MIRA
INFORM REPORT
|
Report Date : |
03.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
PIPE SUPPORTS ASIA LTD.
|
|
|
|
|
Registered Office : |
26/5 Moo 9, Soi
Ratanaraj, Bangna-Trad Rd.,
Bangchalong, Bangplee, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
23.09.1996 |
|
|
|
|
Com. Reg. No.: |
0105539106210 [Former : [5] 275/ 2539] |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
manufacturer of
pipe support equipment
for all types
of pipe working installation in
the commercial, power generation,
oil & gas as well as petrochemical industries |
|
|
|
|
No of Employees : |
Approximately 280 [office
staff and factory
workers] |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. 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 recession severely cut Thailand's exports,
with most sectors experiencing double-digit drops. In late 2011 Thailand's
recovery was interrupted by historic flooding in the industrial areas in
Bangkok and its five surrounding provinces, crippling the manufacturing sector.
The government 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 following seven years.
|
Source : CIA |
Company name
PIPE
SUPPORTS ASIA LTD.
SUMMARY
BUSINESS
ADDRESS : 26/5
MOO 9, SOI
RATANARAJ,
BANGNA-TRAD ROAD,
BANGCHALONG,
BANGPLEE, SAMUTPRAKARN
10540, THAILAND
TELEPHONE : [66] 2312-7685
FAX :
[66] 2312-7180
E-MAIL
ADDRESS : salesadmin@pipesupports.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1996
REGISTRATION
NO. : 0105539106210 [Former : [5] 275/ 2539]
TAX
ID NO : 3011766934
CAPITAL REGISTERED : BHT. 18,000,000
CAPITAL PAID-UP : BHT.
18,000,000
SHAREHOLDER’S PROPORTION : FOREIGN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
JOHN DOBSON, BRITISH
MANAGING DIRECTOR
NO.
OF STAFF : 280
LINES
OF BUSINESS : PIPE
SUPPORT EQUIPMENT
MANUFACTURER
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 September 23,
1996 as a
private limited company under
the registered name
PIPE SUPPORTS ASIA
LTD., by British
groups, in order
to manufacture and
distribute pipe support
equipment to various
industries of both
domestic and international
markets. It currently
employs 280 staff.
Subject is a
wholly owned subsidiary
of Pipe Supports
Group Limited.
Subject
achieved the ISO
9002 certificate by BAQA ,
U.K. in 2002.
The
subject’s initial registered
address was 21/1
Soi Saengchai Santitisuk,
Sukhumvit 38 Road,
Phrakanong, Klongtoey, Bangkok
10110.
Later,
its registered address
was moved to
26/5 Moo 9, Soi Ratanaraj, Bangna-Trad
Rd., Bangchalong, Bangplee,
Samutprakarn 10540, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Martin Lewis |
|
British |
57 |
|
Mr. David Philip Chapman |
|
British |
53 |
|
Mr. Daniel George Burns |
|
British |
55 |
|
Mr. John Dobson |
|
British |
47 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. John Dobson is the Managing
Director.
He is British
nationality with the
age of 47 years
old.
Mr. Martin Lewis is
the Engineering Director.
He is British
nationality.
Mr. Uthai Khumsuk is
the Finance &
Administration Manager.
He is Thai
nationality.
Mr. Dean Howard
is the Operation
Manager.
He is American
nationalilty.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
of pipe support
equipment for all
types of pipe working
installation in the commercial, power
generation, oil & gas as well as
petrochemical industries . The
products are as the
followings:
-
Constant
effort supports
-
Variable
effort supports
-
Pipe
clamps and attachments
-
Ancillary
support equipment
-
Alloy
components & clamps
-
Structural
steelwork and steel
fabrication
-
PTFE
sliding supports
-
Comlin
isolation products
-
Surveys
of existing pipe
work
-
PSL,
CAD computerised support
design/ drawing system
Subject is also a commercial representative of Pipe
Supports Group Limited.
The products include:
-
Hydraulic
snubbers, mechanical snubbers
and dampers
-
Cryogenic
P.U.F. cold supports
-
Constant
effort
PURCHASE
Raw materials and
finished products are
purchased from suppliers
both domestic and
overseas, mainly in
United Kingdom, India,
Japan, Taiwan, Republic
of China, Malaysia
and Germany.
MAJOR
SUPPLIERS
Pipe Supports Group Limited : United Kingdom
Pipe Supports India
Pte. Ltd. : India
SALES [LOCAL]
60% of the
products is sold
and supplied to
various industries in
local.
EXPORT
40% of the products
is exported to Singapore, Japan, Taiwan, Malaysia and the countries
in Europe, Africa
and Middle East.
PARENT
COMPANY
Pipe
Supports Group Limited : United
Kingdom
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
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office, 333
Silom Rd., Silom, Bangrak,
Bangkok]
Kasikornbank Public Co.,
Ltd.
[Bangkapi Branch, Sukhumvit
33 Road, Klongtoey,
Klongtoey, Bangkok]
EMPLOYMENT
The
subject employs approximately
280 staff. [office staff and
factory workers]
LOCATION
DETAILS
The
premise is owned for
administrative office, factory I and
warehouse on 2,000
square meters of land
at the heading
address. Premise is located
in industrial area.
Factory
II is located
at 92 Moo
21, T. Bangpleeyai, A. Bangplee,
Samutprakarn 10540.
Warehouse
is located at
46/3 Moo 21, T.
Bangpleeyai, A. Bangplee, Samutprakarn
10540.
