MIRA
INFORM REPORT
|
Report Date : |
07.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
SPUN SILK
WORLD CO., LTD. |
|
|
|
|
Formerly Known As : |
SPUN SILK [THAILAND]
CO., LTD. |
|
|
|
|
Registered Office : |
724 MOO 5,
SOI Pracha, Sukhumvit
Road, Taiban, Muang, Samutprakarn 10280 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
22.02.2010 |
|
|
|
|
Com. Reg. No.: |
0115553002736 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor
and Exporter of Yarns. |
|
|
|
|
No. of Employees : |
73 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013.
|
Source
: CIA |
COMPANY NAME
SPUN SILK WORLD
CO., LTD.
[FORMER : SPUN
SILK [THAILAND] CO.,
LTD.]
SUMMARY
BUSINESS ADDRESS : 724 MOO 5,
SOI PRACHA, SUKHUMVIT
ROAD,
TAIBAN, MUANG,
SAMUTPRAKARN 10280
TELEPHONE : [66] 2703-9356-8,
081 648-8234
FAX : [66] 2389-5604
E-MAIL ADDRESS : panitan@spunsilkworld.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2010
REGISTRATION NO. : 0115553002736
TAX ID NO. : 3033814552
CAPITAL REGISTERED : BHT.
3,000,000
CAPITAL PAID-UP : BHT.
3,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PRASIT KEWCHAROENWONG, THAI
MANAGING DIRECTOR
NO. OF STAFF : 73
LINES OF BUSINESS : YARNS
MANUFACTURER, DISTRIBUTOR
AND 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 February
22, 2010 as
a private limited
company under the originally
registered name “Spun Silk
[Thailand] Co., Ltd.”
by Thai groups, the
Kewcharoenwong family. On
March 26, 2010,
the registered name was
changed to SPUN
SILK WORLD CO., LTD.
Its business objective
is to manufacture
and distribute various kinds
of yarns to
both domestic and
international markets. It
currently employs 73
staff.
The subject’s registered address
is 724 Moo 5, Soi Pracha,
Sukhumvit Rd., Taiban, Muang, Samutprakarn
10280, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Preetanat Kewcharoenwong |
|
Thai |
27 |
|
Mr. Prasit Kewcharoenwong |
|
Thai |
57 |
|
Mrs. Chaemchan Kewcharoenwong |
|
Thai |
57 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Prasit Kewcharoenwong is
the Managing Director.
He is Thai
nationality with the
age of 57
years old.
Mr. Preetanat Kewcharoenwong is
the Deputy Managing
Director.
He is Thai
nationality with the
age of 27
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, exporting
and distributing various kinds
of yarn products,
such as spun
silk yarn, silk
blended yarn, silk
Melange yarn, dyed
silk yarn, Eri
silk yarn for clothing
and other applications.
PRODUCTION CAPACITY
240 tons per
annum
PURCHASE
100% of raw
material is purchased
from local suppliers.
SALES
The products are
sold locally to
wholesalers, manufacturers and
end-users, as well as exporting to Japan, United States
of America, Singapore, India,
Hong Kong and Europe.
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
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.
Exports are against
T/T.
BANKING
TMB Bank Public
Co., Ltd.
[Saraburi Branch, T. Pakpreaw,
A. Muang, Saraburi 18000]
EMPLOYMENT
The subject currently
employs 73 staff.
LOCATION DETAILS
The premise is
owned for administrative office at
the heading address.
Premise is located
in provincial, on
the outskirts of
Bangkok.
Factory is located
on 112,000 square
meters of area
at 278 Moo
9, Kaengkoi-Salaengphan Rd.,
T. Banpa, A. Kaengkoi, Saraburi
18110. Tel.: [66]
36 251-495, Fax.
[66] 36 251-494.
COMMENT
The subject was
formed in 2010
as a manufacturer,
distributor and exporter
of yarns for
textile and garment industries.
Subject’s sales has
gradually improved since
it started production
in 2010. Yarn
consumption of both
local and overseas
markets remains strong
and increasing considerably.
