MIRA
INFORM REPORT
|
Report Date : |
08.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SIAM CHEMICAL INDUSTRY COMPANY LIMITED |
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Registered Office : |
17th Floor, Nantawan Building, 161 Soi Mahadlekluang 3, Rajdamri Road, Pathumwan, Bangkok 10330, |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
04.03.1974 |
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Com. Reg. No.: |
0105517002713 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and Exporter of Synthetic Resin |
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 |
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Payment Behaviour : |
No Complaints |
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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) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
SIAM
CHEMICAL INDUSTRY COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 17th FLOOR,
NANTAWAN BUILDING,
161 SOI
MAHADLEKLUANG 3,
RAJDAMRI ROAD,
PATHUMWAN,
BANGKOK 10330,
THAILAND
TELEPHONE : [66] 2251-9701
FAX :
[66] 2253-3926
E-MAIL
ADDRESS : sales@siamchem.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1974
REGISTRATION
NO. : 0105517002713
CAPITAL REGISTERED : BHT. 120,000,000
CAPITAL PAID-UP : BHT.
120,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
YUJI KIKUCHI, JAPANESE
PRESIDENT
NO.
OF STAFF : 330
LINES
OF BUSINESS : SYNTHETIC RESIN
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on March 4, 1974
as a private limited company
under the name style SIAM CHEMICAL INDUSTRY COMPANY LIMITED
by Thai and
Japanese groups, with the
business objective to manufacture synthetic resin
for both local
and oversea markets.
The subject is
a related company
of DIC Corporation
Ltd., Japan [Former
: Dainippon Ink
& Chemicals Inc.]
It currently employs
330 staff.
The
subject’ s registered address
is 161 Soi Mahadlekluang
3, Rajdamri Rd.,
Pathumwan, Bangkok 10330,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Shigeru Komazaki |
|
Japanese |
56 |
|
Mr. Satoshi Hashi |
|
Japanese |
49 |
|
Mr. Yuji Kikuchi |
|
Japanese |
50 |
|
Mr. Nobuo Harui |
|
Japanese |
50 |
|
Mr. Jesada Chaijareenon |
|
Thai |
58 |
|
Mr. Kazuo Kudo |
|
Japanese |
56 |
|
Mr. Hirokazu Hakida |
|
Japanese |
55 |
|
Mr. Toshio Hasumi |
|
Japanese |
55 |
AUTHORIZED PERSON
Any of the
mentioned directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Yuji Kikuchi is
the President.
He is Japanese
nationality with the
age of 50
years old.
Mr. Somsak Saravuthvinai
is the Sales
Manager & Marketing
Manager.
He is Thai
nationality.
Mr. Chuchart Atthijitsakul is
the Human Resources
Manager.
He is Thai
nationality.
Mr. Cholathit Na Pattalung
is the Plant
Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity is a manufacturer, exporter and distributor of
synthetic resin, the most important raw
material for producing
consumer supplies as
the followings:
COATING RESINS
Products Trademark
Alkyd Resin
BECKOSOL
Oil Free Alkyd
Resin
BECKOLITE
Stryrene Modifiedalkyd Sesin
STYRERESOL
Hard Resin BECKACITE
Water Born Resin
WATERSOL
Polyurethane Resin BURNOCK
Polyamide Resin LUCKAMIDE
Acrylic Resin ACRYDIG
& etc.
MOLDING RESINS
Products Trademark
Polylite FRP
Polylite Non-FRC
Semi-rigid foam PU
Resin TORAL
Rigid foam PU
Resin
HIPROX
Plasticizer
Loncizer
INDUSTRIAL RESINS
Products Trademark
Beckamine [catalyst] Silicone-Softener Finetex
Solution Type Polyurethane
Resin CRISVON
Acrylic Rubber Solution
CRISCOAT
Acrylic Emulsion
VONCOAT
Phenolic Resin PHENOLITE
Polyamine Resin LUCKAMIDE
Epoxy Resin EPICLON
NEW PRODUCTS
Super Durable Polyesters
for Urethane Cure
Carboxylated Polyester for
Primid Cure
Polyester/Acrylic system for
Matte Finish
Beckosol AC-4
Beckosol AL-177-60HV
Fineclad M-8861
MAJOR BRAND
“SCI”
IMPORT [COUNTRIES]
50% of raw chemical is imported from Japan, Spain, Republic of China,
Taiwan, France, Singapore and
Malaysia.
