MIRA
INFORM REPORT
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Report Date : |
31-07-2007 |
IDENTIFICATION DETAILS
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Name : |
KAORI HEAT TREATMENT COMPANY LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11-10-1970 |
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Com. Reg. No.: |
35319185 |
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Legal Form : |
Public |
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Line of Business : |
Manufacturer of Wide |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1,500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name And Address
KAORI HEAT TREATMENT CO LTD
TEL: [+886] 3-4527005
FAX: [+886] 3-4525505
EXECUTIVE SUMMARY
INCORPORATION DATE : OCTOBER.11, 1970
REGISTRATION NO. : 35319185
LEGAL FORM : PUBLIC
CHIEF EXECUTIVE : MR. HSIEN-SHOU
HAN (CHAIRMAN)
STAFF STRENGTH : 293
CAPITAL : US$ 75,528,701
BUSINESS LINE :
MANUFACTURER
TURNOVER : NTD 204,439,000 (AS OF
MARCH 2007)
EQUITIES : NTD 390,000,000 (AS OF
MARCH 2007)
PAYMENT : ABOVE AVERAGE
RECOMM.
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : TWD 32.9026 =
US$1 AS OF 2007-7-30
Adopted
abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
TWD –
*Company History*
===============
1970 - Founded by a group of metallurgical
industry experts.
1992 - Began producing sendzimir mill rolls
and compact brazed heat exchanger for industry.
*Company Registration*
===================
License number : 35319185
Date issued :
11 October, 1970
Issuing authority :
Ministry of Economic Affairs (MOEA)
Legal form :
Public Company
*Capital Details*
=============
Initial registered capital : NTD 500,000,000.00
Capital increase : NTD 2,500,000,000.00
Initial paid up capital : NTD 1,000,000,000.00
Paid up capital decrease : NTD 390,000,000.00
*Office & Facilities*
================
Size : 5,199 sq. meters (Approx)
Location : Taoyuan
Hsien
Property status : Owned
by KAORI HEAT TREATMENT CO LTD
Type of building : ndustrial
building
Propert status :
Serves as office and factory 2.
Other contact details
----------------------------
Tel no : 3-4527006 to 9
Email : sales@kaori-taiwan.com
haor1266@ms4.hinet.net
*Factories, Size & Locations*
=======================
(1)
Size : 1,450 sq. meters (Approx)
Location : Taoyuan Hsien
Property status :
Owned by KAORI HEAT TREATMENT CO LTD
Type of building :
Industrial building
Comment : Serves as factory 1 and Gasket Plate Heat
Exchanger Department 1.
Tel no : 3-4535021
Fax no : 3-4525931
(2)
Size : 5,199 sq. meters (Approx)
Location : Taoyuan Hsien
Property status : Owned
by KAORI HEAT TREATMENT CO LTD
Type of building : Industrial
building
Comment : Factory
(3)
Size : 2,952 sq. meters (Approx)
Location :
Property status : Owned
by KAORI HEAT TREATMENT CO LTD
Type of building : Industrial
building
Comment : Factory
(4)
Size : 2,315 sq. meters (Approx)
Location :
Property status :
Owned by KAORI HEAT TREATMENT CO LTD
Type of building :
Industrial building
Comment :
Factory
(5)
Size : 418 sq. meters (Approx)
Location : Taoyuan Hsien
Property status : Owned
by KAORI HEAT TREATMENT CO LTD
Type of building : Industrial
building
Comment : Factory
*Corporate & Organization
Structure*
=============================
The company is listed on the OTC
(Over-the-counter Exchange) but is considered a "public company"
belonging to the category of "Shang gui" (Emerging Public companies).
Organization and management of the
company is divided into departments:
- Heat treatment department
- Brazing department
- Plate heat exchanger department
- Sendzimir mill rolls department
- Thermal technology department
*Licenses & Permits*
=================
(1)
License number : 99623946
Date issued : 11
April, 1988
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory
license (1)
(2)
License number : 99706383
Date issued : 9
June, 2006
Issuing authority : Industrial Development Bureau, MOEA
Type of license :
Factory license (2)
(3)
License number : 99662040
Date issued : 6
October, 1995
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory
license (3)
(4)
License number : 99662050
Date issued : 17
January, 2002
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory
license (4)
(5)
License number : 99623937
Date issued : 13
November, 1984
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory
license (5)
*Reputation*
==========
Reference checking for the purpose
of establishing the firm's reputation within the respective industry failed to
reveal any negative information.
