MIRA
INFORM REPORT
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Report Date : |
10.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAWIT KINABALU SDN. BHD. |
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Registered Office : |
Jalan Kelapa Sawit Off KM 4 Jalan Tuaran Kota Kinabalu Sabah 88300 |
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|
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Country : |
Malaysia |
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|
Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
23.09.1996 |
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Com. Reg. No.: |
403109-W |
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Legal Form : |
Private Company Limited By Shares |
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Line of Business : |
Investment Holding Company. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 27,000,000 |
|
Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Malaysia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
IDENTIFICATION DETAILS
Verified Address
Subject name : SAWIT KINABALU SDN. BHD.
Business address : Jalan Kelapa Sawit
Off KM 4 Jalan Tuaran
Town : Kota Kinabalu
Province : Sabah
Zip/postal code : 88300
Country : Malaysia
Tel : +60 88 235811
Fax : +60 88 233779
Website : www.sawitkinabalu.com.my
Registered address : Jalan Kelapa Sawit
Off KM 4 Jalan Tuaran
Town : Kota Kinabalu
Province : Sabah
Zip/postal code : 88300
Country : Malaysia
SUMMARY DETAILS
Executive Summary
Date founded or registered : 23/09/1996
Legal form : Private Company Limited By Shares
Chief executive : Othman Bin Walat
Issued & paid up capital : MYR 549,000,000
Sales turnover : MYR 1,428,368,114 (Consolidated 12 months, 31/12/2010)
Net income : MYR 138,754,055 (Consolidated 12 months, 31/12/2010)
Total fixed assets : MYR 1,723,703,622 (Consolidated 12 months, 31/12/2010)
Line of business : Investment holding company.
Staff employed : Nil (Subject); 725 (Sawit Kinabalu Group)
CREDIT RISK OPINION
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is progressing
Management experience : Management is adequately experienced
Financial performance : Financial performance is very good
Organization structure : Organizational structure is consistent
Detrimental : No detrimental found
Payment history : No payment delays noted
Credit amount suggestion : USD 27,000,000
Credit amount asked : Not described.
Comments : Larger credit can still be considered.
STATUTORY DETAILS
Registry Data
Registration date : 23/09/1996
Legal form : Private Company Limited By Shares
Registration no 403109-W
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
MANAGEMENT / DIRECTORS
Key Management
Name : Othman Bin Walat
Designation : Managing Director
Name : Mary Ku Mei Li
Designation : Chief Financial Officer
Name : James Gatidis
Designation : Human Resources Manager
Name : Muhammad Adzlie Teo
Designation : Estate Manager
BOARD OF DIRECTORS/ OTHER APPOINTMENTS
Appointments
Name : Datuk Stephen Robert Evans
Designation : Director
Identification no : 350706-12-5009
Appointment date : 01/06/05
Address : Lot No.1, Taman Kali
89007 Keningau
Sabah
Malaysia
Biography : Datuk Stephen Robert Evans, SPDK, is a politician, public administrator and author from Sabah, Borneo, Malaysia. Evans was born in Kampong Bariawa Laut, a small village in
Keningau District, North Borneo (now Sabah). His father was Richard F. Evans, District Officer and later Resident of the West Coast for the North Borneo Chartered Company Government, which ruled North Borneo up to the 1942 Japanese invasion in World War II.
Evans studied in a Japanese primary school in Keningau during the occupation. After the war he was schooled at Roman Catholic Mission Schools at Sandakan, Jesselton (now Kota Kinabalu) and
Kuching, Sarawak. He studied at universities in Britain, United States and Australia, gaining B.Sc. and MA degrees in Public Administration and Diplomas in Journalism and Agriculture. In 1966 he was awarded a Columbo Plan Scholarship from the New Zealand Government to study Public Administration and Local Government.
Evans had a distinguished career as a politician in Sabah. He served as a Member of Parliament from 8 August 1974 to 1 June 1977, and a Senator from 15 December 1977 to 20 June 1978. He was
re-elected as an MP from 15 July 1978 until 29 March 1982. In 1986 he was elected as a member of the Legislative Assembly, serving from 5 May 1986 until 26 June 1990.
Evans was awarded a PGDK, Commander of the Order of Kinabalu
(second class Datukship) by the State Government in 1977 and in
1989 he was conferred the States highest award, SPDK, Grand
Commander of the Order of Kinabalu (first class Datukship).
