MIRA
INFORM REPORT
|
Report Date : |
30.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HIANG SENG FIBRE CONTAINER CO LTD |
|
|
|
|
Formerly Known As : |
SIAM CONTAINER [HIANG SENG] CO LTD |
|
|
|
|
Registered Office : |
389, Rimthangrodfai – Chongnonsee Road, Klongtoey, Prakanong, Bangkok
10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
2006 |
|
|
|
|
Date of Incorporation : |
1968 |
|
|
|
|
Com. Reg. No.: |
0105511002819 [Former : 341/2511] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Paper and Paper container
products |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
EUR 800,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
Company Name
HIANG SENG FIBRE CONTAINER CO., LTD.
SUMMARY
ADDRESS : 389
RIMTHANGRODFAI - CHONGNONSEE
ROAD,
KLONGTOEY, PRAKANONG,
BANGKOK
10110, THAILAND
TELEPHONE : [66] 2249-0251-4
FAX : [66] 2249-5713
E-MAIL
ADDRESS : sumbum@hsfc.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1968
REGISTRATION NO. : 0105511002819 [Former : 341/2511]
CAPITAL REGISTRED : BHT.
950,000,000
CAPITAL PAID-UP :
BHT. 950,000,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SARANYOO TEJAVIBULYA, THAI
MANAGING DIRECTOR
NO. OF STAFF : 1,560
LINES OF BUSINESS : PAPER & PAPER CONTAINER
PRODUCTS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
AVERAGE PERFORMANCE
HISTORY
The subject was established on May 31, 1968 as a
private limited company under the
name “Siam Container [Hiang
Seng] Co., Ltd.,”
by Tejavibulya family.
On September 9,
1968 the name
was changed to
HIANG SENG FIBRE CONTAINER CO., LTD.
It is one of
the major paper
manufacturers in Thailand.
It currently employs
1,560 staff.
The subject received
the promotional privilege
from the Board
of Investment and
achieved ISO 9002 in
2000 and ISO 9001 : 2000 by BVQI in 2002.
The subject’s registered
address is 389 Rimthangrodfai-Chongnonsee Rd., Klongtoey,
Prakanong, Bangkok 10100,
and this is
the subject’s current
operation address.
THE BOARD OF
DIRECTORS
|
Name |
Nationality |
Age |
|
Mr. Chotinond Tejavibulya |
Thai |
33 |
|
Mr. Saranyoo Tejavibulya [x] |
Thai |
42 |
|
Mrs. Rapeepun Tejavibulya [x] |
Thai |
44 |
|
Ms. Wannaporn Tejavibulya |
Thai |
34 |
AUTHORIZED PERSON
One
of the mentioned directors [x]
can jointly sign with one
of the rest directors on
behalf of the subject with company’s affixed.
MANGEMENT
Mr. Saranyoo Tejavibulya is
the Managing Director.
He is Thai nationality with
the age of
42 years old.
Mr. Somboon Peeratanakul is the Marketing
Manager.
He is Thai nationality.
Mr. Dulpat Mahatthanapanich is
the Assistant Managing Director.
He is Thai nationality.
Mr. Boonsong
Suparkarapongkul is the Senior Sales
Manager [Samutprakarn].
He is Thai nationality.
Mr. Songyos Triwatanachaikul is the Sales
Manager [Klongtoey].
He is Thai nationality.
Mr. Samrej Siew-Sakul
is the Assistant Plant
Manager [Factory 1 & Factory 4].
He is Thai nationality.
Mr. Sophonchai Kluesirikul
is the Factory Manager [Factory
2 & Factory
3].
He is Thai nationality.
Mr. Veerachai Sirivongrangsan is
the Factory Manager
[Factory 5].
He is Thai nationality.
Mr. Kittiphum Suthes is
the Quality Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject’s activity
is manufacturer of a
wide range of paper
and paper container
products as follows:
1. Kraft Liner
Paper:
Used
in the production of
corrugated board cartons.
2. Extensible Sack
Kraft Paper:
Used
for manufacture of
cement, animal food, plastics and
chemicals
sack industries.
3. Corrugated Medium
Paper :
Used
in the manufacture of corrugated
board between the
exterior Kraft Liner
Paper.
4. Corrugated Sheet
Board :
The
products are single,
double and triple walled corrugated board sheeting.
