MIRA INFORM REPORT
|
Report Date : |
12.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
AJINOMOTO
COMPANY [ |
|
|
|
|
Registered Office : |
5th Floor,
Sri Ayudhya Building, 487/1 Sri
Ayudhya Road, Thanon
Phyathai, Rajthevee, Bangkok 10400 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
29.04.1960 |
|
|
|
|
Com. Reg. No.: |
0105503000586 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter
& Distributor of food
seasoning |
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) |
|
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
AJINOMOTO
COMPANY [
SUMMARY
BUSINESS
ADDRESS : 5th FLOOR,
487/1
RAJTHEVEE,
TELEPHONE :
[66] 2245-1614,
2247-7000
FAX :
[66] 2246-3887,
2247-7016
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1960
REGISTRATION
NO. : 0105503000586 [Former : 87/2503]
CAPITAL REGISTERED : BHT. 796,362,800
CAPITAL PAID-UP : BHT.
796,362,800
FISCAL YEAR CLOSING DATE : MARCH
31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
YUTAKA KUNIMOTO, JAPANESE
PRESIDENT
NO.
OF STAFF : 1,200
LINES
OF BUSINESS : FOOD
SEASONING
MANUFACTURER, EXPORTER
& DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on April 29,
1960 as a
private limited company
under the name
style AJINOMOTO COMPANY [THAILAND]
LIMITED led by
Ajinomoto Ltd., Japan
and Thai groups,
in order to manufacture food seasoning
and animal nutrition
products for local
market. The “AJINOMOTO”
animal nutrition network
has 6 factories
producing “L-Lysine HCI” around
the world. They
are in
The subject
was granted an investment privilege
promotional from the Board
of Investment [BOI],
under the certificate
No. 1641/2539 and 1020 (1)/2545, on
September 30, 1996
and January 9,
2002 respectively, for
its production. It
currently employs 1,200
staff.
The
subject’s registered address
is 487/1 Sri
Ayudhya Rd., Thanon
Phyathai, Rajthevee, Bangkok
10400, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Wing Com. Tinnakorn Bhankravi |
Chairman [x] |
Thai |
92 |
|
Mr. Yutaka Kunimoto |
[x] |
Japanese |
63 |
|
Mr. Hiroki Kawashima |
|
Japanese |
54 |
|
Mr. Pichien Koosmith |
[x] |
Thai |
66 |
|
Mr. Apirat Rattanaparadorn |
|
Thai |
61 |
|
Mr. Keichi Yokoyama |
[x] |
Japanese |
61 |
|
Mr. Sunthorn Sathapornkul |
|
Thai |
59 |
|
Mr. Hiroyuki Suzuki |
|
Japanese |
50 |
|
Mr. Suchart Narksawek |
|
Thai |
56 |
|
Mr. Suradech Thiapairat |
|
Thai |
55 |
|
Mr. Masazumi Tanimura |
|
Japanese |
46 |
|
Mr. Masato Kohtani |
|
Japanese |
47 |
|
Mr. Takahiro Kuratani |
|
Japanese |
58 |
|
Mr. Hiroyuki Ohara |
|
Japanese |
42 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Yutaka Kunimoto
is the President.
He is Japanese
nationality with the
age of 63 years old.
Mr. Pichien Koosmith is
the Vice President.
He is Thai
nationality with the
age of 66
years old.
Mr. Varong Kraiyoonpong is
the Accounting &
Finance Manager.
He is Thai
nationality.
Mr. Thongdee Pasai
is the Factory
Manager [Pathumthani].
He is Thai
nationality.
Mr. Suradej Thiempairat
is the Factory
Manager [Kampaengpetch].
He is Thai
nationality.
Mr. Sorachai Kusanchai
is the Factory
Manager [Prapadaeng].
He is Thai
nationality.
Mr. Hideki Okamura
is the Factory
Manager [Saraburi].
He is Japanese
nationality.
