MIRA
INFORM REPORT
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Report Date : |
12.06.2007 |
IDENTIFICATION DETAILS
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Name : |
GE HEALTHCARE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
16/02/1971 |
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Com. Reg. No.: |
01002610 |
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Legal Form : |
Private Limited |
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Line of Business : |
Development, manufacture
and sale of specialised products for research-based biotechnology supply and
for the diagnosis and treatment of disease. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Identification Details
Subject Reported
on GE HEALTHCARE
LIMITED
Address
Telephone 01494 544 000
Facsimile 01494 542 266
Web Address www.gehealthcare.com
Creditline Recommendations
Monthly Credit Guide GBP 1,125,000
Risk Category LOW RISK
Official Company Data
Legal Form Private Limited
Registration
Number 01002610
FTSE
100 Ticker
Date of
Incorporation 16/02/1971
Registered
History 14/02/2005 :
Change of name from AMERSHAM PLC.
12/07/2001 :
Change of name from NYCOMED AMERSHAM PLC.
22/10/1997 :
Change of name from AMERSHAM INTERNATIONAL PUBLIC
LIMITED
COMPANY.
26/06/1991 : The
Registered Office address changed from
LITTLE
CHALFONT, BUCKINGHAMSH.
Acquired business
of 3M'S CANCER THERAPY BUSINESS on 1/04/1991.
Acquired business
of MEDI-PHYSICS INC. (USA) on 13/06/1990.
14/10/1989 :
Change of name from RADIOCHEMICAL CENTRE LIMITED (THE).
10/02/1982 :
Change of legal form from AMERSHAM INTERNATIONAL LIMITED.
31/12/1981 :
Change of name from RADIOCHEMICAL CENTRE LIMITED (THE).
Date of Last
Annual
Return to Registry
22/08/2006
Registered
Objectives TO CARRY ON
BUSINESS AS
Accounts The last filed
accounts at Companies House are those to 31/12/2005
Accounting
Reference
Date 31/12
Operations
Activities A group engaged in
the development, manufacture and sale of specialised products
for
research-based biotechnology supply and for the diagnosis and treatment of
disease.
Nace Code 2442
Premises Owned,Offices
Staff Employed 1,737
Trading Divisions LIFE SCIENCE
PRODUCTS, HEALTH CARE, INDUSTRIAL QUALITY & SAFETY
ASSUR.
Product Names STAT-ATTACK, AMERTEC
II, AMERTEST & CERETEC
Import Countries ALL OVER THE WORLD
Export Countries ALL OVER THE WORLD
Bankers LLOYDS TSB BANK
PLC
Address AMERSHAM.
Sort Code 309018
Auditors KPMG Audit Plc
Branches 8 BRANCHES IN THE
ADMINISTRATION
OFFICE:, MANDEVILLE HOUSE, 62 THE BROADWAY,
AMERSHAM
BUCKS.
