeconomic stabilization. The Dominican Republic-Central American Free Trade
Agreement (CAFTA-DR) entered into force in July 2006 spurring increased
investment and diversification of exports, with the largest increases in
ethanol and non-traditional agricultural exports. While CAFTA-DR has helped
improve the investment climate, concerns over security, the lack of skilled
workers and poor infrastructure continue to hamper foreign direct investment.
The distribution of income remains highly unequal with the richest 20% of the
population accounting for more than 51% of Guatemala''s overall consumption.
More than half of the population is below the national poverty line and 13% of
the population lives in extreme poverty. Poverty among indigenous groups, which
make up 38% of the population, averages 73% and extreme poverty rises to 28%.
Nearly one-half of Guatemala''s children under age five are chronically
malnourished, one of the highest malnutrition rates in the world. Given
Guatemala''s large expatriate community in the United States, it is the top
remittance recipient in Central America, with inflows serving as a primary
source of foreign income equivalent to nearly two-fifths of exports or
one-tenth of GDP. Economic growth fell in 2009 as export demand from US and
other Central American markets dropped and foreign investment slowed amid the
global recession. The economy gradually recovered in 2010-12.
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Source : CIA |
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IDENTIFICATION |
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COMPANY NAME |
INDUSTRIAS BIOQUIMICAS S.A |
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TRADE NAME |
INDUSTRIAS BIOQUIMICAS |
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TAX ID TYPE |
NIT |
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TAX ID NUMBER |
771037-2 |
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CURRENT STATUS |
Active |
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MAIN ADDRESS |
Km 27.2 Carretera a El Salvador, Municipio de Fraijanes |
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CITY/PROVINCE/STATE |
C.P. 01065, Ciudad de
Guatemala |
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PHONE NUMBER(S) |
(502)6634.3534 |
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FAX NUMBER |
(502)6634.4914 |
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E-MAIL |
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WEB SITE |
www.gurpopharma.com.gt (Corporate's website) |
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PAYMENT HISTORY |
EP. A: PAYMENTS USUALLY PROMPT |
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COMMENTS OF IDENTIFICATION.- |
The supplied address: Km. 27.2 Carretera a El Salvador, Fraijanes,
Guatemala, is inexact. Please be advised that the correct and complete
spelling form of this address is as mention in caption. |
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LEGAL ASPECTS |
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LEGAL STATUS |
Stock Company |
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INCORPORATION DATE |
03/07/1995 |
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REGISTERED IN |
Guatemala City |
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DURATION |
Unlimited |
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REGISTRATION |
Deed No. 155 |
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INITIAL CAPITAL |
Q.5,000.00 Quetzales |
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LISTED AT STOCK EXCHANGE |
NO |
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RATE OF EXCHANGE |
US$1.00 = Q.7.84 (as of report date) |
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COMMENTS ON
LEGAL ASPECTS .- |
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On 03/07/1995, Subject was incorporated by Deed No.155 On 02/08/1995,
it was provisionally registered in the Commercial Registry of Guatemala,
until 06/11/1995, when it was definitely registered. On 02/08/1995, It was
also registered in the Superintendency of Tax Administration (SAT) The
subject company is registered in the Contracting and Acquisition System of
Guatemala. It is also member of the Chamber of Industry of Guatemala - CIG. |
Current Credit Limit: US$30,000.00
Dollars
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BOARD OF
DIRECTORS-EXECUTIVES-SHAREHOLDERS |
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NAME |
JOB TITLE |
% STAKE |
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LUNA DEL PINAR, RODOLFO |
President/Legal Rep./Majority Shareholder |
YES |
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CORADO CUEVAS, CLAUDIA INES |
General Manager/Legal Rep. |
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GARCIA , FELIPE |
Finance Manager |
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LITIGATIONS |
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No
detrimental against company name. |
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INITIAL CAPITAL |
Q.5,000.00 Quetzales |
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PAYMENTS |
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TRADE REFERENCES |
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TYPE OF SUPPLIER |
NATIONAL |
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ACCOUNT OPENED |
Several years ago |
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CREDIT FACILITIES |
No current operations limit |
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MONTHLY AVERAGE |
Q.25,000.00 to Q.30,000.00 |
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DEADLINES |
Invoices at 30 days |
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PRODUCTS SOLD |
Plastic bags |
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RATING |
PROMPT |
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COMMENTS.- |
Payments by checks Last purchase: In March 2013 |
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TYPE OF SUPPLIER |
NATIONAL |
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ACCOUNT OPENED |
15 years ago |
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CREDIT FACILITIES |
US$25,000.00 |
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MONTHLY AVERAGE |
US$5,000.00 |
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DEADLINES |
at 120 days |
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PRODUCTS SOLD |
Not specified |
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RATING |
PROMPT |
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COMMENTS.- |
Payments via wire transfers Last purchase: In June 2013 |
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CREDIT FILES |
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The other local supplier did not provide information on clients due to
confidentiality policies. |
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RELATED
COMPANIES |
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NAME |
TAX ID. NUMBER |
COUNTRY |
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FARMACIAS DE LA COMUNIDAD SA |
7964242 |
GUATEMALA |
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FARMALAB SA |
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GUATEMALA |
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GRUPO PHARMA SA |
12775487 |
GUATEMALA |
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COMMENTS RELATED
COMPANIES |
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The subject is related to the following companies: - GRUPO PHARMA SA,
engaged in distribution of medicines to other pharmacies (which are not
related to Subject). - FARMACIAS DE LA COMUNIDAD SA (chain of pharmacies) -
FARMALAB SA, engaged in distribution of medicines at institutional level,
mainly in the state sector. |
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FINANCIAL
INFORMATION |
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CONTENT.- |
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The data comprised herein has been gathered from outside sources of
consultation, in view of when contacting the Subject, head executives flatly
denied to furnish information on the grounds of strict confidence. They also
seemed to be unwilling to collaborate with us. Our investigation through the
outside sources showed no financial data about the subject. The Subject is a
company incorporated in 1995, which operations seem to be conducted normally.
