MIRA INFORM REPORT
|
Report Date : |
07.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
DAEWON CHEMICAL CO., LTD. |
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Formerly Known As : |
DAEWON Chemical
Industrial Company |
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Registered Office : |
209-5, Jamsilbon-dong, Songpa-gu, Seoul, Korea, 6th Fl., Daewon Bldg., Zip Code 138-862 |
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Country : |
South korea |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
23.05.1974 |
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Com. Reg. No.: |
204-81-36263 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Plastics Synthetic Leather |
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No. of Employees
: |
237 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
South Korea |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
DAEWON CHEMICAL CO., LTD. (Korean Company Name : “대원화성(주)”) |
|
Registered Address |
209-5, Jamsilbon-dong, Songpa-gu, Seoul,
Korea |
|
Building |
6th Fl., Daewon Bldg. |
|
Zip Code |
138-862 |
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Tel |
+82-31-372-3992 |
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Fax |
+82-31-372-3995 |
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E-mail |
|
|
Website |
|
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Trading Address- Osan Factory |
496, Yoisammi-Dong, Osan-si, Gyeonggi-do,
Korea |
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Tel |
+82-31-372-3992 |
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Fax |
+82-31-372-3995 |
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Other Address-Busan Office |
260-34, An-dong ,Gimhae-si,
Gyeongsangnam-do, Korea |
|
Tel |
+82-55-332-8777 |
|
Fax |
+82-55-331-3328 |
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Type |
Export/Import |
|
Industry |
Manufacture of Plastics Synthetic Leather |
|
Main Business |
Polyurethane Synthetic Leather, Wallpaper, DMF Refinery |
|
Sub
Business |
Manufacture of Wallpaper and Oilpaper |
|
Established (mm/dd/yyyy) |
05/23/1974 |
The Subject owns
the premises of registered Onsan factory(45,023㎡).
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Wallpapers(30161502) |
|
Sell |
Synthetic or imitation leather(11162307) |
|
Name |
Kang Dong-Yeop |
|
Date of Birth |
03/01/1969 |
|
Title |
President & CEO |
|
Sex |
Male |
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Nationality |
Korean |
|
Capital (KRW) |
13,726,350,000 |
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|
Employees |
237 |
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Formation |
Listed Company (Korea Stock Exchange:
024890) as of 10/28/1997 |
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Bank Details |
Woori bank-HQ Sales 2 Dept. Korea Development Bank Shinhan Bank |
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Corporate Registered No. |
110111-0165393 |
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Business Registered No. |
204-81-36263 |
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Permit & Licenses |
03/03/1998 ISO 9001 04/17/2001 ISO 14001 08/02/2006 ISO/TS 16949:2002 AWARD 1990/03 - Won Official Commendation For A
Exemplary Taxpayer-The Minister Of Finance 1994/03 - Won Official Commendation For A
Exemplary Taxpayer-The Minister Of Finance 1998/12 - Received An Award For Protection
Of Environment-The Governor Of Kyounggi Province 1999/12 - Received The Second Prize, The
Peace Of Industrial Service Merit -The Governor Of Kyounggi Province Int’l Trade No.: 524287 |
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Shareholder Position |
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Company History |
05/23/1974 - Established as DAEWON
Chemical Industrial Company 08/06/1974 Changed company name to the
present name 05/1977 - Completed Osan factory and began
operation 1983 - Developed "ULTRA-PORE",
breathable water proof coated fabric 1987 - Entered into technical cooperation
with Toyo Polymer of Japan 1989 - Installed wet process line from
Italy and finishing facilities 1991- Developed artificial leather for
high quality athletic footwear, began supplying to Nike, Adidas and other
brands 12/1994 - Completed automated warehouse at
Osan factory 09/1995 - Established R&D Center in
Osan factory 10/1997 - Listed on Korea Stock Exchange. 03/1998 - Acquired ISO 9001. (The first
certification in the Synthetic leather & wallpaper industry in Korea) 12/1998 - Established Guangzhou Sales
branch Office 04/2001 - Acquired ISO 14000 08/08/2001 Moved to the present HQ address
from 823, Yeoksam-dong ,Gangnam-gu, Seoul, Korea 01/2002 - President Dong-Yeop, Kang took
office as CEO 11/2002 - Developed “High-Lock”, began
supplying to Hynudai Motor Company 12/2003 - Acquired ISO 14001. (The first
certification in the Synthetic leather & wallpaper industry in Korea) 08/2006 - Acquired ISO/TS 16949:2002 06/12/2007 Participated and Invested in
Lucky ship Project in Canada |
|
Job Description |
Title |
Name |
Sex |
Date of Birth |
Education |
|
President & CEO |
Mr. |
Kang Dong-Yeop |
Korean |
69.03.01 |
Yonsei University, Korea |
|
Director |
Mr. |
Kang Soo-Chang |
Korean |
43.01.16 |
Yonsei University, Korea |
|
Director |
Mr. |
Park Dong-Hyuck |
Korean |
42.10.12 |
Yonsei University, Korea |
|
Auditor |
Mr. |
Hur Hoon-Jong |
Korean |
55.02.20 |
Daegu Commercial High, Korea |
|
Outside Director |
Mr. |
Ju Young-Eun |
Korean |
41.08.24 |
Yonsei University, Korea |
|
Outside Director |
Mr. |
Kim Seung-Hern |
Korean |
43.04.13 |
Korea University, Korea |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
115,754,238,000 |
112,122,152,000 |
-2,373,323,000 |
|
|
(*)09/2011 |
86,533,906,302 |
113,461,102,118 |
-1,711,462,251 |
|
2010 |
108,692,038,782 |
109,970,937,203 |
-7,715,296,767 |
|
2009 |
91,582,201,328 |
107,080,255,699 |
-3,026,564,454 |
|
2008 |
92,952,226,930 |
106,919,829,244 |
-7,818,416,065 |
(*)09/2011 ‘s figures are based on the K-IFRS Accounting System.
