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Report Date : |
19.10.2013 |
IDENTIFICATION DETAILS
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Name : |
INDUSTRIA TEXTIL COLOMBIANA SAS |
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Registered Office : |
Calle 21 A 70-11, Zona Industrial |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
17.12.1971 |
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Legal Form : |
Simplified Joint Stock Company |
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Line of Business : |
Subject is engaged in the importation, weaving, and trade of textile products. |
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No. of Employees : |
80 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
Colombia's consistently sound economic policies and
aggressive promotion of free trade agreements in recent years have bolstered
its ability to face external shocks. Real GDP has grown more than 4% per year
for the past three years, continuing almost a decade of strong economic
performance. All three major ratings agencies have upgraded Colombia's
government debt to investment grade. Nevertheless, Colombia depends heavily on
oil exports, making it vulnerable to a drop in oil prices. Economic development
is stymied by inadequate infrastructure, weakened further by recent flooding.
Moreover, the unemployment rate of 10.3% in 2012 is still one of Latin
America's highest. The SANTOS Administration's foreign policy has focused on bolstering
Colombia's commercial ties and boosting investment at home. The US-Colombia
Free Trade Agreement (FTA) was ratified by the US Congress in October 2011 and
implemented in 2012. Colombia has signed or is negotiating FTAs with a number
of other countries, including Canada, Chile, Mexico, Switzerland, the EU,
Venezuela, South Korea, Turkey, Japan, China, Costa Rica, Panama, and Israel.
Foreign direct investment - notably in the oil and gas sectors - reached a
record $10 billion in 2008 but dropped to $7.2 billion in 2009, before
beginning to recover in 2010, and reached a record high of nearly $16 billion
in 2012. Colombia is the third largest Latin American exporter of oil to the
United States, and the United States' largest source of imported coal. Inequality,
underemployment, and narcotrafficking remain significant challenges, and
Colombia's infrastructure requires major improvements to sustain economic
expansion
Source
: CIA
|
IDENTIFICATION |
|
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COMPANY NAME |
INDUSTRIA TEXTIL COLOMBIANA SAS |
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TRADE NAME |
INTEXCO S.A.S. |
|
TAX ID TYPE |
NIT |
|
TAX ID NUMBER |
860033245 |
|
CURRENT STATUS |
Active |
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MAIN ADDRESS |
Calle 21 A 70-11, Zona Industrial Montevideo |
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CITY/PROVINCE/STATE |
C.P. 2085, Bogota DC |
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PHONE NUMBER(S) |
(57-1) 742.0177 |
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FAX NUMBER |
(57-1) 570.6797 |
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E-MAIL |
intexco@hotmail.com |
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WEB SITE |
www.intexcobogota.com |
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PAYMENT HISTORY |
WITHOUT CREDIT EXPERIENCE |
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COMMENTS OF
IDENTIFICATION.- |
This report was ordered with company name: INTEXCO SAS; which is incorrect. Please notice that the correct company name of subject is as shown in caption. Likewise, this report was ordered with address: Calle 21 A. No. 70-11; which is incomplete. Please notice that the complete form of such address is as shown above. |
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LEGAL STATUS |
Simplified Joint Stock Company |
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INCORPORATION DATE |
17/12/1971 |
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REGISTERED IN |
Bogota DC |
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DURATION |
Unlimited |
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COMMENTS ON LEGAL ASPECTS
.- |
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Check Digit (DV, by its abbreviation in Spanish): 1 The DV is a digit added to the taxpayer identification number - NIT granted by the Superintendency of Companies for the purpose of detecting errors and its possible corrections. Subject is registered in the Unique Business Registry (RUE, by its abbreviation in Spanish) with the following data: Commercial Registration No. 0000028966 File No. 29592 Registration date: 10/11/1972 Status: Active. |
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BOARD OF
DIRECTORS-EXECUTIVES-SHAREHOLDERS |
||
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NAME |
JOB TITLE |
% STAKE |
|
VELEZ CAMACHO, JULIO ERNESTO |
Member of the Board/Leg. Rep. |
|
|
VELEZ VELEZ VELEZ, DANIEL |
Deputy Legal Rep. |
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|
FLOREZ GONZALEZ, JOSE DE JESUS |
Tax Inspector |
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CASTELLANOS VALERO, ANA ELVIA |
Deputy Tax Inspector |
|
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MEJIA MONTALVO, |
Accountant |
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VELEZ CAMACHO, JULIO ERNESTO |
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Colombian, businessman,. |
No negative information found.
