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Report No. : |
347623 |
|
Report Date : |
09.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
IMPORTADORA INDUSTRIAL AGRICOLA DEL MONTE SOCIEDAD ANONIMA INMONTE |
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Registered Office : |
A la Altura del Km 5.5 Via Duran - Babahoyo Solar 2 - Durán Guayas |
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Country : |
Ecuador |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
12.12.1989 |
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Legal Form : |
Stock Company (Ecuador) |
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Line of Business : |
Sale of agrochemical supplies and fertilizers |
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No. of Employees : |
249 |
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 : |
No Complaints |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Ecuador |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
ECUADOR - ECONOMIC
OVERVIEW
Ecuador is substantially dependent on its petroleum resources, which have accounted for more than half of the country's export earnings and approximately 25% of public sector revenues in recent years.
In 1999/2000, Ecuador's economy suffered from a banking crisis, with GDP contracting by 5.3% and poverty increasing significantly. In March 2000, the Congress approved a series of structural reforms that also provided for the adoption of the US dollar as legal tender. Dollarization stabilized the economy, and positive growth returned in the years that followed, helped by high oil prices, remittances, and increased non-traditional exports. From 2002-06 the economy grew an average of 4.3% per year, the highest five-year average in 25 years. After moderate growth in 2007, the economy reached a growth rate of 6.4% in 2008, buoyed by high global petroleum prices and increased public sector investment. President Rafael CORREA Delgado, who took office in January 2007, defaulted in December 2008 on Ecuador's sovereign debt, which, with a total face value of approximately US$3.2 billion, represented about 30% of Ecuador's public external debt. In May 2009, Ecuador bought back 91% of its "defaulted" bonds via an international reverse auction.
Economic policies under the CORREA administration - for example, an announcement in late 2009 of its intention to terminate 13 bilateral investment treaties, including one with the United States - have generated economic uncertainty and discouraged private investment. China has become Ecuador's largest foreign lender since Quito defaulted in 2008, allowing the government to maintain a high rate of social spending; Ecuador contracted with the Chinese government for more than $9.9 billion in forward oil sales, project financing, and budget support loans as of December 2013.
Foreign investment levels in Ecuador continue to be the lowest in the region as a result of an unstable regulatory environment, weak rule of law, and the crowding-out effect of public investments. In 2014, oil output increased slightly and production is expected to remain steady in 2015, although prices will likely remain lower than in previous years. Faced with a 2013 trade deficit of $1.1 billion, Ecuador erected technical barriers to trade in December 2013, causing tensions with its largest trading partners. Ecuador also decriminalized intellectual property rights violations in February 2014. In March, 2015 Ecuador imposed tariff surcharges from 5%-45% on an estimated 32% of imports for 15 months.
|
Source
: CIA |
IMPORTADORA INDUSTRIAL AGRICOLA DEL
MONTE SOCIEDAD ANONIMA INMONTE
( IMPORTADORA DEL MONTE )
A la Altura del Km 5.5 Via Duran - Babahoyo Solar 2 -
Durán
Guayas
ECUADOR
Telephone :
593-4-2264780, 593-4-3705540, 593-4-3700260
E_Mail :
pidrovo@delmonte.com.ec, psalazar@delmonte.com.ec asistente.financiero@delmonte.com.ec
Web Site :
http://www.delmontecuador.com/
Started : 1989
Total Employees : 249
Payments
: Prompt
Financial
Sit.
: Normal
Economic
Sit.
: Regular
Sales
: US$
34.211.973.-
Net
worth
: US$
7.942.908.-
Current profit : US$
1.111.015.-
Subscribed Capital : US$ 4.646.305.-
Authorized Capital : US$ 7.492.610.-
Sic(s) : 2879 -
5191
Line of Business: Sale of agrochemical supplies and fertilizers
According to last financial statement, subject shows a normal financial
situation, as indicated in:
** Acceptable Working Capital
** Good Current Liquidity Ratio
** Normal Acid Test Ratio
Economic situation is regular, as reflected in:
** Very High Current Indebtedness Ratio
** Very High Total Indebtedness Ratio
** Good Solvency Ratio
** Insufficient Profitability Over Sales Ratio
** Insufficient Profitability Over Assets Ratio
** High Profitability Over Net Worth Ratio
Commercial Bulletin : As at 30/09/2015 subject
does not register protested
checks in the national central of risk
Trade references are supplied as follows:
Detail of References
Old : 6 years
Last purchase : 10-2015
Terms : 30 days
Payment : Prompt
Notes : checks
Credit : (US$) 25.000
Owes : Does not Register
Due : Does not Register
Paying Comments : Excellent
Purchase Aver. : (Monthly
US$) 25.000
Supplier: Graficas
Jalon Enaja S.A.