5. Corrugated
Cartons :
Two
kinds of corrugated
carton or boxes,
slotted cartons, and
die cut cartons.
6. Multi-wall
Sack :
Three,
four and five
layer Multi-wall Sack
Kraft Paper Bags for
the cement, animal
food, plastics
and chemicals industries.
7. Gummed Paper
Tape :
This
products is primarily
used for sealing corrugated board cartons and
boxes.
8. Paste Value
Paper and Sub
Bag Paper Tape
:
The paper used
to seal the
bass of multi-wall sack Kraft paper bags
(Sub
Paper
Tape). These products are
primarily used in the manufacture
of cement sacks.
9. Cut
Sheet Printing &
Writing Paper.
PURCHASE
50%
of raw materials, paper pulp are
imported from United States of
America, Germany, Japan, Taiwan,
Vietnam & Singapore, the
remaining is purchased
from local suppliers
and agents.
MAJOR SUPPLIERS
- Panjapol Pulp Industry Public Co., Ltd., Thailand
Products : Paper pulp
products
- Panjapol Paper Industry
Co., Ltd., Thailand
Products : Paper pulp
products
SALES
90%
of the products is
sold directly to wholesalers in local markets
around 400 customers. The remaining 10% is
exported to overseas
customers in Asian
Countries of over
50 customers in
Singapore, Hong Kong, India,
Japan, Korea, Indonesia,
Philippine, Republic of
China, Vietnam and Taiwan.
MAJOR CUSTOMERS
- Procter and
Gamble Manufacturing [Thailand]
Ltd.
Business Type : Manufacturer & distributor of
consumer products
- Unilever Thai Holdings
Ltd.
Business Type : Manufacturer of consumer products
- Siam City Cement Public Co.,
Ltd.
Business Type : Manufacturer of cement
- Jalaprathan Cement Public Co.,
Ltd.
Business Type : Manufacturer of cement
- Pepsi - Cola Thai Trading
Co., Ltd.
Business Type : Distributor
of soft drink
concentrate
- Beer Thai [1991]
Co., Ltd.
Business Type : Distributor
of beer products
- Thai President Foods Co., Ltd.
Business Type : Manufacturer of consumer products
- Colgate-Palmolive [Thailand] Co., Ltd.
Business Type : Manufacturer of consumer products
- Thai Preserved Food Factory Co., Ltd.
Business Type : Manufacturer of consumer products
- Saha Pathanapibul Public Co., Ltd.
Business Type : Manufacturer of consumer products
- Malee Sampran Public Co., Ltd.
Business Type : Manufacturer of fruit juice
- Boonrawd Brewery Co., Ltd.
Business Type : Manufacturer of beer
- Carlsberg Brewery [Thailand] Ltd.
Business Type : Manufacturer of beer
- etc.
AFFILIATED COMPANIES
- Panjapol Pulp Industry
Public Co., Ltd.
Business Type: Manufacturer of paper pulp
Address : 44th Floor UCB Building,
323 Silom Rd.,
Bangrak, Bangkok 10500
- Panjapol Paper Industry
Co., Ltd.
Business Type :
Manufacturer of paper
pulp
Address : 44th Floor
UCB Building 323
Silom Rd., Bangrak,
Bangkok 10500
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, D/A & T/T.
Exports are against
L/C at sight & T/T.
BUSINESS TRANSACTION
In
term of sales,
the products are
sold mainly to
local customers with
the maximum credit
given at 30-60
days, and the
remaining to overseas
customers by L/C
at sight. The
subject is not found to have any problem
on its account receivable.
For
the import, the
subject has no
payment problem due to
the products are
purchased by L/C
at sight only.
BANKING
-
Kasikornbank Public Co., Ltd.
[Head Office : 1 Kasikorn Lane, Rajburana Rd., Rajburana, Bangkok]
-
The Siam Commercial
Bank Public Co., Ltd.
[Head
Office : 9 Ratchadapisek Rd., Jatujak
Bangkok]
-
TMB Bank Public
Co., Ltd.
[Head
Office : 3000 Phaholyothin Rd.,
Jatujak, Bangkok]
-
Krung Thai Bank
Public Co., Ltd.
