MIRA
INFORM REPORT
|
Report Date : |
16.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
NAGASE [THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
14th Floor, Ramaland
Building, Rama 4
Road, Suriyawongse,
Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
31.03.1989 |
|
|
|
|
Com. Reg. No.: |
0105532029937 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in importing and
distributing wide range
of plastics such
as plastic resin,
plastic coloring compound,
industrial chemicals,
automotive parts, autoparts machinery, electronic
equipment and machinery
tool, as well
as exporting of
plastic products and
industrial chemicals |
|
|
|
|
No. of Employees |
90 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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
NAGASE [THAILAND]
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 14th FLOOR, RAMALAND
BUILDING,
952
RAMA 4 ROAD,
SURIYAWONGSE,
BANGRAK,
BANGKOK 10500, THAILAND
TELEPHONE : [66] 2632-7000,
2632-7253
FAX :
[66] 2632-7111,
2632-7254
E-MAIL
ADDRESS : sriamporn@nagase.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION
NO. : 0105532029937 [Former
: 2991/ 2532]
TAX
ID NO. : 3101711585
CAPITAL REGISTERED : BHT. 321,000,000
CAPITAL PAID-UP : BHT.
321,000,000
SHAREHOLDER’S PROPORTION : JAPANESE : 100%
FISCAL YEAR CLOSING DATE : MARCH
31 [Former : DECEMBER
31]
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
HIROSHI UENO, JAPANESE
MANAGING DIRECTOR
NO.
OF STAFF : 90
LINES
OF BUSINESS : PLASTIC, INDUSTRIAL
CHEMICAL AND
ELECTRONIC EQUIPMENT
IMPORTER, 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 March 31
1989 as a
private limited company
under the name
style NAGASE [THAILAND]
CO., LTD., by
Japanese groups. It
is a wholly
owned subsidiary of
Nagase & Co.,
Ltd., Japan, with
the business objective
to market wide
range of plastics, industrial
chemicals and electronic
equipment to both
local and overseas
markets. It currently
employs approximately 90
staff.
The
subject’s registered address
is 14th Floor,
Ramaland Building, 952
Rama 4 Rd.,
Suriyawongse, Bangrak, Bangkok
10500, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Ichiro Wakabayashi |
[x] |
Japanese |
57 |
|
Mr. Prapol La-orphanpol |
[x] |
Thai |
59 |
|
Mr. Somkiat Kraikabkaew |
|
Thai |
55 |
|
Mr. Hiroshi Ueno |
[x] |
Japanese |
44 |
|
Mr. Noriyoshi Yamaoka |
|
Japanese |
49 |
AUTHORIZED PERSON
Any of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Hiroshi Ueno is
the Managing Director.
He is Japanese
nationality with the
age of 44 years old.
Mr. Vichien Ngamsukkasemsri is
the Sales &
Marketing Manager [Plastic].
He is Thai
nationality.
Mr. Hiyaki Koto is
the Sales &
Marketing Manager [Chemical].
He is Japanese
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing wide
range of plastics
such as plastic
resin, plastic coloring
compound, industrial chemicals, automotive parts,
autopart machinery,
electronic equipment and
machinery tool, as well as
exporting of plastic
products and industrial
chemicals. The products
are purchased by
customer’s order.
IMPORT
Most
of the products
are imported from
Japan, Taiwan, Singapore, Germany,
Netherlands, United States
of America, India
and Republic of
China.
MAJOR SUPPLIERS
PATCO :
United States of
America
Nagase
group :
Japan and Republic of
China
Rion
Co., Ltd.
: Japan
Sun
Delta Corporation :
Japan
Nagase
Fine Chem Singapore
Pte. Ltd. : Singapore
SALES
Most of the
products are sold
locally by wholesale
to manufacturers, dealers
and
end-users.
EXPORT
Some
of the products
are exported to
Vietnam, Myanmar, Laos
and Singapore.
RELATED AND AFFILIATED
COMPANY
Nagase [Siam] Co.,
Ltd.
Business Type :
Importer and distributor
of industrial chemicals
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
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Bank of Tokyo-Mitsubishi UFJ
Ltd., Bangkok Branch
EMPLOYMENT
The
subject employs approximately
90 staff. [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.
Branch
and sales office
is located at 6th Flr.,
Room 6B 01-02, 6C 04
Harbor Mall, 4/222
Moo 10, Thungsukhla,
Sriracha, Chonburi. Tel. :
[66] 38 494-357-8,
Fax. : [66] 38 494-445.
COMMENT
Based on economic trends and the overall industrial improvement, the
subject’s business has performed excellent
in the year 2013.
