MIRA INFORM REPORT
|
Report Date : |
14.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
THAI
GLASS INDUSTRIES PUBLIC
COMPANY LIMITED |
|
|
|
|
Registered Office : |
15 Moo 1,
Rajburana Road, Rajburana, Bangkok 10140 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
18.12.1972 |
|
|
|
|
Com. Reg. No.: |
00107537000041 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter
& Distributor of glass containers
& glasswares |
|
|
|
|
No. of Employees
: |
1500 |
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
THAI GLASS
INDUSTRIES PUBLIC COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 15
MOO 1, RAJBURANA ROAD,
RAJBURANA,
BANGKOK 10140,
THAILAND
TELEPHONE : [66] 2427-0060-4
FAX :
[66] 2427-6603
EMAIL
ADDRESS : vichienr@bjc.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1972
REGISTRATION
NO. : 0107537000041 [Former : BOR
MOR JOR 251]
CAPITAL REGISTERED : BHT. 1,170,000,000
CAPITAL PAID-UP : BHT.
1,170,000,000
SHAREHOLDER’S PROPORTION : THAI :
99.96%
FOREIGN :
0.04%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR.
WERAPON HIRUNVIWATKUL, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 1,500
LINES
OF BUSINESS : GLASS
CONTAINERS & GLASSWARES
MANUFACTURER, EXPORTER
& 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 December
18, 1972 as
a private limited
company under the registered name
THAI GLASS INDUSTRIES
CO., LTD. by
Thai groups. It
is one of
Thailand’s leading
manufacturers of glassware.
On April 25,
1975, the subject
was listed on the
Stock Exchange of
Thailand, and its
status was converted
to a public
limited company under
the name THAI
GLASS INDUSTRIES PUBLIC
COMPANY LIMITED on
January 3, 1994. It
currently employs 1,500
staff.
On December 29,
1998 the subject
revoked its name
from the Stock Exchange
of Thailand.
The subject’ s registered address
is 15 Moo 1,
Rajburana Rd., Rajburana, Bangkok 10140, and
this is the
company’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Asawin Taechacharoenvikul |
|
Thai |
36 |
|
Mr. Sitthichai Chaikriengkrai |
|
Thai |
58 |
|
Mrs. Thapanee Taechacharoenvikul |
|
Thai |
36 |
|
Mr. Pathapong Eiamsuro |
|
Thai |
53 |
|
Mr. Teerapol Kiatsuranont |
|
Thai |
54 |
|
Mr. Somporn Pumiwat |
|
Thai |
60 |
|
Mr. Werapon Hirunviwatkul |
|
Thai |
50 |
|
Mr. Sumeth Valaisathien |
|
Thai |
57 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Werapon Hirunviwatkul is the
Managing Director.
He is Thai
nationality with the
age of 50
years old.
Ms. Nongnuch Payonitikarn is
the Senior Manager [Sales &
Marketing].
She is Thai
nationality.
Mr. Vichien Rungwattanakij is
the Sales & Marketing Manager.
He is Thai
nationality.
Mr. Sumeth Valaisathien is
the General Manager [Operation].
He is Thai
nationality.
Mr. Khamthorn Kiatthitinan is
the Operation Manager,
Factory I.
He is Thai
nationality.
Mr. Suwin Intorn
is the Operation
Manager, Factory II.
He is Thai
nationality.
Ms. Ladda Harnpichitchai is
the Finance & Administration
Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer
of glass bottles
in three colors:
green, flint and
amber. Its products are supplied to various industries such as food
& beverage, pharmaceutical, health
drink, energy drink,
and non-alcoholic drink.
The subject is
the largest glassware
manufacturer in Thailand.
PRODUCTIONS
2,400 tons/day
PURCHASE
Raw materials and
chemical are purchased
mainly from local
suppliers, the remaining and furnaces
are imported from
United States of America,
Germany, Republic of
China, Sweden and
Japan.
MAJOR SUPPLIERS
ACI Pty. Ltd. : Australia
Owens-Brockway Illinois Inc. :
United States of
America
SALES [LOCAL]
80% of its
products is sold
locally to manufacturers, wholesalers,
end-users and Thai
government.
