MIRA INFORM REPORT
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Report Date : |
23.04.2012 |
IDENTIFICATION DETAILS
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Name : |
UNION OFFSET CO. PTY. LIMITED |
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Registered Office : |
C/O Opus Group Limited, 12 Rachael Close, Silverwater, New South Wales, Zip/Postal Code 2128 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
24.08.1967 |
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Com. Reg. No.: |
58008458099 |
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Legal Form : |
Australian Proprietary
Company |
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Line of Business : |
Commercial Printing Services |
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No. of Employees : |
20 |
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 220,000 |
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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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Australia |
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 |
Verified Address
Subject name : UNION OFFSET CO. PTY. LIMITED
Business address : 16 Nyrang Street
Town : Fyshwick
Province : Australian Capital
Territory
Zip/postal code : 2609
Country : Australia
Tel : +61 2 62954500
Fax : +61 2 62954567
Email : office@unionoffset.com.au
Website : www.unionoffset.com.au
Registered address : C/o OPUS GROUP LIMITED
12 Rachael Close
Town : Silverwater
Province : New South Wales
Zip/postal code : 2128
Country : Australia
Postal address : P.O. Box 7575
Town : Canberra BC
Province : Australian Capital
Territory
Zip/postal code : 2610
Country : Australia
Executive Summary
Date founded or registered : 24/08/1967
Legal form : Australian
Proprietary Company
Chief executive : David Daniel
Issued & paid up capital
: AUD 120,000
Sales turnover : AUD 79,650,000 (Group-consolidated
12 months, 30/06/2011)
Net income : AUD -5,229,000
(Group-consolidated 12 months, 30/06/2011)
Total fixed assets : AUD 94,737,000
(Group-consolidated 12 months, 30/06/2011)
Line of business : Commercial printing
services.
Staff employed : 20 employees (Subject)
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
progressing
Management experience : Management is reasonably experienced
Financial performance : Financial performance is recovering
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : USD 220,000
Credit amount asked : USD 100,000
Registry Data
Registration date : 24/08/1967
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 008458099
Registered authority : Australian Securities and
Investments Commission
Fiscal/ Tax no : Australian Business
Number: 58008458099
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Key Management
Name : David Daniel
Designation : General Manager
Name : Paul Casey
Designation : Accounts Manager
Appointments
Name : Richard Francis Celarc
Designation : Director
Appointment date : 20/03/09
Address : 14 Goobarah Road
Burraneer,
NSW 2230
Australia
Biography : Born on 31-05-1956 in Manly,
New South Wales, Australia.
Mr Celarc co-founded Ligare Australia in 1979 and is a foundation
shareholder. He initially served as Ligare’s accountant, bringing a strong
focus on costs and funding the growth of the business from its infancy. Mr
Celarc acquired full ownership of Ligare Australia in 1996 and grew the
business into the largest specialist book printer in New South Wales. He
currently leads the OPUS Group’s best practice programme, working with the OPUS
Businesses to further develop operating efficiencies and ensure industry
leading practice. This includes executing the ‘lean manufacturing’ programme.
Mr Celarc has been a key driver of the group’s cross-site production strategy,
ensuring the best use of equipment across the OPUS Group to deliver optimal
customer outcomes, and was instrumental in the establishment of the
'greenfield' Ligare NZ operation. Having been a print business owner for over
30 years, Richard has a wealth of industry knowledge and operational experience.
Name : Bret Paul Jackson
Designation : Director
Appointment date : 20/03/09
Address : 49 Sunnyside Road, Rd 3
Albany,
Auckland 0793
New
Zealand
Biography : Born on 29-12-1971 in Winton, New Zealand.
Mr
Jackson is a co-founder of Knox Investment Partners, a managing director of the
firm and the chairman of Funds I – IV (entities from Fund III are OPUS
Shareholders). Mr Jackson is experienced in all aspects of private equity
including strategic value creation, fund raising, deal origination and
portfolio management and realisations. Further experience was with the Boston
Consulting Group in Sydney and London including projects across Australia, Asia
and Europe in multiple industries.
