|
Report No. : |
327550 |
|
Report Date : |
22.06.2015 |
IDENTIFICATION DETAILS
|
|
|
|
Registered Office : |
136, Sec.4, Chung Hsing Road, Chutung, Hsinchu, R.O.C. |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
31.12.2014 - Consolidated |
|
|
|
|
Date of Incorporation : |
06.12.1974 |
|
|
|
|
Com. Reg. No.: |
47056834 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and Trading of Glass, Ceramic and
Related Products. |
|
|
|
|
No. of Employees : |
About 250 Employees |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Taiwan |
A1 |
A1 |
|
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. 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. Taiwan's diplomatic isolation, low birth rate,
and rapidly aging population are other major long-term challenges. Free trade
agreements have proliferated in East Asia over the past several years, and
following the landmark Economic Cooperation Framework Agreement (ECFA) signed
with China in June 2010, Taiwan in July 2013 signed a free trade deal with New
Zealand—Taipei’s first-ever with a country with which it does not maintain
diplomatic relations—and in November inked a trade pact with Singapore.
However, follow-on components of ECFA, including a signed agreement on trade in
services, negotiations on trade in goods, and dispute resolution—have stalled.
In early 2014, the government bowed to public demand for a new law governing
the oversight of cross-Strait agreements, before any additional deals with
China are implemented; the legislature has yet to vote on such legislation,
leaving the future of ECFA up in the air as President MA enters his final full
year in office. MA has portrayed ECFA as Taiwan’s key to greater participation
in East Asia’s free trade networks. Taiwan's total fertility rate of just under
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
expected to account for 20% of the island's total population by 2025. The
island runs a trade surplus, largely because of its surplus with China, and its
foreign reserves are the world's fifth largest, behind those of China, Japan,
Saudi Arabia, and Switzerland. In 2006 China overtook 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. Taiwan since 2009 has gradually
loosened rules governing Chinese investment on the island, and has also secured
greater market access for its investors in the mainland. In August 2012, the
Taiwan Central Bank signed a memorandum of understanding on cross-Strait
currency settlement with its Chinese counterpart. The MOU allows for the direct
settlement of Chinese RMB and the New Taiwan dollar across the Strait, which
has helped Taiwan develop into a local RMB hub. Closer economic links with the
mainland bring greater opportunities for the Taiwan economy, but also pose new
challenges as the island becomes more economically dependent on China at a time
when political differences remain unresolved. During 2014, the press paid
increasing attention to domestic economic issues while pushing aside the
debates over trade liberalization that were a hallmark of MA’s tenure. The
media focused on the divide between Taiwan’s “haves” and “have nots,” providing
extensive coverage of public frustration with stagnant wages, skyrocketing
housing prices, and the difficulty of finding decent entry-level jobs.
|
Source
: CIA |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
136, Sec.4,
Chung Hsing Road, Chutung, Hsinchu, Taiwan, R.O.C. |
|
Supplied Address: |
|
|
Telephone Number: |
+886-3-582-4128 |
|
Fax Number: |
+886-3-582-0543 |
|
E-mail: |
Notes: The exact name and address are
as above.
Subject was incorporated
on 1974-12-6 with registered number 47056834
as Joint Stock Company in Taiwan.
The subject has listed on Taiwan exchange on 1996-4-30.
