|
Report No. : |
350121 |
|
Report Date : |
16.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
TK CHEMICAL CORPORATION |
|
|
|
|
Registered Office : |
128, Wondae-Ro, Buk-Gu, Daegu, 3FL.,
Yeonwoo Bldg., Korea 41590 |
|
|
|
|
Country : |
South
Korea |
|
|
|
|
Financials (as on) : |
30.06.2015 |
|
|
|
|
Date of Incorporation : |
07.11.2007 |
|
|
|
|
Com. Reg. No.: |
107-87-01960 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
Manufacture of Synthetic Fibers. (Polyester Yarn, Spandex Yarn, Cotton
Yarn, PET Resin, Chip) |
|
|
|
|
No. of Employees : |
729 |
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) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated
incredible economic growth and global integration to become a high-tech
industrialized economy. In the 1960s, GDP per capita was comparable with levels
in the poorer countries of Africa and Asia. In 2004, South Korea joined the
trillion-dollar club of world economies. A system of close government and
business ties, including directed credit and import restrictions, initially
made this success possible. The government promoted the import of raw materials
and technology at the expense of consumer goods, and encouraged savings and
investment over consumption. The Asian financial crisis of 1997-98 exposed
longstanding weaknesses in South Korea's development model, including high
debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 7%
in 1998, and then recovered by 9% in 1999-2000. South Korea adopted numerous
economic reforms following the crisis, including greater openness to foreign
investment and imports. Growth moderated to about 4% annually between 2003 and
2007. South Korea's export focused economy was hit hard by the 2008 global
economic downturn, but quickly rebounded in subsequent years, reaching over 6%
growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments
in 2011 and went into effect in March 2012. Between 2012 and 2014, the economy
experienced slow growth due to sluggish domestic consumption and investment.
The administration in 2015 is likely to face the challenge of balancing heavy
reliance on exports with developing domestic-oriented sectors, such as
services. The South Korean economy's long-term challenges include a rapidly
aging population, inflexible labor market, dominance of large conglomerates
(chaebols), and the heavy reliance on exports, which comprise about half of
GDP. In an effort to address the long term challenges and sustain economic
growth, the current government has prioritized structural reforms,
deregulation, promotion of entrepreneurship and creative industries, and the
competitiveness of small and medium enterprises.
|
Source
: CIA |
|
Company Name |
TK CHEMICAL CORPORATION |
|
Registered Address |
128, Wondae-ro, Buk-gu, Daegu, Korea (Old Address System : 416-8, Chimsan
3-dong, Buk-gu, Daegu, Korea) |
|
Building |
3FL., Yeonwoo Bldg. |
|
Zip Code |
41590 |
|
Tel |
+82-53-252-4177 |
|
Fax |
+82-53-253-5216 |
|
E-mail |
webmaster@tkchemi.co.kr;philiplee@tkchemi.co.kr |
|
Website |
www.tkchemi.co.kr |
|
Trading Address |
9FL., Jinduk Bldg., 22, Seonyudong 1-ro, Yeongdeungpo-gu,
Seoul, Korea (Old Address System : 9FL., Jinduk Bldg.,
160-2, Dangsan-dong 2-ga, Yeongdeungpo-gu, Seoul, Korea) |
|
Tel |
+82-2-2001-6000 |
|
Fax |
+82-2-2001-6180 +82-2-782-1160 +82-2-780-5263 |
|
Other Address-Synthetic 1 Factory |
298-1, Gongdan-dong, Gumi-si, Gyeongbuk,
Korea |
|
Tel |
+82-54-461-3401 |
|
Fax |
+82-54-461-8100 |
|
Other Address-Synthetic 2 Factory |
291-20, Gongdan-dong, Gumi-si, Gyeongbuk, Korea |
|
Tel |
+82-54-461-6055 |
|
Fax |
+82-54-462-0460 |
|
Other Address-Synthetic 3 Factory |
520, Jung-ri, Seokjeok-eup, Chilgok-gun,
