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Report No. : |
351292 |
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Report Date : |
04.12.2015 |
IDENTIFICATION DETAILS
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Name : |
NAVEAN PVT LTD |
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Registered Office : |
3Fl H Jazeera Bldg 15 Boduthakurufaanu, Magu, Male |
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Country : |
Maldives |
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Date of Incorporation : |
01.11.2006 |
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Legal Form : |
Private Company with Limited Liability |
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Line of Business : |
Importer of Beverages. |
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No. of Employees : |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Maldives |
B1 |
B1 |
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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 |
MALDIVES - ECONOMIC
OVERVIEW
Tourism, Maldives' largest economic activity, accounts for nearly 30% of GDP and more than 60% of foreign exchange receipts. Fishing is the second leading sector, but the fish catch has dropped sharply in recent years. Agriculture and manufacturing continue to play a lesser role in the economy, constrained by the limited availability of cultivable land and the shortage of domestic labor.
Lower than expected tourist arrivals and fish exports, combined with high government spending on social needs, subsidies, and civil servant salaries contributed to a balance of payments crisis, which was temporarily eased with a $79.3 million IMF Stand-By agreement. However, after the first two disbursements, the IMF withheld subsequent disbursements due to concerns over Maldives' growing budget deficit, and the government has been seeking other sources of budgetary support ever since. A new Goods and Services Tax (GST) on tourism introduced in January 2011, on general goods and services in October 2011, and a new Business Profit Tax introduced in July 2011 have provided a boost to revenue. In recent years, gross foreign exchange reserves have hovered around $300 million, sufficient to finance about two to three months of imports.
In August 2014 the Maldives’ Parliament passed a bill to create special economic zones, a step aimed at attracting investment and diversifying the economy away from tourism and fishing. The Maldives’ also took some steps to reduce the fiscal deficit in 2015, such as imposing a green tax on tourist establishments and raising import duties, but the deficit will grow because of increasing public expenditures.
Diversifying the economy beyond tourism and fishing, reforming public finance, increasing employment opportunities, and combating corruption, cronyism, and a growing drug problem are other near-term challenges facing the government. Over the longer term Maldivian authorities worry about the impact of erosion and possible global warming on their low-lying country; 80% of the area is 1 meter or less above sea level.
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Source
: CIA |
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Organization Name |
: |
NAVEAN PVT LTD |
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Name in Local Language |
: |
None |
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Address |
: |
3Fl H Jazeera Bldg 15 Boduthakurufaanu,
Magu, Male |
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Country |
: |
Maldives |
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Phone (S) |
: |
[+960]-3307899 |
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Facsimile |
: |
[+960]-3005744 |
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Email |
: |
surende@naveanmaldives.com |
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Website |
: |
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Primary Business Activity |
: |
Importer |
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Key Industry |
: |
Beverages |
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Registered Legal Address |
: |
3Fl H Jazeera Bldg 15 Boduthakurufaanu,
Magu, Male |
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Operational Address |
: |
3Fl H Jazeera Bldg 15 Boduthakurufaanu,
Magu, Male |
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Trading Name / DBA |
: |
NAVEAN
MALDIVES NAVEAN WINE & SPIRITS |
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License Status |
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License exists - Normal. |
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Issuing Authority |
: |
MINISTRY OF TRADE & INDUSTRIES |
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License Number |
: |
C-823/2006 |
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Legal Form - Category |
: |
Private Company with Limited Liability |
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Legal Form |
: |
Private Limited |
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Legal Form - Abbreviation |
: |
PVT LTD |
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Operational Status of Business |
: |
Normal |
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Date of Registration |
: |
1 Nov, 2006 |
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Employees |
: |
20 |
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Capital |
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n/a (1) |
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Note |
: |
(1) Not
applicable. |
Key Person
|
Legal Title |
: |
Chairman |
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Name |
: |
Ms. Shaanee Deen Olegard |
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Nationality |
: |
Maldivian |
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COMPANY MANAGEMENT |
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Management Listings |
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Management Details - 1 |
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Management Details - 2 |
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Management Details - 3 |
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Management Details - 4 |
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Management Details - 5 |
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Management Details - 6 |
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Management Details - 7 |
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Management Details - 8 |
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Management Details - 9 |
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COMPANY DIRECTORS |
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REPUTATION |
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Reference checking for the purpose of
establishing NAVEAN PVT LTD's reputation within the respective industry
failed to reveal any adverse information. |
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DISHONORED CHECKS |
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No Record Found |
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DEBT |
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No Record Found |
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CIVIL LITIGATION |
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No Record Found |
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PERFORMANCE
DEFAULTS |
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No Record Found |
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ADVERSE LOCAL
MEDIA COVERAGE / ADVERSE FILING HISTORY |
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No Record Found |
SHAREHOLDERS
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Total number of shareholders |
: |
n/a |
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Total number of shares |
: |
n/a |
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Currency |
: |
MVR - Maldives Rufiyaa |
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No. |
Shareholders |
Country |
Shares |
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Number |
Amount (MVR) |
% |
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1 |
Ms. Shaanee Deen Olegard |
Maldives |
n/a |
n/a |
n/a |
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Total |
n/a |
n/a |
n/a |
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Based on
corporate statutory laws / regulations in Maldives, there is no requirement for
public disclosure of Shareholders. In this case, the Shareholders information
was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory
Authorities, it is not possible to verify the accuracy of data supplied and hence
is provided as reference ONLY.
