MIRA INFORM REPORT
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Report Date : |
12.04.2012 |
IDENTIFICATION DETAILS
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Name : |
AK CHEMTECH CO., LTD. |
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Formerly Known As : |
AEKYUNG SPECIALTY CHEMICALS CO., LTD. |
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Registered Office : |
72-6, Yongjeon-dong, Dong-gu, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
19.03.1982 |
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Com. Reg. No.: |
306-81-03812 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Manufacture of Surface-Active Agents |
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No. of Employees
: |
353 |
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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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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a1 |
a1 |
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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 |
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Company
Name |
AK CHEMTECH CO.,
LTD. (Ex. English
Company Name : AEKYUNG SPECIALTY CHEMICALS CO., LTD.) (Korean Company Name
: “에이케이켐텍(주)”) |
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Registered Address |
72-6, Yongjeon-dong, Dong-gu, |
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Building |
Miseong Bldg. |
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Zip Code |
300-824 |
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Tel |
+82-42-280-5700 |
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Fax |
+82-42-621-0466 |
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E-mail |
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Website |
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Trading Address |
Miseong Bldg., 72-6, Yongjeon-dong,
Dong-gu, |
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Tel |
+82-42-280-5700 |
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Fax |
+82-42-621-0466 |
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Other Address-Cheongyang Factory |
625, Yeokchon-ri, Jeongsan-myeon,
Cheongyang-gun, |
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Tel |
+82-41-940-3700 |
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Fax |
+82-41-940-3719 |
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Type |
Export/Import |
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Industry |
Manufacture of Surface-Active Agents |
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Main Business |
Surfactant Agent, Functional Polymer, Bleach Activator |
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Established (mm/dd/yyyy) |
03/19/1982 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Additives(12160000) |
|
Sell |
Feldspar(11101514) |
|
Sell |
Surfactants(12161900) |
|
Sell |
Enzymes(12352204) |
|
Sell |
Surfactants(12161900) |
|
Buy |
Alcohols or its substitutes(12352104) |
|
Buy |
Chemistry reagents or solutions(41116105) |
|
Buy |
Organic derivatives and substituted compounds(12352100) |
|
Buy |
Ammonia(12142103) |
|
Buy |
Curing agents(12162300) |
|
Buy |
Inorganic hydroxides(12352305) |
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Name |
Kim Myung-Bak |
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Address |
1342-10, |
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Date of Birth |
12/05/1949 |
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Title |
Co-President & CEO |
