Supplier evaluation before first order — what does your process actually look like?

I've seen companies place six-figure purchase orders with suppliers they found on Google with zero due diligence. I've also seen procurement teams run 3-month evaluations for a $5,000 annual contract. Neither extreme works.

Our current process for new international suppliers:

1. Request company profile, trade license, and bank details
2. Check export history via freight forwarder references
3. Request product samples and run internal quality check
4. Financial stability check — how long have they been operating, do they have audited financials
5. Compliance certificates — ISO, halal, country-specific certifications depending on product category
6. Trial order with smaller quantity before committing to full volume

For local suppliers we skip step 2 and do a site visit instead.

The part I'm still not satisfied with is step 4 — most SME suppliers in the region don't have audited financials and refuse to share what they do have. How do you assess financial risk for smaller suppliers?