MIRA
INFORM REPORT
|
Report Date : |
26.10.2013 |
IDENTIFICATION DETAILS
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Name : |
CHANINTR LIVING LIMITED |
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Registered Office : |
10th Floor, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
25.08.2008 |
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Com. Reg. No.: |
0105551095923 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Home
Furniture and Decorative
Products |
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No. of Employees : |
49 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
CHANINTR LIVING
LIMITED
SUMMARY
BUSINESS ADDRESS : 10th
FLOOR, NAI LERT
TOWER,
2/4
WIRELESS ROAD, LUMPINI,
PATHUMWAN,
BANGKOK
10330, THAILAND
TELEPHONE : [66] 2655-0415,
2655-5189
FAX : [66] 2655-5189
E-MAIL ADDRESS : sales@chanintr.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2008
REGISTRATION NO. : 0105551095923
TAX ID NO. : 3033185256
CAPITAL REGISTERED : BHT.
180,368,000
CAPITAL PAID-UP : BHT.
180,368,000
SHAREHOLDER’S PROPORTION : FOREIGN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. CHANINTR SIRISANT,
THAI
MANAGING DIRECTOR
NO. OF STAFF : 49
LINES OF BUSINESS : HOME
FURNITURE AND DECORATIVE PRODUCTS
IMPORTER
AND DISTRIBUTOR
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 August
25, 2008 as
a private limited
company under the registered
name CHANINTR LIVING
LIMITED by Singaporean
and American groups.
Its business objective
is to import
and distribute various
styles of furniture and
decorative products to
domestic market. Mr. Chanintr
Sirisant is running his own trading business for high-end
furniture fulfils a lifelong dream.
It currently employs
49 staff.
It is a
subsidiary of Sea
Larsen Singapore Pte.
Ltd., in Singapore.
The subject’s registered address is 10th Flr., Nai Lert
Tower, 2/4 Wireless Rd., Lumpini, Pathumwan,
Bangkok 10330, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Rajgopal Rajkumer |
|
Singaporean |
53 |
|
Mr. David T. La
Rue |
|
American |
71 |
|
Mr. Lee Kian Huad |
|
Singaporean |
51 |
|
Mr. Chanintr Sirisant |
|
Thai |
44 |
|
Mr. Chawin Banyatpiyapoj |
|
Thai |
45 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Chanintr Sirisant is
the Managing Director.
He is Thai
nationality with the age
of 44 years
old.
BUSINESS OPERATIONS
The subject is engaged in
importing and distributing various
styles of home furniture products, including
living room set,
dining room set,
bedroom set, kitchen
room, entertainment furniture
& accessories and home
decorative products, as
well as outdoor
furniture, office furniture,
lighting, mattress.
MAJOR BRANDS
“BAKER”, “BARBARA”, “BARRY”,
“CHRISTIAN LIAIGRE”, “DEDON”,
“HABITAT”, “THOMASVILLE”, “HBF”,
“HERMAN MILLER”, “KRAVET”,
“HICKORY CHAIR”, “MARTHA
STEWART”, “SLEEP TO
LIVE”, “MCGUIRE”, “MINOTTI”, “VISUAL
COMFORT”, “POCH”, “ROLL & HILL”, “SAFAVIEH”,
“TON”, “WALTER KNOLL”
and etc.
PURCHASE
90% of the
products is imported
from U.S.A., France,
Canada, United Kingdom, Australia,
Hong Kong and
Italy, the remaining
10% is purchased
from local suppliers
and agents.
MAJOR SUPPLIERS
The Lane Company
Inc. : U.S.A.
Herman Miller Inc. : U.S.A.
Kingsdown Inc. :
Canada
Minotti S.P.A. :
Italy
Kravet Inc. : U.S.A.
SALES
Most of the
products are sold locally by
retail through its
four showrooms, as
well as by
wholesale to residential
and building project
owners and contractors.
RELATED AND
AFFILIATED COMPANY
Chanintr Living [Thailand] Limited
Business Type :
Importer and distributor
of home furniture
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 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.
BANKING
Bangkok Bank Public
Co., Ltd.
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
49 office and
sales staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Showrooms:
Ground Floor, The Promenade
Décor, Nai Lert Park Hotel, 2/4 Wireless Rd., Lumpini, Pathumwan,
Bangkok 10330.
Noble Solo, Thonglor,
988/290 Sukhumvit 55
Rd., Klongton, Klongtoey,
Bangkok 10110.
3rd Floor, Siam
Paragon Shopping Center,
991 Rama 1
Rd., Pathumwan, Bangkok
10330.
Unit M6, The Plaza Surin, 5/5 Moo
3, Srisoonthorn Rd., T.
Cherngtalay, A. Thalay, Phuket
83110.
Note:
Refer to your
given name “Chann
Inter Living Ltd.”,
please be informed
that, the correct
name is “Chanintr
Living Limited”.
