MIRA
INFORM REPORT
|
Report Date : |
30th
January, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
SIAM
PACIFIC ELECTRIC WIRE AND CABLE CO., LTD. |
|
|
|
|
Registered Office : |
30th Floor, Charn Isara Tower
II, 2922/311-312 New Petchburi Road, BangkapI, Huaykwang, Bangkok 10310 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
01.07.1988 |
|
|
|
|
Com. Reg. No.: |
0105531049187 [Former: 4922/2531] |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Engaged in
manufacturing various types
of electric wires and cables,
including communication
cables, power cables
and enameled wires |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Company Name
SIAM PACIFIC
ELECTRIC WIRE AND
CABLE CO., LTD.
SUMMARY
BUSINESS ADDRESS : 30th FLOOR,
CHARN ISARA TOWER
II,
2922/311-312 NEW PETCHBURI
ROAD,
BANGKAPI,
HUAYKWANG, BANGKOK 10310
TELEPHONE : [66] 2308-2091
FAX : [66] 2308-2081-2
E-MAIL ADDRESS : sp@spewc.com
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 1988
REGISTRATION NO.
: 0105531049187 [Former: 4922/2531]
CAPITAL REGISTERED : BHT. 670,000,000
CAPITAL PAID-UP
: BHT. 670,000,000
FISCAL YEAR CLOSING
DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. KUNG CHIN YUNG,
TAIWANESE
MANAGING
DIRECTOR
NO. OF
STAFF : 500
LINES OF
BUSINESS : ELECTRIC WIRES
AND CABLES
MANUFACTURE, DISTRIBUTER
& EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject
was established on July
1, 1988 as
a private limited
company under the
name style SIAM
PACIFIC ELECTRIC WIRE
AND CABLE CO., LTD.
It is a joint venture
between PACIFIC WIRE
& CABLE CO.,
LTD., the biggest
cable manufacturer in
Taiwan, and Italian Thai Development Public
Co,. Ltd., a leading
construction company in
Thailand. The subject is engaged
in manufacturing of high quality wires
and cable for both local
and foreign markets.
It currently employs
approximately 500 staff.
The subject achieved
the quality standard
ISO 9002 Certification in
May 1997.
The subject’s
registered address is
30th Floor, Charn
Isara Tower II,
2922/311-312 New Petchburi
Rd., Bangkapi, Huaykwang,
Bangkok 10310, and
this is the subject’s current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kung
Chin - Yung |
[x] |
Taiwanese |
58 |
|
Mr. Lu
Wei - Ming |
[x] |
Taiwanese |
43 |
|
Mr. Soon
Town Chun |
|
Taiwanese |
57 |
|
Mr. Chartchai
Chutima |
|
Thai |
43 |
|
Mr.
Bandit Tanchavalit |
|
Thai |
42 |
AUTHORIZED PERSON
The mentioned
directors [x] can
sign on behalf
of the subject with company’s
affixed.
MANAGEMENT
Mr.
Kung Chin -Yung
is the Managing Director.
He is
Taiwanese nationality with
the age of
58 years old.
Mr.
Zhang Cai -Yuan
is the Factory Manager.
He is
Taiwanese nationality.
Mr. Lu
Wei - Ming is
the Marketing Manager.
He is
Taiwanese nationality.
Mr.
Kwandee Saichol
is the Sales Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing various types
of electric wires and cables,
including communication
cables, power cables
and enameled wires.
The products are
as follows:
1. Communication
Cable
Siam
Pacific can supply telecommunication cables with the highest quality level in
the world, meeting requirements from worldwide specifications, and easily
achieve better efficiency in operation.
Capacity : 180,000
Pair-km/month
Range : 0.4mm, 0.5mm, 0.65mm, 0.9mm. From 1
pair to 3,000 pairs
Products : Underground
cable (AP-FSF), Aerial (AP-PIC, AP-FIG8), Terminating
cable
(PVC-PVC), TIEV-CC, TPEV-CC, Drop wire, Jumper wire, PE-
P,
PAP, etc.
Main
customers: TOT, 7th Project,
CAT, TA, TT&T, and many private projects.
