MIRA
INFORM REPORT
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Report Date : |
10.08.2007 |
IDENTIFICATION DETAILS
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Name : |
CHINA STEEL CHEMICAL CORP |
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Registered Office : |
5FL-1, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
February 3, 1989 |
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Com. Reg. No.: |
23221384 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Research and development of black lead and other carbon stuff. Importing of raw materials used in chemical production. Manufacture of a wide range of Soft pitch, Toluene and Green Mesophase
Powder related products and components. Export and domestic sales of its finished products. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
Up To US$ 10,000,000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name &
address
CHINA STEEL CHEMICAL CORP
5FL-1,
TEL : 886-7-3383515
FAX : 886-7-3383516
EXECUTIVE SUMMARY
INCORPORATION DATE :
FEBRUARY 3, 1989
REGISTRATION NO. :
23221384
LEGAL FORM :
PUBLIC LISTED COMPANY
CHIEF EXECUTIVE :
MR. YAO-TSUNG CHIANG (CHAIRMAN)
STAFF STRENGTH :
124
CAPITAL :
US$ 90,634,441
BUSINESS LINE :
MANUFACTURER
TURNOVER :TWD
1,212,890,000 (AS OF 31 MARCH, 2007)
EQUITIES :TWD
4,463,882,000 (AS OF 31 MARCH, 2007)
PAYMENT :
EXCELLENT
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STRONG
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
WELL KNOWN
EXCHANGE RATE :
TWD 32.874 = US$1 AS OF 2007-8-9
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*
================
February 1989 - Established as a joint venture by CHINA
STEEL CORP and other public and private
enterprises.
27 November, 1998 - Became listed
on Taiwan Stock Exchange (TSE) using the stock code "1723".
*Company Registration*
===================
License number : 23221384
Date issued : 3 February,
1989
Issuing authority : Ministry of
Economic Affairs (MOEA)
*Registrar*
=========
CORE PACIFIC SECURITIES CO LTD
*Licenses & Permits*
================
License number : 64004731
Date issued : 17 March
1992
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory
license
*Capital Details*
=============
Initial registered capital :
TWD 1,583,000,000.00
Capital increases as follows:
Year Increase (TWD)
------
----------------------
2001
1,755,000,000.00
2002
1,857,000,000.00
2006
3,000,000,000.00 with a paid-up capital of TWD 2,110,083,140.00
*Office & Facilities*
===============
Size :
119 sq. meters
Location :
Property status : Owned by
CHINA STEEL CHEMICAL CORP
Type of building :
Commercial building
Comment : Serves
as office and warehouse.
Other e-mail add :
cscc@top2.ficnet.net.tw
Previous Contact Details
---------------------------------
(1)
Address :
(2)
Address : 5Fl, Morrison Plaza
Tel no. : 2-27811050
Fax no. : 2-27762274
*Corporate & Organization Structure*
=============================
A large specialized company operated and managed by an experienced team
of professionals.
Organizational Chart
---------------------------
Chairman
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President
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_________________________|__________________________
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Vice President |
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Special Assistant
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_________________|_______________________________________ |
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Internal Admin Commercial Trading New Venture Factory Financial
Auditing Dept Dept Dept Dept Dept
Secretary
*Factories, Size & Locations*
======================
Building size : 5701 sq.
feet (Approx)
Location :
Property status : Owned by
its direct parent,
Facilities : Modern
Type of building : Industrial
building
*Machinery & Equipment*
=====================
The following facilities are maintained in order to protect its
environment :
- Air pollution burning system
- Waste water treatment system
- Dust-collecting system
*Sales Ranking*
=============
(1)
Details of rank are as follows :
Year Rank
------ -------
2002 461
2001 431
2000 413
1998 3
1997 3
1996 4
(2)
Generally regarded as one of the Top 5000 Companies in terms of sales,
details of rank as follows :
Year Rank
------ ------
2006 419
*Industry Ranking*
===============
(1)
Generally regarded as one of the top 1000 companies in manufacturing industry
of
(2)
Generally regarded as one of the Top 5000 Companies in Manufacturing
Industry of Taiwan, details of rank are
as follows:
Year Rank
------ -------
2004 787
2005 821
2006 783
*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.cscc.com.tw The design is professional and the content is
well organized. At present it is both in Chinese and English versions.
