MIRA INFORM REPORT
|
Report Date : |
10.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
KERRY INGREDIENTS [THAILAND] LTD. |
|
|
|
|
Registered Office : |
618 Moo 4,
Bangpoo Industrial Estate, T.
Praeksa, A. Muang,
Samutprakarn 10280 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
12.03.2002 |
|
|
|
|
Com. Reg. No.: |
0105545028144 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and
Exporter of Food Ingredients |
|
|
|
|
No. of Employees : |
260 |
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 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
KERRY INGREDIENTS [THAILAND] LTD.
SUMMARY
BUSINESS
ADDRESS : 618
MOO 4, BANGPOO
INDUSTRIAL ESTATE,
T. PRAEKSA,
A. MUANG, SAMUTPRAKARN
10280
TELEPHONE : [66] 2709-4712-8,
2324-6100
FAX :
[66] 2709-4723,
2324-6110
E-MAIL
ADDRESS : iluckhana@kerryingredients.com.my
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0105545028144
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT. 38,500,000
SHAREHOLDER’S PROPORTION : FOREIGN
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PAUL MATHEW
POTTER, IRISH
MANAGING DIRECTOR
NO.
OF STAFF : 260
LINES
OF BUSINESS : FOOD
INGREDIENTS
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 March 12,
2002 as a
private limited company under
the name style
KERRY INGREDIENTS [THAILAND] LTD.,
by Dutch groups, with
the business objective
to manufacture wide
range of food
ingredients to both
domestic and overseas
markets. It currently
employs approximately 260
staff.
Subject
is a wholly
owned subsidiary of
Kerry Group B.V.
of Netherlands.
The
subject’s registered address
is 618 Moo 4,
Bangpoo Industrial Estate, T.
Praeksa, A. Muang, Samutprakarn
10280, and this
is the subject’s
current operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Mark Justin Mccormack |
|
Irish |
44 |
|
Ms. Claire Salmon |
|
Irish |
37 |
|
Mr. Paul Mathew Potter |
|
Irish |
54 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Paul Mathew Potter
is the Managing
Director.
He is Irish
nationality with the
age of 54
years old.
Mr. Adul Sirichan is
the Production Manager.
He is Thai
nationality.
Ms. Suwanna Ngohpraiwal is
the Human Resources
and Administration Manager.
She is Thai
nationality.
Mr. Niphon Withitanum is
the Factory Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting wide range
of food ingredients,
such as seasoning & flavoring,
spices, bakery flour
and food flour,
under its own
brand “KERRY”.
PURCHASE
Raw materials and
food chemicals are
purchased from suppliers
and agents in
both domestic and overseas,
mainly Japan, United Kingdom, France, Netherlands, and
Republic of China.
MAJOR SUPPLIER
Kerry Group Plc. : Ireland
SALES
80% of the
products is exported
to U.S.A., Australia
and many countries
in Europe, Asia and
Middle East, and
the remaining 20%
is sold locally
to manufacturers,
wholesalers and end-users
in food and
bakery industries.
MAJOR CUSTOMER
La Vanille Societe
Anonyme Co., Ltd. : 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
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
260 staff.
LOCATION DETAILS
The premise is owned
for administrative office,
factory and warehouse at the
heading address. Premise
is located in industrial area.
Sales office
is located on the 24th Flr.,
Empire Tower, 195
South Sathorn Rd., Yananwa,
Sathorn, Bangkok 10120.
Tel.: [66] 2659-5939-44, Fax. :
[66] 2659-5945.
The
other warehouse is
located at 63 Moo 4,
Chalongkrung Rd.,
Lamplatiew, Ladkrabang, Bangkok
10520.
COMMENT
The
subject was formed in 2002
as a manufacturer,
distributor and exporter
of food ingredients. Its products
have been served both
domestic and export
markets. Due to
economic slowdown in
U.S.A. and Europe
in 2012, consumption of
food products was
dropped relatively, however,
the subject was able to maintain its
net profit at
the end of year.
