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Report Date : |
20.05.2014 |
IDENTIFICATION DETAILS
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Name : |
NOBLE JEWELRY
LTD. |
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Registered Office : |
Unit M, 12/F., Phase 3, Kaiser Estate, 11 Hok Yuen Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.06.1992 |
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Com. Reg. No.: |
15765403 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
engaged in the designing, manufacturing and wholesaling of fine jewellery products in foreign countries, except China. Subject product
ranges includes :- Diamond & Pearl Earrings, Diamond Rings, Diamond Pendants, Gemstone Pendants, Jewellery Necklaces, Jewellery Earrings, Diamond Earrings, Gemstone Pendants, 18K White Gold Diamond Jewellery Set, 18K White Gold Diamond Rings, 18K White Gold Diamond Earrings & 18K White Gold Diamond Necklaces |
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No of Employees : |
50 (Group Employees) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
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
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
HONG KONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 12% of total system deposits in Hong Kong by the end of 2013. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's total trade by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 34.9 million in 2012, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
NOBLE JEWELRY LTD.
Unit M, 12/F., Phase 3, Kaiser Estate, 11 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2722 1132, 3590 9818
FAX: 852-2369 1412, 2369 1023, 3590 4900
E-MAIL: info@noble.com.hk
Executive Director & Chairman: Mr. Chan Yuen Hing, Johnny
Incorporated on: 9th June, 1992.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Design, manufacture and trading in jewellery.
Group Employees: 50.
Main Dealing Bankers: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office:-
Unit M, 12/F., Phase 3, Kaiser Estate, 11 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
China Factory:-
Guangzhou Noble Jewelry Ltd.
(or known as Guangzhou Yizuan Jewelry Co. Ltd.)
B3-Building, Sha Wan Jewelry Industrial Park, 999 Fulong Road, Shawan, Panyu District, Guangzhou, Guangdong Province, China.
[Tel: 86-20-3487 8889; Fax: 86-20-3487 8882]
Holding Company:-
Noble Jewelry (BVI) Ltd., British Virgin Islands.
Intermediate
Holding Company:-
Noble Jewelry Investment Ltd., Bermuda.
Ultimate Holding
Company:-
First Prospect
Holdings Ltd., British Virgin Islands.
Associated Companies:-
Noble Jewelry
Group of Companies
Chad Allison
Corporation, USA.
Farwin Ltd., Hong
Kong.
Guangzhou Noble
Jewelry Co. Ltd., China.
Guangzhou Weile
Jewelry Industrial Park Co. Ltd., China.
Guangzhou Worldmart
Jewelry & Gems Emporium Ltd., China.
N.A. Marketing
Ltd., USA.
NJUK Ltd., UK.
Noble Jewelry Ltd.,
USA.
Noblediam S.L.,
Spain.
Pesona Noble (BVI)
Limited, British Virgin Islands.
Pesona Noble
Jewelry Ltd., Hong Kong.
Shanghai Chenghuang
Jewellery Ltd., China.
Shanghai Noble
Concepts Jewelry Ltd., China.
Topwin Trading Ltd., Hong Kong.
Worldmart Jewelry Gems Emporium (HK) Ltd., Hong Kong.
etc.
15765403
0361214
Executive Director & Chairman: Mr. Chan Yuen Hing, Johnny
Executive Director & Chief Executive Officer: Mr. Tang Chee Kwong, Stephen
Contact Person: Ms. Stacy Chan
Nominal Share Capital: HK$1,000,000.00 (Divided into 10,000 shares of HK$100.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry
dated 09-06-2013)
|
Name |
|
No.