Email : cscc@view.com.tw
For the past two years there is no record of litigation.
*Major Shareholders*
=================
Shareholders' Name No. of Shares
-------------------------- -------------------
CHINA STEEL CORP 62,392,003
CHINA SYNTHETIC RUBBER CORP
12,470,837
CTCI CORP
2,201,285
KAO JUI INVESTMENT CO LTD
400,200
Mr. Chun-chin Chen
12,623
*Company Directors*
=================
Name : Mr. Chi-yung Kou
Nationality :
Name : Mr. Chih-ming Wang
Nationality :
Name : Mr. Hsin Chen
Nationality :
Name : Mr. Min-nan Chen
Nationality :
Name : Mr. Ming-ta Fang
Nationality :
*COMPANY MANAGEMENT*
==========================
Name Nationality
Job Description Dept. / Division
Mr. Ming-hsing Lin Taiwanese
Manager Factory
Mr. Le-ming Chung Taiwanese
Manager Finance
Mr. Allan Ching-liao Hsu Taiwanese
Executive Sales
Mr. Gary Yung-ming Liu Taiwanese
Executive Sales
Mr. Jerry Hao-che Hsu Taiwanese
Executive Sales
Mr. Steven Cheng-hao Huang Taiwanese
Executive Sales
Ms. Katherine Wan-chun Chiang Taiwanese
Executive Sales
Mr. Wen-yi Liu Taiwanese
Manager Sales
Mr. Chun-chi Kung Taiwanese
Accountant -
Mr. Ming-wei Wu Taiwanese
Auditor -
Mr. Yao-tsung Chiang Taiwanese
CEO -
Mr. Po-yuan Chen Taiwanese
General Manager -
Mr. Kuo-chen Wu Taiwanese
Vice President -
*Key Personnel*
==============
(1)
Mr. Yao-tsung Chiang
Founder : Co-Founder
Resident status :
Responsibilities : Handles the
daily operation of the firm including all financials and legal matters.
Work experience : More than 16
years
(2)
Miss KatherineWan-chun Chiang
Tel no. : 7-3383515
Ext : 296
E-mail address : kathy@e-cscc.com.tw
(3)
Mr. Steven Cheng-hao Huang
Tel no. : 7-3383515
Ext : 290
E-mail address : ste@e-cscc.com.tw
(4)
Mr. Jerry Hao-che Hsu
Tel no. : 7-3383515
Ext : 270
E-mail address : jer@e-cscc.com.tw
(5)
Mr. Gary Yung-ming Liu
Tel no. : 7-3383515
Ext : 273
E-mail address :
gary@e-cscc.com.tw
(6)
Mr. Allan Ching-liao Hsu
Tel no. : 7-3383515
Ext : 258
E-mail address : allan@e-cscc.com.tw
(7)
Mr. Kuo-chen Wu
E-mail address :
kcwu@e-cscc.com.tw
(8)
Mr. Ming-wei Wu
E-mail address : vincent@e-cscc.com.tw
*Main Products & Services*
======================
Specializes in four (4) main areas of work:
1. Research and development of black lead and other carbon stuff.
2. Importing of raw materials used in chemical production.
3. Manufacture of a wide range of Soft pitch, Toluene and Green
Mesophase Powder related products and components.
4. Export and domestic sales of its finished products.
Products also include :
- H-acid
- J-acid
- J acid urea
- Acetyl J acid
- Sulfonic Tobias acid
- Activated carbon treatment for waste water, exhaust gas, potable water
and solvent recovery.