In 2013, the subject
reports an increase
in number of orders
particularly in the
second quarter of
this year. Generally,
its business is promising and
growing moderately.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 500,000
divided into 5,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 2,000,000 on
October 31, 2002
Bht. 100,000,000
on December 22,
2003
The
latest registered capital
was increased to
Bht. 100 million, divided
into 1,000,000 shares
of Bht. 100
each, with the
current capital paid-up
at Bht. 38,500,000.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2013]
at Bht. 38,500,000
of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Kerry Group B.V. Nationality: Dutch Address : Rotterdam,
Netherlands |
999,994 |
99.9994 |
|
Kerry Group Services
Ltd. Nationality: Irish Address : Kerry,
Ireland |
1 |
0.0001 |
|
Kerry Ingredients [Holdings]
Ltd. Nationality: Irish Address : Kerry,
Ireland |
1 |
0.0001 |
|
Kerry Holdings [Ireland]
Ltd. Nationality: Irish Address : Kerry,
Ireland |
1 |
0.0001 |
|
Kerry Group Services
International Ltd. Nationality: Irish Address : Kerry,
Ireland |
1 |
0.0001 |
|
Kerry Treasury Services
Ltd. Nationality: Irish Address : Kerry,
Ireland |
1 |
0.0001 |
|
Kerry Agri Business
Holdings Ltd. Nationality: Irish Address : Kerry,
Ireland |
1 |
0.0001 |
Total Shareholders : 7
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
7 |
1,000,000 |
100.00 |
|
Total |
7 |
1,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Kiatniyom Kuntisuk No.
4800
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 |
168,412,802 |
76,083,677 |
38,466,428 |
|
Trade Accounts and
Other Receivable |
137,911,525 |
137,401,511 |
155,817,821 |
|
Inventories |
92,117,170 |
143,193,805 |
138,149,829 |
|
Other Current Assets
|
7,469,842 |
7,996,787 |
- |
|
|
|
|
|
|
Total Current Assets
|
405,911,339 |
364,675,780 |
332,434,078 |
|
Fixed Assets |
102,531,925 |
109,127,072 |
115,150,298 |
|
Deferred Income Tax |
11,480,212 |
11,351,994 |
14,918,583 |
|
Other Non - current Assets |
593,073 |
637,073 |
578,492 |
|
Total Assets |
520,516,549 |
485,791,919 |
463,081,451 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
|
|
|
|
Trade Accounts and
Other Payable |
174,510,761 |
184,640,481 |
222,727,429 |
|
Accrued Income Tax |
11,558,718 |
8,688,925 |
9,199,598 |
|
Estimated Liabilities for
Product Warranty |
6,000,000 |
6,000,000 |
6,000,000 |
|
Other Current Liabilities |
8,063 |
82,827 |
97,560 |
|
|
|
|
|
|
Total Current Liabilities |
192,077,542 |
199,412,233 |
238,024,587 |
|
|
|
|
|
|
Employee Benefits Obligation |
14,559,596 |
21,799,783 |
21,469,922 |
|
Total Liabilities |
206,637,138 |
221,212,016 |
259,494,509 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized and
issued share capital 1,000,000 shares |
100,000,000 |
100,000,000 |
100,000,000 |
|
|
|
|
|
|
Capital Paid |
38,500,000 |
38,500,000 |
38,500,000 |
|
Retained Earnings: Appropriated for Statutory Reserve |
10,000,000 |
10,000,000 |
10,000,000 |
|
Unappropriated |
265,379,411 |
216,079,903 |
155,086,942 |
|
Total Shareholders' Equity |
313,879,411 |
264,579,903 |
203,586,942 |
|
Total Liabilities & Shareholders' Equity |
520,516,549 |
485,791,919 |
463,081,451 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
958,877,378 |
1,197,545,958 |
1,077,347,313 |
|
Other Income |
1,176,192 |
1,770,045 |
362,270 |
|
Total Revenues |
960,053,570 |
1,199,316,003 |
1,077,709,583 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
739,990,714 |
872,168,807 |
750,877,706 |
|
Selling Expenses |
30,623,279 |
37,513,431 |
42,737,171 |
|
Administrative Expenses |
122,907,565 |
135,521,928 |
118,734,362 |
|
Total Expenses |
893,521,558 |
1,045,204,166 |
912,349,239 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
66,532,012 |
154,111,837 |
165,360,344 |
|
Financial Costs |
[933] |
[40,861] |
[36,918] |
|
Profit before Income
Tax |
66,531,079 |
154,070,976 |
165,323,426 |
|
Income Tax |
[17,231,571] |
[29,547,215] |
[11,798,596] |
|
|
|
|
|
|
Net Profit / [Loss] |
49,299,508 |
124,523,761 |
153,524,830 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.11 |
1.83 |
1.40 |
|
QUICK RATIO |
TIMES |
1.59 |
1.07 |
