|
Report Date : |
29.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUNJIN VINA CO., LTD |
|
|
|
|
Registered Office : |
Lot II-11, Ho Nai Industrial Park , Trang Bom District, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
2004 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Producing and trading in animal
feed, aquaculture feed and feed materials, additives |
|
|
|
|
No. of Employees : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Viet Nam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
vietnam - ECONOMIC OVERVIEW
Vietnam is a densely-populated developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises, which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the World Trade Organization in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 22% in 2011, while industry's share increased from 36% to 40% in the same period. Deep poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession has hurt Vietnam's export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum average achieved during the last decade. In 2011, exports increased by more than 33%, year-on-year, and the trade deficit, while reduced from 2010, remained high, prompting the government to maintain administrative trade measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance. Since 2008, the government devalued it in excess of 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached as high as 23% in August 2011 and averaged 18% for the year. In February 2011, Vietnam shifted its focus away from economic growth to stabilizing its economy and tightened fiscal and monetary policies. In early 2012 Vietnam unveiled a broad "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises and the banking sector. Vietnam's economy continues to face challenges from low foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties.
|
Source : CIA |
Current legal status
|
||
|
English Name |
|
SUNJIN VINA CO., LTD |
|
Vietnamese Name |
|
CONG TY TNHH SUNJIN VINA |
|
Trade name |
|
SUNJIN VINA CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2004 |
|
Investment Certificate No |
|
472043000073 |
|
Date Of Issuance |
|
12 Feb 2007 |
|
Place of Issuance |
|
Industrial Zones Management
Board of Dong Nai province |
|
Registered Investment Capital |
|
USD 9,000,000 |
|
Chartered capital |
|
USD 4,000,000 |
|
Investment Duration |
|
50 years |
|
Status |
|
Unlisted |
|
Tax code |
|
3600665280 |
|
Total Employees |
|
200 |
|
Size |
|
Medium |
|
Note: Mr. SAIL CHANG is subject’s former CEO |
||
Historical Identification &
Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former
Investment Certificate No: 264/GP-KCN-DN (issued 7 Jan 2004) Changed to:
472043000073 |
12 Feb 2007 |
|
2 |
Subject has got former Registered
Investment Capital: 7,000,000 USD Changed to: 9,000,000 USD |
N/A |
|
3 |
Subject has got former
Chartered capital: 3,000,000 USD Changed to: 4,000,000 USD |
N/A |
|
|
||
|
ADDRESSES |
||
|
|
||
|
Head
Office |
||
|
Address |
|
Lot II-11, Ho Nai Industrial
Park , Trang Bom District, Dong Nai Province, Vietnam |
|
Telephone |
|
(84-61) 3985 995 - 3985991 |
|
Fax |
|
(84-61) 3985990/ 3985989 |
|
|
||
|
|
||
|
Branch
in Dong Nai |
||
|
Address |
|
Thanh Binh Commune, Trang Bom District,
Dong Nai Province, Vietnam |
|
Note: This is subject's
pig farm |
||
|
|
||
SUBSIDIARIES AND RELATED COMPANIES
|
||
|
|
||
|
1.
