MIRA INFORM REPORT
|
Report Date : |
08.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
FORMOSA INDUSTRIES CORPORATION |
|
|
|
|
Registered Office : |
Nhon Trach III Industrial Park, Hiep Phuoc Ward - Nhon Trach District
- Dong Nai Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
2001 |
|
|
|
|
Legal Form : |
Foreign Invested Company |
|
|
|
|
Line of Business : |
Manufacture and trading in textile and chemical fibers |
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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Vietnam |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SUBJECT IDENTIFICATION & LEGAL FORM
Current legal status
|
||
|
English Name |
|
FORMOSA INDUSTRIES CORPORATION |
|
Vietnamese Name |
|
CONG TY TNHH HUNG NGHIEP FORMOSA |
|
Trade name |
|
FIC |
|
Type of Business |
|
Foreign invested company |
|
Year Established |
|
2001 |
|
Investment Certificate No |
|
472023000477 |
|
Date of investment |
|
22 May 2008 |
|
Last date revised |
|
30 May 2010 |
|
Place of investment |
|
Management Board of Dong Nai Industrial
Zones |
|
Registered Investment Capital |
|
1,220,417,000 USD |
|
Chartered capital |
|
600,000,000 USD |
|
Investment Duration |
|
50 |
|
Status |
|
Unlisted |
|
Tax code |
|
3600517557 |
|
Total Employees |
|
2,600 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Investment
Certificate No: 2244/GP, issuance on December 26th 2001, issuance by Ministry
of Planning and Investment. Changed to: 472023000477 by Management Board of
Dong Nai province Industrial Zones. |
22 May
2008 |
|
2 |
Subject has got former Registered
Investment capital: 951,356,000 USD Changed to: 1,116,078,000 USD 22 May 2008
changed to 1,220,417,000 USD |
30
May 2010 |
|
3 |
Subject has got former Chartered capital:
447,000,000 USD Changed to: 600,000,000 USD |
30
May 2010 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
Nhon Trach III Industrial Park, Hiep Phuoc
Ward - Nhon Trach District - Dong Nai Province - Vietnam |
|
Telephone |
|
(84-61) 3560309 / 3560308 / 3560307 |
|
Fax |
|
(84-61) 3560306 / 3560310 / 3560311 |
|
Email |
|
|
DIRECTORS
|
1.
NAME |
|
Mr.
HONG FU YUAN |
|
Position |
|
General Director |
|
Nationality |
|
Taiwanese |
|
|
||
|
2.
NAME |
|
Mr.
CHEN KUN TAI |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Taiwanese |
|
|
||
|
3.
NAME |
|
Mr.
CHANG CHUN YANG |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
(84-61) 3560309 |
|
|
||
|
4.
NAME |
|
Mr.
CHIEN TSUNG YI |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Taiwanese |
|
Tel/Mobil phone |
|
(84-61) 3560309 ++84 918 773 175 |
|
Email |
|
fic@fic.com.vn |
BUSINESS NATURE AND ACTIVITIES
|
The
subject registered the following activities: |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
Machines equipment, Materials |
|
·
Market |
|
Taiwan, Japan, China, Philippine, Germany |
|
·
Ratio |
|
N/A |
|
·
Mode of payment |
|
TT (Mainly), L/C, CASH |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Finished products |
|
·
Market |
|
Turkey, Singapore, Korea, USA, Northern Europe… |
|
·
Ratio |
|
N/A |
|
·
Mode of payment |
|
TT (Mainly), L/C, CASH |
BANKERS
|
1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM DONG NAI BRANCH |
||
|
Address |
|
No 77C Hung Dao Vuong,Trung Dung Ward - Bien Hoa City - Dong Nai Province
- Vietnam |
|
Telephone |
|
(84-61) 3823666 |
|
Fax |
|
(84-61) 3824191 |
|
|
||
|
2.
CITY BANK - HOCHIMINH CITY BRANCH |
||
|
Address |
|
No.115, Nguyen Hue Str, Ben Nghe Ward - 1 District - Ho Chi Minh City
- Vietnam |
|
Telephone |
|
(84-8) 38242118 |
|
Fax |
|
(84-8) 38242114 |
|
|
||
|
3.