FINANCIAL INFORMATION
The capital was
registered at Bht. 3,000,000 divided into 30,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[as at April
30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Chaemchan Kewcharoenwong Nationality: Thai Address : 724
Moo 5, Soi
Pracha, Taiban, Muang,
Samutprakarn |
15,000 |
50.00 |
|
Mr. Preetanat Kewcharoenwong Nationality: Thai Address :
724 Moo 5,
Soi Pracha, Taiban,
Muang,
Samutprakarn |
5,000 |
|
|
Mr. Prasit Kewcharoenwong Nationality: Thai Address : 724
Moo 5, Soi
Pracha, Taiban, Muang,
Samutprakarn |
5,000 |
= 50.00 |
|
Mr. Panitan Kewcharoenwong Nationality: Thai Address : 724
Moo 5, Soi
Pracha, Taiban, Muang,
Samutprakarn |
5,000 |
|
Total Shareholders : 4
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
30,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
30,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO
Ms. Suvimol Thiengthae No.
7069
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2012,
2011 and 2010
were :
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalent |
7,396,950.25 |
1,775,150.42 |
6,584,580.64 |
|
Trade Accounts and
Other Receivable |
11,395,053.85 |
9,055,856.36 |
4,246,934.75 |
|
Inventories |
33,663,009.00 |
33,423,522.19 |
18,300,280.96 |
|
Other Current Assets |
2,555,120.83 |
1,746,142.19 |
2,400,931.48 |
|
|
|
|
|
|
Total Current Assets
|
55,010,133.93 |
46,000,671.16 |
31,532,727.83 |
|
|
|
|
|
|
Fixed Assets |
1,285,184.73 |
802,444.68 |
777,920.25 |
|
Total Assets |
56,295,318.66 |
46,803,115.84 |
32,310,648.08 |
LIABILITIES
& SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institutions |
6,722,687.32 |
3,911,968.83 |
- |
|
Trade Accounts and Other Payable |
3,947,830.21 |
7,323,485.78 |
2,361,237.92 |
|
Short-term Loan from Person
or Related Company |
35,624,211.48 |
27,490,406.67 |
23,311,069.90 |
|
Other Current Liabilities |
657,447.54 |
911,448.58 |
3,274,475.20 |
|
|
|
|
|
|
Total Current Liabilities |
46,952,176.55 |
39,637,309.86 |
28,946,783.02 |
|
|
|
|
|
|
Employee Benefits Obligation |
1,365,715.96 |
- |
- |
|
Other Non-current Liabilities |
278,712.00 |
278,712.00 |
- |
|
Total Liabilities |
48,596,604.51 |
39,916,021.86 |
28,946,783.02 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 30,000 shares |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
|
|
|
|
|
Capital Paid |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
Retained Earning- Unappropriated |
4,698,714.15 |
3,887,093.98 |
363,865.06 |
|
Total Shareholders' Equity |
7,698,714.15 |
6,887,093.98 |
3,363,865.06 |
|
Total Liabilities & Shareholders' Equity |
56,295,318.66 |
46,803,115.84 |
32,310,648.08 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
Feb. 22, 2010 – Dec. 31, 2010 |
|
|
|
|
|
|
Sales Income |
121,626,118.54 |
112,244,156.08 |
34,296,930.68 |
|
Rental Income |
- |
- |
834,224.00 |
|
Other Income |
1,408,740.82 |
830,306.14 |
763,084.26 |
|
Total Revenues |
123,034,859.36 |
113,074,462.22 |
35,894,238.94 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
101,298,242.69 |
95,510,644.42 |
29,143,969.66 |
|
Selling Expenses |
2,107,397.19 |
1,868,746.01 |
563,294.40 |
|
Administrative Expenses |
13,166,461.49 |
9,131,892.49 |
5,186,062.55 |
|
Loss on Exchange Rate |
1,800,610.11 |
779,593.48 |
240,298.62 |
|
Total Expenses |
118,372,711.48 |
107,290,876.40 |
35,133,625.23 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
4,662,147.88 |
5,783,585.82 |
760,613.71 |
|
Financial Cost |
[2,399,350.03] |
[2,264,229.58] |
[346,688.39] |
|
Profit / [Loss] before Income
Tax |
2,262,797.85 |
3,519,356.24 |
413,925.32 |
|
Income Tax |
[730,080.61] |
[797,753.81] |
[50,060.27] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,532,717.24 |
2,721,602.43 |
363,865.06 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.17 |
1.16 |
1.09 |
|
QUICK RATIO |
TIMES |
0.40 |
0.27 |
0.37 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
94.64 |
139.88 |
45.16 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.16 |
2.40 |
1.09 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
121.30 |
127.73 |
229.19 |
|
INVENTORY TURNOVER |
TIMES |
3.01 |
2.86 |
1.59 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
34.20 |
29.45 |
44.12 |
|
RECEIVABLES TURNOVER |
TIMES |
10.67 |
12.39 |
8.27 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
