MIRA
INFORM REPORT
|
Report Date : |
26.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
THAI OLEOCHEMICALS COMPANY LIMITED |
|
|
|
|
Registered Office : |
15th Floor, Energy
Complex Building A, 555/1
Vibhavadi Rangsit Road, Chatuchak, Bangkok
10900 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
2005 |
|
|
|
|
Com. Reg. No.: |
0105548097694 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is
engaged in manufacturing various
kinds of oleochemicals for
personal hygiene products,
pharmaceutical, healthcare and
cosmetic industries. |
|
|
|
|
No. of Employees : |
150 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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
THAI OLEOCHEMICALS
COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 15th
FLOOR, ENERGY COMPLEX
BUILDING A,
555/1 VIBHAVADI
RANGSIT ROAD,
CHATUCHAK, BANGKOK
10900, THAILAND
TELEPHONE : [66] 2265-8400
FAX : [66] 2265-8500,
2265-8125
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2005
REGISTRATION NO. : 0105548097694
TAX ID NO. : 3031899650
CAPITAL REGISTERED : BHT.
7,400,000,000
CAPITAL PAID-UP : BHT.
7,400,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100 %
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
JIRAWAT NURITANON, THAI
MANAGING DIRECTOR
NO. OF STAFF : 150
LINES OF BUSINESS : OLEOCHEMICALS
MANUFACTURER,
DISTRIBUTOR 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 July
28, 2005 as
a private limited
company under the
registered name THAI
OLEOCHEMICALS COMPANY LIMITED
by Thai groups, with
the business objective
to manufacture oleochemicals
for various industries
both domestic and
overseas. It currently
employs 150 staff.
The subject is
a wholly owned
subsidiary of PTT Global Chemical Public
Company Limited, a
member of PTT
group of companies.
The subject’s registered
address is 15th Flr., Energy
Complex Building A,
555/1 Vibhavadi Rangsit Rd., Chatuchak, Bangkok 10900, and this
is the subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
Nationality |
Age |
|
|
|
|
|
Mrs. Tassanaluck Santikul |
Thai |
59 |
|
Mr. Patiphan Sukonthaman |
Thai |
52 |
|
Mr. Wanchai Thadadolthip |
Thai |
56 |
|
Mr. Jirawat Nuritanon |
Thai |
47 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Jirawat Nuritanon is
the Managing Director.
He is Thai
nationality with the
age of 47
years old.
Mr. Piya Suree is
the Sales and
Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
various kinds of
oleochemicals for personal
hygiene products, pharmaceutical, healthcare
and cosmetic industries.
Its products are as follows:
·
Methyl
Ester, a substance
added to improve
diesel fuel efficiency.
·
Fatty
Alcohol, a basic
ingredient in the
manufacture of many
personal hygiene products.
·
Glycerin,
a raw material
in the pharmaceutical and
cosmetic industries.
PRODUCTION CAPACITY
Methyl Ester : 200,000
tons per annum
Fatty Alcohol : 100,000
tons per annum
Glycerin : 31,000
tons per annum
PURCHASE
Raw materials, mainly
palm seed, palm
oil and palm
kernel oil are
purchased from local
suppliers and overseas,
mainly in Myanmar,
Malaysia, India, Indonesia,
U.S.A. and Europe.
MAJOR SUPPLIERS
PTT Global Chemical
Public Company Limited : Thailand
The Natural Palm
Oil Co., Ltd. : Thailand
Chumporn Palm Oil
Industry Public Company
Limited : Thailand
SALES
The products are
sold to both local
and overseas, mainly
U.S.A., Japan and
Europe.
MAJOR CUSTOMERS
PNR Parich Co.,
Ltd. :
Thailand
Global Cosmetic Labs
Inc. : U.S.A.
PTT Global Chemical
Public Company Limited : Thailand
SUBSIDIARY AND
AFFILIATED COMPANY
Thai Fatty Alcohol
Co., Ltd.
Business Type : Manufacturer of
basic bio-chemicals
Investment :
The subject is
holding 100% of
the company’s shares.
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 Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject currently
employs approximately 150
office staff and
factory workers.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory and warehouse
are located at
8 Soi G12,
Pakornsongkrohraj Rd., T. Mabtaphut,
A. Muang, Rayong 21150.
Tel.: [66] 38 994-000.
COMMENT
The company is
a leading producer
of Methyl Ester, Fatty
Alcohol and Glycerin
for industrial users.
The products are
being made from palm
and palm kernel
oil, these organic products are
safe to human
and environment. The company
operates as a subsidiary of PTT
Global Chemical Public Company
Limited.
The ME produced
at the company’s plant
is blended with petroleum diesel to create biodiesel, a
biodegradable and clean
burning fuel than
has the same combustion properties as conventional
petroleum diesel fuel.
In 2012 overall industrial
conditions have subsequently improved,
as well as demand
of Oleochemicals has
significantly increased with the
strong growth outlook. Subject also anticipates an
outstanding business this
year.