FIRST BANK |
||
|
Address |
|
No.88 Dong Khoi Street - 1 District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 8238111 |
|
Fax |
|
(84-8) 8221747 |
|
|
||
|
4.
ICBC – INTERNATIONAL COMMERCIAL BANK OF CHINA |
||
|
Address |
|
No. 5B, Ton Duc Thang Str Ben Nghe Ward - 1 District - Ho Chi Minh
City - Vietnam |
|
Telephone |
|
(84-8) 822 5697 |
|
Fax |
|
(84-8) 822 5698 |
|
|
||
|
5.
THE JOINT VENTURE BANK BETWEEN INDUSTRIAL AND COMMERCIAL BANK OF VIETNAM AND
CA THAY UNITED BANK |
||
|
Address |
|
Nhon Trach Industrial Zone 3 Street 25th, Hiep Phuoc Commune - Nhon
Trach District - Dong Nai Province - Vietnam |
|
Telephone |
|
(84-61) 3569029 |
|
Fax |
|
(84-61) 356902 |
SHAREHOLDERS
|
1.
NAME |
|
FORMOSA
CHEMICALS & FIBRE CORP |
|
Address |
|
No. 201 Tung Hwa North Road - Taipei -
Taiwan |
|
Tel |
|
886-2-2712-2211 |
|
Fax |
|
886-2-22718-0358 |
|
Value of shares |
|
255,000,000 USD |
|
|
||
|
2.
NAME |
|
NANYA
PLASTICS CORPORATION |
|
Address |
|
3F, 201, Tun Hwa N. Rd.-Taipei City -Taipei
10508 - Taiwan |
|
Tel |
|
886/2/2712-2211 |
|
Value of shares |
|
255,000,000 USD |
|
|
||
|
3.
NAME |
|
FORMOSA
TAFFETA COMPANY LIMITED |
|
Business Registration |
|
14001199 |
|
Date of Registration |
|
19 Apr 1973 |
|
Place of Registration |
|
Taiwan |
|
Address |
|
317 Shu Liu Road, Touliu 640 - Taiwan |
|
Tel |
|
886-5-557 3966, 886-5-5537884-5, 886-5-557
3886-7 |
|
Fax |
|
886-5-557 3969 |
|
Value of shares |
|
60,000,000 USD |
|
|
||
|
4.
NAME |
|
KING
CAR FOOD INDUSTRIAL CO., LTD |
|
Address |
|
No. 230, Roosevelt Rd., - Sec. 3 - Taipei -
Taiwan - Taiwan |
|
Tel |
|
886 2 23697807 |
|
Fax |
|
886 2 23657740 |
|
Value of shares |
|
30,000,000 USD |
FINANCIAL DATA
|
BALANCE
SHEET |
|||
Unit: One VND
|
|||
|
Balance sheet
date |
31/12/2010 |
31/12/2009 |
31/12/2008 |
|
Number of weeks |
52 |
52 |
52 |
|
ASSETS |
|||
|
A – CURRENT
ASSETS |
5,035,353,021,633
|
3,420,238,735,332
|
3,053,172,000,000
|
|
I. Cash and cash
equivalents |
1,476,169,019,789
|
320,451,585,945 |
1,455,678,000,000
|
|
1. Cash |
166,474,338,063 |
153,078,295,481 |
39,097,000,000 |
|
2. Cash equivalents |
1,309,694,681,726 |
167,373,290,464 |
1,416,581,000,000 |
|
II. Short-term
investments |
0 |
0 |
26,977,000,000 |
|
1. Short-term investments |
0 |
0 |
26,977,000,000 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts
receivable |
702,776,925,520 |
583,388,867,953 |
455,657,000,000 |
|
1. Receivable from customers |
636,528,138,095 |
401,159,468,337 |
359,305,000,000 |
|
2. Prepayments to suppliers |
59,482,360,191 |
179,884,849,958 |
91,652,000,000 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
6,766,427,234 |
2,344,549,658 |
4,700,000,000 |
|
6. Provisions for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
2,718,174,492,380
|
2,392,640,332,685
|
1,102,689,000,000
|
|
1. Inventories |
2,718,174,492,380 |
2,392,640,332,685 |
1,138,063,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
-35,374,000,000 |
|
V. Other Current
Assets |
138,232,583,944 |
123,757,948,749 |
12,171,000,000 |
|
1. Short-term prepaid expenses |
4,360,681,607 |
1,892,188,018 |
1,936,000,000 |
|
2. VAT to be deducted |
131,063,955,448 |
119,416,960,702 |
9,775,000,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
0 |
|
4. Other current assets |
2,807,946,889 |
2,448,800,029 |
460,000,000 |
|
B. LONG-TERM
ASSETS |
11,606,814,133,590
|
8,643,541,817,903
|
7,952,579,000,000
|
|
