MIRA
INFORM REPORT
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Report Date : |
24.11.2008 |
IDENTIFICATION DETAILS
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Name : |
HANWHA CHEMICAL CORPORATION |
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Formerly Known as : |
HANWHA TOTAL
CHEMICAL CORPORATION |
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Registered Office : |
17th Fl., Hanwha Bldg., 1, Janggyo-dong, Jung-gu, |
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Country : |
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Financials (as on) : |
30.09.2008 |
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Date of Incorporation : |
27.04.1974 |
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Com. Reg. No.: |
202-81-16577 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Basic Organic Petrochemicals |
RATING & COMMENTS
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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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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
Basic
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Company
Name |
HANWHA CHEMICAL
CORPORATION |
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Registered Address |
1, Janggyo-dong, Jung-gu, |
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Building |
17th Fl., Hanwha Bldg. |
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Zip Code |
100-797 |
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Tel |
+82-2-729-2700 |
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Fax |
+82-2-729-1455 |
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E-mail |
webhcc@hanwha.co.kr;webzine@hanwha.co.kr |
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Website |
hcc.hanwha.co.kr |
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Trading Address |
17th Fl., Hanwha Bldg., 1, Janggyo-dong,
Jung-gu, |
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Tel |
+82-2-729-2700 |
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Fax |
+82-2-729-1455 |
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Other Address-Yeosu Factory |
287-9, Pyeongyeo-dong, Yeosu-si, |
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Tel |
+82-61-688-1035 |
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Fax |
+82-61-688-1011 |
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Other Address-Ulsan Factory I |
482, |
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Tel |
+82-52-279-2122 |
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Fax |
+82-52-267-6606 |
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Other Address-Ulsan Factory II |
666, |
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Tel |
+82-52-279-2122 |
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Other Address-Jinhae Factory |
530, Jangcheon-dong, Jinhae-si, |
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Tel |
+82-55-540-3055 |
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Other Address |
34, Seosomun-dong, Jung-gu, |
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Tel |
+82-2-729-2586 |
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Other Address |
6, Sinseong-dong, Yuseong-gu, |
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Tel |
+82-42-865-6400 |
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Type |
Export |
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Industry |
Manufacture of Basic Organic Petrochemicals |
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Main Business |
PE, PVC, Caustic Soda, Hydrochloricacid, Low Density Polyethylene,
Linear Low Density Polyethylene |