- Calcined bauxite
- Anode material for lithium-ion battery
- Chromite packing sand
- Gouging carbons
The business comprises three key activities:
(1) Processing coal tar to produce soft pitch, refined naphthalene, and
creosote oils
(2) Processing benzole to produce toluene, benzene, and solvent
(3) Grading coke breeze to produce various sizes of metallurgical coke
Products : Adhesive
Air humidifiers
Anti-erosion
materials
Artificial
graphite
BON acid
*Payment Terms*
=============
Sales
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Local : Cash
30-90 days credit
Export : Letter of Credit (L/C)
Document against
Acceptance (D/A) Telegraphic Transfer (T/T)
Purchase
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Local : 30-90 days credit
Import : Letter of Credit (L/C)
Document against
Acceptance (D/A) Telegraphic Transfer (T/T)
Open account /DA terms with settlement
using Telegraphic Transfer (T/T)
*Competitors*
===========
The following locally based companies supply similar range of products:
- CHINESE PETROLEUM CORP
- DAIGIN CHEMICAL CO LTD
- GLOBE INDUSTRIES CORP
- SAN FANG CHEMICAL INDUSTRY CO LTD
- TAIWAN STYRENE MONOMER CORP
*Awards*
========
Award : National Award of Small and Medium
Awarded by : Small and Medium
Year : 2001
*Production Capacity*
==================
(1)
Item :
Coal Tar
Maximum capacity : 175,000 (TWD
1,000/Tons)
Current capacity : 169,547
(TWD 1,000/Tons)
Year :
2006
(2)
Item :
Light oils
Maximum capacity : 66,000 (TWD
1,000/Tons)
Current capacity : 55,001
(TWD 1,000/Tons)
Year :
2006
(3)
Item :
Metallurgical coke
Maximum capacity : 129,240 (TWD
1,000/Tons)
Current capacity : 145,852
(TWD 1,000/Tons)
Year :
2006
*Detailed Product Specifications*
==========================
Product
Application
-----------
-----------------
Refined naphthalene Acts as the intermediate of naphthalene
ball, dyes and medicine ; materials of acid
anhydride
and surface active agent.
Benzene For the production of isopropyl, vinyl
benzene frees and alkyl benzene
Toulene For paint solvent and thinner
Creosote oil For the production of carbon black,
which is an element for tire and automobile rubber
products
Coal tar pitch Acts as an agent and conversion
agent in the production process applying such
waterproof
materials as EPOXY and PU; it can strengthen the waterproof property
to
reach the CNS standard; or combine properly with EPOXY, PU and hardener
to
become a superior waterproof material.
Tar 2 Have a brush roller and apply
with this agent on sheet iron, wooden boats, bamboo,
railway
sleepers, casting tubes to fight against erosion, water and worms. Its cyclic
structure
makes it resistant from weather conditions.
Soft pitch For the binder of aluminum
electrode rod and battery carbon rod; can also be further
distilled
to produce hard pitch
Roofing pitch For leak-free roofing construction;
featured by molecular cyclic structure and hydrophobic
durability;
remarkable waterproof and leak-free effect; can be used to make up cement
gaps;
having viscosity and being invulnerable to stress. For a better waterproof effect, an
oily
blanket is suggested as an accompaniment.
Wood preservative oil
Worm-resistant; preserve the timber from water erosion by a waterproof
layer formed
externally.
Coke dried quenching Carbon
additive agent
Metallurgical coke Carbon
additive agent or fuel agent
Hydrated coke fines Carbon
additive agent
Dehydrated coke fines Carbon
additive agent
Coke powder
Garnex and Garpak additives
Coke products Fixed carbon Ash content Total Total Volatile Size
Moisture
----------------- ---------------- ------------------ ------------- ----------- ----------- -------
1. Coke dried Min 86% Max 13% Max 1.0% Max 0.6%
Max 2.0% 0~1m/m Min 95
quenching
2. Metallurgical Min 85% Max 13% Max 10% Max 0.6%
Max 2.0% 5~15m/m coke
15~25m/m
25~35m/m
3. Hydrated coke Min 85% Max 13% Max 10% Max 0.6%
Max 2.0% 0~8m/m fines
4.
