MIRA
INFORM REPORT
|
Report Date : |
06.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
H. V.
FILA CO., LTD. |
|
|
|
|
Registered Office : |
119/9 Moo 1,
Soi Tonson, Sethakij
1 Road, T. Bankoh, A.
Muang, Samutsakorn 74000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
30.01.2003 |
|
|
|
|
Com. Reg. No.: |
0105546013248 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, exporter and distributor of natural rubber threads |
|
|
|
|
No. of Employees : |
400 |
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 – 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
H. V. FILA CO., LTD.
Company SUMMARY
BUSINESS
ADDRESS : 119/9
MOO 1, SOI
TONSON, SETHAKIJ 1
ROAD,
T. BANKOH,
A. MUANG, SAMUTSAKORN
74000
TELEPHONE : [66] 34
468-890, 34 468-441-5
FAX :
[66] 34
468-895, 34 468-666
E-MAIL
ADDRESS : info@hvfila.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION
NO. : 0105546013248
TAX
ID NO. : 3030809889
CAPITAL REGISTERED : BHT. 390,000,000
CAPITAL PAID-UP : BHT.
390,000,000
SHAREHOLDER’S PROPORTION : THAI :
90.05%
CHINESE :
9.95%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. SUREE VIWATTANAKAJORNSUK, THAI
PRESIDENT
NO.
OF STAFF : 400
LINES
OF BUSINESS : NATURAL RUBBER
THREADS
MANUFACTURER, EXPORTER
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 January
30, 2003 as
a private limited
company under the registered name “H.V. Filatex
Co., Ltd.” by
Thai and Chinese groups.
On April 9,
2003, subject’s name was
changed to H. V.
FILA CO., LTD. Its
business objective is to
manufacture natural rubber
threads for both export
and domestic markets.
It currently employs
approximately 400 staff.
The
subject’s registered address
is 119/9 Moo
1, Soi Tonson,
Sethakij 1 Rd., T.Bankoh, A. Muang,
Samutsakorn 74000, and
this is the
subject’s current
operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Suree Viwattanakajornsuk |
|
Thai |
66 |
|
Mr. Virach Viwattanakajornsuk |
|
Thai |
45 |
|
Mr. Vibul Viwattanakajornsuk |
|
Thai |
48 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Suree Viwattanakajornsuk is
the President.
She is Thai
nationality with the
age of 66
years old.
Mr. Virach
Viwattanakajornsuk is the
Managing Director.
He is Thai
nationality with the
age of 45
years old.
Mr. Vibul Viwattanakajornsuk is
the Assistant Managing
Director.
He is Thai
nationality with the
age of 48
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, exporting
and distributing natural
rubber threads and
vulcanized extrusion rubber
threads. The product
includes elastic webbings,
elastic tapes and
etc., under its
own brand “HV FILA”.
PURCHASE
Most
of raw materials;
natural rubber, latex
and chemical are
purchased from local
suppliers, the remaining
is imported from
Taiwan, Japan and
Republic of China.
SALES
90% of the products is exported
to U.S.A., Japan, Republic of
China, Taiwan, Singapore, Hong
Kong, Australia, New
Zealand and the countries
in Europe, Africa,
and Latin America,
the remaining 10% is
sold locally to
wholesalers, manufacturers and
end-users.
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
Krung
Thai Bank Public
Co., Ltd.
Kasikornbank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
400 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office, factory I and
warehouse at the
heading address. Premise
is located in
provincial.
Factory
II is located
at 53/5 Moo
3, T. Thakanoon, A. Thongphapoom, Karnchanaburi
71180.
COMMENT
The
subject is a
manufacturer, exporter and
distributor of natural
rubber threads. Its
operating performance in
the past years
was considered satisfactory
from two consecutive
years of net
profit and accumulated
retained earning.
However, market improvement would spur
demand of the products, and estimated that
the subject’s sales would
grow at strong rate
this year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 200,000,000
divided into 2,000,000
shares of Bht.
100 each.
On
December 26, 2007,
the capital was
increased to Bht. 390,000,000 divided
into 39,000,000 shares
of Bht. 10 each
with fully paid-up.
MAIN
SHAREHOLDERS : [as
at January 17,
2013] at Bht.
390,000,000 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Suree Viwattanakajornsuk Nationality: Thai Address : 74/46
Moo 3, Budhamonthon-Talingchan Rd.,
Chimplee, Talingchan, Bangkok |
13,188,600 |
33.82 |
|
Mr. Virach Viwattanakajornsuk Nationality: Thai Address : 53/5
Moo 3, T. Thakanoon, A.
