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MIRA INFORM REPORT
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Report No. : |
493027 |
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Report Date : |
19.02.2018 |
IDENTIFICATION DETAILS
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Name : |
GBOS LASER INC |
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Registered Office : |
Workshop 1 East Street Taichufang Village Dongcheng
Dist. Dongguan Guangdong Province Pr China |
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Country : |
China |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
01.11.2005 |
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Legal Form : |
Shares limited co |
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Line of Business : |
Subject engaged in researching, developing, processing, selling laser
equipment, embroidery equipment; importing and exporting goods |
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No. of Employees : |
145 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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China |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s, China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, growth of the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment. China continues to pursue an industrial policy, state-support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual liberalization. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi (RMB) after the currency was accepted as part of the IMF’s special drawing rights basket. After engaging in one-way, large-scale intervention to resist appreciation of the RMB for a decade, China’s 2016 intervention in foreign exchange markets has sought to prevent a rapid RMB depreciation that would have negative consequences for the United States, China, and the global economy.
China’s economic growth has slowed since 2011. The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) servicing its high corporate debt burdens to maintain financial stability; (c) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (d) dampening speculative investment in the real estate sector; (e) reducing industrial overcapacity; and (f) raising productivity growth rates through the more efficient allocation of capital. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and urbanization. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. Under President XI Jinping, Beijing has signaled its understanding that China's long-term economic health depends on giving the market a more decisive role in allocating resources, but has moved slowly on market-oriented reforms because of potential negative consequences for stability and short-term economic growth. He has also increased state-control over key sectors and Party control over state-owned enterprises. Chinese leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year Plan includes annual economic growth targets of at least 6.5% through 2020 to achieve that goal. In recent years, China has renewed its support for state-owned enterprises in sectors considered important to "economic security," explicitly looking to foster globally competitive industries. Chinese leaders also have undermined some market-oriented reforms by reaffirming the “dominant” role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time.
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Source
: CIA |
Company
name and address
Company Name : GBOS LASER INC
Address : TAICHUFANG VILLAGE TONGSHA SCIENCE AND TECHNOLOGY
PARK DONGCHENG
DIST. Dongguan Guangdong PROVINCE, PR
CHINA
Telephone : 0086-769-88990166
Facsimile : 0086-769-89972868
Website : http://www.gbosch.cn/
Email : gbosch@gbosch.cn
REGISTRATION INFORMATION
Established Date : 2005-11-01
Credibility Code : 91441900782034810Q
Legal Form : Shares
limited co.
Issuing Authority : Administration for Industry
& Commerce (AIC) – Dongguan
Status : Active
Registered Capital : RMB 8,000,000
Turnover : RMB 58,429,000 (as of Dec. 31,
2016)
Equities : RMB 19,594,000 (as of Dec. 31, 2016)
Chief Executive : Liu Wu
Business Line : Manufacturer
Manpower : 145
Tax Registration
Certificate No. : 91441900782034810Q
Organization Code : 78203481-0
HS code : 4419962978
Import &
Export code: 4400782034810
Financial Condition : Fairly
good
Business Size : Medium Enterprise
Payment : No Complaints
Registered
Address
workshop 1 east
street taichufang village dongcheng dist. dongguan guangdong province pr china
Company Status:
Shares limited co.
This form of business in PR China is defined as a legal person. Its
registered capital is divided into shares of equal par value and the co. raises
capital by issuing share certificates by promotion or by public offer. Shareholders
bear limited liability to the extent of shareholding, and the co. is liable for
its debts only to the extent of its total assets. The co has independent
property of legal person and enjoys property rights of legal person. The
characteristics of the shares limited co. are as follows:
The establishment of the co. requires at least two promoters and no more
than 200, half of whom shall be domiciled in China. Natural person are allowed
to serve as promoters.
The minimum registered capital of a co. is RMB 5M. while that of the co.
with foreign investment is RMB 5M. The total capital of a co. which propose to
apply for publicly listed must be no less than RMB 30M.
