MIRA INFORM REPORT
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Report Date : |
24.04.2012 |
IDENTIFICATION DETAILS
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Name : |
LI PENG ENTERPRISE CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
20.08.1975 |
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Com. Reg. No.: |
33955322 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and sales of Nylon products |
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No. of Employees
: |
Over 1,000 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 300,000 |
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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
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Taiwan |
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 |
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Company Name: |
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Supplied Name: |
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Trading Address: |
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Supplied Address: |
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Telephone Number: |
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Fax Number: |
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E-mail: |
Notes: Subject’s exact name and address are as above.
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Credit Rating: |
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Credit Opinion: |
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Registered Name: |
Li Peng Enterprise Co., Ltd. |
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Registered Address: |
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Date of Foundation: |
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Registration Number: |
33955322 |
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Registry: |
Department of Commerce,
Ministry of Economic Affairs,
R.O.C. |
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Registered Capital: |
NTD 8,800,000,000 (USD 298,320,000) (As of 2012.04, 1 NTD =
0.0339 USD) |
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Paid-up Capital: |
NTD 7,181,531,500 (USD 243,453,918) |
|
Legal Representatives: |
Shaoy Guo |
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Legal Form: |
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Principal Activities: |
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Staff: |
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Listed at Stock
Exchange: |
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Date of Last
Annual Return: |
Notes: subject’s paid up capital has been changed
as above.
Subject was incorporated on
Subject was listed on Taiwan Stock Exchange on
Awards
|
Year |
Awards |
|
2008 |
Blue chip
importer and exporter |
|
2009 |
Blue chip
importer and exporter |
|
2010 |
Blue chip
importer and exporter |
Standard of Blue chip importer and exporter
Unit: USD
|
Year |
Amount |
|
2008 |
19,000,000 |
|
2009 |
15,000,000 |
|
2010 |
20,000,000 |
|
Name |
Subscription Shares |
|
Shaoyi Guo |
10,542,225 |
|
Lealea Enterprise Co., Ltd. |
|
|
109,627,786 |
|
|
Binghuang Chen |
47,511 |
|
Jigang Guo |
314,600 |
|
Zhiyuan Xie |
110,602 |
|
Junnan Guo |
10,541,648 |
The information above is that of subject’s major
shareholders as of
Related Companies
|
1 |
|
|
Name |
LeaLea
Enterprise Co., Ltd. |
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E-mail: |
|
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2 |
|
|
Name |
Libolon
International Trading Co., Ltd. |
|
E-mail: |
|
Core Management
|
1 |
|
|
Name |
Shaoyi Guo |
|
Position |
Board Chairman |
|
2 |
|
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Name |
Yanlin Chen |
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Position |
Director |
|
3 |
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Name |
Binghuang Chen |
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Position |
Director |
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4 |
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Name |
Jigang Guo |
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Position |
Director |
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5 |
|
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Name |
Zhiyuan Xie |
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Position |
Director |
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6 |
|
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Name |
Junnan Guo |
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Position |
Supervisor |
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7 |
|
|
Name |
Minglang Zhan |
|
Position |
Supervisor |
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8 |
|
|
Name |
Wenzhong Lin |
|
Position |
Manager |
|
Date of
Appointment |
|
Personnel
Structure
|
Total Employees |
Over 1,000 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
Production
Information
l
Subject is engaged in manufacture of Nylon, nylon
yarn, woven fabrics and filament
l
It is introduced that subject’s daily production
capacity of Nylon products reaches 1,100 tons.
l
It is introduced that subject has obtained the
certifications of ISO9001, ISO14001, OSHAS18001, Oeko-Tex Standard 100, etc
Purchase
Information
l
The major registered activities of subject:
|
Business Code |
Details |
|
-- |
·
Printing, processing, manufacture and sales of
all kinds of calico paper, Figure dye paper, paper products,
etc |
|
-- |
Manufacture and sales of Man-made
fiber materials, Synthetic fiber materials and its related processed
products. |
|
-- |
Manufacture and sales of Plastic Raw Materials |
|
-- |
Sales of Chemical industrial products |
|
I301010 |
Information software services |
|
I301030 |
Electronic information supplying services |
|
IZ99990 |
Other Ness Services (Biological pharmaceutical
research and development) |
l
Subject purchases raw materials both at home and
abroad.
l
Subject is mainly engaged in sales of Nylon products including
Nylon Tablets, Nylon precursor yarn, Nylon processed yarn, functional Nylon
fiber and fabric, etc
l
It is introduced that subject has brand named
LIBOLON
l
Subject’s products are both sold in domestic and
overseas market.
