MIRA INFORM REPORT

 

 

Report Date :

23.02.2011

 

IDENTIFICATION DETAILS

 

Name :

HANWHA CHEMICAL CORPORATION

 

 

Registered Office :

1, Janggyo-dong, Jung-gu, Seoul, Korea, 17th Fl., Hanwha Bldg. 100-797

 

 

Country :

South Korea

 

 

Financials (as on) :

30.09.2010

 

 

Date of Incorporation :

27.04.1974

 

 

Com. Reg. No.:

202-81-16577

 

 

Legal Form :

Listed Company

 

 

Line of Business :

Manufacturer of Basic Organic Petrochemicals

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

Payment Behaviour :

No Complaints

Litigation :

Exists

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

South Korea

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Basic

 

Company Name

HANWHA CHEMICAL CORPORATION

(Trade Name : HCC)

(Korean Company Name : “한화케미칼(주)”)

Registered Address

1, Janggyo-dong, Jung-gu, Seoul, Korea

Building

17th Fl., Hanwha Bldg.

Zip Code

100-797

Tel

+82-2-729-2700

Fax

+82-2-729-1455

E-mail

webhcc@hanwha.co.kr;temuchin@hanwha.co.kr

Website

hcc.hanwha.co.kr

Trading Address

Hanwha Bldg., 1, Janggyo-dong, Jung-gu, Seoul, Korea

Tel

+82-2-729-2700

Fax

+82-2-729-1455

Other Address-Yeosu Factory

287-9, Pyeongyeo-dong, Yeosu-si, Jeollanam-do, Korea

Tel

+82-61-688-1114

Fax

+82-61-688-1011

Other Address-Ulsan Factory I

482, Sanggae-dong, Nam-gu, Ulsan, Korea

Tel

+82-52-279-2114

Fax

+82-52-267-6606

Other Address-Ulsan Factory II

666, Yeocheon-dong, Nam-gu, Ulsan, Korea

Tel

+82-52-279-5114

Fax

+82-52-279-5111

Other Address-Jinhae Factory

530, Jangcheon-dong, Jinhae-si, Gyeongsangnam-do, Korea

Tel

+82-55-540-3055

Fax

 

Other Address-R&D Center

6, Sinseong-dong, Yuseong-gu, Daejeon, Korea

Tel

+82-42-865-6400

Fax

+82-42-861-2611

Type

Export

Industry

Manufacture of Basic Organic Petrochemicals

  Main Business

PE,PVC, Caustic Soda, Hydrochloricacid, Low Density Polyethylene, Linear Low Density Polyethylene

Established (mm/dd/yyyy)

04/27/1974

The Subject owns the premises of Ulsan Factory I, Yeosu Factory and R&D Center.

 

 

Detailed Products

 

Activity

Detailed Products (UNSPSC)

Sell

Plasticizers(12162000)

Sell

Low Density Polyethylene LDPE(13102018)

Sell

Thermoplastic plastics(13102000)

Sell

Water treatment and supply equipment(47101500)

Sell

Alcohols or its substitutes(12352104)

Sell

Ethylene Vinyl Acetate EVA(13102009)

Sell

Alcohols or its substitutes(12352104)

Sell

Chlorinated mixed gases(12142102)

Sell

Chemistry reagents or solutions(41116105)

Sell

Polyvinyl chloride resin(13111025)

Sell

Inorganic hydroxides(12352305)

Sell

Inorganic metal salts(12352302)

Sell

Chemistry reagents or solutions(41116105)

Sell

Aliphatic solvents(12191502)

Sell

Abrasives and abrasive media(31191500)

 

 

CEO’s

 

Name

Hong Ki-Joon

Date of Birth

11/22/1950

Title

President & CEO

Sex

Male

Nationality

Korean

 

 

Profiles

 

Capital (KRW)

707,036,240,000

Employees

2,084

Formation

Listed Company (Korea Stock Exchange : 009830) as of 06/19/1974

A Company of HANWHA GROUP

Bank Details

Woori Bank-Sales 2 Department

Corporate Registered No.

110111-0360935

Business Registered No.

