MIRA
INFORM REPORT
|
Report Date : |
15.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
THAI UNITED
GLASS FIBRE COMPANY LIMITED |
|
|
|
|
Registered Office : |
22 Moo 10, Bangna-Tard Road, Bangkaew, Bangplee, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
02.07.1979 |
|
|
|
|
Com. Reg. No.: |
0105522012667 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged
in manufacturing and
exporting of fiber
glasses for battery
industry |
|
|
|
|
No. of Employees : |
200 |
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 – December 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
THAI
UNITED GLASS FIBRE
COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 22
MOO 10, BANGNA-TARD
ROAD,
BANGKAEW, BANGPLEE,
SAMUTPRAKARN 10540,
THAILAND
TELEPHONE : [66] 2316-7055,
2751-7063-4
FAX :
[66] 2316-8337
E-MAIL
ADDRESS : sithchai@hotmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1979
REGISTRATION
NO. : 0105522012667
TAX
ID NO. : 3101109153
CAPITAL REGISTERED : BHT. 16,000,000
CAPITAL PAID-UP : BHT.
16,000,000
SHAREHOLDER’S PROPORTION : THAI :
71.75%
FOREIGN :
28.25%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SOMCHAI VONGCHANPHEN,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 200
LINES
OF BUSINESS : FIBER
GLASSES FOR BATTERY
PRODUCTION
MANUFACTURER 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 July 2,
1979 as a
private limited company
under the name
style THAI UNITED
GLASS FIBRE COMPANY
LIMITED, by Thai and
foreign groups, in
order to manufacture
and export fiber
glasses for battery
production. It currently
employs approximately 200
staff.
The
subject’s registered address
is 22 Moo
10, Bangna-Trad Rd.,
Bangkaew, Bangplee, Samutprakarn
10540, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somchai Vongchanphen |
[x] |
Thai |
73 |
|
Mrs. Nalinee Vongchanphen |
[x] |
Thai |
71 |
|
Mr. Kingnarong Vongchanphen |
|
Thai |
44 |
|
Mr. Kingyuth Vongchanphen |
[x] |
Thai |
40 |
|
Mr. Tony, Chao Hi
Chen |
[x] |
Thai |
78 |
|
Mr. Goh Ban Swe |
|
Malaysian |
77 |
|
Mr. Richard Chen |
|
Taiwanese |
51 |
|
Mr. Cheng Hui Goh |
|
Thai |
46 |
|
Mr. Kingyong Vongchanphen |
|
Thai |
43 |
AUTHORIZED PERSON
Two of
the mentioned directors [x] can
jointly sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Somchai Vongchanphen is the
Managing
Director.
He is Thai
nationality with the
age of 73 years
old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and exporting of
fiber glasses for
battery industry.
PRODUCTION CAPACITY
3,600,000 sheets per
annum.
PURCHASE
Raw materials; glass
scrap and chemical
are purchased from
suppliers both domestic
and overseas, mainly
in Republic of China,
Singapore and Malaysia.
MAJOR SUPPLIER
Thai United Plastic
industry Co., Ltd. : Thailand
EXPORT
100% of the
products is exported
to France, United
Kingdom, Italy, Pakistan,
U.S.A., Japan, India
and Germany.
MAJOR CUSTOMERS
Exide Industries Ltd. : India
Atlas Battery Ltd. : Pakistan
RELATED AND AFFILIATED
COMPANIES
Thai United Industry
Co., Ltd.
Business Type :
Manufacturer of high
performance battery
Thai United Plastic
Industry Co., Ltd.
Business Type :
Manufacturer of high
quality battery container
set
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
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 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is located
in industrial area.
Factory
and Warehouse :
Factory
I : 858/1
Moo 4, Banpoo Industrial
Estate, Sukhumvit Rd.,
Praeksa,
Muang, Samutprakarn
10280. Tel. : [66] 2709-4460-1, Fax.: [66] 2709-4341.
Factory
II : 595 Moo
2, T. Bangpoomai, A. Muang,
Samutprakarn 10280.
COMMENT
The
subject still maintains its
good business. Market of
fiber glass for
battery production is
promising. However, the
unfavorable of political
situation has led many domestic industries withhold
their expansion and
new investment, as
well as local
consumption would be
restrained. This would
lead to diminish
business growth as
well.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 16,000,000
divided into 16,000
shares of Bht. 1,000
each.
