|
Report Date : |
12.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
SERCOMM CORPORATION |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
29.07.1992 |
|
|
|
|
Com. Reg. No.: |
86690573 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Research, development, manufacture and distribution of
wireless network products and wire line network products |
|
|
|
|
No. of Employees : |
3,977 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
TAIWAN - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually decreasing
government guidance of investment and foreign trade. In keeping with this
trend, some large, state-owned banks and industrial firms have been privatized.
Exports, led by electronics, machinery, and petrochemicals have provided the
primary impetus for economic development. This heavy dependence on exports
exposes the economy to fluctuations in world demand. In 2009, Taiwan's GDP
contracted 1.9%, due primarily to a 20% year-on-year decline in exports. In
2010 GDP grew 10.9%, as exports returned to the level of previous years, and in
2011, grew 5.2%. However, 2012 growth will likely be less, according to most
forecasters, because of softening global demand. Taiwan's diplomatic isolation,
low birth rate, and rapidly aging population are major long-term challenges.
Free trade agreements have proliferated in East Asia over the past several
years, but so far Taiwan has been excluded from this greater economic
integration largely because of its diplomatic status with the exception of the
landmark Economic Cooperation Framework Agreement (ECFA) signed with China in
June 2010. The MA administration has said that the ECFA will serve as a
stepping stone toward trade pacts with other regional partners, and negotiations
on a deal with Singapore began this year. Follow-on components of ECFA,
including deals on trade in goods, services, and investment, have yet to be
completed. Taiwan's Total Fertility rate of just over one child per woman is
among the lowest in the world, raising the prospect of future labor shortages,
falling domestic demand, and declining tax revenues. Taiwan's population is
aging quickly, with the number of people over 65 accounting for 10.9% of the
island's total population as of 2011. The island runs a large trade surplus,
and its foreign reserves are the world's fourth largest, behind China, Japan,
and Russia. Since 2005 China has overtaken the US to become Taiwan's
second-largest source of imports after Japan. China is also the island's number
one destination for foreign direct investment. Three financial memorandums of
understanding, covering banking, securities, and insurance, took effect in
mid-January 2010, opening the island to greater investments from the mainland's
financial firms and institutional investors, and providing new opportunities
for Taiwan financial firms to operate in China. Closer economic links with the
mainland bring greater opportunities for the Taiwan economy, but also poses new
challenges as the island becomes more economically dependent on China while
political differences remain unresolved.
Source : CIA
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
|
|
Supplied Address: |
|
|
Telephone Number: |
|
|
Fax Number: |
|
|
E-mail: |
Notes: Subject’s exact name and address are as above.
|
Registered Name: |
SERCOMM CORPORATION |
|
Registered Address: |
|
|
Date of Foundation |
|
|
Registration Number: |
86690573 |
|
Registry: |
Department of Commerce, Ministry of Economic Affairs,
R.O.C. |
|
Registered Capital: |
NTD 2,500,000,000 (USD
84,250,000) (As of 2012.09, 1 NTD = 0.0337 USD) |
|
Paid-up Capital: |
NTD 1,953,706,040 (USD 65,839,894) |
|
Legal Representatives: |
Boyuan Wang |
|
Legal Form: |
|
|
Principal Activities: |
Research, development, manufacture and
distribution of wireless network products and wire line network products. |
|
Staff: |
|
|
Listed
at Stock Exchange: |
|
|
Date
of Last Annual Return: |
Subject was incorporated on
Subject was listed in Taiwan Stock Exchange on
Awards
|
Year
|
Awards
|
|
2008 |
Blue
chip importer and exporter |
|
2009 |
Blue
chip importer and exporter |
|
2010 |
Blue
chip importer and exporter |
Standard
of Blue chip importer and exporter
Unit: USD
|
Year |
Amount |
|
2008 |
19,000,000 |
|
2009 |
15,000,000 |
|
2010 |
20,000,000 |
|
Name |
Subscription Shares |
|
Boyuan Wang |
3,684,577 |
|
Wei Wang |
|
|
1,957,006 |
|
|
Bin Lin |
1,487,201 |
|
Yingda Liu |
207,999 |
|
Pacific Venture Partners Co. Ltd. |
3,680,926 |
|
Ruisong Guo |
2,468,281 |
The information above is that of subject’s major shareholders.
Offices
and Related Companies
|
SerComm
ChuNan Manufacturing Center Phone:
+886-37-585899 Fax: +886-37-58000 SerNet
(SuZhou) Technologies Corporation - (China Engineering and Manufacturing
Center) No.
