MIRA INFORM REPORT
|
Report Date : |
02.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
TOSHIBA CARRIER [THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
144/9 Moo 5,
Bangkradi Industrial Park, Tiwanon Road,
Bangkradi, Muang,
Pathumthani 12000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
18.03.1999 |
|
|
|
|
Com. Reg. No.: |
0135542000761 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and
Distributor of Air Conditioners |
|
|
|
|
No. of Employees : |
1,800 |
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 : |
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 and address
TOSHIBA CARRIER [THAILAND] CO., LTD.
SUMMARY
BUSINESS ADDRESS : 144/9 MOO 5,
BANGKRADI INDUSTRIAL PARK,
TIWANON ROAD,
BANGKRADI, MUANG,
PATHUMTHANI 12000
TELEPHONE : [66] 2832-3100,
2501-1390
FAX : [66] 2501-1126,
2832-3101
E-MAIL ADDRESS : tctc-sales@carrier.utc
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1999
REGISTRATION NO. : 0135542000761
TAX ID NO. : 3181081325
CAPITAL REGISTERED : BHT.
1,410,001,100
CAPITAL PAID-UP : BHT.
1,410,001,100
SHAREHOLDER’S PROPORTION : FOREIGN :
100%
FISCAL YEAR CLOSING DATE : MARCH 31
[Former : NOVEMBER
30]
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. AKIO OZAKA,
JAPANESE
MANAGING DIRECTOR
NO. OF STAFF : 1,800
LINES OF BUSINESS : AIR
CONDITIONERS
MANUFACTURER, EXPORTER
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 March
18, 1999 as
a private limited
company under the registered name
TOSHIBA CARRIER [THAILAND] CO., LTD.
by a joint
venture between Toshiba
Carrier Corporation of
Japan and Carrier
Corporation, U.S.A. Its business
objective is to
manufacture and export
of household air-conditioners.
Subject currently employs
approximately 1,800 staff.
At present, the
major shareholders are
Toshiba Carrier Corporation,
Japan and Carrier
Hvac Investments B.V.,
Netherlands.
The subject’s registered
address is 144/9
Moo 5, Bangkradi
Industrial Park, Tiwanon
Rd., Bangkradi, Muang,
Pathumthani 12000, and
this is the
subject’s current operation
address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Waseem Islam |
|
American |
48 |
|
Mr. Frederic Jean Marie
Millinand |
|
French |
49 |
|
Mr. Takao Hoshi |
|
Japanese |
55 |
|
Mr. Max Sung Youl
Kim |
[x] |
American |
58 |
|
Mr. Katsuyoshi Sano |
|
Japanese |
45 |
|
Mr. Akio Ozaka |
[x] |
Japanese |
61 |
|
Mr. Mitsumasa Hata |
|
Japanese |
51 |
|
Mr. Hidenari Tsuru |
|
Japanese |
57 |
|
Mr. Ross Benjamin Shuster |
|
American |
48 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Akio Ozaka is
the Managing Director.
He is Japanese
nationality with the
age of 61
years old.
Mr. Arkorn Phumrakchart is
the Production Manager.
He is Thai
nationality.
Mrs. Uraiwan Sangkantra is
the Human Resources
Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in manufacturing various type of household
air conditioners, comprising
single split hi-wall,
multi-split hi-wall, console & under-ceiling air
conditioner, and window
room air conditioner [WRAC] under
its own brand
“TOSHIBA”.
PRODUCTION CAPACITY
500,000 units per
annum
PURCHASE
60% of raw
materials and components
are imported from
Japan, Republic of
China and Singapore,
the remaining 40%
is purchased from
local suppliers.
SALES
95% of the
products is exported
to more than
55 countries in
Australia, New Zealand,
Europe, Asia, Africa,
Latin America, Middle
East, while the remaining
5% is served
locally to wholesalers.
MAJOR CUSTOMERS
Carrier [Thailand] Co.,
Ltd. : Thailand
AHI-Carrier [Australia] Pty.
Ltd. : Australia
Toshiba Carrier Corporation : Japan
Metraclark [PLY] Ltd. : South
Africa
Carrier S.A. : Argentina
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
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 1,800 staff.
LOCATION DETAILS
The premise is
owned for administrative office and factory at
the heading address.
Premise is located
in provincial/industrial area.
COMMENT
The company is
a manufacturer, importer
and distributor of household
air-conditioner. Its products
are compliant with
RoHS Regulations, which prohibits
the use of materials
such as lead,
cadmium, mercury, hexavalent
chromium and both
polybrominated biphenyle
(PBB) and polybrominate dephenyl
ether (PBDE) flame retardants
in the
production of electronic
equipment. The products
are not only
the environment benefits but
protecting the planet.
Consumption slowdown in
export markets has resulted
to slow growth of
household electrical appliance industry including air-conditioner, while
domestic consumption of the products
was also reduced
due to shrinking
purchasing power.
