MIRA
INFORM REPORT
|
Report Date : |
07.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
IvAx Paper ChemicalS LIMItEd |
|
|
|
|
Registered Office : |
150
Moo 10, T. Thatoom,
A. Srimahaphote, Prachinburi
25140, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
13.06.2005 |
|
|
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Com. Reg. No.: |
0105548076751 |
|
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|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in
manufacturing, distributing
and exporting wide
range of specialty
chemical for paper
application |
|
|
|
|
No. of Employees : |
50 |
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. 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
IVAX PAPER CHEMICALS LIMITED
SUMMARY
BUSINESS
ADDRESS : 150
MOO 10, T. THATOOM,
A. SRIMAHAPHOTE,
PRACHINBURI 25140,
THAILAND
TELEPHONE : [66] 37
274-439
FAX :
[66] 37
274-438
E-MAIL
ADDRESS : salesthai@ivaxchem.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2005
REGISTRATION
NO. : 0105548076751
TAX
ID NO. : 3380086626
CAPITAL REGISTERED : BHT. 40,000,000
CAPITAL PAID-UP : BHT.
40,000,000
SHAREHOLDER’S PROPORTION : INDIAN : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
MAHAVEER RAJ NAHATA,
INDIAN
MANAGING DIRECTOR
NO.
OF STAFF : 50
LINES
OF BUSINESS : SPECIALTY CHEMICAL
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 June 13,
2005 as a
private limited company
under the registered
name IVAX PAPER
CHEMICALS LIMITED by
Indian groups. Its
business objective is
to manufacture, distribute and
export specialty chemicals
for paper industry.
It currently employs
approximately 50 staff.
The subject’s registered
address is 150
Moo 10, T. Thatoom, A. Srimahaphote, Prachinburi
25140, and this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sharad Kumar Nawalgaria |
|
Indian |
35 |
|
Mr. Kirati Kumar Nawalgaria |
|
Indian |
67 |
|
Mr. Mahaveer Raj Nahata |
|
Indian |
65 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Mahaveer Raj Nahata
is the Managing
Director.
He is Indian
nationality with the age of
65 years old.
BUSINESS OPERATIONS
The subject is engaged
in manufacturing,
distributing and exporting
wide range of
specialty chemical for
paper application. The products
are as follows:
·
For Sizing
-
Alkaline size
system-with ASA/AKD
-
Binary size
system
-
One shot
chemicals
-
Neutral size
system with Cationic - Aninonic Rosin
Emulsion
-
Acid size
system
-
Surface sizing
·
For Retention
and Drainage
-
Single
polymer system
-
Dual
polymer system
-
Micro
particle system, bentonite/silica system
·
For Static
Control-Anti Slip-Inkjet Printing
-
Styrene and
acrylic co-polymers
·
For Broke
Control - Fluff Control -
Trash Control and
Lint Control
-
Acrylamide-Synthetic polymers
-
Starch based
polymers
·
For Dry
and Wet Strength
-
Acrylamides
- synthetic polymers
-
Starch based
polymers
·
For Improving
Stiffness - Strength - Burst
-
Starch based
polymer
·
Control/Cleaning Systems
-
Slime control
chemicals
-
Anti foam
and deforming agents
-
Boil out
chemicals
-
Continuous and
batch felt and
wire cleaning chemicals
deposit control programs
BRAND NAME
“IVAX”
PURCHASE
Most of raw
materials are purchased
from local suppliers,
the remaining as
well as machinery
are imported from India, United
Kingdom, and United
Arab Emirates.
MAJOR
SUPPLIERS
Ivax
Paper Chemicals Ltd. : India
Ivax
Paper Chemicals Ltd. : U.K.
Ivax
Paper Chemical International
Ltd. : United
Arab Emirates
SALES
80% of the
products is sold
locally to manufacturers
and end-users, the
remaining 20% is
exported to United
Kingdom, Japan, Republic
of China and
Malaysia.
MAJOR CUSTOMERS
Double A [1991] Public
Company Limited
Panjapol Paper Industry
Co., Ltd.
Panjapol Pulp Industry
Public Company Limited
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
50 staff.
LOCATION
DETAILS
The premise is owned for
administrative office and factory
at the heading
address. Premise is
located in provincial.
Bangkok
Branch : 20/20 Yannawa
Rd., Chongnonsi, Yannawa,
Bangkok 10120.
