MIRA
INFORM REPORT
|
Report Date : |
05.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
Manas S.p.A. |
|
|
|
|
Registered Office : |
Via Tangenziale, 14/16 62010 – Montecosaro (MC) -IT |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
23/12/1980 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Footwear production. Retail of footwear and leather goods. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
632.700 - Eur |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name & address
Manas S.p.A.
Via Tangenziale, 14/16
62010 -
Montecosaro (MC) -IT-
SUMMARY
|
Legal Form |
: |
Joint stock company |
|
Start of Activities |
: |
23/12/1980 |
|
Patrimonial Consistence |
: |
Over 2.500.000 Eur |
|
|
: |
50.000.000/75.000.000 Eur |
|
Number of Employees |
: |
From 71 to 90 |
CREDIT ANALYSIS
|
CREDIT OPINION |
: |
632.700 - Eur |
ACTIVITY
Footwear production.
Retail of footwear and leather goods.
LEGAL DATA
Legal Form : Joint stock company
|
Fiscal Code : 00128480431 |
|
Foreign Trade Reg. no. : MC001505 since 06/02/1992 |
|
Foreign Trade Reg. no. : 1505 of Macerata since 06/02/1992 |
|
Chamber of Commerce no. : 70154 of Macerata since 21/03/1973 |
|
Chamber of Commerce no. : 303163 of |
|
Firms' Register : MC023-1811 since 19/02/1996 |
|
Court : 1811 of Macerata |
|
Foundation Date |
: 17/02/1973 |
|
|
Establishment Date |
: 17/02/1973 |
|
|
Start of Activities |
: 23/12/1980 |
|
|
Legal Duration Date |
: 31/12/2020 |
|
|
Nominal Capital |
: 1.500.000 |
Eur |
|
Subscribed Capital |
: 1.500.000 |
Eur |
|
Paid up Capital |
: 1.500.000 |
Eur |
MEMBERS
|
Sagripanti |
Nazzareno |
|
Born in Montecosaro |
(MC) |
on 01/02/1938 |
- Fiscal Code : SGRNZR38B01F482R |
|
Residence : |
Via |
Nucleo Ruano, |
, 6 |
- 62010 |
Montecosaro |
(MC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
30/04/2006 |
|
|
|
Director |
30/04/2006 |
|
|
|
Board Chairman |
30/04/2006 |
|
|
No Protests registered.
|
Sagripanti |
Marino |
|
Born in Montecosaro |
(MC) |
on 12/04/1936 |
- Fiscal Code : SGRMRN36D12F482I |
|
Residence : |
Via |
Castelletta, |
, SCN |
- 62010 |
Montecosaro |
(MC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
30/04/2006 |
|
|
|
Director |
30/04/2006 |
|
|
|
Assistant board Chairman |
30/04/2006 |
|
|
No Protests registered.
|
Sagripanti |
Angelo |
|
Born in Montecosaro |
(MC) |
on 28/07/1946 |
- Fiscal Code : SGRNGL46L28F482C |
|
Residence : |
Viale |
Della Vittoria, |
, SCN |
- 62010 |
Montecosaro |
(MC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
30/04/2006 |
|
|
|
Director |
30/04/2006 |
|
|
|
Assistant board Chairman |
30/04/2006 |
|
|
No Protests registered.
|
Di Giacomo |
Andrea |
|
Born in Morrovalle |
(MC) |
on 23/09/1959 |
- Fiscal Code : DGCNDR59P23C770M |
|
Residence : |
Via |
Culmici, |
, 15 |
- 62010 |
Morrovalle |
(MC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/04/2006 |
|
|
No Protests registered.
|
Pepi |
Alberto |
|
Born in Sant'Elpidio a Mare |
(AP) |
on 30/06/1950 |
- Fiscal Code : PPELRT50H30I324V |
|
Residence : |
Via |
San Francesco, |
, 74 |
- 63018 |
|
(AP) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/04/2006 |
|
|
No Protests registered.
|
Del Medico |
Roberto |
|
Born in Civitanova |
(MC) |
on 09/06/1968 |
- Fiscal Code : DLMRRT68H09C770M |
|
Residence : |
Contrada |
Cda San Savino |
, 68 |
- 62012 |
Civitanova |
(MC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/04/2006 |
|
|
No Protests registered.
|
Sagripanti |
Cleto |
|
Born in Macerata |
(MC) |
on 19/03/1971 |
- Fiscal Code : SGRCLT71C19E783C |
|
Residence : |
Via |
Nucleo Ruano |
, 6 |
- 62010 |
Montecosaro |
(MC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Managing Director |
30/04/2006 |
|
|
|
Director |
30/04/2006 |
|
|
|
Assistant board Chairman |
30/04/2006 |
|
|
No Protests registered.