[Head Office :
35 Sukhumvit Rd.,
Klongtonnue, Wattana, Bangkok]
EMPLOYMENT
The subject employs
1,560 staff. [office
staff, sales staff
and factories workers]
LOCATION DETAILS
The premise is
owned for administrative office at the
heading address in
commercial/residential area.
Box and Sheet
Factories:
1)
183 Moo 8,
Poochaosamingprai Rd., T.
Somrongtai, A. Phrapradaeng,
Samutprakarn 10130.
Tel
:
[66] 2384-0020, 2384-0111,
2384-2453-67
Fax : [66] 2384-2468
Area : 160,000
sq.m.
2)
38/4 Moo 1, Ekachai
Rd., T. Klongblur, A.
Muang, Samutprakarn 74000.
Tel : [66]
34 823-141-5
Fax : [66]
34 824-610, 34
824-612
Area :
160,000 sq.m.
3)
38/8 Moo 1, Ekachai Rd.,
T. Klongblur, A.
Muang, Samutprakarn 74000.
Tel : [66]
34 823-141-5
Fax : [66]
34 824-610
Area : 192,000
sq.m.
4)
72 Moo 22, Poochasamingprai Rd., T. Samrongtai,
A. Phrapradaeng,
Samutprakarn 10130.
Tel : [66]
2384-0111
Fax : [66]
2384-2468
Area : 48,000
sq.m.
Paper Factory:
5)
110/4 Moo 4, Sethakij
Rd., T. Bankoh,
A. Muang, Samutprakarn 74000.
Tel : [66]
34 468-019, 34
425-568
Fax : [66]
34 424-680
REMARK
CREDIT OF EUR
800,000 SHOULD BE
IN ORDER.
COMMENT
The
company is one
of the leading
manufacturers of paper
boxes with an
upstream production facilities.
Its performance in
the past year
was played an important role
in the packaging industry due
to the recovery in consumer
products sector as
well as the
buying power of customers for
paper packages was
considerably higher.
The subject has
been enjoying an
outstanding performance in
the previous years.
Operations have been
maintained at good conditions.
FINANCIAL INFORMATION
The capital was originally registered at Bht. 10,000,000 divided
into 1,000 shares
of Bht. 10,000
each.
The capital was
increased later as
followings:
Bht. 180,000,000 on December 25,
1982
Bht. 320,000,000 on June 10,
1988
Bht. 400,000,000 on March 1,
1991
Bht. 650,000,000 on August 19,
1999
Bht. 750,000,000 on June 19,
2003
Bht.
850,000,000 on June
3, 2004
Bht. 950,000,000 on November 2,
2005
The latest registered
capital was increased
to Bht. 950,000,000 divided into
95,000 shares of
Bht. 10,000 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE: [as of April
30, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Midway Sign Ltd. Nationality: Chinese Address : Room 904-8, 9th Floor, Kaitax Commercial Building, 317-9 Des Vaeuserd Central, Hong Kong |
20,138 |
21.20 |
|
Mr. Kris Tejavibulya Nationality: Thai Address : 95 Sukhumvit 55 Rd., Klongtonnua, Wattana, Bangkok |
9,000 |
9.47 |
|
Mr. Suthas Tejavibulya Nationality: Thai Address : 389 Rimthangrodfai-Chongnonsee Klongtoey, Bangkok 10110 |
8,908 |
9.38 |
|
Mr. Saranyoo Tejavibulya Nationality: Thai Address : 96 Sukhumvit 1 Rd., Klongton, Klongtoey, Bangkok |
6,345 |
6.68 |
|
Mr. Prasert Tejavibulya Nationality: Thai Address : 33 Sukhumvit 59 Rd., Klongtonnua, Wattana, Bangkok |
6,154 |
6.47 |
|
|
|
|
|
Ms. Wannaporn Tejavibulya Nationality: Thai Address : 95 Sukhumvit 55 Rd., Klongtonnua, Wattana, Bangkok |
5,845 |
6.15 |
|
Mr. Krisakorn Tejavibulya Nationality: Thai Address : 391 Rimthangrodfai-Chongnonsee, Klongtoey, Bangkok 10110 |
5,768 |
6.07 |
|
Mr. Chotinond Tejavibulya Nationality: Thai Address : 25 Sukhumvit 26 Rd., Klongton, Klongtoey, Bangkok |
5,221 |
5.49 |
|
Mr. Chotiwit Tejavibulya Nationality: Thai Address : 26 Sukhumvit 26 Rd., Klongton, Klongtoey, Bangkok |
5,220 |
5.49 |
|
Others |
22,401 |
23.60 |
Total Shareholders :
19
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
:
Mr. Pratheep Sangthamarak No. 2540
HIANG SENG
FIBRE CONTAINER CO.,
LTD.
