MIRA INFORM REPORT
|
Report Date : |
09.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
EPSON
[THAILAND] COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
EPSON ELECTRONICS [THAILAND] CO., LTD |
|
|
|
|
Registered Office : |
42nd Floor, Empire Tower, 195 South Sathorn Road, Yannawa, Sathorn, Bangkok 10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
02.10.1990 |
|
|
|
|
Com. Reg. No.: |
0105533118402 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
importing and distributing various
kinds of imaging
and printing products,
including consumer inkjet
printers, scanners, business
inkjet and laser
printers, photographic large
format printers, label
printers, TM printers,
multimedia projectors, POS
receipt printers and
electronic devices [quartz devices/semiconductors], as
well as printing
supplies: printing inks,
printing papers |
|
|
|
|
No. of Employees : |
130 |
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 : |
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 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
EPSON [THAILAND]
COMPANY LIMITED
[FORMER
: EPSON ELECTRONICS
[THAILAND] CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 42nd FLOOR,
EMPIRE TOWER,
195
SOUTH
SATHORN ROAD, YANNAWA,
SATHORN,
BANGKOK 10120, THAILAND
TELEPHONE : [66] 2685-9888
FAX :
[66] 2670-0688
E-MAIL
ADDRESS : support@eth.epson.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1990
REGISTRATION
NO. : 0105533118402
TAX
ID NO. : 3101900552
CAPITAL REGISTERED : BHT. 250,000,000
CAPITAL PAID-UP : BHT.
103,000,000
SHAREHOLDER’S PROPORTION : FOREIGN
: 100%
FISCAL YEAR CLOSING DATE : MARCH 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
YANYONG MUNEEMONGKOLTHORN, THAI
GENERAL MANAGER 1
NO.
OF STAFF : 130
LINES
OF BUSINESS : IMAGING AND
PRINTING PRODUCTS
IMPORTER AND
DISTRIBUTOR
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 October 2, 1990
as a private
limited company under the
initially registered name “Epson Electronics
[Thailand] Co., Ltd.” by
Foreign groups. On
August 27, 1998,
its registered name
was changed to
EPSON [THAILAND] COMPANY
LIMITED. Its business
objective is to
import and distribute
imaging and printing
products to domestic
market. It currently
employs approximately 130
staff.
The
subject is a
wholly owned subsidiary
of Epson Singapore
Pte. Ltd., in
Singapore, which is
a member of
Seiko Epson Corporation
of Japan, with
the objective to
promote sales and
marketing of Epson
products in Thailand
and the Indochina
sub region. The
subject is also
the sub-regional center
for Epson’s operations
in Vietnam, Myanmar,
Laos and Cambodia.
The
subject’s registered address
is 42nd Floor,
Empire Tower, 195
South Sathorn Rd.,
Yannawa, Sathorn, Bangkok
10120, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Katsuyoshi Takara |
|
Japanese |
51 |
|
Mr. Koichi Endo |
|
Japanese |
58 |
|
Mr. Hiroki Yamamoto |
|
Japanese |
57 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Yanyong Muneemongkolthorn is
the General Manager
I.
He is Thai
nationality.
Mr. Ananphon Nonthaphan is
the General Manager
II.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
various kinds of
imaging and printing
products, including consumer
inkjet printers, scanners,
business inkjet and
laser printers, photographic
large format printers,
label printers, TM
printers, multimedia projectors,
POS receipt printers
and electronic devices [quartz devices/semiconductors], as
well as printing
supplies: printing inks,
printing papers
The subject
also provides after
sales service of
the products.
BRAND NAME
“EPSON”
PURCHASE
90% of the
products is imported
from Japan and
Singapore, the remaining
10% is purchased
from local suppliers.
MAJOR
SUPPLIERS
Epson
Singapore Pte. Ltd. :
Singapore
Seiko
Epson Corporation
: Japan
SALES
100% of the
products is sold
locally by wholesale
to dealers nationwide.
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
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 130 office
& sales staff
and service workers.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
COMMENT
The
company is committed to providing the best imaging technologies and
products for its customers through a culture of constant innovation and
cooperation. Within Thailand, Epson
Thailand has an extensive network of
more than 200 authorized
partners, and operates 85 service centers and a solution centre to provide the
best possible support and service for its customers.
The
company has a
solid business and
expanding steadily.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000 divided
into 1,000,000 shares
of Bht. 10
each with fully
paid.