Thongphapoom,
Karnchanaburi |
4,089,000 |
10.48 |
|
Mr. Vibul Viwattanakajornsuk Nationality: Thai Address : 253/2
Charoenrath Rd., Klongsan,
Bangkok |
3,879,000 |
9.95 |
|
Mr. Wang Deming Nationality: Chinese Address : 18/23
Moo 5, Sethakij
1 Rd., Nadee, Muang, Samutsakorn |
3,879,000 |
9.95 |
|
Mrs. Busayaporn Viriyasiri Nationality: Thai Address : 71/71
Ladyao, Jatujak, Bangkok |
3,491,100 |
8.95 |
|
Mr. Vichien Viwattanakajornsuk Nationality: Thai Address : 436/7
Songwad Rd., Chakrawad,
Samphantawong, Bangkok |
1,939,500 |
4.97 |
|
Ms. Thipawan Ptathumthin Nationality: Thai Address : 11/221
Moo 9, Bangkae,
Bangkok |
1,939,500 |
4.97 |
|
Mrs. Duangporn
Viwattanakajornsuk Nationality: Thai Address : 253
Charoenrath Rd., Klongsan,
Bangkok |
1,939,500 |
4.97 |
|
Others |
4,654,800 |
11.94 |
Total Shareholders : 13
Share Structure [as
at January 17,
2013]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
12 |
35,121,000 |
90.05 |
|
Chinese |
1 |
3,879,000 |
9.95 |
|
Total |
13 |
39,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Kompakorn Leevorawat
No. 4092
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 |
78,474,560.63 |
123,357,157.62 |
90,620,805.02 |
|
Trade Accounts Receivable
& Postdated Cheque |
330,851,131.37 |
356,892,537.70 |
261,363,379.58 |
|
Inventories |
639,546,652.23 |
263,157,366.03 |
159,336,562.93 |
|
Refundable Value Added Tax |
4,245,594.52 |
5,707,505.22 |
2,285,452.86 |
|
Advance Payment for
Goods |
1,382,606.01 |
6,781,543.83 |
- |
|
Other Current Assets
|
2,206,156.34 |
6,652,335.31 |
9,565,974.87 |
|
Total Current Assets
|
1,056,706,701.10 |
762,548,445.71 |
523,172,175.26 |
|
|
|
|
|
|
Fixed Assets |
1,022,585,800.12 |
964,424,385.21 |
829,730,539.13 |
|
Total Assets |
2,079,292,501.22 |
1,726,972,830.92 |
1,352,902,714.39 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Bank Overdraft & from Financial Institution |
192,547,979.91 |
64,530,513.07 |
66,746,284.68 |
|
Promissory Notes from Financial Institution |
656,822,856.07 |
440,000,000.00 |
420,000,000.00 |
|
Trade Accounts Payable & Postdated Cheque |
417,945,925.31 |
451,482,319.00 |
205,547,884.86 |
|
Current Portion of
Hire-purchase Contract Liabilities
|
2,412,387.00 |
325,992.00 |
- |
|
Advance Income from Customer |
36,784,858.75 |
47,584,230.75 |
- |
|
Accrued Expenses |
9,064,955.76 |
13,983,323.05 |
- |
|
Other Current Liabilities |
706,846.64 |
788,291.08 |
18,096,084.64 |
|
Total Current Liabilities |
1,316,285,809.44 |
1,018,694,668.95 |
710,390,254.18 |
|
|
|
|
|
|
Hire-purchase Contract Liabilities, Net |
1,549,513.00 |
679,150.00 |
- |
|
Total Liabilities |
1,317,835,322.44 |
1,019,373,818.95 |
710,390,254.18 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
value authorized, issued
and fully paid share
capital 39,000,000 shares |
390,000,000.00 |
390,000,000.00 |
390,000,000.00 |
|
|
|
|
|
|
Capital Paid |
390,000,000.00 |
390,000,000.00 |
390,000,000.00 |
|
Retained Earning –
Unappropriated |
371,457,178.78 |
317,599,011.97 |
252,512,460.21 |
|
Total Shareholders' Equity |
761,457,178.78 |
707,599,011.97 |
642,512,460.21 |
|
Total Liabilities &
Shareholders' Equity |
2,079,292,501.22 |
1,726,972,830.92 |
1,352,902,714.39 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
2,249,619,212.81 |
2,002,198,407.83 |
1,347,878,156.73 |
|
Interest Income |
114,968.18 |
53,917.72 |
32,373.53 |
|
Gain on Exchange Rate |
12,317,701.51 |
7,419,717.47 |
- |
|
Other Income |
2,038,682.87 |
614,920.89 |
27,800.48 |
|
Total Revenues |
2,264,090,565.37 |
2,010,286,963.91 |
1,347,938,330.74 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,119,696,490.64 |
1,849,756,654.59 |
1,228,973,309.86 |
|
Selling Expenses |
46,959,672.13 |
65,739,777.89 |
39,071,132.63 |
|
Administrative Expenses |
24,005,883.12 |
19,018,297.66 |
23,219,076.74 |
|
Total Expenses |
2,190,662,045.89 |
1,934,514,730.14 |
1,291,263,519.23 |
|
Profit before Financial Cost |
73,428,519.48 |
75,772,233.77 |
56,674,811.51 |
|
Financial Cost |
[19,570,352.67] |
[10,685,682.01] |
[11,124,672.03] |
|
Net Profit / [Loss] |
53,858,166.81 |
65,086,551.76 |
45,550,139.48 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.80 |
0.75 |
0.74 |
|
QUICK RATIO |
TIMES |
0.32 |
0.48 |