Balance Sheet
The latest financial figures published as at
December 31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand & at Bank [note 1] |
106,301,332.92 |
35,545,066.22 |
|
Notes Receivable |
39,600,421.51 |
77,817,050.50 |
|
Trade Accounts Receivable [note 2] |
1,888,976,676.16 |
1,863,215,645.36 |
|
Inventories [note 3] |
816,764,042.78 |
1,041,588,182.83 |
|
Other Current Assets |
133,694,102.20 |
208,483,472.56 |
|
|
|
|
|
Total Current Assets |
2,985,336,575.57 |
3,226,649,417.47 |
|
Fixed Assets [note 4] |
5,679,677,672.83 |
5,650,809,500.23 |
|
Other Assets |
249,074,602.95 |
133,571,295.95 |
|
Total Assets |
8,914,088,851.35 |
9,011,030,213.65 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2006 |
2005 |
|
|
|
|
|
Bank Overdraft |
106,795,047.80 |
109,999,702.62 |
|
Machinery Payable |
52,354,027.56 |
909,790.77 |
|
Trade Accounts Payable |
1,912,955,126.94 |
2,047,100,722.25 |
|
Other Current Liabilities |
1,110,202,114.62 |
1,052,759,131.77 |
|
|
|
|
|
Total Current Liabilities |
3,182,306,316.92 |
3,210,769,347.41 |
|
Long-term Loan |
2,117,158,161.79 |
2,293,650,929.13 |
|
Machinery Payable over 1 Year |
890,018,467.48 |
965,644,726.67 |
|
Total Liabilities |
6,189,482,946.19 |
6,470,065,003.21 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10,000 par value Authorized & issued share capital 95,000 shares |
950,000,000.00 |
950,000,000.00 |
|
|
|
|
|
Capital Paid |
950,000,000.00 |
900,000,000.00 |
|
Unappropriated |
1,774,605,905.16 |
1,640,965,210.44 |
|
Total Shareholders' Equity |
2,724,605,905.16 |
2,540,965,210.44 |
|
Total Liabilities & Shareholders' Equity |
8,914,088,851.35 |
9,011,030,213.65 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales |
5,538,335,677.37 |
5,060,877,028.26 |
|
Other Income |
200,533,290.00 |
114,758,169.71 |
|
Total Revenues |
5,738,868,967.37 |
5,175,635,197.97 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods Sold |
5,220,826,211.70 |
4,801,563,645.86 |
|
Selling & Administrative Expenses |
341,476,184.68 |
237,879,541.83 |
|
Total Expenses |
5,562,302,396.38 |
5,039,443,187.69 |
|
|
|
|
|
Profit / [Loss] before Interest Expenses & Income Tax |
176,566,570.99 |
136,192,010.28 |
|
Interest Expenses |
[100,091,329.28] |
[73,403,221.18] |
|
Income Tax |
[59,296,683.02] |
[54,621,301.27] |
|
|
|
|
|
Profit / [Loss] from Operating |
17,178,558.69 |
8,167,487.83 |
|
Extraordinary Item - Discount received from Debt Compromise |
116,462,136.03 |
112,439,052.04 |
|
Net Profit / [Loss] |
133,640,694.72 |
120,606,539.87 |
FINANCIAL NOTE
NOTE 1
Cash in Hand & at Bank
|
|
2006 |
2005 |
|
|
|
|
|
Cash in hand |
976,494.51 |
178,750.94 |
|
Cash at bank |
105,324,838.41 |
35,366,315.28 |
|
|
|
|
|
Total |
106,301,332.92 |
35,545,066.22 |
NOTE 2
Trade Accts. Receivable
|
|
2006 |
2005 |
|
|
|
|
|
Trade Accts. Receivable |
1,986,506,172.46 |
1,958,924,659.68 |
|
Less: Allowance for Doubtful Account |
97,529,496.30 |
95,709,014.32 |
|
|
|
|
|
Total |
1,888,976,676.16 |
1,863,215,645.36 |
NOTE 3
Inventories
|
|
2006 |
2005 |
|
|
|
|
|
Inventories |
369,631,075.27 |
317,306,361.38 |
|
Raw Material |
282,249,320.26 |
509,516,624.07 |
|
Material & Spare Parts |
164,883,647.25 |
214,765,197.38 |
|
|
|
|
|
Total |
816,764,042.78 |
1,041,588,182.83 |
NOTE 4
Fixed Assets
|
|
2006 |
2005 |
|
|
|
|
|
Land |
692,386,889.50 |
692,386,889.50 |
|
Building & Construction |
1,058,089,911.24 |
1,030,131,365.31 |
|
Machine & Equipment |
3,819,735,490.46 |
3,805,300,642.56 |
|
Office Automation & Equipment |
82,110,269.99 |
33,548,422.89 |
|
Equipment & Vehicle |
27,355,111.64 |
89,442,179.97 |
|
|
|
|
|
Total |
5,679,677,672.83 |
5,650,809,500.23 |
HIANG SENG
FIBRE CONTAINER CO., LTD.
