MIRA
INFORM REPORT
|
Report Date : |
04.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
THAI COPPER
ROD COMPANY LIMITED |
|
|
|
|
Registered Office : |
22/2 Moo 5,
Theparak Road, T. Bangpleeyai A. Bangplee, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
27.04.1987 |
|
|
|
|
Com. Reg. No.: |
0105530020002 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and
Distributor of Copper Rods |
|
|
|
|
No. of Employees : |
75 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
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
THAI COPPER ROD
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 22/2
MOO 5, THEPARAK
ROAD, T. BANGPLEEYAI,
A.
BANGPLEE, SAMUTPRAKARN 10540
TELEPHONE : [66] 2385-5003-6
FAX :
[66] 2385-5007
E-MAIL : thcurod3@ksc.th.com
REGISTRATION
ADDRESS : 16th FLOOR,
MANEEYA BUILDING,
518/5 PLOENCHIT
ROAD, LUMPINI,
PATHUMWAN, BANGKOK
10330
ESTABLISHED
: 1987
REGISTRATION
NO. : 0105530020002 [Former
: 1997/2530]
TAX
ID NO. : 3101443851
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
SHAREHOLDER’S PROPORTION : THAI :
54.50%
FOREIGN :
45.50%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PETER ARMSTRONG
CAMPBELL, BRITISH
MANAGING DIRECTOR
NO.
OF STAFF : 75
LINES
OF BUSINESS : COPPER RODS
MANUFACTURER 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 April 27,
1987 as a
private limited company
under the registered
name “Soi 9 Property
Co., Ltd.” by
Thai and Japanese
groups.
On
May 31, 1998, subject’s
name was changed
to THAI COPPER ROD
COMPANY LIMITED.
The subject’s business objective is a
manufacturing service of copper rod.
It currently employs 75
staff.
The
major shareholders are
Bangkok Cable Co.,
Ltd., Phelps Dodge
International [Thailand] Co.,
Ltd., Sumitomo Electric Wintec [Thailand] Co., Ltd., and Sumitomo Electric
Industries Co., Ltd., with
holding around 30%,
20%, 12.50% and
12.50% of the subject’s
shares respectively.
The
subject’s registered address
is 16th Flr.,
Maneeya Bldg., 518/5
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok 10330,
while the business
address is located
at 22/2 Moo
5, Theparak Rd.,
T. Bangpleeyai, A. Bangplee, Samutprakarn
10540.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Yasunobu Sugimura |
|
Japanese |
61 |
|
Mr. Tomohiro Tomita |
|
Japanese |
52 |
|
Mr. Sompong Nakornsri |
|
Thai |
79 |
|
Mr. Athikom Thongnamtako |
|
Thai |
83 |
|
Mr. Termsakdi Honghirun |
|
Thai |
66 |
|
Mr. Hitoshi Kato |
|
Japanese |
56 |
|
Mr. Nirut Chiakwathanyu |
[x] |
Thai |
54 |
|
Mr. Peter Armstrong Campbell |
[x] |
British |
51 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can jointly sign
with one of
the rest directors
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Peter Armstrong Campbell is
the Managing Director.
He is British
nationality with the
age of 51
years old.
Mr. Ekachai Luangvilailert is
the Factory Manager.
He is Thai
nationality.
Mr. Itthidech Rujiwasin is
the Engineering Manager.
He is Thai
nationality.
Mr. Wiboon Yimlamai is the
Chief
of Store.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
service of copper
rods in accordance
with customer’s orders. Most
of the products
are supplied to
electrical and telecommunication industries.
PRODUCTION CAPACITY
50,000 tons/year
PURCHASE
Most of raw
materials such as
chemical and wire
are purchased from
local suppliers, the
remaining is imported
from Japan, Taiwan,
India and Republic
of China.
SERVICES
The products are
serviced locally to
manufacturers and end-users.
MAJOR CUSTOMERS
Bangkok Cable Co.,
Ltd. : Thailand
Phelps Dodge Thailand
Co., Ltd. : Thailand
Sumitomo Electric [Thailand] 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
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
75 office staff
and factory workers.
LOCATION DETAILS
The
premise is rented
for administrative office, factory
and warehouse at the heading
address. Premise is
located in industrial
area.
COMMENT
The subject’s operating
performance had been
dropped during the past
few years. However,
the subject’s business
performance has gradually improved
in the year 2012.
Growth expected to be
on par with
strong demand form
related industries.
FINANCIAL INFORMATION
The
capital was initially
registered at Bht.
100,000 divided into
1,000 shares of
Bht. 100 each.
