MIRA
INFORM REPORT
|
Report Date : |
08.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
SERMPISIT
COMPANY LIMITED |
|
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|
|
Registered Office : |
29/135 Moo 2,
345 Road [Pathumthani- Bangbuathong], T. Lampo,
A. Bangbuathong, Nontaburi 11110
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Country : |
Thailand |
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|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
27.09.2001 |
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Com. Reg. No.: |
0115544007241 |
|
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|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in
contracted manufacturing of
dietary supplement products
with over 50
customers’ brands such
as “BIO GLOW”, “AVA”,
“P.B. COFFEE”, “VITE TIM”,
“COLLA-SP”, “COFFEE SLIN”,
“U-SLEN”, “P.N. 5”. subject also
provide related services
as the followings: ·
Formulating and
consulting of pharmaceutical and
dietary supplement products
·
Packing service
for foods, medicines
and dietary supplement
products in the
forms of capsule,
blister and carton ·
Inkjet data
printing for foods,
medicines and dietary
supplement products ·
Tablet punching
and coating for
foods, medicines and
dietary supplement products. |
|
|
|
|
No. of Employees : |
50 |
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) |
|
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
SERMPISIT COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 29/135 MOO
2, 345 ROAD
[PATHUMTHANI-
BANGBUATHONG], T. LAMPO,
A. BANGBUATHONG,
NONTABURI 11110,
THAILAND
TELEPHONE :
[66] 2961-7117,
2961-7327
FAX :
[66] 2961-7328
E-MAIL
ADDRESS : info@sermpisit.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2001
REGISTRATION
NO. : 0115544007241
TAX
ID NO. : 3030367792
CAPITAL REGISTERED : BHT. 10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
BOONSERM JAIDEECHOEY, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 50
LINES
OF BUSINESS : DIETARY SUPPLEMENT
PRODUCTS
CONTRACTED MANUFACTURER AND RELATED
SERVICE
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on September 27,
2001 as a
private limited company
under the registered
name SERMPISIT COMPANY
LIMITED by Mr. Boonserm
Jaideechoey and his family, with
the business objective
to provide contracted
manufacturing of dietary
supplement products and
other related services
to both local
and overseas customers.
It currently employs
approximately 50 staff.
The
subject’s registered address
is 29/135 Moo
2, 345 Road
[Pathumthani-Bangbuathong], T.
Lampo, A. Bangbuathong, Nontaburi
11110, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Boonserm Jaideechoey |
|
Thai |
49 |
|
Mrs. Siriporn Jaideechoey |
|
Thai |
44 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Boonserm Jaideechoey is
the Managing Director.
He is Thai
nationality with the
age of 49
years old.
Mrs. Siriporn Jaideechoey is
the Deputy Managing
Director.
She is Thai
nationality with the
age of 44
years old.
Ms. Neeranuch Nanthaphon is
the G.M. and
Administration Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject’s
core business is
engaged in contracted
manufacturing of dietary
supplement products with
over 50 customers’
brands such as
“BIO GLOW”, “AVA”, “P.B. COFFEE”, “VITE
TIM”, “COLLA-SP”, “COFFEE
SLIN”, “U-SLEN”, “P.N. 5” and
etc.
The subject
also provide related
services as the
followings:
·
Formulating and
consulting of pharmaceutical and
dietary supplement products
·
Packing service
for foods, medicines
and dietary supplement
products in the
forms of capsule,
blister and carton
·
Inkjet data
printing for foods,
medicines and dietary
supplement products
·
Tablet punching
and coating for
foods, medicines and
dietary supplement products.
PURCHASE
Raw
materials are purchased
from both local
and overseas suppliers
mainly in Republic
of China, India
and Germany.
SALES/ SERVICES
90% of the
products is sold
and serviced locally
to wholesalers and
end-users, the remaining
10% is exported
to Malaysia, Australia
and India.
RELATED AND AFFILIATED
COMPANY
Sitthiporn Herb Co.,
Ltd.
Business Type :
Distributor of herb & food supplement
products
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 & services
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.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
approximately 50 staff.
LOCATION
DETAILS
The
premise is owned for
administrative office, factory
and warehouse at the heading
address. Premise is
located in provincial,
on the outskirts
of Bangkok.
COMMENT
The
subject has been
established for twelve
years as a
contracted manufacturer of
food supplement products
and related service
according to customers’ orders. The
subject’s sales revenue
and net profit
have slightly decreased
on a yearly
basis. Though food
supplement products have
become popular for
those who are
health conscious in
recent years, but
they are expensive
to consume regularly.