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
9.43 |
|
|
Operating Profit |
18.47 |
|
|
Net Profit |
10.81 |
|
|
Fixed Assets |
0.51 |
|
|
Total Assets |
[1.08] |
|
|
Profitability |
|
|
|
Cost of Good Sold |
94.27 |
94.88 |
|
Operating Profit Margin |
3.19 |
2.69 |
|
S & A Expenses |
6.17 |
4.70 |
|
Interest Paid |
1.81 |
1.45 |
|
Other Revenues |
3.62 |
2.27 |
|
Net Profit Margin |
2.41 |
2.38 |
|
Earning Per Shares |
1,406.74 |
1,340.07 |
|
No. of Shares |
95,000 |
90,000 |
Net Sales was
increased by 9.43%,
Operating Profit was
increased by 18.47%,
Net Profit was
increased by 10.81%,
Fixed Assets was
increased by 0.51%,
Total Assets was
decreased by 1.08%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 94.88%
to 94.27%, Operating
Profit Margin was
increased from 2.69%
to 3.19%, S
& A Expenses
was increased from
4.70% to 6.17%,
Interest Paid was increased
from 1.45% to
1.81%, Other Revenues
was increased from
2.27% to 3.62%,
Net Profit Margin
was increased from
2.38% to 2.41%.
Earning Per Shares
was increased from
1,340.07 baht per
share to 1,406.74
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
0.94 |
1.00 |
|
Quick-Assets Ratio |
0.64 |
0.62 |
Current Ratio was
decreased from 1.00
to 0.94, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company was not
good, Quick-Assets Ratio
was increased from
0.62 to 0.64,
capacity to pay
Short Term Loan
was not good
too, because Current
Assets without Inventory
can not cover
Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
2.27 |
2.55 |
|
Times Interest Earned |
1.76 |
1.86 |
D/E Ratio
was decreased from
2.55 to 2.27,
show the company
had fund from
Loan more than
fund from Equity,
investment risked of
the company is
medium, Times Interest
Earned was decreased
from 1.86 to
1.76, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
0.98 |
0.90 |
|
Total Assets Turnover |
0.62 |
0.56 |
|
Return on Assets |
1.50 |
1.34 |
|
Return on Equity |
4.90 |
4.75 |
|
Day's Payable |
124.34 |
145.62 |
|
Day’s Inventories |
53.09 |
74.09 |
|
Day’s Receivables |
122.79 |
132.54 |
Fixed Assets Turnover
was increased from
0.90 times to
0.98 times, Total
Assets Turnover was
increased from 0.56
times to 0.62
times, show the
company could use
Assets so efficiently, Return on Assets
was increased from 1.34 to 1.50,
Return on Equity
was increased from
4.75 to 4.90,
capacity to use
Assets to make
profit was good.
Day's Payable was
decreased from 146
days to 125
days, Day’s Inventories
was decreased from
75 days to 54 days, and
Day’s Receivables was
decreased from 133
days to 123
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. |
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 |
|
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%)