Subsidaries
|
1 |
|
|
Name |
C.G.C. Development Ltd. |
|
2 |
|
|
Name |
Long Hua Co., Ltd (Liberal Translation) |
|
3 |
|
|
Name |
Yuan Sheng Co., Ltd (Liberal Translation) |
Contact Office
|
Name |
Yingko Liaison Office |
|
Address |
Taoyuan County Rural Xingfeng Pate Road, Lane 86, 2345 |
|
Telephone Number |
+886-3-3678915 |
|
Fax Number |
+886 -3-3678796 |
Factories
|
1 |
|
|
Address: |
136, Sec.4,
Chung Hsing Road, Chutung, Hsinchu, Taiwan, R.O.C. |
|
Date of
Foundation: |
1969-1-1 |
|
Date of
Registration: |
1976-4-27 |
|
Factory
Registration Number: |
99630156 |
|
Factory Manager: |
Xianzong Cai |
|
Status: |
In Production |
|
Date of Last
Annual Return: |
2011-7-14 |
|
Major Products: |
184 Synthetic resin, plastic and rubber. |
|
2 |
|
|
Name: |
Miaoli Plant |
|
Address: |
No.65-18, Tongxiao Township, Miaoli
County, Taiwan (R.O.C.) |
|
Date of
Foundation: |
1997-2-15 |
|
Date of
Registration: |
1998-1-27 |
|
Factory
Registration Number: |
99631630 |
|
Factory Manager: |
Xianzong Cai |
|
Status: |
In Production |
|
Date of Last Annual
Return: |
2006-8-24 |
|
Major Products: |
231 Glass and glassware. |
|
Telephone Number |
+886-37-752755 |
|
Fax Number |
+886-37-762168 |
|
3 |
|
|
Name |
PT. China Glaze Indonesia |
|
Address |
Kawasan Industri Suryacipta Jl Surya Lestari
Kav 1-17C Kutamekar,Ciampel Karawang Jawa Barat 41361 Indonesia |
|
Telephone Number |
+62-267-440-938 |
|
Fax Number |
+62-267440-889 |
|
4 |
|
|
Name |
Guangdong Sanshui T&H glaze Ltd. |
|
Address |
Foshan City, Guangdong Province, China Town,
Sanshui District, Datang Town Da-Busha industry zone. |
|
Telephone Number |
+86-757-87293010 |
|
Fax Number |
+86-757-87293862 |
|
5 |
|
|
Name |
Shanghai T&H glaze Ltd. |
|
Address |
China Shanghai city Meilong Town Jindu Road
No.538 Side, Minhang District |
|
Telephone Number |
+86-21-64975566 |
|
Fax Number |
+86-21-64973535 |
|
6 |
|
|
Name |
Shandong T&H glaze Ltd. |
|
Address |
Shandong Province,economic development
zone Bai-E Road North side |
|
Telephone Number |
+86-533-6258888 |
|
Fax Number |
+86-533-6256666 |
Major Shareholders
|
Name |
Subscription Shares |
|
Xianzong Cai |
17,207,009 |
|
Xianlong Cai |
14,849,421 |
|
Yizhi Cai |
3,710,156 |
|
Ruinian Cai |
1,300,472 |
|
Wending Luo |
194 |
|
Youjie Cai |
1,649,838 |
|
Kean Cai |
97,132 |
Core Management
Directors
|
1 |
||
|
Name |
Xianzong Cai |
|
|
Position |
Board Chairman |
|
|
2 |
||
|
Name |
Xianlong Cai |
|
|
Position |
Director |
|
|
3 |
||
|
Name |
Yizhi Cai |
|
|
Position |
Director |
|
|
4 |
||
|
Name |
Ruinian Cai |
|
|
Position |
Director |
|
|
5 |
||
|
Name |
Wending Luo |
|
|
Position |
Director |
|
|
6 |
||
|
Name |
Youjie Cai |
|
|
Position |
Supervisor |
|
|
7 |
||
|
Name |
Kean Cai |
|
|
Position |
Supervisor |
|
Personnel Structure
|
Total Employees |
About 250 Employees (Taiwan) |
Offices &
Factories
|
|
Headquarters |
|
Add |
136, Sec.4, Chung Hsing Road, Chutung, Hsinchu, Taiwan, R.O.C. |
Production
Information
Subject is a manufacturer of glass,
ceramic and related products, etc.
It is introduced that subject has 6 factories
in Taiwan, the mainland of China and Indonesia for production.
It is introduced that subject has obtained ISO 9001, ISO 14001 and etc
certifications.
Purchase
Information
The registered activities of subject:
|
Business Code |
Details |
|
C901010 |
Manufacturing of ceramic and ceramic products. |
|
C901020 |
Manufacturing of glass and glassware. |
|
C801990 |
Manufacturing of other chemical products and etc. |
|
C802200 |
Manufacturing of coating, painting, dyes and pigment. |
|
ZZ99999 |
Besides licensed business, all other business items those are not
banned or restricted. |
Subject purchases its raw materials and etc both at home and abroad.
Subject is engaged in sale of glass, ceramic and related products, etc.
The major products include optical nanomaterials, ceramic colours,
building materials and so on.
Subject’s sales regions cover Asia, Europe, America and etc.
