MIRA INFORM REPORT
|
Report Date : |
25.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
MADEE SPINNING
CO., LTD. |
|
|
|
|
Registered Office : |
22 Moo
3, T. Putlao, A. Bangpahan, AyutthayA 13220 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
18.04.1989 |
|
|
|
|
Com. Reg. No.: |
0135532000343 |
|
|
|
|
Legal Form : |
PRIVATE
LIMITED COMPANY |
|
|
|
|
Line of Business : |
Engaged in cotton yarn spinning for textile industry. |
|
|
|
|
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 |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.
|
Source : CIA |
Company
name
MADEE
SPINNING CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 22
MOO 3, T. PUTLAO,
A. BANGPAHAN,
AYUTTHAYA 13220,
THAILAND
TELEPHONE : [66] 35
713-367-8, 35 713-370
FAX :
[66] 35
713-369
E-MAIL
ADDRESS : sales.mds@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION
NO. : 0135532000343
TAX
ID NO. : 3181005420
CAPITAL REGISTERED : BHT. 188,000,000
CAPITAL PAID-UP : BHT.
188,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
THAWAT TANSIRICHAIYA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 150
LINES
OF BUSINESS : COTTON YARN
SPINNING
MANUFACTURER, DISTRIBUTOR
AND 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 April 18,
1989 as a
private limited company
under the registered
name MADEE SPINNING
CO., LTD. by
Thai groups, with the
objective to engage in
cotton yarn spinning
business for textile
industry. It currently
employs approximately 150
staff.
The
subject’s registered address
is 22 Moo
3, T. Putlao, A. Bangpahan,
Ayutthaya 13220, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Thawat Tansirichaiya |
|
Thai |
59 |
|
Mr. Paphop Tansirichaiya |
[x] |
Thai |
33 |
|
Mr. Varoth Tansirichaiya |
|
Thai |
32 |
|
Ms. Marisa Kewpaisal |
|
Thai |
36 |
|
Mrs. Tassanee Tantiwongstaporn |
|
Thai |
60 |
|
Mr. Suraphan Pattanapitoon |
|
Thai |
58 |
AUTHORIZED PERSON
Only the mentioned
director [x] signs
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Thawat Tansirichaiya is
the Managing Director.
He is Thai
nationality with the
age of 59
years old.
Mr. Paphop Tansirichaiya is
the Deputy Managing
Director & Factory Manager.
He is Thai
nationality with the
age of 33
years old.
BUSINESS OPERATIONS
The subject
is engaged in
cotton yarn spinning
for textile industry.
PURCHASE
Its
raw materials mainly
cotton and chemical
are purchased from
suppliers both in
domestic and overseas,
mainly in Republic
of China, Vietnam
and Australia.
SALES
90% of the
products is sold
locally to manufacturers, the
remaining 10% is
exported to Republic
of China.
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 or T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
approximately 150 office
staff and factory
workers.
LOCATION
DETAILS
The
premise is owned for
administrative office, factory
and warehouse at
the heading address.
Premise is located
in provincial.
COMMENT
The
subject’s operating performance
in 2011 was
slowdown from a
decrease in both
sales revenue and
net profit comparing
to the previous
year’s level. This
was caused by an impact
from a severe
flood crisis in
the last quarter
of 2011. The
subject was inevitably
hit and had
to stop the
production temporarily. However,
the situation is
back to normal
and the subject’s
sales revenues in
2012 was improving,
and it expects
sales would continue
increasing this year
in line with
the regular demand
of the products
from textile industry of
both local and
overseas.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 200,000,000 divided
into 200,000 shares
of Bht. 1,000
each with fully
paid.
The
capital was decreased
and increased later
as follows:
Bht. 50,000,000
on May
22, 2002 [decreased]
Bht. 200,000,000
on July
9, 2002 [increased]
Bht. 166,887,500
on December
6, 2006 [decreased]
Bht.
300,000,000 on December
26, 2006 [increased]
Bht.
188,000,000 on December 17,
2009 [decreased]
The
latest registered capital was
decreased to Bht.
188,000,000 divided into 752,000
shares of Bht. 250
each with fully
paid.
