MIRA
INFORM REPORT
|
Report Date : |
26.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
IRPC
POLYOL COMPANY LIMITED - |
|
|
|
|
Formerly Known As : |
TPI POLYOL COMPANY
LIMITED |
|
|
|
|
Registered Office : |
7th Floor, Energy
Complex, Tower B, 555/2
Vibhavadi Rangsit Road, Chatuchak, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
24.09.1987 |
|
|
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Com. Reg. No.: |
0105530048659 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer
Distributor & Exporter
of Polyol Products |
|
|
|
|
No. of Employees : |
160 employees |
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 : |
Satisfactory |
|
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 & address
IRPC POLYOL COMPANY LIMITED
[FORMER : TPI POLYOL COMPANY LIMITED]
SUMMARY
BUSINESS
ADDRESS : 7th FLOOR,
ENERGY COMPLEX, TOWER
B,
555/2 VIBHAVADI
RANGSIT ROAD,
CHATUCHAK, BANGKOK
10900
TELEPHONE : [66] 2649-7000
FAX :
[66] 2649-7001
E-MAIL
ADDRESS : polyol@irpc.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1987
REGISTRATION
NO. : 0105530048659 [Former : 4860/2530]
TAX
ID NO. : 3101491159
CAPITAL REGISTERED : BHT. 300,000,000
CAPITAL PAID-UP : BHT.
300,000,000
SHAREHOLDER’S PROPORTION : THAI
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
TISADEE WATANANGKUL, THAI
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 160
LINES
OF BUSINESS : POLYOL PRODUCTS
MANUFACTURER DISTRIBUTOR
& EXPORTER
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 September
24, 1987 as a
private limited company under the registered
name “ABS Plastic Co., Ltd.” by
Thai groups, a
wholly owned polyurethane
business of Thai
Petrochemcial Industry Public
Company Limited. On
May 11, 1992,
the subject’s name was changed
to “TPI Polyol
Company Limited”, and
on February 28,
2007, its name
was finally changed
to IRPC POLYOL
COMPANY LIMITED. It
currently employs 160
staff.
Subject is a
wholly owned subsidiary
of IRPC Public
Company Limited [Former: Thai
Petrochemical Industry Public
Company Limited].
The subject is recognized
as the largest
manufacturer of polyurethane
based raw material
in Thailand, and is also
one of a
few suppliers in
the country.
It also achieved
the international standard
ISO 9001 and ISO 9002 certification
for products quality
system.
The subject’s registered
address was initially
located at 26/56
Chan Tadmai Rd.,
Thungmahamek, Sathorn, Bangkok
10120.
On December 1,
2006, it was
relocated to 30th Flr.,
Lao Peng Nguan
1 Bldg., 333
Vibhavadi Rangsit Rd.,
Chompol, Jatujak, Bangkok
10900, and moved
to 7th Flr., Energy
Complex Tower B, 555/2
Vibhavadi Rangsit Rd.,
Chatuchak, Bangkok 10900,
on March 31,
2010. This is
also the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Prasert Boonsamphan |
|
Thai |
60 |
|
Mr. Pranach Kosayanont |
|
Thai |
45 |
|
Mr. Kraisri Phankijnirand |
|
Thai |
47 |
|
Mr. Suwan Srinual |
|
Thai |
44 |
|
Mr. Athikom Terbsiri |
[x] |
Thai |
50 |
|
Mr. Sommai Kowkachaporn |
[x] |
Thai |
66 |
|
Mr. Vichit Nitayanond |
[x] |
Thai |
53 |
|
Mr. Charnsilp Trinuchakorn |
[x] |
Thai |
51 |
|
Mr. Manit Suthaporn |
|
Thai |
58 |
|
Ms. Duangkamol Setthanang |
[x] |
Thai |
52 |
|
Mr. Arthorn Thiensawad |
|
Thai |
68 |
|
Mr. Chalermchai Somboonpakorn |
|
Thai |
39 |
|
Mr. Payom Boonyang |
|
Thai |
45 |
|
Mr. Rathapol Unakanporn |
|
Thai |
49 |
|
Mr. Somkiat Lertritpuwadol |
|
Thai |
49 |
|
Mr. Tisadee Watanangkul |
|
Thai |
55 |
AUTHORIZED PERSON
Any two of
the mentioned directors [x] can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Tisadee Watanangkul is
the Chief Executive
Officer.
