MIRA INFORM REPORT
|
Report Date : |
19.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
VIETNAM VETERINARY PRODUCTS JOINT STOCK
COMPANY |
|
|
|
|
Registered Office : |
No. 88 Truong Chinh Street, Phuong Mai Ward - Dong Da District - Ha Noi City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
1973 |
|
|
|
|
Com. Reg. No.: |
0100102326 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Research and production of veterinary
medicines |
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 : |
Usually Correct |
|
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) |
|
|
|
|
|
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 |
|
VIETNAM VETERINARY PRODUCTS JOINT STOCK
COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN THUOC THU Y TRUNG UONG I |
|
Short name |
|
VINA VETCO JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1973 |
|
Business Registration No. |
|
0100102326 |
|
Date of Registration |
|
18 Aug 2010 |
|
Place of Registration |
|
Hanoi Department of Planning And
Investment |
|
Current registered capital |
|
66,000,000,000 VND |
|
Status |
|
Public Company |
|
Outstanding stock |
|
6,600,000 |
|
Paid-up capital |
|
66,000,000,000 VND |
|
Tax code |
|
0100102326 |
|
Total Employees |
|
200 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Registered English
Name: VIETNAM VETERINARY EQUIPMENT COMPANY Changed to: VIETNAM VETERINARY
PRODUCTS JOINT STOCK COMPANY |
07
Jun 2000 |
|
2 |
Subject has got former Business
Registration No: 108514 Changed to: No.0103000065 |
07
Jun 2000 |
|
3 |
Subject has got former Business
Registration No: 0103000065 Changed to: 0100102326 |
18
Aug 2010 |
|
4 |
Subject has got former Registered capital:
VND 7,000,000,000 Changed to: VND 66,000,000,000 |
18 Aug
2010 |
|
5 |
Subject has got former Address: No. 343 -
Hoang Hoa Tham Street - Ward 13 - Tan Binh District - Ho Chi Minh City Changed to: No. 74 - Tan Chanh Hiep 05
Street - Quarter 4 - Tan Chanh Hiep Ward - 12 District - Ho Chi Minh City |
N/A |
company ADDRESSES
|
Head Office |
||
|
Address |
|
No. 88 Truong Chinh Street, Phuong Mai
Ward - Dong Da District - Ha Noi City - Vietnam |
|
Telephone |
|
(84-4) 3869 1262 |
|
Fax |
|
(84-4) 3869 1263 |
|
|
||
|
Factory Address |
||
|
Address |
|
Tan Quang Hamlet - Van Lam District - Hung
Yen Province - Vietnam |
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|
||
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Branch in Da
Nang |
||
|
Address |
|
K 12/4 Ly Thuong Kiet Str - Hai Chau
District - Da Nang City - Vietnam |
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Telephone |
|
(84-511) 886591 |
|
Notes: Business Registration No. 3202000018 Chief
of Branch: Mr. NGUYEN QUANG THAO |
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|
|
||
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Branch in Ho Chi
Minh |
||
|
Address |
|
No. 74 Tan Chanh Hiep 05 Str., Quarter 4,
Tan Chanh Hiep Ward - 12 District - Ho Chi Minh City - Vietnam |
|
Notes: Business Registration No. 0300112201 |
||
SUBSIDIARIES AND RELATED COMPANIES
|
1. Vietnam
veterinary products limited company |
||
|
Address |
|
Tan Quang Hamlet - Van Lam District - Hung Yen Province - Vietnam |
DIRECTORS
|
1.
NAME |
|
Mr.
LE VAN NAM |
|
Position |
|
Former General Director |
|
Date of Birth |
|
19 May 1951 |
|
ID Number/Passport |
|
012045534 |
|
Resident |
|
No. 40, Group 53A,
Khuong Trung Ward - Dong Da District - Ha Noi City - Vietnam |
|
Tel/Mobil phone |
|
(84-4) 869 2655/ +84 913 212 822 |
|
|
||
|
2.