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit
Owes
Old Purch.
Payment.
Notes
(US$) (US$)
--------------------------------------------------------------------------------
9 years 02-15
Prompt
checks
Open None
6 years 01-14
Prompt
checks
Open None
Since 2006 12-13 Prompt
checks
Open None
2 years 03-13
Prompt
checks
Open
-
7 years 05-13
Prompt
checks
Open
-
7 years 01-13
Prompt
checks
Open
-
6 years 02-12
Prompt
checks
Open None
7 years 03-12
Prompt
checks
Open None
New 04-11
Prompt
checks
35.000
None
5 years
04-11 Prompt
checks
Open None
- Tax Status: Current obligations fulfilled
- Special Taxpayer
- Special Taxpayer: It has special features and obligations which allow
apply a
better control in then taxes
- Legal Representative is not prevented from leaving the country
- Legal Representative does not register criminal
- Subject is not part of the Clinton List
- Clinton List: A list of companies and persons from all around the world
involved in the drugs traffic and money washign, it is issued by the Office of
Foreign Assets Control (OFAC)of the Treasury Department of the United Sates of
America
- Subject does not appear as failed supplier of de State (SERCOP)
- SERCOP: National Service of Public Procurement: public law regulatory agency
that controls the national public procurement system.
- This Subject DOES NOT have obligations at IESS (Ecuadorian Institute of
Social Security) , to November, 2015
Detail of Bank References
Bank
: Banco Bolivariano C.A.
To
expire : US$ 468.302,17
Bank
: Banco De La Produccion S.A.
To
expire : US$ 202.937,29
Bank
: Banco Internacional S.A.
To
expire
: US$ 579.127,00
Bank
: Banco Pichincha C.A.
To
expire
: US$ 3.267.601,72
Bank
: Diners Club del Ecuador S.A.
Sociedad Financiera
Credit
Card
: Credit Card
To
expire
: US$ 61.937,03
Total debt up to September 2015 is US$ 4.579.905,21
Credit history
Importadora Industrial Agricola Del Monte Sociedad Anonima Inmonte does not
have negative references at the National Financial System in the last three
years.
Maximum amount of indebtedness registered by the subject -, in the National
Financial System was US$ 4.169.747,49 in February, 2015
Average amount of indebtedness registered by the subject, in the National
Financial System:
During 2012 was US$ 2.890.631,99
During 2013 was US$ 3.826.623,13
During 2014 was US$ 3.812.512,24
During 2015 was US$ 2.047.777,04
Income tax corresponding to the last years:
Year 2014: US$ 425.938
Year 2013: US$ 298.620
Year 2012: US$ 262.519
Year 2011: US$ 285.547
Year 2010: US$ 315.612
C O M P A R A T I V E - S U M M A R Y
( Figures in US$ Dollars )
31/12/2014
31/12/2013 31/12/2012
CURRENT
ASSETS
32.663.765
28.019.003 25.133.892
CURRENT
LIABILITIES
24.673.594
19.891.435 18.775.591
WORKING CAPITAL
7.990.171
8.127.568 6.358.301
FIXED
ASSETS
5.291.019
4.220.202 3.729.317
OTHER
ASSETS
215.657
244.795 28.227
LONG TERM LIABILITIES
5.553.939
5.749.712 3.830.993
NET
WORTH
7.942.908
6.842.853 6.284.852
OPERATING
INCOMES
34.211.973
30.033.301 27.665.411
CURRENT
PROFIT(LOSS)
1.111.015 778.627
1.201.128
B A L A N C E S H E E T
INDIVIDUAL FISCAL YEAR SUMMARIZED
ASSETS
31/12/2014
31/12/2013
Cash
307.396 471.078
Sundry
Debtors
15.300.682 16.040.307
Inventory
12.609.503
10.918.936
Other Current Assets 4.446.184
588.682
CURRENT
ASSETS 32.663.765
28.019.003
Net Fixed Asset
5.291.019 4.220.202
FIXED
ASSETS 5.291.019 4.220.202
Other
215.657 244.795
OTHER ASSETS 215.657 244.795
TOTAL
ASSETS 38.170.441
32.484.000
LIABILITIES
31/12/2014
