MIRA INFORM REPORT
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Report Date : |
17.11.2012 |
IDENTIFICATION DETAILS
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Name : |
LINCOLN SENTRY GROUP PTY LTD |
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Formerly Known As : |
LINCOLN STREET PTY. LTD |
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Registered Office : |
C/O Alesco Corporation
Limited, Level 24, |
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Country : |
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Financials (as on) : |
31.05.2012 |
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Date of Incorporation : |
12.02.1986 |
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Com. Reg. No.: |
010624389 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Import, distribution and
retail sales of cabinet hardware, window, door & glazing products etc. |
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No. of Employees : |
1,380 employees (Alesco
Group) |
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 |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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a1 |
a1 |
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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 |
Australia - ECONOMIC OVERVIEW
Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron ore, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia also has a large services sector and is a significant exporter of natural resources, energy, and food. Key tenets of Australia''s trade policy include support for open trade and the successful culmination of the Doha Round of multilateral trade negotiations, particularly for agriculture and services. The Australian economy grew for 17 consecutive years before the global financial crisis. Subsequently, the former RUDD government introduced a fiscal stimulus package worth over US$50 billion to offset the effect of the slowing world economy, while the Reserve Bank of Australia cut interest rates to historic lows. These policies - and continued demand for commodities, especially from China - helped the Australian economy rebound after just one quarter of negative growth. The economy grew by 1.4% during 2009 - the best performance in the OECD - by 2.7% in 2010, and by 1.8% in 2011. Unemployment, originally expected to reach 8-10%, peaked at 5.7% in late 2009 and fell to 5.0% in 2011. As a result of an improved economy, the budget deficit is expected to peak below 4.2% of GDP and the government could return to budget surpluses as early as 2015. Australia was one of the first advanced economies to raise interest rates, with seven rate hikes between October 2009 and November 2010. The GILLARD government is focused on raising Australia''s economic productivity to ensure the sustainability of growth, and continues to manage the symbiotic, but sometimes tense, economic relationship with China. Australia is engaged in the Trans-Pacific Partnership talks and ongoing free trade agreement negotiations with China, Japan, and Korea.
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Source : CIA |
Verified Address
Subject name : LINCOLN SENTRY GROUP PTY LTD
Business address : 76 Postle Street
Town : Coopers Plains
Province : Queensland
Zip/postal code : 4108
Country : Australia
Tel : +61 7 32443200
Fax : +61 7 32443255
Email : marketing@lincolnsentry.com.au
Website : www.lincolnsentry.com.au
Registered address : C/o ALESCO CORPORATION LIMITED
Level 24, 207 Kent Street
Town : Sydney
Province : New South Wales
Zip/postal code : 2000
Country : Australia
Executive Summary
Date founded or registered : 12/02/1986
Legal form : Australian
Proprietary Company
Chief executive : Mark Freeman
Issued & paid up capital
: AUD 140
Sales turnover : AUD
459,723,000 (Group-Consolidated 12 months, 31/05/2012)
Net income : AUD 6,853,000
(Group-Consolidated 12 months, 31/05/2012)
Total fixed assets : AUD 559,501,000
(Group-Consolidated 12 months, 31/05/2012)
Line of business : Import, distribution and
retail sales of cabinet hardware, window, door & glazing
products etc.
Staff employed : 1,380 employees (Alesco
Group)
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
declining
Management experience : Management is adequately experienced
Financial performance : Financial performance is good
Organization structure : Organizational structure is stable
Detrimental : No detrimental found
Payment history : No payment delays noted
Comments : Larger credit can
still be considered. The Subject is well positioned in the market
and the financial stability of the group is positive.
Registry Data
Registration date :
12/02/1986
Legal form : Australian
Proprietary Company
Registration no Australian
Company number: 010624389
Registered authority :
Australian Securities and Investments Commissions
Fiscal/ Tax no : Australian
Business Number: 59010624389
Registry status : Live/Active
Previous name : The Subject
was established on 12-02-1986 under the name LINCOLN STREET
PTY. LTD. and changed to the
current style on 26-06-1992.