I. Long term
account receivable |
0 |
0 |
0 |
|
1. Long term account receivable from customers |
0 |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
0 |
|
4. Other long-term receivable |
0 |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
0 |
|
II. Fixed assets
|
11,493,880,724,815
|
8,529,792,475,323
|
7,832,505,000,000
|
|
1. Tangible assets |
6,297,409,628,662 |
6,885,938,338,422 |
6,497,320,000,000 |
|
- Historical costs |
10,298,127,242,367 |
10,021,397,482,375 |
8,824,441,000,000 |
|
- Accumulated depreciation |
-4,000,717,613,705 |
-3,135,459,143,953 |
-2,327,121,000,000 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
149,301,217,317 |
152,945,035,291 |
156,587,000,000 |
|
- Initial costs |
180,524,607,666 |
180,524,607,666 |
180,525,000,000 |
|
- Accumulated amortization |
-31,223,390,349 |
-27,579,572,375 |
-23,938,000,000 |
|
4. Construction-in-progress |
5,047,169,878,836 |
1,490,909,101,610 |
1,178,598,000,000 |
|
III. Investment
property |
96,303,984,480 |
98,700,967,536 |
101,098,000,000 |
|
Historical costs |
107,770,817,000 |
107,770,817,000 |
107,771,000,000 |
|
Accumulated depreciation |
-11,466,832,520 |
-9,069,849,464 |
-6,673,000,000 |
|
IV. Long-term
investments |
0 |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
0 |
|
3. Other long-term investments |
0 |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other
long-term assets |
16,629,424,295 |
15,048,375,044 |
18,976,000,000 |
|
1. Long-term prepaid expenses |
16,629,424,295 |
15,048,375,044 |
18,976,000,000 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
VI. Goodwill |
0 |
|
|
|
1. Goodwill |
0 |
|
|
|
TOTAL ASSETS |
16,642,167,155,223
|
12,063,780,553,235
|
11,005,751,000,000
|
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
5,721,556,008,959
|
5,192,204,142,461
|
5,525,601,000,000
|
|
I. Current
liabilities |
2,246,174,298,844
|
3,537,898,967,431
|
4,839,065,000,000
|
|
1. Short-term debts and loans |
140,740,575,241 |
473,095,081,807 |
1,070,798,000,000 |
|
2. Payable to suppliers |
1,899,031,457,733 |
2,948,072,782,022 |
3,656,700,000,000 |
|
3. Advances from customers |
45,155,720,980 |
18,043,428,505 |
24,974,000,000 |
|
4. Taxes and other obligations to the State Budget |
20,427,070,408 |
10,257,075,162 |
12,170,000,000 |
|
5. Payable to employees |
7,074,244,852 |
12,498,634,498 |
8,773,000,000 |
|
6. Accrued expenses |
116,277,101,589 |
67,741,180,301 |
57,927,000,000 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
17,468,128,041 |
8,190,785,136 |
7,723,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term
Liabilities |
3,475,381,710,115
|
1,654,305,175,030
|
686,536,000,000 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
11,936,723,166 |
9,172,597,000 |
12,004,000,000 |
|
4. Long-term debts and loans |
3,459,392,727,171 |
1,641,667,577,023 |
670,873,000,000 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
4,052,259,778 |
3,465,001,007 |
3,659,000,000 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
B- OWNER’S
EQUITY |
10,920,611,146,264
|
6,871,576,410,774
|
5,480,150,000,000
|
|
I. OWNER’S
EQUITY |
10,920,611,146,264
|
6,871,576,410,774
|
5,480,150,000,000
|
|
1. Capital |
10,177,994,369,586 |
7,269,914,369,586 |
6,096,236,000,000 |
|
2. Share premiums |
0 |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
0 |
|
6. Foreign exchange differences |
0 |
10,960,002,361 |
0 |
|
7. Business promotion fund |
