MIRA INFORM REPORT
|
Report Date : |
17.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
WATAP [THAILAND]
CO. LIMITED |
|
|
|
|
Registered Office : |
160/1
Moo 4, Sukhumvit
Road, T. Kongdin, A.
Klaeng, Rayong 21110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
10.09.2003 |
|
|
|
|
Com. Reg. No.: |
0215546001761 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject
engaged in exporting
wide range of
products like Rubber products, Foodstuff products, Canned fruits
and vegetables, etc. |
|
|
|
|
No. of Employees : |
60 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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
WATAP [THAILAND]
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 14th FLOOR,
ROOM 14C, THAI
VIRAWAT BUILDING,
86/1 KRUNGTHONBURI
ROAD, BANGLAMPHULANG,
KLONGSAN, BANGKOK
10600, THAILAND
TELEPHONE : [66] 2438-4404
FAX :
[66] 2438-4403
E-MAIL
ADDRESS : export@watapthailand.com
REGISTRATION
ADDRESS : 160/1
MOO 4, SUKHUMVIT
ROAD, T. KONGDIN,
A. KLAENG, RAYONG
21110, THAILAND
ESTABLISHED
: 2003
REGISTRATION
NO. : 0215546001761
TAX
ID NO. : 3031124660
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
VORACHART VORAPITPONG, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 60
LINES
OF BUSINESS : INTERNATIONAL TRADING
COMPANY
EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on September 10,
2003 as a
private limited company under
the registered name
WATAP [THAILAND] CO.,
LTD. by Thai
group, Vorapitpong family,
with the objective
to engage in international
trading. It currently
employs approximately 60
staff.
The
subject’s registered address
was initially located
at 115 Soi
Soonkarnkha Sai 4,
Sukhumvit Rd., T. Choengnern, A. Muang,
Rayong 21000.
On
August 9, 2012,
its registered address
was relocated to
160/1 Moo 4,
Sukhumvit Rd., T. Kongdin, A. Klaeng,
Rayong 21110, while
the current operation
address is located
on 14th Flr., Room 14C, Thai Virawat Bldg., 86/1
Krungthonburi Rd., Banglamphulang, Klongsan,
Bangkok 10600.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Surach Vorapitpong |
|
Thai |
60 |
|
Mr. Vorachart Vorapitpong |
[x] |
Thai |
32 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Vorachart Vorapitpong is
the Managing Director.
He is Thai
nationality with the
age of 32
years old.
BUSINESS OPERATIONS
The subject
is engaged in
exporting wide range
of products as
the followings:
·
Rubber
products: rib smoked sheet [RSS],
standard Thai rubber [STR], latex
concentrate and skim
rubber.
·
Canned fruits
and vegetables
·
Foodstuff products:
noodle, rice stick,
peanut, chili paste,
bean, tapioca starch,
glutinous rice powder
and etc.
·
Sauce and
seasoning products: soy
sauce, fish sauce,
seasoning sauce, oyster
sauce, sukiyaki sauce,
tomato sauce and
etc.
PURCHASE
100%
of the products
is purchased from
local suppliers.
EXPORT
100% of the products
is exported to U.S.A., Singapore,
Hong Kong, Taiwan, India,
Malaysia, Indonesia, Argentina,
Mexico, and many
countries in Middle
East 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
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
60 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Warehouse
is located at
160/1 Moo 4,
Sukhumvit Rd., T. Kongdin,
A. Klaeng, Rayong 21110.
Tel.: [66] 38 806-357.
COMMENT
The
subject’s operating performance
in 2012 was
slow with decreasing in
sales from the
previous year. This
was mainly due to
prolong economic sluggish
in USA and Europe.
Export products to
overseas markets is
unlikely to be
met amid the uncertainty world
economy remained.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 4,000,000 divided
into 40,000 shares
of Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Vorachart Vorapitpong Nationality: Thai Address : 85/2
Moo 1, T. Samnakthong, A.
Muang, Rayong |
20,000 |
50.00 |
|
Ms. Pornnipa Vorapitpong Nationality: Thai Address : 85/2
Moo 1, T. Samnakthong, A. Muang, Rayong |
4,500 |
11.25 |
|
Mr. Theera Vorapitpong Nationality: Thai Address : 85/2
Moo 1, T. Samnakthong, A.
