MIRA
INFORM REPORT
|
Report Date : |
01.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
KERRY INGREDIENTS
[ |
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Registered Office : |
618 Moo 4, Bangpoo
Industrial Estate, T. Praeksa,
A. Muang, Samutprakarn 10280 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
12.03.2002 |
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Com. Reg. No.: |
0105545028144 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
engaged
in Manufacturing, Distributing and
Exporting wide range
of food ingredients, such
as Seasoning & Flavoring,
Spices, Bakery Flour
and Food Flour,
under its own
brand “KERRY”. |
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|
No of Employees : |
approximately 200
(Office Staff and
Factory Workers) |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed 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. This was expected to lead to an economic upsurge but growth has remained slow, in part due to ongoing political unrest and resulting uncertainties. Spending on infrastructure will require re-approval once a new government is seated.
|
Source : CIA |
Company name
KERRY INGREDIENTS [THAILAND]
LTD.
SUMMARY
BUSINESS
ADDRESS : 618
MOO 4, BANGPOO
INDUSTRIAL ESTATE,
T. PRAEKSA,
A. MUANG, SAMUTPRAKARN
10280,
THAILAND
TELEPHONE : [66] 2709-4712-8,
2324-6100
FAX :
[66] 2709-4723,
2324-6110
E-MAIL
ADDRESS : iluckhana@kerryingredients.com.my
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0105545028144
TAX
ID NO. : 3030543257
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT. 38,500,000
SHAREHOLDER’S PROPORTION : FOREIGN
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PAUL MATHEW POTTER,
IRISH
MANAGING DIRECTOR
NO.
OF STAFF : 200
LINES
OF BUSINESS : FOOD
INGREDIENTS
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 March 12,
2002 as a
private limited company
under the name
style KERRY INGREDIENTS
[THAILAND] LTD., by
Dutch company, with
the business objective
to manufacture wide
range of food
ingredients to both
domestic and overseas
markets. It currently
employs approximately 200
staff.
Subject
is a wholly
owned subsidiary of
Kerry Group B.V.
of Netherlands.
The
subject’s registered address
is 618 Moo 4,
Bangpoo Industrial Estate, T.
Praeksa, A. Muang, Samutprakarn
10280, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Mark Justin Mccormack |
|
Irish |
45 |
|
Ms. Claire Salmon |
|
Irish |
38 |
|
Mr. Paul Mathew Potter |
|
Irish |
55 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Paul Mathew Potter
is the Managing
Director.
He is Irish
nationality with the
age of 55
years old.
Mr. Adul Sirichan is
the Production Manager.
He is Thai
nationality.
Ms. Suwanna Ngohpraiwal is
the Human Resources and
Administration Manager.
She is Thai
nationality.
Mr. Niphon Withitanum is the
Factory Manager.
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting wide
range of food
ingredients, such as
seasoning & flavoring, spices,
bakery flour and
food flour, under
its own brand “KERRY”.
PURCHASE
Raw materials and
food chemicals are
purchased from suppliers
and agents in
both domestic and overseas,
mainly Japan, India,
United Kingdom, France, Netherlands,
and Republic of
China.
MAJOR SUPPLIER
Kerry Group Plc. : Ireland
SALES
80% of the
products is exported
to U.S.A., Australia,
South Africa and
many countries in
Europe, Asia and Middle
East, and the
remaining 20% is sold locally
to manufacturers,
wholesalers and end-users
in food and
bakery industries.
MAJOR CUSTOMER
La Vanille Societe
Anonyme 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
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
200 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 industrial area.
Sales office
is located on the 24th Flr.,
Empire Tower, 195
South Sathorn Rd., Yananwa,
Sathorn, Bangkok 10120.
Tel.: [66] 2659-5939-44, Fax. :
[66] 2659-5945.
COMMENT
The
subject was formed in 2002 as
a manufacturer, distributor
and exporter of
food ingredients. Its products
have been served both
domestic and export
markets. The consumption
outlook in USA
and EU markets was
worrisome as growth
remained slow in
the year 2013.
However,
market improvement has
recently seen from
higher sales in overseas
markets. Exports are
likely to improve
with the global
economy, while domestic
consumption is estimated to
pick up in the
second half of the
year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 500,000
divided into 5,000
shares of Bht. 100
each.
