|
Report Date : |
13.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
HA ANH STAINLESS STEEL COMPANY LIMITED |
|
|
|
|
Registered Office : |
Phan Boi Hamlet Di Su Commune, My Hao District, Hung Yen Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Establishments: |
2006 |
|
|
|
|
Com. Reg. No.: |
0900226793 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
subject is
specializes in producing and trading iron, steel and metal products such as
tubes, wires / round bars. |
|
|
|
|
No. of Employees : |
200 |
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) |
|
Vietnam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
vietnam ECONOMIC OVERVIEW
Vietnam is a
densely-populated developing country that has been transitioning from the rigidities
of a centrally-planned economy since 1986. Vietnamese authorities have
reaffirmed their commitment to economic modernization in recent years. Vietnam
joined the World Trade Organization in January 2007, which has promoted more
competitive, export-driven industries. Vietnam became an official negotiating
partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture's
share of economic output has continued to shrink from about 25% in 2000 to less
than 22% in 2012, while industry's share increased from 36% to nearly 41% in
the same period. State-owned enterprises account for roughly 40% of GDP.
Poverty has declined significantly, and Vietnam is working to create jobs to
meet the challenge of a labor force that is growing by more than one million
people every year. The global recession hurt Vietnam's export-oriented economy,
with GDP in 2012 growing at 5%, the slowest rate of growth since 1999. In 2012,
however, exports increased by more than 18%, year-on-year; several
administrative actions brought the trade deficit back into balance. Between
2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of
20%, but its value remained stable in 2012. Foreign direct investment inflows
fell 4.5% to $10.5 billion in 2012. Foreign donors have pledged $6.5 billion in
new development assistance for 2013. Hanoi has oscillated between promoting
growth and emphasizing macroeconomic stability in recent years. In February
2011, the Government shifted policy away from policies aimed at achieving a
high rate of economic growth, which had stoked inflation, to those aimed at
stabilizing the economy, through tighter monetary and fiscal control. Although
Vietnam unveiled a broad, "three pillar" economic reform program in
early 2012, proposing the restructuring of public investment, state-owned
enterprises, and the banking sector, little perceptible progress had been made
by early 2013. Vietnam's economy continues to face challenges from an
undercapitalized banking sector. Non-performing loans weigh heavily on banks
and businesses. In September 2012, the official bad debt ratio climbed to 8.8%,
though some independent analysts believe it could be higher than 15%.
|
Source : CIA |
SUBJECT IDENTIFICATION &
LEGAL FORM
|
||
|
|
||
Current legal status
|
||
|
Registered English Name |
|
HA ANH STAINLESS STEEL COMPANY LIMITED |
|
Registered Vietnamese Name |
|
CONG TY TNHH THEP KHONG GI HA ANH |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2006 |
|
Business Registration No. |
|
0900226793 |
|
Date of Registration |
|
01 Mar 2011 |
|
Place of Registration |
|
Planning and Investment Department of Hung
Yen Province |
|
Chartered capital |
|
VND 140,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0900226793 |
|
Total Employees |
|
200 |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Chartered capital:
VND 40,000,000,000 Changed to: VND 60,000,000,000 |
01
Mar 2011 |
|
2 |
Subject has got former Chartered capital:
VND 60 billion Changed to: VND 140 billion |
N/A |
|
|
||
Company ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Phan Boi Hamlet Di Su Commune, My Hao District,
Hung Yen Province, Vietnam |
|
Telephone |
|
(84-321) 3974464/ 3944514/ 397446 |
|
Fax |
|
(84-321) 3941938/ 394193 |
|
Note |
|
The
given phone and fax number are belonged to the representative office in Ha
Noi City. |
|
|
||
|
Representative
office in Ha Noi |
||
|
Address |
|
No. 334 Lac Trung Str, Hai Ba Trung
District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3987 8426/ 3987 8429 |
|
Fax |
|
(84-4) 3987 8427 |
|
|
||
SUBSIDIARIES AND RELATED
COMPANIES
|
||
|
|
||
|
RELATED COMPANY
- TIEN DAT COMPANY LIMITED |
||
|
Business Registration |
|
0100744299 |
|
Date of Registration |
|
03 Feb 2010 |
|
Place of Registration |
|
Hanoi of Planning and Investment Department |
|
Chartered capital |
|
VND 150,000,000,000 |
|
Tax code |
|
0100744299 |
|
Address |
|
No. 334 Lac Trung Street, Vinh Tuy Ward, Hai Ba Trung District, Ha Noi
City, Vietnam |
|
Tel |
|
(84-4) 3987 5629/ 30 |
|
Fax |
|
(84-4) 3987 5631 |
|
Website |
|
|
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
TRAN VAN DIEP |
|
Position |
|
Director |
|
Date of Birth |
|
23 May 1980 |
|
ID Number/Passport |
|
013312893 |
|
ID Issue Date |
|
23 Jun 2010 |
|
ID Issue Place |
|
Police Department of
Ha Noi City |
|
Resident |
|
No. 29, Group 8 Thanh
Nhan Ward, Hai Ba Trung District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
TRAN VAN HA |
|
Position |
|
Deputy Director |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject registered in some fields but it specializes
in producing and trading iron, steel and metal products such as tubes, wires
/ round bars... |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Market |
|
India, China, and other Asian Countries |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
Currently, the subject does not export directly. |
|
|
||
BANKERS
|
||
|
|
||
|
1.
VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK HUNG YEN BRANCH |
||
|
Address |
|
No.37 Ban Yen Nhan, My Hao District, Hung Yen Province, Vietnam |
|
Telephone |
|
(84-321) 3941 158 |
|
Fax |
|
(84-321) 3941 160 |
|
|
||
|
2.
HOCHIMINH HOUSING DEVELOPMENT JOINT STOCK BANK HA NOI BRANCH |
||
|
Address |
|
No.91 Nguyen Thai Hoc, Ba Dinh District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 37474393 |
|
Fax |
|
(84-4) 37474394 |
|
|
||
|
3.
ANZ BANK (VIETNAM) LTD |
||
|
Address |
|
6th, 7th, 12th Flr, Sun City Building, No.13 Hai Ba Trung Street,
Trang Tien Ward, Hoan Kiem District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 39386901 |
|
Fax |
|
(84-4) 39386930 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
TRAN CONG MINH |
|
ID Number/Passport |
|
012178104 |
|
Resident |
|
No. 3 Thuy Ai Bach Dang Ward, Hai Ba Trung
District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 42,000,000,000 |
|
Percentage |
|
30% |
|
|
||
|
2.
NAME |
|
Mr.
TRAN VAN DIEP |
|
Position |
|
Director |
|
Date of Birth |
|
23 May 1980 |
|
ID Number/Passport |
|
013312893 |
|
Issued on |
|
23 Jun 2010 |
|
Issued Place |
|
Police Department of Ha Noi City |
|
Resident |
|
No. 29, Group 8 Thanh Nhan Ward, Hai Ba
Trung District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 14,000,000,000 |
|
Percentage |
|
10% |
|
|
||
|
3.
NAME |
|
Ms.
TRAN THI NGOC ANH |
|
ID Number/Passport |
|
A0769651A |
|
Resident |
|
No. 48, Road 399 Pho Hue Street, Hai Ba
Trung District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 84,000,000,000 |
|
Percentage |
|
60% |
|
|
||
FINANCIAL DATA
|
|||
|
|
|||
|
BALANCE
SHEET |
|||
Unit: Million VND
|
|||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
52 |
|
Audit status |
Audited |
Audited |
Unknown |
|
ASSETS |
|||
|
A – CURRENT ASSETS
|
439,264 |
318,202 |
263,541 |
|
I. Cash and cash
equivalents |
4,465 |
20,397 |
4,236 |
|
1. Cash |
246 |
333 |
4,236 |
|
2. Cash equivalents |
4,219 |
20,064 |
0 |
|
II. Short-term
investments |
0 |
0 |
0 |
|
1. Short-term investments |
0 |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts
receivable |
51,270 |
39,240 |
57,743 |
|
1. Receivable from customers |
51,270 |
39,240 |
57,743 |
|
2. Prepayments to suppliers |
0 |
0 |
0 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
0 |
0 |
0 |
|
6. Provisions for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
372,745 |
253,799 |
197,332 |
|
1. Inventories |
372,745 |
253,799 |
197,332 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current
Assets |
10,784 |
4,766 |
4,230 |
|
1. Short-term prepaid expenses |
0 |
0 |
0 |
|
2. VAT to be deducted |
6,692 |
4,244 |
3,904 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
0 |
|
4. Other current assets |
4,092 |
522 |
326 |
|
B. LONG-TERM
ASSETS |
108,851 |
61,818 |
65,890 |
|
I. Long term
accounts receivable |
0 |
0 |
0 |
|
1. Long term account receivable from customers |
0 |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
0 |
|
4. Other long-term receivable |
0 |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
0 |
|
II. Fixed assets
|
108,737 |
61,566 |
65,736 |
|
1. Tangible assets |
106,509 |
55,326 |
59,929 |
|
- Historical costs |
128,366 |
62,892 |
61,845 |
|
- Accumulated depreciation |
-21,857 |
-7,566 |
-1,916 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
2,228 |
4,667 |
4,761 |
|
- Initial costs |
4,856 |
4,856 |
4,856 |
|
- Accumulated amortization |
-2,628 |
-189 |
-95 |
|
4. Construction-in-progress |
0 |
1,573 |
1,046 |
|
III. Investment
property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term
investments |
0 |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
0 |
|
3. Other long-term investments |
0 |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other
long-term assets |
114 |
252 |
154 |
|
1. Long-term prepaid expenses |
114 |
252 |
154 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