Subject’s major customers are construction industry, manufacturers of
electronics and etc
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
PURCHASE
Domestic Purchase
|
Products |
Raw materials and etc |
|
Payment Terms |
Cash, T/T and etc |
Import
|
Products |
Raw materials and etc |
|
Payment Terms |
L/C, T/T and etc |
SALES
Domestic Markets
|
Product |
Glass, ceramic and related products, etc. |
|
Selling Terms |
Cash, T/T and etc |
Export
|
Product |
Glass, ceramic and related products, etc. |
|
Selling Terms |
L/C, T/T and etc |
Unit: NTD/000
|
Consolidated |
2014-12-31 |
2013-12-31 |
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash
equivalents |
|
|
|
Total cash and
cash equivalents |
685,304 |
582,303 |
|
Current
financial assets at fair value through profit or loss |
|
|
|
Total current
financial assets at fair value through profit or loss |
19,534 |
12,653 |
|
Notes receivable,
net |
|
|
|
Notes
receivable, net |
203,348 |
210,386 |
|
Accounts
receivable, net |
|
|
|
Accounts
receivable, net |
980,208 |
905,823 |
|
Construction
contracts receivable |
1,831 |
3,229 |
|
Other
receivables |
|
|
|
Other
receivables, net |
12,406 |
39,312 |
|
Inventories |
|
|
|
Total
inventories |
969,211 |
1,177,519 |
|
Other current
assets |
|
|
|
Total other
current assets |
990,609 |
805,570 |
|
Total current
assets |
3,862,451 |
3,736,795 |
|
Non-current
assets |
|
|
|
Non-current
financial assets at cost |
|
|
|
Non-current
financial assets at cost, net |
5,979 |
14,297 |
|
Investments
accounted for using equity method |
|
|
|
Investments accounted
for using equity method, net |
0 |
65,977 |
|
Property, plant
and equipment |
|
|
|
Total property,
plant and equipment |
1,768,860 |
1,761,915 |
|
Investment
property, net |
|
|
|
Investment
property, net |
121,369 |
161,532 |
|
Intangible
assets |
|
|
|
Goodwill |
14,072 |
14,072 |
|
Other
intangible assets, net |
|
|
|
Other
intangible assets, net |
218 |
720 |
|
Total
intangible assets |
14,290 |
14,792 |
|
Deferred tax
assets |
72,913 |
57,565 |
|
Other
non-current assets |
|
|
|
Total other
non-current assets |
135,731 |
131,486 |
|
Total
non-current assets |
2,119,142 |
2,207,564 |
|
Total assets |
5,981,593 |
5,944,359 |
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Short-term
borrowings |
|
|
|
Total
short-term borrowings |
299,307 |
209,400 |
|
Short-term
notes and bills payable |
|
|
|
Total
short-term notes and bills payable |
29,978 |
129,950 |
|
Notes payable |
|
|
|
Total notes
payable |
152,120 |
174,639 |
|
Accounts
payable |
|
|
|
Total accounts
payable |
185,262 |
218,397 |
|
Construction
contracts payable |
20,377 |
20,093 |
|
Other payables |
|
|
|
Total other
payables |
140,713 |
141,082 |
|
Current tax
liabilities |
15,963 |
21,140 |
|
Other current
liabilities |
|
|
|
Long-term
liabilities, current portion |
|
|
|
Total long-term
liabilities, current portion |
117,148 |
180,712 |
|
Other current
liabilities, others |
11,926 |
26,168 |
|
Total other
current liabilities |
129,074 |
206,880 |
|
Total current
liabilities |
972,794 |
1,121,581 |
|
Non-current
liabilities |
|
|
|
Long-term
borrowings |
|
|
|
Total long-term
borrowings |
158,088 |
181,981 |
|
Deferred tax
liabilities |
|
|
|
Total deferred
tax liabilities |
129,011 |
118,917 |
|
Other
non-current liabilities |
|
|
|
Accrued pension
liabilities |
170,078 |
173,214 |
|
Guarantee
deposits received |
0 |
13,170 |
|
Total other
non-current liabilities |
170,078 |
186,384 |
|
Total
non-current liabilities |
457,177 |
487,282 |
|
Total
liabilities |
1,429,971 |
1,608,863 |
|
Equity |
|
|
|
Equity attributable
to owners of parent |
|
|
|
Share capital |
|
|
|
Ordinary share |
1,898,204 |
1,898,204 |
|
Total capital
stock |
1,898,204 |
1,898,204 |
|
Capital surplus |
|
|
|
Total capital
surplus |
182,836 |
182,836 |
|
Retained
earnings |
|
|
|
Legal reserve |
316,859 |
302,600 |
|
Special reserve |
99,759 |
99,759 |
|
Unappropriated
retained earnings (accumulated deficit) |
|
|
|
Total