EXPORT [COUNTRIES]
20% of its
products is also
exported to United States
of America, Taiwan,
Malaysia, Singapore, Republic
of China, Australia,
Japan, Hong Kong,
Indonesia, India, Africa,
Korea and E.U.
MAJOR CUSTOMERS
Osothspa Co., Ltd. : Thailand
T.C. Pharmaceutical Industry
Ltd. : Thailand
Sermsuk Public Co.,
Ltd. : Thailand
Thai Government Pharmaceutical Organization : Thailand
AB Food & Beverage
[Thailand] Co., Ltd. : Thailand
Tra Mackrua Co.,
Ltd. : Thailand
Nestle Group : Thailand
Nguan Chiang Food
Industry Co., Ltd. : Thailand
Thai Beverage Public
Company Limited : Thailand
Thai Theparos Food
Products Public Co., Ltd. : Thailand
Sangsuriyachat [2002] Co.,
Ltd. : Thailand
Green Spot Co.,
Ltd. : Thailand
Food and Drug
for Health Co.,
Ltd. : Thailand
Haadthip Co., Ltd. : Thailand
The Red Bull
Beverage Co., Ltd. : Thailand
T.C. Natural Co.,
Ltd. : Thailand
SUBSIDIARIES & AFFILIATED
COMPANIES
The subject is
not found to have any subsidiaries or affiliated companies
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
or T/T.
Exports are against
T/T.
BANKING
The Standard
Chartered Bank [Thai] Public
Co., Ltd.
[Bangkok
Branch : 990
Rama 4 Rd.,
Bangrak, Bangkok 10500]
The Siam
Commercial Bank Public
Co., Ltd.
[Suksawad Branch
: Suksawad Rd.,
Bangkok]
Kasikornbank Public
Co., Ltd.
[Head Office
: 1 Kasikorn
Lane, Rajburana Rd.,
Rajburana, Bangkok 10140]
Bangkok Bank
Public Co., Ltd.
[Head Office
: 333 Silom
Rd., Bangrak, Bangkok
10500]
EMPLOYMENT
The subject employs
approximately 1,500 staff.
[office staff and
factory workers]
LOCATION DETAILS
The premise is owned
for operating administrative office
and factory I on
40,000 square meters
of land area
at the heading
address. Premise is located
in commercial/residential area.
The factory II
is located at
78 Moo 9,
Soi Wat Srivaree
Noi, Bangna-Trad Road,
K.M. 18, Bangplee,
Samutprakarn 10540 Thailand.
Tel : [66]
2337-1207, 2740-5001, Fax :
[66] 2337-1221.
REMARK
MAXIMUM CREDIT SHOULD
BE GRANTED AT
US$ 20,000,000
COMMENT
The subject has been
operating for four
decades and is
free to sell the
products to customers
in various major
industries i.e. beer,
liquor, soft drinks, health
drinks and etc. The subject’s
products are of high
quality and competitive
in price. It has been
enjoying a high
market share, and
the business is
expanding steadily.
Over the years, the subject
has been actively
supporting various industrial
sector such as food and beverage packaging.
In the past year,
the company has
performed well and
enhanced the competitiveness of
the glass industries
in the country.
Generally, the subject’s
business is stable
and remains profitable.
FINANCIAL INFORMATION
The capital was
registered at Bht. 12,000,000 divided
into 120,000 shares
of Bht. 100 each.
The capital was
increased later as
followings :
Bht. 80,000,000 on
June 5, 1973
Bht. 100,000,000 on
August 15, 1975
Bht. 130,000,000
on September 7,
1977
Bht. 195,000,000
on January 20,
1981
Bht. 260,000,000
on August 13,
1991
Bht. 585,000,000
in 1995
Bht. 1,170,000,000 in
2000
The latest registered capital
was increased to 1,170,000,000 divided
into 117,000,000 shares
of Bht. 10
each with fully
paid.
