MIRA
INFORM REPORT
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Report Date : |
07.11.2012 |
IDENTIFICATION DETAILS
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Name : |
VANACHAI PANEL INDUSTRIES CO., LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
1995 |
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Com. Reg. No.: |
0105538073822 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of Particle Boards and Related Products |
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No. of Employees : |
990 |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
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Thailand |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
VANACHAI
PANEL INDUSTRIES CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 2/1
PIBULSONGKRAM ROAD, BANGSUE,
BANGKOK 10800,
THAILAND
TELEPHONE : [66] 2585-4900-3,
2913-2180-9
FAX :
[66] 2587-0516,
2587-9556
E-MAIL
ADDRESS : vanachaipanel@thailand.com
vanachaipanel@thailand.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538073822 [Former : [1]
1626/2538]
TAX
ID NO. : 3011596081
CAPITAL REGISTERED : BHT. 4,300,000,000
CAPITAL PAID-UP : BHT.
4,300,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
WATTANA JAROENNAWARAT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 990
LINES
OF BUSINESS : PARTICLE BOARDS
AND RELATED PRODUCTS MANUFACTURER
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
June 22, 1995
as a private
limited company under the
name style VANACHAI PANEL INDUSTRIES CO., LTD. It is a wholly owned
subsidiary of Vanachai Group
Public Company Limited. The
subject currently employs
990 staff.
Vanachai Group
has been in the timber
industry since 1943,
and over the
years it has accumulated a
wealth of professional
experience while continually
refining its vision. In 1978,
the Group made
a successful transition
from traditional timber
products into the
engineering wood base
panel industry - then an
exciting new phenomenon poised
to take the
construction and furniture
industries by storm - and quickly earned
a reputation as
the leading pioneer
and innovator in the field.
The Vanachai Group
is the largest wooden industry in Thailand with experience accumulated
over 50 years,
puts them into
a secure position,
which is fit
to be called
stability.
On December 20,
2000 the subject achieved the
International Standard [ISO
9002] from SGS
Yarsley International, UK.
The subject’s
registered address is 2/1 Pibulsongkram
Road, Bangsue, Bangkok
10800, and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Patta Sahawat
|
[x] |
Thai |
40 |
|
Ms. Yupaporn Boongate |
[x] |
Thai |
58 |
|
Mr. Sompop Sahawat |
[+] |
Thai |
60 |
|
Mr. Wattana Jaroennawarat |
[+] |
Thai |
52 |
|
Mr. Suthep Chaipattanawanich |
|
Thai |
49 |
|
Mr. Vasant Jaroennawarat |
|
Thai |
57 |
|
Mr. Somprasong Sahawat |
[+] |
Thai |
36 |
|
Ms. Patra Sahawat |
[x] |
Thai |
38 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can jointly sign
with one of
the directors [+]
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Sompop Sahawat
is the Chairman
He is Thai nationality
with the age
of 60 years
old.
Mr. Wattana Jaroennawarat is
the Managing Director.
He is Thai nationality with
the age of 52 years
old.
Ms. Yupaporn Boongate
is the Executive
Director.
She is Thai
nationality with the
age of 58 years
old.
Mr. Patta Sahawat is
the General Manager.
He is Thai
nationality with the age of
40 years old.
Mr. Visith Mangkang
is the General
Manager & Factory Manager.
He is Thai
nationality.
Mr. Pairoj Sutthibanyad is
the Production Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s
activity is a
manufacturer of particle
boards which are
made from rubber wood,
as well as
related products, including
Medium Density Fiber
Board [MDFB], Melamine Laminated
Particle Board [MLPB]
and Melamine Laminate
Board [MLB].
PRODUCTION
Particle Board :
750,000 cubic meters
per year
MDF Board :
510,000 cubic meters
per year
Laminate Board :
100,000 cubic meters per
year
PURCHASE
Most of
raw materials mainly
rubber logs are
purchased from local suppliers, and
the remaining including
wood and chemical
are imported from
Malaysia, Singapore,
Myanmar, Taiwan, Laos,
Republic of China
and Germany.