|
Sagripanti |
Claudio |
|
Born in Montecosaro |
(MC) |
on 14/10/1962 |
- Fiscal Code : SGRCLD62R14F482T |
|
Residence : |
Via |
Roma |
, 160 |
- 62010 |
Montecosaro |
(MC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/04/2006 |
|
|
No Protests registered.
|
Ruta |
Alessandro |
|
Born in Fermo |
(AP) |
on 19/09/1972 |
- Fiscal Code : RTULSN72P19D542S |
|
Residence : |
Via |
Vicolo Aperto |
, 6 |
- 63020 |
Ponzano di Fermo |
(AP) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/04/2006 |
|
|
No Protests registered.
|
Palombini |
Sandro |
|
Born in Civitanova |
(MC) |
on 15/03/1963 |
- Fiscal Code : PLMSDR63C15C770I |
|
Residence : |
Corso |
Garibaldi |
, 11/4 |
- 62012 |
Civitanova |
(MC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/04/2006 |
|
|
No Protests registered.
|
Sagripanti |
Lara |
|
Born in Montecosaro |
(MC) |
on 17/04/1968 |
- Fiscal Code : SGRLRA68D57E783D |
|
Residence : |
Via |
Don Bosco |
, 103 |
- 62010 |
Montecosaro |
(MC) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Director |
30/04/2006 |
|
|
No Protests registered.
COMPANIES CONNECTED
TO MEMBERS *
*checkings have been performed on a national scale.
*In this module are listed the companies in which members hold or held
positions.
|
SAGRIPANTI |
|
|
SAGRIPANTI |
|
|
SAGRIPANTI |
|
|
SAGRIPANTI |
|
The indication "REGISTERED" as Firm Status could refere to
Firms in Liquidation, Active, Inactive, etc.
For more information, in this case, we advise to request further
investigations.
CAPITAL SHAREHOLDERS
|
Style / Name |
Seat / Address |
Fiscal Code |
Owned Shares |
% of Ownership |
|
Sagripanti Marino |
Montecosaro - IT - |
SGRMRN36D12F482I |
270.000 .Eur |
18,00 |
|
Sagripanti Angelo |
Montecosaro - IT - |
SGRNGL46L28F482C |
330.000 .Eur |
22,00 |
|
Di Giacomo Andrea |
Morrovalle - IT - |
DGCNDR59P23C770M |
30.000 .Eur |
2,00 |
|
Pepi Alberto |
|
PPELRT50H30I324V |
45.000 .Eur |
3,00 |
|
|
Civitanova |
DLMRRT68H09C770M |
30.000 .Eur |
2,00 |
|
Sagripanti Claudio |
Montecosaro - IT - |
SGRCLD62R14F482T |
82.500 .Eur |
5,50 |
|
Sagripanti Beatrice |
|
SGRBRC65B68F482F |
82.500 .Eur |
5,50 |
|
Sagripanti Marco |
|
SGRMRC73D19F522S |
52.500 .Eur |
3,50 |
|
Sagripanti Martina |
|
SGRMTN84B59E783U |
52.500 .Eur |
3,50 |
|
Rinaldoni Elvio |
|
RNLLVE43M11F632F |
30.000 .Eur |
2,00 |
|
Coppari Carlo |
|
CPPCRL47A30E783X |
30.000 .Eur |
2,00 |
|
Castignani Fabio |
|
CSTFBA66A09E783R |
15.000 .Eur |
1,00 |
|
Castignani Mirko |
|
CSTMRK73R19F522M |
15.000 .Eur |
1,00 |
|
Orione S.r.l. |
Civitanova |
01494720434 |
435.000 .Eur |
29,00 |
DIRECT PARTICIPATIONS
|
Company Style |
Legal Seat |
Fiscal Code |
Owned Shares |
% of Ownership |
|
IL GIRFALCO S.P.A. |
|
01809580440 |
2.500 .Eur |
0,80 |
|
Angeli Della Moda |
|
01564910436 |
|
|
STRUCTURE AND COMPANY
ACTIVITY
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
in : |
|
|
|
|
|
Via |
Tangenziale |
, 14/16 |
- 62010 - |
Montecosaro |
(MC) |
- IT - |
|
|
|
|
PHONE |
: 0733/566343 |
|
|
|
|
PHONE |
: 0733/564978 |
|
- |
Branch |
(Shop ) |
since 10/12/2001 |
in : |
|
|
|
|
|
Via |
Don Bosco |
, 2/4 |
- 62010 - |
Montecosaro |
(MC) |
- IT - |
|
|
|
|
|
Total Surface: 64 (Sq.Mt.) |
|
|
|
|
PHONE |
: 0733/866386 |
|
- |
Branch |
(Shop ) |
since 03/01/2004 |
in : |
|
|
|
|
|
Via |
Pastrengo |
, 63 |
- 62017 - |
|
(MC) |
- IT - |
|
|
|
|
|
Total Surface: 50 (Sq.Mt.) |
|
- |
Branch |
(Shop ) |
since 01/05/2007 |
in : |
|
|
|
|
|
Viale |
Ceccarini |
, 124 |
- 47838 - |
Riccione |
(RN) |
- IT - |
|
|
|
|
|
Total Surface: 71 (Sq.Mt.) |
|
|
|
|
Employees |
: 73 |
|
|
|
|
Assistants |
: 3 |
|
|
|
|
Fittings and Equipment |
for a value of
931.500 |
Eur |
|
|
|
|
Stocks |
for a value of
3.679.500 |
Eur |
|
|
|
|
Furniture and fittings |
for a value of
41.316 |
Eur |
|
|
|
|
Vehicles |
for a value of
103.291 |
Eur |
Trade organization: direct or by agents.