MAIN
SHAREHOLDERS : [as
at April 30,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Paphop Tansirichaiya Nationality: Thai Address : 302/111
Asoke-Dindaeng Rd., Huaykwang,
Bangkok |
374,780 |
49.84 |
|
Mrs. Tassanee Tantiwongstaporn Nationality: Thai Address : 302/111
Asoke-Dindaeng Rd., Huaykwang,
Bangkok |
76,478 |
10.17 |
|
Ms. Marisa Kewpaisal Nationality: Thai Address : 3803
Rama 4 Rd.,
Prakanong, Klongtoey, Bangkok |
50,158 |
6.67 |
|
Mr. Surachai Pattanapitoon Nationality: Thai Address : 896
Charoennakorn Rd., Banglaumpulang,
Klongsan, Bangkok |
42,788 |
5.69 |
|
Mr. Suraphan Pattanapitoon Nationality: Thai Address : 280
Vanich 1 Rd.,
Chakrawad,
Samphantawong, Bangkok |
28,652 |
3.81 |
|
Mrs. Panadda Pattanapitoon Nationality: Thai Address : 280
Vanich 1 Rd.,
Chakrawad,
Samphantawong, Bangkok |
26,320 |
3.50 |
|
Mrs. Panjaporn Pattanapitoon Nationality: Thai Address : 280
Vanich 1 Rd.,
Chakrawad,
Samphantawong, Bangkok |
26,320 |
3.50 |
|
Mr. Suradej Pattanapitoon Nationality: Thai Address : 225
Pattanakarn Rd., Suanluang,
Prakanong, Bangkok |
24,139 |
3.21 |
|
Mrs. Sukanya Pattanapitoon Nationality: Thai Address : 225
Pattanakarn Rd., Suanluang,
Prakanong, Bangkok |
12,257 |
1.63 |
|
Others |
90,108 |
11.98 |
Total Shareholders : 25
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
25 |
752,000 |
100 |
|
Foreign |
- |
- |
- |
|
Total |
25 |
752,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Pinyo Ratanasombat No.
5430
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
342,907.68 |
9,201,457.48 |
5,127,974.81 |
|
Trade Accounts & Other
Receivable |
69,245,049.18 |
71,875,303.64 |
59,128,616.02 |
|
Short-term Loan to Person or Related Company |
- |
- |
1,330,000.00 |
|
Inventories |
95,671,932.82 |
61,259,961.09 |
69,234,012.65 |
|
Other Current Assets
|
178,462.78 |
431,656.73 |
1,045,885.74 |
|
|
|
|
|
|
Total Current Assets
|
165,438,352.46 |
142,768,378.94 |
135,866,489.22 |
|
|
|
|
|
|
Fixed Assets |
143,520,804.85 |
117,302,646.43 |
105,936,598.03 |
|
Total Assets |
308,959,157.31 |
260,071,025.37 |
241,803,087.25 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
12,141,595.45 |
15,053,410.96 |
12,513,517.96 |
|
Trade Accounts & Other
Payable |
83,871,628.04 |
56,696,094.56 |
42,273,519.35 |
|
Current Portion of
Long-term Liabilities |
14,788,800.00 |
280,800.00 |
- |
|
Accrued Income Tax |
- |
255,584.00 |
- |
|
Other Current Liabilities |
459,727.45 |
158,893.03 |
1,103,625.37 |
|
|
|
|
|
|
Total Current Liabilities |
111,261,750.94 |
72,444,782.55 |
55,890,662.68 |
|
Long-term Loan |
36,427,761.65 |
772,200.00 |
- |
|
Total Liabilities |
147,689,512.59 |
73,216,982.55 |
55,890,662.68 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 250
par value authorized, issued
and fully paid share
capital 752,000 shares |
188,000,000.00 |
188,000,000.00 |
188,000,000.00 |
|
|
|
|
|
|
Capital Paid |
188,000,000.00 |
188,000,000.00 |
188,000,000.00 |
|
Retained Earning Unappropriated |
[26,730,355.28] |
[1,145,957.18] |
[2,087,575.43] |
|
Total Shareholders' Equity |
161,269,644.72 |
186,854,042.82 |
185,912,424.57 |
|
Total Liabilities & Shareholders' Equity |
308,959,157.31 |
260,071,025.37 |
241,803,087.25 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
159,199,530.71 |
193,645,711.11 |
218,824,178.20 |
|
Other Income |
336,097.11 |
9,821,731.04 |
12,682,712.35 |
|
Total Revenues |
159,535,627.82 |
203,467,442.15 |
231,506,890.55 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
150,895,379.53 |
193,417,299.25 |
223,441,257.37 |
|
Administrative Expenses |
29,653,251.55 |
6,488,448.53 |
10,364,097.88 |
|
Total Expenses |
180,548,631.08 |
199,905,747.78 |
233,805,355.25 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
[21,013,003.26] |
3,561,694.37 |
[2,298,464.70] |
|
Financial Costs |
[ 4,571,394.84] |
[2,072,153.46] |
[1,392,904.79] |
|
Profit / [Loss] before Income
Tax |
[25,584,398.10] |
1,489,540.91 |
[3,691,369.49] |
|
Income Tax |
- |
[547,922.66] |
[349,616.00] |
|
Net Profit / [Loss] |
[25,584,398.10] |
941,618.25 |
[4,040,985.49] |
|
Retained Earning,
Beginning of Year |
[1,145,957.18] |
[2,087,575.43] |
[1,953,410.06] |
|
|
|
|
|
|
Retained Earning, End
of Year |
[26,730,355.28] |
[1,145,957.18] |
[2,087,575.43] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.49 |
1.97 |
2.43 |
|
QUICK RATIO |
TIMES |
0.63 |
1.12 |
1.17 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.11 |