On
July 30, 1988, the
capital was increased
to Bht. 100,000,000 divided
into 100,000 shares
of Bht. 1,000
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 24, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bangkok Cable Co.,
Ltd. Nationality: Thai Address : 187/1
Rajdamri Rd., Lumpini,
Pathumwan, Bangkok |
30,000 |
30.00 |
|
Phelps Dodge International [Thailand]
Co., Ltd. Nationality: Foreign Address : 159
Theparak Rd., T. Bangpla,
A.
Bangplee, Samutprakarn |
20,000 |
20.00 |
|
Sumitomo Electric Wintec
[Thailand] Co., Ltd. Nationality: Thai Address : 649
Moo 2, Sukhumvit Rd., T.Bangpoomai, A.
Muang, Samutprakarn |
12,500 |
12.50 |
|
Sumitomo Electric Industries
Co., Ltd. Nationality: Japanese Address : 3-12
Modoakasaka, 1-chome Minako-ku, Tokyo, Japan
|
12,500 |
12.50 |
|
HBC Telecom Co.,
Ltd. Nationality: Thai Address : 173
Moo 12, Bangna-Trad Rd., T. Bangwua, A.
Bangpakong, Chachoengsao |
7,000 |
7.00 |
|
Thai Hitachi Enamel
Wire Co., Ltd. Nationality: Foreign Address : 171
Moo 12, Bangna-Trad Rd., T.
Bangwua, A.
Bangpakong, Chachoengsao |
7,000 |
7.00 |
|
Hitachi Cable Co.,
Ltd. Nationality: Japanese Address : 2-1-2
Marunoshi Shiyoda-ku, Tokyo,
Japan |
6,000 |
6.00 |
|
PDTL Trading Co.,
Ltd. Nationality: Thai Address : 518/5
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok |
5,000 |
5.00 |
Total Shareholders : 8
Share Structure [as
at April 24,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
54,500 |
54.50 |
|
Foreign |
4 |
45,500 |
45.50 |
|
Total |
8 |
100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Natchalee Bunyakarnkul No.
3126
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
59,315,942 |
52,483,052 |
64,770,740 |
|
Trade Accounts & Other
Receivable - Related Company |
11,270,066 |
12,390,704 |
9,207,200 |
|
- Other Company |
2,441,128 |
1,826,892 |
- |
|
Inventories |
26,519,923 |
37,249,091 |
31,445,911 |
|
Other Current Assets
|
- |
- |
310,135 |
|
Total Current Assets
|
99,547,059 |
103,949,739 |
105,733,986 |
|
Fixed Assets |
59,623,114 |
62,131,199 |
65,468,710 |
|
Deferred Income Tax |
3,409,737 |
2,701,277 |
1,754,099 |
|
Other Non-current Assets |
30,000 |
30,000 |
30,000 |
|
Total Assets |
162,609,910 |
168,812,215 |
172,986,795 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
2,428,576 |
2,355,621 |
3,718,852 |
|
Other Payable |
4,278,670 |
4,343,320 |
- |
|
Accrued Income Tax |
- |
356,193 |
1,185,064 |
|
Accrued Expenses |
- |
- |
3,864,248 |
|
Other Current Liabilities |
- |
- |
416,948 |
|
Total Current Liabilities |
6,707,246 |
7,055,134 |
9,185,112 |
|
Reserve for Employees’ Benefit |
10,422,401 |
8,065,460 |
5,075,836 |
|
Total Liabilities |
17,129,647 |
15,120,594 |
14,260,948 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 100,000 shares |
100,000,000 |
100,000,000 |
100,000,000 |
|
Capital Paid |
100,000,000 |
100,000,000 |
100,000,000 |
|
Statutory Reserve |
10,000,000 |
10,000,000 |
10,000,000 |
|
Retained Earning -
Unappropriated |
35,480,263 |
43,691,621 |
48,725,847 |
|
Total Shareholders' Equity |
145,480,263 |
153,691,621 |
158,725,847 |
|
Total Liabilities &
Shareholders' Equity |
162,609,910 |
168,812,215 |
172,986,795 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Services Income |
117,559,315 |
135,333,306 |
132,539,437 |
|
Other Income |
|
|
|
|
Scarp Sale Income |
3,167,432 |
1,398,743 |
10,987,572 |
|
Other |
1,840,065 |
1,579,791 |
860,680 |
|
Total Revenues |
122,566,812 |
138,311,840 |
144,387,689 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Services
|
100,038,198 |
102,906,238 |
104,447,338 |
|
Selling Expenses |
3,429,080 |
3,999,180 |
4,153,060 |
|
Administrative Expenses |
16,510,549 |
17,229,896 |
14,833,542 |
|
Total Expenses |
119,977,827 |
124,135,314 |
123,433,940 |
|
Profit before Income
Tax |
2,588,985 |
14,176,526 |
20,953,749 |
|
Income Tax |
[800,343] |
[4,210,752] |
[6,405,157] |
|
Net Profit / [Loss] |
1,788,642 |
9,965,774 |
14,548,592 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
14.84 |
14.73 |
11.51 |
|
QUICK RATIO |
TIMES |
10.89 |
9.45 |
8.05 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.97 |
2.18 |
2.02 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.72 |
0.80 |
