MIRA INFORM REPORT
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Report No. : |
341770 |
|
Report Date : |
22.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
BSRM STEELS LIMITED |
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|
|
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Registered Office : |
Ali Mansion, 1207/1099
Sadarghat Road, Chittagong |
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Country : |
Bangladesh |
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Financial As On : |
30.06.2015 (Consolidated) |
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Date of Incorporation : |
20.07.2002 |
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Com. Reg. No.: |
CH- 4392 |
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Legal Form : |
Public Listed Co |
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Line of Business : |
Manufacturer Distributor Deformed Bars Of Reinforced Steel. |
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No. of Employee : |
300 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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) |
|
Bangladesh |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
BANGLADESH ECONOMIC OVERVIEW
Bangladesh's economy has grown roughly 6% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, slow implementation of economic reforms, and the 2008-09 globalFINANCIAL crisis and recession. Although more than half of GDP is generated through the service sector, almost half of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Garment exports, the backbone of Bangladesh’s industrial sector, accounted for more than 80% of total exports and surpassed $18 billion in 2014. The sector has remained resilient in recent years amidst a series of factory accidents that have killed over 1,000 workers and crippling strikes that shut down virtually all economic activity. Steady garment export growth combined with remittances from overseas Bangladeshis - which totaled $14 billion and 8% of GDP in 2014 - are the largest contributors to Bangladesh’s current account surplus and rising foreign exchange holdings.
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Source
: CIA |
EXECUTIVE
SUMMARY
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IDENTIFICATION DETAILS |
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Correct company Name |
: |
BSRM Steels Limited |
|
Head Office |
: |
Ali Mansion,
1207/1099 Sadarghat Road, Chittagong, Bangladesh. |
|
Tel No |
: |
88-031-2854901-10,
635382, 613282,637758 |
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Fax No |
: |
88-031-610101 |
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E-mail |
: |
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|
Website |
: |
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Date/ Year of Incorporation |
: |
20/07/2002 |
|
Incorporation No. |
: |
CH- 4392 |
|
Legal Form (General) |
: |
Public Listed Co Public (but not listed) Private Co State-owned Co Sole Proprietorships Partnership Not Registered others (please specify)
________________ |
|
Legal form (Specific) |
: |
LTD CORP INC CO others (please specify)
________________ |
|
Issuing Authority |
: |
Registrar of
Joint Stock Companies & Firms City Corporation Municipal Administration Union Council Cantonment Board Chief Controller of Import
& Export (CCIE) |
FINANCIALS-
SUMMARY
|
Year |
Turnover/
Sales |
Assets |
Income |
|
31-Dec-14 |
BDT 20,045,764,459 (01-06-2014~01-06-2015) |
BDT 32,381,466,593 |
BDT 821,390,975 (01-06-2014~01-06-2015) |
|
30-Jun-15 |
BDT 18,545,484,921 (01-06-2014~01-06-2015) |
BDT 31,649 ,949 ,766 |
BDT 1,060,784,791 (01-06-2014~01-06-2015) |
|
Exchange Rate |
USD1-Tk. 77.8200 EUR 1- Tk. 100.2711 GBP 1- Tk.118.5354 AUD 1 - Tk.82.8563 JPY 1 - Tk.0.9286 |
CAD 1 - Tk.80.1887 SEK 1 - Tk.12.2870 SGD 1 - Tk.65.3045 CNH 1 - Tk.12.8399 |
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FULLCHECK
REPORT DETAILS
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Information Parted By |
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Name |
: |
Mr.
ShekharRanjanKar |
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Designation |
: |
Company
Secretary. |
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Contract No |
: |
N/A |
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Locations Details |
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|
Operating Address |
: |
Ali Mansion, 1207/1099
Sadarghat Road, Chittagong, Bangladesh. |
|
Tel No |
: |
88-031-2854901-10,
635382, 613282,637758 |
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E-mail |
: |
88-031-610101 |
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Fax No |
: |
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Website |
: |
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Location : |
: Owned |
Ö |
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Rented |
|
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Leased |
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Area |
6800 |
Sq. ft. |
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Type of Office : |
:
Commercial Office Bldg. |
Ö |
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Semi-commercial
office Bldg. |
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Retail shop |
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Industrial Park |
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Business Center |
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Home Office |
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Residential Bldg. |
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Factory: |
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Address |
: |
Plot # 4(P), Fouzderhatlndustrial Estate, Chittagong,
Bangladesh. |
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Tel No |
: |
88-031-2770192,2770193 |
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Fax No |
: |
+88-031-751452 |
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Owned |
Ö |
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Rented |
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Leased |
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Area |
10 |
Acores |
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Branches: |
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Address |
: |
Mahbub Castle (2nd & 4th Floor) 35,
PuranaPaltan Line, Inner Circular Road (VIP Road), Dhaka-1000, Bangladesh. |
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Tel |
: |
88-02-8311994, 8313135 |
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Fax |
: |
88-02-8312905 |
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Employee: |
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No. of Employees |
In Office |
: |
20 |
In Factory |
: |
280 |
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In Branch: |
: |
- |
Total |
: |
300 |
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Details: |
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OWNERSHIP/SHAREHOLDERS
|
Names of
Shareholders |
No. of Share |
|
Mr. AlihussainAkberali, FCA |
34987995 |
|
Mr. AameirAlihussain |
6835500 |
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Mr. ZohairTaherali |
8932980 |
|
Mrs.