BUSINESS OPERATIONS
The subject is engaged in manufacturing of food ingredient, food
seasoning and related products as
followings:
Products Brand
Food ingredient & enzyme products “AJI-NO-MOTO”, “I PLUS G”,
“TECHNO”
“AJITIDE T
+G”, “ACTIVA TG”,
“CHOICE”
“ROSDEE COOK
CHOICE”, “MENTSUYA”,
“HON-DASHI”, “AJINOMOTO
DRESSING”
Seasoning products “AJINOMOTO”, “ROSDEE”, “SOUP DEE”
“LITE SUGAR”, “ROSDEE KRUE
KROB
-
ROS”, TAKUMI-AJI”
Instant noodle products “YUM YUM”
Beverage products “CALPIS LACTO”,
“BIRDY”, “SKINFIT”,
“BRANE FIT”
Processed food products “BIRDY
3 IN 1”,
“VONO”,
“BIRDY CANDY”
Animal nutrition products “AJI-NO-MOTO”,
Frozen food products “AJI-NO-MOTO”,
In Thailand, AJINOMOTO
is made from
molasses derived from
sugarcane and tapioca
starch from cassava
roots through the
Fermentation Process.
PURCHASE
80% of
its natural raw
materials; tapioca starch,
sugarcane molasses and
etc., are purchased from local
suppliers and planters,
and the remaining
20% especially chemical
is imported from
Japan, Singapore, Republic of
China, United States
of America, Taiwan
and Germany.
MAJOR SUPPLIER
Ajinomoto Ltd. :
Ajinomoto Calpis Beverage [
Ajinomoto Frozen Foods [
AQY Sauce Co.,
Ltd. :
SALES
[LOCAL]
90%
of the products
is sold locally
to food manufacturers, wholesalers
and end-users, the
remaining 10% is
exported to Japan.
MAJOR CUSTOMER
Ajinomoto
Sales [
PARENT COMPANY
Ajinomoto Ltd.
Address : 15-1 Kyobashi 1-Chome, Chuo-Ku,
SUBSIDIARY COMPANIES
Myanmar Ajinomoto Ltd.
Business Type : Manufacturer
of food seasoning
products
Investment : The
subject holds 99.80%
of the company’s shares.
Myanmar Ajinomoto Industry
Co., Ltd.
Business Type : Manufacturer
of food seasoning
products
Investment : The
subject holds 100%
of the company’s
shares.
ASSOCIATED COMPANIES
Wan Thai Foods
Industry Co., Ltd.
Business Type: Manufacturer of
noodle products
Ajinomoto Sales [
Business Type: Manufacturer & distributing of
beverage products
Sri Ayuthaya Real
Estate Co., Ltd.
Business Type : Real estate
business
Erawan Industrial Development
Co., Ltd.
Business Type :
Distributor of food
products.
Ajitrade [
Business Type :
Importer and distributor
of industrial machines
and equipment.
Bangkok Animal Research
Center Co., Ltd.
Business Type :
Animal production technology
research & development
service.
ACE Pack [
Business Type :
Distributor of packaging
products.
Ajinomoto Engineering 2001 [
Business Type :
Construction and engineering
service.
AB Logistics [
Business Type :
Transportation & logistics
service.
F D Green [
Business Type :
Manufacturer & distributor
Ajinomoto Betagro Specialty
Foods Co., Ltd.
Business Type : Manufacturer of
food products.
Itoham Betagro Foods
Co., Ltd.
Business Type :
Manufacturer of beverage
products.
Fuji Ace Co.,
Ltd.
Business Type :
Manufacturer of plastic
film and packaging
service provider.
AET Manufacturing Co.,
Ltd.
Business Type :
Manufacturer of rubber
lining products.
Ajinomoto Frozen Foods
[
Business Type :
Manufacturer of frozen foods.
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 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 L/C
at sight or
D/A and T/T
on negotiated term.
Exports
are against T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
[Head Office :
Bank of
Tokyo-Mitsubishi Corporation
[
Krung Thai
Bank Public Co.,
Ltd.
[Head Office :
Siam City
Bank Public Co., Ltd.
[Head Office : 1101
New
EMPLOYMENT
The
subject employs approximately
1,200 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.
Factories
:
Factory
I : 6 Moo 2,
Factory
II : 99 Moo 1,
Factory
III : 369 Moo 3,
Kampaengphet
62000
Factory
IV : 58/1 Moo 1,
Pathumthanee
12000.
Factory
V : 45 Moo 14,
COMMENT
Ajinomoto
Co., (
The
company has solid business.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
25,000,000 divided into
25,000 shares of Bht. 1,000
each.
