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Report No. : |
314606 |
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Report Date : |
03.04.2015 |
IDENTIFICATION DETAILS
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Name : |
P.G. CONCEPT SOLUTIONS AND
INNOVATIONS LTD |
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Registered Office : |
33 Neas Egkomis, Egkomi, 2409, |
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Country : |
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Date of Incorporation : |
17.01.2013 |
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Com. Reg. No.: |
C318077 |
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Legal Form : |
Limited Company |
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Line of Business : |
·
Non-specialised
wholesale trade - This class includes: - wholesale of a variety of goods
without any particular specialisation · Other retail sale in non-specialised stores - This class includes: - retail sale of a large variety of goods of which food products, beverages or tobacco are not predominant - activities of department stores carrying a general line of merchandise, including wearing apparel, furniture, appliances, hardware, cosmetics, jewellery, toys, sports goods |
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No. of Employee : |
Not available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Offshore company |
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Payment Behaviour : |
Unknown |
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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 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Cyprus |
B2 |
B2 |
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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 |
CYPRUS - ECONOMIC OVERVIEW
The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for four-fifths of GDP. Tourism, financial services, and real estate have traditionally been the most important sectors. Cyprus has been a member of the European Union (EU) since May 2004 and adopted the euro as its national currency in January 2008. During the first five years of EU membership, the Cyprus economy grew at an average rate of about 4%, with unemployment between 2004 and 2008 averaging about 3%. An overextended banking sector with excessive exposure to Greek debt resulted in a contraction in economic growth. Two of Cyprus' biggest banks were among the largest holders of Greek bonds in Europe and had a substantial presence in Greece through bank branches and subsidiaries. Following numerous downgrades of its credit rating, Cyprus lost access to international capital markets in May 2011. The economy contracted by an accumulated 8.2% between 2009 and 2013 and is not expected to return to positive growth before 2015. Unemployment is currently over 17% and expected to reach 19% in 2014. In July 2012, Cyprus became the fifth eurozone government to request an economic bailout program from the European Commission, European Central Bank and the International Monetary Fund - known collectively as the "Troika". Shortly after the election of President Nicos ANASTASIADES in February 2013, Cyprus faced an economic crisis and agreed with the Troika to a $13 billion bailout that included losses on uninsured bank deposits. The bailout triggered a two-week bank closure and the imposition of capital controls, some of which remained in place through 2014. Cyprus' two largest banks merged and the combined entity was recapitalized through conversion of some large bank deposits to shares and imposition of losses on some bank bondholders. The Troika conditioned the bailout on progress in financial and structural reforms and privatization of state-owned enterprises. Cyprus has downsized and restructured its banking sector significantly. Three positive reviews by the Troika since May 2013 indicate that Cyprus’ bailout program is on track with a fourth review scheduled in May 2014. In October 2013, Cyprus completed preliminary appraisal of hydrocarbon deposits in its territorial waters, which revealed less than anticipated natural gas reserves. Additional exploration drilling is likely to continue in 2014-2015.
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Source
: CIA |
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Registered Name |
P.G. CONCEPT SOLUTIONS AND
INNOVATIONS LTD |
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English Name |
P.G. CONCEPT SOLUTIONS AND
INNOVATIONS LTD |
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Registered Address |
33 Neas Egkomis, Egkomi, 2409,
Nicosia, Cyprus |
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Headquarters: |
2 Lemesou Avenue, Aluminium
Tower 5th Floor, Nicosia, 2003, Cyprus |
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Telephone |
+22336933357 |
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Fax |
+35722336382 |
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E-mail |
cloexen@logos.cy.net (Correspondent
Email) |
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Web Site |
http://www.xenopoulos.com.cy (Correspondent Webpage) |
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Legal Type |
Limited Company |
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Status |
Registered and operational |
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Registration No |
C318077 |
Registration Date |
17/01/2013 |
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Start Date |
17/01/2013 |
Years of Operation: |
2 |
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Last return |
17/01/2013 |
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CINFO ID: |
CYC23335057 |
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Employees |
April 2015 |
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Company |
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Total Number |
Not Available |
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We have been unable to locate any
offices for the subject and believe they do not maintain offices in Cyprus.