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PAID-UP CAPITAL |
Ps$ 360,000,000.00 Pesos |
|
LAST CAPITAL
INCREASE |
2010 |
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NET WORTH |
Ps$ 10,637,423,000.00 Pesos (as of 31/12/2012) |
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TYPE OF SHARES |
Registered and common shares |
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LISTED AT STOCK
EXCHANGE |
NO |
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SHARE VALUE |
Ps$ 100.00 Pesos, each |
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IMPORTS |
|
|
YEAR |
2013 |
|
AMOUNT |
US$ 960,279.02 |
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COUNTRIES |
|
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TERMINOS |
Operations: 15 |
|
YEAR |
2012 |
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AMOUNT |
US$ 7,306,653.95 |
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COUNTRIES |
|
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TERMINOS |
Operations: 105 |
|
YEAR |
2011 |
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AMOUNT |
US$ 6,720,036.01 |
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COUNTRIES |
|
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TERMINOS |
Operations:71 |
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YEAR |
2010 |
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AMOUNT |
US$ 7,376,517.26 |
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COUNTRIES |
|
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TERMINOS |
Operations: 132 |
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EXPORTS |
|
|
YEAR |
2013 |
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AMOUNT |
US$ 27,108.94 |
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COUNTRIES |
|
|
TERMINOS |
Operations: 5 |
|
YEAR |
2012 |
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AMOUNT |
US$ 57,900.06 |
|
COUNTRIES |
Peru |
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TERMINOS |
Operations: 3 |
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YEAR |
2011 |
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AMOUNT |
US$ 222,346.77 |
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COUNTRIES |
Peru |
|
TERMINOS |
Operations: 13 |
|
% CASH
SALES/PAYMENT METHOD |
40% |
|
% CREDIT
SALES/TERMS |
60% |
Na
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FINANCIAL
INFORMATION |
|
CONTENT.- |
|
During this investigation, we interviewed Miss Xenia Mejia (Accountant) who provided us with commercial information on the subject except for financial data as per confidentiality policies. Therefore, this report has been also elaborated with the information provided by outside sources. And in accordance with such information, we herein include subject's General Balance Sheets as of 31/12/2012 and 31/12/2011 (12 months each) both expressed in Pesos; which figures read as follows: |
|
Balance Date |
31/12/2012 |
31/12/2011 |
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Currency |
Peso |
Peso |
|
|
Exchange Rate |
1,774.50 |
1,941.50 |
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.Current Total |
25,618,615,000.00 |
25,112,961,000.00 |
2.01 |
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.Net Fixed |
4,645,618,000.00 |
2,950,079,000.00 |
57.47 |
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.Total Assets |
30,264,233,000.00 |
28,063,040,000.00 |
7.84 |
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.Total Current
Liabilities |
19,626,810,000.00 |
19,425,377,000.00 |
1.04 |
|
Total Liabilities |
19,626,810,000.00 |
19,425,377,000.00 |
1.04 |
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Total Equity |
10,637,423,000.00 |
8,637,663,000.00 |
23.15 |
|
Total Liabilities
and Equity |
30,264,233,000.00 |
28,063,040,000.00 |
7.84 |
|
Balance Date |
31/12/2012 |
31/12/2011 |
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Currency |
Peso |
Peso |
|
|
Exchange Rate |
1,774.50 |
1,941.50 |
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Net Sales |
37,161,433,000.00 |
36,202,706,000.00 |
2.65 |
|
Profit(loss) |
1,779,543,000.00 |
1,231,692,000.00 |
44.48 |
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PERIOD |
2,012.00 |
2,011.00 |
0.00 |
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.NET WORKING
CAPITAL |
5,991,805,000.00 |
5,687,584,000.00 |
0.05 |
|
.CREDIT RATING |
1.31 |
1.29 |
0.02 |
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.CONTENTS OF THE
ACID TEST |
0.00 |
0.00 |
|
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.INDEBTEDNESS |
1.54 |
1.44 |
0.07 |
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.LIABILITIES,
CAPITAL |
0.00 |
0.00 |
|
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.TOTAL ASSET
TURNOVER |
1.23 |
1.29 |
-0.05 |
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.RETURN ON EQUITY |
0.00 |
0.00 |
|
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.NET RETURN ON
SALES |
0.00 |
0.00 |
