MIRA
INFORM REPORT
|
Report Date : |
24.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
S. THAICHAROENPORN COMMERCIAL CO. LIMITED |
|
|
|
|
Registered Office : |
42 Soi
Chan 35, Chan Road, Thungwatdon,
Sathorn, Bangkok 10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
03.09.1986 |
|
|
|
|
Com. Reg. No.: |
0105529030849 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Importing and distributing various
kinds of raw
materials for animal
feed production such
as soybean meal,
soybean, soybean tail,
canola meal, rapeseed
meal, corn |
|
|
|
|
No. of Employees : |
58 |
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
S. THAICHAROENPORN COMMERCIAL CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 42
SOI CHAN 35,
CHAN ROAD, THUNGWATDON,
SATHORN, BANGKOK
10120, THAILAND
TELEPHONE : [66] 2212-8949-51,
2212-9989
FAX :
[66] 2212-5992
E-MAIL
ADDRESS : sthaicharoenporn@inet.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1986
REGISTRATION
NO. : 0105529030849
TAX
ID NO. : 3101411362
CAPITAL REGISTERED : BHT. 20,000,000
CAPITAL PAID-UP : BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SUPACHAI CHOKENITHIVES, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 58
LINES
OF BUSINESS : FEED
MATERIALS
IMPORTER AND
DISTRIBUTOR
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 3,
1986 as a
private limited company
under the name
style S. THAICHAROENPORN
COMMERCIAL CO., LTD.,
by Thai group,
with the business objective to
import and distribute raw
materials for animal feed
production in domestic
market. It currently
employs 58 staff.
The
subject’s registered address
is 42 Chan
35 Rd., Thungwatdon,
Sathorn, Bangkok 10120,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Somporn Chokenithives |
|
Thai |
74 |
|
Mr. Supachai Chokenithives |
|
Thai |
54 |
|
Mrs. Metta Chokenithives |
|
Thai |
51 |
AUTHORIZED PERSON
Any two of the
above directors can
jointly sign on behalf
of the subject with
company’s affixed.
MANAGEMENT
Mr. Supachai Chokenithives is
the Managing Director.
He is Thai
nationality with the
age of 54
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
kinds of raw
materials for animal
feed production such
as soybean meal,
soybean, soybean tail,
canola meal, rapeseed
meal, corn and
etc.
IMPORT
90%
of the products
is imported from
Argentina, Brazil, U.S.A.,
Republic of China
and India.
MAJOR
SUPPLIER
Gavilon
Inc. : U.S.A.
SALES
100% of the
products is sold
and supplied locally
by wholesale to
manufacturers and end-users.
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.
Imports are by
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 58
staff.
LOCATION DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Warehouse
is rented in
Samutprakarn province.
COMMENT
The
subject was formed
in 1986 as
an importer and
distributor of raw
material for animal
feed productions. Its
operating performance in 2012
was solid. Animal
feed remains in
strong demand from
domestic consumption. Subject’s business continues growing the first
half of 2013 despite signs of
economic slowdown.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 500,000 divided into
500 shares of
Bht. 1,000 each.
The
capital was increased
later as following:
Bht.
1,500,000 on September
28, 1990
Bht.
4,000,000 on September
10, 1992
Bht.
10,000,000 on February
22, 2000
Bht.