Communication cable products include the
following:
·
Polyethylene insulated
alpeth sheathed cable (AP-PIC)
·
Figure
8 polyethylene insulated
alpeth sheathed cable (AP-FIG8)
·
Foam-skin insulated
alpeth sheathed jelly filled cable (AP-FSF)
·
Foam-skin insulated
alpeth sheathed jelly filled cable with core separator (DSAP-FSF)
·
Polyethylene insulated
alpeth sheathed cable with core separator (DSAP-PIC)
·
Foam-skin insulated ASP jelly filled cable (ASP-FSF)
·
Polyethylene
insulated low loss alpeth sheathed cable (AP-PIC LOW LOSS)
·
Polyethelene
insulated single wire armoured alpeth sheathed cable (AP-SWA)
·
Polyvinyl chloride insulated and sheathed terminating
cable (TM)
·
Polyvinyl chloride
insulated jumper wire (JW)
·
Polyethylene insulated
and polyvinyl chloride
sheathed inside-outside station wire (TIEV-CC)
·
Polyethylene insulated
and polyvinyl chloride sheathed terminating cable (TPEV/TPEV-CC)
·
Polyvinyl chloride
insulated and self-support telephone
drop wire (DW
2. Enamelled Wire
Siam Pacific (and Pacific-Thai) manufactures TIS and UL approved
enamelled wires with a wide range of thermal endurance class (105?C to 200?C)
and size (0.03mm to 3.20mm). Double coated wires are also produced and supplied
to special requirements of customers.
Export to : Hong Kong, China, Malaysia, India,
Indonesia, Singapore.
Enameled wire products include
the following:
|
PVF Enamel (QQ) |
: Polyvinyl format |
|
UEW Enamel (QA) |
: Polyurethane |
|
PEW Enamel (QZ) |
: Polyester |
|
UEW-NY Enamel (QA/X) |
: Two layers, base coat polyurethane, top coat nylon resin |
|
PEW-NY Enamel (QZ/X) |
: Two layers, base coat polyester, top coat nylon resin |
|
EIW Enamel (QZY) |
: Polyester-amide-imide or polyester-imide |
|
AIEIW Enamel Q(ZY/XY) |
: Two layers, base coat polyesterimide or polyester-amide-imide, top coat polyamide-imide |
|
New Enamel |
: Polyamide varnish mainly composed of nylon 12 |
|
Litz Enamel |
: Litz wire consists of any different insulation magnet wire |
|
Self-bonding Enamel (QAN, QZN) |
: Self-bonding layer shall be applied to the base coat such as UEW, :
PEW, or EIW, etc. |
- Power Cable
Siam Pacific produces power cables with raw materials of superior
quality, such as high grade copper and PVC, using outstanding techniques. It
supplies long life and high quality products with TIS approval to many
modernized factories and intelligent buildings.
- Capacity : 400 tons/month
- Range : 0.5
mm up to 500 mm
- Products : VAF x 2 Core (MEA Type B), THW Single Core,
NYY x 1, 2, 3, 4 (Core),
NYY-N, NYY-GRD, NYY-SWA, NYCY, Control
Cable
3. Power cable products include the following:
·
Single
core PVC insulated 300V 70?C (IV)
·
Single
core PVC insulated PVC sheathed 300V 70?C (VAF-S)
·
2-Core
flat PVC insulated PVC sheathed 300V 70?C (VAF)
·
3-Core
flat PVC insulated PVC sheathed 300V 70?C (VAF)
·
Single
core PVC insulated 750V 70?C (THW)
·
Single
core PVC insulated PVC sheathed 750V 70?C (VVF-S)
·
2-Core
flat PVC insulated PVC sheathed 750V 70?C (VVF)
·
Single
core PVC insulated PVC sheathed 750V 70?C (NYY)
·
2-Core
PVC insulated PVC sheathed 750V 70?C (NYY)
·
3-Core
PVC insulated PVC sheathed 750V 70?C (NYY)
·
4-Core
PVC insulated PVC sheathed 750V 70?C (NYY)
·
3-Core
PVC insulated PVC sheathed with
reduced neutral 750V 70?C
(NYY-N)
·
Single,
2, 3, or 4-core PVC insulated PVC sheathed 750V 70?C (VCT)
·
2-Core flat twin flexible PVC insulated 300V 70?C
(VFF)
·
2-Core flat PVC insulated PVC sheathed with ground
750V 70?C (VVF-GRD)
·
PVC insulated PVC sheathed with ground 750V 70?C
(NYY-GRD)
·
2-Core flat twin flexible PVC insulated with ground
300V 70?C (VFF-GRD)
·
PVC insulated PVC double sheathed with steel
wire armoured 750V 70?C (NYY-WA)
·
PVC insulated PVC double sheathed with
concentric copper shield 750V 70?C (NYCY)
·
Single
core PVC insulated PVC sheathed armoured
and unarmoured 600/1000V
·
2-Core
PVC insulated PVC sheathed
armoured and unarmoured
600/1000V
·
3-Core
PVC insulated PVC sheathed armoured and unarmoured 600/1000V
·
4-Core
PVC insulated PVC sheathed armoured and
unarmoured 600/1000V
·
PVC
insulated PVC sheathed armoured and unarmoured auxillary 600/100V
·
4-Core PVC
insulated PVC sheathed
armoured and unarmoured 600/100V
PRODUCTION CAPACITY
Communication Cable :
180,000 pair-km/month
Enamelled Wire :
Depend on customer requirement
Power Cable :
400 tons/month
IMPORT
The
raw materials such as copper
plastic resin and
accessories are imported
from Taiwan, Republic
of China, Japan
and United States
of America.
