MIRA INFORM REPORT
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Report Date : |
14.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
FABRIC CORPORATION (PTY) LTD |
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Registered Office : |
Pdb House, 12 Sansom Road, Vincent, 5247 |
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Country : |
South Africa |
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Date of Incorporation : |
04.01.1994 |
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Com. Reg. No.: |
M1994/092554/07 |
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Legal Form : |
Private Company |
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Line of Business : |
Manufacturers of cushion covers |
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No. of Employees : |
23 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
South Africa |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
South Africa ECONOMIC OVERVIEW
South Africa is a middle-income, emerging market with an abundant
supply of natural resources; well-developed financial, legal, communications,
energy, and transport sectors and a stock exchange that is the 15th largest in
the world. Even though the country possesses modern infrastructure that support
a relatively efficient distribution of goods to major urban centers throughout
the region, some components retard growth. The economy began to slow in the second
half of 2007 due to an electricity crisis. State power supplier Eskom
encountered problems with aging plants and meeting electricity demand
necessitating "load-shedding" cuts in 2007 and 2008 to residents and
businesses in the major cities. Subsequently, the global financial crisis
reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has
recovered since then. Unemployment, poverty, and inequality remain a challenge,
with official unemployment at nearly 25% of the work force. State power
supplier Eskom has built two new power stations and installed new power demand
management programs to improve power grid reliability. South Africa's economic
policy has focused on controlling inflation, however, the country has had
significant budget deficits that restrict its ability to deal with pressing
economic problems. The current government faces growing pressure from special
interest groups to use state-owned enterprises to deliver basic services to
low-income areas and to increase job growth.
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Source : CIA |
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Subject Name |
FABRIC CORPORATION (PTY)LTD |
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Country |
South Africa |
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Subject Contact Person |
SHARNE WITTSTOCK - Financial manager |
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Assessment |
This is a well-established business. On investigation contact was made with the financial manager SHARNE WITTSTOCK who assisted with the company information. There are no reported subsidiaries or branches. A bank code C was obtained for an amount of R 1 000 000 over a period of 30 days. Commitments are being met timeously with suppliers. The financial information was declined as this information is considered to be confidential. Please see the information obtained below. |
|
Registered Name |
FABRIC CORPORATION (PTY)LTD |
|
Trading as/ Division Name |
FABRIC CORPORATION |
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Previous Name |
MARY-LOU |
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Date of Name Change |
Unavailable |
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Registration Number |
M1994/092554/07 |
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Registration Date |
1994/01/04 |
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Date Commenced Trading |
1994-01-04 |
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Age of Business |
19 Years 3 Months |
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History of Business |
The subject was established as a new
business in 1994 and operations commenced immediately. |
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History of Principals |
There are 2 active directors within the business |
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Shareholders/Members/Partners of subject and % holding |
100 % - JACO MARIE SCHOLTZ |
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Authorised Share Capital |
R1000.00 |
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Issued Share Capital/Members Contribution |
R 100.00 |
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Status |
In Business |
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Operations Assessment |
Manufacturers of cushion covers |
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Industry/ Customers |
Interior decor businesses |
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Major Industry Code / SICC |
31290 |
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Definition of Code |
Manufacture of other textiles n.e.c. |
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Head Office Physical Address |
PDB HOUSE, 12 SANSOM ROAD, VINCENT, 5247 |
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Head Office Postal Address |
P O BOX 1715, EAST LONDON, 5200 |
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Current Tel Number |
0437631476 |
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Cell Number |
Unavailable |
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Current Fax Number |
0437635071 |
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Current Email Address |
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Company Registered Name |
MOORE STEPHENS PDB INC |
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Trading Name |
MOORE STEPHENS |
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Registration Number |
M1997/002064/21 |
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Physical Address |
PDB HOUSE, 12 SANSOM ROAD, VINCENT, 5247 |
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Postal Address |
P 0 BOX 1715, EAST LONDON, 5200 |
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Contact Person |
ANTHONY |
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Contact Number |
0437261344 |
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Email |
Unavailable |
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Principals |
2 |
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Judgements Against Subject |
None |
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Judgements Against Principals |
None |
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Subject Verified as Client |
Yes |
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Practice Number |
952710 |
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VAT Number |
4570230179 |
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Tax Number |
9022044649 |
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BEE Status |
Unavailable |
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Financial Year End |
December |
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No of years in Business |
4 |
Previous Auditors
|
Company Name |
Phone Number |
Time with previous auditors |
Comment |
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PDB PRETORIUS DANDASHE (EL) |
|
7 |
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PDB PRETORIUS DONDASHE |
|
19 |
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Vat Number |
4910157090 |
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Status |
ACTIVE |
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Vat Liable Date |
1994/03/01 |
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Tax Number |
9748002111 |
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Financial Year End |
February |
Black Economic Empowerment Information - No Information on Record
ISO Information - No Information on Record
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Registered |
Yes |
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Compliance Certified |
