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Report Date : |
25.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
CAMERON INTERNATIONAL CORPORATION |
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Registered Office : |
1333 West Loop S., |
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Country : |
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Date of Incorporation : |
10.11.1994 |
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Legal Form : |
Public Company |
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Line of Business : |
Subject provides flow equipment products, systems, and services
to oil, gas, and process industries |
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|
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No. of Employees |
29,000 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
UNITED STATES ECONOMIC OVERVIEW
The
|
Source
: CIA |
Company name: CAMERON INTERNATIONAL CORPORATION
Headquarters:
1333 West Loop S.,
Telephone: +1 713-513-3300
Fax: +1 713-513-3456
Website: www.c-a-m.com
Corporate ID#: 2447586
State:
Judicial form: Public Company (NYSE =
Date founded: November 10, 1994
Stock: 204,188,177 shares issued and outstanding
(as of 04-15-2014)
Value: USD 0.01= par value
Name of
manager: Jack B. MOORE
Business:
Cameron International Corporation provides flow equipment products, systems, and services to oil, gas, and process industries worldwide.
The company operates through three segments: Drilling & Production Systems, Valves & Measurement, and Compression Systems.
The Drilling & Production Systems segment provides systems and equipment to control pressures, direct flows of oil and gas wells, and separate oil and gas from impurities. This segment offers surface and sub sea production systems, blowout preventers, drilling and production control systems, oil and gas separation equipment, gas conditioning units, membrane separation systems, water processing systems, block valves, gate valves, actuators, chokes, wellheads, drilling riser, and aftermarket parts and services, as well as elastomers.
The Valves & Measurement segment provides valves and measurement systems to control, direct, and measure the flow of oil and gas.
This segment’s products include gate valves, ball valves, butterfly valves, orbit valves, double block and bleed valves, plug valves, globe valves, check valves, actuators, chokes, and aftermarket parts and services; and measurement products comprising totalizers, turbine meters, flow computers, chart recorders, ultrasonic flow meters, and sampling systems.
The Compression Systems segment provides reciprocating and integrally geared centrifugal compression equipment, including integral engine-compressors, separable compressors, turbochargers, integrally geared centrifugal compressors, and compressor systems and controls. It also offers aftermarket parts and services, including spare parts, technical services, repairs, overhauls, and upgrades. Cameron International markets its equipment through a network of sales and marketing employees, wholesalers, agents, and distributors in selected international locations. The company was founded in 1994 and is headquartered in Houston, Texas.
Cameron’s Valves & Measurement is one of the leading providers of flow equipment products, systems and services for the oil, gas and process industries worldwide. It designs, manufactures, markets and services a range of valves and measurement and control instrumentation systems. The company offers a variety of drilling, surface and subsea systems and distributed, engineered and processed valves under the Grove, Penn, CSI, North Star, Petreco and NuFlo.
Last news:
On August 18, 2014, Cameron has announced that it has entered into a definitive agreement to sell its Centrifugal Compression business to Ingersoll Rand (NYSE:IR) for cash consideration of approximately
USD 850 million, subject to closing adjustments.
Office of the Foreign Assets Control (OFAC):
The company is not listed on the OFAC list.
The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.
EIN: 76-0451843
Staff: 29,000
Operations
& branches:
At the
headquarters, we find the corporate office, on lease.
The Company
maintains numerous branches in the U.S. including the one located:
3101
Broadway
Buffalo, NY
14227
Ph: +1 716-896-6600
Fx: +1 716-896-1233
Shareholders:
As of
06-30-2014, 33% of the stock is held by institutional and mutual fund owners
including:
|
Vanguard Group, Inc. (The) |
5.31% |
|
State Street Corporation |
4.84% |
|
Jana Partners LLC |
3.86% |
|
Manning & Napier Advisors Inc |
3.35% |
|
Goldman Sachs Group, Inc. |
2.71% |
Management:
Jack B. MOORE is the President, Director and CEO
Born in 1954
Mr. Jack B. Moore has been the Chief Executive Officer at Cameron International Corporation (Formerly Cooper Cameron Corporation) since April 1, 2008, and has been its Chairman of the Board since May 3, 2011.
Mr. Moore has been the President of Cameron International Corporation since January 1, 2007. He served as Chief Operating Officer of Cameron International Corporation since January 1, 2007. He served as President of Drilling & Production Systems Group of Cameron International Corporation from July 2002 to December 2006. He served as Senior Vice President at Cameron International Corporation from October 1, 2005 to January 1, 2007 and its Vice President since May 15, 2003. He joined Cameron in July 1999 as Vice President and General Manager of Western Hemisphere. He served at Baker Hughes Incorporated for 23 years, where he served in a variety of marketing, manufacturing and human resources positions. He has been Director at Cameron International Corporation since November 2007.
