MIRA INFORM REPORT
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Report Date : |
15.09.2011 |
IDENTIFICATION DETAILS
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Name : |
PALM-OLEO SDN. BHD. |
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Registered Office : |
C/O Kuala Lumpur Kepong Berhad Wisma Taiko, 1 Jalan S.P.Seenivasagam, Ipoh 30000, Perak Malaysia, Ipoh Perak, postal Code 30000 |
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Country : |
Malaysia |
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Financials (as on) : |
30.09.2009 |
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Date of Incorporation : |
23.08.1989 |
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Com. Reg. No.: |
185886-V |
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Legal Form : |
Private Limited Company Limited By Shares |
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Line of Business : |
Manufacturer of fatty acid and glycerine |
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 8,000,000 |
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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 – 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 : PALM-OLEO SDN. BHD.
Business address : Lot 1245, Kundang Industrial Estate
Town : Rawang
Province : Selangor Darul Ehsan
Zip/postal code : 48020
Country : Malaysia
Tel : +60 3 60344800
Fax : +60 3 60341279
Email : enquiry@klkoleo.com.my
Website : www.klkoleo.com.my
Registered address : C/o KUALA LUMPUR KEPONG BERHAD Wisma Taiko
1 Jalan S.P.Seenivasagam
Ipoh 30000
Perak Malaysia
Town : Ipoh
Province : Perak
Zip/postal code : 30000
Country : Malaysia
Summary details
Executive Summary
Date founded or registered : 23/08/1989
Legal form : Private Limited Company Limited By Shares
Chief executive : Yeow Ah Kow
Issued & paid up capital : MYR 403,000,000
Sales turnover : MYR 850,136,000 (Non-consolidated 12 months, 30/09/2009)
Net income : MYR 37,543,000 (Non-consolidated 12 months, 30/09/2009)
Total fixed assets : MYR 555,502,000 (Non-consolidated 12 months, 30/09/2009)
Line of business : Manufacturer of fatty acid and glycerine.
Staff employed : 350 (Subject); 25,000 (KLK Group)
Credit risk opinion
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is declining
Management experience : Management is adequately experienced
Financial performance : Financial performance is very good
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : USD 8,000,000
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 : 23/08/1989
Legal form : Private Limited Company Limited By Shares
Registration no : 185886-V
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 : Yeow Ah Kow
Designation : Managing Director
Name : Goh Eng Choor
Designation : Executive Director
Name : Madhev A/L Bala Subramaniam
Designation : Deputy Managing
Director Name : Pung Kok Hooi
Designation : Group Financial Controller
Board of directors / other
appointments
Appointments
Name : Hisashi Onozuka
Designation : Alternate Director
Identification no : MS1867733
Appointment date : 03/12/10
Address : Hampshire Residence Unit A-9-3
Persiaran Hampshire Off Jalan Ampang
50250 Kuala Lumpur Wilayah Persekutuan Malaysia
Name : Dato' Seri Lee Oi Hian
Designation : Director
Identification no : 510207-08-5743
Appointment date : 24/12/90
Address : 55, Jalan Kelab Golf
30350 Ipoh Perak Malaysia
Biography : Tan
Sri Dato’ Seri Lee Oi Hian has been Chief Executive Officer and
Executive Director of Kuala Lumpur Kepong Berhad since May
1,
2008. He was a Director
from February 1, 1985 to 1993 and the Chairman of the Board from 1993 to May 1,
2008. He is also the Chairman of Batu Kawan Berhad. He also serves as a trustee
of several charitable organizations. He was the Chairman of the Malaysian Palm
Oil Council. He graduated with a Bachelor of Agricultural Science degree from
the
Business
School, Harvard University. He joined the Company in 1974 as an executive and
was subsequently appointed to the Board in
1985.
Name : Yeow Ah Kow
Designation : Managing Director
Identification no : 540203-05-5085
Appointment date : 16/03/98
Address : 3, Jalan SS 19/3C Subang Jaya 47500
Petaling Jaya Selangor Darul Ehsan Malaysia
Name : Goh Eng Choor
Designation : Director
Identification no : 571002-10-5199
Appointment date : 01/10/05
Address : 9, Lorong Batu Nilam 20G Bandar Bukit Tinggi 2
41200 Klang
Selangor Darul Ehsan
Name : Madhev
A/L Bala Subramaniam
Designation : Director
Identification no : 600913-71-5115
Appointment date : 26/12/08
Address No 4 SS 24/9, Taman
Megah
47301 Petaling Jaya Selangor Darul Ehsan Malaysia
Name : Pung
Kok Hooi
Designation : Director and Company Secretary
Identification no : 660414-07-5357
Appointment date : 26/12/08
Address : No.