Change of legal form : None
reported.
Key Management
Name : Mark Freeman
Designation : Managing Director
Name : Luci Rafferty
Designation : Group General Manager, Legal and Corporate Affairs
Appointments
Name : Mark Freeman
Designation : Director
Appointment date : 30/01/12
Address : 21 Canada Place
Arundel,
QLD 4214
Australia
Biography : Born on 30/10/1969 in Wagga
Wagga, New South Wales, Australia.
Mr. Mark
Freeman has been Group General Manager - Lincoln
Sentry of
Alesco Corporation Ltd since January 30, 2012. He holds a
Bachelor’s
degree in Finance and Banking from the University of
Western
Australia, Australia. He is a Chartered Accountant.
Name : Emmanuel Raymond Zammit
Designation : Alternate Director and Company
Secretary
Appointment date : 30/01/12
Address : 17 Highlands Avenue
Gordon,
NSW 2072
Australia
Biography : Born on 25/12/1966 in Sydney,
New South Wales, Australia.
Mr.
Emmanuel Raymond Zammit, BEc, CPA, MAICD, has been Chief
Financial
Officer of Alesco Corp Ltd since December 12, 2011. He is
currently
the Chief Financial Officer of Wattyl Limited. He previously
worked in
a variety of financial roles at MeadWestvaco Corporation.
Name : Luci Rafferty
Designation : Company Secretary
Appointment date : 31/01/07
Address : Unit 13, 22 Cliff Street
Milsons
Point, NSW 2061
Australia
Biography : Born on 01/05/1967 in Inverell, New south Wales,
Australia.
Ms. Luci
Rafferty is Company Secretary and Group General Manager
- Legal
and Corporate Affairs of Alesco Corporation Ltd. She has
been with
Alesco since 2003 and has over 15 years legal experience
primarily
in the corporate and commercial areas. Prior to Alesco, Ms.
Rafferty
was general counsel and company secretary at Namoi
Cotton Co
operative Ltd, a co-operative listed on the ASX. Her
qualifications
include BA Llb (Hons) and ACIS.
Staff employed : 1,380 employees (Alesco Group)
Key Advisors
Auditors : GRANT THORNTON
Level 4,
102 Adelaide Street
Brisbane,
QLD 4000
Australia
Composition
Authorized Capital : AUD 140
No of shares : 140 Ordinary B Shares
Share par value : AUD 1
Issued capital : AUD 140
Paid up capital : AUD
140
How listed : Full List
Composition
Shareholder name : ALESCO CORPORATION LIMITED
Address : Level 24, 207 Kent Street
Sydney,
NSW 2000
Australia
No. of shares : 140 Ordinary B Shares
% of shares : 100%
RELA
Structure
Name : ALESCO CORPORATION
LIMITED
Affiliation type : Parent Company
Address : Level 24, 207 Kent Street
Sydney,
NSW 2000
Australia
Comments : Alesco Corporation Limited, through its subsidiaries, supplies branded products to
trade and industrial
customers serving the building products markets in Australia
and New
Zealand. It operates in three segments: Cabinets, Windows &
Appliances;
Construction Products & Equipment; and Garage Doors & Openers.
The
Cabinets, Windows & Appliances segment supplies and distributes cabinet
and window
products under the Lincoln Sentry brand to the residential and
commercial
building markets, and kitchen and laundry appliances under the
Robinhood
brand to the appliance retailer market. This segment offers hardware
and
components; rangehoods, and ducting solutions; laundry tubs and ironing
centers;
and waste disposers sinks and taps. The Construction Products &
Equipment
segment provides concrete products, including construction
chemicals,
decorative concrete and associated equipment, and specialized
construction
chemicals. The Garage Doors & Openers segment manufactures
and
markets a range of garage doors for domestic and commercial use, as well
as
commercial and residential automatic openers under the B&D Doors, Garador,
Dominator,
and Automatic Technology brands. The company was formerly known
as Atkins
Carlyle and changed its name to Alesco Corporation Limited in 2001.
