|
Report Date : |
26.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
CPH
CHEMIE + PAPIER HOLDING AG |
|
|
Registered Office : |
Perlenring
1 6035 Perlen/LU |
|
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Country : |
|
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|
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|
|
|
Financials (as on) : |
31.12.2011 |
|
|
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|
|
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Date of Incorporation : |
17.06.1971 |
|
|
|
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|
|
Com. Reg. No.: |
100.3.005.239-3 / 272048 |
|
|
|
|
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|
Legal Form : |
Company
limited by shares |
|
|
|
|
|
|
Line of Business : |
Manufacture
of other inorganic basic chemicals |
|
|
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No. of Employees : |
800-999 |
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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) |
|
Switzerland |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SWITZERLAND - ECONOMIC OVERVIEW
Switzerland is a peaceful,
prosperous, and modern market economy with low unemployment, a highly skilled
labor force, and a per capita GDP among the highest in the world. Switzerland's
economy benefits from a highly developed service sector, led by financial
services, and a manufacturing industry that specializes in high-technology,
knowledge-based production. Its economic and political stability, transparent
legal system, exceptional infrastructure, efficient capital markets, and low
corporate tax rates also make Switzerland one of the world's most competitive
economies. The Swiss have brought their economic practices largely into
conformity with the EU's, to enhance their international competitiveness, but
some trade protectionism remains, particularly for its small agricultural
sector. The fate of the Swiss economy is tightly linked to that of its
neighbors in the euro zone, which purchases half of all Swiss exports. The
global financial crisis of 2008 and resulting economic downturn in 2009 stalled
export demand and put Switzerland in a recession. The Swiss National Bank (SNB)
during this period effectively implemented a zero-interest rate policy to boost
the economy as well as prevent appreciation of the franc, and Switzerland's
economy recovered in 2010 with 2.7% growth. The sovereign debt crises currently
unfolding in neighboring euro-zone countries pose a significant risk to
Switzerland's financial stability and are driving up demand for the Swiss franc
by investors seeking a safehaven currency. The independent SNB has upheld its
zero-interest rate policy and conducted major market interventions to prevent
further appreciation of the Swiss franc, but parliamentarians have urged it to
do more to weaken the currency. The franc's strength has made Swiss exports
less competitive and weakened the country's growth outlook; GDP growth fell to
2.1% in 2011. Switzerland has also come under increasing pressure from
individual neighboring countries, the EU, the US, and international
institutions to reform its banking secrecy laws. Consequently, the government
agreed to conform to OECD regulations on administrative assistance in tax
matters, including tax evasion. The government has renegotiated its double
taxation agreements with numerous countries, including the US, to incorporate
the OECD standard, and in 2011 it reached deals with Germany and the UK to
resolve outstanding issues, particularly the possibility of imposing taxes on
bank deposits held by foreigners. These steps will have a lasting impact on
Switzerland's long history of bank secrecy.
Source : CIA
CPH Chemie + Papier Holding AG
Operating address:
Perlenring 1
6035 Perlen/LU
Switzerland/CH
Telephone: 041
4558000
Fax: 041
4558012
Web site: http://www.cph.ch
E-mail: info@cph.ch
VAT-No.: CHE107912500
Established: 1971
Line of Business: Financial services, Chemicals, Paper/cardboard, Plastics
Industry Division: Services, Manufacturing
Industry-code (NACE): 6420 Activities of
holding companies
2013 Manufacture of other inorganic basic
chemicals
2014 Manufacture of other organic basic
chemicals
1712 Manufacture of paper and paperboard
2222 Manufacture of plastic packing goods
Import/Export: Export
Export sales: 82.8%
Banks: CS
Credit Suisse
UBS
Ltd
Organisation level: Ultimate Parent
Quoted: Yes
Stock exchange: Swiss
Exchange SIX Domestic Standard
Symbol: CPHN
Coverage: Group
Employees: 800-999
Sales: CHF
400-600 Mio
CPH is an
international diversified group of companies in the chemical-technical process
industries. The Group consists of the Uetikon group (chemicals and fertilizer
production) and the Pearl Group (paper, packaging and real estate).
The activities
include development, production and distribution of chemicals, papers and
packaging films.
Information on
property ownership was not available.
