|
Report Date : |
19.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHRENUJ NV |
|
|
|
|
Registered Office : |
Pelikaanstraat 62 2018 Antwerpen |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
23.09.2005 |
|
|
|
|
Com. Reg. No.: |
876762313 |
|
|
|
|
Legal Form : |
Public Limited Liability
Company |
|
|
|
|
Line of Business : |
Wholesale of diamonds and
other precious stones |
|
|
|
|
No. of Employees |
01 |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Belgium |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
BELGIUM ECONOMIC OVERVIEW
This modern, open, and
private-enterprise-based economy has capitalized on its central geographic location,
highly developed transport network, and diversified industrial and commercial
base. Industry is concentrated mainly in the more heavily-populated region of
Flanders in the north. With few natural resources, Belgium imports substantial
quantities of raw materials and exports a large volume of manufactures, making
its economy vulnerable to volatility in world markets. Roughly three-quarters
of Belgium's trade is with other EU countries, and Belgium has benefited most
from its proximity to Germany. In 2013 Belgian GDP grew by 0.1%, the
unemployment rate increased to 8.8% from 7.6% the previous year, and the
government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%.
Despite the relative improvement in Belgium's budget deficit, public debt
hovers around 100% of GDP, a factor that has contributed to investor
perceptions that the country is increasingly vulnerable to spillover from the
euro-zone crisis. Belgian banks were severely affected by the international
financial crisis in 2008 with three major banks receiving capital injections
from the government, and the nationalization of the Belgian retail arm of a
Franco-Belgian bank.
|
Source
: CIA |
Business number 876762313
Company name SHRENUJ NV
Address PELIKAANSTRAAT 62
2018 ANTWERPEN
Number of staff 4
Date of establishment 23/09/2005
Telephone number 032316373
Fax number 032323236
|
The business was established over 8
years ago. |
|
The business has 1 employees. |
|
The business has been at the
address for over 8 years. |
|
Operating Result in the latest
trading period increased 87% on the previous trading period. |
|
Net Worth increased by 65% during
the latest trading period. |
|
A 84% growth in Total Assets
occurred during the latest trading period. |
|
Pre-tax profits increased by 81%
compared to the previous trading period. |
|
The business saw a decrease in
their Cash Balance of 39% during the latest trading period. |
|
date
of latest accounts |
turnover |
profit
before tax networth |
working
capital |
|
31/03/2013 |
231,071,977 |
557,103 30,117,940 |
30,684,610 |
|
31/03/2012 |
166,669,691 |
306,876 18,160,590 |
18,713,263 |
|
31/03/2011 |
151,041,888 |
374,855 5,272,195 |
9,846,066 |
|
date of
latest accounts |
balance total |
number of
employees capital |
cash flow |
|
31/03/2013 |
139,926,336 |
4 28,524,425 |
596,206 |
|
31/03/2012 |
75,939,562 |
3
17,165,916 |
314,508 |
|
31/03/2011 |
68,264,720 |
4
4,594,657 |
317,701 |
|
Past payments |
|
Payment
expectation days |
64.13 |
|
Industry average payment |
125.22 |
Industry
average day sales |
142.22 |
|
expectation days |
|
outstanding |
|
|
Day sales outstanding |
196.20 |
|
|
|
Business number |
876762313 |
Company name |
SHRENUJ NV |
|
Fax number |
032323236 |
Date founded |
23/09/2005 |
|
Company status |
active |
Company type |
Public
Limited Liability Company (BE) |
|
Currency |
Euro (€) |
Date of latest accounts |
31/03/2013 |
|
Activity code |
46761 |
Liable for VAT |
yes |
|
Activity description |
Wholesale
of diamonds and other precious stones |
VAT Number |
BE.0876.762.313 Check |
Social Balance Sheet
Total
During the reporting year
ended 31-03-2013
Full-time Employees 3
Part-time Employees -
Total Fte Employees 3
Number of hours worked
Full-time Employees 5,548
Part-time Employees -
Total 5,548
Personnel Charges
Full-time Employees 145,945
Part-time Employees -
Total 145,945
Benefits In Addition ToWages -
During the previous reporting year
Average number employees in Fte
4
Actual working hours 6,532
Personnel Charges 142,688
Code -
Description FROM 1 TO 4 EMPLOYEES
JIC Code 218
Description Additional
national joint committee for the employees
category
JIC Code 324
Description Joint committee
for the industry and the trade in diamant
category
Event Date 30/06/2011
Event Description re-appointment of
director(s)
Event Details Commentaar 30-06-2011: Herbenoemd als bestuurder
tot na de jaarvergadering van 2017:
Doshi Apoorva (tevens als gedelegeerd bestuurder), Shah Jamir, Shah
Kalpit en Van
Binitkumar.
