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Report No. : |
319520 |
|
Report Date : |
27.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
THE ROBERT ALLEN GROUP, INC. |
|
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Registered Office : |
225 Foxboro Blvd, Foxboro, MA 02035 |
|
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Country : |
United States |
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Date of Incorporation : |
11.08.1986 |
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Legal Form : |
Corporation – Profit |
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Line of Business : |
Subject is engaged in designs and markets decorative fabrics, home furnishings, trims, and accessories for the interior design trade. |
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No of Employees : |
600 |
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 |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
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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
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
United States |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
UNITED STATES - ECONOMIC OVERVIEW
The US has the largest and most
technologically powerful economy in the world, with a per capita GDP of
$49,800. In this market-oriented economy, private individuals and business
firms make most of the decisions, and the federal and state governments buy
needed goods and services predominantly in the private marketplace. US business
firms enjoy greater flexibility than their counterparts in Western Europe and
Japan in decisions to expand capital plant, to lay off surplus workers, and to
develop new products. At the same time, they face higher barriers to enter
their rivals' home markets than foreign firms face entering US markets. US
firms are at or near the forefront in technological advances, especially in
computers and in medical, aerospace, and military equipment; their advantage has
narrowed since the end of World War II. The onrush of technology largely
explains the gradual development of a "two-tier labor market" in
which those at the bottom lack the education and the professional/technical
skills of those at the top and, more and more, fail to get comparable pay
raises, health insurance coverage, and other benefits. Since 1975, practically
all the gains in household income have gone to the top 20% of households. Since
1996, dividends and capital gains have grown faster than wages or any other
category of after-tax income. Imported oil accounts for nearly 55% of US
consumption. Crude oil prices doubled between 2001 and 2006, the year home
prices peaked; higher gasoline prices ate into consumers' budgets and many
individuals fell behind in their mortgage payments. Oil prices climbed another
50% between 2006 and 2008, and bank foreclosures more than doubled in the same
period. Besides dampening the housing market, soaring oil prices caused a drop
in the value of the dollar and a deterioration in the US merchandise trade
deficit, which peaked at $840 billion in 2008. The sub-prime mortgage crisis,
falling home prices, investment bank failures, tight credit, and the global
economic downturn pushed the United States into a recession by mid-2008. GDP
contracted until the third quarter of 2009, making this the deepest and longest
downturn since the Great Depression. To help stabilize financial markets, in
October 2008 the US Congress established a $700 billion Troubled Asset Relief
Program (TARP). The government used some of these funds to purchase equity in
US banks and industrial corporations, much of which had been returned to the
government by early 2011. In January 2009 the US Congress passed and President
Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus
to be used over 10 years - two-thirds on additional spending and one-third on
tax cuts - to create jobs and to help the economy recover. In 2010 and 2011,
the federal budget deficit reached nearly 9% of GDP. In 2012 the federal
government reduced the growth of spending and the deficit shrank to 7.6% of
GDP. Wars in Iraq and Afghanistan required major shifts in national resources
from civilian to military purposes and contributed to the growth of the budget
deficit and public debt. Through 2011, the direct costs of the wars totaled
nearly $900 billion, according to US government figures. US revenues from taxes
and other sources are lower, as a percentage of GDP, than those of most other
countries. In March 2010, President OBAMA signed into law the Patient
Protection and Affordable Care Act, a health insurance reform that was designed
to extend coverage to an additional 32 million American citizens by 2016,
through private health insurance for the general population and Medicaid for
the impoverished. Total spending on health care - public plus private - rose
from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed
the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to
promote financial stability by protecting consumers from financial abuses,
ending taxpayer bailouts of financial firms, dealing with troubled banks that
are "too big to fail," and improving accountability and transparency
in the financial system - in particular, by requiring certain financial
derivatives to be traded in markets that are subject to government regulation
and oversight. In December 2012, the Federal Reserve Board (Fed) announced
plans to purchase $85 billion per month of mortgage-backed and Treasury
securities in an effort to hold down long-term interest rates, and to keep
short term rates near zero until unemployment drops below 6.5% or inflation
rises above 2.5%. In late 2013, the Fed announced that it would begin scaling
back long-term bond purchases to $75 billion per month in January 2014 and
reduce them further as conditions warranted; the Fed, however, would keep
short-term rates near zero so long as unemployment and inflation had not
crossed the previously stated thresholds. Long-term problems include stagnation
of wages for lower-income families, inadequate investment in deteriorating
infrastructure, rapidly rising medical and pension costs of an aging
population, energy shortages, and sizable current account and budget deficits.
|
Source
: CIA |
Company name: THE ROBERT ALLEN GROUP, INC.