SALES [LOCAL]
80% of
its products is
sold locally by
wholesales to dealers
and end-users both
Government, state enterprises
and private sectors
such as follows:
- TOT
Public Co., Ltd.
- TT & T Public Co., Ltd.
- Ucom
Group
-
True Corporation
Public Co., Ltd.
-
Shin Corporation
Public Co., Ltd.
-
CAT Telecom
Public Co., Ltd.
-
United Communication Industry Public Co.,
Ltd.
-
SVOA Public
Co., Ltd.
-
etc.
EXPORT [COUNTRY]
20% of
its products is
exported to Republic
of China, Hong Kong,
India, Pakistan, Singapore,
Malaysia, Taiwan, Indonesia
and Middle East
countries.
RELATED AND AFFILIATED COMPANY
Pacific-Thai Electric Wire &
Cable
Business
Type: Wires & cable manufacturers
Address
: 2922/12 New Petchburi Rd., Bangkapi,
Huaykwang, Bangkok
LITIGATION
Bankruptcy
and Receivership
There are
no litigation on
bankruptcy and receivership cases filed against
the subject found
at Legal Execution
Department for the
past five years.
Others
There are
no legal suits
filed against the
subject for the
past two years.
CREDIT
Sales are
by cash or
on the credits term of 30-60
days.
Local bills
are paid by
cash or on
the credits term
of 30-60 days.
Imports are
by L/C at sight T/T
on negotiated term.
Exports are
against L/C at
sight and T/T
on negotiated term.
BANKING
Bangkok Bank Public Co.,
Ltd.
[New Petchburi
Branch : 1975/1 New
Petchburi Rd., Huaykwang,
Bangkok]
EMPLOYMENT
The subject
employs approximately 500 staff.
[office staff and
factory workers].
LOCATION DETAILS
The premise
is rented for administrative office
at the heading address. Premise
is located in
commercial area.
Factory is
situated on 100,000 square meters plot of land at
8 Tivanont Rd.,
Banmai, Pathumthani 12000,
Tel: [66] 2501-2457, Fax: [66] 2963-7868.
COMMENT
The
subject has maintained its leadership in the domestic market by rebuilding
advanced technology and infrastructure network, as well as enhancing customer
relationship.
Investment
and expansion in Thailand’s industries was still strong, and reflected the
success of the subject in focusing with
the industry, however, the government’s direct infrastructure expansion and
improvement also posted the subject’s
growth in the long term.
FINANCIAL INFORMATION
The capital
was initially registered
at Bht. 1,000,000
divided into 10,000
shares of Bht. 100
each.
The capital
was increased later
as follows:
Bht. 170,000,000 on January
9, 1990
Bht. 370,000,000 on November
30, 1992
Bht. 670,000,000 on December
9, 1996
The latest
registered capital was
increased to Bht.
670,000,000 divided into
6,700,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 30, 2006]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Charoong
Thai Wire & Cable Public
Co., Ltd. Nationality: Thai Address : 1093/71 Bangna-Trad Rd., Bangna, Bangkok 10260 |
6,699,994 |
100 |
|
Mr.
Kung Chin-Yung Nationality:
Taiwanese Address : 25/43 Soi Ekamai, Sukhumvit
63 Rd., Wattana, Bangkok 10110 |
1 |
- |
|
Mr.
Han Chung Yuan Nationality:
Taiwanese Address : 9
Father Rd., Singapore |
1 |
- |
|
Mr.
Sammuel See Nationality:
Singaporean Address : 5 Lanjat Rd., Singapore |
1 |
- |
|
Mr.
Chartchai Chutima Nationality: Thai Address :
77 Samsennai, Phyathai, Bangkok 10400 |
1 |
- |
|
Mr.
