MIRA INFORM REPORT
|
Report Date : |
10.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
VALQUA INDUSTRIES [THAILAND] LTD. |
|
|
|
|
Registered Office : |
538 Moo 4, Bangpoo Industrial Estate, Pattana 2 Road, Praeksa, Muang, Samutprakarn 10280, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
19.07.1988 |
|
|
|
|
Com. Reg. No.: |
0105531053729 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and
Exporter of Industrial Gasket |
|
|
|
|
No. of Employees : |
300 |
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 : |
Slow but Correct |
|
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
VALQUA INDUSTRIES
[THAILAND] LTD.
SUMMARY
BUSINESS ADDRESS : 538 MOO 4,
BANGPOO INDUSTRIAL ESTATE,
PATTANA 2
ROAD, PRAEKSA, MUANG,
SAMUTPRAKARN 10280,
THAILAND
TELEPHONE : [66] 2324-0400-1,
2709-4293-4
FAX : [66] 2324-0787
E-MAIL ADDRESS : t_wilai@valqua.th.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1988
REGISTRATION NO. : 0105531053729
TAX ID NO. : 3101538465
CAPITAL REGISTERED : BHT.
126,845,800
CAPITAL PAID-UP : BHT.
126,845,800
SHAREHOLDER’S PROPORTION : THAI
: 3.82%
FOREIGN :
96.18%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
HIROYUKI OTA, JAPANESE
MANAGING DIRECTOR
NO. OF STAFF : 300
LINES OF BUSINESS : INDUSTRIAL GASKET
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 July
19, 1988 as
a private limited
company under the
name style VALQUA INDUSTRIES
[THAILAND] LTD., by
Thai and Japanese groups, with
the business objective
to manufacture industrial
gasket to both
domestic and overseas
markets. It currently
employs approximately 300 staff.
Subject is a
subsidiary of Nippon
Valqua Industries Ltd.,
Japan.
The subject received
the promotion privilege from the
Board of Investment [BOI]
on November 23,
2004.
The subject’s registered
address is 538
Moo 4, Bangpoo
Industrial Estate, Pattana
2 Rd., Praeksa,
Muang, Samutprakarn 10280,
and this is
the subject’s current
operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Hiroshi Hamada |
|
Japanese |
60 |
|
Mr. Kasem Pong-acha |
|
Thai |
61 |
|
Mr. Hiroyuki Ota |
|
Japanese |
53 |
|
Mr. Takashi Kato |
|
Japanese |
54 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Hiroyuki Ota is
the Managing Director.
He is Japanese
nationality with the
age of 53
years old.
Mr. Wanchai Wongwutthiyan is the
General Manager.
He is Thai
nationality.
Ms. Wilai Thong-oa is
the Factory Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting industrial
gaskets such as
ring joint gasket,
soft gasket, seals,
compressed fiber sheets
and etc., under
its own “VALQUA” brand.
PURCHASE
Raw materials, such as
steel sheet, aluminum sheet and
etc., are purchased
from suppliers and agents
both domestic and
overseas, mainly in
Japan, Singapore, Republic
of China and
Germany.
MAJOR SUPPLIER
Nippon Valqua Industries
Ltd. : Japan
SALES
80% of the
products is exported
to Japan, Singapore,
Malaysia, Taiwan and
India, the remaining
20% is sold
locally.
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
Thanachart Bank Public
Co., Ltd.
Sumitomo Mitsui Banking
Corporation
EMPLOYMENT
The subject employs
approximately 300 staff.
LOCATION DETAILS
The premise is owned for
administrative office and factory I at
the heading address.
Premise is located
in industrial area.
Factory II is
located at 119/14-15
Map-Ya Road, T. Mabtaphut,
A. Muang, Rayong 21150.
Tel./Fax. : [66] 38 691-343.
COMMENT
The subject has
been enjoying a
moderate business. Its
growth is still
strong from a
continuous demand of
the products from
industrial sectors both
local and overseas.
FINANCIAL INFORMATION
The capital was
registered at Bht. 35,000,000 divided
into 350,000 shares
of Bht. 100
each.
The capital was
increased later as
following:
Bht.
70,000,000 on August
6, 1997
Bht.
104,545,800 on March
26, 2004
Bht.
104,845,800 on December
24, 2004
Bht.
