MIRA
INFORM REPORT
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Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
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Name : |
BARRY CALLEBAUT MALAYSIA SDN. BHD. |
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Registered Office : |
Lot 2, Lebuh Sultan Mohamed 1 Bandar Sultan Suleiman Port Klang Selangor Darul Ehsan 42000 |
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Country : |
Malaysia |
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Financials (as on) : |
31.08.2010 |
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Date of Incorporation : |
27.06.1990 |
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Com. Reg. No.: |
200081-D |
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Legal Form : |
Private Company Limited By Shares |
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Line of Business : |
Manufacturer of cocoa and chocolate 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 8,500,000 |
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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) |
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Malaysia
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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 : BARRY CALLEBAUT MALAYSIA SDN. BHD.
Business address : Lot 2, Lebuh Sultan Mohamed 1
Bandar Sultan Suleiman
Town : Port Klang
Province : Selangor Darul Ehsan
Zip/postal code : 42000
Country : Malaysia
Tel : +60 3 31693333
Fax : +60 3 31762948
Website : www.barry-callebaut.com
Registered address : C/o BOARDROOM CORPORATE SERVICES (KL) SDN BHD Lot 6.05, Level 6, KPMG Tower 8
First Avenue, Bandar Utama
Town : Petaling Jaya
Province : Selangor Darul Ehsan
Zip/postal code : 47800
Country : Malaysia
SUMMARY DETAILS
Executive Summary
Date founded or registered : 27/06/1990
Legal form : Private Company Limited By Shares
Chief executive : Ng Yin Ping
Issued & paid up capital : MYR 35,000,000
Sales turnover : MYR 762,293,000 (Non-consolidated 12 months, 31/08/2010)
Net income : MYR 15,460,000 (Non-consolidated 12 months, 31/08/2010)
Total fixed assets : MYR 346,039,000 (Non-consolidated 12 months, 31/08/2010)
Line of business : Manufacturer of cocoa and chocolate products.
Staff employed : 290 (Subject); 7,550 (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 records found
Payment history : No payment delays noted
Credit amount suggestion : USD 8,500,000
Credit amount asked : Not described.
Comments : Larger credit can still be considered. The Subject is well positioned in the market and the financial stability of the group is positive.
STATUTORY DETAILS
Registry Data
Registration date : 27/06/1990
Legal form : Private Company Limited By Shares
Registration : no 200081-D
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : The Subject was established on 27-06-1990 under the name KL-KEPONG COCOA PRODUCTS SDN. BHD. and changed to current style on 11-07-2008.
Change of legal form : None reported.
MANAGEMENT / DIRECTORS
Key Management
Name : Ng Yin Ping Designation : Chief Financial Officer Name : Yaccob Khan Designation : Operation Manager Name : Andy Lee
Designation : Factory Controller
BOARD OF DIRECTORS/ OTHER APPOINTMENTS
Appointments
Name : Ng Yin Ping
Designation : Director and Company Secretary
Identification no : 551111-10-5480
Appointment date : 25/10/10
Address : A7-3, Flora Green Condominium
Jalan Sungai Long
Bandar Sungai Long
43000 Kajang Selangor Darul Ehsan Malaysia
Name : Maurizio Decio
Designation : Director
Identification no : AA3681177
Appointment date : 10/12/09
Address : 27C, Block 6, Lane 118
Ziyun Road
Changning District, Shanghai 200051
China
Name : Viktor Waldemar Balli
Designation : Director
Identification no : F0272710
Appointment date : 30/05/11
Address : Nidelbadstrasse 96
8803 Rusohlikon
Switzerland
Biography : Mr. Victor Balli has been Member of the Senior Management Team (renamed to Executive Committee in November 2009) and Chief Financial Officer of Barry Callebaut AG since February 2007. Before the Company, he had been working for Minibar since 1996. He began his career at Minibar as Chief Financial Officer and additionally held the position of Chief Executive Officer EMEA as of 2005. During this time, he also served as Chief Financial Officer and Board Member of several Niantic group companies. From 1991 to 1995, he has worked as Principal with Adinvest AG. From 1989 to 1991, Mr. Balli has served as Director of Corporate Finance with Marc Rich & Co.