Dehydrated Min 85% Max 13% Max 10% Max 0.6%
Max 2.0% 0~5m/m coke fines
5. Coke powder Min 82% Max 4.0% Max 16% Max 0.8% 60 mesh
*Deal Making*
=============
Date of signing : Early 1999
Nature of deal : 2 contract for
the right to purchased of Coal and iron ore
Details : The
contracts can save the company TWD 2.7 billion in crude steel production cost
per year
*Local Distribution Network*
=======================
An estimated 68% of the annual turnover is attributed to local sales.
*Domestic Raw Materials & Suppliers*
==============================
Major local suppliers include:
(1)
Supplier' name : UNITED PENTA CORP
Main Item : Cutting and
welding equipment
Amount : NTD 6.4
million
Year : 1989
(2) Other suppliers:
- YANG SHING MACHINERY WORKS CO LTD
- CHINA STEEL CORP
*Domestic Suppliers*
==================
CHINA STEEL CORP
UNITED PENTA CORP
YANG SHING MACHINERY WORKS CO LTD
*Domestic Customers*
==================
Major local customers include:
- LIEN FONG MACHINERY CO LTD
- CENDAI INDUSTRIAL CO LTD
- CHUN YUAN STEEL INDSUTRY CO LTD
- SHANG YU STEEL CO LTD
- SHENG I FACTORY CO LTD
- TAIWAN PROSPERITY CHEMICAL CORP
*Export Markets*
=============
An estimated 32% of the annual turnover is attributed to export.
*International Trade Ranking*
=======================
The firm has been ranked among
Year Rank
------ -------
1997 850
2003 847
2004 836
2005 804
2006 884
*Overseas Customers*
=================
Company name : CARBON MATERIALS
& CHEMICALS LOGISTICS INFORMATION
Country :
*Overseas Agents And Distributors*
============================
Agent : ERICSON MFG
Country of Origin :
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch : CHINA STEEL CHEMICAL CORP -
Branch Address : Rm A 28Fl,
Branch Tel : [+886] 2-81010523
Branch Fax : [+886] 2-81010522
Branch Employees : 25
*(Subsidiaries , Joint-ventures & Affiliates)
=================================
Company Name : EVER GLORY INT'L CO LTD
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Chemicals
Company Name : EVER WEALTHY INT'L CORP
Address : 4Fl-1,
Country :
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Service
Industry : Financial Services - General
Company Name : FULTECH CO LTD
Country :
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Chemicals
PAYMENT RATING : 1 OBTAINED SCORES : 90
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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 |
|
6 |
Scores 01 – 14 |
Poor |
|
NR |
No Data |
No Data |
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 LARGE
amounts depending on individual judgement experience.
