MIRA INFORM REPORT
|
Report Date : |
11.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
LUVATA HEATING COOLING TECHNOLOGIES [THAILAND] LTD. |
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|
|
Formerly Known As : |
LUVATA HITACHI CABLE
[THAILAND] LTD. |
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Registered Office : |
102 Moo 3, Sukhumvit Road, T. Saenphudas, A. Banpho, Chachoengsao 24140 |
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|
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Country : |
Thailand |
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|
|
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1999 |
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Com. Reg. No.: |
0245542000477 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and Exporter of Seamless Copper Tubes |
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No. of Employees : |
280 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. 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 recession severely cut Thailand's exports, with most sectors experiencing double-digit drops. In late 2011 Thailand's recovery was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. The government 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 following seven years.
|
Source
: CIA |
Company
name and address
LUVATA HEATING
COOLING TECHNOLOGIES [THAILAND] LTD.
[FORMER : LUVATA
HITACHI CABLE [THAILAND] LTD.]
SUMMARY
BUSINESS ADDRESS : 102 MOO 3,
SUKHUMVIT ROAD,
T. SAENPHUDAS, A. BANPHO,
CHACHOENGSAO
24140, THAILAND
TELEPHONE : [66] 38
577-068-71
FAX : [66] 38
577-072
E-MAIL ADDRESS : sales.lhct@luvata.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1999
REGISTRATION NO. : 0245542000477
TAX ID NO. : 3211006823
CAPITAL REGISTERED : BHT.
500,000,000
CAPITAL PAID-UP : BHT.
500,000,000
SHAREHOLDER’S PROPORTION : FOREIGN :
100.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. JOUNI KALEVI
SATOLA, FINN
MANAGING DIRECTOR
NO. OF STAFF : 280
LINES OF BUSINESS : SEAMLESS COPPER
TUBES
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was
established on October
26, 1999 as
a private limited
company under the originally registered name “Outokumpu Hitachi Coppertube [Thailand] Ltd.” by
Foreign groups. On
May 3, 2006,
its registered name
was changed to “Luvata
Hitachi Cable [Thailand]
Ltd.”, and was
finally changed to
LUVATA HEATING COOLING
TECHNOLOGIES [THAILAND] LTD. on
June 11, 2012.
Its business objective
is to manufacture
and distribute seamless
copper tube for
industrial used to
both domestic and overseas
markets. The subject
currently employs 280
staff.
The subject is
a joint venture
between Luvata Espoo
OY, in Finland
and Hitachi Metals
Ltd., in Japan.
It achieved the
international standard ISO 9001 : 2000 and
ISO 14001 certification.
The subject’s registered address
is 102 Moo 3,
Sukhumvit Rd., T. Saenphudas, A.
Banpho, Chachoengsao 24140, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Jouni Kalevi Satola |
|
Finn |
- |
|
Mr. Ronald Kameron Bil |
|
American |
54 |
|
Mr. John Peter Leesi |
|
Swedish |
53 |
|
Mr. Jurky Olavi Wesalouma |
|
Finn |
50 |
|
Mr. Yasuhiko Ito |
|
Japanese |
70 |
|
Mr. Akira Takada |
|
Japanese |
57 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Jouni Kalevi Satola
is the Managing
Director.
He is Finn
nationality.
Mr. Veerachon Sooksaengsee is
the Factory Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and
distributing of seamless
copper tubes with
“Cast and Roll” smooth
tubes and “Thermofin”
inner-grooved technology for air conditioners, refrigerators
and heat transfer
industries.
BRAND NAME
“LHCT”
PRODUCTION CAPACITY
15,000 tons per
annum
PURCHASE
80% of raw
materials is purchased
from local suppliers,
the remaining 20%
is imported from
Laos, Japan, India,
Republic of China,
Finland and Germany.
SALES
90% of the products
is sold locally
by wholesale to
manufacturers, the remaining
10% is exported
to Japan.
MAJOR CUSTOMERS
Hitachi Cable Co., Ltd. :
Japan
Daikin Industries [Thailand] Co.,
Ltd. :
Thailand
Hitachi Compressor
[Thailand] Co., Ltd. :
Thailand
Mitsubishi Electric Kang
Yong Watana Co.,
Ltd. : Thailand
Toshiba Carrier [Thailand]
Co., Ltd. : Thailand
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
T/T.
Exports are against
T/T.
BANKING
Kasikornbank Public Co.,
Ltd.
Mizuho Corporate Bank
Ltd.
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 280 staff.
LOCATION DETAILS
The premise is
owned for administrative office,
factory and warehouse
at the heading
address. Premise is
located in provincial, on the
outskirts of Bangkok.