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Subject is a company with broad experience in business, which registers no detrimentals regarding its commercial operations. COUNTRY CONTEXT - COLOMBIA: The below Country comments were obtained from a highly regarded public source that issues economic comments on all of World` s countries. Taxes: - Colombian income tax: 38.5% on the net profit-business:. - Tax agreements with the Andean Community and Spain which allow residents in this countries to have a special tax treatment. - Alphabetic currency code for every country, established by the International Organization for Standardization (ISO) 4217: Colombian Peso (COP) Main economic indicators: - External debt: US $73.41 billion (31 December 2012 est.) - International reserves: US$34.74 billion (31 December 2012 est.) - Inflation rate forecasted: 3.2% (2012 est.) - GDP growth rate: 4.3% (2012 est.) - Annual GDP per capita: US$10,700 (2012 est.) - GDP - composition by sector: agriculture: 6.8% industry: 38.1% services: 55.1% (2012 est.) - Labour force of 23.08 million people divided by: agriculture: 18% industry: 13% services: 68% - Unemployment rate: 10.3% (2012 est.) Productive sectors: - Agriculture - products: coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables; shrimp; forest products - Industrial- products: textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds Foreign trade: - Exports: US$59.96 billion (2012 est.) country comparison to the world: 55 Exports - commodities: petroleum, coal, emeralds, coffee, nickel, cut flowers, bananas, apparel Exports - partners: US 42%, Netherlands 4.7%, China 4.2% (2011) - Imports: US$55.49 billion (2012 est.) country comparison to the world: 54 Imports - commodities: industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity Imports - partners: US 29.2%, China 11.9%, Mexico 11.5%, Brazil 5.3% (2011) Final brief: Commercial Country Risk: MEDIUM Political Country Risk: LOW |
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DETAILS OF FIXED
ASSETS.- |
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Subject reports a fleet of vehicles, furnaces, laboratory equipment, casts, showrooms, informatics equipment, photocopy machines, calculators, office furniture and fittings, and tools among other fixed assets. |
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INSURANCE.- |
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No insurance data was reported. |
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CREDIT FILES |
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Possible local suppliers did not provide information about their clients as per confidentiality policies. |
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RATE OF EXCHANGE |
US$1.00 = Ps$1884.20 |
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OPERATIONS |
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SECTOR |
3.-TRADE ( WHOLESALE AND RETAIL) |
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ACTIVITY |
TEXTILES/ FABRICS |
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ISIC CATEGORY |
G-WHOLESALE AND/OR RETAIL SALE |
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MAIN ACTIVITY |
Subject is engaged in the importation, weaving, and trade of textile products. |
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TERRITORY OF SALES |
Local and international market |
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% LOCAL PURCHASING |
50% |
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% FOREIGN
PURCHASING |
50% |
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N. OF EMPLOYEES |
80 approximately |
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LOCATION |
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ADMINISTRATIVE OFFICES, BUSINESS PREMISES, DEPOSIT, PRODUCTION CENTER: Located at the address shown in caption, in a residential zone of the city with easy access routes. Large premise kept in good repair. BRANCH: - Calle 49, Sur 72B-75, Nueva Delicias. Telephone No.(57-1) 724.3261 |
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COMMENTS OF
OPERATIONS.- |
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Sales are conducted 100% directly. When visiting subject's premises we could observe good stock of merchandise and good number of customers. Office hours: from Monday to Friday: 08:30h-17:00h /Saturday: 09:00h-13:00h |
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FOREIGN SUPPLIERS |
|||
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Name |
Contact |
Telephone/fax |
Country |
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TT LIMITED |
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INDIA |
|
I C TEXTILES LIMITED |
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INDIA |
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AARTI IMPEX INC |
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INDIA |
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Bank Name |
Account Number |
Account Officer |
Telephone |
Country |
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BANCO DE BOGOTÁ S.A. |
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COLOMBIA |
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BANCO SANTANDER COLOMBIA S.A |
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COLOMBIA |
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BANK COMENTS |
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Consulted banks did not provide any information on their clients as per bank secrecy. |
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CREDIT OPINION |
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COMMENT: Subject is an industrial company which operations seem to have been conducted normally. Therefore, it is considered to be suitable for a credit |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.28 |
|
|
1 |
Rs.99.03 |
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Euro |
1 |
Rs.83.80 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
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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.