With an economic
slowdown and decline
in consumer purchasing
power at the
present, these factors
are more or
less affected on
the company’s sales
revenue. In general,
its business is
considered growing at
moderate level.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000
shares of Bht.
100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 5,000,000
on August 9,
2007
Bht. 10,000,000
on March 20,
2009
The
latest registered capital
was increased to
Bht. 10,000,000 divided into 100,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Boonserm Jaideechoey Nationality: Thai Address : 29/135
Moo 2, T. Lampo,
A.
Bangbuathong, Nontaburi |
50,000 |
50.00 |
|
Mrs. Siriporn Jaideechoey Nationality: Thai Address : 59/113
Moo 4, Langwadnamdaeng Rd., T.
Bangkaew, A. Bangplee, Samutprakarn |
40,000 |
40.00 |
|
Mr. Pisit Jaideechoey Nationality: Thai Address : 29/135
Moo 2, T. Lampo,
A. Bangbuathong, Nontaburi |
10,000 |
10.00 |
Total Shareholders : 3
Share Structure [as
at April 30,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Rachanee Thepabutr No.
5258
Note:
The 2012 financial
statement was not
submitted to the
Commercial Registration Department
during investigation.
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2011, 2010
& 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
388,285.73 |
82,651.55 |
330,569.12 |
|
Trade Accounts Receivable
|
15,221,234.19 |
8,688,013.56 |
20,581,908.49 |
|
Loan to
Related Company |
- |
5,800,000.00 |
- |
|
Inventories |
16,051,830.80 |
8,454,809.56 |
7,439,197.62 |
|
Other Current Assets
|
1,113,559.70 |
152,055.19 |
57,897.30 |
|
|
|
|
|
|
Total Current Assets
|
32,774,910.42 |
23,177,529.86 |
28,409,572.53 |
|
Fixed Assets |
24,387,198.25 |
20,451,857.98 |
19,901,876.20 |
|
Total Assets |
57,162,108.67 |
43,629,387.84 |
48,311,448.73 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
2009 |
|
Bank Overdraft |
3,503,563.85 |
3,645,103.16 |
3,558,850.00 |
|
Trade Accounts &
Notes Payable |
11,129,781.74 |
6,717,105.52 |
7,545,850.65 |
|
Current Portion of
Long-term Loans |
3,810,000.00 |
2,424,000.00 |
2,298,000.00 |
|
Current Portion of
Hire-purchase Payable |
1,649,954.20 |
322,982.28 |
289,836.00 |
|
Other Current Liabilities |
515,537.09 |
339,461.03 |
883,220.43 |
|
Total Current Liabilities |
20,608,836.88 |
13,448,651.99 |
14,575,757.08 |
|
Long-term Loan |
10,248,106.32 |
12,690,991.98 |
7,473,307.34 |
|
Hire-purchase Payable |
2,520,906.90 |
561,153.71 |
9,700,000.00 |
|
Long-term Loan from Related
Person |
6,100,000.00 |
- |
475,279.12 |
|
Total Liabilities |
39,477,850.10 |
26,700,797.68 |
32,224,343.54 |
|
Shareholders' Equity |
|
|
|
|
Share capital : Baht 100 par
value authorized, issued
and fully paid share
capital 100,000 shares |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning -
Unappropriated |
7,684,258.57 |
6,928,590.16 |
6,087,105.19 |
|
Total Shareholders' Equity |
17,684,258.57 |
16,928,590.16 |
16,087,105.19 |
|
Total Liabilities &
Shareholders' Equity |
57,162,108.67 |
43,629,387.84 |
48,311,448.73 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Sales Income |
28,555,571.99 |
30,643,958.13 |
47,582,267.24 |
|
Service Income |
4,815,420.16 |
- |
- |
|
Other Income |
548.23 |
10,889.75 |
819,464.78 |
|
Total Revenues |
33,371,540.38 |
30,654,847.88 |
48,401,732.02 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
28,063,830.02 |
24,273,151.79 |
41,634,777.42 |
|
Selling Expenses |
25,000.00 |
41,584.00 |
1,300.00 |
|
Administrative Expenses |
3,001,677.96 |
3,859,597.39 |
3,615,930.64 |
|
Financial Cost |
1,118,206.66 |
1,211,270.32 |
834,217.95 |
|
Total Expenses |
32,208,714.64 |
29,385,603.50 |
46,086,226.01 |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
1,162,825.74 |
1,269,244.38 |
2,315,506.01 |
|
Income Tax |
[407,157.33] |
[427,759.41] |
[703,065.32] |
|
|
|
|
|
|
Net Profit / [Loss] |
755,668.41 |
841,484.97 |
1,621,440.69 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
2009 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.59 |
1.72 |
1.95 |
|
QUICK RATIO |
TIMES |
0.76 |
1.08 |
1.43 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.37 |
1.50 |
