MIRA
INFORM REPORT
|
Report Date : |
14.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
ANGEL PRODUCT CO., LTD. |
|
|
|
|
Registered Office : |
99/8-9 Moo 6, T.
Nongpraongai, A. Sainoi,
Nonthaburi 11150, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
21.06.2002 |
|
|
|
|
Com. Reg. No.: |
0105545064221 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing and
distributing of Expanded
Polyethylene [EPE] foam for
various industries, such as packaging protection, marine, sport & leisure, automotive,
electronics,
air-conditioning insulation,
roof & building products and other
industries |
|
|
|
|
No. of Employees : |
130 |
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 |
|
Payment Behaviour : |
Slow but correct |
|
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
ANGEL PRODUCT CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 99/8-9 MOO
6, T. NONGPRAONGAI, A. SAINOI,
NONTHABURI 11150,
THAILAND
TELEPHONE : [66] 2927-6394-6
FAX :
[66] 2927-6325-6,
2927-6394
E-MAIL
ADDRESS : angelsale@gmail.com
angelproduct@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0105545064221
TAX
ID NO. : 3030609250
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
SHAREHOLDER’S PROPORTION : THAI :
54.20%
INDIAN
: 45.80%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. SANGIAM RADOMKIJ,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 130
LINES
OF BUSINESS : EPE
FOAM PRODUCTS
MANUFACTURER,
DISTRIBUTOR AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on June 21,
2002 as a
private limited company under
the name style
ANGEL PRODUCT CO.,
LTD., by Thai
and Indian groups,
in order to manufacture
EPE foam for
various industries. It
currently employs approximately 130
staff.
The
subject’s registered address
was initially located
at 40/57 Moo
7, Phrayasurain Rd.,
Samwatawantok, Klongsamwa, Bangkok
10520.
On
June 11, 2007,
the subject’s registered
address was relocated
to 26/6 Moo
13, Talingchan-Suphanburi
Rd., T. Bangmaenang, A. Bangyai,
Nonthaburi 11140.
On
February 3, 2010,
its registered address
was finally relocated
to 99/8-9 Moo
6, T. Nongpraongai, A. Sainoi,
Nonthaburi 11150, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Sangiam Radomkij |
|
Thai |
72 |
|
Mrs. Apassaraporn Radomkij |
|
Thai |
44 |
|
Mr. Bharat Saubhaviyachard Vedia |
|
Indian |
44 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mrs. Sangiam Radomkij
is the Managing
Director.
She is Thai
nationality with the
age of 72
years old.
Mrs. Apassaraporn Radomkij
is the Deputy
Managing Director.
She is Thai
nationality with the
age of 44
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and distributing of
Expanded Polyethylene [EPE] foam for various industries,
such as packaging protection,
marine, sport & leisure, automotive,
electronics, air-conditioning insulation, roof & building products
and other industries, under its
own brand ANGEL.
PURCHASE
100% of raw
material mainly plastic
resin [LDPE] is
purchased from local
suppliers.
SALES
90% of the
products is sold
locally, and the
remaining 10% is
exported to Republic
of China, India,
Hong Kong and
Taiwan.
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
according 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.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately
130 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in provincial.
COMMENT
The
subject was formed
in 2002 as a
manufacturer and distributor of
Expanded Polyethylene [EPE] foam for various
industries. The products
are for industrial
users. The subject
reported good business
in the year
2012, while in
the following year
2013 overall economy
has turned down
with slow growth
of many industries.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 20,000
shares of Bht.
100 each.
The
capital was increased
later as following:
Bht. 5,000,000
on March 2,
2005
Bht. 20,000,000
on June 13,
2008
Bht.
100,000,000 on September
27, 2011
The
latest registered capital
was increased to
Bht. 100,000,000 divided into
1,000,000 shares of
Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
June 30, 2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Apassaraporn Radomkij Nationality: Thai Address : 98/58
Moo 10, T. Bangmaenang, A.
Bangyai, Nonthaburi |
460,000 |
46.00 |
Mr. Bharat Saubhaviyachard Vedia
Nationality: Indian Address : 98/56
Moo 10, T. Bangmaenang, A.
