MIRA
INFORM REPORT
|
Report Date : |
14.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
AVERY
DENNISON [THAILAND] LTD. |
|
|
|
|
Registered Office : |
49/51-54 Moo 12, Kingkaew Road,, Rajathewa, Bangplee, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
08.11.1995 |
|
|
|
|
Com. Reg. No.: |
0105538133167 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor and
exporter of self adhesive
products |
|
|
|
|
No. of Employees : |
320 Employees |
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
Company name
AVERY DENNISON [THAILAND] LTD.
SUMMARY
BUSINESS
ADDRESS : 49/51-54 MOO
12, KINGKAEW ROAD,
RAJATHEWA, BANGPLEE,
SAMUTPRAKARN 10540,
THAILAND
TELEPHONE : [66] 2750-2070,
2750-2172-4
FAX :
[66] 2750-2071,
2750-2171
E-MAIL
ADDRESS : salesthailand@ap.averydennison.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538133167
TAX
ID NO. : 3011652602
CAPITAL REGISTERED : BHT. 105,500,000
CAPITAL PAID-UP : BHT.
105,500,000
SHAREHOLDER’S PROPORTION :
AMERICAN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
VATCHARA GLEEBBUA, THAI
SUPPLY CHAIN
DIRECTOR ASEAN
NO.
OF STAFF : 320
LINES
OF BUSINESS : SELF
ADHESIVE PRODUCTS
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 November 8,
1995 as a
private limited company
under the registered
name AVERY [THAILAND]
CO., LTD., by
American groups.
On September 9,
1996 the subject’s
name was changed
to AVERY DENNISON
[THAILAND] LTD.
The subject is
the leading manufacturer of stickers
under the trade name
“FASSON”, which is a key player in the industries of stickers, paper, film,
and PVC for
the consumers product, cosmetics, automobiles,
electronics, food &
beverage packaging, medical and pharmaceutical. It
currently employs approximate
320 staff.
The subject is
a subsidiary of
Avery Dennison Corporation,
U.S.A., one of
the world’s largest
producers of pressure
sensitive label materials,
operates in over
40 countries for
manufacturing and marketing
throughout the world.
The subject’s registered address is 49/51-54
Moo 12, Kingkaew Rd.,
Rajathewa, Bangplee, Samutprakarn
10540, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Karyn Elizabeth Rodriguez |
[x] |
American |
53 |
|
Ms. Azima Moiz |
[-] |
Singaporean |
43 |
|
Mr. Vikas Arora |
[x] |
American |
39 |
|
Mr. Georges Gravanis |
[-] |
French |
54 |
|
Mr. Vatchara Gleebbua |
[*] |
Thai |
47 |
|
Mr. Frank Peter Smigelski |
[x] |
American |
46 |
AUTHORIZED PERSON
- Any two
of the mentioned directors [x] can
jointly sign on
behalf of the
subject
with company’s affixed.
- One of
the mentioned directors [-]
can jointly sign
with anyone of
the mentioned directors
[x] on behalf
of the subject
with company’s affixed.
- In case
of contact to
government sector the
mentioned director [*]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Vatchara Gleebbua is
the Supply Chain
Director Asean.
He is Thai
nationality with the
age of 47 years
old.
Ms. Siraporn Thepnorarat
is the Financial
Controller.
She is Thai
nationality.
Mr. Soros Yodmongkol
is the Plant
Manager [Samutprakarn / Rayong /
Chonburi].
He is Thai
nationality.
Mr. Thanasak Sakchuenyos
is the Marketing
Manager
He is Thai
nationality.
Mr. Sombat Kraipattanapong is
the Business Development
Manager
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activities are manufacturer and
contractor of self
adhesive products, specialized
in sticker, including paper,
PE, PP, PVC,
polyolefin film, battery
label, industrial label,
price tickets, graphic
hangtags and printing
solutions for various
type of tags
or labels from
woven or fabric
to paper labels.
Its products are
used in automobiles,
electronics, medicals, foods
and beverage industries.
MAJOR BRANDS
“AVERY” : United
States of America
“FASSON” : Australia
IMPORT [COUNTRIES]
Most of the chemicals
and raw materials:
paper and PVC
sheet are imported
from United States
of America, Japan,
Republic of China,
Taiwan and Hong Kong,
while the rest
is purchased locally.
MAJOR SUPPLIER
Avery Dennison Corporation :
United States of
America
SALES [LOCAL]
70% of its
products is sold
locally by wholesale
to dealers and
end-users.
EXPORT [COUNTRY]
30% of its products is exported to Singapore,
Republic of China, Malaysia, Japan,
Taiwan, Australia, Philippines,
Hong Kong, India,
Korea, and Indonesia.
MAJOR CUSTOMERS
Proctor & Gramble
Trading [Thailand] Co.,
Ltd. : Thailand
Siam Traffic Co.,
Ltd. : Thailand
PARENT COMPANY
Avery Dennison
Corporation : U.S.A.
Address: 150 North
Orange Glove, Boulevard,
Pasadena, California 91103, U.S.A.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to have any
subsidiary or 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 days.
