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MIRA
INFORM REPORT
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Report No. : |
486349 |
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Report Date : |
16.01.2018 |
IDENTIFICATION DETAILS
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Name : |
KARNAPHULI FERTILIZER COMPANY LTD. (KAFCO) |
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Registered Office : |
IDB Bhaban (13th Floor), E/8-A, Rokeya Sharani
Sher-E-Bangla Nagar, Dhaka-1207 |
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Country : |
Bangladesh |
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Date of Incorporation : |
16.07.1981 |
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Com. Reg. No.: |
C-9207
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Legal Form : |
Public (but not listed) |
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Line of Business : |
Manufacturer, distributor, exporter and importer of Fertilizer, Granular Urea and Anhydrous, Ammonia. |
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No. of Employees : |
650 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Bangladesh |
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 |
BANGLADESH - ECONOMIC OVERVIEW
Bangladesh's economy has grown roughly 6% per year since 1996 despite prolonged periods of political instability, poor infrastructure, endemic corruption, insufficient power supplies, and slow implementation of economic reforms. Although more than half of GDP is generated through the services 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 $25 billion in 2016. The sector continues to grow, despite a series of high-profile factory accidents that have killed more than 1,000 workers and crippling strikes, including a nationwide transportation blockade orchestrated by the political opposition during the first several months of 2015. Steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $15 billion and 8% of GDP in 2015 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.
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Source
: CIA |
EXECUTIVE SUMMARY
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IDENTIFICATION DETAILS |
||
|
Correct company Name |
: |
Karnaphuli Fertilizer
Company Ltd. (KAFCO) |
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Head Office |
: |
IDB Bhaban (13th Floor), E/8-A, Rokeya Sharani
Sher-E-Bangla Nagar, Dhaka-1207, Bangladesh. |
|
Tel No |
: |
88-02-9183141-2,
9183144-7, 9183139, 9183420 |
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Fax No |
: |
88-02-9183140 |
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E-mail |
: |
info@kafcobd.com |
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Website |
: |
www.kafcobd.com |
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Date/ Year of Incorporation |
: |
16.07.1981 |
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Incorporation No. |
: |
C-9207 |
|
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 |
|
July’ 14~June’ 15 |
BDT 1582 Million |
BDT 8056.84 Million |
BDT 318.37 Million |
|
July’ 15~June’ 16 |
BDT 2392 Million |
BDT 9725.60 Million |
BDT 496.00 Million |
FULLCHECK REPORT DETAILS
|
Information Parted By |
||
|
Name |
: |
Mr. Azizur Rahman
Chowdhury |
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Designation |
: |
Chief Operations Officer |
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Contract No |
: |
N/A |
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Locations Details |
||
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Operating Address |
: |
IDB Bhaban (13th Floor), E/8-A, Rokeya Sharani
Sher-E-Bangla Nagar, Dhaka-1207, Bangladesh. |
|
Tel No |
: |
88-02-9183141-2,
9183144-7, 9183139, 9183420 |
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Fax No |
: |
88-02-9183140 |
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E-mail |
: |
info@kafcobd.com |
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Website |
: |
www.kafcobd.com |
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Location : |
:
Owned |
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Rented |
Ö |
|
Leased |
|
Area |
5600 |
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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Plant Address: |
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Address |
: |
Rangadia, Karnaphuli, GPO
Box # 1010, Chittagong-4000, Bangladesh. |
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Tel No |
: |
88-031-618972-74, 610513,
610632, 619001-3 |
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Fax No |
: |
88-031-610812 |
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Owned |
Ö |
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Rented |
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Leased |
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Area |
100.03 |
Acres. |
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Branches: |
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Address |
: |
Nil |
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Tel No |
: |
Nil |
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Fax No |
: |
Nil |
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Employee: |
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No. of
Employees |
In Office |
: |
75 |
In Factory |
: |
575 |
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In Branch: |
: |
- |
Total |
: |
650 |
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Details: |
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OWNERSHIP/SHAREHOLDERS
|
Names of Shareholders |
No. of Share |
|
Government of Bangladesh |
170000 |
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KAFCO Japan Investment Co. Limited |
14414393 |
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Bangladesh Chemical Industries Corporation |
19879849 |
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Industrialization Fund for Developing Countries |
3974199 |
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Stamicarbon B.V. |
722220 |
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Subcontinent Ammonia Investment Co. Aps |
6915101 |
|
Haldor Topsoe A/S |
1 |
Directors
|
Name |
Designation |
|
Mr.
Muhammad Abdullah (Government
of Bangladesh (GOB) / Bangladesh
Chemical Industries Corporation) |
Chairman |
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Mr. Mohammad
Moinuddin Abdullah (Government
of Bangladesh (GOB) / Bangladesh
Chemical Industries Corporation) |
Director |
|
Mr.
Nazimuddin Chowdhury (Government
of Bangladesh (GOB) / Bangladesh
Chemical Industries Corporation) |
Director |
|
Mr. Shah Md.