Evans also served as a Justice of the Peace, and is a life member of the Commonwealth Parliamentary Association and the Malaysian Parliamentary Association.
Evans has authored several books, and twice won the Borneo Literature Bureaus Literature Competition. He is fluent in English, Malay, Kadazan/Dusun and Murut.
Name : Tan Sri Bernard Giluk Dompok
Designation : Director
Identification no : 491007-12-5113
Appointment date : 14/10/98
Address : Madsakazon Heights
Kg. Mompoit
89500 Penampang
Sabah
Malaysia
Biography : Tan Sri Bernard Giluk Dompok (born 7 October 1949) is a Plantation Industries and Commodities Minister and the President of the United Pasokmomogun Kadazan Dusun Murut Organisation (UPKO), which is part of the ruling Barisan Nasional coalition.
He was born in Penampang, Sabah, and received his education in SM St. Michael, Penampang and SM La Salle, Tanjung Aru. Later he obtained a Bachelor of Science degree in FISM from the West Ham Technical Institute (now the University of East London) in 1978.
He started his career as a valuer at the Sabah Lands & Surveys Department in 1978. Then he left the public sector and worked as a private valuer for about five years from 1980 until 1985. He was also active in various organisations and now he was a committee member of the National Finance Committee. He held other positions such as a member of International Parliamentarian Against Genocide in Bosnia Herzegovina, former president of Jaycees Penampang and former president of Sabah Economy & Development Native Institute (Institut Kemajuan Ekonomi Anak Negeri Sabah).
Political career
-He has been the President of the United Pasokmomogun Kadazan Dusun Murut Organisation (UPKO), which is part of the ruling Barisan Nasional coalition, since 1994.
State-level
-He began taking part in the General Election in 1986 and won the Moyog state seat and the Penampang Parliamentary seat, and was appointed as the Finance Minister of Sabah. In 1990, he defended these two seats.
He has gained several victories in general elections and had been elected Sabah minister of Agriculture & Fisheries, Tourism minister of Sabah, Deputy Chief Minister and Chief Minister of Sabah, in 1998. Besides that, he also became a Minister of the Prime Minister's Department in the federal cabinet in 1994.
Federal-level
-In the 11th General Election, he contested the parliamentary seat of
Ranau in a four-connered contest and eventually won with majority of
1387 vote. He gained 7547 vote compared to his rival - Ruhimin Adzim@ Ruhimin Ajim (Independent) 6160 vote, Karim Adam (Independent) 3310 vote and Japairil Suhaimin (Independent) 1609 vote.
Name : Othman Bin Walat
Designation : Director
Identification no : 491031-02-5171
Appointment date : 01/06/07
Address : TB 2633, Taman Mosaic
Jalan Tanjung Batu
91000 Tawau Sabah Malaysia
Biography : Tuan Hj. Othman Bin Walat serves as Non-Independent
Non-Executive Director at Innoprise Plantations Bhd since December
7, 2006. He graduated with a Diploma in Agriculture from University Pertanian Malaysia in 1970. He started with Federal Land Development Authority (FELDA) in 1972 as Assistant Manager and was promoted to Project Manager in 1973. He joined Kumpulan Guthrie Berhad as Estate Manager in 1974, and held various senior positions of the Group (1983 - 2004), and as Group Controller in
1996. He became Group Director Plantation (2003 - 2004). He served as Chief Executive Officer of Sabah Softwoods Berhad from 2004 to
2008. He is now the Group Managing Director to Sawit Kinabalu
Group since 2008.
Name : Datuk Kee Mustafa
Designation : Director
Identification no : 500703-12-5231
Appointment date : 01/08/00
Address : 582, Lorong Likas
Likas
88100 Kota Kinabalu
Sabah
Malaysia
Name : Datuk Musa Bin Haji Aman
Designation : Director
Identification no : 510330-12-5093
Appointment date : 03/06/03
Address : Rumah Yayasan Sabah
Batu 3 1/2, Jalan Tuaran
88400 Kota kinabalu
Sabah
Malaysia
Biography : Datuk Seri Panglima Haji Musa bin Haji Aman (born 30 March 1951), is the 14th and current Chief Minister of the state of Sabah in Malaysia. He took over the post from Chong Kah Kiat on March 27, 2003. His appointment as Chief Minister marks the end of the rotation system used in Sabah whereby the Chief Minister post is rotated every two years among the three main racial groups in Sabah: Christian Bumiputras, Muslim Bumiputras, and the ethnic Chinese.
