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Report Date : |
07.05.2014 |
IDENTIFICATION DETAILS
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Name : |
CKG CHEMICALS PTE LTD |
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Formerly Known As : |
JLM CHEMICALS ASIA PTE LTD |
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Registered Office : |
133, New Bridge Road, 25-01/02, Chinatown Point, 059413 |
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Country : |
Singapore |
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Financials (as on) : |
31.05.2013 |
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Date of Incorporation : |
23.02.1990 |
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Com. Reg. No.: |
199000843-D |
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Legal Form : |
Private Limited |
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Line of Business : |
Subject is principally engaged in the (as a / as an) trading of
petrochemicals and chemicals |
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No. of Employees |
17 |
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 / Moderate |
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Payment Behaviour : |
Unknown / No complaints / Slow but correct |
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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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Singapore |
A1 |
A1 |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SINGAPORE - ECONOMIC OVERVIEW
Singapore has a highly
developed and successful free-market economy. It enjoys a remarkably open and
corruption-free environment, stable prices, and a per capita GDP higher than
that of most developed countries. The economy depends heavily on exports,
particularly in consumer electronics, information technology products,
pharmaceuticals, and on a growing financial services sector. The economy
contracted 0.6% in 2009 as a result of the global financial crisis, but
rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to
in 2011-13, largely a result of soft demand for exports during the second
European recession. Over the longer term, the government hopes to establish a
new growth path that focuses on raising productivity. Singapore has attracted
major investments in pharmaceuticals and medical technology production and will
continue efforts to establish Singapore as Southeast Asia's financial and
high-tech hub
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Source
: CIA |
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HISTORY
/ BACKGROUND
The Subject is a
private limited company and is allowed to have a minimum of one and a maximum
of forty-nine shareholders. As a private limited company, the Subject must
have at least two directors. A private limited company is a separate legal
entity from its shareholders. As a separate legal entity, the Subject is
capable of owning assets, entering into contracts, sue or be sued by other
companies. The liabilities of the shareholders are to the extent of the
equity they have taken up and the creditors cannot claim on shareholders'
personal assets even if the Subject is insolvent. The Subject is governed by
the Companies Act and the company must file its annual returns, together with
its financial statements with the Registrar of Companies. The Subject is
principally engaged in the (as a / as an) trading of petrochemicals and
chemicals. Share Capital
History
The major shareholder(s) of the Subject are shown as follows :
+ Also Director DIRECTORS
DIRECTOR 1
DIRECTOR 2
DIRECTOR 3
DIRECTOR 4
DIRECTOR 5
COMPANY
SECRETARIES
BANKING
ENCUMBRANCE
(S)
LEGAL
CHECK AGAINST SUBJECT
PAYMENT
RECORD
CLIENTELE
OPERATIONS
Other Information:
CURRENT
INVESTIGATION
Latest fresh
investigations carried out on the Subject indicated that :
Other Investigations
FINANCIAL
ANALYSIS
SINGAPORE
ECONOMIC / INDUSTRY OUTLOOK
INDUSTRY
ANALYSIS
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THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
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CKG CHEMICALS
PTE LTD |
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Financial Year End |
2013-05-31 |
2012-05-31 |
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Months |
12 |
12 |
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Consolidated Account |
Company |
Company |
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Audited Account |
YES |
YES |
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Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
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Financial Type |
FULL |
FULL |
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Currency |
USD |
USD |
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TURNOVER |
180,289,000 |
186,899,000 |
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---------------- |
---------------- |
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Total Turnover |
180,289,000 |
186,899,000 |
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Costs of Goods Sold |
(178,084,000) |
(185,248,000) |
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---------------- |
---------------- |
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Gross Profit |
2,205,000 |
1,651,000 |
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---------------- |
---------------- |
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PROFIT/(LOSS) FROM OPERATIONS |
42,000 |
(659,000) |
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---------------- |
---------------- |
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PROFIT/(LOSS) BEFORE TAXATION |
42,000 |
(659,000) |
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Taxation |
84,000 |
0 |
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---------------- |
---------------- |
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PROFIT/(LOSS) AFTER TAXATION |
126,000 |
(659,000) |
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---------------- |
---------------- |
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RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
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As previously reported |
6,926,000 |
5,764,000 |
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Prior year adjustment |
- |
1,821,000 |
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---------------- |
---------------- |
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As restated |
6,926,000 |
7,585,000 |
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---------------- |
---------------- |
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PROFIT AVAILABLE FOR APPROPRIATIONS |
7,052,000 |
6,926,000 |
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---------------- |
---------------- |
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RETAINED PROFIT/(LOSS) CARRIED FORWARD |
7,052,000 |
6,926,000 |
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============= |
============= |
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Others |
378,000 |
401,000 |
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---------------- |
---------------- |
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378,000 |
401,000 |
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============= |
============= |
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CKG CHEMICALS
PTE LTD |
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ASSETS EMPLOYED: |