The board of directors must consist of five to nineteen directors.
If the co. raises capital by public offer, the promoters must not
subscribe less than 35% of the total shares. the promoters’ shares are
restricted to transfer- within one year of the offer.
A state-owned enterprise that is restructured into a shares limited co.
must comply with the conditions & requirements specified under the law
& administrative rule.
Premise
The subject operates from premises located at
the heading address, and this address houses its operating office and factory
in Dongguan. Our checks reveal that the subject rents the total premise, but
the square meters are unknown.
MANAGEMENT
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Position |
Name |
Nationality |
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Legal representative, Chairman |
Liu Wu |
Chinese |
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General Manager |
Liu Wen |
Chinese |
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Directors |
Liu Wen Liu Yang Huang Yanhong Li Maobo |
Chinese |
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Supervisors |
Hu Qianqian Xie Meimei Bai Zhiwang |
Chinese |
MAJOR SHAREHOLDERS
Name (As of 2017-07-31) % Shareholding
Liu Wen 36.55
Liu Wu 31.45
Liu Yang 17
Dongguan Maoyuan Enterprise Management Consulting Co., Ltd. 14
Dongguan Tongan Industry Investment Co., Ltd. 1
KEY EVENTS
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2016-08-15 |
Registered capital |
RMB 5,000,000 |
Present one |
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2016-07-19 |
Legal form |
Limited Liabilities co. |
Present one |
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2016-07-19 |
Company name |
Dongguan BOSCH
Electromechanical Equipment Co., Ltd. |
Present one |
BUSINESS OPERATIONS
The subject’s registered business scope includes researching,
developing, processing, selling laser equipment, embroidery equipment;
importing and exporting goods (with permit if needed)
The subject is mainly engaged in
manufacturing and selling laser equipment.
Products:
Metal cutting engraving machine
Camera position cutting machine
Non-metal cutting engraving machine
Non-metal marking machine
Metal marking machine
Etc.
The subject sources its materials 60% from domestic market, and 40% from
overseas market, mainly Vietnam. the subject sells 30% of its products in
domestic market, and 70% to overseas market, mainly Argentina, Sri Lanka,
America, Pakistan.
The buying terms of the subject include Check, T/T, L/C and Credit of
30-60 days. The payment terms of the subject include Check, T/T, L/C and Credit
of 30-60 days.
SUPPLIER & CUSTOMER
*Major customers:
Scarpato Guillermo
(Argentina)
Taiga Apparel Pvt
Ltd. (Pakistan)
RELATED COMPANIES
No Subsidiary
NEGATIVE INFORMATION
Lawsuit Record:
|
Date |
Case No. |
Executor |
Amount(RMB) |
Executive court |
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2013-12-26 |
2014-00082 |
The subject company. |
35,338 |
The first
people's Court of Dongguan |
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2013-07-17 |
2013-07469 |
The subject company. |
262,623 |
The first
people's Court of Dongguan |
Etc.
Trade payment experience: The subject did not provide any name of trade/service suppliers and
we have no other sources to conduct the enquiry at present.
Delinquent payment record: None in our database.
Debt collection record: No overdue amount owed by the subject was placed to us for collection
within the last 6 years.
Customs administrative penalty: No record.
Equity freeze information: No record.
Administrative Penalty: No record.
MORTGAGE
There is no record of mortgage information at
present.
TRADEMARK
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Registration No. |
9209881 |
9209836 |
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Registration Date |
2011-03-14 |
2011-03-14 |
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Trademark Design |
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Etc.
PATENT
Patent Name：Full automatic
laser cutting machine
Published Application Number：CN203019472U
Application number：CN201220569986.0
Date of publication：2013-06-26
Etc.
BANKING
The subject declined to release its banking details.
