MIRA
INFORM REPORT
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Report Date : |
20.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ACESITA S/A |
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Registered Office : |
Av Joao Pinheiro 580, Centro Belo Horizonte / Mg 30130-180 |
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Country : |
Brazil |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
31/10/1944 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Iron & Steel Prima & Semi-Finished Forms Ind |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Good |
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Payment Behaviour : |
Prompt |
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Litigation : |
Clear |
name
ACESITA S/A
IDENTIFICATION
TRADE NAME : ACESITA
FOUNDATION : 31/10/1944
ECONOMIC GROUP : ARCELOR MITTAL
REGISTRY : 3.669.282 IN: 04/01/2007
PREDECESSOR : CIA ACOS ESPECIAIS ITABIRA ACESITA
UNTIL : 04/02/1999
PARTNERSHIP S TYPE: OPEN CORPORATION
BRANCHES : 29
REGIONS : NORTH: 0 NORTHEAST: 1 MID-WEST: 1 SOUTHEAST: 26 SOUTH: 1
HEADQUARTERS
LOCALIZATION
AV JOAO PINHEIRO 580
CENTRO BELO HORIZONTE / MG
ZIP: 30130-180
PHONE : 31 3235-4200, 31 3213-0066, 31 3213-1703, 31 3213-1807, 31 3224-5245
FAX : 31 3235-4300
HOME PAGE : WWW.ACESITA.COM.BR
E-MAIL : ACESITA@ACESITA.COM.BR
COMPANY PROFILE
ACTIVITY CODE : I-10.03.00 IRON & STEEL PRIMA & SEMI-FINISHED FORMS IND
NATIONAL CODE OF
ECONOMIC ACTIVITY : 24.229
EMPLOYEES NB : 3.075
MANAGEMENT :
PRODUCTION :
MAIN PRODUCTS %SALES PRODUCT AMOUNT
INSTAL CAPACITY
MONTH AVERAGE MONTH AVERAGE
ACOS PLANOS INOXIDAVEIS 68,6
ACOS PLANOS SILICIOSOS
GRAO NAO ORIENTADO 10,5
ACOS PLANOS SILICIOSOS
GRAO ORIENTADO 8,3
ACOS PLANOS CARBONO/LIGADOS 6,6
OUTROS 6,0
FACTORIES NB: 1 IN: TOLEDO.
INFORMED SUPPLIERS
DOMESTIC
CNPJ NAME %PURCH BONDED
15.141.799/03 CIA DE FERRO LIGAS DA BAHIA FERBASA NO
33.592.510/54 CIA VALE DO RIO DOCE NO
FOREIGN
NAME NATION %PURCH BONDED
GLENCORE INTERNACIONAL AG GERMANY NO
SSM COAL GERMANY NO
QUALITY MANAGEMENT
QUALITY PROGRAMS
THE COMPANY HAS QUALITY PROGRAMS
MARKET
MAIN CONSUMERS MARKET : INTERNO
COMMERCIALIZED BRANDS : MISTA ACESITA MISTA ACESITA ENERGETICA MISTA ACEPL
SALES COMPOSITION
DOMESTIC MARKET : 87,6%
REGIONS- NORTH : 1,1%
NORTHEAST : 3,5%
SOUTH : 22,2%
MIDDLE-WEST : ,3%
SOUTHEAST : 72,9%
MAIN STATES: SAO PAULO, MINAS GERAIS, PARA.
INTERNATIONAL MARKET: 12,4% COUNTRY: UNITED STAT, ARGENTINE, MEXICO, CANADA.