Company No: 100.3.005.239-3
/ 272048
Legal form: Company
limited by shares
Registration: 17.06.1971
Legal status: active
Responsible Register: Handelsregister des Kantons Luzern
History: Date
of Statutes: 26.05.1998
Date
of Incorporation Statutes: 17.06.1971
Date
of Statutes: 17.05.2001
Date
of Statutes: 17.05.2001
Entry Deleted Name
active CPH
Chemie + Papier Holding AG
removed Chemie und Papier Holding AG
Entry Deleted Legal domicile
03.04.1998 Root,
Switzerland
03.04.1998 Luzern, Switzerland
Entry Deleted Address
13.01.2011 Perlenring
1, 6035 Perlen/LU, Switzerland/CH
03.04.1998 13.01.2011 6035 Perlen/LU, Switzerland/CH
Entry Deleted Capital
10.08.2001 Share
Capital CHF 30'000'000, paidup CHF 30'000'000
Entry Deleted Capital Structure
10.08.2001 300'000
Registered shares of CHF 100.--
Entry Deleted Activity (original Language)
active Beteiligung
für eigene und fremde Rechnung an andern Unternehmungen, insbesondere an
solchen der Chemie- und Papierbranche sowie Finanzierungen und die Ausübung von
Treuhandfunktionen; Erwerb, Verwaltung und Veräusserung von Grundeigentum,
Wertschriften und Immaterialgüterrechten.
Entry Deleted Remarks (original Language)
active Publishing
authority: SHAB.
active Merger:
Die Gesellschaft hat als Alleinaktionärin auf dem Wege der Fusion nach Massgabe
von Art. 748 OR gestützt auf den Fusionsvertrag vom 10.09.1996 und die Bilanz
per 31.08.1996 sämtliche Aktiven von CHF 10'031'447.-- und das gesamte
Fremdkapital von CHF 3'564'606.-- der "CL Chemiewerte Luzern AG", in
Luzern, zum Nettoübernahmepreis von CHF 6'466'841.-- übernommen.
active Contribution
in kind/Asset takeover: Gemäss Sacheinlagevertrag vom 06.08.1990 übernahm die
Gesellschaft von der UBV Uetikon Betriebs- und Verwaltungs AG, in Uetikon,
3'600 Namenaktien zu CHF 700.-- der CU Chemie Holding AG, in Uetikon, im Werte
und zum Preise von CHF 2'520'000.--, welcher Betrag voll ans Grundkapital
angerechnet wurde.
active Contribution
in kind/Asset takeover: Gemäss Sacheinlagevertrag vom 23.03.1998 übernahm die
Gesellschaft gemäss Zeichnungsscheinen von 563 Namenaktionären der "Perlen
Holding AG", in Perlen, Gemeinde Root, 20'067 Namenaktien zu CHF 500.--
der "Perlen Holding AG" zum Uebernahmepreis von insgesamt CHF
112'475'535.--. Als Gegenleistung erhielten die Sacheinleger 100'335
Namenaktien zu CHF 100.-- der Gesellschaft zum Preise von CHF 1'121.-- je
Aktie.
10.08.2001 Shares:
Bei der Kapitalherabsetzung vom 17.05.2001 werden 11'563 eigene Namenaktien zu
CHF 100.-- auf einen Nennwert von CHF 0.-- herabgesetzt, abgeschrieben und
anschliessend vernichtet. Dies führt unter den Aktiven zu einer Reduktion des
Wertschriftenbestandes und unter den Passiven zu einer Reduktion des
Aktienkapitals und zu einer Belastung der Reserve für eigene Aktien. Die
Beachtung der gesetzlichen Vorschriften von Art. 734 OR wird mit öffentlicher
Urkunde vom 08.08.2001 festgestellt.
21.05.2001 Reports:
Mitteilungen erfolgen durch gewöhnlichen Brief.
28.05.1998 Merger:
Gestützt auf den Fusionsvertrag vom 26.05.1998 und die Bilanz per 31.12.1997
hat die Gesellschaft auf dem Wege der Fusion nach Massgabe von Art. 748 OR
sämtliche Aktiven von CHF 179'744'914.-- und das gesamte Fremdkapital von CHF
101'055'308.-- der "Perlen Holding AG", in Perlen, Gemeinde Root, zum
Nettoübernahmepreis von CHF 78'689'606.-- übernommen (inklusive 6'000 eigene
Aktien der "Perlen Holding AG" zu CHF 500.-- nominal). Als
Gegenleistung erhielten die Aktionäre der übernommenen Gesellschaft für eine
Namenaktie zu CHF 500.-- im Werte von CHF 5'995.-- 5,39 Namenaktien zu CHF
100.-- im Werte von CHF 1'112.-- der übernehmenden Gesellschaft, wobei ein
allfälliger Spitzenausgleich den Aktionären der übernommenen Gesellschaft in
bar ausbezahlt wurde.