Gyeongbuk, Korea |
|
Tel |
+82-54-971-9051 |
|
Fax |
+82-54-971-9051 |
|
Other Address-Resin Factory |
300, Gongdan-dong, Gumi-si, Gyeongbuk, Korea |
|
Tel |
+82-54-463-0380 |
|
Fax |
+82-54-461-3922 |
|
Other Address-Daegu Office |
103-6, Dongsan-dong, Jung-gu, Daegu, Korea |
|
Tel |
+82-53-252-4177 |
|
Fax |
+82-53-252-4177 |
|
Type |
Export/Import |
|
Industry |
Manufacture of Synthetic Fibers |
|
Main Business |
Polyester Yarn, Spandex Yarn, Cotton Yarn, PET Resin, Chip |
|
Sub
Business |
|
|
Established (mm/dd/yyyy) |
11/07/2007 |
The Subject
occupies the premises of registered HQ address by leasing base.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Polyester yarn(11151703) |
|
Sell |
Cotton yarn(11151702) |
|
Sell |
Resins(13111000) |
|
Name |
Kim Hae-Kyu |
|
Address |
|
|
Date of Birth |
03/1963 |
|
Title |
President & CEO |
|
Sex |
Male |
|
Nationality |
Korean |
|
Capital (KRW) |
45,447,717,000 |
||||||||||||||||||||||||
|
Employees |
729 |
||||||||||||||||||||||||
|
Formation |
Listed Company (KOSDAQ : 104480) as of 04/26/2011 Foreign Direct Investment Corporation A Company of SM GROUP |
||||||||||||||||||||||||
|
Bank Details |
Woori Bank-Yeoido Central Branch Korea Development Bank SC. First Bank of Korea |
||||||||||||||||||||||||
|
Corporate Registered No. |
110111-3783457 |
||||||||||||||||||||||||
|
Business Registered No. |
107-87-01960 |
||||||||||||||||||||||||
|
Permit & Licenses |
Int’l Trade No.: 45338773 |
||||||||||||||||||||||||
|
Shareholder Position |
|
||||||||||||||||||||||||
|
Company History |
11/07/2007
Incorporated as the present name 12/26/2007
Increased the authorized shares to 20,000,000 shares from 40,000 shares 01/22/2008 Moved
to the present address from 17-26, Yeoeuido-dong, Yeongdeungpo-gu, Seoul,
Korea 01/31/2008 Acquired Spandex, Polyester,
Resin Business from TONGKOOK CORP.(110111-0059950) 02/05/2008 Increased capital to
40,000,000,000 KRW from 50,000,000 KRW 07/17/2008 Registered as a Foreign Direct
Investment Corporation 07/18/2008 Changed stock type to 8,000,000 shares (Common:5,300,653,
Preferable:2,699,347) from 8,000,000 shares (Common: 8,000,000) 04/26/2011
Increased capital to 45,000,000,000 KRW from 40,000,000,000 KRW 07/01/2011
Moved to the present HQ address registration from 14th Fl., Korea
Sinsong Center Bldg., 25-12, Yeoeuido-dong, Yeongdeungpo-gu, Seoul, Korea 03/05/2015 Acquired Construction Business from WOOBANG TOGUN CO., LTD.(174811-0037344) |
||||||||||||||||||||||||
|
|
|
|
Job Description |
Title |
Name |
Sex |
Nationality |
Date of Birth |
|
President & CEO |
Mr. |
Kim Hae-Kyu |
Male |
Korean |
1963.03 |
|
Chairman |
Mr. |
Woo Oh-Hyun |
Male |
Korean |
1953.11.06 |
|
Director |
Mr. |
Kim Yong-Wan |
Male |
Korean |
1956.03 |
|
Auditor |
Mr. |
Bae Soon-Ki |
Male |
Korean |
1957.07.08 |
|
Auditor |
Mr. |
Kim Ki-Ho |
Male |
Korean |
1962.10 |
|
Director |
Mr. |
Kwak Jin-Soo |
Male |
Korean |
1964.08 |
|
Outside Director |
Mr. |
Lee Sung-Wook |
Male |
Korean |
1956.09 |
|
Outside Director |
Mr. |
Cho Gye-Yong |
Male |
Korean |
1953.05 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
345,003,854,044 |
545,673,250,124 |
3,079,401,199 |
|
|
(*)2014 |
759,804,642,897 |
571,072,897,648 |
11,134,046,008 |
|
(*)2013 |
748,342,401,089 |
532,727,301,778 |
11,631,633,966 |
|
(*)2012 |
852,763,702,460 |
474,029,741,985 |
-28,503,136,674 |
|
(*)2011 |
1,000,564,178,112 |
666,314,510,118 |
38,165,046,662 |
|
(*)2010 |
882,043,327,810 |
457,268,415,266 |
26,155,939,425 |
|
2009 |
777,194,493,448 |
323,556,543,330 |
25,632,641,591 |
|
2008 |
710,630,616,602 |
320,963,467,180 |
-17,308,870,150 |
|
2007 |
- |
48,690,862 |
(-)456,138 |
(*)Figures are based
on the K-IFRS Accounting System.