Associated
Companies Amersham Belgium
NV, a company incorporated in
Amersham Buchler
GMBH & Co KG, a company incorporated in
Amersham
Corporation, a company incorporated in
Amersham Far East
Trading Ltd, a company incorporated in
Amersham Iberica
SA, a company incorporated in
Hightrex Ltd
Liberty Fabris Inc
Martin Processing
Inc
Medi & Physics
Inc, a company incorporated in
Tiba Associates
Ltd
Westments Ltd
Subsidiaries ACAM ESOP TRUSTEES
LIMITED
ACAM HOLDINGS (
AMERSHAM
BIOSCIENCES
AMERSHAM
BIOSCIENCES HOLDINGS
AMERSHAM GROUP
LIMITED
AMERSHAM HEALTH
AMERSHAM INTERNATIONAL
PENSION TRUSTEE LIMITED
AMERSHAM MEDICAL
PRODUCTS
AMERSHAM NMP CHINA
LIMITED
AMERSHAM
REINSURANCE COMPANY LIMITED, a company incorporated in
AMERSHAM TRUSTEES
LIMITED
AMERSHAM UK
LIMITED
IMANET HOLDINGS
LIMITED
MOLECULAR DYNAMICS
NYEGAARD (
Public Record
Information
Summary of
CCJ's/Scottish Decrees
Period Last
72 Months Last 36 Months Last 18 Months
Amount Summary 1,271 523 523
Count Summary 3 2 2
Unsettled Amount
Summary 1,271 523 523
Highest Amount
Summary 748 431
Details of the
most recent CCJ's/Scottish Decrees
Date Amount Type Case
No Satisfied Court
07/09/2006 92 Judgment 6XH13867
25/07/2006 431 Judgment 6CR02511 CROYDON
16/08/2001 748 Judgment JJ126633 BANBURY
Summary of Mortgages,
Charges and
Satisfactions
Total Number of
Mortgages/Charges Registered 1
Number Outstanding
0
Number Partially
Satisfied 0
Number Satisfied 1
Date of Latest
Mortgage Created 07/08/1997
Date of Latest Satisfaction
12/05/2000
Details of most
recent Mortgages,
Charges and
Satisfactions
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Date Fully |
Date |
Date |
Charge |
Form Type |
Lender |
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12/05/2000 |
09/08/1997 |
07/08/1997 |
Tenancy Agreement |
395 |
Creebray Limited |
It should be noted
that there is no legal requirement to file satisfaction details of
mortgages/charges at Companies House.
Other Filings and
Notices
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Date |
Source |
Description |
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28/12/2006 |
Companies House Gazette |
Change among the directors of a company |
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28/06/2006 |
Companies House Gazette |
Change among the directors of a company |
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06/05/2006 |
Companies House Gazette |
Change among the directors of a company |
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13/04/2006 |
Companies House Gazette |
Change among the directors of a company |
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07/04/2006 |
Companies House Gazette |
Change among the directors of a company |
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01/04/2006 |
Companies House Gazette |
Change among the directors of a company |
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28/01/2006 |
Companies House Gazette |
Change among the directors of a company |
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26/04/2005 |
Companies House Gazette |
Change among the directors of a company |
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25/02/2005 |
Companies House Gazette |
Change among the directors of a company |
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14/02/2005 |
Companies House Gazette |
Alteration in memorandum or articles of
association |
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10/12/2004 |
Companies House Gazette |
Returns of allotments of a public company |
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12/11/2004 |
Companies House Gazette |
Resolutions or agreements to which section
380 applies (relating to shares, rights or names) |
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14/10/2004 |
Companies House Gazette |
Returns of allotments of a public company |
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03/09/2004 |
Companies House Gazette |
Returns of allotments of a public company |
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25/06/2004 |
Companies House Gazette |
Change among the directors of a company |
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27/04/2004 |
Companies House Gazette |
Returns of allotments of a public company |
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27/04/2004 |
Companies House Gazette |
Change among the directors of a company |
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21/04/2004 |
Companies House Gazette |
Change among the directors of a company |
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15/04/2004 |
Companies House Gazette |
Returns of allotments of a public company |
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08/04/2004 |
Companies House Gazette |
Returns of allotments of a public company |
Company Secretary
Secretary PETER SOLMSSEN
Address LINK HOUSE,
Country of Origin
Date of Birth 24/01/1955
Appointment Date 08/04/2004
Directors
Director JAN
INGVAR ERNEBERG
Address WALLINGATAN 44A,
SE-111 24
Country of Origin
Date of Birth 04/01/1952
Appointment Date 19/06/2006
President ASE
AULIE MICHELET
Address ASPEHAUGVEIEN 25,
0376
Country of Origin
Date of Birth 26/10/1952
Appointment Date 19/06/2006
Director PHILIPPE GRENOUILLET
Address 26 RUE DU BOIS,
78320 LA VERRIERE.
Country of Origin
Date of Birth 18/11/1952
Appointment Date 19/06/2006
Director KELLY
ANNE KRAMER
Address 101 CARNEGIE
CENTER, PRINCETON, NEW
Country of Origin
Date of Birth 10/08/1967
Appointment Date 23/03/2006
Director PETER SOLMSSEN
Address LINK HOUSE,
Country of Origin
Date of Birth 24/01/1955
Appointment Date 08/04/2004
Director DAVID JOHN JEANS
Address JAY CORNER,
2BS.