ABBREVIATED FINANCIAL STATEMENT
Balance Sheet
Unit: RMB’000
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as of Dec. 31, 2015 |
as of Dec. 31, 2016 |
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Cash & bank |
9,586 |
17,913 |
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Inventory |
3,454 |
2,515 |
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Accounts receivable |
5,401 |
7,866 |
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Advances to
suppliers |
0 |
1,097 |
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Other
receivables |
170 |
167 |
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Other current
assets |
460 |
554 |
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------------------ |
------------------ |
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Current assets |
19,071 |
30,112 |
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Fixed assets net
value |
1,190 |
1,058 |
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Projects under construction |
0 |
0 |
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Intangible
assets |
0 |
0 |
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Long-term prepaid expenses |
0 |
0 |
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Deferred tax assets |
113 |
62 |
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Other assets |
1 |
1 |
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------------------ |
------------------ |
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Total assets |
20,375 |
31,233 |
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============= |
============= |
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Short loans |
0 |
990 |
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Accounts payable |
2,646 |
4,579 |
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Advances from
customers |
5,455 |
4,714 |
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Accrued
payroll |
387 |
600 |
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Taxes payable |
1,030 |
643 |
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Interest payable |
0 |
2 |
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Other accounts
payable |
2,071 |
109 |
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Other
current liabilities |
1 |
2 |
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----------------- |
----------------- |
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Current
liabilities |
11,590 |
11,639 |
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Non- current liabilities |
0 |
0 |
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------------------ |
------------------ |
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Total
liabilities |
11,590 |
11,639 |
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Shareholders
equities |
8,785 |
19,594 |
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------------------ |
------------------ |
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Total
liabilities & equities |
20,375 |
31,233 |
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============= |
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Income Statement
Unit: RMB’000
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as of Dec. 31, 2015 |
as of Dec. 31, 2016 |
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Turnover |
38,490 |
58,429 |
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Cost of goods
sold |
26,601 |
39,387 |
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Sales expense |
3,811 |
5,680 |
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Management expense |
4,496 |
7,994 |
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Finance expense |
-143 |
-698 |
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Profit before
tax |
3,559 |
5,880 |
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Less: profit tax |
639 |
711 |
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Net profit |
2,920 |
5,169 |
Important Ratios
=============
|
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as
of Dec. 31, 2015 |
as of Dec. 31, 2016 |
|
*Current ratio |
1.65 |
2.59 |
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*Quick ratio |
1.35 |
2.37 |
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*Liabilities to assets |
0.57 |
0.37 |
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*Net profit margin (%) |
7.59 |
8.85 |
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*Return on total assets (%) |
14.33 |
16.55 |
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*Inventory /Turnover ×365 |
33 days |
16 days |
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*Accounts receivable/Turnover ×365 |
52 days |
50 days |
|
*Turnover/Total assets |
1.89 |
1.87 |
|
* Cost of goods sold/Turnover |
0.69 |
0.67 |
PROFITABILITY:
FAIRLY GOOD
l The turnover of
the subject is average.
l The subject’s net
profit margin is fairly good.
l
The subject’s return on total assets is fairly
good.
l
The subject’s cost of goods sold is average,
comparing with its turnover.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of the subject is maintained in a
fairly good level.
l
The subject’s quick ratio is maintained in a normal
level in 2015 and fairly good in 2016.
l
The inventory of the subject is average.
l
The accounts receivable of the subject is average.
l
The short-term loan of the subject is average in
2016.
l
The subject’s turnover is in an average level,
comparing with the size of its total assets.
LEVERAGE: FAIRLY GOOD
l
The debt ratio of the subject is low.
l
The risk for the subject to go bankrupt is average.
Trend analysis
===========
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2014 |
2015 |
2016 |
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Sales Trend |
-- |
-- |
Ç |
|
Profit margin |
-- |
-- |
Ç |
|
Debt to assets ratio |
-- |
-- |
È |
|
Overall Financial Condition |
□Good ■Fairly Good □Stable □Fairly Stable □Fair □Poor |
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COMMENT
The subject was registered as a Shares limited co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license).
The subject is considered medium-sized in
its line with fairly good financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.91 |
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|
1 |
INR 90.31 |
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Euro |
1 |
INR 80.71 |
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CNY |
1 |
INR 10.17 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.