MAIN
SHAREHOLDERS : [as at
March 28, 2011]
|
NAME |
HOLDING |
% |
|
Berli Jucker Public
Co., Ltd. Nationality: Thai Address : 99 Soi
Rubia, Sukhumvit 42
Rd.,
Klongtoey, Bangkok |
115,355,235 |
98.59 |
|
Mr. Santi
Pruekwatananont Nationality: Thai Address : 58
Sab Rd., Siphaya,
Bangrak, Bangkok |
242,090 |
0.20 |
|
Mrs. Orasa
Pruekwatananont Nationality: Thai Address : 120/6
Moo 6, Tharaeng, Bangkhen,
Bangkok |
182,090 |
0.15 |
|
Mrs. Pasana
Teng-amnuay Nationality: Thai Address : 307,
307/1 Charansanitwong 40
Rd., Bangplad, Bangkok |
137,000 |
0.12 |
|
Mrs. Vilai
Pruekwatananont Nationality: Thai Address : 58
Sab Rd., Siphaya,
Bangrak, Bangkok |
102,000 |
0.09 |
|
Others |
981,585 |
0.85 |
Total Shareholders :
222
Share Structure [as
at March 28,
2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
220 |
116,956,200 |
99.96 |
|
Foreign |
2 |
43,800 |
0.04 |
|
Total |
222 |
117,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Nittaya Chetchotiros No. 4439
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash in Hand
& at Bank |
4,402,893 |
8,368,491 |
|
Trade Accounts Receivable |
1,339,054,935 |
1,198,795,726 |
|
Other Receivable -
Related Company |
27,769,446 |
36,735,128 |
|
Inventories |
1,056,239,595 |
1,070,047,150 |
|
Other Current Assets |
10,850,188 |
18,233,422 |
|
|
|
|
|
Total Current Assets
|
2,438,317,057 |
2,332,179,917 |
|
Investment in Subsidiary
|
- |
324,982,781 |
|
Investment in Associated
Company |
80,000,000 |
80,000,000 |
|
Fixed Assets |
4,042,844,094 |
4,524,542,114 |
|
Intangible Assets |
1,265,160 |
791,612 |
|
Deferred Income Tax Assets |
49,429,754 |
130,641,067 |
|
Other Assets |
64,323,395 |
78,015,022 |
|
Total Assets |
6,676,179,460 |
7,471,152,513 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Short-term Loan from Bank |
5,000,000 |
891,500,000 |
|
Trade Accounts Payable |
833,685,959 |
629,382,734 |
|
Current Portion of
Long-term Loans from Related Company |
1,600,000,000 |
- |
|
Current Portion of Long-term
Loan |
334,000,000 |
334,000,000 |
|
Short-term Loan & Other
Related Company Payable |
237,738,594 |
372,221,006 |
|
Assets Payable |
107,086,688 |
116,611,892 |
|
Accrued Income Tax |
95,081,489 |
- |
|
Other Current Liabilities |
117,343,499 |
111,291,382 |
|
|
|
|
|
Total Current Liabilities |
3,329,936,229 |
2,455,007,014 |
|
Long-term Loan from
Bank |
248,500,000 |
582,500,000 |
|
Long-term Loan from
Related Company |
- |
1,600,000,000 |
|
Reserve for Employees’
Pension |
125,671,445 |
122,281,434 |
|
Total Liabilities |
3,704,107,674 |
4,759,788,448 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 117,000,000 shares |
1,170,000,000 |
1,170,000,000 |
|
|
|
|
|
Capital Paid |
1,170,000,000 |
1,170,000,000 |
|
Retained Earning Appropriated for Statutory Reserve |
117,000,000 |
117,000,000 |
|
Other Reserve |
4,000,000 |
4,000,000 |
|
Unappropriated |
1,681,071,786 |
1,420,364,065 |
|
Total Shareholders' Equity |
2,972,071,786 |
2,711,364,065 |
|
Total Liabilities & Shareholders' Equity |
6,676,179,460 |
7,471,152,513 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales |
6,828,112,034 |
5,984,257,070 |
|
Other Income |
27,922,719 |
28,142,710 |
|
Total Sales |
6,856,034,753 |
6,012,399,780 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
5,707,672,940 |
5,376,559,899 |
|
Selling Expenses |
275,646,721 |
266,746,746 |
|
Administrative Expenses |
103,323,899 |
81,184,013 |
|
Loss on Diminution
in Value of Investment
in Subsidiary |
3,982,782 |
6,794,482 |
|
Other Expenses |
- |
21,847,808 |
|
Total Expenses |
6,090,626,342 |
5,753,132,948 |
|
|
|
|
|
Profit / [Loss] before Cost
of Financial &
Income Tax |
765,408,411 |
259,266,832 |
|
