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Report Date : |
28.07.2014 |
IDENTIFICATION DETAILS
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Name : |
RAINBOW AGROSCIENCES ( |
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Registered Office : |
2da Calle 9-54, Sector A1, Interior Casa Nº 5, Zona 8,
Condominio Villa Colonial, Mixco C.P. 01057 Ciudad San Cristóbal, |
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Country : |
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Date of Incorporation : |
08.08.1990 |
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Com. Reg. No.: |
19846 |
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Legal Form : |
Stock Company |
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Line of Business : |
Wholesale of Chemical Substances, Textile Fibers, Manure |
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No. of Employees |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Guatemala |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
GUATEMALA ECONOMIC OVERVIEW
Guatemala is the most populous country in Central America with a GDP per capita roughly one-half that of the average for Latin America and the Caribbean. The agricultural sector accounts for 13.5% of GDP and 30% of the labor force; key agricultural exports include coffee, sugar, bananas, and vegetables. The 1996 peace accords, which ended 36 years of civil war, removed a major obstacle to foreign investment, and since then Guatemala has pursued important reforms and macroeconomic stabilization. The Dominican Republic-Central America Free Trade Agreement (CAFTA-DR) entered into force in July 2006, spurring increased investment and diversification of exports, with the largest increases in ethanol and non-traditional agricultural exports. While CAFTA-DR has helped improve the investment climate, concerns over security, the lack of skilled workers, and poor infrastructure continue to hamper foreign direct investment. The distribution of income remains highly unequal with the richest 20% of the population accounting for more than 51% of Guatemala's overall consumption. More than half of the population is below the national poverty line, and 13% of the population lives in extreme poverty. Poverty among indigenous groups, which make up more than 40% of the population, averages 73%, with 22% of the indigenous population living in extreme poverty. Nearly one-half of Guatemala's children under age five are chronically malnourished, one of the highest malnutrition rates in the world. Guatemala is the top remittance recipient in Central America as a result of Guatemala's large expatriate community in the United States. These inflows are a primary source of foreign income, equivalent to one-half of the country's exports or one-tenth of its GDP
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Source
: CIA |
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COMPANY NAME |
RAINBOW
AGROSCIENCES (GUATEMALA) SA |
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TRADE NAME |
PHARMAGRO |
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TAX ID TYPE |
NIT |
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TAX ID NUMBER |
569889-8 |
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CURRENT STATUS |
Active |
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MAIN ADDRESS |
2da Calle 9-54, Sector A1, Interior Casa Nº 5, Zona 8, Condominio Villa Colonial, Mixco |
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CITY/PROVINCE/STATE |
C.P. 01057 Ciudad San Cristóbal, Guatemala |
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PHONE NUMBER(S) |
(502)2485.4111/2485.4158 |
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FAX NUMBER |
(502)2485.3900 |
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michael-groos@rainbowchem.com |
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WEB SITE |
www.rainbowchem.com |
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CR-RATING |
LOW RISK |
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PAYMENT HISTORY |
WITHOUT CREDIT EXPERIENCE |
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COMMENTS OF IDENTIFICATION.- |
The present report was requested with address: 24 Calle Sector A-1, Interior Casa 5 Cond Villa Colonial Int Res Las Orquideas Ciudad San Guatemala. Please be noted that the correct and complete form of this address is as shown above. |
LEGAL ASPECTS
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LEGAL STATUS |
Stock Company |
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INCORPORATION DATE |
08/08/1990 |
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REGISTERED IN |
Guatemala |
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DURATION |
Unlimited. |
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NOTARY OFFICE |
Gilberto Rodriguez Valiente |
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REGISTRATION |
No.19846, Folio 346, Book 92, Deed 75 |
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BACKGROUND (HISTORY).- |
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It was established as QUIMICOS TECNICOS SA. Later, in February 2004, it changed its company name to PHARMAGRO SA. Later, on 19/11/2012, the subject changed its company name to current one: RAINBOW AGROSCIENCES (GUATEMALA) SA, being definately registered in the Guatemalan Mercantile, under No.19846, Page 346, Book 92 from Companies, File 19846. |