202-81-16577

Permit & Licenses

Int’l Trade No.: 831437

Shareholder Position

Name

Shares

%

HANWHA CORP (110111-0002959)

53,117,578

37.86

HANHWA CONSTRUCTION CO., LTD.(175611-0008794)

6,428,400

4.58

CHEONAN BUKIL EDUCATION ACADEMY

250,521

0.18

HONG KI-JOON

30,000

0.02

OTHERS

81,580,749

57.36

TOTAL

141,407,248

100.00

Company History

03/19/2010 Changed Korean company name to the present name(한화케미칼(주)) from 한화석유화학(주)

07/2008  Advancement ing into solar power cells business

06/2008  Yeosu LD Plant expanded

12/2007 Physical divisioning of Congeneration plant sector, Establishment of Yeosu Congeneration plant co., Ltd

06/2007 Ulsan CA&EDC capacity expanded

01/2007 Group CI Changed (TRI Circle)

01/2006 Yeosu W/C capacity expanded

12/2005 Yeosu CA capacity expanded

08/2005 Jinhae SAA capacity expanded

03/2005 Ulsan PVC capacity expanded

12/2004 PVC Plant expanded

08/2004 Opened the office in Beijing

10/2003 Yeosu OXY-EDC Plant expanded

07/2003 China Hanwha Trade (Shanghai) Co., Ltd. established

04/2003 CA Plant expanded

05/2002 Certification of Safety and Sanitation Management System plant (K-OHSMS 18001)

04/2002 SAA plant completed

07/2001 Completion of ㎝P Slurry plant for semi-conductor

04/2001 Expansion and completion of Yeosu CA plant

04/2000 Expansion and completion of Yeosu EDC, V㎝ plants

12/1999 Yeochun NCC established as joint venture with Daelim Industrial Corp.

12/1997 Yeochun PP plant completed

12/1997 Yeosu 2-EH plant completed

10/1995 Yeosu PVC plant expanded

10/1994 Company name changed to Hanswha Chemical Corp.(HCC)

03/1994 Yeosu Ammonium Chloride plant completed

10/1992 Yeosu Naphtha Cracking Center completd

08/1991 Yeosu ECH plant completed

07/1991 1st Ulsan plant, C/A EDC, V㎝ plant completed

09/1990 Yeosu PVC plant completed

11/1989 Yeosu HDPE plant completed

09/1989 Han Yang Chemical (Thailand) Co. established in Thailand

12/1988 Han Yang - BASF Urethane Co., Ltd. established as a joint-venture company with BASF in Germany

10/1988 ACAN Windows Inc. in Canada established

05/1988 Yeosu LLDPR plant completed.

03/1986 Yeosu LLDPE plant completed.

01/1984 Han Yang Chemical Co., Korea Chemical Co. and Han Yang Chemical Holding Co. merged)

12/1982 HanYang Chemical Corp. established.

06/1980 Yeosu V㎝,EDC,LDPE, Cl2, NaOH plants completed.

03/1979 Daedeok R&D Center established

09/1975 Dow Chemical Korea Ltd. established

04/27/1974 Han Yang Chemical Holding Co., Ltd. established by taking over the shares of Han Yang Chemical Co. owned by Korea Pacific Chemical

 

 

Management

 

Job Description

Title

Name

Nationality

Date of Birth

Education/Career

Chairman & CEO

Mr.

Kim Seung-Yon

Korean

1952.02.07

De Paul University, USA

President & CEO

Mr.

Hong Ki-Joon

Korean

1950.11.22

Seoul National University, Korea

Director

Mr.

Han Sang-Heum

Korean

1959.04.06

Seognag University, Korea

Outside Director

Mr.

Jung In-Hyun

Korean

1937.12.12

Yonsei University, Korea

Outside Director

Mr.

Lee Seung-Jong

Korean

1952.09.16

Present Prof., of Seoul National University, Korea

Outside Director

Mr.

Oh Deok-Keun

Korean

1945.07.14

Sungkyungwan University, Korea

Outside Director

Mr.

Lee Jin-Kyu

Korean

1952.07.28

Ohio University, USA

 

 

Financials

 

Year / Unit : KRW

Sales

Assets

Net Income

09/2010

2,694,111,651,688

5,378,604,334,200

377,972,720,594

2009

3,033,722,828,299

4,817,478,192,594

343,408,134,311

2008

3,036,966,522,359

4,455,606,232,564

41,496,895,373

2007

2,485,237,056,378

3,688,664,456,222

204,499,812,621

2006

2,218,540,769,466

3,048,607,746,615

204,942,806,355

2005

2,116,469,504,678

3,003,004,870,842

326,640,526,898

2004

2,011,136,568,002

3,118,247,404,311

300,171,873,044

 

 

Financial Description

 

Authorized Capital(KRW)

1,500,000,000,000

Paid-Up Capital(KRW)

