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MIRA INFORM REPORT
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Report No. : |
486519 |
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Report Date : |
24.01.2018 |
IDENTIFICATION DETAILS
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Name : |
POLYSLIT CONVERTERS PTY LTD |
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Formerly Known As : |
K2012177784 (22/05/2013) |
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Registered Office : |
141 Mercury Street Alphen Park, Benoni Gauteng, South Africa 1501 |
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Country : |
South Africa |
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Date of Incorporation : |
01.10.2012 |
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Com. Reg. No.: |
2012/177784/07 |
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Legal Form : |
Private Company |
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Line of Business : |
The subject is involved in the manufacturing
of quality flexible materials. The
subject also undertakes slitting,
coating and lamination services. |
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No. of Employees : |
60 |
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 : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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) |
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South Africa |
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 |
SOUTH AFRICA - ECONOMIC OVERVIEW
South Africa is a middle-income emerging market with an abundant supply of
natural resources; well-developed financial, legal, communications, energy, and
transport sectors; and a stock exchange that is Africa’s largest and among the
top 20 in the world.
Economic growth has decelerated in recent years, slowing to an estimated
0.7% in 2017. Unemployment, poverty, and inequality - among the highest in the
world - remain a challenge. Official unemployment is roughly 27% of the
workforce, and runs significantly higher among black youth. Even though the
country's modern infrastructure supports a relatively efficient distribution of
goods to major urban centers throughout the region, unstable electricity
supplies retard growth. Eskom, the state-run power company, is building three
new power stations and is installing new power demand management programs to
improve power grid reliability; in late 2016 they issued a request for bids to
revamp South Africa’s nuclear power generating capabilities. Load shedding and
resulting rolling blackouts gripped many parts of South Africa in late 2014 and
early 2015 because of electricity supply constraints due to technical problems
at some generation units, unavoidable planned maintenance, and an accident at a
power station.
South Africa's economic policy has focused on controlling inflation;
however, the country faces structural constraints that also limit economic
growth, such as skills shortages, declining global competitiveness, and
frequent work stoppages due to strike action. The government faces growing
pressure from urban constituencies to improve the delivery of basic services to
low-income areas, to increase job growth, and to provide university
level-education at affordable prices. Political infighting among South Africa’s
ruling party and the volatility of the rand risks economic growth. International
investors are concerned about the country’s long-term economic stability; as of
December 2016, most major international credit ratings agencies placed South
Africa only one level above junk bond status.
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Source
: CIA |
COMPANY
INFORMATION
OVERVIEW
|
History |
POLYSLIT CONVERTERS (PTY) LTD was established in May 2013, utilizing the details of a shelf entity styled K2012177784 for registration purposes. |
STATUTORY INFORMATION
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Registered Name |
POLYSLIT CONVERTERS |
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Previous Names |
K2012177784 (22/05/2013) |
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Registration Number |
2012/177784/07 |
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Type Of Company |
Private Company |
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Registered Date |
01/10/2012 |
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Date Commenced Trading |
22/05/2013 |
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Commercial Status |
In Business |
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Financial Year End |
June |
CONTACT DETAILS
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Contact Number |
+27 11 864 0350 |
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Email Address |
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Fax Number |
+27 11 864 9006 |
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Website |
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Social Media Presence |
Facebook; LinkedIn; Twitter |
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Registered Physical
Address |
141 Mercury Street Alphen Park Benoni Gauteng South Africa 1501 |
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Trading Physical
Address |
32 Borax Street Alrode Johannesburg Gauteng South Africa 1451 |
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Postal Address |
P O Box 123882 Alberton Gauteng South Africa 1450 |
GENERAL COMMENTS
|
Comments |
The subject was reluctant in assisting us telephonically
with the required information and
requested an emailed
questionnaire. This was duly sent.
However, to date there has been no response, despite having followed up
on numerous occasions. Any information contained in this report was obtained from outside
sources and historical information dated August 2017 and is thus unconfirmed
by the subject. |
TAX
INFORMATION
Income
Tax Number 9711687153
VAT
INFORMATION
|
VAT
Status |
The
subject is registered for VAT (VAT number/s made available) |
|
VAT Number |
4140261753 |
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Status |
Active |
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Registered Name |
POLYSLIT CONVERTERS PTY LTD |
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Trading Name |
POLYSLIT CONVERTERS |
OFFICERS
AND PROFESSIONAL SERVICES
LIST OF OFFICERS AND
PROFESSIONAL SERVICES
|
Type |
Name |
|
Insurance |
D J HARTEN INSURANCE BROKERS |
|
Auditor |
BVA GAUTENG INC |
OWNERSHIP
STRUCTURE
GENERAL COMMENTS
General
Comments Ownership structure was not made available.