NAME |
|
Mr.
LE DUC LIEN |
|
Position |
|
Chairman and General Director |
|
Date of Birth |
|
14 Sep 1961 |
|
ID Number/Passport |
|
012275314 |
|
ID Issue Date |
|
30 Sep 1999 |
|
ID Issue Place |
|
Hanoi Police Station |
|
Resident |
|
No. 318 D2-A2 Phuong
Mai Ward - Dong Da District - Ha Noi City - Vietnam |
|
Current resident |
|
No. 128 Le Trong Tan Street, Khuong Mai
Ward - Dong Da District - Ha Noi City - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Ms.
NGUYEN THI HUONG |
|
Position |
|
Former Chairman |
|
Date of Birth |
|
05 Oct 1954 |
|
ID Number/Passport |
|
011563345 |
|
Resident |
|
P3-A3 Cong Ty Vat Tu Chan
Nuoi - Phuong Mai Ward - Dong Da District - Ha Noi City - Vietnam |
|
Tel/Mobil phone |
|
(84-4) 869 6243/ +84 913 210 774 |
|
|
||
|
4.
NAME |
|
Mr.
TRAN HONG QUYNH |
|
Position |
|
Deputy Director |
|
Nationality |
|
Vietnam |
BUSINESS NATURE AND ACTIVITIES
|
The
subject focuses on the following activities: |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
Raw materials for drug production, vaccine |
|
·
Market |
|
China, Bulgaria, Germany, Netherlands, USA, and Switzerland. |
|
·
Mode of payment |
|
L/C, T/T |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Company's products |
|
·
Market |
|
Laos, Mongolia. |
|
·
Mode of payment |
|
T/T, L/C |
BANKERS
|
1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM TRANSACTION CENTER |
||
|
Address |
|
No 31 -33 Ngo Quyen - Hoan Kiem District - Ha Noi City - Vietnam |
|
Telephone |
|
(84-4) 39368547 |
|
Fax |
|
(84-4) 38241395 / 39365534 |
|
VND Account |
|
001 100 001 5315 |
|
SWIFT Code |
|
BFTVVNVX |
SHAREHOLDERS
|
1.
NAME |
|
Ms.
NGUYEN THI HUONG |
|
Position |
|
Former Chairman |
|
Date of Birth |
|
05 Oct 1954 |
|
ID Number/Passport |
|
011563345 |
|
Resident |
|
P3-A3 Cong Ty Vat Tu Chan Nuoi - Phuong
Mai Ward - Dong Da District - Ha Noi City - Vietnam |
|
Work phone |
|
(84-4) 869 6243 |
|
Mobile phone |
|
+84 913 210 774 |
|
Number of Shares |
|
256,680 |
|
Value of shares |
|
2,566,800,000 VND |
|
Percentage |
|
3.89% |
|
|
||
|
2.
NAME |
|
Mr.
LE VAN NAM |
|
Position |
|
Former General Director |
|
Date of Birth |
|
19 May 1951 |
|
ID Number/Passport |
|
012045534 |
|
Resident |
|
No. 40, Group 53A, Khuong Trung Ward - Dong
Da District - Ha Noi City - Vietnam |
|
Work phone |
|
(84-4) 869 2655 |
|
Mobile phone |
|
+84 913 212 822 |
|
Number of Shares |
|
315,800 |
|
Value of shares |
|
3,158,000,000 VND |
|
Percentage |
|
4.78% |
|
|
||
|
3.
NAME |
|
Mr.
LE DUC LIEN |
|
Position |
|
Chairman and General Director |
|
Date of Birth |
|
14 Sep 1961 |
|
ID Number/Passport |
|
012275314 |
|
Issued on |
|
30 Sep 1999 |
|
Issued Place |
|
Hanoi Police Station |
|
Resident |
|
No. 318 D2-A2 Phuong Mai Ward - Dong Da
District - Ha Noi City - Vietnam |
|
Current Resident |
|
No. 128 Le Trong Tan Street, Khuong Mai
Ward - Dong Da District - Ha Noi City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
138,200 |
|
Value of shares |
|
1,382,000,000 VND |
|
Percentage |
|
2.09% |
|
|
||
|
4.
