MIRA
INFORM REPORT
|
Report Date : |
17.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
DIAMOND SOFA CO., LIMITED |
|
|
|
|
Registered Office : |
30/1
Moo 6, Prakkasa
Road, Prakkasa, Muang,
Samutprakarn 10280 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
24.05.1999 |
|
|
|
|
Com. Reg. No.: |
0115542002578 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is
engaged in manufacturing and
exporting various styles
of leather upholstery
under its owned
brand “DIAMOND SOFA”. |
|
|
|
|
No. of Employees : |
490 |
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 crisis 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 & ADDRESS
DIAMOND SOFA CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 30/1
MOO 6, PRAKKASA
ROAD, PRAKKASA,
MUANG, SAMUTPRAKARN
10280, THAILAND
TELEPHONE : [66] 2728-5433,
081 807-3649
FAX :
[66] 2728-5434-5
E-MAIL
ADDRESS : panchanin@diamond-sofa.com
sales@diamond-sofa.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0115542002578
TAX
ID NO. : 3271166840
CAPITAL REGISTERED : BHT. 50,000,000
CAPITAL PAID-UP : BHT.
50,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PANCHANIN CHAROENYOS, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 490
LINES
OF BUSINESS : LEATHER SOFA MANUFACTURER 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 May 24, 1999
as a private
limited company under
the name style
DIAMOND SOFA CO.,
LTD., by Thai
groups, with the
business objective to
manufacture leather sofa
for export markets.
It currently employs
approximately 490 staff.
The subject’s registered address is 30/1 Moo
6, Prakkasa Rd., Prakkasa, Muang,
Samutprakarn 10280, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Panchanin Charoenyos |
|
Thai |
48 |
|
Mrs. Patchareewan Charoenyos |
|
Thai |
42 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Panchanin Charoenyos is
the Managing Director.
He is Thai
nationality with the
age of 48
years old.
Mrs. Patchareewan Charoenyos is
the General Manager.
She is Thai
nationality with the
age of 42
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and exporting various
styles of leather
upholstery under its
owned brand “DIAMOND
SOFA”. Its leather
sofa collection includes
modern, contemporary and
traditional styles.
PURCHASE
80% of raw
materials such as
leather, PVC and
components are purchased
from local suppliers,
the remaining 20%
is imported from
Republic of China,
Taiwan and Australia.
EXPORT
100% of the
products is exported
to U.S.A., United
Kingdom, Japan, France,
Dubai, Italy, Germany,
India and Spain.
SUBSIDIARY AND
AFFILIATED COMPANY
Sofa Maker Co.,
Ltd.
Business Type : Distributor
of furniture
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
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
490 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory I and warehouse
at the heading
address. Premise is
located in industrial
area.
Factory
II and warehouse : 30/2
Moo 6, Prakkasa Rd., Praeksa, Muang,
Samutprakarn 10280.
COMMENT
The
subject has good
reputation in international
markets. Its products
have been well
recognized by its
customers from modern
designs and high
quality. However, the
subject’s operating performance
in 2012 was
slowdown with a decrease in
sales revenue compared
to the previous year. The subject’s business performance closely
links with the
condition of export markets, which
is likely slow
this year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided
into 20,000 shares
of Bht. 100 each.
On
June 13, 2003,
the capital was
increased to Bht. 50,000,000 divided
into 500,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE : [as
at April 30,
2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Panchanin Charoenyos Nationality: Thai Address : 233/300
Moo 6, Bangmuang,
Muang,
Samutprakarn |
499,994 |
100.00 |
|
Mr. Thamrongdej Mungcharoen Nationality: Thai Address : 91/105
Moo 4, Bangchalong, Bangplee,
Samutprakarn |
1 |
- |
|
Mrs. Panyupa Mungcharoen Nationality: Thai Address : 91/105
Moo 4, Bangchalong, Bangplee,
Samutprakarn |
1 |
- |
|
Mrs. Salinthorn Charoenyos Nationality: Thai Address : 47/921
Moo 5, Salaya,
Budhamonthon,
Nakornpathom |
1 |
- |
|
Mr. Paradorn Poomphothong Nationality: Thai Address : 198
Ngamwongwan Rd., Bangsue,
Bangkok |
1 |
- |
|
Mrs. Patchareewan Charoenyos Nationality: Thai Address : 233/300
Moo 6, Bangmuang,
Muang,
Samutprakarn |
1 |
- |
|
Mr. Somporn Prathumchai Nationality: Thai Address : 96
Moo 10, Srichompoo, Sopichai,
Nongkhai |
1 |
- |
Total Shareholders : 7
Shareholders Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
500,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
500,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Parnthip Daengthanom No.
