MIRA
INFORM REPORT
|
Report Date : |
02.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
PANEL
PLUS MDF CO.,
LTD. |
|
|
|
|
Formerly Known As : |
FURNISH BOARD CO., LTD |
|
|
|
|
Registered Office : |
25th Floor,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
17.07.1997 |
|
|
|
|
Com. Reg. No.: |
0105540066838 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, distributor and exporter of particles and mdf boards |
|
|
|
|
No. of Employees : |
200 employees |
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) |
|
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
PANEL PLUS MDF CO., LTD.
[FORMER : FURNISH
BOARD CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 25th FLOOR, PLOENCHIT
CENTER BUILDING,
2 SUKHUMVIT
ROAD, KLONGTOEY,
BANGKOK
10110, THAILAND
TELEPHONE : [66] 2656-8527-32
FAX :
[66] 2656-8534
E-MAIL
ADDRESS : sale@bagasboard.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1997
REGISTRATION NO. : 0105540066838 [Former: [5] 1128/2540]
TAX ID
NO. : 3011896648
CAPITAL REGISTERED
: BHT.
775,000,000
CAPITAL PAID-UP
: BHT.
775,000,000
SHAREHOLDER’S PROPORTION : THAI : 100 %
FISCAL YEAR
CLOSING DATE : DECEMBER 31
[Former : OCTOBER
31]
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. AMPORN KANCHANAKAMNERD, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 200
LINES OF
BUSINESS : PARTICLES AND
MDF BOARDS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on July 17,
1997 as a
private limited company
under the initially
registered name “Bagas
Board Co., Ltd.”,
by Thai groups.
On November 27,
1997, the subject’s name was changed
to “Furnish Board
Co., Ltd.” and
finally changed to
PANEL PLUS MDF
CO., LTD., on
March 15, 2012.
Its business objective is
to manufacture and
distribute particles and
MDF board to
domestic and export
markets. It currently
employs approximate 200
staff.
Presently,
the major shareholder
is Panel Plus
Co., Ltd., which
is a subsidiary
of Mitsiam Sugar
Co., Ltd. They
are also a member
of Mitr Phol
Group of companies,
the leading cane
sugar producers in
Thailand.
The
subject’s registered address
is 25th Flr., Ploenchit
Center Bldg., 2 Sukhumvit Rd.,
Klongtoey, Bangkok 10110,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Isara Wongkusolkij |
[x] |
Thai |
64 |
|
Ms. Teeranart Wongkusolkij |
|
Thai |
42 |
|
Mr. Atthapol Wongkusolkij |
|
Thai |
40 |
|
Mr. Banterng Wongkusolkij |
[x] |
Thai |
56 |
|
Mr. Krisada Monthienvichienchay |
[x] |
Thai |
54 |
|
Mrs. Amporn Kanchanakamnerd |
[x] |
Thai |
47 |
|
Mr. Sukhakarn Wattanavekin |
|
Thai |
55 |
|
Mr. Suwat Mongkolphan |
|
Thai |
67 |
AUTHORIZED PERSON
Two of the
mentioned directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mrs. Amporn Kanchanakamnerd is
the Managing Director.
She is Thai
nationality with the
age of 47
years old.
Mrs. Araya Niyomkhar is
the Marketing Manager.
She is Thai
nationality.
Mr. Nakorn Pluangvilai is
the Factory Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
of particle boards,
which are made from
bagasse and enamel
with melamine, as
well as MDF [Medium
Density Fiber] board.
PRODUCTION
330,000 cubic meters
per year
PURCHASE
80% of wood
chips and rubber
wood materials, as
well as adhesive
chemicals are purchased
from local suppliers,
the remaining 20% is imported
from Germany, Republic
of China, India
and Japan.
MAJOR SUPPLIERS
MP
Particle Board Co.,
Ltd. : Thailand
United
Farmer and Industry
Co., Ltd. : Thailand
Mitr
Phol Sugar Corp.
Ltd. : Thailand
EXPORT
60%
of the products
is exported to
Republic of China,
Taiwan, Hong Kong,
Japan, Indonesia, Malaysia,
Vietnam and Europe.
SALES [LOCAL]
40% of the
products is sold
locally by wholesale
to dealers.
PARENT
COMPANY
Panel
Plus Co., Ltd.
RELATED AND AFFILIATED
COMPANY
MP Particle Board
Co., Ltd.
Business Type :
Manufacturer of particle
board products.
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
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office :
333 Silom Rd.,
Silom, Bangrak, Bangkok]
EMPLOYMENT
The
subject employs approximately
200 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Factory
and warehouse are
located at 417/14
Kanchanavanich Rd., T. Phatong,
A. Hatyai,
Songkhla 90230. Tel.:
[66] 74 291-130-4,
Fax.: [66] 74
291-019-20
COMMENt
The
company is a leading
manufacturer and distributor
of particle board
and Melamine Faced Chipboard,
which are substituted
materials for natural wood
by using high technology processing.
