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Report Date : |
09.05.2012 |
IDENTIFICATION DETAILS
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Name : |
P.M.I. COMERCIO INTERNACIONAL S.A. DE C.V. |
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Registered Office : |
Marina Nacional No. 329, Torre Ejecutiva, Pisos 20, 21 y 22
Petróleos Mexicanos, Delg. Miguel Hidalgo, 11311 Distrito Federal |
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Country : |
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Date of Incorporation : |
24.05.1989 |
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Legal Form : |
Stock Company of Variable Capital |
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Line of Business : |
Majority state-owned company that sells crude oil and provides commercial, financial and administrative services to other group companies. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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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 30, 2011
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Mexico |
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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CORRECT COMPANY NAME |
P.M.I.
COMERCIO INTERNACIONAL S.A. DE C.V. |
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TRADE NAME |
P.M.I. |
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TAXPAYER REGISTRATION |
RFC PMI-890524-8V4 |
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MAIN ADDRESS |
Marina Nacional No. 329, Torre
Ejecutiva, Pisos 20, 21 y 22 Petróleos Mexicanos, Delg. Miguel Hidalgo,
México D.F. |
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POSTAL CODE |
11311 |
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STATE / REGION |
Distrito Federal |
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COUNTRY |
MEXICO |
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TELEPHONE |
(5255) 19440000 |
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E-MAIL |
cgonzalez@pmicim.com;
general@pmicim.com |
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WEB |
www.pmi.com.mx |
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COMMENTS |
Fax: (55) 19440012 |
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LEGAL STATUS |
Stock Company of Variable
Capital |
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DATE OF INCORPORATION |
24MAY1989 |
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PLACE OF REGISTRY |
Mexico D.F. |
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NOTARY OFFICE |
No.109, Lic. Luis de Angoitia |
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DURATION |
99 years |
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REGISTRATION |
Commercial Page 116,739
07.06.1989 / Deed 1,020 |
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INITIAL CAPITAL |
Ps$5,000,000.= Pesos |
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CURRENT PAID-IN CAPITAL |
Ps$89,949,000.= Pesos |
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LAST CAPITAL INCREASE |
30/09/2011 |
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CLASS OF SHARES |
Registered shares |
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LISTED AT STOCK EXCHANGE |
No |
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SHARE VALUE |
Ps$50,000.= Pesos |
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CURRENT EXCHANGE RATE (US$) |
Ps$12.99 per 1 USD |
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COMMENTS |
--P.M.I. Comercio Internacional S.A. de C.V., was established in Mexico May 24, 1989, with the authorization of the Federal Government as a majority state-owned company. Of the total shares, 98.33% is owned by Pemex, the 1.67% by Banco de Comercio Exterior (Bancomext) and 0.0001% in nominal terms by the Secretary of Energy. -The purpose of P.M.I. Comercio Internacional S.A. de C.V.., since its inception has been to ensure and maximize the economic benefit of foreign sales of crude oil. P.M.I. Comercio Internacional S.A. de C.V., has legal form and its own equity, and is incorporated in the form of variable capital corporation. -The company's objective, among others, includes marketing, export and import of all kinds of products or goods, whether raw materials, natural products or products derived from industrial processes, marketing of crude oil and refined products and industrialization and marketing of petrochemicals and other hydrocarbon liquids, solids or gases, but excluding the marketing of such products in the national territory in those areas reserved for Pemex, also its object allows it to provide advisory services, commissioning, management, agency, distribution, mediation, storage or representation, whether such services have technical, administrative, financial, legal or economic, provided they relate to the above objects. |
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LUNA
MELO, LUIS FELIPE |
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NATIONALITY |
Mexican |
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BACKGROUND INFORMATION |
Graduated from Mechanical Engineering with degree in Electricity from UNAM, has worked for 27 years at Pemex, holding different positions in the international arena. He represented the state-owned business in Tokyo. In 1992 he participated in negotiating the alliance with Shell for Deer Park refinery in Texas. Also served as president of PMI Holdings North America. In 1996 he was appointed Deputy Director of Natural Gas Pemex Gas and Basic Petrochemicals, a position he held until 2007, when he was appointed Deputy Director of Project Development in the Corporate Pemex. He has a Masters in Business Administration by the University MGill in Montreal, served as deputy director of Economic Planning Corporate Finance since April 2010. |
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GÓMEZ
BERDEJO, VÍCTOR GERARDO |
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NATIONALITY |
Mexican |
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BAÑOS
ARNAIZ, TOMAS |
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NATIONALITY |
Mexican |
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LUNA
CANUT, FERNANDO |
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NATIONALITY |
Mexican |
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CARRERA
PANIZZO, JOSE MANUEL |
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NATIONALITY |
Mexican |
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CAMACHO
SUCRE, ROGELIO |
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NATIONALITY |
