MIRA INFORM REPORT
|
Report Date : |
02.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
INDEX
INTERFURN CO., LTD. |
|
|
|
|
Registered Office : |
143 Soi Rama 2/50, Rama Ii Road, Samaedam, Bangkhunthien, Bangkok 10150 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
01.07.2009 |
|
|
|
|
Com. Reg. No.: |
0105552064096 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, exporter and distributor of home and
office furniture |
|
|
|
|
No. of Employees
: |
1600 |
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 : |
Good |
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
INDEX INTERFURN
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 143
SOI RAMA 2/50,
RAMA II ROAD,
SAMAEDAM, BANGKHUNTHIEN, BANGKOK
10150
TELEPHONE : [66] 2415-0077,
2898-4488
FAX :
[66] 2415-7399,
2415-3883, 2898-4411
E-MAIL
ADDRESS : info@index-interfurn.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0105552064096
CAPITAL REGISTERED : BHT. 960,000,000
CAPITAL PAID-UP : BHT.
960,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PISITH PATAMASATAYASONTHI, THAI
PRESIDENT &
CHIEF EXECUTIVE OFFICER
NO.
OF STAFF : 1,600
LINES
OF BUSINESS : HOME
AND OFFICE FURNITURE
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
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 July 1,
2009 as a
private limited company
under the name
style INDEX INTERFURN
CO., LTD. by Thai groups.
It was
set up under
the merger among 4
companies, named “Index
Interfurn Co., Ltd.”, registration
number 0105526037184, “Bangkok
Home Plus Co.,
Ltd.”, registration Number
0105543055829, “Bangkok
Cabinet Co., Ltd.”, registration
number 0105532107784, and “Bangkok Furnitech
Co., Ltd.”, registration
number 0105532107750, in
order to manufacture
and service various
styles of home
and office furniture
to both domestic
and international markets.
It currently employs approximate 1,600
staff.
The subject’s registered
address was initially
located at 43/13
Moo 7, Soi
Rama 2/50, Rama
II Rd., Samaedam,
Bangkhunthien, Bangkok 10150.
On
May 7, 2010, subject’s
registered address number
was changed to 143 Soi
Rama 2/50, Rama
II Rd., Samaedam,
Bangkhunthien, Bangkok 10150,
by the Bangkhunthien
District Office, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pisith Patamasatayasonthi |
[x] |
Thai |
64 |
|
Mrs. Khanthong Udommahantisuk |
[x] |
Thai |
59 |
|
Ms. Jarintorn
Patamasatayasonthi |
|
Thai |
36 |
|
Ms. Pichapim Patamasatayasonthi |
|
Thai |
34 |
|
Mr. Ekaluck Patamasatayasonthi |
|
Thai |
31 |
|
Mr. Ekarit Patamasatayasonthi |
|
Thai |
27 |
|
Mr. Yingyos Udommahantisuk |
[x] |
Thai |
61 |
|
Mr. Piriya Boonkittiwattana |
[x] |
Thai |
51 |
|
Mr. Prasan Harntanasirisakul |
[x] |
Thai |
56 |
AUTHORIZED PERSON
Any two of
the mentioned directors
[x] can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Pisith Patamasatayasonthi is
the President & Chief Executive
Officer.
He is Thai nationality with
the age of 64 years
old.
Mrs. Khanthong Udommahantisuk is
the Vice President.
She is Thai
nationality with the
age of 59
years old.
Ms. Pichapim Patamasatayasonthi is the
Vice President [Export].
She is Thai
nationality with the
age of 34
years old.
Mr. Piriya Boonkittiwattana is
the Managing Director.
He is Thai
nationality with the
age of 51
years old.
Mr. Nopporn Duangjinda is
the Factory Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in design,
manufacturing and servicing
various kinds of
home & office furniture under
its own brands, ODM and OEM,
which can be
divided into 10 main
products as follows:
1.
Bed room: beds, nigh
tables, wardrobes, dressing
tables, chest of
drawers, mirror, &
bedroom series.
2.
Living room: coffee tables,
side tables, nesting
tables, console tables,
sideboards, chest of drawers,
show cabinets, high
cabinets, low cabinets,
TV cabinets, shelves & bookcases, sofa,
and living series.
