MIRA
INFORM REPORT
|
Report Date : |
03.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
CONTINENTAL PETROCHEMICALS [THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
137 Moo 17,Bangna-Trad Road, T. Bangsaothong, A. Bangsaothong, Samutprakarn 10540, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.03.1987 |
|
|
|
|
Com. Reg. No.: |
0105530010520 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing, distributing and
exporting of intermediate chemicals, such as
Phthalic Anhydride [PA], Di-Octyl
Phthalate [DOP] and Conpal
10 for plastics,
paints and petrochemical industries. |
|
|
|
|
No. of Employees : |
70 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
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. 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
CONTINENTAL
PETROCHEMICALS [THAILAND] CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 137
MOO 17, BANGNA-TRAD
ROAD,
T.
BANGSAOTHONG, A. BANGSAOTHONG,
SAMUTPRAKARN 10540,
THAILAND
TELEPHONE : [66] 2315-1478-80
FAX :
[66] 2315-2270
E-MAIL
ADDRESS : sakeson@continentalthai.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1987
REGISTRATION
NO. : 0105530010520
TAX ID NO. : 3101432763
CAPITAL REGISTERED : BHT. 540,533,000
CAPITAL PAID-UP : BHT.
540,533,000
SHAREHOLDER’S PROPORTION : THAI :
12.69%
FOREIGN :
87.31%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. HENDRA WASKITO,
INDONESIAN
PRESIDENT
NO.
OF STAFF : 70
LINES
OF BUSINESS : INTERMEDIATE CHEMICALS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH LOW
PERFORMANCE
HISTORY
The
subject was established
on March 4,
1987 as a
private limited company
under the originally
registered name “Eternal Petrochemical
Co., Ltd.” by
Thai and foreign
groups. On July
30, 2001, its
registered name was
changed to CONTINENTAL PETROCHEMICALS [THAILAND]
CO., LTD. Its business
objective is to
manufacture and supply
intermediate chemicals to
various industries of
both local and
overseas markets. It
currently employs approximately
70 staff. The
subject is a
subsidiary of Globechem
International Co., Ltd.,
in Mauritius.
The
subject’s registered address
is 137 Moo
17, Bangna-Trad Road,
T. Bangsaothong, A.
Bangsaothong, Samutprakarn 10540, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Chaweng Uvimolchai |
|
Thai |
- |
|
Mr. Vinai Vamvanich |
|
Thai |
- |
|
Dr. Kiw Jun Chai |
[x] |
Chinese |
- |
|
Mr. Yudianto Cosman |
|
- |
- |
|
Mr. Yoiji Shonan |
|
Japanese |
- |
|
Mr. Tajadi Gunawan |
[x] |
- |
- |
|
Mr. Lim Hock Soon |
[x] |
Singaporean |
- |
|
Mr. Vincent Matthew Malaya
Fillay |
[x] |
- |
- |
|
Mr. Hendra Waskito |
[x] |
Indonesian |
- |
AUTHORIZED PERSON
Any two of the
mentioned directors
[x] can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Hendra waskito is
the President.
He is Indonesian
nationality.
BUSINESS OPERATIONS
The subject
is engaged in manufacturing, distributing
and exporting of
intermediate chemicals, such
as Phthalic Anhydride [PA], Di-Octyl
Phthalate [DOP] and Conpal
10 for plastics,
paints and petrochemical
industries.
PURCHASE
Raw materials are
purchased from both
local and overseas
suppliers mainly in
Japan, Germany and
Italy.
SALES
Its products are
sold to both local
and overseas customers
mainly in Japan, Republic
of China, India,
Indonesia, Hong Kong,
Malaysia and Australia.
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
T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximately 70 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
subject is a
manufacturer, distributor and
exporter of intermediate
chemical which is
raw material for
the production of
plastic, paint and
petrochemical products. Despite
of an increase
in sales revenue
in 2012, the subject’s
operating performance in
2012 was still
sluggish with a
large amount of
net loss at
the end of
year. Moreover, the
subject has obtained
a massive amount
of deficit retained
earning and deficit
shareholders’ equity for
many consecutive years.
Due to this,
the maximum credit
is not recommended.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 300,000,000
divided into 300,000 shares
of Bht. 1,000
each with fully
paid.
The
capital was increased
and decreased later
as follows:
Bht. 420,000,000
on November 5,
1993
Bht. 700,000,000
on June
8, 1994
Bht. 256,373,000
on January 13,
2000
On
January 20, 2000,
the latest registered capital
was increased to
Bht. 540,533,000 divided
into 540,533 shares
of Bht. 1,000 each
with fully paid.