20,000,000 on May
26, 2000
The
latest registered capital
was increased to Bht. 20
million, divided into
20,000 shares of
Bht. 1,000 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Supachai Chokenithives Nationality: Thai Address : 42
Chan Rd., Thungwatdon, Sathorn,
Bangkok |
9,816 |
49.08 |
|
Mr. Monthon Chokenithives Nationality: Thai Address : 42
Chan Rd., Thungwatdon, Sathorn,
Bangkok |
6,586 |
32.93 |
|
Mrs. Metta Chkenithives Nationality: Thai Address : 42
Chan Rd., Thungwatdon, Sathorn,
Bangkok |
3,594 |
17.97 |
|
Mrs. Somporn Chokenithives Nationality: Thai Address : 42
Chan Rd., Thungwatdon, Sathorn,
Bangkok |
4 |
0.02 |
Total Shareholders : 4
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
20,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
20,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Netnuch Kanchanalaekha No. 9410
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 |
9,022,019.77 |
27,304,461.11 |
6,548,873.11 |
|
Trade Accounts Receivable
|
663,941,231.61 |
729,845,283.24 |
718,085,851.05 |
|
Inventories |
924,547,725.63 |
630,570,128.20 |
436,357,932.49 |
|
Packaging Materials Inventories |
100,688.39 |
333,346.04 |
- |
|
Other Current Assets
|
2,090,427.84 |
1,923,643.06 |
1,662,948.16 |
|
|
|
|
|
|
Total Current Assets
|
1,599,702,093.24 |
1,389,976,861.65 |
1,162,655,604.81 |
|
|
|
|
|
|
Fixed Assets |
9,206,264.16 |
10,557,746.67 |
13,434,488.85 |
|
Other Non - current Assets |
2,492,585.49 |
1,448,745.49 |
1,449,345.49 |
|
Total Assets |
1,611,400,942.89 |
1,401,983,353.81 |
1,177,539,439.15 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
127,737,821.12 |
310,000,000.00 |
198,250,000.00 |
|
Trade Accounts Payable
|
1,028,652.43 |
4,409,578.95 |
1,175,576.72 |
|
Payable T R Bank |
1,184,852,238.31 |
1,092,054,224.58 |
857,794,336.33 |
|
Other Current Liabilities |
49,446,434.49 |
7,078,870.56 |
4,358,724.95 |
|
|
|
|
|
|
Total Current Liabilities |
1,363,065,146.35 |
1,413,542,674.09 |
1,061,578,638.00 |
|
Total Liabilities |
1,363,065,146.35 |
1,413,542,674.09 |
1,061,578,638.00 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 20,000 shares |
20,000,000.00 |
20,000,000.00 |
20,000,000.00 |
|
|
|
|
|
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
20,000,000.00 |
|
Retained Earnings Unappropriated
|
228,335,796.54 |
[31,559,320.28] |
95,960,801.15 |
|
Total Shareholders' Equity |
248,335,796.54 |
[11,559,320.28] |
115,960,801.15 |
|
Total Liabilities & Shareholders' Equity |
1,611,400,942.89 |
1,401,983,353.81 |
1,177,539,439.15 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
3,869,305,376.00 |
2,466,420,153.13 |
2,382,104,741.92 |
|
Compensation Income |
- |
- |
1,176,588.90 |
|
Miscellaneous Income |
- |
- |
28,390.25 |
|
Rental Income |
- |
- |
48,000.00 |
|
Interest Income |
- |
- |
85,765.13 |
|
Other Income |
800,089.64 |
114,163.20 |
- |
|
Gain /[Loss] on Exchange Rate |
36,516,176.97 |
[52,454,078.17] |
29,134,055.30 |
|
Refundable Tax |
- |
- |
2,250,000.00 |
|
Total Revenues |
3,906,621,642.61 |
2,414,080,238.16 |
2,414,827,541.50 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Change in Finished Goods and
Work in Process |
[293,977,597.43] |
[194,212,195.71] |
151,754,989.86 |
|
Purchase of Goods |
3,652,717,944.72 |
2,537,405,627.99 |
2,035,099,248.02 |
|
Employees Expenses |
15,735,071.00 |
15,245,741.00 |
18,137,200.00 |
|
Depreciation and Amortization |
2,724,067.41 |
2,992,078.68 |
3,030,972.79 |
|
Other Expenses |
185,618,570.94 |
140,900,284.26 |
116,254,153.54 |
|
Total Expenses |
3,562,818,056.64 |
2,502,331,536.22 |
2,324,276,564.21 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
343,803,585.97 |
[88,251,298.06] |
90,550,977.29 |
|
Financial Costs |
[43,718,771.11] |
[39,193,823.37] |
[33,353,422.45] |
|
Profit / [Loss] before Income
Tax |
300,084,814.86 |
[127,445,121.43] |
57,197,554.84 |
|
Income Tax |
[40,189,698.04] |
[75,000.00] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
259,895,116.82 |
127,520,121.43 |
57,197,554.84 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.17 |
0.98 |
1.10 |
|
QUICK RATIO |
TIMES |
0.49 |
0.54 |
0.68 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