Web site: www.kaori-taiwan.com SC’s website is unable to be landed at present for the technical reason.
Email : leowang@karori.com.tw
For the past 37 years there is no
record of litigation.
*Major Shareholders*
================
Shareholders' Name No of Shares
-------------------------- ------------------
Mr. Hsien-shou Han 2,632,587
Mr. Hsien-fu Han 1,638,688
Mr. Chen-teh Lee 1,134,357
Ms. Ho-ling Tsai 1,042,153
Mr. Shao-hsiung Huang 982,734
Ms. Pei-chun Lee 667,764
Mr. Chien-ho Chen 291,581
Ms. Yin-lan Mei 13,962
Management : Mr. Chen-cheng Lin,
Manager
Mr. Shih-kuang Wen,
Manager
Mr. Shun-yuan Yeh,
Executive
Name
Nationality Job
Description
Mr. Chen-cheng Lin Taiwanese Manager Assets
Mr. Shih-kuang Wen Taiwanese Manager Assets
Mr. Shun-yuan Yeh Taiwanese Executive
Sales
Mr. Chih-chiang Huang Taiwanese Manager Sales
Mr. Chen-tsai Ho Taiwanese Assist. Manager
Mr. Pao-chi Wu Taiwanese Assist. Manager
Mr. Wei-chung Hsiao Taiwanese Assist. Manager -
Mr. Chien-ho Chen Taiwanese Deputy General Manager
Mr. Ching-kuo Lee Taiwanese Deputy General Manager
Mr. Hsiao-ling Liu Taiwanese Deputy General Manager
Mr. Hsien-fu Han Taiwanese General Manager
Mr. Hsien-shou Han Taiwanese General Manager
Mr. Leo Hsin-wu Wang Taiwanese Vice General Manager
Mr. Ming-che Cheng Taiwanese Vice General Manager
*Key Personnel*
=============
(1) Hsien-shou Han
Founder : Co-founder
Work experience : Has more than 30 years industry experience
Responsibilities : Handles the overall management of the
company.
Resident status :
(2) Mr. Leo Hsin-wu Wang
Tel no : 3-4527-005 Ext. 225
Email : leowang@karori.com.tw
*Main Products & Services*
======================
Specializes in the following areas
of work :
1. Importing of raw
materials/components for in-house heat exchangers production.
2. Research and development of
plate heat exchangers and related products.
3. Manufacture of wide range of
industrial heating equipment.
4. Exporting and domestic sales of
its finished products.
Products / services also include
the following :
- Dies & tool steel heat or
sub-zero treatment
- Stainless steel annealing,
solution, ageing
- Structural carbon and alloy
steel quench and tempering carburization
- Magnetic annealing (Silicon
plate magnetically material)
- Soft nitriding (Tuffride)
- Nitrosulphrizing (Sur-sulf)
- Wear resistance parts of sand
blasting machine
- Plastic injection molding tie
bar
Products : Annealing
normalising
Brass plates
Container
Copper foil
Dies
*Payment Terms*
==============
Sales
-------
Local : Cash
30 - 90 days credit
Export : Letter of Credit (L/C)
Document against Acceptance (D/A)
Telegraphic Transfer (T/T)
Purchases
--------------
Local : 30 - 90 days credit
Import : Letter of Credit (L/C)
Open account / Document against
Acceptance (D/A) terms with settlement using
Telegraphic
Transfer (T/T)
*Associations*
============
Member of :
-
*Competitors*
===========
The following locally based
companies supply identical range of products :
- ASIA GIANT ENGINEERING CO LTD
- CHALLENTECH INT'L CORP
- CHENG CHEN MACHINERY CO LTD
- CHINA ENGINEERS ASSOCIATES INC
- DER RONG MACHINERY CO LTD
*Quality Certification*
=================
Obtained the following
certifications:
(1)
Type of certification : ISO 9002
Year of certification : 1994
(2)
Type of certification : The JIS
(Japan Industry Standard) marking and process certifications
Issuing authority : McDonnell Douglas
Year of certification : 1988 and 1994
(3)
Type of certification : ISO 9002
Year of certification : 1995
Certification Item : Electric-Engineering Equipment
(4)
Type of certification : ISO
9001:2000/CNS 12681
Issuing authority : Quality Management System
Date of certification : 19 October, 1995
Other details : Certificate obtained for the
production of plate heat exchanger.