Cost of Financial
|
[102,416,427] |
[136,560,301] |
|
Profit / [Loss] before Income Tax |
662,991,984 |
122,706,531 |
|
Income Tax |
[197,534,263] |
[36,294,949] |
|
|
|
|
|
Net Profit / [Loss] |
465,457,721 |
86,411,582 |
fINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.73 |
0.95 |
|
QUICK RATIO |
TIMES |
0.41 |
0.51 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.69 |
1.32 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.02 |
0.80 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
67.55 |
72.64 |
|
INVENTORY TURNOVER |
TIMES |
5.40 |
5.02 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
71.58 |
73.12 |
|
RECEIVABLES TURNOVER |
TIMES |
5.10 |
4.99 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
53.31 |
42.73 |
|
CASH CONVERSION CYCLE |
DAYS |
85.81 |
103.03 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
83.59 |
89.85 |
|
SELLING & ADMINISTRATION |
% |
5.55 |
5.81 |
|
INTEREST |
% |
1.50 |
2.28 |
|
GROSS PROFIT MARGIN |
% |
16.82 |
10.63 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
11.21 |
4.33 |
|
NET PROFIT MARGIN |
% |
6.82 |
1.44 |
|
RETURN ON EQUITY |
% |
15.66 |
3.19 |
|
RETURN ON ASSET |
% |
6.97 |
1.16 |
|
EARNING PER SHARE |
BAHT |
3.98 |
0.74 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.55 |
0.64 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.25 |
1.76 |
|
TIME INTEREST EARNED |
TIMES |
7.47 |
1.90 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
14.10 |
|
|
OPERATING PROFIT |
% |
195.22 |
|
|
NET PROFIT |
% |
438.65 |
|
|
FIXED ASSETS |
% |
(10.65) |
|
|
TOTAL ASSETS |
% |
(10.64) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
16.82 |
Impressive |
Industrial Average |
15.07 |
|
Net Profit Margin |
6.82 |
Impressive |
Industrial Average |
2.32 |
|
Return on Assets |
6.97 |
Impressive |
Industrial Average |
(0.59) |
|
Return on Equity |
15.66 |
Impressive |
Industrial Average |
(350.36) |
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. Gross Profit Margin is 16.82%. 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. Net Profit Margin ratio is 6.82%,
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
6.97%, 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 15.66%, 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 |
0.73 |
Risky |
Industrial Average |
1.41 |
|
Quick Ratio |
0.41 |
|
|
|
|
Cash Conversion Cycle |
85.81 |
|
|
|
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 0.73 times in 2010, decrease from 0.95 times, then the company may not be
efficiently using its current assets. 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 0.41 times in 2010,
decrease from 0.51 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 86 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.55 |
Impressive |
Industrial Average |
0.70 |
|
Debt to Equity Ratio |
1.25 |
Acceptable |
Industrial Average |
1.41 |
|
Times Interest Earned |
7.47 |
Impressive |
Industrial Average |
3.74 |
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 7.48 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 0.55 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 |
1.69 |
Deteriorated |
Industrial Average |
43.29 |
|
Total Assets Turnover |
1.02 |
Impressive |
Industrial Average |
0.78 |
|
Inventory Conversion Period |
67.55 |
|
|
|
|
Inventory Turnover |
5.40 |
Satisfactory |
Industrial Average |
6.17 |
|
Receivables Conversion Period |
71.58 |
|
|
|
|
Receivables Turnover |
5.10 |
Acceptable |
Industrial Average |
8.79 |
|
Payables Conversion Period |
53.31 |
|
|
|
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.51.43 |
|
UK Pound |
1 |
Rs.79.10 |
|
Euro |
1 |
Rs.66.17 |
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.