l
Subject introduced that they at least sell the
nylon products 27,000 tons per month.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials, etc |
COD, Credit Sales, etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials, etc |
CBD, etc |
100% |
Sales
Domestic Markets (Taiwan)
|
Sales Terms |
Proportion |
|
|
Nylon products |
CBD, etc |
100% |
Export
|
Payment / Terms |
Proportion |
|
|
Nylon products |
T.T in advanced, L/C, etc. |
100% |
Unit: NTD/000
|
|
|
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Assets |
|
|
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Current Assets |
|
|
|
Cash and cash
equivalents |
384,368.00 |
106,720.00 |
|
Financial assets
measured at fair value through profit or loss - current |
927,175.00 |
372,243.00 |
|
Notes receivable
- net |
83,573.00 |
119,213.00 |
|
Notes receivable
- related parties - net |
49,125.00 |
0.00 |
|
Accounts
receivable - net |
2,378,863.00 |
3,961,564.00 |
|
Accounts
receivable - related parties - net |
209,865.00 |
28,188.00 |
|
Other financial
assets - current |
175,988.00 |
118,377.00 |
|
Inventories |
4,265,558.00 |
2,190,266.00 |
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Other current
assets |
179,257.00 |
144,780.00 |
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Current assets |
8,653,772.00 |
7,041,351.00 |
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Funds and
Investments |
|
|
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Available-for-sale
financial assets - non current |
633,180.00 |
1,032,504.00 |
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Financial assets
carried at cost - non current |
66,764.00 |
48,898.00 |
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Equity investments
under equity method |
2,058,802.00 |
2,131,404.00 |
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Investments |
2,058,802.00 |
2,131,404.00 |
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Funds and
long-term investments |
2,758,746.00 |
3,212,806.00 |
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Fixed Assets |
|
|
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Cost |
|
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Land |
1,048,050.00 |
1,048,050.00 |
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Buildings and
structures |
2,258,048.00 |
2,243,079.00 |
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Machinery and
equipment |
7,557,009.00 |
7,326,667.00 |
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Transportation
equipment |
58,780.00 |
56,974.00 |
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Office equipment |
81,849.00 |
76,082.00 |
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Other facilities |
2,003,617.00 |
1,958,457.00 |
|
Revaluation
increment |
478,404.00 |
0.00 |
|
Cost and
revaluation increment |
13,485,757.00 |
12,709,309.00 |
|
Accumulated
depreciation |
-8,202,116.00 |
-7,838,065.00 |
|
Construction in
process and prepayment for equipments |
19,268.00 |
38,657.00 |
|
Fixed assets |
5,302,909.00 |
4,909,901.00 |
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Intangible
Assets |
|
|
|
Computer
software cost |
35,238.00 |
33,527.00 |
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Intangible
assets |
35,238.00 |
33,527.00 |
|
OtherAssets |
|
|
|
Guarantee
deposits paid |
160.00 |
1,003.00 |
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Deferred charges |
45,365.00 |
32,806.00 |
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Deferred income
tax assets - non current |
83,737.00 |
101,332.00 |
|
Other assets -
other |
47.00 |
89.00 |
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Other assets |
129,309.00 |
135,230.00 |
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Assets |
16,879,974.00 |
15,332,815.00 |
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Liabilities and Stockholders'
Equity |
|
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Liabilities |
|
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Current
Liabilities |
|
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Short-term
borrowings |
3,421,900.00 |
1,200,000.00 |
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Short-term notes
and bills payable |
1,194,000.00 |
274,000.00 |
|
Financial liabilities
measured at fair value through profit or loss - current |
0.00 |
1,096.00 |
|
Notes payable |
114,109.00 |
59,710.00 |
|
Notes payable -
related parties |
80,562.00 |
12,646.00 |
|
Accounts payable |
1,400,174.00 |
1,673,169.00 |
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Accounts payable
- related parties |
67,921.00 |
73,363.00 |
|
Income tax
payable |
6,926.00 |
15,958.00 |
|
Other payables -
related parties |
286,000.00 |
0.00 |
|
Other payables |
367,701.00 |
385,820.00 |
|
Long-term
liabilities - current portion |
380,125.00 |
571,445.00 |
|
Other current