Alesco
Corporation Limited was founded in 1896 and is headquartered in Sydney,
Australia.
The
company was formerly known as Atkins Carlyle and changed its name to
Alesco
Corporation Limited in 2001. Alesco Corporation Limited was founded in
1896 and
is headquartered in Sydney, Australia.
ALESCO CORPORATION LIMITED is listed in Australian Stock Exchange.
Name : JOINERY PRODUCTS
HARDWARE SUPPLIES PTY. LTD.
Affiliation type : Wholly-owned Subsidiary
Address : 80 Northgate Drive
Thomastown,
VIC 3074
Australia
Name : PARCHEM CONSTRUCTION
SUPPLIES PTY LTD
Affiliation type : Sister Company
Address : 7 Lucca Road
Wyong, NSW
2259
Australia
Name : ALESCO HOLDINGS PTY LTD
Affiliation type : Sister Company
Address : Level 24, 207 Kent Street
Sydney,
NSW 2000
Australia
Name : ALESCO FINANCE PTY
LIMITED
Affiliation type : Sister Company
Address : Level 24, 207 Kent Street
Sydney,
NSW 2000
Australia
Name : ROBINHOOD AUSTRALIA PTY
LIMITED
Affiliation type : Sister Company
Address : 76 Postle Street
Coopers
Plains, QLD 4108
Australia
Name : PARGONE PTY LTD
Affiliation type : Sister Company
Address : ` Level
24, 45 Clarence Street
Sydney,
NSW 2000
Australia
Name : ROBINHOOD LIMITED
Affiliation type : Sister Company
Address : 13 Sir William Avenue
East
Tamaki, Auckland 2013
New
Zealand
Name : B&D AUSTRALIA PTY LTD
Affiliation type : Sister Company
Address : 34-36 Marigold Street
Revesby,
NSW 2212
Australia
Name : AUTOMATIC TECHNOLOGY
(AUSTRALIA) PTY. LTD.
Affiliation type : Sister Company
Address : 6-8 Fiveways Boulevard
Keysborough,
VIC 3173
Australia
Related companies and corporate affiliations comments
Other companies of the Alesco
Group should be considered affiliates of the Subject.
Bank Details
Name of bank : National Australia Bank Limited
Address : Australia
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 :
Satisfied Charges:
ASIC Charge Number: 354848
Date Registered: 01-09-1992
Charge type: Fixed
Date Created: 13-08-1992
Chargees Name: ESANDA FINANCE
CORPORATION LIMITED
ASIC Charge Number: 367327
Date Registered: 02-10-1986
Charge type: Both Fixed &
Floating
Date Created: 30-09-1986
Chargees Name: NMRB PTY LTD
ASIC Charge Number: 1028676
Date Registered: 18-03-2004
Charge type: Both Fixed &
Floating
Date Created: 04-02-2004
Chargees Name: NATIONAL AUSTRALIA
BANK LIMITED
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
Description
Source of financial statement
: Public Record Sources
Financial statement date : 31/05/12
Type of accounts : Full audited
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 0.96 as of
12-11-2012
Summarized
Financial Information
Consolidation type : Group Consolidated Group Consolidated
Currency : Australia Dollar
(AUD) Australia Dollar
(AUD)
Denomination : (x1) One (x1) One
Date of financial year end : 31/05/12 31/05/11
Length of accounts : 12 months 12 months
Sale turnover / Income : 459,723,000 478,824,000
Gross profit : 184,133,000 191,412,000
Operating profit : 21,851,000 39,455,000
Profit before tax : 12,776,000 26,054,000
Net income : 6,853,000 16,898,000
Non current assets : 410,931,000 428,198,000
Current assets : 148,570,000 180,393,000
Inventories : 73,148,000 81,567,000
Total assets : 559,501,000 608,591,000
Current liabilities : 78,826,000 85,805,000
Non current liabilities : 74,654,000 90,240,000
Total liabilities : 153,480,000 176,045,000
Share equity : 406,021,000 432,546,000
Reserve : 5,519,000 3,580,000
Retained earning : -18,041,000 -91,441,000
Comments : The group’s
consolidated financial information above relates to the Subject’s
Parent /
Ultimate Holding Company Alesco Corporation Limited and all its
subsidiaries
which include the Subject.