unappropriated retained earnings (accumulated deficit) |
996,923 |
906,222 |
|
Total retained
earnings |
1,413,541 |
1,308,581 |
|
Other equity
interest |
|
|
|
Total other
equity interest |
105,844 |
19,420 |
|
Total equity
attributable to owners of parent |
3,600,425 |
3,409,041 |
|
Non-controlling
interests |
951,197 |
926,455 |
|
Total equity |
4,551,622 |
4,335,496 |
|
Number of share
capital awaiting retirement |
0 |
0 |
|
Equivalent
issue shares of advance receipts for ordinary share |
0 |
0 |
|
Number of shares
in entity held by entity and by its subsidiaries |
0 |
0 |
Unit: NTD/000
|
Consolidated |
2014 |
2013 |
|
Operating
revenue |
|
|
|
Total operating
revenue |
3,578,567 |
3,502,527 |
|
Operating costs |
|
|
|
Total operating
costs |
2,796,247 |
2,764,174 |
|
Gross profit
(loss) from operations |
782,320 |
738,353 |
|
Gross profit
(loss) from operations |
782,320 |
738,353 |
|
Operating
expenses |
|
|
|
Selling
expenses |
|
|
|
Total selling expenses |
266,402 |
250,149 |
|
Administrative
expenses |
|
|
|
Total
administrative expenses |
248,476 |
233,294 |
|
Research and
development expenses |
|
|
|
Total research
and development expenses |
72,365 |
68,894 |
|
Total operating
expenses |
587,243 |
552,337 |
|
Net other
income (expenses) |
|
|
|
Net other
income (expenses) |
4,001 |
21,520 |
|
Net operating
income (loss) |
199,078 |
207,536 |
|
Non-operating
income and expenses |
|
|
|
Other income |
|
|
|
Total other
income |
51,839 |
33,689 |
|
Other gains and
losses |
|
|
|
Other gains and
losses, net |
-12,838 |
-16,217 |
|
Finance costs |
|
|
|
Finance costs,
net |
12,008 |
12,407 |
|
Share of profit
(loss) of associates and joint ventures accounted for using equity method |
|
|
|
Share of profit
(loss) of associates and joint ventures accounted for using equity method,
net |
-3,843 |
-9,460 |
|
Total
non-operating income and expenses |
23,150 |
-4,395 |
|
Profit (loss)
from continuing operations before tax |
222,228 |
203,141 |
|
Tax expense
(income) |
|
|
|
Total tax
expense (income) |
47,468 |
49,047 |
|
Profit (loss)
from continuing operations |
174,760 |
154,094 |
|
Profit (loss) |
174,760 |
154,094 |
|
Other
comprehensive income |
|
|
|
Exchange
differences on translation |
119,819 |
137,029 |
|
Actuarial gains
(losses) on defined benefit plans |
8,277 |
15,330 |
|
Share of other comprehensive
income of associates and joint ventures accounted for using equity method |
|
|
|
Total share of
other comprehensive income of associates and joint ventures accounted for
using equity method |
0 |
731 |
|
Income tax related
to components of other comprehensive income |
1,384 |
2,606 |
|
Other
comprehensive income, net |
126,712 |
150,484 |
|
Total
comprehensive income |
301,472 |
304,578 |
|
Profit (loss),
attributable to: |
|
|
|
Profit (loss), attributable
to owners of parent |
164,504 |
142,588 |
|
Profit (loss),
attributable to non-controlling interests |
10,256 |
11,506 |
|
Comprehensive
income attributable to: |
|
|
|
Comprehensive
income, attributable to owners of parent |
257,999 |
243,684 |
|
Comprehensive
income, attributable to non-controlling interests |
43,473 |
60,894 |
|
Basic earnings
per share |
|
|
|
Basic earnings
(loss) per share from continuing operations |
0.87 |
0.75 |
|
Total basic
earnings per share |
0.87 |
0.75 |
|
Diluted
earnings per share |
|
|
|
Diluted
earnings (loss) per share from continuing operations |
0.86 |
0.75 |
|
Total diluted
earnings per share |
0.86 |
0.75 |
Unit: NTD/000
|
Consolidated |
2014 |
2013 |
|
Cash flows from
(used in) operating activities, indirect method |
|
|
|
Profit (loss)
from continuing operations before tax |
222,228 |
203,141 |
|
Profit (loss)
before tax |
222,228 |
203,141 |
|
Adjustments |
|
|
|
Adjustments to reconcile
profit (loss) |
|
|
|
Depreciation
expense |
136,212 |
119,975 |
|
Amortization
expense |
506 |
513 |
|
Provision
(reversal of provision) for bad debt expense |
9,368 |
-1,639 |
|
Net loss (gain)
on financial assets or liabilities at fair value through profit or loss |