Mr
Jackson has an MBA from Harvard Business School and an Honours Degree in
Commerce from Otago University. He is currently the president of the Harvard
Business School Association of New Zealand alumni.
Name
: William John
Mackarell
Designation
: Director
Appointment
date : 30/03/12
Address : Unit 4, 17-19 Waratah Street
Rushcutters Bay, NSW
2011
Australia
Biography : Born on 02-09-1939 in Sydney, New South Wales,
Australia.
Mr
Mackarell brings considerable experience in publishing and senior executive development
to the Board, including over 40 years experience in the international
publishing industry. He has served as the CEO of the Law Book Company and its
affiliates (Australian subsidiaries of Thomson Reuters) and CEO of Associated
Book Publishers (Aust). Mr Mackarell was a Board member of the Australian
Publishers Association, including serving as President. He also had a lead role
in establishing Copyright Agency Limited, including serving as Chairman.
For
12 years Mr Mackarell was a Group Chair of The Executive Connection and acted
as a mentor to CEOs from a wide variety of industries. Recently, he jointly
founded Coraggio Pty Ltd, an organisation committed to improving CEO
performance and leadership skills. Mr Mackarell currently serves as a director
for Coraggio Pty Ltd, Murdoch Books Pty Ltd and Device Technologies Australia
Pty Ltd.
Mr Mackarell is a graduate of the University of Sydney and holds a Masters Degree in Education. He is a Fellow of the Australian Institute of Company Directors and a Fellow of the Australian Institute of Management.
Name : Simon
Allen Rowell
Designation : Director
Appointment date : 30/03/12
Address : 23 New Beach Road
Darling Point, NSW
2027
Australia
Biography : Born on 20-10-1954 in Stafford, United Kingdom.
Mr
Rowell was appointed a Director of McPherson's Limited in 2003 and was Chairman
from 31 August 2007 until his retirement as a Director on 18 November 2011. He
is the former Managing Director of Snack Foods Ltd, Australia's largest listed
snackfood company which was acquired by
Arnott's Biscuits Ltd in 2002. Prior to Snack
Foods,
he spent 12 years as CEO of the Jack Chia Group, a diversified business
including consumer products, engineering, textiles, property and finance. He
was formerly Chairman of Savcor Group Ltd, Greens Foods Ltd and MMC Contrarian
Ltd. Mr Rowell is a Chartered Accountant and has an honours degree in Arts.
Name
: James Matheson
Sclater
Designation : Director
Appointment date : 30/03/12
Address : 27 Hauraki Road
Takapuna, Auckland
0622
New Zealand
Biography : Born on 07-10-1959 in Wellington, New Zealand.
Mr
Sclater is a professional director and trustee acting for a number of companies
and investment trusts including the New Zealand listed public company Hellaby Holdings
Limited, ProCare Health and Damar Industries.
Mr
Sclater is a chartered accountant and a member of the New Zealand Institute of
Chartered Accountants and Institute of Directors. Prior to 2009, Mr Sclater was
chairman of Grant Thornton Auckland, where he was a business advisory services
director for 18 years, specialising in SME accounting, taxation and management
advice. Mr Sclater has a Bachelor of Commerce degree from the University of
Auckland.
Name : Matthew
John McGrath
Designation : Director
Appointment date : 30/03/12
Address : 41 Pacific Road
Palm Beach, NSW 2108
Australia
Biography : Born on 26-10-1960 in Sydney, New South Wales,
Australia.
Mr
McGrath is a highly respected media figure, having been executive chairman and
CEO of Y&R Brands, one of Australasia’s largest advertising groups
comprising 10 agency businesses. He brings significant marketing and strategic
business development experience to the Board. Mr McGrath has 20 years
experience as a creative director for George Patterson and Y&R Australia
and New Zealand, and as chief creative officer for Y&R Brands. He currently
sits on the board of Transaction Media, a joint venture company with ASX listed
Customers Limited. Mr McGrath has served on the Global Management Board at
Y&R Brands and on the Global Creative Board
at
Bates Worldwide and Y&R Brands.
Mr McGrath holds a Bachelor of Arts in
Media Studies from RMIT in Melbourne.