Country of Origin UNITED KINGDOM
Date of Birth 24/02/1950
Appointment Date 22/12/2005
Share Capital
Shares Ordinary GBP 0.05
each
Issued Number 707,549,967
Principal
Shareholder 707,549,967 GEH
Holdings
The above reflects
the principle shareholder(s) by number of shares held, irrespective of share
classification type.
Holding Company GEH HOLDINGS
Ultimate Parent GENERAL ELECTRIC
COMPANY OF
Payment Analysis
Invoice Experience
The data below
represents how the subject has been trading with its suppliers, at an invoice
level, over the last 12 months. Any invoice in the tables below that is currently
open/outstanding will also be included in the aged debt analysis.
Experiences Last 4
Quarters
Past
due in days (%)
Amount Number Within Terms <30 <60 <90 >90
Over 25,000 GBP 0 0 0 0 0 0
20,000 to 24,999
GBP 0 0 0 0 0 0
15,000 to 19,999
GBP 0 0 0 0 0 0
10,000 to 14,999
GBP 0 0 0 0 0 0
5,000 to 9,999 GBP 0 0 0 0 0 0
Less than 5,000
GBP 6 87.950 12.050 0 0 0
Invoice Experience
The following 2
tables represent invoices to show trends in payment performance. The first show
invoices in percent by quarter and the second represents the Payment score
compared to industry for the last 6 months.
Payment Analysis
in Percent per Quarter
Quarter
Payments Made 3/2006 4/2006 1/2007 2/2007
According to terms 85 0 100 100
Up to 30 days late 14 0 0 0
30 to 60 days late 0 0 0 0
60 to 90 days late 0 0 0 0
Over 90 days late 0 0 0 0
Payment Scores
Last 6 Months-Compared to Industry
Month 12/2006 1/2007 2/2007 3/2007 4/2007 5/2007
Company 0 0 0 8.0 8.0 0
Lower Quartile N/A N/A N/A 8.0 8.0 N/A
Median N/A N/A N/A 8.0 8.0 N/A
Upper Quartile N/A N/A N/A 8.0 8.0 N/A
Payment scores
range between 1.0 and 8.0. An 8.0 is a perfect score achieved through payment
of all invoices according to terms. This information should be used in
conjunction with other aspects of this report. A 0 score indicates no payment
experiences recorded for that month.
General Information
21/04/2006
Following the acquisition by General Electric Company, the company changed its accounting reference date from 19/07 to 30/09. However, the company has again changed its accounting reference date, to 31/12.