Bangyai, Nonthaburi |
458,000 |
45.80 |
|
Mrs. Sangiam Radomkij Nationality: Thai Address : 98/58
Moo 10, T. Bangmaenang, A.
Bangyai, Nonthaburi |
80,000 |
8.00 |
|
Ms. Rassamee Saechian Nationality: Thai Address : 2328/1080
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok |
1,700 |
0.17 |
|
Mrs. Maliwan Rajniyom Nationality: Thai Address : 155
Phrayasurain Rd., Bangchan,
Klongsamwa, Bangkok |
300 |
0.03 |
Total Shareholders : 5
Share Structure [as
at June 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
542,000 |
54.20 |
|
Foreign - Indian |
1 |
458,000 |
45.80 |
|
Total |
5 |
1,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Hatthaya Noppornprasit No.
5433
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 |
1,734,259.96 |
2,877,764.76 |
11,285,165.64 |
|
Trade Accounts & Other Receivable |
80,932,800.94 |
53,529,114.97 |
44,800,858.88 |
|
Inventories |
152,865,516.44 |
50,677,881.95 |
15,914,846.11 |
|
Other Current Assets
|
7,015,313.59 |
2,614,991.07 |
51,640.57 |
|
|
|
|
|
|
Total Current Assets
|
242,547,890.93 |
109,699,752.75 |
72,052,511.20 |
|
|
|
|
|
|
Cash at Bank pledged as a Collateral |
858,302.01 |
835,545.61 |
821,903.26 |
|
Fixed Assets |
239,430,773.44 |
198,432,454.65 |
134,809,307.12 |
|
Other Non-current Assets |
504,000.00 |
504,000.00 |
- |
|
Total Assets |
483,340,966.38 |
309,471,753.01 |
207,683,721.58 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft |
14,379,649.62 |
6,439,369.18 |
248,927.70 |
|
Trade Accounts & Other Payable
|
71,152,966.00 |
57,502,637.02 |
31,285,747.92 |
|
Current Portion of
Long-term Loans |
23,612,400.00 |
15,851,423.33 |
9,140,400.00 |
|
Current Portion of
Hire-purchase Payable |
2,812,657.68 |
2,383,389.24 |
1,595,824.30 |
|
Other Current Liabilities |
1,073,029.76 |
49,816.50 |
2,694,555.90 |
|
|
|
|
|
|
Total Current Liabilities |
113,030,703.06 |
82,226,635.27 |
44,965,455.82 |
|
Long-term Loan from Related
Person |
184,606,000.00 |
60,897,300.00 |
86,090,000.00 |
|
Other Long-term Loan |
76,892,143.57 |
62,635,964.56 |
36,461,223.69 |
|
Hire-purchase Payable |
2,623,933.50 |
3,340,669.31 |
2,421,572.83 |
|
Total Liabilities |
377,152,780.13 |
209,100,569.14 |
169,938,252.34 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,000,000 shares in 2012
& 2011; 200,000 shares
in 2010 |
100,000,000.00 |
100,000,000.00 |
20,000,000.00 |
|
|
|
|
|
|
Capital Paid |
100,000,000.00 |
100,000,000.00 |
20,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
6,188,186.25 |
371,183.87 |
17,745,469.24 |
|
Total Shareholders' Equity |
106,188,186.25 |
100,371,183.87 |
37,745,469.24 |
|
Total Liabilities & Shareholders' Equity |
483,340,966.38 |
309,471,753.01 |
207,983,721.58 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales & Services Income |
387,626,140.44 |
321,957,843.95 |
254,016,437.06 |
|
Revenue from Pelican Bums |
- |
- |
95,856,704.00 |
|
Other Income |
297,755.31 |
118,567.52 |
89,277.70 |
|
Total Revenues |
387,923,895.75 |
322,076,411.47 |
349,962,418.76 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
323,428,175.37 |
290,450,221.95 |
232,861,977.83 |
|
Selling Expenses |
19,801,094.51 |
16,461,965.67 |
11,610,751.91 |
|
Administrative Expenses |
34,993,601.96 |
29,670,023.16 |
24,207,028.02 |
|
Total Expenses |
378,222,871.84 |
336,582,210.78 |
268,679,757.76 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
9,701,023.91 |
[14,505,799.31] |
81,282,661.00 |
|
Financial Cost |
[1,809,632.46] |
[907,749.66] |
[2,766,209.31] |
|
Profit / [Loss] before Income Tax |
7,891,391.45 |
[15,413,548.97] |
78,516,451.69 |
|
Income Tax |
[2,074,389.07] |
[1,960,736.40] |
[2,993,839.78] |
|
|
|
|
|
|
Net Profit / [Loss] |
5,817,002.38 |
[17,374,285.37] |
75,522,611.91 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.15 |
1.33 |
1.60 |
|
QUICK RATIO |