0 |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
0 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
742,616,776,678 |
-409,297,961,173 |
-616,086,000,000 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
II. Other
sources and funds |
0 |
0 |
0 |
|
1. Bonus and welfare funds |
0 |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
0 |
|
MINORITY’S
INTEREST |
0 |
|
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
16,642,167,155,223
|
12,063,780,553,235
|
11,005,751,000,000
|
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
FY2008 |
|
1. Total Sale |
10,892,117,477,516
|
7,463,541,110,435
|
6,962,098,000,000
|
|
2. Deduction item |
6,990,412,944 |
37,109,174,419 |
10,989,000,000 |
|
3. Net sale |
10,885,127,064,572
|
7,426,431,936,016
|
6,951,109,000,000
|
|
4. Costs of goods sold |
8,938,952,344,338 |
6,649,555,404,733 |
6,619,205,000,000 |
|
5. Gross profit |
1,946,174,720,234
|
776,876,531,283 |
331,904,000,000 |
|
6. Financial income |
132,644,872,608 |
87,008,632,235 |
399,415,000,000 |
|
7. Financial expenses |
382,740,351,917 |
320,394,101,458 |
773,168,000,000 |
|
- In which: Loan interest expenses |
15,420,794,105 |
25,670,387,908 |
84,210,000,000 |
|
8. Selling expenses |
177,900,924,061 |
130,110,835,358 |
112,562,000,000 |
|
9. Administrative overheads |
350,887,164,439 |
218,827,837,851 |
249,482,000,000 |
|
10. Net operating profit |
1,167,291,152,425
|
194,552,388,851 |
-403,893,000,000
|
|
11. Other income |
34,947,990,337 |
22,719,240,837 |
22,992,000,000 |
|
12. Other expenses |
22,863,789,136 |
10,483,665,860 |
10,186,000,000 |
|
13. Other profit /(loss) |
12,084,201,201 |
12,235,574,977 |
12,806,000,000 |
|
14. Total accounting profit before tax |
1,179,375,353,626
|
206,787,963,828 |
-391,087,000,000
|
|
15. Current corporate income tax |
27,460,615,775 |
0 |
1,093,000,000 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
1,151,914,737,851
|
206,787,963,828 |
-392,180,000,000
|
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2010 |
FY2009 |
FY2008 |
Average Industry |
|
Current liquidity ratio |
2.24 |
0.97 |
0.63 |
1.49 |
|
Quick liquidity ratio |
1.03 |
0.29 |
0.40 |
1.00 |
|
Inventory circle |
3.50 |
2.78 |
6.18 |
7.00 |
|
Average receive period |
23.57 |
28.67 |
23.93 |
86.82 |
|
Utilizing asset performance |
0.65 |
0.62 |
0.63 |
1.21 |
|
Liability by total asset |
34.38 |
43.04 |
50.21 |
54.91 |
|
Liability by owner equity |
52.39 |
75.56 |
100.83 |
141.20 |
|
Ebit / Total asset (ROA) |
7.18 |
1.93 |
-2.79 |
9.38 |
|
Ebit / Owner's equity (ROE) |
10.94 |
3.38 |
-5.60 |
19.96 |
|
Ebit / Total sale (NPM) |
10.97 |
3.11 |
-4.41 |
7.73 |
|
Gross profit / Total sale (GPM) |
17.87 |
10.41 |
4.77 |
16.38 |
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Good |
|
Liquidity |
|
Medium/High |
|
Payment status |
|
Prompt |
|
Financial Situation |
|
Strong |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
TT (Mainly), L/C, CASH |
|
Sale Methods |
|
To contracts |
INTERPRETATION ON THE SCORES
|
FORMOSA
INDUSTRIES CORPORATION was established in 2001 under the Investment License No.
2244/GP dated 26 December 2001 by Ministry of Planning and Investment. The
latest Investment Certificate No. 472023000477 was issued on 22 May 2008 by
Management Board of Dong Nai Industrial Zones. Now, its Chartered capital is
USD 600,000,000 and the Registered Investment Capital is USD 1,220,417,000.