The subject works in
Import comes generally from the following nations:
|
- Francia |
|
- |
HISTORICAL
INFORMATION AND/OR FIRM'S
STATUS
|
Ex-Members /
Ex-Positions |
|
Sagripanti |
Nazzareno |
|
Born in Montecosaro |
on 01/02/1938 |
- Fiscal Code : SGRNZR38B01F482R |
|
Residence : |
Via |
Nucleo Ruano, |
, 6 |
- 62010 |
Montecosaro |
(MC) |
- IT - |
|
Position |
|
Chairman |
|
Sagripanti |
Marino |
|
Born in Montecosaro |
on 12/04/1936 |
- Fiscal Code : SGRMRN36D12F482I |
|
Residence : |
Via |
Castelletta, |
, SCN |
- 62010 |
Montecosaro |
(MC) |
- IT - |
|
Position |
|
Director |
|
Sagripanti |
Angelo |
|
Born in Montecosaro |
on 28/07/1946 |
- Fiscal Code : SGRNGL46L28F482C |
|
Residence : |
Viale |
Della Vittoria, |
, SCN |
- 62010 |
Montecosaro |
(MC) |
- IT - |
|
Position |
|
Director |
|
Splitting-up and transfer of assets to |
|
M2000 S.r.l |
|
Via |
Tangenziale |
, 14 |
, 62010 |
, Montecosaro |
(MC) |
- IT - |
|
Fiscal Code: 01366930434 |
|
Date |
Splitting-up : |
03/11/2000 |
|
Project of splitting-up and tranfer into |
|
M2000 S.r.l |
|
Via |
Tangenziale |
, 14 |
, 62010 |
, Montecosaro |
(MC) |
- IT - |
|
Fiscal Code: 01366930434 |
|
Date |
Merging/Splitting-up Project : |
19/02/2000 |
PAYMENTS ANALYSIS
The average term of debts to suppliers is shorter than the sector one.
PAYMENTS SCORE : - No insolvency
CREDIT REVOLVING
During last Year, the subject of inquiry has not been monitored by our
company.
PROTESTS
Protests checking on the subject firm has given a negative result.
LEGAL PROCEDURES
None reported, standing to the last received edition of the Official
Publications.
BANKERS
|
Bank Name |
Agency Name |
Address |
ZIP Code |
City |
ABI Code |
CAB Code |
|
UNICREDIT BANCA SPA |
|
|
|
|
2008 |
0 |
|
BANCA DELLE |
|
|
|
|
6055 |
0 |
|
CASSA RISPARMIO VERONA-VICENZA-BELLUNO |
|
|
|
|
6355 |
0 |
IMMOVABLES *
*No specific (mortgage/cadastrial registrations) inspections have been
requested.
|
Immovable Type |
Value |
|
Real estates |
452.932 .Eur |
NB.: For Capital Companies the value of the Immovables is the one reported
in the last available financial documents.
FINANCIAL AND
ECONOMICAL ANALYSIS
Subject is active since 1980
During the last years, it achieved profits (r.o.e. 21,39% on 2005) and
with an upward trend in turnover trend during the last financial year (+19,65%
in 2005).
The operating result in 2005 was positive (13,54%) and in line with the
sector's average.
The analysis shows a fair financial position as the indebtedness volume
is acceptable (1,27) and falling as against the previous year (1,33).