INFORMED CLIENTS
DOMESTIC
CNPJ NAME %SALES BONDED
03.770.404/52 LOSINOX LTDA NO
03.846.642/02 JATI SERVICOS COM E IMPORTACAO DE ACOS LTDA NO
07.175.725/60 WEG EQUIPAMENTOS ELETRICOS S/A NO
49.934.250/98 INOX TECH COM DE ACOS INOXIDAVEIS LTDA NO
60.500.121/24 ACESITA SERVICOS COM IND E PARTICIPACOES LTDA YES
OWNERSHIP
CAPITAL: STOCK : 1251.921.849
PAID-IN : 1251.921.849
ORIGIN CAPITAL : SPAIN
CONTROL : PRIVATE
NATURE : OPEN
CPF/CNPJ SHAREHOLDER/PARTNER ADMISSION NATIONALITY %VOTING CAP %TOTAL
CAP
007.061.827/54 ARCELOR SPAIN HOLDING SL SPAIN
51,7 17,2
000.383.281/09 BNDES PARTICIPACOES S/A BNDESPAR BRAZIL 17,0
033.754.482/24 CAIXA DE PREVIDENCIA DOS FUNCIONARIOS
DO BANCO DO BRASIL PREVI 10/1992
BRAZIL 6,9
007.174.842/09 ARCELOR ACOS ESPECIAIS DO BRASIL LTDA BRAZIL 14,6
MANAGEMENT
CPF/CNPJ MANAGER
POSITION NATIONALITY
STATUS ADMISSION TERM
017.030.016-13 JEAN PHILIPPE ANDRE DEMAEL
PRES DIRECT FRANCE
MARRIED 06/2005 04/2007
295.396.848-20 GILBERTO AUDELINO CORREA
FINAN DIRECT BRAZIL MARRIED 04/2005
04/2007
060.106.875-00 PAULO ROBERTO MAGALHAES BASTOS
OPER D BRAZIL
MARRIED 04/2005 04/2007
309.510.547-91 SERGIO AUGUSTO CARDOSO MENDES
COML DIRECT BRAZIL
MARRIED 04/2005 04/2007
015.810.616-41 BENOIT PIERRE MARIE CARRIER
TECHN DIRECT FRANCE
MARRIED 04/2005 04/2007
BOARD OF DIRECTORS
CNPJ/CPF COUNSELOR POSITION
013.080.426-63 JEAN YVES ANDRE AIME GILET PRESIDENT
127.674.506-06 JOSE ARMANDO DE FIGUEIREDO CAMPOS VICE PRESID
194.335.736-68 LEONARDO DUTRA DE MORAES HORTA COUNSELOR
862.224.495-49 MAURICIO MOURA PORTUGAL RIBEIRO COUNSELOR
338.907.227-68 ANTONIO ALBERTO GOUVEA VIEIRA COUNSELOR
GERARD ANDRE ROGER PICARD COUNSELOR
MICHEL PASCAL ANDRE PAYET GASPARD COUNSELOR
068.545.836-91 EUSTAQUIO COTA MAGALHAES COUNSELOR
006.380.806-49 LUIZ ANIBAL DE LIMA FERNANDES COUNSELOR
MATHIAS JURGEN WELHAUSEN COUNSELOR
MANAGERS EXPERIENCE
AND BACKGROUND
MANAGER SCHOLAR
BACKGROUND
GILBERTO AUDELINO CORREA COMPLETE UNIVERSITY
GRADUATE LEARNING UNIVERSITY/COLLEGE CONCLUSION
BUSINESS ADMINISTRATION FACULDADES INTEGRADAS DE
VOTUPORANGA
PROFESSIONAL EXPERIENCE
NEOENERGIA S/A ADMISSION
DISMISSAL
POSITION:OTHER AD FUN 04/2000 -
521 PARTICIPACOES S/A ADMISSION
DISMISSAL
POSITION:INV REL DIR 03/2000 -
CAIXA DE PREVIDENCIA DOS
FUNCIONARIOS DO BANCO DO BRASIL P
ADMISSION DISMISSAL
POSITION:DIRECTOR 01/2000 -
MANAGER SCHOLAR
BACKGROUND
SERGIO AUGUSTO CARDOSO
MENDES
-
PROFESSIONAL EXPERIENCE
ACESITA S/A ADMISSION
DISMISSAL
POSITION:DIRECTOR 03/1999 -
SHAREHOLDERS'
INTERESTS
CNPJ AFFILIATED FIRMS CITY-STA
PARTICIPANT LINK % CAPITAL
04.335.855/24 ACESITA CENTROS DE SERVICOS LTDA TTO-MG
ACESITA S/A PART 100,00
18.238.980/20 ACESITA ENERGETICA LTDA BHE-MG
ACESITA S/A PART 99,90
60.500.121/24 ACESITA SERVICOS COM IND E PARTICIPACOES TTO-MG
ACESITA S/A PART 99,90
GILBERTO AUDELINO CORREA DIR
TOTAL 99,90
24.315.012/73 ARCELOR BRASIL S/A BHE-MG
ARCELOR SPAIN HOLDING SL SHAR 21,70
84.683.374/49 TUPY S/A JVE-SC
CAIXA DE PREVIDENCIA DOS FUNCIONARIOS DO BANCO DO SHAR 26,20
BNDES PARTICIPACOES S/A BNDESPAR SHAR 20,90
TOTAL 47,10
02.387.241/60 ALL AMERICA LATINA LOGISTICA S/A CTA-PR
BNDES PARTICIPACOES S/A BNDESPAR SHAR 12,90
CAIXA DE PREVIDENCIA DOS FUNCIONARIOS DO BANCO DO SHAR 4,10
TOTAL 17,00
REPORTED PROPERTIES
COMPANY DIDN'T DECLARE TO OWN.