21/04/2006
On 8 April 2004 General Electric Company of
Financial Data
Profit and Loss
The following
figures are shown in units of 1000
Number of Weeks 52 13 10 29
Accounts Date 31/12/2005 31/12/2004 30/09/2004 19/07/2004
Consolidated Yes Yes Yes
Currency GBP GBP GBP GBP
SALES 173900 77300 36900 853000
Cost of goods sold 90400
GROSS PROFIT 83500
Wages and Salaries 65500 25600 11400 213000
Directors
Emoluments 7500 1700 300 10100
Auditors Fees 700 700 1000
Non-Audit Fees 700
Trading Profit 22500 10400 10300 141000
Depreciation 27000 7200 7000 50000
OPERATING PROFIT (4500) 3200 3300 91000
Non Trading Income 134100 18000 2744900 (96000)
Interest Payable 42700 6100 3800 14000
PRE TAX PROFIT 86900 15100 2744400 (19000)
Taxation 4400 4400 9000
PROFIT AFTER TAX 86900 10700 2740000 (28000)
Dividends Payable 4281500
RETAINED PROFITS 86900 (4271200) 2739600 (28000)
Balance Sheet
The following
figures are shown in units of 1000
Number of Weeks 52 13 10 29
Accounts Date 31/12/2005 31/12/2004 30/09/2004 19/07/2004
Consolidated Yes Yes Yes
Currency GBP GBP GBP GBP
TOTAL FIXED ASSETS 616100 336500 340800 1532000
Tangible Assets 615800 332400 335900 892000
Fixed Assets 268800 262400 264400 740000
Intermediate
assets 347000 70000 71500 152000
Intangible Assets 300 4100 4900 640000
TOTAL CURRENT
ASSETS 752200 1333000 5669400 604000
Trade debtors 12900 69700 53200 288000
Stocks 23800 24700 33100 226000
Other Current
Assets 715500 1238600 5583100 90000
Misc Current
Assets 606400 1228100 5570400 52000
Due From Group 32000 2500 3800 4000
Cash 77100 8000 8900 34000
TOTAL ASSETS 1368300 1669500 6010200 2136000
TOTAL CURRENT
LIABILITIES 416000 861300 772700 616000
Trade creditors 20000 23100 34000 67000
Short Term Loans 364700 781700 681400 226000
Bank Overdraft 295200 9000
Bank Loans 447700 493000 149000
Other Finance 8300 66300 65000
Due To Group 69500 325700 122100 3000
Other Liabilities 31300 56500 57300 323000
WORKING CAPITAL 336200 471700 4896700 (12000)
TOTAL LONG TERM
LIABS 287500 150800 162400 350000
Long Term Loans 8000 9300 16000
Bank Loans 100 1000
Other Finance 8000 9200 15000
Other Liabilities 287500 142800 153100 334000
NET
ASSETS/(LIABILITIES) 664800 657400 5075100 1170000
SHARE CAPITAL +
RESERVES 664800 657400 5075100 1170000
Share Cap + Sundry
Res 531100 528600 526400 625000
Issued Share
Capital 35400 35400 35400 35000
Sundry Reserves 495700 493200 491000 590000
Revaluation
Reserves 21000
Profit and Loss
account 112700 128800 4548700 545000
SHAREHOLDERS FUNDS 664800 657400 5075100 1170000
CAPITAL EMPLOYED 952300 808200 5237500 1520000
Financial
Comparison
The following
figures are shown in units of 1000
Number of Weeks 52 13 10 29
Accounts Date 31/12/2005 31/12/2004 30/09/2004 19/07/2004
Consolidated Yes Yes Yes
Currency GBP GBP GBP GBP
Net Cashflow from
Oper. (12200) 2200 68000
Increase in Cash (1000) (30200) (9000)
Directors
Remuneration 7500 1700 300 10100
Auditors
Remuneration 700 700 1000
Liquid Assets 90000 77700 62100 322000
Net Working
Capital 336200 471700 4896700 (12000)
Long Term
Debt(>12 Months) 8000 9300 16000
Other Deferred
Liabs 287500 142800 153100 334000
Tangible Net Worth(T.N.W) 664500 653300 5070200 530000
Equity 664800 657400 5075100 1170000
Number of Years
Trading 34 33 33 33
Number of
Employees 1737 2138 2413 9838
Profit per