(*)The financials
(2011) are released by the subject company as tentative figures as of
02/24/2012. It can be changeable by the Auditors confirmation.
|
Authorized Capital(KRW) |
50,000,000,000 |
|
Paid-Up Capital(KRW) |
13,726,350,000 |
|
Total Issued Shares |
2,745,270 |
Balance
Sheet
|
|||
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
113,461,102,118 |
113,902,666,500 |
|
|
Current
Assets |
45,159,269,434 |
47,886,925,493 |
|
|
Cash & Cash Equivalents |
619,892,799 |
2,827,989,683 |
|
|
Current Financial Instruments |
1,000,000,000 |
|
|
|
Marketable Financial Instruments |
0 |
1,012,725,000 |
|
|
Trade Receivables |
28,501,003,231 |
31,694,432,542 |
|
|
Other Receivables |
632,633,929 |
908,941,273 |
|
|
Advance Payments |
918,354,170 |
23,820,217 |
|
|
Prepaid Expenses |
99,867,606 |
50,914,172 |
|
|
Inventories |
13,335,899,301 |
11,312,086,066 |
|
|
Other Current Assets |
51,618,398 |
56,016,540 |
|
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Non-Current
Assets |
68,301,832,684 |
66,015,741,007 |
|
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Non-Current Financial Instruments |
57,590,000 |
197,590,000 |
|
|
Non-Current Financial Instruments |
2,571,707,764 |
2,571,707,764 |
|
|
Investment_Related Companies |
8,594,755,982 |
8,594,755,982 |
|
|
Long-Term Loans |
7,973,420,000 |
7,698,964,000 |
|
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Tangibles |
47,288,735,487 |
45,327,976,460 |
|
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Intangibles |
16,451,137 |
15,219,735 |
|
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Other Non-Current Assets |
1,799,172,314 |
1,609,527,066 |
|
|
Total
Liabilities |
62,394,429,553 |
61,211,556,287 |
|
|
Current
Liabilities |
51,102,731,155 |
52,081,612,285 |
|
|
Trade Payables |
12,236,202,361 |
13,482,420,892 |
|
|
Short-Term Borrowings |
35,088,567,595 |
28,776,101,025 |
|
|
Account Payables |
2,119,546,080 |
2,641,765,510 |
|
|
Advance Receipts |
363,044,826 |
189,515,535 |
|
|
Withholdings |
106,633,940 |
85,703,430 |
|
|
Accrued Expenses |
159,877,413 |
211,240,887 |
|
|
Current Portion of Long-Term
Debts |
701,101,400 |
6,040,695,760 |
|
|
Other Current Liabilities |
327,757,540 |
654,169,246 |
|
|
Non-Current
Liabilities |
11,291,698,398 |
9,129,944,002 |
|
|
Confirmed Salaries |
1,346,698,604 |
1,213,671,522 |
|
|
Deferred Income Tax Credit |
3,827,299,794 |
4,370,198,540 |
|
|
Long-Term Borrowings |
6,117,700,000 |
3,546,073,940 |
|
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Capital
Stock |
15,564,773,500 |
15,564,773,500 |
|
|
Capital Surplus |
16,115,140,101 |
16,115,140,101 |
|
|
Others |
-3,528,313,700 |
-3,560,285,951 |
|
|
Profit Surplus |
22,915,072,664 |
24,571,482,563 |
|
|
Total Equity |
51,066,672,565 |
52,691,110,213 |
|
|
Liab. & Shareholder’s Equity |
113,461,102,118 |
113,902,666,500 |
|
|
Balance Sheet |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
109,970,937,203 |
107,080,255,699 |
106,919,829,244 |
|
Current Assets |
48,582,636,458 |
43,249,879,668 |
44,688,603,945 |
|
-Quick Assets |
37,270,550,392 |
35,367,839,095 |
37,526,931,098 |
|
-Inventories |
11,312,086,066 |
7,882,040,573 |
