MIRA
INFORM REPORT
|
Report Date : |
13.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
PRACHINBURI GLASS INDUSTRY COMPANY LIMITED |
|
|
|
|
Registered Office : |
32ND Floor,
Ocean Tower 1, 170/87
New Ratchadapisek Road, Klongtoey, Bangkok
10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
03.08.2007 |
|
|
|
|
Com. Reg. No.: |
0105550081694 |
|
|
|
|
Legal Form : |
PRIVATE LIMITED COMPANY |
|
|
|
|
Line of Business : |
Manufacture and Contractor of Glass Bottles |
|
|
|
|
No. of Employees : |
172 |
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
PRACHINBURI GLASS
INDUSTRY COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 32nd FLOOR,
OCEAN TOWER 1,
170/87 NEW
RATCHADAPISEK ROAD,
KLONGTOEY, BANGKOK
10110
TELEPHONE : [66] 2648-6100
FAX :
[66] 2261-2390
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2007
REGISTRATION
NO. : 0105550081694
TAX
ID NO. : 3032736534
CAPITAL REGISTERED : BHT. 600,000,000
CAPITAL PAID-UP : BHT.
600,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SURASAK DECHARIN,
THAI
PRESIDENT
NO.
OF STAFF : 172
LINES
OF BUSINESS : GLASS
BOTTLES
MANUFACTURE CONTRACTOR
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 August 3,
2007 as a
private limited company
under the name
style PRACHINBURI GLASS INDUSTRY COMPANY LIMITED,
by Thai groups, in order to
provide manufacturing service
various sizes of
glass bottles to
domestic market. It
currently employs 172
staff. Subject is a
joint venture between Bangkok Glass
Industry Co., Ltd. and
T.C. Pharmaceutical Industry
Co., Ltd., Thailand,
with holding around
51% and 49%
of the subject’s
shares respectively.
It
achieved the standard
ISO 9001 : 2008 certification, product
management system by
SGS on October
11, 2010.
The subject’s registered address is 32nd Floor, Ocean
Tower 1, 170/87 New
Ratchadapisek Rd.,
Klongtoey, Bangkok 10110,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Surasak Decharin |
|
Thai |
65 |
|
Mr. Pawin Bhirombhakdee |
|
Thai |
38 |
|
Mrs. Amarat Puwaveeranin |
|
Thai |
56 |
|
Mr. Sarawuth Yoowithaya |
|
Thai |
38 |
|
Ms. Nucharee Yoowithaya |
|
Thai |
40 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Surasak Decharin is
the President.
He is Thai
nationality with the
age of 65
years old.
Mr. Pawin Bhirombhakdee is
the Managing Director.
He is Thai
nationality with the age of
38 years old.
Mr. Man Suwannapintha is
the Factory Manager.
He is Thai
nationality.
Mrs. Amarat Puwaveeranin is
the Chief of
Finance Officer.
She is Thai
nationality.
Mr. Naris Krairassiri
is the Chief
of Technical Officer.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
service various sizes of
glass bottles [100 cc.
& 150cc.] for “RED BULL”
and “SPONSOR” energy drinks,
with the production
capacity of 180
tons [1 million bottles] per
day or 30 million
bottles per month.
PURCHASE
Most of raw
material, chemical and
glass scrap are
purchased from local
suppliers, the remaining
is imported from
Germany, U.S.A., Japan,
India and Republic
of China.
MAJOR SUPPLIER
Bangkok
Glass Industry Co., Ltd.: Thailand
SALES/SERVICES
100% of the
products is sold
and serviced locally
to T. C. Pharmaceutical Industry
Co., Ltd. [95%],
and other beverage
manufacturers and wholesalers
[5%].
MAJOR CUSTOMER
T. C. Pharmaceutical Industry
Co., Ltd.
SUBSIDIARY AND AFFILIATED COMPANY
The subject is not found
to have any
subsidiary or affiliated
company 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
CREDIT
Sales & services 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
Kasikornbank Public Co.,
Ltd.
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 172
office staff and
factory workers.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial
area.
Factory
and warehouse are
located at 63
Moo 9, Bangkonak-Bansang Rd.,
T. Bangtaen, A. Bansang, Prachinburi
25150. Tel. [66] 37 415-100,
Fax [66] 37 415-120.
Premise is located
on the land
area of 395,200
square meters.
COMMENT
The
subject was formed
in 2007 as a
manufacturing services of
glass bottles. The subject
is a major
supplier of glass
bottles for RED BULL
energy drink. Its products
are priority served
to T.C. Pharmaceutical Industry
Co., Ltd., a
manufacture of RED BULL energy
drink, and the
rest to other
beverages manufacturers and
wholesalers.
The
subject’s operating performance
in 2011 was
satisfactory with an
increase in sales
revenue comparing to the same
period of 2010.