He is Thai
nationality with the
age of 55
years old.
Mr. Boondej Phooriyakorn is
the General Manager.
He is Thai
nationality.
Mr. Boonsong Sophitvutthiwong is
the Plant Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activity
is a manufacturer
wide range of
Polyurethane based raw
material for thermal
insulation, bedding and
furniture, footwear and
flexible packaging production.
Its products include
polyester, polyester polyols,
unsaturated polyester, pre-polymer,
polyurethane systems and
CASE products coatings,
adhesives, sealants and
elastomer.
The subject is
also engaged in
co-producing of Unsaturated Polyester
Resin.
PRODUCTION CAPACITY
33,000 metric tonnes per
annum of Polyether
and Polyester Polyol,
Prepolymer and System.
MAJOR BRANDS
“RAYPOL”, “RAYCORE”, “RAYELAST”
IMPORT [COUNTRIES]
80% of raw
materials such as
propylene oxide and
related feed stock
chemicals are imported
from Singapore, Korea,
United States of
America, Japan, Republic
of China, Taiwan,
Malaysia and Germany.
MAJOR SUPPLIERS
|
ARCO |
: United States of
America |
|
BASF |
: Germany |
|
IRPC Public Company
Limited |
: Thailand |
LOCAL SALES
80% of its
products is sold
locally to manufacturers, wholesalers
and end-users.
EXPORT [COUNTRIES]
20% of the
products is exported
to Malaysia, Taiwan,
Indonesia, Australia, Singapore,
Vietnam, Republic of
China, Hong Kong,
Philippines, United Arab
Emirates and Middle
East countries.
MAJOR CUSTOMERS
|
Vianova Resins Ltd. |
: Thailand |
|
Summit Footwear Co.,
Ltd. |
: Thailand |
|
Pan Asia Footwear Public Co., Ltd. |
: Thailand |
PARENT COMPANY
IRPC Public
Company Limited
[Former :
Thai Petrochemical Industry
Public Company Limited]
Business Type: Manufacturer
of Petrochemicals
LITIGATION
On December 15,
2000, the Central
Bankruptcy Court has
ordered the company
in accordance with a decide
court case no.
534/2543 to rehabilitate
its organization and
has initially appointed
Effective Planers Co., Ltd. as
the plan administer.
On May 13,
2003, the Central
Bankruptcy Court has
ordered Effective Planers Co.,
Ltd., to retire
from the plan
administration then it has appointed
The Ministry of
Finance as the
new plan administer
on July 28,
2003.
The Company’s previous
management has filed
litigation to the
Central Bankruptcy Court to
dismiss the Resolutions
of the Extraordinary
General Meeting of
Shareholders for the year
2006 and 2009 of
IRPC Polyol Company Limited and
claimed for the damage amount at Bht. 80 million from the Company's board of
directors.
In July 2011, the Central Bankruptcy Court has decided to dismiss the
Resolutions of the Extraordinary General Meeting of Shareholders of both years.
In October 2011, the Company has filed the petition to the Supreme
Court, and begged for the ease of the execution in November 2011.
Later the Office of the Business Development Department has issued the
letter dated February 7, 2012 informing
about the petition result to the Company's board of directors.
The result is to dismiss the
Company's petition and an order to revoke the registration of the change of the
directors and Company's power, by
merging the list of the Company’s previous management with the
directors representing the Company’s major shareholders. But most power shall be vested in the Company’s previous management effectively on
February 7, 2012 onwards.
However, such change is not in accordance with the resolution of the
company's shareholders meeting, and it is under
the process for
the approval of
the next general shareholder
meeting.
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 on the
credit term of
120 days or
T/T.
Exports are against
L/C at sight
or T/T.
BUSINESS TRANSACTION
Most of the
products are sold
by credit, with the maximum credit given at 60 days.