of shares |
|
Noble Jewelry (BVI) Ltd. 2/F., Abbott Building, Road Town, Tortola, British Virgin
Islands. |
|
10,000 ===== |
(As per registry
dated 09-06-2013)
|
Name (Nationality) |
Address |
|
CHAN Yuen Hing |
Flat A, 7/F., Block 1, Hill Paramount,
18 Hin Tai Street, Tai Wan, Shatin, New Territories, Hong Kong. |
|
CHAN Lai Yung |
Flat 4, 8/F., Kam Pak House,
Hong Pak Court, Lam Tin, Kowloon, Hong Kong. |
|
TANG Chee Kwong |
Flat E, 27/F., Tower 28, South
Horizons, Apleichau, Hong Kong. |
|
SIN Lap Poon |
Flat C, 19/F., 12 Lai Wan
Road, Mei Foo Sun Chuen, Kowloon, Hong Kong. |
|
Tai Budi SETIAWAN |
Room B, 10/F., Block 20, Chi
Fu Fa Yuen, 20 Chi Fu Road, Pok Fu Lam, Hong Kong. |
SIN Lap
Poon (As per registry dated 09-06-2013)
The subject was incorporated on 9th June, 1992 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Front & Rear Portion, 5/F., Ocean View Court, 25A Chatham Road South, Tsimshatsui, Kowloon, Hong Kong, moved to 4/F., Grand Centre, 8 Humphreys Avenue, Tsimshatsui, Kowloon, Hong Kong in February 2000; to Unit 306-307, 3/F., Lippo Sun Plaza, 28 Canton Road, Tsimshatsui, Kowloon, Hong Kong in January 2003. The subject moved to Unit M, 12/F., Phase 3, Kaiser Estate, 11 Hok Yuen Street, Hunghom, Kowloon, Hong Kong in April 2011.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Manufacturer, Exporter and Wholesaler.
Lines: Jewellery including rings, earrings, pendants, bracelets and necklaces in 18 karats yellow
and white gold and platinum 900 with diamonds and precious stones.
Trade Mark: NOBLE, Chad, Allison, OriDiam.
Group Employees: 50.
Materials/Commodities: Imported from India, Europe, South Africa, etc.
Markets: US, Europe, Middle East, Japan, China, Southeast Asia and Far East.
Terms/Sales: Various terms.
Terms/Buying: L/C, T/T, etc.
· Federation of Hong Kong Industries, Hong Kong. [Member No. A6376]
Hong
Kong Jewellery & Jade Manufacturers Association, Hong Kong.
Hong
Kong Jewelry Manufacturers’ Association, Hong Kong.
Jewelers
Board of Trade, USA.
The
Hong Kong General Chamber of Commerce, Hong Kong.
[Membership No. HKN0109]
Nominal Share Capital: HK$1,000,000.00 (Divided into 10,000 shares of HK$100.00 each)
Issued Share Capital: HK$1,000,000.00
Indebtedness: HK$12,638,000.00
(Total amount outstanding on all mortgages and charges as per last Annual Return dated 09-06-2013)
Mortgage or Charge
(since 2007): (See attachment)
Profit or Loss: Business is profitable.
Condition: Keeping in an active and satisfactory manner.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Bankers:-
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
China Construction Bank (Asia) Corporation Ltd., Hong Kong.
DBS Bank (Hong Kong) Ltd., Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
China CITIC Bank International Ltd., Hong Kong.
Standing: Very Good.
Noble Jewelry Ltd. is a wholly-owned subsidiary of Noble Jewelry (BVI) Ltd. which is a BVI-registered firm. The ultimate holding company of the subject was Noble Jewelry Holdings Ltd. [Noble] is a listed firm in Hong Kong. Now, Noble has been disposed and has changed name to Zhong Fa Zhan Holdings Ltd. [ZFZ] which has nothing to do with the subject any more.
Since November 2011, ZFZ jointly own by Mr. Hu Yangjun and Mr. Hu Yishi has become the single largest shareholder of the ZFZ Group. ZFZ is also a jewellery manufacturer and trader.
The ZFZ Group principally emphasises on its wholesaling business in China while the subject has retreated from it.
The intermediate holding company of the subject Noble Jewelry Investment Ltd. is a Bermuda-registered firm. The ultimate holding company First Prospect Holdings Ltd. is a BVI-registered firm.
The managing director and chairman of the subject Mr. Chan Yuen Hing, Johnny was born in Indonesia.
