MIRA INFORM REPORT
|
Report Date : |
26.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
THAI ASAHI
KASEI SPANDEX CO.,
LTD. |
|
|
|
|
Registered Office : |
919 Moo 11, Sriracha Saha Group Industrial Park, T. Nongkham, A. Sriracha, Chonburi 20230 |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
15.10.2003 |
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Com. Reg. No.: |
0205546014171 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and Exporter of Spandex Yarn |
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No. of Employees : |
180 |
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 |
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Payment Behaviour : |
Slow |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
With a well-developed infrastructure,
a free-enterprise economy, generally pro-investment policies, and strong export
industries,
|
Source
: CIA |
Company
name
THAI
ASAHI KASEI SPANDEX
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 919
MOO 11, SRIRACHA
SAHA GROUP INDUSTRIAL
PARK, T. NONGKHAM,
A. SRIRACHA,
CHONBURI 20230,
THAILAND
TELEPHONE : [66] 38
483-005-8
FAX :
[66] 38
482-969, 38 482-979
E-MAIL
ADDRESS : marketing@taspandex.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION
NO. : 0205546014171
TAX
ID NO. : 3031109582
CAPITAL REGISTERED : BHT. 1,350,000,000
CAPITAL PAID-UP : BHT.
1,350,000,000
SHAREHOLDER’S PROPORTION : THAI :
21.00%
JAPANESE :
79.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SHINICHIRO HAGA, JAPANESE
MANAGING DIRECTOR
NO.
OF STAFF : 180
LINES
OF BUSINESS : SPANDEX YARN
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 October 15,
2003 as a
private limited company under
the name style THAI
ASAHI KASEI SPANDEX
CO., LTD, by
Thai and Japanese
groups, with the business objective to manufacture spandex yarn for
textile industry. It currently employs
approximately 180 staff.
Subject
is a joint
investment among Asahi Kasei
Fibers Corporation, Wacoal Corporation
of Japan and
The Saha Pattanapibul
group of companies,
Thailand, with holding
around 60%, 19% and
21% of the
subject’s shares respectively.
The
subject’s registered address
is 919 Moo 11,
Sriracha Saha Group
Industrial Park, T. Nongkham,
A. Sriracha, Chonburi 20230,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Suchai Narongkananukul |
|
Thai |
67 |
|
Mr. Atsushi Tabata |
|
Japanese |
45 |
|
Mr. Ryujiro Yoshino |
|
Japanese |
55 |
|
Mr. Shinichiro Haga |
[x] |
Japanese |
47 |
|
Mr. Yoshiaki Kojima |
[x] |
Japanese |
51 |
AUTHORIZED PERSON
One of the mentioned
directors [x] can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Shinichiro Haga is
the Managing Director.
He is Japanese
nationality with the
age of 47
years old.
Mr. Yoshiaki Kojima is
the General Manager.
He is Japanese
nationality with the age
of 51 years
old.
Mr. Gotaro Tobishima is
the Sales &
Marketing Manager.
He is Japanese
nationality.
Mr. Ekarat Ngamkrachang is
the Production Plan Manager.
He is Thai
nationality.
Ms. Kanittha Sanaeha is
the Personnel Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and supplying
spandex yarn for
textile industry.
BRAND NAME
“ROICA”
PRODUCTION CAPACITY
2,500 tons
per annum
PURCHASE
Raw materials such
as plastic resin [PU] and chemicals are purchased
from both local
and overseas suppliers
in Japan, Germany,
India, Taiwan and
Republic of China.
SALES
70% of the
products is exported
to Japan, Turkey,
Indonesia, Malaysia, India,
Hong Kong, Singapore, Vietnam,
Mexico, U.S.A., and
the countries in
Africa and Europe,
the remaining 30%
is sold locally.
MAJOR CUSTOMERS
Wacoal Corporation : Japan
Thai Wacoal Public
Company Limited :
Thailand
Triumph International
[Thailand] Ltd. : Thailand
Thanulux Public Company
Limited : Thailand
Textile Prestige Public
Company Limited : Thailand
I.C.C International Public
Company Limited :
Thailand
Asahi Kasei Spandex
America Inc. : U.S.A.
Assatex S.A. : Mexico
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 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
180 office staff
and factory workers.
LOCATION
DETAILS
The premise
is owned for
administrative office, factory
and warehouse at
the heading
address.
Premise is located
in provincial/industrial area.
Bangkok Office is located
at 16th Floor, Chamnan Bhenjati
Business Center, 65/131
Rama
9 Rd., Huaykwang,
Bangkok 10320.
COMMENT
Subject
is a manufacturer,
distributor and exporter of
spandex yarn. The
products are in
strong demand from textile industry. Spandex fabric has currently been
used in variety of
products such as swimming suit, legging, stocking, sock, underwear,
sporting suit, undergarment,
apparels and etc.
Subject
is among the
leaders in terms of
sustainable growth in the textile
industry. Its business
outlook is promising.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 520,000,000 divided
into 520,000 shares
of Bht. 1,000
each with fully
paid.
