MIRA
INFORM REPORT
|
Report Date : |
04.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHASE
ENTERPRISE [SIAM] CO.,
LTD. |
|
|
|
|
Registered Office : |
497
Somdejprapinklao Road, Bangyeekhan, Bangplad, Bangkok
10700 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
29.12.1995 |
|
|
|
|
Com. Reg. No.: |
0105538151670 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
engaged
in providing design,
development and assembly
wide range of
fire fighting, rescue and
special purpose vehicles, as well as
procurement and
maintenance services. |
|
|
|
|
No. of Employees : |
650 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
TATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
CHASE ENTERPRISE [SIAM]
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 497
SOMDEJPRAPINKLAO ROAD, BANGYEEKHAN,
BANGPLAD, BANGKOK
10700, THAILAND
TELEPHONE : [66] 2819-4000
FAX
: [66] 2819-4011,
2819-4090, 2819-4055
E-MAIL
ADDRESS : julapong@chasesiam.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1995
REGISTRATION
NO. : 0105538151670
TAX
ID NO. : 3011669938
CAPITAL REGISTERED : BHT. 30,000,000
CAPITAL PAID-UP : BHT.
30,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. JESADA DEJSAKULRIT,
THAI
PRESIDENT
NO.
OF STAFF : 650
LINES
OF BUSINESS : FIRE
FIGHTING, RESCUE AND SPECIAL
PURPOSE
VEHICLE
DESIGNER, DEVELOPER
AND ASSEMBLER
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 December 29,
1995 as a
private limited company under
the registered name
CHASE ENTERPRISE [SIAM]
CO., LTD., by
Thai groups, with
the business objective
to provide design,
develop and assembly
fire fighting, rescue
and special purpose
vehicles to both
domestic and overseas
market. It currently
employs approximately 650
staff.
In
2000, it achieved
the standard ISO 9001 : 2000 certification
The
subject’s registered address
is 497 Somdejprapinklao Rd.,
Bangyeekhan, Bangplad, Bangkok
10700, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Jesada Dejsakulrit |
[x] |
Thai |
67 |
|
Mr. Narong Dejsakulrit |
|
Thai |
53 |
|
Mr. Chuan Prachayasanti |
|
Thai |
75 |
AUTHORIZED PERSON
Only the mentioned
director [x] signs
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Jesada Dejsakulrit is
the President.
He is Thai
nationality with the
age of 67 years
old.
Mr. Sutham Khonwai is
the General Manager.
He is Thai
nationality.
Mr. Thanas Tatawapat is
the Procurement Manager.
He is Thai
nationality.
Ms. Siriphan is the
Chief of Personnel.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
providing design, development
and assembly wide
range of fire fighting, rescue and special
purpose vehicles, as well
as procurement and maintenance services.
Range of products
are as follows:
·
Fire fighting
and emergency rescue
vehicles
-
Structural fire
fighting vehicle
-
Aircraft rescue
and fire fighting
vehicle
-
Aerial platform
fire fighting vehicle
-
Rescue vehicle
-
Industrial fire
fighting vehicle
-
Forest fire
fighting vehicle
-
Emergency lighting
vehicle
-
Mobile command
vehicle
-
Rescue boat
-
Fire fighting
boat
·
Environmental vehicles
-
Vacuum cleaner
tanker
-
Road sweeper
vehicle
-
Vacuum tank
truck
-
Hydraulic hook
lift vehicle
-
Recycle waste
vehicle
-
Sewage vacuum
vehicle
·
Special application
vehicles
-
Satellite communication
vehicle
-
Ambulance
-
Emergency evacuation
air stairs
-
Drinking water
supply vehicle
-
Cash transport
vehicle
-
Aircraft refueler
vehicle
-
Hovercraft
-
Boat
·
Transportation vehicles
-
Coach
-
Bus
The subject is
also importer of
fire fighting equipment,
rescue equipment, personnel
safety products, environmental
protection equipment and
etc., for distribution
and the production.
PURCHASE
Most
of the products
and equipments are
imported from Germany,
France, United Kingdom, Hong
Kong, Republic of
China and U.S.A.,
the remaining is
purchased from local
supplier and agent.
MAJOR
SUPPLIERS
Airlift
Hovercraft Sales Ltd. : Hong
Kong
Pigeon
Mountain Industries Inc. : U.S.A.
SALES/SERVICES
90% of the
products is sold
and serviced locally
to traders and
end-users, mainly government
sector, and the remaining
10% is exported
to Malaysia and
Singapore.