Lu Wie-Ming Nationality: Taiwanese Address :
289/1504 Pattanakarn 30 Rd.,
Suanluang Praves,
Bangkok 10250 |
1 |
- |
|
Mr.
Bandit Tanchavalit Nationality:
Thai Address : 165/131 Moo 1, Tesabal 2 Rd.,
Bangbuathong, Nonthaburi |
1 |
- |
Total
Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Supachai
Panyawathano No.
3930
BALANCE SHEET [BAHT]
The latest financial figures
published for December
31, 2005 &
2004 were:
ASSETS
|
Current Assets |
2005 |
2004 |
|
|
|
|
|
Cash in
hand & at
Bank |
234,354,957 |
35,190,518 |
|
Short Term
Investment-Fixed Account |
2,952,559 |
7,935,806 |
|
Trade Accts.
Receivable |
|
|
|
-
Non-Related Company |
585,282,781 |
485,362,560 |
|
-
Related Company |
134,693,732 |
50,961,289 |
|
Les: Allowance
for Doubtful Account |
[48,000,000] |
[45,000,000] |
|
Trade Accts.
Receivable-net |
671,976,513 |
491,323,849 |
|
Receivable
& Loan to Subsidiaries Company |
110,740 |
9,881,894 |
|
Inventories [note 1] |
392,127,880 |
420,174,668 |
|
Other Receivable |
10,000,000 |
- |
|
Other Current
Assets |
2,318,789 |
5,432,159 |
|
Total
Current Assets |
1,313,841,438 |
969,938,894 |
|
Fixed from
Financial Institute |
98,103,788 |
88,613,898 |
|
Investment in
Subsidiaries Company |
293,284,399 |
293,284,399 |
|
Other Long
Term Investment |
12,245,040 |
5,810 |
|
Fixed
Assets [note 2] |
414,317,983 |
485,225,348 |
|
Total
Assets |
2,131,792,648 |
1,837,068,349 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current Liabilities |
2005 |
2004 |
|
|
|
|
|
Payable Trust
Receipt |
552,955,112 |
317,797,216 |
|
Trade Accts.
Payable |
|
|
|
-
Non Related Company |
24,535,630 |
18,058,276 |
|
-
Related Company |
7,344,134 |
9,861,637 |
|
|
31,879,764 |
27,919,913 |
|
Payable-Related
Company |
8,017,460 |
7,633,455 |
|
Short Term
Loan from Related
Company |
116,025,000 |
116,025,000 |
|
Other Current
Liabilities |
|
|
|
Accrued
Income Tax |
10,899,537 |
7,843,500 |
|
Accrued
Expenses |
22,921,805 |
14,573,261 |
|
Other |
5,335,110 |
6,537,050 |
|
Total Current Liabilities |
748,033,788 |
498,329,395 |
|
Long Term
Loan from Related
Company |
130,943,290 |
124,671,626 |
|
Total
Liabilities |
878,977,078 |
623,001,021 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share
capital : Baht 100 par
value authorized, issued and fully
paid
share capital 6,700,000 shares |
670,000,000 |
670,000,000 |
|
Capital Paid |
670,000,000 |
670,000,000 |
|
Unrealized
Profit/[Loss] on Decline
Value of
Investment |
633,080 |
[6,149] |
|
Statutory Reserve |
20,985,557 |
20,985,557 |
|
Retained Earning - Unappropriated |
561,196,933 |
523,087,920 |
|
Total Shareholders' Equity |
1,252,815,570 |
1,214,067,328 |
|
Total Liabilities &
Shareholders' Equity |
2,131,792,648 |
1,837,068,349 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2005 |
2004 |
|
|
|
|
|
Sales & Services |
1,701,015,954 |
1,450,094,437 |
|
Other Income |
|
|
|
Interest
Income |
2,952,762 |
606,058 |
|
Other |
10,407,078 |
12,897,238 |
|
Total
Revenues |
1,714,375,794 |
1,463,597,733 |
|
Expenses |
|
|
|
|
|
|
|
Cost of
Goods Sold Services |
1,547,357,368 |
1,337,073,097 |
|
Selling &
Administrative Expenses |
56,428,910 |
76,375,908 |
|
Loss on
Exchange Rate |
27,924,439 |
1,282,341 |
|
Total Expenses
|
1,631,710,717 |
1,414,731,346 |
|
Profit
/ [Loss] Before Interest
Expenses & Income
Tax |
82,665,077 |
48,866,387 |
|
Interest Expenses |
[27,092,611] |
[13,971,157] |
|
Income Tax |
[17,463,453] |
[11,804,577] |
|
Net
Profit / [Loss] |