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Established (mm/dd/yyyy) |
04/27/1974 |
The Subject owns
the buildings of Yeosu Factory and Ulsan Factory.
Detailed Products
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Alcohols or its substitutes(12352104) |
|
Sell |
Water treatment and supply
equipment(47101500) |
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Sell |
Abrasives and abrasive media(31191500) |
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Sell |
Polyvinyl chloride resin(13111025) |
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Sell |
Aliphatic solvents(12191502) |
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Sell |
Thermoplastic plastics(13102000) |
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Sell |
Plasticizers(12162000) |
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Sell |
Ethylene Vinyl Acetate EVA(13102009) |
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Sell |
Low Density Polyethylene LDPE(13102018) |
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Sell |
Polyvinyl chloride resin(13111025) |
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Sell |
Chemistry reagents or solutions(41116105) |
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Sell |
Inorganic hydroxides(12352305) |
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Sell |
Inorganic metal salts(12352302) |
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Sell |
Polyvinyl chloride compound(13111034) |
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Sell |
Plasticizers(12162000) |
CEO’s
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Name |
Hur Won-Joon |
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Date of Birth |
05/19/1946 |
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Title |
President & CEO |
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Sex |
Male |
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Nationality |
Korean |
Profiles
|
Capital |
707,036,240,000 KRW |
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Employees |
1,933 |
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Formation |
Listed Company ( A Company of HANWHA GROUP |
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Bank Details |
Woori Bank-Myung Dong Branch |
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Corporate Registered No. |
110111-0360935 |
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Business Registered No. |
202-81-16577 |
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Permit & Licenses |
Int’l Trade No.: 831437 |
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Shareholder Position |
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Company History |
04/27/1974 Incorporated
as Hanyang Chemical Holdings Co., Ltd. 06/19/1974
Listed at 09/1975
Established Dow Chemical Korea Ltd. 03/1979
Established 06/1980
Completed Yeosu Plant 01/1984 Merged with
Han Yang Chemical Corp. 07/1985
Completed Yeosu W/C compound plant 03/1986
Completed Yeosu LLDPE plant 11/1989
Completed Yeosu HDPE plant 09/1990
Completed Yeosu PVC plant 07/1991
Completed 10/1992
Completed 03/1994
Completed Yeosu Ammonium Chloride plant 10/01/1994
Changed company name to Hanwha Total Chemical Corporation 08/1995 Expanded
10/1997
Completed Yeosu OA plant 12/1997
Completed Yeosu PP plant 07/01/1999 Changed
company name to the present name by spinning off Manufacturing Business
Division 12/1999 Struck a
voluntary“ Big Deal”with Daelim Industrial Company Ltd. establish Yeochon NCC 04/2000 Expanded
Yeosu EDC, VCM plant 04/2001 Expanded
07/2001
Completed CMP Slurry plant 04/2002