The
capital was increased
later as follows:
Bht. 700,000,000 on
August 7, 2006
Bht. 850,000,000 on
October 2, 2007
Bht. 1,350,000,000
on August 29,
2008
The
latest registered capital
was increased to
Bht. 1,350 million, divided into
1,350,000 shares of
Bht. 1,000 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
March 28, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Asahi Kasei Fibers
Corporation Nationality: Japanese Address : 2-6
Kojimahama 1-chome Kita-ku,
Osaka, Japan |
810,000 |
60.00 |
|
Wacoal Corporation Nationality: Japanese Address : 29
Nakashima-sho, Kissho-in, Minami-ku,
Kyoto, Japan |
256,500 |
19.00 |
|
Saha Pattana Inter-Holding Public Company Limited Nationality: Thai Address : 757/10
Sathupradit Rd., Bangpongpang, Bangkok |
81,000 |
6.00 |
|
Textile Prestige Public
Company Limited Nationality: Thai Address : 704/1-9
Rama 3 Rd.,
Bangpongpang,
Yannawa, Bangkok |
67,500 |
5.00 |
|
I.C.C International Public
Company Limited Nationality: Thai Address : 757/10
Sathupradit Rd., Bangpongpang, Bangkok |
54,000 |
4.00 |
|
Thanulux Public Company
Limited Nationality: Thai Address : 129/1
Chongnonsee Rd., Chongnonsi,
Yannawa, Bangkok |
54,000 |
4.00 |
|
Thai Wacoal Public
Company Limited Nationality: Thai Address : 930/1
Sathupradit Rd., Bangklo,
Bangkorlaem, Bangkok |
27,000 |
2.00 |
Total Shareholders : 7
Share Structure [as
at March 28,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
283,500 |
21.00 |
|
Foreign - Japanese |
2 |
1,066,500 |
79.00 |
|
Total |
7 |
1,350,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sudwin Panyaqwongkhanti No.
3534
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
133,648,237 |
96,736,166 |
89,659,279 |
|
Trade Accounts & Other Receivable |
252,379,524 |
211,170,369 |
236,603,663 |
|
Inventories |
202,096,248 |
270,861,526 |
170,572,657 |
|
Value Added Tax |
2,632,076 |
2,449,717 |
463,026 |
|
Other Current Assets
|
429,967 |
371,289 |
1,836,540 |
|
Total Current
Assets |
591,186,052 |
581,589,067 |
499,135,165 |
|
|
|
|
|
|
Fixed Assets |
1,803,805,181 |
1,964,504,365 |
2,149,307,530 |
|
Intangible Assets |
747,382 |
727,593 |
399,525 |
|
Deposit |
363,954 |
324,150 |
312,950 |
|
Total Assets
|
2,396,102,569 |
2,547,145,175 |
2,649,155,170 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Short-term Loan from Financial Institution |
559,000,000 |
492,400,000 |
407,400,000 |
|
Trade Accounts & Other Payable |
288,484,399 |
342,311,034 |
202,518,638 |
|
Payable - Purchase of Fixed
Assets |
- |
- |
1,365,076 |
|
Related Company Payable |
- |
- |
89,717,191 |
|
Current Portion of Long-term Loans from Financial Institutions |
101,245,000 |
101,245,000 |
101,245,000 |
|
Other Payable |
- |
- |
11,437,383 |
|
Accrued Expenses |
- |
- |
10,576,330 |
|
Guarantee Payable |
- |
- |
840,000 |
|
Other Current Liabilities |
1,038,624 |
896,843 |
2,229,274 |
|
Total Current
Liabilities |
949,768,023 |
936,852,877 |
827,328,892 |
|
Estimated Liabilities from Employee Benefits |
1,817,732 |
1,340,772 |
- |
|
Long-term Loan from Financial Institutions |
101,245,000 |
202,490,000 |
303,735,000 |
|
Total Liabilities |
1,052,830,755 |
1,140,683,649 |
1,131,063,892 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
value Authorized, issued
and fully paid
share capital
1,350,000 shares |
1,350,000,000 |
1,350,000,000 |
1,350,000,000 |
|
Capital Paid |
1,350,000,000 |
1,350,000,000 |
1,350,000,000 |
|
Statutory Reserve |
23,925,021 |
22,426,784 |
15,003,904 |
|
Retained Earning -
Unappropriated |
[30,653,207] |
34,034,742 |
153,087,374 |
|
Total
Shareholders' Equity |
1,343,271,814 |
1,406,461,526 |
1,518,091,278 |
|
Total
Liabilities & Shareholders' Equity |
2,396,102,569 |
2,547,145,175 |
2,649,155,170 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
1,565,075,141 |
1,446,545,771 |
1,533,069,585 |
|
Other Income |
18,128,657 |
16,154,354 |
9,194,337 |
|
Total Revenues
|
1,583,203,798 |
1,462,700,125 |
1,542,263,922 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,447,525,609 |
1,279,302,956 |
1,232,129,520 |
|
Selling Expenses |
120,865,942 |
108,583,768 |
119,145,965 |
|
Administrative Expenses |
24,659,606 |
20,431,309 |
4,920,488 |
|
Other Expense - Loss on Sales
of Equipment |
1,722,438 |
230,722 |
517 |
|
Total Expenses |
1,594,773,595 |
1,408,548,755 |
1,356,196,490 |
|
Profit/[Loss] before Finance
Cost |
[11,569,797] |
54,151,370 |