Title Name
President Peter
Schaub, Origin: Zürich, Ormalingen, Switzerland, Residential address: 8610 Uster/ZH,
Switzerland, born: 1960, joint signature of two
Vice-President Dr.
Max R. Walter, Origin: Zürich, Siblingen, Switzerland, Residential address:
8942 Oberrieden/ZH, Switzerland, born: 1945, joint signature of two
Executive Director Dr. Franz Josef Albrecht-Geilinger, Origin:
Sursee, Knutwil, Switzerland, Residential address: 8400 Winterthur/ZH,
Switzerland, born: 1948, joint signature of two
Executive Director Dr. Hanspeter Balmer, Origin: Luzern,
Switzerland, Residential address: 6045 Meggen/LU, Switzerland, born: 1950,
joint signature of two
Executive Director Dr. Mauro Gabella, Origin: Lugano,
Switzerland, Residential address: Lugano/TI, Switzerland, born: 1952, joint
signature of two, Registered since: 31.10.2005
Executive Director Tamer Tim Talaat, Origin: Uetikon am See,
Switzerland, Residential address: 8707 Uetikon am See/ZH, Switzerland, born:
1960, joint signature of two
Executive Director Christian Wipf, Origin: Zürich, Stäfa,
Switzerland, Residential address: 8700 Küsnacht /ZH, Switzerland, born: 1957,
joint signature of two, Registered since: 06.10.2009
Title Name
Chairman of the management Peter Schildknecht, Origin: Teufen AR,
Switzerland, Residential address: 6045 Meggen/LU, Switzerland, born: 1962,
joint signature of two, Registered since: 14.04.2009
Member of the management Manfred Stephan Häner, Origin: Zullwil, Switzerland,
Residential address: Seuzach, Switzerland, born: 1956, joint signature of two,
Registered since: 08.05.2012
Member with signing authority Michel E. Segesser, Origin: Bannwil,
Switzerland, Residential address: Münchenbuchsee/BE, Switzerland, born: 1968,
joint signature of two, Registered since: 07.09.2011
Title Name
Auditor PricewaterhouseCoopers
AG, Residential address: Zürich, Switzerland
Title Name
Chief Executive Officer Peter Schildknecht
Chief Financial Officer Manfred Stephan Häner
Chief Human Resources Officer, Chief Customer
Service Officer Michel E. Segesser
Chief Business Segment Officer Klemens Gottstein
Chief Business Segment Officer Wolfgang Grimm
Chief Business Segment Officer Alois Waldvogel-Zeil
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2011 31.12.2010 31.12.2009 31.12.2008 31.12.2007
Number of months: 12 12 12 12 12
Currency: th.
CHF th. CHF th. CHF th. CHF th.
CHF
Statement norm: ARR ARR ARR ARR ARR
Balance Sheet
Intangible fixed assets 2'948.0 3'754.0 5'615.0 6'224.0 792.0
Land and buildings 228'366.0 603'948.0 409'055.0 169'011.0 179'112.0
Other tangible fixed assets 540'804.0 249'927.0 300'425.0 337'109.0 346'665.0
Tangible fixed assets 769'170.0 853'875.0 709'480.0 506'120.0 525'777.0
Financial fixed assets 25'504.0 25'357.0 25'564.0 24'915.0 24'400.0
other fixed assets 916.0 916.0 2'602.0 3'504.0 2'481.0
Fixed assets 798'538.0 883'902.0 743'261.0 540'763.0 553'450.0
Stocks 57'338.0 63'669.0 60'355.0 83'635.0 91'018.0
Trade accounts receivable 75'623.0 60'932.0 67'164.0 90'809.0 106'842.0
Liquid assets 31'486.0 54'277.0 66'811.0 88'118.0 58'548.0
Securities 11'135.0 19'283.0 34'631.0 105'256.0 123'941.0
other trade accounts 14'149.0 19'800.0 17'029.0 18'799.0 14'114.0
Accruals 3'865.0 4'612.0 5'370.0 7'416.0 3'369.0
Other current assets 60'635.0 97'972.0 123'841.0 219'589.0 199'972.0
Current assets 193'596.0 222'573.0 251'360.0 394'033.0 397'832.0
Total assets 992'134.0 1'106'475.0 994'621.0 934'796.0 951'282.0