26 Xinghai Street, SuZhou Industrial Park Jiangsu, China Phone:
+86-512-67613993 Fax:
+86-512-67624500 SerComm
California Office, USA 42808
Christy St. STE 231 Fremont, CA 94538 Phone:
+1-510-870-1598 Fax:
+1-510-870-2320 SerComm
New Jersey Office, USA 5205
Blue Jay Way, West Windsor, NJ 08550 Phone:
+1-609-750-1986 SerComm
Tokyo Office, Japan Tennozu
Yusen Bldg. Phone:
+81-3-6433-0061 Fax: +81-3-6433-0062 SerComm
Paris Office, France Immeuble
Pentagone Plaza 381 Avenue du Général de Gaulle, 92140 Clamart FRANCE Phone:
+33 (0) 1 7117 6938 |
Core
Management
Directors
|
1 |
|
|
Name |
Boyuan
Wang |
|
Position |
Director |
|
2 |
|
|
Name |
Wei
Wang |
|
Position |
Director
& Manager |
|
Date
of Appointment |
|
|
3 |
|
|
Name |
Bin
Lin |
|
Position |
Director |
|
4 |
|
|
Name |
Yingda
Liu |
|
Position |
Director |
|
5 |
|
|
Name |
Xiaobo
Xu |
|
Position |
Director |
|
6 |
|
|
Name |
Chuiyuan
Qiu |
|
Position |
Independent
Director |
|
7 |
|
|
Name |
Hongshou
Chen |
|
Position |
Independent
Director |
|
8 |
|
|
Name |
Ruisong
Guo |
|
Position |
Supervisor
|
|
9 |
|
|
Name |
Yongdu
Wei |
|
Position |
Supervisor
|
|
10 |
|
|
Name |
Binbin
Xue |
|
Position |
Supervisor
|
Offices &
Factories
|
|
Headquarters |
|
Add |
|
Production
Information
l
Subject is engaged in the research,
development, manufacture and distribution of wireless network products and wire
line network products.
l
It is introduced that subject has been
certificated by ISO9001、ISO14001、TL9000、OHSAS18001and
RoHS, etc
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
CC01050 |
Manufacture of Data storage and
processing equipment |
|
CC01080 |
Manufacture of electronic components |
|
F119010 |
Wholesales of electronic materials |
|
F401010 |
International Trading Business |
|
I301010 |
Information software services |
|
F401021 |
Import of Controlled telecommunications
radio-frequency devices |
|
CC01101 |
Manufacture of Controlled
telecommunications radio-frequency devices |
|
ZZ99999 |
Besides licensed business, all other
business items those are not banned or restricted. |
l
The subject is mainly engaged in sales
of wireless network products and wire line network products.
l
Subject also supplies solutions of
fixed mobile convergence, wireless and home networking, IP surveillance and
home security and enterprise VoIP Solutions.
l
Subject’s major products include
routers, asymmetrical digital subscriber loop (ADSL) gateways, integrated
access devices, access points, wireless local area network (LAN) cards, print
servers, print servers, Internet protocol (IP) cameras, home plug audiovisual
(AV) products, voice-over-Internet-protocol (VoIP) products, network attached
storage (NAS) products, cable broadband products, as well as intelligent home
monitoring products and others.
l
Subject’s products are both sold in
domestic and overseas markets, subject exports to other Asian countries, the
Americas and Europe.