REPORTED INSURANCE
COMPANY DIDN'T DECLARE TO OWN.
BANK REFERENCES
FINANCIAL INSTITUTION CODE AGENCY
BANCO DO BRASIL S/A 001 3308
BANCO ALFA SA 025 0005
UNIBANCO UNIAO DE BANCOS BRASILEIROS S/A 409 0504
UNIBANCO UNIAO DE BANCOS BRASILEIROS S/A 409 0566
BANCO SAFRA S/A 422 0023
BUSINESS BEHAVIOUR
SUPPLIER
RELATIONSHIP INQUIRED SOURCES:
094
0-6MONTHS:13 6-1YEAR :11 1-3YEAR:15 3-5YEAR:15 5-10YEAR:15 +10YEAR:22 INACT: 3
PAYMENTS BEHAVIOR
(NUMBER OF INVOICE)
INQUIRED SOURCES: 064
PONCTUAL 8-15 16-30 31-60 +60 CASH
QTY % QTY % QTY % QTY % QTY % QTY %
870 93 41 4 23 3 3 0 3 0 10 0
BUSINESS REFERENCES
DATE VALUE AVERAGE
LAST PURCHASE 13/03/2007 245 16.083
HIGHEST INVOICE 28/06/2006 294.786 32.779
HIGHEST ACCUMUL 14/07/2006 364.106 40.801
PAYMENT DEFAULT
COMMERCIAL - QTY OF RESTRAINT: 3
DUE DATE SECURITY GARANTEE VALUE NUMBER ORIGIN BRANCH
13/11/2006 DUPLICATE (C N 42,49 06.10.12939 PATRUS
24/04/2006 DUPLICATE (C N 95,63 A/SA16082006 PATRUS
30/05/2003 DUPLICATE (C N 291,33 0000006610855801 TRANSP ITAP
BANKING
NO NEGATIVE INFORMATION FOUND ON THE QUERIED TAX NB
PUBLIC FILING - CONCENTRE
SUMMARY
OCCURENCE TOTAL 0-6MONTHS 6-12MONTHS 1-2YEARS 2-5YEARS VALUE
PROTEST 2 2 - - - 1.417,50
COURT PROCEEDING 1 - - - 1 -
MORE RECENT
OCURRENCIES
COURT PROCEEDING
DATE NATURE GARANTEE AMNT DCKT CRT CITY/STA
21/10/2004 FEDERAL TAXASSESSMEN N 01 25 BELO HORIZONTE / MG
TOTAL OF OCCURENCIES = 1
PROTEST
DATE AMOUNT RECORD CITY/STA
14/03/2007 527,50 01 VITORIA / ES
05/03/2007 890,00 02 BELO HORIZONTE / MG
TOTAL OF OCCURENCIES = 2
SEE FURTHER
INFORMATION ABOUT THE
PARTICIPANTS AND/OR
COLIGATED FIRM(S)
ALL AMERICA LATINA LOGISTICA S/A 02.387.241/60 J
ACESITA CENTROS DE SERVICOS LTDA 04.335.855/24 J
ACESITA ENERGETICA LTDA 18.238.980/20 J
ARCELOR BRASIL S/A 24.315.012/73 J
CAIXA DE PREVIDENCIA DOS FUNCIONARIOS DO BANCO DO BRASIL PRE 33.754.482/24 J
NOTES
IN 11/2003 THE FIRM INCORPORATED A PORTION OF THE SPUN-OFF EQUITY OF ACESITA CENTROS DE SERVICOS LTDA - CNPJ 04.335.855-24.