Holding in Zug, Switzerland. He started his professional career in 1985, working as Financial Analyst and Business Development Manager at EniChem International SA in Zuerich, Switzerland. Mr. Balli holds a Masters degree in Economics from University of St. Gallen and a Masters degree as Chemical Engineer from the Swiss Federal Institute of Technology in Zurich (Eidgenoessische Technische Hochschule Zuerich).
Name : Tan Ai Ning
Designation : Company Secretary
Identification no : 710325-10-5406
Appointment date : 31/12/10
Address : 7-6-3 Menara Hartamas
Jalan Sri Hartamas 3
50480 Kuala Lumpur Wilayah Persekutuan Malaysia
Staff employed : 290 (Subject); 7,550 (Group)
Key Advisors
Auditors : KPMG
Level 10, KPMG Tower, 8, First Avenue Bandar Utama, 47800 Petaling Jaya Selangor Darul Ehsan
Malaysia
SHARE CAPITAL
Composition
Authorized Capital : MYR 40,000,000
No of shares : 35,000,000 Ordinary Shares / 5,000,000 Preference Shares
Share par value : MYR 1
Issued capital : MYR 35,000,000
Paid up capital : MYR 35,000,000
Changed in capital : The Subject increased its share capital from MYR 25,000,000 to MYR 40,000,000 on 30-09-2005.
OWNERSHIP / SHAREHOLDERS
How listed : Full List
Composition
Shareholder name : LUIJCKX B.V.
Address : De Ambachten 4
4880 AC Zundert
The Netherlands
No. of shares : 21,000,000 Ordinary Shares
Shareholder name : KL-KEPONG INDUSTRIAL HOLDINGS SDN. BHD.
Address : Wisma Taiko, 1, Jalan S.P.Seenivasagam
30000 Ipoh
Perak Darul Ridzuan
Malaysia
No. of shares : 14,000,000 Ordinary Shares
RELATED COMPANIES &
CORPORATE AFFILIATIONS
Structure
Name : BARRY CALLEBAUT AG
Affiliation type : Ultimate Holding Company
Address : West-Park
Pfingstweidstrasse 60
8005 Zurich
Switzerland
Comments : Barry Callebaut AG, through its subsidiaries, manufactures and sells cocoa and chocolate products to food manufacturers, professional users, and retailers. The company operates in two segments, Industrial Business and Food Service/Retail
Business. The Industrial Business segment processes cocoa into semi-finished goods that are partly sold to industrial customers and partly used for in-house needs. This segment also provides chocolate to consumer goods manufacturers who incorporate the ingredients in their consumer products. The Food Service/Retail Business segment offers chocolate products that are specifically designed for artisanal and professional users, such as chocolatiers, bakers, and pastry chefs, as well as for the food services industry, which includes restaurants, in-store bakeries, caterers, hotels, and caterers. This segment also supplies private label and branded products to retailers. The company also offers a range of services in the fields of product development, processing, training, and marketing. Its principal brands include Barry Callebaut, Callebaut, Cacao Barry, Carma, Luijckx, Van Leer, and VanHouten for chocolate products; Barry Callebaut, Bensdorp,Van Houten, and Chadler for cocoa powder; Bensdorp, Van Houten, Caprimo, and Ogonblink for vending mixes; Sarotti, Alpia, Jacques, and Alprose for consumer products. The company primarily operates in Belgium, Brazil, Cameroon, Canada, China, Cote d’Ivoire, France, Germany, Ghana, Italy, Japan, Malaysia, Mexico, the Netherlands, Poland, Russia, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. Barry
Callebaut AG was incorporated in 1994 and is headquartered in Zurich, Switzerland.
Name : LUIJCKX BV
Affiliation type : Parent Company
Address : De Ambachten 4
4880 AC
Zundert
The Netherlands
Comments : Luijckx B.V. Chocolade engages in the production and sale of semi-manufactured chocolate articles. Its products consist open and closed decorations, cups, shavings, blossoms, curls, and drops. The company provides sugar work and marzipan products. It offers its products through distributors to wholesalers, bakeries, catering companies, institutions, ice industries, airlines, supermarkets, delicatessen and duty-free shops, and gift suppliers, as well as to the hamper trade. The company was founded in 1965 and is based in Zundert, the Netherlands. It has production plants in Zundert and Nuth, the Netherlands; and Thimister, Belgium. The company has sales offices are in Zundert, the Netherlands; Toronto, Canada; and Düsseldorf, Germany. As of 2/17/2003, Luijckx B.V. Chocolade is a subsidiary of Barry Callebaut AG.