|
Authorized Capital(KRW) |
100,000,000,000 |
|
Paid-Up Capital(KRW) |
45,447,717,000 |
|
Total Issues Shares |
90,895,434 |
|
Balance Sheet |
|||
|
Unit : Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Total Assets |
545,673,250,124 |
571,072,897,648 |
532,727,301,778 |
|
Current Assets |
225,535,475,169 |
216,633,496,715 |
159,010,189,397 |
|
Cash & Cash Equivalents |
9,796,717,185 |
5,638,761,901 |
8,169,609,270 |
|
Current Financial Instruments |
100,000,000 |
1,064,419,508 |
2,271,263,158 |
|
Trade Receivables & Other
Receivables |
68,085,933,518 |
72,813,902,473 |
79,828,243,326 |
|
Inventories |
84,929,948,316 |
96,110,707,165 |
64,203,602,926 |
|
Deferred Income Tax Assets |
59,156,090 |
52,601,740 |
168,488,570 |
|
Other Receivables-Construction |
8,837,115,102 |
31,501,150,878 |
0 |
|
Other Current Non-Financial
Assets |
2,449,262,786 |
5,562,062,786 |
2,206,312,786 |
|
Other Current Assets |
14,136,582,808 |
3,889,890,264 |
2,162,669,361 |
|
Assets to be Sold |
37,140,759,364 |
0 |
0 |
|
Non-Current Assets |
320,137,774,955 |
354,439,400,933 |
373,717,112,381 |
|
Non-Current Financial Instruments |
5,000,000 |
3,000,000 |
103,000,000 |
|
Non-Current Marketable Financial
Instruments |
1,144,374,620 |
1,184,102,000 |
1,184,102,000 |
|
Investment_Related Companies |
169,686,833,791 |
157,476,859,859 |
154,854,490,390 |
|
Tangibles |
146,466,155,616 |
192,982,569,834 |
214,366,564,836 |
|
Investment_Real Estates |
0 |
837,900,000 |
837,900,000 |
|
Intangibles |
1,462,151,390 |
781,802,738 |
1,366,937,631 |
|
Non-Current Financial Instruments |
1,330,287,815 |
1,130,194,779 |
958,036,097 |
|
Other Non-Current Assets |
42,971,723 |
42,971,723 |
46,081,427 |
|
Total Liabilities |
325,867,259,808 |
358,602,697,072 |
334,269,810,680 |
|
Current Liabilities |
294,337,068,228 |
321,678,430,448 |
293,259,906,541 |
|
Trade Payables & Other
Payables |
102,153,835,843 |
110,711,235,284 |
132,286,846,119 |
|
Short-Term Borrowings |
188,511,688,212 |
205,997,823,635 |
158,571,820,515 |
|
Other Payables-Construction |
1,570,531,582 |
0 |
0 |
|
Deferred Income Tax Credit |
0 |
2,595,279,100 |
0 |
|
Other Current Financial Debts |
1,129,395,000 |
1,134,695,000 |
1,182,741,400 |
|
Other Current Liabilities |
971,617,591 |
1,239,397,429 |
1,218,498,507 |
|
Non-Current Liabilities |
31,530,191,580 |
36,924,266,624 |
41,009,904,139 |
|
Long-Term Borrowings |
6,730,000,000 |
9,230,000,000 |
15,700,000,000 |
|
Confirmed Salaries |
23,007,580,529 |
25,944,001,980 |
24,195,689,459 |
|
Other Non-Current Financial Debts |
34,969,500 |
34,969,500 |
34,969,500 |
|
Deferred Income Tax Credit |
1,611,219,523 |
1,715,295,144 |
1,079,245,180 |
|
Other Non-Current Non-Financial
Debts |
146,422,028 |
0 |
0 |
|
Capital Stock |
45,447,717,000 |
45,000,000,000 |
45,000,000,000 |
|
Capital Surplus |
120,221,847,633 |
118,784,676,063 |
118,784,676,063 |
|
Profit Surplus |
40,053,328,563 |
36,997,393,292 |
28,587,178,852 |
|
Others |
14,083,097,120 |
11,688,131,221 |
6,085,636,183 |
|
Total Equity |
219,805,990,316 |
212,470,200,576 |
198,457,491,098 |
|
Liab. & Shareholder’s Equity |
545,673,250,124 |
571,072,897,648 |
532,727,301,778 |
|
Income Statement |
|||
|
Unit : Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Sales |
345,003,854,044 |
759,804,642,897 |
748,342,401,089 |
|
Cost of Sold Goods |
