MIRA
INFORM REPORT
|
Report Date : |
26.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
RAINMAKER AISA INC |
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Formerly Known as : |
QINTERACTION |
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Registered Office : |
8/F BPI Buendia Center, Sen Gil
Puyat Ave, Makati City, Manila 1200 |
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Country : |
Philippines |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
01.07.1999 |
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Com. Reg. No.: |
A243640957 |
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Legal Form : |
Private Joint Stock Company |
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Line of Business : |
The subject is an integrated
call center services organization that specializes in providing innovative
outsourced customer care and customer development solutions for a wide range of
recognized as well as start up companies in both local and international
markets. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1,800,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Company
Details
Company Name: RAINMAKER AISA INC
Headquarter Address: 8/F BPI Buendia
Center
Sen Gil Puyat Ave
Makati City, Manila 1200
Philippines
Tel: +63 2 878 1500
+63 2 8991331
Fax : +63 2 878 1543
E-Mail: info-rmkrasia@rmkr.com
Web Site: www.rainmakersystems.com/rainmakerasia
History
The previous Name: Qinteraction
Date of
Change: 02/09/2007
Registration
& Legal Details
Current Legal Form: Private Joint Stock Company
Registration Address: 8/F BPI Buendia Center
Sen Gil Puyat Ave
Makati
City, Manila 1200
Philippines
Registration Number: A243640957
Registration Date: 1 July 1999
Year/Date Company Established: 1 July 1999
Capital
Currency:
Philippine Peso ( PHP)
Nominal Capital:
110,500,000.00
Shareholders
Parent Company:
Rainmaker Systems Inc
900 East Hamilton Avenue
Campbell, CA 95008
United States
Phone : +1 408 626-3800
Fax : +1 830 461-3186
%Share Held: 100.00%
Rainmaker Systems, Inc. is an outsource provider of sales and marketing
programs for service contracts. The Company's cost-effective programs generate
service revenue and promote customer retention for its clients. Core services
include professional telesales, direct marketing and hosted e-commerce.
Additional services include customer database enhancement, customer
relationship management (CRM) technology integration and order management.
These services are available individually or as an integrated solution.
Rainmaker's clients consist of hardware and software companies with significant
customer bases and products that benefit from focused sales and marketing
programs for support contracts or maintenance agreements.
Employee: 145
Directors:
|
Steve Valenzuela (Chief Financial Officer) |
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Alok Mohan (Chairman Emeritus) |
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Michael Silton (President) |
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Ritch Haselden (Vice President) |
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Larry Schork (Vice President) |
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Principals
Name: Mr. Mike Smith
Position within the company: General Manager
Age:
56
Country of Birth: USA
Nationality: American
Can fluently speak: English
E-mail:
MikeSmith@Qinteraction.com
Last Jobs:
Chief Operating Officer of Astec
International. The world's leading manufacturer of power supplies for the
computer and telecom industries, Astec's sales grew 300% under Mike's
leadership to over one billion dollars. Prior to that, he served as a senior
executive in firms including Data General, Commodore, Johnson & Johnson and
Xerox.
Name: Mrs. Annie Reyes
Position within the company: General Manager
Age:
47
Country of Birth: USA
Nationality: American
Can fluently speak: English
E-mail:
Anniereyes@qinteraction.com
Name: Mr. Daniel Antonio
Dery
Position within the company: Customer Service Representative
Age:
36
Can fluently speak: English
Name: Mr. Tim Smith
Position within the company: Vice President
Age: 45
Country of Birth: USA
Nationality: American
Can fluently speak: English
Name: Mrs.
M. Donovan
Position within the company: Secretary
Age:
25
Country of Birth: Philippine
Nationality:
Philippines
Can fluently speak: Filipino
Company
Activities
The subject is an integrated call center services
organization that specializes in providing innovative outsourced customer care
and customer development solutions for a wide range of recognized as well as
start up companies in both local and international markets.