The subject is principally engaged in the design, manufacturing and wholesale of fine jewellery products in foreign countries, except China. With design and manufacturing facilities based in the city of Panyu, Guangdong, China, the subject’s products comprise a wide range of fine jewellery products with different styles predominantly consisting of diamond, gemstone and semi‑precious stone products, mostly designed by its own product development and design team under the model of original design manufacturing [ODM], serving jewellery distributors and retailers in the PRC.
The followings are
the main products of the subject:-
Diamond & Pearl Earrings, Diamond Rings, Diamond Pendants, Gemstone Pendants, Jewellery Necklaces, Jewellery Earrings, Diamond Earrings, Gemstone Pendants, 18K White Gold Diamond Jewellery Set, 18K White Gold Diamond Rings, 18K White Gold Diamond Earrings & 18K White Gold Diamond Necklaces
Most of the subject’s products bear the following brand names: Chad, Allison, OriDiam.
Through continuous efforts in diversifying both in terms of markets and customers, the subject obtained a greater volume of orders from Indonesia and the Middle East. The wholesale business, including ODM and original brand manufacturing [OBM], continued to be a major revenue source of the subject.
The subject’s business development strategy has successfully delivered sustainable growth.
In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, it took part in “HKTDC Hong Kong International Jewellery Show 2014” which had been held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 5th to 9th March, 2014. Its booth No. was 1B-D24. In 2015, it will take part in the same Show in the same Centre.
Besides operating the subject, Chan Yuen Hing has set up the following companies in Guangzhou, Guangdong Province, China:
· Guangzhou Weile Jewelry Industrial Park Co. Ltd. [Weile]
Guangzhou
Worldmart Jewelry & Gems Emporium Ltd.
Guangzhou
Noble Jewelry Co. Ltd.
The total investments of the above-mentioned companies were about HK$324.4 million. Weile is the key project of the three. Weile is integrating the businesses of raw materials sourcing, manufacturing and processing, trading, logistic services, exhibitions and even tourism.
In 2011, Chan Yuen Hing set up an e-commerce platform known as Worldmart*E offering B2B services. This platform offers worldwide customers with jewellery and raw materials sourcing services.
The subject operates from its own office in Hong Kong. Business is active and profitable.
As the history of the subject is about 22 years in Hong Kong, on the whole, consider it good for normal business engagements.
REMARKS:
Brief personal
profile of the principal directors:-
Mr. CHAN Yuen Hing, Johnny, aged 52, is the Chairman and an Executive Director. Mr. Johnny Chan is the founder starting the business in 1983 as a sole proprietorship. He has over 20 years’ experience in the jewellery industry and is familiar with the jewellery markets in Hong Kong, the US, Europe, the Middle East and Japan. Mr. Johnny Chan is responsible for overall strategic planning and development. He completed an advance learning program for an executive Master’s degree in Business Administration in the Zhong Shan University in 2004. Mr. Johnny Chan was awarded the Young Industrialist Awards of Hong Kong in 2000.
Mr. TANG Chee Kwong, Stephen, aged 59, is the Chief Executive Officer and an Executive Director. He joined the Group in 2002 and is responsible for business policy formulation and execution. Mr. Stephen Tang had previously worked at Hang Seng Bank for almost 30 years and was a senior relationship manager at the time of his resignation from the bank in 2002. Under sponsorship by Hang Seng Bank, Mr. Stephen Tang completed an executive development program organised by the Kellogg Graduate School of Management at the Northwestern University in the US in 1997. Mr. Stephen Tang is an associate member of The Hong Kong Institute of Bankers and The Chartered Institute of Bankers in the United Kingdom.
Mr. Sin Lap Poon (also known as Mr. Eddie Sin), aged 40, is the company secretary and assistant director of administration of the Group. He joined the Group in 2004 and is responsible for the Group’s human resources, administration and company secretarial matters. Mr. Eddie Sin obtained a master’s degree in professional accounting and information systems from the City University of Hong Kong in 2004 and a bachelor’s degree in laws from the University of London in 2010. Mr. Eddie Sin is an associate member of the Hong Kong Institute of Chartered Secretaries and the Institute of Chartered Secretaries and Administrators of the United Kingdom. He has over 10 year’s experience in human resources, administration and company secretarial duties.