Address: 225 Foxboro Blvd, Foxboro, MA 02035
- USA
Telephone: +1
508-851-6600
Fax: +1 508-261-9487
Website: www.robertallendesign.com
Corporate ID#: 2098513
State: Delaware
Judicial form: Corporation – Profit
Date incorporated: August
11, 1986
Date founded: 1938
Stock: 1,000
shares common
Value: No
par value
Name of manager: Philip H.
KOWALCZYK
Business:
The Robert Allen Group, Inc. designs and markets decorative fabrics,
home furnishings, trims, and accessories for the interior design trade.
It also offers coordinated fabric collections and finished products,
including duvet covers, bed skirts, draperies, and pillows to hospitality,
healthcare, and corporate customers.
In addition, the company offers coordinated print and woven collections;
drapery hardware; a range of customization and design interpretation options;
and fabrication services.
Further, it operates showrooms that sell its fabrics and trims, as well
as home furnishings and decorative accessories from other craftsmen.
The company was founded in 1938 and is based in Foxboro, Massachusetts,
with additional offices in High Wycombe, United Kingdom and Mississauga,
Canada.
Office of the Foreign
Assets Control (OFAC):
The company is not listed on the OFAC list.
The Specially Designated Nationals (SDN) List is a publication of OFAC
which lists individuals and organizations with whom United States citizens and
permanent residents are prohibited from doing business.
Suppliers include:
ZHEJIANG STANDARD TEXTILE
24F YONGTONG INTERNATIONAL TRADE PLAZA QIANQIING SHAOXING COUNTY 312025
ZHEJIANG CHINA
ZHEJIANG YUSHI TEXTILE CO., LTD.
HAINING SHI XUCUN INDUSTRIAL ESTATS 20# CHINA
EIN: 04-2928435
Staff: 600
Operations & branches:
At above address, we find a
large manufacture, warehouse and office, owned.
Shareholders:
ALTAMONT CAPITAL PARTNERS
400 Hamilton Avenue
Palo Alto, CA 94301 – USA
Altamont Capital Partners is a private equity firm specializing in
mature, turnaround, PIPES, buyouts, and change-intensive middle market
investments. The firm invests in consumer discretionary, consumer products,
industrials, materials: construction materials, insurance, business services,
financial services, consumer staples, consumer finance, healthcare equipment
and services, retail, financials except real estate, information technology
with a focus on software and services, and telecom services. The firm also
invests in multi-channel companies. It seeks to invest in North America with a
focus on United States and Canada. The firm invests between $10 million and $75
million in companies having EBITDA up to $50 million.
It seeks control or shared control with like-minded investors in its
portfolio companies. Altamont Capital Partners was founded in 2010 and is based
in Palo Alto, California with an additional office in San Francisco Bay,
California.
Management:
Mr. Philip H. KOWALCZYK has been President and Chief Executive Officer
of The Robert Allen Group, Inc. since November 01, 2011.
Mr. Kowalczyk has over 25 years of business experience with a track
record of growth and profitability in beauty and fashion industries with a
background in retailing, brand management and management consulting.
Mr. Kowalczyk previously served as Managing Director - North America
Division at Kurt Salmon. He served as Chief Operating Officer of The Talbots
Inc. from October 09, 2007 to July 02, 2008.
Mr. Kowalczyk was responsible for all consulting and operations for KSA
in North America. He served as President of J. Jill Group, Inc. from May 03,
2006 to January 28, 2008.
He served as Executive Vice President and Chief Administrative Officer
of The Talbots Inc. from October, 2004 to May 03, 2006.
He has been a Director of The Robert Allen Group, Inc. since November
01, 2011.
Steve BROWNLIE is Director
Chuck CIOFFI, CFO
Randall EASON is Secretary
Subsidiaries & Partnership:
THE ROBERT ALLEN GROUP LTD
Chiltern House, Gordon Rd, High Wycombe HP13 6EQ, United Kingdom
ROBERT ALLEN FABRICS CANADA
LTD
2880 Argentia Rd, Streetsville, Ontario L5N 7X8, Canada
In United States, privately
held corporations are not required to publish any financials.
On a direct call, a
financial assistant controlled the present report.