Subject
has solid business
and expanding steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 600,000,000
divided into 6,000,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 20, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bangkok Glass Industry
Co., Ltd. Nationality: Thai Address : 32nd Floor,
Ocean Tower 1,
170/87 New
Ratchadapisek Rd.,
Klongtoey, Bangkok |
3,059,997 |
51.00 |
|
T.C. Pharmaceutical Industry
Co., Ltd. Nationality: Thai Address : 39/13
Moo 8, Ekachai
Rd., Bangbon, Bangkok |
2,939,998 |
49.00 |
|
Mr. Surasak Decharin Nationality: Thai Address : 114
Soi Ramindra 67
Yaek 4, Kannayao, Bangkok |
1 |
- |
|
Mr. Pawin Bhirombhakdee Nationality: Thai Address : 563
Soi Ramkhamhaeng, Huamak,
Bangkapi, Bangkok |
1 |
- |
|
Mrs. Amarat Puwaveeranin Nationality: Thai Address : 98/160
Moo 5, Bangkuwieng, Bangkruay,
Nonthaburi |
1 |
- |
|
Mr. Sarawuth Yoowithaya Nationality: Thai Address : 39
Moo 8, Bangbon,
Bangkok |
1 |
- |
|
Ms. Nucharee Yoowithaya Nationality: Thai Address : 39
Moo 8, Bangbon,
Bangkok |
1 |
- |
Total Shareholders : 7
Share Structure
[as at
April 20, 2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
6,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
6,000,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Ms. Vissuta Jariyathanakorn No. 3853
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
3,455,738 |
3,523,036 |
5,023,450 |
|
Trade Account Receivable- Related Company |
65,991,731 |
68,529,187 |
56,208,990 |
|
Account Receivable -
Parent Company |
- |
- |
1,559,399 |
|
Inventories |
56,482,214 |
57,002,014 |
54,477,400 |
|
Refundable Value Added
Tax |
- |
- |
97,559,782 |
|
Refundable Import Duty
|
- |
- |
12,354,800 |
|
Other Current Assets
|
5,005,232 |
6,153,086 |
4,928,367 |
|
|
|
|
|
|
Total Current Assets
|
130,934,915 |
135,207,323 |
232,112,188 |
|
|
|
|
|
|
Fixed Assets |
1,237,951,825 |
1,320,560,038 |
1,407,091,411 |
|
Computer Programme |
1,067,490 |
1,215,973 |
1,364,406 |
|
Other Non-current Assets |
68,200 |
96,300 |
96,300 |
|
Total Assets |
1,370,022,430 |
1,457,079,634 |
1,640,664,305 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Short-term Loan from Bank |
50,000,000 |
340,000,000 |
329,000,000 |
|
Trade Accounts Payable |
67,336,240 |
54,676,448 |
45,704,673 |
|
Account Payable Parent Company
|
- |
- |
5,836,950 |
|
Short-term Loan from
Parent Company |
- |
- |
377,161,825 |
|
Current Portion of Long-term
Loan from Bank |
148,000,000 |
120,000,000 |
100,000,000 |
|
Accrued Expenses |
- |
- |
2,526,366 |
|
Accrued Income Tax |
155,562 |
121,800 |
- |
|
Other Current Liabilities |
4,572,136 |
6,688,084 |
1,688,309 |
|
|
|
|
|
|
Total Current Liabilities |
270,063,938 |
521,486,332 |
861,918,123 |
|
Long-term Loan from
Parent Company |
324,500,000 |
229,000,000 |
- |
|
Long-term Loan from
Bank, net of Current Portion |
132,000,000 |
80,000,000 |
200,000,000 |
|
Reserve for Employee
Benefits |
800,000 |
- |
- |
|
Total Liabilities |
727,363,938 |
830,486,332 |
1,061,918,123 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized &
issued share capital
6,000,000 shares |
600,000,000 |
600,000,000 |
600,000,000 |
|
|
|
|
|
|
Capital Paid |
600,000,000 |
600,000,000 |
600,000,000 |
|
Retained Earning |
|
|
|
|
Appropriated for
Statutory Reserve |
2,392,000 |
- |
- |
|
- Unappropriated |
40,266,492 |
26,593,302 |
[21,253,818] |
|
Total Shareholders' Equity |
642,658,492 |
626,593,302 |
578,746,182 |
|
Total Liabilities &
Shareholders' Equity |
1,370,022,430 |
1,457,079,634 |
1,640,664,305 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
628,185,863 |
595,780,361 |
473,328,307 |
|
Gain on Exchange Rate |
56,401 |
381,859 |
1,835,819 |
|
Other Income |
2,619,872 |
1,692,440 |
1,144,398 |
|
Total Revenues |
630,862,136 |
597,854,660 |
476,278,524 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
555,776,404 |
508,150,660 |
452,686,931 |
|
Selling Expenses |
2,993,571 |
1,441,074 |
1,092,120 |
|
Administrative Expenses |
18,935,491 |
13,627,453 |
9,241,066 |
|
Loss from Exchange
Rate |
2,185,931 |
- |
- |
|
Total Expenses |
579,891,397 |
523,219,187 |
463,020,117 |
|
|
|
|
|
|
Profit before Financial Expense &
Income Tax |
50,970,739 |
74,635,473 |
13,258,407 |
|
Financial Expenses |
[25,749,987] |
[26,666,553] |
[34,541,917] |
|
|
|
|
|
|
Profit before Income
Tax |
25,220,752 |
47,968,920 |
[21,283,510] |
|