The subject is
not found to
have problem on its account
receivable.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office :
333 Silom Rd.,
Silom, Bangrak, Bangkok
10500]
EMPLOYMENT
The subject employs
approximately 160 office
staff and factory
workers.
LOCATION DETAILS
The premise is
rented for administrative office on the
7th floor
in a multi-storey
building at the
heading address in
commercial/residential area.
Factory is located
on 12,000 square
meters of area
at 299 Moo 5, Sukhumvit Rd.,
Choengnone, Muang, Rayong 21000
Tel: [66] 38
942-488-9, Fax: [66]
38 613-988.
COMMENT
The company is
the manufacturer a
wide range of
polyol products used
as raw materials in
the production of
thermal insulation, bedding
and furniture, footwear and flexible
packaging.
Its business has grown
successfully over the
past several years,
generating a revenue
of more than one billion
baht. It continues
to enjoy a
strong domestic market position, while exporting
its main products
to the Asia-Pacific
region.
Its sale has been driven by the growth of industrial goods which is in
accordance with the rebounding economy.
FINANCIAL INFORMATION
The capital was
registered at Bht.
100 million, divided
into 1,000,000 shares of
Bht. 100 each.
The capital was
increased later as
followings:
Bht. 150
million on February
15, 1990
Bht. 177
million on August
10, 1995
Bht. 300
million on February
10, 1997
The
latest registered capital
was increased to Bht. 300
million, divided into
3,000,000 shares of
Bht. 100 each
with fully paid.
MAIN SHAREHOLDERS : [as at
March 30, 2012]
|
NAME |
HOLDING |
% |
|
IRPC Public Company
Limited Nationality: Thai Address : 299 Moo 5, Sukhumvit
Rd.,
Choengnone, Muang, Rayong |
2,999,977 |
100.00 |
|
Other shareholders |
23 |
- |
Total Shareholders : 24
Share Structure [as
at March 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
24 |
3,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
24 |
3,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Naengnoi
Charoentaweesap No. 3044
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Cash and Cash Equivalents |
148,035,571 |
120,266,315 |
|
Trade Account &
Other Receivable |
151,429,576 |
186,113,899 |
|
Short-term Lending to
Related Company |
- |
1,986,458 |
|
Inventories |
237,855,949 |
205,480,354 |
|
Other Current Assets
|
4,951,902 |
13,151,634 |
|
Total Current Assets
|
542,272,998 |
526,998,660 |
|
Long-term Lending to Related
Company |
484,237 |
484,237 |
|
Fixed Assets |
207,904,028 |
216,139,441 |
|
Other Non-current Assets |
194,493 |
303,167 |
|
Total Assets |
750,855,756 |
743,925,505 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Short-term Loan from
Financial Institution |
123,803,059 |
- |
|
Trade Account &
Other Payable |
29,860,573 |
131,609,951 |
|
Accrued Income Tax |
10,362,387 |
3,351,018 |
|
Accrued Bonus |
17,904,484 |
20,086,461 |
|
Other Current Liabilities |
10,693,263 |
14,889,806 |
|
Total Current Liabilities |
192,623,766 |
169,937,236 |
|
Long-term Loan from
Related Company |
- |
20,026,414 |
|
Finance Lease Contract Liabilities |
- |
424,806 |
|
Obligation for Employee
Benefits |
22,992,493 |
19,197,122 |
|
Other Liabilities |
77,452 |
77,452 |
|
Total Liabilities |
215,693,711 |
209,663,030 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 3,000,000 shares |
300,000,000 |
300,000,000 |
|
|
|
|
|
Capital Paid |
300,000,000 |
300,000,000 |
|
Retained Earning |
|
|
|
Appropriated for
Statutory Reserve |
30,000,000 |
30,000,000 |
|
Unappropriated |
205,162,045 |
204,262,475 |
|
Total Shareholders' Equity |
535,162,045 |
534,262,475 |
|
Total Liabilities & Shareholders' Equity |
750,855,756 |
743,925,505 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 [Adjusted] |
|
|
|
|
|
Sales |
1,080,331,274 |
995,598,532 |
|
Other Income |
13,923,343 |
9,004,281 |
|
Total Revenues |
1,094,254,617 |
1,004,602,813 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
950,700,773 |
920,372,511 |
|
Selling Expenses |
22,144,886 |
24,683,899 |
|
Administrative Expenses |
31,949,426 |
