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Report No. : |
351428 |
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Report Date : |
25.11.2015 |
IDENTIFICATION DETAILS
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Name : |
FARLIN ENERGY & COMMODITIES FZE |
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Registered Office : |
South Zone No. 6, Jebel Ali Free Zone, |
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Country : |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
31.07.2011 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Distributors of Coal, Minerals and Other Commodities |
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No. of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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United Arab Emirates |
A2 |
A2 |
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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 |
UNITED ARAB EMIRATES - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income
and a sizable annual trade surplus. Successful efforts at economic
diversification have reduced the portion of GDP based on oil and gas output to
25%. Since the discovery of oil in the UAE more than 30 years ago, the country
has undergone a profound transformation from an impoverished region of small
desert principalities to a modern state with a high standard of living. The
government has increased spending on job creation and infrastructure expansion
and is opening up utilities to greater private sector involvement. The
country's free trade zones - offering 100% foreign ownership and zero taxes -
are helping to attract foreign investors. The global financial crisis of 2008,
tight international credit, and deflated asset prices constricted the economy
in 2009. UAE authorities tried to blunt the crisis by increasing spending and
boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it
was heavily exposed to depressed real estate prices. Dubai lacked sufficient
cash to meet its debt obligations, prompting global concern about its solvency
and ultimately a $20 billion bailout from the UAE Central Bank and Abu
Dhabi-emirate government that was refinanced in March 2014. Dependence on oil,
a large expatriate workforce, and growing inflation pressures are significant
long-term challenges. The UAE's strategic plan for the next few years focuses
on economic diversification and creating more job opportunities for nationals
through improved education and increased private sector employment.
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Source
: CIA |
Company NameFARLIN ENERGY & COMMODITIES FZE |
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ORDER DETAILS |
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Business/ Subject Name |
: |
Farlin Energy and Commodities Fze |
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Country |
: |
United Arab Emirates |
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PO Box |
: |
Dubai |
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Phone (s) |
: |
97148809889 |
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IDENTIFICATION & CONTACT DETAILS |
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1) Name (s): |
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Organization Official Name |
: |
FARLIN ENERGY & COMMODITIES FZE |
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2) Registered
Address: |
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Address |
: |
South Zone No. 6, Jebel Ali Free Zone |
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Town |
: |
Dubai |
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Country |
: |
United Arab Emirates |
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PO Box |
: |
18252 Dubai |
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Phone (s) |
: |
(971-4) 8809889 |
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Facsimile |
: |
(971-4) 8809779 |
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Mobile |
: |
(971-50) 5577484 |
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Email |
: |
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3) Operational
Address & Contact Details: |
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Address |
: |
South Zone No. 6, Jebel Ali Free Zone |
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Town |
: |
Dubai |
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Country |
: |
United Arab Emirates |
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PO Box |
: |
18252 Dubai |
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Phone (s) |
: |
(971-4) 8809889 |
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Facsimile |
: |
(971-4) 8809779 |
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Mobile |
: |
(971-50) 5577484 |
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Email |
: |
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LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS |
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Legal Form - Category |
: |
Free Zone Establishment - FZE |
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Date of Registration |
: |
31st July 2011 |
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Trade License Number |
: |
128385 |
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Expiry Date |
: |
04-08-16 |
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KEY FACTS |
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Operational Status |
: |
Steady |
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Financial Condition |
: |
Good |
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Primary Business Activity |
: |
Distributors of coal, minerals and other
commodities |
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Number of Employees |
: |
5 |
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Capital |
: |
UAE Dh 1,000,000 |
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CAPITAL DETAILS |
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Issued Capital: |
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NO OF SHARES |
VALUE OF SHARE |
AMOUNT |
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N/A |
N/A |
UAE Dh 1,000,000 |
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Paid Up Capital: |
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NO OF SHARES |
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AMOUNT |
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N/A |
N/A |
UAE Dh 1,000,000 |
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FINANCIAL DATA |
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Financial highlights provided by local
sources are given below: |
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Currency: United States Dollars (US$) |
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Year Ending
31/03/14 |
Year Ending
31/03/15 |
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Total Sales |
US$ 144,557,744 |
US$ 200,000,000 |
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Local sources consider subject’s financial