Completed alkali soluble resin (ASR) plant 02/2003 Expanded
07/2003
Established Hanwha Chemical Trading ( 10/2003 Expanded
Yeosu OXY-EDC plant 08/2004 Opened
office in 12/2004 Expanded
Ulsan EVA plant 03/2005 Revamped
Ulsan PVC plant 12/2005 Revamped
07/2007 Revamped
Ulsan CA, EDC plant 07/2007
Completed Ulsan BT plant 12/2007
Established YEOSU COGENERATION
CORPORATION(110111-3807223) by spinning off Generation Business Division |
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The Subject Company
oration is a Korea-based manufacturer of chemical products. Its products
include low density polyethylene (LDPE), linear low density polyethylene (LLDPE)
and others, used as films for agricultural and extrusion coated packaging
materials; caustic soda, polyvinyl chloride (PVC) resin and chlorine used as
construction materials, and chemical mechanical polishing (CMP) slurry used as
abrasives for semiconductors. During the year ended December 31, 2007, its
caustic soda, PVC resin and chlorine accounted for approximately 53% of the
Company’s total revenue, and its LDPE and LLDPE contributed approximately 45%
of the Company’s total revenue.
Management
|
Job Description |
Title |
Name |
Nationality |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Hur Won-Joon |
Korean |
1946.05.19 |
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Vice President |
Mr. |
Hong Ki-Joon |
Korean |
1950.11.22 |
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Director/PVC MU |
Mr. |
Kim Chang-Beom |
Korean |
1955.09.05 |
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Outside Director |
Mr. |
Jung In-Hyun |
Korean |
1937.12.12 |
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Outside Director |
Mr. |
Le Seung-Jong |
Korean |
1952.09.16 |
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Outside Director |
Mr. |
Oh Duck-Keun |
Korean |
1945.07.14 |
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Financials
Unit: KRW
|
Year |
Sales |
Assets |
Net income |
|
2,485,237,056,378 |
3,682,481,191,548 |
209,595,869,048 |
|
|
2006 |
2,218,540,769,466 |
3,048,607,746,615 |
204,942,806,355 |
|
2005 |
2,116,469,504,678 |
3,002,228,435,325 |
328,617,504,443 |
|
2004 |
2,011,136,568,002 |
3,118,247,404,311 |
300,171,873,044 |
|
2003 |
1,553,115,717,169 |
2,863,759,557,710 |
156,113,314,277 |
Financial Description
Unit: KRW
|
Authorized Capital |
1,500,000,000,000 |
|
Paid-Up Capital |
707,036,240,000 |
|
Total Issues Shares |
141,407,248 |
Balance
Sheet
|
Unit : Korean Won |
01/01/2008~09/30/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Total Assets |
5,443,842,501,341 |
3,682,481,191,548 |
3,048,607,746,615 |
|
Current Assets |
2,205,740,202,123 |
555,785,324,413 |
524,556,259,346 |
|
-Quick Assets |
1,935,392,607,988 |
398,452,542,498 |
370,091,252,041 |
|
-Inventories |
270,347,594,135 |
157,332,781,915 |
154,465,007,305 |
|
Fixed Assets |
3,238,102,299,218 |
3,126,695,867,135 |
2,524,051,487,269 |
|
-Investment |
1,569,191,603,243 |
1,550,149,355,551 |
1,389,546,649,411 |
|
-Tangibles |
1,621,552,226,214 |
1,531,132,131,642 |
1,093,521,749,199 |
|
-Intangibles |
8,653,467,398 |
9,228,676,858 |
3,454,986,873 |
|
-Others |
38,705,002,363 |
36,185,703,084 |
37,528,101,786 |
|
Total Liabilities |
3,037,325,810,436 |
1,694,323,773,693 |
1,292,777,772,932 |
|
Current Liabilities |
1,929,935,243,249 |
538,753,344,823 |
654,155,219,370 |
|
Fixed Liabilities |
1,107,390,567,187 |
1,155,570,428,870 |
638,622,553,562 |
|
Capital Stock |
707,036,240,000 |
505,025,885,000 |
505,025,885,000 |
|
Capital Surplus |
498,935,073,547 |
354,087,832,400 |
270,504,454,202 |
|
Profit Surplus |
1,093,282,371,059 |
1,013,359,398,740 |