3.
Dining room: dining tables, dining chairs, buffet cabinets, high
bar tables, high
bar stools and
dining sets.
4.
Home
office: computer/working tables,
office chairs, shelves &
bookcases, pedestals, and
home office series.
5.
Kids furniture: beds, night tables, wardrobes, mirror, low
cabinets, chest of drawers, TV
tables, tables, chairs,
shelves & bookcases, kids series.
6.
Occasional outdoors; tables & chairs.
7.
Cash
& carry: cloth & hangers, stools, shoe hangers, shoe
cabinets, shelves/ cabinets.
8.
Kitchen room: compact kitchen
sets and kitchen
trolleys.
9.
Mattress:
mattresses & bedding
accessories.
10.
Office furniture: office cabinets,
cabinets and working
series.
BRAND NAMES
Index group’s brands :
INDEX, WINNER, THERAFLEX,
TREND DESIGN & LOGICA.
PURCHASE
Raw materials and
accessories are purchased from suppliers
in both domestic
and overseas, mainly Japan, Taiwan, Republic of China,
Malaysia, Hong Kong, Singapore Italy, Germany
and other European
countries.
MAJOR
SUPPLIERS
Sahaviriya
Steel Industries Public
Company Limited : Thailand
Thai
Plywood Co., Ltd. : Thailand
Vanachai
Group : Thailand
SALES [LOCAL]
20% of the
products is sold
locally by wholesale
through Index Living
Mall Co., Ltd.
EXPORT
80% of the products
is exported to
Australia, New Zealand,
Canada and the
countries in Asia,
Europe, Africa, North America, Central
America, South America
and Middle East
regions.
RELATED AND AFFILIATED
COMPANIES
The Index group
of companies :
Index Living Mall
Co., Ltd.
Business Type :
Distributor of furniture
products.
Bangkok Casa Co.,
Ltd.
Business Type :
Distributor of furniture
products.
Bangkok Business Co.,
Ltd.
Business Type :
Accounting business in
affiliated companies.
Bangkok Sunyo Spring
Co., Ltd.
Business Type :
Manufacturer and distributor
of rubber wood
furniture.
Bangkok Masterwood Co.,
Ltd.
Business Type :
Manufacturer and distributor
of rubber wood
furniture.
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
or T/T.
Exports are against
T/T.
BANKING
Kasikornbank
Public Co., Ltd.
Bangkok
Bank Public Co.,
Ltd.
Bank
of Ayudhya Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
1,600 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory and warehouse
are located at
18/1-2, 18/4, 18/10 Moo 4,
Rama II Rd.,
T. Nadee, A. Muang, Samutsakorn
74000. Tel. :
[66] 34 833-413,
Fax. : [66]
34 833-400.
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT EUR
10,000,000.
COMMENT
Index Interfurn is one of the leading and
most distinguished furniture manufacturers in Thailand. For over 35
years, it has dedicated to provide
the best quality
products for domestic
and overseas markets.
Today Index Interfurn products
has been exported worldwide to over 100 countries
including Asia, Europe, North
America, Central America, South America, Australia, New Zealand, Middle East
and Africa.