Import
and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment
Terms |
Proportion |
|
|
Raw materials
and accessories, etc |
COD,
Credit Sales, etc |
100% |
Foreign
Purchase
|
Payment
Terms |
Proportion |
|
|
Raw
materials and accessories, etc |
CBD,
Credit Sales, etc |
100% |
Sales
Domestic
Markets
|
Sales
Terms |
Proportion |
|
|
Wireless network products and wire
line network products. |
CBD,
etc |
100% |
Export
|
Sales
Terms |
Proportion |
|
|
Wireless network products and wire
line network products. |
CBD,
etc |
100% |
Unit: NTD/000
|
|
|
|
|
Assets |
|
|
|
Current
Assets |
|
|
|
Cash
and cash equivalents |
1,419,089.00 |
1,391,687.00 |
|
Financial
assets measured at fair value through profit or loss - current |
6,511.00 |
1,078.00 |
|
Hedging
derivative assets - current |
6,063.00 |
0.00 |
|
Accounts
receivable - net |
644,054.00 |
869,724.00 |
|
Accounts
receivable - related parties - net |
137,468.00 |
135,678.00 |
|
Other
receivables |
946,353.00 |
446,164.00 |
|
Other
receivables - related parties |
600,013.00 |
0.00 |
|
Inventories |
1,426,955.00 |
806,461.00 |
|
Other
current assets |
227,351.00 |
137,693.00 |
|
Current
assets |
5,413,857.00 |
3,788,485.00 |
|
Funds
and Investments |
|
|
|
Financial
assets measured at fair value through profit or loss - non current |
0.00 |
2,950.00 |
|
Financial
assets carried at cost - non current |
40,010.00 |
40,010.00 |
|
Investments |
2,425,211.00 |
1,882,128.00 |
|
Other
financial assets - non current |
112,111.00 |
0.00 |
|
Funds
and long-term investments |
2,577,332.00 |
1,925,088.00 |
|
Fixed
Assets |
|
|
|
Cost |
|
|
|
Land |
110,581.00 |
0.00 |
|
Buildings
and structures |
111,007.00 |
0.00 |
|
Machinery
and equipment |
28,596.00 |
9,383.00 |
|
Computer
and telecommunication equipment |
147,065.00 |
117,993.00 |
|
Office
equipment |
59,574.00 |
54,549.00 |
|
Leased
assets |
457,030.00 |
457,030.00 |
|
Fixed
assets cost |
913,853.00 |
638,955.00 |
|
Accumulated
depreciation |
-168,632.00 |
-140,063.00 |
|
Construction
in process and prepayment for equipments |
136,002.00 |
2,600.00 |
|
Fixed
assets |
881,223.00 |
501,492.00 |
|
Intangible
Assets |
|
|
|
Computer
software cost |
57,347.00 |
47,415.00 |
|
Other
intangible assets |
75,057.00 |
73,818.00 |
|
Intangible
assets |
132,404.00 |
121,233.00 |
|
OtherAssets |
|
|
|
Idled
assets |
14,291.00 |
83,306.00 |
|
Guarantee
deposits paid |
8,786.00 |
11,750.00 |
|
Deferred
charges |
36,143.00 |
36,061.00 |
|
Other
assets |
59,220.00 |
131,117.00 |
|
Assets |
9,064,036.00 |
6,467,415.00 |
|
Liabilities
and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Current
Liabilities |
|
|
|
Short-term
borrowings |
405,330.00 |
432,030.00 |
|
Financial
liabilities measured at fair value through profit or loss - current |
994.00 |
287.00 |
|
Hedging
derivative liabilities - current |
1,149.00 |
0.00 |
|
Notes
payable |
144,716.00 |
47,104.00 |
|
Accounts
payable |
606,131.00 |
640,284.00 |
|
Accounts
payable - related parties |
1,796,356.00 |
779,664.00 |
|
Income
tax payable |
151,750.00 |
104,517.00 |
|
Accrued
expenses |
632,086.00 |
432,389.00 |
|
Other
payables - related parties |
22,112.00 |
1,229.00 |
|
Other
payables |
468,684.00 |
267,816.00 |
|
Long-term
liabilities - current portion |
185,618.00 |
0.00 |
|
Other
current liabilities |
308,987.00 |
213,768.00 |
|
Current
liabilities |
4,723,913.00 |
2,919,088.00 |
|
Long
term Liabilities |
|
|
|
Bonds
payable |
548,701.00 |
456,318.00 |
|
Long-term
notes and accounts payable |
322,270.00 |
341,891.00 |
|
Long-term
liabilities |
870,971.00 |
798,209.00 |
|
Reserves |
|
|
|
Other
Liabilities |
|
|
|
Pension
reserve / accrued pension liability |
5,775.00 |
5,688.00 |
|
|
18,430.00 |
0.00 |
|
Deferred
income tax liabilities |
12,760.00 |
42,806.00 |
|
Other
liabilities |
36,965.00 |
48,494.00 |