Capital 30'000.0 30'000.0 30'000.0 30'000.0 30'000.0
Other shareholders funds 676'308.0 680'186.0 721'540.0 702'757.0 695'013.0
Total shareholders equity 706'308.0 710'186.0 751'540.0 732'757.0 725'013.0
Minority interests 0.0 0.0 0.0 0.0 270.0
long term debt (financial debts) 169'266.0 225'925.0 115'977.0 70'287.0 62'919.0
Provisions 32'026.0 40'572.0 54'045.0 56'192.0 58'476.0
Other non current liabilities 627.0 411.0 1'239.0 1'822.0 2'237.0
Non current liabilities 201'919.0 266'908.0 171'261.0 128'301.0 123'632.0
short term debt (financial debts) 11'314.0 12'686.0 14'328.0 11'365.0 31'696.0
Trade accounts payable 40'017.0 93'584.0 29'241.0 33'293.0 40'121.0
Provisions 12'922.0 10'867.0 12'709.0 12'368.0 14'123.0
Accruals 12'731.0 8'765.0 11'094.0 11'595.0 9'964.0
other accounts payable 6'923.0 3'479.0 4'448.0 5'117.0 6'463.0
other current liabilities 32'576.0 23'111.0 28'251.0 29'080.0 30'550.0
Current liabilities 83'907.0 129'381.0 71'820.0 73'738.0 102'367.0
Shareh. equity, min. interests + liabilities 992'134.0 1'106'475.0 994'621.0 934'796.0 951'282.0
Profit and loss account
Sales 509'863.0 607'440.0 630'011.0
Reduction of proceeds 28'189.0 37'082.0 36'488.0
Net sales 520'932.0 417'396.0 481'674.0 570'358.0 593'523.0
Other operating revenue 7'836.0 19'174.0 8'524.0 9'827.0 13'338.0
Operating revenue 528'768.0 436'570.0 490'198.0 580'185.0 606'861.0
Cost of goods sold 346'280.0 278'535.0 278'405.0 334'077.0 347'439.0
Gross profit 182'488.0 158'035.0 211'793.0 246'108.0 259'422.0
Other operating expenses 202'465.0 188'695.0 203'278.0 213'957.0 208'967.0
Operating result -19'977.0 -30'660.0 8'515.0 32'151.0 50'455.0
Interest revenues 112.0 186.0 655.0 1'146.0 1'156.0
other financial revenues 791.0 654.0 5'596.0 3'285.0 2'559.0
Financial income 903.0 840.0 6'251.0 4'431.0 3'715.0
Interest expenses 11'212.0 5'038.0 3'036.0 3'054.0 3'174.0
other financial expenses 1'832.0 5'184.0 1'317.0 13'998.0 2'963.0
Financial expenses 13'044.0 10'222.0 4'353.0 17'052.0 6'137.0
Financial result -12'141.0 -9'382.0 1'898.0 -12'621.0 -2'422.0
Result before extraordinary items -32'118.0 -40'042.0 10'413.0 19'530.0 48'033.0
Extraordinary income 30'445.0 17'134.0 38'988.0 20'812.0 6'548.0
Extraordinary expenses 18'765.0 3'815.0 12'507.0 2'832.0 2'345.0
Extraordinary Result 11'680.0 13'319.0 26'481.0 17'980.0 4'203.0
Result before taxes -20'438.0 -26'723.0 36'894.0 37'510.0 52'236.0
Taxes -2'447.0 -6'713.0 7'427.0 6'914.0 9'251.0
Result before minority interests -17'991.0 -20'010.0 29'467.0 30'596.0 42'985.0
minority interests 0.0 0.0 0.0 0.0 -394.0
Result for the financial year -17'991.0 -20'010.0 29'467.0 30'596.0 43'379.0
Cash flow
Depreciation 66'792.0 59'518.0 62'003.0 58'831.0 58'580.0
Cash flow 48'801.0 39'508.0 91'470.0 89'427.0 101'565.0
Cash flow from operating activities -13'808.0 79'445.0 182'086.0 82'331.0 68'881.0
Investments in tangible fixed assets 24'405.0 220'871.0 266'238.0 55'275.0 54'289.0
Cash flow from investing activities 47'381.0 -196'147.0 -238'591.0 -53'471.0 -96'700.0
Cash flow from financing activities -56'284.0 105'306.0 35'157.0 -2'706.0 16'310.0
Others -80.0 -1'138.0 41.0 3'416.0 1'330.0
Change in liquidity -22'791.0 -12'534.0 -21'307.0 29'570.0 -10'179.0
Liquidity at beginning of the year 54'277.0 66'811.0 88'118.0 58'548.0 68'727.0
Liquidity at end ot the year 31'486.0 54'277.0 66'811.0 88'118.0 58'548.0
Notes
