MIRA INFORM REPORT
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Report Date : |
19.04.2012 |
IDENTIFICATION DETAILS
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Name : |
SUNGMIN ENTERPRISE CO., LTD. |
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Formerly Known As : |
Sungmin Enterprise
Co. |
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Registered Office : |
245-1, Woncheon-dong, Yeongtong-gu, Suwon-si, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
27.08.1984 |
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Com. Reg. No.: |
124-81-32108 |
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Legal Form : |
Co., Ltd by Shares |
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Line of Business : |
Dyeing and Finishing of Woven and Knitted Fabrics |
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No. of Employees
: |
42 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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, 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 |
SUNGMIN
ENTERPRISE CO., LTD. (Korean Company
Name : “성민기업(주)”) |
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Registered Address |
245-1, Woncheon-dong, Yeongtong-gu,
Suwon-si, |
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Zip Code |
443-822 |
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Tel |
+82-31-211-1259 |
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Fax |
+82-31-211-7523 |
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E-mail |
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Website |
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Trading Address |
245-1, Woncheon-dong, Yeongtong-gu,
Suwon-si, (New Address System : 171, Maeyoung-ro,
Yeongtong-gu, Suwon-si, |
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Tel |
+82-31-211-1259 |
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Fax |
+82-31-211-7523 |
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Other Address |
2nd Fl., Sungmin Bldg., 417-17, Dogok 2-dong, Gangnam-gu, |
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Tel |
+82-2-579-7961 |
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Fax |
+82-2-579-7965 |
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Type |
Export/Import |
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Industry |
Dyeing and Finishing of Woven and Knitted Fabrics |
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Main Business |
Fabrics Dyeing, Printed Fabric Finished, Scarf, Neckties |
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Established (mm/dd/yyyy) |
08/27/1984 |
The Subject owns
the premises of registered HQ address.
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Activity |
Detailed Products (UNSPSC) |
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Sell |
Ties or scarves or mufflers(53102502) |
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Sell |
Silk fabrics(11161500) |
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Sell |
Cotton fabrics(11161700) |
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Sell |
Knit silk fabrics(11161503) |
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Sell |
Fabrics and leather materials(11160000) |
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Name |
Ye Jeol-Ja |
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Address |
Suite 211-1301, 251, Sungbok 2-ro, Suji-gu,
Yongin-si, |
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Date of Birth |
04/28/1941 |
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Title |
Co-President & CEO |
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Sex |
Female |
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Nationality |
Korean |
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Capital (KRW) |
2,799,500,000 |
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Employees |
42 |
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Formation |
Co., Ltd by Shares |
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Bank Details |
Industrial Bank of Korea-Woncheon Dong
Branch Hana Bank |
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Corporate Registered No. |
130111-0004787 |
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Business Registered No. |
124-81-32108 |
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Permit & Licenses |
Int’l Trade No.: 170507 |
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Shareholder Position |
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Company History |
07/01/1973 Established as Sungmin
Enterprise Co.(Sole Proprietorship) 08/27/1984 Incorporated as the present name 11/26/2005 Increased the authorized shares to
799,200 shares from 199,800 shares 10/09/2008 Increased capital to
2,799,500,000 KRW from 2,299,500,000 KRW |
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
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Co-President & CEO |
M/S. |
Ye Jeol-Ja |
Female |
Korean |
03/07/2012 |
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Co-President & CEO |
Mr. |
Hwang Ho-Jin |
Male |
Korean |
03/07/2012 |
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Director |
Mr. |
Hwang Gyo-Jang |
Male |
Korean |
03/07/2012 |
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Auditor |
M/S. |
Hong Ji-Hyun |
Female |
Korean |
03/31/2006 |
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Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
10,743,746,959 |
20,800,054,003 |
59,466,659 |
|
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2010 |
9,695,712,379 |
20,572,277,533 |
124,305,298 |
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2009 |
11,577,586,020 |
10,454,656,797 |
265,810,758 |
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Authorized Capital(KRW) |
7,992,000,000 |
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Paid-Up Capital(KRW) |
2,799,500,000 |
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Total Issued Shares |
279,950 |
Balance
Sheet
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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 |
20,800,054,003 |
20,572,277,533 |
10,454,656,797 |
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Current Assets |
4,474,050,279 |
3,831,150,336 |
3,500,858,214 |
|
-Quick Assets |
3,159,694,952 |
2,848,758,926 |
2,913,532,799 |
|
-Inventories |
1,314,355,327 |
982,391,410 |
587,325,415 |
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Fixed Assets |
16,326,003,724 |
16,741,127,197 |
6,953,798,583 |
|
-Investment |
4,153,788,568 |
4,081,788,568 |
4,133,797,177 |
|
-Tangibles |
12,148,841,256 |
12,643,643,630 |
2,737,043,475 |
|
-Intangibles |
14,577,392 |
4,898,491 |
3,211,121 |
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-Others |
8,796,508 |
