|
Report Date : |
05.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
CFR PHARMACEUTICALS S.A. |
|
|
|
|
Registered Office : |
Pedro de Valdivia 295 Providencia, Santiago / XIII Región
Metropolitana |
|
|
|
|
Country : |
Chile |
|
|
|
|
Financials (as on) : |
30.09.2013 |
|
|
|
|
Date of Incorporation : |
08.09.2010 |
|
|
|
|
Legal Form : |
Joint-Stock Company |
|
|
|
|
Line of Business : |
Investment and Consultancy Company |
|
|
|
|
No of Employees : |
5120 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 18,002,781 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Chile |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 of goods and services account for approximately one-third of GDP, with
commodities making up some three-quarters of total exports. Copper alone
provides 19% of government revenue. From 2003 through 2013, real growth
averaged almost 5% per year, despite the slight contraction in 2009 that
resulted from the global financial crisis. 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 has 22 trade agreements
covering 60 countries including agreements with the European Union, Mercosur,
China, India, South Korea, and Mexico. Chile has joined the United States and
nine other countries in negotiating the Trans-Pacific-Partnership trade
agreement. The Chilean Government has generally followed a countercyclical
fiscal policy, accumulating surpluses in sovereign wealth funds during periods
of high copper prices and economic growth, and generally allowing deficit
spending only during periods of low copper prices and growth. As of 31 December
2012, those sovereign wealth funds - kept mostly outside the country and
separate from Central Bank reserves - amounted to more than $20.9 billion.
Chile used these funds to finance fiscal stimulus packages during the 2009
economic downturn. In May 2010 Chile signed the OECD Convention, becoming the
first South American country to join the OECD.
|
Source
: CIA |
IDENTIFICATION |
|
|
|
|
|
CORRECT COMPANY NAME |
CFR
PHARMACEUTICALS S.A. |
|
TRADE NAME |
CRF S.A / CFR |
|
TAXPAYER REGISTRATION |
RUT 76116242 |
|
MAIN ADDRESS |
Pedro de Valdivia 295 Providencia |
|
DEPT/PROV/REGION/STATE |
Santiago / XIII Región Metropolitana |
|
COUNTRY |
CHILE |
|
TELEPHONE |
(562) 23505214 - 23505200 |
|
CORPORATE E-MAIL |
contact@cfr-corp.com |
|
WEB |
www.cfr-corp.com |
|
COMMENTS |
|
Neither address nor telephone number was given on your order.Fax: (562) 23505212 |
|
EXECUTIVE SUMMARY |
|
|
|
|
|
Date of foundation |
2010 |
|
Capital stock |
US$.1,279,257,511.= Dollars |
|
Shareholders' equity |
344,310,104,000.00 Pesos (31DEC2012) |
|
Annual revenues |
US$ 570,831,999.58 Pesos (31DEC2012) |
|
Profits (loss) |
37,110,644,000.00 Pesos (31DEC2012) |
|
permanent employees |
7 |
|
Chief Executive |
WEINSTEIN MANIEU, ALEJANDRO ESTEBAN |
|
Disposition |
C: Poor. Very few information was given.