Sales declared for year
2013 is in the range of USD 100,000,000=
(same as 2012)
At this time, no financials
available for year 2014 but said to be better than previous year.
Banks: ENTERPRISE BANK
AND TRUST COMPANY
222 Merrimack Street, Lowell, MA 01852
Ph: +1
978-459-9000
Legal filings & complaints:
As of today date, there is no legal filing pending with the District
Courts.
Secured debts
summary (UCC):
File number: 200973645770
Date filed: 06-11-2009
Lapse date: 06-11-2019
Secured Party: WILDWOOD LAMPS & ACCENTS, INC
P.O. BOX 672, Rock Mount, NC 27802
Trade references:
Date reported: January 2015
High credit: USD
25,000
Now owing: 0
Past due: 0
Last purchase: December 2014
Line of business: Office supply
Paying status: 3 days beyond terms
Date reported: January 2015
High credit: USD 1,000,000+
Now owing: 0
Past due: 0
Last purchase: December 2014
Line of business: Payroll
Paying status: As agreed
Date reported: January 2015
High credit: USD 1,200
Now owing: 0
Past due: 0
Last purchase: December 2014
Line of business: Telecommunications
Paying status: 3 days beyond terms
Domestic credit history:
Domestic credit history
appears as follow:
|
Monthly Payment Trends - Recent Activity |
|
Domestic payments of imports are currently made with an average of 5
days beyond terms.
International
credit history:
Payments of imports are currently made on terms.
Other comments:
The Company is in good
standing.
This means that all local
and federal taxes were paid on due date.
Last report was filed on
03-14-2014.
The risk is medium/low.
Our opinion:
A business connection may
be conducted but we suggest you to check carefully the terms of payments.
Standard &
Poor’s
|
United States of
America Long-Term Rating Lowered To 'AA+' Due To Political Risks, Rising Debt
Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
We have lowered our long-term sovereign credit rating on the United
States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term
rating.
We have also removed both the short- and long-term ratings from
CreditWatch negative.
The downgrade reflects our opinion that the fiscal consolidation plan
that Congress and the Administration recently agreed to falls short of what, in
our view, would be necessary to stabilize the government's medium-term debt
dynamics.
More broadly, the downgrade reflects our view that the effectiveness,
stability, and predictability of American policymaking and political
institutions have weakened at a time of ongoing fiscal and economic challenges
to a degree more than we envisioned when we assigned a negative outlook to the
rating on April 18, 2011.
Since then, we have changed our view of the difficulties in bridging the
gulf between the political parties over fiscal policy, which makes us
pessimistic about the capacity of Congress and the Administration to be able to
leverage their agreement this week into a broader fiscal consolidation plan
that stabilizes the government's debt dynamics any time soon.
The outlook on the long-term rating is negative. We could lower the
long-term rating to 'AA' within the next two years if we see that less
reduction in spending than agreed to, higher interest rates, or new fiscal
pressures during the period result in a higher general government debt
trajectory than we currently assume in our base case.
TORONTO (Standard & Poor's)
Aug. 5, 2011--Standard & Poor's Ratings Services said today that it lowered
its long-term sovereign credit rating on the United States of America to 'AA+'
from 'AAA'. Standard & Poor's also said that the outlook on the long-term
rating is negative. At the same time, Standard & Poor's affirmed its 'A-1+'
short-term rating on the U.S. In addition, Standard & Poor's removed both
ratings from CreditWatch, where they were placed on July 14, 2011, with
negative implications.
The transfer and convertibility (T&C) assessment of the U.S.--our
assessment of the likelihood of official interference in the ability of
U.S.-based public- and private-sector issuers to secure foreign exchange for
debt service--remains 'AAA'.
We lowered our long-term rating on the U.S. because we believe that the
prolonged controversy over raising the statutory debt ceiling and the related
fiscal policy debate indicate that further near-term progress containing the
growth in public spending, especially on entitlements, or on reaching an
agreement on raising revenues is less likely than we previously assumed and
will remain a contentious and fitful process. We also believe that the fiscal
consolidation plan that Congress and the Administration agreed to this week
falls short of the amount that we believe is necessary to stabilize the general
government debt burden by the middle of the decade.
Our lowering of the rating was prompted by our view on the rising public
debt burden and our perception of greater policymaking uncertainty, consistent
with our criteria (see "Sovereign
Government Rating Methodology and Assumptions ," June 30, 2011,
especially Paragraphs 36-41). Nevertheless, we view the U.S. federal
government's other economic, external, and monetary credit attributes, which
form the basis for the sovereign rating, as broadly unchanged.