MAJOR SUPPLIERS
Vanachai Group Public
Company Limited : Thailand
Vanachai Chemical Industries
Co., Ltd. : Thailand
SALES
100% of the
products are sold
and exported by
Woodtek International Co.,
Ltd., the subject’s
affiliated company.
PARENT COMPANY
Vanachai Group Public
Company Limited
Business Type : Manufacturer of MDF
& Moulded Door
Skins
Address : 2/1
Pibulsongkram Road, Bangsue,
Bangkok 10800
Tel : [66]
2585-4900-3, 2586-9682-6.
SUBSIDIARIES &
AFFILIATED COMPANIES
Vanachai Group of
Companies consists of
the followings:
Particle Planner Co.,
Ltd.
Business Type : Manufacturer
of particle board
Vanachai Chemical Industries
Co., Ltd.
Business Type : Manufacturer
of adhesive chemical
Woodtek International Co.,
Ltd.
Business Type : Marketing
of all products
within the group
Doctor Wood Co., Ltd.
Business Type : Manufacturer of
plywood products
Vanachai Plywood Co.,
Ltd.
Business Type : Warehouse
rental service
Vanachai Inter Trading
Group Co., Ltd.
Business Type : Holding company
Mae Yai Co.,
Ltd.
Business
Type : Manufacturer of
flush door &
mould door and
veneered MDF.
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.
BANKING
Krung Thai Bank
Public Co., Ltd.
[Head Office : 35
Silom Rd., Sukhumvit
Rd., Klongtoeynua, Wattana,
Bangkok 10110]
Bangkok Bank Public
Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok 10500]
Kasikornbank Public Co., Ltd.
[Head Office : 1
Kasikorn Lane, Rajburana
Rd., Bangkok 10140]
TMB Bank Public
Co., Ltd.
[Phaholyothin Branch :
3000 Phaholyothin Rd.,
Ladyao, Jatujak, Bangkok 10900]
EMPLOYMENT
The
subject employs approximately
990 staff.
LOCATION DETAILS
The premise
is rented and
shared with companies
within a group
for operating administrative office
on 2,020 square
meters at the
heading address. Premise
is located in
commercial/residential area.
Factory I
is located at
8/8 Moo 1
T. Kaonopan A.
Wiengsra, Suratthani 84190.
Tel : [66]
77 301-103, 77
278-500, Fax [66]
77 301-116
Factory II
is located at 115 Moo
3, T. Thongluang, A. Wiengsra,
Suratthani 84190. Tel :
[66] 77 363-000-10,
Fax : [66] 77 361-081
COMMENT
Vanachai Group is the
largest wooden industrial in Thailand
with experience accumulated
over 50 years
puts them into a
secure position, which
is called “stability”.
The
company is also placed
top priority on product
excellence. Its products
have been served
domestic and export
markets. The subject’s
business has finally
recovered since the
second half of
2010. This has
also proved that
the strengthen of
the company itself
and its affiliate companies has
rapidly recovered from crisis and
finally back to a solid
performance in 2011. It
is also the
fastest growing Particle Board and
MDF Broad manufactures in the country.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 8,000,000 divided
into 800,000 shares
of Bht. 10
each.
The capital was
increased later as
followings:
Bht. 450,000,000 on
April 18, 1996
Bht. 600,000,000 on
September 19, 1997
Bht. 1,600,000,000
on August 8,
2002
Bht. 4,300,000,000
on September 25,
2007
The
latest registered capital
was increased to
Bht. 4,300,000,000 divided
into 430,000,000 shares
of Bht. 10
each with fully
paid.