He is also the chief of United Malays National Organization (UMNO) for Sabah. He is also the older brother of Dato' Seri Anifah Aman, Malaysia's Foreign Minister.
Political career
Datuk Musa's political career started on March 8, 1992, when he contested and won the Jambongan UMNO division chief's post (now known as Libaran division) and was appointed as Sabah Barisan Nasional (BN) treasurer eight days later.
On March 7, 1995, a year after BN came to power in Sabah, Musa became the director of Sabah Foundation (Yayasan Sabah), a Sabah statutory body. In March 1999 he resigned as the Sabah Foundation Director to contest in the state elections and defend the Sungai Sibuga State Legislative Assembly seat, defeating Ramli Noordin (PBS) by 4034 majority votes, the highest majority among the 24 seats contested by UMNO.
He moved up further in his political career when he was appointed Minister in the Chief Minister's Department under Datuk Osu Sukam in 1999. On March 27, 2001, he became the Finance Minister in Tan Sri Chong Kah Kiat's cabinet. On September 28, 2001, Musa replaced Osu Sukam as the Sabah UMNO Liaison Committee Chairman, which paved the way for him to be the Chief Minister. He assumed office as Sabah's Chief Minister on March 4, 2003, and is currently in his third term.
Name : George @ Juaari Bin Majid
Designation : Director
Identification no : 530825-12-5237
Appointment date : 01/06/07
Address : Lot 34, Taman Teluk Likas
Likas
89400 Kota Kinabalu
Sabah
Malaysia
Name : Pang Teck Wai
Designation : Director
Identification no : 550312-12-5627
Appointment date : 18/06/99
Address : House No. 2, Lorong Pokok Ru
Jalan Sena, Luyanag Satu
88300 Kota Kinabalu
Saba Malaysia
Name : Mary Ku Mei Li
Designation : Company Secretary
Identification no : 520331-12-5158
Appointment date : 03/04/97
Address : House No. 2, Lorong Pokok Ru
Jalan Sena, Luyanag Satu
88300 Kota Kinabalu
Sabah
Malaysia
Staff employed : Nil (Subject); 725 (Sawit Kinabalu Group)
Key Advisors
Auditors : ERNST & YOUNG
Level 23A, Menara Milenium
Jalan Damanlela
Pusat Bandar Damansara
Kuala Lumpur 50490
Malaysia
SHARE CAPITAL
Composition
Authorized Capital : MYR 1,000,000,000
No of shares : 1,000,000,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 549,000,000
Paid up capital : MYR 549,000,000
Changed in capital : The Subject increased its share capital from MYR 100,000 to MYR 1,000,000,000 on 05-11-1996.
OWNERSHIP / SHAREHOLDERS
How listed : Full List
Composition
Shareholder name : CHIEF MINISTER, STATE OF SABAH
Address : 17th Floor, Wisma Innoprise
Jalan Sulaman
Teluk Likas
88817 Kota Kinabalu
Sabah
Malaysia
No. of shares : 549,000,000 Ordinary Shares
% of shares : 100%
RELATED COMPANIES
& CORPORATE AFFILIATIONS
Structure
Name : RIKAWORTH SDN. BHD.
Affiliation type : Subsidiary
Address : Jalan Kelapa Sawit
Off KM 4 Jalan Tuaran
88300 Kota Kinabalu
Sabah
Malaysia
Comments : Investment holding.
Name : BAGAHAK PLANTATION SDN. BHD.
Affiliation type : Subsidiary
Address : Bagahak Estate, KM 1.5
Jalan Silam
Lahad Datu 91111
Sabah
Malaysia
Comments : Oil palm cultivation.
Name : TAWAU BULKING INSTALLATION SDN. BHD.
Affiliation type : Subsidiary
Address : Km 2. 4, Tanjung Batu Laut Road
Tawau 91009
Sabah
Malaysia
Comments : Operation of bulking installation for oil palm related products.
Name : OSCAR KINABALU SDN. BHD.
Affiliation type : Subsidiary
Address : Bagahak Estate, KM 1.5
Jalan Silam
Lahad Datu 91111
Sabah
Malaysia
Comments : Oil palm cultivation.
Name : MINYAK BERJAYA SDN. BHD.
Affiliation type : Subsidiary
Address : Jalan Kelapa Sawit
Off KM 4 Jalan Tuaran
88300 Kota Kinabalu
Sabah
Malaysia
Comments : Property investment and rental of commercial shop lots.
