MIRA
INFORM REPORT
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Report Date : |
28.09.2007 |
IDENTIFICATION DETAILS
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Name : |
DUNHAM-BUSH
INDUSTRIES SDN BHD |
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Formerly Known As : |
TOPGROUP INDUSTRIES SDN BHD |
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Registered Office : |
Lot 13-01A, East Wing, Berjaya Times Square, 1 Jalan Imbi,
Level 13, 55100 |
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Country : |
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Financials (as on) : |
30.04.2006 |
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Date of Incorporation : |
20/11/1987 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of Air-Conditioning
and Refrigeration Equipment for Commercial and Industrial Application. |
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 |
EXECUTIVE SUMMARY
LOCAL NO : 166302-K
COMPANY NAME : DUNHAM-BUSH INDUSTRIES SDN BHD
FORMER NAME : TOPGROUP INDUSTRIES SDN BHD (02-05-1995)
: TOPGROUP SDN BHD (02-02-1988)
INCORPORATION DATE : 20/11/1987
COMPANY STATUS : EXIST
LEGAL STATUS : PRIVATE LIMITED COMPANY
LISTED STATUS : NO
REGISTERED ADDRESS :
LOT 13-01A, EAST WING, BERJAYA
IMBI, LEVEL 13, 55100
BUSINESS ADDRESS :
LOT 5755-6,
43000 KAJANG,
TEL NO : 03 - 87339898
FAX NO : 03 - 87365763
EMAIL : dbm@dunham-bush.com.my
WEB SITE : www.dunham-bush.com.my
CONTACT PERSON : YEO SEK CHIONG (MANAGING DIRECTOR)
INDUSTRY CODE : 29191
PRINCIPAL ACTIVITY : MANUFACTURING AND TRADING OF AIR-CONDITIONING AND
REFRIGERATION EQUIPMENT FOR COMMERCIAL AND
INDUSTRIAL APPLICATION
AUTHORISED CAPITAL : MYR10,000,000.00 DIVIDED INTO
ORDINARY SHARE 10,000,000 OF MYR1.00 EACH.
ISSUED & PAID UP CAPITAL : MYR8,562,600.00 DIVIDED INTO
ORDINARY SHARE 3,066,600 CASH AND 5,496,000 OTHERWISE
OF MYR1.00 EACH.
SALES : MYR138,328,622 [2006]
NET WORTH : MYR46,413,230 [2006]
STAFF STRENGTH : 500 [2007]
BANKER (S) :
EXPORT-IMPORT BANK OF
LITIGATION : CLEAR
FINANCIAL CONDITION : LIMITED
PAYMENT : GOOD
MANAGEMENT CAPABILITY : AVERAGE
COMMERCIAL RISK : MODERATE
CURRENCY EXPOSURE : MODERATE
GENERAL REPUTATION : SATISFACTORY
INDUSTRY OUTLOOK : MARGINAL GROWTH
HISTORY /
BACKGROUND
The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act, 1965 and the company must file its annual returns, together with its financial statements with the Registrar of Companies.
The SC is principally engaged in the (as a / as an) manufacturing and trading of air-conditioning and refrigeration equipment for commercial and industrial application.
The SC is not listed on
The SC is not qualified to be one of the Top Corporate
Performers in the
The immediate holding company of the SC is DUNHAM-BUSH
(MALAYSIA) BHD, a company incorporated in
The major shareholder(s) of the SC are shown as follows :
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Name |
Address |
IC/PP/Loc No: |
Shareholding |
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DUNHAM-BUSH ( |
LOT 13-01A, BERJAYA TIMES SQUARE, 1 JALAN IMBI, LEVEL 13,
55100 |
129358 |
8,562,600 |
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8,562,600 |
+ Also Director
DIRECTORS
DIRECTOR 1
Name of Subject : MR. YEO SEK CHIONG
Address :
131 JALAN HUJAN EMAS, TAMAN OVERSEAS
IC / PP No : 8093682
New IC No : 520126-71-5095
Date of Birth : 26/01/1952
Nationality : MALAYSIAN CHINESE
Date of Appointment : 24/12/1987
DIRECTOR 2
Name of Subject : MR. CHAN SOO HAR @ CHAN FOOK SING
Address :
26 JALAN SS 18/1A, 47500 SUBANG JAYA,
IC / PP No : 7880013
New IC No : 430428-10-5277
Date of Birth : 28/04/1943
Nationality : MALAYSIAN CHINESE
Date of Appointment : 24/12/1987
DIRECTOR 3
Name of Subject : MR. LIM YOCK YEE
Address : 4 JALAN SS 26/7, MAYANG JAYA, 47301 PETALING JAYA,
IC / PP No : 4561965
New IC No : 540208-08-5777
Date of Birth : 08/02/1954
Nationality : MALAYSIAN CHINESE
Date of Appointment : 22/04/1988
DIRECTOR 4
Name of Subject : MR. FREDDIE PANG HOCK CHENG
Address :
KAJANG,
IC / PP No : 4760570
New IC No : 550206-04-5279
Date of Birth : 06/02/1955
Nationality : MALAYSIAN CHINESE
Date of Appointment : 10/03/1993
Working Experience : WORKED WITH ERNST & YOUNG FOR 7 YEARS UNTIL 1982.