31/12/2013
Accounts
Payable 18.119.392
12.925.846
Notes Payable
5.229.396 4.846.563
Other Current
Liabilities 1.324.806 2.119.026
CURRENT
LIABILITIES 24.673.594
19.891.435
Notes Payable
5.064.052 5.362.374
Other Long Term
Liabilities 489.887 387.338
LONG TERM
LIABILITIES 5.553.939
5.749.712
Capital & Reserves 4.646.305
4.646.305
Other Reserves 748.457 670.593
Accumulated Profits 1.437.131
747.328
Current Profit (Losses) 1.111.015
778.627
NET WORTH 7.942.908
6.842.853
TOTAL LIABILITIES 38.170.441
32.484.000
STATEMENTS OF
RESULTS 31/12/2014
31/12/2013
Operating
Income
34.211.973 30.033.301
Operating
Cost
-24.048.038
-21.725.421
OPERATING
MARGIN 10.163.935
8.307.880
Administration & Sales
Expenses -8.060.593 -7.575.267
OPERATING
RESULT 2.103.342
732.613
Other non Operating
Incomes 627.016
573.577
Other non Operating Expenses
-874.509
0
NON OPERATING
RESULT
-247.493 573.577
Result Before Income
Tax 1.855.849
1.306.190
Taxes and Employees
Participation -744.834
0
NET PROFIT(LOSS) 1.111.015
1.306.190
CURRENT
PROFIT(LOSS)
1.111.015 1.306.190
ECONOMIC - FINANCIAL RATIOS
31/12/2014
31/12/2013
Average
Working
Capital
( US$
) 7.990.171
8.127.568
8.058.870
Current Liquidity (Times)
1,32
1,41
1,37
Acid
Test
(Times)
0,81
0,86
0,84
Collection Period Days ( Days) 161,00
192,27
176,64
Accounts Receivable Turnover (Times)
2,24
1,87
2,06
Inventory Turnover (Times)
1,91
1,99
1,95
Current Indebtedness (Times)
3,11
2,91
3,01
Total Indebtedness (Times)
3,81
3,75
3,78
Solvency
(Times)
1,26
1,27
1,27
Assets Tying
Up ( %
) 13,86 12,99
13,43
Profitability Over Sales (
% ) 3,25
2,59
2,92
Profitability Over Assets (
% ) 2,91
2,40
2,66
Profitability Over Net Worth (
% ) 13,99
11,38
12,69
The main banks are:
- Banco Bolivariano C.A. ACCT # 5005048
- Banco De La Produccion S.A. ACCT # 2006053846
- Banco Internacional S.A.
- Banco Pichincha C.A. ACCT # 3137723104
Line of Business : Sale of agrochemical supplies and fertilizers
Registered line of business in the Ecuadorian Internal
Revenue Service (SRI) is: WHOLESALE AND RETAIL OF
AGRICULTURAL SUPPLIES PRODUCTION.
Registered social purpose in the Ecuadorian
Superintendencia de Compañías is: land use in all its
phases, such as planting, harvesting, processing, domestic
marketing and export. It also manufactures chemical products
and substances, insecticides, rodenticides, fungicides,
herbicides, anti-sprouting, growth regulators of plants
This Company has the ISO 9001-2000 certification.
Classification according to commercial activity:
Sic: 2879-0000 Agricultural chemicals
-9903 Fungicides, herbicides
-0100 Insecticides and
pesticides
Sic: 5191-0000 Farm supplies
-0100 Fertilizers and
agricultural chemicals
Commercializes:
- Glifomat
- Hervax
- Aminamon
- Folicure
- Norminee
- Bayfolan
Sales are steady throughout the year
National and international sales territory
Main customers are: Farmers in general, agricultural
companies..
The 4 most important customers are:
Corporacion Internacional De Cultivos Corpcultivos S.A.. Sociedad
Agricola E
Industrial San Carlos S.A., Interoc S.A., Espagrotec Especialidades
Agricolas
Cia. Ltda.,
Domestic and international purchases
Imports from United States, China, India, Mexico, Israel, Germany, Spain,
Colombia.
- Adama Ecuador Adamecudor S.A.
- Bayer S.A.
- Disan Ecuador S.A.
- Distribuidora Quimica Del Ecuador (Disquiec) S.A.
- Frasco S.A. Frascosa
- Graficas Jalon Enaja S.A.
- Interoc S.A.
- Laquinsa Andina S.A.
- Moralva C. Ltda.
- Plasticos Del Litoral Plastlit S.A.