COMMENT
The subject is a
leading retailer of luxury imported furniture. The
subject is also
an exclusive local
distributor of Baker, a maker of classic wooden home
furniture for over 100 years.
Baker is the only furniture-maker
licensed to reproduce antique collections belonging to stately homes and
palaces in the United Kingdom.
The subject has
an outstanding business
providing premium home
furniture for hi-end market.
FINANCIAL INFORMATION
The capital was
registered at Bht. 100,000,000 divided
into 1,000,000 shares of
Bht. 100 each
with fully paid.
The capital was
increased later as
follows:
Bht. 162,000,000
on December 22,
2008
Bht. 180,368,000
on July 16,
2009
The latest registered
capital was increased
to Bht. 180,368,000 divided into 1,803,680 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as at April
30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Sea Larsen Singapore
Pte. Ltd. Nationality: Singaporean Address : #02-01 18
Pearls Hill Terrace,
Singapore |
1,803,677 |
99.99 |
|
Mr. Rajgopal Rajkumer Nationality: Singaporean Address : 2
Bin Chi Hill,
Singapore |
1 |
|
|
Mr. David T. La
Rue Nationality: American Address : Gilstead
Rd., Singapore |
1 |
= 0.01 |
|
Mr. Lee Kian
Huad Nationality: Singaporean Address : 18
May Flower Way,
Singapore |
1 |
|
Total Shareholders : 4
Share Structure
[as at April
30, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
4 |
1,803,680 |
100.00 |
|
Total |
4 |
1,803,680 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Santi Pongcharoenpith No.
4623
BALANCE SHEET [BAHT]
The latest financial
figures published for
December 31, 2012,
2011 & 2010
were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalent |
61,980,238 |
43,456,495 |
33,512,549 |
|
Trade Accounts Receivable |
53,399,086 |
50,742,447 |
18,781,078 |
|
Other Receivable |
9,250,564 |
24,307,298 |
- |
|
Inventories |
246,710,511 |
204,307,493 |
139,693,412 |
|
Other Current Assets |
1,733,162 |
796,105 |
39,064,224 |
|
|
|
|
|
|
Total Current Assets
|
373,073,561 |
323,609,838 |
231,051,263 |
|
Cash at Bank
pledged as a
Collateral |
27,999,913 |
27,742,455 |
15,130,679 |
|
Investment in Subsidiaries |
122,475 |
122,525 |
122,525 |
|
Equipment |
31,334,217 |
37,040,581 |
29,085,441 |
|
Intangible Assets |
2,568,318 |
3,874,626 |
2,512,629 |
|
Other Assets |
19,138,988 |
13,669,331 |
18,667,919 |
|
Total Assets |
454,237,472 |
406,059,356 |
296,570,456 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
27,677,895 |
21,876,790 |
3,234,983 |
|
Trade Accounts Payable |
29,544,347 |
46,648,646 |
26,833,911 |
|
Other Payable |
216,712,935 |
192,984,925 |
- |
|
Current Portion of Long-term Loan from Related
Company |
- |
4,644,443 |
- |
|
Current Portion of Financial
Lease Contract Liabilities |
925,732 |
940,527 |
688,164 |
|
Accrued Expenses |
- |
- |
7,270,127 |
|
Other Current Liabilities |
2,827,841 |
1,444,084 |
171,286,705 |
|
|
|
|
|
|
Total Current Liabilities |
277,688,750 |
268,539,415 |
209,313,890 |
|
Financial Lease Contract
Liabilities, Net of
Current Portion |
364,833 |
1,170,511 |
1,425,592 |
|
Long-term Loan from
Related Company |
- |
- |
4,084,608 |
|
Employee Benefits Obligation |
1,747,851 |
1,044,714 |
- |
|
Total Liabilities |
279,801,434 |
270,754,640 |
214,824,090 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,803,680 shares |
180,368,000 |
180,368,000 |
180,368,000 |
|
|
|
|
|
|
Capital Paid |
180,368,000 |
180,368,000 |
180,368,000 |
|
Retained Earning Unappropriated |
[5,931,962] |
[45,063,284] |
[98,621,634] |
|
Total Shareholders' Equity |
174,436,038 |
135,304,716 |
81,746,366 |
|
Total Liabilities &
Shareholders' Equity |
454,237,472 |
406,059,356 |
296,570,456 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
615,701,677 |
584,328,905 |
279,085,261 |
|
Other Income |
2,697,226 |
719,881 |
1,536,312 |
|
Total Revenues |
618,398,903 |
585,048,786 |
280,621,573 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
329,812,815 |
318,151,347 |
146,407,751 |
|
Selling Expenses |
152,398,558 |
93,162,894 |
73,278,279 |
|
Administrative Expenses |
95,029,047 |
119,411,002 |
97,126,642 |
|
Total Expenses |
577,240,420 |
530,725,243 |
316,812,672 |
|
Profit before Financial Cost & Income Tax |
41,158,483 |
54,323,543 |
[36,191,099] |
|
Financial Cost |
[1,717,897] |
[765,193] |
[458,845] |
|
|
|
|
|
|
Profit before Income Tax |
39,440,586 |
53,558,350 |
[36,649,944] |
|
Income Tax |
[309,264] |
- |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
39,131,322 |
53,558,350 |