MAIN
SHAREHOLDERS : [as
at September 26, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Globechem International Co.,
Ltd. Nationality: Mauritius Address :
Mauritius |
439,546 |
81.32 |
|
C.S. Capital Co.,
Ltd. Nationality: Thai Address : 25
South Sathorn Rd.,
Sathorn, Bangkok |
40,302 |
7.46 |
|
MeesPierson Asia Ltd. Nationality: Singaporean Address : 30 Raffles Place, #18-00 Caltex
House,
Singapore 0104 |
20,329 |
3.76 |
|
Watana Charn Co.,
Ltd. Nationality: Thai Address : 61/1
Soi Watana, Sukhumvit
Rd.,
Klongtoey, Bangkok |
6,776 |
1.25 |
|
Mr. Pornchai Uvimolchai Nationality: Thai Address : 100
Soi Sukhumvit 53,
Klongtonnua,
Watrtana, Bangkok |
4,675 |
0.86 |
|
Itochu [Thailand] Co.,
Ltd. Nationality: Thai Address : 54
North Sathorn Rd.,
Silom, Bangrak,
Bangkok |
4,350 |
0.80 |
|
Mr. Kow Ing
Sue Nationality: Chinese Address : 578
Chiangkung Rd., Kowsung,
Taiwan,
Republic of China
|
4,335 |
0.80 |
|
Eternal Resin Co.,
Ltd. Nationality: Thai Address : 179/90-2
South Sathorn Rd.,
Sathorn,
Bangkok |
4,160 |
0.77 |
|
Mr. Chaweng Uvimolchai Nationality: Thai Address : 100
Soi Sukhumvit 53,
Klongtonnua,
Wattana, Bangkok |
3,986 |
0.74 |
|
Others |
12,074 |
2.24 |
Total Shareholders : 21
Share Structure [as
at September 26,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
14 |
68,592 |
12.69 |
|
Foreign |
7 |
471,941 |
87.31 |
|
Total |
21 |
540,533 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT NO. :
Mr. Nirand Leelamethawat
No. 2316
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
22,325,649 |
69,625,780 |
125,584,206 |
|
Short-term Investment |
2,735,745 |
2,570,792 |
11,895,168 |
|
Trade Accounts Receivable
|
242,355,533 |
294,200,042 |
270,304,102 |
|
Other Receivable -
Related Company |
- |
61,826,824 |
58,800,787 |
|
Inventories |
202,949,888 |
170,098,801 |
140,679,801 |
|
Refundable Tax |
5,457,294 |
62,081,116 |
61,368,858 |
|
Other Current Assets
|
20,320,175 |
13,269,573 |
33,913,987 |
|
|
|
|
|
|
Total Current Assets
|
496,144,284 |
673,672,928 |
702,546,909 |
|
Cash at Bank under
Restriction |
4,500,000 |
4,500,000 |
- |
|
Fixed Assets |
368,950,535 |
408,441,519 |
939,496,435 |
|
Intangible Assets |
275,408 |
538,088 |
- |
|
Deferred Expenses |
12,910,026 |
5,616,452 |
12,506,869 |
|
Deposit |
487,640 |
490,240 |
488,640 |
|
Total Assets |
883,267,893 |
1,093,259,227 |
1,655,038,853 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts Payable
|
87,443,147 |
124,779,139 |
118,908,710 |
|
Other Payable -
Related Company |
222,169,522 |
151,671,953 |
110,012,216 |
|
Current Portion of
Long-term Loan from Related
Company |
1,112,994,271 |
1,147,255,274 |
827,088,990 |
|
Current Portion of
Finance Lease Contract Liabilities |
2,348,717 |
791,344 |
860,661 |
|
Other Current Liabilities |
59,619,984 |
44,496,156 |
36,995,519 |
|
|
|
|
|
|
Total Current Liabilities |
1,484,575,641 |
1,468,993,863 |
1,093,866,096 |
|
Long-term Loan from Related Company |
- |
- |
256,630,511 |
|
Finance Lease Contract
Liabilities |
- |
2,348,717 |
3,140,061 |
|
Employee Benefit Obligations |
8,716,315 |
4,278,813 |
- |
|
Total Liabilities |
1,493,291,956 |
1,475,621,393 |
1,353,636,668 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 540,533 shares |
540,533,000 |
540,533,000 |
540,533,000 |
|
|
|
|
|
|
Capital Paid |
540,533,000 |
540,533,000 |
540,533,000 |
|
Premium on Share
Capital |
80,589,800 |
80,589,800 |
80,589,800 |
|
Retained Earning [Deficit] |
[1,231,146,863] |
[1,003,484,966] |
[805,432,841] |
|
Surplus on Assets
Appraisal |
- |
- |
485,712,226 |
|
Total Shareholders' Equity |
[610,024,063] |
[382,362,166] |
301,402,185 |
|
Total Liabilities &
Shareholders' Equity |
883,267,893 |
1,093,259,227 |
1,655,038,853 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
1,811,699,215 |
1,773,648,869 |
1,674,126,913 |
|
Gain on Exchange
Rate |
46,218,701 |
- |
113,355,750 |
|
Other Income |
2,135,854 |
1,198,622 |
1,854,438 |
|
Total Revenues |
1,860,053,770 |
1,774,847,491 |
1,789,337,101 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,809,400,606 |
1,784,328,049 |
1,642,783,507 |
|
Selling Expenses |
9,065,084 |
8,860,865 |
13,347,302 |
|
Administrative Expenses |
171,654,345 |
36,919,257 |
47,900,589 |
|
Loss on Exchange
Rate |
- |
55,682,123 |
- |
|
Total Expenses |