condition to be Good. |
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The above figures were provided by Mr
Suraish Puthinvegdo, Finance Manager |
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BANKER |
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1 |
Name |
HSBC Bank Middle East |
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Address |
Deira Souk Branch |
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PO Box |
66 Dubai |
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Tel |
(971-4) 2535000 |
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SHAREHOLDERS |
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1 |
Name |
Farlin Timbers Pte Ltd |
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Country |
Singapore |
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Percentage |
100% |
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Tel |
(65) 63981188 |
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SENIOR MANAGEMENT |
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Sr.No |
Name |
Nationality |
Dsignation |
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1 |
Mohamed Farooq |
Australian |
Managing Director |
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2 |
Abdul Gaffar |
n/a |
General Manager |
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3 |
Haroon Pinto |
n/a |
Sales Manager |
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4 |
Suraish Puthinvegdo |
n/a |
Finance Manager |
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AFFILIATED COMPANIES |
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1 |
Name |
Farlin Timber FZE |
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Address |
Farlin Building Jebel Ali Free Zone, South
Zone No. 6 |
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PO Box |
18252 Dubai |
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Tel |
(971-4) 8809889 |
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Fax |
(971-4) 8809779 |
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2 |
Name |
Farlin Energy & Coal Pte Ltd |
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Country |
Singapore |
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Tel |
(65) 63981188 |
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3 |
Name |
Visage Energy Pvt Ltd |
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Country |
India |
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Tel |
(91-44) 28158217 |
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4 |
Name |
Farlin Timbers Int Pty Ltd |
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Country |
Australia |
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Tel |
(61-7) 32790628 |
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5 |
Name |
PT Visage Energy & Coal |
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Country |
Indonesia |
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Tel |
(62-21) 5750827 |
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6 |
Name |
Visage Energy Pvt Ltd |
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Country |
India |
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Tel |
(91-461) 2375194 |
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7 |
Name |
Farlin Timbers – Eastern India |
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Country |
India |
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Tel |
(91-33) 30915969 |
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8 |
Name |
Virgin Timbers Sdn Bhd |
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Country |
Malaysia |
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Tel |
(60-84) 211999 |
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9 |
Name |
Farlin Timbers Int Pty Ltd |
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Country |
Bangladesh |
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Tel |
(88-031) 653997 |
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10 |
Name |
Fortuna Timbers Pty Ltd |
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Country |
Cote d’Ivoire |
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Tel |
(225-07) 204499 |
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11 |
Name |
Fortuna FT Ghana Ltd |
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Country |
Ghana |
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Tel |
(233-31) 21524 |
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12 |
Name |
Farlin Timbers Kandla |
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Country |
India |
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Tel |
(91-2836) 229699 |
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13 |
Name |
Farlin Commodities Pte Ltd |
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Country |
Singapore |
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Tel |
(65) 63981188 |
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INTERNATIONAL TRADE ACTIVITY MARKETS |
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Sr.No |
Country |
Activity |
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1 |
Europe |
Import |
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2 |
Far East |
Import |
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PREMISES |
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Subject operates from a small suite of
offices that are rented and located in the Jebel Ali Free Zone Area of Dubai. |
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PAYMENT |
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No complaints regarding subject’s payments
have been reported. |
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ADVERSE DATA |
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Performance Defaults |
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No record found |
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Payment Defaults |
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No record found |
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Adverse Press Coverage |
: |
No record found |
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Litigations |
: |
No record found |
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Former Business Relationships |
: |
No record found |
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INVESTIGATOR'S COMMENTS |
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Person
Interviewed : Suraish Puthinvegdo,
Finance Manager |
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During the course of this investigation
nothing detrimental was uncovered regarding subject’s operating history or the
manner in which payments are fulfilled. As such the company is considered to
be a fair trade risk. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.38 |
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1 |
Rs.100.45 |
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Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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.