MIRA INFORM REPORT
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Report Date : |
08.10.2011 |
IDENTIFICATION DETAILS
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Name : |
DELFI MARKETING SDN. BHD. |
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Formerly Known As : |
SIME DARBY MARKETING SDN. BHD |
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Registered Office : |
C/o SYMPHONY CORPORATEHOUSE SDN. BHD., Level 8, Symphony House, Block D13, Pusat Dagangan Dana, 1, Jalan PJU 1A/46, Petaling Jaya Selangor Darul Ehsan, Zip/postal code, 47301 |
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Country : |
Malaysia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
25.09.1973 |
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Com. Reg. No.: |
15872-P |
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Legal Form : |
Private Limited Company Limited By Shares |
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Line of Business : |
Marketing
and distribution of healthcare and other consumer products |
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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Maximum Credit Limit : |
USD
550,000 |
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Status : |
Satisfactory |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Malaysia |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
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Off-credit |
D |
Identification details
Verified Address
Subject name : DELFI MARKETING SDN. BHD.
Business address : Level 10, West Wing
Wisma Consplant 2
No. 7, Jalan SS 16/1
Town : Subang Jaya
Province : Selangor Darul Ehsan
Zip/postal code : 47500
Country : Malaysia
Tel : +60 3 51233300
Fax : +60 3 56329213
Email : enquiry.kl@delfimarketing.com
Website : www.delfimarketing.com.my
Registered address : C/o SYMPHONY CORPORATEHOUSE SDN. BHD.
Level 8, Symphony House
Block D13, Pusat Dagangan Dana
1
Jalan PJU 1A/46
Town : Petaling Jaya
Province : Selangor Darul Ehsan
Zip/postal code : 47301
Country : Malaysia
Summary details
Executive Summary
Date founded
or registered : 25/09/1973
Legal
form : Private Limited Company Limited By
Shares
Chief
executive : Chow Kwai Beng A/L Chow Ying Cheok
Issued
& paid up capital : MYR 13,100,000
Sales
turnover : MYR 210,016,000 (Non-consolidated 12
months, 31/12/2010)
Net
income : MYR -742,000 (Non-consolidated 12
months, 31/12/2010)
Total
fixed assets : MYR 137,967,000 (Non-consolidated 12
months, 31/12/2010)
Line of
business : Marketing and distribution of
healthcare and other consumer products.
Staff
employed : 330 (Subject)
Credit risk opinion
Company Analysis
Country
risk : Country risk is minimal
Operation
trend : Operational trend is declining
Management
experience : Management is reasonably experienced
Financial
performance : Financial performance is good
Organization
structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment
history : No payment delays noted
Credit
amount suggestion : USD 550,000
Credit
amount asked : Not described.
Comments : Larger credit can still be considered
if guaranteed by Parent Company as
financial stability of the group
is positive.
Statutory details
Registry Data
Registration date : 25/09/1973
Legal form : Private Limited Company Limited By
Shares
Registration no 15872-P
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : The Subject was established on 25-09-1973
under the name SIME DARBY MARKETING SDN. BHD. and changed to current style on
30-06-2006.
Change of legal form : None reported.
Management / directors
Key Management
Name : Chow Kwai Beng A/L Chow Ying Cheok
Designation : Managing Director
Name : Lee Hock Chye
Designation : Director
Name : Wilbert Koh
Designation : Sales Manager
Name : Chan May Hui
Designation : Financial Manager
Board of directors / other
appointments
Appointments
Name : Chin Koon Yew
Designation : Director
Identification no : 560104-05-5379
Appointment date : 12/12/05
Address :
Biography : Mr.
Chin Koon Yew is Chief Financial Officer of Petra Foods Limited .
Mr. Chin joined
Petra Foods in 2001 as the CFO of Petra Foods, the position he undertakes
today. Before he joined Petra Foods, Chin worked for W.R.Grace for 17 years,
progressively undertaking more responsibility in various financial and
managerial positions and culminating in the role of Chief Financial Officer
Asia Pacific in 1998. In 2001 he joined Petra Foods in his current position,
and as Chief Financial Officer, Chin is in charge of all of the Petra Foods
Group’s financial operations.
Name : Chow
Kwai Beng A/L Chow Ying Cheok
Designation : Director
Identification no : 590204-08-5249
Appointment date : 09/04/10
Address : No.
