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Report Date : |
07.03.2014 |
IDENTIFICATION DETAILS
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Name : |
TASCO CHEMICAL CORPORATION |
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Registered Office : |
No.25-9A and C, |
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Country : |
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Date of Incorporation : |
26.04.1982 |
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Com. Reg. No.: |
30974253 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
·
Engaged in manufacturing, sales, import and
export of butanone, maleic anhydride, olefin, and higher alcohol Engaged in manufacturing, sales, import and export of
polybutylene plastic, butyl rubber, tertiary butyl alcohol & antioxidant Engaged in manufacturing, sales, import and export of
acrylamide & polyacrylamide · subject products ranges includes MTBE, MEK, SBA, Butene-1, MA, DTBP, PTBP, OTBP, IPA, DAA, MCH, PTA and LPG |
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No. of Employees |
About 200 Employees |
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 : |
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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Taiwan |
A2 |
A2 |
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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 |
Taiwan ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. In 2009, Taiwan's GDP contracted 1.8%, due primarily to a 13.1% year-on-year decline in exports. In 2010 GDP grew 10.7%, as exports returned to the level of previous years, and in 2011, grew 4.0%. In 2012, however, growth fell to 1.3%, because of softening global demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, but except for the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, so far Taiwan has been excluded from this greater economic integration in part because of its diplomatic status. Negotiations continue on such follow-on components of ECFA regarding trade in goods and services. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other key trade partners, which Taiwan subsequently launched with Singapore and New Zealand. Taiwan's Total Fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 accounting for 11.2% of the island's total population as of 2012. The island runs a large trade surplus largely because of its surplus with China, and its foreign reserves are the world's fifth largest, behind China, Japan, Saudi Arabia, and Russia. In 2006 China overtook the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Three financial memorandums of understanding, covering banking, securities, and insurance, took effect in mid-January 2010, opening the island to greater investments from the mainland's financial firms and institutional investors, and providing new opportunities for Taiwan financial firms to operate in China. In August 2012, Taiwan Central Bank signed a memorandum of understanding on cross-Strait currency settlement with its Chinese counterpart. The MOU allows for the direct settlement of Chinese RMB and the New Taiwan dollar across the Strait, which could help develop Taiwan into a local RMB hub. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also poses new challenges as the island becomes more economically dependent on China while political differences remain unresolved.
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Source : CIA |
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Company Name: |
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Supplied Name: |
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Trading Address: |
No.25-9A and C, Morrison
Plaza, Sec.4, Jen Ai Road, Taipei, Taiwan, R.O.C. |
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Supplied Address: |
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Telephone Number: |
+886-2-2741-5577 |
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Fax Number: |
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E-mail: |
Notes: The exact name and address are as above.
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Credit Opinion: |
Subject was incorporated on 1982-4-26 with registered number 30974253 as Joint Stock Company in Taiwan.
|
Name |
Subscription
Shares |
|
Tai He Investment Corporation (Literal Translation) |
175,191,021 |
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He Cheng Investment Corporation (Literal
Translation) |
58,983,257 |
|
Feng He Development Corporation (Literal
Translation) |
27,474,170 |
|
Da Zhan Investment Corporation (Literal
Translation) |
4,863,399 |
The information above
is that of subject’s major shareholders.
Shareholder
Information:
|
1 |
|
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Registered Name: |
Tai He Investment Corporation (Literal Translation) |
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Registered Address: |
11F-A., No.25, Sec. 4, Ren’ai Rd., Da'an
Dist., Taipei City, Taiwan (R.O.C.) |
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Date of Foundation: |
1987-12-3 |
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Registration Number: |
22765198 |
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Registry: |
Taipei City Government |
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Registered Capital: |
NTD 230,000,000 (USD 7,613,000) (As of 2014.2, 1 NTD = 0.0331 USD) |
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Paid-up Capital: |
NTD 20,000,000 (USD 662,000) |
|
Legal Representatives: |
Suyue Yang |
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Legal Form: |
Joint Stock Company |
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Listed at Stock Exchange: |
No |
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Date of Last Annual Return: |
2010-8-10 |
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2 |
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Registered Name: |
He Cheng Investment Corporation (Literal Translation) |
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Registered Address: |
11F-A., No.25, Sec. 4, Ren’ai Rd., Da'an
Dist., Taipei City, Taiwan (R.O.C.) |
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Date of Foundation: |
1994-6-28 |
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Registration Number: |
84912229 |
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Registry: |
Taipei City Government |
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Registered Capital: |
NTD 13,250,000 (USD 438,575) (As of 2014.2, 1 NTD = 0.0331 USD) |
|
Legal Representatives: |
Shangbao Wu |
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Legal Form: |
Private Limited Liability Company |
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Listed at Stock Exchange: |
No |
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Date of Last Annual Return: |
2003-12-31 |
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3 |
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Registered Name: |
Feng He Development Corporation (Literal Translation) |
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Registered Address: |
11F-A., No.25, Sec. 4, Ren’ai Rd., Da'an
Dist., Taipei City, Taiwan (R.O.C.) |
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Date of Foundation: |
1985-8-6 |
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Registration Number: |
01125909 |
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Registry: |
Taipei City Government |
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Registered Capital: |
NTD 60,000,000 (USD) (As of 2014.2, 1 NTD = 0.0331 USD) |
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Paid-up Capital: |
NTD 60,000,000 (USD ) |
|
Legal Representatives: |
Suyue Yang |
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Legal Form: |
Joint Stock Company |
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Listed at Stock Exchange: |
No |
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Date of Last Annual Return: |
2007-11-8 |
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4 |
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Registered Name: |
Da Zhan Investment Corporation (Literal Translation) |
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Registered Address: |
11F-A., No.25, Sec. 4, Ren’ai Rd., Da'an
Dist., Taipei City, Taiwan (R.O.C.) |