|
|
Annual
accounts |
31-03-2013 |
% |
31-03-2012 |
% |
31-03-2011 |
Industry
average 2013 |
% |
|
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
|
Turnover |
231,071,977 |
38.64 |
166,669,691 |
10.35 |
151,041,888 |
47,116,700 |
390 |
|
|
Total
operating expenses |
227,452,220 |
38.06 |
164,743,803 |
10.41 |
149,216,673 |
46,697,423 |
387 |
|
|
Operating
result |
3,619,757 |
87.95 |
1,925,888 |
5.52 |
1,825,215 |
134,643 |
2588 |
|
|
Total financial
income |
55,878 |
67.42 |
33,375 |
209 |
10,767 |
65,151 |
-14.23 |
|
|
Total
financial expenses |
3,118,532 |
88.73 |
1,652,388 |
13.09 |
1,461,126 |
151,179 |
1962 |
|
|
Results on
ordinary operations before taxation |
557,103 |
81.54 |
306,876 |
-18.13 |
374,855 |
43,103 |
1192 |
|
|
Taxation |
12,298 |
-62.60 |
32,884 |
-61.37 |
85,136 |
18,863 |
-34.80 |
|
|
Results on
ordinary operations after taxation |
544,805 |
98.84 |
273,992 |
-5.43 |
289,719 |
29,580 |
1741 |
|
|
Extraordinary
items |
11,257 |
- |
0 |
-100 |
52 |
2,347 |
379 |
|
|
Other
appropriations |
0 |
- |
0 |
- |
0.00 |
- |
- |
|
|
Net result |
556,062 |
102 |
273,992 |
-5.45 |
289,771 |
32,216 |
1626 |
|
OTHER
INFORMATION |
||||||||
|
|
Gross
Operating Margin |
- |
- |
- |
- |
- |
40,559 |
- |
|
|
Dividends |
- |
- |
- |
- |
- |
207,593 |
- |
|
|
Director
remuneration |
107,424 |
-1.97 |
109,585 |
- |
- |
131,411 |
-18.25 |
|
|
Employee
costs |
145,945 |
6.68 |
136,805 |
17.59 |
116,344 |
143,169 |
1.94 |
|
|
Wages and salary |
116,073 |
7.92 |
107,555 |
15.56 |
93,071 |
126,655 |
-8.35 |
|
|
Employee pension costs |
- |
- |
- |
- |
- |
1,459 |
- |
|
|
Social security contributions |
23,920 |
7.31 |
22,290 |
25.96 |
17,695 |
31,543 |
-24.17 |
|
|
Other employee costs |
5,952 |
-14.48 |
6,960 |
24.78 |
5,578 |
2,941 |
102 |
|
|
Amortization
and depreciation |
40,144 |
-0.92 |
40,516 |
45.06 |
27,930 |
17,922 |
123 |
|
|
Annual accounts |
31-03-2013 |
% |
31-03-2012 |
% |
31-03-2011 |
Industry
average 2013 |
% |
|
|
Weeks |
52 |
|
52 |
|
52 |
|
|
|
|
Currency |
EUR |
|
EUR |
|
EUR |
|
|
|
|
Intangible fixed assets |
0 |
- |
0 |
- |
0 |
1,251 |
-100 |
|
|
Tangible fixed assets |
200,042 |
1.78 |
196,547 |
34.05 |
146,622 |
188,977 |
5.86 |
|
|
Land & building |
- |
- |
- |
- |
- |
373,751 |
- |
|
|
Plant & machinery |
56,992 |
3.72 |
54,947 |
-7.70 |
59,532 |
28,667 |
98.81 |
|
|
Furniture & Vehicles |
143,050 |
1.02 |
141,600 |
62.59 |
87,090 |
15,297 3,995 |
835 |
|
|
Leasing & Other Similar Rights |
- |
- |
- |
- |
- |
