|
Report Date : |
27.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
TK CHEMICAL CORPORATION |
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Registered Office : |
416-8, Chimsan 3-dong, Buk-gu, Daegu |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
07.11.2007 |
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Com. Reg. No.: |
107-87-01960 |
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Legal Form : |
Listed Company |
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Line of Business : |
Manufacture of Synthetic Fibers |
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No. of Employees : |
844 |
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 |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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Company Name |
TK CHEMICAL CORPORATION (Korean Company Name : “(주)티케이케미칼”) |
|
Registered Address |
416-8, Chimsan 3-dong, Buk-gu, |
|
Zip Code |
702-857 |
|
Tel |
+82-53-252-4177 |
|
Fax |
+82-53-253-5216 |
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E-mail |
|
|
Website |
|
|
Trading Address |
14th Fl., Korea Sinsong Center Bldg.,
25-12, Yeoeuido-dong, Yeongdeungpo-gu, |
|
Tel |
+82-2-2001-6000 |
|
Fax |
+82-2-2001-6180 +82-2-782-1160 +82-2-780-5263 |
|
Other Address-Synthetic 1 Factory |
298-1, Gongdan-dong, Gumi-si, |
|
Tel |
+82-54-461-3401 |
|
Fax |
+82-54-461-8100 |
|
Other Address-Synthetic 2 Factory |
291-20, Gongdan-dong, Gumi-si, |
|
Tel |
+82-54-461-6055 |
|
Fax |
+82-54-462-0460 |
|
Other Address-Synthetic 3 Factory |
520, Jung-ri, Seokjeok-eup, Chilgok-gun, |
|
Tel |
+82-54-971-9051 |
|
Fax |
+82-54-971-9051 |
|
Other Address-Resin Factory |
300, Gongdan-dong, Gumi-si, |
|
Tel |
+82-54-463-0380 |
|
Fax |
+82-54-461-3922 |
|
Other Address-Daegu Office |
103-6, Dongsan-dong, Jung-gu, |
|
Tel |
+82-53-252-4177 |
|
Fax |
+82-53-252-4177 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Synthetic Fibers |
|
Main Business |
Polyester Yarn, Spandex Yarn, Cotton Yarn, PET Resin, Chip |
|
Established (mm/dd/yyyy) |
11/07/2007 |
The Subject
occupies the premises of registered HQ address by leasing base.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Polyester yarn(11151703) |
|
Sell |
Cotton yarn(11151702) |
|
Sell |
Resins(13111000) |
|
Name |
So Hong-Seok |
|
Address |
Suite 214-1302, 609-1, Donam-dong,
Seongbuk-gu, |
|
Date of Birth |
06/01/1954 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
45,000,000,000 |
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|
Employees |
844 |
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|
Formation |
Listed Company (KOSDAQ : 104480) as of 04/26/2011 Foreign Direct Investment Corporation A Company of SM GROUP |
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|
Bank Details |
Woori Bank-Yeoido Central Branch Korea Development Bank SC. First Bank of |
|||||||||||||||||||||
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Corporate Registered No. |
110111-3783457 |
|||||||||||||||||||||
|
Business Registered No. |
107-87-01960 |
|||||||||||||||||||||
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Permit & Licenses |
Int’l Trade No.: 45338773 |
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Shareholder Position |
|
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|
Company History |
11/07/2007