MAJOR SUPPLIERS
|
Company |
Country |
Products |
|
Thai MC Co.,
Ltd. |
Thailand |
Raw chemical |
|
Exxon Chemical Co.,
Ltd. |
Thailand |
Raw chemical |
|
Shell [Thailand] Co.,
Ltd. |
Thailand |
Raw chemical |
|
Dainippon Ink &
Chemicals Inc. |
Japan |
Raw chemical |
|
BASF [Thai] Co.,
Ltd. |
Thailand |
Raw chemical |
|
Clariant Chemical Co.,
Ltd. |
Thailand |
Raw chemical |
SALES [LOCAL]
80% of the
products is sold
locally to manufacturers
and end-users.
EXPORT
[COUNTRIES]
20%
of the products
is also exported
to Singapore, Republic
of China, Vietnam
and Taiwan.
MAJOR CUSTOMERS
|
Company |
Country |
|
Thai Kansai Paint
Co., Ltd. |
Thailand |
|
Nippon Paint Co.,
Ltd. |
Thailand |
|
Union Button Co.,
Ltd. |
Thailand |
|
ICI [Thailand] Co.,
Ltd. |
Thailand |
|
TOA Paint [Thailand]
Co., Ltd. |
Thailand |
SUBSIDIARIES &
AFFILIATED COMPANY
The subject is
not found to have
any subsidiary nor
affiliated company here
in Thailand.
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
30-60-90 days.
Imports are by
T/T.
Exports are against T/T.
BANKING
Krung Thai Bank
Public Co., Ltd.
[ Samutprakarn Branch,
Sukhumvit Rd., Muang,
Samutprakarn ]
Bangkok Bank Public
Co., Ltd.
Bangkok of Tokyo-Mitsubishi UFJ
Ltd.
[ Bangkok Branch,
54 North Sathorn
Rd., Silom, Bangrak,
Bangkok ]
EMPLOYMENT
The subject employs
approximately 330 staff.
LOCATION DETAILS
The
premise is rented
for operating office
at the heading
address on 1,000 square
meters of area.
It is located
in commercial area.
Factory
is on 89,000
square meters of area
at 549 Moo 7,
Sukhumvit Rd., K.M.
36, T. Bangpoomai, A. Samutprakarn 10280.
Tel : [66]
2323-9215 Fax :
[66] 2323-9616
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 3,000,000.
COMMENT
The past several years had been the most
challenging and volatile for
many companies in the chemical
industry in Thailand. The global
chemical industry underwent
a period of
massive transformation and
repositioning, while subject
still maintains its
strong business growth
and stable yields.
The products have
been mainly used
in paint industry.
With its expertise
in production processing and renown
of quality product, the
subject is considered
an excellent company
in the industry.
FINANCIAL INFORMATION
The capital was registered
at Bht. 15,000,000
divided into 15,000
shares of Bht.
1,000 each.
The capital was
increased later as
followings:
Bht. 30,000,000
on July 19,
1977
Bht. 60,000,000
on July 3,
1990
Bht. 120,000,000 on
December 27, 1991
The latest registered
capital was increased
to Bht. 120,000,000 divided
into 120,000 shares
of Bht. 1,000
each with fully
paid.
MAIN SHAREHOLDERS
[as at April
25, 2011]
|
NAME |
HOLDING |
% |
|
DIC Corporation Ltd.
[Former : Dainippon
Ink & Chemicals Inc. ] Nationality: Japanese Address : 7-20,3
Shone Nihobashi Shuo-Ku,
Tokyo, Japan |
46,800 |
39.00 |
DIC Resins [Thailand] Co.,
Ltd.
Nationality: Thai Address : 161
Soi Mahadlekluang 3,
Rajdamri Rd.,
Lumpini, Pathumwan, Bangkok |
40,000 |
33.34 |
|
DIC Asia Pacific
Pte. Ltd. Nationality: Singaporean Address : Singapore |
12,000 |
10.00 |
Mr. Adisai Hemwathanachai
Nationality: Thai Address : 39
Soi Mooban Roongcharoen, Bangchak,
Prakanong, Bangkok |
9,400 |
7.83 |
Mr. Saran Hemwathanachai
Nationality: Thai Address : 29
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok |
8,800 |
7.33 |
|
Dic International [Thailand]
Co., Ltd. Nationality: Thai Address : 159
Sukhumvit 21 Rd.,
Klongtoeynua,
Wattana, Bangkok |
2,400 |
2.00 |
|
Mr. Ajchara Shinsethawong Nationality: Thai Address : 70/5
Ekachai Rd., Bangbon,
Bnagkhunthien, Bangkok |
600 |
0.50 |
Total Shareholders : 7
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Saifon Inkaew No.