Imports are by
L/C at sight
and T/T.
Exports are against
L/C at sight
and T/T.
BANKING
Bank of America
NT & SA
[Bangkok Office :
2/2 Wireless Rd.,
Lumpini, Pathumwan, Bangkok ]
Bangkok Bank Public Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok]
Citibank N/A
[Bangkok Branch :
82 North Sathorn
Rd., Silom, Bangrak,
Bangkok]
EMPLOYMENT
The subject employs
approximately 320 staff.
[office, sales staff
and factory workers]
LOCATION DETAILS
The premise is
rented for administrative office,
factory I and
warehouse at the
heading address. Premise
is located in
an industrial area.
Factory II : 64/11
Moo 4, Eastern
Seaboard Industrial Estate,
A. Pluakdaeng,
Rayong 21140,
Tel. : [66] 38
954-589-91, 38 954-592.
Production : Film
and self adhesives
and adhesive tape
products
Factory III :
700/681 Moo 1, Amata
Nakorn Industrial Estate,
T. Panthong,
A. Panthong, Chonburi
20160
Tel. : [66] 38
447-432-8, Fax: [66] 38
447-438
Production : Sticker
and label products
COMMENT
The subject was established as a
prominent adhesive manufacturer.
Its products are renowned for
reliability and uncompromising standards
of quality supplying
the products to
leading industries both
domestic and international
markets.
The subject’s operating results
remain strong in
line with demand of
the self adhesive
products from various industries. Domestic consumption
improvement has resulted to
strong demand of
the products. Subject’s business outlook
is vibrant.
FINANCIAL INFORMATION
The capital was
registered at Bht.
25,000,000 divided into
250,000 shares of
Bht. 100 each.
The capital was
increased later as
followings:
Bht.
95,000,000 on October
6, 1997
Bht.
95,500,000 on December
22, 1997
Bht.
105,500,000 on January
8, 1999
The latest registered
capital was increased
to Bht. 105,500,000 divided
into 1,055,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30, 2012]
|
NAME |
HOLDING |
% |
|
Avery Dennison Corporation Nationality: American Address : 150 North
Orange Grove, Boulevard,
Pasadena,
California 91103, U.S.A. |
1,054,994 |
100.00 |
|
Security Printing Division,
Inc. Nationality: American Address : 1029, Orange
Street, Wilmington,
Delaware 19801, U.S.A. |
1 |
- |
|
Dennison Manufacturing Company Nationality: American Address : 6100 Neil
Rd., Nevada 89511, U.S.A. |
1 |
- |
|
Avery Graphic Systems
Inc. Nationality: American Address : 1029, Orange
Street, Wilmington,
Delaware 19801, U.S.A. |
1 |
- |
|
Avery Dennison Office
Products Company Nationality: American Address : 6100 Neil
Rd., Nevada 89511, U.S.A. |
1 |
- |
|
Avery Dennison RFID
Company Nationality: American Address : 1029, Orange
Street, Wilmington,
Delaware 19801, U.S.A. |
1 |
- |
|
Avery Pacific LLC Nationality: American Address : 915 L
Street, Suite 1440
Sacramento,
California 95814, U.S.A.
|
1 |
- |
Total Shareholders : 7
Share Structure : [as at
April 30, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - American |
7 |
1,055,000 |
100.00 |
|
Total |
7 |
1,055,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Anuthai Pumisurakul
No. 3873
BALANCE SHEET [BAHT]
The latest financial
figures published as
at December 31,
2011 & 2010
were :
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalent
|
18,365,058 |
26,651,530 |
|
Trade Accounts & Other Receivable |
513,775,125 |
506,898,303 |
|
Short-term Lending to
Related Company |
1,173,815,701 |
973,318,296 |
|
Inventories |
258,582,429 |
233,569,424 |
|
Other Current Assets |
41,128,095 |
26,422,479 |
|
|
|
|
|
Total Current Assets
|
2,005,666,408 |
1,766,860,032 |
|
Available for Sale of Assets |
10,849,493 |
- |
|
Fixed Assets |
234,222,154 |
257,753,742 |
|
Intangible Assets |
632,873 |
506,517 |
|
Other Non-current Assets |
8,837,294 |
6,662,391 |
|
Total Assets |
2,260,208,222 |
2,031,782,682 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institutions |
2,007,988 |
2,343,031 |
|
Trade Accounts &
Other Payable |
553,982,321 |
549,989,739 |
|
Short-term Loan from
Related Company |
- |
32,000,000 |
|
Current Portion of Financial
Lease Contract Liabilities |
256,349 |
515,692 |
|
Accrued Income Tax |
37,804,279 |
27,933,559 |
|
Other Current Liabilities |
6,207,705 |
5,350,428 |
|
|
|
|
|
Total Current Liabilities |
600,258,642 |
618,132,449 |
|
Financial Lease Contract
Liabilities |
92,745 |
321,074 |
|
Estimated Liabilities for Employee Benefits |
5,943,366 |
- |
|
Total Liabilities |
606,294,753 |
618,453,523 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
Share capital Bht.