420.29 |
233.61 |
177.32 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.40 |
1.76 |
2.02 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
92.39 |
90.71 |
78.26 |
|
INVENTORY TURNOVER |
TIMES |
3.95 |
4.02 |
4.66 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
62.63 |
108.01 |
110.03 |
|
RECEIVABLES TURNOVER |
TIMES |
5.83 |
3.38 |
3.32 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
0.10 |
0.63 |
0.21 |
|
CASH CONVERSION CYCLE |
DAYS |
154.91 |
198.08 |
188.08 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
94.40 |
102.88 |
85.43 |
|
SELLING & ADMINISTRATION |
% |
0.48 |
0.74 |
0.89 |
|
INTEREST |
% |
1.13 |
1.59 |
1.40 |
|
GROSS PROFIT MARGIN |
% |
6.56 |
(5.00) |
15.94 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.89 |
(3.58) |
3.80 |
|
NET PROFIT MARGIN |
% |
6.72 |
5.17 |
2.40 |
|
RETURN ON EQUITY |
% |
104.65 |
- |
49.32 |
|
RETURN ON ASSET |
% |
16.13 |
9.10 |
4.86 |
|
EARNING PER SHARE |
BAHT |
12,994.76 |
6,376.01 |
2,859.88 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.85 |
1.01 |
0.90 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.49 |
(122.29) |
9.15 |
|
TIME INTEREST EARNED |
TIMES |
7.86 |
(2.25) |
2.71 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
56.88 |
3.54 |
|
|
OPERATING PROFIT |
% |
(489.57) |
(197.46) |
|
|
NET PROFIT |
% |
103.81 |
122.95 |
|
|
FIXED ASSETS |
% |
(12.80) |
(21.41) |
|
|
TOTAL ASSETS |
% |
14.94 |
19.06 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 56.88%. Turnover has increased from THB
2,466,420,153.13 in 2011 to THB 3,869,305,376.00 in 2012. While net profit has
increased from THB 127,520,121.43 in 2011 to THB 259,895,116.82 in 2012. And
total assets has increased from THB 1,401,983,353.81 in 2011 to THB
1,611,400,942.89 in 2012.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.56 |
Acceptable |
Industrial
Average |
11.66 |
|
Net Profit Margin |
6.72 |
Impressive |
Industrial
Average |
0.27 |
|
Return on Assets |
16.13 |
Impressive |
Industrial
Average |
0.79 |
|
Return on Equity |
104.65 |
Impressive |
Industrial
Average |
2.66 |
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 6.56%. 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 6.72%,
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
16.13%, 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 104.65%, 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 : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.17 |
Satisfactory |
Industrial
Average |
1.22 |
|
Quick Ratio |
0.49 |
|
|
|
|
Cash Conversion Cycle |
154.91 |
|
|
|
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 0.98 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 0.49 times in 2012,
decreased from 0.54 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 155 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.85 |
Acceptable |
Industrial
Average |
0.67 |
|
Debt to Equity Ratio |
5.49 |
Risky |
Industrial Average |
2.12 |
|
Times Interest Earned |
7.86 |
Impressive |
Industrial
Average |
0.26 |
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 7.87 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 0.85 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 |
420.29 |
Impressive |
Industrial
Average |
1.84 |
|
Total Assets Turnover |
2.40 |
Satisfactory |
Industrial
Average |
2.58 |
|
Inventory Conversion Period |
92.39 |
|
|
|
|
Inventory Turnover |
3.95 |
Satisfactory |
Industrial
Average |
4.65 |
|
Receivables Conversion Period |
62.63 |
|
|
|
|
Receivables Turnover |
5.83 |
Impressive |
Industrial
Average |
4.19 |
|
Payables Conversion Period |
0.10 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.83 and 3.38 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 91 days at the end
of 2011 to 92 days at the end of 2012. This represents a negative trend. And
Inventory turnover has decreased from 4.02 times in year 2011 to 3.95 times in
year 2012.
The company's Total Asset Turnover is calculated as 2.4 times and 1.76
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. 64.69 |
|
|
1 |
Rs. 100.80 |
|
Euro |
1 |
Rs. 86.30 |
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.