14.22 |
27.99 |
29.57 |
|
CASH CONVERSION CYCLE |
DAYS |
141.27 |
129.19 |
243.75 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
83.29 |
85.09 |
82.96 |
|
SELLING & ADMINISTRATION |
% |
12.56 |
9.80 |
16.37 |
|
INTEREST |
% |
1.97 |
2.02 |
0.99 |
|
GROSS PROFIT MARGIN |
% |
17.87 |
15.65 |
19.21 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.83 |
5.15 |
2.17 |
|
NET PROFIT MARGIN |
% |
1.26 |
2.42 |
1.04 |
|
RETURN ON EQUITY |
% |
19.91 |
39.52 |
10.82 |
|
RETURN ON ASSET |
% |
2.72 |
5.82 |
1.13 |
|
EARNING PER SHARE |
BAHT |
51.09 |
90.72 |
12.13 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.86 |
0.85 |
0.90 |
|
DEBT TO EQUITY RATIO |
TIMES |
6.31 |
5.80 |
8.61 |
|
TIME INTEREST EARNED |
TIMES |
1.94 |
2.55 |
2.19 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
8.36 |
219.50 |
|
|
OPERATING PROFIT |
% |
(19.39) |
660.38 |
|
|
NET PROFIT |
% |
(43.68) |
647.97 |
|
|
FIXED ASSETS |
% |
60.16 |
3.15 |
|
|
TOTAL ASSETS |
% |
20.28 |
44.85 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 8.36%. Turnover has increased from THB
112,244,156.08 in 2011 to THB 121,626,118.54 in 2012. While net profit has
decreased from THB 2,721,602.43 in 2011 to THB 1,532,717.24 in 2012. And total
assets has increased from THB 46,803,115.84 in 2011 to THB 56,295,318.66 in
2012.
PROFITABILITY :
EXCELLENT
PROFITABILITY RATIO
|
Gross Profit Margin |
17.87 |
Impressive |
Industrial Average |
14.74 |
|
Net Profit Margin |
1.26 |
Impressive |
Industrial Average |
0.52 |
|
Return on Assets |
2.72 |
Impressive |
Industrial Average |
0.64 |
|
Return on Equity |
19.91 |
Impressive |
Industrial Average |
1.35 |
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 17.87%. When
compared with the industry average, the ratio of the company was higher, 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. The company’s figure is 1.26%, 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 2.72%, 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 19.91%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.17 |
Impressive |
Industrial Average |
1.14 |
|
Quick Ratio |
0.40 |
|
|
|
|
Cash Conversion Cycle |
141.27 |
|
|
|
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 1.17 times in 2012, increased from 1.16 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 0.4 times in 2012,
increased from 0.27 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 142 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.86 |
Acceptable |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
6.31 |
Risky |
Industrial Average |
1.40 |
|
Times Interest Earned |
1.94 |
Impressive |
Industrial Average |
1.37 |
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 1.95 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 0.86 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
94.64 |
Impressive |
Industrial Average |
0.63 |
|
Total Assets Turnover |
2.16 |
Impressive |
Industrial Average |
1.13 |
|
Inventory Conversion Period |
121.30 |
|
|
|
|
Inventory Turnover |
3.01 |
Satisfactory |
Industrial Average |
3.20 |
|
Receivables Conversion Period |
34.20 |
|
|
|
|
Receivables Turnover |
10.67 |
Impressive |
Industrial Average |
2.94 |
|
Payables Conversion Period |
14.22 |
|
|
|
The company's Account Receivable Ratio is calculated as 10.67 and 12.39
in 2012 and 2011 respectively. This ratio measures the efficiency of the
company in managing its trade debtors to generate revenue. A lower ratio may
indicate over extension and collection problems. Conversely, a higher ratio may
indicate an overtly stringent policy. In this case, the company's A/R ratio in
2012 decreased from 2011. This would suggest the company had deteriorated in
the management of its debt collections.
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 128 days at the
end of 2011 to 121 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 2.86 times in year 2011 to 3.01 times
in year 2012.
The company's Total Asset Turnover is calculated as 2.16 times and 2.4
times in 2012 and 2011 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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.54 |
|
|
1 |
Rs.94.37 |
|
Euro |
1 |
Rs.81.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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.