Politely. |
|
Payments policy |
P5: Without rating (No payment experience
traced) |
|
Credit (**) |
A+ : With no Risk, Reliable, Solvent,
Profiatble, Good Financial Situation. |
|
Number of times that this company was
required: 2 |
|
REPUTATION |
|
|
|
NOTHING AGAINST COMPANY |
CREDIT OPINION |
|
|
|
|
|
Requested credit |
Maximum Credit |
|
Suggested credit (*) |
Open |
|
(*) Opinion after analyzing different
factors and other opinions. |
|
LEGAL STRUCTURE |
|
|||
|
|
|
|
|
|
|
LEGAL STATUS |
Joint-Stock Company |
|
|
|
|
DATE OF INCORPORATION |
08SEP2010 |
|
|
|
|
PLACE OF REGISTRY |
Santiago |
|
|
|
|
NOTARY OFFICE |
Verónica Torrealba Costabal |
DURATION |
Perpetual |
|
|
INITIAL CAPITAL |
Ps$75,000,000.= Pesos |
|
|
|
|
CURRENT PAID-IN CAPITAL |
US$.1,279,257,511.= Dollars |
LAST CAPITAL INCREASE |
22/07/2013 |
|
|
SHAREHOLDERS EQUITY |
344,310,104,000.00 Pesos (31DEC2012) |
|
|
|
|
CURRENT EXCHANGE RATE (US$) |
Ps$.561.32 per USD.1.00 |
|
|
|
|
COMMENTS |
|
|
||
Incorporation of the Company was published on the Official Gazette on l 16/09/2010, Page 3.In accordance with Notarial Act dated 30/09/2010 before Iván Torrealba Acevedo Notary Public of Santiago, published on the Official Gazette on 10/12/2010 Page N° 8, capital stock was increased from Ps$75,000,000,000.- to the sum of Ps$113,423,000.- divided into 113,283,423,000 registered shares without nominal value. In accordance with Notarial Act dated 14/12/2010 before Iván Torrealba Acevedo Notary Public of Santiago, published on the Official Gazette on 18/12/2010 Page N° 6, capital stock was increased 1) It was resolved, among other things, substitute, as from 30/09/2010, the currency of the capital stock from Chilean Pesos to US$ Dollars, thus, capital stock amounts to US$.234,226,037.- 2) reduce, as from that date, the number of shares from 113,283,423,000 to 6,720,000,000 registered shares without nominal value. Likewise, capital stock was increased to the sum of US$.308,219,370.- divided into 8,512,000.000 registered shares without nominal value. Finally, the Bylaws were amended and new Consolidated Text was established, under which the name of the Company is CFR Pharmaceuticals S.A., t/a CFR S.A. and/or CFR, domiciled in Santiago, for an indefinite period. In accordance with Notarial Act dated 30/03/2011 before José Musalem Saffie, Notary Public of Santiago, published on the Official Gazette on 29/04/2011, business purpose was changed and expanded. In accordance with Notarial Act dated 29/04/2011 before Iván Torrealba Acevedo, Notary Public of Santiago, published on the Official Gazette on 13/05/2011, the Bylaws were amended, under which they ruled out the possibility to use for commercial purpose the trade names CFR S.A. and/or CFR. Therefore, the new Consolidated text confirmed the name of the Company - CFR Pharmaceuticals S.A., being able to use for banking and advertising purpose the trade name CFR S.A. or for promotion purpose, the abbreviated form - CFR. In accordance with Notarial Act dated 29/04/2013 before Gustavo Montero Marti, Notary Public of Santiago, published on the Official Gazette on 08/05/2013, capital stock was increased to the sum of US$.725,293,582.-Dollars divided into 9,237,000,000 registered shares without nominal value In accordance with Notarial Act dated 22/07/2013 before Veronica Torrealba Costabal, Notary Public of Santiago, published on the Official Gazette on 30/07/2013, capital stock was increased to the sum of US$.1,279,257,511 Dollars.In accordance with Notarial Act dated 21/10/2013 before Iván Torrealba Acevedo, Notary Public of Santiago, published on the Official Gazette on 24/10/2013, the Bylaws were amended concerning matters that are not part of this extract. The 4.43% of the capital stock is controlled by other minority shareholders. |
|
FULL NAMES / COMPANY NAME |
TITLE |
%PART. |
SINCE |
|
VARGAS MUŃOZ, PATRICIO |
Vice President |
|
|
|
WEINSTEIN CRENOVICH, ALEJANDRO KOSTIA |
Director |
|
|
|
GUZMAN MOLINARI, JUAN ANTONIO |
Director |
|
|
|
WEINSTEIN MANIEU, NICOLAS FRANCISCO |
Director |
|
|
|
BILBAO HORMAECHE, JUAN CRUZ DOMINGO |
Director |
|
|
|
TAGLE QUIROZ, GUILLERMO ARTURO |
Director |
|
|
|
EGUIGUREN CORREA, ALBERTO |
Director |
|
|
|
SHOHET, ELIAHU |
Director |
|
|
|
WEINSTEIN MANIEU,