864,232,123,525 |
|
Capital Adjustment |
107,263,006,299 |
115,684,301,715 |
116,067,510,956 |
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Total Equity |
2,406,516,690,905 |
1,988,157,417,855 |
1,755,829,973,683 |
|
Liab. &
Shareholder’s Equity |
5,443,842,501,341 |
3,682,481,191,548 |
3,048,607,746,615 |
|
Current
Liabilities |
1,929,935,243,249 |
538,753,344,823 |
654,155,219,370 |
|
Trade Payables |
459,210,369,558 |
320,490,342,031 |
254,490,105,639 |
|
Short-Term Borrowings |
1,092,859,741,079 |
20,471,720,582 |
77,611,110,100 |
|
Account Payables |
76,462,479,603 |
48,950,353,674 |
47,174,998,126 |
|
Accrued Expenses |
9,526,008,121 |
10,082,184,325 |
3,266,494,588 |
|
Accrued Income Tax |
66,798,029,953 |
59,129,983,723 |
30,990,876,852 |
|
Withholdings |
2,845,929,032 |
5,929,366,326 |
4,632,045,336 |
|
Advance receipts |
1,103,898,276 |
268,092,378 |
514,712,853 |
|
Current Portion of Debentures |
169,000,000,000 |
39,000,000,000 |
194,368,000,000 |
|
Current Portion of Long-Term Borrowings |
45,525,930,000 |
33,561,910,000 |
20,875,270,880 |
|
Current Portion of Long-Term Account
Payables |
25,561,000 |
144,110,000 |
517,588,000 |
|
Derivatives |
1,595,510,221 |
753,118,218 |
19,826,626,060 |
|
Current Portion of Deferred Income Tax |
5,037,735,991 |
- |
- |
|
Fixed
Liabilities |
1,107,390,567,187 |
1,155,570,428,870 |
638,622,553,562 |
|
Debentures |
774,401,000,000 |
798,146,000,000 |
299,000,000,000 |
|
Long-Term Borrowings |
83,290,400,000 |
80,264,590,000 |
113,161,334,720 |
|
Long-Term Account Payables |
2,256,136,400 |
2,281,697,400 |
265,337,400 |
|
Leasehold Deposit Received |
36,611,487,744 |
36,213,357,864 |
4,921,587,944 |
|
Provision for Sales Guarantee |
100,000,000 |
- |
- |
|
Provision for Severance & Retirement |
123,901,570,176 |
118,271,090,137 |
114,804,705,649 |
|
Non-Current Portion of Deferred Income Tax |
112,346,887,286 |
144,973,716,166 |
132,202,424,843 |
Income
Statement
|
Unit : Korean Won |
01/01/2008~09/30/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Sales |
2,374,488,933,412 |
2,485,237,056,378 |
2,218,540,769,466 |
|
Cost of Sold Goods |
1,992,124,309,040 |
2,111,100,917,458 |
1,925,262,319,965 |
|
Gross Profit |
382,364,624,372 |
374,136,138,920 |
293,278,449,501 |
|
Selling & Admin. Expenses |
171,464,322,612 |
207,151,415,073 |
179,112,858,456 |
|
Operating Income |
210,900,301,760 |
166,984,723,847 |
114,165,591,045 |
|
Non-Operating Income |
140,217,062,655 |
201,433,073,427 |
257,429,714,444 |
|
Non-Operating expenses |
166,167,162,795 |
96,761,095,926 |
90,077,659,982 |
|
Ordinary Income |
184,950,201,620 |
271,656,701,348 |
281,517,645,507 |
|
Special Income |
- |
- |
- |
|
Income Before Taxes |
184,950,201,620 |
271,656,701,348 |
281,517,645,507 |
|
Income Taxes Expenses |
57,931,611,782 |
62,060,832,300 |
76,574,839,152 |
|
Net Income |
127,018,589,838 |
209,595,869,048 |
204,942,806,355 |
Cash
Flows
|
Unit : Korean Won |
01/01/2008~09/30/2008 |
As of 12/31/2007 |
As of 12/31/2006 |
|
Cash Flows from Operating |
267,924,854,983 |
436,278,334,963 |
204,106,838,005 |
|
-Net Income |
127,018,589,838 |
209,595,869,048 |
204,942,806,355 |
|
-Exp. without Cash Outflow |
177,603,245,124 |
136,047,088,510 |
187,557,224,719 |
|
-Revenue
without Cash Inflows |
(-)88,593,113,796 |
(-)153,777,721,969 |
(-)227,292,671,893 |
|
-Changes in
Asset/ & Liability |
51,896,133,817 |
244,413,099,374 |
38,899,478,824 |
|
Cash Flows
from Investing |
(-)305,665,634,512 |
(-)754,435,653,289 |
(-)74,943,308,027 |
|
-Cash Inflow
from Investing |
588,919,041,475 |
8,863,590,962 |
70,408,388,964 |
|
-Cash
Outflows for Investing |
(-)894,584,675,987 |