Yes |
Subsidiaries Information - No Information on Record
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Employees |
|
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Number of Employees |
23 |
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1. Salaried employees |
23 |
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2. Waged employees |
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3. Permanent employees |
23 |
Company Fleet
|
Company Fleet |
No of vehicles: |
Ownerd/Leased |
Value |
Outstanding Balance |
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Fleet Operations |
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The Fleet is made up of |
2 |
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Comment |
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|||
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Light delivery Vehicles |
1 |
Owned |
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Busses |
1 |
Owned |
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Offices |
Offices |
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Head Office Owned/ Rented |
Leased |
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Rental Company |
PETER VAN DE KERK |
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Lease Agreement |
5 Years |
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Type of Premises |
Offices and Factory |
Branch Information - No Information on Record
Organisation Chart
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Level |
Position |
Name |
Comment |
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|||
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1 |
Director |
JACO AAARIE SCHOLTZ |
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|||
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1 |
Director |
PIETER VAN NIEKERK |
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Company Structure
(Ownership)
Note:
One level up and all levels down
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Holding |
Company |
Sub |
Comment |
|
100% - JACO AAARIE SCHOLTZ |
FABRIC CORPORATION (PTY) LTD |
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Key Deals - No Information on Record
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Trade Reference nr |
Supplier |
Contact |
Surety Value |
Notarial Bonds |
Comment |
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3 |
ROAAA PACKAGING |
0437435968 |
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2 |
KERSHSTEIN |
0113375400 |
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1 |
UTI |
0415012606 |
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Nr |
Age of Acc |
Credit Limit |
Max Credit |
Terms |
Average Purchases |
Terms Taken |
Comment |
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3 |
5 Years |
|
R 40000 |
30 Days |
R 20000 - 40000 |
30 Days |
Good Account |
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2 |
4 Years |
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R 20000 |
90 Days |
R 5000 - 20000 |
90 Days |
Good Account |
|
1 |
14 Years |
R1000000.00 |
R 700000 |
30 Days |
R 400000 |
30 Days |
Good Account |
Judgements - No information on record
Business Rescue - No Information on Record
Default Listing - No information on record
Notarial Bonds - No information on record
|
Bank |
FIRST NATIONAL BANK |
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Branch |
OXFORD STREET |
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Brach Code |
250655 |
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Bank Account Number |
52120077708 |
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Type of Account |
Current |
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Account Name |
FABRIC CORPORATION (PTY) LTD |
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Bank Code |
C |
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Bank Comment |
The subject's bankers consider them good for all business normal
engagements |
Bank Code History - No Information on Record
Previous Bank Account Information - No Information on Record
Deeds Information - No information on record
|
Number of Principals |
2 |
|
Average Age of Active Principals |
58 |
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Active
Principals Principal - 1of 2 JACO SCHOLTZ |
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Surname |
SCHOLTZ |
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First Name |
JACO |
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Other Names |
MARIE |
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Marital Status |
Married |
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ID Number |
5909030120080 |
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Verified ID Number |
Yes |
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Current Age |
54 |
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Designation |
Director |
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Status |
Active |
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Appointment Date |
2011/12/01 |
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Physical Address (at time of Appointment) |
16 HAROLD SINGEL, BEACON BAY, 5241 |
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Postal Address |
PO BOX 2525, BEACON BAY, BEACON BAY, 5241 |
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Current Tel Number |
0437631476 |
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Cell number |
0827713631 |
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Shareholding/Membership |
100% |
Principal's Adverse -
No information on record
Business Information
for JACO SCHOLTZ
Principal Current
Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
FABRIC CORPORATION (PTY) LTD |
M1994/092554/07 |
In Business |
19 Years 3 Months |
0 |
No |
|
Principal Previous Business Interests
Average Age of Previous Business 14 Years
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
THATSCHO
RETAILERS CC |
B1998/032504/23 |
Deregistration Final |
14 Years 10 Months |
0 |
No |
|
Principal's Deeds
Information - No information on record
Principal - 2of 2
PIETER VAN NIEKERK
|
Surname |
VAN NIEKERK |
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First Name |
PIETER |
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ID Number |
5008055063000 |
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Verified ID Number |
Yes |
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Current Age |
63 |
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Designation |
Director |
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Status |
Active |
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Appointment Date |
1994/03/01 |
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Physical Address (at time of Appointment) |
30 NAHOON CRESCENT, BEACON BAY, 5241 |
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Postal Address |
30 NAHOON CRESCENT, BEACON BAY, 5241 |
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Shareholding/Membership |
0% |
Principal's Adverse -
No information on record
Business Information
for PIETER VAN NIEKERK
Principal Current
Business Interests
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
FABRIC CORPORATION (PTY) LTD |
M1994/092554/07 |
In Business |
19 Years 3 Months |
0 |
No |
|
Principal Previous Business Interests
Average Age of Previous Business 29 Years
|
Company Name |
Registration No |
Status |
Age of Business |
Judgements |
Liquidation |
Comment |
|
SMYRNAX (PTY)LTD |
M1966/008824/07 |
Deregistration Final |
46 Years 7 Months |
0 |
No |
|
|
INNERSPACE INTERIOR DECOR MANUFACTURERS (PTY) LTD |
M1990/001071/07 |
Dissolved |
23 Years 2 Months |
0 |
No |
|
|
GERMAN AUTOHAUS (RIDGEWAY) (PTY)LTD |
M1994/000254/07 |
Deregistration Final |
19 Years 3 Months |
0 |
No |
|
Principal's Deeds
Information - No information on record
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.91 |
|
UK Pound |
1 |
Rs.84.44 |
|
Euro |
1 |
Rs.71.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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.