IN 1982,
JOINED THE CORPORATE ADVISORY DEPT OF MALAYSIAN
INTERNATIONAL MERCHANT BANKERS BHD WHERE HE WAS ACTIVELY
INVOLVED IN A WIDE VARIETY OF CORPORATE EXERCISES IN AN
ADVISORY CAPACITY UNTIL HIS DEPARTURE IN 1990. JOINED
BERJAYA GROUP BHD AS GM-GROUP INVESTMENT IN 1990 &
PROMOTED TO SENIOR GM-GROUP INVESTMENT IN 1993. MEMBER OF
MACPA.
DIRECTOR 5
Name of Subject : MR. YEAP DEIN WAH
Address : 31 JALAN SS 7/3, KELANA JAYA, 47301 PETALING JAYA,
IC / PP No : 8190623
New IC No : 560510-08-6517
Date of Birth : 10/05/1956
Nationality : MALAYSIAN CHINESE
Date of Appointment : 01/05/2002
DIRECTOR 6
Name of Subject : DATUK ZAINUN AISHAH BINTI AHMAD
Address :
4 JALAN 11/3, 40000 SHAH ALAM,
IC / PP No : 1691765
New IC No : 460903-08-5314
Date of Birth : 03/09/1946
Nationality : MALAYSIAN MALAY
Date of Appointment : 01/12/2004
Qualification : HONOURS DEGREE IN ECONOMICS FROM THE
Working Experience : DIRECTOR GENERAL OF THE MALAYSIAN INDUSTRIAL DEVELOPMENT
AUTHORITY (MIDA). IN HER 32 YEARS OF PUBLIC SERVICE SHE HAS
HELD VARIOUS KEY POSITIONS IN MIDA AS WELL AS IN SOME OF THE
COUNTRY'S STRATEGIC COUNCILS, NOTABLY HER
PIVOTAL
NASIONAL PROJECT DI
DIRECTOR 7
Name of Subject : DATUK MAIZAN BIN SHAARI
Address :
287 JALAN B9, TAMAN MELAWATI, 53100
WILAYAH
IC / PP No : 470914-08-5925
Date of Birth : 14/09/1947
Nationality : MALAYSIAN MALAY
Date of Appointment : 01/12/2004
MANAGEMENT
1) Name of Subject : YEO SEK CHIONG
Position : MANAGING DIRECTOR
2) Name of Subject : THAM JUAH HONG
Position : ACCOUNTANT
3) Name of Subject :
F
Position : HEAD OF PURCHASING
4) Name of Subject : D W HEW
Position : HEAD OF DEPARTMENT
AUDITOR
Auditor : ERNST & YOUNG
Auditors' Address : MENARA MILENIUM, JALAN DAMANLELA, PUSAT BANDAR
DAMANSARA, 50490
COMPANY SECRETARY
1) Company Secretary : MS. SU SWEE HONG
IC / PP No. : 5576739
New IC No. : 580809-08-5824
Address : 113, PERSIARAN ZAABA,
Date of Appointment : 10/03/1993
2) Company Secretary : MS. GAN SWEE PENG
IC / PP No. : A0365932
New IC No. : 660219-05-5414
Address : 11A JALAN USJ 11/3F, UEP, 47620 SUBANG JAYA, SELANGOR,
Date of Appointment : 22/10/2002
BANKING
Banking relations are maintained principally with :
1) Banker Name : EXPORT-IMPORT
BANK OF
The SC enjoys normal banking routine with above mentioned banker(s).
The SC has bank charges with above mentioned banker(s).