0.50 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.20 |
2.08 |
1.62 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.08 |
1.16 |
1.00 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
110.13 |
51.93 |
47.32 |
|
INVENTORY TURNOVER |
TIMES |
3.31 |
7.03 |
7.71 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
53.68 |
65.06 |
70.78 |
|
RECEIVABLES TURNOVER |
TIMES |
6.80 |
5.61 |
5.16 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
71.97 |
89.09 |
61.05 |
|
CASH CONVERSION CYCLE |
DAYS |
91.84 |
27.90 |
57.05 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
94.22 |
92.39 |
91.18 |
|
SELLING & ADMINISTRATION |
% |
3.15 |
4.23 |
4.62 |
|
INTEREST |
% |
0.87 |
0.53 |
0.83 |
|
GROSS PROFIT MARGIN |
% |
6.42 |
8.02 |
8.83 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.26 |
3.78 |
4.20 |
|
NET PROFIT MARGIN |
% |
2.39 |
3.25 |
3.38 |
|
RETURN ON EQUITY |
% |
7.07 |
9.20 |
7.09 |
|
RETURN ON ASSET |
% |
2.59 |
3.77 |
3.37 |
|
EARNING PER SHARE |
BAHT |
1.38 |
1.67 |
1.17 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.63 |
0.59 |
0.53 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.73 |
1.44 |
1.11 |
|
TIME INTEREST EARNED |
TIMES |
3.75 |
7.09 |
5.09 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
12.36 |
48.54 |
|
|
OPERATING PROFIT |
% |
(3.09) |
33.70 |
|
|
NET PROFIT |
% |
(17.25) |
42.89 |
|
|
FIXED ASSETS |
% |
6.03 |
16.23 |
|
|
TOTAL ASSETS |
% |
20.40 |
27.65 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 12.36%. Turnover has increased from THB 2,002,198,407.83
in 2010 to THB 2,249,619,212.81 in 2011. While net profit has decreased from
THB 65,086,551.76 in 2010 to THB 53,858,166.81 in 2011. And total assets has
increased from THB 1,726,972,830.92 in 2010 to THB 2,079,292,501.22 in 2011.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.42 |
Acceptable |
Industrial
Average |
11.30 |
|
Net Profit Margin |
2.39 |
Acceptable |
Industrial
Average |
3.67 |
|
Return on Assets |
2.59 |
Acceptable |
Industrial
Average |
4.74 |
|
Return on Equity |
7.07 |
Acceptable |
Industrial
Average |
12.68 |
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 6.42%. 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 2.39%. 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 2.59%.
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 7.07%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.80 |
Risky |
Industrial
Average |
1.44 |
|
Quick Ratio |
0.32 |
|
|
|
|
Cash Conversion Cycle |
91.84 |
|
|
|
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 0.8 times in 2011, increased from 0.75 times, then the company may have
problems meeting its short-term obligations. 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 0.32 times in 2011,
decreased from 0.48 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 92 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.63 |
Acceptable |
Industrial
Average |
0.52 |
|
Debt to Equity Ratio |
1.73 |
Risky |
Industrial
Average |
0.92 |
|
Times Interest Earned |
3.75 |
Impressive |
Industrial
Average |
3.26 |
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 3.76 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 0.63 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 Uptrend
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.20 |
Acceptable |
Industrial
Average |
3.60 |
|
Total Assets Turnover |
1.08 |
Satisfactory |
Industrial
Average |
1.39 |
|
Inventory Conversion Period |
110.13 |
|
|
|
|
Inventory Turnover |
3.31 |
Satisfactory |
Industrial
Average |
4.18 |
|
Receivables Conversion Period |
53.68 |
|
|
|
|
Receivables Turnover |
6.80 |
Impressive |
Industrial
Average |
3.50 |
|
Payables Conversion Period |
71.97 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.80 and 5.61 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
increased from 2010. 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 52 days at the
end of 2010 to 110 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 7.03 times in year 2010 to 3.31 times
in year 2011.
The company's Total Asset Turnover is calculated as 1.08 times and 1.16
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.65 |
|
UK Pound |
1 |
Rs.82.66 |
|
Euro |
1 |
Rs.71.21 |
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.