Also obtained UL
certification
*Accountants*
============
DELOITTE & TOUCHE
*Production Capacity*
==================
(1)
Item : Heat process
Maximum capacity : 22,354 tons
Current capacity : 19,997 tons
Year : 2006
(2)
Item : Cooper solder
Maximum capacity : 13,041
pieces
Current capacity : 5,872
pieces
Year : 2006
(3)
Item : Brazed plate heat exchanger
Maximum capacity : 95,826
M2
Current capacity : 79,312
M2
Year : 2006
*Local Distribution Network*
=======================
Approximately 40% of the annual
turnover is attributed to local sales.
*Export Markets*
=============
Approximately 60% of the annual
turnover is attributed to export.
*Branches*
=========
Other email : ks00@kaori.com.tw
(Sendzimir Mill Rolls Dept.)
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch : KAORI HEAT TREATMENT CO
LTD (HEAT TREATMENT DEPT)- YUNG-AN HSIANG PLANT 2
Branch Address :
Branch Tel : [+886] 7-6212102
Branch Fax : [+886] 7-6210171
Branch Email : ak00@kaori.com.tw
Branch : KAORI HEAT TREATMENT CO
LTD (BRAZING DEPARTMENT) - CHUNGLI CITY PLANT
Branch Address : Chung-Li
Industrial Park District 27 Her-Ding Rd
Branch Tel : [+886] 3-4511567
Branch Fax : [+886] 3-4625297
Branch Email :
brazing@kaori.com.tw
Branch : KAORI HEAT TREATMENT CO
LTD (PLATE HEAT EXCHANGER & SENDZIMIR MILL ROLLS DEPT) - BEN-CHOU PLANT
Branch Address : Ben-Chou
Industrial District 3 Ben-Kung 2nd Rd Kangshan Chen,
Branch Tel : [+886] 7-6243132
Branch Fax : [+886] 7-6243439
Branch Email : sales@kaori.com.tw
Branch : KAORI HEAT TREATMENT CO
LTD (GASKET PLATE HEAT EXCHANGER DEPARTMENT 2) -
Branch Address : Yungan Industrial
Park District
Branch Tel : [+886] 7-6212102
Branch Fax : [+886] 7-6210171
Branch Email :
jim-tsai@kaori.com.tw
Branch : KAORI HEAT TREATMENT CO LTD
(PLATE HEAT EXCHANGER DEPT) - CHUNGLI CITY PLANT
Branch Address : Chung-Li
Industrial Park District 2 Chi-
Branch Tel : [+886] 3-4626958
Branch Email : sales@kaori.com.tw
Branch : KAORI HEAT TREATMENT CO
LTD (THERMAL TECHNOLOGY DEPT) - CHUNGLI CITY PLANT
Branch Address :
Branch Tel : [+886] 3-4331330
Branch Fax : [+886] 3-4343725
Branch Email : ttd@kaori.com.tw
*(Subsidiaries , Joint-ventures
& Affiliates)
===============================
Company Name : KAORI DEVELOPMENT CO LTD
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Machinery
Company Name : KAORI INT'L CO LTD
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Machinery
Company Name :
KAORI TECHNOLOGY (
Address :
Free Trade West Zone
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Machinery
*OVERSEAS AGENTS AND DISTRIBUTORS*
====================================
Agent : KAORI HEAT TREATMENT CO
LTD
Country of Origin :
Product Description : Industrial
heating equipment
Brand : KAORI
Year : 2004
Agent : BELLINI HNOS SRL
Country of Origin :
Product Description : Industrial
heating equipment
Brand : KAORI
Year : 2004
Agent : ALLIED ENGINEERING
Country of Origin :
Product Description : Industrial
heating equipment
Brand : KAORI
Year : 2004
Agent : DAYAN REFRIGERATION
SUPPLIER LTD
Country of Origin :
Product Description : Industrial
heating equipment
Brand : KAORI
Year : 2004
Agent : TAIBONG INDUSTRIES INC
Country of Origin :
Product Description : Industrial
heating equipment
Brand : KAORI
Year : 2004
Agent : THERMAL HEAT EXCHANGER SDN
BHD
Country of Origin :
Product Description : Heat
exchangers
Brand : KAORI
Year : 2004
Agent : SOLUCIONES EN
TRANSFERENCIA DE CALOR SA DE CV
Country of Origin :
Product Description : Industrial
heating equipment
Brand : KAORI
Year : 2004
Agent : WEESENG HVAC TECHNOLOGY
PTE LTD
Country of Origin :
Product Description : Industrial
heating equipment
Brand : KAORI
Year : 2004
Agent : TEMP MAKER CO LTD
Country of Origin :
Product Description : Industrial
heating equipment
Brand : KAORI
Year : 2004
Agent : TERMMARKET LTD
Country of Origin :
Product Description : Industrial
heating equipment
Brand : KAORI
Year : 2004
PAYMENT RATING : 2 OBTAINED SCORES : 79
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Rating Key |
Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
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3 |
Scores 50 – 74 |
Average |
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4 |
Scores 35 – 49 |
Fair |
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5 |
Scores 15 – 34 |
Below Average |
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6 |
Scores 01 – 14 |
Poor |
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NR |
No Data |
No Data |
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The rating
indicates the payment pattern of SC based upon our Payment Database, comments
from suppliers of SC, information from banks (if available), as well as industrial
sources.