FINANCIAL INFORMATION
The capital was
registered at Bht. 2,400,000,000
divided into 24,000,000
shares of Bht.
100 each with
fully paid.
On October 21, 2011, the capital
was increased to Bht. 7,400,000,000 divided into 74,000,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as at April
22, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
PTT Global Chemical
Public Company Limited Nationality: Thai Address : 555/1
Vibhavadi Rangsit Rd.,
Chatuchak, Bangkok |
73,999,998 |
100.00 |
|
Mr. Wanchai Thadadolthip Nationality: Thai Address : 5/103
Moo 3, T. Noenphra, A. Muang, Rayong |
1 |
- |
|
Mr. Vina Kemajito Nationality: Thai Address : 147
Soi Noppakao, Bangsue,
Bangsue, Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure
[as at April
22, 2013]
|
Nationality |
Shareholders |
No.
of Share |
%
Shares |
|
Thai |
3 |
74,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
74,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Vairoj Chindamaneepitak No.
3565
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 |
480,809,072 |
207,647,059 |
374,876,916 |
|
Trade Accounts Receivable
|
1,163,706,273 |
1,343,134,966 |
2,953,508,590 |
|
Other Receivable |
45,229,112 |
48,381,982 |
21,262,416 |
|
Inventories |
1,110,982,259 |
813,058,421 |
833,728,136 |
|
Value Added Tax Receivable |
17,282,981 |
13,431,116 |
- |
|
Derivatives |
207,368 |
- |
- |
|
Other Current Assets
|
38,198,645 |
14,416,771 |
40,561,729 |
|
|
|
|
|
|
Total Current
Assets |
2,856,415,710 |
2,440,070,315 |
4,223,937,787 |
|
Investment in Subsidiaries |
1,685,000,000 |
1,685,000,000 |
385,000,000 |
|
Fixed Assets |
5,146,194,334 |
5,534,775,834 |
5,919,860,258 |
|
Intangible Assets |
66,052,905 |
67,871,239 |
71,054,006 |
|
Deferred Income Tax |
21,542,271 |
20,895,388 |
- |
|
Other Non-current Assets |
27,918,766 |
38,183,725 |
8,897,044 |
|
Total Assets |
9,803,123,986 |
9,786,796,501 |
10,608,749,095 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts Payable |
214,168,159 |
199,162,136 |
312,007,040 |
|
Other Payable |
396,490,400 |
265,580,022 |
165,543,107 |
|
Contractor Payable |
12,282,654 |
12,211,755 |
22,682,407 |
|
Short-term Loan from
Related Company |
- |
- |
8,060,000,000 |
|
Current Portion of Long-term
Loans from Related
Company |
235,000,000 |
235,000,000 |
- |
|
Current Portion of Financial
Lease Contract Liabilities |
493,651 |
2,614,336 |
6,462,625 |
|
Derivative Assets |
243,645 |
9,240 |
- |
|
Other Current Liabilities |
5,020,977 |
1,433,061 |
89,913,740 |
|
|
|
|
|
|
Total Current
Liabilities |
863,699,486 |
719,010,550 |
8,656,608,919 |
|
|
|
|
|
|
Long-term Loan from Related
Company |
1,845,000,000 |
2,080,000,000 |
- |
|
Financial Lease Contract Liabilities |
520,125 |
1,013,776 |
2,379,237 |
|
Accrued Income Tax
Liabilities |
- |
- |
2,063,392 |
|
Reserve for Employee’s
Benefit |
11,913,904 |
9,154,906 |
4,637,229 |
|
Total
Liabilities |
2,721,133,515 |
2,809,179,232 |
8,665,688,777 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 74,000,000 & 24,000,000 shares
in 2012, 2011
& 2010 respectively |
7,400,000,000 |
7,400,000,000 |
2,400,000,000 |
|
|
|
|
|
|
Capital Paid |
7,400,000,000 |
7,400,000,000 |
2,400,000,000 |
|
Retained Earning - Unappropriated |
[318,009,529] |
[422,382,731] |
[456,939,682] |
|
Total Shareholders' Equity |
7,081,990,471 |
6,977,617,269 |
1,943,060,318 |
|
Total Liabilities
& Shareholders' Equity |
9,803,123,986 |
9,786,796,501 |
10,608,749,095 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
12,922,416,184 |
11,455,971,681 |
8,224,393,592 |
|
Interest Income |
7,984,851 |
7,248,966 |
2,297,147 |
|
Other Income |
99,602,555 |
164,090,743 |
229,420,723 |
|
Gain on Exchange Rate |
16,477,602 |
- |
7,962,494 |
|
Gain on Derivative |
3,883,853 |
7,966,915 |
- |
|
Total Revenues |
13,050,365,045 |
11,635,278,305 |
8,464,073,956 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
12,594,371,223 |
11,042,361,321 |
7,660,214,636 |
|
Selling Expenses |
69,039,698 |
66,313,105 |
30,701,017 |
|
Administrative Expenses |
146,033,987 |
152,281,157 |
181,963,101 |
|
Loss on Exchange Rate |
- |
1,435,461 |
- |
|
Loss on Derivative |
2,619,844 |
7,976,155 |
- |
|
Cost of Financial
Cost |
134,573,974 |
353,312,935 |
399,673,372 |
|
Total
Expenses |
12,946,638,726 |
11,623,680,134 |
8,272,552,126 |
|
|
|
|
|
|
Profit Before Income
Tax |
103,726,319 |
11,598,171 |
191,521,830 |
|
