MIRA INFORM REPORT
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Report Date : |
20.10.2012 |
IDENTIFICATION DETAILS
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Name : |
MINERA LOS PELAMBRES |
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Registered Office : |
Avda. Apoquindo 4001 Piso 18 of. 1802 - Las Condes Santiago Xiii
Region Metropolitana |
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Country : |
Chile |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
1996 |
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Legal Form : |
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Line of Business : |
Mining company |
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No. of Employees : |
842 |
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RATING & COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Chile |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
CHILE - ECONOMIC OVERVIEW
Chile has a market-oriented economy characterized by a high level
of foreign trade and a reputation for strong financial institutions and sound
policy that have given it the strongest sovereign bond rating in South America.
Exports account for more than one-third of GDP, with commodities making up some
three-quarters of total exports. Copper alone provides one-third of government
revenue. During the early 1990s, Chile's reputation as a role model for
economic reform was strengthened when the democratic government of Patricio
AYLWIN - which took over from the military in 1990 - deepened the economic
reform initiated by the military government. Since 1999, growth has averaged 4%
per year. Chile deepened its longstanding commitment to trade liberalization
with the signing of a free trade agreement with the US, which took effect on 1
January 2004. Chile claims to have more bilateral or regional trade agreements
than any other country. It has 59 such agreements (not all of them full free
trade agreements), including with the European Union, Mercosur, China, India,
South Korea, and Mexico. Over the past seven years, foreign direct investment
inflows have quadrupled to some $15 billion in 2010, but foreign direct
investment had dropped to about $7 billion in 2009 in the face of diminished
investment throughout the world. The Chilean government conducts a rule-based
countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds
during periods of high copper prices and economic growth, and allowing deficit
spending only during periods of low copper prices and growth. As of November
2011, those sovereign wealth funds - kept mostly outside the country and
separate from Central Bank reserves - amounted to more than $18 billion. Chile
used this fund to finance fiscal stimulus packages during the 2009 economic
downturn. In December 2009, the OECD invited Chile to become a full member,
after a two year period of compliance with organization mandates, and in May
2010 Chile signed the OECD Convention, becoming the first South American
country to join the OECD. The economy started to show signs of a rebound in the
fourth quarter of 2009, and GDP grew 5.1% in 2010 and 6.5% in 2011. Chile
achieved this growth despite the 8.8 magnitude earthquake that struck in
February 2010, which was one of the top 10 strongest earthquakes on record. The
earthquake and subsequent tsunamis it generated caused considerable damage near
the epicenter, located about 70 miles from Concepcion - and about 200 miles
southwest of Santiago.
Source
: CIA
MINERA LOS PELAMBRES
Avda. Apoquindo 4001 Piso 18 Of. 1802 - Las
Condes
Santiago
XIII Region Metropolitana
CHILE
Telephone :
56-2-7987000
Fax : 56-2-7982181
E_Mail :
ckristic@pelambres.cl
Web Site :
www.pelambres.cl
Postal Code : 7550162
SUMMARY
Started
: 1996
Total Employees : 842
Payments
: Prompt
Financial
Sit. :
Acceptable
Economic
Sit. :
Excellent
Sales : 000's$ 1.917.190.450.-
Net worth
: 000's$ 1.227.058.476.-
Current
profit
: 000's$ 943.565.183.-
Capital : 000's$ 189.564.122.-
Sic(s) : 1021
Line of Business: Mining company.-
EVALUATION
Interpretation at the end of the report.
Credit Recommendation
000's
Pesos 000's US$
dollars 000's Euros
Conservative value : 438.750.000
841.388
649.807
Liberal value : 482.625.000
925.526
714.788
If additional information is received or present information is rectified, this
recommendation may be modified.