Dealings on
open terms may be possible for FAIRLY LARGE amounts depending on individual
judgement experience.
*BANK DETAILS*
===============
Bank Name : HUA NAN COMMERCIAL BANK LTD
Branch : Chungcheng Dist,
Branch Address :
SWIFT Code : HNBKTWTP
Bank Name : MEGA INT'L COMMERCIAL BANK CO LTD
Branch : Chungcheng Dist,
Branch Address :
SWIFT Code : ICBCTWTP
*Financials*
==========
Balance Sheet
Currency : NTD
Denomination : In thousands
2002 2003 2004 2005 2006 March 2007
-------- ------- ------- ------- ------ ---------------
Current Assets
263,132 280,994 360,844 398,318 413,247 440,137
Property 38,134 294,540 305,640 325,406 465,217 493,158
Intangible Assets - 1,377 1,237 1,097 957 922
Other Assets
26,799 30,278 30,072 23,085 15,533 19,279
Total Assets
600,263 692,837 820,747 900,739
1,056,138 1,117,552
Current Liabilities
(Before) 128,592 167,745 270,143 307,261 285,196 328,492
(After) 129,485 174,640 308,426 349,023 285,196
328,492
Long term Liabilities
75,680 85,992 75,304 108,233 193,230 187,500
Other Liabilities
21,530 25,636 26,290 22,130 22,865 22,842
Total Liabilities
(Before) 225,802 279,373 371,737 437,624 501,291 538,834
(After) 226,695 286,268 410,020 479,386 501,291 538,834
Common stock
261,450 290,000 319,000 347,710 390,000 390,000
Capital Reserve
14,700 14,700 14,700 14,700 22,387 22,387
Retained Earnings
(Before) 97,731 108,832 123,627 100,472 138,273 158,174
(After) 68,288 72,937 56,634 58,710 138,273 158,174
Income Statement
Currency : NTD
Denomination : In thousands
2002 2003 2004 2005 2006 March 2007
-------- -------- ------- ------- ------- ---------------
Sales 440,221 514,619 617,656 668,749 767,942 204,439
Gross
Profit 127,322 154,516 177,506 172,103 225,085 63,481
Operating
Income 44,071 54,906 74,638 43,609 63,471 22,733
Non-operating
income 5,376 13,643 17,121 18,055 40,936 10,580
Non-operating
expenses 8,071 50,995 - - - -
Interest
Expenses - 40,544 - - - -
Income
Before Income Tax 41,376
50,995 62,746 52,468 87,579 23,991
Net
Income
33,068 40,544 50,690 43,838 79,562 19,901
*Financial Ratios*
==============
2002
2003 2004 2005 2006 March 2007
------- -------- -------- --------- -------- ---------------
Ratio of liabilities
to Assets % 37.62 40.32 45.29 48.47 47.28 48.22
Ratio of long-term capital
To fixed Assets % 165.37 169.57 171.55 140.99 134.17 156.53
Current ratio % 204.63 167.51 133.58
148.05 164.55 133.99
Quick ratio % 161.8 12.11 96.29 88.68 97.88 77.62
Interest coverage 10.81 16.50 18.24
10.92 13.08 16.73
Turnover of receivable
(times) 3.1 2.96 3.28 3.48 3.79 3.75
Average collection period of
receivable 118 123.00 111 105 96 97
Turnover of inventories
(times) 6.16 5.94 4.94 3.11 2.97 3.85
Average days of sales 59 61.00 74 117 123 95
Turnover of fixed assets
(times) 1.62 1.75 2.06 1.72 1.67 1.71
Turnover of total assets
(times) 0.73 0.74 0.82 0.79 0.83 0.75
Return on total assets % 6.44 6.65 7.06 5.58 8.71 7.75
Return on shareholder's
Equity % 9.24 10.29 11.75 18.93 15.63 14.04
Operating Income % 16.85 18.93 23.4 12.31 17.69 23.32
Net Income before
tax % 15.83 21.03 19.67 15.09 22.46 24.61
Profit margin % 7.51 7.88 8.21 6.46 9.84 9.73
Cash flows ratio % 36.97 33.13 17.31 4.14 42.73 -7.65
Cash flows adequacy % 110.37 101.19 79.67 37.57 57.42 44.91
Cash reinvestment ratio % 6.65 7.07 4.91 - 7.78 -2.3
Degree of operating leverage 6.36 5.60 4.84 8.57 1.75 1.54