707,036,240,000

Total Issues Shares

141,407,248

 

Balance Sheet

 

Unit : Korean Won

01/01/2010~09/30/2010

As of 12/31/2009

As of 12/31/2008

Total Assets

5,378,604,334,200

4,817,478,192,594

4,455,606,232,564

Current Assets

711,008,223,123

612,345,257,893

1,225,782,731,917

-Quick Assets

450,621,730,875

397,691,182,915

973,688,218,214

-Inventories

260,386,492,248

214,654,074,978

252,094,513,703

Fixed Assets

4,667,596,111,077

4,205,132,934,701

3,229,823,500,647

-Investment

2,653,355,883,508

2,229,498,351,294

1,523,197,966,408

-Tangibles

1,847,602,826,316

1,809,201,647,214

1,647,799,052,096

-Intangibles

7,678,521,941

7,965,042,766

8,488,081,088

-Others

158,958,879,312

158,467,893,427

50,338,401,055

Total Liabilities

2,383,056,513,237

2,148,894,212,406

2,084,140,573,503

Current Liabilities

1,070,271,155,792

1,251,715,827,041

1,082,531,823,867

Fixed Liabilities

1,312,785,357,445

897,178,385,365

1,001,608,749,636

Capital Stock

707,036,240,000

707,036,240,000

707,036,240,000

Capital Surplus

514,869,091,553

516,323,229,973

503,528,081,749

Profit Surplus

1,620,658,731,504

1,306,375,459,360

1,014,404,753,312

Capital Adjustment

152,983,757,906

138,849,050,855

146,496,584,000

Total Equity

2,995,547,820,963

2,668,583,980,188

2,371,465,659,061

Liab. & Shareholder’s Equity

5,378,604,334,200

4,817,478,192,594

4,455,606,232,564

 

Current Liabilities

1,070,271,155,792

1,251,715,827,041

1,082,531,823,867

Trade Payables

420,311,784,946

413,097,481,215

225,945,289,448

Short-Term Borrowings

215,166,861,219

234,119,533,189

420,858,868,481

Account Payables

45,795,924,859

29,038,347,614

74,363,772,821

Accrued Expenses

6,458,201,181

26,975,489,260

13,910,522,815

Accrued Income Tax

67,996,272,164

29,877,220,524

73,868,735,022

Withholdings

7,028,588,069

6,456,119,821

5,784,960,345

Advance Receipts

1,739,511,646

1,636,328,391

742,387,652

Current Portion of Debentures

214,200,000,000

473,028,000,000

239,000,000,000

Current Portion of Long-Term Debts

83,810,750,000

35,552,050,000

25,394,440,000

Current Portion of Long-Term Account Payables

-　

25,561,000

1,125,561,000

Derivatives

8,660,172,016

1,973,139,789

1,636,527,354

Fixed Liabilities

1,312,785,357,445

897,178,385,365

1,001,608,749,636

Debentures

628,520,000,000

576,760,000,000

713,475,000,000

Long-Term Borrowings

465,914,950,000

121,179,700,000

88,249,150,000

Long-Term Account Payables

1,130,575,400

1,130,575,400

1,156,136,400

Leasehold Deposit Received

36,149,457,804

35,910,437,575

36,748,941,135

Provision for Sales Guarantee

100,000,000

100,000,000

100,000,000

Provision for Severance & Retirement

129,911,121,573

117,660,252,454

122,547,843,265

Derivatives

-　

5,935,671,556

1,244,952,674

Non-Current Portion of Deferred Income Tax Credit

89,853,710,184

68,736,454,336

62,244,818,586

 

 

Income Statement

 

Unit : Korean Won

01/01/2010~09/30/2010

As of 12/31/2009

As of 12/31/2008

Sales

2,694,111,651,688

3,033,722,828,299

3,036,966,522,359

Cost of Sold Goods

2,118,148,687,801

2,368,908,802,020

2,537,116,812,374

Gross Profit

575,962,963,887

664,814,026,279

499,849,709,985

Selling & Admin. Expenses

193,879,724,959

254,044,558,861

242,032,040,247

Operating Income

382,083,238,928

410,769,467,418

257,817,669,738

Non-Operating Income

326,249,206,845

260,548,087,993

199,270,238,774

Non-Operating Expenses

220,126,988,947

253,421,104,700

404,082,160,105

Ordinary Income

488,205,456,826

417,896,450,711

53,005,748,407

Special Income

-

-

-

Income Before Taxes

488,205,456,826

417,896,450,711

53,005,748,407

Income Taxes Expenses

110,232,736,232

74,488,316,400

11,508,853,034

Net Income

377,972,720,594

343,408,134,311

41,496,895,373

 