39, Jalan USJ 20/6A
47630 Subang
Jaya Selangor Darul Ehsan
Name : Lim Hock Thye
Designation : Director
Identification no : 590809-07-5393
Appointment date : 14/03/06
Address :B12-W1
Block B Straits View Condo Permas Jaya
80250 Johor Bahru Johor Darul Takzim Malaysia
Name : Lee Hock Chye Designation : Director Identification no : 601128-08-6389
Appointment date : 14/03/06
Address : No. 26, Jalan 12/14
46200 Petaling Jaya Selangor Darul Ehsan Malaysia
Name : Oo Hoe Hee
Designation : Director
Identification no : E1504688L
Appointment date : 09/04/10
Address : 370G Lorong Chuan
Singapore 556798
Singapore
Biography : Mr.
Chris Oo Hoe Hee is Regional General Manager - Branded Consumer Division of
Petra Foods Limited. Mr. Chris has over 20 years of broad experience in the
consumer business in
companies and
small and medium-sized enterprises. Mr. Chris joined Petra Foods on 1st
January, 2006 as Regional General Manager for the Branded Consumer Division,
with particular focus on consumer business in the ASEAN markets. Prior to
joining Petra Foods, Chris was the Executive Vice President of the consumer
business of a public listed company.
Name : Chua Koon Chek
Designation : Director
Identification no : S0033540A
Appointment date : 12/12/05
Address : No. 7, University Walk
Singapore 297793
Singapore
Biography : Mr.
Chua Koon Chek (“KC”) is Executive Director of Petra Foods Limited since August
1, 2005. Mr. KC’s special focus is the Branded Consumer Division where he is
responsible for overseeing the international operations and business
development of the Division.
Mr. KC has over
30 years of experience in the branded chocolate and confectionery and fast
moving consumer goods industries. He uses this experience to expand the presence
of Petra Foods’ products
and
brands in chosen consumer markets
Name : Catherine Mah Suik Ching Designation : Company Secretary Identification no : 600421-10-6364
Appointment date : 01/02/11
Address : 19, Jalan BK3/8D Bandar Kinrara
47180 Puchong Selangor Darul Ehsan Malaysia
Name : See Siew Cheng
Designation : Company Secretary
Identification no : 670505-10-5880
Appointment date : 12/12/05
Address : 17, Jalan Ara SD 7/4G Bandar Sri Damansara
52200 Kuala Lumpur Wilayah Persekutuan Malaysia
Staff employed : 330 (Subject)
Key Advisors
Auditors : PRICEWATERHOUSECOOPERS Level 15, 1 Sentral
Jalan Travers
Kuala Lumpur Sentral
50706 Kuala Lumpur Wilayah Persekutuan Malaysia
Share capital
Composition
Authorized Capital : MYR 25,000,000
No of shares : 25,000,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 13,100,000
Paid up capital : MYR 13,100,000
Changed in capital : The Subject increased its share capital
from MYR 10,000,000 to MYR 25,000,000 on 24-01-2007.
ownership / shareholders
How listed : Full List
Composition
Shareholder name : PETRA FOODS LIMITED
Address : 111 Somerset Road
#16-01 TripleOne Somerset
Singapore 238164
Singapore
No. of shares : 13,100,000 Ordinary Shares
% of shares : 100%
Related companies & corporate Affiliations
Structure
Name PETRA FOODS LIMITED
Affiliation type Parent Company
Address 111 Somerset Road
#16-01 TripleOne Somerset
Singapore 238164
Singapore
Comments Petra Foods Limited,
through its subsidiaries, manufactures and markets cocoa ingredients and
consumer chocolate confectionery products. The company’s Cocoa Ingredients
segment engages in the manufacture and marketing of specialty cocoa butter,
liquor, and powder products for food and beverage companies under the Delfi
brand. Its Branded Consumer segment manufactures and markets chocolate
confectionery products under various brands, such as Goya, Knick Knacks,
SilverQueen, Ceres Meises, Delfi, Selamat, and Cha Cha. This segment also
distributes food and other consumer products. The company
also engages in
marketing and distributing healthcare, liquor, and other consumer products; and
provides manpower and management consulting services. It serves its customers
in
Name DELFI COCOA (MALAYSIA) SDN. BHD.
