MIRA
INFORM REPORT
|
Report Date : |
18.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
MORE THAN FREE COMPANY LIMITED |
|
|
|
|
Registered Office : |
13th Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.10.2004 |
|
|
|
|
Com. Reg. No.: |
0105547135312 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is
engaged in providing
management service of Bangkok
Airway duty free
shop |
|
|
|
|
No. of Employees : |
24 |
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) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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
MORE THAN FREE COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 13th
FLOOR, BANGKOK AIRWAY
BUILDING,
MOO
14, VIBHAVADI RANGSIT ROAD,
CHOMPHON,
CHATUCHAK,
BANGKOK
10900, THAILAND
TELEPHONE : [66] 2265-5836,
2265-5906
FAX : [66]
2265-5836, 2617-8217
E-MAIL ADDRESS : pawee-klais@bangkokair.com
sales@morethanfree.com
REGISTRATION ADDRESS : 20th
FLOOR, LAO PENG
NGUAN BUILDING 1,
CHEOY
PUANG ALLEY,
333
VIBHAVADI RANGSIT ROAD,
CHOMPHON,
CHATUCHAK,
BANGKOK
10900, THAILAND
ESTABLISHED : 2004
REGISTRATION NO. : 0105547135312
TAX ID NO. : 3380017880
CAPITAL REGISTERED : BHT.
20,000,000
CAPITAL PAID-UP : BHT. 20,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SARAN KAWEEYARN,
THAI
MANAGING DIRECTOR
NO. OF STAFF : 24
LINES OF BUSINESS : DUTY
FREE SHOP
MANAGEMENT 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 October
4, 2004 as
a private limited
company under the
registered name MORE
THAN FREE COMPANY
LIMITED by Thai group,
with the business
objective to provide
management service for
duty free shop.
It currently employs
24 staff.
The subject’s registered
address is 20th Floor,
Lao Peng Nguan
Building 1, Cheoy
Puang Alley, 333
Vibhavadi Rangsit Road,
Chomphon, Chatuchak, Bangkok
10900, while the
subject’s current operation
address is 13th Floor,
Bangkok Airway Building,
99 Moo 14,
Vibhavadi Rangsit Road,
Chomphon, Chatuchak, Bangkok
10900.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Saran Kaweeyarn |
|
Thai |
40 |
|
Ms. Pornthip Chitprasong |
|
Thai |
31 |
|
Ms. Piyalak Teekakul |
|
Thai |
27 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Saran Kaweeyarn is
the Managing Director.
He is Thai
nationality with the
age of 40
years old.
BUSINESS OPERATIONS
The subject is
engaged in providing
management service of Bangkok
Airway duty free
shop at U-Tapao
Airport in Rayong
province and Koh
Samui Airport in
Suratthani province, for
Bangkok Airways Public
Company Limited.
PURCHASE
100% of purchasing
is from local
suppliers.
SERVICE
100% of its
service is to
Bangkok Airways Public
Company Limited.
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
according to IRICO’S
DATABASE for the past two
years.
CREDIT
Services are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credit term of
30 days.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject currently employs 25
staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
The duty free
shops are located
at the followings:
- 70 Moo 2, T.
Phala, A. Banchang, Rayong
21130.
- 99 Moo 4, T.
Borphud, A. Koh Samui,
Suratthani 84140.
COMMENT
The subject provides
management service of
duty free shop
for Bangkok Airways Public
Company Limited. Its operating
performance was slow in the
past years with a
net loss
and accumulated deficit
retained earnings for
many consecutive years.
However, the subject’s
revenue has been
improved significantly in
2012 as well
as it has
increased the registered
capital to Bht.
20,000,000 which would
assist on the
company’s financial liquidity.
Generally, its business
is expected to
grow moderately.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided
into 100,000 shares of Bht. 10
each with fully
paid.
On July 31,
2012, the registered
capital was increased
to Bht. 20,000,000
divided into 2,000,000
shares of Bht. 10
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pradit Teekakul Nationality: Thai Address : 40
Soi Mongkolnives, Ladyao,
Chatuchak, Bangkok |
1,600,000 |
80.00 |
|
Ms. Sipornyada
Prachaya-attamethi Nationality: Thai Address : 976
Moo 4, Theparak
Rd., Theparak, A.
Muang, Samutprakarn |
200,000 |
10.00 |
|
Mrs. Veerawan Boonsom Nationality: Thai Address : 2098/874
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok |
100,000 |
5.00 |
|
Mr. Bhanu Kraiwongvanitrung Nationality: Thai Address : 288/9
Soi Sannibart Tessaban,
Chankasem,
Chatuchak, Bangkok |
100,000 |
5.00 |
Total Shareholders : 4
Share Structure
[as at April
30, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
2,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
2,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Surachai Chompupaisorn No.