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Sex |
Male |
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Nationality |
Korean |
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Capital (KRW) |
8,554,680,000 |
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Employees |
353 |
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Formation |
Co., Ltd by shares A Company of Aekyung
Group |
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Bank Details |
Citi Bank, Korea-Daejeon Corporate Finance
Branch |
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Corporate Registered No. |
160111-0004541 |
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Business Registered No. |
306-81-03812 |
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Permit & Licenses |
01/2006 ISO 14001 Int’l Trade No.: 866749 |
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Shareholder Position |
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Company History |
03/19/1982 Incorporated as a JV(AEKYUNG
SHELL CO., LTD.) between AEKYUNG CO.,LTD.(110111-0028575) and SHELL PACIFIC
ENTERPRISES, LTD. (Shell Petroleum
N.V.) 11/1995 Awarded US$ 10 Million Export Top
Prize 09/28/1998 Changed company name to AEKYUNG
SPECIALTY CHEMICALS CO., LTD. 07/01/2009 Changed company name to the
present name 07/01/2009 Moved to the present HQ address
from 63-1, Daehwa-dong, Daedeok-gu, 07/01/2009 Increased the authorized shares
to 500,000 shares from 140,000 shares 07/01/2009 Increased capital to
3,535,960,000 KRW from 1,400,000,000 KRW 07/01/2009 Acquired AEKYUNG PNC CO.,
LTD.(174611-0004610) 12/31/2009 Increased capital to
3,673,280,000 KRW from 3,535,960,000 KRW 12/31/2009 Acquired AEKYUNG PQ ADVANCED
MATERIALS CO., LTD.(110111-2716095) 11/30/2010 Increased the authorized shares
to 2,500,000 shares from 500,000 shares 12/01/2010 Increased capital to
8,554,680,000 KRW from 3,673,280,000 KRW |
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Kim Myung-Bak |
Male |
Korean |
12/01/2007 |
|
Co-President & CEO |
Mr. |
Bu Kyu-Hwan |
Male |
Korean |
07/01/2009 |
|
Director |
Mr. |
Chae Seung-Seok |
Male |
Korean |
07/01/2009 |
|
Director |
Mr. |
Lee Ho-Hyung |
Male |
Korean |
07/01/2009 |
|
Director |
Mr. |
Sohn Ho-Mok |
Male |
Korean |
07/01/2009 |
|
Director |
Mr. |
Chae Dong-Seok |
Male |
Korean |
03/17/2011 |
|
Director |
M/S. |
Chae Eun-Jung |
Female |
Korean |
03/17/2011 |
|
Auditor |
Mr. |
Moon Sang-Cheol |
Male |
Korean |
03/23/2012 |
|
Supervisor |
Mr. |
Lee Dong-Won |
Male |
Korean |
10/12/2009 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
377,200,502,845 |
250,742,233,125 |
17,082,307,463 |
|
|
2010 |
311,734,067,133 |
169,984,856,559 |
14,325,257,737 |
|
2009 |
173,975,500,822 |
157,176,014,419 |
5,304,813,725 |
|
2008 |
154,209,171,187 |
56,162,609,874 |
2,323,610,724 |
|
2007 |
106,399,363,094 |
53,260,061,230 |
1,126,563,421 |
|
2006 |
92,492,018,241 |
43,519,669,642 |
1,360,167,844 |
|
2005 |
80,067,287,160 |
38,259,095,635 |
2,312,541,792 |
|
2004 |
69,624,857,302 |
36,767,897,59 |
2,443,823,456 |
|
2003 |
56,967,470,109 |
32,562,352,875 |
1,654,292,751 |
|
Authorized Capital(KRW) |
25,000,000,000 |
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Paid-Up Capital(KRW) |
8,554,680,000 |
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Total Issued Shares |
855,468 (Common : 844,788 / Preferable : 10,680) |
Balance
Sheet
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|||
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Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
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Total Assets |