MAJOR CUSTOMERS
Department of Disaster
Prevention and Mitigation,
Thailand
Bangkok Metropolitan Administration, Thailand
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.
Exports are against
T/T.
BANKING
The
banker’s name was
not disclosed.
EMPLOYMENT
The
subject currently employs
approximately 650 office
staff, engineers and
factory workers
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Assembly
plant is located
at 44 Moo
1, Salaya-Nakornchaisri Rd.,
T. Salaya,
A. Budhamonthon, Nakornpathom
73170.
COMMENT
The company’s reputation is
the leading manufacturing and
assemble of the firefighting rescue
vehicle and special purpose vehicles
with widespread well
know for Thailand
market of its
high performance and technology.
As well its
name is also well known for supporting international
market penetration with full
range of product
line.
The
company’s business
performance remains solid.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 20,000,000 divided
into 200,000 shares
of Bht. 100
each with fully
paid.
On
November 8, 2004,
the registered capital
was increased to
Bht. 30,000,000 divided
into 300,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Jesada Dejsakulrit Nationality: Thai Address : 7/1
Somdejprapinklao Rd., Arun
Amarin,
Bangkoknoi, Bangkok |
220,000 |
73.34 |
|
Mr. Chuan Prachayasanti Nationality: Thai Address : 314/1
Prachathipatai Rd., Banpanthom,
Phranakorn, Bangkok |
40,000 |
13.33 |
|
Mr. Narong Dejsakulrit Nationality: Thai Address : 296
Moo 12, Bangpakok,
Rajburana, Bangkok |
40,000 |
13.33 |
Total Shareholders : 3
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
300,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
300,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Pol. Maj. Chaowalit
Singcharoen No. 0118
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
13,442,400.95 |
17,364,204.66 |
9,190,082.09 |
|
Short-term Investment |
- |
51,373,540.92 |
95,764,388.30 |
|
Trade Accounts & Other Receivable |
162,758,067.16 |
316,647,506.10 |
361,320,231.82 |
|
Inventories |
182,195,672.89 |
406,070,254.16 |
85,357,541.20 |
|
|
|
|
|
|
Total Current Assets
|
358,396,141.00 |
791,455,505.84 |
551,632,243.41 |
|
Factory under Construction |
- |
- |
18,044,122.71 |
|
Fixed Assets |
111,633,630.39 |
97,295,466.94 |
77,269,390.92 |
|
Intangible Assets |
320,777.80 |
658,815.18 |
- |
|
Other Non current
Assets |
567,023.28 |
- |
7,828,596.29 |
|
Total Assets |
470,917,572.47 |
889,409,787.96 |
654,774,353.33 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
90,050,788.93 |
216,503,859.92 |
- |
|
Trade Accounts & Other
Payable |
275,563,903.72 |
574,672,503.20 |
501,621,424.01 |
|
Trust Receipt Payable |
- |
- |
55,605,645.94 |
|
|
|
|
|
|
Total Current Liabilities |
365,614,692.65 |
791,176,363.12 |
557,227,069.95 |
|
Total Liabilities |
365,614,692.65 |
791,176,363.12 |
557,227,069.95 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 300,000 shares |
30,000,000.00 |
30,000,000.00 |
30,000,000.00 |
|
|
|
|
|
|
Capital Paid |
30,000,000.00 |
30,000,000.00 |
30,000,000.00 |
|
Retained Earning - Unappropriated [Deficit] |
75,302,879.82 |
68,233,424.84 |
67,547,283.38 |
|
Total Shareholders' Equity
|
105,302,879.82 |
98,233,424.84 |
97,547,283.38 |
|
Total Liabilities &
Shareholders' Equity |
470,917,572.47 |
889,409,787.96 |
654,774,353.33 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales & Services Income |
1,453,016,459.97 |
1,333,114,715.44 |
1,187,074,797.74 |
|
Interest Income |
1,552,981.75 |
207,065.13 |
71,634.80 |
|
Other Income |
10,002,586.37 |
31,027,233.71 |
27,725,297.53 |
|
Total Revenues |
1,464,572,028.09 |
1,364,349,014.28 |
1,214,871,730.07 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold and Services
|
1,332,481,325.27 |
1,240,267,394.30 |
1,114,543,315.61 |
|
Selling and Services Expenses |
21,514,820.72 |
18,509,868.24 |
19,891,558.14 |
|
Administrative Expenses |
89,184,191.05 |
83,012,755.86 |
67,792,259.33 |
|
Total Expenses |
1,443,180,337.04 |
1,341,790,018.40 |
1,202,227,133.08 |
|
|
|
|
|
|
Profit / Loss] before Financial Costs & Income Tax |
21,391,691.05 |
22,558,995.88 |
12,644,596.99 |
|
Financial Costs |
[7,301,587.71] |
[11,918,837.90] |
[3,376,364.78] |
|
|
|
|
|
|
Profit / [Loss] before Income Tax |
14,090,103.34 |
10,640,157.98 |
9,268,232.21 |
|
Income Tax |