4086
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 [Note
4] |
385,186.32 |
657,287.47 |
1,088,137.81 |
|
Other Receivable
[Note 5] |
19,274,166.67 |
50,000.00 |
- |
|
Other Current Assets
|
363,717.47 |
138,086.65 |
99,021.45 |
|
|
|
|
|
|
Total Current Assets
|
20,023,070.46 |
845,374.12 |
1,187,159.26 |
|
|
|
|
|
|
Office Automation
[Note 6] |
38,542.58 |
6,796.82 |
1,520.73 |
|
Total Assets |
20,061,613.04 |
852,170.94 |
1,188,679.99 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Accrued Expenses |
- |
- |
20,000.00 |
|
Other Payable [Note 7] |
718,039.51 |
417,935.51 |
- |
|
Other Current Liabilities |
250,560.46 |
46,708.31 |
47,268.22 |
|
|
|
|
|
|
Total Current Liabilities |
968,599.97 |
464,643.82 |
67,268.22 |
|
Total Liabilities |
968,599.97 |
464,643.82 |
67,268.22 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 2,000,000 shares in 2012;
100,000 shares in 2011 & 2010 [Note 8] |
20,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
|
|
|
|
|
Capital Paid |
20,000,000.00 |
1,000,000.00 |
1,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
[906,986.93] |
[612,472.88] |
121,411.77 |
|
Total Shareholders' Equity |
19,093,013.07 |
387,527.12 |
1,121,411.77 |
|
Total Liabilities & Shareholders' Equity |
20,061,613.04 |
852,170.94 |
1,188,679.99 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Service Income |
5,841,121.50 |
4,602,889.49 |
3,944,859.80 |
|
Other Income |
2,167,156.96 |
50.58 |
313,509.00 |
|
Total Revenues |
8,008,278.46 |
4,602,940.07 |
4,258,368.80 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Employee Expenses |
5,117,435.00 |
3,100,025.79 |
3,171,580.62 |
|
Depreciation |
5,076.67 |
1,223.91 |
10,146.66 |
|
Other Expenses |
3,180,280.84 |
2,235,575.02 |
1,252,310.69 |
|
Total Expenses |
8,302,792.51 |
5,336,824.72 |
4,434,037.97 |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
[294,514.05] |
[733,884.65] |
[175,669.17] |
|
Income Tax |
- |
- |
[10,323.29] |
|
|
|
|
|
|
Net Profit / [Loss] |
[294,514.05] |
[733,884.65] |
[185,992.46] |
|
Retained Earning,
Beginning of Year |
387,527.12 |
1,121,411.77 |
935,449.31 |
|
Adding Shares |
19,000,000.00 |
- |
- |
|
|
|
|
|
|
Retained Earning, End
of Year |
19,093,013.07 |
387,527.12 |
1,121,441.77 |
NOTES TO FINANCIAL STATEMENTS
Note 1: General
Information
More Than Free
Company Limited was
incorporated on October
4, 2004 under
the law of
Thailand, with the
business objective to
sell the souvenir
in duty free
shop and general administrative service.
The registered address
is located at 20th Floor,
Lao Peng Nguan
Building 1, Cheoy
Puang Alley, 333
Vibhavadi Rangsit Road,
Chomphon, Chatuchak, Bangkok
10900.
Note 4: Cash
and Cash Equivalents
|
Current Assets |
2012 |
2011 |
|
|
|
|
|
Cash in Hand
|
48,000.00 |
- |
|
Cash at Bank
- Current Account |
329,207.03 |
649,358.95 |
|
Cash at Bank
- Saving Account |
7,979.29 |
7,928.52 |
|
|
|
|
|
Total |
385,186.32 |
657,287.47 |
Note 5: Other
Receivable
|
Current Assets |
2012 |
2011 |
|
|
|
|
|
Notes Receivable |
19,000,000.00 |
- |
|
Deferred Interest |
79,166.67 |
- |
|
Advance Payment |
145,000.00 |
- |
|
Other Receivable |
50,000.00 |
50,000.00 |
|
|
|
|
|
Total |
19,274,166.67 |
50,000.00 |
Note 6: Office
Automation
|
|
As of Dec. 31, 2011 |
Increase during the
year |
Decrease during the year |
As of Dec. 31, 2012 |
|
|
|
|
|
|
|
At Cost |
|
|
|
|
|
Office Automation |
57,238.31 |
36,822.43 |
- |
94,060.74 |
|
Total |
57,238.31 |
36,822.43 |
- |
94,060.74 |
|
Accumulated Depreciation |
|
|
|
|
|
Office Automation |
50,441.49 |
|
- |
55,518.16 |
|
Total |
50,441.49 |
|
- |
55,518.16 |
|
Net |
6,796.82 |
|
|
38,542.58 |
Depreciation for each
year as of December
31, 2012 and
2011 is at Bht.