Services:
- Inbound Customer Care
- Outbound/Telemarketing Projects
- Transcription Services
- IT/Web Development (Value-added)
Certificate: ISO 9001-2000 ( Certificate No: 01 100
049064)
Member of American Chamber of
Commerce of the Philippines
Branches:
9/F BPI Buendia
Center
Sen Gil Puyat
Ave
Makati City,
Manila 1200
Philippines
10/F BPI Buendia
Center
Sen Gil Puyat
Ave
Makati City,
Manila 1200
Philippines
4/F G.A. Yupangco
Bldg
339 Sen. Gil Puyat
Ave
Makati City,
001200/63
Philippines
Tel: +632 899 1337
Fax: +632 899 7733
Agencies:
ACCENT Corporate
400 Missouri Avenue, Suite 107
Jeffersonville, IN 47130
Ph: 812-206-6200
Fax: 812-206-6201
info@accentonline.com
Local Reporters consider the investigated company to be
Small in their field of concern.
Operations
Employees
Company Employs: 820
HQ Premises
Operates Form:
Owned: Office, Warehouse
Location:
Central Business Area, Main Road
Related
Companies
Affiliates:
Imperial
Consulting Sdn. Bhd.
Wisma Budiman, Persiaran Raja Chulan
50200 Kuala Lumpur
Tel: 603-2072-3688
Fax: 603-2050-3629
InnerView
Consultancy Services International Inc
Philippines
Tel:
+632 435 7446
Fax:
+632 435 9130
Imports
Imports From: USA, Europe
Import % and
type of product: %20 – Finished products
Import Term: Letter of Credit
Additional Info: A balance of 80% purchased via local market
Export
Exports To: Indonesia,
Malaysia, China, Bangladesh
Export %
and type of product: %20 – Services
Export Term: Letter
of Credit
Trading
& Selling
Territory:
80% Nationally, 20% Internationally
Sales Term: Cash , Letters of Credit
Vehicles:
68
Financial
Date: 25/07/08
Source: Mrs. M. Donovan – Secretary
Currency: PHP
Figures: Formal Figures
|
Months |
Date of Figures |
Sales |
|
12 |
31/12/2006 |
299, 843,605.00 |
Date: 25/07/08
Financial Information of Parent Company
Income Statement
|
Currency in |
As of: |
Dec 31 |
Dec 31 |
Dec 31 |
Dec 31 |
|
Revenues |
15.3 |
32.1 |
48.9 |
73.5 |
|
|
TOTAL REVENUES |
15.3 |
32.1 |
48.9 |
73.5 |
|
|
Cost of Goods Sold |
7.7 |
18.7 |
24.4 |
38.1 |
|
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GROSS PROFIT |
7.6 |
13.4 |
24.5 |
35.4 |
|
|
Selling General & Admin Expenses,
Total |
8.0 |
10.5 |
11.7 |
18.3 |
|
|
R&D Expenses |
2.8 |
4.2 |
6.0 |
10.7 |
|
|
Depreciation & Amortization, Total |
1.7 |
3.1 |
3.3 |
5.7 |
|
|
OTHER OPERATING EXPENSES, TOTAL |
12.6 |
17.9 |
21.0 |
34.7 |
|
|
OPERATING INCOME |
-5.0 |
-4.5 |
3.5 |
0.7 |
|
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Interest Expense |
0.0 |
-0.2 |
-0.2 |
-0.2 |
|
|
Interest and Investment Income |
0.1 |
0.1 |
0.4 |
1.4 |
|
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NET INTEREST EXPENSE |
0.1 |
-0.1 |
0.2 |
1.3 |
|
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Currency Exchange Gains (Loss) |
-- |
-- |
-- |
0.1 |
|
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Other Non-Operating Income (Expenses) |
0.0 |
0.0 |
0.0 |
0.0 |
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EBT, EXCLUDING UNUSUAL ITEMS |
-4.9 |
-4.6 |
3.7 |
2.1 |
|
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Other Unusual Items, Total |
-- |
-0.4 |
-- |
-- |
|
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Other Unusual Items |
-- |
-0.4 |
-- |
-- |
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|
EBT, INCLUDING UNUSUAL ITEMS |
-4.9 |
-5.0 |
3.7 |
2.1 |
|
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Income Tax Expense |
-- |
-- |
0.3 |
0.6 |
|
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Earnings from Continuing Operations |
-4.9 |
-5.0 |
3.4 |
1.5 |
|
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NET INCOME |
-4.9 |
-5.0 |
3.4 |
1.5 |
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NET INCOME TO COMMON INCLUDING EXTRA ITEMS |
-4.9 |
-5.0 |
3.4 |
1.5 |
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NET INCOME TO COMMON EXCLUDING EXTRA ITEMS |
-4.9 |
-5.0 |
3.4 |
1.5 |
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Balance Sheet
|
Currency in |
As of: |
Dec 31 |
Dec 31 |