Name : KUNAK REFINERY SDN. BHD.
Affiliation type : Subsidiary
Address : Jalan Kelapa Sawit
Off KM 4 Jalan Tuaran
88300 Kota Kinabalu
Sabah
Malaysia
Comments : Trading of crude palm oil, palm kernel and refined palm oil products.
Name : SAWIT KINABALU EDIBLE OILS SDN. BHD.
Affiliation type : Subsidiary
Address : Jalan Kelapa Sawit
Off KM 4 Jalan Tuaran
88300 Kota Kinabalu
Sabah
Malaysia
Comments : Dormant company.
Name : SAWIT KINABALU SEEDS SDN. BHD.
Affiliation type : Subsidiary
Address : Complex Seed Production, Mile 24
Jalan Apas
Tawau 91009
Sabah
Comments : Palm oil seed grower.
Name : SANDAKAN BULKERS SDN BHD
Affiliation type : Subsidiary
Address : Jalan Tuaran off KM4
Jalan Kelapa Sawit
88300 Kota Kinabalu
Sabah
Malaysia
Comments : Property development.
Name : SAPLANTCO SDN BHD
Affiliation type : Subsidiary
Address : Lot 104, Kian Yap Industrial Estate, Phase 3A Mile 5 1/2, Jalan Tuaran, Lorong
Durian 5
88450 Kolombong, Kota Kinabalu
Sabah
Malaysia
Comments : Purchase and sales of mechanical cutters.
Related companies and corporate affiliations comments: Other companies of the Sawit Kinabalu Group should be considered affiliates of the Subject.
BANK & MORTGAGES
Bank Details
Name of bank : AmBank (M) Berhad
Address : Malaysia
Account details : Current Account
Name of bank : HSBC Bank Malaysia Berhad
Address : Malaysia
Account details : Current Account
Name of bank : Alliance Bank Malaysia Berhad
Address : Malaysia
Account details : Current Account
Comments : It is generally not the policy of local banks to provide credit status information to non related parties, however interested parties would be advised to consult first with the Subject if banker's references are required.
Mortgages : None reported.
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
FINANCIAL DATA
Description
Source of financial statement : Commercial Registry Filings
Financial statement date : 31/12/10
Type of accounts : Full audited
Currency : Malaysia, Ringgit (MYR)
Exchange rate : 1 USD = MYR 3.14 as of 08-12-2011
Summarized Financial Information
Consolidation type : Consolidated Consolidated
Currency : Malaysia, Ringgit (MYR) Malaysia, Ringgit (MYR)
Date of financial year end : 31/12/10 31/12/09
Length of accounts : 12 months 12 months
|
Sale turnover /
Income : |
1,428,368,114 |
1,003,273,292 |
|
Gross profit : |
331,659,667 |
205,638,995 |
|
Operating profit : |
197,640,727 |
75,419,219 |
|
Profit before
tax : |
201,794,731 |
76,056,512 |
|
Net income : |
138,754,055 |
51,955,584 |
|
Non current
assets : |
944,284,196 |
944,170,152 |
|
Current assets : |
779,419,426 |
699,453,684 |
|
Inventories : |
156,567,281 |
132,100,779 |
|
Total assets : |
1,723,703,622 |
1,643,623,836 |
|
Current
liabilities : |
87,641,886 |
119,378,549 |
|
Non current
liabilities : |
61,440,305 |
76,042,599 |
|
Total
liabilities : |
149,082,191 |
195,421,148 |
|
Share equity : |
1,574,621,431 |
1,448,202,688 |
|
Retained earning : |
937,836,334 |
823,082,279 |
Comments : The consolidated financial information above relates to the Subject and all its subsidiaries.
OPERATION DETAILS
Main activities : The Subject is engaged as a investment holding company for its subsidiaries involved in mainly in the palm oil industry.
Purchases
Local : None reported.
International : None reported.
Sales
Local : None reported.
International : None reported.
Key events : 07/12/2011
Sawit Kinabalu Group, the state government's fully owned corporate arm, has recorded a total pre-tax profit of RM2.56 billion since its establishment
15 years ago.
Chief Minister Datuk Seri Musa Aman said the excellent performance was proof that the decision to corporatise Kumpulan Sawit had been a right move.
