MIRA
INFORM REPORT
|
Report Date : |
25.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUNRAIN INTERNATIONAL [ |
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|
Registered Office : |
99/1 Moo 12,
T. Raiking, A. Sampran,
Nakornpathom 73210 |
|
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Country : |
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|
|
|
Financials (as on) : |
31.12.2012 |
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|
|
Date of Incorporation : |
28.06.1994 |
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Com. Reg. No.: |
0735537001431 |
|
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|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and
Distributor of Stationery |
|
|
|
|
No of Employees : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow But Correct |
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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 – 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
SUNRAIN
INTERNATIONAL [THAILAND] COMPANY
LIMITED
SUMMARY
BUSINESS
ADDRESS : 99/1
MOO 12, T. RAIKING,
A. SAMPRAN,
NAKORNPATHOM 73210,
THAILAND
TELEPHONE : [66] 2811-9100
FAX :
[66] 2811-9911
E-MAIL
ADDRESS : sunrain@thailand.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1994
REGISTRATION
NO. : 0735537001431
TAX
ID NO. : 3701014796
CAPITAL REGISTERED : BHT. 80,000,000
CAPITAL PAID-UP : BHT.
80,000,000
SHAREHOLDER’S PROPORTION : THAI :
55.00%
CHINESE :
45.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
CHAI TER HER,
CHINESE
MANAGING DIRECTOR
NO.
OF STAFF : 200
LINES
OF BUSINESS : STATIONERY
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
CORPORATE PROFILE |
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject
was established on
June 28, 1994
as a private
limited company under
the name style SUNRAIN
INTERNATIONAL [THAILAND] COMPANY
LIMITED by Thai
and Chinese groups.
Its business objective
is to manufacture
and market various
kinds of stationery
products to both domestic and international
markets. It currently employs
approximately 200 staff.
The subject’s registered
address is 99/1 Moo 12,
T. Raiking, A. Sampran,
Nakornpathom 73210, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
Mr. Chai Ter Her
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Chai Ter
Her is the Managing
Director.
He is Chinese
nationality with the
age of 53
years old.
Mr. Saksorn Nakprasert
is the G.M.
and Factory Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting stationery
products, under its
own brands “SUNRAIN” and
“PENCOM”. The products
are as followings:
·
Pens: ballpoint pen, gel
pen, mechanical ball pen,
oil gel pen,
correction pen and etc.
·
Pencils: mechanical
pencil, non-sharpening pencil,
wooden pencil and
etc.
·
Marker: whiteboard
pen and permanent
marker
·
Rocket erasers
·
Rocket crayons
·
Other products:
gift set, compass,
cutter, sharpener, pencil
case, ruler, refill
and etc.
The subject
also provides manufacturing
service for OEM
products and brands.
PURCHASE
Most of raw materials
and accessories are
purchased from local
suppliers, the remaining
is imported from
Republic of China,
Japan, Spain and Germany.
SALES
80% of the
products is exported
to Philippines, Taiwan,
Republic of China, Singapore,
India, Vietnam, Malaysia, Hong Kong, Indonesia and European
countries, the remaining 20%
is sold locally through
Pencom [Thailand] Co.,
Ltd., an affiliated
company.
SUBSIDIARY AND AFFILIATED COMPANY
Pencom [Thailand] Co.,
Ltd.
Business Type :
Distributor of stationery
products.
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 to
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
Bank
of Ayudhya Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
200 staff.
LOCATION DETAILS
The
premise is owned
for administrative office,
factory at the heading address.
Premise is located
in provincial.
COMMENT
The subject’s sales
in 2012 was
significantly increased comparing
to the previous
year, due to
growth in export markets. In
2011, the subject
has manufactured new products
and expanded its
new customer base
in many countries,
as well as
reporting its active
sales in 2012.
The
subject has strongly
grown in export
markets.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided into 10,000 shares of Bht.