TehseenZohairTaherali |
6835500 |
|
Mrs. SabeenAameir |
7254 |
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Mr. ShekharRanjanKar FCA |
27279 |
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Mrs. BilkisAlihussain |
1168272 |
|
Bangladesh Steel
Re-Rolling Mills Limited |
106594173 |
|
General Public |
176386047 |
DIRECTORS
|
Name |
Designation |
|
Mr. AlihussainAkberali |
Chairman |
|
Mr. AameirAlihussain |
Managing Director |
|
Mr. ZohairTaherali |
Director |
|
Mrs. TehseenZohairTaherali |
Director |
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Mrs. SabeenAameir |
Director |
|
Mr. QaziSarwar E Alam |
Independent Director |
MANAGEMENT
|
Name |
: |
Mr. TapanSengupta |
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Job Description |
: |
Executive
Director |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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Name |
: |
Mr. S.K. Das |
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Job Description |
: |
Head of Operation |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
|
Name |
: |
Mr. Mohammad
RezaulKabir |
|
Job Description |
: |
Head of finance
& Accounts |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr.
ShekharRanjanKar |
|
Job Description |
: |
Company
Secretary. |
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Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
BUSINESS
OPERATIONS
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Nature of Activity : |
Manufacturer |
Ö |
Trader |
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Dealer |
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Distributor |
Ö |
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Exporter |
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Importer |
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Services |
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Others |
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Range of
Products: |
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Products |
: |
Deformed Bars Of Reinforced Steel. |
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Production Capacity |
: |
600000 Metric Ton per year. |
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Last Year Production |
: |
5,80,148 MT |
Trading Terms:
|
Purchasing Terms: |
L/C |
Ö |
Cash |
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Others |
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|||
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Credit : |
|
30 days |
|
60 days |
Ö |
90 days |
|
|
days |
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Selling Terms : |
L/C |
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Cash |
Ö |
Others |
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|||
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Credit : |
Ö |
30 days |
|
60 days |
|
90 days |
|
|
days |
DETAILED
DATA
|
Trade Reference
& Related Parties |
: |
Overseas Clients |
: |
N/A |
Local Clients |
: |
N/A |
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Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
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Trade Markets |
: |
Exports |
: |
N/A |
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Imports |
: |
N/A |
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Brand Name |
: |
Nil |
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Certified |
: |
Nil |
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Auditors |
: |
SyfulShamsulAlam& Co. Chartered Accountants, Bashar Square (5th Floor) 108, Agrabad C/A, Chittagong. |
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Operation Status |
: |
Active |
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Member |
: |
Chittagong Chamber of Commerce &
Industry. |
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CAPITAL
STRUCTURE
|
Authorized
Capital |
: |
BDT 5,000,000,000 |
|||||||
|
Paid-up Capital |
: |
BDT 3,417,750,000 |
No. of Share |
:341775000 |
|
Share
Value |
: |
Tk.10.0Each |
|
|
Main Assets |
: |
BDT 31,649 ,949 ,766 |
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FINANCIAL
STATEMENT- DETAILED
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Balance Sheet : |
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Currency |
:BDT |
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Denomination |
: 1 |
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Financial Year Ending |
:30-Jun-15 |
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Income Statement : |
||
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Currency |
: BDT |
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Denomination |
: 1 |
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Financial Year Ending |
:30-Jun-15 |
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ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
|
Sister Concerns |
: |
KEW Ltd. BSRM Wires Ltd. BsRM Wear Limited BSRM Ispat Limited Burhani Estates Ltd BSRM Steels Limited BSRM Recycling Ltd. BSRM Metals Limited H.Akbar Ali & Co.Ltd. BSRM Logistics Limited BSRM Real Estate Limited BSRM Steel Mills Limited South Asia Securities Limited Megna Engineering Works Ltd Meghna Engineering Works Ltd. Chittagong Power Company Ltd. Karnafully Engineering Works Ltd. BSRM Recycling Industries Limited Bangladesh Steel Re-Rolling Mills Ltd. East Bengal Trading & Industrial Corporation Limited |
|
Subsidiary |
: |
BSRM Iron & Steel Co. Ltd |
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Name of The Group |
: |
BSRM Group of Companies |
BANKING
|
Bank Name
|
: |
HSBC Agrani Bank Ltd. Al ArafaIslami
Bank Ltd. Basic Bank Ltd Southeast Bank
Ltd. State Bank of
India Commercial Bank
of Ceylon National Bank
Ltd. NCC Bank Ltd. AB Bank Ltd. Dhaka Bank Ltd. The Trust Bank
Ltd. Bank AlFalah Ltd.
Eastern Bank Ltd.
United Commercial
Bank Ltd. Bank Asia Ltd. Dutch Bangla Bank
Ltd IFIC Bank Ltd. Islami Bank
Bangladesh Ltd. One Bank Ltd. Premier Bank Ltd. Prime Bank Ltd. ShahjalalIslami
Bank Ltd. Social Islami
Bank Ltd. Sonali Bank Ltd. Uttara Bank Ltd. BRAC Bank Ltd. Mercantile Bank
Ltd. Jamuna Bank Ltd Standard
Chartered Bank |
ADVERSE
DATA MONITORING
|
Dishonored Checks |
:
|
No Record Found |
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Debt |
: |
No Record Found |
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Litigation |
: |
Clear |
|
Performance Defaults |
: |
No Record Found |
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Adverse Local Media Coverage/ Adverse Filling History |
: |
No Record Found |
SITE
VISIT COMMENTARY
|
Our representative visited the subject company Head Office which is situated
atAli Mansion, 1207/1099 Sadarghat Road, Chittagong, Bangladesh.It is
situated at commercial area & their office is well decorated. |
GENERAL
COMMENTS
|
The subject company is a
well-known reputed company in Bangladesh.
Their products popular to the local customers. So day by day the subject companies
increase their goodwill. As well as its financial condition, we recommend
that Credit can precede promptly Fairly large amount. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.75 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.74.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
ANK |
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.