Demand of industrial
chemicals, plastic parts
and related products
have significantly increased.
This has led
to subject’s fully
benefit with strong increased
sales revenues.
Its current business
outlook remains upbeat.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 6,000,000 divided
into 60,000 shares
of Bht. 100 each.
The
capital was increased
later as following:
Bht. 12,000,000
on July 24,
1995
Bht. 300,000,000
on September 1,
2000
Bht. 321,000,000
on June 9,
2011
The
latest registered capital
was increased to
Bht. 321,000,000 divided into 3,210,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
July 31, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Nagase & Co.,
Ltd. Nationality: Japanese Address : 5-1 Nihonbashi-Kobuna-cho, Chuo-ku,
Tokyo
103-8355, Japan |
3,209,994 |
100.00 |
|
Mr. Keniji Matsuki Nationality: Japanese Address : 5-1
Nihonbashi-Kobuna-cho,
Chuo-ku, Tokyo
103-8355, Japan |
3 |
- |
|
Mr. Hiroshi Ueno Nationality: Japanese Address : 5-1
Nihonbashi-Kobuna-cho,
Chuo-ku, Tokyo
103-8355, Japan |
3 |
- |
Total Shareholders : 3
Share Structure [as
at July 31,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - Japanese |
3 |
3,210,000 |
100.00 |
|
Total |
3 |
3,210,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Ekasith Chuthamsathit No.
4195
BALANCE SHEET [BAHT
The
latest financial figures
published for March
31, 2013, 2012
& December 31,
2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalent |
285,789,918 |
440,795,894 |
644,116,928 |
|
Trade Accounts Receivable |
2,417,223,121 |
2,190,860,655 |
1,635,675,720 |
|
Other Receivable |
2,434,457 |
14,875,914 |
- |
|
Inventories |
951,611,662 |
703,473,279 |
746,437,241 |
|
Other Current Assets |
97,675,303 |
55,245,165 |
157,780,506 |
|
Total Current Assets
|
3,754,734,461 |
3,405,250,907 |
3,184,010,395 |
|
Investment in Associated |
235,960,000 |
235,960,000 |
1,960,000 |
|
Other Long Term
Investment |
11,405,600 |
11,405,600 |
36,405,600 |
|
Fixed Assets |
8,393,769 |
9,217,326 |
9,931,320 |
|
Intangible Assets |
47,380,736 |
1,484,426 |
1,684,264 |
|
Deferred Income Tax |
10,686,558 |
11,078,265 |
6,988,632 |
|
Other Assets |
16,051,123 |
14,222,939 |
14,319,115 |
|
Total Assets |
4,084,612,247 |
3,688,619,463 |
3,255,299,326 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
222,000,000 |
- |
- |
|
Trade Accounts Payable |
1,596,219,160 |
1,380,725,469 |
1,024,839,120 |
|
Other Payable |
36,351,647 |
50,115,440 |
- |
|
Accrued Income Tax |
48,204,029 |
52,438,676 |
33,799,625 |
|
Accrued Expenses |
2,105,203 |
902,311 |
69,513,322 |
|
Other Current Liabilities |
108,327,660 |
60,731,329 |
38,061,544 |
|
Total Current Liabilities |
2,013,207,699 |
1,544,913,225 |
1,166,213,611 |
|
Deferred Income Tax |
- |
- |
818,486 |
|
Employee Benefits Obligation |
13,785,105 |
11,644,373 |
11,187,516 |
|
Total Liabilities |
2,026,992,804 |
1,556,557,598 |
1,178,219,613 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 3,210,000 shares |
321,000,000 |
321,000,000 |
321,000,000 |
|
Capital Paid |
321,000,000 |
321,000,000 |
321,000,000 |
|
Retained Earning for Statutory Reserve |
32,100,000 |
32,100,000 |
32,100,000 |
|
Unappropriated |
1,704,519,443 |
1,781,061,865 |
1,726,079,713 |
|
Total Shareholders' Equity |
2,057,619,443 |
2,132,061,865 |
2,077,079,713 |
|
Total Liabilities &
Shareholders' Equity |
4,084,612,247 |
3,688,619,463 |
3,255,299,326 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
Jan. 1,
2012- Mar. 31, 2012 |
Dec. 31,
2011 |
|
|
|
|
|
|
Sales Income |
10,937,690,875 |
2,329,165,055 |
9,074,736,669 |
|
Commission Income |
17,270,561 |
4,742,822 |
24,194,811 |
|
Other Income |
17,530,551 |
12,471,065 |
33,358,105 |
|
Total Revenues |
10,972,491,987 |
2,346,378,942 |
9,132,289,585 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
10,155,282,481 |
2,165,444,338 |
8,399,117,512 |
|
Selling Expenses |
124,391,642 |
29,333,421 |
105,824,161 |
|
Administrative Expenses |
331,480,545 |
81,339,477 |
286,098,086 |
|
Total Expenses |
10,611,154,668 |
2,276,117,236 |
8,791,039,759 |
|
Profit before Financial Cost
& Income Tax |
361,337,319 |
70,261,706 |
341,249,826 |
|
Financial Cost |
[1,540,816] |
- |
- |
|
Profit Before Income Tax |
359,796,503 |
70,261,706 |
341,249,826 |
|
Income Tax |
[90,238,925] |
[15,279,554] |