100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 10,000,000
on December 2,
1994
Bht. 39,000,000
on September 28,
1998
Bht. 50,000,000
on August 15,
2001
Bht. 80,000,000
on July 24,
2003
The
latest registered capital
was increased to
Bht. 80 million, divided into
800,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Chai Ter Her Nationality: Chinese Address : Taipei,
Taiwan |
200,000 |
25.00 |
|
Mrs. Pranee Kranchamnong Nationality: Thai Address : 16/1
Moo 3, Wadsamrong,
Nakornchaisri, Nakornpathom
|
160,000 |
20.00 |
|
Mr. Yang Hyien Chen Nationality: Chinese Address : Taipei,
Taiwan |
150,000 |
18.75 |
|
Mr. Wad Mado Nationality: Thai Address : 195
Moo 10, Nernkham,
Chainat |
100,000 |
12.50 |
|
Mr. Chad Makhun Nationality: Thai Address : 99/4
Moo 12, Raiking,
Sampran,
Nakornpathom |
90,000 |
11.25 |
|
Ms. Chomjai Kidkumkha Nationality: Thai Address : 5
Moo 4, Huayphai,
Muang,
Nakornpathom |
90,000 |
11.25 |
|
Mrs. Chen Shu Hua Nationality: Chinese Address : Taipei,
Taiwan |
10,000 |
1.25 |
Total Shareholders : 7
Share Structure : [as at
April 30, 2013]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
440,000 |
55.00 |
|
Foreign - Chinese |
3 |
360,000 |
45.00 |
|
Total |
7 |
800,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Boonsin Thavorn
No. 1059
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011 & 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
8,010,517.63 |
4,637,149.16 |
5,325,104.38 |
|
Trade Accounts & Other Receivable |
60,009,102.20 |
59,150,420.55 |
80,140,069.23 |
|
Inventories |
43,530,583.53 |
46,261,481.93 |
39,935,621.11 |
|
Other Current Assets
|
522,724.37 |
445,182.09 |
6,275,942.77 |
|
|
|
|
|
|
Total Current Assets
|
112,072,927.73 |
110,494,233.73 |
131,676,737.49 |
|
Other Investment |
1,066,465.00 |
1,066,465.00 |
1,066,465.00 |
|
Fixed Assets |
65,385,111.70 |
67,288,232.45 |
69,740,175.86 |
|
Intangible Assets |
9,348.55 |
21,448.55 |
33,548.55 |
|
Other Non-current Assets |
2,035,964.24 |
2,035,964.24 |
2,035,964.24 |
|
Total Assets |
180,569,817.22 |
180,904,343.97 |
204,552,891.14 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Short-term Loan from Financial Institution |
3,000,000.00 |
9,000,000.00 |
18,000,000.00 |
|
Trade Accounts & Other Payable |
39,930,596.15 |
29,332,730.38 |
24,699,273.39 |
|
Short-term Loan from
Person or Related Company |
59,703,305.66 |
65,260,394.66 |
78,913,326.69 |
|
Accrued Income Tax |
61,491.00 |
- |
- |
|
Other Current Liabilities |
28,553.58 |
18,595.88 |
4,053,738.72 |
|
|
|
|
|
|
Total Current Liabilities |
102,723,946.39 |
103,611,720.92 |
125,666,338.80 |
|
Employee Benefits Obligation |
56,857.50 |
- |
- |
|
Total Liabilities |
102,780,803.89 |
103,611,720.92 |
125,666,338.80 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 800,000 shares |
80,000,000.00 |
80,000,000.00 |
80,000,000.00 |
|
|
|
|
|
|
Capital Paid |
80,000,000.00 |
80,000,000.00 |
80,000,000.00 |
|
Retained Earning –
Unappropriated [Deficit] |
[2,210,986.67] |
[2,707,376.95] |
[1,113,447.66] |
|
Total Shareholders’ Equity |
77,789,013.33 |
77,292,623.05 |
78,886,552.34 |
|
Total Liabilities &
Shareholders’ Equity |
180,569,817.22 |
180,904,343.97 |
204,552,891.14 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
140,144,418.01 |
102,365,737.95 |
122,364,920.02 |
|
Service Income |
240,000.00 |
240,000.00 |
240,000.00 |
|
Other Income |
238,841.00 |
2,741,420.99 |
56,702.45 |
|
Total Revenues |
140,623,259.01 |
105,347,158.94 |
122,661,622.47 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
124,364,873.08 |
93,558,837.54 |
101,282,227.54 |
|
Selling Expenses |
46,186.83 |
141,200.75 |
347,592.37 |
|
Administrative Expenses |
14,734,474.57 |
12,217,137.19 |
20,304,177.89 |
|
Total Expenses |
139,145,534.48 |
105,917,175.48 |
121,933,997.80 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost &
Income Tax |
1,477,724.53 |
[570,016.54] |
727,624.67 |
|
Financial Cost |
[674,336.81] |
[1,023,912.75] |
[1,298,422.39] |
|
|
|
|
|
|
Profit / [Loss] before Income Tax |
803,387.72 |
[1,593,929.29] |
[570,797.72] |
|
Income Tax |
[258,112.02] |
- |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
545,275.70 |
[1,593,929.29] |
[570,797.72] |
|
Retained Earning
[deficit], Beginning of
Year |
[2,756,262.37] |
[1,113,447.66] |
[542,649.94] |
|
Retained Earning
[deficit], End of Year |
[2,210,986.67] |
[2,707,376.95] |
[1,113,447.66] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.09 |
1.07 |
1.05 |
|
QUICK RATIO |
TIMES |
0.66 |
0.62 |