Muang, Rayong |
4,000 |
10.00 |
|
Mrs. Varaporn Vorapitpong Nationality: Thai Address : 85/2
Moo 1, T. Samnakthong, A.
Muang, Rayong |
4,000 |
10.00 |
|
Mr. Surach Vorapitpong Nationality: Thai Address : 85/2
Moo 1, T. Samnakthong, A.
Muang, Rayong |
4,000 |
10.00 |
|
Ms. Achara Vorapitpong Nationality: Thai Address : 85/2
Moo 1, T. Samnakthong, A.
Muang, Rayong |
2,000 |
5.00 |
|
Ms. Acharee Vorapitpong Nationality: Thai Address : 85/2
Moo 1, T. Samnakthong, A. Muang, Rayong |
1,500 |
3.75 |
Total Shareholders : 7
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
40,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
40,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Phanupol Thanachindanond No.
6551
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 |
143,086.65 |
760.68 |
1,371,948.19 |
|
Trade Accounts Receivable |
14,853,918.60 |
4,399,694.51 |
7,651,620.06 |
|
Inventories |
201,769.10 |
280,483.44 |
3,338,991.00 |
|
Withholding Income Tax |
19,473.63 |
17,787.66 |
- |
|
Revenue Department Receivable |
- |
- |
844,269.73 |
|
Other Current Assets |
- |
- |
236,363.24 |
|
|
|
|
|
|
Total Current Assets
|
15,218,247.98 |
4,698,726.29 |
13,443,192.22 |
|
|
|
|
|
|
Fixed Assets |
1,435,223.03 |
1,510,711.11 |
157,533.28 |
|
Guarantee |
128,000.00 |
128,000.00 |
- |
|
Total Assets |
16,781,471.01 |
6,337,437.40 |
13,600,725.50 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term
Loan from Financial Institution |
12,750,681.53 |
3,895,931.38 |
9,000,000.00 |
|
Trade Accounts & Other Payable |
319,604.22 |
1,170,348.04 |
2,116,204.87 |
|
Current Portion of
Hire-purchase Payable |
123,505.00 |
321,165.00 |
- |
|
Short-term Loan from Related Person |
1,800,000.00 |
880,000.00 |
14,968.62 |
|
Accrued Income Tax |
- |
370,443.20 |
- |
|
Advance for Goods |
3,610,744.42 |
1,480,381.47 |
- |
|
Other Current Liabilities |
- |
- |
459,428.78 |
|
|
|
|
|
|
Total Current Liabilities |
18,604,535.17 |
8,118,269.09 |
11,590,602.27 |
|
Hire-purchase Payable |
- |
123,505.00 |
- |
|
Employee Benefits Obligation |
26,577.95 |
43,750.00 |
- |
|
Total Liabilities |
18,631,113.12 |
8,285,524.09 |
11,590,602.27 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 40,000 shares |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
|
|
|
|
|
Capital Paid |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
Retained Earning - Unappropriated |
[5,849,642.11] |
[5,948,086.69] |
[1,989,876.77] |
|
Total Shareholders' Equity |
[1,849,642.11] |
[1,948,086.69] |
2,010,123.23 |
|
Total Liabilities &
Shareholders' Equity |
16,781,471.01 |
6,337,437.40 |
13,600,725.50 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
69,830,455.07 |
107,446,259.84 |
38,089,470.62 |
|
Services Income |
46,798.24 |
61,899.16 |
127,062.96 |
|
Other Income |
305,992.28 |
637,637.61 |
757,902.95 |
|
Total Revenues |
70,183,245.59 |
108,145,796.61 |
38,974,436.53 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
65,759,861.81 |
100,076,229.44 |
34,779,810.17 |
|
Selling Expenses |
2,447,927.28 |
2,771,906.25 |
1,920,937.96 |
|
Administrative Expenses |
1,584,948.56 |
8,094,580.73 |
1,655,243.82 |
|
Workers Compensation Costs
for Legal Services
in Auditing |
- |
3,750.00 |
- |
|
Total Expenses |
69,792,737.65 |
110,946,466.42 |
38,355,991.95 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost |
390,507.94 |
[2,800,669.81] |
618,444.58 |
|
Financial Cost |
[292,063.36] |
[712,954.98] |
[163,423.98] |
|
Profit / [Loss] before Income Tax |
98,444.58 |
[3,513,624.79] |
455,020.60 |
|
Income Tax |
- |
[444,585.13] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
98,444.58 |
[3,958,209.92] |
455,020.60 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.82 |
0.58 |
1.16 |
|
QUICK RATIO |
TIMES |
0.81 |
0.54 |
0.78 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
48.69 |
71.16 |
242.59 |
|
TOTAL ASSETS TURNOVER |
TIMES |
4.16 |
16.96 |
2.81 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