26,932,520 |
|
Total Expenses |
1,004,795,085 |
971,988,930 |
|
Profit before Financial
Cost |
89,459,532 |
32,613,883 |
|
Financial Cost |
[728,388] |
[485,953] |
|
Profit before Income Tax |
88,731,144 |
32,127,930 |
|
Income Tax |
[27,831,574] |
[10,318,766] |
|
Net Profit |
60,899,570 |
21,809,164 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.82 |
3.10 |
|
QUICK RATIO |
TIMES |
1.55 |
1.81 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.20 |
4.61 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.44 |
1.34 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
91.32 |
81.49 |
|
INVENTORY TURNOVER |
TIMES |
4.00 |
4.48 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
51.16 |
68.23 |
|
RECEIVABLES TURNOVER |
TIMES |
7.13 |
5.35 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
11.46 |
52.19 |
|
CASH CONVERSION CYCLE |
DAYS |
131.02 |
97.53 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
88.00 |
92.44 |
|
SELLING & ADMINISTRATION |
% |
5.01 |
5.18 |
|
INTEREST |
% |
0.07 |
0.05 |
|
GROSS PROFIT MARGIN |
% |
13.29 |
8.46 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.28 |
3.28 |
|
NET PROFIT MARGIN |
% |
5.64 |
2.19 |
|
RETURN ON EQUITY |
% |
11.38 |
4.08 |
|
RETURN ON ASSET |
% |
8.11 |
2.93 |
|
EARNING PER SHARE |
BAHT |
20.30 |
7.27 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.29 |
0.28 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.40 |
0.39 |
|
TIME INTEREST EARNED |
TIMES |
122.82 |
67.11 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
8.51 |
|
|
OPERATING PROFIT |
% |
174.30 |
|
|
NET PROFIT |
% |
179.24 |
|
|
FIXED ASSETS |
% |
(3.81) |
|
|
TOTAL ASSETS |
% |
0.93 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.29 |
Satisfactory |
Industrial
Average |
13.98 |
|
Net Profit Margin |
5.64 |
Impressive |
Industrial
Average |
4.31 |
|
Return on Assets |
8.11 |
Impressive |
Industrial
Average |
4.00 |
|
Return on Equity |
11.38 |
Impressive |
Industrial
Average |
7.52 |
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 13.29%. 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 5.64%,
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 8.11%, 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 11.38%, 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 |
2.82 |
Impressive |
Industrial
Average |
1.63 |
|
Quick Ratio |
1.55 |
|
|
|
|
Cash Conversion Cycle |
131.02 |
|
|
|
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 2.82 times in 2011, decreased from 3.1 times, then it is generally
considered to have good short-term financial strength. When compared with the industry
average, the ratio of the company was higher, indicated that company was an
efficient operator in a dominant position within its industry.
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 1.55 times in 2011,
decreased from 1.81 times, although excluding inventory so the company still
have good short-term financial strength.
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 132 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.29 |
Impressive |
Industrial
Average |
0.41 |
|
Debt to Equity Ratio |
0.40 |
Impressive |
Industrial
Average |
0.75 |
|
Times Interest Earned |
122.82 |
Impressive |
Industrial
Average |
6.16 |
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 122.82 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 0.29 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 Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
5.20 |
Impressive |
Industrial
Average |
1.65 |
|
Total Assets Turnover |
1.44 |
Impressive |
Industrial
Average |
0.94 |
|
Inventory Conversion Period |
91.32 |
|
|
|
|
Inventory Turnover |
4.00 |
Acceptable |
Industrial
Average |
5.52 |
|
Receivables Conversion Period |
51.16 |
|
|
|
|
Receivables Turnover |
7.13 |
Impressive |
Industrial
Average |
4.67 |
|
Payables Conversion Period |
11.46 |
|
|
|
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.53 |
|
UK Pound |
1 |
Rs.86.82 |
|
Euro |
1 |
Rs.69.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.