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Report No. : |
349504 |
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Report Date : |
18.11.2015 |
IDENTIFICATION DETAILS
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Name : |
APOLLO HOLDINGS PVT LTD |
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Registered Office : |
2Fl Marine Villa Varudhee Hingun, Maafannu, Male 20292 |
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Country : |
Maldives |
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Date of Incorporation : |
30.07.1998 |
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Legal Form : |
Private Company with Limited Liability |
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Line of Business : |
Importer of Consumer Products. |
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No. of Employees : |
200 |
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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Company Details |
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Organization Name |
: |
APOLLO HOLDINGS PVT LTD |
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Name in Local Language |
: |
None |
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Address |
: |
2Fl Marine Villa Varudhee Hingun, Maafannu,
Male 20292 |
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Country |
: |
Maldives |
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Phone (S) |
: |
[+960]-3335707 |
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Facsimile |
: |
[+960]-3329460 |
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Email |
: |
apohol@dhivehinet.net.mv |
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Website |
: |
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Primary Business Activity |
: |
Importer |
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Key Industry |
: |
Consumer Products |
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Key Facts |
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Registered Legal Address |
: |
2Fl Marine Villa Varudhee Hingun, Maafannu,
Male 20292 |
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Operational Address |
: |
2Fl Marine Villa Varudhee Hingun, Maafannu,
Male 20292 |
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License Status |
: |
License exists - Normal. |
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Issuing Authority |
: |
MINISTRY OF TRADE & INDUSTRIES |
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License Number |
: |
C-0129/1998 |
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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 |
: |
30 Jul, 1998 |
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Employees |
: |
200 |
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Capital |
: |
n/a (1) |
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Note |
: |
1) Not
applicable. |
Key Person
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Legal Title |
: |
Chief Executive Officer - CEO |
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Name |
: |
Mr. Ahmed Arif |
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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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COMPANY DIRECTORS |
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REPUTATION |
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Reference checking for the purpose of
establishing APOLLO HOLDINGS PVT LTD's reputation within the respective
industry failed to reveal any adverse information. |
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NEGA-SCAN - ADVERSE DATA MONITORING |
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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 |
No Record Found |
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SHAREHOLDERS |
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DOMESTIC SALES & PURCHASES |
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Annual Sales Analysis |
Percentage |
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Domestic Sales |
100% |
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Annual Purchases Analysis |
Percentage |
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Imports |
100% |
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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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OVERSEAS SUPPLIERS |
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N/A
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FINANCIAL STATEMENT - DETAILED |
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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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Report Details |
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Country |
: |
Maldives |
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Business Entity Name |
: |
APOLLO HOLDINGS PVT LTD |
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Primary Business Activity |
: |
Importer |
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Primary Industry |
: |
Consumer Products |
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Office Contact Details |
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Operating Address |
: |
2Fl Marine Villa Varudhee Hingun, Maafannu,
Male 20292 |
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Tel |
: |
[+960]-3335707 |
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|
: |
[+960]-3320065 |
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|
: |
[+960]-3314994 |
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|
: |
[+960]-3335699 |
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Fax |
: |
[+960]-3329460 |
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|
: |
[+960]-3335706 |
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Email |
: |
apohol@dhivehinet.net.mv |
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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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Air compressor |
Importing |
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Aluminum tool cases |
Importing |
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Angle grinders |
Importing |
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Boat building supplies |
Importing |
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Building materials |
Importing |
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SIC PRODUCT CLASSIFICATION & ACTIVITY |
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HARMONIZED PRODUCT CLASSIFICATION &
ACTIVITY |
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DETAILED 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 APOLLO
HOLDINGS PVT LTD is Import agency - Finished products. Electric inverters Electric winch Fiberglass Fuel transfer pumps Furniture Gardening equipment General merchandise Generator Hammer drill Hardware Hardware materials Heating equipment Home goods Household items Laser Miter saw Motorcycle lifts Oil pumps Onions Paint sprayers Plumbing equipment Potatoes Power tools Rotary hammer Toiletries Vacuum cleaners Water pump Water pumps Welding machines Welding unit Wood lathe machines Air compressor Aluminum tool cases Angle grinders Boat building supplies Building materials Car jacks Car wash equipment Carpentry equipment Circular saw Concrete vibrators Construction materials Consumer items Demolition hammers Drilling machines Eggs Electric drill
Distribution |
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Supplementary Business |
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In addition to the core business, APOLLO HOLDINGS
PVT LTD also is engaged in the following areas of business: Service Specialized professional services,
including: Cargo handling Delivery Equipment rental Freight forwarding Logistics Stevedoring Vessel chartering |
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BANK DETAILS |
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INTERNATIONAL TRADE - Activity &
Markets |
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Country / Region |
Estimated level of importance |
Trading Activity |
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Asia / Pacific |
Medium |
Importing |
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Europe |
Medium |
Importing |
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China |
Medium |
Importing |
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Germany |
Medium |
Importing |
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India |
Medium |
Importing |
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Japan |
Medium |
Importing |
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Sri Lanka |
Medium |
Importing |
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Taiwan |
Medium |
Importing |
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Thailand |
Medium |
Importing |
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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.65.98 |
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|
1 |
Rs.100.11 |
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Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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.