Mexican |
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BACKGROUND INFORMATION |
Head of the Internal Control Unit , Hierarchically and Functionally under Secretariat of Civil Service. |
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PETRÓLEOS
MEXICANOS - PEMEX |
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BUSINESS
BACKGROUND PEMEX operates through a corporate and four subsidiaries: Pemex Exploration and Production Pemex Refining Pemex Gas and Basic Petrochemicals Pemex P etrochemicals Its corporate offices are located at: Marina Nacional No. 329, Torre Ejecutiva, Pisos 20, 21 y 22, Col. Petróleos Mexicanos, Delegación Miguel Hidalgo, C.P. 11311, México D.F., Tel: (55) 19440000, , E-mail: uenlace@pmicim.com |
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-P.M.I. Comercio Internacional S.A. de C.V., was created in the year 1989, product of marketing strategy of Petroleos Mexicanos (Pemex) to compete in the international market of oil and oil products, with equity autonomy, technical and administrative. -It is an incorporated entity under the scheme of majority state-owned company, indirect budgetary control that operates through its own resources. -Establishing within its objectives and goals, ensuring placement in foreign markets for exports of crude oil from Pemex, as well as provide commercial and administrative services to Pemex Group companies engaged in activities relating to trade in hydrocarbons. RELATED COMPANIES The Subject is a member of the "P.M.I. Group" which is divided into three groups: A. - Trading Companies: Dedicated to marketing in the international market of crude oil and its derivatives: P.M.I. Comercio Internacional S.A. de C.V. - A Mexican majority state-owned company that sells crude oil and providing commercial, financial and administrative services to other companies. P.M.I. Trading, Ltd. - Performs activities related to marketing of petroleum products of any kind, liquid gas and other mineral fuels and petrochemicals. P.M.I. Norteamérica S.A. de C.V. - Is co-owner of Deer Park refinery in the United States of America. Its activities include marketing, export and import of all kinds of products or goods, including crude oil and products derived from refining and industrialization. PMI Marine, Ltd. - Pursuant to its objective, the company may make the marketing and shipping of oil, petroleum products and any other commodities, goods and articles. 2. - Companies that provide services: A history of service providers is the representative offices Pemex had established in the United Kingdom (London), Spain (Madrid), France (Paris), Japan (Tokyo) and United States of America (New York, Houston and Washington). Within the process of modernization, Pemex decided to streamline the operation of representative offices, closing some of them and changing the legal status of the remaining companies providing services with legal form and own equity. These companies provide, in general, liaison services and financial counseling, financial, commercial and administrative. It is noteworthy that some of these companies were incorporated under the legal form of Sole Incorporator (Sole Incorporator). The Sole Incorporator only had authority to incorporate the company and therefore did not represent or was a shareholder of it. P.M.I. Services North America, Inc. - The business of this company is large and can do all kinds of industrial or commercial activities, generally, company can do all kinds of acts or activities of a company incorporated under the laws of the State of Delaware, USA. It owns the U.S. portion of the Brownsville-Matamoros pipeline. P.M.I. Holdings North America Inc. - Provides services of economic and market research, strategy development, identification of potential customers in North America and other similar services to marketing companies of PMI Group. P.M.I. Services B.V. - The company aims to provide financial and administrative services to other companies. Pemex Internacional Espana S.A.. - Provides information services and market intelligence to marketing companies of PMI Group, principally is responsible for developing marketing strategies and identification of potential customers in Europe. It occupies a seat on the Board of Directors of Repsol YPF. Pemex Services Europe, Ltd. - Provides promotional services, relationships, market intelligence and advice. Currently has no operations. 3. - Holding Companies: The establishment of companies holding shares helps to get certain benefits, including fiscal, arising from treaties to avoid double taxation signed by Mexico and the countries in which Group companies reside or between those countries. These companies also serve to implement business strategies and market development. To comply with the law of place of incorporation, these companies may have nominal partners that have no rights to the shares of such companies. P.M.I. Holdings Petróleos España S.L. - Established in Spain. P.M.I. Holdings B.V. - Incorporated in the Kingdom of the Netherlands. |
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RELATED COMPANIES TO SUBJECT COMPANY OR
TO MAJORITY SHAREHOLDER |
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Main activity |
ACTIVITY: Majority state-owned company that sells crude oil and provides commercial, financial and administrative services to other group companies. BRANDS: P.M.I. (Own Brand). |
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Import |
Yes |
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Country |
United States by direct
credit. |
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Export |
Yes |
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COUNTRY |
America (85.4%), Europe
(11.1%) and the Far East (3.5%). |
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% DOMESTIC PURCHASES |
90% |
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% FOREIGN PURCHASES |
10% |
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EMPLOYEES |
We could not get that kind of
information. |
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Comments |
CLIENTS: P.M.I. Comercio Internacional S.A. de C.V. has signed, as purchaser, a contract of purchase and sale of crude oil with Pemex Exploration and Production. This oil is sold to international markets by one of the following types of contracts: -In automatic renewal or indefinitely (evergreen), which can be terminated by either party with 90 days notice. -Long-term, which are defined by time. -Temporary, which are held for the purpose of disposal of excess volumes and whose duration is not more than 12 months.