Affiliation type Sister Company
Address 523706, PLO 700, Jalan Keluli 8
Kawasan Perindustrian, Pasir Gudang
81700 Pasir Gudang, Johor Darul Takzim
Malaysia
Comments Manufacturing and marketing of industrial cocoa ingredients.
Name BRANDS OF HUDSONS SDN BHD
Affiliation type Sister Company
Address Level 10, West Wing
Wisma Consplant 2
47500 Subang Jaya Selangor Darul Ehsan Malaysia
Comments Marketing of consumer confectionery.
Name PT GENERAL FOOD INDUSTRIES
Affiliation type Sister Company
Address Jln Raya Dayeuhkolot no. 84
Pesawahan, Kabupaten Bandung 40256
Indonesia
Comments Manufacturing and marketing of industrial cocoa ingredients.
Name PT NIRWANA LESTARI
Affiliation type Sister Company
Address Jln Raya Dayeuhkolot no. 84
Pesawahan, Kabupaten Bandung 40256
Indonesia
Comments Marketing and distribution of chocolate confections and other consumer products.
Name COCOA SPECIALITIES, INC.
Affiliation type Sister Company
Address No. 23 M. Tuazon St., Parang
Marikina City 1809
Philippines
Comments Manufacturing and marketing of industrial cocoa ingredients.
Name DELFI COCOA USA, INC.
Affiliation type Sister Company
Address Panther Valley Village Square
Route 517, Allamuchy
NJ 07820
United States
Comments Marketing of industrial cocoa ingredients.
Name DELFI SINGAPORE PTE LTD
Affiliation type Sister Company
Address 111 Somerset Road
#16-01 TripleOne Somerset
Singapore 238164
Singapore
Comments Marketing and distribution of healthcare, liquor and other consumer products.
Name SIAM COCOA PRODUCTS CO. LTD
Affiliation type Sister Company
Address 140 Soi Thong Lor 4
Sukhumvit 55 Road Klongton Nua Subdistrict Wattana District
Bangkok
Thailand
Comments Manufacturing and marketing of industrial cocoa ingredients.
Name DCMX COCOA, S.A. DE C.V.
Affiliation type Sister Company
Address Lago Muritz #73 Col Anahuac Delegacion Miguel Hidalgo Mexico DF CP 11320
Comments Manufacturing and marketing of industrial cocoa ingredients.
Related companies and corporate affiliations comments
Other companies of Petra Group should be considered
affiliates of the Subject.
We are unable to list all the associated companies within
the group therefore we have enclosed an attachment to this report.
Bank & mortgages
Bank Details
Name of
bank :
Malayan Banking Berhad (Maybank)
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 :
Exchange rate : 1 USD = MYR 3.19 as of 05-10-2011
Summarized Financial Information
Consolidation type : Non
Consolidated Non
Consolidated Group
Consolidated Currency :
Date of financial year end : 31/12/10 31/12/09 31/12/10
Length of accounts : 12 months 12 months 12
months
Gross profit : 199,603,000
Operating profit : 1,358,000 4,065,000
Profit before tax : -367,000 3,659,000 58,461,000
Net income : -742,000 2,576,000 44,473,000
Non current assets : 2,086,000 2,057,000 300,567,000
Current assets : 135,881,000 159,936,000 753,282,000
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Inventories : |
51,714,000 |
88,320,000 |
491,362,000 |
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Total assets : |
137,967,000 |
161,993,000 |
1,053,849,000 |
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Current
liabilities : |
125,333,000 |
148,496,000 |
635,925,000 |
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Non current
liabilities : |
123,000 |
244,000 |
123,822,000 |
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Total
liabilities : |
125,456,000 |
148,740,000 |
759,747,000 |
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Share equity : |
12,511,000 |
13,253,000 |
294,102,000 |
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Retained earning : |
-589,000 |
153,000 |
141,228,000 |
Comments : The non-consolidated financial
information above relates to the
Subject
only.
The group’s consolidated
financial information above relates to the Subject’s Parent / Ultimate Holding
Company Petra Foods Limited and all its subsidiaries which include the Subject.
Operation details
Main activities : The Subject is involved in the sales,
marketing and distribution of the Delfi brand of chocolates.