The company does not exceed in bank borrowings; the recourse to
suppliers' credit is also limited below field's average.
The management determines a good range of liquidity.
FINANCIAL DATA
|
Complete balance-sheet for the year as at |
31/12/2005 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
56.512.713 |
filed balance sheet |
|
Profit (Loss) for the period |
1.814.719 |
filed balance sheet |
|
Complete balance-sheet for the year as at |
31/12/2004 |
(in Eur |
x 1 ) |
|
Item Type |
Amount |
Source |
|
Sales |
47.230.931 |
filed balance sheet |
|
Profit (Loss) for the period |
2.561.226 |
filed balance sheet |
BALANCE SHEETS
From our constant monitoring of the Public Administration, actually, no more
recent balance sheets result to be filed.
|
Balance Sheet as
at 31/12/2005 - Months 12 - Currency Eur - Amounts x 1 |
|
Balance Sheet as
at 31/12/2004 - Months 12 - Currency Eur - Amounts x 1 |
|
Years |
|
|
2005 |
2004 |
|
|
BALANCE SHEET ACCOUNTS
|
|
|
|
|
. |
|
|
|
|
|
ASSETS |
|
|
|
|
|
CREDITS TO SHAREHOLDERS |
|
|
|
|
|
FIXED ASSETS ( NET ) |
|
|
2.317.602 |
1.925.323 |
|
. Intangible assets |
|
|
519.679 |
430.884 |
|
. Tangible fixed assets |
|
|
1.730.546 |
1.282.605 |
|
. . Land and buildings |
|
|
|
|
|
. . Plants, Equipm.and Machinery |
|
|
931.673 |
939.838 |
|
. Long-term Investments |
|
|
67.377 |
211.834 |
|
. . Financial loans |
|
|
67.377 |
211.834 |
|
. . Own shares |
|
|
|
|
|
CURRENT ASSETS |
|
|
21.974.386 |
19.350.976 |
|
. Stock |
|
|
3.679.566 |
3.662.805 |
|
. Credits |
|
|
16.444.208 |
13.438.445 |
|
. . Credits to clients |
|
|
12.843.717 |
10.887.396 |
|
. . Other credits |
|
|
3.600.491 |
2.551.049 |
|
. Short-term financial assets |
|
|
77.000 |
|
|
. Liquid assets |
|
|
1.773.612 |
2.249.726 |
|
ACCRUED INCOME-DEFERR. ASSETS |
|
|
73.519 |
149.232 |
|
TOTAL ASSETS |
|
|
24.365.507 |
21.425.531 |
|
. |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
NET WORTH |
|
|
8.483.921 |
7.169.201 |
|
. Company's capital |
|
|
1.500.000 |
309.600 |
|
. Reserves |
|
|
5.169.202 |
4.298.375 |
|
. Reserves company's own shares |
|
|
|
|
|
. Retained profits (losses) |
|
|
|
|
|
. Profit (loss) |
|
|
1.814.719 |
2.561.226 |
|
PROVISION CHARGES ACCOUNTS |
|
|
585.396 |
508.991 |
|
STAFF TERM INDEMNITY |
|
|
703.383 |
611.087 |
|
DEBTS |
|
|
14.527.679 |
13.093.534 |
|
. Financial M/L terms |
|
|
1.945.633 |
1.300.876 |
|
. . Financial M/L term banks |
|
|
1.945.633 |
1.300.876 |
|
. . Financial M/L bonds |
|
|
|
|
|
. . Other financial M/L debts |
|
|
|
|
|
. Financial short-term debts |
|
|
3.333.392 |
4.195.803 |
|
. . Financial short-term banks |
|
|
3.333.392 |
4.195.803 |
|
. . Financial short-term bonds |
|
|
|
|
|
. . Other financial short-term debts |
|
|
|
|
|
. M/L term debts to suppliers |
|
|
|
|
|
. Short-term debts to suppliers |
|
|
7.274.370 |
5.394.823 |
|
. Sundry M/L debts |
|
|
|
|
|
. Sundry short-term debts |
|
|
1.974.284 |
2.202.032 |
|
ACCRUED COSTS DEFERR. LIABILITIES |
|
|
65.128 |
42.718 |
|
TOTAL LIABILITIES |
|
|
24.365.507 |
21.425.531 |
|
. |
|
|
|
|
|
|
PROFIT AND LOSS
ACCOUNTS |
|
|
|
|
OUTPUT VALUE |
|
|
56.818.997 |
47.714.309 |
|
. Revenues from sales/services |
|
|
56.512.713 |
47.230.931 |
|
. Change of stock (products) |
|
|
136.732 |
435.664 |
|
OPERATING EXPENSES |
|
|
53.518.552 |
43.210.455 |
|
. Purchasing expenses |
|
|
39.986.465 |
33.037.537 |
|
. Change of stock (raw material) |
|
|
108.973 |
25.782 |
|
. Expenses from services |
|
|
9.580.366 |
6.736.131 |