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Interviewee(s) |
Third-party sources |
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Disposition |
Report totally prepared by
outside sources. |
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Information provided |
All information contained in this report was obtained from the consultation of various external sources, because directly declined to assist with any type of information regarding the company as it is considered confidential . Also declined to provide the Company's RFC (Tax Registration) which we could not obtain through other source. Remarks: -Only P.M.I. Comercio Internacional S.A. de C.V., is parastatal, by virtue of having been established as a majority government owned company, while the other companies should be estimated as private law entities for not assisting the Executive in the development of strategic priority areas in terms of the applicable law. -Given the above, P.M.I. Comercio Internacional S.A. de C.V. is the only company of Group P.M.I. subject to greater control. However, P.M.I. Comercio Internacional S.A. de C.V., presents quarterly to the Board of Directors the results of operations performed for and on behalf of other subsidiaries, as the fulfillment of contracts for services which have signed and that Organ makes observations and recommendations thereon. Meanwhile, the Internal Control Body in PMI Comercio Internacional S.A. de C.V., audits continuously the Subject and the companies of PMI Group, and reports its observations and advances to the Secretary of the Public Service. Each of the P.M.I. Group companies has independent decision-making bodies and their legal status is respected and safeguarded in an appropriate corporate structure. |
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SALES |
US$ 0.00 () |
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Property of company comments |
- Office equipment- Computer equipment- Communications equipment- Transportation equipmentetc. |
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PAYMENTS RECORD: TRADE REFERENCES (Confidential
Information) |
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Note
: Other suppliers did not provide information or could not be consulted |
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CREDIT
HISTORY TRADE REFERENCES:1 - Dowell Schlumberger de Mexico SA de CV (Contract start date: February 21, 2008, Subject of contract: Purchase of 70 (seventy) tokens RSA Secure ID, including licenses, technical support and maintenance, Contract Amount: Ps$ 194,657.19 pesos, Procedure of the contract: Direct Award, termination date: February 21, 2012, good customer) - Tel: (55) 52633000. 2 - Multisistemas S.A. de CV (Contract start date: June 27, 2011, Subject of contract: Supply and installation of racks and shelves, Contract amount: $ 165.000 Pesos, Contract Procedure: Direct Award, Date of termination: June 26 2012, good customer) - Tel: (55) 58872718. 3 - Papelera Principado S.A. de C.V. (Contract start date: June 2, 2011, Subject of contract: four shredders Dhale brand, model 30406, Contract amount: $ 164.800 Pesos, Contract Procedure: Direct Award, Date of termination : June 9, 2012, good customer) - Tel: (55) 54453000. 4 - NEC de Mexico SA de CV (Contract start date: December 14, 2010, Subject of contract: Purchase of four (4) video projection equipment Nec brand, Contract Amount: $. 50,869.91 Pesos, Contract Procedure: Direct Award, Date of termination : December 14, 2012, good customer). FOREIGN SUPPLIERS: 1 - Core Laboratories, L.P. (Contract start date: April 18, 2011, Subject of contract: Testing crude analysis, Contract amount: $ 792.000 Dollar Contract Procedure: Direct Award, Date of termination: Dec. 31 2013, good customer) - Tel: (55) 21226500. |
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BANKING INFORMATION
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The subject is a customer of
those banks, which when consulted told us that in compliance with current
legal regulations, can not provide data on their customer movements out of respect
to banking secrecy. |
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REPUTATION |
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NOTHING AGAINST COMPANY |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.85 |
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1 |
Rs.85.44 |
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Euro |
1 |
Rs.68.80 |
INFORMATION DETAILS
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Report Prepared
by : |
PDT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.