Employee 50028.8 7062.7 1137339.4 (1931.3)
Sales per Employee 100115.1 36155.3 15292.2 86704.6
Key Credit Ratios
The following
figures are shown as Ratios or Percentages
Accounts Date 31/12/2005 31/12/2004 30/09/2004 19/07/2004
Consolidated Yes Yes Yes
Current Ratio 1.8 1.5 7.3 1
Pre Tax Profit
Margin% 50 19.5 7437.4 (2.2)
Gross Profit% 48
Debtors Days
(D.S.O) 27 329 526 123
Creditors Days
(D.P.O) 42 109 336 29
Quick Ratio 1.8 1.5 7.3 0.6
W.I.P/Inventory
Days 96.1
Return on
Investment% 9.8 1.3 46.4 (0.3)
Return on Assets% 6.4 0.9 45.7 (0.9)
T.N.W/Total
Assets% 48.6 39.1 84.4 24.8
Return on Capital% 9.1 1.9 52.4 (1.3)
Rtn on
Shareholders Funds% 13.1 2.3 54.1 (1.6)
Working
Capital/Sales% 193.3 610.2 13270.2 (1.4)
Borrowing Ratio% 54.9 120.9 13.6 45.7
Equity Gearing% 94.5 65 542.7 121.1
Stock Turnover 7.3 3.1 1.1 3.8
Days Purchases
Outstanding 80.8
Interim Accounts
Profit and Loss
(Interims)
The following
figures are shown in units of 1000
Number of Weeks 26
Accounts Date 30/06/2003
Consolidated Yes
Currency GBP
SALES(I) 768600
PRE TAX PROFIT(I) 44800
RETAINED
PROFITS(I) 24700
Balance Sheet
(Interims)
The following
figures are shown in units of 1000
Number of Weeks 26
Accounts Date 30/06/2003
Consolidated Yes
Currency GBP
TOT FIXED
ASSETS(I) 1558100
Tangible Assets(I) 669700
Intermediate
assets(I) 161900
Intangible
Assets(I) 726500
TOT CURRENT
ASSETS(I) 611300
Trade debtors(I) 353400
Stocks(I) 229800000
Other Current
Assets(I) 400
Cash(I) 27700
TOT CURRENT
LIABS(I) 473800
TOT LONG TERM
LIABS(I) 499300
Other Liabs(I) 499300
MINORITY
INTERESTS(I) 4100
SHARE CAPITAL +
RES(I) 1192200
Share Cap + Sundry
Res(I) 35100
Issued Share
Capital(I) 35100
Profit and Loss
account(I) 592600
SHAREHOLDERS
FUNDS(I) 1192200
Key Industry Sector
Trends
Year 2006 2005 2004 2003
Sample Size 237 520 519 496
Pre-Tax Profit
Margin (1.7) (9.2) (11.3) (9.7)
Current Ratio 2.3 2 1.9 1.8
Borrowing Ratio 37.5 30.8 39.8 36.4
Return on Capital 21.9 11.6 11.6 15.3
Creditors Days 57 68 102 120
Above figures
relate to companies in 1992 Standard Industry Classification (Nace) sector :
Manufacture of pharmaceuticals, medicinal chemicals and botanical products
Financial Summary
Auditors
Qualification
The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/2005.
Turnover
Turnover increased by 125 % in the period and now totals GBP 173,900,000.
Operating Loss
Totalled GBP 4,500,000. In the year prior a Profit of GBP 3,200,000 was achieved.
Pre Tax Profit
The subject's profit increased by 475 % in the year.
Working Capital
The company's working capital, while remaining positive, decreased by 29 % in the period.
Net Worth
Net worth has increased by 1 % and now stands at GBP 664,800,000.
Fixed Assets
The subject's fixed assets increased during the year by GBP 279,600,000 to GBP 616,100,000 and are now 45 % of total assets compared with 20 % in the previous year.
Long Term
Liabilities
The company's long term liabilities increased during the period by 90% and are now 43 % of net worth compared with 23 % in the previous period.
Long Term
Liabilities
Long term liabilities are now 21 % of total liabilities compared with 9 % in the previous period.
Long Term
Liabilities
Long term liabilities are 30 % of capital employed, an increase of 11 % over the previous period.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)