5359
BALANCE SHEET (BAHT)
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
4,672,016.24 |
7,583,421.00 |
5,962,973.62 |
|
Trade Accounts &
Other Receivable |
98,441,663.44 |
119,593,129.95 |
79,658,112.49 |
|
Account Receivable -
Related Company |
- |
- |
23,074,922.32 |
|
Short-term Lending |
- |
2,188,463.42 |
2,188,463.42 |
|
Inventories |
95,169,235.94 |
110,726,377.50 |
93,632,909.67 |
|
Other Current Assets
|
320,499.20 |
221,442.28 |
4,740,935.24 |
|
|
|
|
|
|
Total Current Assets
|
198,603,414.82 |
240,312,834.15 |
209,258,316.76 |
|
Fixed Assets |
106,765,979.81 |
114,002,169.49 |
122,798,696.09 |
|
Other Non-current Assets |
1,387,000.00 |
1,387,000.00 |
1,074,309.26 |
|
Total Assets |
306,756,394.63 |
355,702,003.64 |
333,131,322.11 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft |
10,694,579.05 |
23,550,259.01 |
12,449,376.70 |
|
Trade Accounts, Notes & Other
Payable |
143,316,562.70 |
141,244,584.99 |
140,326,062.55 |
|
Trade Accounts Payable -
Related Company |
- |
- |
1,894,822.53 |
|
Short-term Loan from Person or Related Company |
2,500,000.00 |
40,000,000.00 |
15,000,000.00 |
|
Short-term Loan from Financial Institution |
25,000,000.00 |
- |
- |
|
Current Portion of
Hire-purchase Payable |
115,565.98 |
103,719.60 |
240,359.96 |
|
Accrued Income Tax |
- |
- |
623,876.69 |
|
Accrued Expenses |
- |
- |
7,043,302.85 |
|
Advance Deposit |
3,117,701.21 |
5,782,997.03 |
5,885,821.02 |
|
Other Current Liabilities |
1,658.87 |
1,658.87 |
223,925.66 |
|
|
|
|
|
|
Total Current Liabilities |
184,746,067.81 |
210,683,219.50 |
183,687,547.96 |
|
Long-term Loan from Financial Institution |
- |
25,000,000.00 |
10,001,658.87 |
|
Hire-purchase Payable |
28,722.00 |
129,648.92 |
233,368.52 |
|
Total Liabilities |
184,774,789.81 |
235,812,868.42 |
193,922,575.35 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 500,000 shares |
50,000,000.00 |
50,000,000.00 |
50,000,000.00 |
|
|
|
|
|
|
Capital Paid |
50,000,000.00 |
50,000,000.00 |
50,000,000.00 |
|
Retained Earning - Unappropriated |
71,981,604.82 |
69,889,135.22 |
89,208,746.76 |
|
Total Shareholders' Equity |
121,981,604.82 |
119,889,135.22 |
139,208,746.76 |
|
Total Liabilities & Shareholders' Equity |
306,756,394.63 |
355,702,003.64 |
333,131,322.11 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales & Service
Income |
544,962,154.62 |
642,711,474.18 |
630,182,815.78 |
|
Other Income |
8,338,097.89 |
8,882,006.11 |
19,735,598.11 |
|
Total Revenues |
553,300,252.51 |
651,593,480.29 |
649,918,413.89 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Change in Finished
Goods & Work
in Progress |
12,137,866.76 |
[16,946,284.76] |
- |
|
Raw Material & Material
Supplies |
406,419,447.96 |
533,227,715.37 |
- |
|
Cost of Goods
Sold |
- |
- |
600,468,839.57 |
|
Selling & Administrative Expenses |
- |
- |
45,884,905.54 |
|
Selling Expenses |
23,220,109.71 |
25,239,760.26 |
- |
|
Employee Expenses |
76,452,784.13 |
81,171,993.43 |
- |
|
Vocational Expenses |
8,224,159.75 |
26,768,182.32 |
- |
|
Depreciation & Amortization |
8,090,969.70 |
9,674,443.50 |
- |
|
Vehicle & Travelling
Expenses |
3,686,999.50 |
2,684,908.62 |
- |
|
Stationery Expenses |
1,089,924.54 |
838,542.02 |
- |
|
Service & Rental
Expenses |
1,009,345.80 |
432,000.00 |
- |
|
Loss on Exchange
Rate |
647,881.80 |
- |
- |
|
Other Expenses |
7,033,401.06 |
6,061,402.56 |
- |
|
Total Expenses |
548,012,890.71 |
669,152,663.32 |
646,353,745.11 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
5,287,361.80 |
[17,559,183.03] |
3,564,668.78 |
|
Financial Costs |
[3,194,892.20] |
[1,760,428.51] |
[684,558.17] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
2,092,469.60 |
[19,319,611.54] |
2,880,110.61 |
|
Income Tax |
- |
- |
[1,085,388.74] |
|
|
|
|
|
|
Net Profit / [Loss] |
2,092,469.60 |
[19,319,611.54] |
1,794,721.87 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.08 |
1.14 |
1.14 |
|
QUICK RATIO |
TIMES |
0.56 |
0.61 |
0.60 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.10 |
5.64 |
5.13 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.78 |
1.81 |
1.89 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