ALEJANDRO ESTEBAN |
General Manager |
|
|
|
CAHN SAUERTEIG, ALEXANDER |
Finance Manager |
|
|
|
ESPINOZA OVALLE, JULIO |
Corporate Manager |
|
|
|
EGUIGUREN CORREA, AGUSTIN |
Executive |
|
|
|
INVERSIONES QUARK LTDA. |
Shareholder / Member |
5.96% |
|
|
THE BANK OF NEW YORK |
Shareholder / Member |
5.85% |
|
|
BANCO DE CHILE POR CUENTA DE TERCEROS CA. |
Shareholder / Member |
5.29% |
|
|
BANCO SANTANDER POR CUENTA DE INV
EXTRANJEROS |
Shareholder / Member |
3.65% |
|
|
INVERSIONES PHOTON LTDA. |
Majority Shareholder (Parent Company) |
53.32% |
|
|
INVERSIONES QUANTUM LTDA. |
Shareholder / Member |
13.91% |
|
|
COMPAŃIA DE SEGUROS DE VIDA CONSORCIO
NACIONAL SEGUROS S.A. |
Shareholder / Member |
0.62% |
|
|
BANCO ITAU POR CUENTA DE INVERSIONISTAS |
Shareholder / Member |
3.24% |
|
|
MONEDA S.A.A.F.I. PARA PIONERO F.I.M. |
Shareholder / Member |
1.51% |
|
|
LARRAIN VIAL S.A. CORREDORES DE BOLSA |
Shareholder / Member |
1.05% |
|
|
BANCHILE ADMINISTRADORA GENERAL DE FONDOS
S.A. |
Shareholder / Member |
0.65% |
|
|
AFP HABITAT S.A. FONDO TIPO C |
Shareholder / Member |
0.52% |
|
|
VARGAS MUŃOZ,
PATRICIO |
|
||||
|
TITLE |
Vice President |
|
|||
|
TAX ID |
122327159 |
|
|||
|
|
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|
|||
|
|
|
|
|||
|
GUZMAN MOLINARI,
JUAN ANTONIO |
|
||||
|
TITLE |
Director |
|
|||
|
TAX ID |
51239180 |
|
|||
|
|
|
|
|||
|
|
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|
|||
|
WEINSTEIN
MANIEU, NICOLAS FRANCISCO |
|
||||
|
TITLE |
Director |
|
|||
|
TAX ID |
59208713 |
|
|||
|
|
|
|
|||
|
|
|
|
|||
|
BILBAO
HORMAECHE, JUAN CRUZ DOMINGO |
|
||||
|
TITLE |
Director |
|
|||
|
TAX ID |
6348511K |
|
|||
|
|
|
|
|||
|
|
|
|
|||
|
TAGLE QUIROZ,
GUILLERMO ARTURO |
|
||||
|
TITLE |
Director |
|
|||
|
TAX ID |
80892233 |
|
|||
|
|
|
|
|||
|
|
|
|
|||
|
EGUIGUREN
CORREA, ALBERTO |
|
||||
|
TITLE |
Director |
|
|||
|
TAX ID |
99790687 |
|
|||
|
|
|
|
|||
|
|
|
|
|||
|
WEINSTEIN
MANIEU, ALEJANDRO ESTEBAN |
|
||||
|
TITLE |
General Manager |
|
|||
|
NATIONALITY |
Chilean |
|
|||
|
D.O.B. |
10FEB1958 |
|
|||
|
PROFESSION |
Commercial Engineer |
|
|||
|
TAX ID |
59208705 |
|
|||
|
BACKGROUND INFORMATION |
Commercial Engineer, Business Administrator and Auditing Accountant from Pontificia Universidad Católica de Chile and OPM from Harvard Business School (USA).Member of several boards of directors of pharmaceutical companies in Latin American, Europe and Southeast Asia, as well as in Chile. |
|
|||
|
REFERENCES |
|
||||
According to source B.C.R.A., he is not reported with any banking debt over the last 24 months. |
|
||||
|
|
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|
|||
|
ASSOCIATED AS PER OUR DATABASE TO |
|
||||
|
|
|
||||
|
COMPANY |
TITLE |
TAX REG |
COUNTRY |
||
|
LABORATORIOS NORTHIA S.A.C.I.F. |
President |
30515608210 |
ARGENTINA |
||
|
LABORATORIOS RECALCINE S.A. |
General Manager |
916370008 |
CHILE |
||
|
CFR CORPORACION FARMACEUTICA RECALCINE |
General Manager |
|
CHILE |
||
|
|
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|
|||||||||
|
PARTICIPATED IN |
|
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|
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|
|
|
||||||||||
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|
|||||||||||
|
CAHN SAUERTEIG,
ALEXANDER |
|
||||||||||
|
TITLE |
Finance Manager |
|
|||||||||
|
TAX ID |
109964239 |
|
|||||||||
|
|
|
|
|||||||||
|
ASSOCIATED AS PER OUR DATABASE TO |
|
||||||||||
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|
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|
|||||||||
|
ESPINOZA OVALLE,
JULIO |
|
||||||||||
|
TITLE |
Corporate Manager |
|
|||||||||
|
TAX ID |
109316989 |
|
|||||||||
|
|
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|
|||||||||
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|
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|
|||||||||
|
EGUIGUREN
CORREA, AGUSTIN |
|
||||||||||
|
TITLE |
Executive |
|
|||||||||
|
TAX ID |
11472453K |
|
|||||||||
|
|
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|
|||||||||
|
|
|
|
|||||||||
Through its direct affiliates CFR
CHILE S.A. y CFR INTERNATIONAL SPA, the Company takes part in more than 100
companies in 19 countries. In Chile the
main producer and trader is LABORATORIOS RECALCINE S.A.