NAME |
|
192
OTHER SHAREHOLDERS |
|
Number of shares |
|
3,803,450 |
|
Value of shares |
|
38,034,500,000 VND |
|
Percentage |
|
57.63% |
FINANCIAL DATA
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet
date |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT
ASSETS |
67,309,589,354 |
48,577,416,205 |
|
I. Cash and cash
equivalents |
483,177,639 |
1,164,369,390 |
|
1. Cash |
483,177,639 |
1,164,369,390 |
|
2. Cash equivalents |
|
|
|
II. Short-term
investments |
|
|
|
1. Short-term investments |
|
|
|
2. Provisions for devaluation of short-term investments |
|
|
|
III. Accounts
receivable |
28,054,450,303 |
22,087,066,501 |
|
1. Receivable from customers |
12,201,262,172 |
6,459,052,227 |
|
2. Prepayments to suppliers |
1,363,752,486 |
1,577,794,660 |
|
3. Inter-company receivable |
|
|
|
4. Receivable according to the progress of construction |
|
|
|
5. Other receivable |
14,489,435,645 |
14,050,219,614 |
|
6. Provisions for bad debts |
|
|
|
IV. Inventories |
33,335,001,783 |
22,910,896,770 |
|
1. Inventories |
33,335,001,783 |
22,910,896,770 |
|
2. Provisions for devaluation of inventories |
|
|
|
V. Other Current
Assets |
5,436,959,629 |
2,415,083,544 |
|
1. Short-term prepaid expenses |
1,614,927,081 |
|
|
2. VAT to be deducted |
1,559,448,090 |
855,315,349 |
|
3. Taxes and other accounts receivable from the State |
|
|
|
4. Other current assets |
2,262,584,458 |
1,559,768,195 |
|
B. LONG-TERM
ASSETS |
106,778,156,058 |
73,967,793,398 |
|
I. Long term
account receivable |
|
|
|
1. Long term account receivable from customers |
|
|
|
2. Working capital in affiliates |
|
|
|
3. Long-term inter-company receivable |
|
|
|
4. Other long-term receivable |
|
|
|
5. Provisions for bad debts from customers |
|
|
|
II. Fixed assets
|
105,911,516,058 |
73,101,153,398 |
|
1. Tangible assets |
3,605,525,658 |
3,595,281,050 |
|
- Historical costs |
11,632,196,131 |
10,764,229,905 |
|
- Accumulated depreciation |
-8,026,670,473 |
-7,168,948,855 |
|
2. Financial leasehold assets |
|
|
|
- Historical costs |
|
|
|
- Accumulated depreciation |
|
|
|
3. Intangible assets |
2,024,570,106 |
2,044,403,442 |
|
- Initial costs |
2,046,056,220 |
2,046,056,220 |
|
- Accumulated amortization |
-21,486,114 |
-1,652,778 |
|
4. Construction-in-progress |
100,281,420,294 |
67,461,468,906 |
|
III. Investment
property |
|
|
|
Historical costs |
|
|
|
Accumulated depreciation |
|
|
|
IV. Long-term
investments |
866,640,000 |
866,640,000 |
|
1. Investments in affiliates |
|
|
|
2. Investments in business concerns and joint ventures |
|
|
|
3. Other long-term investments |
866,640,000 |
866,640,000 |
|
4. Provisions for devaluation of long-term investments |
|
|
|
V. Other long-term
assets |
|
|
|
1. Long-term prepaid expenses |
|
|
|
2. Deferred income tax assets |
|
|
|
3. Other long-term assets |
|
|
|
VI. Goodwill |
|
|
|
1. Goodwill |
|
|
|
TOTAL ASSETS |
174,087,745,412 |
122,545,209,603 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
106,139,591,900 |
55,111,489,374 |
|
I. Current
liabilities |
79,935,793,100 |
37,562,374,374 |
|
1. Short-term debts and loans |
56,065,610,610 |
23,524,731,632 |
|
2. Payable to suppliers |
1,758,146,212 |
2,104,352,817 |
|
3. Advances from customers |
583,360,913 |
543,254,798 |
|
4. Taxes and other obligations to the State Budget |
5,423,564,706 |
2,278,609,424 |
|
5. Payable to employees |
660,881,702 |
1,665,892,287 |
|
6. Accrued expenses |
3,160,494,163 |