FINANCIAL STATEMENTS
LAST FINANCIAL STATEM:INT F STAT CURR: DOLLAR
VALUES IN THOUSANDS OF DOLLARS
CHECK THE COMPARATIVE FIRM VS. CORPORATE CONCERN ANALYSIS HERE
BAL SHEET - 31/12/05
BALANCE SHEETS
ASSETS A-31/12/04 % B-31/12/05 % %B/A C-30/09/06 %
%C/B
CASH
& MARK SECURITIES 8.343 1
15.817 1 89
15.043 1 -4
FINANCIAL
INVESTMENTS 117.717 8
116.275 6 -1
141.999 7 22
CUSTOMERS 186.256 13
154.869 9 -16
196.353 10 26
INVENTORY 175.811 12
180.813 10 2
212.489 11 17
ADV
FOR INV PURCHASE 12.854 1
31.188 2 142
12.667 1 -59
OTHER
CREDITS 13.627 1
60.246 3 342
111.992 6 85
CURR
ASSETS 514.608 35
559.208 31 8
690.543 35 23
INV
FIRMS/PART C/A 49.256 3
41.429 2 -15
43.862 2 5
OTHER
CREDITS 185.529 13
173.355 10 -6
134.853 7 -22
LONG
T ASSETS 234.785 16
214.784 12 -8
178.715 9 -16
TOT
INVESTMENTS 64.104 4
79.249 4 23
106.444 5 34
PROPERTY
& EQUIPMENT 637.520
44 963.573 53
51 1.015.655 51
5
FIXED
ASSETS 701.624 48
1.042.822 57 48
1.122.099 56 7
TOTAL
ASSETS 1.451.017 100 1.816.814 100 25 1.991.357 100 9
LIABILITIES A-31/12/04 % B-31/12/05 % %B/A C-30/09/06 %
%C/B
SUPPLIERS 84.157 6
156.544 9 86
140.444 7 -10
LOANS
AND FINANCING 202.390 14
158.871 9 -21
125.479 6 -21
INCOME
TAX 6.000 16.202 1 170 82.085
4 406
SAL
TAX CONT 24.715 2
30.599 2 23
41.186 2 34
INV
FIRMS/PART C/A
1.579
OTHER
DEBITS 77.789 5
48.425 3 -37
36.744 2 -24
CURR
LIABILITIES 395.051 27
412.220 23 4
425.938 21 3
LOANS
AND FINANCING 328.189 23
185.080 10 -43
87.208 4 -52
INCOME
TAX DEF PROFITS 79.786 5
154.294 8 93
156.862 8 1
INV
FIRMS/PART C/A 1.991 1.991 0 2.002 0
OTHER
DEBITS 72.221 5
69.469 4 -3
67.945 3 -2
LONG
T LIABILITIES 482.187
33 410.834 23
-14 314.017 16
-23
CAPITAL 339.835 23
385.321 21 13
417.112 21 8
CAPITAL
RESERVES 1.488 1.687 13 1.826 8
REVALUATION
RESERVES 154.878 11 329.791
18 112 334.499 17 1
PROFITS
RSRV 79.061 5
21.754 1 -72
23.549 1 8
RETAINED
EARNINGS/ LOSSES
256.889 14 476.237 24 85
TREASURY
STOCKS 1.483 1.682 13 1.821 8
STOCKHOLDERS EQUITY 573.779 40 993.760
55 73 1.251.402 63 25
TOT
LIAB 1.451.017 100 1.816.814 100 25 1.991.357 100 9
INCOME STATEMENTS
A-31/12/04 % B-31/12/05 % %B/A C-30/09/06 %
%C/B
NET
SALES 1.081.081 100 1.277.267 100 18 1.102.160 100 -13
COSTS 672.101 -62
879.885 -69 30 760.290 -69 -13
GROSS
PROFIT/ LOSS 408.980 38
397.382 31 -2
341.870 31 -13
ADM
EXPENSES 52.480 -5
59.719 -5 13
63.473 -6 6
SALES
EXPENSES 46.068
-4 62.690 -5