The
capital was increased
and decreased later
as follows:
Bht. 148,000,000 on November 23, 1999
[increased]
Bht. 41,000,000 on March 6, 2000
[decreased]
Bht. 250,000,000 on December 16, 2003
[increased]
The
latest registered capital
was increased to
Bht. 250 million divided into 25,000,000 shares
of Bht. 10 each,
with the current
capital paid-up at
Bht. 103,000,000.
THE
SHAREHOLDERS LISTED WERE
: [as at
May 7, 2013]
at Bht. 103,000,000
of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Epson Singapore Pte.
Ltd. Nationality: Singaporean Address : 1
Harbour Front Place,
#03-02
Harbour Front Tower
I, Singapore |
24,999,998 |
100.00 |
|
PT. Epson Indonesia Nationality: Indonesian Address : Jakarta,
Indonesia |
1 |
- |
|
Epson Philippines Corporation Nationality: Filipino Address : Pazik
City, Philippines |
1 |
- |
Total Shareholders : 3
Share Structure [as
at May 17,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
3 |
25,000,000 |
100.00 |
|
Total |
3 |
25,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Kingkarn Asawarangsrit
No. 4496
BALANCE SHEET [BAHT]
The latest financial figures published
as at March
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 [Adjusted] |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
201,291,260 |
240,996,553 |
212,509,849 |
|
Trade Accounts and
Other Receivable |
293,147,494 |
373,863,184 |
335,985,611 |
|
Inventories |
332,652,043 |
217,899,881 |
205,836,873 |
|
Other Current Assets
|
13,090,421 |
5,305,807 |
16,435,370 |
|
|
|
|
|
|
Total Current Assets
|
840,181,218 |
838,065,425 |
770,767,703 |
|
|
|
|
|
|
Fixed Assets |
15,228,214 |
18,209,024 |
23,478,681 |
|
Intangible Assets |
1,641,831 |
1,060,853 |
1,565,438 |
|
Deferred Income Tax |
39,112,283 |
47,937,687 |
- |
|
Other Non - current Assets |
5,203,076 |
5,125,048 |
5,064,957 |
|
Total Assets |
901,366,622 |
910,398,037 |
800,876,779 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 [Adjusted] |
2010 |
|
|
|
|
|
|
Trade Accounts and
Other Payable |
430,393,107 |
459,623,374 |
299,202,409 |
|
Accrued Income Tax |
7,994,052 |
10,964,963 |
13,246,066 |
|
Other Payable |
- |
- |
48,997,474 |
|
Accrued Expenses |
- |
- |
78,069,393 |
|
Provision for Warranty |
69,857,014 |
65,271,692 |
65,090,587 |
|
Other Current Liabilities |
1,461,263 |
2,161,518 |
2,750,668 |
|
|
|
|
|
|
Total Current Liabilities |
509,705,436 |
538,021,547 |
507,356,597 |
|
|
|
|
|
|
Reserve for Employee
Benefits |
22,238,609 |
17,790,272 |
- |
|
Total Liabilities |
531,944,045 |
555,811,819 |
507,356,597 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, and issued
share capital 25,000,000 shares |
250,000,000 |
250,000,000 |
250,000,000 |
|
|
|
|
|
|
Capital Paid |
103,000,000 |
103,000,000 |
88,250,000 |
|
Retained Earnings: Appropriated for Statutory Reserve |
4,919,445 |
4,919,445 |
4,100,000 |
|
Unappropriated |
261,503,132 |
246,666,773 |
201,170,182 |
|
Total Shareholders' Equity |
369,422,577 |
354,586,218 |
293,520,182 |
|
Total Liabilities &
Shareholders' Equity |
901,366,622 |
910,398,037 |
800,876,779 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
2011 [Adjusted] |
2010 |
|
|
|
|
|
|
Sales Income |
2,638,519,031 |
2,375,396,095 |
2,394,886,656 |
|
Other Income |
1,493,763 |
1,622,627 |
781,859 |
|
Interest Income |
- |
- |
878,624 |
|
Total Revenues |
2,640,012,794 |
2,377,018,722 |
2,396,547,139 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,139,750,536 |
1,904,850,985 |
1,970,747,127 |
|
Selling Expenses |
387,757,299 |
330,561,271 |
302,425,271 |
|
Administrative Expenses |
69,173,471 |
104,084,548 |
83,622,081 |
|
Loss on Exchange Rate |
2,007,307 |
5,215,842 |
7,158,079 |
|
Total Expenses |
2,598,688,613 |
2,344,712,646 |
2,363,952,558 |
|
Profit before Income
Tax |
41,324,181 |
32,306,076 |
32,594,581 |
|
Income Tax |
[26,487,822] |
[9,852,367] |
[19,780,955] |
|
|
|
|
|
|
Net Profit / [Loss] |
14,836,359 |
22,453,709 |
12,813,626 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.65 |
1.56 |
1.52 |
|
QUICK RATIO |
TIMES |
0.97 |