4434
BALANCE SHEET [BAHT]
The
latest financial figures
published as at
December 31, 2010
& 2009 were :
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in hand
& at Bank
|
17,525,996 |
18,424,934 |
|
Trade Accts. Receivable - Related company |
44,600,717 |
72,809,078 |
|
- Other company |
786,031,202 |
782,238,869 |
|
|
830,631,919 |
855,047,947 |
|
Less: Allowance
for Doubtful Account |
[124,407,414] |
[126,223,688] |
|
Trade Accts. Receivable-net |
706,224,505 |
728,824,259 |
|
Current Portion of Long-term Loan to Director |
- |
325,472 |
|
Short-term Loan to Employees |
1,022,549 |
1,458,368 |
|
Inventories |
697,293,888 |
607,960,707 |
|
Others Receivable |
|
|
|
- Related company |
606,255 |
- |
|
- Other company |
2,084,060 |
3,152,225 |
|
Total Others Receivable
|
2,690,315 |
3,152,225 |
|
Prepaid Income Tax |
- |
6,668,371 |
|
Others Current Assets |
9,586,537 |
6,142,690 |
|
|
|
|
|
Total Current Assets
|
1,434,343,790 |
1,372,957,026 |
|
Investment in Associated
Company & Others |
23,965,434 |
24,035,434 |
|
Long-term Loan to Director, net |
- |
492,756 |
|
Fixed Assets |
607,613,332 |
628,220,741 |
|
Intangible Assets |
17,408,792 |
5,822,002 |
|
Other Assets |
1,214,805 |
837,180 |
|
Total Assets |
2,084,546,153 |
2,032,365,139 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Short Term Loan
from Financial Institution |
- |
150,000,000 |
|
Trade Accts. Payable |
|
|
|
Related company |
15,786,108 |
55,900,287 |
|
Non Related company |
635,275,528 |
596,285,241 |
|
|
651,061,636 |
652,185,528 |
|
Current Portion of
Hire-purchase Contract Liabilities |
791,161 |
206,769 |
|
Loan from Related
Company |
81,797,172 |
64,312,187 |
|
Other Payable |
|
|
|
Related company |
17,662,062 |
19,525,424 |
|
Non Related company |
27,496,915 |
16,862,256 |
|
Total Other Payable |
45,158,977 |
36,387,680 |
|
Accrued Income Tax |
49,363,861 |
58,461,052 |
|
Accrued Interest |
13,733 |
977,209 |
|
Other Current Liabilities |
56,082,146 |
22,130,785 |
|
|
|
|
|
Total Current Liabilities |
884,268,686 |
984,661,210 |
|
|
|
|
|
Hire-purchase Contract
Liabilities - Net of Current Portion |
2,351,665 |
- |
|
Reserve for Employees Benefit
|
25,639,647 |
21,973,459 |
|
Total Liabilities |
912,259,998 |
1,006,634,669 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Share Capital : Baht.