0.77 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
96.76 |
132.12 |
109.89 |
|
INVENTORY TURNOVER |
TIMES |
3.77 |
2.76 |
3.32 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
7.58 |
4.93 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
48.16 |
74.08 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
8.86 |
8.36 |
13.00 |
|
CASH CONVERSION CYCLE |
DAYS |
95.48 |
128.69 |
96.89 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
85.10 |
76.04 |
78.80 |
|
SELLING & ADMINISTRATION |
% |
16.96 |
15.69 |
14.33 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
19.16 |
26.16 |
30.13 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.20 |
10.48 |
15.81 |
|
NET PROFIT MARGIN |
% |
1.52 |
7.36 |
10.98 |
|
RETURN ON EQUITY |
% |
1.23 |
6.48 |
9.17 |
|
RETURN ON ASSET |
% |
1.10 |
5.90 |
8.41 |
|
EARNING PER SHARE |
BAHT |
17.89 |
99.66 |
145.49 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.11 |
0.09 |
0.08 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.12 |
0.10 |
0.09 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(13.13) |
2.11 |
|
|
OPERATING PROFIT |
% |
(81.74) |
(32.34) |
|
|
NET PROFIT |
% |
(82.05) |
(31.50) |
|
|
FIXED ASSETS |
% |
(4.04) |
(5.10) |
|
|
TOTAL ASSETS |
% |
(3.67) |
(2.41) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -13.13%. Turnover has decreased from THB
135,333,306.00 in 2010 to THB 117,559,315.00 in 2011. While net profit has
decreased from THB 9,965,774.00 in 2010 to THB 1,788,642.00 in 2011. And total
assets has decreased from THB 168,812,215.00 in 2010 to THB 162,609,910.00 in
2011.
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
19.16 |
Impressive |
Industrial
Average |
6.39 |
|
Net Profit Margin |
1.52 |
Impressive |
Industrial
Average |
0.93 |
|
Return on Assets |
1.10 |
Satisfactory |
Industrial
Average |
1.40 |
|
Return on Equity |
1.23 |
Deteriorated |
Industrial
Average |
3.82 |
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 19.16%. When compared with the industry
average, the ratio of the company was higher, indicated that company was more
profitable than the same industry.
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 1.52%,
higher figure when compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant position within its industry.
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 1.1%.
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 1.23%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
14.84 |
Impressive |
Industrial
Average |
1.31 |
|
Quick Ratio |
10.89 |
|
|
|
|
Cash Conversion Cycle |
95.48 |
|
|
|
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 14.84 times in 2011, increased from 14.73 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 10.89 times in 2011,
increased from 9.45 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 96 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.11 |
Impressive |
Industrial
Average |
0.59 |
|
Debt to Equity Ratio |
0.12 |
Impressive |
Industrial
Average |
1.60 |
|
Times Interest Earned |
- |
|
Industrial
Average |
1.82 |
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 0.11 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.97 |
Acceptable |
Industrial
Average |
3.91 |
|
Total Assets Turnover |
0.72 |
Deteriorated |
Industrial
Average |
1.48 |
|
Inventory Conversion Period |
96.76 |
|
|
|
|
Inventory Turnover |
3.77 |
Satisfactory |
Industrial
Average |
4.60 |
|
Receivables Conversion Period |
7.58 |
|
|
|
|
Receivables Turnover |
48.16 |
Impressive |
Industrial
Average |
4.63 |
|
Payables Conversion Period |
8.86 |
|
|
|
The company's Account Receivable Ratio is calculated as 48.16 and 74.08
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 decreased from 132 days at the
end of 2010 to 97 days at the end of 2011. This represents a positive trend.
And Inventory turnover has increased from 2.76 times in year 2010 to 3.77 times
in year 2011.
The company's Total Asset Turnover is calculated as 0.72 times and 0.8
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 Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.48 |
|
|
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.71.27 |
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.