Incorporated as the present name 12/26/2007
Increased the authorized shares to 20,000,000 shares from 40,000 shares 01/22/2008
Moved to the present address from 17-26, Yeoeuido-dong, Yeongdeungpo-gu, 01/31/2008 Acquired Spandex, Polyester,
Resin Business from TONGKOOK CORP.(110111-0059950) 02/05/2008 Increased capital to
40,000,000,000 KRW from 50,000,000 KRW 07/17/2008 Registered as a Foreign Direct
Investment Corporation 07/18/2008 Changed stock type to 8,000,000 shares (Common:5,300,653,
Preferable:2,699,347) from 8,000,000 shares (Common: 8,000,000) 04/26/2011
Increased capital to 45,000,000,000 KRW from 40,000,000,000 KRW 07/01/2011
Moved to the present HQ address registration from 14th |
|||||||||||||||||||||
|
|
|
Management
|
Job Description |
Title |
Name |
Sex |
Nationality |
Date of Birth |
|
President & CEO |
Mr. |
So Hong-Seok |
Male |
Korean |
1954.06.01 |
|
Chairman |
Mr. |
Woo Oh-Hyun |
Male |
Korean |
1953.11.06 |
|
Vice Chairman |
Mr. |
Ki Joon |
Male |
Korean |
1946.11.08 |
|
Auditor |
Mr. |
Bae Soon-Ki |
Male |
Korean |
1957.07.08 |
|
Director |
Mr. |
Sohn Kwang-Min |
Male |
Korean |
1963.04.30 |
|
Outside Director |
Mr. |
Park Se-Kyu |
Male |
Korean |
1953.09.10 |
|
Outside Director |
Mr. |
Lee Min-Ki |
Male |
Korean |
1949.12.03 |
Financials
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
1,000,564,178,112 |
497,716,778,656 |
16,632,656,176 |
|
|
(*)2010 |
882,043,327,810 |
457,268,415,266 |
26,155,939,425 |
|
2009 |
777,194,493,448 |
323,556,543,330 |
25,632,641,591 |
|
2008 |
710,630,616,602 |
320,963,467,180 |
-17,308,870,150 |
|
2007 |
- |
48,690,862 |
(-)456,138 |
(*)2010 & 2011‘s figures are
based on the K-IFRS Accounting System.
Financial
Description
|
Authorized Capital(KRW) |
100,000,000,000 |
|
Paid-Up Capital(KRW) |
45,000,000,000 |
|
Total Issues Shares |
90,000,000 |
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Total Assets |
497,716,778,656 |
457,268,415,266 |
|
|
Current Assets |
224,471,800,009 |
217,237,207,966 |
|
|
Cash & Cash
Equivalents |
70,819,238,653 |
78,872,195,640 |
|
|
Deposits |
12,911,263,158 |
8,261,263,158 |
|
|
Trade Receivables
& Other Receivables |
79,168,806,259 |
71,568,891,446 |
|
|
Inventories |
46,061,969,324 |
27,614,108,884 |
|
|
Income Taxes |
1,773,426,451 |
- |
|
|
Other Current Non-Financial
Assets |
10,858,295,154 |
29,335,000,000 |
|
|
Other Current Assets |
2,878,801,010 |
1,585,748,838 |
|
|
Non-Current Assets |
273,244,978,647 |
240,031,207,300 |
|
|
Non-Current Financial
Instruments |
103,000,000 |
103,000,000 |
|
|
Long-Term Trade Receivables &
Other Receivables |
407,029,110 |
372,535,605 |
|
|
Non-Current Marketable Financial
Instruments |
725,000 |
725,000 |
|
|
Investment_Subsidiary Companies |
16,345,200,000 |
- |
|
|
Investment_Related Companies |
10,000,000,000 |
- |
|
|
Tangibles |
243,092,603,842 |
237,479,183,807 |
|
|
Investment_Real Estates |
837,900,000 |
837,900,000 |
|
|
Intangibles |
1,366,937,631 |
64,863,245 |
|
|
Non-Current Financial Instruments |
1,027,655,738 |
991,731,696 |
|
|
Other Non-Current Assets |
63,927,326 |
181,267,947 |
|
|
Total
Liabilities |
298,421,638,127 |
395,631,272,904 |
|
|
Current
Liabilities |
243,844,070,396 |
278,740,521,316 |
|
|
Trade Payables & Other
Payables |
133,382,036,305 |
131,757,234,590 |
|
|
Short-Term Borrowings |
109,339,928,723 |
132,946,330,043 |
|
|