[103,293,336] |
|
Net Profit / [Loss] |
269,557,578 |
54,982,152 |
237,956,490 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.87 |
2.20 |
2.73 |
|
QUICK RATIO |
TIMES |
1.34 |
1.71 |
1.95 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1,303.07 |
252.69 |
913.75 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.68 |
0.63 |
2.79 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
34.20 |
118.58 |
32.44 |
|
INVENTORY TURNOVER |
TIMES |
10.67 |
3.08 |
11.25 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
80.66 |
343.33 |
65.79 |
|
RECEIVABLES TURNOVER |
TIMES |
4.52 |
1.06 |
5.55 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
57.37 |
232.73 |
44.54 |
|
CASH CONVERSION CYCLE |
DAYS |
57.50 |
229.17 |
53.69 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
92.85 |
92.97 |
92.55 |
|
SELLING & ADMINISTRATION |
% |
4.17 |
4.75 |
4.32 |
|
INTEREST |
% |
0.01 |
- |
- |
|
GROSS PROFIT MARGIN |
% |
7.47 |
7.77 |
8.08 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.30 |
3.02 |
3.76 |
|
NET PROFIT MARGIN |
% |
2.46 |
2.36 |
2.62 |
|
RETURN ON EQUITY |
% |
13.10 |
2.58 |
11.46 |
|
RETURN ON ASSET |
% |
6.60 |
1.49 |
7.31 |
|
EARNING PER SHARE |
BAHT |
83.97 |
17.13 |
74.13 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.50 |
0.42 |
0.36 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.99 |
0.73 |
0.57 |
|
TIME INTEREST EARNED |
TIMES |
234.51 |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
369.60 |
(74.33) |
|
|
OPERATING PROFIT |
% |
414.27 |
(79.41) |
|
|
NET PROFIT |
% |
390.26 |
(76.89) |
|
|
FIXED ASSETS |
% |
(8.93) |
(7.19) |
|
|
TOTAL ASSETS |
% |
10.74 |
13.31 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 369.6%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
7.47 |
Impressive |
Industrial
Average |
2.51 |
|
Net Profit Margin |
2.46 |
Impressive |
Industrial
Average |
1.36 |
|
Return on Assets |
6.60 |
Satisfactory |
Industrial
Average |
6.71 |
|
Return on Equity |
13.10 |
Acceptable |
Industrial
Average |
17.50 |
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 7.47%. 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 2.46%, 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. When compared with the
industry average, it was lower, the
company's figure is 6.6%.
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 13.1%.
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 |
1.87 |
Impressive |
Industrial
Average |
1.63 |
|
Quick Ratio |
1.34 |
|
|
|
|
Cash Conversion Cycle |
57.50 |
|
|
|
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 1.87 times in 2013, decreased from 2.2 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 1.34 times in 2013,
decreased from 1.71 times, although excluding inventory so the company still
have good short-term financial strength.
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 58 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.50 |
Impressive |
Industrial
Average |
0.58 |
|
Debt to Equity Ratio |
0.99 |
Impressive |
Industrial
Average |
1.38 |
|
Times Interest Earned |
234.51 |
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 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 234.52 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 0.5, 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 Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
1,303.07 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
2.68 |
Acceptable |
Industrial
Average |
4.95 |
|
Inventory Conversion Period |
34.20 |
|
|
|
|
Inventory Turnover |
10.67 |
Acceptable |
Industrial
Average |
14.31 |
|
Receivables Conversion Period |
80.66 |
|
|
|
|
Receivables Turnover |
4.52 |
Satisfactory |
Industrial
Average |
5.17 |
|
Payables Conversion Period |
57.37 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.52 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 decreased from 119 days at the
end of 2012 to 34 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 3.08 times in year 2012 to 10.67
times in year 2013.
The company's Total Asset Turnover is calculated as 2.68 times and 0.63
times in 2013 and 2012 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.60.26 |
|
|
1 |
Rs.101.71 |
|
Euro |
1 |
Rs.83.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIS |
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.