Main activities : The Subject is engaged in the
distribution and supply of hardware and
components
to manufacturing industries. Its customers include kitchen
manufacturers,
cabinetmakers, furniture manufacturers, shop and office
fitters,
and timber joineries, as well as the window, door, and glazing
industries.
The subject sells its products through its distribution centers in
Australia and New Zealand.
The
Subject is a subsidiary company of Alesco Corporation Limited, an
ASX listed
Australian company.
Alesco
Corporation Limited (Alesco) is engaged in sourcing, manufacturing
and
distribution of industrial brands to the building and renovations,
construction
and mining and water management sectors. The Company
operates
in three segments: construction products and equipment, which is
engaged
concrete products, including construction chemicals, decorative
concrete
and associated equipment, specialised construction chemicals;
functional
and decorative products include home building and renovation
products
to the kitchen, laundry and bathroom markets, and Garage doors
and
openers is engaged in the domestic housing and light industrial
markets.
Product & services :
1) Cabinet Hardware:
Drawer Systems & Hinges
Personal Choice Products:
Sinks & Basins, Electrical Appliances &
Rangehoods
Office, Shop & Wardrobe
Systems: Wardrobe Hardware
Sealants, Adhesives & Fasteners
Tools & Accessories:
Tapes
2) Window, Door & Glazing :
Window & Door Hardware
Security for Window &
Door Hardware
Glass & Glazing
Sealants, Adhesives &
Fasteners
Personal Protection
Equipment, Storage & Handling
Purchases
International : Worldwide
Sales
Local : Yes
International : Pacific Islands
Key events : 1 October 2012
Dulux extends Alesco takeover
offer
DULUXGROUP has extended its takeover offer to Alesco shareholders
by two months after the building products and garage door maker finally
accepted its $210 million bid. DuluxGroup made a hostile takeover offer for
Alesco in May which was due to expire on Monday.
However, Alesco made an eleventh hour acceptance of the bid on Friday to ensure its shareholders would not miss out on an extra 27 cents per share dividend.
If Alesco had not agreed to the offer before the weekend, Dulux would have declared the bid unconditional on Monday and gained effective control anyway, with it already holding 55.7 per cent of its target's shares.
Alesco shareholders would have missed out on a fully franked 27 cent a share special dividend, to be paid if Dulux lifts its holding in Alesco to 90 per cent. Dulux said on Monday in light of Alesco accepting the takeover bid it has extended the offer to December 7.
28 September 2012
Alesco and Dulux reach takeover agreement
BUILDING products group Alesco has recommended a takeover offer from paint maker DuluxGroup after reaching agreement with its suitor. Alesco said on Friday the two companies had agreed that Alesco may pay
its shareholders a special dividend of 27 cents per share on top of DuluxGroup's offer if DuluxGroup takes a 90 per cent stake in Alesco. Dulux's $210 million bid to buy Alesco has been quagmired in disagreement over dividend payments and franking credits since its launch in May.
Its $2.05-a-share offer includes up to 42 cents a share of fully franked dividends.
But Alesco had said it would only support an offer that
incorporated the ability to pay fully franked dividends of up to 75 cents a
share. Under the newly agreed terms, Dulux's offer could include dividends of
42 cents per share, made up of 15 cents from Dulux and 27 cents from Alesco.
"While the Alesco board reiterates its view that the offer
does not reflect the full value of Alesco, now that DuluxGroup has received
acceptances representing 55.7 per cent of Alesco shares, Alesco has reached
agreement with DuluxGroup and unanimously recommends that
shareholders accept the offer," Alesco said in a statement.