320,180,144,039 |
714,647,999,780 |
719,251,570,633 |
|
Gross Profit |
24,823,710,005 |
45,156,643,117 |
29,090,830,456 |
|
Selling & Admin. Expenses |
15,298,123,130 |
29,251,785,120 |
25,890,980,126 |
|
Operating Income |
9,525,586,875 |
15,904,857,997 |
3,199,850,330 |
|
Non-Operating Income |
148,914,905 |
174,066,480 |
199,590,998 |
|
Non-Operating Expenses |
1,630,330,255 |
1,270,912,513 |
3,939,926,330 |
|
Finance Income |
4,052,040,289 |
4,620,295,965 |
7,175,204,703 |
|
Finance Expenses |
6,800,401,589 |
17,655,960,997 |
15,138,561,346 |
|
Profits from Equity Method & Other Profits |
7,339,100,520 |
33,283,249,881 |
26,473,353,507 |
|
Income Before Taxes |
12,634,910,745 |
35,055,596,813 |
17,969,511,862 |
|
Income Taxes Expenses |
-582,670,475 |
3,242,178,160 |
3,484,291,246 |
|
Income from Continuous Business |
13,217,581,220 |
31,813,418,653 |
14,485,220,616 |
|
Income from Stopped Business |
-10,138,180,021 |
-20,679,372,645 |
-2,853,586,650 |
|
Net Income |
3,079,401,199 |
11,134,046,008 |
11,631,633,966 |
|
Cash Flows |
|||
|
Unit : Korean Won |
01/01/2015~06/30/2015 |
As of 12/31/2014 |
As of 12/31/2013 |
|
Operating
Activities Cash Flows |
34,305,761,424 |
-54,985,629,603 |
56,182,717,438 |
|
Changes in Asset/ & Liability |
22,211,080,325 |
-91,885,102,759 |
32,479,013,893 |
|
Cash
Flows from Investing |
-5,075,060,705 |
22,770,581,946 |
-91,400,997,973 |
|
Cash Inflow from Investing |
47,836,528,581 |
79,940,220,501 |
28,227,051,747 |
|
Cash Outflows for Investing |
-52,911,589,286 |
-57,237,638,555 |
-119,628,049,720 |
|
Cash
Flows from Financing |
-25,104,123,234 |
29,699,582,177 |
-8,452,495,603 |
|
Cash Inflows from Financing |
233,187,870,934 |
510,929,043,092 |
1,137,514,147,999 |
|
Cash Outflows from Financing |
-258,291,994,168 |
-481,229,460,915 |
-1,145,966,643,602 |
|
Increase/Decrease
in Cash |
4,126,577,485 |
-2,515,465,480 |
-43,670,776,138 |
|
Cash at
the Beginning of Year |
5,638,761,901 |
8,169,609,270 |
51,840,353,962 |
|
Cash at
the End of Year |
9,796,717,185 |
5,638,761,901 |
8,169,609,270 |
|
Main Products & Services |
Polyester Yarn (Full Dull, Middle Dull,
Cation Dyable, High Shrinkage, Supper Bright, Bright) SPANDEX Yarn CHIP(FD, CD, HS) Resin for PET Bottle Brand Name: TexPet, ARACHRA, TEXLON |
|
Detailed Products Spec. |
|
|
Technologies Acquired |
|
|
Suppliers |
SAMSUNG PETROCHEMICAL CO., LTD.(181211-0000435) |
|
Customers |
DAEWOO INTERNATIONAL
CORPORATION(110111-2137358) LG INTERNATIONAL CORP(110111-0004632) BURIM CHEMICAL CO., LTD.(111511-0005508) KIPSCO(KOREA) YOONSE TONGSANG CO., LTD.(KOREA) |
|
Competitors |
TAEKWANG INDUSTRIAL CO., LTD. 162-1, JANGCHUNGDONG 2-GA, JUNG-GU, SEOUL,
KOREA TEL:+82-2-3406-0300 FAX:+82-2-2273-9166 HUVIS CORP. HUVIS BLDG., 151-7, SAMSEONG 1-DONG,
GANGNAM-GU, SEOUL, KOREA TEL:+82-2-2189-4567 FAX:+82-2-2189-4569 WOONGJIN CHEMICAL CO., LTD. 287, GONGDAN 2-DONG, GUMI-SI,
GYEONGSANGBUK-DO, KOREA TEL:+82-54-469-4114 FAX:+82-54-469-4444 |
|
Affiliates-Domestic |
NAMSUN ALUMINIUM CO.,LTD.(170111-0005042) KOREA LINE CORPORATION(110111-0008212) WOOBANG CONSTRUCTION CO., LTD.(110111-0380610) WOOBANG INDUSTRIAL CO., LTD.(110111-0002834) WOOBANG ENGINEERING & CONSTRUCTION CORP(200111-0026017) RADO CO., LTD.(210111-0044835) CHOYANG CO., LTD. (130111-0009662) BEXEL CORPORATION(176011-0028438) SAMRA CONSTRUCTION CO., LTD.