 

Cash Flows

 

Unit : Korean Won

01/01/2010~09/30/2010

As of 12/31/2009

As of 12/31/2008

Cash Flows from Operating

324,125,041,543

696,992,466,927

226,120,545,539

-Net Income

377,972,720,594

343,408,134,311

41,496,895,373

-Exp. without Cash Outflow

231,426,920,594

259,920,012,440

345,574,117,929

-Revenue without Cash Inflows

-282,008,023,228

-174,900,801,020

-116,605,888,195

-Changes in Asset/ & Liability

-3,266,576,417

268,565,121,196

-44,344,579,568

Cash Flows from Investing

-406,314,005,813

-734,994,718,078

-705,653,430,399

-Cash Inflow from Investing

248,228,562,480

41,920,671,503

15,624,016,441

-Cash Outflows for Investing

-654,542,568,293

-776,915,389,581

-721,277,446,840

Cash Flows from Financing

115,338,322,501

-222,383,527,240

747,392,228,474

-Cash Inflows from Financing

971,235,561,921

1,939,378,494,562

1,871,059,820,963

-Cash Outflows from Financing

-855,897,239,420

-2,161,762,021,802

-1,123,667,592,489

Increase/Decrease in Cash

33,149,358,231

-260,385,778,391

267,859,343,614

Cash at the Beginning of Year

36,382,978,356

296,768,756,747

28,909,413,133

Cash at the End of Year

69,532,336,587

36,382,978,356

296,768,756,747

 

Products, Technologies, Services Description

 

Main Products & Services

PE(Polyethylene)

-LDPE, EVA, LLDPE, Wire & Cable compounds

 

PVC(Polyvinyl Chloride)

-PVC resin, Paste resin, Plasticizer, OA

 

CA(Chlor Alkali)

-Caustic soda, Chlorine, EDC, V㎝, ECH, Hydrochloric acid, HYPO, Ammonium

 

New Business

-Barium Titanate, CNT, PV Cell

 

 

Trade Partners & Competitors

 

Suppliers

YEOCHUN NCC CO., LTD.(110111-1839096)

Competitors

LG CHEM CO., LTD.

24TH FL., LG TWIN TOWER EAST ANNEX, 20, YEOUIDO-DONG, YEONGDEUNGPO-GU, SEOUL, KOREA

TEL:+82-2-3773-1114  FAX:+82-2-3773-7933

 

SAMSUNG TOTAL PETROCHEMICALS CO., LTD.

411-1, DOKGOT-RI, DAESAN-EUP, SEOSAN-SI, CHUNGCHEONGNAM-DO, KOREA

TEL:+82-41-660-6114  FAX:+82-41-681-4812

 

HONAM PETROCHEMICAL CORPORATION

11TH FL., LOTTE GWANAK TOWER, 395-67, SINDAEBANG 2-DONG, DONGJAK-GU, SEOUL, KOREA

TEL:+82-2-829-4114  FAX:+82-2-843-1010

 

 

Related Parties

(Subsidiaries, Joint-Venture & Affiliates)

 

Affiliates-Domestics

HANWHA CORP (110111-0002959)

HANWHA CHEMICAL CORPORATION (110111-0360935)

HANWHA TIMEWORLD CO., LTD. (160111-0003410)

HANWHA SECURITIES CO.,LTD (110111-0003155)

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)

HANWHA VC CORP. (110111-1912909)

KLI INSURANCE INVESTIGATION CO., LTD. (110111-3192913)

KOREA TELE MARKETING & SERVICES CO., LTD (110111-3199349)

RADISSON SEOUL PLAZA HOTEL (110111-0154776)

HAN COMM. INC. (110111-0362957)

ENVIRONMENT FACILITIES MANAGEMENT CORPORATION (141411-0006564)

HANWHA TOUR. (KOREA)

HANWHA RESORT CO.,LTD (110111-0249709)

KOREA LIFE INSURANCE CO.,LTD (110111-0003204)

DANGJIN TECHNO POLIS CO., LTD(165011-0022657)

AZDEL INC. (KOREA)

HANWHA INDEPENDENT ENERGY CORPORATION(110111-3780932)

GIMHAE TECHNO VALLEY CO.,LTD.(195511-0120447)