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FIXED ASSETS |
16,000 |
25,000 |
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Deferred assets |
70,000 |
- |
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Others |
54,000 |
54,000 |
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---------------- |
---------------- |
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TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
124,000 |
54,000 |
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---------------- |
---------------- |
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TOTAL LONG TERM ASSETS |
140,000 |
79,000 |
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Stocks |
18,674,000 |
21,633,000 |
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Trade debtors |
16,442,000 |
19,166,000 |
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Other debtors, deposits & prepayments |
504,000 |
324,000 |
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Cash & bank balances |
980,000 |
2,035,000 |
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---------------- |
---------------- |
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TOTAL CURRENT ASSETS |
36,600,000 |
43,158,000 |
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---------------- |
---------------- |
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TOTAL ASSET |
36,740,000 |
43,237,000 |
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============= |
============= |
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CURRENT LIABILITIES |
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Trade creditors |
14,096,000 |
20,457,000 |
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Other creditors & accruals |
2,720,000 |
3,535,000 |
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Bill & acceptances payable |
10,693,000 |
10,140,000 |
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---------------- |
---------------- |
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TOTAL CURRENT LIABILITIES |
27,509,000 |
34,132,000 |
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---------------- |
---------------- |
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NET CURRENT ASSETS/(LIABILITIES) |
9,091,000 |
9,026,000 |
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---------------- |
---------------- |
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TOTAL NET ASSETS |
9,231,000 |
9,105,000 |
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============= |
============= |
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SHARE CAPITAL |
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Ordinary share capital |
2,301,000 |
2,301,000 |
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---------------- |
---------------- |
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TOTAL SHARE CAPITAL |
2,301,000 |
2,301,000 |
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Exchange equalisation/fluctuation reserve |
(122,000) |
(122,000) |
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Retained profit/(loss) carried forward |
7,052,000 |
6,926,000 |
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---------------- |
---------------- |
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TOTAL RESERVES |
6,930,000 |
6,804,000 |
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---------------- |
---------------- |
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SHAREHOLDERS' FUNDS/EQUITY |
9,231,000 |
9,105,000 |
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---------------- |
---------------- |
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9,231,000 |
9,105,000 |
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============= |
============= |
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CKG CHEMICALS
PTE LTD |
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TYPES OF FUNDS |
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Cash |
980,000 |
2,035,000 |
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Net Liquid Funds |
(9,713,000) |
(8,105,000) |
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Net Liquid Assets |
(9,583,000) |
(12,607,000) |
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Net Current Assets/(Liabilities) |
9,091,000 |
9,026,000 |
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Net Tangible Assets |
9,231,000 |
9,105,000 |
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Net Monetary Assets |
(9,583,000) |
(12,607,000) |
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BALANCE SHEET ITEMS |
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Total Borrowings |
10,693,000 |
10,140,000 |
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Total Liabilities |
27,509,000 |
34,132,000 |
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Total Assets |
36,740,000 |
43,237,000 |
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Net Assets |
9,231,000 |
9,105,000 |
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Net Assets Backing |
9,231,000 |
9,105,000 |
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Shareholders' Funds |
9,231,000 |
9,105,000 |
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Total Share Capital |
2,301,000 |
2,301,000 |
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Total Reserves |
6,930,000 |
6,804,000 |
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LIQUIDITY (Times) |
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Cash Ratio |
0.04 |
0.06 |
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Liquid Ratio |
0.65 |
0.63 |
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Current Ratio |
1.33 |
1.26 |
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WORKING CAPITAL CONTROL (Days) |
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Stock Ratio |
38 |
42 |
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Debtors Ratio |
33 |
37 |
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Creditors Ratio |
29 |
40 |
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SOLVENCY RATIOS (Times) |
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Gearing Ratio |
1.16 |
1.11 |
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Liabilities Ratio |
2.98 |
3.75 |
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Times Interest Earned Ratio |
1.11 |
(0.64) |
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Assets Backing Ratio |
4.01 |
3.96 |
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PERFORMANCE RATIO (%) |
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Operating Profit Margin |
0.02 |
(0.35) |
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Net Profit Margin |
0.07 |
(0.35) |
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Return On Net Assets |
4.55 |
(2.83) |
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Return On Capital Employed |
4.55 |
(2.83) |
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Return On Shareholders' Funds/Equity |
1.36 |
(7.24) |
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Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
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NOTES TO ACCOUNTS |
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Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.60.20 |
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|
1 |
Rs.101.67 |
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Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
PDT |
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.