186,067,432 |
|
Finance Cost - Interest Expenses |
[23,753,410] |
[23,235,937] |
[17,388,505] |
|
Net Profit / [Loss] |
[35,323,207] |
30,915,433 |
168,678,927 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.62 |
0.62 |
0.60 |
|
QUICK RATIO |
TIMES |
0.41 |
0.33 |
0.39 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.87 |
0.74 |
0.71 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.65 |
0.57 |
0.58 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
50.96 |
77.28 |
50.53 |
|
INVENTORY TURNOVER |
TIMES |
7.16 |
4.72 |
7.22 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
58.86 |
53.28 |
56.33 |
|
RECEIVABLES TURNOVER |
TIMES |
6.20 |
6.85 |
6.48 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
72.74 |
97.67 |
59.99 |
|
CASH CONVERSION CYCLE |
DAYS |
37.08 |
32.90 |
46.87 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.49 |
88.44 |
80.37 |
|
SELLING & ADMINISTRATION |
% |
9.30 |
8.92 |
8.09 |
|
INTEREST |
% |
1.52 |
1.61 |
1.13 |
|
GROSS PROFIT MARGIN |
% |
8.67 |
12.68 |
20.23 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.74) |
3.74 |
12.14 |
|
NET PROFIT MARGIN |
% |
(2.26) |
2.14 |
11.00 |
|
RETURN ON EQUITY |
% |
(2.63) |
2.20 |
11.11 |
|
RETURN ON ASSET |
% |
(1.47) |
1.21 |
6.37 |
|
EARNING PER SHARE |
BAHT |
(26.17) |
22.90 |
124.95 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.44 |
0.45 |
0.43 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.78 |
0.81 |
0.75 |
|
TIME INTEREST EARNED |
TIMES |
(0.49) |
2.33 |
10.70 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
8.19 |
(5.64) |
|
|
OPERATING PROFIT |
% |
(121.37) |
(70.90) |
|
|
NET PROFIT |
% |
(214.26) |
(81.67) |
|
|
FIXED ASSETS |
% |
(8.10) |
(8.59) |
|
|
TOTAL ASSETS |
% |
(5.93) |
(3.85) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is 8.19%.
Turnover has increased from THB 1,446,545,771.00 in 2011 to THB
1,565,075,141.00 in 2012. While net profit has decreased from THB 30,915,433.00
in 2011 to THB -35,323,207.00 in 2012. And total assets has decreased from THB
2,547,145,175.00 in 2011 to THB 2,396,102,569.00 in 2012.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.67 |
Impressive |
Industrial
Average |
6.96 |
|
Net Profit Margin |
(2.26) |
Deteriorated |
Industrial
Average |
3.85 |
|
Return on Assets |
(1.47) |
Deteriorated |
Industrial
Average |
4.52 |
|
Return on Equity |
(2.63) |
Deteriorated |
Industrial
Average |
8.65 |
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
8.67%. 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 -2.26%.
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 -2.63%.
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 |
0.62 |
Risky |
Industrial
Average |
1.36 |
|
Quick Ratio |
0.41 |
|
|
|
|
Cash Conversion Cycle |
37.08 |
|
|
|
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 0.62 times in 2012, same figure
as 0.62 times in 2011, then the company may not be efficiently
using its current assets. 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 0.41 times in 2012,
increased from 0.33 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 38 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.44 |
Impressive |
Industrial
Average |
0.48 |
|
Debt to Equity Ratio |
0.78 |
Impressive |
Industrial
Average |
0.79 |
|
Times Interest Earned |
(0.49) |
Risky |
Industrial
Average |
1.41 |
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 -0.49 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.44 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.87 |
Impressive |
Industrial
Average |
0.50 |
|
Total Assets Turnover |
0.65 |
Acceptable |
Industrial
Average |
1.21 |
|
Inventory Conversion Period |
50.96 |
|
|
|
|
Inventory Turnover |
7.16 |
Satisfactory |
Industrial
Average |
7.18 |
|
Receivables Conversion Period |
58.86 |
|
|
|
|
Receivables Turnover |
6.20 |
Impressive |
Industrial
Average |
3.43 |
|
Payables Conversion Period |
72.74 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.20 and 6.85 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 decreased from 77 days at the
end of 2011 to 51 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 4.72 times in year 2011 to 7.16 times
in year 2012.
The company's Total Asset Turnover is calculated as 0.65 times and 0.57
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.63 |
|
|
1 |
Rs.99.94 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.