Degree of financial leverage 1.11 1.06 1.05 1.14 1.12 1.07
*Int´l Trade Activity (Currency:
===============================
Year Imports Exports Total
2004 $3,667,000.00 $3,125,000.00 $6,792,000.00
2005 $3,258,000.00 $7,103,000.00 $10,361,000.00
2006 $3,726,000.00 $7,451,000.00 $11,177,000.00
*Financial Summary (Currency:
==============================
Year Sales Assets Net Income
2002 $12,653,664.85 $17,253,894.80 $950,503.02
2003 $14,839,071.51 $19,977,998.85 $1,169,088.81
2004 $18,576,120.30 $24,684,120.30 $1,524,511.28
2005 $21,129,510.27 $28,459,368.09 $1,385,086.89
2006 $23,214,691.66 $31,926,783.56 $2,405,139.06
Over the past 37 years, SC has
made a stable growth with satisfactory profit. It is considered a credit line
up to USD 1,500,000 appears to be within SC’s
capacities.
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3498
Fabricated Pipe/Fittings
Exporting 3500
Industrial Machinery &
Equipment
Exporting 3567
Industrial furnaces and
ovens, and parts
Exporting 3569
General industrial
machinery and equipment, and parts
Exporting 3699
Electrical equipment and
supplies, and parts
Exporting 5075
Heating & A/C
Equip/Supplies
Exporting 5084
Industrial Machinery/Equip
Importing 3567
Industrial furnaces and
ovens, and parts
Importing 3569
General industrial
machinery and equipment, and parts
Importing 5075
Heating & A/C
Equip/Supplies
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 7307923010 Sleeves (pipe couplings) of iron or
nonalloy steel
Exporting 7307991000 Other tube or pipe fittings, not
machined, not tooled and not otherwise processed
after forging, of iron or nonalloy
steel
Exporting 7326908585 Other articles of iron or steel
Exporting 7409290000 Plates, sheets and strip of brass over
0.15mm thick, not in coils
Exporting 7410110000 Copper foil, not backed, of refined
copper
Exporting 7419991500 Containers of a kind normally carried on
the person, in the pocket orin the handbag, of copper
Exporting 8419500000 Heat exchange units, industrial type
Exporting 8419901000 Parts of instantaneous or storage water
heaters
Exporting 8455300005 Gray iron rolls for metal rolling mills
not exceeding 2,268 kg
Exporting 8514300000 Industrial or laboratory furnaces and
ovens
DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service
Description
Exporter Storage water heater parts
Exporter Microwave oven parts
Exporter Container
Importer Machinery materials
Importer Furnaces
Importer Ovens
Importer Heat exchangers
Importer Nickel alloy plates
Importer Copper foil
Importer Flat-rolled products
INTERNATIONAL TRADE: ACTIVITY & MARKETS
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
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Exporting to
Exporting to
Exporting to
Exporting to
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Exporting to
Exporting to
Exporting to
Exporting to
Exporting to
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Exporting to
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Exporting to
Exporting to UAE
Exporting to
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Importing from
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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 |
Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to recommend credit dealings |
No Rating |
|
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%)