It is invested by four companies in Taiwan. The
subject operates the following activities: manufacture and trading in textile
and chemical fibers, manufacture of synthetic fiber, polyester, artificial
fiber, manufacture of electricity, cotton, plastic, BOPP…, construction
industrial infrastructure zone for hire…. Synthetic fibers manufacturing
activity is major. Materials and equipment for production are imported from
Taiwan, Japan, China, Philippine, Germany. Its complete products are exported
to Turkey, Singapore, Korea, USA, and Northern Europe… The
subject's current position in the industry is high. Currently it is
considered as one of the biggest foreign invested companies in Vietnam. The
head office of the subject is located at Nhon Trach III Industrial Park, Hiep
Phuoc Ward - Nhon Trach District - Dong Nai Province – Vietnam. It occupies
an area of 30 hectares. Its premises and facilities are fairly good with 4
synthetic fibers factories, 2 plastics factories, 1 small capacity thermal
power plants, 1 waste-water treatment plant. The management capacity is
fairly good. Board of directors of the subject is Taiwanese. According
to the financial statement in 2010, we found that the subject's operating was
very good. The sale has increased continuously. Its annual retained earning
accounts which are acceptable, shows that it obtains the profit annually. In
2010, its business result was remarkable. The sale soared 46.5% to VND 10,885
billion and the profit soared 458.7% to VND 1,151 billion. The
subject's debt ratio was improved well. In 2010 its debt rate decreased
because the growth of the equity was higher the growth of the liabilities.
Its debt rate decreased from 75.56% to 52.39%, so its capital structure was
safe. These shows, its self-financing and solvency were strong. Because
of the moderate debt ratio the liquidity was good. In 2010, the subject's
quick liquidity decreased well because the current liabilities decreased
whereas the current assets increased high. Besides, as it remained the
moderate amount inventory, its quick liquidity ratio was also good. In
2010, although the subject's utilizing asset performances increased slightly
it was still very lower in comparison with the industry. Cause of this was
its fixed assets turnover was low; the subject is building the AAC light
brick factory with large invested amount. Its receivables turnover and
inventory turnover increased because the subject applied the tighter credit
policies for its customers and its sales policy worked fairly efficiently. Its
profitability was not really good because it managed operating cost well and
its total asset turnover was too low. Its ROA increased from 1.93% to 7.18%
because in 2010 their utilizing asset performance was improved and it managed
operating cost better. In
overview, the subject is considered as one of the biggest foreign investment
capital in Vietnam. It has advantages of developing. It is supported from its
shareholders such as capital, management, technique and market… The subject
has ability to meet all small-medium business transactions. |
APPENDIXES
|
INDUSTRY DATA |
||||||
|
|
||||||
|
Industry code |
Growth speed (%) |
Total employees
2009 (Thousand) |
Total
enterprises |
Annual average capital
of enterprises |
||
|
Predict 2010 |
2009 |
|||||
|
Agriculture,
Forestry and Fishing |
2.8 |
3.0 |
24,788.5 |
2,399 |
50,530 |
|
|
Trade and
Services |
7.5 |
11 |
10,517.9 |
79,181 |
1,754,973 |
|
|
Construction |
7 |
11.3 |
2,692.8 |
17,783 |
248,268 |
|
|
Manufacturing |
12 |
7.6 |
7,591.2 |
30,786 |
967,068 |
|
|
|
||||||
|
ECONOMIC
INDICATORS |
||||||
|
|
||||||
|
|
2010 |
2009 |
2008 |
|||
|
Population (Million person) |
86.93 |
86.02 |
86.1 |
|||
|
Gross Domestic Products (US$ billion) |
102.2 |
91 |
84.9 |
|||
|
GDP Growth (%) |
6.78 |
5.32 |
6.2 |
|||
|
GDP Per Capita (US$) |
1,160 |
1,080 |
1,040 |
|||
|
Inflation (% Change in Composite CPI) |
11.75 |
6.88 |
24.4 |
|||
|
|
||||||
|
SERVICE TRADE
PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2010 |
2009 |
2008 |
|||
|
Exports |
71.6 |
56.6 |
62.9 |
|||
|
Imports |
84 |
68.8 |
76.6 |
|||
|
Trade Balance |
-12.4 |
-12.2 |
-14.6 |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.80 |
|
UK Pound |
1 |
Rs.72.86 |
|
Euro |
1 |
Rs.63.11 |
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.