TIMES |
0.73 |
0.69 |
1.25 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.62 |
1.62 |
1.88 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.80 |
1.04 |
1.22 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
172.51 |
63.69 |
24.95 |
|
INVENTORY TURNOVER |
TIMES |
2.12 |
5.73 |
14.63 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
76.21 |
60.69 |
64.38 |
|
RECEIVABLES TURNOVER |
TIMES |
4.79 |
6.01 |
5.67 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
80.30 |
72.26 |
49.04 |
|
CASH CONVERSION CYCLE |
DAYS |
168.42 |
52.11 |
40.28 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
83.44 |
90.21 |
91.67 |
|
SELLING & ADMINISTRATION |
% |
14.14 |
14.33 |
14.10 |
|
INTEREST |
% |
0.47 |
0.28 |
1.09 |
|
GROSS PROFIT MARGIN |
% |
16.64 |
9.82 |
46.10 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.50 |
(4.51) |
32.00 |
|
NET PROFIT MARGIN |
% |
1.50 |
(5.40) |
29.73 |
|
RETURN ON EQUITY |
% |
5.48 |
(17.31) |
200.08 |
|
RETURN ON ASSET |
% |
1.20 |
(5.61) |
36.36 |
|
EARNING PER SHARE |
BAHT |
5.82 |
(17.37) |
377.61 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.78 |
0.68 |
0.82 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.55 |
2.08 |
4.50 |
|
TIME INTEREST EARNED |
TIMES |
5.36 |
(15.98) |
29.38 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
20.40 |
26.75 |
|
|
OPERATING PROFIT |
% |
(166.88) |
(117.85) |
|
|
NET PROFIT |
% |
133.48 |
(123.01) |
|
|
FIXED ASSETS |
% |
20.66 |
47.19 |
|
|
TOTAL ASSETS |
% |
56.18 |
49.01 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 20.4%. Turnover has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
16.64 |
Acceptable |
Industrial
Average |
32.38 |
|
Net Profit Margin |
1.50 |
Deteriorated |
Industrial
Average |
4.49 |
|
Return on Assets |
1.20 |
Deteriorated |
Industrial
Average |
5.78 |
|
Return on Equity |
5.48 |
Deteriorated |
Industrial
Average |
12.19 |
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 16.64%. 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 1.5%. 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 1.2%.
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 5.48%.
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 |
2.15 |
Impressive |
Industrial
Average |
1.28 |
|
Quick Ratio |
0.73 |
|
|
|
|
Cash Conversion Cycle |
168.42 |
|
|
|
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 2.15 times in 2012, increased from 1.33 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 0.73 times in 2012,
increased from 0.69 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 169 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.78 |
Acceptable |
Industrial
Average |
0.52 |
|
Debt to Equity Ratio |
3.55 |
Risky |
Industrial
Average |
1.10 |
|
Times Interest Earned |
5.36 |
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 5.37 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 0.78 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.62 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.80 |
Acceptable |
Industrial
Average |
1.29 |
|
Inventory Conversion Period |
172.51 |
|
|
|
|
Inventory Turnover |
2.12 |
Deteriorated |
Industrial
Average |
6.08 |
|
Receivables Conversion Period |
76.21 |
|
|
|
|
Receivables Turnover |
4.79 |
Satisfactory |
Industrial
Average |
4.90 |
|
Payables Conversion Period |
80.30 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.79 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 64 days at the
end of 2011 to 173 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 5.73 times in year 2011 to 2.12 times
in year 2012.
The company's Total Asset Turnover is calculated as 0.8 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.61.52 |
|
|
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.84.11 |
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.