3,449,799,284 |
|
7. Inter-company payable |
|
|
|
8. Payable according to the progress of construction contracts |
|
|
|
9. Other payable |
12,283,734,794 |
3,995,734,132 |
|
10. Provisions for short-term accounts payable |
|
|
|
II. Long-Term
Liabilities |
26,203,798,800 |
17,549,115,000 |
|
1. Long-term accounts payable to suppliers |
|
|
|
2. Long-term inter-company payable |
|
|
|
3. Other long-term payable |
|
|
|
4. Long-term debts and loans |
26,203,798,800 |
17,549,115,000 |
|
5. Deferred income tax payable |
|
|
|
6. Provisions for unemployment allowances |
|
|
|
7. Provisions for long-term accounts payable |
|
|
|
B- OWNER’S
EQUITY |
67,948,153,512 |
67,433,720,229 |
|
I. OWNER’S
EQUITY |
67,669,190,760 |
67,105,198,213 |
|
1. Capital |
66,000,000,000 |
66,000,000,000 |
|
2. Share premiums |
|
|
|
3. Other sources of capital |
|
|
|
4. Treasury stocks |
|
|
|
5. Differences on asset revaluation |
|
|
|
6. Foreign exchange differences |
|
|
|
7. Business promotion fund |
1,166,415,039 |
759,248,786 |
|
8. Financial reserved fund |
502,775,721 |
345,949,427 |
|
9. Other funds |
|
|
|
10. Retained earnings |
|
|
|
11. Construction investment fund |
|
|
|
II. Other
sources and funds |
278,962,752 |
328,522,016 |
|
1. Bonus and welfare funds |
|
49,559,264 |
|
2. Sources of expenditure |
278,962,752 |
278,962,752 |
|
3. Fund to form fixed assets |
|
|
|
MINORITY’S
INTEREST |
|
|
|
TOTAL LIABILITIES
AND OWNER’S EQUITY |
174,087,745,412 |
122,545,209,603 |
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sale |
96,932,634,256 |
73,482,000,000 |
|
2. Deduction item |
4,138,392,078 |
7,750,000,000 |
|
3. Net sale |
92,794,242,178 |
65,732,000,000 |
|
4. Costs of goods sold |
55,667,574,952 |
36,185,000,000 |
|
5. Gross profit |
37,126,667,226 |
29,547,000,000 |
|
6. Financial income |
43,537,281 |
522,000,000 |
|
7. Financial expenses |
1,950,349,771 |
1,665,000,000 |
|
- In which: Loan interest expenses |
1,950,349,771 |
921,000,000 |
|
8. Selling expenses |
11,471,108,050 |
9,365,000,000 |
|
9. Administrative overheads |
10,997,316,731 |
8,668,000,000 |
|
10. Net operating profit |
12,751,429,955 |
10,371,000,000 |
|
11. Other income |
26,824,500 |
226,000,000 |
|
12. Other expenses |
|
0 |
|
13. Other profit /(loss) |
26,824,500 |
226,000,000 |
|
14. Total accounting profit before tax |
12,778,254,455 |
10,597,000,000 |
|
15. Current corporate income tax |
3,194,563,614 |
1,854,000,000 |
|
16. Deferred corporate income tax |
|
0 |
|
17. Interest from subsidiaries/related companies |
|
|
|
18. Profit after tax |
9,583,690,841 |
8,743,000,000 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
0.84 |
1.29 |
1.74 |
|
Quick liquidity ratio |
0.43 |
0.68 |
1.02 |
|
Inventory circle |
1.98 |
1.58 |
3.74 |
|
Average receive period |
110.35 |
122.65 |
76.97 |
|
Utilizing asset performance |
0.53 |
0.54 |
1.31 |
|
Liability by total asset |
60.97 |
44.97 |
49.32 |
|
Liability by owner equity |
156.21 |
81.73 |
129.21 |
|
Ebit / Total asset (ROA) |
8.46 |
16.29 |
8.55 |
|
Ebit / Owner's equity (ROE) |
21.68 |
29.60 |
18.02 |
|
Ebit / Total sale (NPM) |
15.19 |
27.17 |
6.82 |
|
Gross profit / Total sale (GPM) |
38.30 |
40.21 |
21.89 |
|
Note: The Average Industry was calculated by Vietnam Credit based on our
owned statistical data |
|||
PAYMENT HISTORY & PERFORMANCE
EXPERIENCES
|
Trade Morality |
|
Good |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Payment throughout bank by L/C, T/T |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Excellent |