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BOARD OF DIRECTORS-EXECUTIVES-SHAREHOLDERS |
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NAME |
JOB TITLE |
% STAKE |
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GROOS GOES, MICHAEL |
General Manager/Majority Shareholder |
YES |
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LIMA DIAZ DE CAJAS, MIRIAM CONCEPCION |
Commercial Under Manager/Legal Rep. |
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GROOS, FERDINAND |
Quality Director/2nd Legal Rep. |
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LIMA DE SANTOS, SANDRA |
Accountant |
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WHO IS WHO? |
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GROOS GOES, MICHAEL |
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German, Born: in 1949, A-1730088, With Address: 2da Calle 9-54, Sector A1, Interior Casa Nº 6, Zona 8, Mixco, Ciudad de San Cristobal, He has lived in Guatemala for 30 years., . |
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Position |
Name |
Country |
Tax id Number |
Year |
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President/Legal Rep. |
PHARMAGRO INTERNATIONAL INC |
PANAMA |
568764-1-446196 |
2007 |
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LIMA DIAZ DE CAJAS, MIRIAM CONCEPCION |
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Position |
Name |
Country |
Tax id Number |
Year |
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Public Income Policy General Dir./Secretary |
PHARMAGRO INTERNATIONAL INC |
PANAMA |
568764-1-446196 |
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No negative information given.
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INITIAL CAPITAL |
Q.5,000 Quetzales |
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PAID-UP CAPITAL |
Q.5,000 Quetzales |
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LAST CAPITAL INCREASE |
Without increase (latest known) |
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TYPE OF SHARES |
common shares (50 shares) |
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LISTED AT STOCK EXCHANGE |
NO |
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SHARE VALUE |
Q.100.00 Quetzales each one |
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% CASH SALES/PAYMENT METHOD |
5% |
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% CREDIT SALES/TERMS |
95% (Terms at 30-60 days) |
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RELATED COMPANIES |
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NAME |
TAX ID. NUMBER |
COUNTRY |
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RAINBOW AGROSCIENCES EL SALVADOR SA |
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EL SALVADOR |
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RAINBOW AGROSCIENCES SAS |
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COLOMBIA |
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COMMENTS ON LEGAL ASPECTS .- |
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On 08/08/1990, it was constituted by Deed No.75 On 30/10/1990, it was registered provisionally in the Commercial Registry of Guatemala. On 30/10/1990, It was registered in the Superintendence of Tax Administration - SAT. The subject is registered in the System of State Contracts and Acquisitions of Guatemala. |
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FINANCIAL INFORMATION |
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CONTENT.- |
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Following our investigation, we interviewed Ms. Sandra Lima de Santos (Accountant), who furnished commercial information on the company but declined the financial statements on the grounds of confidentiality. Our investigation through the outside sources did not supply us with data on the company. The subject is established since 1990 which has been operating normally in the market without registering any problem. COUNTRY CONTEXT - GUATEMALA: The below information has been obtained from a highly regarded public source that issues comments on all of worlds? countries. Taxes: Guatemalan income tax: 5% on the net profit-business: Alphabetic currency code for every country by the International Organization for Standardization (ISO) 4217:Quetzal (GTQ). Main economic indicators: External debt: US$17.67 billion (31 December 2013 est.) International net reserves: US $7.118 billion (31 December 2013 est.) Inflation rate : 4.4% (2013 est.) GDP real growth rate: 3.3% (2013 est.) Annual GDP per capita: US$5,300 (2013 est.) GDP - composition, by sector of origin: agriculture: 13.5% industry: 23.8% services: 62.7% (2013 est.) Labour force of 4.465 million people (2013 est.) divided by: agriculture: 38% industry: 14% services: 48% Unemployment rate: 4.1% (2011 est.) (last available) Productivity sectors: Agriculture - products: sugarcane, corn, bananas, coffee, beans, cardamom; cattle, sheep, pigs, chickens Industries: sugar, textiles and clothing, furniture, chemicals, petroleum, metals, rubber, tourism Foreign trade: Exports: US$10.29 billion (2013 est.) country comparison to the world: 93 US$10.11 billion (2012 est.) Exports - commodities: coffee, sugar, petroleum, apparel, bananas, fruits and vegetables, cardamom Exports - partners: US 40.2%, El Salvador 11.1%, Honduras 8%, Mexico 5.5%, Nicaragua 4.7%, Costa Rica 4.3% Imports: US$16.7 billion (2013 est.) country comparison to the world: 83 US$15.84 billion (2012 est.) Imports - commodities: fuels, machinery and transport equipment, construction materials, grain, fertilizers, electricity, mineral products, chemical products, plastic materials and products Imports - partners: US 38%, Mexico 11.3%, China 7.4%, El Salvador 4.6% Country risks: Commercial Country Risk: MEDIUM Political Country Risk: LOW |