- Plastiempaques S.A.
- Productora Cartonera S.A.
- Proveedores Quimicos Provequim C.A.
- Quifatex S.A.
- Quimica Industrial Montalvo Aguilar Quimasa S.A.
- Tecnoplast Del Ecuador Cia. Ltda.
Employees: 249 employees
- Administrative offices and packing factory are located at A la Altura
del Km
5.5 Via Duran - Babahoyo Solar 2 Durán Guayas, Ecuador
- Av. Colon Tinoco Sn Y 22 Ava Sur Machala El Oro Ecuador
- Via a Valencia Km. 4.5 s/n Quevedo Los Ríos Ecuador
- Av. Galo Vela 101 Y Av. Bolivariana Ambato Tungurahua Ecuador
- Alajuela s/n entre Chile y Av. Manabi Portoviejo Manabí Ecuador
- Vía Duran - Babahoyo Solar 1 Durán Guayas Ecuador
- Km 2 Vía A San Juan Puebloviejo Los Ríos Ecuador
- Vía A Urcuqui Lote N°5 Ibarra Imbabura Ecuador
- This Company has a total of 7 branches which are legally registered.
- Offices and wharehouses facilities area is 5.000
m2. They are located in
Guayaquil.
- Formerly, they were located at:
" Vía a Daule, a la altura del Km.7 ½,
Ciudadela Prosperina, Solar 1 y Calle 12ava."
Subject is related to the following companies:
- Megsareal S.A. T A X : 0992789352001, 99,95% Participation
- Continental Agriculture S.A. T A X : 0991368043001
- Edcorpsa S A T A X : 0991340416001
- Cabos Marinos S.A. Cabomar T A X : 0992644109001 Guayaquil Guayas
INSURANCES
Insurance Company:
-Ace Seguros S.A.
Manager
: Pedro Jose Rodolfo
Idrovo Triviño TAX:0905303053001
President
: Mercedes Maria
Monserrate Luque Marriott TAX:09103114
Administrative Manager :
Marjorie Rodriguez Reina
Finances Manager : Polo Abel Salazar
Gillade TAX:0916581853
Sales Manager
: Guido Paul Vega Muirragui
TAX:0911263283
Imports'supervisor : Gissela Merchán
Financial Assistant : Gabriela Torres
Pedro Jose Rodolfo Idrovo Triviño
T A
X
: 0905303053001
Civil status : Married
Birth date : 05/06/1958 -Ecuador
Position : Manager.
Mercantile Register : Number 461 of
03/10/2014
Simultaneously :
Legally registered in the Ecuadorian Internal Revenue
Service (SRI) to engage in
business as individual since
September
25th 1985. Registered economic activity is:
Provision of Professional
services. He does not have a
trade name.
Mercedes Maria Monserrate Luque Marriott
T A
X
: 0910311463
Civil status : Married
Birth date : 16/06/1964 -Ecuador
Position : President.
Mercantile Register : Number 460 of 03/10/2014
Polo Abel Salazar Gillade
T A
X
: 0916581853
Civil status : Married
Birth date : 28/05/1977 -Ecuador
Position : Finances Manager.
Guido Paul Vega Muirragui
T A
X
: 0911263283
Civil status : Married
Birth date : 06/01/1969 -Ecuador
Position : Sales Manager.
Simultaneously : Legally registered in the
Ecuadorian Internal Revenue
Service (SRI) to engage in business as individual since
30-03-2004. Registered economic activity is: Labour
activities under a dependency relationship . He does not
have a trade name..
Isabela Valeria Idrovo Luque
T A
X
: 0922001482
Birth place :
Ecuador
Position : Shareholder.
Maria Laura Idrovo Luque
T A
X
: 0915630529
Birth place : Ecuador
Position : Shareholder.
Melissa Estefania Idrovo Luque
T A
X
: 0919700229
Birth place : Ecuador
Position : Shareholder.
Pedro Jose Idrovo Luque
T A
X
: 0917702995
Birth place : Ecuador
Position : Shareholder.