PARENT COMPANY - SUNJIN CO., LTD |
||
|
Address |
|
114-1 Sadong-ri, Taewol-myon Ichon, Kyonggi-do 467-850 , Korea,
South |
|
Tel |
|
(82-31) 637 1180 |
|
Fax |
|
(82-31) 637 1260 |
|
Website |
|
|
|
|
||
DIRECTORS
|
||
|
|
||
|
1. NAME |
|
Mr. BAE KEUK HWAN |
|
Position |
|
General Director |
|
Nationality |
|
Korean |
|
|
||
|
2. NAME |
|
Mr. KIM YOUNG GUN |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Korean |
|
|
||
|
3. NAME |
|
Ms. TRAN XUAN TRANG |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-61) 3985995 Ext: 119 |
|
|
||
|
4. NAME |
|
Ms. TRAN PHUONG LOAN |
|
Position |
|
Chief of Administration &
Human Resource Department |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-61) 3985 995 Ext: 311 |
|
|
||
|
5. NAME |
|
Ms. NGUYEN THI TUYET MAI |
|
Position |
|
Purchasing Manager |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-61) 3985995 Ext: 206 |
|
|
||
|
6. NAME |
|
Mr. SAIL CHANG |
|
Position |
|
Former CEO |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
- Producing and trading in animal feed, aquaculture feed and feed
materials, additives. |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT:
|
||
|
·
Types of products |
|
Materials |
|
·
Market |
|
India, Australia, The USA, Indonesia |
|
·
Mode of payment |
|
L/C, TT |
|
|
||
|
EXPORT:
|
||
|
Note: Currently, the
subject does not export |
||
|
|
||
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. SHINHANVINA JOINT VENTURE BANK |
||
|
Address |
|
100 Nguyen Thi Minh Khai Street- Ward 6-, 3 District, Ho
Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 38291581 - 38315130 |
|
Fax |
|
(84-8) 38211648 - 38315130 |
|
|
||
|
3. KOREA EXCHANGE BANK |
||
|
Address |
|
No.34 Le Duan Str, 1 District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
84-8.38274273 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1. NAME |
|
SUNJIN CO., LTD |
|
Address |
|
114-1 Sadong-ri, Taewol-myon
Ichon, Kyonggi-do 467-850 , Korea, South |
|
Tel |
|
(82-31) 637 1180 |
|
Fax |
|
(82-31) 637 1260 |
|
Website |
|
http://www.sj.co.kr |
|
Percentage |
|
100% |
|
|
||
FINANCIAL DATA
|
|||
|
|
|||
|
BALANCE SHEET |
|||
Unit:
Million VND
|
|||
|
Balance
sheet date |
31/12/2011
|
31/12/2010
|
31/12/2009
|
|
Number of weeks |
52 |
52 |
52 |
ASSETS
|
|||
|
A –
CURRENT ASSETS |
225,771
|
223,148
|
128,913
|
|
I.
Cash and cash equivalents |
61,351
|
69,118
|
35,567
|
|
1. Cash |
36,351 |
59,118 |
21,567 |
|
2. Cash equivalents |
25,000 |
10,000 |
14,000 |
|
II.
Short-term investments |
0 |
0 |
0 |
|
1. Short-term investments |
0 |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III.
Accounts receivable |
97,889
|
75,570
|
48,421
|
|
1. Receivable from customers |
87,391 |
73,533 |
30,626 |
|
2. Prepayments to suppliers |
0 |
0 |
0 |
|
3. Inter-company receivable |
0 |
1,500 |
17,300 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
10,498 |
537 |
495 |
|
6. Provisions for bad debts |
0 |
0 |
0 |
|
IV.
Inventories |
65,151
|
77,488
|
44,049
|
|
1. Inventories |
65,151 |
77,488 |
44,049 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V.
Other Current Assets |
1,380
|
972 |
876 |
|
1. Short-term prepaid expenses |
554 |
199 |
164 |
|
2. VAT to be deducted |
0 |
0 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
0 |
|
4. Other current assets |
826 |
773 |
712 |
|
B.
LONG-TERM ASSETS |
192,460
|
100,989
|
68,671
|
|
I.
Long term accounts 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 |
68,453
|
75,769
|
66,514
|
|
1. Tangible assets |
68,354 |
65,897 |
65,929 |
|
- Historical costs |
125,964 |
112,625 |
103,275 |
|
- Accumulated depreciation |
-57,610 |
-46,728 |
-37,346 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
0 |
0 |
0 |
|
- Initial costs |
0 |
0 |
0 |
|
- Accumulated amortization |
0 |
0 |
0 |
|
4. Construction-in-progress |
99 |
9,872 |
585 |
|
III.
Investment property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV.
Long-term investments |
119,900
|
23,250
|
0 |
|
1. Investments in affiliates |
119,900 |
23,250 |
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 |
4,107
|
1,970
|
2,157
|
|
1. Long-term prepaid expenses |
4,107 |
1,970 |
2,157 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
VI.
Goodwill |
0 |
0 |
|
|
1. Goodwill |
0 |
0 |
|
|
TOTAL
ASSETS |
418,231
|
324,137
|
197,584
|
|
|
|||
LIABILITIES
|
|||
|
A-
LIABILITIES |
272,323
|
215,872
|
141,858
|
|
I.