*Bank Details*
=============
Bank Name : CHIAO TUNG BANK CO LTD
Branch : Chungcheng Dist,
Branch Address :
SWIFT Code : BKCMTWTP
Bank Name : FARMERS BANK OF
Branch : Chungshan Dist,
Branch Address :
SWIFT Code : FBOCTWTP
Bank Name : MEGA INT'L COMMERCIAL BANK CO LTD
Branch : Chungcheng Dist,
Branch Address :
SWIFT Code : ICBCTWTP
Balance Sheet
Currency : TWD
Denomination : in Thousand
2002 2003 2004 2005 2006 31
March, 2007
-------------
-------------
-------------
------------- ------------ -------------------
Current Assets
3,143,801 4,387,189 4,115,262
2,302,797 2,146,504 2,473,332
Funds & long-term investments
913,480 1,078,412 1,132,416
1,723,422 1,919,439 1,947,967
Property
391,682 308,159 445,431 554,794 575,361 587,737
Other Assets 70,940 67,835 80,211 73,329 84,992 85,233
Total Assets
4,519,903 5,841,595 5,773,320 4,654,419
4,726,296 5,097,906
Current Liabilities (Before)
1,887,688 2,790,182 2,303,761 974,622 549,596 574,268
(After) 2,333,437 3,485,113 3,203,847 1,853,055
Long-term Liabilities
2,618
Other Liabilities 45,886 48,731 53,669 55,760 57,002 59,756
Total Liabilities (Before)
1,936,192 2,838,913 2,357,430 1,030,382 606,598 634,024
(After) 2,381,941 3,533,844 3,257,516 1,908,815
Common stock
1,857,287 1,909,368 1,970,229 2,034,734
2,110,083 2,110,083
Capital Reserve
40,783 59,467 85,440 113,642 139,397 139,397
Retained Earnings (Before)
852,442 1,201,932 1,552,317 1,645,159
1,907,264 231,535
(After) 354,612 446,140 587,726 691,012
Income Statement
Currency : TWD
Denomination : in Thousand
2002 2003 2004 2005 2006 31 March, 2007
------------- ------------- ------------- ------------- ------------ --------------------
Operating revenue
2,703,300 2,957,839 3,981,053 4,060,566
4,291,661 1,212,890
Gross Profit
749,428 1,048,826 1,461,793 1,388,612
1,508,611 428,615
Non-operating income
541,197 819,576 1,234,134 1,131,882
1,262,838 361,131
Net Income
557,464 847,320 1,106,177 1,057,433
1,208,007 324,271
Earnings (losses) per share (After)
2.72 4.14 5.40 5.17 5.94
*Financial Ratios*
==============
2002 2003 2004 2005 2006 31 March, 2007
------------ ------------
----------- ------------- ------------ --------------------
Ratio of liabilities to Assets (%) 42.80 48.60 40.80 22.10 12.80 12.40
Ratio of long-term capital to fixed
Assets (%)
660.30 974.40 766.90 653.20 716.00 759.50
Current ratio (%) 166.50 157.20 178.60 236.30 390.60 430.70
Quick ratio (%) 156.60 153.10 172.60 219.90 349.80 398.40
Interest coverage 34.00 62.60 103.10 212.00 286.60 461.50
Turnover of receivable (times) 14.90 15.70 22.30 19.90 15.60 3.50
Average collection period of receivable 24 23 16 18 23 104.90
Turnover of inventories (times) 16.50 17.30 29.60 24.10 17.30 4.30
Turnover of expense (times) 23.20 20.90 21.60 19.50 28.10 4.30
Average days of sales 22 21 12 15 21 85.50
Turnover of fixed assets (times) 6.90 9.60 8.90 7.30 7.50 2.10
Turnover of total assets (times) 0.60 0.50 0.70 0.90 0.90 0.20
Return on total assets (%) 12.80 16.60 19.20 20.40 26.00 6.60
Return on shareholder's Equity (%)
21.80 30.30 34.50 30.00 31.40 7.60
Operating Income 29.10 42.90 62.60 55.60 59.80 17.10
Net Income before tax 37.40 55.00 72.20 65.10 71.80 19.50
Profit margin (%) 20.60 28.60 27.80 26.00 28.30 26.70
Retroactive
2.72 4.14 5.40 5.17 5.94 1.58
Cash flows ratio (%) 26.40 36.10 50.20 86.50 204.00 44.00
Cash flows adequacy (%)
209.00 187.70 165.00 122.10 115.20 83.70
Cash reinvestment ratio (%) 3.10 11.90 13.80 (0.80) 4.50 4.00
Degree of operating leverage
1.26 1.17 1.06 1.08 1.11 1.00
Degree of financial leverage 1.04 1.02 1.01 1.01 1.00 1.00
*Accountants*
============