1,990,120,035 |
1,885,790,294 |
1,704,031,398 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
[130,066,265] |
[110,942,803] |
85,305,703 |
|
Financial Costs |
[97,595,632] |
[87,109,322] |
[76,569,658] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
[227,661,897] |
[198,052,125] |
8,736,045 |
|
Income Tax |
- |
- |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
[227,661,897] |
[198,052,125] |
8,736,045 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.33 |
0.46 |
0.64 |
|
QUICK RATIO |
TIMES |
0.18 |
0.29 |
0.43 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.91 |
4.34 |
1.78 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.05 |
1.62 |
1.01 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
40.94 |
34.80 |
31.26 |
|
INVENTORY TURNOVER |
TIMES |
8.92 |
10.49 |
11.68 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
48.83 |
60.54 |
58.93 |
|
RECEIVABLES TURNOVER |
TIMES |
7.48 |
6.03 |
6.19 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
17.64 |
25.52 |
26.42 |
|
CASH CONVERSION CYCLE |
DAYS |
72.13 |
69.81 |
63.77 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
99.87 |
100.60 |
98.13 |
|
SELLING & ADMINISTRATION |
% |
9.98 |
2.58 |
3.66 |
|
INTEREST |
% |
5.39 |
4.91 |
4.57 |
|
GROSS PROFIT MARGIN |
% |
2.80 |
(0.53) |
8.75 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(7.18) |
(6.26) |
5.10 |
|
NET PROFIT MARGIN |
% |
(12.57) |
(11.17) |
0.52 |
|
RETURN ON EQUITY |
% |
- |
- |
2.90 |
|
RETURN ON ASSET |
% |
(25.77) |
(18.12) |
0.53 |
|
EARNING PER SHARE |
BAHT |
(421.18) |
(366.40) |
16.16 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
1.69 |
1.35 |
0.82 |
|
DEBT TO EQUITY RATIO |
TIMES |
(2.45) |
(3.86) |
4.49 |
|
TIME INTEREST EARNED |
TIMES |
(1.33) |
(1.27) |
1.11 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
2.15 |
5.94 |
|
|
OPERATING PROFIT |
% |
17.24 |
(230.05) |
|
|
NET PROFIT |
% |
(14.95) |
(2,367.07) |
|
|
FIXED ASSETS |
% |
(9.67) |
(56.53) |
|
|
TOTAL ASSETS |
% |
(19.21) |
(33.94) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 2.15%. Turnover has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
2.80 |
Deteriorated |
Industrial
Average |
35.85 |
|
Net Profit Margin |
(12.57) |
Deteriorated |
Industrial
Average |
3.09 |
|
Return on Assets |
(25.77) |
Deteriorated |
Industrial
Average |
2.95 |
|
Return on Equity |
- |
|
Industrial
Average |
4.99 |
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 2.8%. 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 -12.57%.
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 -25.77%.
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 |
0.33 |
Risky |
Industrial
Average |
1.64 |
|
Quick Ratio |
0.18 |
|
|
|
|
Cash Conversion Cycle |
72.13 |
|
|
|
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 0.33 times in 2012, decrease from 0.46 times, 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 0.18 times in 2012,
decrease from 0.29 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 73 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
1.69 |
Risky |
Industrial
Average |
0.40 |
|
Debt to Equity Ratio |
(2.45) |
Risky |
Industrial
Average |
0.66 |
|
Times Interest Earned |
(1.33) |
Risky |
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 -1.34 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 1.69 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.91 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
2.05 |
Impressive |
Industrial
Average |
0.96 |
|
Inventory Conversion Period |
40.94 |
|
|
|
|
Inventory Turnover |
8.92 |
Impressive |
Industrial
Average |
5.47 |
|
Receivables Conversion Period |
48.83 |
|
|
|
|
Receivables Turnover |
7.48 |
Impressive |
Industrial
Average |
4.77 |
|
Payables Conversion Period |
17.64 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.48 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 35 days at the
end of 2011 to 41 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 10.49 times in year 2011 to 8.92
times in year 2012.
The company's Total Asset Turnover is calculated as 2.05 times and 1.62
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.62.48 |
|
|
1 |
Rs.102.95 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
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.