42,007 20,215 - |
|
|
|
Other tangible assets |
0 |
- |
0 |
- |
0 |
10,346 |
-100 |
|
|
Financial fixed assets |
15,541 |
227 |
4,746 |
6.36 |
4,462 |
40,002 |
-61.15 |
|
|
Total fixed assets |
215,583 |
7.10 |
201,293 |
33.23 |
151,084 |
201,306 |
7.09 |
|
|
Inventories |
13,348,445 |
63.20 |
8,178,995 |
-49.29 |
16,129,116 |
2,531,396 |
427 |
|
|
Raw materials & consumables |
- |
- |
- |
- |
- |
113,995 - |
|
|
|
Work in progress |
0 |
- |
0 |
- |
0 |
1,766 |
-100 |
|
|
Finished goods |
13,348,445 |
63.20 |
8,178,995 |
-49.29 |
16,129,116 |
1,612,091 |
728 |
|
|
Other stocks |
0 |
- |
0 |
- |
0 |
459,407 |
-100 |
|
|
Trade debtors |
124,210,677 |
85.22 |
67,059,665 |
29.83 |
51,649,927 |
3,963,552 |
3033 |
|
|
Cash |
278,251 |
-39.56 |
460,403 |
56.49 |
294,199 |
721,246,392 |
-99 |
|
|
other amounts receivable |
22,470 |
102 |
11,105 |
-20.49 |
13,967 |
146,073 |
-84.62 |
|
|
Miscellaneous current assets |
1,850,910 |
6486 |
28,101 |
6.33 |
26,428 |
-706,515,457 |
0.26 |
|
|
Total current assets |
139,710,753 |
84.47 |
75,738,269 |
11.19 |
68,113,637 |
6,416,601 |
2077 |
|
|
Total Assets |
139,926,336 |
84.26 |
75,939,562 |
11.24 |
68,264,720 |
6,600,301 1,066,670 |
2019 |
|
CURRENT
LIABILITIES |
||||||||
|
|
Trade
creditors |
39,960,302 |
84.95 |
21,606,441 |
-24.52 |
28,624,659 |
2,707,908 |
1375 |
|
Short term group loans - - - - - - - |
||||||||
|
|
Financial
debts |
68,841,166 |
95.34 |
35,241,395 |
19.59 |
29,468,907 |
3,821,286 113,934 |
1701 |
|
|
Current portion of long term debt |
3,913 |
5.67 |
3,703 |
-56.86 |
8,584 |
101,621
13,680 |
-96.15 |
|
|
Amounts Payable
for Taxes, Remuneration & Social Security |
50,680 |
-31.31 |
73,784 |
-23.92 |
96,976 |
7,508 - |
72.27 |
|
|
Miscellaneous
current liabilities |
170,082 |
70.62 |
99,683 |
45.64 |
68,444 |
-24.11 |
-- |
|
|
Total
current liabilities |
109,026,143 |
91.19 |
57,025,006 |
-2.13 |
58,267,571 |
4,592,042 |
2274 |
|
|
LONG TERM DEBTS AND LIABILITIES |
|
|
|
|
|
|
|
|
|
Long term
group loans |
- |
- |
- |
- |
- |
- |
-- |
|
|
Other long
term loans |
782,253 |
3.75 |
753,966 |
-84.04 |
4,724,955 |
-40.99 |
-- |
|
|
Deffered
taxes |
- |
- |
- |
- |
- |
58,297
69,470 |
- |
|
|
Provisions
for Liabilities & Charges |
0 |
- |
0 |
- |
0 |
4,802 0 |
-100 |
|
|
Other long
term liabilities |
0 |
- |
0 |
- |
0 |
97,846 |
-100 |
|
|
Total long
term debts |
782,253 |
3.75 |
753,966 |
-84.04 |
4,724,955 |
585,144 |
33.69 |
|
SHAREHOLDERS
EQUITY |
||||||||
|
|
Issued
share capital |