126,845,800 on August
11, 2008
The latest registered
capital was increased to Bht. 126,845,800 divided into
1,268,458 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
March 5, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Nippon Valqua Industries
Ltd. Nationality: Japanese Address : Tokyo,
Japan |
1,209,344 |
95.34 |
|
Krung Thai Equipment
Co., Ltd. Nationality: Thai Address : 1622
Krungsasem Rd., Pomprab,
Bangkok |
48,457 |
3.82 |
|
Mecpac Engineering [S]
Pte. Ltd. Nationality: Singaporean Address : 101
Boon Keng Rd., #01-13/15 Singapore |
5,327 |
0.42 |
|
MTC Trading Co., Ltd. Nationality: Filipino Address : Manila,
Philippines |
5,327 |
0.42 |
|
Mr. Narong Pong-acha Nationality: Thai Address : 111
Pattanakarn Rd., Huamark,
Bangkapi, Bangkok |
2 |
- |
|
Mr. Keniji Kobayashi Nationality: Japanese Address : 538 Moo 4,
Pattana 2 Rd.,
Praeksa, Muang, Samutprakarn |
1 |
- |
Total Shareholders : 6
Share Structure
[as at March
5, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
48,459 |
3.82 |
|
Foreign |
4 |
1,219,999 |
96.18 |
|
Total |
6 |
1,268,458 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Likit Sirirojsophon No. 5678
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
18,311,054.25 |
52,234,135.76 |
37,678,823.71 |
|
Trade Accounts Receivable
|
46,315,855.51 |
47,167,988.96 |
44,338,652.72 |
|
Trade Accounts Receivable - Related
Company |
27,180,643.62 |
34,829,732.90 |
26,130,678.39 |
|
Inventories |
67,084,518.30 |
38,844,233.64 |
20,319,451.25 |
|
Revenue Department Receivable |
3,154,637.25 |
5,977,051.84 |
3,378,925.62 |
|
Import Duties Refundable |
9,826,906.66 |
9,595,993.47 |
13,238,729.28 |
|
Other Current Assets
|
8,635,980.66 |
1,690,703.62 |
2,248,562.76 |
|
|
|
|
|
|
Total Current Assets
|
180,509,596.25 |
190,339,840.19 |
147,333,823.73 |
|
Long-term Investment
|
1,646,070.61 |
1,662,425.87 |
1,647,735.00 |
|
Fixed Assets |
101,420,151.71 |
101,759,009.40 |
98,454,903.29 |
|
Intangible Assets |
1,813,051.89 |
1,880,140.05 |
2,279,559.97 |
|
Deferred Income Tax |
308,303.15 |
287,591.51 |
31,641.40 |
|
Other Assets |
1,881,573.85 |
1,986,611.18 |
845,099.58 |
|
Total Assets |
287,578,747.46 |
297,915,618.20 |
250,592,762.97 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
73,000,000.00 |
63,000,000.00 |
73,000,000.00 |
|
Trade Accounts Payable
|
59,430,797.12 |
64,165,756.92 |
53,008,350.30 |
|
Trade Accounts Payable
- Related Company |
16,921,688.70 |
28,890,903.78 |
15,512,342.07 |
|
Accrued Expenses |
18,063,584.22 |
19,844,518.39 |
18,121,704.58 |
|
Accrued Income Tax |
1,931,061.21 |
8,489,854.28 |
2,458,400.16 |
|
Other Current Liabilities |
6,563,720.15 |
5,478,072.39 |
3,654,582.68 |
|
|
|
|
|
|
Total Current Liabilities |
175,910,851.40 |
189,869,105.76 |
165,755,379.79 |
|
Estimated Liabilities for Employee Benefits
|
1,225,849.00 |
949,849.00 |
- |
|
Total Liabilities |
177,136,700.00 |
190,818,954.76 |
165,755,379.79 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,268,458 shares |
126,845,800.00 |
126,845,800.00 |
126,845,800.00 |
|
|
|
|
|
|
Capital Paid |
126,845,800.00 |
126,845,800.00 |
126,845,800.00 |
|
Retained Earning Unappropriated [Deficit] |
[13,447,389.56] |
[20,648,264.11] |
[41,749,752.38] |
|
Cumulative Foreign
Currency Translation Adjustments |
[2,956,363.38] |
899,127.55 |
[258,664.44] |
|
Total Shareholders' Equity |
110,442,047.06 |
107,096,663.44 |
84,837,383.18 |
|
Total Liabilities & Shareholders' Equity |
287,578,747.46 |
297,915,618.20 |
250,592,762.97 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
521,429,382.87 |
544,935,516.56 |
488,090,825.31 |
|
Gain on Exchange Rate |
2,555,620.50 |
2,966,391.86 |
334,017.51 |
|
Other Income |
1,438,460.50 |
2,119,670.66 |
1,768,049.20 |
|
Total Revenues |
525,423,463.87 |
550,021,579.08 |
490,192,892.02 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
423,646,749.19 |
425,840,604.82 |
397,904,518.70 |
|
Selling Expenses |
31,104,323.92 |
33,296,021.26 |
32,479,131.66 |
|
Administrative Expenses |
38,722,276.09 |
36,540,741.00 |
23,055,111.98 |
|
Royalties |
18,085,962.74 |
19,631,504.34 |
17,476,449.00 |
|
Total Expenses |
511,559,311.94 |
515,308,871.42 |
470,915,211.34 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
13,864,151.93 |
34,712,707.66 |
19,277,680.68 |
|
Financial Costs |
[4,042,669.85] |
[4,425,582.20] |
[4,116,361.64] |
|
Profit before Income Tax |
9,821,482.08 |
30,287,125.46 |
15,161,319.04 |
|
Income Tax |
[2,620,607.53] |
[9,185,637.19] |
[4,624,386.28] |
|
|
|
|
|
|