0 |
|
1. Goodwill |
0 |
0 |
0 |
|
TOTAL ASSETS |
548,115 |
380,020 |
329,431 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
419,280 |
287,698 |
278,862 |
|
I. Current
liabilities |
363,778 |
256,964 |
240,240 |
|
1. Short-term debts and loans |
291,446 |
211,327 |
203,386 |
|
2. Payable to suppliers |
72,301 |
45,637 |
36,854 |
|
3. Advances from customers |
0 |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
0 |
0 |
0 |
|
5. Payable to employees |
0 |
0 |
0 |
|
6. Accrued expenses |
0 |
0 |
0 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
31 |
0 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
11. Bonus and welfare funds |
0 |
0 |
0 |
|
II. Long-Term
Liabilities |
55,502 |
30,734 |
38,622 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
0 |
|
4. Long-term debts and loans |
55,502 |
30,734 |
38,622 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
8. Unearned Sale |
0 |
0 |
0 |
|
9. Science and technology development fund |
0 |
0 |
0 |
|
B- OWNER’S
EQUITY |
128,835 |
92,322 |
50,569 |
|
I. OWNER’S
EQUITY |
128,797 |
92,286 |
50,522 |
|
1. Capital |
60,000 |
40,000 |
15,000 |
|
2. Share premiums |
0 |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
0 |
|
6. Foreign exchange differences |
0 |
0 |
0 |
|
7. Business promotion fund |
0 |
605 |
2,594 |
|
8. Financial reserved fund |
0 |
0 |
0 |
|
9. Other funds |
0 |
637 |
1,729 |
|
10. Retained earnings |
68,797 |
51,044 |
31,199 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
0 |
|
II. Other
sources and funds |
38 |
36 |
47 |
|
1. Bonus and welfare funds (Elder form) |
38 |
36 |
47 |
|
2. Sources of expenditure |
0 |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
0 |
|
MINORITY’S
INTEREST |
0 |
0 |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
548,115 |
380,020 |
329,431 |
|
|
|||
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
FY2009 |
|
1. Total Sales |
1,378,089 |
987,911 |
612,445 |
|
2. Deduction item |
0 |
0 |
0 |
|
3. Net sale |
1,378,089 |
987,911 |
612,445 |
|
4. Costs of goods sold |
1,300,640 |
935,552 |
575,086 |
|
5. Gross profit |
77,449 |
52,359 |
37,359 |
|
6. Financial income |
244 |
88 |
69 |
|
7. Financial expenses |
56,203 |
30,470 |
18,992 |
|
- In which: Loan interest expenses |
56,203 |
10,528 |
18,992 |
|
8. Selling expenses |
1,309 |
1,141 |
586 |
|
9. Administrative overheads |
2,427 |
991 |
556 |
|
10. Net operating profit |
17,754 |
19,845 |
17,294 |
|
11. Other income |
0 |
0 |
0 |
|
12. Other expenses |
0 |
0 |
4,409 |
|
13. Other profit /(loss) |
0 |
0 |
-4,409 |
|
14. Total accounting profit before tax |
17,754 |
19,845 |
12,885 |
|
15. Current corporate income tax |
0 |
0 |
0 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
17,754 |
19,845 |
12,885 |
|
|
||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2011 |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.21 |
1.24 |
1.10 |
1.15 |
|
Quick liquidity ratio |
0.18 |
0.25 |
0.28 |
0.55 |
|
Inventory circle |
4.15 |
3.69 |
3.43 |
4.67 |
|
Average receive period |
13.58 |
14.50 |
34.41 |
95.82 |
|
Utilizing asset performance |
2.51 |
2.60 |
1.86 |
1.12 |
|
Liability by total assets |
76.49 |
75.71 |
84.65 |
65.92 |
|
Liability by owner's equity |
325.44 |
311.62 |
551.45 |
234.28 |
|
Ebit / Total assets (ROA) |
13.49 |
7.99 |
9.68 |
6.27 |
|
Ebit / Owner's equity (ROE) |
57.40 |
32.90 |
63.04 |
18.68 |
|
Ebit / Total sale (NPM) |
5.37 |
3.07 |
5.20 |
6.92 |
|
Gross profit / Total sale (GPM) |
5.62 |
5.30 |
6.10 |
10.11 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
||||
|
|
||||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
T/T, L/C |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
Normal |
INTERPRETATION ON THE SCORES
|
|
|
|
The subject was established in 2006 in Hung Yen Province as the second
factory of Tiendat Stainless Steel Group (registered name: Tien Dat Company Limited).