FINANCIAL INFORMATION
The capital was
registered at Bht.
1,410,000,000 divided into
14,100,000 shares of
Bht. 100 each.
On March 12, 2008,
the capital was
increased to Bht. 1,410,001,100
divided into
14,100,011 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE
[as at July
30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Toshiba Carrier Corporation Nationality: Japanese Address : 23-17
Tanakawa 3 Chome
Minato-ku, Tokyo, Japan |
7,050,009 |
50.00 |
|
Carrier Hvac Investments
B.V. Nationality: Dutch Address : Amsterdam,
Netherlands |
7,050,000 |
50.00 |
|
Mr. Max Sung Youl
Kim Nationality: American Address : 90
Soi Sukhumvit 24,
Klongton, Klongtoey, Bangkok |
1 |
- |
|
Mr. Akio Ozaka Nationality: Japanese Address : 95
Soi Sukhumvit 24,
Klongton,
Klongtoey, Bangkok |
1 |
- |
Total Shareholders : 4
Share Structure
[as at July 30, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
4 |
14,100,011 |
100.00 |
|
Total |
4 |
14,100,011 |
100.00 |
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Charnchai Chaiprasit No.
3760
BALANCE SHEET [BAHT]
The latest
financial figures published as
at March 31,
2012, November 30,
2011 & 2010
were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
1,407,056,469 |
1,517,675,081 |
1,070,034,408 |
|
Trade Accounts & Other Receivable |
|
|
|
|
- Other Receivable |
131,047,402 |
193,905,453 |
595,933,438 |
|
- Related
Company |
258,701,822 |
55,141,631 |
301,125,271 |
|
Inventories |
1,313,873,190 |
412,169,100 |
535,819,780 |
|
Refundable Value Added Tax |
47,716,930 |
37,563,919 |
35,921,603 |
|
Refundable Tax Imports |
48,319,393 |
11,016,168 |
- |
|
Other Current Assets
|
25,385,590 |
8,337,189 |
21,996,698 |
|
|
|
|
|
|
Total Current Assets
|
3,232,100,796 |
2,235,808,541 |
2,560,831,198 |
|
Deferred Income Tax |
160,170,374 |
116,929,403 |
54,530,635 |
|
Fixed Assets |
1,056,293,065 |
492,529,758 |
865,816,428 |
|
Goodwill |
53,201,325 |
55,035,853 |
55,035,853 |
|
Deposits |
2,367,822 |
1,490,732 |
1,179,231 |
|
Total Assets |
4,504,133,382 |
2,901,794,287 |
3,537,393,345 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
|
|
|
|
- Other
Payable |
1,081,115,208 |
295,164,998 |
891,026,950 |
|
- Related
Company |
260,652,775 |
116,184,717 |
63,824,719 |
|
Other Payable - Other Company |
326,105,687 |
42,569,353 |
- |
|
Other Payable - Related Company |
26,427,610 |
88,964,660 |
85,198,246 |
|
Accrued Expenses |
165,731,727 |
187,003,793 |
150,602,389 |
|
Accrued Income Tax |
80,682,419 |
80,682,419 |
45,871,238 |
|
Received from Insurance
Company |
807,064,347 |
- |
- |
|
Other Current Liabilities |
2,264,925 |
19,517,880 |
644,761,416 |
|
|
|
|
|
|
Total Current Liabilities |
2,750,044,698 |
830,087,820 |
1,301,284,958 |
|
|
|
|
|
|
Employee Benefits Obligation |
86,721,603 |
82,748,576 |
70,402,090 |
|
Total Liabilities |
2,836,766,301 |
912,836,396 |
1,371,687,048 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 14,100,011 shares |
1,410,001,100 |
1,410,001,100 |
1,410,001,100 |
|
|
|
|
|
|
Capital Paid |
1,410,001,100 |
1,410,001,100 |
1,410,001,100 |
|
Retained Earnings Appropriated Statutory Reserve |
162,328,833 |
162,328,833 |
162,328,833 |
|
Unappropriated |
95,037,148 |
416,627,958 |
593,376,364 |
|
Total Shareholders' Equity |
1,667,367,081 |
1,988,957,891 |
2,165,706,297 |
|
Total Liabilities &
Shareholders' Equity |
4,504,133,382 |
2,901,794,287 |
3,537,393,345 |
PROFIT & LOSS ACCOUNT
|
Revenue |
Dec. 1,
2011 - March 31, 2012 |
Nov. 30,
2011 |
Nov. 30,
2010 |
|
|
|
|
|
|
Sales Income |
436,199,061 |
10,487,852,230 |
6,662,304,262 |
|
Other Income |
50,256,259 |
126,627,402 |
74,751,478 |
|
Total Revenues |
486,455,320 |
10,614,479,632 |
6,737,055,740 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
440,230,749 |
8,794,815,731 |
5,476,628,497 |
|
Selling Expenses |
4,007,605 |
327,879,377 |
276,514,888 |
|
Administrative Expenses |
114,607,825 |
358,804,570 |
263,371,867 |
|
Other Expenses |
292,440,922 |
624,532,903 |
- |
|
Total Expenses |
851,287,101 |
10,106,032,581 |
6,016,515,252 |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
[364,831,781] |
508,447,051 |
720,540,488 |
|
Income Tax |
[43,240,971] |
[91,819,093] |
[127,164,124] |
|
|
|
|
|
|