PRINCIPAL
INFORMATION
Director / Member
|
Full Name |
ID No. |
Type |
Status |
DOA |
Active Interests |
Previous Interests |
Judgments |
Fraud Listing |
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CHRISTOPHER NEIL STAFFORD |
7902265060087 |
Director |
Active |
30/01/2015 |
6 |
2 |
0 |
0 |
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ROBERT RUDI VERSCHUREN |
8405315149081 |
Director |
Active |
01/10/2012 |
1 |
0 |
0 |
0 |
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SHANE JOHN HARRISON |
7302245196087 |
Director |
Active |
01/10/2012 |
2 |
2 |
0 |
0 |
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TIMOTHY HAGUE |
7305245365081 |
Director |
Active |
30/01/2015 |
5 |
1 |
0 |
0 |
ACTIVE BUSINESS INTERESTS: CHRISTOPHER NEIL STAFFORD
|
Company Name |
Registration No. |
Business Status |
Principal Status |
Principal Type |
Judgments |
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CABLE TAPES AFRICA |
2013/104673/07 |
In Business |
Active |
Director |
0 |
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BLACKFORD PROPERTIES |
2006/034585/07 |
In Business |
Active |
Director |
0 |
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PSCL TRADING |
2005/006576/07 |
Voluntary Liquidation |
Active |
Director |
0 |
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WEBFLEX |
2006/038223/07 |
In Business |
Active |
Director |
0 |
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WEBFLEX HOLDINGS |
2012/213600/07 |
In Business |
Active |
Director |
0 |
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CHRIS STAFFORD FIELD GUIDING |
2007/063595/23 |
In Business |
Active |
Member |
0 |
PREVIOUS BUSINESS INTERESTS: CHRISTOPHER NEIL STAFFORD
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Company Name |
Registration No. |
Business Status |
Principal Status |
Principal Type |
Judgments |
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TCB INVESTMENTS |
2006/017500/07 |
AR Final deregistration |
Resigned |
Director |
0 |
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CLIFFORDKEVIN GROUP OF COMPANIES |
2006/017134/07 |
In Business |
Resigned |
Director |
0 |
ACTIVE BUSINESS INTERESTS: ROBERT RUDI VERSCHUREN
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Company Name |
Registration No. |
Business Status |
Principal Status |
Principal Type |
Judgments |
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CABLE TAPES AFRICA |
2013/104673/07 |
In Business |
Active |
Director |
0 |
ACTIVE BUSINESS INTERESTS: SHANE JOHN HARRISON
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Company Name |
Registration No. |
Business Status |
Principal Status |
Principal Type |
Judgments |
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CABLE TAPES AFRICA |
2013/104673/07 |
In Business |
Active |
Director |
0 |
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MARTIQ 874 |
2002/076802/23 |
AR Final deregistration |
Active |
Member |
0 |
PREVIOUS BUSINESS INTERESTS: SHANE JOHN HARRISON
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Company Name |
Registration No. |
Business Status |
Principal Status |
Principal Type |
Judgments |
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NAMATHELA LABELS |
2004/064213/23 |
In Business |
Resigned |
Member |
0 |
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NORTHVEST TRADING |
2004/118784/23 |
In Business |
Resigned |
Member |
0 |
ACTIVE BUSINESS INTERESTS: TIMOTHY HAGUE
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Company Name |
Registration No. |
Business Status |
Principal Status |
Principal Type |
Judgments |
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PSCL TRADING |
2005/006576/07 |
Voluntary Liquidation |
Active |
Director |
0 |
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WEBFLEX |
2006/038223/07 |
In Business |
Active |
Director |
0 |
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CABLE TAPES AFRICA |
2013/104673/07 |
In Business |
Active |
Director |
0 |
|
TH CONVERTER MANUFACTURERS |
2001/029734/07 |
Deregistration Final |
Active |
Director |
3 |
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WEBFLEX HOLDINGS |
2012/213600/07 |
In Business |
Active |
Director |
0 |
PREVIOUS BUSINESS INTERESTS: TIMOTHY HAGUE
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Company Name |
Registration No. |
Business Status |
Principal Status |
Principal Type |
Judgments |
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CONNMATT ENTERPRISES |
1993/022485/23 |
AR Final deregistration |
Resigned |
Member |
0 |
Management
No principals found for
this principal type.