|
. Expenses from leasing |
|
|
261.922 |
203.167 |
|
. General expenses/sundry charges |
|
|
194.538 |
248.662 |
|
. Staff expenses |
|
|
2.168.949 |
1.926.660 |
|
. Depreciation/Devaluation costs |
|
|
1.217.339 |
1.032.516 |
|
FINANCIAL REVENUES (CHARGES) |
|
|
-251.904 |
-327.446 |
|
. Financial charges |
|
|
-283.759 |
-341.767 |
|
. Financial revenues |
|
|
31.855 |
14.321 |
|
FINANCIAL ASSETS CORRECTION |
|
|
|
|
|
EXTRAORDINARY FINANCIAL REVENUES (CHARGES) |
|
|
67.824 |
77.680 |
|
PROFIT (LOSS) FOR THE PERIOD |
|
|
3.116.365 |
4.254.088 |
|
TAX |
|
|
1.301.646 |
1.692.862 |
|
CORRECT./ALLOCAT. FISCAL RULE |
|
|
|
|
|
NET PROFIT (LOSS) |
|
|
1.814.719 |
2.561.226 |
|
RATIOS |
Item |
O.V. |
O.V. |
as at 31/12/2005 |
as at 31/12/2004 |
Sector Average |
|
Fixed assets ratio |
Units |
=> 1 |
|
4,80 |
4,71 |
1,84 |
|
Net Short-term indebtedness |
Units |
- 1 |
|
1,27 |
1,33 |
3,55 |
|
Current ratio |
Units |
=> 1 |
|
1,74 |
1,64 |
1,21 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
=> 1 |
|
1,45 |
1,33 |
0,83 |
|
Return on Sales |
% |
|
|
5,36 |
7,60 |
2,43 |
|
Average stock waiting period |
dd |
|
|
23,43 |
27,90 |
54,21 |
|
Credits to clients average term |
dd |
|
|
81,79 |
82,98 |
99,14 |
|
Debts to suppliers average term |
dd |
|
|
52,52 |
48,56 |
130,00 |
|
Net financial revenues/ charges incidence |
% |
|
|
- 0,44 |
- 0,69 |
- 1,13 |
|
Labour cost incidence |
% |
|
|
3,83 |
4,07 |
17,03 |
O.V. = Optimal Value. When not present refer to the sector's.
A coloured item indicates the opinion of the rate during the last
financial year
(green=good; orange=not optimal; red=insufficient;
CREDIT OPINION
DETERMINATION
The credit opinion determination is divided into two phases :
1) Risk analysis (Score).
2) Reliability score identification.
RELIABILITY SCORE
Considering also subject's structural and behavioural characteristics
its credit margin rate (from 0 to 100%) is equal to 81%, in respect of a sector
average of 40%.
CREDIT OPINION
On the basis of the above mentioned, and the sales volume obtained, we
deem that the maximum exposure for short and medium term transactions ( 90 -
120 days ) could be of:
632.700 .Eur.
MARKET / TERRITORY
DATA
|
Population living in the province |
: |
313.225 |
|
Population living in the region |
: |
1.518.780 |
|
Number of families in the region |
: |
577.034 |
Monthly family expenses average in the region (in Eur.) :
|
- per food products |
: |
496 |
|
- per non food products |
: |
1.837 |
|
- per energy consume |
: |
122 |
SECTOR DATA
The values are calculated on a base of 1.083 significant companies.
The companies cash their credits on an average of 99 dd.
The average duration of suppliers debts is about 130 dd.
The sector's profitability is on an average of 2,43%.
The labour cost affects the turnover in the measure of 17,03%.
Goods are held in stock in a range of 54 dd.
The difference between the sales volume and the resources used to
realize it is about 1,43.
The employees costs represent the 17,21% of the production costs.
STATISTICAL
DETRIMENTAL DATA
Statistically the trade activity passes through serious crises.
The area is statistically considered moderately risky.
In the region 9.333 protested subjects are found; in the province they
count to 2.345.
The insolvency index for the region is 0,62, while for the province it
is 0,76.
Total Bankrupt companies in the province : 1.502.
Total Bankrupt companies in the region : 6.005.
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%)