(200111-0013220) KYUNGNAM WOOL TEXTILE CO.,
LTD(190111-0004107) SEOULIM HIGHPACK CO., LTD.(154511-0012867) GEUMJIN LIFE SCIENCE CO. LTD.(110111-2937203) HIPLUSCARD CO., LTD.(131111-0191187) SANBON DEPARTMENT STORE(135111-0040869) KORIKO ENTERPRISE CO., LTD.(180111-0040559) KOREA MARINE LIMITED(110111-0211683) SMT CHEMICAL CO., LTD.(170111-0351776) SAMRA MIDAS CO., LTD.(200111-0069330) KL HOLDINGS CO., LTD.(200111-0378319) SMHOLDINGS CORPORATION(176011-0028438) SAMRA NONGWON CO., LTD.(110111-5126598) SAMRA RESOURCES DEVELOPMENT CO., LTD.(110111-5183184) WOOBANG TOGUN CO., LTD.(174811-0037344) SAMRA INDUSTRIAL DEVELOPMENT CO., LTD.(200111-0071319) SC POWERTEC CO., LTD.(134111-0149183) HANTONG ENGINEERING CO., LTD.(110111-0204654) KYUNGNAM E&D CO., LTD.(170111-0390766) |
|
Affiliates-Overseas |
QINGDAO KYUNGNAM WOOL TEXTILE CO.,
LTD.(CHINA) BEST CHEMICALS & PLASTICS, INC.(BCPI) BESTCHEM, INC(BCI) |
|
Overseas Office |
TK CHEMICAL CORP. ISTANBUL OFFICE BESIKTAS LEVENT NISPETIYE CAD. NO.30 C
BLOCK D.23 ISTANBUL, TURKIYE TEL:+90-212-3257861/3257862 FAX:+90-212+3258242 |
|
Liaison Office |
|
|
Overseas Branch |
|
|
Joint Venture |
|
|
Subsidiary |
HIPLUSCARD CO., LTD.(131111-0191187) (100.0% held by the subject company) |
|
Corporate Ownership |
SAMRA CONSTRUCTION CO.,
LTD.(200111-0013220) SMT CHEMICAL CO., LTD.(170111-0351776) |
|
Major Shareholders |
SMT CHEMICAL CO., LTD.(170111-0351776) |
|
Cooperative Enterprise |
-Insured Company HYUNDAIMARINE&FIREINSURANCECO., LTD.(110111-0035893) |
|
Sales/ Unit :Mil KRW |
06/2015 |
2014 |
2013 |
|
Export |
194,060 |
464,814 |
533,082 |
|
Domestic |
150,944 |
294,991 |
215,261 |
|
Total |
345,004 |
759,805 |
748,342 |
The Subject exports to Asia, USA, Middle East and Europe.
|
Case No. |
Court |
Plaintiff(s)/
Creditor(s)/ Applicant(s) |
Defendant(s)/
Debtor(s)/ Respondent(s) |
Cause |
Amount (KRW) |
Status |
|
|
Supreme Court, Korea |
The Subject Company |
ASAM Investment Advisory(110111-1295850) & Others(4) |
Refund of Stock Transferring amount |
1,499,997,000 |
The Subject has won at 2nd round, and the 3rd round is
proceeding. |
---------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.14 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.71.26 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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|
-- |
NB |
New Business |
-- |
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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.