Financial indicators
According to last financial statement,
subject shows an acceptable financial
situation, as indicated in:
** Negative Working Capital
** Normal Current Liquidity Ratio
** Normal Acid Test Ratio
Economic situation is excellent, as reflected in:
** Low Current Indebtedness Ratio
** Low Total Indebtedness Ratio
** Excellent Solvency Ratio
** Excellent Profitability Over Sales Ratio
** Excellent Profitability Over Assets Ratio
** Excellent Profitability Over Net Worth Ratio
COMMERCIAL INFORMATION
Commercial Bulletin : As at 12/10/2012 subject does not register protested
checks, bank drafts
nor promissory notes in the
commercial
information bulletin
Labor Bulletin : As at 12/10/2012 does not
register labor infringements
Previsional Bulletin :
As at 12/10/2012 does not register pension fund's
infringements
Consolidated delinquency : As at
12/10/2012, subject does not register any
delinquent bill
TRADE REFERENCES
Suppliers' trade references
are supplied as follows:
Detail of References
Old : Since 2000
Last purchase :
09-2012
Terms : 30 days
Payment : Prompt
Notes : current account
Credit : (000'sUS$) 200.000
Owes :
-
Due : Does not Register
Paying Comments : Good
Old : Since 1998
Last purchase :
09-2012
Terms : 10 days
Payment : Prompt
Notes : current account
Credit : (000'sUS$) 2.700.000
Owes :
-
Due :
Does not Register
Paying Comments : Excellent
Purchase Aver. : (Monthly
000's$) 1.500.000
Old : Since 2003
Last purchase :
09-2012
Terms : 30 days
Payment : Prompt
Notes : order form
Credit : (000'sUS$) 100.000
Owes : -
Due : Does not Register
Paying Comments : Good
Purchase Aver. : (Bi-monthly
000's$) 65.000
Old : Since 2004
Last purchase : 09-2012
Terms : 30 days
Payment : Prompt
Notes : invoice
Credit : (000'sUS$) 500.000
Owes : -
Due : Does not Register
Paying Comments : Good
Purchase Aver. : (Monthly
000's$) 78.000
Good customer according to suppliers
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes (000'sUS$) (000'sUS$)
--------------------------------------------------------------------------------
Since 2004 10-11 Prompt
invoice
500.000
-
Since 1998 10-11 Prompt current
account
2.700.000
-
Since 2001 10-11 Prompt
invoice
- None
Since 2003 10-11 Prompt order
form
100.000
-
Since 2000 10-11 Prompt current
account
200.000
-
Since 2003 12-10 Prompt order
form
100.000 None
Since 1998 01-11 Prompt current
account
2.700.000 1.308.000
Since 2004 01-11 Prompt
invoice
500.000
-
Since 2000 02-11 Prompt current
account
200.000 25.000
Since 2004 05-10 Prompt current
account
200.000 41.000
20 years 04-10 Prompt bank
transfer Open None
Since 1998 05-10 Prompt current
account
2.700.000
None
Since 1998 01-10 Prompt checks and
current
Open None
Since 1998 12-09 Prompt current
account
2.700.000
None
Since 2004 01-10 Prompt current
account
200.000 None
Since 1996 01-10 Prompt
invoice
10.000 None
Since 1996 12-09 Prompt current
account
1.300.000
None
Since 1998 01-09 Prompt current
account
Open
-
Since 1998 01-09 Prompt current
account
Open
-
Since 2001 01-09 Prompt bank
transfer
Open None
Since 2001 06-08 Prompt bank
transfer
Open
-
Since 1998 05-08 Prompt current
account
Open
-
Since 1998 05-08 Prompt current
account
Open
-
Since 1998 10-07 Prompt current
account
Open
-
Since 1998 10-07 Prompt current
account
Open
-
Since 2001 10-07 Prompt bank
transfer
Open
-
Since 2001 05-07 Prompt bank transfer
Open
-
Since 1998 04-07 Prompt current
account
Open
-
Since 1998 04-07 Prompt current
account
Open
-
Since 1998 04-07 Prompt order
form
Open
-
10 years 06-06 Prompt order
form
Open
-
8 years 06-06 Prompt
current
account
Open
-
8 years 06-06 Prompt
cash
-
-
5 years 06-06 Prompt not
specified
Open
-
5 years 06-06 Prompt
current
account
Open
-
5 years 06-06 Prompt
current
account
Open
-
8 years 11-05 Prompt
cash
-
-
8 years 11-05 Prompt
current
account
Open
-
5 years 11-05 Prompt
current
account
Open
-
9 years 11-05 Prompt
order
form
Open
-
10 years 02-05 Prompt order
form
Open
-
5 years 02-05 Prompt
current
account
Open
-
8 years 02-05 Prompt
current
account
Open
-
10 years 02-05 Prompt
cash
-
-
10 years 08-04 Prompt order
form
Open
-
10 years 08-04 Prompt
cash
-
-
8 years 07-04 Prompt
current
account
Open
-
During the last 6 months, the
account holder credit history shows 154 credit review inquiries requested by financial
institutions, telecommunication companies, oil companies, cooperation
companies, hardware stores and businesses in general.