Net Profit / [Loss] |
7,200,874.55 |
21,101,488.27 |
10,536,932.76 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.03 |
1.00 |
0.89 |
|
QUICK RATIO |
TIMES |
0.52 |
0.71 |
0.65 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.14 |
5.36 |
4.96 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.81 |
1.83 |
1.95 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
57.80 |
33.29 |
18.64 |
|
INVENTORY TURNOVER |
TIMES |
6.32 |
10.96 |
19.58 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
32.42 |
31.59 |
33.16 |
|
RECEIVABLES TURNOVER |
TIMES |
11.26 |
11.55 |
11.01 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
51.20 |
55.00 |
48.62 |
|
CASH CONVERSION CYCLE |
DAYS |
39.02 |
9.89 |
3.17 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
81.25 |
78.15 |
81.52 |
|
SELLING & ADMINISTRATION |
% |
13.39 |
12.82 |
11.38 |
|
INTEREST |
% |
0.78 |
0.81 |
0.84 |
|
GROSS PROFIT MARGIN |
% |
19.52 |
22.79 |
18.91 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.66 |
6.37 |
3.95 |
|
NET PROFIT MARGIN |
% |
1.38 |
3.87 |
2.16 |
|
RETURN ON EQUITY |
% |
6.52 |
19.70 |
12.42 |
|
RETURN ON ASSET |
% |
2.50 |
7.08 |
4.20 |
|
EARNING PER SHARE |
BAHT |
5.68 |
16.64 |
8.31 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.62 |
0.64 |
0.66 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.60 |
1.78 |
1.95 |
|
TIME INTEREST EARNED |
TIMES |
3.43 |
7.84 |
4.68 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(4.31) |
11.65 |
|
|
OPERATING PROFIT |
% |
(60.06) |
80.07 |
|
|
NET PROFIT |
% |
(65.88) |
100.26 |
|
|
FIXED ASSETS |
% |
(0.33) |
3.36 |
|
|
TOTAL ASSETS |
% |
(3.47) |
18.88 |
|
ANNUAL GROWTH : RISKY
An annual sales growth is -4.31%. Turnover has decreased from THB 544,935,516.56
in 2011 to THB 521,429,382.87 in 2012. While net profit has decreased from THB
21,101,488.27 in 2011 to THB 7,200,874.55 in 2012. And total assets has
decreased from THB 297,915,618.20 in 2011 to THB 287,578,747.46 in 2012.
PROFITABILITY : SATISFACTORY
PROFITABILITY RATIO
|
Gross Profit Margin |
19.52 |
Satisfactory |
Industrial Average |
23.32 |
|
Net Profit Margin |
1.38 |
Acceptable |
Industrial Average |
2.69 |
|
Return on Assets |
2.50 |
Acceptable |
Industrial Average |
3.66 |
|
Return on Equity |
6.52 |
Satisfactory |
Industrial Average |
7.67 |
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 19.52%. 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 1.38%.
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 2.5%.
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 6.52%.
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 |
1.03 |
Acceptable |
Industrial Average |
1.53 |
|
Quick Ratio |
0.52 |
|
|
|
|
Cash Conversion Cycle |
39.02 |
|
|
|
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 1.03 times in 2012, increase from 1 time, then it is generally considered to
have good short-term financial strength. 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 0.52 times in 2012,
decrease from 0.71 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 40 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.62 |
Acceptable |
Industrial Average |
0.50 |
|
Debt to Equity Ratio |
1.60 |
Risky |
Industrial Average |
1.05 |
|
Times Interest Earned |
3.43 |
Impressive |
Industrial Average |
0.71 |
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 3.43 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 0.62 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 : EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
5.14 |
Impressive |
Industrial Average |
0.62 |
|
Total Assets Turnover |
1.81 |
Impressive |
Industrial Average |
1.36 |
|
Inventory Conversion Period |
57.80 |
|
|
|
|
Inventory Turnover |
6.32 |
Impressive |
Industrial Average |
3.16 |
|
Receivables Conversion Period |
32.42 |
|
|
|
|
Receivables Turnover |
11.26 |
Impressive |
Industrial Average |
2.95 |
|
Payables Conversion Period |
51.20 |
|
|
|
The company's Account Receivable Ratio is calculated as 11.26 and 11.55
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
decreased from 2011. 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 33 days at the
end of 2011 to 58 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 10.96 times in year 2011 to 6.32
times in year 2012.
The company's Total Asset Turnover is calculated as 1.81 times and 1.83
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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.92 |
|
|
1 |
Rs.99.45 |
|
Euro |
1 |
Rs.83.92 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.