10,796,508 |
79,746,810 |
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Total Liabilities |
9,781,936,559 |
9,613,626,748 |
8,461,627,960 |
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Current Liabilities |
6,920,626,183 |
6,098,183,291 |
5,136,057,582 |
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Fixed Liabilities |
2,861,310,376 |
3,515,443,457 |
3,325,570,378 |
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Capital Stock |
2,799,500,000 |
2,799,500,000 |
2,799,500,000 |
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Capital Surplus |
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Profit Surplus |
-622,699,206 |
-682,165,865 |
-806,471,163 |
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Capital Adjustment |
8,841,316,650 |
8,841,316,650 |
- |
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Total Equity |
11,018,117,444 |
10,958,650,785 |
1,993,028,837 |
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Liab. & Shareholder’s Equity |
20,800,054,003 |
20,572,277,533 |
10,454,656,797 |
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Current Liabilities |
6,920,626,183 |
6,098,183,291 |
5,136,057,582 |
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Trade Payables |
98,646,932 |
60,430,675 |
283,162,921 |
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Short-Term Borrowings |
5,272,460,000 |
4,300,977,449 |
4,030,678,787 |
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Current Portion of Long-Term Debts |
1,058,915,000 |
1,317,097,880 |
428,924,954 |
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Account Payables |
132,493,376 |
118,701,365 |
147,302,807 |
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Advance Receipts |
327,062,891 |
262,516,515 |
86,073,211 |
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Withholdings |
10,247,260 |
10,804,100 |
26,605,981 |
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Accrued Expenses |
20,800,724 |
27,655,307 |
80,892,777 |
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Deferred Income Tax |
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|
52,416,144 |
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Fixed Liabilities |
2,861,310,376 |
3,515,443,457 |
3,325,570,378 |
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Long-Term Borrowings |
2,553,076,020 |
3,271,791,020 |
3,140,440,186 |
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Provision for Severance & Retirement |
313,772,556 |
245,670,237 |
185,130,192 |
Income
Statement
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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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Sales |
10,743,746,959 |
9,695,712,379 |
11,577,586,020 |
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Cost of Sold Goods |
7,796,321,114 |
7,096,432,689 |
8,783,948,517 |
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Gross Profit |
2,947,425,845 |
2,599,279,690 |
2,793,637,503 |
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Selling & Admin. Expenses |
2,510,561,767 |
2,162,500,236 |
1,947,746,555 |
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Operating Income |
436,864,078 |
436,779,454 |
845,890,948 |
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Non-Operating Income |
197,158,789 |
296,092,113 |
101,228,106 |
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Non-Operating Expenses |
574,556,208 |
608,566,269 |
628,371,352 |
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Income Before Taxes |
59,466,659 |
124,305,298 |
318,747,702 |
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Income Taxes Expenses |
- |
- |
52,936,944 |
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Net Income |
59,466,659 |
124,305,298 |
265,810,758 |
Cash
Flows
|
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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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Cash Flows from Operating |
463,176,538 |
-77,925,646 |
-175,492,978 |
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-Net Income |
59,466,659 |
124,305,298 |
265,810,758 |
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-Exp. without Cash Outflow |
939,418,216 |
645,757,912 |
492,849,374 |
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- |
-58,284,715 |
-4,572,452 |
- |
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-Changes in Asset/ & Liability |
-477,423,622 |
-843,416,404 |
-934,153,110 |
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Cash Flows from Investing |
-427,901,865 |
-1,240,513,548 |
-398,771,538 |
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-Cash Inflow from Investing |
1,340,981,565 |
817,970,302 |
2,747,898,156 |
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-Cash Outflows for Investing |
-1,768,883,430 |
-2,058,483,850 |
-3,146,669,694 |
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Cash Flows from Financing |
-5,415,329 |
1,289,822,422 |
457,429,968 |
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-Cash Inflows from Financing |
6,353,687,580 |
3,532,977,449 |
4,047,886,598 |
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-Cash Outflows from Financing |
-6,359,102,909 |
-2,243,155,027 |
-3,590,456,630 |
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Increase/Decrease in Cash |
29,859,344 |
-28,616,772 |
-116,834,548 |
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Cash at the Beginning of Year |
61,637,369 |
90,254,141 |
207,088,689 |
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Cash at the End of Year |
91,496,713 |
61,637,369 |
90,254,141 |
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Main Products & Services |
Dyeing and Finishing of Woven and Knitted Fabrics |
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Competitors |
DO BEST CO., LTD. 105-112, GONGDEOK-DONG, MAPO-GU, TEL:+82-2-3271-3800 FAX:+82-2-3271-3899 DREAM SEEKERS INC. RM. 2410, MASTERS TOWER BLDG., 553,
DOHWA-DONG, MAPO-GU, TEL:+82-2-3275-5111~2 FAX:+82-2-3275-5113 HANWOO CORPORATION 4TH FL., 322-21, HAENGDANG 2-DONG,
SEONGDONG-GU, TEL:+82-2-2299-9100~8 FAX:+82-2-2299-9109 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Overseas Office |
SUNGMIN (100.0% held by the subject company) TEL:+1-212-221-6482 FAX:+1-212-391-7345 RUSHAN SUNGMIN (100.0% held by the subject company) |
(Activity &
Markets)
The Subject exports
to
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.50 |
|
|
1 |
Rs.81.99 |
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Euro |
1 |
Rs.67.54 |
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 |
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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 |
|
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.