MIRA INFORM REPORT
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Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
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Name : |
FORTUNE ZIPPER LTD. |
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Registered Office : |
BPMI Bhaban, Plot#211-212, Road#03, Janata Housing, Shah Ali Bug,
Mirpur-1, Dhaka-1216 |
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Country : |
Bangladesh |
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Date of Incorporation : |
12.01.1994 |
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Com. Reg. No.: |
C-25290 |
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Legal Form : |
Private Company |
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Line of Business : |
Manufacturer, Exporter & Sellers of all type of Zipper &
Elastic |
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No. of Employees : |
350 |
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 : |
Regular |
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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 |
: |
Fortune Zipper Ltd. |
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Head Office |
: |
BPMI
Bhaban, Plot#211-212, Road#03, Janata Housing, Shah Ali Bug, Mirpur-1,
Dhaka-1216, Bangladesh |
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Tel No |
: |
88-02-8054617 |
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Fax No |
: |
- |
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E-mail |
: |
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Website |
: |
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Date/ Year
of Incorporation |
: |
12.01.1994 |
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Incorporation No. |
: |
C-25290 |
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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) |
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FINANCIALS- SUMMARY
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Year |
Turnover/
Sales |
Assets |
Income |
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2011 |
Tk.160 Million |
Tk.15 Crore |
Tk.2.75 Million |
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2012 |
Tk.175 Million |
Tk.15.5Crore |
Tk.3.20 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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Information Parted By |
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Name |
: |
Mr.
Ahmed Farhad Khan |
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Designation |
: |
Director |
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Contract No |
: |
- |
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Locations Details |
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Business Address |
: |
BPMI
Bhaban, Plot#211-212, Road#03, Janata Housing, Shah Ali Bug, Mirpur-1,
Dhaka-1216, Bangladesh |
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Tel No |
: |
88-02-8054617 |
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E-mail |
: |
- |
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Fax No |
: |
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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 |
1800 |
Sq. ft. |
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Type of Office : |
: 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 |
: |
Aukpara,
Ashulia, Savar, Bangladesh |
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Tel No |
: |
- |
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Fax No |
: |
- |
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Owned |
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Rented |
Ö |
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Leased |
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Area |
40,000 |
Sq. ft. |
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Employee: |
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No. of
Employees |
In Office |
: |
70 |
In Factory |
: |
280 |
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In
Branch: |
: |
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Total |
: |
350 |
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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. Mokbul Ahmed
Khan |
6922 |
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Mr. Ahmed Farhad
Khan |
5417 |
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Mrs. Tahmina
Akhtar |
2600 |
DIRECTORS
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Name |
Designation |
|
Mrs. Tahmina
Akhtar |
Managing
Director |
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Mr. Ahmed Farhad
Khan |
Director |
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Mr. Mokbul Ahmed
Khan |
Director |
MANAGEMENT
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Name |
: |
Mr.
Ahmed Farhad Khan |
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Job Description |
: |
Director |
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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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Sellers |
Ö |
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Range of Products/Item Dealings In: |
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Products |
: |
All
type of Zipper & Elastic |
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Production
Capacity |
: |
N/A |
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Last Year Production |
: |
N/A |
Trading Terms:
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Purchasing
Terms: |
L/C |
Ö |
Cash |
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Others |
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|||
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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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|||
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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 |
: |
Local
Garments |
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Overseas Suppliers |
: |
N/A |
Local
Suppliers |
: |
N/A |
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Trade
Markets |
: |
Exports |
: |
Europe |
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Imports |
: |
China, India |
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Brand Name |
: |
Nil |
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Certified |
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N/A |
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Auditors |
: |
N/A |
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Operation Status |
: |
Active |
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Member |
: |
N/A |
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CAPITAL STRUCTURE
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Authorized
Capital |
: |
Tk.20 Crore |
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Paid-up Capital |
: |
Tk.79,69,500 |
No.
of Shares |
: |
15939 |
Share Value |
: |
Tk.500.00Each |
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Main Assets |
: |
Tk.15.5Crore |
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FINANCIAL STATEMENT- DETAILED
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The subject company don’t submit update
financial figure to local registry office. |
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
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Sister Concerns |
: |
Europian University of Bangladesh Eligent Elastic
Industries |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
Fortune
Group |
BANKING
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Bank Name
|
: |
Bank Asia Ltd. |
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Bank Address |
: |
Corporate Branch Noor Tower (1st floor) 73, Sonar gaon Road (1/F Free School Street) Ph: 880-2-9674501, 9674502 Fax:
880-2-9674502 |
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Bank Name
|
: |
Agrani Bank Ltd. |
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Bank Address |
: |
Foreign Exchange Corporate Branch 1/B, Rajuk Avenue, Motijheel, Dhaka-1000 Tel: 88-02-02-9552602, 9560832, 9552319 Fax: 88-02-9561785 Swift: AGBKBDDH
006 ECP, 20/625/72 |
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Dishonored Checks |
:
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No Record Found |
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Debt |
: |
No Record Found |
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Litigation |
: |
Clear |
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Performance Defaults |
: |
No Record Found |
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Adverse Local Media Coverage/ Adverse
Filling History |
: |
No Record Found |
SITE VISIT COMMENTARY
|
|
Our
representative visited the subject company Head Office address which is
situated at BPMI Bhaban, Plot#211-212, Road#03, Janata Housing, Shah Ali Bug,
Mirpur-1, Dhaka-1216, Bangladesh |
GENERAL COMMENTS
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Based on the financial
statement, the subject company financial performance appears to be Average. The subject company has been in its
line of business about 19 years. 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 |
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Adopted Abbreviations: |
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NA- Not Available |
TK- Bangladeshi Taka |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
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UK Pound |
1 |
Rs.99.02 |
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Euro |
1 |
Rs.83.87 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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 |
|
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 |
-- |
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.