COMMENT
The company has
been specifically formed
to produce high-quality
copper tubes for the air-conditioning, refrigeration
and heat transfer
industries. The products
have been sold in both
domestic and export market. It
combines the experience and
expertise of the world’s two leading
copper tube producers. It
has great confidence
that the company’s
investment and commitment
to high-quality products
will be successful
in long term
prospect.
The subject reported
increasing its sales
in 2012 from
market expansion both
local and overseas
markets, while its
business performance this
year is estimated
to earn a
positive outcome.
FINANCIAL INFORMATION
The capital was
registered at Bht. 100,000
divided into 1,000
shares of Bht.
100 each.
On April 7, 2000, the capital
was increased to Bht. 500,000,000 divided
into 5,000,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as at November
21, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Luvata Espoo OY Nationality: Finn Address : Tuulikuja 2, P.O. Box
78.02101, Espoo, Finland |
3,199,999 |
64.00 |
|
Hitachi Metals Ltd. Nationality: Japanese Address : 1-22-16 Asakusabashi, Taito-ku
Tokyo, Japan |
1,800,000 |
36.00 |
|
Ms. Thanatira Nanthacupthamrong Nationality: Thai Address : 47/7
Moo 2, Lampakchee,
Nongjok, Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at November 21,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
1 |
- |
|
Foreign |
2 |
4,999,999 |
100.00 |
|
Total |
3 |
5,000,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mrs. Vilai Buranakittisophon No.
3920
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 |
327,658,523 |
344,944,344 |
107,880,775 |
|
Short-term Investment |
28,773,909 |
28,534,280 |
- |
|
Trade Accounts Receivable |
531,189,423 |
821,801,857 |
812,882,856 |
|
Other Receivable |
31,556,440 |
16,641,398 |
- |
|
Related Company Receivable |
3,888,489 |
1,384,309 |
930,848 |
|
Inventories |
624,889,262 |
457,096,124 |
513,840,438 |
|
Other Current Assets |
- |
- |
10,408,773 |
|
|
|
|
|
|
Total Current Assets
|
1,547,956,046 |
1,670,402,312 |
1,445,943,690 |
|
|
|
|
|
|
Fixed Assets |
693,696,331 |
751,847,467 |
806,318,034 |
|
Intangible Assets |
1,894,991 |
2,092,018 |
270,467 |
|
Total Assets |
2,243,547,368 |
2,424,341,797 |
2,252,532,191 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
- |
- |
91,500,000 |
|
Trade Accounts Payable |
1,055,444,904 |
1,327,184,330 |
889,687,515 |
|
Other Payable |
62,826,999 |
33,026,226 |
- |
|
Related Company Payable |
9,077,239 |
44,460,453 |
15,479,360 |
|
Current Portion of Long-term Loan from Related Company |
- |
- |
121,600,000 |
|
Accrued Income Tax |
- |
1,387,443 |
21,187,814 |
|
Pre-received Income from Customer |
70,076,521 |
126,121,130 |
- |
|
Other Current Liabilities |
- |
- |
57,013,315 |
|
|
|
|
|
|
Total Current Liabilities |
1,197,425,663 |
1,532,179,582 |
1,196,468,004 |
|
|
|
|
|
|
Employee Benefits Obligation |
10,580,046 |
9,146,046 |
- |
|
Total Liabilities |
1,208,005,709 |
1,541,325,628 |
1,196,468,004 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 5,000,000 shares |
500,000,000 |
500,000,000 |
500,000,000 |
|
|
|
|
|
|
Capital Paid |
500,000,000 |
500,000,000 |
500,000,000 |
|
Retained Earning Appropriated for Statutory
Reserve |
50,000,000 |
50,000,000 |
50,000,000 |
|
Unappropriated |
485,541,659 |
333,016,169 |
506,064,187 |
|
Total Shareholders' Equity |
1,035,541,659 |
883,016,169 |
1,056,064,187 |
|
Total Liabilities &
Shareholders' Equity |
2,243,547,368 |
2,424,341,797 |
2,252,532,191 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
5,533,631,473 |
5,474,434,364 |
4,915,361,393 |
|
Gain on Exchange
Rate |
26,458,110 |
- |
24,075,057 |
|
Other Income |
8,538,789 |
5,824,327 |
3,819,260 |
|
Total Revenues |
5,568,628,372 |
5,480,258,691 |
4,943,255,710 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
5,276,867,001 |
5,411,785,843 |
4,655,282,423 |
|
Selling Expenses |
21,434,594 |
23,368,150 |
22,793,498 |
|
Administrative Expenses |
68,699,491 |
66,509,393 |
62,629,719 |
|
Loss on Exchange Rate |
- |
12,060,511 |
- |
|
Total Expenses |
5,367,001,086 |
5,513,723,897 |
4,740,705,640 |
|
|
|
|
|
|
Profit / [Loss] before
Financial Cost & Income Tax |
201,627,286 |
[33,465,206] |
202,550,070 |
|
Financial Cost |
[44,429,299] |
[44,349,794] |
[39,061,222] |
|
Profit / [Loss] before
Income Tax |
157,197,987 |
[77,815,000] |
163,488,848 |
|
Income Tax |