The Subject is
also involved in the distribution of third-party chocolates &
confectioneries, consumer goods, pharmaceutical goods, personal healthcare products
and veterinary products.
The Subject’s
customers are supermarkets, hypermarkets, convenience stores, pharmaceutical
chains, personal care stores, general retail traders, petro marts, F & B
outlets, hotels, sundry shops, distributors and wholesalers, doctors' clinics,
retail pharmacies and hospitals.
The Subject is
part of Petra Foods Limited which is an investment holding company. The Company
is engaged in manufacturing and marketing of cocoa ingredients and consumer chocolate
confectionery products. The Company operates in two segments:
11 countries.
Product & services : Products:
1) Chocolates
2) Confectioneries
3) Consumer Goods
4) Pharmaceutical Goods
5) Personal Healthcare Products
6) Veterinary Products
Brand : Delfi SilverQueen Ceres Goya Knick Knacks
Purchases
International : Indonesia, Philippines, Mexico, Brazil, United States, Germany, France
Sales
Local : Yes
International : Asia countries
Property & Assets
Premises The Subject operates from
premises located at the verified heading address consisting of administrative
office.
Branches In addition, the Subject operates from branch offices located at:
8-4-3, Sunny Point Complex Jalan Batu Uban 11700 Gelugor Pulau Pinang
Malaysia
Tel: +60 4 6607121
No.15A, Jalan Kledang Permai 13
Taman Kledang Permai, 31450, Menglembu
Perak
Malaysia
Tel: +60 5 2862133
NO. 212-B, 1st Floor, Medan Putra
Seberang Jalan Putra
05150 Alor Setar
Kedah
Malaysia
Tel: +60 7 7322257
No. 641-A, Jalan Melaka Raya 10
Taman Melaka Raya
75200 Melaka
Malaysia
Tel: +60 6 2841908
No. 108, 1st Floor
Jalan S2 D32, City Centre
Seremban 2, 70300
Seremban
Negeri Sembilan
Malaysia
Tel: +60 6 6014310
Lot PT 2216, Ist Floor
Jalan Long Yunus
15200 Kota Bharu
Kelantan
Malaysia
Tel: +60 9 7462410
No. 55A, Jalan Harmonium 23/14
Taman Desa Tebrau
81100 Johor Bahru
Johor
Malaysia
Tel: +60 7 3598058
No. 10A, Jalan Emas
Taman Emas, 83000
Batu Pahat
Johor
Malaysia
Tel/ Fax: +60 7 4330841
B98, Tingkat 1
Lorong IM 8/33
25200 Kuantan
Pahang
Tel: +60 9 5729212
Lot No. 7, Second Floor
Block A, Plaza Utama Three Storey Shop Offices
Jalan Pintas Penampang
88300 Penampang
Kota Kinabalu, Sabah
Tel: +60 88 732053
No. 14316, Jalan Apas 2 1/2
Lorong 8/2, 91007
Tawau,
Tel: +60 89
758732
87000 Wilayah Persekutuan
Block 134,
90000
Tel: +60 89
273772
Block 16, Jalan Song
93350, Kuching
Sarawak
Tel: +60 82 573959
NO. 1E, Lorong Wawasan 8A
96000 Sibu Sarawak Malaysia
Tel / Fax: +60 84 213475
Lot 7117, Phase 5
Desa Senadin
98000 Miri Sarawak Malaysia
Tel / Fax: +60 85 661784
Other property Total NBV of property, plant and equipment as of 31-12-2010 was
MYR 2,067,000.
Summarized country risk
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Central Bank of
Reserve of foreign exchange & gold :
US$136.3 billion as of 29 August 2011
Gross domestic product - GDP : US$ 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: 55.2%
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 andsteel products, chemicals
Export - major partners : US 15.6%, Singapore 14.6%, Japan 9.1%,
China 8.8%, Thailand 5%, HongKong 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
Ringgits (MYR)
Internet
users as % of total population : 57.61%
Payment history
Purchase Term
International : L/C, Prepayment, Credit up to 90 days
Sales Term
Local : Cash against document, Prepayment,
Credit up to 90 days
International : L/C, Prepayment, Credit up to 90 days
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.49.14 |
|
UK Pound |
1 |
Rs.75.97 |
|
Euro |
1 |
Rs.65.99 |
RATING EXPLANATIONS
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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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.