1.65 |
2.07 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.52 |
0.74 |
0.90 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
231.42 |
115.60 |
113.10 |
|
INVENTORY TURNOVER |
TIMES |
1.58 |
3.16 |
3.23 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
158.76 |
135.48 |
98.63 |
|
RECEIVABLES TURNOVER |
TIMES |
2.30 |
2.69 |
3.70 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
202.88 |
106.99 |
69.06 |
|
CASH CONVERSION CYCLE |
DAYS |
187.30 |
144.09 |
142.67 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
94.78 |
99.88 |
102.11 |
|
SELLING & ADMINISTRATION |
% |
18.63 |
3.35 |
4.74 |
|
INTEREST |
% |
2.87 |
1.07 |
0.64 |
|
GROSS PROFIT MARGIN |
% |
5.43 |
5.19 |
3.69 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(13.20) |
1.84 |
(1.05) |
|
NET PROFIT MARGIN |
% |
(16.07) |
0.49 |
(1.85) |
|
RETURN ON EQUITY |
% |
(15.86) |
0.50 |
(2.17) |
|
RETURN ON ASSET |
% |
(8.28) |
0.36 |
(1.67) |
|
EARNING PER SHARE |
BAHT |
(34.02) |
1.25 |
(5.37) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.48 |
0.28 |
0.23 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.92 |
0.39 |
0.30 |
|
TIME INTEREST EARNED |
TIMES |
(4.60) |
1.72 |
(1.65) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(17.79) |
(11.51) |
|
|
OPERATING PROFIT |
% |
(689.97) |
(254.96) |
|
|
NET PROFIT |
% |
(2,817.07) |
123.30 |
|
|
FIXED ASSETS |
% |
22.35 |
10.73 |
|
|
TOTAL ASSETS |
% |
18.80 |
7.55 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -17.79%. Turnover has decreased from THB
193,645,711.11 in 2010 to THB 159,199,530.71 in 2011. While net profit has decreased
from THB 941,618.25 in 2010 to THB -25,584,398.10 in 2011. And total assets has
increased from THB 260,071,025.37 in 2010 to THB 308,959,157.31 in 2011.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.43 |
Acceptable |
Industrial Average |
7.78 |
|
Net Profit Margin |
(16.07) |
Deteriorated |
Industrial Average |
0.29 |
|
Return on Assets |
(8.28) |
Deteriorated |
Industrial Average |
0.83 |
|
Return on Equity |
(15.86) |
Deteriorated |
Industrial Average |
1.74 |
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 5.43%. 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 -16.07%.
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 -8.28%.
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 -15.86%.
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 |
1.49 |
Impressive |
Industrial Average |
1.11 |
|
Quick Ratio |
0.63 |
|
|
|
|
Cash Conversion Cycle |
187.30 |
|
|
|
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 1.49 times in 2011, decrease from 1.97 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 0.63 times in 2011,
decrease from 1.12 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 188 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.48 |
Impressive |
Industrial Average |
0.55 |
|
Debt to Equity Ratio |
0.92 |
Impressive |
Industrial Average |
1.30 |
|
Times Interest Earned |
(4.60) |
Risky |
Industrial Average |
2.03 |
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 -4.6 lower than 1, so the company is not generating
enough cash from its 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 0.48 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 Uptrend
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.11 |
Acceptable |
Industrial Average |
2.05 |
|
Total Assets Turnover |
0.52 |
Acceptable |
Industrial Average |
1.01 |
|
Inventory Conversion Period |
231.42 |
|
|
|
|
Inventory Turnover |
1.58 |
Acceptable |
Industrial Average |
2.85 |
|
Receivables Conversion Period |
158.76 |
|
|
|
|
Receivables Turnover |
2.30 |
Deteriorated |
Industrial Average |
5.52 |
|
Payables Conversion Period |
202.88 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.30 and 2.69 in
2011 and 2010 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 2011
decreased from 2010. 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 has increased from 116 days at the
end of 2010 to 231 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 3.16 times in year 2010 to 1.58 times
in year 2011.
The company's Total Asset Turnover is calculated as 0.52 times and 0.74
times in 2011 and 2010 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 Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.85 |
|
|
1 |
Rs.85.25 |
|
Euro |
1 |
Rs.71.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.