MIRA INFORM REPORT
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Report Date : |
10.10.2013 |
IDENTIFICATION DETAILS
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Name : |
ETTADE JEANS LIMITED |
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Registered Office : |
1670/2091 West Sholashar (Building No.3), Aturar Depu, Chittagong |
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Country : |
Bangladesh |
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Date of Incorporation : |
31.05.2006 |
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Com. Reg. No.: |
CH-5867 |
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Legal Form : |
Private Co
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Line of Business : |
Manufacturer & Exporter of Pants, Trousers, Bermuda |
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No. of Employees : |
1500 |
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Bangladesh |
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 |
BANGLADESH - ECONOMIC OVERVIEW
In real terms Bangladesh's economy has grown 5.8% per year
since 1996 despite political instability, poor infrastructure, corruption,
insufficient power supplies, and slow implementation of economic reforms.
Bangladesh remains a poor, overpopulated, and inefficiently-governed nation.
Although more than half of GDP is generated through the service sector, 45% of
Bangladeshis are employed in the agriculture sector with rice as the
single-most-important product. Bangladesh's growth was resilient during the 2008-09
global financial crisis and recession. Garment exports, totaling $12.3 billion
in FY09 and remittances from overseas Bangladeshis, totaling $11 billion in
FY10, accounted for almost 12% of GDP.
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Source
: CIA |
EXECUTIVE SUMMARY
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IDENTIFICATION
DETAILS |
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Correct company Name |
: |
ETTADE JEANS LIMITED |
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Head Office |
: |
1670/2091 West Sholashar (Building No.3), Aturar Depu, Chittagong,
Bangladesh |
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Tel No |
: |
88-031-683260, 683163, 2580957-58, 01713115556(MD) |
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Fax No |
: |
88-031-682854 |
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E-mail |
: |
azizul@jerkin-group.com jerkin7@colbd.com, jerkin1@colbd.com |
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Website |
: |
- |
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Date/ Year of Incorporation |
: |
31.05.2006 |
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Incorporation No. |
: |
CH-5867 |
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Legal Form (General) |
: |
Public Listed Co Public (but not listed) Private Co State-owned Co Sole Proprietorships Partnership Not Registered others (please specify)
________________ |
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Legal form (Specific) |
: |
LTD CORP INC CO others (please specify)
________________ |
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Issuing Authority |
: |
Registrar
of Joint Stock Companies & Firms City Corporation Municipal Administration Union Council Cantonment Board Chief Controller of Import & Export (CCIE) |
FINANCIALS- SUMMARY
|
Year |
Turnover/
Sales |
Assets |
Income |
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2011 |
Tk. 135 Million |
Tk. 24 Million |
Tk. 1.5 Million |
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2012 |
Tk. 145 Million |
Tk. 25 Million |
Tk. 2.2 Million |
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Exchange Rate |
USD1-Tk. 77.8200 EUR 1- Tk. 100.2711 GBP 1- Tk.118.5354 AUD 1 - Tk.82.8563 JPY 1 - Tk.0.9286 |
CAD 1 - Tk.80.1887 SEK 1 - Tk.12.2870 SGD 1 - Tk.65.3045 CNH 1 - Tk.12.8399 |
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Sales Trend – Analysis: |
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2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
2010 |
2011 |
2012 |
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- |
- |
- |
- |
- |
- |
- |
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FULLCHECK REPORT DETAILS
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Information Parted By |
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Name |
: |
Mr. A.B.M. Sohel |
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Designation |
: |
Human Resource officer |
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Contract No |
: |
- |
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Locations Details |
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Business Address |
: |
1670/2091 West Sholashar (Building No.3), Aturar Depu, Chittagong,
Bangladesh |
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Tel No |
: |
88-031-683260, 683163, 2580957-58 |
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E-mail |
: |
88-031-682854 |
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Fax No |
: |
azizul@jerkin-group.com jerkin7@colbd.com, jerkin1@colbd.com |
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Website |
: |
- |
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Location : |
: Owned |
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Rented |
Ö |
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Leased |
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Area |
3,000 |
Sq. ft. |
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Type of Office :
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: Commercial Office Bldg. |
Ö |
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Semi-commercial office Bldg. |
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Retail shop |
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Industrial Park |
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Business Center |
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Home Office |
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Residential Bldg. |
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Factory: |
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Address |
: |
1670/2091 West Sholashar (Building No.3), Aturar Depu, Chittagong,
Bangladesh |
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Tel No |
: |
88-031-683260, 683163, 2580957-58 |
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Fax No |
: |
88-031-682854 |
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Owned |
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Rented |
Ö |
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Leased |
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Area |
35,000 |
Sq. ft. |
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Employee: |
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No. of
Employees |
In Office |
: |
25 |
In Factory |
: |
1475 |
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In Branch: |
: |