|
Liabilities |
5,631,849.00 |
3,765,791.00 |
|
Stockholders'
Equity |
|
|
|
Capital |
|
|
|
Common
stock |
1,949,356.00 |
1,784,390.00 |
|
Advance
receipts for common stock |
4,350.00 |
14,414.00 |
|
Capital
Surplus |
|
|
|
Capital
surplus - additional paid-in capital |
347,500.00 |
204,808.00 |
|
Capital
surplus - employee stock option |
27,666.00 |
26,500.00 |
|
Capital
surplus - stock option |
54,943.00 |
5,075.00 |
|
Capital
surplus |
430,109.00 |
236,383.00 |
|
Retained
Earnings |
|
|
|
Legal
reserve |
362,873.00 |
304,569.00 |
|
Unappropriated
retained earnings |
534,796.00 |
381,717.00 |
|
Retained
earnings |
897,669.00 |
686,286.00 |
|
Stockholders'
Equity and Other adjustmen |
|
|
|
Cumulative
translation adjustments |
145,789.00 |
33,539.00 |
|
Unrealized
gains (losses) on financial instruments |
4,914.00 |
0.00 |
|
|
0.00 |
-53,388.00 |
|
Equity
adjustments |
150,703.00 |
-19,849.00 |
|
Stockholdersˉ
equity |
3,432,187.00 (USD 115,664,702) |
2,701,624.00 (USD 91,044,729) |
|
Number
of treasury stock acquired by the company and subsidiaries (unit: share) |
0.00 |
4,029,000.00 |
|
|
435,000.00 |
1,441,384.00 |
(As of 2012.09, 1 NTD = 0.0337 USD)
Unit: NTD/000
|
|
~ |
~ |
|
Sales |
7,956,143.00 (USD 268,122,019) |
5,129,063.00 (USD 172,849,423) |
|
Sales
returns |
12,121.00 |
54,335.00 |
|
Sales
discounts and allowances |
44,106.00 |
33,563.00 |
|
Sales |
7,899,916.00 |
5,041,165.00 |
|
Operating
income |
7,899,916.00 |
5,041,165.00 |
|
Cost
of sales |
7,011,159.00 |
4,420,053.00 |
|
Operating
costs |
7,011,159.00 |
4,420,053.00 |
|
Gross
profit (loss) from operations |
888,757.00 |
621,112.00 |
|
Unrealized
gains on intercompany transactions |
885.00 |
0.00 |
|
Realized
gains on intercompany transactions |
671.00 |
2,007.00 |
|
Selling
expense |
219,418.00 |
142,995.00 |
|
General
and administrative expenses |
128,781.00 |
109,014.00 |
|
Research
and development expenses |
223,883.00 |
167,522.00 |
|
Operating
expenses |
572,082.00 |
419,531.00 |
|
Operating
income (loss) |
316,461.00 |
203,588.00 |
|
Non-Operating
Income |
|
|
|
Interest
income |
10,542.00 |
5,490.00 |
|
Investment
income |
158,232.00 |
137,889.00 |
|
Gains
on disposal of fixed assets |
948.00 |
0.00 |
|
Foreign
exchange gains |
0.00 |
2,942.00 |
|
Revaluation
gain on financial assets |
2,543.00 |
0.00 |
|
Miscellaneous
income |
1,276.00 |
2,287.00 |
|
Non-operating
revenues and gains |
173,541.00 |
148,608.00 |
|
Non-Operating
Expenses |
|
|
|
Interest
expense |
22,856.00 |
14,036.00 |
|
Loss
on disposal of fixed assets |
0.00 |
1,544.00 |
|
Foreign
exchange losses |
10,028.00 |
0.00 |
|
Revaluation
loss on financial assets |
0.00 |
721.00 |
|
Miscellaneous
disbursements |
53.00 |
0.00 |
|
Non-operating
expenses and losses |
32,937.00 |
16,301.00 |
|
Income
from continuing operations before income tax |
457,065.00 |
335,895.00 |
|
Income
tax expense (benefit) |
64,193.00 |
40,049.00 |
|
Income
from continuing operations |
392,872.00 |
295,846.00 |
|
Net
income (loss) |
392,872.00 (USD 13,239,786) |
295,846.00 (USD 9,970,010) |
|
Primary
Earnings per Share |
|
|
|
Primary
earnings per share |
2.06 |
1.70 |
|
Diluted
earnings per share |
|
|
|
Diluted
earnings per share |
1.84 |
1.49 |
(As of 2012.09, 1 NTD = 0.0337 USD)
Unit: NTD/000
|
|
~ |
~ |
|
Cash
Flows from Operating Activities - Indirect Method |
|
|
|
Net
Income (Loss) |
392,872 |
295,846 |
|
Adjustments
to Reconcile Net Income to Net Cash Provided by (Used in) Operating
Activities |
|
|
|
Depreciation
Expense |
16,805 |
15,697 |
|
Amortization
Expense |
37,519 |
27,690 |
|
Share-based
Compensation |
0 |
107 |
|
Amortization
of Discounts (Premiums) on Bonds Payable |
9,285 |
5,851 |
|
Investment
Loss (Income) Recognized under Equity Method |
(158,232) |
(137,889) |
|
Loss
(Gain) on Disposal of Property, Plan and Equipment |