Accrued Income Tax |
- |
12,009,365,672 |
|
|
Other Current Financial Debts |
2,500,000 |
- |
|
|
Other Current Liabilities |
1,119,605,368 |
2,027,591,011 |
|
|
Non-Current
Liabilities |
54,577,567,731 |
116,890,751,588 |
|
|
Long-Term Trade Payables & Other
Payables |
- |
35,698,653,186 |
|
|
Long-Term Borrowings |
23,000,000,000 |
10,000,000,000 |
|
|
Provision for Severance & Retirement |
28,811,916,362 |
29,320,955,442 |
|
|
Deferred Income Tax Credit |
2,225,081,849 |
3,706,442,460 |
|
|
Other
Non-Current Financial Debts |
540,569,520 |
38,164,700,500 |
|
|
Capital
Stock |
45,000,000,000 |
29,703,265,000 |
|
|
Capital Surplus |
128,795,451,155 |
21,707,724,131 |
|
|
Profit Surplus |
25,499,689,374 |
10,226,153,231 |
|
|
Total Equity |
199,295,140,529 |
61,637,142,362 |
|
|
Liab. & Shareholder’s Equity |
497,716,778,656 |
457,268,415,266 |
|
Balance Sheet
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
425,269,431,920 |
323,556,543,330 |
320,963,467,180 |
|
Current Assets |
185,211,147,033 |
80,105,833,754 |
59,258,666,693 |
|
-Quick Assets |
157,597,038,149 |
56,738,379,245 |
33,166,704,954 |
|
-Inventories |
27,614,108,884 |
23,367,454,509 |
26,091,961,739 |
|
Fixed Assets |
240,058,284,887 |
243,450,709,576 |
261,704,800,487 |
|
-Investment |
1,754,947,682 |
1,865,117,378 |
3,720,212,688 |
|
-Tangibles |
237,437,756,114 |
240,631,476,927 |
257,352,541,243 |
|
-Intangibles |
865,581,091 |
954,115,271 |
632,046,556 |
|
Total Liabilities |
291,334,646,357 |
235,645,121,110 |
258,684,686,551 |
|
Current Liabilities |
246,164,847,687 |
158,514,947,144 |
143,394,196,872 |
|
Fixed Liabilities |
45,169,798,670 |
77,130,173,966 |
115,290,489,679 |
|
Capital Stock |
40,000,000,000 |
40,000,000,000 |
40,000,000,000 |
|
Capital Surplus |
39,588,106,917 |
39,588,106,917 |
39,588,106,917 |
|
Profit Surplus |
54,346,678,646 |
8,323,315,303 |
-17,309,326,288 |
|
Capital Adjustment |
|
|
|
|
Total Equity |
133,934,785,563 |
87,911,422,220 |
62,278,780,629 |
|
Liab. & Shareholder’s Equity |
425,269,431,920 |
323,556,543,330 |
320,963,467,180 |
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Sales |
1,000,564,178,112 |
882,043,327,810 |
|
|
Cost of Sold Goods |
930,317,081,977 |
770,886,119,222 |
|
|
Gross Profit |
70,247,096,135 |
111,157,208,588 |
|
|
Selling Expenses |
24,246,762,089 |
28,811,250,826 |
|
|
Admin. Expenses |
8,941,846,142 |
8,043,102,877 |
|
|
R&D |
1,072,475,463 |
691,003,424 |
|
|
Other Operating Income |
9,158,533,833 |
193,805,298 |
|
|
Other Operating Expenses |
18,167,133,442 |
2,445,801,068 |
|
|
Operating Income |
26,977,412,832 |
71,359,855,691 |
|
|
Finance Income |
18,864,376,567 |
14,196,198,491 |
|
|
Finance Expenses |
23,601,057,366 |
46,134,773,576 |
|
|
Profits from Investment on
Related Companies |
1,499,997,000 |
- |
|
|
Income Before Taxes |
20,740,735,033 |
39,421,280,606 |
|
|
Income Taxes Expenses |
4,108,078,857 |
13,265,341,181 |
|
|
Net Income |
16,632,656,176 |
26,155,939,425 |
|
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
882,043,327,810 |
777,194,493,448 |
710,630,616,602 |
|
Cost of Sold Goods |
772,376,877,192 |
697,166,166,097 |
650,732,355,077 |
|
Gross Profit |
109,666,450,618 |
80,028,327,351 |
59,898,261,525 |
|
Selling & Admin. Expenses |
38,435,141,344 |
29,803,551,130 |
32,356,845,745 |
|
Operating Income |
71,231,309,274 |