It is well-recognized in
Asia serving the
needs of both domestic and overseas
markets.
Domestic
demand for particle
board has strongly grown on
the back of
increasing of the
industrial products. The products
are thus ideal for furniture
manufacturers including
interior decorations such
as residential, hotels, hospitals,
exhibition booths and showrooms etc.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
300,000,000 divided into
3,000,000 shares of
Bht. 100 each.
The
capital was decreased
and increased later
as follows:
Bht. 75,000,000
on June 17, 1999
[decreased]
Bht. 700,000,000
on March 17,
2011 [increased]
Bht. 775,000,000
on May 4,
2011 [increased]
The
latest registered capital
was increased to
Bht. 775,000,000 divided into
7,750,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 27, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Panel Plus Co.,
Ltd. Nationality: Thai Address : 2
Sukhumvit Rd., Klongtoey,
Bangkok |
5,030,146 |
64.90 |
|
Mr. Isara Wongkusolkij Nationality: Thai Address : 230/6
Sukhumvit 1 Rd.,
Klongtoeynua,
Wattana, Bangkok |
398,479 |
5.14 |
|
Mr. Vitoon Wongkusolkij Nationality: Thai Address : 102
Sukhumvit 33 Rd.,
Prakanong, Bangkok |
230,001 |
2.97 |
|
Mr. Kamol Wongkusolkij Nationality: Thai Address : 44
Moo 3, Krabyai,
Banpong, Ratchburi |
200,556 |
2.59 |
|
Mr. Sunthorn Wongkusolkij Nationality: Thai Address : 27
Sukhumvit 43 Rd.,
Klongtonnua, Wattana, Bangkok |
179,467 |
2.31 |
|
Mr. Chanin Wongkusolkij Nationality: Thai Address : 125/220
Moo 5, Pakkred,
Nonthaburi |
155,001 |
2.00 |
|
Other Shareholders |
1,556,350 |
20.09 |
Total Shareholders : 72
Share Structure [as
at April 27,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
72 |
7,750,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
72 |
7,750,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sudwin Panyawongkhanti No.
3534
BALANCE SHEET [BAHT]
The financial figures published as at October 31, 2011 & 2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash in hand
& at Bank
|
10,776,325 |
32,297,281 |
|
Short-term Investment |
242,992 |
15,003,462 |
|
Trade Accounts Receivable - Related
Companies |
- |
141,926 |
|
- Non-related
Companies |
- |
26,606,508 |
|
Less: Allowance
for Doubtful Account |
- |
[1,685,140] |
|
Trade Accounts Receivable, Net |
- |
25,063,294 |
|
Other Current Assets
Refundable Value
Added Tax |
29,369,377 |
159,131 |
|
Advance Payment |
3,436,362 |
- |
|
Others |
2,573,243 |
175,084 |
|
|
|
|
|
Total Current Assets
|
46,398,299 |
72,698,252 |
|
Fixed Assets |
1,889,776,919 |
188,231,991 |
|
Other Non-current Assets |
490,000 |
- |
|
Total Assets |
1,936,665,218 |
260,930,243 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable
- Non-related Companies |
- |
5,979,044 |
|
Trade Accounts Payable
- Related Companies
|
1,357,750 |
4,835,461 |
|
Short-term Loan from
Related Companies |
170,000,000 |
160,000,000 |
|
Other Current Liabilities
|
|
|
|
Accrued Expenses |
774,017 |
216,500 |
|
Accrued Income
Tax |
- |
375,633 |
|
Constructor Payable & Machinery |
213,828,804 |
- |
|
Work Retention |
16,356,224 |
- |
|
Others |
1,400,871 |
429,828 |
|
|
|
|
|
Total Current Liabilities |
403,717,666 |
171,836,466 |
|
Long-term Loan from Related Company |
750,000,000 |
- |
|
Total Liabilities |
1,153,717,666 |
171,836,466 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 7,750,000 shares in 2011; & 3,000,000 shares
at Baht 25 par
value in 2010
respectively |
775,000,000 |
75,000,000 |
|
|
|
|
|
Capital Paid |
775,000,000 |
75,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
7,500,000 |
7,500,000 |
|
Unappropriated |
447,552 |
6,593,777 |
|
Total Shareholders' Equity |
782,947,552 |
89,093,777 |
|
Total Liabilities &
Shareholders' Equity |
1,936,665,218 |
260,930,243 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales & Services
Income |
- |
345,575,862 |
|
Interest Income |
1,424,905 |
- |
|
Other Income |
872,520 |
4,026,787 |
|
Total Revenues |
2,297,425 |
349,602,649 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Service
|
- |
323,439,566 |
|
Selling Expenses |
- |
8,843,817 |
|
Administrative Expenses |
1,833,337 |
8,827,781 |
|
Other Expenses |
160,313 |
- |
|
Total Expenses |
1,993,650 |
341,111,164 |
|
|
|
|
|
Profit before Financial Expenses & Income Tax |
303,775 |
8,491,485 |
|
Financial Expenses |
- |
[34] |
|
Profit before Income
Tax |
303,775 |
8,491,451 |
|
Income Tax |
- |
[590,357] |
|
|
|
|
|
Net Profit / [Loss] |
303,775 |
7,901,094 |