He has been a Director of KBR, Inc., since January 1, 2011. He serves as Member of Executive Advisory Board at C.T. Bauer College of Business.
He served as Director of Maverick Tube Corp. since August 2005 and also served as its Member of Advisory Board. He serves on the boards of directors of the American Petroleum Institute (API), the National Ocean Industries Association (NOIA). He serves as a Director of Petroleum Equipment Suppliers Association (PESA) as well as the Boards of several charitable and educational institutions. He serves in positions of leadership for the Greater Houston Partnership, Spindletop Charities and of Memorial Drive United Methodist Church.
Mr. Moore holds a BBA degree in finance and marketing from the University of Houston and a graduate of the Advanced Management Program at Harvard Business School.
Charles M. SLEDGE is Sr. Vice President and CFO.
Subsidiaries
&
Partnership:
There are
about 100 subsidiaries in the U.S. and worldwide.
On
attachment:
- 10K 2013
- 2nd
10Q 2014
|
Currency
in |
As of: |
Dec 31 |
Dec 31 |
Dec 31 |
Dec 31 |
|
TOTAL REVENUES |
6,134.8 |
6,959.0 |
8,502.1 |
9,838.4 |
|
|
NET INCOME |
562.9 |
521.9 |
750.5 |
699.2 |
|
On July 24, 2014, Cameron International Corporation announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. Revenues were a second quarter record of $2.64 billion, up nearly 20% from $2.21 billion a year ago. Income from continuing operations before income taxes was $286 million against $200 million a year ago. Income from continuing operations was $220 million against $136 million a year ago. Net income attributable to Cameron stockholders was $221 million or $1.08 per diluted share against $140 million or $0.57 per diluted share a year ago. Income from continuing operations attributable to Cameron stockholders was $208 million or $1.02 per diluted share against $136 million or $0.55 per diluted share a year ago. EBITDA, excluding other costs (credits) was $402 million against $327 million a year ago. Net cash provided by operating activities was $213 million against $30 million a year ago. Capital expenditures were $73 million against $99 million a year ago. The company reported earnings per share for the second quarter of 2014 of $1.00 excluding unusual items. This compares to earnings per share for the second quarter of 2013 of $0.77 excluding unusual items. For the six months, net sales were $5,072 million against $4,270 million a year ago. Income from continuing operations before income taxes was $456 million against $380 million a year ago. Income from continuing operations was $342 million against $283 million a year ago. Net income attributable to Cameron stockholders was $332 million or $1.58 per diluted share against $289 million or $1.16 per diluted share a year ago. Income from continuing operations attributable to Cameron stockholders was $325 million or $1.54 per diluted share against $283 million or $1.14 per diluted share a year ago. EBITDA, excluding other costs (credits) was $739 million against $632 million a year ago. Net cash provided by operating activities was $39 million against $7 million a year ago. Capital expenditures were $178 million against $182 million a year ago. The company currently expects third quarter earnings from continuing operations to be in the range of $1.10 to $1.20 per diluted share excluding unusual items. Revenue should be between $2.6 billion and $2.8 billion. EBITDA margins should approximate to 16% overall. Based upon the company's expected continued margin expansion over the back half of the year as well as robust market conditions in North America, the company is raising its full year earnings outlook to a range of $4.00 to $4.25 per share excluding unusual items. Full year capital expenditures are expected to be between $450 and $500 million. The revenue expects to be in the range of $10.5 billion to $10.7 billion. EBITDA margin should be between 15.25% and 16%, D&A of $3.60 billion, interest expense of $1.34 billion, operational tax rate of 23%. The share count embedded in its third quarter and fourth quarter guidance is $204 million.
CapEx is expected from $450 million to $500 million.
Banks: JP Morgan Chase Bank
...
Legal filings & complaints:
As of today date, there are several legal filing pending with various Courts.
Secured debts summary (UCC): Numerous UCC files listed in various States.
Trade
references:
Date
reported: July 2014
High
credit: USD 50,000
Now owing: 0
Past due: 0
Last
purchase: June 2014
Line of
business: Office supply
Paying
status: 6 days beyond terms
Date
reported: July 2014
High
credit: USD 40,000,000+
Now owing: 0
Past due: 0
Last
purchase: June 2014
Line of
business: Payroll
Paying
status: As agreed
Date
reported: July 2014
High
credit: USD 2,000
Now owing: 0
Past due: 0
Last
purchase: April 2014
Line of
business: Telecommunications
Paying
status: 6 days beyond terms
Domestic
credit history:
Domestic credit
history appears as follow:
|
Monthly
Payment Trends - Recent Activity |
|
National
Credit Bureaus gave a medium credit rating.