HANWHA CHEMICAL OVERSEAS HOLDINGS, CO., LTD.(110111-4137207)

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)

KUMDAN ECOTECH CORPORATION (110111-3205659)

 

HANWHA EAGLES PROFESSIONAL BASEBALL CLUB (160111-0007214)

(40.00% held by the subject company)

 

HANWHA CITY DEVELOPMENT CO.,LTD (160111-0182230)

(100.00% held by the subject company)

 

H COMPOUND CORPORATION(206211-0035747)

(100.00% held by the subject company)

 

HANWHA NANOTECH CORPORATION(211111-0011643)

(99.39% held by the subject company)

 

HANWHA CHEMICAL OVERSEAS HOLDINGS, CO., LTD.(110111-4137207)

(100.00% held by the subject company)

 

DREAMPHARMA CORP. (110111-1181025)

(100.0% held by the subject company)

 

HANWHA GALLERIA CO., LTD.( 110111-0202989)

(100.0% held by the subject company)

 

HANWHA L&C CORPORATION(110111-1725930)

(100.0% held by the subject company)

Affiliates-Overseas

KOREA LIFE INVESTMENT (AMERICA) LTD.

HANWHA (SHANGHAI) CO., LTD.

HANWHA CHEMICAL THAILAND.

MAXFORMA INCORPORATED.

UNION INDUSTRIAL DEVELOPMENT INC.

BOR DEVELOPMENT LLC.

MAXFORMA HOLDINGS INCORPORATED

MAXFORMA PLASTICS LLC.

HANWHA CHEMICAL (BEIJING) CO., LTD.

HANWHA CHEMICAL (SHANGHAI) CO., LTD.

UNIVERSAL BEARINGS INC.

HANWHA AMERICA DEVELOPMENT INC.

HANWHA LANCASTER LLC.

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 CHANDLER LLC.

CHANDLER LLC.

HANWHA SONORAN LLC.

SONORAN VISTA LLC.

HANWHA SAUDI CONTRACTING CO. LTD.

HANWHA CHEMICAL (THAILAND) CO., LTD.

(99.99% held by the subject company)

 

HANWHA INTERNATIONAL CORP.

(100.0% held by the subject company)

 

HANWHA SOLAR HOLDINGS CO.,LTD

(100.0% held by the subject company)

 

HANWHA  RESOURCES (CANADA) LTD. (12/14/2007 Joined as an Affiliated company)

HANWHA L&C CANADA INC. (01/02/2008 Joined as an Affiliated company)

HANWHA PARCEL LLC(07/02/2009 Joined as an Affiliated company)

HANWHA INTERNACIONAL DO BRASIL INTERMEDIACOES DE NEGOCIOS LTDA.(08/19/2009 Joined as an Affiliated company)

HANWHA CORSICANA LLC(07/07/2009 Joined as an Affiliated company)

HANWHA PARCEL O LLC(07/03/2009 Joined as an Affiliated company)

Overseas Office

HANWHA CHEMICAL TRADING (SHANGHAI) CO., LTD.

HANWHA CHEMICAL TRADING (NINGBO) CO., LTD.

(100.0% held by the subject company)

Cooperative Enterprise

-Insured Company

FIRST FIRE & MARINE INSURANCE CO.,LTD(110111-0017586)

HANWHA NON-LIFE INSURANCE CO., LTD.(110111-0006456)

 

Sales by Region

(Activity & Markets)

 

Sales/ Unit :Mil KRW

09/2010

2009

2008

Export

1,357,319

1,451,764

1,437,814

Domestic

1,336,793

1,581,959

1,599,153

Total

2,694,112

3,033,723

3,036,967

The Subject exports to China, Taiwan, Philippines, Singapore, Middle East and Africa.

 

 

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 & Others(3)

Related to selling Hanwha Enerygy's Stocks

32,347

The subject won at 1st round partially. 2nd round is proceeding.

 

 

The Subject Company

Fair Trade Commission

Related to imposed penalty on LD/LDPE Price Cartel

1,040

2nd round is Proceeding.

 

There are 2 cases filed as Plaintiff(s)/ Creditor(s)/ Applicant(s) amounting 1,219,000,000 KRW, and 7 cased filed as Defendant(s)/ Debtor(s)/ Respondent(s) amounting 34,388,000,000 KRW.

 

 

News Clipping

 

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FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.20

UK Pound

1

Rs.73.07

Euro

1

Rs.61.41

 

 

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

 

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%)

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.