(-)763,299,244,251 |
(-)145,351,696,991 |
|
Cash Flows
from Financing |
1,438,250,904,884 |
309,555,299,948 |
(-)121,062,338,870 |
|
-Cash
Inflows from Financing |
1,835,039,988,937 |
770,149,166,562 |
438,641,327,500 |
|
-Cash
Outflows from Financing |
(-)396,789,084,053 |
(-)460,593,866,614 |
(-)559,703,666,370 |
|
Increase/Decrease
in Cash |
1,400,510,125,355 |
(-)8,602,018,378 |
8,101,191,108 |
|
Cash at the
Beginning of Year |
28,909,413,133 |
37,511,431,511 |
29,410,240,403 |
|
Cash at the End of Year |
1,429,419,538,488 |
28,909,413,133 |
37,511,431,511 |
Products, Technologies, Services
Description
|
Main Products & Services |
PE Business Low Density Polyethylene (LDPE) Ethylene Vinyl Acetate Copolymer (EVA) Linear Low Density Polyethylene (LLDPE) Wire & Cable Compound PVC Business Polyvinyl Chloride (PVC) Resin Paste Resin Plasticizer Octanol Alkali Soluble Resin (ASR) CA Business Caustic Soda Chlorine Hydrochloric Acid Other Chlorine Derivative Products NEW Business Nano Materials for Hydrogen Storage Renewable Energy (Solar cell) Carbon Nano Tube (CNT) Nano Particle Technology Barium Titanate (BT) |
Trade
Partners
|
Suppliers |
YEOCHUN NCC CO., LTD.(110111-1839096) 8TH TEL:+82-2-6050-2400 FAX:+82-2-6050-0888 |
|
Customers |
Manufacturers of Plastic, Construction
materials, Textiles, Paper, Automobiles, Electronics & Appliance |
|
Competitors |
LOTTE DAESAN PETROCHEMICAL CORPORATION 634, DOKGOT-RI, DAESAN-EUP, SEOSAN-SI, TEL:+82-41-689-5114 FAX:+82-41-689-5118 KUNSUL CHEMICAL INDUSTRIAL CO., LTD. 197, GAYA-DONG PUSANJIN-GU, TEL:+82-51-8924221FAX:+82-51-8925576 KUKDO CHEMICAL CO., LTD. 345-35, KASAN-DONG KEUMCHON-GU, TEL:+82-2-32821476 FAX:+82-2-32821486 EA KUMHO PETROCHEMICAL CO., LTD. 57, SHINMOON-RO 1-GA JONGRO-GU, TEL:+82-2-63030114 FAX:+82-2-63033329 (*) The Subject’s domestic market shares
are LDPE(41%), PVC(48%) and CA(51%). |
Related Parties (Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates-Domestic |
HANWHA SECURITIES CO.,LTD (110111-0003155) (10.91% held by the subject company) HANWHA VC CORP. (110111-1912909) (17.10% held by the subject company) KOREA LIFE INSURANCE CO.,LTD
(110111-0003204) (2.36% held by the subject company) HANWHA EAGLES PROFESSIONAL BASEBALL CLUB
(160111-0007214) (40.00% held by the subject company) HANWHA CORP (110111-0002959) HANWHA E&C CO., LTD.(110111-2558405) HANWHA TIMEWORLD CO., LTD. (160111-0003410) HANWHA NON-LIFE INSURANCE CO., LTD.
(110111-0006456) HANWHA LIVING & CREATIVE CORP
(110111-1725930) HANWHA POLYDREAMER CO.,LTD (161511-0001861) HANWHA STATION DEVELOPMENT CO., LTD.
(110111-0544133) HANWHA CHONGNYANGNI STATION DEVELOPMENT
CO., LTD. (110111-3008376) HANWHA INVESTMENT TRUST MANAGEMENT CO.,
LTD. (110111-0571201) KLI INSURANCE INVESTIGATION CO., LTD.
(110111-3192913) KOREA TELE MARKETING & SERVICES CO.,
LTD (110111-3199349) HAN COMM. INC. (110111-0362957) ENVIRONMENT FACILITIES MANAGEMENT
CORPORATION (141411-0006564) DREAM PHARMA CORP. (110111-1181025) HANWHA S&C CO., LTD (110111-2204470) GUNPO ECOTECH CORPORATION (110111-2629941) HANWHA 63 CITY CORPORATION (110111-0425622) DAEDEOK TECHNO VALLEY CO., LTD
(160111-0115059) YANGJU ENVIRO CORPORATION (110111-2503244) HANWHA CITY DEVELOPMENT CO.,LTD
(160111-0182230) KUMDAN ECOTECH CORPORATION (110111-3205659) HANWHA TOUR DANGJIN TECHNO POLIS CO.,
Ltd(165011-0022657) AZDEL INC. HANWHA INDEPENDENT ENERGY
CORPORATION(110111-3780932) |
|
Affiliates-Overseas |