5,076.67 and Bht.
1,223.91 respectively.
Note 7: Other
Payable
|
|
2012 |
2011 |
|
|
|
|
|
Accrued Expenses |
22,000.00 |
21,896.00 |
|
Other Payable |
696,039.51 |
396,039.51 |
|
|
|
|
|
Total |
718,039.51 |
417,935.51 |
Note 8: Increase
in Capital
On July 23,
2012, the Extraordinary General Meeting of
Shareholders No. 1/2555
[2012] has resolved
to increase the
registered capital from
Bht. 1,000,000 to
Bht. 20,000,000. The
Company has registered
the increase of
its capital with
the Commercial Registration
Department on December
19, 2012.
Note 9: Approval
of Financial Statement
This financial statement
as of December
31. 2012 has
been approved by
the Company’s directors
on April 19,
2013.
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
20.67 |
1.82 |
17.65 |
|
QUICK RATIO |
TIMES |
20.30 |
1.52 |
16.18 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
151.55 |
677.21 |
2,594.06 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.29 |
5.40 |
3.32 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
- |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
CASH CONVERSION CYCLE |
DAYS |
- |
- |
- |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
- |
- |
- |
|
SELLING & ADMINISTRATION |
% |
0.09 |
0.03 |
0.26 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
137.10 |
100.00 |
107.95 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(5.04) |
(15.94) |
(4.45) |
|
NET PROFIT MARGIN |
% |
(5.04) |
(15.94) |
(4.71) |
|
RETURN ON EQUITY |
% |
(1.54) |
(189.38) |
(16.59) |
|
RETURN ON ASSET |
% |
(1.47) |
(86.12) |
(15.65) |
|
EARNING PER SHARE |
BAHT |
(0.15) |
(7.34) |
(1.86) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.05 |
0.55 |
0.06 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.05 |
1.20 |
0.06 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
26.90 |
16.68 |
|
|
OPERATING PROFIT |
% |
(59.87) |
317.77 |
|
|
NET PROFIT |
% |
59.87 |
(294.58) |
|
|
FIXED ASSETS |
% |
467.07 |
346.94 |
|
|
TOTAL ASSETS |
% |
2,254.18 |
(28.31) |
|
ANNUAL GROWTH : IMPRESSIVE
An annual sales growth is 26.9%. Turnover has increased from THB
4,602,889.49 in 2011 to THB 5,841,121.50 in 2012. While net profit has
increased from THB -733,884.65 in 2011
to THB -294,514.05 in 2012. And total assets has increased from THB 852,170.94
in 2011 to THB 20,061,613.04 in 2012.
PROFITABILITY : ACCEPTABLE
PROFITABILITY RATIO
|
Gross Profit Margin |
137.10 |
Impressive |
Industrial Average |
111.87 |
|
Net Profit Margin |
(5.04) |
Deteriorated |
Industrial Average |
8.25 |
|
Return on Assets |
(1.47) |
Deteriorated |
Industrial Average |
6.54 |
|
Return on Equity |
(1.54) |
Deteriorated |
Industrial Average |
13.35 |
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. Gross Profit Margin is 137.1%. 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 -5.04%.
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 -1.47%.
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 -1.54%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY : EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
20.67 |
Impressive |
Industrial Average |
1.23 |
|
Quick Ratio |
20.30 |
|
|
|
|
Cash Conversion Cycle |
- |
|
|
|
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 20.67 times in 2012, increase from 1.82 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 20.3 times in 2012,
increase from 1.52 times, although excluding inventory so the company still have
good short-term financial strength.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.05 |
Impressive |
Industrial Average |
0.55 |
|
Debt to Equity Ratio |
0.05 |
Impressive |
Industrial Average |
1.16 |
|
Times Interest Earned |
- |
|
Industrial Average |
(0.49) |
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 0.05 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 : SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
151.55 |
Impressive |
Industrial Average |
(0.72) |
|
Total Assets Turnover |
0.29 |
Deteriorated |
Industrial Average |
0.80 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
2.04 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial Average |
1.11 |
|
Payables Conversion Period |
- |
|
|
|
The company's Total Asset Turnover is calculated as 0.29 times and 5.4
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.58 |
|
|
1 |
Rs.98.51 |
|
Euro |
1 |
Rs.83.49 |
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.