MIRA INFORM REPORT
|
Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
POLIPHARM COMPANY
LIMITED |
|
|
|
|
Registered Office : |
109 Moo 12,
Bangna-Trad Road, Bangpleeyai, Bangplee, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
15.12.1978 |
|
|
|
|
Com. Reg. No.: |
0105521023592 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor
& Exporter Generic
Pharmaceutical Products. |
|
|
|
|
No. of Employees : |
150 |
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 crisis 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 and address
POLIPHARM COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 109 MOO
12, BANGNA-TRAD ROAD,
BANGPLEEYAI, BANGPLEE,
SAMUTPRAKARN
10540, THAILAND
TELEPHONE : [66] 2316-9419-21, 2317-1961
FAX :
[66] 2752-0547
E-MAIL
ADDRESS : info@polipharm.com
export@polipharm.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1978
REGISTRATION
NO. : 0105521023592
TAX
ID NO. : 3101153057
CAPITAL REGISTERED : BHT. 50,000,000
CAPITAL PAID-UP : BHT.
50,000,000
SHAREHOLDER’S PROPORTION : THAI : 51.00%
GERMAN :
49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SUCHART CHOOKRUVONG, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 150
LINES
OF BUSINESS : GENERIC PHARMACEUTICAL PRODUCTS
MANUFACTURER, DISTRIBUTOR
& EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on December 15,
1978 as a
private limited company under
the name style
POLIPHARM COMPANY LIMITED
by Thai and German
groups. Its business objective
is to manufacture
wide range of
generic pharmaceutical products
to both domestic and
international markets. It
currently employs approximately 150
staff.
The
production was certified
for the Good
Manufacturing Practice [GMP] from
Food and Drug
Administration [FDA], Thailand,
including ISO 9001 certification
for the production
quality system.
The subject’s registered address
is 109 Moo 12, Bangna-Trad
Rd., Bangpleeyai, Bangplee,
Samutprakarn 10540, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Volker Fischer |
|
German |
77 |
|
Mrs. Monika Fischer |
|
German |
71 |
|
Mr. Phisit Dutchanapirom |
|
Thai |
72 |
|
Mr. Suchart Chookruvong |
|
Thai |
64 |
|
Mr. Somchai Somwongsiri |
|
Thai |
60 |
AUTHORIZED PERSON
Any two of the
above directors can jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Suchart Chookruvong is
the Managing Director.
He is Thai
nationality with the
age of 64 years
old.
Mr. Vichai Makeetham is
the Factory Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
wide range of
generic pharmaceutical
products in 5 dosage
forms: tablets, capsules, liquid
syrups, creams-gels and
powders, under its
own brands “TACINOL”,
“PIROXCIN GEL”, “VERMIXIDE”,
“COMFY SYRUP”, “BERCLOMIN”, “DICLOGEL”, “GANDIN
DS” and etc.,
as well as
customer’s brands.
PURCHASE
Raw chemicals and
materials are purchased
from suppliers both
domestic and overseas,
in U.S.A., Japan,
Republic of China,
Taiwan and European
countries.
SALES
80% of the
products is sold
locally by wholesale
to traders and
end-users both private
and government sectors,
the remaining 20% is exported
to Singapore, Hong Kong, Vietnam, Bangladesh,
India, Malaysia, Sri Lanka and the
countries in Africa.
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
150 staff.
LOCATION DETAILS
The premise
is owned for
administrative office and factory
at the heading
address. Premise is located in
provincial.
COMMENT
The
subject is a
manufacturer, distributor and exporter
of pharmaceutical products
for both domestic and
export markets. The
subject has a
reputation of high
quality and integrity
and maintains its
sales growth in
both domestic and
exports.