Name : Philip
Ross Bennett
Designation : Company Secretary
Appointment date : 30/03/12
Address : 35 Oakern Street
Mount Waverley, VIC
3149
Australia
Biography : Born on 01-10-1955 in Warragul, Victoria,
Australia.
Staff employed : 20 employees (Subject)
Composition
Authorized Capital : AUD 120,000
No of shares : 120,000 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 120,000
Paid up capital : AUD
120,000
How listed : Full List
Composition
Shareholder name : CANPRINT HOLDINGS PTY LTD
Address : 12 Rachael Close
Silverwater,
NSW 2128
Australia
No. of shares : 120,000 Ordinary Shares
% of shares : 100%
Structure
Name : OPUS GROUP LIMITED
Affiliation type : Ultimate Holding Company
Address : 12 Rachael Close
Silverwater, NSW 2128
Australia
Comments : The company was listed on the
Australian Stock Exchange on 10 April, 2012.
Name : CANPRINT HOLDINGS PTY
LTD
Affiliation type : Parent Company
Address : 12 Rachael Close
Silverwater, NSW 2128
Australia
Name : CANPRINT COMMUNICATIONS
PTY LIMITED
Affiliation type : Sister Company
Address : 16 Nyrang Street
Fyshwick, ACT 2609
Name : OPUS
GROUP (AUSTRALIA) PTY LIMITED
Affiliation type : Sister Company
Address : 12 Rachael Close
Silverwater, NSW 2128
Australia
Name : LIGARE
PTY LTD
Affiliation type : S Sister Company
Address : 138-152 Bonds Road
Riverwood, NSW 2210
Australia
Name : CACTUS
IMAGING PTY. LTD.
Affiliation type : Sister Company
Address : 12 Rachael Close
Silverwater, NSW 2128
Australia
Name : OPUS
PRINT GROUP LIMITED
Affiliation type : Sister Company
Address : 10 Normanby Road
Mount Eden, Auckland
1024
New Zealand
Name : OPUS
GROUP NZ HOLDINGS LIMITED
Affiliation type : Sister Company
Address : 10 Normanby Road
Mount Eden, Auckland
1024
New Zealand
Name : OMNIGRAPHICS
LIMITED
Affiliation type : Sister Company
Address : 10 Normanby Road
Mount Eden, Auckland
1024
New Zealand
Name : LIGARE
LIMITED
Affiliation type : Sister Company
Address : 235 Archers Road
Glenfield, Auckland
0629
New Zealand
Related
companies and corporate affiliations comments
Other companies of the Opus Group should be considered affiliates of the Subject.
Bank Details
Name of bank : Australian and New Zealand Banking
Group Limited
Address : Australia
Account details : Current Account
Name of bank : National Australia Bank Limited
Address : Australia
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.
Description
Source of financial statement
: Public Record Sources
Financial statement date : 30/06/11
Type of accounts : Full audited
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 0.97 as of
20-04-2012
Summarized
Financial Information
Consolidation type : Group Consolidated Group Consolidated Group Consolidated
Currency : Australia Dollar
(AUD) Australia Dollar (AUD) Australia Dollar (AUD)
Denomination : (x1) One (x1) One (x1) One
Date of financial year end : 31/12/11 30/06/11 30/06/10
Length of accounts : 6 months 12 months 12 months
Sale turnover / Income : 45,607,000 79,650,000
73,335,000
Gross profit : 17,675,000 30,289,000 27,800,000
Operating profit : --- -104,000 6,034,000
Profit before tax : 3,023,000 -5,651,000 3,822,000
Net income : 2,388,000 -5,229,000 1,463,000
Non current assets : 72,972,000 74,319,000 55,403,000
Current assets : 23,929,000 20,418,000 20,664,000
Inventories : 3,933,000 3,649,000 2,754,000
Total assets : 96,901,000 94,737,000 76,067,000
Current liabilities : 45,677,000 71,061,000 25,182,000
Non current liabilities : 27,647,000 1,590,000 22,914,000
Total liabilities : 73,324,000 72,651,000 48,096,000
Share equity : 23,577,000 22,086,000 27,971,000
Retained earning : 1,107,000 -1,281,000 3,948,000
Comments : The group’s
consolidated financial information above relates to the Subject’s
Ultimate
Holding Company Opus Group Limited and all its subsidiaries which include the
Subject.