MAIN
SHAREHOLDERS : [as
at April 30,
2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Somchai Vongchanphen Nationality: Thai Address : 85
Soi Chalermkhet 2, Watthepsirin,
Pomprab, Bangkok |
2,480 |
15.50 |
|
Ms. Somporn Vongchanphen Nationality: Thai Address : 217
Yaowaraj Rd., Samphantawong, Bangkok |
1,760 |
11.00 |
Mr. Tony, Chao
Hi Chen
Nationality: Thai Address : 27/44
Sukhumvit 19 Rd.,
Klongtoeynua,
Klongtoey, Bangkok |
1,700 |
10.63 |
|
Mrs. Nalinee Vongchanphen Nationality: Thai Address : 83/2
Ekamai Rd., Klongton,
Prakanong, Bangkok |
1,480 |
9.25 |
|
Mrs. Kathy, Wang Lee
Chu Zen Nationality: Thai Address : 27/44
Sukhumvit 19 Rd.,
Klongtoeynua,
Klongtoey, Bangkok |
1,300 |
8.12 |
|
Mr. Richard Chen Nationality: Taiwanese Address : 8
Nanjing West Rd.,
Taiwan |
1,000 |
6.25 |
|
Mrs. Lin, Mei Yun
Wang Nationality: Taiwanese Address : 8
Nanjing West Rd.,
Taiwan |
1,000 |
6.25 |
|
Ms. Chen I-Ching Nationality: Taiwanese Address : 8
Nanjing West Rd.,
Taiwan |
1,000 |
6.25 |
|
Others |
4,280 |
26.75 |
Total Shareholders : 17
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
10 |
11,480 |
71.75 |
|
Foreign |
7 |
4,520 |
28.25 |
|
Total |
17 |
16,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Suthep Dansiriviroj No.
3855
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 |
22,524,844.46 |
7,490,383.21 |
5,392,468.30 |
|
Trade Accounts Receivable
|
30,962,831.91 |
12,057,126.26 |
17,555,499.35 |
|
Inventories |
7,549,785.40 |
3,518,765.81 |
6,574,180.44 |
|
Value Added Tax |
2,486,629.38 |
2,032,763.39 |
682,842.72 |
|
Other Current Assets
|
9,476,524.67 |
11,308,535.95 |
11,694,564.95 |
|
|
|
|
|
|
Total Current Assets
|
73,000,615.82 |
36,407,574.62 |
41,899,555.76 |
|
|
|
|
|
|
Fixed Assets |
251,318,563.18 |
206,032,747.02 |
154,845,229.82 |
|
Total Assets |
324,319,179.00 |
242,440,321.64 |
196,744,785.58 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft and Loan from Bank |
645,722.47 |
30,000,000.00 |
- |
|
Trade Accounts Payable
|
38,143,078.35 |
19,652,353.93 |
40,414,873.31 |
|
Accrued Income Tax |
14,259,655.42 |
17,335,701.92 |
21,590,299.60 |
|
Other Current Liabilities |
21,128,109.95 |
13,568,314.40 |
12,742,103.97 |
|
|
|
|
|
|
Total Current Liabilities |
74,176,566.19 |
80,556,370.25 |
74,747,276.88 |
|
Long-term Lending |
40,625,000.00 |
- |
- |
|
Employee Benefits Obligation |
835,500.00 |
654,600.00 |
- |
|
Total Liabilities |
115,637,066.19 |
81,210,970.25 |
74,747,276.88 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 16,000 shares |
16,000,000.00 |
16,000,000.00 |
16,000,000.00 |
|
|
|
|
|
|
Capital Paid |
16,000,000.00 |
16,000,000.00 |
16,000,000.00 |
|
Retained Earnings: Appropriated for Statutory
Reserve |
16,000,000.00 |
16,000,000.00 |
16,000,000.00 |
|
Unappropriated |
176,682,112.81 |
129,229,351.39 |
89,997,508.70 |
|
Total Shareholders' Equity |
208,682,112.81 |
161,229,351.39 |
121,997,508.70 |
|
Total Liabilities & Shareholders' Equity |
324,319,179.00 |
242,440,321.64 |
196,744,785.58 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
342,642,676.04 |
252,038,156.95 |
290,388,844.02 |
|
Other Income |
9,265,609.54 |
8,607,390.85 |
8,362,585.84 |
|
Total Revenues |
351,908,285.58 |
260,645,547.80 |
298,751,429.86 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
226,393,868.92 |
154,692,711.01 |
181,126,809.34 |
|
Selling Expenses |
31,883,626.95 |
20,537,317.58 |
21,907,229.83 |
|
Administrative Expenses |
29,354,317.17 |
28,804,522.81 |
24,385,947.77 |
|
Total Expenses |
287,631,813.04 |
204,034,551.40 |
227,419,986.94 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
64,276,472.54 |
56,610,996.40 |
71,331,442.92 |
|
Financial Cost |
[2,564,055.70] |
[43,451.79] |
[27,599.68] |
|
Profit / [Loss] before Income Tax |
61,712,416.84 |
56,567,544.61 |
71,303,843.24 |
|
Income Tax |
[14,259,655.42] |
[17,335,701.92] |
21,590,299.60 |
|
Net Profit / [Loss] |
47,452,761.42 |
39,231,842.69 |
49,713,543.64 |
|
Retained Earning, Beginning
of Year |
129,229,351.39 |
89,997,508.70 |
88,283,965.06 |
|
Less: Dividend |
- |
- |
[48,000,000.00] |
|
|
|
|
|
|
Retained Earning, End
of Year |