[36,649,944] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.34 |
1.21 |
1.10 |
|
QUICK RATIO |
TIMES |
0.45 |
0.44 |
0.25 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
19.65 |
15.78 |
9.60 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.36 |
1.44 |
0.94 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
273.03 |
234.39 |
348.26 |
|
INVENTORY TURNOVER |
TIMES |
1.34 |
1.56 |
1.05 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
31.66 |
31.70 |
24.56 |
|
RECEIVABLES TURNOVER |
TIMES |
11.53 |
11.52 |
14.86 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
32.70 |
53.52 |
66.90 |
|
CASH CONVERSION CYCLE |
DAYS |
271.99 |
212.57 |
305.93 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
53.57 |
54.45 |
52.46 |
|
SELLING & ADMINISTRATION |
% |
40.19 |
36.38 |
61.06 |
|
INTEREST |
% |
0.28 |
0.13 |
0.16 |
|
GROSS PROFIT MARGIN |
% |
46.87 |
45.68 |
48.09 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
6.68 |
9.30 |
(12.97) |
|
NET PROFIT MARGIN |
% |
6.36 |
9.17 |
(13.13) |
|
RETURN ON EQUITY |
% |
22.43 |
39.58 |
(44.83) |
|
RETURN ON ASSET |
% |
8.61 |
13.19 |
(12.36) |
|
EARNING PER SHARE |
BAHT |
21.70 |
29.69 |
(20.32) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.62 |
0.67 |
0.72 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.60 |
2.00 |
2.63 |
|
TIME INTEREST EARNED |
TIMES |
23.96 |
70.99 |
(78.87) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
5.37 |
109.37 |
|
|
OPERATING PROFIT |
% |
(24.23) |
(250.10) |
|
|
NET PROFIT |
% |
(26.94) |
246.13 |
|
|
FIXED ASSETS |
% |
(15.41) |
27.35 |
|
|
TOTAL ASSETS |
% |
11.86 |
36.92 |
|
ANNUAL GROWTH : ACCEPTABLE
An annual sales growth is 5.37%. Turnover has increased from THB
584,328,905.00 in 2011 to THB 615,701,677.00 in 2012. While net profit has
decreased from THB 53,558,350.00 in 2011 to THB 39,131,322.00 in 2012. And
total assets has increased from THB 406,059,356.00 in 2011 to THB
454,237,472.00 in 2012.
PROFITABILITY : IMPRESSIVE
PROFITABILITY RATIO
|
Gross Profit Margin |
46.87 |
Impressive |
Industrial Average |
(11.94) |
|
Net Profit Margin |
6.36 |
Impressive |
Industrial Average |
4.19 |
|
Return on Assets |
8.61 |
Impressive |
Industrial Average |
6.05 |
|
Return on Equity |
22.43 |
Deteriorated |
Industrial Average |
53.34 |
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 46.87%. 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 6.36%, 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 8.61%, higher figure when compared
with those of its average competitors in the same industry, indicated that
business was an efficient profits 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 22.43%.
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 |
1.34 |
Deteriorated |
Industrial Average |
3.24 |
|
Quick Ratio |
0.45 |
|
|
|
|
Cash Conversion Cycle |
271.99 |
|
|
|
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 1.34 times in 2012, increased from 1.21 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 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 0.45 times in 2012,
increased from 0.44 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 272 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.62 |
Impressive |
Industrial Average |
0.93 |
|
Debt to Equity Ratio |
1.60 |
Impressive |
Industrial Average |
9.50 |
|
Times Interest Earned |
23.96 |
Impressive |
Industrial Average |
(0.23) |
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 23.96 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 Uptrend
Times Interest Earned Downtrend
ACTIVITY : SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
19.65 |
Impressive |
Industrial Average |
(1.76) |
|
Total Assets Turnover |
1.36 |
Satisfactory |
Industrial Average |
1.40 |
|
Inventory Conversion Period |
273.03 |
|
|
|
|
Inventory Turnover |
1.34 |
Deteriorated |
Industrial Average |
3.59 |
|
Receivables Conversion Period |
31.66 |
|
|
|
|
Receivables Turnover |
11.53 |
Impressive |
Industrial Average |
(0.67) |
|
Payables Conversion Period |
32.70 |
|
|
|
The company's Account Receivable Ratio is calculated as 11.53 and 11.52
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 increased from 234 days at the
end of 2011 to 273 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 1.56 times in year 2011 to 1.34 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.36 times and 1.44
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 Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.63 |
|
|
1 |
Rs.99.94 |
|
Euro |
1 |
Rs.85.14 |
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.