ENCUMBRANCE (S)
ENCUMBRANCE 1
Date of Creation : 23 Dec 1992
Description of Charge : MEMO OF DEPOSIT
Amount Secured : O/D
Description of Property Affected : FIXED DEPOSIT - 50,000
Name & Address of Chargee : LEE WAH BANK LTD
2-6 JLN TENGAH, 46200 PETALING JAYA, SELANGOR.
Form 40 Dated 09 Feb 1993
Registered and Numbered 11 In The Register of Charges
ENCUMBRANCE 2
Date of Creation : 12 Aug 1996
Description of Charge : N/A
Amount Secured : RM 12,000,000.00
Description of Property Affected : N/A
Name & Address of Chargee : HONGKONG BANK
2-6 JLN TENGAH, 46200 PETALING JAYA, SELANGOR.
Form 40 Dated
Registered and Numbered 15 In The Register of Charges
ENCUMBRANCE 3
Date of Creation : 13 Jul 1998
Description of Charge : CHARGE
Amount Secured : RM 12,000,000.00
Description of Property Affected : HS(D) 44121 PT 37826, MK KAJANG, DAERAH HULU LANGAT
Name & Address of Chargee : HONGKONG BANK
2 LEBOH AMPANG, 50100
Form 40 Dated 21 Jul 1998
Registered and Numbered 16 In The Register of Charges
ENCUMBRANCE 4
Date of Creation : 05 Oct 2005
Description of Charge : N/A
Amount Secured : foreign currency
Description of Property Affected : N/A
Name & Address of Chargee : EXPORT-IMPORT BANK OF
2 LEBOH AMPANG, 50100
Form 40 Dated
Registered and Numbered 17 In The Register of Charges
LEGAL CHECK AGAINST THE SC
*A check has been conducted in our databank against the SC
whether the subject has been involved in any litigation. Our databank consists of
99% of the wound up companies in
No legal action was found in our databank.
No winding up petition was found in our data bank
PAYMENT RECORD
SOURCES OF RAW MATERIALS :
Local : YES
Overseas : YES
The SC refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :
OVERALL PAYMENT HABIT
Prompt [ ] Good [ X ] Average [ ]
Fair [ ] Poor [ ]
CLIENTELE
Local : YES Percentage : 35%
Domestic Markets :
Overseas : YES Percentage : 65%
Export Market :
UNITED
Credit Term : 30 - 60 DAYS.
Payment Mode : CHEQUES , TELEGRAPHIC TRANSFER (TT).
Type of Customer : DEALERS , DISTRIBUTORS , AGENTS .
OPERATIONS
Products Manufactured : AIR-CONDITIONING AND REFRIGERATION EQUIPMENT
Brand Name : DUNHAM-BUSH, TOPAIRE, DB-AIRE, ANEMOSTAT, CBI, POLACEL
Award :
1 )
DEVELOPMENT CORPORATION (SMIDEC) Year : 1997
Competitor(s) : O.Y.L. INDUSTRIES BHD
PANASONIC COMPRESSOR
MATSUSHITA AIR-CONDITIONING CORPORATION SDN BHD
DUNHAM-BUSH (
UCM INDUSTRIAL CORPORATION BHD
Ownership of premises : OWNED
Factory Size : 12 ACRE
Production capacity : APPROXIMATELY 1100 TONNES
Total Number of Employees :
YEAR 2007 2006 2005
GROUP N/A N/A N/A
COMPANY 500 513 454
Branch : NO
RECENT DEVELOPMENT
We have checked with the Malaysian National News Agency's (BERNAMA) database, but no latest development wasnoted in our investigation.
CURRENT INVESTIGATION
Latest fresh investigations carried out on the SC indicated that :
Telephone Number Provided By Client : N/A
Current Telephone Number : 03-87339898
Match : N/A
Address Provided By Client :
LOT 5755-6
ANGKAT 43000 KAJANG, SELANGOR DARUL
Current Address :
LOT 5755-6,
ANGKAT, 43000 KAJANG,
Match : YES
Latest Financial Accounts : YES
Other Investigations
We conducted an interview with one of the SC's Senior staff from Accounts Department. She revealed some information on the SC.
Besides that, we conducted an interview with one of the SC's staff from Production Department. He revealed some relevant information on the SC.
FINANCIAL COMMENTS
Profitability :
Turnover : Increased [ 2003-2006 ]
Profit / ( Loss ) before tax : Increased [ 2003-2006 ]
Return on Shareholder Funds : Acceptable [ 10.67% ]
Return on Net Assets : Unfavourable [ 7.53% ]
The SC's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years. The higher profit could be attributed to the increase in turnover. The SC's management had generated acceptable return for its shareholders using its assets.