250,742,233,125 |
169,984,856,559 |
157,176,014,419 |
|
Current Assets |
69,722,749,558 |
93,547,966,603 |
84,032,036,238 |
|
-Quick Assets |
37,814,513,643 |
59,604,884,732 |
53,956,210,383 |
|
-Inventories |
31,908,235,915 |
33,943,081,871 |
30,075,825,855 |
|
Fixed Assets |
181,019,483,567 |
76,436,889,956 |
73,143,978,181 |
|
-Investment |
122,350,505,101 |
15,063,636,566 |
14,216,542,780 |
|
-Tangibles |
52,482,441,877 |
54,937,073,046 |
53,322,733,688 |
|
-Intangibles |
2,187,390,226 |
2,278,602,891 |
1,931,709,700 |
|
-Others |
3,999,146,363 |
4,157,577,453 |
3,672,992,013 |
|
Total Liabilities |
157,098,717,335 |
93,047,088,718 |
93,468,101,104 |
|
Current Liabilities |
107,273,383,300 |
91,228,167,403 |
91,597,210,837 |
|
Fixed Liabilities |
49,825,334,035 |
1,818,921,315 |
1,870,890,267 |
|
Capital Stock |
8,554,680,000 |
8,554,680,000 |
3,673,280,000 |
|
Capital Surplus |
30,659,276,292 |
30,659,276,292 |
35,540,676,292 |
|
Profit Surplus |
54,365,093,117 |
38,565,987,654 |
25,105,694,060 |
|
Capital Adjustment |
64,466,381 |
-842,176,105 |
-611,737,037 |
|
Total Equity |
93,643,515,790 |
76,937,767,841 |
63,707,913,315 |
|
Liab. & Shareholder’s Equity |
250,742,233,125 |
169,984,856,559 |
157,176,014,419 |
|
Current
Liabilities |
107,273,383,300 |
91,228,167,403 |
91,597,210,837 |
|
Trade Payables |
23,395,359,827 |
35,223,418,785 |
32,729,478,699 |
|
Short-Term Borrowings |
76,124,785,440 |
47,404,804,478 |
52,453,310,455 |
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Account Payables |
3,756,105,314 |
3,544,532,916 |
3,159,877,729 |
|
Advance Receipts |
35,565,877 |
527,229,791 |
264,076,322 |
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Withholdings |
1,141,782,417 |
847,305,074 |
728,086,444 |
|
Guarantee Deposit Withhold |
|
|
15,828,200 |
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Accrued Expenses |
116,250,856 |
41,616,677 |
34,022,430 |
|
Accrued Income Tax |
2,300,626,691 |
3,408,260,414 |
1,076,201,807 |
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Current Portion of Long-Term Debts |
268,700,000 |
116,400,000 |
1,036,880,000 |
|
Derivatives |
33,555,547 |
7,751,240 |
5,673,249 |
|
Other
Current Liabilities |
100,651,331 |
106,848,028 |
93,775,502 |
|
Fixed
Liabilities |
49,825,334,035 |
1,818,921,315 |
1,870,890,267 |
|
Long-Term Borrowings |
48,962,200,000 |
1,230,900,000 |
1,724,000,000 |
|
Provision for Severance & Retirement |
558,209,360 |
207,715,380 |
72,236,877 |
|
Long-Term Account Payables |
5,136,400 |
89,072,800 |
101,140,000 |
|
Deferred Income Tax Credit |
332,460,523 |
323,905,383 |
- |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
377,200,502,845 |
311,734,067,133 |
173,975,500,822 |
|
Cost of Sold Goods |
332,764,036,431 |
268,600,823,566 |
145,512,072,139 |
|
Gross Profit |
44,436,466,414 |
43,133,243,567 |
28,463,428,683 |
|
Selling & Admin. Expenses |
25,014,943,036 |
24,289,651,266 |
17,361,827,700 |
|
Operating Income |
19,421,523,378 |
18,843,592,301 |
11,101,600,983 |
|
Non-Operating Income |
12,652,918,181 |
5,196,932,000 |
4,875,802,387 |
|
Non-Operating Expenses |
10,830,659,710 |
5,449,130,803 |
8,970,929,035 |
|
Income Before Taxes |
21,243,781,849 |
18,591,393,498 |
7,006,474,335 |
|
Income Taxes Expenses |
4,161,474,386 |
4,266,135,761 |
1,701,660,610 |
|
Net Income |
17,082,307,463 |
14,325,257,737 |
5,304,813,725 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Cash Flows from Operating |
31,473,047,660 |
11,790,562,695 |
-510,201,281 |
|
-Net Income |
17,082,307,463 |
14,325,257,737 |
5,304,813,725 |
|
-Exp.