DELOITTE & TOUCHE
*Financial Summary (Currency:
===============================
Year Sales Assets Net Income
1992 US$ 1,082,989,666.67 US$
5,911,326,444.44 US$ 89,702,814.81
1993 US$ 1,200,279,333.33 US$
5,732,731,518.52 US$ 163,406,925.93
1994 US$ 1,362,666,259.26 US$
5,673,439,444.44 US$ 189,763,074.07
1995 US$ 1,606,689,370.37 US$
6,430,512,555.56 US$ 284,844,370.37
1996 US$ 3,162,111,111.11 US$
6,996,037,037.04 US$ 287,962,962.96
1997 US$ 3,620,592,592.59 US$
7,444,407,407.41 US$ 582,444,444.44
1998 US$ 3,646,629,629.63 US$
7,533,518,518.52 US$ 990,185,185.19
2001 US$ 71,846,836.91 US$
129,155,600.70 US$ 14,826,494.49
2002 US$ 77,694,739.87 US$
129,919,603.33 US$ 16,023,684.97
2003 US$ 85,289,475.20 US$
168,442,762.40 US$ 24,432,525.95
2004 US$ 119,729,323.31 US$
173,624,060.15 US$ 33,263,157.89
2005 US$ 128,295,924.17 US$
147,059,052.13 US$ 33,410,205.37
2006 US$ 129,735,822.25 US$
142,874,727.93 US$ 36,517,744.86
*Int´l Trade Activity (Currency:
===============================
Year Imports Exports Total
1996 US$ 400,000.00 US$ 15,800,000.00 US$ 16,200,000.00
1997 US$ 800,000.00 US$ 19,500,000.00 US$ 20,300,000.00
1998 US$ 4,700,000.00 US$ 21,900,000.00 US$ 26,600,000.00
2001 n/a US$
25,864,861.29 US$ 25,864,861.29
2002 n/a US$
27,970,106.35 US$ 27,970,106.35
2003 US$ 7,432,250.98 US$ 24,850,353.00 US$ 32,282,603.98
2004 US$ 14,966,248.99 US$ 29,136,212.00 US$ 44,102,460.99
2005 US$ 8,000,000.00 US$ 35,000,000.00 US$ 43,000,000.00
2006 US$ 10,675,080.99 US$ 40,995,226.00 US$ 51,670,306.99
SC is well known in its line with strong financial conditions. It is considered a credit line up to US$ 10,000,000
appears to be within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 2891 Adhesives
and sealants
Importing 3567 Industrial
furnaces and ovens, and parts
Importing 3585 Refrigeration
and heating equipment
Importing 3624 Carbon
or graphite products
Manufacturing 1231 Anthracite
coal
Manufacturing 2800 Chemicals
and Allied Products
Manufacturing 2899 Chemical
preparations
Manufacturing 2911 Petroleum
refinery products
Manufacturing 2999 Petroleum
and coal products
Trading 2911 Petroleum
refinery products
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 2706000000 Mineral
tars, including reconstituted tars
Exporting 2707400000 Naphthalene
Exporting 2708100000 Pitch
from coal and other mineral tars
Exporting 2712900000 Microcrystalline
petroleum wax, slack wax, ozokerite, lignite wax, peat wax, other
mineral
waxes, and similar products
Exporting 2905120010 Propan-1-ol
Exporting 2905120050 Propan-2-ol
Exporting 3506910000 Adhesives
based on rubber or plastics (including artificial resins) for use as
adhesives,
put up for retail sale as adhesive, nt exceed net wt of 1 kg
Exporting 3814005090 Organic
composite solvents and thinners; prepared paint or varnish removers
Exporting 3920200000 Other
plates, sheets, film, foil & strip, of
plast, noncelluar & not reinforcd,
laminated,
supported or combind with oth mat, of polymers of propylene
Importing 2710 Oil
(not crude) from petrol & bitum mineral etc,
DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service
Description
Exporter Organic
composite solvents
Exporter Microcrystalline
petroleum wax
Importer Oil
Importer Industrial
furnace
Importer Air
humidifiers
Importer Pseudocumene
Importer Cultured
crystals
Importer Ferrosilicon
Importer Storage water
heater parts
Importer Artificial
graphite
INTERNATIONAL TRADE : ACTIVITY & MARKETS
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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. |
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%)