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Total |
: |
1500 |
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Details: |
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OWNERSHIP/SHAREHOLDERS
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Names of Shareholders |
No. of Share |
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Mr. Azizul Islam Khan |
35000 |
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Mrs. Nilufar Akhter |
15000 |
DIRECTORS
|
Name |
Designation |
|
Mr. Azizul Islam Khan |
Managing Director |
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Mrs. Nilufar Akhter |
Director |
MANAGEMENT
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Name |
: |
Mr. A.B.M. Sohel |
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Job Description |
: |
Human Resource officer |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
- |
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Other details |
: |
- |
BUSINESS OPERATIONS
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Nature of
Activity : |
Manufacturer |
Ö |
Trader |
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Dealer |
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Distributor |
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Exporter |
Ö |
Importer |
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Services |
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Others |
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Range of
Products/Item Dealings In: |
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Products |
: |
Pants, Trousers, Bermuda |
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Production
Capacity |
: |
2, 70,000 doz. per year |
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Last Year
Production |
: |
Do |
Trading Terms:
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Purchasing
Terms: |
L/C |
Ö |
Cash |
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Others |
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Credit : |
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30 days |
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60 days |
Ö |
90 days |
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days |
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Selling
Terms : |
L/C |
Ö |
Cash |
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Others |
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Credit : |
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30 days |
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60 days |
Ö |
90 days |
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days |
DETAILED DATA
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Trade Reference
& Related Parties |
: |
Overseas Clients |
: |
N/A |
Local Clients |
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N/A |
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Overseas Suppliers |
: |
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Local Suppliers |
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N/A |
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Trade Markets |
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Exports |
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Europe |
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Imports |
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China, India |
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Brand Name |
: |
Nil |
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Certified |
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Nil |
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Auditors |
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N/A |
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Operation Status |
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Active |
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Member |
: |
Bangladesh Garments
Manufacturer & Exporters Association |
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CAPITAL STRUCTURE
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Authorized
Capital |
: |
Tk.30 million |
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Paid-up
Capital |
: |
Tk.50,00,000 |
No.
of Shares |
: |
50,000 |
Share Value |
: |
Tk.100.00Each |
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Main
Assets |
: |
Tk.25 million |
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FINANCIAL STATEMENT- DETAILED
The subject company don’t submit update financial figure to local
registry office.
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
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Sister Concerns |
: |
Jerkin Wears Limited Daelim Textile Limited Ettade Embroidery Limited Ettade Packaging Limited Zeal Thread Limited Atlantic Jeans Limited Ramfen Accessories Limited SNAPCO Industries Limited Noor Syndicate |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
Jerkin Group |
BANKING
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Bank Name |
: |
South East Bank Ltd. |
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Bank Address |
: |
Agrabad Branch, Jahan Building, 59, Agrabad C/A, Chittagong Fax: 880 - 31 - 713096 A/C No: 0011100026298 Tlx: 633162 SBLAG BJ Swift: SEBDBDDHAGR Email: hob.ab@sebankbd.com |
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Bank Name |
: |
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Bank Address |
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Jublee Road Branch, Aziz Chamber, MES No: 6, Noor Ahmed Road (Jubilee Road), Chittagong Email: jubilee@standardbankbd.com Phone: 88-031-627811, 610356 Fax: 88-031- 612188 |
ADVERSE DATA MONITORING
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Dishonored
Checks |
: |
No Record Found |
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Debt |
: |
No Record Found |
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Litigation |
: |
Clear |
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Performance
Defaults |
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No Record Found |
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Adverse Local
Media Coverage/ Adverse Filling History |
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No Record Found |
SITE VISIT COMMENTARY
Our representative visited the subject company Factory address which is
situated at1670/2091 West Sholashar (Building No.3), Aturar Depu, Chittagong,
Bangladesh
GENERAL COMMENTS
Based on the financial statement, the subject company financial
performance appears to be Average. Taking into account its standing history,
reputation in the market, as well as its financial condition, we recommend that
Credit can proceed normally in Moderate amount.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.92 |
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|
1 |
Rs.99.45 |
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Euro |
1 |
Rs.83.92 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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.