100 value authorized,
issued and
fully paid share
capital 1,055,000 shares |
105,500,000 |
105,500,000 |
|
|
|
|
|
Capital Paid |
105,500,000 |
105,500,000 |
|
Premium on Shares Capital |
416,186,009 |
416,186,009 |
|
Retained Earning Appropriated for Statutory
Reserve |
10,550,000 |
10,550,000 |
|
Unappropriated |
1,121,677,460 |
881,093,150 |
|
Total Shareholders' Equity |
1,653,913,469 |
1,413,329,159 |
|
|
|
|
|
Total Liabilities &
Shareholders' Equity |
2,260,208,222 |
2,031,782,682 |
PROFIT & LOSS ACCOUNT
|
Sale |
2011 |
2010 |
|
|
|
|
|
Sales |
2,390,086,521 |
2,245,920,587 |
|
Other Sales |
59,249,122 |
49,646,976 |
|
Total Sales |
2,449,335,643 |
2,295,567,563 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods Sold
|
1,890,741,058 |
1,785,264,288 |
|
Selling Expenses |
118,281,971 |
97,123,896 |
|
Administrative Expenses |
122,331,302 |
147,097,454 |
|
Other Expenses |
556,883 |
17,782,196 |
|
Total Expenses |
2,131,911,214 |
2,047,267,834 |
|
|
|
|
|
Profit before Financial Cost
& Income Tax |
317,424,429 |
248,299,729 |
|
Financial Cost |
[1,378,370] |
[779,219] |
|
Profit before Income Tax |
316,046,059 |
247,520,510 |
|
Income Tax |
[75,461,749] |
[62,117,518] |
|
Net Profit / [Loss] |
240,584,310 |
185,402,992 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
3.34 |
2.86 |
|
QUICK RATIO |
TIMES |
2.84 |
2.44 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10.20 |
8.71 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.06 |
1.11 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
49.92 |
47.75 |
|
INVENTORY TURNOVER |
TIMES |
7.31 |
7.64 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
78.46 |
82.38 |
|
RECEIVABLES TURNOVER |
TIMES |
4.65 |
4.43 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
106.94 |
112.45 |
|
CASH CONVERSION CYCLE |
DAYS |
21.43 |
17.69 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
79.11 |
79.49 |
|
SELLING & ADMINISTRATION |
% |
10.07 |
10.87 |
|
INTEREST |
% |
0.06 |
0.03 |
|
GROSS PROFIT MARGIN |
% |
23.37 |
22.72 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
13.28 |
11.06 |
|
NET PROFIT MARGIN |
% |
10.07 |
8.26 |
|
RETURN ON EQUITY |
% |
14.55 |
13.12 |
|
RETURN ON ASSET |
% |
10.64 |
9.13 |
|
EARNING PER SHARE |
BAHT |
228.04 |
175.74 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.27 |
0.30 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.37 |
0.44 |
|
TIME INTEREST EARNED |
TIMES |
230.29 |
318.65 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
6.42 |
|
|
OPERATING PROFIT |
% |
27.84 |
|
|
NET PROFIT |
% |
29.76 |
|
|
FIXED ASSETS |
% |
(9.13) |
|
|
TOTAL ASSETS |
% |
11.24 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
23.37 |
Impressive |
Industrial
Average |
7.37 |
|
Net Profit Margin |
10.07 |
Impressive |
Industrial Average |
1.22 |
|
Return on Assets |
10.64 |
Impressive |
Industrial
Average |
1.31 |
|
Return on Equity |
14.55 |
Impressive |
Industrial
Average |
2.31 |
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 23.37%. When compared with the industry
average, the ratio of the company was higher, this 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 10.07%, 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
10.64%, 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 14.55%, 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 |
3.34 |
Impressive |
Industrial Average |
1.16 |
|
Quick Ratio |
2.84 |
|
|
|
|
Cash Conversion Cycle |
21.43 |
|
|
|
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 3.34 times in 2011, increased from 2.86 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 2.84 times in 2011,
increased from 2.44 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 22 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.27 |
Impressive |
Industrial
Average |
0.60 |
|
Debt to Equity Ratio |
0.37 |
Impressive |
Industrial
Average |
1.03 |
|
Times Interest Earned |
230.29 |
Impressive |
Industrial
Average |
1.81 |
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 230.29 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 0.27 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
10.20 |
Impressive |
Industrial
Average |
1.93 |
|
Total Assets Turnover |
1.06 |
Satisfactory |
Industrial
Average |
1.13 |
|
Inventory Conversion Period |
49.92 |
|
|
|
|
Inventory Turnover |
7.31 |
Impressive |
Industrial
Average |
5.10 |
|
Receivables Conversion Period |
78.46 |
|
|
|
|
Receivables Turnover |
4.65 |
Satisfactory |
Industrial
Average |
4.75 |
|
Payables Conversion Period |
106.94 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.23 |
|
UK Pound |
1 |
Rs.87.53 |
|
Euro |
1 |
Rs.70.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.