|
COMPANY NAME |
COUNTRY |
TAX REG. |
RELATION % |
|
ATLAS FARMACEUTICA S.A. |
ARGENTINA |
(AC) 33703936429 |
Related |
|
CFR CHILE S.A. |
CHILE |
(AC) 761162195 |
Related |
|
CFR CORPORACION FARMACEUTICA RECALCINE |
CHILE |
|
Related |
|
CFR INTERNATIONAL SPA |
CHILE |
(AC) 761162624 |
Related |
|
INVERSIONES K2 SPA |
CHILE |
(AC) 761162071 |
Related |
|
LABORATORIOS NORTHIA S.A.C.I.F. |
ARGENTINA |
(AC) 30515608210 |
Related |
|
LABORATORIOS RECALCINE S.A. |
CHILE |
(AC) 916370008 |
Related |
|
SIC
Classification D - BANCA-SEGUROS-AFP-INVERSIONES-OFFSHORE
(Intermediación financiera en bancos comerciales, Seguros generales, AFP,
inversiones y colocaciones, empresas offshore) |
|
Main activity |
Investment and consultancy company. |
|
|
|
O P E R A T I O N S |
|
||
|
Import |
Yes |
|
|
|
Country |
Spain, India and Vietnam, occasionally |
|
|
|
Export |
No |
|
|
|
% CASH SALES / METHOD |
100% |
|
|
|
% Ventas exterior (Paises) |
01% |
|
|
|
% DOMESTIC PURCHASES |
Yes |
% FOREIGN PURCHASES |
Yes |
|
SELLING TerritorY |
Domestic market - 99% |
|
|
|
EMPLOYEES |
7 |
|
|
|
LOCATION |
|
|
OTHER PREMISES |
Headquarters, administrative offices operate at the above address. Premises are located at commercial area, lots of transit, construction kept in good condition.Found no premises. |
|
|
|
|
Comments |
At corporate level, they hire 5,120 employees. |
|
Disposition |
C: Poor. Very few information was given.
Politely. |
|
Interviewee(s) |
Patricio Vargas Muńoz |
|
Position(s) |
Finance Corporate Vice President |
|
Information provided |
Mr. Vargas provided part of the information in this report which were completed with data from third-party sources.The following is the Interim Balance Sheet for the period ending as of 30/09/2013 (9 months) and the Balance Sheet for the FY ended as of 31/12/2012 and 31/12/2011 (12 months), expressed in Pesos, latest available in public sources. |
|
INTERIM BALANCE SHEET |
||
|
Balance Sheet Date |
30SEP2013 |
|
|
Type of balance sheet |
Interim |
|
|
Period |
9
months |
|
|
Currency |
Pesos |
|
|
Exchange Rate per US$ |
502.97 |
|
|
A
S S E T S |
|
|
|
Cash/banks |
63,952,635,000.00 |
|
|
Receivables |
36,577,482,000.00 |
|
|
Inventory |
90,852,477,000.00 |
|
|
Others |
88,846,136,000.00 |
|
|
Current Assets |
280,228,730,000.00 |
|
|
Fixed |
318,431,815,000.00 |
|
|
Others |
127,860,507,000.00 |
|
|
Total Assets |
726,521,052,000.00 |
|
|
L
I A B I L I T I E S |
|
|
|
Bank/Suppliers |
55,478,597,000.00 |
|
|
Others |
48,005,469,000.00 |
|
|
Current liabilities |
103,484,066,000.00 |
|
|
Long term |
275,880,553,000.00 |
|
|
S
H A R E H O L D E R S' E Q U I T Y |
|
|
|
Capital |
264,207,123,000.00 |
|
|
Reserves |
-61,928,684,000.00 |
|
|
Profit (Loss) |
38,448,536,000.00 |
|
|
Others |
106,429,458,000.00 |
|
|
Total shareholders equity |
347,156,433,000.00 |
|
|
Total liab. / Sh. equity |
726,521,052,000.00 |
|
|
Sales |
288,897,221,000.00 |
|
|
Profit (Loss) |
38,448,536,000.00 |
|
|
R A T I O |
|
|
|
Liquidity ratio |
2.71 |
(Current assets / Current liabilities) |
|
Debt-to-equity ratio |
335.47
% |
(Shareholders' equity / Current