28,524,425 |
66.17 |
17,165,916 |
273 |
4,594,657 |
874,642 |
3161 |
|
|
Share
premium account |
- |
- |
- |
- |
- |
115,228 |
- |
|
|
Reserves |
1,593,515 |
60.20 |
994,674 |
46.81 |
677,539 |
508,759 |
213 |
|
|
Revaluation
reserve |
- |
- |
- |
- |
- |
1,047,738 |
- |
|
|
Total
shareholders equity |
30,117,940 |
65.84 |
18,160,590 |
244 |
5,272,195 |
1,412,059 |
2032 |
|
|
Working
capital |
30,684,610 |
63.97 |
18,713,263 |
90.06 |
9,846,066 |
1,824,559 |
1581 |
|
|
Cashflow |
596,206 |
89.57 |
314,508 |
-1.00 |
317,701 |
46,745 |
1175 |
|
|
Net worth |
30,117,940 |
65.84 |
18,160,590 |
244 |
5,272,195 |
1,410,808 |
2034 |
|
|
Annual
accounts |
31-03-2013 |
change(%) |
31-03-2012 |
change(%) |
31-03-2011 |
Industry average 2013 |
% |
|
TRADING
PERFORMANCE |
||||||||
|
|
Profit
Before Tax |
0.24 |
33.33 |
0.18 |
-28.00 |
0.25 |
-5,00 |
4.80 |
|
|
Return on capital employed |
1.80 |
11.11 |
1.62 |
-56.80 |
3.75 |
8,00 |
-77.50 |
|
|
Return on total assets employed |
0.40 |
0 |
0.40 |
-27.27 |
0.55 |
-2,00 |
20.00 |
|
|
Return on net assets employed |
1.85 |
9.47 |
1.69 |
-76.23 |
7. 11 |
4,00 |
-53.75 |
|
|
Sales / net
working capital |
7.53 |
-15.49 |
8.91 |
-41.92 |
15.34 |
201,00 |
-99 |
|
|
Stock
turnover ratio |
5.78 |
17.72 |
4.91 |
-54.03 |
10.68 |
57,00 |
-89.86 |
|
|
Debtor days |
196.20 |
33.60 |
146.86 |
17.67 |
124.81 |
142,22 |
37.96 |
|
|
Creditor
days |
64.13 |
33.97 |
47.87 |
-31.63 |
70.02 |
125,22 |
-48.79 |
|
SHORT TERM
STABILITY |
||||||||
|
|
Current
ratio |
1.28 |
-3.76 |
1.33 |
13.68 |
1.17 |
4,00 |
-91.47 |
|
|
Liquidity
ratio / acid ratio |
1.16 |
-1.69 |
1.18 |
32.58 |
0.89 |
3,00 |
-61.33 |
|
|
Current
debt ratio |
3.62 |
15.29 |
3.14 |
-71.58 |
11.05 |
15,00 |
-75.87 |
|
|
Liquidity
ratio reprocessed |
- |
- |
- |
- |
- |
- |
- |
|
LONG TERM
STABILITY |
||||||||
|
|
Gearing |
231.18 |
16.62 |
198.23 |
-69.44 |
648.73 |
259,00 |
-10.74 |
|
|
Equity in
percentage |
21.52 |
-10.00 |
23.91 |
209 |
7.72 |
-296,00 |
7.27 |
|
|
Total debt
ratio |
3.65 |
14.78 |
3.18 |
-73.39 |
11.95 |
16,00 |
-77.19 |
|
Activity
code |
46761 |
|
Activity
description |
Wholesale of diamonds and other
precious stones |
Payment expectations
Payment expectation days 64.13
Day sales outstanding 196.20
|
Company
result |
64.13 |
|
Lower |
127.58 |
|
Median |
76.66 |
|
Upper |
47.13 |
|
Day sales
outstanding |
|
|
Company
result |
196.20 |
|
Lower |
103.77 |
|
Median |
54.98 |
|
Upper |
25.26 |
Group Structure
No group structure for this company.