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INSURANCE.- |
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It holds an insurance policy covering imports with ASEGURADORA GENERAL SA (Neither coverage amount nor maturity date were supplied). |
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CREDIT FILES |
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(Locally) Consulted suppliers do not report subject as client paying on credit terms, apparently its purchases are settled in cash and/or from overseas. |
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RATE OF EXCHANGE |
US$1.00 = Q.7.79 (as of report date) |
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OPERATIONS |
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SECTOR |
2.-TRADE (WHOLESALE) |
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ACTIVITY |
CHEMICAL PRODUCTS |
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ISIC CATEGORY |
G-WHOLESALE AND/OR RETAIL SALE |
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ISIC CLASS |
5149-Wholesale of Chemical Substances, Textile Fibers, Manure, etc. |
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MAIN ACTIVITY |
Purchase, sale, importation, exportation of agrochemical products. |
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TERRITORY OF SALES |
National and International market |
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% LOCAL PURCHASING |
5% |
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% FOREIGN PURCHASING |
95% |
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N. OF EMPLOYEES |
10 |
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LOCATION |
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ADMINISTRATIVE OFFICES: Placed at a residential zone. Premises with a land area of 210 sq.m approximately. They are of easy access route, premises are kept in good repairs. Its previous address was: 10 A, Avenida A, 20-59, Zona 10, Guatemala. |
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COMMENTS OF
OPERATIONS.- |
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The subject imports from Germany, India, China, Hong Kong and Spain through direct credit at 120 days. The subject has Certification ISO 9001:2008 Quality Management System. The subject is member of the Latin American Association of the National Industry of Agrochemicals (ALINA). Purchases are paid 40% in cash and 60% in credit (at 30-60 days). |
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FOREIGN SUPPLIERS |
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Name |
Contact |
Telephone/fax |
Country |
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HARVEST |
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CHINA |
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SALES Y DERIVADOS DE COBRE |
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SPAIN |
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SHANDONG WEIFANG RAINBOW CHEMICAL CO; LTD |
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CHINA |
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KONKIA INC |
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HONG KONG |
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MEGHMANI ORGANICS LTD. |
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INDIA |
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UNITED PHOSPHORUS LTD |
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INDIA |
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ATUL LTD. |
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INDIA |
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RAINBOW AGROSCIENCES CO. LIMITED |
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CHINA |
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BANKERS / REFERENCE |
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Bank Name |
Account Number |
Account Officer |
Telephone |
Country |
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CITIBANK DE GUATEMALA SA |
L.C.202320000007701 |
Flor Vives |
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GUATEMALA |
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BANCO G & T CONTINENTAL |
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GUATEMALA |
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BANK COMENTS |
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Consulted banks do not give any information of their clients due to bank secrecy. |
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COMMENT: The subject is operating normally in the market. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.14 |
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1 |
Rs.102.22 |
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Euro |
1 |
Rs.81.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIS |
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 |
-- |
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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.