MIRA INFORM REPORT
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Report Date : |
22.05.2012 |
IDENTIFICATION DETAILS
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Name : |
KISWIRE CORD SDN. BHD. |
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Registered Office : |
C/O Boardroom Corporate Services (Johor) Sdn. Bhd., Suite 7e, Level 7, Menara Ansar, No. 65, Jalan Trus, Johor Bahru, Johor Darul Takzim, Zip/Postal Code 80000 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
21.08.2003 |
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Com. Reg. No.: |
625666-K |
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Legal Form : |
Private Limited Company
Limited By Shares |
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Line of Business : |
Manufacturer and sales of steel cord, bead wire and
hose wire |
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No. of Employees : |
500 |
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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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
Verified Address
Subject name : KISWIRE CORD SDN. BHD.
Business address : Plo 475, Jalan Nibong
Kawasan Perindustrian Tanjung Langsat
Town : Pasir Gudang
Province : Johor Darul Takzim
Zip/postal code : 81700
Country : Malaysia
Tel : +60 7 2551475
Fax : +60 7 2552475
Website : www.kiswire.com
Registered address : C/O BOARDROOM CORPORATE SERVICES (JOHOR)
SDN. BHD.
Suite 7E, Level 7, Menara Ansar
No. 65, Jalan Trus
Town : Johor Bahru
Province : Johor Darul Takzim
Zip/postal code : 80000
Country : Malaysia
Executive Summary
Date founded or registered : 21/08/2003
Legal form : Private Limited
Company Limited By Shares
Chief executive : Park Chang Hee
Issued & paid up capital
: MYR 125,651,833
Sales turnover : MYR 564,954,753 (Non-consolidated 12
months, 31/12/2010)
Net income : MYR 75,700,188
(Non-consolidated 12 months, 31/12/2010)
Total fixed assets : MYR 611,052,040
(Non-consolidated 12 months, 31/12/2010)
Line of business : Manufacturer and sales of
steel cord, bead wire and hose wire.
Staff employed : 500 employees
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
progressing
Management experience : Management is adequately experienced
Financial performance : Financial performance is good
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Comments : Larger credit can
still be considered.
Registry Data
Registration
date : 21/08/2003
Legal form : Private Limited
Company Limited By Shares
Registration no 625666-K
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Key Management
Name : Park Chang Hee
Designation : Managing Director
Name : Bahng Wan Soo
Designation : Director
Name : Joo Jongdae
Designation : Director
BOARD OF DIRECTORS/ OTHER
APPOINTMENTS
Appointments
Name : Bahng Wan Soo
Designation : Director
Identification no : M27191513
Appointment date : 03/08/11
Address : Block A, 18-W2, The Straits
View Condominium
8, Jalan
Permas Selatan
Bandar
Baru Permas Jaya
81750
Masai
Johor
Darul Takzim
Malaysia
Name : Lee Cheon Keun
Designation : Director
Identification no : M09069404
Appointment date : 21/03/12
Address : South Korea
Name : Park Chang Hee
Designation : Director
Identification no : M62184218
Appointment date : 30/01/08
Address : Block A, 18-W2, The Straits
View Condominium
8, Jalan
Permas Selatan
Bandar
Baru Permas Jaya
81750
Masai
Johor
Darul Takzim
Malaysia
Name : Hong Young Chul
Designation : Director
Identification no : M77236787
Appointment date : 19/12/03
Address : 475-9 Pyeongchang-dong
Jongno-gu,
Seoul
South
Korea
Name : Lee Changwoo
Designation : Director
Identification no : M00558155
Appointment date : 20/04/10
Address : South Korea
Name : Joo Jongdae
Designation : Director
Identification no : S2505773
Appointment date : 04/05/10
Address : Block D, 18-E1, The Straits
View Condominium
8, Jalan
Permas Selatan
Bandar
Baru Permas Jaya
81750
Masai
Johor
Darul Takzim
Malaysia
Name : Ang Mui Kiow
Designation : Company Secretary
Identification no : 630530-01-5426
Appointment date : 21/08/03
Address : No. 27,Jalan Nibong 18
Taman Daya
81100
Johor Bahru
Johor
Darul Takzim
Malaysia
Staff employed : 500 employees
Key Advisors
Auditors : DELOITTE & TOUCHE
Level 19,
Uptown 1
Damansara
Uptown
1 Jalan
SS21/58
Petaling
Jaya 47400
Selangor
Darul Ehsan
Malaysia
Composition
Authorized Capital : MYR 150,000,000
No of shares : 150,000,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 125,651,833
Paid up capital : MYR 125,651,833
Changed in capital : The Subject increased its share capital from MYR 100,000,000 to MYR 150,000,000 on
26-12-2007.
