MIRA
INFORM REPORT
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Report Date : |
25.09.2013 |
IDENTIFICATION DETAILS
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Name : |
FRESH TEX BANGLADESH (PVT.) LIMITED |
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Registered Office : |
17, Dhanmondi R/A, Road # 2, Dhaka-1205 |
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Country : |
Bangladesh |
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Date of Incorporation : |
01.08.2011 |
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Com. Reg. No.: |
C-44304 |
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Legal Form : |
Private Co
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Line of Business : |
Importer of Garments washing |
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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) |
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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 |
: |
FRESH TEX BANGLADESH (PVT.) LIMITED |
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Head Office |
: |
17, Dhanmondi R/A, Road # 2, Dhaka-1205, Bangladesh. |
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Tel No |
: |
880-2-8611891-5, 8618220-7, 9677701-5 |
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Fax No |
: |
880-2-8613470, 8617647 |
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E-mail |
: |
mrislam@bextex.com |
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Website |
: |
www.beximco.org |
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Date/ Year of Incorporation |
: |
01/08/2011 |
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Incorporation No. |
: |
C-44304 |
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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.245 Million |
Tk.8 Crore |
Tk.3.5 Million |
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2012 |
Tk.275 Million |
Tk.8.5 Crore |
Tk.4.5 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. Rashed Chowdhury |
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Designation |
: |
Commercial Manager |
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Contract No |
: |
88-01713274339 |
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Locations Details |
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Business Address |
: |
17, Dhanmondi R/A, Road # 2, Dhaka-1205, Bangladesh. |
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Tel No |
: |
880-2-8611891-5, 8618220-7, 9677701-5 |
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E-mail |
: |
880-2-8613470, 8617647 |
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Fax No |
: |
mrislam@bextex.com |
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Website |
: |
www.beximco.org |
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Location : |
: Owned |
Ö |
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Rented |
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Leased |
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Area |
4500 |
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 |
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Beximco Industrial Park, Sarabo, Kashimpur, Gazipur, Bangladesh |
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Tel No |
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8618220-7, 8611891-5, Ext. 50524 |
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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 |
80,000 |
Sq. ft. |
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Employee: |
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No. of
Employees |
In Office |
: |
65 |
In Factory |
: |
1135 |
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In Branch: |
: |
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Total |
: |
1200 |
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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. A S F Rahman |
79445 |
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Mr. Salman F Rahman |
79444 |
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Mr. Syed Naved Husain |
1 |
DIRECTORS
|
Name |
Designation |
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Mr. A S F Rahman |
Chairman |
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Mr. Salman F Rahman |
Managing Director |
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Mr. Syed Naved Husain |
Director |
MANAGEMENT
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Name |
: |
Mr. Rashed Chowdhury |
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Job Description |
: |
Commercial Manager |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
mrislam@bextex.com |
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Other details |
: |
88-01713274339 |
BUSINESS OPERATIONS
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Nature of
Activity : |
Manufacturer |
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Trader |
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Dealer |
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Distributor |
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Exporter |
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Importer |
Ö |
Washing |
Ö |
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Range of
Products/Item Dealings In: |
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Products |
: |
Garments washing |
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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 |
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Cash |
Ö |
Others |
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|||
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Credit : |
Ö |
30 days |
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60 days |
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90 days |
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days |
DETAILED DATA
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Trade Reference
& Related Parties |
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Overseas Clients |
: |
N/A |
Local Clients |
: |
Local garments |
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Overseas Suppliers |
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N/A |
Local Suppliers |
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N/A |
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Trade Markets |
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Exports |
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N/A |
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Imports |
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China, India |
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Brand Name |
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Nil |
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Certified |
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Nil |
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Auditors |
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Nil |
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Operation Status |
: |
Active |
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Member |
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N/A |
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CAPITAL STRUCTURE
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Authorized
Capital |
: |
Tk.10 Crore |
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Paid-up
Capital |
: |
Tk.158,89,000 |
No.
of Shares |
: |
158890 |
Share Value |
: |
Tk.100.00Each |
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Main
Assets |
: |
Tk.8.5 Crore |
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FINANCIAL STATEMENT- DETAILED
The subject company don’t submit update financial figure to local
registry office.
ASSOCIARES/SUBSIDIARIES/ RELATED
PARTIES
|
Sister Concerns |
: |
Bangladesh Antibiotics Industries
Ltd. International Knitwear &
Apparels Ltd. Beximco
Property Development & New Dacca Industries Ltd |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
Beximco Group |
BANKING
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Bank Name |
: |
Sonali Bank Ltd |
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Bank Address |
: |
Dhanmondi Branch 9, Dhanmondi, Dhaka. Tel: 88-02-8628723, 9661801 |
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Bank Name |
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IFIC Bank Ltd |
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Bank Address |
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Dhanmondi Branch Royal Plaza (1st & 2nd floor), House # 8A, Road # 4, Mirpur Road, Dhanmondi, Dhaka-1205. E-mail: ificdhan@bol-online.com Phone: 8628381, 8628379, 9660320, 9660336 Mobile: 011-803994 |
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 |
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No Record Found |
SITE VISIT COMMENTARY
Our representative visited the subject company registered address which
is situated at
GENERAL COMMENTS
Established in 2001, the subject is mainly engaged in washing of
garments. Having been in operation
for several years, the subject maintains accepted business volume.
Reputation in the market, as well as its financial condition, we
recommended that Credit can proceed promptly in Fairly large amount
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.66 |
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|
1 |
Rs.100.46 |
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Euro |
1 |
Rs.84.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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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 |
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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.