Main activities : The Subject is engaged in providing
commercial printing services.
The Subject is part of OPUS Group Limited, a company listed on Australian Stock Exchange on 10 April 2012. OPUS Group Limited is a technology based integrated business services and solutions group of companies with operations in Australia, New Zealand and Singapore.
OPUS Group Limited has 3 divisions —
Publishing, Government and Outdoor.
PUBLISHING
DIVISION
Production
and distribution of published publications including electronic delivery of online
material, regional production of scientific, medical, technical and scholarly
journals, loose leaf manuals and primary, secondary and higher education texts.
Core
Customers:
Major
global publishers of educational, legal, accounting and taxation publications
Core
Products:
Books
Journals
Manuals
Loose-leaf publications
Binders
Core Services:
Design & prepress
Web & sheet-fed printing (offset and
digital)
Binding (Perfect, burst, section sewing,
wiro, saddle stich and hard cover case binding)
Shrink wrapping & banding
Bulk mailing & distribution
Digital asset management / content
management
Back catalogue fulfilment
Warehousing & inventory management
GOVERNMENT DIVISION
Secure Government communication requirements including document production, web hosting, electronic fulfilment, call centre, warehousing and logistics for the Australian Federal Government, State Governments and Local Councils.
Core Customers:
Australian Federal Government
Departments, Authorities, National
Organisations, State Governments and Local Councils.
OUTDOOR DIVISION
OPUS Group’s Outdoor Division is the largest provider of grand and large format printing for Outdoor advertising in Australasia. This involves the creation, production and distribution of Outdoor advertising material and corporate signage, such as billboards, bus advertising, retail displays, vehicle wraps and trade exhibitions.
Outdoor advertising is increasingly being located inside
high traffic buildings such as shopping centres.
The innovative nature of large format printing means the division prints on a
wide variety of flexible and rigid materials including vinyl, mesh, paper,
canvas, cloth, wood, glass and plastic.
Core Customers:
Advertising agencies, outdoor
media companies and direct corporate clients.
Product & services :
Offset Printing
Digital Printing
Finishing/Binding
Prepress
Purchases
International : China, Singapore, India
Sales
Local : Yes
International : New Zealand, Pacific Islands
Key events : 10 April 2012
Opus Group Shares List On ASX
Shares in OPUS Group (OPG) today commenced trading on the Australian Securities Exchange.
Chairman of OPUS Group, Bill
Mackarell attended the Australian Securities Exchange in Sydney today to launch
the company saying the listing marked a coming of age for the business, its
management and its customers.
“We have been working towards this day for the last five months, and are well positioned to integrate McPherson Printing Group (MPG) with OPUS,”
Mr Mackarell said.
OPUS is renowned for providing specialist business services and communication solutions across the Asia Pacific region, with its three divisions; outdoor media, government communications and publishing, leaders in their respective fields.
The company will benefit from
a greater geographical spread of production and sales facilities, with the
merger putting OPUS Group at the forefront of book publishing in Australia.
The board believes there is substantial upside for the new company as there is only limited overlap between the existing customer bases and market segments serviced by the OPUS Group, and the merger has provided improved access to new customers and markets for each business as well as regional cross selling opportunities.
‘With the new entity, we are aiming to
continue to deliver the superior EBITDA margins which make us stand out from
our peers in the industry,”
Mr Mackarell said.
“The board and management are excited
about the future for OPUS Group and are absolutely committed to making OPUS
Group a bigger and stronger company.”
22 March 2012
MPG Shareholders Approve Opus Group Acquisition Shareholders in MPG Printing Limited have voted overwhelmingly in favour of the acquisition of OPUS Group, an Asia-Pacific business services and communications solutions group.
Ninety-seven per cent of the votes cast
at the shareholders meeting on 21st March supported the acquisition.