The account holder credit
report reflects no delinquent payment history, no protests, and no social security
and/or work infringements as of the date of this report.
AVERAGE PAYMENTS IN CHILE
International Risk and Payment Review reported in June 2011
The local delays in payment average 0-1 month.
FINANCIAL INFORMATION
COMPARATIVE - SUMMARY
(Figures in Thousand Pesos, local currency )
From
01/01/2011 01/01/2010
To
31/12/2011 31/12/2010
CURRENT
ASSETS
487.257.438 423.874.316
CURRENT
LIABILITIES
506.034.692 470.210.114
WORKING
CAPITAL
-18.777.254 -46.335.798
FIXED
ASSETS
1.458.707.174 1.288.599.078
LONG TERM
LIABILITIES
212.871.444 214.650.447
NET
WORTH
1.227.058.476 1.027.612.833
OPERATING
INCOMES
1.917.190.450 1.567.046.307
CURRENT
PROFIT(LOSS)
943.565.183 789.055.500
BALANCE SHEET
INDIVIDUAL FISCAL YEAR COMPLETE
ASSETS
31/12/2011 31/12/2010
Cash
101.256.581 76.949.736
Marketable
Securities
39.422.376
0
Sales
Debtors
281.935.171 280.291.189
Inventory
64.643.310 64.928.431
Taxes
Recoverable
0 1.704.960
CURRENT
ASSETS
487.257.438 423.874.316
Net Fixed
Asset
1.458.707.174 1.288.599.078
FIXED
ASSETS
1.458.707.174 1.288.599.078
TOTAL
ASSETS
1.945.964.612 1.712.473.394
LIABILITIES
31/12/2011 31/12/2010
Oblig.With Banks & Financ.Inst.Short
Term
200.791.823 229.577.625
Sundry
Creditors
11.536.781 10.708.537
Provisions
117.973.025 72.089.920
Deferred
Tax
175.733.063 157.834.032
CURRENT
LIABILITIES
506.034.692 470.210.114
Oblig.with Banks & Financial
Intitutions
72.927.745 63.829.544
Sundry
Creditors
76.560.236 72.722.202
Provisions
63.383.463 78.098.701
LONG TERM
LIABILITIES
212.871.444 214.650.447
Paid
Capital
194.932.177 174.951.498
Accumulated
Profits
88.561.116 63.605.835
Current Profit
(Losses)
943.565.183 789.055.500
NET
WORTH
1.227.058.476 1.027.612.833
TOTAL
LIABILITIES
1.945.964.612 1.712.473.394
STATEMENTS OF
RESULTS
31/12/2011 31/12/2010
Operating
Income
1.917.190.450 1.567.046.307
Operating
Cost
-644.909.919 -529.981.076
OPERATING
MARGIN
1.272.280.531 1.037.065.231
Administration & Sales
Expenses
-7.824.507 -6.568.052
OPERATING
RESULT
1.264.456.024 1.030.497.179
Profit Investmens Related
Companies
0 1.089.995
Other non Operating Incomes
1.213.436
0
Financial
Expenses
-2.119.213 -1.730.233
NON OPERATING
RESULT
-905.777 -640.238
Result Before Income
Tax
1.263.550.247 1.029.856.941
Income
Tax
-319.985.064 -240.801.441
NET
PROFIT(LOSS)
943.565.183 789.055.500
CURRENT
PROFIT(LOSS)
943.565.183 789.055.500
ECONOMIC - FINANCIAL RATIOS
31/12/2011
31/12/2010 Average
Working
Capital
(000's$) -18.777.254
-46.335.798 -32.556.526
Current Liquidity
(Times)
0,96
0,90 0,93
Acid
Test
(Times)
0,84 0,76
0,80
Collection Period Days (
Days)
52,94
64,39 58,67
Accounts Receivable Turnover(Times)
6,80
5,59 6,20