Legal Structure : Stock Company (Ecuador)
Constitution date :
12/12/1989
Authorization : Resolution Nº 9195
Notary :
N° 24, Guayaquil Guayas
Term of duration :
50 Year, ended on 12/12/2039
Legal Address : Guayaquil - Ecuador
Published in : Official Gazette dated 12/12/1989
Current Subscribed Capital: US$ 4.646.305.-Divided to 4.646.305.- common shares
unique series
amounting US$ 1.-
Authorized Current Capital: US$
7.492.610.-
Subscribed Initial Capital: US$
80.-
Paid-in Initial Capital: US$
20.-
Shareholders : 6
- 67,62% 0905303053001 Pedro Jose Rodolfo Idrovo Triviño
- 9,46% 0910311463 Mercedes Maria Monserrate Luque Marriott
- 5,73% Pedro Jose Idrovo Luque
- 5,73% Isabela Valeria Idrovo Luque
- 5,73% Maria Laura Idrovo Luque
- 5,73% Melissa Estefania Idrovo Luque
Legal representation is held by Manager, President..
Legal changes
By Resolution Nº 8429 on 20/09/2005, notary N° 30, Guayaquil Guayas, published
in the Official Gazette dated 21/12/2005, capital was increased: by US
200.000,00
By Resolution Nº 6946 on 14/10/2008, notary N° 5, Guayaquil Guayas, published
in
the Official Gazette dated 22/10/2008, capital was increased: by US 493.592,00
By Resolution Nº 8065 on 21/12/2009, notary N° 5, Guayaquil Guayas, published
in
the Official Gazette dated 01/02/2010, capital was increased: by US. 883.194,00
By Resolution Nº 8885 on 20/12/2010, notary N° 29, Guayaquil Guayas, published
in the Official Gazette dated 30/12/2010, capital was increased: By USD
668.719,00
By Resolution Nº 7109 on 15/12/2011, notary N° 5, Guayaquil Guayas, published
in
the Official Gazette dated 02/01/2012, capital was increased: amounting US$
700.000,00
By Resolution Nº 8105 on 26/12/2012, notary N° 5, Guayaquil Guayas, published
in
the Official Gazette dated 31/12/2012, capital was increased: amounting US$.
400.000
By Resolution Nº 7563 on 20/12/2013, published in the Official Gazette, capital
was increased: Amounting US$ 900.000
By Resolution Nº 1933 on 31/03/2014, published in the Official Gazette dated
11/07/2014, the legal address was modified: From province of Guayas, Guayaquil
city to Duran city in the same province.
By resolution Nº SC-IMV-DJMV-DAYR-G12-3142 on June 18th of 2012, the
Superintendency of Companies approved the registration of this Company in the
Stock Exchange. Currently it holds two issued values for a total amount of US$.
4.500.000.
Since its date of incorporation, until now there have been a total of 9
capital increases.
Information regarding subject is supplied as follows
Revista Gestion No. 192 of 01/06/2010 The owner is part of the ranking of the
500 largest companies in the country ranked 480 in year 2009. -
Revista Vistazo Nº 1130 of 25/09/2014 This company was part of the 700
Largest
companies of the Country in year 2013 occupying the 584 place with a sales
increase about 9% compared to year 2012. -
Miss. Gissela Merchán, Imports'supervisor, confirmed general
information.
-Other outside information sources.
Exchange rate
-Since September 9th, 2000, official currency in Ecuador
is the US$ dollar
-Until then, the currency was the sucre.
Exchange rate was s/. 25.000 X US$ 1.00
INTERPRETATION OF RISK LEVEL AND CREDIT RECOMMENDATION
RISK LEVEL
Credit risk assessment is ordered as follows: 1 Minimum Risk, 2 Low Risk, 3
Middle Risk, 4 Middle High Risk, 5 Significant Risk, 6 High Risk.
Credit recommendation amounts are assigned according to criteria usually used
in
the commercial credit evaluation.
The amounts are based on the assignment of risk percentages to the following
indicators: Trade references, number of employees, legal structures, data base
of protested bills, operations, insurances, variation of net profit, net worth,
working capital and liquidity.
Macroeconomic Information
Ref. Passive Rate for Operations ( % ) 4,98
Basic Rate of Central
Bank ( % ) 0,20
Legal
( % ) 9,11
Maximum
conventional
( % ) 9,33
Inflation
Ratio
Yearly
Inflation
( % ) 3,78 Sep/2015
Monthly
Inflation
( % ) 0,26 Sep/2015
Accumulated
( % ) 3,26 Sep/2015
The information herein contained is confidential and exclusively
intended for
its addressee. Unauthorized use, copying and/or disclosure of
the information
contained in this transmission may result
in legal punishment. If you
receive this document by error, please delete it
and notify to the email
address: operaciones@twsecuador.com.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.79 |
|
UK Pound |
1 |
Rs.99.95 |
|
Euro |
1 |
Rs.71.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TRU |
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.