Court case:-
|
Action
Date |
Case
No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
May
1998 |
H8049 |
Sugem |
Noble Jewelry Ltd. |
Goods Sold and Delivered |
US$277,208 |
Property
information of the company:-
Property Location: Unit M on 12/F. of Kaiser Estate, 3rd Phase, 9-11A Hok Yuen Street and 18 Man Lok
Street, Kowloon, Hong Kong.
Owner: Noble Jewelry Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
28-12-2010 |
- |
Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong. |
Legal charge to secure general banking facilities |
(Since 2007)
|
Date |
Particulars |
Amount |
|
28-12-2010 |
Instrument: Legal Charge/Mortgage Property: 118/5,000th parts or shares of and in Section I of Kowloon Marine Lot No. 40 and Subsection 1 of Section H of Kowloon Marine Lot No. 40 (Unit M on 12/F. of Kaiser Estate, 3rd Phase, 9‑11A Hok Yuen Street and 18 Man Lok Street, Kowloon, Hong Kong.) Mortgagee: Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong. |
To secure all moneys in respect of general banking
facilities |
|
27-10-2011 |
Instrument: Security Over Deposits with the Bank (Limited Company – Under
Seal) Property: A deposit with chargee in the amount of HK$5,170,000.00 under Deposit A/C No. 026‑241521, whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further monies in any deposit account with the chargee at any of its offices Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
Amount secured – (i) all monies in any currency owing
by the Company to the chargee at any time, actually or contingently, in any
capacity, alone or jointly with any other person; (ii) interest on such
monies, to the date on which the chargee receives payment, at the rates
payable by the Company or which would have been payable but for any
circumstance which restricts payment and (iii) all expenses of the chargee in
perfecting or enforcing the charge |
|
07-02-2013 |
Instrument: Assignment of Life Insurance Property: (1) All the Assignor’s claims under the Insurance: Insurance Policy No: 28006166 Name of Insurance Co.: HSBC Life (International) Ltd. Name of the Insured: Mr. Chan Yuen Hing Assignor / Policy Owner: Noble Jewelry Ltd. (2) All the Assignor’s claims against the issuer of the Policy Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
Secured Monies |
|
28-10-2013 |
Instrument: Assignment of Life Insurance Policy Property: Any life insurance polices issued at any time by the insurer in favour of the Assignor after the date of the Assignment 1) Insurer: AIA International Ltd. Policy No. : B059354749 Insured: Setiawan Tan Budi Sum Assured: US$1,500,000.00 Mortgagee: China CITIC Bank International Ltd., Hong Kong. |
Ths Secured Liabilities |
|
30-04-2014 |
Instrument: Assignment of Insurance Police (Two-Party) Property: (1) All the Assignor’s claims under the Insurance: Insurance Policy No: 2800-7881-50 Name of Insurance Co.: HSBC Life (International) Ltd. Name of the Insured: Mr. CHAN Yuen Hing Assignor / Policy Owner: Noble Jewelry Ltd. (2) All the Assignor’s claims against the issuer of the Policy Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
(1) All and
any monies and liabilities (2) Interest (3) All monies (4) All expenses |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the untiring
and unflagging efforts of the Indian diamantaires, supported by progressive
Government policies.
-
The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior
executive of GJEPC said, “Export of cut and polished diamonds started falling
month-wise after the imposition of 2 % of import duty on the polished diamonds.
But February, 2013 has given a new ray of hope to the industry as the export of
polished diamonds has actually increased by 28 %. It means the industry
is on the track of recovery and round tripping of diamonds has stopped
completely.” Demand has started coming from the US, the UK, Japan and China.
India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
-
The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.43 |
|
|
1 |
Rs.98.28 |
|
Euro |
1 |
Rs.80.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
-- |
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.