Working Capital
Control :
Stocks Ratio : Unfavourable [ 171 Days ]
Debtors Ratio : Favourable [ 22 Days ]
Creditors Ratio : Favourable [ 40 Days ]
The SC could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The favourable debtors' days could be due to the good credit control measures implemented by the SC. The SC had a favourable creditors' ratio as evidenced by its favourable collection days. The SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity :
Liquid Ratio : Unfavourable [ 0.66 Times ]
Current Ratio : Unfavourable [ 1.35 Times ]
A low liquid ratio means that the SC may be facing working capital deficiency. If the SC cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.
Solvency :
Interest Cover : Acceptable [ 3.42 Times ]
Gearing Ratio : Favourable [ 0.19 Times ]
The SC's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the SC is able to generate sufficient income to service its interest and repay the loans. The SC was lowly geared thus it had a low financial risk. The SC was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the SC being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.
Overall Assessment :
Generally, the SC's performance has improved with higher turnover and profit.Due to its weak liquidity position, the SC will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the SC.The SC had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the SC's profit, we do believe the SC is able to generate sufficient cash flow to service its interest payment.The SC, as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.
Overall financial condition of the SC: LIMITED
COMMENTS
Established in 1987, as a private limited company the SC is principally engaged in the manufacturing and trading of air conditioning and refrigeration equipment for commercial and industrial application. Being backed by a holding company, allows the SC to enjoy the benefit of timely financial assistance if the needs arise. With these favourable conditions, the SC has minimised its risk in the industry compared to other players. At present the paid up capital of the SC is RM8,562,600.
Our investigation revealed that the SC serves both local and overseas clients. Penetrating into the overseas countries has well diversified its business risk and at the same time added strength to its capabilities in capturing higher market shares. At present the workforce of the SC is 500 and the SC's business activities are overseen by its Managing Director, Yeo Sek Chiong and its management capability is average. We noted that the SC has been accredited enterprise 50 award by small and medium industries (SMIDEC). This award has enabled the SC to compete better other rivals in the same field.
For the financial year ended 30 April 2006, turnover of the SC surged by 106.02% to RM138,328,622. The SC recorded a pre-tax profit of RM4,508,817 for the year, an increase of 75.99% over the previous year. The SC generated an acceptable return on shareholder's funds indicating that the SC was efficient in utilising its shareholders' funds to generate favourable returns. Beside this the SC posted a low gearing ratio indicating that the financial risk of the SC is low. However the SC posted weak liquidity position, the SC will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the SC. Nevertheless with the comfortable networth standing at RM46,413,230, the SC is able to sustain its business performance in the near terms.
Investigation revealed that the SC's supplies are sourced from both local and overseas suppliers. Hence, the SC is subjected to currency fluctuation risk and high operating costs.
Based on our historical financial data, the SC's payment is good. The SC is clear of litigation.
The industry is reaching its maturity stage and a marginal growth is expected. Generally, the industry is regarded stable and only moving within a narrow range. With the normal outlook of the industry performance, we believe that the SC has the potential of capturing a higher market shares.
In view of the above and based on our assessment we recommend credit be granted to the SC normally.
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH
PROFIT AND LOSS ACCOUNT
For The Year Ended 30-April-2006
2006 2005
MYR MYR
TURNOVER 138,328,622 119,175,996
=========== ===========
PROFIT/(LOSS) FROM OPERATIONS 4,508,817 2,561,972
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED
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PROFIT/(LOSS) BEFORE TAXATION 4,508,817 2,561,972
Taxation 442,522 <5,701>
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PROFIT/(LOSS) AFTER TAXATION 4,951,339 2,556,271
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PROFIT/(LOSS) BEFORE EXTRAORDINARY
ITEMS 4,951,339 2,556,271
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PROFIT/(LOSS) ATTRIBUTABLE TO