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011 was :
ASSETS
|
Current Assets |
2011 |
|
|
|
|
Cash in hand
& at Bank
|
23,587,116 |
|
Short-term Investment |
5,244,015 |
|
Refundable Value Added
Tax |
40,216,520 |
|
Advance Payment |
313,355 |
|
Other Current Assets
|
1,953,266 |
|
|
|
|
Total Current Assets
|
71,314,272 |
|
Fixed Assets |
2,046,645,053 |
|
Other Non-current Assets |
490,000 |
|
Total Assets |
2,118,449,325 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
|
|
|
|
Other Payable - Related Company |
7,179,630 |
|
- Other
Company |
140,846 |
|
Short-term Loan from
Related Companies |
204,000,000 |
|
Constructor Payable &
Machinery |
208,441,396 |
|
Accrued Income Tax |
2,232,637 |
|
Work Retention |
22,024,853 |
|
Accrued Expenses |
447,350 |
|
Other Current Liabilities
|
1,813,970 |
|
|
|
|
Total Current Liabilities |
446,280,682 |
|
Long-term Loan from Related Company |
884,000,000 |
|
Total Liabilities |
1,330,280,682 |
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 7,750,000 shares
|
775,000,000 |
|
|
|
|
Capital Paid |
775,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
7,500,000 |
|
Unappropriated |
5,668,643 |
|
Total Shareholders' Equity |
788,168,643 |
|
Total Liabilities &
Shareholders' Equity |
2,118,449,325 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
Nov. 1,
2011 – Dec. 31,
2011 |
|
|
|
|
Other Income-Gain on Exchange Rate |
7,751,608 |
|
Interest Income |
24,841 |
|
Others |
236,688 |
|
Total Revenues |
8,013,137 |
|
Expenses |
|
|
|
|
|
Administrative Expenses |
559,160 |
|
Other Expenses-Loss on Exchange Rate |
- |
|
Total Expenses |
559,160 |
|
Profit before Income
Tax |
7,453,977 |
|
Income Tax |
[2,232,886] |
|
|
|
|
Net Profit / [Loss] |
5,221,091 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.11 |
0.42 |
|
QUICK RATIO |
TIMES |
0.03 |
0.42 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
- |
1.84 |
|
TOTAL ASSETS TURNOVER |
TIMES |
- |
1.32 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
28.10 |
|
RECEIVABLES TURNOVER |
TIMES |
- |
12.99 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
28.10 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
- |
93.59 |
|
SELLING & ADMINISTRATION |
% |
- |
5.11 |
|
INTEREST |
% |
- |
0.00 |
|
GROSS PROFIT MARGIN |
% |
- |
7.57 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
- |
2.46 |
|
NET PROFIT MARGIN |
% |
- |
2.29 |
|
RETURN ON EQUITY |
% |
0.04 |
8.87 |
|
RETURN ON ASSET |
% |
0.02 |
3.03 |
|
EARNING PER SHARE |
BAHT |
0.01 |
2.63 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.60 |
0.66 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.47 |
1.93 |
|
TIME INTEREST EARNED |
TIMES |
- |
249,749.56 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(100.00) |
|
|
OPERATING PROFIT |
% |
(96.42) |
|
|
NET PROFIT |
% |
(96.16) |
|
|
FIXED ASSETS |
% |
903.96 |
|
|
TOTAL ASSETS |
% |
642.22 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
- |
|
Industrial
Average |
24.63 |
|
Net Profit Margin |
- |
|
Industrial
Average |
0.36 |
|
Return on Assets |
0.02 |
Deteriorated |
Industrial
Average |
0.27 |
|
Return on Equity |
0.04 |
Deteriorated |
Industrial
Average |
0.70 |
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. When compared with the
industry average, it was lower, the company's figure is 0.02%.
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 0.04%.
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 |
0.11 |
Risky |
Industrial
Average |
1.27 |
|
Quick Ratio |
0.03 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 0.11 times in 2011, decreased from 0.42 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 0.03 times in 2011,
decreased from 0.42 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.60 |
Impressive |
Industrial
Average |
0.64 |
|
Debt to Equity Ratio |
1.47 |
Acceptable |
Industrial
Average |
1.71 |
|
Times Interest Earned |
- |
|
Industrial
Average |
0.78 |
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 0.6 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 Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
- |
|
Industrial
Average |
2.69 |
|
Total Assets Turnover |
- |
|
Industrial
Average |
1.05 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial
Average |
1.93 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
4.28 |
|
Payables Conversion Period |
- |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.78 |
|
UK Pound |
1 |
Rs.86.77 |
|
Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.