Name : KL-KEPONG INDUSTRIAL HOLDINGS SDN. BHD.
Affiliation type : Minority Shareholder
Address : Wisma Taiko
1, Jalan S.P.Seenivasagam
30000 Ipoh
Perak Darul Ridzuan
Malaysia
Comments : Holding company for the Kuala Lumpur Kepong Berhad Group.
Kuala Lumpur Kepong Berhad is a Malaysian multinational corporation which is listed on the Main Market of Bursa Malaysia Securities Berhad and has a market capitalisation of approximately RM18.1 billion as at 30 September 2010. KLK Group is involved in plantations, oleochemicals, property development and retailing, and employs more than 39,000 employees worldwide.
Name : SELBOURNE FOOD SERVICES SDN BHD
Affiliation type : Wholly-owned Subsidiary
Address : Lot 4 Lebuh Sultan Mohamed 3
Bandar Sultan Suleiman
42000 Port Klang Selangor Darul Ehsan Malaysia
Name : BARRY CALLEBAUT (UK) LTD.
Affiliation type : Sister Company
Address : Wildmere Road Industrial Estate
Banbury
Oxfordshire OX16 3UU United Kingdom
Name : BARRY CALLEBAUT NEDERLAND B.V.
Affiliation type : Sister Company
Address : De Ambachten 35
P.O. Box 100
4880 AC Zundert
The Netherlands
Name : BARRY CALLEBAUT JAPAN CO., LTD.
Affiliation type : Sister Company
Address : 1-1-1 Kamisakabe
Amagasaki-shi 661-0979
Hyogo
Japan
Name : BARRY CALLEBAUT ASIA PACIFIC (SINGAPORE) PTE.LTD.
Affiliation type : Sister Company
Address : 26 Senoko South Road
Singapore 758091
Singapore
Name : BARRY CALLEBAUT (SUZHOU) CHOCOLATE CO., LTD.
Affiliation type : Sister Company
Address : No. 138 Fang Zhong Street Suzhou Industrial Park Suzhou 215024
China
Name : BARRY CALLEBAUT USA LLC
Affiliation type : Sister Company
Address : 600 West Chicago Avenue
Suite 860
Chicago, Illinois, 60654
United States
Related companies and corporate affiliations comments: Other companies of the Barry Callebaut 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
Name of bank : Royal Bank of Scotland
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 : 31/08/10
Type of accounts :
Full audited
Currency : Malaysia, Ringgit (MYR)
Exchange rate :
1 USD = MYR 3.11 as of 20-10-2011
Summarized Financial
Information
Consolidation type : Non Consolidated Non Consolidated Group Consolidated Currency : Malaysia, Ringgit (MYR) Malaysia, Ringgit (MYR) Switzerland, Franc (CHF) Denomination : (x1) One (x1) One (x1)
One
Date of financial year end : 31/08/10 31/08/09 31/08/10
Length of accounts : 12 months 11
months 12 months
Sale turnover / Income : 762,293,000 561,446,000 5,213,779,000
Gross profit : 29,620,000 18,002,000 736,171,000
Operating profit : 21,406,000 8,232,000 370,411,000
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Profit before
tax : |
19,036,000 |
4,778,000 |
289,085,000 |
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Net income : |
15,460,000 |
4,211,000 |
251,743,000 |
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Non current
assets : |
73,732,000 |
79,617,000 |
1,405,786,000 |
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Current assets : |
272,307,000 |
272,360,000 |
2,165,061,000 |
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Inventories : |
150,436,000 |
175,890,000 |
1,186,231,000 |
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Total assets : |
346,039,000 |
351,977,000 |
3,570,847,000 |
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Current
liabilities : |
148,586,000 |
156,500,000 |
1,387,526,000 |
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Non current
liabilities : |
34,387,000 |
43,384,000 |
880,158,000 |
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Total
liabilities : |
182,973,000 |
199,884,000 |
2,267,684,000 |
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Share equity : |
163,066,000 |
152,093,000 |
1,303,163,000 |
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Reserve : |
5,000,000 |
5,000,000 |
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Retained earning : |
123,066,000 |
112,093,000 |
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Comments : The non-consolidated financial information above relates to the Subject only.