Currently, the subject is operating under the business registration No.
0900226793 with chartered capital of VND 140 billion. The company’s head office and factory are located at Phan Boi Hamlet,
Di Su Commune, My Hao District, Hung Yen Province. It has transaction office
at 334 Lac Trung Street, Hai Ba Trung District, Ha Noi City where is the head
office of Tien Dat Company Limited. The company specializes in producing and
trading stainless steel products such as tubes, wires / round bars... Its products
were brought to the market since 2007. Currently, its products are mainly
provided for domestic market. The company is ranked as a large size company in the industry. The
company’s total assets in 2011 were VND 548.1 billion; increased 44.2% compared
to 2010. According to the balance sheet, the company’s total assets were
financed largely by liability. Liability by total assets in 2011 was 76.49%,
higher than average industry. The self-financing ability is acceptable. The
company’s ratio of liability by total assets is expected to improve more when
the subject increased its chartered capital from VND 60 billion to VND 140
billion. The business result of subject is above average. The total sales
increased year after year and reached VND 1,378.1 billion; increased 39.5%
compared to 2010. However, profit after tax went down from VND 19.8 billion
in 2010 to VND 17.8 billion in 2011. The reason is mainly come from the
increase of financial expenses. The financial expenses in 2011 were VND 56.2
billion; increased VND 25.7 billion compared to 2010. It is due to the boom
of loan interest expenses. This item increased from only VND 10.5 billion in
2010 to VND 56.2 billion in 2011. It is the result of using much liability
(mainly debts and loans) to finance for capital need and the high interest
rate in 2011. However, the company’s profitability of the subject is still
considered good compared to average industry. In short, the subject is a medium scale company. The financial
situation is above average. The future prosperity of the subject seems
bright. The subject has capacity to meet small and normal financial
commitments. |
|
INDUSTRY DATA |
||||||
|
|
||||||
|
Industry code |
GDP growth speed
by price compared with 1994 (%) |
Total enterprises
2010 |
Total employees
2011 (Thous.pers.) |
Annual average
capital of enterprises 2010 (billion dongs) |
||
|
2012 |
2011 |
|||||
|
Agriculture,
Forestry and Fishing |
2.72 |
4.00 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and
Construction |
4.52 |
5.53 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and
Services |
6.42 |
6.69 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
|
ECONOMIC
INDICATORS |
||||||
|
|
||||||
|
|
2012 |
2011 |
2010 |
|||
|
Population (Million person) |
88.78 |
87.84 |
86.93 |
|||
|
Gross Domestic Products (USD
billion) |
136 |
119 |
102.2 |
|||
|
GDP Growth (%) |
5.03 |
5.89 |
6.78 |
|||
|
GDP Per Capita
(USD/person/year) |
1,540 |
1,300 |
1,160 |
|||
|
Inflation (% Change in
Composite CPI) |
9.21 |
18.58 |
11.75 |
|||
|
State Budget Deficit compared
with GDP (%) |
4.8 |
4.9 |
5.8 |
|||
|
|
||||||
|
SERVICE TRADE
PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2012 |
2011 |
2010 |
|||
|
Exports |
114.6 |
96.3 |
72.2 |
|||
|
Imports |
114.3 |
105.8 |
84.8 |
|||
|
Trade Balance |
0.3 |
-9.5 |
-12.6 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.89 |
|
UK Pound |
1 |
Rs.90.88 |
|
Euro |
1 |
Rs.78.32 |
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.