Inventory Turnover
(Times)
9,98
8,16 9,07
Current Indebtedness
(Times)
0,41
0,46 0,44
Total Indebtedness
(Times)
0,59
0,67 0,63
Solvency
(Times)
2,71
2,50 2,61
Assets Tying
Up
( % )
74,96
75,25 75,11
Profitability Over Sales ( %
) 49,22
50,35 49,79
Profitability Over Assets ( %
)
48,49
46,08 47,29
Profitability Over Net Worth( %
)
332,84
330,76 331,80
BANKS
Subject operates with the following banks:
- Banco Bilbao Vizcaya Argentaria, Chile
- Banco de Chile, main office Ahumada 251, Santiago
- Banco Santander Chile, main office Bandera 140, Santiago
- BancoEstado, branch Salamanca
OPERATIONS
Line of Business : Exploitation of minerals (copper & molybdenum
concentrate)
Classification according to commercial activity:
Sic: 1021-0000 Copper ores
-0103 Underground copper ore mining
-0100 Copper ore mining and preparation
Subject is considered as a large company in this line of business, high
competition
Sales
Sales are steady throughout the year
100% wholesalers
National and international sales territory
Products are sold
National: 10%.
International: 90%.
Exports to Brazil, Bulgaria, Canada, China, South Korea, Spain, Philippines,
Finland, Netherlands, India, Japan, Luxembourg, Poland, Sweden, Thailand and
United States
of Exports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
Japan
44,70 48,46
China
17,86 14,73
India
7,16 9,51
South
Korea
6,55 11,98
Finland
4,57 1,14
Sweden
3,98 0,00
Bulgaria
3,88 2,42
Spain
3,09 3,42
United
States
2,32 2,00
Brazil
1,54 2,10
Philippines
1,54 0,00
Netherlands
1,51 4,04
Poland
0,86 0,00
Canada
0,20 0,00
Luxembourg
0,19 0,00
Thailand
0,06 0,14
60% of copper production is committed to long term contracts, with Asian &
European foundries, the other 40% with mid-term contracts and in Spot market.-
Historical registries
Total 2011 = 000's$ 1.939.865.227 Accumulated 2012 = 000's$ 1.031.516.774
Total 2010 = 000's$ 1.317.947.464
Total 2009 = 000's$ 752.739.766
Total 2008 = 000's$ 1.607.489.555
Total 2007 = 000's$ 1.129.503.074
Total 2006 = 000's$ 1.122.571.215
Total 2003 = 000's$ 281.831
Customers
Main customers are: Foreign companies
Purchases
Places orders with multiple suppliers
National: 80%
International: 20%
Imports from Germany, Australia, Belgium, Brazil, Bulgaria, Canada, Chile,
China, South Korea, Denmark, Finland, France, Netherlands, Hungary, Indonesia,
Italy, Japan, Mexico, Panama, Peru, Poland, Czech Republic, Southafrica,
Sweden,
Switzerland, Thailand and United States
of Imports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
United States
55,35 33,33
Germany
18,80 56,50
France
12,43 3,71
Italy
6,08 0,17
Brazil
2,42 0,99
Canada
1,51 2,49
South
Korea
1,00 0,00
China
0,64 0,20
Sweden
0,50 0,04
Australia
0,32 0,84
Denmark
0,29 0,00
Hungary