[Reversal] Income Tax Expenses |
[646,883] |
22,958,780 |
[6,997,238] |
|
Net Profit / [Loss] |
104,373,202 |
34,556,951 |
184,524,592 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.31 |
3.39 |
0.49 |
|
QUICK RATIO |
TIMES |
1.96 |
2.22 |
0.39 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.51 |
2.07 |
1.39 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.32 |
1.17 |
0.78 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
32.20 |
26.88 |
39.73 |
|
INVENTORY TURNOVER |
TIMES |
11.34 |
13.58 |
9.19 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
32.87 |
42.79 |
131.08 |
|
RECEIVABLES TURNOVER |
TIMES |
11.10 |
8.53 |
2.78 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
6.21 |
6.58 |
14.87 |
|
CASH CONVERSION CYCLE |
DAYS |
58.86 |
63.09 |
155.94 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.46 |
96.39 |
93.14 |
|
SELLING & ADMINISTRATION |
% |
1.66 |
1.91 |
2.59 |
|
INTEREST |
% |
1.04 |
3.08 |
4.86 |
|
GROSS PROFIT MARGIN |
% |
3.53 |
5.18 |
9.77 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.80 |
0.10 |
2.33 |
|
NET PROFIT MARGIN |
% |
0.81 |
0.30 |
2.24 |
|
RETURN ON EQUITY |
% |
1.47 |
0.50 |
9.50 |
|
RETURN ON ASSET |
% |
1.06 |
0.35 |
1.74 |
|
EARNING PER SHARE |
BAHT |
1.41 |
0.47 |
7.69 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.28 |
0.29 |
0.82 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.38 |
0.40 |
4.46 |
|
TIME INTEREST EARNED |
TIMES |
0.77 |
0.03 |
0.48 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
12.80 |
39.29 |
|
|
OPERATING PROFIT |
% |
794.33 |
(93.94) |
|
|
NET PROFIT |
% |
202.03 |
(81.27) |
|
|
FIXED ASSETS |
% |
(7.02) |
(6.50) |
|
|
TOTAL ASSETS |
% |
0.17 |
(7.75) |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 12.8%. Turnover has increased from THB
11,455,971,681.00 in 2011 to THB 12,922,416,184.00 in 2012. While net profit
has increased from THB
PROFITABILITY : RISKY
PROFITABILITY RATIO
|
Gross Profit Margin |
3.53 |
Deteriorated |
Industrial Average |
40.70 |
|
Net Profit Margin |
0.81 |
Deteriorated |
Industrial Average |
5.11 |
|
Return on Assets |
1.06 |
Deteriorated |
Industrial Average |
4.22 |
|
Return on Equity |
1.47 |
Deteriorated |
Industrial Average |
7.30 |
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 3.53%. 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 0.81%.
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 1.06%.
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 1.47%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
3.31 |
Impressive |
Industrial Average |
1.72 |
|
Quick Ratio |
1.96 |
|
|
|
|
Cash Conversion Cycle |
58.86 |
|
|
|
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 3.31 times in 2012, decreased from 3.39 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 1.96 times in 2012,
decreased from 2.22 times, although excluding inventory so the company still
have good short-term financial strength.
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 59 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.28 |
Impressive |
Industrial Average |
0.39 |
|
Debt to Equity Ratio |
0.38 |
Impressive |
Industrial Average |
0.65 |
|
Times Interest Earned |
0.77 |
Risky |
Industrial Average |
2.13 |
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 0.78 lower than 1, so the company is not generating
enough cash from EBIT to meet its
interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.28 less than 0.5, most of the company's
assets are financed through equity.
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 |
2.51 |
Impressive |
Industrial Average |
0.38 |
|
Total Assets Turnover |
1.32 |
Impressive |
Industrial Average |
0.82 |
|
Inventory Conversion Period |
32.20 |
|
|
|
|
Inventory Turnover |
11.34 |
Impressive |
Industrial Average |
5.15 |
|
Receivables Conversion Period |
32.87 |
|
|
|
|
Receivables Turnover |
11.10 |
Impressive |
Industrial Average |
2.38 |
|
Payables Conversion Period |
6.21 |
|
|
|
The company's Account Receivable Ratio is calculated as 11.10 and
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 27 days at the
end of 2011 to 32 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 13.58 times in year 2011 to 11.34
times in year 2012.
The company's Total Asset Turnover is calculated as 1.32 times and 1.17
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.61.87 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.