COUNTRY CONTEXT - GUATEMALA: The below information has been obtained from a
highly regarded public source that issues comments on all of worlds? countries.
Taxes: · Guatemalan income tax: 5% on the net profit-business: · Alphabetic
currency code for every country by the International Organization for
Standardization (ISO) 4217:Quetzal (GTQ). Main economic indicators: ·
External debt: US$16.17 billion (31 December 2012 est.) · International net
reserves: US$6.311 billion (31 December 2012 est.) · Inflation rate
forecasted : 4% (2012 est.) · GDP real growth rate: 3.1% (2012 est.) · Annual
GDP per capita: US$5,200 (2012 est.) GDP - composition by sector:
agriculture: 13% industry: 23.8% services: 63.2% (2012 est.) · Labuor force
of 5.571 million people divided by: agriculture: 38% industry: 14% services:
48% Unemployment rate: 4.1% (2011 est.) Productivity sectors: Agriculture -
products: sugarcane, corn, bananas, coffee, beans, cardamom; cattle, sheep,
pigs, chickens · Industrial- products:: sugar, textiles and clothing,
furniture, chemicals, petroleum, metals, rubber, tourism Foreign trade:
Exports: US$9.864 billion (2012 est.) country comparison to the world: 95
Exports - commodities: coffee, sugar, petroleum, apparel, bananas, fruits and
vegetables, cardamom Exports - partners: US 37.9%, El Salvador 10.5%,
Honduras 6.8%, Mexico 5.1% Imports: US$15.57 billion (2012 est.) country
comparison to the world: 86 Imports - commodities: fuels, machinery and
transport equipment, construction materials, grain, fertilizers, electricity,
mineral products, chemical products, plastic materials and products Imports -
partners: US 40.4%, Mexico 11.6%, China 8.2%, El Salvador 4.5% Final Brief:
Commercial Country Risk: LOW Political Country Risk: LOW |
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INSURANCE.- |
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It holds all loss insurance policy with SEGUROS G Y T SA. (Coverage
amount neither maturity date were supplied). |
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RATE OF EXCHANGE |
US$1.00 = Q.7.84 (as of report date) |
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OPERATIONS |
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SECTOR |
1.-INDUSTRY |
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ACTIVITY |
PHARMACEUTICALS/CHEMICALS/LABORATORIES |
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ISIC CATEGORY |
D-MANUFACTURING INDUSTRIES (ELABORATION, MANUFACTURING, PRODUCTION,
PUBLISHING, CASTING, CONSTRUCTION) |
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ISIC CLASS |
2423-Manufacture
of Pharmaceutical, Botanical Products and Medicinal Substances |
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MAIN ACTIVITY |
Pharmaceutical laboratory (Human Medicine). |
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% CASH SALES/PAYMENT METHOD |
60% |
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% CREDIT SALES/TERMS |
40% (Terms at 30, 60 days) |
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TERRITORY OF SALES |
90% (national market) |
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% FOREIGN SALES |
10% |
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N. OF EMPLOYEES |
200 |
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COMMENTS OF
OPERATIONS.- |
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It trades 100% wholesaling. Its sales are addressed to related
companies. The Subject participated through "Farmacias de la
Comunidad" with 28% of the market according to Rodolfo Luna del Pinar,
Chairman of Pharma Group which is composed among others by "Industrias
Bioquimicas SA. It imports raw material and packaging material from
Switzerland, Spain, Germany and USA through direct credit from 30 until 90
days. It exports to Mexico, USA, El Salvador, Panama. The subject company is
registered in the Contracting and Acquisition System of Guatemala, which
reports the following award: - 2010: Q.179,300.00 Quetzales Major clients
include: Ministry of Health Ministry of Communication, Infrastructure and
Housing International Organization for Migration |
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LOCATION |
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ADMINISTRATIVE
OFFICES, PLANT: Located at caption address. Own premises kept in good repair
on grounds of 8,000 sq.m. |
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LOCAL SUPPLIERS |
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Name |
Contact |
Telephone |
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QUIMICA UNIVERSAL DE
CENTROAMERICA SA |
Maria del Carmen Morales |
(502)2250.1040 |
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ENVASES FLEXIBLES SA |
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REAL PLASTIK SA |
Eugenia Leiva |
(502)2247.0500 |
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FOREIGN
SUPPLIERS |
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Name |
Contact |
Telephone/fax |
Country |
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INDUSTRIA QUIMICA ANDINA Y CIA. SA |
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COLOMBIA |
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BANKERS / REFERENCE |
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Bank Name |
Account Number |
Account Officer |
Telephone |
Country |
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BANCO DE AMERICA CENTRAL SA - BAC |
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GUATEMALA |
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BANCO REFORMADOR SA |
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GUATEMALA |
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BANCO DE DESARROLLO RURAL SA |
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GUATEMALA |
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BANK COMENTS |
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The above banks consulted did not provide references by preserving
confidentiality of bank-client information. |
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CREDIT OPINION |
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Well-reputed company nationwide, which operations are conducted
satisfactorily, It holds of good trade relations with suppliers. Nothing
unfavourable learned. Hence, we estimate that it is suitable to deal with a
credit line of US$30,000.00 Dollars. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.57.73 |
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UK Pound |
1 |
Rs.90.61 |
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Euro |
1 |
Rs.76.96 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.