HANWHA ( HANWHA CHEMICAL MAXFORMA INCORPORATED. UNION INDUSTRIAL DEVELOPMENT INC. BOR DEVELOPMENT LLC. MAXFORMA HOLDINGS INCORPORATED MAXFORMA PLASTICS LLC. HANWHA CHEMICAL ( HANWHA CHEMICAL ( UNIVERSAL BEARINGS INC. HANWHA AMERICA DEVELOPMENT INC. HANWHA HANWHA DEVELOPMENT SERVICES LLC. LANCASTER DEVELOPMENT GROUP LLC. HANWHA INTERNATIONAL(S) PTE LTD. MGM RT. ACROPARK GOLF CORP. HANWHA BANK HUNGARY LTD. HANWHA FIRST INVESTMENT CO.,BV HANWHA HANWHA SONORAN LLC. SONORAN HANWHA SAUDI CONTRACTING CO. LTD. HANWHA RESOURCES ( HANWHA L&C CANADA INC. |
|
Subsidiary |
HANWHA L&C CORPORATION(110111-1725930) (100.0% held by the subject company) SEOUL PLAZA HOTEL (110111-0154776) (41.98% held by the subject company) HANWHA RESORT CO.,LTD (110111-0249709) (50.0% held by the subject company) HANWHA GALLERIA CO., LTD.( 110111-0202989) (100.0% held by the subject company) YEOSU COGENERATION
CORPORATION(110111-3807223) (51.00% held by the subject company) H COMPOUND CORPORATION(206211-0035747) (100.0% held by the subject company) HANWHA NANOTECH CORPORATION(211111-0011643) (67.0% held by the subject company) |
|
Cooperative |
-Technical Support OXY VINYLS/CHISSO |
Sales by
Region (Activity &
Markets)
|
Sales/ Unit :Mil KRW |
2007 |
2006 |
2005 |
|
Export |
1,175,080 |
1,009,777 |
974,997 |
|
Domestic |
1,310,157 |
1,208,764 |
1,141,473 |
|
Total |
2,485,237 |
2,218,541 |
2,116,470 |
The Subject exports
to
Court
Action
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (Million KRW) |
Status |
|
|
|
Hyundai oil Refinery Co.,
ltd.(110111-0090558) |
The Subject Company |
On selling Hanwha Energy's Stocks |
32,347 |
2nd Round Proceeding |
|
|
|
The Subject Company |
Fair Trade Commission |
Imposed penalties |
1,000 |
Proceeding |
|
|
|
Prosecutors' Office |
The Subject Company |
Related to the above case (Imposed penalties) |
50 |
Proceeding |
|
|
|
Lee Sang-Il |
The Subject Company |
Infringement of Patent on Waste Water
Treatment |
500 |
Proceeding |
|
|
|
|
The Subject Company |
Claim for Damages |
- |
Motion to dismiss |
|
|
|
The Subject Company |
Lee Il-Soon & Others(2) |
On Refunding the Subsidy |
72 |
The Subject won at 3rd Round. |
|
|
|
Fair Trade Commission |
The Subject Company |
Imposed Penalties on Suspicion of price fixing on PE |
- |
Proceeding |
|
|
|
The Subject Company |
Daehae Co., Ltd. |
Account Receivables |
164 |
Proceeding |
|
|
|
The Subject Company |
|
Account Receivables |
196 |
Proceeding |
|
|
|
The Subject Company |
HONG WON PAPER MFG CO.,
LTD.(110111-0239221) |
Account Receivables |
32 |
Proceeding |
|
|
|
The Subject Company |
Fair Trade Commission |
Imposed Penalties on Suspicion of price
fixing on LD/LDPE |
1,040 |
Proceeding |
|
|
|
LG CHEM LTD(110111-2207995) |
The Subject Company |
Account Receivables |
108 |
Proceeding |
|
|
|
The Subject Company |
ESP Vynalpia Co., Ltd. |
Account Receivables |
118 |
Proceeding |
|
|
|
HONAM PETRO CHEMICAL
CORPORATION(110111-0193196) |
The Subject Company |
Account Receivables |
108 |
Proceeding |
News Clipping
HANWHA PLANS FOR PVC PLANT IN
JOONGANGILBO & JOINS.COM: 01/15/2008
Hanwha Chemical Corporation, a Korean chemical maker, said it plans to
build a polyvinyl chloride plant in
The project, which requires approval from the Chinese government, will
cost about 360 billion won ($385 million), Seoul-based Hanwha Chemical said in
a regulatory filing yesterday.
Hanwha Chemical’s plant would produce 300,000 tons of polyvinyl
chloride, or PVC, per year.
PVC is used to make water-resistant clothing, garden hoses, floor tiles
and window frames.
The Korean firm will set up a company to build the plant in the Daxie
economic development zone in
Bloomberg
- Copyrights JoongangIlbo &
Joins.com, All rights reserved. –
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.09 |
|
|
1 |
Rs.74.90 |
|
Euro |
1 |
Rs.63.40 |
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%)