0.68 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.15 |
1.52 |
1.76 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.78 |
0.57 |
0.60 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
127.76 |
180.48 |
143.92 |
|
INVENTORY TURNOVER |
TIMES |
2.86 |
2.02 |
2.54 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
156.02 |
210.42 |
238.58 |
|
RECEIVABLES TURNOVER |
TIMES |
2.34 |
1.73 |
1.53 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
117.19 |
114.44 |
89.01 |
|
CASH CONVERSION CYCLE |
DAYS |
166.59 |
276.46 |
293.49 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
88.59 |
91.18 |
82.61 |
|
SELLING & ADMINISTRATION |
% |
10.53 |
12.04 |
16.84 |
|
INTEREST |
% |
0.48 |
1.00 |
1.06 |
|
GROSS PROFIT MARGIN |
% |
11.58 |
11.49 |
17.44 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.05 |
(0.56) |
0.59 |
|
NET PROFIT MARGIN |
% |
0.39 |
(1.55) |
(0.47) |
|
RETURN ON EQUITY |
% |
0.70 |
(2.06) |
(0.72) |
|
RETURN ON ASSET |
% |
0.30 |
(0.88) |
(0.28) |
|
EARNING PER SHARE |
BAHT |
0.68 |
(1.99) |
(0.71) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.57 |
0.57 |
0.61 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.32 |
1.34 |
1.59 |
|
TIME INTEREST EARNED |
TIMES |
2.19 |
(0.56) |
0.56 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
36.82 |
(16.31) |
|
|
OPERATING PROFIT |
% |
(359.24) |
(178.34) |
|
|
NET PROFIT |
% |
134.21 |
(179.25) |
|
|
FIXED ASSETS |
% |
(2.83) |
(3.52) |
|
|
TOTAL ASSETS |
% |
(0.18) |
(11.56) |
|
ANNUAL GROWTH : ACCEPTABLE
An annual sales growth is 36.82%.
Turnover has increased from THB
PROFITABILITY : RISKY
PROFITABILITY RATIO
|
Gross Profit Margin |
11.58 |
Deteriorated |
Industrial Average |
101.63 |
|
Net Profit Margin |
0.39 |
Deteriorated |
Industrial Average |
7.00 |
|
Return on Assets |
0.30 |
Deteriorated |
Industrial Average |
8.50 |
|
Return on Equity |
0.70 |
Deteriorated |
Industrial Average |
13.72 |
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 11.58%. 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 0.39%.
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 0.3%.
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 0.7%.
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 |
1.09 |
Acceptable |
Industrial Average |
1.98 |
|
Quick Ratio |
0.66 |
|
|
|
|
Cash Conversion Cycle |
166.59 |
|
|
|
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 1.09 times in 2012, increased from 1.07 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 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 0.66 times in 2012,
increased from 0.62 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 167 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.57 |
Acceptable |
Industrial Average |
0.37 |
|
Debt to Equity Ratio |
1.32 |
Risky |
Industrial Average |
0.52 |
|
Times Interest Earned |
2.19 |
Deteriorated |
Industrial Average |
5.80 |
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 2.2 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 0.57 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 Downtrend
Times Interest Earned Uptrend
ACTIVITY : SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.15 |
Impressive |
Industrial Average |
0.57 |
|
Total Assets Turnover |
0.78 |
Acceptable |
Industrial Average |
1.18 |
|
Inventory Conversion Period |
127.76 |
|
|
|
|
Inventory Turnover |
2.86 |
Acceptable |
Industrial Average |
3.93 |
|
Receivables Conversion Period |
156.02 |
|
|
|
|
Receivables Turnover |
2.34 |
Satisfactory |
Industrial Average |
3.05 |
|
Payables Conversion Period |
117.19 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.34 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 180 days at the
end of 2011 to 128 days at the end of 2012. This represents a positive trend.
And Inventory turnover has increased from 2.02 times in year 2011 to 2.86 times
in year 2012.
The company's Total Asset Turnover is calculated as 0.78 times and 0.57 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 Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
|
Key Areas |
Score |
Weight |
Weighted
Score |
|
LIQUIDITY RATIO |
0.44 |
25.00 |
11.00 |
|
ACTIVITY RATIO |
2.33 |
20.00 |
46.60 |
|
PROFITABILITY
RATIO |
- |
25.00 |
- |
|
LEVERAGE RATIO |
0.44 |
10.00 |
4.40 |
|
ANNUAL GROWTH |
1.60 |
20.00 |
32.00 |
|
Total Weight
(excluding - - Score) |
|
100.00 |
|
|
|
|
|
94.00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.11 |
|
|
1 |
Rs. 103.38 |
|
Euro |
1 |
Rs. 85.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.