Strengthen in production,
sales and marketing,
the subject will
have outstanding performance
this year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 5,000,000 divided into 50,000 shares of
Bht. 100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 10,000,000
on October 20,
1980
Bht. 50,000,000
on August 19,
1999
The
latest registered capital
was increased to
Bht. 50 million, divided into
500,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 26, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Somchai Somwongsiri Nationality: Thai Address : 112/45
Moo 6, Thungsonghong,
Donmuang, Bangkok |
230,000 |
46.00 |
|
Mr. Volker Fischer Nationality: German Address : 162
Soi Phranang, Dindaeng
Rd.,
Dindaeng, Bangkok |
145,000 |
29.00 |
|
Mrs. Monika Fischer Nationality: German Address : 250
Pattanakarn Rd., Suanluang,
Bangkok |
99,995 |
19.99 |
|
Mr. Suchart Chookruvong Nationality: Thai Address : 578
Soi Phyanark, Petchburi
Rd., Rajthewi,
Bangkok |
25,001 |
5.00 |
|
Mr. Phisit Dutchanapirom Nationality: Thai Address : 39/32
Soi Rawadee 13,
Tiwanont Rd., Muang, Nonthaburi |
1 |
|
|
Mr. Nicholie Fischer Nationality: German Address :
250 Pattanakarn Rd.,
Suanluang, Bangkok |
1 |
= 0.01 |
|
Ms. Orapin Somwongsiri Nationality: Thai Address : 1/14
Moo 6, Thungsonghong, Laksi,
Bangkok |
1 |
|
|
Mrs. Kesorn Thanomwong Nationality: Thai Address : 30/145
Moo 1, Bangkaew, Bangplee,
Samutprakarn |
1 |
|
Total Shareholders : 8
Share Structure [as
at April 26,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
255,004 |
51.00 |
|
Foreign-German |
3 |
244,996 |
49.00 |
|
Total |
8 |
500,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Hasaya Innueng No.
9625
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 [Adjusted] |
|
|
|
|
|
|
Cash and Cash Equivalents |
19,247,443.55 |
13,204,872.01 |
8,458,704.09 |
|
Sort-term Investment |
32,587,975.85 |
24,839,504.28 |
41,093,446.50 |
|
Trade Accounts Receivable
|
127,011,558.67 |
132,667,713.09 |
117,637,988.87 |
|
Inventories |
72,844,147.47 |
85,101,443.65 |
68,571,069.46 |
|
Refundable Income Tax |
8,239,658.85 |
8,239,658.85 |
- |
|
Other Current Assets
|
7,904,629.20 |
6,849,923.61 |
4,528,158.90 |
|
|
|
|
|
|
Total Current Assets
|
267,835,413.59 |
270,903,115.49 |
240,289,367.82 |
|
Fixed Assets |
156,107,219.21 |
115,891,125.28 |
85,227,773.22 |
|
Cash at Bank pledged as a Collateral |
2,134,498.21 |
2,084,319.37 |
2,063,067.17 |
|
Other Insurance |
21,500.00 |
21,500.00 |
57,950.00 |
|
Total Assets |
426,098,631.01 |
388,900,060.14 |
327,638,158.21 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts Payable
|
18,562,953.65 |
30,758,565.00 |
30,193,017.23 |
|
Accrued Dividend |
18,000,000.00 |
12,000,000.00 |
10,000,000.00 |
|
Accrued Expenses |
12,851,309.96 |
11,755,284.75 |
9,922,850.07 |
|
Other Current Liabilities |
6,150,639.97 |
4,254,915.32 |
4,735,410.14 |
|
|
|
|
|
|
Total Current Liabilities |
55,564,903.58 |
58,768,765.07 |
54,851,277.44 |
|
|
|
|
|
|
Employee Benefits Obligation |
11,504,987.17 |
9,998,085.90 |
8,535,138.25 |
|
Insurance Employees |
1,282,494.00 |
1,516,189.00 |
1,615,489.00 |
|
Total Liabilities |
68,352,384.75 |
70,283,039.97 |
65,001,904.69 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 500,000 shares |
50,000,000.00 |
50,000,000.00 |
50,000,000.00 |
|
|
|
|
|
|
Capital Paid |
50,000,000.00 |
50,000,000.00 |
50,000,000.00 |
|
Retained Earnings: Appropriated for Statutory Reserve |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Unappropriated |
302,651,719.26 |
263,580,780.92 |
207,663,128.36 |
|
Gain (loss) on Securities Available for Actual Sale |
94,527.00 |
36,239.25 |
[26,874.84] |
|
Total Shareholders' Equity |
357,746,246.26 |
318,617,020.17 |
262,636,253.52 |
|
Total Liabilities &
Shareholders' Equity |
426,098,631.01 |
388,900,060.14 |
327,638,158.21 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
334,139,977.21 |
333,938,844.11 |
279,115,046.99 |
|
Other Income |
2,961,599.47 |
4,852,670.75 |
1,762,728.41 |
|
Total Revenues |
337,101,576.68 |
338,791,514.86 |
280,877,775.40 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
191,357,153.06 |
183,688,626.72 |
153,617,671.60 |
|
Selling Expenses |
61,601,657.69 |
61,795,952.26 |
54,365,499.11 |
|
Administrative Expenses |
27,069,285.74 |
25,389,283.32 |
24,580,903.25 |
|
Total Expenses |
280,028,096.49 |
270,873,862.30 |
232,564,073.96 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
57,073,480.19 |
67,917,652.56 |
48,313,701.44 |
|
Financial Costs |
[2,541.85] |
- |
- |
|