liabilities %) |
|
Profitability ratio |
13.31
% |
(Profits / Sales %) |
|
Working capital |
176,744,664,000.00 |
(Current assets - Current liabilities) |
|
BALANCE SHEET |
|||
|
Balance sheet date |
31DEC2012 |
31DEC2011 |
|
|
Type of balance sheet |
Annual |
Annual |
|
|
Period |
12
months |
12
months |
|
|
Currency |
Pesos |
Pesos |
|
|
Exchange rate per US$ |
478.6 |
521.46 |
|
|
A
S S E T S |
|
|
|
|
Cash/bank |
75,212,469,000.00 |
|
|
|
Receivables |
94,404,329,000.00 |
|
|
|
Inventory |
71,608,132,000.00 |
|
|
|
Others |
12,409,140,000.00 |
|
|
|
Current Assetsd |
253,634,070,000.00 |
302,376,244,000.00 |
|
|
Fixed |
96,082,300,000.00 |
83,407,986,000.00 |
|
|
Others |
360,794,524,000.00 |
72,779,474,000.00 |
|
|
Total Assets |
710,510,894,000.00 |
458,563,704,000.00 |
|
|
L
I A B I L I T I E S |
|
|
|
|
Bank/Suppliers |
16,722,763,000.00 |
|
|
|
Others |
79,155,653,000.00 |
|
|
|
Current liabilities |
95,878,416,000.00 |
82,409,185,000.00 |
|
|
Long term |
270,322,374,000.00 |
21,847,471,000.00 |
|
|
TOTAL LIABILITIES |
366,200,790,000.00 |
104,256,656,000.00 |
|
|
S
H A R E H O L D E R S' E Q U I T Y |
|
|
|
|
Capital |
251,405,708,000.00 |
|
|
|
Reserves |
-19,874,344,000.00 |
|
|
|
Profits (Loss) |
37,110,644,000.00 |
|
|
|
Others |
75,668,096,000.00 |
|
|
|
Total shareholders equity |
344,310,104,000.00 |
354,307,048,000.00 |
|
|
Total Liab. / Sh. equity |
710,510,894,000.00 |
458,563,704,000.00 |
|
|
Sales |
273,200,195,000.00 |
261,384,886,000.00 |
|
|
Profit (Loss) |
37,110,644,000.00 |
48,415,296,000.00 |
|
|
R A T I O |
|
|
|
Liquidity ratio |
2.65 |
Current assets / Current liabilities |
|
Debt-to-equity ratio |
359.11
% |
(Shareholders' equity / Current
liabilities %) |
|
Profitability margin |
13.58
% |
(Profits / Sales %) |
|
Working capital |
157,755,654,000.00 |
(Current assets - Current liabilities) |
|
FINANCIAL SITUATION |
A+: GOODTaking into account the last Financial Statement submitted and/or other factors analyzed, we believe that financial Situation of the Company is GOOD due to the following considerations:Liquidity Ratio is higher or similar than industry average. Positive working capital allows the Company to comply with payments promptly. Shareholders' equity covers its current liabilities largely. Final results are positive. |
|
Property of company comments |
|
REAL ESTATES. Found no real estates under the Company's name.VEHICLES. The Company has no vehicles |
|
(Confidential
Information)
TRADE REFERENCES
CREDIT BUREAU
COMMENTS
No information has been found in the Bulletin of Commercial Information
as for protested drafts, promissory notes or checks. Found neither labor or
social security infringements nor delinquent debts against the Company.
Comments :
BANCO SANTANDER CHILE Under bank secrecy the aforesaid entity did not provide
information about its client.
CREDIT OPINION |
|
|
|
|
|
Consulted Credit
Amount : |
Maximum Credit |
|
Suggested Credit
: |
Open |
|
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.90 |
|
|
1 |
Rs. 103.25 |
|
Euro |
1 |
Rs. 85.13 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.