How listed : Full List
Composition
Shareholder name : KISWIRE SDN. BHD.
Address : Plo 475, Jalan Keluli 2
Pasir
Gudang 81707
Johor
Darul Takzim
Malaysia
No. of shares : 64,082,435 Ordinary Shares
Shareholder name : KISWIRE SINGAPORE LTD.
Address : 101 Cecil Street
# 16-10
Tong Eng Building
Singapore
069533
Singapore
No. of shares : 39,003,744 Ordinary Sha
Shareholder name : KISWIRE ARCELORMITTAL LTD.
Address : 134, Yoosan-dong
Yangsan,
Kyungnam
South
Korea
No. of shares : 12,564,694 Ordinary Shares
Shareholder name : HONG DUK ENGINEERING LTD
Address : 363-5 Samlak-dong
Sasang-ku,
Busan
South
Korea
No. of shares : 10,000,960 Ordinary Share
Structure
Name : KISWIRE
LTD.
Affiliation type : Ultimate Holding Company
Address : 475 Mangmi-2dong
Sooyoung-ku, Busan
South Korea
Comments :
Kiswire
Ltd. manufactures and sells special steel wire in South Korea and
internationally. It offers oil-tempered wire for use in springs for repeated
dynamic loads, including engine valve spring; flat and shaped wire for use in
die springs, wave and regulator springs, snap and piston rings, and seat return
springs; hard drawn steel wire that is used to make springs under static loads
for general application, machinery, agriculture, and various applications; and
music wire for string for musical instruments, such as pianos and guitars. The
company also
offers
piano wire that is used to make springs for precision machinery, electronic
communication equipment, and automobiles; silk wire for use in precision
machinery and electric appliances; bead wire, a reinforced material for tires
on automobiles, earthmoving equipment, large trucks, and aircraft; and steel
cord, a steel radial tire reinforcement product used in the belt and carcass of
the tire.
In
addition, it provides hose wire to tire manufactures; galvanized PC wire and
strand for cabled stayed bridge; galvanized wire for suspension bridge;
galvanized steel wire and strand for power transmission industries; PC wire and
strand for use in bridges, buildings, anchor, railway sleepers, panels, and
concrete pipes; and unbonded PC wire and strand that is used for construction,
including earth and rock anchor, PC bridge, retaining wall and dams, and
building slabs. Further, the company offers cross laid and parallel laid wire
ropes, compacted/swaged wire ropes, non rotating wire ropes, hyrope, elevator
wire ropes, suspension bridge wire ropes, corrosion resistance wire ropes, and
large diameter wire ropes for offshore industries and mining applications, as
well as
control
cable, micro cable, and GAC for use in automotive and machinery; Nb3Sn
superconductive wire, Sn alloy bar for superconductive precursor, and Cr
coating. Kiswire Ltd. was founded in 1945 and is headquartered in Busan, South
Korea.
Name : KISWIRE
SDN. BHD.
Affiliation type : Parent Company
Address : Plo 475, Jalan Keluli 2
Pasir Gudang 81707
Johor Darul Takzim
Malaysia
Name : KISWIRE
ARCELORMITTAL LTD.
Affiliation type : Shareholder
Address : 134, Yoosan-dong
Yangsan, Kyungnam
South Korea
Name : HONG
DUK ENGINEERING LTD
Affiliation type : Shareholder
Address : 134, Yoosan-dong
Yangsan, Kyungnam
South Korea
Name : KISWIRE
SINGAPORE LTD.