0.82 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
9.35 |
10.97 |
9.36 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.84 |
2.47 |
2.33 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
45.44 |
59.93 |
67.15 |
|
INVENTORY TURNOVER |
TIMES |
8.03 |
6.09 |
5.44 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
52.50 |
41.88 |
52.79 |
|
RECEIVABLES TURNOVER |
TIMES |
6.95 |
8.72 |
6.91 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
86.08 |
77.27 |
108.27 |
|
CASH CONVERSION CYCLE |
DAYS |
11.86 |
24.53 |
11.68 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
77.17 |
72.83 |
69.70 |
|
SELLING & ADMINISTRATION |
% |
16.01 |
14.45 |
14.99 |
|
INTEREST |
% |
0.00 |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
22.95 |
27.32 |
30.34 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.94 |
12.87 |
15.35 |
|
NET PROFIT MARGIN |
% |
5.14 |
10.40 |
14.25 |
|
RETURN ON EQUITY |
% |
15.71 |
47.06 |
75.41 |
|
RETURN ON ASSET |
% |
9.47 |
25.63 |
33.15 |
|
EARNING PER SHARE |
BAHT |
128.05 |
323.44 |
398.77 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.40 |
0.46 |
0.56 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.66 |
0.84 |
1.27 |
|
TIME INTEREST EARNED |
TIMES |
71,309.77 |
3,771.61 |
4,479.13 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(19.93) |
11.16 |
|
|
OPERATING PROFIT |
% |
(56.83) |
(6.80) |
|
|
NET PROFIT |
% |
(60.41) |
(18.89) |
|
|
FIXED ASSETS |
% |
(6.04) |
(5.23) |
|
|
TOTAL ASSETS |
% |
7.15 |
4.90 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -19.93%. Turnover has decreased from THB
1,197,545,958.00 in 2011 to THB 958,877,378.00 in 2012. While net profit has
decreased from THB 124,523,761.00 in 2011 to THB 49,299,508.00 in 2012. And total
assets has increased from THB 485,791,919.00 in 2011 to THB 520,516,549.00 in
2012.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
22.95 |
Acceptable |
Industrial
Average |
34.82 |
|
Net Profit Margin |
5.14 |
Deteriorated |
Industrial
Average |
10.76 |
|
Return on Assets |
9.47 |
Satisfactory |
Industrial
Average |
12.61 |
|
Return on Equity |
15.71 |
Satisfactory |
Industrial
Average |
18.78 |
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 22.95%. 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 5.14%.
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 9.47%.
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 15.71%.
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 |
2.11 |
Acceptable |
Industrial
Average |
3.02 |
|
Quick Ratio |
1.59 |
|
|
|
|
Cash Conversion Cycle |
11.86 |
|
|
|
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 2.11 times in 2012, increase from 1.83 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 1.59 times in 2012,
increase from 1.07 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 12 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.40 |
Acceptable |
Industrial
Average |
0.30 |
|
Debt to Equity Ratio |
0.66 |
Impressive |
Industrial
Average |
0.49 |
|
Times Interest Earned |
71,309.77 |
Impressive |
Industrial
Average |
4.34 |
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 71309.77 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 0.4 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 |
9.35 |
Impressive |
Industrial
Average |
0.87 |
|
Total Assets Turnover |
1.84 |
Impressive |
Industrial
Average |
1.26 |
|
Inventory Conversion Period |
45.44 |
|
|
|
|
Inventory Turnover |
8.03 |
Impressive |
Industrial
Average |
6.40 |
|
Receivables Conversion Period |
52.50 |
|
|
|
|
Receivables Turnover |
6.95 |
Impressive |
Industrial
Average |
4.55 |
|
Payables Conversion Period |
86.08 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.95 and 8.72 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
decreased from 2011. 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 decreased from 60 days at the
end of 2011 to 45 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 6.09 times in year 2011 to 8.03 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.84 times and 2.47
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.60.07 |
|
|
1 |
Rs.89.91 |
|
Euro |
1 |
Rs.77.43 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.