The
capital was increased
later as follows:
Bht. 384,048,500
on May 16,
1988
Bht. 460,858,200
on May 18,
1989
Bht. 663,635,700
on June 24,
1991
Bht. 796,362,800
on July 1,
1992
The
latest registered capital was
increased to Bht. 796,362,800
divided into 7,963,628 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at June
2, 2010]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ajinomoto Ltd. Nationality: Japanese Address : 15-1
Kyobashi 1-Chome, Chuo-Ku, |
5,913,920 |
74.26 |
|
Siam City Bank
Public Co., Ltd. Nationality: Thai Address : 1101
New |
477,816 |
6.00 |
|
Kasikornbank Public Co.,
Ltd. Nationality: Thai Address : |
398,183 |
5.00 |
|
Ajinomoto Foundation Nationality: Thai Address : |
289,586 |
3.64 |
|
Si Ayuthaya Real
Estate Co., Ltd. Nationality: Thai Address : |
195,334 |
2.45 |
|
Ajinomoto Sales [ Nationality: Thai Address : |
159,784 |
2.01 |
|
Others |
529,005 |
6.64 |
Total Shareholders : 299
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Nisakorn Songmanee No.
5035
BALANCE SHEET [BAHT]
The latest financial
figures published for
March 31, 2010
& 2009 were:
ASSETS
[Adjusted]
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
8,123,271,599 |
3,894,302,642 |
|
Trade Account & Notes Receivable |
1,949,513,584 |
1,590,666,496 |
|
Short Term Loan
to Related Company |
4,068,539,308 |
5,060,505,142 |
|
Inventories |
3,363,728,392 |
2,001,712,677 |
|
Forward Contract Receivable |
178,299,301 |
20,060,271 |
|
Current Portion of Receivable
and Loan to Director & Employees |
5,296,295 |
4,657,463 |
|
Refundable Value Added Tax |
728,797,133 |
691,334,182 |
|
Deferred Income |
74,154,532 |
66,883,935 |
|
Other Current Assets
|
148,307,549 |
113,313,309 |
|
Total Current Assets
|
18,639,907,693 |
13,443,436,117 |
|
Non-current Assets |
|
|
|
Investment in
Subsidiaries & Associated |
542,511,254 |
553,929,897 |
|
Other Long
Term Investment |
308,547,350 |
249,621,350 |
|
Other Long
Term Loan |
2,774,021 |
3,048,206 |
|
Receivable & Loan to
Director & Employees |
5,442,652 |
3,626,384 |
|
Deferred Income Tax |
- |
110,648,887 |
|
Fixed Assets |
7,784,296,955 |
8,202,067,612 |
|
Intangible Assets |
75,849,157 |
72,654,334 |
|
Total Non-current
Assets |
8,719,421,389 |
9,195,596,670 |
|
Total Assets |
27,359,329,082 |
22,639,032,787 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
[Adjusted]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accts. & Notes Payable |
1,006,185,098 |
692,985,202 |
|
Payable Construction |
210,450,945 |
161,653,903 |
|
Accrued Copy Right |
206,822,857 |
186,651,791 |
|
Accrued Income Tax |
377,117,485 |
557,476,180 |
|
Accrued Expenses |
331,208,238 |
280,641,848 |
|
Payable Contract & Interest |
- |
322,825,783 |
|
Other Current Liabilities |
11,987,623 |
9,223,056 |
|
Total Current Liabilities |
2,143,772,246 |
2,211,457,763 |
|
Provident & Pension Fund |
97,069,745 |
85,848,387 |
|
Deferred Income Tax Liabilities |
42,286,137 |
- |
|
Total Liabilities |
2,283,128,128 |
2,297,306,150 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 7,963,628 shares |
796,362,800 |
796,362,800 |
|
Capital Paid |
796,362,800 |
796,362,800 |
|
Unrealized Loss from
Securities |
[1,447,500] |
[307,500] |
|
Statutory Reserve |
79,636,280 |
79,636,280 |
|
General Reserve |
17,500,000,000 |
16,000,000,000 |
|
Retained Earning -
Unappropriated |
6,701,649,374 |
3,466,035,057 |
|
Total Shareholders' Equity |
25,076,200,954 |
20,341,726,637 |
|
Total Liabilities & Shareholders' Equity |
27,359,329,082 |
22,639,032,787 |
PROFIT & LOSS ACCOUNT
[Adjusted]
|
|
2010 |
2009 |
|
|
|
|
|
Sales |
20,452,908,673 |
17,080,102,909 |
|
Interest Income |
165,705,260 |
284,132,621 |
|
Dividend Income |
14,664,180 |
11,739,589 |
|
Gain on Exchange Rate |
- |
121,327,151 |
|
Other Income |
269,831,960 |
233,535,943 |
|
Total Sales |
20,903,110,073 |
17,730,838,213 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
13,327,018,660 |
12,940,275,972 |
|
Selling Expenses |
1,071,820,663 |
943,755,489 |
|
Administrative Expenses |
736,349,847 |
645,985,357 |