Current liabilities |
271,598
|
215,147
|
141,358
|
|
1. Short-term debts and loans |
202,034 |
158,423 |
99,511 |
|
2. Payable to suppliers |
62,344 |
51,609 |
38,888 |
|
3. Advances from customers |
169 |
248 |
42 |
|
4. Taxes and other obligations to the State Budget |
6,522 |
2,718 |
1,608 |
|
5. Payable to employees |
328 |
2,087 |
1,284 |
|
6. Accrued expenses |
0 |
0 |
0 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction
contracts |
0 |
0 |
0 |
|
9. Other payable |
201 |
62 |
25 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
II.
Long-Term Liabilities |
725 |
725 |
500 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
0 |
|
4. Long-term debts and loans |
0 |
0 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
725 |
725 |
500 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
8. Unearned Revenue |
|
|
|
|
9. Science and technology development fund |
|
|
|
|
B-
OWNER’S EQUITY |
145,908
|
108,265
|
55,726
|
|
I.
OWNER’S EQUITY |
145,908
|
108,265
|
55,726
|
|
1. Capital |
63,206 |
63,205 |
63,205 |
|
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 |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
0 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
82,702 |
45,060 |
-7,479 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
12. Business arrangement supporting fund |
|
|
|
|
II.
Other sources and funds |
0 |
0 |
0 |
|
1. Bonus and welfare funds |
0 |
|
0 |
|
2. Sources of expenditure |
0 |
|
0 |
|
3. Fund to form fixed assets |
0 |
|
0 |
|
MINORITY’S
INTEREST |
0 |
|
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
418,231
|
324,137
|
197,584
|
|
|
|||
|
PROFIT & LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
FY2009 |
|
1. Total Sales |
979,471
|
808,366
|
532,923
|
|
2. Deduction item |
96,282 |
76,036 |
39,319 |
|
3. Net revenue |
883,189
|
732,330
|
493,604
|
|
4. Costs of goods sold |
748,805 |
605,289 |
395,498 |
|
5. Gross profit |
134,384
|
127,041
|
98,106
|
|
6. Financial income |
3,668 |
1,669 |
906 |
|
7. Financial expenses |
25,898 |
13,721 |
13,730 |
|
- In which: Loan interest expenses |
9,351 |
9,126 |
5,909 |
|
8. Selling expenses |
32,483 |
29,611 |
30,084 |
|
9. Administrative overheads |
40,404 |
33,449 |
24,811 |
|
10. Net operating profit |
39,267
|
51,929
|
30,387
|
|
11. Other income |
719 |
980 |
556 |
|
12. Other expenses |
685 |
372 |
0 |
|
13. Other profit /(loss) |
34 |
608 |
556 |
|
14. Total accounting profit before tax |
39,301
|
52,537
|
30,943
|
|
15. Current corporate income tax |
1,658 |
0 |
0 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
|
18. Profit after tax |
37,643
|
52,537
|
30,943
|
|
|
||||
|
FINANCIAL
RATIOS AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2011
|
FY2010
|
FY2009
|
Average
Industry |
|
Current liquidity ratio |
0.83 |
1.04 |
0.91 |
1.21 |
|
Quick liquidity ratio |
0.59 |
0.68 |
0.60 |
0.41 |
|
Inventory circle |
11.49 |
7.81 |
8.98 |
4.09 |
|
Average receive period |
40.46 |
37.66 |
35.81 |
35.22 |
|
Utilizing asset performance |
2.11 |
2.26 |
2.50 |
1.99 |
|
Liability by total assets |
65.11 |
66.60 |
71.80 |
64.75 |
|
Liability by owner's equity |
186.64 |
199.39 |
254.56 |
199.02 |
|
Ebit / Total assets (ROA) |
11.63 |
19.02 |
18.65 |
12.59 |
|
Ebit / Owner's equity (ROE) |
33.34 |
56.96 |
66.13 |
36.14 |
|
Ebit / Total revenue (NPM) |
4.97 |
7.63 |
6.92 |
6.48 |
|
Gross profit / Total revenue (GPM) |
13.72 |
15.72 |
18.41 |
12.11 |
|
Note: The Average Industry was calculated by VietnamCredit
based on our own statistical data |
||||
|
|
||||
PAYMENT HISTORY &
PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No |
|
Bankruptcy |
|
No |
|
Payment Methods |
|
L/C, T/T |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Good |
INTERPRETATION ON THE SCORES
|
|
|
|
SUNJIN VINA COMPANY LIMITED was established
in 2004 as 100% Korean invested company under the former investment
certificate No. 264/GP-KCN-DN. Then on 12 February 2007, the subject's