without Cash Outflow |
9,375,539,629 |
6,278,374,271 |
8,152,795,450 |
|
-Revenue
without Cash Inflows |
-5,251,338,191 |
-1,317,219,912 |
-2,116,417,629 |
|
-Changes in
Asset/ & Liability |
10,266,538,759 |
-7,495,849,401 |
-11,851,392,827 |
|
Cash Flows
from Investing |
-103,791,808,492 |
-7,352,486,861 |
-6,946,413,802 |
|
-Cash Inflow
from Investing |
740,926,515 |
2,565,221,185 |
367,228,841 |
|
-Cash
Outflows for Investing |
-104,532,735,007 |
-9,917,708,046 |
-7,313,642,643 |
|
Cash Flows
from Financing |
74,590,070,934 |
-7,211,320,839 |
8,342,736,323 |
|
-Cash
Inflows from Financing |
100,406,212,827 |
3,041,274,617 |
41,898,003,390 |
|
-Cash
Outflows from Financing |
-25,816,141,893 |
-10,252,595,456 |
-33,555,267,067 |
|
Increase/Decrease
in Cash |
2,271,310,102 |
-2,773,245,005 |
886,121,240 |
|
Cash at the
Beginning of Year |
2,700,736,740 |
5,473,981,745 |
4,587,860,505 |
|
Cash at the End of Year |
4,972,046,842 |
2,700,736,740 |
5,473,981,745 |
|
Main Products & Services |
AOS (Alpha Olefin Sulphonate) AES (Alcohol Ethoxy Sulphate; Alkyl Ether
Sulphate) SLS(Sodium Lauryl Alcohol Sulphate; Alkyl
Sulphate) LAS (Linear Alkylbenzene Sulphonic Acid;
Alkyl Sulphonic Acids) CDE (Coconut Diethanol Amide) Amine Oxide (Dimethyl Lauryl Amine Oxide) EQ (Ester Quats) etc. Brand Name: ASCO |
|
Competitors |
MIWON COMMERCIAL CO., LTD. 7B-12, BANWOL INDUSTRIAL COMPLEX, 405-3,
MONGNAE-DONG, DANWON-GU, ANSAN-SI, TEL:+82-31-491-6249 FAX:+82-31-491-7228 IL SAM CO., LTD. 27-15, BONGILCHEON-RI, JORI-EUP, PAJU-SI, TEL:+82-2-757-1361 FAX:+82-2-755-1320 SFC CO., LTD. 11-04-0007, NATIONAL INDUSTRIAL COMPLEX,
HWACHI-DONG, YEOSU-SI, TEL:+82-61-685-8865 FAX:+82-61-685-8860 |
(Subsidiaries,
Joint-Venture & Affiliates)
|
Affiliates |
AEKUYNG CO., LTD.(110111-0028575) AEKYUNG DEVELOPMENT CO., LTD.
(134211-0002321) ATEC CO., LTD.(110111-0954374) AEKYUNG CHEMICAL CO., LTD.(110111-0293011) AEKYUNG SPECIALTY CHEMICALS CO., LTD.
(160111-0004541) AEKYUNG PNT(134811-0002600) AEKYUNG IND. CO., LTD. (110111-0398275) AEKYUNG PQ ADVANCED MATERIALS CO.,
LTD(110111-2716095) KOSPA CORP. (154511-0002686) DP&F(110111-2042820) SUWON AEKYUNG STATION DEVELOPMENT CO.,
LTD(130111-0034487) ARD HOLDINGS, INC. (131311-0029384) JEJUAIR CO., LTD. (220111-0050575) HONGIK(115911-0021172) AK ASSETS CO., LTD.(134211-0099310) AK INNOTEK CO., LTD.(200111-0202328) (66.94% held by the subject company) AEKYUNG CHEMICAL MATE AK-VINA (45.50% held by the subject company) AKCT (100.00% held by the subject company) AEKYUNG CHEMICAL(BULSAN) CO., LTD.( (100.00% held by the subject company) AEKYUNG CHEMICAL( (100.00% held by the subject company) |
|
Corporate Ownership |
AEKYUNG PETROCHEMICAL CO., LTD.(110111-0029721) |
|
Major Shareholders |
AEKYUNG PETROCHEMICAL CO., LTD.(110111-0029721) |
|
Cooperative |
-Insured Company MERITZ FIRE & MARINE INSURANCE CO., LTD(110111-0013328) -Technical Support from POSCO(174611-0000741) VALSPAR(COIL COATING) |
|
Case No. |
Court |
Plaintiff(s)/ Creditor(s)/ Applicant(s) |
Defendant(s)/ Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
|
Kumsung E&C Co., Ltd. |
The Subject Company |
Claim for Compensation from Damages |
102,345,000 |
Proceeding |
|
|
|
The Subject Company(50 Cases) |
|
Receivables |
2,815,187,000 |
Proceeding |
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.55 |
|
|
1 |
Rs.81.95 |
|
Euro |
1 |
Rs.67.57 |
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.