50,224,776,221 |
27,541,415,780 |
|
Non-Operating Income |
14,390,003,789 |
19,443,735,115 |
19,052,223,847 |
|
Non-Operating Expenses |
26,761,448,853 |
34,804,811,945 |
68,959,289,304 |
|
Income Before Taxes |
58,859,864,210 |
34,863,699,391 |
-22,365,649,677 |
|
Income Taxes Expenses |
12,836,500,867 |
9,231,057,800 |
-5,056,779,527 |
|
Net Income |
46,023,363,343 |
25,632,641,591 |
-17,308,870,150 |
|
Unit : Korean Won |
As of 12/31/2011 |
As of 12/31/2010 |
As of 12/31/2009 |
|
Operating Activities Cash Flows |
3,299,439,086 |
66,897,221,162 |
|
|
Net Income |
16,632,656,176 |
26,155,939,425 |
|
|
Interests Received |
2,703,676,163 |
531,600,185 |
|
|
Income Taxes |
-18,938,317,280 |
-10,915,343,968 |
|
|
Cash Flows from Investing |
-42,603,236,759 |
-52,686,253,620 |
|
|
Cash Inflow from Investing |
111,241,228,756 |
18,430,483,374 |
|
|
Cash Outflows for Investing |
-153,844,465,515 |
-71,116,736,994 |
|
|
Cash Flows from Financing |
30,855,037,034 |
43,466,846,558 |
|
|
Cash Inflows from Financing |
451,257,993,979 |
174,008,042,188 |
|
|
Cash Outflows from Financing |
-420,402,956,945 |
-130,541,195,630 |
|
|
Increase/Decrease in Cash |
-8,448,760,639 |
57,677,814,100 |
|
|
Cash at the Beginning of Year |
78,872,195,640 |
21,195,162,776 |
|
|
Cash at the End of Year |
70,819,238,653 |
78,872,195,640 |
|
Cash Flows
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
82,231,992,435 |
73,035,568,682 |
9,349,861,492 |
|
-Net Income |
46,023,363,343 |
25,632,641,591 |
-17,308,870,150 |
|
-Exp. without Cash Outflow |
31,325,738,227 |
26,273,934,045 |
36,235,314,815 |
|
-Revenue without Cash Inflows |
-1,238,669,152 |
-405,010,143 |
-5,672,348,410 |
|
-Changes in Asset/ & Liability |
6,121,560,017 |
21,534,003,189 |
-3,904,234,763 |
|
Cash Flows from Investing |
-52,686,253,620 |
-114,781,824 |
16,489,962,683 |
|
-Cash Inflow from Investing |
18,430,483,374 |
5,046,743,268 |
38,817,300,659 |
|
-Cash Outflows for Investing |
-71,116,736,994 |
-5,161,525,092 |
-22,327,337,976 |
|
Cash Flows from Financing |
28,131,294,049 |
-55,967,647,595 |
-21,646,430,724 |
|
-Cash Inflows from Financing |
141,432,368,559 |
13,447,468,509 |
191,411,822,370 |
|
-Cash Outflows from Financing |
-113,301,074,510 |
-69,415,116,104 |
-213,058,253,094 |
|
Increase/Decrease in Cash |
57,677,032,864 |
16,953,139,263 |
4,193,393,451 |
|
Cash at the Beginning of Year |
21,195,162,776 |
4,242,023,513 |
48,630,062 |
|
Cash at the End of Year |
78,872,195,640 |
21,195,162,776 |
4,242,023,513 |
|
Main Products & Services |
Polyester Yarn (Full Dull, Middle Dull,
Cation Dyable, High Shrinkage, Supper Bright, Bright) SPANDEX Yarn CHIP(FD, CD, HS) Resin for PET Bottle Brand Name: TexPet, ARACHRA, TEXLON |
|
Suppliers |
SAMSUNG PETROCHEMICAL CO., LTD.(181211-0000435) |
|
Customers |
DAEWOO INTERNATIONAL CORPORATION(110111-2137358) LG INTERNATIONAL CORP(110111-0004632) KIPSCO( YOONSE TONGSANG CO., LTD.( |
|
Competitors |
TAEKWANG INDUSTRIAL CO., LTD. 162-1, JANGCHUNGDONG 2-GA, JUNG-GU, TEL:+82-2-3406-0300 FAX:+82-2-2273-9166 HUVIS CORP. HUVIS BLDG., 151-7, SAMSEONG 1-DONG,
GANGNAM-GU, TEL:+82-2-2189-4567 FAX:+82-2-2189-4569 WOONGJIN CHEMICAL CO., LTD. 287, GONGDAN 2-DONG, GUMI-SI, TEL:+82-54-469-4114 FAX:+82-54-469-4444 |
|
Affiliates-Domestic |
NAMSUN ALUMINIUM CO.,LTD.(170111-0005042) SAMRA CONSTRUCTION CO., LTD.