The
capital was increased
later as following:
Bht. 2,000,000 on
October 31, 2002
Bht. 100,000,000
on December 22,
2003
The
latest registered capital
was increased to
Bht. 100 million, divided into
1,000,000 shares of
Bht. 100 each,
with the current
capital paid-up at
Bht. 38,500,000 or 980,000
shares of Bht.
37.25 each and
20,000 shares of
Bht. 100 each.
THE
SHAREHOLDERS LISTED WERE
: [as at April
30, 2014] at
Bht. 38,500,000 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Kerry Group B.V. Nationality: Dutch Address : Almere,
Netherlands |
999,994 |
99.9994 |
|
Kerry Group Services
Ltd. Nationality: Irish Address : Kerry,
Ireland |
1 |
0.0001 |
|
Kerry Ingredients Holdings
[Ireland] Ltd. Nationality: Irish Address : Kerry,
Ireland |
1 |
0.0001 |
|
Kerry Holdings [Ireland]
Ltd. Nationality: Irish Address : Kerry,
Ireland |
1 |
0.0001 |
|
Zenbury International Limited Nationality: Irish Address : Kerry,
Ireland |
1 |
0.0001 |
|
Kerry Treasury Services
Ltd. Nationality: Irish Address : Kerry,
Ireland |
1 |
0.0001 |
|
Kerry Agri Business
Holdings Ltd. Nationality: Irish Address : Kerry,
Ireland |
1 |
0.0001 |
Total Shareholders : 7
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
7 |
1,000,000 |
100.00 |
|
Total |
7 |
1,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Dr. Kiatniyom Kuntisuk No.
4800
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
238,845,901 |
168,412,802 |
76,083,677 |
|
Trade Accounts and
Other Receivable |
114,382,893 |
151,420,070 |
137,401,511 |
|
Inventories |
93,963,413 |
92,117,170 |
143,193,805 |
|
Other Current Assets
|
12,416,730 |
7,469,842 |
7,996,787 |
|
|
|
|
|
|
Total Current Assets
|
459,608,937 |
419,419,884 |
364,675,780 |
|
Fixed Assets |
101,165,267 |
102,531,925 |
109,127,072 |
|
Deferred Income Tax |
11,823,100 |
11,480,212 |
11,351,994 |
|
Other Non - current Assets |
704,073 |
593,073 |
637,073 |
|
Total Assets |
573,301,377 |
534,025,094 |
485,791,919 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts and
Other Payable |
149,326,944 |
188,019,306 |
184,640,481 |
|
Accrued Income Tax |
10,705,113 |
11,558,718 |
8,688,925 |
|
Estimated Liabilities for
Product Warranty |
6,000,000 |
6,000,000 |
6,000,000 |
|
Other Current Liabilities |
160,859 |
8,063 |
82,827 |
|
|
|
|
|
|
Total Current Liabilities |
166,192,916 |
205,586,087 |
199,412,233 |
|
|
|
|
|
|
Employee Benefits Obligation |
14,248,269 |
14,559,596 |
21,799,783 |
|
Total Liabilities |
180,441,185 |
220,145,683 |
221,212,016 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized and
issued share capital 1,000,000 shares |
100,000,000 |
100,000,000 |
100,000,000 |
|
|
|
|
|
|
Capital Paid |
38,500,000 |
38,500,000 |
38,500,000 |
|
Retained Earnings: Appropriated for Statutory Reserve |
10,000,000 |
10,000,000 |
10,000,000 |
|
Unappropriated |
344,360,192 |
265,379,411 |
216,079,903 |
|
Total Shareholders' Equity |
392,860,192 |
313,879,411 |
264,579,903 |
|
Total Liabilities & Shareholders' Equity |
573,301,377 |
534,025,094 |
485,791,919 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
930,319,896 |
958,877,378 |
1,197,545,958 |
|
Other Income |
3,315,776 |
1,176,192 |
1,770,045 |
|
Total Revenues |
933,635,672 |
960,053,570 |
1,199,316,003 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
669,152,896 |
739,990,714 |
872,168,807 |
|
Selling Expenses |
37,369,346 |
30,623,279 |
37,513,431 |
|
Administrative Expenses |
129,066,738 |
122,907,565 |
135,521,928 |
|
Total Expenses |
835,588,980 |
893,521,558 |
1,045,204,166 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
98,046,692 |
66,532,012 |
154,111,837 |
|
Financial Costs |
[125] |
[933] |
[40,861] |
|
Profit before Income
Tax |
98,046,567 |
66,531,079 |
154,070,976 |
|
Income Tax |
[19,065,786] |
[17,231,571] |
[29,547,215] |
|
|
|
|
|
|
Net Profit / [Loss] |
78,980,781 |
49,299,508 |
124,523,761 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.77 |
2.04 |
1.83 |
|
QUICK RATIO |
TIMES |
2.13 |
1.56 |
1.07 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
9.20 |
9.35 |
10.97 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.62 |
1.80 |
2.47 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
51.25 |