Subject
reported strong sales
in 2010. The
sharp increase was due to
a higher sales
volume from both domestic
and overseas markets.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 960,000,000 divided
into 9,600,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE :
[as at April
29, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pisith Patamasatayasonthi Nationality: Thai Address : 143
Samaedam, Bangkhunthien, Bangkok |
2,914,685 |
30.36 |
|
Mrs. Khanthong Udommahantisuk Nationality: Thai Address : 143
Samaedam, Bangkhunthien,
Bangkok |
2,416,205 |
25.17 |
|
Ms. Krischanok
Patamasatayasonthi Nationality: Thai Address : 143
Moo 7, Samaedam,
Bangkhunthien, Bangkok |
1,008,344 |
10.50 |
|
Ms. Pichapim Patamasatayasonthi Nationality: Thai Address : 143
Samaedam, Bangkhunthien,
Bangkok |
1,008,344 |
10.50 |
|
Mr. Ekarit Patamasatayasonthi Nationality: Thai Address : 143
Samaedam, Bangkhunthien,
Bangkok |
1,008,344 |
10.50 |
|
Mr. Ekaluck Patamasatayasonthi Nationality: Thai Address : 143
Samaedam, Bangkhunthien,
Bangkok |
1,008,344 |
10.50 |
|
Mr. Yingyos Udommahantisuk Nationality: Thai Address : 4/29
Moo 4, Samaedam,
Bangkhunthien, Bangkok |
159,397 |
1.66 |
|
Mr. Piriya Boonkittiwattana Nationality: Thai Address : 100/454
Moo 5, Bangrakpattana, Bangbuathong, Nonthaburi |
75,000 |
0.78 |
|
Mr. Chachawal Tangtongchin Nationality: Thai Address : 4/29
Moo 4, Samaedam,
Bangkhunthien, Bangkok |
1,337 |
0.03 |
Total Shareholders : 9
Share Structure [as
at April 29,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
9 |
9,600,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
9 |
9,600,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Amporn Sotethisaowapark No.
3486.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 & 2009
were :
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalents |
166,434,374.00 |
15,984,641.18 |
|
Short-term Investment |
29,769,897.92 |
29,651,545.03 |
|
Trade Accounts Receivable - Related company |
459,225,891.91 |
489,004,262.00 |
|
- Other company |
56,111,110.68 |
72,789,130.77 |
|
Short-term Loan to Related
Company |
100,000,000.00 |
- |
|
Inventories |
483,691,446.25 |
585,168,577.60 |
|
Other Current Assets
|
14,417,302.33 |
51,473,959.44 |
|
Total Current Assets
|
1,309,650,023.09 |
1,244,072,116.02 |
|
|
|
|
|
Investment in Related Company |
396,231,500.00 |
396,231,500.00 |
|
Fixed Assets |
1,199,786,970.97 |
1,158,514,113.52 |
|
Intangible Assets |
8,401,542.19 |
10,826,056.73 |
|
Other Assets |
12,709,657.05 |
9,021,267.33 |
|
Total Assets |
2,926,779,693.30 |
2,818,665,053.60 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Bank Overdraft and Short-term Loan from Financial
institution |
759,647,482.86 |
603,602,011.93 |
|
Trade Accounts Payable |
|
|
|
- Related company |
19,320,135.96 |
47,379,210.06 |
|
- Other company |
539,379,472.07 |
675,157,590.56 |
|
Current Portion of Finance
Lease Contract Payable |
590,338.32 |
3,350,904.15 |
|
Current Portion of Long-term
Loan |
42,733,945.20 |
42,413,778.00 |
|
Other Current Liabilities |
51,784,650.05 |
63,464,201.81 |
|
Total Current Liabilities |
1,413,456,024.46 |
1,435,367,696.51 |
|
Finance Lease Contract Payable,
net |
359,584.94 |
949,923.41 |
|
Other Long-term Loan |
140,152,500.00 |
38,658,423.59 |
|
Total Liabilities |
1,553,968,109.40 |
1,474,976,043.51 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized,
issued and fully paid
share capital 9,600,000
shares |
960,000,000.00 |
960,000,000.00 |
|
Capital Paid |
960,000,000.00 |
960,000,000.00 |
|
Statutory Reserve |
26,500,000.00 |
26,500,000.00 |
|
Retained Earning - Unappropriated |
386,311,583.90 |
357,189,010.09 |
|
Total Shareholders' Equity |
1,372,811,583.90 |
1,343,689,010.09 |
|
Total Liabilities &
Shareholders' Equity |
2,926,779,693.30 |
2,818,665,053.60 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2010 |
July 1,
2009 – Dec. 31,
2009 |
|
|
|
|
|
Sales Income |
3,137,744,676.83 |
1,768,645,875.42 |
|
Services Income |
105,670,886.25 |
40,371,954.23 |
|
Other Income |
57,744,975.67 |
34,490,592.16 |
|
Total Revenues |
3,301,160,538.75 |
1,843,508,421.81 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,928,315,897.82 |