1, Jalan SS 24/19
47301 Petaling
Jaya Selangor Darul Ehsan
Name : Masanori Ikebe
Designation : Director
Identification no : TG 4089480
Appointment date : 21/11/08
Address : 201, Okamoto 3-25-3
Setagaya-ku, Tokyo, 154-0004
Japan
Name : Naoki Enatsu
Designation : Director
Identification no : TG2575156
Appointment date : 21/11/08
Address : 202, 3-27-10 Nakamachi
Setagaya-ku, Tokyo, 154-0004
Japan
Name : Yap Miow Kien
Designation : Company Secretary
Identification no : 681220-05-5334
Appointment date : 23/09/09
Address : 12,Lingkaran Meru Valley 1A
Lakeview Villa, Meru Valley Golf Resort
Jalan Bukit Meru
30020 Ipoh Perak Malaysia
Staff employed : 350 (Subject); 25,000 (KLK Group)
Key Advisors
Auditors : KPMG
8
Selangor Darul Ehsan
Malaysia
Share capital
Composition
Authorized Capital : MYR 500,000,000
No of shares : 500,000,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 403,000,000
Paid up capital : MYR 403,000,000
Changed in capital : The Subject increased its share capital
from MYR 100,000,000 to MYR
500,000,000 on 26-10-1998.
ownership / shareholders
How listed : Full List
Composition
Shareholder name :KL-KEPONG INDUSTRIAL HOLDINGS SDN.BHD.
Address : C/o KUALA LUMPUR KEPONG BERHAD
Wisma Taiko
1 Jalan S.P.Seenivasagam
Ipoh 30000
Perak
Malaysia
No. of shares : 321,545,583 Ordinary Shares
Shareholder name : ADEKA CORPORATION
Address : 7-2-35 Higashi-ogu
Arakawa-ku, Tokyo 116-8554
Japan
No. of shares : 10,075,000 Ordinary Shares
Shareholder name : MITSUI & CO., LTD
Address : 2-1 Ohtemachi 1-chome
Chiyoda-ku, Tokyo 100-0004
Japan
No. of shares : 63,276,696 Ordinary Shares
Shareholder name : MIYOSHI OIL & FAT CO., LTD
Address : 4-66-1, Horikiri
Katsushika-Ku, 124-8510
No. of shares : 4,030,000 Ordinary Shares
Shareholder name : MITSUI & CO. (ASIA PACIFIC) PTE. LTD.
Address : 5th Floor, Millennium Office Block
160, Jalan Bukit Bintang
55100 Kuala Lumpur Wilayah
Persekutuan Malaysia
No. of shares : 4,072,721 Ordinary Shares
Related companies & corporate Affiliations
Structure
Name
KUALA LUMPUR KEPONG BERHAD
Affiliation
type :
Ultimate Holding Company
Address :
Wisma Taiko
1 Jalan S.P.Seenivasagam
Ipoh 30000
Perak
Malaysia
Comments : KUALA LUMPUR KEPONG BERHAD (“KLK”), a company
incorporated in
Started as a
plantation company more than 100 years ago, plantations (oil palm and rubber)
still lead as KLK’s core business activity. The Group has a plantation land
bank of more than 250,000 hectares in
Name : KL-KEPONG INDUSTRIAL HOLDINGS SDN.BHD.
Affiliation type : Parent Company
Address : C/o KUALA LUMPUR KEPONG BERHAD Wisma Taiko
1 Jalan S.P.Seenivasagam
Ipoh 30000
Perak
Malaysia
Comments : Investment holding.
Name : CRABTREE & EVELYN (MALAYSIA) SDN BHD
Affiliation type : Sister Company
Address : Level 8, Menara KLK No. 1, Jalan PJU 7/6
Mutiara Damansara
47810 Petaling Jaya
Selangor Darul Ehsan
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Comments : |
Retailing of toiletries. |
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Name : |
KL-KEPONG PROPERTY DEVELOPMENT SDN. BHD. |
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Affiliation type : |
Sister Company |
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Address : |
Suite 1A-1, Level 1,
Menara KLK No. 1, Jalan PJU 7/6 Mutiara Damansara 47810 Petaling Jaya
Selangor Darul Ehsan |
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Comments : |
Property development. |
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Name : |
KL-KEPONG OLEOMAS SDN. BHD. |
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Affiliation type : |
Sister Company |
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Address : |
No. 25, Jalan Sungai Fasa 2D, 42920 Pelabuhan Klang
Selangor Darul Ehsan |
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Comments : |
Manufacturing of fatty alcohol and methyl esters. |
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Name : |
PALM-OLEO (KLANG) SDN. BHD. |
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Affiliation type : |
Wholly-owned Subsidiary |
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Address : |
Bukit Raja Industrial Estate 41070 Klang Selangor Darul Ehsan |
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Comments : |
Manufacturing of oleochemicals. |
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Name : |
KSP MANUFACTURING SDN. BHD. |
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Affiliation type : |
Sister Company |
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Address : |
48020 Rawang Selangor
Darul Ehsan |
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Comments : |
Manufacturing of soap noodles. |
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Name : |
KLK EMMERICH GMBH |
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Affiliation type : |
Sister Company |
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Address : |
Steintor 9 46446 Emmerich |
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Comments : |
Manufacturing of fatty. |
Name : KLK BIOENERGY SDN. BHD. Affiliation
type : Sister Company
Address : No. 11, Jalan Utas 15/7
40200 Shah Alam
Selangor Darul Ehsan
Comments : Manufacturing of methyl esters.