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DOMESTIC SALES & PURCHASES |
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PAYMENT TERMS |
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Selling |
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Purchasing |
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IMPORT AGENCY LISTING |
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N/A
FINANCIAL STATEMENT – DETAILED
Based on the corporate laws of Maldives,
legal entities which are a Private Company with Limited Liability are not
required to make public disclosure of their annual financials. Therefore no
financials are available for this entity.
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Today's Exchange
rate |
: |
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Country |
: |
Maldives |
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Business Entity Name |
: |
NAVEAN PVT LTD |
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Primary Business Activity |
: |
Importer |
|
Primary Industry |
: |
Beverages |
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Office Contact Details |
||
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Operating Address |
: |
3Fl H Jazeera Bldg 15 Boduthakurufaanu,
Magu, Male |
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Tel |
: |
[+960]-3307899 |
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Fax |
: |
[+960]-3005744 |
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Email |
: |
surende@naveanmaldives.com |
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Website Details |
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Website |
: |
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Status |
: |
Normal - operational |
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Country of Registration |
: |
Maldives |
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Ownership Type |
: |
Registered ownership by Subject Business
Entity |
Primary Products
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Products / Materials / Services Description |
Activity |
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Champagne |
Importing, Exporting |
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Sake wines |
Importing, Exporting |
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Sparkling wines |
Importing, Exporting |
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Spirits |
Importing, Exporting |
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Wines |
Importing, Exporting |
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SIC PRODUCT CLASSIFICATION & ACTIVITY |
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HARMONIZED PRODUCT CLASSIFICATION &
ACTIVITY |
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CORE BUSINESS DESCRIPTION |
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Core Business |
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The primary business focus of NAVEAN PVT
LTD is Import agency - Finished products. Champagne Sake wines Sparkling wines Spirits Wines
Distribution |
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Supplementary Business |
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In addition to the core business, NAVEAN
PVT LTD also is engaged in the following areas of business: Exporting Exporting - Finished products |
INTERNATIONAL TRADE - Activity & Markets
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Country / Region |
Estimated level of importance |
Trading Activity |
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Asia / Pacific |
Medium |
Importing, Exporting |
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Europe |
Medium |
Importing, Exporting |
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South America |
Medium |
Importing |
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Argentina |
Medium |
Importing |
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Australia |
Medium |
Importing, Exporting |
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Austria |
Medium |
Importing, Exporting |
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France |
Medium |
Importing |
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Italy |
Medium |
Importing |
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New Zealand |
Medium |
Importing |
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Spain |
Medium |
Importing |
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Sri Lanka |
Medium |
Exporting |
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Sweden |
Medium |
Exporting |
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United Kingdom |
Medium |
Importing |
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OFFICE & FACILITIES |
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The following information relates to the
Business Entity's office as listed above: |
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PREVIOUS CONTACT DETAILS |
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N/A
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.75 |
|
|
1 |
Rs.99.61 |
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Euro |
1 |
Rs.70.67 |
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MVR |
1 |
Rs.4.35 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.