Net Profit / [Loss] |
[321,590,810] |
416,627,958 |
593,376,364 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.18 |
2.69 |
1.97 |
|
QUICK RATIO |
TIMES |
0.65 |
2.13 |
1.51 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.41 |
21.29 |
7.69 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.10 |
3.61 |
1.88 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
1,089.35 |
17.11 |
35.71 |
|
INVENTORY TURNOVER |
TIMES |
0.34 |
21.34 |
10.22 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
109.66 |
6.75 |
32.65 |
|
RECEIVABLES TURNOVER |
TIMES |
3.33 |
54.09 |
11.18 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
896.36 |
12.25 |
59.38 |
|
CASH CONVERSION CYCLE |
DAYS |
302.64 |
11.60 |
8.98 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
100.92 |
83.86 |
82.20 |
|
SELLING & ADMINISTRATION |
% |
27.19 |
6.55 |
8.10 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
10.60 |
17.35 |
18.92 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(83.64) |
4.85 |
10.82 |
|
NET PROFIT MARGIN |
% |
(73.73) |
3.97 |
8.91 |
|
RETURN ON EQUITY |
% |
(19.29) |
20.95 |
27.40 |
|
RETURN ON ASSET |
% |
(7.14) |
14.36 |
16.77 |
|
EARNING PER SHARE |
BAHT |
(22.81) |
29.55 |
42.08 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.63 |
0.31 |
0.39 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.70 |
0.46 |
0.63 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(95.84) |
57.42 |
|
|
OPERATING PROFIT |
% |
(171.75) |
(29.44) |
|
|
NET PROFIT |
% |
(177.19) |
(29.79) |
|
|
FIXED ASSETS |
% |
114.46 |
(43.11) |
|
|
TOTAL ASSETS |
% |
55.22 |
(17.97) |
|
ANNUAL GROWTH : ACCEPTABLE
An annual sales growth is -95.84%.
Turnover has decreased from THB 10,487,852,230.00 in 2011 to THB 436,199,061.00
in 2012. While net profit has decreased from THB 416,627,958.00 in 2011 to THB
-321,590,810.00 in 2012. And total assets has increased from THB
2,901,794,287.00 in 2011 to THB 4,504,133,382.00 in 2012.
PROFITABILITY : ACCEPTABLE
PROFITABILITY RATIO
|
Gross Profit Margin |
10.60 |
Impressive |
Industrial Average |
(0.15) |
|
Net Profit Margin |
(73.73) |
Deteriorated |
Industrial Average |
5.99 |
|
Return on Assets |
(7.14) |
Deteriorated |
Industrial Average |
14.40 |
|
Return on Equity |
(19.29) |
Deteriorated |
Industrial Average |
23.56 |
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 10.6%. 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 -73.73%. 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 -7.14%.
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 -19.29%.
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 |
1.18 |
Acceptable |
Industrial Average |
2.06 |
|
Quick Ratio |
0.65 |
|
|
|
|
Cash Conversion Cycle |
302.64 |
|
|
|
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 1.18 times in 2012, decreased from 2.69 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 0.65 times in 2012,
decreased from 2.13 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 303 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.63 |
Acceptable |
Industrial Average |
0.38 |
|
Debt to Equity Ratio |
1.70 |
Risky |
Industrial Average |
0.61 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.63 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 |
0.41 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.10 |
Deteriorated |
Industrial Average |
2.41 |
|
Inventory Conversion Period |
1,089.35 |
|
|
|
|
Inventory Turnover |
0.34 |
Deteriorated |
Industrial Average |
12.22 |
|
Receivables Conversion Period |
109.66 |
|
|
|
|
Receivables Turnover |
3.33 |
Acceptable |
Industrial Average |
6.19 |
|
Payables Conversion Period |
896.36 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.33 and 54.09
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 17 days at the end of 2011 to
1089 days at the end of 2012. This represents a negative trend. And Inventory
turnover has decreased from 21.34 times in year 2011 to 0.34 times in year
2012.
The company's Total Asset Turnover is calculated as 0.1 times and 3.61
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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.57 |
|
|
1 |
Rs.103.34 |
|
Euro |
1 |
Rs.88.16 |
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.