THE SHAREHOLDERS LISTE
WERE : [as
at April 27,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Vanachai Group Public
Company Limited Nationality: Thai Address : 2/1
Pibulsongkram Rd., Bangsue,
Bangkok 10800 |
429,999,993 |
100.00 |
|
Ms. Patra Sahawat Nationality: Thai Address : 984/36-984/38 Sukhumvit 71 Rd.,
Klongtonnua, Watana, Bangkok
|
1 |
- |
|
Mr. Somprasong Sahawat Nationality: Thai Address : 49/3
Moo 4, Taladkwan, Muang,
Nonthaburi |
1 |
- |
|
Mr. Sompop Sahawat Nationality: Thai Address : 2/1
Pibulsongkram Rd., Bangsue,
Bangkok 10800 |
1 |
- |
|
Ms. Yupaporn Boongate Nationality: Thai Address : 25
Phaholyothin 21 Rd., Ladyao,
Jatujak, Bangkok 10900 |
1 |
- |
|
Mr. Vasant Jaroennawarat Nationality: Thai Address : 41/2
Moo 3, Bangkrood, Banpho,
Chachoengsao |
1 |
- |
|
Mr. Wattana Jaroennawarat Nationality: Thai Address : 41/2
Moo 3, Bangkrood, Banpho,
Chachoengsao |
1 |
- |
|
Mrs. Siriporn Chaipattanawanich Nationality: Thai Address : 80/19
Moo 1, Thakham,
Bangkhunthien, Bangkok |
1 |
- |
Total Shareholders : 8
Share Structure [as
at April 27,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
430,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
430,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Prapasri Leelasupa No.
4664
BALANCE SHEET
[BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
138,786,517.37 |
174,554,441.12 |
|
Trade Accounts Receivable |
509,209,463.26 |
645,915,158.78 |
|
Lending to Related Company |
150,000,000.00 |
150,000,000.00 |
|
Inventories |
923,392,648.05 |
572,294,556.48 |
|
Spare Parts for
Maintenance |
268,141,553.54 |
233,413,532.86 |
|
Account Receivable - Revenue Department |
51,595,298.72 |
38,172,312.78 |
|
Other Current Assets
|
7,163,487.30 |
6,213,700.76 |
|
|
|
|
|
Total Current Assets
|
2,048,288,968.24 |
1,820,563,702.78 |
|
Fixed Assets |
7,371,307,983.78 |
7,790,002,915.96 |
|
Other Non-current Assets
|
647,185.83 |
600,617.53 |
|
Total Assets |
9,420,244,137.85 |
9,611,167,236.27 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
|
|
|
|
|
Short-term Loan from Financial Institution |
649,000,000.00 |
470,000,000.00 |
|
Trade Accounts &
Other Payable |
1,161,954,928.41 |
986,094,826.83 |
|
Advance Income |
161,128,168.02 |
40,049,087.71 |
|
Current Portion of Long-term
Liabilities |
780,000,000.00 |
780,000,000.00 |
|
Other Current Liabilities |
2,465,334.02 |
2,903,733.01 |
|
|
|
|
|
Total Current Liabilities |
2,754,548,430.45 |
2,279,047,647.55 |
|
Long-term Loan from Financial
Institution |
795,405,564.50 |
1,570,000,000.00 |
|
Employee Benefit Obligation |
20,217,150.93 |
- |
|
Other Non-current Liabilities |
10,971,430.61 |
10,971,430.61 |
|
Total Liabilities |
3,581,142,576.49 |
3,860,019,078.16 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share capital 430,000,000
shares |
4,300,000,000.00 |
4,300,000,000.00 |
|
|
|
|
|
Capital Paid |
4,300,000,000.00 |
4,300,000,000.00 |
|
Retained Earning Appropriated for
Statutory Reserve |
130,900,000.00 |
122,000,000.00 |
|
Unappropriated |
1,408,201,561.36 |
1,329,148,158.11 |
|
Total Shareholders' Equity |
5,839,101,561.36 |
5,751,148,158.11 |
|
Total Liabilities &
Shareholders' Equity |
9,420,244,137.85 |
9,611,167,236.27 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales |
6,256,226,558.56 |
6,137,772,181.64 |
|
Gain on Exchange Rate |
29,335,745.23 |
16,896,285.85 |
|
Other Income |
28,563,504.17 |
18,914,901.10 |
|
Total Revenues |
6,314,125,807.96 |
6,173,583,368.59 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
5,016,017,796.18 |
4,559,113,422.80 |
|
Selling Expenses |
804,591,418.66 |
878,317,054.92 |
|
Administrative Expenses |
99,720,027.96 |
111,041,433.14 |
|
Directors’ Remuneration |
12,910,484.48 |
5,416,230.00 |
|