We have taken the ratings off CreditWatch because the Aug. 2 passage of
the Budget Control Act Amendment of 2011 has removed any perceived immediate
threat of payment default posed by delays to raising the government's debt
ceiling. In addition, we believe that the act provides sufficient clarity to
allow us to evaluate the likely course of U.S. fiscal policy for the next few
years.
The political brinksmanship of recent months highlights what we see as
America's governance and policymaking becoming less stable, less effective, and
less predictable than what we previously believed. The statutory debt ceiling
and the threat of default have become political bargaining chips in the debate
over fiscal policy. Despite this year's wide-ranging debate, in our view, the
differences between political parties have proven to be extraordinarily
difficult to bridge, and, as we see it, the resulting agreement fell well short
of the comprehensive fiscal consolidation program that some proponents had
envisaged until quite recently. Republicans and Democrats have only been able
to agree to relatively modest savings on discretionary spending while
delegating to the Select Committee decisions on more comprehensive measures. It
appears that for now, new revenues have dropped down on the menu of policy
options. In addition, the plan envisions only minor policy changes on Medicare
and little change in other entitlements, the containment of which we and most
other independent observers regard as key to long-term fiscal sustainability.
Our opinion is that elected officials remain wary of tackling the
structural issues required to effectively address the rising U.S. public debt
burden in a manner consistent with a 'AAA' rating and with 'AAA' rated
sovereign peers (see Sovereign
Government Rating Methodology and Assumptions," June 30, 2011,
especially Paragraphs 36-41). In our view, the difficulty in framing a
consensus on fiscal policy weakens the government's ability to manage public
finances and diverts attention from the debate over how to achieve more
balanced and dynamic economic growth in an era of fiscal stringency and
private-sector deleveraging (ibid). A new political consensus might (or might
not) emerge after the 2012 elections, but we believe that by then, the
government debt burden will likely be higher, the needed medium-term fiscal
adjustment potentially greater, and the inflection point on the U.S.
population's demographics and other age-related spending drivers closer at hand
(see "Global
Aging 2011: In The U.S., Going Gray Will Likely Cost Even More Green, Now,"
June 21, 2011).
Standard & Poor's takes no position on the mix of spending and
revenue measures that Congress and the Administration might conclude is
appropriate for putting the U.S.'s finances on a sustainable footing.
The act calls for as much as $2.4 trillion of reductions in expenditure
growth over the 10 years through 2021. These cuts will be implemented in two
steps: the $917 billion agreed to initially, followed by an additional $1.5
trillion that the newly formed Congressional Joint Select Committee on Deficit
Reduction is supposed to recommend by November 2011. The act contains no
measures to raise taxes or otherwise enhance revenues, though the committee
could recommend them.
The act further provides that if Congress does not enact the committee's
recommendations, cuts of $1.2 trillion will be implemented over the same time
period. The reductions would mainly affect outlays for civilian discretionary
spending, defense, and Medicare. We understand that this fall-back mechanism is
designed to encourage Congress to embrace a more balanced mix of expenditure
savings, as the committee might recommend.
We note that in a letter to Congress on Aug. 1, 2011, the Congressional
Budget Office (CBO) estimated total budgetary savings under the act to be at
least $2.1 trillion over the next 10 years relative to its baseline
assumptions. In updating our own fiscal projections, with certain modifications
outlined below, we have relied on the CBO's latest "Alternate Fiscal
Scenario" of June 2011, updated to include the CBO assumptions contained
in its Aug. 1 letter to Congress. In general, the CBO's "Alternate Fiscal
Scenario" assumes a continuation of recent Congressional action overriding
existing law.
We view the act's measures as a step toward fiscal consolidation.
However, this is within the framework of a legislative mechanism that leaves
open the details of what is finally agreed to until the end of 2011, and
Congress and the Administration could modify any agreement in the future. Even
assuming that at least $2.1 trillion of the spending reductions the act
envisages are implemented, we maintain our view that the U.S. net general
government debt burden (all levels of government combined, excluding liquid
financial assets) will likely continue to grow. Under our revised base case fiscal
scenario--which we consider to be consistent with a 'AA+' long-term rating and
a negative outlook--we now project that net general government debt would rise
from an estimated 74% of GDP by the end of 2011 to 79% in 2015 and 85% by 2021.