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Date of Foundation: |
1989-10-16 |
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Registration Number: |
23474140 |
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Registry: |
Taipei City Government |
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Registered Capital: |
NTD 190,666,560 (USD 6,311,063) (As of 2014.2, 1 NTD = 0.0331 USD) |
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Paid-up Capital: |
NTD 190,666,560 (USD 6,311,063) |
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Legal Representatives: |
Suyue Yang |
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Legal Form: |
Joint Stock Company |
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Listed at Stock Exchange: |
No |
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Date of Last Annual Return: |
2007-12-30 |
Factory
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Name: |
Linyuan Plant |
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Address: |
No.1, Gongye 2nd Rd., Linyuan Dist., Kaohsiung City, Taiwan (R.O.C.) |
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Date of Foundation: |
1984-5-17 |
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Date of Registration: |
1990-12-31 |
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Factory Registration Number: |
99661505 |
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Factory Manager: |
Chengqing Wu |
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Status: |
In Production |
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Date of Last Annual Return: |
2007-11-9 |
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Major Products: |
199 Other chemical product |
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Date of Registration |
+886-7-643-2994 |
Core
Management
|
1 |
|
|
Name |
Chengqing Wu |
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Position |
Board Chairman |
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Date of Appointment |
1982-3-19 |
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2 |
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Name |
Peijuan Wu |
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Position |
Director |
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3 |
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Name |
Peirong Wu |
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Position |
Director |
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4 |
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Name |
Pinghe Liu |
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Position |
Director |
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5 |
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Name |
Shangbin Wu |
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Position |
Director |
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6 |
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Name |
Suyue Yang |
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Position |
Director |
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7 |
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Name |
Zhongyi Li |
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Position |
Supervisor |
Personnel
Structure
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Total Employees |
About 200
Employees |
Offices
& Factories
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|
Headquarters |
|
Add |
No.25-9A and C, Morrison Plaza, Sec.4, Jen
Ai Road, Taipei, Taiwan, R.O.C. |
Production
Information
l
Subject is a manufacturer of chemical products
l
It is introduced that
subject has a factory in Linyuan Dist., Kaohsiung City, Taiwan for
production.
l
The following annual production capacity of subject
for references:
|
Product |
Annual production capacity |
|
MTBE |
250,000 tons |
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MEK |
60,000 tons |
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SBA |
6,000 tons |
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MA |
20,000 tons |
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Butene-1 |
10,000 tons |
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
-- |
Manufacturing, sales, import and export of
methyl tert-butyl ether |
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-- |
Manufacturing, sales, import and export of
butanone, maleic anhydride, olefin, and higher alcohol |
|
-- |
Manufacturing, sales, import and export of
polybutylene plastic, butyl rubber, tertiary butyl alcohol & antioxidant |
|
-- |
Import, export, sale and resale of
carbinol |
|
-- |
Manufacturing, sales, import and export of
acrylamide, polyacrylamide |
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-- |
Import, export, and sales of home and
abroad companys’ chemicals |
|
-- |
Import and export of cosmetic and
lubricating oil |
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-- |
Import and export of building materials |
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I601010 |
Leasing industry |
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ZZ99999 |
Besides licensed business, all other business
items those are not banned or restricted. |
l
It is introduced that subject purchases its raw
materials mainly in domestic market.
l
The subject is mainly engaged in sales of chemical products
l
It is introduced that subject’s
major products are MTBE, MEK, SBA, Butene-1, MA, DTBP,
PTBP, OTBP, IPA, DAA, MCH, PTA
and LPG
l
It is introduced that subject’s selling territory
is including Asia, Europe and America, etc.
l
It is introduced that subject’s can sell about
250,000 toms LPG per year.
Import and export
right:
|
Import right |
Yes |
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Export right |
Yes |
Purchase
Domestic Purchase
|
Product |
Payment Terms |
Proportion |
|
COD, CBD, etc |
100% |
Foreign Purchase
Subject has little import.
Sales
Domestic Markets
|
Product |
Sales Terms |
Proportion |
|
Chemical, etc |
COD, CBD, etc |
100% |
Export
|
Product |
Sales Terms |
Proportion |
|
Chemical, etc |
CBD, etc |
100% |
Subject has no obligations to disclose its financial statements to the third party according to the relevant policy in Taiwan and the only source from which we can obtain the information is the subject itself.
Subject’s relevant staff Ms. Cheng declined to disclose its financials citing the grounds of company’s confidentiality; from other source we can not obtain the relevant information, either.
Subject declined to disclose its bank details; from other source we
cannot obtain the relevant information, either.
Mortgage
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1 |
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Case Type: |
Chattel Mortgage |
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Certificate No.: |
022625 |
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Debtor Name: |
TASCO Chemical Corporation |
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Document Number: |
023949 |
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Date of Registration: |
1985-1-31 |
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Date of Alteration: |
1985-1-31 |
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Status: |
Paid off |
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2 |
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Case Type: |
Chattel Mortgage |
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Certificate No.: |
035280 |
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Debtor Name: |
TASCO Chemical Corporation |
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Document Number: |
196612 |
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Date of Registration: |
1990-3-14 |
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Date of Alteration: |
1990-3-14 |
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Status: |
Paid off |
Lawsuit
Up to date of reporting, no existing or latent litigation of the subject has been found.
|
Name |
Ms. Cheng |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.32 |
|
UK Pound |
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.84.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
|
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 |
|
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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.