Minority Shareholders
No minority shareholders found
Minority Interests
No minority interests found
Summons
there is no data for this company
Protested Bills
there is no data for this company
Bankruptcy and other legal events
there is no data for this company
|
Current director details |
|
|
Position |
Director |
|
Start Date |
23/09/2005 |
|
Date of birth |
09/12/1949 |
|
Street |
65
GROENENBORGERLAAN ANTWERPEN |
|
Post code |
2610 |
|
Country |
Belgium |
|
|
|
|
Name |
SHAILESH
CHAMPAKLAL MEHTA |
|
Name |
APOORVA PRAKASH
DOSHI |
|
Position |
Managing
Director |
|
Start Date |
09/10/2010 |
|
Street |
12 VAN
EYCKLEI ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
|
|
|
|
Position |
Director |
|
Start Date |
01/10/2006 |
|
Street |
12 VAN
EYCKLEI ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
|
|
|
|
Position |
Legal
Representative |
|
Start Date |
23/09/2005 |
|
Street |
12 VAN
EYCKLEI ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
|
|
|
|
Name |
KALPIT SHAH |
|
Position |
Director |
|
Start Date |
01/01/2010 |
|
Street |
75
BELGIELEI ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
|
|
|
|
Name |
SHREYAS
DOSHI |
|
Position |
Legal
Representative |
|
Start Date |
01/10/2006 |
|
Street |
37
NEELAMBER 16TH FLOOR |
|
Post code |
400026 |
|
Country |
India |
|
Name |
VISHAL
DOSHI |
|
Position |
Legal
Representative |
|
Start Date |
23/09/2005 |
|
|
|
Former director details
|
Name |
VAN
BINITKUMAR, |
|
Position |
Director |
|
Start Date |
23/09/2011 |
|
End Date |
30/04/2014 |
|
Street |
40
CHARLOTTALEI ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
|
|
|
|
Name |
JAMIR
SEVANTILAL SHAH |
|
Position |
Director |
|
Start Date |
23/09/2011 |
|
End Date |
01/10/2013 |
|
Street |
40
CHARLOTTALEI ANTWERPEN |
|
Post code |
2018 |
|
Country |
Belgium |
|
|
|
|
Name |
SHRENUJ
U.K. LIMITED VENN. BRITS RECHT |
|
Position |
Director |
|
Start Date |
09/10/2010 |
|
End Date |
31/03/2011 |
|
Street |
150 STRAND |
|
Post code |
WC2E1JA |
|
Country |
United
Kingdom |
|
|
|
|
Name |
SHRENUJ UK
LIMITED SOC. ETRANGERE |
|
Position |
Director |
|
Start Date |
15/09/2006 |
|
End Date |
04/12/2009 |
|
Country |
United
Kingdom |
Name Avnina Gems BVBA
Business number 479202566
Position Principal Manager
Start Date 16/11/2011
End Date 31/03/2012
Business number 479202566
Position Legal
Representative
Start Date 01/04/2008
End Date Unknown date
DIAMOND INDUSTRY – INDIA
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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.
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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.
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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.
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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.
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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.
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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.
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Excerpts from Times of India dated 30th October 2010 is as
under –
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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.
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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.61.05 |
|
|
1 |
Rs.99.55 |
|
Euro |
1 |
Rs.78.57 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIS |
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.