Aminul Haq (Government
of Bangladesh (GOB) / Bangladesh
Chemical Industries Corporation) |
Director |
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Mr. Tomomi
Kawai (KAFCO
Japan Investment Co. Ltd. (KAFCO Japan) |
Director |
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Mr.
Kazuhide Usui (KAFCO
Japan Investment Co. Ltd. (KAFCO Japan) |
Director |
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Mr.
Mineharu Yamaguchi (KAFCO
Japan Investment Co. Ltd. (KAFCO Japan) |
Director |
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Mr. Per K.
Bakkerud (Subcontinent
Ammonia Investment Co. ApS (SAICA) |
Director |
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Mr.
Mahbubur Rahman (Subcontinent
Ammonia Investment Co. ApS (SAICA) |
Director |
|
Mr. Jens
Bayer (representing
Investment Fund for Developing Countries ,IFU) |
Director |
MANAGEMENT
|
Name |
: |
Mr. Muhammad Abdullah |
|
Job Description |
: |
Chairman |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
|
Name |
: |
Mr. Md. Rabiul Haq
Chowdhury |
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Job Description |
: |
Company Secretary |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
|
Name |
: |
Mr. Azizur Rahman
Chowdhury |
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Job Description |
: |
Chief Operations Officer |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
|
Name |
: |
Mr. Md. Habibullah Monju |
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Job Description |
: |
Chief Financial Officer |
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Nationality |
: |
N/A |
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Email address |
: |
N/A |
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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 |
Ö |
Importer |
Ö |
Services |
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Others |
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Range of
Products: |
||
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Products |
: |
Fertilizer, Granular Urea and Anhydrous,
Ammonia. |
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Production
Capacity |
: |
1725 MT Of Urea Per Day 1500 MT Ammonia Per Day |
|
Last Year
Production |
: |
Do. |
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 |
|
Selling
Terms : |
L/C |
Ö |
Cash |
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Others |
|
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|||
|
|
Credit : |
|
30 days |
|
60 days |
Ö |
90 days |
|
|
days |
DETAILED DATA
|
Trade Reference & Related
Parties |
: |
Overseas Clients |
: |
N/A |
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Local Clients |
: |
N/A |
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Overseas Suppliers |
: |
N/A |
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Local Suppliers |
: |
N/A |
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Trade Markets |
: |
Exports(Country) |
: |
Australia, Thailand, Vietnam,
Pakistan and India. |
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Imports(Country) |
: |
China, India, Singapore, Turkey. |
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Brand Name |
: |
N/A |
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Certified |
: |
N/A |
|||||
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Name of Auditors |
: |
A. Qashem & Co. |
|||||
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Operation Status |
: |
Active |
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CAPITAL STRUCTURE
|
Authorized
Capital |
: |
BDT 5500 Million. |
|
||
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Paid-up
Capital |
: |
BDT 46,075,76300 |
No. of Shares : 46,075,763 |
Share
Value : BDT100.00Each |
|
|
Main
Assets |
: |
BDT 9725.60 Million |
|
||
FINANCIAL STATEMENT- DETAILED
|
Summary information given |
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
|
Sister Concerns |
: |
Citi Crop International Ltd. CAFCO International Company Ltd. |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
N/A |
|
Member |
: |
Dhaka Chamber of Commerce & Industry,
Dhaka. |
BANKING
|
Bank Name |
: |
Standard Charted Bank
Ltd.
|
|
Bank Address |
: |
Motijheel Branch. Alico Building, 18-20,
Motijheel C/A, Dhaka-1000, Bangladesh |
|
|
||
|
Bank Name |
: |
Hong Kong Shanghai
Banking Corporation |
|
Bank Address |
: |
Motijheel Branch City Centre, 103,
Motijheel C/A, Dhaka-1000, Bangladesh Tel: 88-02-9553053-6,
7113711-2, 7113714-8 Fax: 88-02-9568122, 9568236,
9550173 |
|
Bank Name |
: |
Uttara Bank Ltd. |
|
Bank Address |
: |
Local Office. 129-130, Motijheel C/A, Dhaka-1000, Bangladesh Tel: 88-02-9552032,
9568627 |
|
Bank Name |
: |
Citibank NA |
|
Bank Address |
: |
Motijheel Office 23, Motijheel C/A,
Dhaka-1000, Bangladesh. Tel: 88-02-9550060 |
ADVERSE DATA MONITORING
|
Dishonored
Checks |
: |
No Record Found |
|
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 at IDB Bhaban (13th Floor), E/8-A, Rokeya
Sharani Sher-E-Bangla Nagar, Dhaka-1207, Bangladesh. It is Situated at
Commercial area. |
GENERAL COMMENTS
|
SC is considered medium-sized in its line with fairly
stable financial conditions. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.41 |
|
|
1 |
INR 87.18 |
|
Euro |
1 |
INR 77.45 |
|
BDT |
1 |
INR 0.77 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
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 |
|
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.