Income Tax |
[155,562] |
[121,800] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
25,065,190 |
47,847,120 |
[21,283,510] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.48 |
0.26 |
0.27 |
|
QUICK RATIO |
TIMES |
0.26 |
0.14 |
0.07 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.51 |
0.45 |
0.34 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.46 |
0.41 |
0.29 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
37.09 |
40.94 |
43.92 |
|
INVENTORY TURNOVER |
TIMES |
9.84 |
8.91 |
8.31 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
44.22 |
39.27 |
36.85 |
|
CASH CONVERSION CYCLE |
DAYS |
(7.13) |
1.67 |
7.07 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
88.47 |
85.29 |
95.64 |
|
SELLING & ADMINISTRATION |
% |
3.49 |
2.53 |
2.18 |
|
INTEREST |
% |
4.10 |
4.48 |
7.30 |
|
GROSS PROFIT MARGIN |
% |
11.95 |
15.06 |
4.98 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.11 |
12.53 |
2.80 |
|
NET PROFIT MARGIN |
% |
3.99 |
8.03 |
(4.50) |
|
RETURN ON EQUITY |
% |
3.90 |
7.64 |
(3.68) |
|
RETURN ON ASSET |
% |
1.83 |
3.28 |
(1.30) |
|
EARNING PER SHARE |
BAHT |
4.18 |
7.97 |
(3.55) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.53 |
0.57 |
0.65 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.13 |
1.33 |
1.83 |
|
TIME INTEREST EARNED |
TIMES |
1.98 |
2.80 |
0.38 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
5.44 |
25.87 |
|
|
OPERATING PROFIT |
% |
(31.71) |
462.93 |
|
|
NET PROFIT |
% |
(47.61) |
324.81 |
|
|
FIXED ASSETS |
% |
(6.26) |
(6.15) |
|
|
TOTAL ASSETS |
% |
(5.97) |
(11.19) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is 5.44%. Turnover has increased from THB
595,780,361.00 in 2010 to THB 628,185,863.00 in 2011. While net profit has
decreased from THB 47,847,120.00 in 2010 to THB 25,065,190.00 in 2011. And
total assets has decreased from THB 1,457,079,634.00 in 2010 to THB
1,370,022,430.00 in 2011.
PROFITABILITY :
SATISFACTORY
PROFITABILITY RATIO
|
Gross Profit Margin |
11.95 |
Satisfactory |
Industrial
Average |
13.86 |
|
Net Profit Margin |
3.99 |
Satisfactory |
Industrial
Average |
4.01 |
|
Return on Assets |
1.83 |
Satisfactory |
Industrial
Average |
2.19 |
|
Return on Equity |
3.90 |
Satisfactory |
Industrial
Average |
4.61 |
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 11.95%. When compared with
the industry average, the ratio of the company was lower, this indicated that
company may have 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 3.99%.
When compared with the industry average, the ratio of the company was lower.
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 1.83%.
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 3.9%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.48 |
Risky |
Industrial
Average |
0.65 |
|
Quick Ratio |
0.26 |
|
|
|
|
Cash Conversion Cycle |
(7.13) |
|
|
|
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 0.48 times in 2011, increased from 0.26 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 0.26 times in 2011,
increased from 0.14 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 -8 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.53 |
Acceptable |
Industrial
Average |
0.53 |
|
Debt to Equity Ratio |
1.13 |
Risky |
Industrial
Average |
1.09 |
|
Times Interest Earned |
1.98 |
Acceptable |
Industrial
Average |
3.29 |
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 1.98 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 Downtrend
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.51 |
Acceptable |
Industrial
Average |
0.70 |
|
Total Assets Turnover |
0.46 |
Satisfactory |
Industrial
Average |
0.59 |
|
Inventory Conversion Period |
37.09 |
|
|
|
|
Inventory Turnover |
9.84 |
Impressive |
Industrial
Average |
3.94 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
7.09 |
|
Payables Conversion Period |
44.22 |
|
|
|
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has decreased from 41 days at the
end of 2010 to 37 days at the end of 2011. This represents a positive trend.
And Inventory turnover has increased from 8.91 times in year 2010 to 9.84 times
in year 2011.
The company's Total Asset Turnover is calculated as 0.46 times and 0.41
times in 2011 and 2010 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
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.54.44 |
|
|
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.