0,21 0,00
Peru
0,12 0,04
Southafrica
0,09 0,00
Switzerland
0,05 0,00
Mexico
0,05 0,07
Panama
0,04 0,00
Belgium
0,03 0,90
Finland
0,01 0,00
Japan
0,01 0,58
Netherlands
0,01 0,00
Thailand
0,01 0,00
Poland
0,00 0,00
Czech
Republic
0,00 0,00
Indonesia
0,00 0,00
Chile
0,00 0,01
Bulgaria
0,00 0,00
Historical registries
Total 2011 = 000's$ 7.458.206 Accumulated 2012 = 000's$ 6.356.803
Total 2010 = 000's$ 13.138.320
Total 2009 = 000's$ 40.746.928
Total 2008 = 000's$ 55.368.823
Total 2007 = 000's$ 10.789.833
Total 2006 = 000's$ 65.598.526
Total 2003 = 000's$ 7.926.174
Main suppliers
- B. Bosch S.A.
- Compañia de Petroleos de Chile Copec S.A.
- Compañia Sud Americana Vapores S.A.
- Detroit Chile S.A.
- Distribuidora Industrial y Tecnica Ltda.
- Empresa Nacional de Electricidad S.A.
- Empresa Nacional de Energia Enex S.A.
- Enaex S.A.
- Finning Chile S.A.
- Industria Metalmecanica Rivet Limitada
- Komatsu Chile S.A.
- KSB Chile S.A.
- Mathiesen S.A.C.
- Moly-Cop Chile S.A.
- Nexans Chile S.A.
- Siemens Sociedad Anonima
- Techint Chile S.A.
- Thyssen Krupp Ingenieria Chile Ltda.
Employees: 842 employees
Location
- Administrative offices at Avda. Apoquindo 4001 Piso 18 Of. 1802 Las
Condes Santiago, Chile, commercial area, main street of busy
traffic, construction in good conditions
Branches
- Shipping Port of Copper concentrate at Puerto Punta Chungo s/n Los
Vilos Chile
RELATED COMPANIES
Subject is related to the following companies:
- Grupo Luksic (All of them related through this company)
- Antofagasta Minerals S.A. T A X 93920000-2 Las Condes Santiago
- Minera Michilla S.A. T A X 91840000-1 Las Condes Santiago . Sales as at
31/12/2010 000's$ 112.813.342
- Minera El Tesoro T A X 78896610-5 Las Condes Santiago
- Minera Esperanza T A X 76727040-2 Las Condes Santiago
FIXED ASSETS
Real Estates
Subject registers real Estates
- Farming exploitation, Fondo Monte Aranda Los Vilos-Chile, Fiscal value
of 000's$ 47.087.-, rol Nº 265-4
- Farming exploitation, Fundo Mauro IV Region Chopa Los Vilos-Chile,
Fiscal value of 000's$ 147.156.-, rol Nº 265-21
- Sites, Cuncumen Pc 24 Lt 2 Salamanca-Chile, Fiscal value of 000's$
10.921.-, rol Nº 246-345
Total fiscal appraisal $205.164.552.-
Machinery & Instalations
Subject owns the following
- Installations and other necessary elements .
INSURANCES
Subject is insured, but name of insurance company is not disclosed
BOARD OF DIRECTORS
President
: Diego Hernández
ADMINISTRATION
General Manager : Alberto Cerda Mery TAX:9160275-K
Manager of Finance and :
Fernando García Lázaro Strategy
Human Resources Manager : Luis
Gómez Barrera
Public Affairs Manager :
Miguel Sánchez Sánchez TAX:2358165-5
CURRICULUM
Alberto Cerda Mery
T A
X
: 9160275-K
Titled as : Mining
Civil Engineer.