45.44 |
59.93 |
|
INVENTORY TURNOVER |
TIMES |
7.12 |
8.03 |
6.09 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
44.88 |
57.64 |
41.88 |
|
RECEIVABLES TURNOVER |
TIMES |
8.13 |
6.33 |
8.72 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
81.45 |
92.74 |
77.27 |
|
CASH CONVERSION CYCLE |
DAYS |
14.68 |
10.33 |
24.53 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
71.93 |
77.17 |
72.83 |
|
SELLING & ADMINISTRATION |
% |
17.89 |
16.01 |
14.45 |
|
INTEREST |
% |
0.00 |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
28.43 |
22.95 |
27.32 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
10.54 |
6.94 |
12.87 |
|
NET PROFIT MARGIN |
% |
8.49 |
5.14 |
10.40 |
|
RETURN ON EQUITY |
% |
20.10 |
15.71 |
47.06 |
|
RETURN ON ASSET |
% |
13.78 |
9.23 |
25.63 |
|
EARNING PER SHARE |
BAHT |
205.14 |
128.05 |
323.44 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.31 |
0.41 |
0.46 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.46 |
0.70 |
0.84 |
|
TIME INTEREST EARNED |
TIMES |
784,373.54 |
71,309.77 |
3,771.61 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(2.98) |
(19.93) |
|
|
OPERATING PROFIT |
% |
47.37 |
(56.83) |
|
|
NET PROFIT |
% |
60.21 |
(60.41) |
|
|
FIXED ASSETS |
% |
(1.33) |
(6.04) |
|
|
TOTAL ASSETS |
% |
7.35 |
9.93 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is -2.98%. Turnover has decreased from THB 958,877,378.00
in 2012 to THB 930,319,896.00 in 2013. While net profit has increased from THB
49,299,508.00 in 2012 to THB 78,980,781.00 in 2013. And total assets has
increased from THB 534,025,094.00 in 2012 to THB 573,301,377.00 in 2013.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
28.43 |
Impressive |
Industrial Average |
24.16 |
|
Net Profit Margin |
8.49 |
Impressive |
Industrial Average |
5.42 |
|
Return on Assets |
13.78 |
Impressive |
Industrial Average |
8.60 |
|
Return on Equity |
20.10 |
Impressive |
Industrial Average |
13.75 |
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 28.43%. 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 8.49%, 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
13.78%, 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. Return on Equity ratio
is 20.1%, 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.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
EXCELLENT
LIQUIDITY RATIO
|
Current Ratio |
2.77 |
Impressive |
Industrial Average |
2.29 |
|
Quick Ratio |
2.13 |
|
|
|
|
Cash Conversion Cycle |
14.68 |
|
|
|
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 2.77 times in 2013, increased from 2.04 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 2.13 times in 2013,
increased from 1.56 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 15 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.31 |
Impressive |
Industrial Average |
0.32 |
|
Debt to Equity Ratio |
0.46 |
Impressive |
Industrial Average |
0.47 |
|
Times Interest Earned |
784,373.54 |
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 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 784373.54 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 0.31 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
9.20 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.62 |
Impressive |
Industrial Average |
1.59 |
|
Inventory Conversion Period |
51.25 |
|
|
|
|
Inventory Turnover |
7.12 |
Satisfactory |
Industrial Average |
7.37 |
|
Receivables Conversion Period |
44.88 |
|
|
|
|
Receivables Turnover |
8.13 |
Impressive |
Industrial Average |
5.42 |
|
Payables Conversion Period |
81.45 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.13 and 6.33 in
2013 and 2012 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 2013
increased from 2012. 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 45 days at the
end of 2012 to 51 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 8.03 times in year 2012 to 7.12 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.62 times and 1.8
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.60.25 |
|
UK Pound |
1 |
Rs.101.92 |
|
Euro |
1 |
Rs.80.70 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
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.