36 52.615 -5
-16
ACTIVITY
PROFIT/ LOSS 310.432 29
274.973 22 -11
225.782 20 -17
NET
INTEREST EXP/INCOME -38.371 -4
9.779 1 125
9.574 1 -2
EQUITY
EQUIVALENCE 46.677 4 2.390 -94 6.564
1 174
OPERATING
PROFIT/LOSS 318.738 29
287.142 22 -9
241.920 22 -15
NON
OPERATING INCOME/EXP -24.415 -2
7.631 1 131
3.718 -51
PROFIT/LOSS
BEF INC TAX 294.323 27
294.773 23 0 245.638 22
-16
PROV
INC TAX LEVY PROFS -63.375 -6
-54.878 -4 13
-66.630 -6 -21
NET
PROFIT/ LOSS 230.948 21
239.895 19 3
179.008 16 -25
DIVIDENDS 71.531 -7
75.336 -6 5
NET
PROFIT/LOSS 159.417 15
164.559 13 3
179.008 16 8
EBITDA 360.830 33
330.442 26 -8
244.741 22 -25
NOTES ON FINANCIAL STATEMENTS
DOLLAR QUOTATION:
DOLLAR END: (31/12/2004)-2.654000,
(31/12/2005)-2.340700,
(30/09/2006)-2.162300. AVER.DOLLAR: (2004)-2.925586,
(2005)-2.434203,
(2006)-2.185681.
STOC
EQUI EVOLUTION 31/12/04 %
31/12/05 % 30/09/06 %
BEGINNING STOCKH EQUITY 357.349 62 573.779
58 993.760 79
PROFITS
LOSSES PERIOD 230.948 40
239.895 24 179.008
14
DIVIDENDS 71.531 -12
75.336 -8
REAPPRAISAL 166.943
17
ADJUSTMENT
-5.941
CONVERSION
ADJUSTMENT 57.013 10
88.479 9 84.575 7
STOCKHOLDERS
EQUITY 573.779 100
993.760 100 1.251.402
100
INVESTMENT
EVOLUTION 31/12/04 %
31/12/05 % 30/09/06 %
INITIAL
BALANCE 46.015 72
64.104 81 79.249
74
INVESTMENT
INCREASES
7.236 9 20.631
19
CHARGED-OFF
INV COST 28.588 -45
EQUITY
EQUIVALENCE 46.677 73
2.390 3 6.564 6
ADJUSTMENT-INVESTMENT
EV 5.519 7
YEAR-END
BALANCE 64.104 100
79.249 100 106.444
100
FIXED
+ DEFERRED EVOLUTION 31/12/04 %
31/12/05 % 30/09/06 %
INITIAL
FIXED ASS+ DEF 605.987 95
637.520 66 963.573
95
FIXED
ASSETS ACQUISITION 26.131 4
37.798 4 71.041 7
REAPPRAISAL 166.943
17
DEPR+AMORTIZATION 50.398 -8
55.469 -6 18.959
-2
ADJUSTMENT-FIX+DEF
EV 55.800 9
176.781 18
ENDING
FIXED ASSETS+DEF 637.520 100
963.573 100 1.015.655
100
WORKING
CAPITAL INDICATORS 31/12/04 %
31/12/05 % 30/09/06 %
NET
SALES 1.081.081 100
1.277.267 100 1.102.160
100
OP
OUTST ASSETS
379.002 35 380.382
30 430.953 39
OP
OUTST LIABS
108.872 10 187.143
15 181.630 16
WORK
CAP NEEDS 270.130 25
193.239 15 249.323
23
FINANCIAL
OUTST ASSETS 135.606 13
178.826 14 259.590
24
FINANCIAL
OUTST LIABS 286.179 26
225.077 18 244.308
22
TREASURY
BALANCE -150.573 -14
-46.251 -4 15.282 1
PERMANENT
LIABILITIES 1.055.966 98
1.404.594 110 1.565.419
142
PERMANENT
ASSETS 936.409 87
1.257.606 98 1.300.814
118
WORKING
CAPITAL 119.557 11