2.39 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.58 |
0.70 |
0.98 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
208.77 |
127.14 |
65.22 |
|
INVENTORY TURNOVER |
TIMES |
1.75 |
2.87 |
5.60 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
166.48 |
103.48 |
157.88 |
|
RECEIVABLES TURNOVER |
TIMES |
2.19 |
3.53 |
2.31 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
144.75 |
101.01 |
66.15 |
|
CASH CONVERSION CYCLE |
DAYS |
230.50 |
129.61 |
156.95 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
84.10 |
79.21 |
87.50 |
|
SELLING & ADMINISTRATION |
% |
9.07 |
12.73 |
7.60 |
|
INTEREST |
% |
3.35 |
3.95 |
1.75 |
|
GROSS PROFIT MARGIN |
% |
15.91 |
20.83 |
14.22 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.48 |
4.14 |
4.87 |
|
NET PROFIT MARGIN |
% |
2.26 |
2.75 |
3.41 |
|
RETURN ON EQUITY |
% |
4.27 |
4.97 |
10.08 |
|
RETURN ON ASSET |
% |
1.32 |
1.93 |
3.36 |
|
EARNING PER SHARE |
BAHT |
7.56 |
8.41 |
16.21 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.69 |
0.61 |
0.67 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.23 |
1.58 |
2.00 |
|
TIME INTEREST EARNED |
TIMES |
1.04 |
1.05 |
2.78 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
8.90 |
(35.60) |
|
|
OPERATING PROFIT |
% |
(8.38) |
(45.19) |
|
|
NET PROFIT |
% |
(10.20) |
(48.10) |
|
|
FIXED ASSETS |
% |
19.24 |
2.76 |
|
|
TOTAL ASSETS |
% |
31.02 |
(9.69) |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 8.9%. Turnover has increased from THB
30,643,958.13 in 2010 to THB 33,370,992.15 in 2011. While net profit has
decreased from THB 841,484.97 in 2010 to THB 755,668.41 in 2011. And total
assets has increased from THB 43,629,387.84 in 2010 to THB 57,162,108.67 in
2011.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
15.91 |
Acceptable |
Industrial Average |
25.54 |
|
Net Profit Margin |
2.26 |
Impressive |
Industrial Average |
2.05 |
|
Return on Assets |
1.32 |
Deteriorated |
Industrial Average |
5.63 |
|
Return on Equity |
4.27 |
Deteriorated |
Industrial Average |
12.90 |
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 15.91%. 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. Net Profit Margin ratio is 2.26%,
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 1.32%.
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 4.27%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.59 |
Impressive |
Industrial Average |
1.57 |
|
Quick Ratio |
0.76 |
|
|
|
|
Cash Conversion Cycle |
230.50 |
|
|
|
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 1.59 times in 2011, decrease from 1.72 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 0.76 times in 2011,
decrease from 1.08 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 231 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.69 |
Acceptable |
Industrial Average |
0.59 |
|
Debt to Equity Ratio |
2.23 |
Risky |
Industrial Average |
1.40 |
|
Times Interest Earned |
1.04 |
Impressive |
Industrial Average |
- |
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 1.04 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 0.69 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 Downtrend
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.37 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.58 |
Deteriorated |
Industrial Average |
2.75 |
|
Inventory Conversion Period |
208.77 |
|
|
|
|
Inventory Turnover |
1.75 |
Deteriorated |
Industrial Average |
8.25 |
|
Receivables Conversion Period |
166.48 |
|
|
|
|
Receivables Turnover |
2.19 |
Deteriorated |
Industrial Average |
4.85 |
|
Payables Conversion Period |
144.75 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.19 and 3.53 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 increased from 127 days at the
end of 2010 to 209 days at the end of 2011. This represents a negative trend.
And Inventory turnover has decreased from 2.87 times in year 2010 to 1.75 times
in year 2011.
The company's Total Asset Turnover is calculated as 0.58 times and 0.7
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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.78 |
|
UK Pound |
1 |
Rs.99.06 |
|
Euro |
1 |
Rs.83.84 |
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.