85.47 |
75.79 |
56.92 |
|
INVENTORY TURNOVER |
TIMES |
4.27 |
4.82 |
6.41 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
65.93 |
67.92 |
46.14 |
|
RECEIVABLES TURNOVER |
TIMES |
5.54 |
5.37 |
7.91 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
128.71 |
96.68 |
85.30 |
|
CASH CONVERSION CYCLE |
DAYS |
22.69 |
47.03 |
17.75 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
74.58 |
82.97 |
95.28 |
|
SELLING & ADMINISTRATION |
% |
22.46 |
22.84 |
7.28 |
|
INTEREST |
% |
0.59 |
0.27 |
0.11 |
|
GROSS PROFIT MARGIN |
% |
26.95 |
18.42 |
7.85 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.97 |
(2.73) |
0.57 |
|
NET PROFIT MARGIN |
% |
0.38 |
(3.01) |
0.28 |
|
RETURN ON EQUITY |
% |
1.72 |
(16.11) |
1.29 |
|
RETURN ON ASSET |
% |
0.68 |
(5.43) |
0.54 |
|
EARNING PER SHARE |
BAHT |
4.18 |
(38.64) |
3.59 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.60 |
0.66 |
0.58 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.51 |
1.97 |
1.39 |
|
TIME INTEREST EARNED |
TIMES |
1.65 |
(9.97) |
5.21 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(15.21) |
1.99 |
|
|
OPERATING PROFIT |
% |
(130.11) |
(592.59) |
|
|
NET PROFIT |
% |
110.83 |
(1,176.47) |
|
|
FIXED ASSETS |
% |
(6.35) |
(7.16) |
|
|
TOTAL ASSETS |
% |
(13.76) |
6.78 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -15.21%. Turnover has decreased from THB
642,711,474.18 in 2011 to THB 544,962,154.62 in 2012. While net profit has
increased from THB -19,319,611.54 in 2011 to THB 2,092,469.60 in 2012. And
total assets has decreased from THB 355,702,003.64 in 2011 to THB
306,756,394.63 in 2012.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
26.95 |
Acceptable |
Industrial
Average |
36.00 |
|
Net Profit Margin |
0.38 |
Impressive |
Industrial
Average |
0.31 |
|
Return on Assets |
0.68 |
Impressive |
Industrial
Average |
0.40 |
|
Return on Equity |
1.72 |
Impressive |
Industrial
Average |
1.42 |
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 26.95%. 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 0.38%,
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
0.68%, 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 1.72%, 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.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.08 |
Satisfactory |
Industrial
Average |
1.22 |
|
Quick Ratio |
0.56 |
|
|
|
|
Cash Conversion Cycle |
22.69 |
|
|
|
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 1.08 times in 2012, decreased from 1.14 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 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 0.56 times in 2012,
decreased from 0.61 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 23 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.60 |
Impressive |
Industrial
Average |
0.68 |
|
Debt to Equity Ratio |
1.51 |
Satisfactory |
Industrial
Average |
2.06 |
|
Times Interest Earned |
1.65 |
Impressive |
Industrial
Average |
0.43 |
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 1.66 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 0.6 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
5.10 |
Impressive |
Industrial Average |
0.43 |
|
Total Assets Turnover |
1.78 |
Impressive |
Industrial
Average |
1.15 |
|
Inventory Conversion Period |
85.47 |
|
|
|
|
Inventory Turnover |
4.27 |
Impressive |
Industrial
Average |
2.96 |
|
Receivables Conversion Period |
65.93 |
|
|
|
|
Receivables Turnover |
5.54 |
Impressive |
Industrial
Average |
2.04 |
|
Payables Conversion Period |
128.71 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.54 and 5.37 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
increased from 2011. This would suggest the company had good performance 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 increased from 76 days at the
end of 2011 to 85 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 4.82 times in year 2011 to 4.27 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.78 times and 1.81
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.82 |
|
|
1 |
Rs. 96.57 |
|
Euro |
1 |
Rs. 82.45 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.