liabilities |
107,496.00 |
147,813.00 |
|
Current
liabilities |
7,426,914.00 |
4,415,020.00 |
|
Long term
Liabilities |
|
|
|
Long-term
borrowings |
791,951.00 |
1,634,416.00 |
|
Long-term
liabilities |
791,951.00 |
1,634,416.00 |
|
Reserves |
|
|
|
Reserve for land
revaluation increment tax |
146,650.00 |
0.00 |
|
Reserves |
146,650.00 |
0.00 |
|
Other
Liabilities |
|
|
|
Pension reserve
/ accrued pension liability |
175,918.00 |
173,029.00 |
|
Guarantee
deposits received |
2,456.00 |
1,515.00 |
|
Other
liabilities - other |
260.00 |
260.00 |
|
Other
liabilities |
178,634.00 |
174,804.00 |
|
Liabilities |
8,544,149.00 |
6,224,240.00 |
|
Stockholders'
Equity |
|
|
|
Capital |
|
|
|
Common stock |
7,181,532.00 |
6,528,665.00 |
|
Capital Surplus |
|
|
|
Capital surplus
- additional paid-in capital |
590,378.00 |
1,243,245.00 |
|
Capital surplus
- treasury stock transactions |
145,590.00 |
27,991.00 |
|
Capital surplus
- long-term equity investments |
3,734.00 |
1,994.00 |
|
Capital surplus |
739,702.00 |
1,273,230.00 |
|
Retained
Earnings |
|
|
|
Legal reserve |
368,999.00 |
314,223.00 |
|
Special reserve |
90,043.00 |
842,847.00 |
|
Unappropriated
retained earnings |
686,554.00 |
547,758.00 |
|
Retained
earnings |
1,145,596.00 |
1,704,828.00 |
|
Stockholders'
Equity and Other adjustmen |
|
|
|
Cumulative
translation adjustments |
-5,381.00 |
-8,280.00 |
|
Net loss not
recognized as pension cost |
-29,879.00 |
-35,462.00 |
|
Unrealized gains
(losses) on financial instruments |
-574,899.00 |
211,985.00 |
|
Unrealized
Revaluation Increment |
331,754.00 |
0.00 |
|
|
-452,600.00 |
-566,391.00 |
|
Equity
adjustments |
-731,005.00 |
-398,148.00 |
|
Stockholdersˉ
equity |
8,335,825.00 (USD 282,584,468) |
9,108,575.00 (USD 308,780,693) |
|
Number of
treasury stock acquired by the company and subsidiaries (unit: share) |
83,928,737.00 |
97,467,490.00 |
|
|
0.00 |
0.00 |
(As of 2012.04, 1 NTD = 0.0339
USD)
Unit: NTD/000
|
|
2011 |
2010 |
|
Sales |
25,533,091.00 (USD 865,571,785) |
24,187,620.00 (USD 819,960,318) |
|
Sales returns |
64,510.00 |
55,032.00 |
|
Sales discounts and allowances |
67,200.00 |
58,942.00 |
|
Sales |
25,401,381.00 |
24,073,646.00 |
|
Operating income |
25,401,381.00 |
24,073,646.00 |
|
Cost of sales |
25,052,011.00 |
22,734,205.00 |
|
Operating costs |
25,052,011.00 |
22,734,205.00 |
|
Gross profit (loss) from operations |
349,370.00 |
1,339,441.00 |
|
Selling expense |
369,122.00 |
398,893.00 |
|
General and administrative expenses |
125,023.00 |
159,266.00 |
|
Research and development expenses |
73,232.00 |
63,674.00 |
|
Operating expenses |
567,377.00 |
621,833.00 |
|
Operating income (loss) |
-218,007.00 |
717,608.00 |
|
Non-Operating Income |
|
|
|
Interest income |
893.00 |
277.00 |
|
Inome from long-term equity investments under the
equity method |
18,350.00 |
150,790.00 |
|
Dividends |
49,818.00 |
47,368.00 |
|
Investment income |
68,168.00 |
198,158.00 |
|
Gains on disposal of fixed assets |
35,686.00 |
11,322.00 |
|
Gains on sale of investments |
4,262.00 |
140,147.00 |
|
Foreign exchange gains |
102,195.00 |
0.00 |
|
Rent income |
17,010.00 |
18,371.00 |
|
Reversal of impairment loss on assets |
8,390.00 |
0.00 |
|
Revaluation gain on financial assets |
0.00 |
138,789.00 |
|
Miscellaneous income |
64,097.00 |
30,437.00 |
|
Non-operating revenues and gains |
300,701.00 |
537,501.00 |
|
Non-Operating Expenses |
|
|
|
Interest expense |
65,928.00 |
64,985.00 |
|
Foreign exchange losses |
0.00 |
77,861.00 |
|
Revaluation loss on financial assets |
175,776.00 |
0.00 |
|
Revaluation loss on financial liabilities |
0.00 |
1,096.00 |
|
Miscellaneous disbursements |
2,556.00 |
2,902.00 |
|
Non-operating expenses and losses |
244,260.00 |
146,844.00 |
|
Income from continuing operations before income
tax |
-161,566.00 |
1,108,265.00 |
|
Income tax expense (benefit) |
71,233.00 |
94,000.00 |
|
Income from continuing operations |
-232,799.00 |
1,014,265.00 |
|
Net income (loss) |
-232,799.00 (USD -7,891,886) |
1,014,265.00 (USD 34,383,584) |
|
Primary Earnings per Share |
|
|
|
Primary earnings per share |
-0.34 |
1.53 |
|
Diluted earnings per share |
|
|
(As of 2012.04, 1 NTD =
0.0339 USD)
Subject did not introduce its bank details, and from other source we can
not obtain the relevant information, either.
Mortgage
No chattel mortgage record of subject has been found within the recent 3
months.
Lawsuit
|
1 |
|
|
Trial Number |
93,北勞簡,72 |
|
Trial Date |
930812 |
|
Reason |
|
|
2 |
|
|
Trial Number |
92,北簡,26567 |
|
Trial Date |
930302 |
|
Reason |
Payment of notes
|
|
3 |
|
|
Trial Number |
92,北勞簡,157 |
|
Trial Date |
930113 |
|
Reason |
Payment of
severance pay |
|
Department |
Sales department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.23 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.68.84 |
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.