Dec 31 |
Dec 31 |
|
Assets |
|
|
|
|
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Cash and Equivalents |
10.1 |
9.7 |
22.0 |
37.4 |
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TOTAL CASH AND SHORT TERM INVESTMENTS |
10.1 |
9.7 |
22.0 |
37.4 |
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Accounts Receivable |
7.9 |
10.4 |
13.5 |
20.6 |
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Notes Receivable |
-- |
-- |
-- |
1.2 |
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TOTAL RECEIVABLES |
7.9 |
10.4 |
13.5 |
21.8 |
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Prepaid Expenses |
1.1 |
1.2 |
1.0 |
1.8 |
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Restricted Cash |
-- |
0.6 |
0.3 |
0.2 |
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Other Current Assets |
-- |
-- |
0.1 |
0.7 |
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TOTAL CURRENT ASSETS |
19.1 |
21.9 |
37.0 |
61.8 |
|
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Gross Property Plant and Equipment |
15.2 |
18.3 |
19.5 |
22.4 |
|
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Accumulated Depreciation |
-12.0 |
-13.9 |
-15.2 |
-13.0 |
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NET PROPERTY PLANT AND EQUIPMENT |
3.2 |
4.4 |
4.3 |
9.4 |
|
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Goodwill |
-- |
3.9 |
7.0 |
14.5 |
|
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Other Intangibles |
-- |
3.7 |
5.6 |
7.0 |
|
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Other Long-Term Assets |
0.1 |
0.3 |
0.3 |
2.7 |
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TOTAL ASSETS |
22.4 |
34.2 |
54.3 |
95.6 |
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LIABILITIES & EQUITY |
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Accounts Payable |
15.1 |
17.7 |
22.5 |
25.5 |
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Accrued Expenses |
1.1 |
3.2 |
4.3 |
5.5 |
|
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Short-Term Borrowings |
0.4 |
0.3 |
-- |
-- |
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Current Portion of Long-Term Debt/Capital
Lease |
0.1 |
3.6 |
1.5 |
1.1 |
|
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Current Portion of Capital Lease
Obligations |
0.1 |
0.1 |
0.0 |
-- |
|
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Unearned Revenue, Current |
-- |
0.9 |
3.5 |
3.5 |
|
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TOTAL CURRENT LIABILITIES |
16.7 |
25.7 |
31.8 |
35.6 |
|
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Long-Term Debt |
-- |
1.9 |
0.4 |
1.3 |
|
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Capital Leases |
0.0 |
-- |
-- |
-- |
|
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Unearned Revenue, Non-Current |
-- |
-- |
0.3 |
0.4 |
|
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Deferred Tax Liability Non-Current |
-- |
0.4 |
0.0 |
0.2 |
|
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TOTAL LIABILITIES |
16.8 |
28.0 |
32.6 |
37.5 |
|
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Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
|
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Additional Paid in Capital |
63.5 |
69.1 |
81.3 |
116.4 |
|
|
Retained Earnings |
-58.0 |
-63.0 |
-59.6 |
-58.1 |
|
|
Treasury Stock |
-- |
-- |
-- |
-0.2 |
|
|
Comprehensive Income and Other |
-- |
-- |
-- |
-0.1 |
|
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TOTAL COMMON EQUITY |
5.6 |
6.1 |
21.7 |
58.1 |
|
|
TOTAL EQUITY |
5.6 |
6.1 |
21.7 |
58.1 |
|
|
TOTAL LIABILITIES AND EQUITY |
22.4 |
34.2 |
54.3 |
95.6 |
|
Cash
Flow
|
Currency in |
As of: |
Dec 31 |
Dec 31 |
Dec 31 |
Dec 31 |
|
NET INCOME |
-4.9 |
-5.0 |
3.4 |
1.5 |
|
|
Depreciation & Amortization |
1.7 |
2.2 |
1.8 |
2.6 |
|
|
Amortization of Goodwill and Intangible
Assets |
-- |
0.9 |
1.5 |
3.1 |
|
|
DEPRECIATION & AMORTIZATION, TOTAL |
1.7 |
3.1 |
3.3 |
5.7 |
|
|
(Gain) Loss from Sale of Asset |
-- |
0.1 |
0.0 |
0.0 |
|