1,000 par value
authorized issued
and fully paid
share capital 120,000
shares |
120,000,000 |
120,000,000 |
|
|
|
|
|
Capital Paid |
120,000,000 |
120,000,000 |
|
Excess from Estimation
Asset |
217,883,487 |
217,883,487 |
|
Statutory Reserve |
12,000,000 |
12,000,000 |
|
Unappropriated |
822,402,668 |
675,846,983 |
|
Total Shareholders' Equity |
1,172,286,155 |
1,025,730,470 |
|
Total Liabilities & Shareholders' Equity
|
2,084,546,153 |
2,032,365,139 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
3,010,798,229 |
2,637,440,729 |
|
Dividend Income |
3,099,050 |
15,209,100 |
|
Gain on Exchange
Rate |
3,176,809 |
3,123,120 |
|
Doubtful Account Reversal |
859,001 |
2,113,572 |
|
Others Income |
15,032,116 |
13,222,998 |
|
Total Revenues |
3,032,965,205 |
2,671,109,519 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,548,109,582 |
2,186,335,450 |
|
Selling Expenses |
56,671,010 |
54,063,230 |
|
Administrative Expenses |
147,414,655 |
106,457,199 |
|
Total Expenses |
2,752,195,247 |
2,346,855,879 |
|
|
|
|
|
Profit before Financial Cost & Income Tax |
280,769,958 |
324,253,640 |
|
Interest Expenses |
[3,372,986] |
[16,757,952] |
|
Profit before Income Tax |
277,396,972 |
307,495,688 |
|
Income Tax |
[94,841,287] |
[86,766,428] |
|
Net Profit / [Loss] |
182,555,685 |
220,729,260 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.62 |
1.39 |
|
QUICK RATIO |
TIMES |
0.82 |
0.76 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.96 |
4.20 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.44 |
1.30 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
99.88 |
101.50 |
|
INVENTORY TURNOVER |
TIMES |
3.65 |
3.60 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
95.29 |
108.26 |
|
RECEIVABLES TURNOVER |
TIMES |
3.83 |
3.37 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
91.00 |
99.55 |
|
CASH CONVERSION CYCLE |
DAYS |
104.17 |
110.20 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
84.63 |
82.90 |
|
SELLING & ADMINISTRATION |
% |
6.78 |
6.09 |
|
INTEREST |
% |
0.11 |
0.64 |
|
GROSS PROFIT MARGIN |
% |
16.10 |
18.38 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
9.33 |
12.29 |
|
NET PROFIT MARGIN |
% |
6.06 |
8.37 |
|
RETURN ON EQUITY |
% |
15.57 |
21.52 |
|
RETURN ON ASSET |
% |
8.76 |
10.86 |
|
EARNING PER SHARE |
BAHT |
1,521.30 |
1,839.41 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.44 |
0.50 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.78 |
0.98 |
|
TIME INTEREST EARNED |
TIMES |
83.24 |
19.35 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
14.16 |
|
|
OPERATING PROFIT |
% |
(13.41) |
|
|
NET PROFIT |
% |
(17.29) |
|
|
FIXED ASSETS |
% |
(3.28) |
|
|
TOTAL ASSETS |
% |
2.57 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
16.10 |
Acceptable |
Industrial Average |
24.81 |
|
Net Profit Margin |
6.06 |
Impressive |
Industrial Average |
(12.80) |
|
Return on Assets |
8.76 |
Impressive |
Industrial Average |
(1.13) |
|
Return on Equity |
15.57 |
Impressive |
Industrial Average |
(0.34) |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company's figure is 16.1%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company was originated from the problems with control over its
costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 6.06%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages indicates
an inefficient use of business assets. Return on Assets ratio is 8.76%, higher figure when compared with those
of its average competitors in the same industry, indicated that business was an
efficient profit in a dominant position
within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio is 15.57%, higher figure when compared
with those of its average competitors in the same industry, indicated that
business was an efficient profit in a
dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.62 |
Deteriorated |
Industrial Average |
17.53 |
|
Quick Ratio |
0.82 |
|
|
|
|
Cash Conversion Cycle |
104.17 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 1.62 times in 2010, increase from 1.39 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.82 times in 2010,
increase from 0.76 times, by excluding inventory, the company may have problems
meeting current liabilities.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 105 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.44 |
Impressive |
Industrial Average |
0.47 |
|
Debt to Equity Ratio |
0.78 |
Impressive |
Industrial Average |
2.07 |
|
Times Interest Earned |
83.24 |
Impressive |
Industrial Average |
14.76 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the shareholders
have committed. A lower the percentage means that the company is using less
leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 83.25 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.44 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.96 |
Deteriorated |
Industrial Average |
28.70 |
|
Total Assets Turnover |
1.44 |
Impressive |
Industrial Average |
1.22 |
|
Inventory Conversion Period |
99.88 |
|
|
|
|
Inventory Turnover |
3.65 |
Deteriorated |
Industrial Average |
9.14 |
|
Receivables Conversion Period |
95.29 |
|
|
|
|
Receivables Turnover |
3.83 |
Deteriorated |
Industrial Average |
12.37 |
|
Payables Conversion Period |
91.00 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.42 |
|
|
1 |
Rs.70.95 |
|
Euro |
1 |
Rs.63.63 |
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.