Officer
No principals found for
this principal type.
Other
No principals found for
this principal type.
BANK
ACCOUNT INFORMATION
BANK ACCOUNTS
|
Account Reference
Number |
Account Holder |
Account Number |
Bank Name |
Branch Name |
Branch Code |
Verification Status |
|
ABB112122 |
POLYSLIT CONVERTERS (PTY) LTD |
1034907638 |
Nedbank (South Africa) |
Pretoria Business |
14974500 |
Verified by Bank Code |
OPERATIONAL
ACTIVITIES
|
Operational Activities
Status |
The following information was provided |
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Industry |
Manufacturing |
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Major Industry SIC Code |
13990 - Manufacture of fabrics impregnated with plastics |
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NACE Code |
32,99 - Other manufacturing n.e.c. |
Major
operation
|
Major Business Activities |
The subject is involved in the manufacturing of quality flexible materials. The subject also undertakes slitting, coating and lamination services. |
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Foreign Trade Activities |
International |
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Agencies Held |
Subject holds no agencies. |
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Franchises Held |
The subject holds no franchises. |
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Major Suppliers |
·
FLEX-O-THENE
PLASTICS · EAGLE INKS · HULAMIN |
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Major Customers |
Subject declined to provide information. |
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Major Brands |
Subject does not have any brands. |
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Major Contracts |
Subject does not operate on a contract basis. |
Export
activates
Subject Exports
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Exports To |
To the value of |
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Central African Republic
Australia |
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OPERATIONAL
FOOTPRINT
Operational
Footprint Status The subject declined to provide
the information
BRANCH
& PREMISES INFORMATION
|
Location |
Description/Type |
Size (m2) |
# of Staff |
Rented or Owned |
Lease Expiry Date |
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ALRODE |
·
Office ·
Factory |
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60 |
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N/A |
Employees
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Permanent Employees |
60 |
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Salaried Employees |
60 |
GENERAL
COMMENTS
General
Comments There are no vehicles
registered in the name of the subject.
FINANCING
TERMS
GENERAL COMMENTS
General
Comments Financing terms were
declined.
FINANCIAL
FIGURES
GENERAL COMMENTS
General
Comments Financial figures were declined.
TRADE
REFERENCES
|
Trade Reference |
Date |
Trade Score |
Terms Given (Taken) in days |
Monthly Limit Given (Taken) |
Account Opened |
Payment Trend (prev. 3 years) |
Account Insured |
Notes |
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TR18012273 |
22/01/2018 |
Positive |
30 Days (30 Days) |
Open Account (50,000) (ZAR) |
2011 |
75% |
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No |
This is a good account. |
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TR18012272 |
22/01/2018 |
Positive |
30 Days (30 Days) |
Confidential (Confidential) |
2003 |
75% |
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Yes |
This is a good account. |
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TR18012271 |
22/01/2018 |
Positive |
30 Days (30 Days) |
40,000 (Confidential) |
2004 |
75% |
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Unknown |
This is a good account. However the account has
not been used for a while. |
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TR170814244 |
14/08/2017 |
Neutral |
30 Days (30 Days) |
2,000,000 (1,500,000) (ZAR) |
2007 |
50% |
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No |
This is a good account. |
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TRADE REFERENCE ANALYTICS
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Number of valid Trade References |
7 |
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Overall Trade Score |
71% |
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Average Usage of Terms |
100% |
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Average Monthly Purchase |
775,000 ZAR |
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Average Usage of Credit Limit |
75% |
COURT
NOTICES
No judgments on file in the name of the subject
No liquidation applications on file in the name of
the subject
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.77 |
|
|
1 |
INR 89.20 |
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Euro |
1 |
INR 78.22 |
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ZAR |
1 |
INR 5.29 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
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.