SHAREHOLDERS 4,951,339 2,556,271
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT
FORWARD
As previously reported 30,692,616 28,136,345
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As restated 30,692,616 28,136,345
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PROFIT AVAILABLE FOR
APPROPRIATIONS 35,643,955 30,692,616
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RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED
FORWARD 35,643,955 30,692,616
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RETAINED BY: The Company 35,643,955 30,692,616
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35,643,955 30,692,616
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INTEREST EXPENSE (as per notes to
P&L)
Term loan 445,442 592,694
Bank overdraft 55,283 80,778
Hire purchase 387,001 175,396
Other interest expenses 36,071 5,272
Trade financing facilities 940,920 839,304
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1,864,717 1,693,444
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BALANCE SHEET
As At 30-April-2006
2006 2005
MYR MYR
ASSETS EMPLOYED:
FIXED ASSETS 51,155,588 52,645,635
LONG TERM INVESTMENTS/OTHER ASSETS
Defferred expenditure 167,130 219,908
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TOTAL LONG TERM INVESTMENTS/OTHER
ASSETS 167,130 219,908
INTANGIBLE ASSETS
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TOTAL LONG TERM ASSETS 51,322,718 52,865,543
CURRENT ASSETS
Stocks 64,789,242 51,541,685
Trade debtors 8,194,744 7,211,290
Other debtors, deposits &
prepayments 1,500,479 1,077,113
Short term deposits 102,032 98,489
Items in transit between head office &
branches
Amount due from related companies 49,326,684 37,944,455
Cash & bank balances 3,320,939 2,139,309
Others (please specify) - 71,777
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TOTAL CURRENT ASSETS 127,234,120 100,084,118
CURRENT LIABILITIES
Trade creditors 15,328,120 11,705,084
Other creditors & accruals 8,878,859 4,805,892
Hire purchase & lease
creditors 558,899 559,152
Bank overdraft 2,631,185 1,489,996
Short term borrowings/Term loans 2,500,000 2,500,000
Amounts owing to related companies 23,657,926 22,091,544
Provision for taxation 175,714 -
Trade financing 37,857,500 26,877,469
Provision for dales warranty 2,315,721 1,783,524
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TOTAL CURRENT LIABILITIES 93,903,924 71,812,661
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NET CURRENT ASSETS/(LIABILITIES) 33,330,196 28,271,457
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TOTAL NET ASSETS 84,652,914 81,137,000
=========== ===========
FINANCED BY:
SHARE CAPITAL
Ordinary share capital 8,562,600 8,562,600
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TOTAL SHARE CAPITAL 8,562,600 8,562,600
RESERVES
Share premium 2,206,675 2,206,675
Retained profit/(Accumulated loss) carried
forward 35,643,955 30,692,616
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TOTAL RESERVES 37,850,630 32,899,291
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SHAREHOLDERS' FUNDS/EQUITY 46,413,230 41,461,891
LONG TERM & DEFERRED
LIABILITIES & PROVISIONS
Long term loans 1,802,412 4,302,412
Hire purchase creditors 1,134,750 1,373,927
Deferred taxation 691,010 1,625,610
Amount due to holding company 34,611,512 32,373,160
------------------- -------------------
TOTAL LONG TERM & DEFERRED LIABILITIES
&
PROVISIONS 38,239,684 39,675,109
------------------- -------------------
84,652,914 81,137,000
=========== ===========
FINANCIAL RATIOS
As At 30-April-2006
2006 2005
MYR MYR
TYPES OF FUNDS
Cash 3,422,971 2,237,798
Net Liquid Funds <1,708,214> <1,752,198>
Net Liquid Assets <31,459,046> <23,270,228>
Net Current Assets/(Liabilities) 33,330,196 28,271,457
Net Tangible Assets 84,652,914 81,137,000
Net Monetary Assets <69,698,730> <62,945,337>
BALANCE SHEET ITEMS
Total Borrowings 8,627,246 10,225,487
Total Liabilities 132,143,608 111,487,770
Total Assets 178,556,838 152,949,661
Net Assets 84,652,914 81,137,000
Net Assets Backing 46,413,230 41,461,891
Shareholders'' Funds 46,413,230 41,461,891
Total Share Capital 8,562,600 8,562,600
Total Reserves 37,850,630 32,899,291
LIQUIDITY (Times)
Cash Ratio 0.04 0.03
Liquid Ratio 0.66 0.68
Current Ratio 1.35 1.39
WORKING CAPITAL CONTROL (Days)
Stock Ratio 171 158
Debtors Ratio 22 22
Creditors Ratio 40 36
SOLVENCY RATIOS (Times)
Gearing Ratio 0.19 0.25
Liabilities Ratio 2.85 2.69
Times Interest Earned Ratio 3.42 2.51
PERFORMANCE RATIO (%)
Operating Profit Margin 3.26 2.15
Net Profit Margin 3.58 2.14
Return On Net Assets 7.53 5.24
Return On Capital Employed 7.05 4.97
Return On Shareholders''
Funds/Equity 10.67 6.17
Dividend Pay Out Ratio (Times) 0 0
NOTES TO ACCOUNTS
Contingent Liabilities 0 0
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%)