Affiliation type : Shareholder
Address : 101 Cecil Street
# 16-10 Tong Eng
Building
Singapore 069533
Singapore
Name : KISWIRE
EUROPE BV
Affiliation type : Sister Company
Address : Kleine Landtong 21
4201 HL Gorinchem
The Netherlands
Name : KISWIRE
(SHANGHAI) TRADING CO., LTD
Affiliation type : Sister Company
Address : C806, Orient International Plaza,
85 Loushanguan Rd
Shanghai
China
Name : YANGTZE
KISWIRE ARCELORMITTAL LTD.
Affiliation type : Sister Company
Address : 45
Zhongyang Road
Economic & Technological
Development Zone
Nantong City, Jiangsu
China
Name : KISWIRE
QINGDAO LTD
Affiliation type : Sister Company
Address : No. 600 Chuangye Road
Qingdao Development
Zone
Qingdao 266510
China
Name : VIETNAM
KISWIRE ARCELORMITTAL LTD.
Affiliation type : Sister Company
Address : Lot A-5A-CN, Bau Bang IP
Ben Cat Town
Binh Duong Province
Vietnam
Related companies
and corporate affiliations comments
Other companies of the Kiswire Group
should be considered affiliates of the Subject
Bank Details
Name of bank : HSBC Bank Malaysia Berhad
Address : Malaysia
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 :
Total of Charge: FOREIGN
CURRENCY
Date of Creation: 01-07-2004
Name of Chargee: HSBC BANK
MALAYSIA BERHAD AS SECURITY AGENT
AND TRUSTEE
Charge Status: UNSATISFIED
Total of Charge: FOREIGN
CURRENCY
Date of Creation: 01-07-2004
Name of Chargee: HSBC BANK
MALAYSIA BERHAD AS SECURITY AGENT
AND TRUSTEE
Charge Status: UNSATISFIED
Total of Charge: FOREIGN
CURRENCY
Date of Creation: 02-12-2004
Name of Chargee: HSBC BANK
MALAYSIA BERHAD AS SECURITY AGENT
AND TRUSTEE
Charge Status: UNSATISFIED
Total of Charge:
30,000,000.00
Date of Creation: 25-07-2007
Name of Chargee: HSBC BANK
MALAYSIA BERHAD
Charge Status: UNSATISFIED
Total of Charge: 30,000,000.00
Date of Creation: 25-07-2007
Name of Chargee: HSBC BANK
MALAYSIA BERHAD
Charge Status: UNSATISFIED
Total of Charge: FOREIGN
CURRENCY
Date of Creation: 03-09-2008
Name of Chargee: HSBC BANK
MALAYSIA BERHAD
Charge Status: UNSATISFIED
Total of Charge: FOREIGN
CURRENCY
Date of Creation: 03-09-2008
Name of Chargee: HSBC BANK
MALAYSIA BERHAD
Charge Status: UNSATISFIED
Total of Charge: FOREIGN
CURRENCY
Date of Creation: 08-01-2009
Name of Chargee: HSBC BANK
MALAYSIA BERHAD
Charge Status: UNSATISFIED
Total of Charge: 0.00
Date of Creation: 08-01-2009
Name of Chargee: HSBC BANK
MALAYSIA BERHAD
Charge Status: UNSATISFIED
Total of Charge:
10,000,000.00
Date of Creation: 08-01-2009
Name of Chargee: HSBC BANK
MALAYSIA BERHAD
Charge Status: UNSATISFIED
Total of Charge:
10,000,000.00
Date of Creation: 08-01-2009
Name of Chargee: HSBC BANK
MALAYSIA BERHAD
Charge Status: UNSATISFIED
Total of Charge: FOREIGN
CURRENCY
Date of Creation: 08-01-2009
Name of Chargee: HSBC BANK
MALAYSIA BERHAD
Charge Status: UNSATISFIED
Total of Charge: FOREIGN
CURRENCY
Date of Creation: 08-01-2009
Name of Chargee: HSBC BANK
MALAYSIA BERHAD
Charge Status: UNSATISFIED
Total of Charge: FOREIGN
CURRENCY
Date of Creation: 08-01-2009
Name of Chargee: HSBC BANK
MALAYSIA BERHAD
Charge Status: UNSATISFIED
Total of Charge: OPEN CHARGE
Date of Creation: 08-01-2009
Name of Chargee: HSBC BANK
MALAYSIA BERHAD
Charge Status: UNSATISFIED
Total of Charge: FOREIGN
CURRENCY
Date of Creation: 10-05-2010
Name of Chargee: HSBC BANK
MALAYSIA BERHAD
Charge Status: UNSATISFIED