1.14 |
1.08 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
173.27 |
130.45 |
102.00 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.93 |
2.61 |
2.99 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
56.74 |
41.75 |
38.12 |
|
INVENTORY TURNOVER |
TIMES |
6.43 |
8.74 |
9.57 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
40.55 |
57.45 |
51.21 |
|
RECEIVABLES TURNOVER |
TIMES |
9.00 |
6.35 |
7.13 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
73.42 |
88.07 |
55.41 |
|
CASH CONVERSION CYCLE |
DAYS |
23.88 |
11.13 |
33.91 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
81.10 |
80.19 |
82.29 |
|
SELLING & ADMINISTRATION |
% |
17.32 |
18.30 |
16.12 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
18.96 |
19.88 |
17.78 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.57 |
1.36 |
1.36 |
|
NET PROFIT MARGIN |
% |
0.56 |
0.95 |
0.54 |
|
RETURN ON EQUITY |
% |
4.02 |
6.33 |
4.37 |
|
RETURN ON ASSET |
% |
1.65 |
2.47 |
1.60 |
|
EARNING PER SHARE |
BAHT |
1.44 |
2.18 |
1.45 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.59 |
0.61 |
0.63 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.44 |
1.57 |
1.73 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
11.08 |
(0.81) |
|
|
OPERATING PROFIT |
% |
27.91 |
(0.89) |
|
|
NET PROFIT |
% |
(33.92) |
75.23 |
|
|
FIXED ASSETS |
% |
(16.37) |
(22.44) |
|
|
TOTAL ASSETS |
% |
(0.99) |
13.68 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 11.08%. Turnover has increased from THB
2,375,396,095.00 in 2011 to THB 2,638,519,031.00 in 2012. While net profit has
decreased from THB 22,453,709.00 in 2011 to THB 14,836,359.00 in 2012. And
total assets has decreased from THB 910,398,037.00 in 2011 to THB
901,366,622.00 in 2012.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
18.96 |
Acceptable |
Industrial Average |
37.67 |
|
Net Profit Margin |
0.56 |
Deteriorated |
Industrial Average |
2.39 |
|
Return on Assets |
1.65 |
Deteriorated |
Industrial Average |
4.90 |
|
Return on Equity |
4.02 |
Deteriorated |
Industrial Average |
11.94 |
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 18.96%. 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 0.56%.
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 1.65%.
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 4.02%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.65 |
Impressive |
Industrial Average |
1.46 |
|
Quick Ratio |
0.97 |
|
|
|
|
Cash Conversion Cycle |
23.88 |
|
|
|
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 1.65 times in 2012, increased from 1.56 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 0.97 times in 2012,
decreased from 1.14 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 24 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.59 |
Acceptable |
Industrial Average |
0.57 |
|
Debt to Equity Ratio |
1.44 |
Risky |
Industrial Average |
1.32 |
|
Times Interest Earned |
- |
|
Industrial Average |
(0.53) |
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.59 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 |
173.27 |
Impressive |
Industrial Average |
(3.15) |
|
Total Assets Turnover |
2.93 |
Impressive |
Industrial Average |
1.97 |
|
Inventory Conversion Period |
56.74 |
|
|
|
|
Inventory Turnover |
6.43 |
Satisfactory |
Industrial Average |
7.04 |
|
Receivables Conversion Period |
40.55 |
|
|
|
|
Receivables Turnover |
9.00 |
Impressive |
Industrial Average |
2.78 |
|
Payables Conversion Period |
73.42 |
|
|
|
The company's Account Receivable Ratio is calculated as 9.00 and 6.35 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 42 days at the
end of 2011 to 57 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 8.74 times in year 2011 to 6.43 times
in year 2012.
The company's Total Asset Turnover is calculated as 2.93 times and 2.61
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 Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.05 |
|
UK Pound |
1 |
Rs.90.89 |
|
Euro |
1 |
Rs.78.27 |
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.