The group’s consolidated financial information above relates to the Subject’s Ultimate Holding Company Barry Callebaut AG and all its subsidiaries which includes the Subject.
On a separate note, the Subject's non consolidated figures for year end
31-08-2009 is for 11 months as the Subject has changed its financial reporting date from 30 September to 31 August.
OPERATION DETAILS
Main activities : The Subject is engaged in the manufacturing and distributing of couverture and compound chocolate for various industrial confectioners and bakeries applications.
The Subject is part of Barry Callebaut AG, which is a Switzerland-based producer of cocoa, chocolate and confectionery products. The Company’s manufacturing process involves all stages of the cocoa and chocolate value chain from the sourcing of raw materials to the delivery of the finished products. It operates through two business segments: Industrial Business that comprises Cocoa and Food Manufacturers, and Food Service/Retail Business Segment that comprises Gourmet & Specialties and Consumer Products. The Company serves the entire food industry, including multinational branded consumer goods manufacturers, who incorporate The Company's ingredients in their consumer products. Its further activities include product development, processing, training and marketing. It has 43 production facilities in 26 countries.
Product & services : 1)Cocoa Products
2)Food Manufacturers Products
-Compounds
-Fillings
3)Gourmet & Specialties Products
4)Consumer Products
-Chocolate
Brand : Barry Callebaut ACTICOA Tintoretto Croquoa Crispearls
Purchases
Local : Yes
International : Indonesia, Philippines, Singapore, New Zealand, Switzerland
Sales
Local : Yes
International : Japan, China, Singapore, Philippines, Indonesia, India, Switzerland, Netherlands
Key events : Barry Callebaut AG Sells European Consumer Business To Belgian Sweet
Products/Baronie Group
Monday, 11 Jul 2011
Barry Callebaut AG announced signing the sale of its European consumer business Stollwerck to the Belgian Baronie Group. The share deal
comprises the entire Stollwerck Group including five factories in Germany, Belgium and Switzerland. The transaction also includes a long-term supply agreement between Baronie Group and Barry Callebaut for the supply of approximately 25,000 tonnes of liquid chocolate annually as well as the additional supply of cocoa beans and semi-finished products. The two contracting parties agreed not to disclose any financial details of the transaction, which is subject to antitrust assessment. Closing is expected for fall 2011. Rabobank International acted as the financial advisor for this transaction.
Barry Callebaut AG Signs New Outsourcing Agreement In Latin America; Acquires Turin's Industrial Chocolate And Compound Production Facility; Announces Distribution Agreement For Global Gourmet Brands
Monday, 27 Jun 2011
Barry Callebaut AG announced the signing of a new, long-term outsourcing agreement with Chocolates Turin, a Mexican Group operating since 1928, present in the Consumer and Food Service/Gourmet markets in Mexico, as well as in 25 countries. Through this long term agreement, Barry Callebaut will supply all of Turin's liquid chocolate demand to be delivered directly to Turin's manufacturing facilities. Furthermore, Turin, through its Food Service division, will become the exclusive distributor in Mexico for Barry Callebaut's Gourmet business, including the Cacao Barry, Callebaut and Sicao brands. To support the distribution agreement, the two companies
will jointly develop new chocolate, compound and decorations products for the local market, and it is planned to jointly open the first Chocolate Academy in Mexico. As a part of the transaction, Barry Callebaut will acquire a production facility from Turin, neighboring with the new Turin chocolate complex, located in Toluca, 65 km southwest from Mexico City. Barry Callebaut will invest to expand capacity, for a total planned investment in fiscal year 2011/12 of approximately CHF28.5 million
(USD30.0 million; EUR20.8 million). This production site will be the platform to serve a variety of customers throughout the region. Deliveries from the facility will commence immediately, projected to achieve 20,000 metric tons in the near term, with capacity to capitalize on other market opportunities.