Tel. :
[66] 2683-3882, Fax. :
[66] 2683-3883.
COMMENT
The
subject’s operating performance
in 2012 was
impressive with an
increase in both
sales revenue and
net profit comparing
to the same
period of the
previous year. The
demand of the
products are in
relation to the
expansion of paper
industry which has
seen improvement since 2012.
Generally, its business
outlooks remains promising.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 40,000,000 divided
into 400,000 shares
of Bht. 100
each.
On
November 19, 2012,
the capital was
decreased to Bht. 37,456,250
divided into 3,745,625
shares of Bht.
10 each with
fully paid.
On
December 25, 2012,
the capital was
increased to Bht.
40,000,000 divided into
4,000,000 shares of
Bht. 10 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ivax Paper Chemicals
Ltd. Nationality: Indian Address : 6-3-248
Road No. 1, Banjara Hills,
Hyderabad, India |
1,454,375 |
36.36 |
|
Mr. Sharad Kumar Nawalgaria Nationality: Indian Address :
6-3-248 Road No. 1, Banjara Hills,
Hyderabad, India |
1,402,500 |
35.06 |
|
Mr. Kirati Kumar Nawalgaria Nationality: Indian Address : 6-3-248
Road No. 1, Banjara Hills,
Hyderabad, India |
1,143,125 |
28.58 |
Total Shareholders : 3
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - Indian |
3 |
4,000,000 |
100.00 |
|
Total |
3 |
4,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Aruchida Lohzen
No. 10192
BALANCE SHEET
The
latest financial figures
published for December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalent |
19,701,686.00 |
10,724,109.07 |
27,410,420.63 |
|
Trade Accounts & Other Receivable |
10,332,846.05 |
28,412,609.95 |
62,060.00 |
|
Inventories |
21,032,821.04 |
20,313,989.28 |
25,212,225.58 |
|
Prepaid Expenses |
32,228.40 |
- |
- |
|
Other Current Assets |
1,374,052.92 |
178,839.88 |
2,170,002.52 |
|
|
|
|
|
|
Total Current Assets
|
52,473,634.41 |
59,729,548.18 |
54,854,708.73 |
|
|
|
|
|
|
Fixed Assets |
18,596,751.48 |
18,412,105.48 |
13,328,023.80 |
|
Total Assets |
71,070,385.89 |
78,141,653.66 |
68,182,732.53 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
7,162,938.76 |
15,365,973.71 |
5,932,786.45 |
|
Current Portion of
Hire-purchase Payable |
323,163.00 |
55,140.00 |
- |
|
Other Current Liabilities |
86,442.20 |
1,285,598.84 |
568,108.00 |
|
|
|
|
|
|
Total Current Liabilities |
7,572,543.96 |
16,706,712.55 |
6,500,894.45 |
|
Accrued Guarantee |
- |
- |
1,086,707.64 |
|
Hire-purchase Payable, net of Current Portion |
1,063,909.56 |
380,262.40 |
344,048.27 |
|
Total Liabilities |
8,636,453.52 |
17,086,974.95 |
7,931,650.36 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 4,000,000 shares |
40,000,000.00 |
40,000,000.00 |
40,000,000.00 |
|
|
|
|
|
|
Capital Paid |
40,000,000.00 |
40,000,000.00 |
40,000,000.00 |
|
Retained Earning-
Unappropriated |
22,433,932.37 |
21,054,678.71 |
20,251,082.17 |
|
Total Shareholders' Equity |
62,433,932.37 |
61,054,678.71 |
60,251,082.17 |
|
Total Liabilities &
Shareholders' Equity |
71,070,385.89 |
78,141,653.66 |
68,182,732.53 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales |
113,722,376.97 |
108,432,088.35 |
26,727,079.42 |
|
Other Income |
90,417.95 |
151,323.81 |
3,024,202.37 |
|
Total Revenues |
113,812,794.92 |
108,583,412.16 |
29,751,281.79 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
69,732,828.99 |
86,592,204.83 |
19,763,064.52 |
|
Selling Expenses |
19,549,424.53 |
6,399,543.03 |
2,743,074.03 |
|
Administrative Expenses |
19,070,441.79 |
14,788,067.76 |
10,992,123.53 |
|
Total Expenses |
108,352,695.31 |
107,779,815.62 |
33,498,262.08 |
|
|
|
|
|
|
Profit/[Loss] before Financial
Cost |
5,460,099.61 |
803,596.54 |
[3,746,980.29] |
|
Financial Cost |
[10,844.43] |
- |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
5,449,255.18 |
803,596.54 |
[3,746,980.29] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
6.93 |
3.58 |
8.44 |
|
QUICK RATIO |
TIMES |
3.97 |
2.35 |
4.23 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.12 |
5.89 |
2.01 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.60 |