According to our credit analysts, during the last 6 months, domestic payments were made with an average of 10 days beyond terms.
International credit history:
Payments of imports are currently made with an average of 2 to 5 days beyond terms.
Other
comments:
The Company
is developing a strong business.
The bank
confirmed some small late payments but remains confident.
The Company
is in good standing.
This means
that all local and federal taxes were paid on due date.
The risk is
low.
Our
opinion:
A business
connection may be conducted but we suggest you to check regularly the way of
payments.
Standard & Poor’s
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term sovereign
credit rating on the United States of America to 'AA+' from 'AAA' and affirmed
the 'A-1+' short-term rating.
·
We have also removed both the short- and long-term ratings
from CreditWatch negative.
·
The downgrade reflects our opinion
that the fiscal consolidation plan that Congress and the Administration
recently agreed to falls short of what, in our view, would be necessary to
stabilize the government's medium-term debt dynamics.
·
More broadly, the downgrade
reflects our view that the effectiveness, stability, and predictability of
American policymaking and political institutions have weakened at a time of
ongoing fiscal and economic challenges to a degree more than we envisioned when
we assigned a negative outlook to the rating on April 18, 2011.
·
Since then, we have changed our
view of the difficulties in bridging the gulf between the political parties
over fiscal policy, which makes us pessimistic about the capacity of Congress
and the Administration to be able to leverage their agreement this week into a
broader fiscal consolidation plan that stabilizes the government's debt
dynamics any time soon.
·
The outlook on the long-term rating
is negative. We could lower the long-term rating to 'AA' within the next two
years if we see that less reduction in spending than agreed to, higher interest
rates, or new fiscal pressures during the period result in a higher general
government debt trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's
removed both ratings from CreditWatch, where they were placed on July 14, 2011,
with negative implications.
The
transfer and convertibility (T&C) assessment of the U.S.--our assessment of
the likelihood of official interference in the ability of U.S.-based public-
and private-sector issuers to secure foreign exchange for
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign
Government Rating Methodology and Assumptions ," June 30, 2011,
especially Paragraphs 36-41). Nevertheless, we view the U.S. federal
government's other economic, external, and monetary credit attributes, which
form the basis for the sovereign rating, as broadly unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The
political brinksmanship of recent months highlights what we see as America's
governance and policymaking becoming less stable, less effective, and less
predictable than what we previously believed. The statutory debt ceiling and
the threat of default have become political bargaining chips in the debate over
fiscal policy. Despite this year's wide-ranging debate, in our view, the
differences between political parties have proven to be extraordinarily
difficult to bridge, and, as we see it, the resulting agreement fell well short
of the comprehensive fiscal consolidation program that some proponents had
envisaged until quite recently. Republicans and Democrats have only been able
to agree to relatively modest savings on discretionary spending while
delegating to the Select Committee decisions on more comprehensive measures. It
appears that for now, new revenues have dropped down on the menu of policy
options. In addition, the plan envisions only minor policy changes on Medicare
and little change in other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign
Government Rating Methodology and Assumptions," June 30, 2011, especially
Paragraphs 36-41). In our view, the difficulty in framing a consensus on fiscal
policy weakens the government's ability to manage public finances and diverts
attention from the debate over how to achieve more balanced and dynamic
economic growth in an era of fiscal stringency and private-sector deleveraging
(ibid). A new political consensus might (or might not) emerge after the 2012
elections, but we believe that by then, the government debt burden will likely
be higher, the needed medium-term fiscal adjustment potentially greater, and
the inflection point on the U.S. population's demographics and other
age-related spending drivers closer at hand (see "Global
Aging 2011: In The U.S., Going Gray Will Likely Cost Even More Green, Now,"
June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the U.S.'s
finances on a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the U.S. net general government debt burden (all levels
of government combined, excluding liquid financial assets) will likely continue
to grow. Under our revised base case fiscal scenario--which we consider to be
consistent with a 'AA+' long-term rating and a negative outlook--we now project
that net general government debt would rise from an estimated 74% of GDP by the
end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer credits and, as
noted, would continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these same
macroeconomic assumptions. In addition, it incorporates $950 billion of new
revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the
revisions show that the recent recession was deeper than previously assumed, so
the GDP this year is lower than previously thought in both nominal and real
terms. Consequently, the debt burden is slightly higher. Second, the revised
data highlight the sub-par path of the current economic recovery when compared
with rebounds following previous post-war recessions. We believe the sluggish
pace of the current economic recovery could be consistent with the experiences
of countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.43 |
|
|
1 |
Rs.100.23 |
|
Euro |
1 |
Rs.80.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIS |
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.