Dulux has agreed to hold off declaring its offer unconditional
while there is a chance that an additional 27 cents dividend can be paid by
Alesco. "Having taken these steps and reached agreement, there is a clear
pathway for Alesco shareholders to realise franking credits which we have
consistently said belong to them," Alesco chairman Mark Luby said.
Dulux had previously said it would declare its takeover offer
unconditional on or after October 1, once its holding reached 50.1 per cent
Alesco Corporation Limited Appoints Chief Financial Officer Tuesday, 11 Oct
2011 Alesco Corporation Limited announced that Mr. Emmanuel Zammit has been
appointed Chief Financial Officer, replacing Neil Thompson, Finance Director
who will leave the Company later this year.
Alesco Corporation Limited To Sell Marathon Tyres Pty Ltd
Thursday, 7 Apr 2011 Alesco Corporation Limited announced that it has entered
into an unconditional agreement to sell its Marathon Tyres Pty Ltd to a private
company in Newcastle for AUD 23 million, on a cash-free-debt-free
basis. Alesco Corporation Limited Completes Sale Of Water Products &
Services Division
Monday, 28 Feb
2011
Alesco Corporation Limited announced that it has completed the
sale of its Water Products & Services division (Total Eden) to funds
managed by Anchorage Capital Partners Pty Ltd for approximately AUD 20 million.
Property &
Assets
Premises : The Subject operates from premises located at the
verified heading address consisting of an administrative office, warehouse and
retail showroom.
Branches : In addition, the Subject operates from 29 other retail
showroom located throughout Australia.
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 43.879 billion
Gross domestic product – GDP : US$ 1.586 trillion
GPP (Purchasing power parity) : 954.296 billion of International dollars
GDP per capita - current prices : US$ 68,916
GDP - composition by sector : agriculture: 4% industry: 25.6% services: 70.4%
Inflation : 2009: 1.8%
2010: 2.8%
2011: 3.4%
Unemployment rate 2009: 5.6 %
2010: 5.2 %
2011:5.1 %
Public debt
(General Government gross
debt as a % GDP) 2009: 16.9%
2010: 20.4%
2011: 22.9 %
Government bond
ratings Standard
& Poor's: AAA-/Stable/A-1+
Moody's rating: Aaa
Moody's outlook: STA
Market value of publicly traded shares US$ 1.258 trillion
Largest companies in the country Commonwealth Bank (Banking), BHP Billiton (Materials), Westpac
Banking Group (Banking), Rio Tinto (Materials), National Australia Bank (Banking), ANZ Banking (Banking), Telstra (Telecommunications)
Trade & Competitiveness Overview
Total exports US$210.7
billion
Exports commodities coal,
iron ore, gold, meat, wool, alumina, wheat
Total imports US$187.2
billion
Imports commodities machinery and
transport equipment, computers and office machines, telecommunication equipment
and parts, crude oil and petroleum products
Export - major partners Japan 18.9%, China 14.2%, South Korea 8%, US 6%, NZ 5.6%, India
5.5%, UK 4.2%
Import - major partners China 15.5%, US 12.8%, Japan 9.6%, Singapore 5.6%, Germany
5.2%, UK 4.3%, Thailand 4.2%
FDI Inflows 2009: US$46,843 million
2009: US$25,716 million
2010: US$32,472 million
FDI Outflows 2008: US$33,604 million
2009: US$ 16,160 million
2010: US$26,431 million
Best countries for doing business : 10
out of 183 countries
Global competitiveness ranking : 20
(ranking by country on a basis of 142, the first is the best)
Country and Population Overview
Total population :
22.23 million
Total area :
7,692,024 km2
Capital : Canberra
Currency : Australian Dollars (AUD)
Internet
users as % of total population
: 76%
Purchase Term
International : L/C, Prepayment, Credit 30-60
days
Sales Term
Local : Prepayment, Credit
30-60 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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.99 |
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UK Pound |
1 |
Rs.87.21 |
|
Euro |
1 |
Rs.70.22 |
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 |
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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 |
|
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 |
|
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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.