[7,020,648.36] |
[9,954,016.52] |
[8,605,637.54] |
|
Net Profit / [Loss] |
7,069,454.98 |
686,141.46 |
662,594.67 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.98 |
1.00 |
0.99 |
|
QUICK RATIO |
TIMES |
0.48 |
0.49 |
0.84 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
13.02 |
13.70 |
15.36 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.09 |
1.50 |
1.81 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
49.91 |
119.50 |
27.95 |
|
INVENTORY TURNOVER |
TIMES |
7.31 |
3.05 |
13.06 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
40.89 |
86.70 |
111.10 |
|
RECEIVABLES TURNOVER |
TIMES |
8.93 |
4.21 |
3.29 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
75.48 |
169.12 |
164.28 |
|
CASH CONVERSION CYCLE |
DAYS |
15.31 |
37.08 |
(25.22) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
91.70 |
93.04 |
93.89 |
|
SELLING & ADMINISTRATION |
% |
6.14 |
6.23 |
5.71 |
|
INTEREST |
% |
0.50 |
0.89 |
0.28 |
|
GROSS PROFIT MARGIN |
% |
9.09 |
9.31 |
8.45 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.47 |
1.69 |
1.07 |
|
NET PROFIT MARGIN |
% |
0.49 |
0.05 |
0.06 |
|
RETURN ON EQUITY |
% |
6.71 |
0.70 |
0.68 |
|
RETURN ON ASSET |
% |
1.50 |
0.08 |
0.10 |
|
EARNING PER SHARE |
BAHT |
23.56 |
2.29 |
2.21 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.78 |
0.89 |
0.85 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.47 |
8.05 |
5.71 |
|
TIME INTEREST EARNED |
TIMES |
2.93 |
1.89 |
3.75 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
8.99 |
12.30 |
|
|
OPERATING PROFIT |
% |
(5.17) |
78.41 |
|
|
NET PROFIT |
% |
930.32 |
3.55 |
|
|
FIXED ASSETS |
% |
14.74 |
25.92 |
|
|
TOTAL ASSETS |
% |
(47.05) |
35.83 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 8.99%.
Turnover has increased from THB 1,333,114,715.44 in 2011 to THB
1,453,016,459.97 in 2012. While net profit has increased from THB 686,141.46 in
2011 to THB 7,069,454.98 in 2012. And total assets has decreased from THB
889,409,787.96 in 2011 to THB 470,917,572.47 in 2012.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.09 |
Deteriorated |
Industrial Average |
65.27 |
|
Net Profit Margin |
0.49 |
Deteriorated |
Industrial Average |
5.00 |
|
Return on Assets |
1.50 |
Deteriorated |
Industrial Average |
7.38 |
|
Return on Equity |
6.71 |
Deteriorated |
Industrial Average |
20.67 |
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 9.09%. 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 0.49%.
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 1.5%.
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 6.71%.
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 |
0.98 |
Risky |
Industrial Average |
1.33 |
|
Quick Ratio |
0.48 |
|
|
|
|
Cash Conversion Cycle |
15.31 |
|
|
|
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 0.98 times in 2012, decreased from 1 time, 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 0.48 times in 2012,
decreased from 0.49 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 16 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.78 |
Acceptable |
Industrial Average |
0.67 |
|
Debt to Equity Ratio |
3.47 |
Risky |
Industrial Average |
2.02 |
|
Times Interest Earned |
2.93 |
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 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 2.93 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 0.78 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
13.02 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
3.09 |
Impressive |
Industrial Average |
1.48 |
|
Inventory Conversion Period |
49.91 |
|
|
|
|
Inventory Turnover |
7.31 |
Impressive |
Industrial Average |
3.68 |
|
Receivables Conversion Period |
40.89 |
|
|
|
|
Receivables Turnover |
8.93 |
Impressive |
Industrial Average |
2.31 |
|
Payables Conversion Period |
75.48 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.93 and 4.21 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 decreased from 120 days at the
end of 2011 to 50 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 3.05 times in year 2011 to 7.31 times
in year 2012.
The company's Total Asset Turnover is calculated as 3.09 times and 1.5
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.62.34 |
|
UK Pound |
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.46 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.