-1,763 |
-3,894 |
|
Interest
expense |
12,008 |
12,407 |
|
Interest income |
-28,708 |
-20,743 |
|
Share of loss (profit)
of associates and joint ventures accounted for using equity method |
3,843 |
9,460 |
|
Loss (gain) on
disposal of property, plan and equipment |
7,420 |
9,965 |
|
Loss (gain) on
disposal of investments |
2,877 |
2,246 |
|
Impairment loss
on financial assets |
7,937 |
10,226 |
|
Reversal of
impairment loss on non-financial assets |
15,447 |
-15,364 |
|
Total
adjustments to reconcile profit (loss) |
165,147 |
123,152 |
|
Changes in
operating assets and liabilities |
|
|
|
Changes in
operating assets |
|
|
|
Decrease
(increase) in financial assets held for trading |
-5,388 |
2,133 |
|
Decrease
(increase) in notes receivable |
7,038 |
66,130 |
|
Decrease
(increase) in accounts receivable |
-85,347 |
-115,286 |
|
Decrease
(increase) in other receivable |
26,906 |
3,010 |
|
Decrease
(increase) in inventories |
192,587 |
78,937 |
|
Decrease
(increase) in other current assets |
-185,039 |
-544,014 |
|
Total changes in
operating assets |
-49,243 |
-509,090 |
|
Changes in
operating liabilities |
|
|
|
Increase
(decrease) in notes payable |
-22,519 |
-122,152 |
|
Increase
(decrease) in accounts payable |
-33,135 |
82,058 |
|
Increase (decrease)
in other payable |
-1,212 |
-12,398 |
|
Increase
(decrease) in other current liabilities |
-13,959 |
21,966 |
|
Increase
(decrease) in accrued pension liabilities |
5,141 |
2,226 |
|
Total changes
in operating liabilities |
-65,684 |
-28,300 |
|
Total changes
in operating assets and liabilities |
-114,927 |
-537,390 |
|
Total
adjustments |
50,220 |
-414,238 |
|
Cash inflow
(outflow) generated from operations |
272,448 |
-211,097 |
|
Income taxes
refund (paid) |
-57,855 |
-42,186 |
|
Net cash flows
from (used in) operating activities |
214,593 |
-253,283 |
|
Cash flows from
(used in) investing activities |
|
|
|
Acquisition of
financial assets at cost |
-27 |
0 |
|
Proceeds from disposal
of financial assets at cost |
1,057 |
0 |
|
Proceeds from
disposal of investments accounted for using equity method |
58,590 |
0 |
|
Acquisition of
property, plant and equipment |
-87,363 |
-59,580 |
|
Proceeds from disposal
of property, plant and equipment |
22,669 |
1,500 |
|
Acquisition of
intangible assets |
0 |
-377 |
|
Increase in
other non-current assets |
-4,244 |
12,706 |
|
Interest
received |
28,708 |
20,743 |
|
Net cash flows from
(used in) investing activities |
19,390 |
-25,008 |
|
Cash flows from
(used in) financing activities |
|
|
|
Increase in
short-term loans |
89,907 |
-21,972 |
|
Increase in
short-term notes and bills payable |
-100,657 |
30,000 |
|
Proceeds from
long-term debt |
100,000 |
27,780 |
|
Repayments of
long-term debt |
-193,212 |
-166,911 |
|
Cash dividends
paid |
-66,437 |
-56,946 |
|
Interest paid |
-10,480 |
-12,617 |
|
Change in
non-controlling interests |
-18,621 |
-17,937 |
|
Net cash flows
from (used in) financing activities |
-199,500 |
-218,603 |
|
Effect of
exchange rate changes on cash and cash equivalents |
68,518 |
106,926 |
|
Net increase
(decrease) in cash and cash equivalents |
103,001 |
-389,968 |
|
Cash and cash
equivalents at beginning of period |
582,303 |
972,271 |
|
Cash and cash
equivalents at end of period |
685,304 |
582,303 |
|
Cash and cash
equivalents reported in the statement of financial position |
685,304 |
582,303 |
Note: Subject
did not submit the latest independent financial information to the official
registry. We only provide the above consolidated financial information of the
subject for your reference.
The above financial figures are based on the IFRSs Accounting System.
|
1 |
|
|
Name |
Taiwan Bank |
|
2 |
|
|
Name |
Mega International Commercial Bank Co., Ltd |
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.
Interview Details
|
Department |
Sales Department |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.82 |
|
|
1 |
Rs.101.26 |
|
Euro |
1 |
Rs.72.36 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.