Under these circumstances no staff are employed and companies may utilize
staff (2-3 people) from their auditors’ or lawyers’ offices. |
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Additional Info: |
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Correspondent and Legal Advisor: XENIOS L. XENOPOULOS, 2 Lemesou Avenue,
Aluminium Tower, 5th Floor, 2003, Nicosia, Cyprus, Tel. 22336933.
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Assessment: |
Nil Rating |
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Payment Habits: |
No complaints |
A check against all available
information sources revealed that no late payment incidents against Subject
Company exist. |
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Financial strength |
Unable to comment |
Given the fact the subject is an
international business company IBC (offshore company) and most of its
activities are carried out, outside Cyprus, coupled with the fact no further
detailed financial information is available, we feel unable to express a safe
and reliable opinion on the creditability of the subject. |
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Authorized Capital |
1,000.00 |
EUR |
Issued Capital |
1,000.00 |
EUR |
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Nominal No Of Shares |
1,000.00 |
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Issued No Of Shares |
1,000.00 |
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Nominal value |
1.00 |
EUR |
Paid Up |
1,000.00 |
EUR |
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Directors |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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PEER GELSER |
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Director |
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204353494(Passport) |
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72 |
17/01/2013 |
No |
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19 Agiou Dometiou, Strovolos, 2054,
Nicosia, Cyprus |
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ELIE BARAKAT |
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Director / Secretary |
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08AD56295(Passport) |
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55 |
17/01/2013 |
No |
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6 Rodionos Georgiadi, Egkomi,
2411, Nicosia, Cyprus |
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Secretary |
Position |
Acts As |
ID |
Occupation |
Age |
Appointed |
Other dir. |
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ELIE BARAKAT |
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Director / Secretary |
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08AD56295(Passport) |
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55 |
17/01/2013 |
No |
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6 Rodionos Georgiadi, Egkomi,
2411, Nicosia, Cyprus |
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Shareholders |
ID / Reg. No. |
Acts As |
Nationality |
Shares |
% |
Shares Breakdown |
Class |
Type |
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INTERSPACE COMPANY LIMITED |
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C13953 |
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1000 |
100 |
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2 Lemesou Avenue, Aluminium
Tower, 5th Floor, Strovolos, 2003, Nicosia, Cyprus
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Activity Code |
Description |
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NACE 2.1 |
4690 |
Non-specialised wholesale trade
- This class includes: - wholesale of a variety of goods without any
particular specialisation - - |
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NACE 2.1 |
4719 |
Other retail sale in non-specialised
stores - This class includes: - retail sale of a large variety of goods of
which food products, beverages or tobacco are not predominant - activities of
department stores carrying a general line of merchandise, including wearing
apparel, furniture, appliances, hardware, cosmetics, jewellery, toys, sports
goods etc. - - |
LINE OF BUSINESS
According
to the Articles of Association the subject company deals with general trade although
this was not confirmed. However the Articles make provision for other
activities as well.
Business Activities
General Trading
Industry Classifications - NAICS
» Wholesale Trade Agents and Brokers NAICS #42512
» Wholesale Trade NAICS #42
» Other Miscellaneous Durable Goods Merchant Wholesalers NAICS #42399
» Apparel, Piece Goods, and Notions Merchant Wholesalers NAICS #4243
» Other Miscellaneous Nondurable Goods Merchant Wholesalers NAICS #42499
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Export to |
Percentage |
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Comments |
Non Retrievable |
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Import from |
Percentage |
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Comments |
Non Retrivable |
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Market Territory |
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International Presence |
100% |
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We believe that the subject is an
International Business Company (IBC) with no offices of its own in Cyprus |
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Premises |
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Type |
Headquarters |
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Address: |
2 Lemesou Avenue, Aluminium
Tower 5th Floor, Nicosia, 2003, Cyprus |
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Headquarters operate as: |
Correspondent Office |
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No |
Date registered |
Date prepared |
Type |
Description/No |
Amount |
Sequence |
Beneficiary |
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0 |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
No charges found |
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Negatives |
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A check against our revealed that
no negative payment incidents against the subject company, such as unpaid
bills or bankruptcies exist. |
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Financial
Statement
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Please note that the latest
financial details were not available at the file of the company at the
official companies' registry house; as the law provides for all companies. No
financial details were available from other public sources |
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The
subject is an International Business Company - IBC (ex - Offshore Company) registered
in Cyprus on 17/01/2013.
