MIRA
INFORM REPORT
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Report Date : |
18.09.2013 |
IDENTIFICATION DETAILS
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Name : |
IHC-WMSHL LTD. |
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Registered Office : |
HBFC Building (Ground Floor) I/D Agrabad, C/A,
Chittagong-4100 |
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Country : |
Bangladesh |
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Date of Incorporation : |
18.08.2010 |
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Com. Reg. No.: |
C-86482 |
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Legal Form : |
Private Co |
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Line of Business : |
Manufacturer and Exporter of Ships |
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No. of Employees : |
1200 |
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 : |
Good |
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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) |
|
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 |
: |
IHC-WMShL LTD. |
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Head office |
: |
Amin Future Park (7th floor), 1440/A-8, Strand Road,
Chittagong -4100, Bangladesh. |
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Tel No |
: |
88-031- 253 0035-7 |
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Fax No |
: |
88-031- 253 0038 |
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E-mail |
: |
arifuzzaman@wms.com.bd, wms@wms.com.bd wms@bbts.net,
s.bashar@wms.com.bd |
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Website |
: |
www.wms.com.bd |
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Date/ Year of Incorporation |
: |
C-86482 |
|
Incorporation No. |
: |
18-08 -2010 |
|
Legal Form (General) |
: |
Public Listed
Co Public (but not
listed) Private Co State-owned Co Sole
Proprietorships Partnership Not Registered others (please
specify) ________________ |
|
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 |
|
|
2011 |
Tk.395 million |
Tk.79 Million |
Tk4.80 million |
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2012 |
Tk.405 million |
Tk.80 Million |
Tk.5.30 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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FULLCHECK REPORT DETAILS
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Information Parted By |
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Name |
: |
Eng. Arifur Rahman Khan
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Designation |
: |
Technical Director |
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Contract No |
: |
- |
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Locations Details |
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Business Address |
: |
Amin Future Park (7th floor), 1440/A-8, Strand Road,
Chittagong -4100, Bangladesh. |
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Tel No |
: |
88-031- 253 0035-7 |
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Fax |
: |
88-031- 253 0038 |
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Email |
: |
arifuzzaman@wms.com.bd, wms@wms.com.bd wms@bbts.net,
s.bashar@wms.com.bd |
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Website |
: |
www.wms.com.bd |
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Location : |
:
Owned |
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Rented |
Ö |
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Leased |
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Area |
6500 |
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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Dockyard: |
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Address |
: |
Kolagaon, No.4, Kolagaon
Union, Patiya, Chittagong, Bangladesh. |
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Tel No |
: |
88-00-607 430 1803 |
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Fax No |
: |
- |
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Owned |
Ö |
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Rented |
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Leased |
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Area |
20 |
Acores |
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Registered Address: |
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Address |
: |
HBFC Building (Ground Floor) I/D Agrabad, C/A,
Chittagong-4100, Bangladesh |
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Tel No |
: |
88-031- 712177, 726 579 |
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Fax No |
: |
88-031- 720 248 |
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Branch Address: |
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Address |
: |
10, Arambagh, Dhaka -1000, Bangladesh |
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Tel No |
: |
- |
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Fax No |
: |
- |
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Employee: |
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No. of Employees |
In Office |
: |
70 |
In Factory |
: |
1100 |
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In Branch: |
: |
30 |
Total
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: |
1200 |
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Details: |
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OWNERSHIP/SHAREHOLDERS
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Names
of Shareholders |
No. of Share |
|
Western Marine Shipyard Ltd. |
4420 |
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IHC Holland B.V. |
1700 |
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Mr. Shah Abdul Latif |
680 |
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Kees Joost Derks |
1700 |
DIRECTORS
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Name |
Designation |
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Mr. Md. Saiful Islam |
Chairman |
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Mr. Md. Sakhawat Hossain |
Managing Director |
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Kees Joost Derks |
Director |
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MANAGEMENT
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Name |
: |
Eng. Arifur Rahman Khan
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Email address |
: |
- |
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Nationality |
: |
Bangladeshi |
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Job Description |
: |
Technical Director |
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Other details |
: |
- |
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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 |
Ö |
Others |
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Range
of Products/Item Dealings In: |
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Products |
: |
Ships |
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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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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 |
: |
N/a |
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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 |
: |
N/A |
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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.100 Million |
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Paid-up
Capital |
: |
Tk.1000000000 |
No. of Shares |
: |
Tk.1000000 |
Share Value |
: |
Tk.1000.00Each |
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Main
Assets |
: |
Tk.80 Million |
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FINANCIAL STATEMENT- DETAILED
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The subject company don’t submit
update financial figure to local registry office. |
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ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
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Sister Concerns |
: |
New Western Marine ship builders Ltd Western
Marine Shipyard Limited |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
Western Marine Group |
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BANKING
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Bank Name |
: |
South East Bank Ltd. |
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Bank Address |
: |
Agrabad Branch Jahan Building, 59, Agrabad,
Chittagong Swift: SEBDBDDHAGR Fax: 880 - 31 - 713096 Tlx: 633162 SBLAG BJ Phone: 031 - 713097 - 8,
713094 - 5, 721151 - 3 |
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Bank Name |
: |
Bank Asia Ltd. |
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Bank Address |
: |
SK. Mujib Road Branch 1269/b Sk. Mujib Road Agrabad C/A, Chittagong |
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Bank Name |
: |
One Bank Ltd |
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Bank Address |
: |
Agrabad Branch 95, Agrabad C.A Phone: |
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 |
: |
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 address of
Amin Future Park (7th floor), 1440/A-8, Strand Road, Chittagong -4100,
Bangladesh. |
GENERAL COMMENTS
|
Based on financial statement, the subject company financial performance appears to be fair. Hence, we recommended that Credit can proceed promptly in Fairly large amount |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.37 |
|
|
1 |
Rs.100.85 |
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Euro |
1 |
Rs.84.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
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 |
|
<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.