38,109,013 |
23,090,653 |
FINANCIAL NOTE
NOTE
1 Inventories
|
|
2005 |
2004 |
|
|
|
|
|
Finished Goods |
213,750,396 |
250,658,054 |
|
Work in
Process |
122,581,349 |
123,896,939 |
|
Raw Material & Material Supplies |
84,289,465 |
72,869,189 |
|
Goods in
Transit |
106,670 |
1,350,486 |
|
Total |
420,727,880 |
448,774,668 |
|
Less:
Depreciation |
[28,600,000] |
[28,600,000] |
|
Total |
392,127,880 |
420,174,668 |
NOTE
2 Fixed Assets
|
|
2005 |
2004 |
|
|
|
|
|
Land
& Improvement |
53,350,991 |
53,350,991 |
|
Building
|
439,681,440 |
439,681,440 |
|
Machine
& Equipment |
1,012,899,227 |
1,006,366,018 |
|
Office Equipment |
28,569,812 |
27,975,785 |
|
Vehicle
|
16,979,329 |
18,826,625 |
|
Works under
Construction |
364,051 |
364,051 |
|
Total |
1,551,844,850 |
1,546,564,910 |
|
Less:
Depreciation |
[1,137,526,867] |
[1,061,339,562] |
|
Total |
414,317,983 |
485,225,348 |
FINANCIAL ANALYSIS
Annual Growth & Profitability
|
Annual
Growth |
2005 |
2004 |
|
Sales |
17.30 |
|
|
Operating |
87.99 |
|
|
Net Profit |
65.04 |
|
|
Fixed Assets |
[14.61] |
|
|
Total Assets |
16.04 |
|
|
Profitability |
|
|
|
Cost of
Goods Sold |
90.97 |
92.21 |
|
Operating Profit
Margin |
6.50 |
3.46 |
|
S&A expenses |
3.32 |
5.27 |
|
Interest |
1.59 |
0.96 |
|
Other Revenues |
0.79 |
0.93 |
|
Net Profit
Margin |
2.24 |
1.59 |
|
Earning Per
Shares |
5.69 |
3.45 |
|
No. of
Shares |
6,700,000 |
6,700,000 |
Net Sales was
increased by 17.30%,
Operating Profit was
increased by 87.99%,
Net Profit was
increased by 65.04%,
Fixed Assets was
decreased by 14.61%,
Total Assets was
increased by 16.04%.
Compare each cost
with sales, Cost
of Goods Sold
was decreased from
92.21% to 90.97%,
Operating Profit Margin
was increased from
3.46% to 6.50%,
S & A
Expenses were decreased
from 5.27% to
3.32%, Interest Paid
was increased from
0.96% to 1.59%,
Other Revenues was
decreased from 0.93%
to 0.79%, Net
Profit Margin was
increased from 1.59%
to 2.24%.
Earning Per
Shares was increased
from 3.45 baht
per share to
5.69 baht per
share.
Liquidity
|
Liquidity |
2005 |
2004 |
|
Current Ratio |
1.76 |
1.95 |
|
Quick
- assets ratio |
1.23 |
1.09 |
Current Ratio
was decreased from
1.95 to 1.76,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
and Quick-assets Ratio
was increased from
1.09 to 1.23,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2005 |
2004 |
|
D/E Ratio |
0.70 |
0.51 |
|
Times Interest
Earned |
4.08 |
3.59 |
D/E Ratio was
increased from 0.51
to 0.70, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is low
and Times Interest
Earned was increased
from 3.59 to
4.08, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2005 |
2004 |
|
Fixed Assets
Turnover |
4.11 |
2.99 |
|
Total Assets
Turnover |
0.80 |
0.79 |
|
Return on
Assets |
1.79 |
1.26 |
|
Return on
Equity |
3.04 |
1.90 |
|
Day’s Payable |
5.19 |
4.48 |
|
Day’s Inventories |
82.99 |
104.31 |
|
Days’ Receivables |
123.87 |
120.50 |
Fixed Assets Turnover
was increased from
2.99 times to
4.11 times, Total
Assets Turnover was
increased from 0.79
times to 0.80
times, show the
company could use
Assets so efficiently, and Return on
Assets was increased
from 1.26 to
1.79, Return on
Equity was increased
from 1.90 to
3.04, capacity to
use Assets to
make profit was
good.
Day’s Payable
was increased from
5 days to 6 days,
while Day’s Inventories
was decreased from
105 days to
83 days, but
Day’s Receivables was
increased from 121
days to 124
days.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|