IBC companies, being covered by the law of confidentiality, may use nominee
shareholders that hold the shares in trust for the beneficial owners. Until
recently beneficial owners were made known only to the Central Bank of the
Republic of Cyprus, which used to grant permission for the company’s
registration in Cyprus. After Cyprus accession into the EU, this practice
changed. Beneficial owners of an IBC are now known to the lawyers and / or
auditors that undertake the registration of such companies in Cyprus.
In the past IBC’s (ex offshore companies & offshore branches) used to
benefit from a corporation tax rate on their profits of 4.25%. However,
according to new tax legislation which has been in effect since the 1st January
2003, there is no longer a distinction between local companies and
International Business Companies (IBC’s. The net profits of all companies
registered in Cyprus are taxed at the rate of 12.5% effective since 1st January
2013.
Furthermore, in the past the law required IBC’s (ex offshore companies &
offshore branches), beneficial owners to be non-Cypriot residents and the
business activities to be carried out, outside of Cyprus only. This law has
changed. IBC entities may have activities worldwide, including in Cyprus.
However, in order for an IBC entity to have activities locally, their
Memorandum and Articles of Association should provide for that. Most of the IBC
entities that were registered before the change of the law have already
proceeded with the amendments in their Memorandum and Articles of Association.
The
new provisions provide exemptions from tax of income related to Intellectual
Property, specifically:
1.
80% of worldwide royalty income generated from Intellectual Property owned by Cypriot
resident companies (net of any direct expenses) is exempt from income tax.
2.
80% of profit generated from the disposal of Intellectual Property owned by
Cypriot resident companies (net of any direct expenses) is exempt from income
tax.
3.
There is no defense tax on dividends for non-Cypriot residents.
Any
expenditure of a capital nature for the acquisition or development of IP is
claimed as a tax deduction in the year in which it was incurred and the
immediate four following years on a straight-line
All
the above exemptions are also available for IPs acquired or developed before
January 2012.
We have been unable to trace any offices for the subject company in Cyprus.
During our investigation we have contacted the company's correspondent Xenios
L. Xenopoulos. The official we spoke to could not release any information, such
as if the company is an International Business Company (IBC) or not and if they
maintain offices of their own in Cyprus, due to the client confidentiality
policy in place.
Additionally, a questionnaire was
forwarded to the subject but until now, we have received no reply. Should any
additional information become available, we will provide you with a revised
report.
CYPRUS COUNTRY DEVELOPMENTS:
http://infocreditgroup.com/News/453/en/Cyprus-Country-Development-2015
- Perform Searches in:
· The Registrar of Companies and
Official Receiver of the Republic of Cyprus.
· In house databases for
Detrimental Information for up to 7 years:
· Bankruptcy and Dissolution
procedures.
· Unpaid Bills including returned
cheques.
· Proprietary databases and
global subscription sites.
· Global and local media.
· Internet social networks.
· Relationship/Directorship
Search through Local Database.
· Other local databases as deemed
appropriate.
- Conduct Interviews with:
· Official(s) / correspondent(s)
of the company under review.
· Supplier(s) or other associated
entities of the company.
· Other local resources with
extensive knowledge of the market.
- Analysis
· Process and analyse all
information gathered.
· Perform a thorough quality
check of the report prior to sending it to the client.
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Contact Information |
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Name: |
Not Disclosed |
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Quality: |
company |
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Title: |
representative |
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Couldn't supply |
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Any info |
|||
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A questionnaire was sent - no reply received |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.59 |
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|
1 |
Rs.92.46 |
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Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
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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 |
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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 |
|
<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.