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
Description
Source of financial statement
: Commercial Registry Filings
Financial statement date : 31/12/10
Type of accounts : Full audited
Currency : Malaysia,
Ringgit (MYR)
Exchange rate : 1 USD = MYR 3.14 as of
19-05-2012
Summarized
Financial Information
Consolidation type : Non Consolidated Non Consolidated Group Consolidated
Currency : Malaysia,
Ringgit (MYR) Malaysia,
Ringgit (MYR) South Korea, Won
(KRW)
Denomination : (x1) One (x1) One (x1) One
Date of financial year end : 31/12/10 31/12/09 31/12/11
Length of accounts : 12 months 12 months 12 months
Sale turnover / Income : 564,954,753
393,221,118 1,120,070,200,000
Gross profit : 209,086,100,000
Profit before tax : 79,376,188 36,949,176 136,120,200,000
Net income : 75,700,188 27,138,176 94,114,300,000
Non current assets : 394,107,456 373,766,556 1,205,689,400,000
Current assets : 216,944,584 174,009,879 617,573,000,000
Inventories :
239,222,700,000
Total assets : 611,052,040 547,776,435 1,823,262,400,000
Current liabilities : 168,802,941 156,763,670 381,603,500,000
Non current liabilities : 108,575,748 133,039,602 169,877,700,000
Total liabilities : 277,378,689 289,803,272 551,481,200,000
Share equity : 333,673,351 257,973,163 1,271,781,200,000
Retained earning : 208,021,518 132,321,330 1,001,214,000,000
Comments :
The non consolidated
financial information above relates to the Subject only. The group’s
consolidated financial information above relates to the Subject’s Ultimate
Holding Company Kiswire Ltd. and all its subsidiaries which include the
Subject.
Main activities : The Subject engages in
manufacturing and sales of steel cord, bead wire and
hose wire.
The Subject
is ultimately owned by Kiswire Ltd, a public listed company
incorporated
in South Korea. Kiswire Ltd is a Korea-based company
engaged in
the manufacture of steel products. The company produces wire
ropes,
spring wires, prestressed concrete (PC) wires and strands, and steel
cords and
bear wires.
Product & services :
· Steel Cord
· Bead Wire
· Hose Wire
Purchases
International : Asian countries
Sales
Local : Yes
International : Worldwide
Key events : 11
December 2011
Iskandar gets RM1.73b new investments
JOHOR BARU: Iskandar Malaysia, which has so far received committed
investments totalling RM77.8 billion, has chalked up 12 new investments worth
RM1.73 billion.
Prime Minister Datuk Seri Najib Tun Razak, who is on a day-long
visit to Iskandar Malaysia, witnessed the exchange of documents between the
investors at Iskandar's fifth anniversary celebrations at Puteri Harbour,
Nusajaya today.
The new investments are between Iskandar Investment Berhad (IIB)
and Frost and Sullivan, as well as Multimedia Development Corporation (MDEC)
for the establishment of the RM100 million Frost and Sullivan Global Innovation
Centre in Medini.
IIB and DHL have also agreed to establish the Iskandar Malaysia
DHL Supply Chain Centre of Excellence, valued at RM0.5 million in committed
investment. University of Reading of Malaysia will establish the University of
Reading Malaysia in Educity, Iskandar Malaysia with committed investment of
RM135 million.
Other investments include by
local developer Ra Ta land Sdn Bhd for a 25-storey twin towers office project
in Medini North, Iskandar Malaysia worth RM250 million.