Material costs 268'975.0 215'432.0 204'654.0 271'246.0 294'549.0
Cost of employees 93'165.0 89'320.0 95'671.0 103'331.0 101'211.0
Added value 150'731.0 127'153.0 197'604.0 202'726.0 215'201.0
Working Capital 92'944.0 31'017.0 98'278.0 141'151.0 157'739.0
Sales per Employee 610.7 443.6 497.6 570.9 595.3
Market capitalisation 303'000.0 510'000.0 525'000.0 464'700.0 990'000.0
Gross cost land and buildings 383'583.0 764'342.0 562'080.0 317'828.0 329'549.0
Gross cost other tangible fixed assets 1'092'155.0 779'288.0 906'015.0 898'722.0 877'414.0
Gross cost total 1'475'738.0 1'543'630.0 1'468'095.0 1'216'550.0 1'206'963.0
Insurance value land and buildings 424'929.0 490'002.0 394'507.0 392'584.0 389'974.0
Insurance value other tang. fixed assets 1'331'707.0 1'345'688.0 1'120'232.0 1'094'009.0 1'052'415.0
Insurance value total 1'756'636.0 1'835'690.0 1'514'739.0 1'486'593.0 1'442'389.0
Employees at
year end 853 941 968 999 997
Employees inland 631 616 650 700 700
Employees abroad 222 325 318 299 297
No. of Owner/-s: 933
Owner: The
company is owned by various parties.
Class: 40-49%
Name: UBV
Uetikon Betriebs- und Verwaltungs AG
City/Country: Uetikon
am See/ZH, Switzerland/CH
No. of shares: 149'990
Interest: 49.99%
voting right, 49.99% capital interest
Class: 0-9%
Name: Ella
Schnorf-Schmid
City/Country: Uetikon
am See/ZH, Switzerland/CH
No. of shares: 21'466
Interest: 7.16%
voting right, 7.16% capital interest
Class: 0-9%
Name: Sarasin
Investmentfonds AG
City/Country: Basel/BS,
Switzerland/CH
No. of shares: 18'478
Interest: 6.16%
voting right, 6.16% capital interest (since 03.07.2009)
Class: 0-9%
Name: Dr.
Richard Kind
City/Country: Dinhard/ZH,
Switzerland/CH
No. of shares: 3'488
Interest: 1.16%
voting right, 1.16% capital interest
Class: 100%
Name: CPH
Chemie + Papier Holding GmbH
City/Country: Lahr,
Germany/DE
Interest: 100.00%
voting right, 100.00% capital interest
Class: 100%
Name: CU
Agro AG
City/Country: Uetikon
am See/ZH, Switzerland/CH
Interest: 100.00%
voting right, 100.00% capital interest (since 2002)
Class: 100%
Name: CU
Chemie Uetikon AG
City/Country: Uetikon
am See/ZH, Switzerland/CH
Interest: 100.00%
voting right, 100.00% capital interest
Class: 100%
Name: CU
Immobilien Lahr AG
City/Country: Uetikon
am See/ZH, Switzerland/CH
Interest: 100.00%
voting right, 100.00% capital interest
Class: 100%
Name: Perlen
Converting AG
City/Country: Perlen/LU,
Switzerland/CH
Interest: 100.00%
voting right, 100.00% capital interest
Class: 100%
Name: Perlen
France Sarl
City/Country: Champigny
sur Marne, France/FR
Interest: 100.00%
voting right, 100.00% capital interest (since 1999)
Class: 100%
Name: Perlen
Papier AG
City/Country: Perlen/LU,
Switzerland/CH
Interest: 100.00%
voting right, 100.00% capital interest
Class: 100%
Name: Zeochem
AG
City/Country: Uetikon
am See/ZH, Switzerland/CH
Interest: 100.00%
voting right, 100.00% capital interest (since 2002)
Class: 100%
Name: Zeowest
AG
City/Country: Uetikon
am See/ZH, Switzerland/CH
Interest: 100.00%
voting right, 100.00% capital interest
An updated legal
action check is only available against proof of interest. e.g. a copy of an
enquiry letter, and order or invoice relating to the subject company.
Financial Situation: The financial situation is considered to be good.
Payment experiences: Financial obligations are met as appropriate.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.63 |
|
|
1 |
Rs.86.17 |
|
Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.