(200111-0013220) JINDUK CO., LTD.(110111-0002834) KYUNGNAM WOOL TEXTILE CO.,
LTD(190111-0004107) BEXEL CORPORATION(176011-0028438) DAEWOO LIFE CO., LTD.(176011-0028595) CHOYANG CO., LTD. (130111-0009662) KUKDONG CO. LTD(200111-0075931) SAMRA ENGINEERING & CONSTRUCTION CO.,
LTD.(200111-0013220) SAMRA INDUSTRIAL DEVELOPMENT CO.,
LTD.(20111-0071319) SAMRA MIDAS CO., LTD.(200111-0069330) BULLWHUI CO., LTD. GIMPO CHARACTER WORLD CO.,
LTD.(124411-0050211) KOREA COMMUNICATION ENGINEERING CO.,
LTD.(110111-0204654) SMT CHEMICAL CO.,
LTD.(170111-0351776) TK CHEMICAL HOLDINGS CO.,
LTD.(170111-0352732) |
|
Affiliates-Overseas |
QINGDAO KYUNGNAM WOOL TEXTILE CO., LTD.( BEST CHEMICALS & PLASTICS, INC.(BCPI) BESTCHEM, INC(BCI) |
|
Overseas Office |
TK CHEMICAL CORP. BESIKTAS LEVENT NISPETIYE CAD. NO.30 C
BLOCK D.23 TEL:+90-212-3257861/3257862 FAX:+90-212+3258242 |
|
Subsidiary |
HIPLUSCARD CO., LTD.(131111-0191187) (100.0% held by the subject company) |
|
Corporate Ownership |
SAMRA CONSTRUCTION CO.,
LTD.(200111-0013220) SMT CHEMICAL CO., LTD.(170111-0351776) |
|
Major Shareholders |
SMT CHEMICAL CO.,
LTD.(170111-0351776) |
|
Cooperative |
-Insured Company HYUNDAIMARINE&FIREINSURANCECO., LTD.(110111-0035893) |
|
Sales/ Unit :Mil KRW |
09/2011 |
2010 |
2009 |
|
Export |
622,668 |
761,367 |
666,003 |
|
Domestic |
134,433 |
120,676 |
111,191 |
|
Total |
757,101 |
882,043 |
777,194 |
The Subject exports to Asia,
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
Supreme Court |
Kyunghan Industry Co., Ltd. |
The Subject Company & KEPCO |
Confirmation of Ownership |
775,000,000 |
3rd round is proceeding. |
|
|
Seoul Nambu District Court |
The Subject Company |
Kyunghan Industry Co., Ltd. |
Refund of Inappropriate Profits |
1,049,197,000 |
1st round is proceeding. |
|
|
Seoul Central District Court |
The Subject Company |
ASAM Investment Advisory(110111-1295850) & Others(10) |
Refund of Stock Transferring amount |
1,499,997,000 |
1st round is proceeding. |
---
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.30 |
|
|
1 |
Rs.81.36 |
|
Euro |
1 |
Rs.67.97 |
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.