Johor Corporation (JCorp) also entered into an agreement
with three different investors to lease and sell
land in the Tanjung Langsat Industrial Complex (TLIC). The first agreement was
between JCorp and Evyap
Sabun Malaysia Sdn Bhd to lease 22.57ha in TLIC to build an
integrated oleo-chemical plant worth a committed investment of RM350 million.
The second agreement involved JCorp and Kiswire Cord Sdn Bhd worth
a committed investment of RM300 million for the sale of 8.1ha of land at TLIC
to build a steel plant. The third agreement, for a committed investment of
RM250 million, was between Jcorp and Mopuflex Sdn Bhd for the lease of 5.95ha
of land at TLIC to set up an E-House for the oil and gas industry and a mobile
platform unit for enhanced oil recovery.
The Multimedia University and University of Southern California
also inked an agreement to establish a Cinematic Arts programme at Educity.
Other investments were between Multimedia University with Iskandar Education
Enterprise Sdn Bhd, UM Land with Seri Alam Properties Sdn Bhd and Raffles
Campus Pte Ltd for the development of an
international school, Plus Berhad and Propel Berhad as well as between Iskandar
Malaysia Studios Sdn Bhd with Universiti Teknologi Mara. -- Bernama
Property &
Assets
Premises : The Subject operates from
premises located at the verified heading address consisting of
production facilities, warehouse and administrative office.
Branches : None reported.
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Central Bank of Malaysia
Reserve of foreign exchange & gold : US$135.9 billion as of 30 April 2012
Gross domestic product - GDP : US$ 247.781 billion
GPP (Purchasing power parity) : 442.01 billion of International dollars
GDP per capita - current prices : US$ 8,624
GDP - composition by sector : agriculture: 9.4% industry: 40.9% services: 49.7%
Inflation 2008: 5.4%
2009: 0.6%
2010: 1.7%
Unemployment 2008 : 3.3 %
2009 : 3.6 %
2010: 3.3 %
Public debt
(General Government gross
debt as a % GDP) 2008:
42.8 %
2009: 55.4 %
2010: 54.2%
Government bond
ratings Standard
& Poor's: A-/Stable/A-2
Moody's rating: A3
Moody's outlook: STA
Market value of publicly traded shares US$ 420 billion
Largest
companies in the country : CIMB Group Holdings (Banking), Sime
Darby (Conglomerates), Public Bank (Banking), Maybank (Banking), Tenaga
Nasional(Utilities), Petronas Chemicals, Maxis Berhad
Trade & Competitiveness Overview
Total exports US$210.3
billion
Exports commodities electronic
equipment, petroleum and liquefied natural gas, wood and
wood products, palm oil, rubber, textiles,
chemicals
Total imports US$156.2
billion
Imports commodities electronics,
machinery, petroleum products, plastics, vehicles, iron and
steel products, chemicals
Export - major
partners US
15.6%, Singapore 14.6%, Japan 9.1%, China 8.8%, Thailand 5%,
HongKong 4.6%
Import - major
partners Japan
13%, China 12.9%, Singapore 11.5%, US 10.8%, Taiwan 5.7%,
Thailand 5.3%, South Korea 4.9%, Germany
4.6%, Indonesia 4.2%
FDI Inflows 2007:
US$8,538 million
2008: US$7,318 million
2009: US$1,381 million
FDI Outflows 2007:
US$11,280 million
2008: US$14,988 million
2009: US$8,038 million
Best countries for
doing business 21 out of 183
countries
Global
competitiveness ranking 26
(ranking by country on a basis of 133, the first is the best)
Country and Population Overview
Total population :
28.23 million
Total area :
329,847 km2
Capital : Kuala Lumpur
Currency : Malaysia Ringgits (MYR)
Internet
users as % of total population : 57.61%
Purchase Term
International : L/C, D/P, Telegraphic transfer,
D/A, Credit 30-120 days
Sales Term
Local : Prepayment, D/P, Bank
transfer, D/A, Credit 30-120 days
International : L/C, D/P, Telegraphic transfer,
D/A, Credit 30-120 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.54.68 |
|
UK Pound |
1 |
Rs.86.52 |
|
Euro |
1 |
Rs.69.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.