Financial Cost |
99,273,967.43 |
96,767,430.80 |
|
Total Expenses |
6,032,513,694.71 |
5,650,655,571.66 |
|
|
|
|
|
Net Profit / [Loss] |
281,612,113.25 |
522,927,796.93 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
0.74 |
0.80 |
|
QUICK RATIO |
TIMES |
0.29 |
0.43 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.85 |
0.79 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.66 |
0.64 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
67.19 |
45.82 |
|
INVENTORY TURNOVER |
TIMES |
5.43 |
7.97 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
29.71 |
38.41 |
|
RECEIVABLES TURNOVER |
TIMES |
12.29 |
9.50 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
84.55 |
78.95 |
|
CASH CONVERSION CYCLE |
DAYS |
12.35 |
5.28 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
80.18 |
74.28 |
|
SELLING & ADMINISTRATION |
% |
14.45 |
16.12 |
|
INTEREST |
% |
1.59 |
1.58 |
|
GROSS PROFIT MARGIN |
% |
20.75 |
26.30 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.50 |
8.52 |
|
NET PROFIT MARGIN |
% |
4.50 |
8.52 |
|
RETURN ON EQUITY |
% |
4.82 |
9.09 |
|
RETURN ON ASSET |
% |
2.99 |
5.44 |
|
EARNING PER SHARE |
BAHT |
0.65 |
1.22 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.38 |
0.40 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.61 |
0.67 |
|
TIME INTEREST EARNED |
TIMES |
2.84 |
5.40 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
1.93 |
|
|
OPERATING PROFIT |
% |
(46.15) |
|
|
NET PROFIT |
% |
(46.15) |
|
|
FIXED ASSETS |
% |
(5.37) |
|
|
TOTAL ASSETS |
% |
(1.99) |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
20.75 |
Satisfactory |
Industrial
Average |
24.63 |
|
Net Profit Margin |
4.50 |
Impressive |
Industrial
Average |
0.36 |
|
Return on Assets |
2.99 |
Impressive |
Industrial
Average |
0.27 |
|
Return on Equity |
4.82 |
Impressive |
Industrial
Average |
0.70 |
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 20.75%. When
compared with the industry average, the ratio of the company was lower, 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. The company's figure is 4.5%,
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 2.99%, higher figure when compared with those
of its average competitors in the same industry, indicated that business was an
efficient profits 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 4.82%, 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 |
0.74 |
Risky |
Industrial
Average |
1.27 |
|
Quick Ratio |
0.29 |
|
|
|
|
Cash Conversion Cycle |
12.35 |
|
|
|
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 0.74 times in 2011, decreased from 0.8 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 0.29 times in 2011,
decreased from 0.43 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 13 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.38 |
Impressive |
Industrial
Average |
0.64 |
|
Debt to Equity Ratio |
0.61 |
Impressive |
Industrial
Average |
1.71 |
|
Times Interest Earned |
2.84 |
Impressive |
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.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 2.84 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 0.38 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 |
0.85 |
Deteriorated |
Industrial
Average |
2.69 |
|
Total Assets Turnover |
0.66 |
Acceptable |
Industrial
Average |
1.05 |
|
Inventory Conversion Period |
67.19 |
|
|
|
|
Inventory Turnover |
5.43 |
Impressive |
Industrial
Average |
1.93 |
|
Receivables Conversion Period |
29.71 |
|
|
|
|
Receivables Turnover |
12.29 |
Impressive |
Industrial
Average |
4.28 |
|
Payables Conversion Period |
84.55 |
|
|
|
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.54.59 |
|
|
1 |
Rs.87.31 |
|
Euro |
1 |
Rs.69.86 |
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.