Last year alone, the group recorded a pre-tax profit of RM202 million, he said. "I have congratulated the management of Kumpulan Sawit Kinabalu for having brought much progress to the government linked company. "Although still new in the corporate sector, its progress is clear through the big contribution it has made in the development of palm oil industry especially in Sabah," he said in his speech during the company's
annual dinner here today.
Musa who is also Chairman of Kumpulan Sawit Kinabalu said the company had contributed, through the sales tax of crude palm oil, more than RM50 million last year and for this year, its contribution amounted to RM51
million as of October.
This will benefit the state government in its plans to drive the economic growth of Sabah, he said. - Bernama
Property & Assets
Premises : The Subject operates from headquarters located at the verified heading address consisting of administrative office.
Branches : In addition, the Subject operates from branches located at:
P.O. Box 152
89808 Beaufort
Sabah
Malaysia
Tel: +60 87 211739
P.O. Box 154
89108 Kota Marudu
Sabah
Malaysia
Tel: +60 88 613810
Mile 2 1/2 Jalan Kuhara
Locked Bag 28
91009 Tawau Sabah Malaysia
Tel: +60 89 771033
P.O. Box 1253
Jalan Layang, Labuk Roda Batu 1 1/2, 90008 Sandakan Sabah
Malaysia
Tel: +60 89 214100
P.O. Box 60211 Jalan Silam
91008 Lahad Datu
Sabah
Malaysia
Tel: +60 89 883244
Other property : Total NBV of property, plant and equipment as of 31-12-2010 was MYR
914,936,150.
SUMMARIZED COUNTRY RISK
Gross Domestic Products (GDP) & Economic Overview
Central bank : Central Bank of Malaysia
Reserve of foreign exchange & gold : US$ 135.0 billion as of 15 November 2011
Gross domestic product - GDP : US$ 247.781 billion
GPP (Purchasing power parity) : 442.01 billion of International dollars
GDP per capita - current prices : US$ 8,624
GDP - composition by sector : agriculture: 9.4% industry: 40.9% services: 49.7%
Inflation : 2008: 5.4%
2009: 0.6%
2010: 1.7%
Unemployment rate : 2008: 3.3%
2009: 3.6%
2010: 3.3%
Public debt
(General Government gross debt as a % GDP) : 2008: 42.8%
2009: 55.4%
2010: 54.2%
Government bond ratings : Standard & Poor's: A-/Stable/A-2
Moody's rating: A3
Moody's outlook: STA
Market value of publicly traded shares: US$420 billion
Largest companies in the country : CIMB Group Holdings (Banking), Sime Darby (Conglomerates), Public Bank (Banking), Maybank (Banking), Tenaga Nasional (Utilities), Petronas Chemicals, Maxis Berhad
Trade & Competitiveness Overview
Total exports : US$210.3 billion
Exports commodities : electronic equipment, petroleum and liquefied natural gas, wood and wood products, palm oil, rubber, textiles, chemicals
Total imports : US$156.2 billion
Imports commodities : electronics, machinery, petroleum products, plastics, vehicles, iron and steel products, chemicals
Export - major partners : US 15.6%, Singapore 14.6%, Japan 9.1%, China 8.8%, Thailand 5%, Hong
Kong 4.6%
Import - major partners : Japan 13%, China 12.9%, Singapore 11.5%, US 10.8%, Taiwan 5.7%, Thailand 5.3%, South Korea 4.9%, Germany 4.6%, Indonesia 4.2%
FDI Inflows : 2007: US$8,538 million
2008: US$7,318 million
2009: US$1,381 million
FDI Outflows : 2007: US$11,280 million
2008: US$14,988 million
2009: US$8,038 million
Best countries for doing business: 21 out of 183 countries
Global competitiveness ranking : 26 (ranking by country on a basis of 133, the first is the best)
Country and Population Overview
Total population : 28.23 million
Total area : 329,847 km2
Capital : Kuala Lumpur
Currency : Malaysia Ringgit (MYR)
Internet users as % of total population: 57.61%
PAYMENT HISTORY
Purchase Term
Local : None
International : None
Sales Term
Local : None
International : None
Trade Reference/ Payment
Behaviour
Comments : As local and international trade
references were not supplied, the Subject's payment track record history cannot
be appropriately determined but based on our research, payments are believed to
be met without delay.
Investigation Note
Sources : Interviews and material provided by the
Subject
: Other official and local
business sources
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.28 |
|
|
1 |
Rs.81.55 |
|
Euro |
1 |
Rs.69.60 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SCs 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.