Even the projected 2015 ratio of sovereign indebtedness is high in relation to
those of peer credits and, as noted, would continue to rise under the act's
revised policy settings.
Compared with previous projections, our revised base case scenario now
assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012,
remain in place. We have changed our assumption on this because the majority of
Republicans in Congress continue to resist any measure that would raise
revenues, a position we believe Congress reinforced by passing the act. Key
macroeconomic assumptions in the base case scenario include trend real GDP
growth of 3% and consumer price inflation near 2% annually over the decade.
Our revised upside scenario--which, other things being equal, we view as
consistent with the outlook on the 'AA+' long-term rating being revised to
stable--retains these same macroeconomic assumptions. In addition, it
incorporates $950 billion of new revenues on the assumption that the 2001 and
2003 tax cuts for high earners lapse from 2013 onwards, as the Administration
is advocating. In this scenario, we project that the net general government
debt would rise from an estimated 74% of GDP by the end of 2011 to 77% in 2015
and to 78% by 2021.
Our revised downside scenario--which, other things being equal, we view
as being consistent with a possible further downgrade to a 'AA' long-term
rating--features less-favorable macroeconomic assumptions, as outlined below
and also assumes that the second round of spending cuts (at least $1.2
trillion) that the act calls for does not occur. This scenario also assumes
somewhat higher nominal interest rates for U.S. Treasuries. We still believe
that the role of the U.S. dollar as the key reserve currency confers a
government funding advantage, one that could change only slowly over time, and
that Fed policy might lean toward continued loose monetary policy at a time of
fiscal tightening. Nonetheless, it is possible that interest rates could rise
if investors re-price relative risks. As a result, our alternate scenario
factors in a 50 basis point (bp)-75 bp rise in 10-year bond yields relative to
the base and upside cases from 2013 onwards. In this scenario, we project the
net public debt burden would rise from 74% of GDP in 2011 to 90% in 2015 and to
101% by 2021.
Our revised scenarios also take into account the significant negative
revisions to historical GDP data that the Bureau of Economic Analysis announced
on July 29. From our perspective, the effect of these revisions underscores two
related points when evaluating the likely debt trajectory of the U.S.
government. First, the revisions show that the recent recession was deeper than
previously assumed, so the GDP this year is lower than previously thought in
both nominal and real terms. Consequently, the debt burden is slightly higher.
Second, the revised data highlight the sub-par path of the current economic
recovery when compared with rebounds following previous post-war recessions. We
believe the sluggish pace of the current economic recovery could be consistent
with the experiences of countries that have had financial crises in which the
slow process of debt deleveraging in the private sector leads to a persistent
drag on demand. As a result, our downside case scenario assumes relatively
modest real trend GDP growth of 2.5% and inflation of near 1.5% annually going
forward.
When comparing the U.S. to sovereigns with 'AAA' long-term ratings that
we view as relevant peers--Canada, France, Germany, and the U.K.--we also
observe, based on our base case scenarios for each, that the trajectory of the
U.S.'s net public debt is diverging from the others. Including the U.S., we
estimate that these five sovereigns will have net general government debt to
GDP ratios this year ranging from 34% (Canada) to 80% (the U.K.), with the U.S.
debt burden at 74%. By 2015, we project that their net public debt to GDP
ratios will range between 30% (lowest, Canada) and 83% (highest, France), with
the U.S. debt burden at 79%. However, in contrast with the U.S., we project
that the net public debt burdens of these other sovereigns will begin to
decline, either before or by 2015.
Standard & Poor's transfer T&C assessment of the U.S. remains
'AAA'. Our T&C assessment reflects our view of the likelihood of the
sovereign restricting other public and private issuers' access to foreign
exchange needed to meet debt service. Although in our view the credit standing
of the U.S. government has deteriorated modestly, we see little indication that
official interference of this kind is entering onto the policy agenda of either
Congress or the Administration. Consequently, we continue to view this risk as
being highly remote.
The outlook on the long-term rating is negative. As our downside alternate
fiscal scenario illustrates, a higher public debt trajectory than we currently
assume could lead us to lower the long-term rating again. On the other hand, as
our upside scenario highlights, if the recommendations of the Congressional
Joint Select Committee on Deficit Reduction--independently or coupled with
other initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.40 |
|
|
1 |
Rs. 95.42 |
|
Euro |
1 |
Rs. 68.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
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.