1.12 |
1.02 |
35.04 |
|
INVENTORY TURNOVER |
TIMES |
325.92 |
356.80 |
10.42 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
77.59 |
14.94 |
73.08 |
|
RECEIVABLES TURNOVER |
TIMES |
4.70 |
24.44 |
4.99 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
1.77 |
4.27 |
22.21 |
|
CASH CONVERSION CYCLE |
DAYS |
76.93 |
11.69 |
85.91 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
94.11 |
93.09 |
91.01 |
|
SELLING & ADMINISTRATION |
% |
5.77 |
10.11 |
9.36 |
|
INTEREST |
% |
0.42 |
0.66 |
0.43 |
|
GROSS PROFIT MARGIN |
% |
6.33 |
7.51 |
10.98 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.56 |
(2.61) |
1.62 |
|
NET PROFIT MARGIN |
% |
0.14 |
(3.68) |
1.19 |
|
RETURN ON EQUITY |
% |
- |
- |
22.64 |
|
RETURN ON ASSET |
% |
0.59 |
(62.46) |
3.35 |
|
EARNING PER SHARE |
BAHT |
2.46 |
(98.96) |
11.38 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
1.11 |
1.31 |
0.85 |
|
DEBT TO EQUITY RATIO |
TIMES |
(10.07) |
(4.25) |
5.77 |
|
TIME INTEREST EARNED |
TIMES |
1.34 |
(3.93) |
3.78 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(35.00) |
181.31 |
|
|
OPERATING PROFIT |
% |
(113.94) |
(552.86) |
|
|
NET PROFIT |
% |
102.49 |
(969.90) |
|
|
FIXED ASSETS |
% |
(5.00) |
858.98 |
|
|
TOTAL ASSETS |
% |
164.80 |
(53.40) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -35%. Turnover has decreased from THB
107,508,159.00 in 2011 to THB 69,877,253.31 in 2012. While net profit has
increased from THB -3,958,209.92 in 2011
to THB 98,444.58 in 2012. And total assets has increased from THB 6,337,437.40
in 2011 to THB 16,781,471.01 in 2012.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.33 |
Deteriorated |
Industrial
Average |
14.45 |
|
Net Profit Margin |
0.14 |
Deteriorated |
Industrial
Average |
1.88 |
|
Return on Assets |
0.59 |
Deteriorated |
Industrial
Average |
8.94 |
|
Return on Equity |
- |
|
Industrial
Average |
19.08 |
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 6.33%. 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 0.14%.
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 0.59%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.82 |
Risky |
Industrial
Average |
1.55 |
|
Quick Ratio |
0.81 |
|
|
|
|
Cash Conversion Cycle |
76.93 |
|
|
|
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 0.82 times in 2012, increased from 0.58 times, then the company may
have problems meeting its short-term obligations. 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 0.81 times in 2012,
decrease from 0.54 times, by excluding inventory, the company may have problems
meeting current liabilities.
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 77 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
1.11 |
Risky |
Industrial
Average |
0.54 |
|
Debt to Equity Ratio |
(10.07) |
Risky |
Industrial
Average |
1.15 |
|
Times Interest Earned |
1.34 |
Impressive |
Industrial
Average |
- |
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 higher the percentage means that the company is using less
equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 1.34 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 1.11 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
48.69 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
4.16 |
Satisfactory |
Industrial
Average |
4.76 |
|
Inventory Conversion Period |
1.12 |
|
|
|
|
Inventory Turnover |
325.92 |
Impressive |
Industrial
Average |
10.04 |
|
Receivables Conversion Period |
77.59 |
|
|
|
|
Receivables Turnover |
4.70 |
Acceptable |
Industrial
Average |
8.90 |
|
Payables Conversion Period |
1.77 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.70 and 24.44 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 is 1 day at the end of 2011, same
number of day as in 2012. And Inventory turnover has decreased from 356.8 times
in year 2011 to 325.92 times in year 2012.
The company's Total Asset Turnover is calculated as 4.16 times and 16.96
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.