|
Loss on Exchange Rate |
34,366,335 |
- |
|
Total Expenses |
15,169,555,505 |
14,530,016,818 |
|
Profit / [Loss] from Income Tax |
5,733,554,568 |
3,200,821,395 |
|
Income Tax |
[878,485,831] |
[666,810,898] |
|
Net Profit / [Loss] |
4,855,068,737 |
2,534,010,497 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
8.69 |
6.08 |
|
QUICK RATIO |
TIMES |
6.60 |
4.77 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.63 |
2.08 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.75 |
0.75 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
92.13 |
56.46 |
|
INVENTORY TURNOVER |
TIMES |
3.96 |
6.46 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
34.79 |
33.99 |
|
RECEIVABLES TURNOVER |
TIMES |
10.49 |
10.74 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
27.56 |
19.55 |
|
CASH CONVERSION CYCLE |
DAYS |
99.36 |
70.91 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
65.16 |
75.76 |
|
SELLING & ADMINISTRATION |
% |
8.84 |
9.31 |
|
INTEREST |
% |
- |
- |
|
GROSS PROFIT MARGIN |
% |
37.04 |
28.05 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
28.03 |
18.74 |
|
NET PROFIT MARGIN |
% |
23.74 |
14.84 |
|
RETURN ON EQUITY |
% |
19.36 |
12.46 |
|
RETURN ON ASSET |
% |
17.75 |
11.19 |
|
EARNING PER SHARE |
BAHT |
609.66 |
318.20 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.08 |
0.10 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.09 |
0.11 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
19.75 |
|
|
OPERATING PROFIT |
% |
79.13 |
|
|
NET PROFIT |
% |
91.60 |
|
|
FIXED ASSETS |
% |
(5.09) |
|
|
TOTAL ASSETS |
% |
20.85 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
37.04 |
Impressive |
Industrial Average |
17.18 |
|
Net Profit Margin |
23.74 |
Impressive |
Industrial Average |
5.15 |
|
Return on Assets |
17.75 |
Impressive |
Industrial Average |
8.54 |
|
Return on Equity |
19.36 |
Impressive |
Industrial Average |
14.49 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from Sales 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 37.04%. When compared with the industry
average, the ratio of the company was higher, indicated that company was more
profitable than the same industry.
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 23.74% 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 is
17.75%, 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 is 19.36%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
8.69 |
Impressive |
Industrial Average |
1.48 |
|
Quick Ratio |
6.60 |
|
|
|
|
Cash Conversion Cycle |
99.36 |
|
|
|
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 8.69 times in 2010, increase from 6.08 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 higher, indicated that company
was an efficient operator in a dominant
position within its industry.
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 6.6 times in 2010,
increase from 4.77 times, although excluding inventory so the company still
have good short-term financial strength.
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 100 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.08 |
Impressive |
Industrial Average |
0.40 |
|
Debt to Equity Ratio |
0.09 |
Impressive |
Industrial Average |
0.69 |
|
Times Interest Earned |
- |
|
Industrial Average |
6.97 |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.08 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 Uptrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.63 |
Satisfactory |
Industrial Average |
2.86 |
|
Total Assets Turnover |
0.75 |
Deteriorated |
Industrial Average |
1.73 |
|
Inventory Conversion Period |
92.13 |
|
|
|
|
Inventory Turnover |
3.96 |
Acceptable |
Industrial Average |
6.48 |
|
Receivables Conversion Period |
34.79 |
|
|
|
|
Receivables Turnover |
10.49 |
Impressive |
Industrial Average |
5.93 |
|
Payables Conversion Period |
27.56 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.37 |
|
|
1 |
Rs.70.84 |
|
Euro |
1 |
Rs.62.96 |
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 |
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.