Barry Callebaut AG Places Long Term Bond, At The Same Time Renewed
And Amended Credit Facility
Wednesday, 15 Jun 2011
Barry Callebaut AG announced the placement of EUR250 million 10-year Senior Fixed Rate Notes and the renewal and amendment of the terms and conditions of its existing EUR850 million long term revolving credit facility to EUR 600 million with a tailor- made covenant package. The offering of the Fixed Rate Notes created sizeable demand and was significantly oversubscribed. The bond issuance and the amended long term revolving credit facility substantially improve the Company's liquidity profile and financial flexibility. The Senior Fixed Rate Notes are due on June 15, 2021 with a coupon of 5.375 percent and a light covenant package. Credit
Suisse, ING, The Royal Bank of Scotland and Societe Generale acted as bookrunners and joint lead managers for the issuance. The Notes are unsecured and rank fully pari passu with the existing revolving credit facility and existing notes Barry Callebaut will use the net proceeds from the offering to reduce the drawn amount under the long term revolving credit facilities and for general corporate purposes. At the same time, the terms and conditions of the reduced long term revolving credit facility, which now amounts to EUR 600 million, have been improved, resulting in a longer
maturity of 5 years with two extension options (5+1+1 tenor), tailor-made covenants more in line with the company's business model, less restrictions in securities and general undertakings.
Barry Callebaut AG And Kraft Foods, Inc. Sign Global Supply Agreement
Thursday, 9 Sep 2010
Barry Callebaut AG and Kraft Foods, Inc. announced the signing of a long-term global master product agreement. Under the terms of the agreement, the parties expect Barry Callebaut AG to deliver the majority of Kraft Foods cocoa products and industrial chocolate requirements around the world. The agreement, which also includes some of the Cadbury liquid chocolate deliveries under the current outsourcing agreement, is expected to more than double Barry Callebaut AG's existing business with Kraft Foods. The parties agreed not to disclose any further terms of the agreement. As a result of this agreement, Barry Callebaut AG will increase its production capacities primarily in the United States, Canada, Cote d'Ivoire, Malaysia as well as in Europe and invest approximately USD65 million (CHF66million / EUR51million) over the next two years. The additional volumes will be built up gradually over a period of three years, starting immediately.
Barry Callebaut AG Announces Payment of Par Value Reduction Instead of
Dividend Payment
Tuesday, 8 Dec 2009
Barry Callebaut AG announced that shareholders approved par value reduction and repayment of CHF 12.50 per registered share instead of a dividend payment. The payment of the par value reduction is expected to take place at the beginning of March 2010, free of charges and net of income and withholding tax for shareholders with tax domicile in Switzerland.
Barry Callebaut AG To Acquire Spanish Chocolate Maker Chocovic
Wednesday, 4 Nov 2009
Barry Callebaut AG announced that it has signed an agreement with the Nederland Group to acquire Spanish chocolate maker Chocovic, S.A., specializing in chocolate and specialty products for industrial and artisanal customers. The current owners will retain ownership of the other activities of the Nederland Group, which include Moner Cocoa S.A. and Nederland S.A. (cocoa processing). This acquisition underscores Barry Callebaut's strategic intention to further expand its core business with industrial and artisanal customers as well as its geographic presence. The terms of the transaction were not disclosed.
Property & Assets
Premises : The Subject operates from premises located at the verified heading address consisting of production facilities, warehouse and administrative office.
Branches : None reported.
Other property : Total NBV of property, plant and equipment as of 31-08-2010 was MYR
67,380,000.
SUMMARIZED COUNTRY RISK
Gross Domestic Products (GDP) & Economic Overview
Central bank : Central Bank of Malaysia
Reserve of foreign exchange & gold : US$131 billion as of 30 September 2011
Gross domestic product - GDP : US$ 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 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, Credit up to 120 days
Sales Term
Local : Cash against document, Prepayment,
Credit up to 120 days
International : L/C, Prepayment, Credit up to 120 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.49.71 |
|
|
1 |
Rs.78.08 |
|
Euro |
1 |
Rs.68.05 |
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 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.