146.988 12 264.605
24
CASH
FLOW 31/12/04 %
31/12/05 % 30/09/06 %
NET
SALES 1.081.081 100
1.277.267 100 1.102.160
100
INT
FUNDS GEN FROM ACT 360.830 33
330.442 26 244.741 22
INT
FIN FUNDS GEN -38.371 -4
9.779 1 9.574 1
NON-OPER
INT FUNDS GEN 4.173 7.631 1 3.718
TOTAL
INT FUNDS GEN 326.632 30
347.852 27 258.033
23
ST
GRANTED FIN VAR
107.568 10 1.380 50.571 5
ST
FINANCING VAR
14.422 1 78.271 6 -5.513 -1
ST
WORKING CAP NEED VAR
93.146 9 -76.891
-6 56.084 5
OPERATING
CASH FLOW 233.486 22
424.743 33 201.949
18
ST
FIN RES COLLECTION
63.441 6 11.781 1 65.883 6
ST
FIN RES INVESTMENT
163.530 -15 110.071
-9 102.466 -9
CASH
FLOW 133.397 12
326.453 26 165.366
15
LT
FIN RES COLLECTION
85.380 8 94.509 7 41.081 4
LT
FIN RES INVESTMENT
74.842 -7 145.861
-11 101.829 -9
LT
CASH FLOW
143.935 13 275.101 22 104.618 9
PERMANENT
SOURCES 57.013 5
88.479 7 78.634 7
PERMANENT
INVESTMENTS -216.837 -20
-357.548 -28 -158.302
-14
NET
CASH GENERATION -15.889 -1
6.032 24.950
2
AV+INIT
FIN INVESTMENTS 141.949 13
126.060 10 132.092
12
AV+ENDING
FIN INVESTMNTS 126.060 12
132.092 10 157.042
14
FINANCIAL RATIOS 2004
STANDARD 2005 STANDARD
2006 STANDARD
CAPITAL
STRUCTURE
DEBT
TO EQUITY 153% -
83% - 59%
-
CUR
LIABIL TO TOTAL LIABI 45% -
50% - 58%
-
FIXED
ASS TO ST EQUITY 122% -
105% - 90%
-
OBSOL
OF PROP & EQUIP
38% - 34%
- 36% -
RELATIONSHIP
WITH CREDIT INSTITUTIO
BANK
DEBT TO TOTAL ASSETS 37% -
19% - 11%
-
BANK
DEBT TO STOCK EQUITY 92% -
35% - 17%
-
BANK
DEBT TO TOTAL LIABIL 60% -
42% - 29% -
S
T BANK DEBT TO CUR ASSE
39% - 28%
- 18% -
PERC
OF TRADE BILLS DISC 0% -
0% - 0%
-
LIQUIDITY
GENERAL
LIQUIDITY 0,85 -
0,94 - 1,17
-
CURRENT
RATIO 1,30 -
1,36 - 1,62
-
QUICK
RATIO 0,79 -
0,70 - 0,83
-
TOTAL
DEBT COVERAGE 37% -
42% - 46%
-
SHORT
TERM DEBT COVERAGE 83% -
84% - 81%
-
BANK
DEBT COVERAGE 68% -
96% - 153%
-
INTEREST
COVERAGE 507% -
662% - 908%
-
OPERATIONS
FINANCIAL CYCLE
AV
DAYS SALES IN INVENTOR 69 -
66 - 61
-
AVERAGE
COLLECTION PERIOD 56
- 49 -
45 -
AVERAGE
PAYABLE PERIOD 75 -
94 - 91
-
FINAN
CYCLE MED TERM BASE 50 -
21 - 15
-
FIN
CYCLE WORK CAP BASE 90 -
54 - 61 -
PROFIT
& LOSS
ASSET
TURNOVER 0,75 -
0,70 - 0,74
-
NET
PROFIT MARGIN 21% -
19% - 16% -
RETURN
ON AVERAGE ASSETS 16% -
15% - 13%
-
RETURN
ON ASSETS 23% -
19% - 17%
-
RETURN
ON AVERAGE EQUITY 50% -
31% - 21%
-
REAL
SALES EVOLUTION 46% -
18% - 15%
-
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%)