1,604,053,683.65 |
|
Cost of Service |
66,125,340.91 |
39,955,760.95 |
|
Selling Expenses |
32,710,924.53 |
16,950,616.75 |
|
Administrative Expenses |
202,574,041.37 |
114,756,176.50 |
|
Total Expenses |
3,229,726,204.63 |
1,775,716,237.85 |
|
Profit before Finance Cost and Income Tax |
71,434,334.12 |
67,792,183.96 |
|
Finance Cost |
[29,103,492.08] |
[9,762,581.67] |
|
Profit before Income Tax |
42,330,842.04 |
58,029,602.29 |
|
Income Tax |
[13,208,268.23] |
[17,832,129.97] |
|
Net Profit / [Loss] |
29,122,573.81 |
40,197,472.32 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.93 |
0.87 |
|
QUICK RATIO |
TIMES |
0.57 |
0.42 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.70 |
1.56 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.11 |
0.64 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
58.96 |
129.92 |
|
INVENTORY TURNOVER |
TIMES |
6.19 |
2.81 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
6.31 |
14.69 |
|
RECEIVABLES TURNOVER |
TIMES |
57.80 |
24.85 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
65.75 |
149.90 |
|
CASH CONVERSION CYCLE |
DAYS |
(0.47) |
(5.29) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
92.32 |
90.88 |
|
SELLING & ADMINISTRATION |
% |
7.25 |
7.28 |
|
INTEREST |
% |
0.90 |
0.54 |
|
GROSS PROFIT MARGIN |
% |
9.46 |
11.03 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.20 |
3.75 |
|
NET PROFIT MARGIN |
% |
0.90 |
2.22 |
|
RETURN ON EQUITY |
% |
2.12 |
2.99 |
|
RETURN ON ASSET |
% |
1.00 |
1.43 |
|
EARNING PER SHARE |
BAHT |
3.03 |
4.19 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.53 |
0.52 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.13 |
1.10 |
|
TIME INTEREST EARNED |
TIMES |
2.45 |
6.94 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
79.29 |
|
|
OPERATING PROFIT |
% |
5.37 |
|
|
NET PROFIT |
% |
(27.55) |
|
|
FIXED ASSETS |
% |
3.56 |
|
|
TOTAL ASSETS |
% |
3.84 |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
9.46 |
Deteriorated |
Industrial Average |
23.02 |
|
Net Profit Margin |
0.90 |
Impressive |
Industrial Average |
(7.08) |
|
Return on Assets |
1.00 |
Impressive |
Industrial Average |
(0.90) |
|
Return on Equity |
2.12 |
Satisfactory |
Industrial Average |
2.44 |
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 9.46%. 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. Net Profit Margin ratio is 0.9%,
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 1%,
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. When compared with the
industry average, it was lower, the company's figure is 2.12%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
0.93 |
Risky |
Industrial Average |
20.19 |
|
Quick Ratio |
0.57 |
|
|
|
|
Cash Conversion Cycle |
(0.47) |
|
|
|
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 0.93 times in 2010, increase from 0.87 times, then the company may
have problems meeting its short-term obligations. 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 0.57 times in 2010,
increase from 0.42 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 -1 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.53 |
Impressive |
Industrial Average |
1.08 |
|
Debt to Equity Ratio |
1.13 |
Satisfactory |
Industrial Average |
1.65 |
|
Times Interest Earned |
2.45 |
Deteriorated |
Industrial Average |
549.13 |
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 2.46 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 0.53 greater than 0.5, most of the
company's assets are financed through debt.
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 |
2.70 |
Deteriorated |
Industrial Average |
3,167.68 |
|
Total Assets Turnover |
1.11 |
Acceptable |
Industrial Average |
1.59 |
|
Inventory Conversion Period |
58.96 |
|
|
|
|
Inventory Turnover |
6.19 |
Deteriorated |
Industrial Average |
13.89 |
|
Receivables Conversion Period |
6.31 |
|
|
|
|
Receivables Turnover |
57.80 |
Impressive |
Industrial Average |
19.33 |
|
Payables Conversion Period |
65.75 |
|
|
|
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnove Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.53 |
|
UK Pound |
1 |
Rs.77.95 |
|
Euro |
1 |
Rs.64.66 |
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.