investment certificate number was changed to 472043000073. The subject's
parents company that is SUNJIN CO., LTD focuses on manufacturing animal feed
and meat processing. SUNJIN CO., LTD runs other feed mill in North of Vietnam
as SUNJIN FARMSCO CO., LTD. Recently, in Mar 2012; this corporation
inaugurated another feed manufacturing company named SUNJIN VINA MEKONG CO.,
LTD in Tien Giang province. Mr. BAE KEUK HWAN is also General Director of
this newly established company. The subject mainly engages in
producing and trading in animal, aquaculture feed and additives. Its head
office, which is located at Lot II-11, Ho Nai Industrial Park, is a modern
animal feed processing factory cover total area of 25,015 m2. It is operating
with modern machinery and advanced technology. Its factory has the closing
processing lines system, using all equipments imported from Korea. In
investment license, it also registered exporting activities, however,
currently; its products serve domestic market only. Financially, as can be seen in the
following charts, there was upward trend in total assets and sales scale. In
term of profitability, the highest sales growth (103.84%) was seen in 2007.
Total sales increased by 610% in five-year period from 2006 to 2011. However,
it was not until 2008 that the subject started to yield profit and all
profitability ratios turned positive. In 2011, profit declined and
profitability ratios showed reducing sign because of increased COGS and
double financial cost. Inventory circle
moved faster in three recent years, and higher than the industry average
whereas receivable period ranged around 40 days. In addition, utilizing
assets performance maintained high, which all showed efficient operation. In
terms of capital structure, liabilities took up high proportion in total
assets, especially in early stage of operation. In recent years, thanks to increasing
retained earnings, which accelerated equity capital, liabilities over equity
ratio declined. In liability structure, long-term ones was trivial,
therefore, liquidity was fairly low. In general, the subject
has been operating for quite a long time. In 2011, it was ranked 16th
among feed manufacturing companies in Vietnam in terms of scale. Currently,
FDI companies like CP, EMIVEST, CARGILL, PROCONCO, GREENFEED, etc still
dominates feed manufacturing market in Vietnam. These companies took up
approximately 70% market share as they have capital, technology; foreign
parent supports advantages over domestic companies. The subject is a medium
one in the field with upward development trend. It is reliable for small and
normal commitments. |
|
|
|
INDUSTRY
DATA |
||||||
|
Industry
code |
Growth
speed by price compared with 1994 (%) |
Total
enterprises 2010 |
Total
employees 2011 (Thous.pers.) |
Annual
average capital of enterprises 2010 (billion dongs) |
||
|
2011 |
2010 |
|||||
|
Agriculture,
Forestry and Fishing |
4.00 |
2.78 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry
and Construction |
5.53 |
7.70 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade
and Services |
6.69 |
7.52 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
|
ECONOMIC
INDICATORS |
||||||
|
|
||||||
|
|
2011 |
2010 |
2009 |
|||
|
Population (Million
person) |
87.84 |
86.93 |
86.02 |
|||
|
Gross Domestic
Products (USD billion) |
119 |
102.2 |
91 |
|||
|
GDP Growth (%) |
5.89 |
6.78 |
5.32 |
|||
|
GDP Per Capita
(USD/person/year) |
1,300 |
1,160 |
1,080 |
|||
|
Inflation (% Change
in Composite CPI) |
18.58 |
11.75 |
6.88 |
|||
|
State Budget
Deficit compared with GDP (%) |
4.9 |
5.8 |
6.9 |
|||
|
|
||||||
|
SERVICE
TRADE PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2011 |
2010 |
2009 |
|||
|
Exports |
96.3 |
72.2 |
57.1 |
|||
|
Imports |
105.8 |
84.8 |
69.9 |
|||
|
Trade Balance |
-9.5 |
-12.6 |
-12.8 |
|||
Source:
General Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
|
1 |
Rs.88.39 |
|
Euro |
1 |
Rs.72.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.