Position :
General Manager
LEGAL INFORMATION
Legal Structure : Contractual Mining Company
Constitution date : 04/06/1996. Started operations in
December 1999. For financial and commercial purposes operations started on Jan
1st, 2000. Registered on leaf 133 N° 44, Santiago Property Registry of
Receivership of Mines, year 1996, suscribed before notary Andrés Rubio Flores,
Santiago.-
Term of duration : Indefinite
Legal Address : Santiago - Chile
Current Social Capital: 000's$ 189.564.122.-
Shareholder : 4
- 60,00% 93920000-2 Antofagasta Minerals S.A.
- 25,00% Nippon LP Investment
- 15,00% MMLP Holding BV
Administration is held by General Manager.
PUBLICATIONS
Information regarding subject is supplied as follows
Diario Financiero AA. of 04/01/2010
Initiating operations for more than US$6.2 billions.
With Luksic Group at the head begins the year record in starting of
mining megaprojects.
Through the start up of the integral project of development of Minera Los
Pelambres, Antofagasta Minerals, mining arm of the Luksic group, a year
special for all its ribbon cutting ceremonies in the sector began. During
this year projects for more than US$6.200 will be starting operations.
The CEO of Antofagasta Minerals, Marcelo Awad, confirming what had been
scheduled and announced previously, affirmed that the final phase of the
integral project of development of Mineral Los Pelambres will start at the
beginning of 2010. This project required an investment of US$925 millions
approximately and rises the processing level of the deposit from 140.000 to
175.000 tons per day.
This initiative in the IV Region will allow Los Pelambres to reach a production
level of over 400.000 tons of fine copper along the year.
Awad reported that the company is testing the new equipments without load, in
order to began the ore preparation during Janurary and thus reaching the capacity
of design during the first months of 2010.
Only during this period and thank to the start-up of the new projects which is
added to the existing capacity, the potential copper production in Chile will
be increased in more than 7% compared to 2009. -
NOTA DE IMPORTANCIA of 26/01/2010 MINING
COMPANY LOS PELAMBRES
Field LOS PELAMBRES is located in the Cordillera de los Andes, 3.600mts over
sea level, 45 km east from Salamanca, Choapa province, IV region,
Coquimbo-Chile.
GEOLOGICAL RESOURCES
3.116 millions tons of mineral with a fineness of 0,64% of CU and 0,016% MO
for a fineness of 0,4% CU.
TREATMENT CAPACITY
114/120.000 metric tons/day. -
INFORMATION
SOURCES
On 17/10/2012 Miss. Romina Oliva, General Manager Assistant, submitted
just
general information, outside sources provided Balance Sheets.
-Other outside information sources.
Exchange rate
-As at 18/10/2012 $472,19 Per US$
-As at 31/12/2011 $521,46 Per US$
-As at 31/12/2010 $468,01 Per US$
INTERPRETATION OF RISK LEVEL AND CREDIT
RECOMMENDATION
RISK LEVEL
Credit risk assessment is ordered as follows: 1 Minimum Risk, 2 Low Risk, 3
Middle Risk, 4 Middle High Risk, 5 Significant Risk, 6 High Risk.
Credit recommendation amounts are assigned according to criteria usually
used in the commercial credit evaluation.
The amounts are based on the risk percentages'assignment to the following
indicators: Trade references, number of employees, legal structure,
protested bills, labor & welfare infringements, unpaid bills, operations,
insurances, net profit, net worth, working capital and liquidity variations.
The Scoring is arranged as follows: 0 to 40 Delays, 41 to 60 Slow, 61 to
80 Moderate, 81 to 100 Prompt
The information herein contained is confidential and exclusively
intended for its addressee. Unauthorized use, copying and/or
disclosure of the information contained in this
transmission may result in legal punishment.
If you receive this document by error, please
delete it and notify to the email address:
informes@tws.cl.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.97 |
|
|
1 |
Rs.85.45 |
|
Euro |
1 |
Rs.69.45 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.