7,161,672,847 |
|
Fixed Assets |
61,388,300,745 |
63,830,376,031 |
62,231,225,299 |
|
-Investment |
14,631,884,753 |
19,071,513,442 |
21,732,242,429 |
|
-Tangibles |
45,131,669,191 |
43,324,266,233 |
34,961,238,312 |
|
-Intangibles |
15,219,735 |
17,469,303 |
70,007,341 |
|
-Others |
1,609,527,066 |
1,417,127,053 |
5,467,737,217 |
|
Total Liabilities |
61,774,864,814 |
55,105,947,532 |
61,453,848,279 |
|
Current Liabilities |
52,081,612,285 |
41,314,587,936 |
38,462,451,641 |
|
Fixed Liabilities |
9,693,252,529 |
13,791,359,596 |
22,991,396,638 |
|
Capital Stock |
15,564,773,500 |
13,815,191,500 |
13,815,191,500 |
|
Capital Surplus |
16,115,140,101 |
13,742,853,997 |
13,742,853,997 |
|
Profit Surplus |
-1,715,120,193 |
6,000,176,574 |
9,026,741,028 |
|
Capital Adjustment |
18,231,278,981 |
18,416,086,096 |
8,881,194,440 |
|
Total Equity |
48,196,072,389 |
51,974,308,167 |
45,465,980,965 |
|
Liab. & Shareholder’s Equity |
109,970,937,203 |
107,080,255,699 |
106,919,829,244 |
Income
Statement
|
|||
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
86,533,906,302 |
|
|
|
Cost of Sold Goods |
78,531,543,693 |
|
|
|
Gross Profit |
8,002,362,609 |
|
|
|
Selling & Admin. Expenses |
9,193,422,651 |
|
|
|
Other Operating Income |
3,065,034,072 |
|
|
|
Other Operating Expenses |
2,723,753,682 |
|
|
|
Operating Income |
-849,779,652 |
|
|
|
Interest Income |
815,611,488 |
|
|
|
Interest Expenses |
2,245,927,920 |
|
|
|
Income Before Taxes |
-2,280,096,084 |
|
|
|
Income Taxes Expenses |
-568,633,833 |
|
|
|
Net Income |
-1,711,462,251 |
|
|
|
Income Statement |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
108,692,038,782 |
91,582,201,328 |
92,952,226,930 |
|
Cost of Sold Goods |
96,264,065,386 |
81,426,019,543 |
83,549,529,124 |
|
Gross Profit |
12,427,973,396 |
10,156,181,785 |
9,402,697,806 |
|
Selling & Admin. Expenses |
10,801,059,127 |
10,053,048,768 |
11,775,883,728 |
|
Operating Income |
1,626,914,269 |
103,133,017 |
-2,373,185,922 |
|
Non-Operating Income |
3,980,160,560 |
8,996,723,847 |
13,485,017,722 |
|
Non-Operating Expenses |
12,048,741,543 |
11,964,464,975 |
20,885,107,131 |
|
Income Before Taxes |
-6,441,666,714 |
-2,864,608,111 |
-9,773,275,331 |
|
Income Taxes Expenses |
1,273,630,053 |
161,956,343 |
-1,954,859,266 |
|
Net Income |
-7,715,296,767 |
-3,026,564,454 |
-7,818,416,065 |
Cash
Flows
|
|||
|
Unit : Korean Won |
01/01/2011~09/30/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Operating
Activities Cash Flows |
-3,134,986,748 |
|
|
|
Net Income |
-1,711,462,251 |
|
|
|
Adjustment |
2,596,649,527 |
|
|
|
Changes in Asset/ & Liability |
-2,092,914,356 |
|
|
|
Interests Received |
442,866,179 |
|
|
|
Interests Paid |
-2,403,980,077 |
|
|
|
Income Taxes |
33,854,230 |
|
|
|
Cash Flows from
Investing |
-1,915,362,409 |
|
|
|
Cash Flows from
Financing |
2,846,044,750 |
|
|
|
Increase/Decrease in
Cash |
2,827,989,683 |
|
|
|
Cash at the Beginning
of Year |
|
|
|
|
Cash at the End of
Year |
619,892,799 |
|
|
|
Cash Flows |
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
785,828,984 |
-7,124,176,730 |
-1,422,820,180 |
|
-Net Income |
-7,715,296,767 |
-3,026,564,454 |
-7,818,416,065 |