Profit / [Loss] before Income Tax |
57,070,938.34 |
67,917,652.56 |
48,313,701.44 |
|
Income Tax |
- |
- |
[5,362,212.32] |
|
|
|
|
|
|
Net Profit / [Loss] |
57,070,938.34 |
67,917,652.56 |
42,951,489.12 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.82 |
4.61 |
4.38 |
|
QUICK RATIO |
TIMES |
3.22 |
2.90 |
3.05 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.14 |
2.88 |
3.27 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.78 |
0.86 |
0.85 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
138.94 |
169.10 |
162.93 |
|
INVENTORY TURNOVER |
TIMES |
2.63 |
2.16 |
2.24 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
138.74 |
145.01 |
153.84 |
|
RECEIVABLES TURNOVER |
TIMES |
2.63 |
2.52 |
2.37 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
35.41 |
61.12 |
71.74 |
|
CASH CONVERSION CYCLE |
DAYS |
242.28 |
252.99 |
245.02 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
57.27 |
55.01 |
55.04 |
|
SELLING & ADMINISTRATION |
% |
26.54 |
26.11 |
28.28 |
|
INTEREST |
% |
0.00 |
- |
- |
|
GROSS PROFIT MARGIN |
% |
43.62 |
46.45 |
45.59 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
17.08 |
20.34 |
17.31 |
|
NET PROFIT MARGIN |
% |
17.08 |
20.34 |
15.39 |
|
RETURN ON EQUITY |
% |
15.95 |
21.32 |
16.35 |
|
RETURN ON ASSET |
% |
13.39 |
17.46 |
13.11 |
|
EARNING PER SHARE |
BAHT |
114.14 |
135.84 |
85.90 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.16 |
0.18 |
0.20 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.19 |
0.22 |
0.25 |
|
TIME INTEREST EARNED |
TIMES |
22,453.52 |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
0.06 |
19.64 |
|
|
OPERATING PROFIT |
% |
(15.97) |
40.58 |
|
|
NET PROFIT |
% |
(15.97) |
58.13 |
|
|
FIXED ASSETS |
% |
34.70 |
35.98 |
|
|
TOTAL ASSETS |
% |
9.57 |
18.70 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 0.06%. Turnover has increased from THB
333,938,844.11 in 2011 to THB 334,139,977.21 in 2012. While net profit has
decreased from THB 67,917,652.56 in 2011 to THB 57,070,938.34 in 2012. And
total assets has increased from THB 388,900,060.14 in 2011 to THB
426,098,631.01 in 2012.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
43.62 |
Impressive |
Industrial
Average |
20.10 |
|
Net Profit Margin |
17.08 |
Impressive |
Industrial
Average |
5.09 |
|
Return on Assets |
13.39 |
Impressive |
Industrial
Average |
9.40 |
|
Return on Equity |
15.95 |
Satisfactory |
Industrial
Average |
20.66 |
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 43.62%. 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 17.08%, 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. Return on Assets ratio is
13.39%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
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 15.95%.
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 |
4.82 |
Impressive |
Industrial
Average |
1.49 |
|
Quick Ratio |
3.22 |
|
|
|
|
Cash Conversion Cycle |
242.28 |
|
|
|
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 4.82 times in 2012, increased from 4.61 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 3.22 times in 2012,
increased from 2.9 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 243 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.16 |
Impressive |
Industrial
Average |
0.52 |
|
Debt to Equity Ratio |
0.19 |
Impressive |
Industrial
Average |
1.15 |
|
Times Interest Earned |
22,453.52 |
Impressive |
Industrial
Average |
1.56 |
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 22453.53 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 0.16 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 Uptrend
Times Interest Earned Downtrend
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.14 |
Impressive |
Industrial
Average |
0.37 |
|
Total Assets Turnover |
0.78 |
Deteriorated |
Industrial
Average |
1.86 |
|
Inventory Conversion Period |
138.94 |
|
|
|
|
Inventory Turnover |
2.63 |
Deteriorated |
Industrial
Average |
6.38 |
|
Receivables Conversion Period |
138.74 |
|
|
|
|
Receivables Turnover |
2.63 |
Satisfactory |
Industrial
Average |
3.41 |
|
Payables Conversion Period |
35.41 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.63 and 2.52 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 decreased from 169 days at the
end of 2011 to 139 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 2.16 times in year 2011 to 2.63 times
in year 2012.
The company's Total Asset Turnover is calculated as 0.78 times and 0.86
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
|
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.