|
Other Operating Activities |
-- |
-- |
-- |
0.0 |
|
|
Provision & Write-off of Bad Debts |
0.2 |
0.3 |
0.3 |
0.4 |
|
|
Change in Accounts Receivable |
-2.1 |
-1.3 |
-3.2 |
-5.6 |
|
|
Change in Accounts Payable |
6.1 |
2.0 |
4.8 |
2.2 |
|
|
Change in Unearned Revenues |
-- |
-0.4 |
0.5 |
0.0 |
|
|
Change in Deferred Taxes |
-- |
-- |
0.0 |
0.4 |
|
|
Change in Other Working Capital |
-0.7 |
1.1 |
1.2 |
-1.5 |
|
|
CASH FROM OPERATIONS |
0.2 |
-0.1 |
10.5 |
4.9 |
|
|
Capital Expenditure |
-1.8 |
-3.2 |
-1.7 |
-4.7 |
|
|
Cash Acquisitions |
-- |
-4.5 |
0.4 |
-9.0 |
|
|
CASH FROM INVESTING |
-0.7 |
-8.3 |
-1.0 |
-16.0 |
|
|
Long-Term Debt Issued |
-- |
6.8 |
-- |
-- |
|
|
TOTAL DEBT ISSUED |
-- |
6.8 |
-- |
-- |
|
|
Long Term Debt Repaid |
-0.9 |
-1.7 |
-3.9 |
-1.5 |
|
|
TOTAL DEBT REPAID |
-0.9 |
-1.7 |
-3.9 |
-1.5 |
|
|
Issuance of Common Stock |
6.7 |
3.0 |
6.6 |
28.4 |
|
|
Other Financing Activities |
-- |
-- |
0.1 |
-0.2 |
|
|
CASH FROM FINANCING |
5.8 |
8.1 |
2.7 |
26.8 |
|
|
Foreign Exchange Rate Adjustments |
-- |
-- |
-- |
-0.2 |
|
|
NET CHANGE IN CASH |
5.3 |
-0.4 |
12.3 |
15.4 |
|
Banks
Development Bank of Philippines
Interview & Reporter
Comments
In the interview conducted with Mrs. M. Donovan (Secretary), she declined
full financial information and bank account number citing the grounds of
company confidentiality.
Payments
Subject's payments reported to be: NO COMPLAINTS
Conclusions
Local Reputation:
The company being investigated is believed by local reporters to be a MediumTrade
risk and to be fair.The company is known company on Philippines market.
Owner/Shareholders Comments:
Some
of the owners / shareholders have an active participation in the
running of the business.
Age of Business: Old Business
MAX CREDIT RECOMMENDED: USD 1,800,000
NEWS:
Date: May
22, 2008
Source: Duedee
TechTeam Global to Establish Service Desk Operations in the Philippines
Through Agreement with Rainmaker
SOUTHFIELD, Mich., May 22
/PRNewswire-FirstCall/ -- TechTeam Global, Inc. , a worldwide provider of
information technology (IT), enterprise support and business process
outsourcing services, today announced that it has entered into an agreement
with Rainmaker Asia, Inc., a wholly- owned subsidiary of Rainmaker Systems,
Inc. , to establish service desk operations in the Philippines. Under the
agreement, Rainmaker and TechTeam will jointly build delivery capability in
Manila using Rainmaker's existing facility, infrastructure and staffing
capabilities.
"After careful
consideration of many potential locations, we selected the Philippines based on
the availability of individuals with excellent language skills, deep technical
skills, a high degree of professionalism and a strong customer service
orientation," said Gary Cotshott, President and Chief Executive Officer of
TechTeam Global.
"Establishing
capability in the Philippines is an important step in the execution of our
globalization strategy and will enable our company to offer more service
options to existing and new customers. We are impressed with Rainmaker's
operational expertise, and we are confident in our ability to team with them to
create excellent customer-focused solutions. This agreement provides us with
the ability to quickly and efficiently respond to growing customer demand while
ensuring high quality service delivery. As part of our strategy, we also expect
to establish a TechTeam-owned facility to meet growing customer demand,"
said Cotshott.
"We are excited to be
working with TechTeam to provide services to their Fortune 1000 customers. The
addition of new clients such as TechTeam to our recently expanded operations at
Rainmaker Asia highlights the high quality services we provide to our clients
and their customers," said Michael Silton, President and Chief Executive
Officer of Rainmaker Systems.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.30 |
|
UK Pound |
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.66.42 |
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%)