|
-Exp. without Cash Outflow |
8,833,820,637 |
8,667,404,903 |
15,177,441,052 |
|
-Revenue without Cash Inflows |
-1,156,305,644 |
-4,003,373,172 |
-6,436,223,951 |
|
-Changes in Asset/ & Liability |
823,610,758 |
-8,761,644,007 |
-2,345,621,216 |
|
Cash Flows from Investing |
-3,463,943,794 |
4,922,542,642 |
-17,758,785,053 |
|
-Cash Inflow from Investing |
3,950,301,733 |
7,336,181,919 |
11,954,274,357 |
|
-Cash Outflows for Investing |
-7,414,245,527 |
-2,413,639,277 |
-29,713,059,410 |
|
Cash Flows from Financing |
2,570,819,268 |
-856,642,488 |
14,431,144,637 |
|
-Cash Inflows from Financing |
14,436,303,109 |
14,309,798,069 |
34,803,842,596 |
|
-Cash Outflows from Financing |
-11,865,483,841 |
-15,166,440,557 |
-20,372,697,959 |
|
Increase/Decrease in Cash |
-107,295,542 |
-3,058,276,576 |
-4,750,460,596 |
|
Cash at the Beginning of Year |
2,935,285,225 |
5,993,561,801 |
10,744,022,397 |
|
Cash at the End of Year |
2,827,989,683 |
2,935,285,225 |
5,993,561,801 |
|
Main Products & Services |
The Subject Company is a PU synthetic
leather supplier of its wet type PU items for shoes & balls such as for
NIKE, ADDIDAS, WILSON, SPALDING and so on, and also wallpaper. - Synthetic Leather - Wallpaper - Solvent(D.M.F) Refining Brand Name: Art-Lite, Ace-Buck, High-Lock,
Encarta, Unio, D&D, 4U |
|
Customers |
NIKE, ADIDAS, REEBOK, WILSON, SPALDING DID CO., LTD. YUE YUEN FOOTWEAR CO., LTD KOLON INDUSTRIES INC (110111-0030528) |
|
Competitors |
-SYNTHETIC LEATHER DCKSUNG CO.,LTD (134111-0000096) BAIKSAN CO.,LTD (114711-0003729) DAEWOO INTERNATIONAL CORPORATION (110111-2137358) KOLON INDUSTRIES INC (110111-0030528) -SOLVENT(D.M.F) REFINING HANONE FINE CHEMICAL CO.,LTD
(110111-0515712 ) KOLON INDUSTRIES INC (110111-0030528) - WALLPAPER DAE DONG WALL PAPER CO.,
LTD(180111-0024975) LG CHEM LTD (110111-2207995) SEOULWALLPAPER CO., LTD(115411-0002742) GAENARI INC(110111-2529373) |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
DID CO., LTD. PHARM CLEAN ENERGY CO., LTD (24.28% held by
the subject company) CELTRION CO., LTD. (0.2% held by the subject company) |
|
Overseas Office |
CHINA BRANCH #1217 SOUTH TOWER, GUANZHOU WORLD TRADE
CENTER COMPLEX, HUANSHI DONG-LU, GUANZHOU, P.R.C TEL : +86-20-8760-9609 FAX : +86-20-8760-9615 E-MAIL : DAEWONGZ@GDVNET.COM TAIWAN BRANCH 11F-8, NO.77, SHIZHENG N. 1ST ROAD,
TAICHUNG CITY 407, TAIWAN R.O.C. TEL : +886-4-2251-3490 / FAX :
+886-4-2251-4039 E-MAIL : TED.GOO@DAEWON21.CO.KR |
|
Joint Venture |
YOUNGPA WONRYUNG WALLPAPER CO., LTD.(CHINA) (40.0% held by the subject company) |
|
Subsidiary |
DAEWON CHEMICAL.VINA.CO., LTD. (100.0% held by the subject company) DAEWON INTERNATIONAL AMERICA CORP. (100.0% held by the subject company) DAEWON SHANGHAI CO., LTD. (100.0% held by the subject company) |
(Activity & Markets)
|
Sales/ Unit :Mil KRW |
09/2011 |
2010 |
2009 |
|
Export |
46,376 |
54,693 |
52,572 |
|
Domestic |
40,157 |
53,999 |
39,010 |
|
Total |
86,533 |
108,692 |
91,582 |
The Subject exports to China, Taiwan and USA.
No.
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.03 |
|
UK Pound |
1 |
Rs.79.32 |
|
Euro |
1 |
Rs.66.02 |
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.