176,682,112.81 |
129,229,351.39 |
89,997,508.70 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.98 |
0.45 |
0.56 |
|
QUICK RATIO |
TIMES |
0.72 |
0.24 |
0.31 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.36 |
1.22 |
1.88 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.06 |
1.04 |
1.48 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
12.17 |
8.30 |
13.25 |
|
INVENTORY TURNOVER |
TIMES |
29.99 |
43.96 |
27.55 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
32.98 |
17.46 |
22.07 |
|
RECEIVABLES TURNOVER |
TIMES |
11.07 |
20.90 |
16.54 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
61.50 |
46.37 |
81.44 |
|
CASH CONVERSION CYCLE |
DAYS |
(16.34) |
(20.61) |
(46.13) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
66.07 |
61.38 |
62.37 |
|
SELLING & ADMINISTRATION |
% |
17.87 |
19.58 |
15.94 |
|
INTEREST |
% |
0.75 |
0.02 |
0.01 |
|
GROSS PROFIT MARGIN |
% |
36.63 |
42.04 |
40.51 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
18.76 |
22.46 |
24.56 |
|
NET PROFIT MARGIN |
% |
13.85 |
15.57 |
17.12 |
|
RETURN ON EQUITY |
% |
22.74 |
24.33 |
40.75 |
|
RETURN ON ASSET |
% |
14.63 |
16.18 |
25.27 |
|
EARNING PER SHARE |
BAHT |
2,965.80 |
2,451.99 |
3,107.10 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.36 |
0.33 |
0.38 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.55 |
0.50 |
0.61 |
|
TIME INTEREST EARNED |
TIMES |
25.07 |
1,302.85 |
2,584.50 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
35.95 |
(13.21) |
|
|
OPERATING PROFIT |
% |
13.54 |
(20.64) |
|
|
NET PROFIT |
% |
20.95 |
(21.08) |
|
|
FIXED ASSETS |
% |
21.98 |
33.06 |
|
|
TOTAL ASSETS |
% |
33.77 |
23.23 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 35.95%. Turnover has increased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
36.63 |
Impressive |
Industrial
Average |
- |
|
Net Profit Margin |
13.85 |
Impressive |
Industrial
Average |
6.91 |
|
Return on Assets |
14.63 |
Impressive |
Industrial
Average |
9.15 |
|
Return on Equity |
22.74 |
Impressive |
Industrial
Average |
16.42 |
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
36.63%. 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
13.85%, 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
14.63%, 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 22.74%, 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 :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.98 |
Risky |
Industrial
Average |
1.16 |
|
Quick Ratio |
0.72 |
|
|
|
|
Cash Conversion Cycle |
(16.34) |
|
|
|
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 0.98 times in 2012, increased from 0.45 times, then the company may have
problems meeting its short-term obligations. 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 0.72 times in 2012,
increased from 0.24 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 -17 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.36 |
Impressive |
Industrial
Average |
0.49 |
|
Debt to Equity Ratio |
0.55 |
Impressive |
Industrial
Average |
0.96 |
|
Times Interest Earned |
25.07 |
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 25.07 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 0.36 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 |
1.36 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.06 |
Satisfactory |
Industrial
Average |
1.33 |
|
Inventory Conversion Period |
12.17 |
|
|
|
|
Inventory Turnover |
29.99 |
Impressive |
Industrial
Average |
14.70 |
|
Receivables Conversion Period |
32.98 |
|
|
|
|
Receivables Turnover |
11.07 |
Satisfactory |
Industrial
Average |
13.30 |
|
Payables Conversion Period |
61.50 |
|
|
|
The company's Account Receivable Ratio is calculated as 11.07 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 8 days at the end
of 2011 to 12 days at the end of 2012. This represents a negative trend. And
Inventory turnover has decreased from 43.96 times in year 2011 to 29.99 times
in year 2012.
The company's Total Asset Turnover is calculated as 1.06 times and 1.04
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.62.27 |
|
|
1 |
Rs.103.66 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.