(948) |
1,544 |
|
Unrealized
Revaluation Loss (Gain) on Financial Assets and Liabilities |
(2,543) |
(224) |
|
Unrealized
Gain (Loss) on Intercompany Transactions |
885 |
0 |
|
Realized
Loss (Gain) on Intercompany Transactions |
(671) |
(2,007) |
|
Changes
in Operating Assets and Liabilities |
|
|
|
Decrease
(Increase) in Financial Assets Held for Trading |
26,409 |
7,796 |
|
Decrease
(Increase) in Notes Receivable |
(1,493) |
0 |
|
Decrease
(Increase) in Accounts Receivable |
427,908 |
585,382 |
|
Decrease
(Increase) in Accounts Receivable - Related Parties |
52,849 |
(57,900) |
|
Decrease
(Increase) in Other Receivables |
(676,697) |
(328,717) |
|
Decrease
(Increase) in Other Receivable- Related Parties |
(131,434) |
0 |
|
Decrease
(Increase) in Inventories |
(800,035) |
(134,869) |
|
Decrease
(Increase) in Other Current Assets |
(29,352) |
(33,665) |
|
Decrease
(Increase) in Deferred Tax Assets |
30,437 |
(17,004) |
|
Increase
(Decrease) in Financial Liabilities Held for Trading |
0 |
287 |
|
Increase
(Decrease) in Notes Payable |
67,634 |
4,618 |
|
Increase
(Decrease) in Accounts Payable |
215,242 |
165,064 |
|
Increase
(Decrease) in Accounts Payable - Related Parties |
603,597 |
(325,602) |
|
Increase
(Decrease) in Income Tax Payable |
78,116 |
(8,700) |
|
Increase
(Decrease) in Accrued Expenses |
136,963 |
18,528 |
|
Increase
(Decrease) in Other Payable - Related Parties |
19,031 |
(5,412) |
|
Increase
(Decrease) in Other Current Liabilities |
(6,088) |
71,487 |
|
Increase
(Decrease) in Deferred Tax Liabilities |
(90,967) |
33,928 |
|
Increase
(Decrease) in Accrued Pension Liabilities |
88 |
15 |
|
Net Cash
Provided by (Used in) Operating Activities |
217,180 |
181,851 |
|
Cash
Flows from Investing Activities |
|
|
|
Acquisition
of Investments Accounted for by Equity Method |
(3,727) |
(297,046) |
|
Purchase
of Property, Plant and Equipment |
(234,603) |
(14,500) |
|
Proceeds
from Disposal of Property, Plant and Equipment |
1,972 |
6,000 |
|
Decrease
(Increase) in Refundable Deposits |
2,694 |
(30) |
|
Increase
in Deferred Charges |
(17,031) |
(1,292) |
|
Decrease
(Increase) in Restricted Assets |
(92,059) |
0 |
|
Purchase
of Intangible Assets |
(27,408) |
(15,694) |
|
Net
Cash Provided by (Used in) Investing Activities |
(370,162) |
(322,562) |
|
Cash
Flows from Financing Activities |
|
|
|
Increase
(Decrease) in Short-term Loans |
(193,850) |
197,550 |
|
Increase
(Decrease) in Lease Payable |
(8,431) |
(4,842) |
|
Exercise
of Employee Stock Options |
4,350 |
1,540 |
|
Net
Cash Provided by (Used in) Financing Activities |
(197,931) |
194,248 |
|
Effect
of Exchange Rate Changes |
0 |
0 |
|
Net Increase
(Decrease) in Cash and Cash Equivalents |
(350,913) |
53,537 |
|
Cash
and Cash Equivalents, Beginning of year |
1,770,002 |
1,338,150 |
|
Cash
and Cash Equivalents, End of year |
1,419,089 |
1,391,687 |
|
Supplemental
Cash Flow Information |
|
|
|
Interest
Paid |
14,307 |
5,875 |
|
Capitalized
Interest |
0 |
0 |
|
Interest
Paid- Excluding Capitalized Interest |
14,307 |
5,875 |
|
Income
Tax Paid |
31,836 |
41,919 |
|
Non-cash
Investing and Financing Activities |
|
|
|
Current
Portion of Long-term Lease Payable |
19,067 |
18,663 |
|
Cash
Dividends Payable |
468,684 |
267,816 |
|
Other
Supplemental Information |
|
|
|
Convertible
bonds - current portion |
185,618 |
0 |
Subject did not introduce its bank details; from other source we can not obtain the relevant information, either.
Mortgage
No chattel mortgage
record of subject has been found within the recent 3 months.
Lawsuit
Up to date of reporting, no existing or latent litigation of the subject has been found.
|
Department |
Sales department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.52 |
|
|
1 |
Rs.88.84 |
|
Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.