Name : KL-KEPONG COUNTRY HOMES SDN BHD
Affiliation type : Sister Company
Address :
No. 1 Jalan PJU 7/6, Mutiara Damansara
47810 Petaling
Jaya Selangor Darul Ehsan
Comments : Property development.
Related companies and corporate affiliations comments
: Other companies of the
Kuala Lumpur Kepong Berhad 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
Address :
Malaysia
Account details : Current
Account
Name of bank : CIMB
Bank Berhad
Address :
Malaysia
Account details : Current
Account
Name of bank : HSBC
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
Total of Charge: OPEN CHARGE
Date of Creation: 02-12-1991
Name of Chargee: HONGKONG BANK MALAYSIA BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 31,000,000.00
Date of Creation: 08-11-1991
Name of Chargee: HONGKONG BANK MALAYSIA BERHAD
Charge Status: FULLY SATISFIED
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
financials
Description
Source of financial statement : Commercial
Registry Filings
Financial statement date : 30/09/09
Type of accounts : Full audited
Currency :
Exchange rate : 1 USD = MYR 3.05 as of 15-09-2011
Summarized Financial Information
Consolidation type : Non
Consolidated Non
Consolidated Group
Consolidated Currency :
Date of financial year end : 30/09/09 30/09/08 30/09/10
Length of accounts : 12 months 12 months 12
months
Gross profit : 70,481,000 79,158,000 2,183,007,000
Operating profit : 50,007,000 71,955,000 1,403,702,000
Profit before tax : 50,377,000 66,479,000 1,382,832,000
Net income : 37,543,000 51,386,000 1,067,270,000
Non current assets : 284,490,000 295,004,000 5,768,470,000
Current assets : 271,012,000 311,395,000 3,395,061,000
Inventories : 95,929,000 145,619,000 1,287,939,000
Total assets : 555,502,000 606,399,000 9,163,531,000
Current liabilities : 74,643,000 99,733,000 1,269,726,000
Non current liabilities : 52,650,000 116,000,000 1,568,456,000
Total liabilities : 127,293,000 215,733,000 2,838,182,000
Share equity : 428,209,000 390,666,000 6,325,349,000
Retained earning : 286,709,000 249,166,000
Comments : The non-consolidated financial information
above relates to the Subject only.
The group’s
consolidated financial information above relates to the Subject’s Ultimate
Holding Company Kuala Lumpur Kepong Berhad and
all its subsidiaries which include the Subject.
Operation details
Main activities : The Subject's main activities is
manufacturing of fatty acid and
glycerine.
The Subject is
part of Kuala Lumpur Kepong Berhad (KLK), which is engaged in the business of
producing and processing palm products and natural rubber on its plantations.
The Company’s subsidiaries are engaged in the business of plantation,
manufacturing, retailing, property development and investment holding. The
Company has a plantation land bank of more than 250,000 hectares in
Product & services : Fatty Acids
Glycerine
Brand : TWINWHALE FIVE PEAKS YUANDONG
PALMERA PALMOSALT PALMOCOL PALMOWAX PALMESTER PALMERE PALMEROL PALMERGY
PALMFONATE
Purchases
Local : Yes
International :
Sales
Local : Yes
International : Worldwide
Property & Assets
Premises : The Subject operates from premises
located at the verified heading address consisting of production facilities,
warehouse and administrative office.
Branches : In addition the Subject operates from a
sales and marketing office located at:
Level 8, Menara KLK
No. 1, Jalan PJU 7/6
Mutiara Damansara
47810 Petaling Jaya Selangor Darul Ehsan Malaysia
Tel: +603 7809 8833
Fax: +603 7725 9858
Other property :
Oleochemical Complex in
Oleochemical
Complex in
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 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 Ringgits (MYR)
Internet
users as % of total population : 57.61%
Payment history
Purchase Term
Local : Cash against document, Credit up to 120
days
International : L/C, Credit up to 120 days
Sales Term
Local : Cash against document, Credit up to 120
days
International : L/C, 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.47.47 |
|
UK Pound |
1 |
Rs.74.96 |
|
Euro |
1 |
Rs.65.79 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<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.