CREDIT INQUIRY: 1,000,000 USD against D/A term: Unacceptable. Caution
needed
According to Ms. Phuong, chief accountant of the company, main mode of payment in import-export contracts are L/C and T/T. Since the beginning of 2011, the company can import on credit term supported by their exporter in China. Specifically, there were 2 import contracts with total deferred payment of USD 800,000, and USD 1,000,000 and deferred period of 3 months. Based on the financial statement in 2009 and 2010, we could see that the subject’s short-term financial situation was affected by the construction of new factory.
INTERPRETATION ON THE SCORES
Vietnam
veterinary products joint stock company (VINA VETCO JSC), was originally found
in 1973 as a state-owned factory, specializing in manufacturing and trading
veterinary medicines. In 1993, the subject officially operated with name:
Vietnam Veterinary Equipment Enterprise and registered capital of VND
4,952,000,000. In 2000, the subject was changed into joint-stock company under
Decision No. 06/2000/ QD/ BNN- TCCB dated 26/01/2000 by Ministry of Agriculture
and Rural Development and its current name is Vietnam Veterinary Products Joint
Stock Company. Its total registered capital also increased to VND
66,000,000,000. Currently, the company has about 200 staffs including
university graduates, skilled, experienced employees. VINA VETCO JSC’s head
office locates at No. 88, Truong Chinh Street, Hanoi and 2 branches in Da Nang
and HCMC and 1 factory under construction in Hung Yen Province.
The company
specifies in production and trading veterinary medicines. It also import
materials, vaccines from China, Bulgaria, Germany, USA, etc and export
company’s products to Mongolia and Laos. However, the export amount was rather
humble. Its products are mainly consumed domestically, especially, its vaccines
for digestion and respiratory treatment have gained popularity domestically.
Some of its products were awarded Golden Medal and Bong Lua Vang prize.
In term
of financial situation, current ratio and quick ratio in 2010 decreased
significantly compared with those of 2009, especially, quick ratio fell to 0.43
times from original position of 0.68 times in 2009. This decrease was due to
increase of short term loans, inventories, and decrease in cash. It was
explained by the company that it had been used up its owner’s equity and
working capital for the construction of the factory; therefore, they increased
short term loans to finance the company’s operation. Overall, total assets
increased considerably in 2010 compared with 2009, mainly due to increase in
fixed assets. Total asset in 2010 was VND 174,087,745,412, an increase of 42%
compared with 2009. Total sale also increased 32%. As of significant increase
in total asset, ROA decreased a half. However, ROA, ROE, NPM seem to be
outstanding compared with those of the industry.
In short, the subject is operating normally. The
construction of new factory seems to weaken the company short-term financial
situation. However, it is only temporary. It is hoped that when the factory
runs into operation, the company will continue to develop and maintain its
position in the industry.
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.45.61 |
|
UK Pound |
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
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.