Shareholders also approved the change of
company name to OPUS Group Limited, and elected Bill Mackarell, Richard Celarc,
Bret Jackson, Matthew McGrath, and James Sclater as directors.
Mr Mackarell will become the Chairman of
the OPUS Group. Mr Mackarell thanked the MPG shareholders for their approval of
the deal.
“The
board believes there are significant synergies from the combined group” Mr
Mackarell said.
“OPUS
Group’s three divisions; publishing, government and outdoor area are each
leaders in their field, and the OPUS Group is very complementary to the
existing MPG business. MPG stands to benefit significantly by being
able
to leverage OPUS’s substantial network spanning the Asia Pacific region as well
as the latest in Digital Asset Management, specifically electronic content and
delivery.”
“OPUS
also brings what I believe is the industry leading management team with
exceptional knowledge and experience. Chief Executive, Cliff Brigstocke has led
the
OPUS Group since its inception and has
been instrumental in acquiring, integrating and developing each of the
businesses in the OPUS Group.”
Completion of the acquisition is expected to occur on 30 March 2012, and an application has been made to the Australian Securities Exchange to list the new combined entity on the ASX, with the anticipated listing date 10 April 2012.
MPG Printing, which is a leading producer of books and other high quality printed materials, became an independent company on 31 January, when it demerged from McPherson’s Limited.
Property &
Assets
Premises : The
Subject operates from premises located at the verified heading address
consisting of administrative office and printing facilities.
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 43.879 billion
Gross domestic product – GDP : US$ 1.448 trillion
GPP (Purchasing power parity) : 918.529 billion of International dollars
GDP per capita - current prices : US$ 64,351
GDP - composition by sector : agriculture: 4.1% industry: 26% services: 70%
Inflation : 2008: 4.4%
2009: 1.8%
2010: 2.8%
2011: 3.0%
Unemployment rate 2008: 4.2 %
2009: 5.6 %
2010:5.2 %
2011: 5.0%
Public debt
(General Government gross
debt as a % GDP) 2008: 11.6%
2009: 17.6%
2010: 22.3 %
2011: 24.1%
Government bond
ratings Standard
& Poor's: AAA-/Stable/A-1+
Moody's rating: Aaa
Moody's outlook: STA
Market value of publicly traded shares US$ 1.258 trillion
Largest companies in the country :
Westpac Banking Group (Major Banks),
BHP Billiton (Diversified Metals & Mining), Commonwealth Bank (Major
Banks), National Australia Bank (Major Banks), ANZ Banking (Major Banks),
Telstra (Telecommunications services), Wesfarmers (Food Retail)
Trade & Competitiveness Overview
Total exports US$210.7
billion
Exports commodities coal,
iron ore, gold, meat, wool, alumina, wheat
Total imports US$187.2
billion
Imports commodities machinery and
transport equipment, computers and office machines, telecommunication equipment
and parts, crude oil and petroleum products
Export - major partners Japan 18.9%, China 14.2%, South Korea 8%, US 6%, NZ 5.6%, India
5.5%, UK 4.2%
Import - major partners China 15.5%, US 12.8%, Japan 9.6%, Singapore 5.6%, Germany
5.2%, UK 4.3%, Thailand 4.2%
FDI Inflows 2008: US$46,722 million
2009: US$22,572 million
2010: US$32,472 million
FDI Outflows 2008: US$32,819 million
2009: US$18,426 million
2010: US$26,431 million
Best countries for doing business : 10
out of 183 countries
Global competitiveness ranking : 20 (ranking
by country on a basis of 142, the first is the best)
Country and Population Overview
Total population :
22.23 million
Total area :
7,692,024 km2
Capital : Canberra
Currency : Australian Dollars (AUD)
Internet
users as % of total population
: 76.00%
Purchase Term
International : Prepayment, Telegraphic
transfer, Credit 30-90 days
Sales Term
Local : Prepayment, Bank
transfer, Credit 30-90 days
International : Prepayment, Telegraphic
transfer, Credit 30-90 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.51.99 |
|
UK Pound |
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.63.40 |
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.