[4,672,497] |
[20,723,681] |
[32,630,208] |
|
|
|
|
|
|
Net Profit / [Loss] |
152,525,490 |
[98,538,681] |
130,858,640 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.29 |
1.09 |
1.21 |
|
QUICK RATIO |
TIMES |
0.77 |
0.79 |
0.77 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
7.98 |
7.28 |
6.10 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.47 |
2.26 |
2.18 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
43.22 |
30.83 |
40.29 |
|
INVENTORY TURNOVER |
TIMES |
8.44 |
11.84 |
9.06 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
35.04 |
54.79 |
60.36 |
|
RECEIVABLES TURNOVER |
TIMES |
10.42 |
6.66 |
6.05 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
73.00 |
89.51 |
69.76 |
|
CASH CONVERSION CYCLE |
DAYS |
5.26 |
(3.89) |
30.89 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
95.36 |
98.86 |
94.71 |
|
SELLING & ADMINISTRATION |
% |
1.63 |
1.64 |
1.74 |
|
INTEREST |
% |
0.80 |
0.81 |
0.79 |
|
GROSS PROFIT MARGIN |
% |
5.27 |
1.25 |
5.86 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.64 |
(0.61) |
4.12 |
|
NET PROFIT MARGIN |
% |
2.76 |
(1.80) |
2.66 |
|
RETURN ON EQUITY |
% |
14.73 |
(11.16) |
12.39 |
|
RETURN ON ASSET |
% |
6.80 |
(4.06) |
5.81 |
|
EARNING PER SHARE |
BAHT |
30.51 |
(19.71) |
26.17 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.54 |
0.64 |
0.53 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.17 |
1.75 |
1.13 |
|
TIME INTEREST EARNED |
TIMES |
4.54 |
(0.75) |
5.19 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
1.08 |
11.37 |
|
|
OPERATING PROFIT |
% |
(702.50) |
(116.52) |
|
|
NET PROFIT |
% |
254.79 |
(175.30) |
|
|
FIXED ASSETS |
% |
(7.73) |
(6.76) |
|
|
TOTAL ASSETS |
% |
(7.46) |
7.63 |
|
ANNUAL
GROWTH : ACCEPTABLE
An annual sales growth is 1.08%. Turnover has increased from THB
PROFITABILITY :
SATISFACTORY
PROFITABILITY RATIO
|
Gross Profit Margin |
5.27 |
Deteriorated |
Industrial Average |
13.55 |
|
Net Profit Margin |
2.76 |
Impressive |
Industrial Average |
1.30 |
|
Return on Assets |
6.80 |
Impressive |
Industrial Average |
3.82 |
|
Return on Equity |
14.73 |
Satisfactory |
Industrial Average |
14.73 |
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 5.27%. 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 2.76%, 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 6.8%, higher
figure when compared
with those of its
average competitors in the same industry, indicated
that business was an
efficient profit 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 14.73%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.29 |
Impressive |
Industrial Average |
1.21 |
|
Quick Ratio |
0.77 |
|
|
|
|
Cash Conversion Cycle |
5.26 |
|
|
|
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 1.29 times in 2012, increased from 1.09 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 0.77 times in 2012,
decreased from 0.79 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 6 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.54 |
Impressive |
Industrial Average |
0.76 |
|
Debt to Equity Ratio |
1.17 |
Impressive |
Industrial Average |
3.17 |
|
Times Interest Earned |
4.54 |
Impressive |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 4.54 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 0.54 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 Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
7.98 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.47 |
Satisfactory |
Industrial Average |
2.94 |
|
Inventory Conversion Period |
43.22 |
|
|
|
|
Inventory Turnover |
8.44 |
Impressive |
Industrial Average |
7.91 |
|
Receivables Conversion Period |
35.04 |
|
|
|
|
Receivables Turnover |
10.42 |
Impressive |
Industrial Average |
5.60 |
|
Payables Conversion Period |
73.00 |
|
|
|
The company's Account Receivable Ratio is calculated as 10.42 and
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 31 days at the end of 2011 to 43
days at the end of 2012. This represents a negative trend. And Inventory
turnover has decreased from 11.84 times in year 2011 to 8.44 times in year
2012.
The company's Total Asset Turnover is calculated as 2.47 times and 2.26
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 Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.21 |
|
|
1 |
Rs.101.05 |
|
Euro |
1 |
Rs.83.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NNA |
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.