1.39 |
0.39 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
110.09 |
85.63 |
465.64 |
|
INVENTORY TURNOVER |
TIMES |
3.32 |
4.26 |
0.78 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
33.16 |
95.64 |
0.85 |
|
RECEIVABLES TURNOVER |
TIMES |
11.01 |
3.82 |
430.67 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
37.49 |
64.77 |
109.57 |
|
CASH CONVERSION CYCLE |
DAYS |
105.76 |
116.50 |
356.92 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
61.32 |
79.86 |
73.94 |
|
SELLING & ADMINISTRATION |
% |
33.96 |
19.54 |
51.39 |
|
INTEREST |
% |
0.01 |
- |
- |
|
GROSS PROFIT MARGIN |
% |
38.76 |
20.28 |
37.37 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.80 |
0.74 |
(14.02) |
|
NET PROFIT MARGIN |
% |
4.79 |
0.74 |
(14.02) |
|
RETURN ON EQUITY |
% |
8.73 |
1.32 |
(6.22) |
|
RETURN ON ASSET |
% |
7.67 |
1.03 |
(5.50) |
|
EARNING PER SHARE |
BAHT |
1.36 |
0.20 |
(0.94) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.12 |
0.22 |
0.12 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.14 |
0.28 |
0.13 |
|
TIME INTEREST EARNED |
TIMES |
503.49 |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
4.88 |
305.70 |
|
|
OPERATING PROFIT |
% |
579.46 |
(121.45) |
|
|
NET PROFIT |
% |
578.11 |
121.45 |
|
|
FIXED ASSETS |
% |
1.00 |
38.15 |
|
|
TOTAL ASSETS |
% |
(9.05) |
14.61 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 4.88%. Turnover has increased from THB
108,432,088.35 in 2011 to THB 113,722,376.97 in 2012. While net profit has
increased from THB 803,596.54 in 2011 to THB 5,449,255.18 in 2012. And total
assets has decreased from THB 78,141,653.66 in 2011 to THB 71,070,385.89 in
2012.
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
38.76 |
Impressive |
Industrial
Average |
35.85 |
|
Net Profit Margin |
4.79 |
Impressive |
Industrial
Average |
3.09 |
|
Return on Assets |
7.67 |
Impressive |
Industrial
Average |
2.95 |
|
Return on Equity |
8.73 |
Impressive |
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. Gross Profit Margin is 38.76%. 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. Net Profit Margin ratio is 4.79%,
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
7.67%, 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 8.73%, 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 :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
6.93 |
Impressive |
Industrial
Average |
1.64 |
|
Quick Ratio |
3.97 |
|
|
|
|
Cash Conversion Cycle |
105.76 |
|
|
|
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 6.93 times in 2012, increase from
3.58 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 3.97 times in 2012,
increase from 2.35 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 106 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.12 |
Impressive |
Industrial
Average |
0.40 |
|
Debt to Equity Ratio |
0.14 |
Impressive |
Industrial
Average |
0.66 |
|
Times Interest Earned |
503.49 |
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 503.5 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 0.12 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 |
6.12 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.60 |
Impressive |
Industrial
Average |
0.96 |
|
Inventory Conversion Period |
110.09 |
|
|
|
|
Inventory Turnover |
3.32 |
Acceptable |
Industrial
Average |
5.47 |
|
Receivables Conversion Period |
33.16 |
|
|
|
|
Receivables Turnover |
11.01 |
Impressive |
Industrial
Average |
4.77 |
|
Payables Conversion Period |
37.49 |
|
|
|
The company's Account Receivable Ratio is calculated as 11.01 and 3.82
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
increased from 2011. 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 86 days at the
end of 2011 to 110 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 4.26 times in year 2011 to 3.32 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.6 times and 1.39
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.62.50 |
|
|
1 |
Rs.101.92 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
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.