COMMENT
The subject is a manufacture and
distribution company owned
by the U.K company.
It is considered a well-known
player in the pipe industry in
the country.
In the past years the construction materials has driven
the company’s sales by increasing demand from local customers. Since the
construction industry downturn in
2013 , sales of construction
related products has also decreased as well as demand from industrial pipes were
also moving downward.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000
shares of Bht.
100
each.
The
capital was increased
later as following:
Bht. 3,000,000
on March
14, 1997
Bht. 5,000,000
on September
24, 1998
Bht. 18,000,000
on October
4, 1999
The latest
registered capital was
increased to Bht. 18,000,000 divided
into 180,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 29, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Pipe Supports Group
Limited Nationality: British Address : Salwarpe
Rd., Droitwich, Worcestershire, WR9 9BH,
England |
179,994 |
100.00 |
|
Mr. John Christopher
Humphreys Nationality: British Address : Salwarpe
Rd., Droitwich, Worcestershire, WR9 9BH,
England |
3 |
- |
|
Mr. Mark Pegler Nationality: British Address : West
Midland, B75 6SU,
England |
1 |
- |
|
Mr. Derex William Miller Nationality: Scottish Address : Salwarpe
Rd., Droitwich, Worcestershire, WR9 9BH,
England |
1 |
- |
|
Mr. Joel Paul Whitehouse Nationality: British Address : West
Midland, England |
1 |
- |
Total Shareholders : 5
Share
Structure [as
at April 29,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
5 |
180,000 |
100.00 |
|
Total |
5 |
180,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Sukij Wongthavarawat No. 7816
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012 &
2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
112,979,668 |
80,109,370 |
24,977,210 |
|
Trade Accounts Receivable
|
65,750,150 |
132,238,126 |
204,224,709 |
|
Inventories |
134,223,726 |
169,841,092 |
101,446,743 |
|
Other Current Assets
|
20,731,913 |
17,603,832 |
6,524,095 |
|
|
|
|
|
|
Total Current Assets
|
333,685,457 |
399,792,420 |
337,172,757 |
|
Other Long-term Investment - Fixed Deposit |
14,794,399 |
14,492,057 |
14,000,000 |
|
Fixed Assets |
113,553,804 |
114,767,061 |
112,617,579 |
|
Other Non-current Assets |
3,454,945 |
2,736,965 |
8,837,341 |
|
Total Assets |
465,488,605 |
531,788,503 |
472,627,677 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Account Payable |
63,142,952 |
117,300,302 |
79,141,068 |
|
Short-term Loan from
Financial Institution |
- |
- |
7,273,549 |
|
Current Portion of
Finance Lease Contract Liabilities |
2,411,072 |
2,451,812 |
520,716 |
|
Accrued Expenses |
8,330,936 |
6,558,323 |
5,826,851 |
|
Accrued Income Tax |
- |
- |
6,077,235 |
|
Other Current Liabilities |
4,689,465 |
1,906,026 |
1,618,166 |
|
|
|
|
|
|
Total Current Liabilities |
78,574,425 |
128,216,463 |
100,457,585 |
|
Finance Lease Contract
Liabilities - Net of Current
Portion |
1,730,444 |
4,589,370 |
744,428 |
|
Estimated Liabilities from
Employee Benefits |
7,245,184 |
5,230,543 |
6,490,975 |
|
Total Liabilities |
87,550,053 |
138,036,376 |
107,692,988 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par
value authorized, issued
and fully paid
share capital
180,000 shares |
18,000,000 |
18,000,000 |
18,000,000 |
|
|
|
|
|
|
Capital Paid |
18,000,000 |
18,000,000 |
18,000,000 |
|
Retained Earning
Appropriated for - Statutory Reserve
|
1,800,000 |
1,800,000 |
1,800,000 |
|
Unappropriated [Deficit] |
358,138,552 |
373,952,127 |
345,134,689 |
|
Total Shareholders' Equity |
377,938,552 |
393,752,127 |
364,934,689 |
|
Total Liabilities & Shareholders' Equity |
465,488,605 |
531,788,503 |
472,627,677 |
Profit & Loss account
|
Sales |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
480,560,881 |
661,702,307 |
712,828,612 |
|
Gain on Exchange
Rate |
11,662,150 |
- |
5,065,139 |
|
Other Income |
2,916,170 |
6,464,629 |
5,881,670 |
|
Total Sales |
495,139,201 |
668,166,936 |
723,775,421 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
345,484,794 |
424,573,796 |
490,724,326 |
|
Selling Expenses |
30,935,202 |
94,639,566 |
64,313,615 |
|
Administrative Expenses |
133,275,657 |
105,406,272 |
89,933,389 |
|
Loss on Exchange Rate |
- |
6,754,067 |
- |
|
Total Expenses |
509,695,653 |
631,373,701 |
644,971,330 |
|
|
|
|
|
|
Profit / Loss] before Financial
Cost & Income Tax |
[14,556,452] |
36,793,235 |
78,804,091 |
|
Financial Cost |
[1,257,123] |
[187,547] |
[563,226] |
|
|
|
|
|
|
Profit / [Loss] before Income Tax
|
[15,813,575] |
36,605,688 |
78,240,865 |
|
Income Tax |
- |
[7,788,250] |
[24,000,726] |
|
Net Profit / [Loss] |
[15,813,575] |
28,817,438 |
54,240,139 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.25 |
3.12 |
3.36 |
|
QUICK RATIO |
TIMES |
2.27 |
1.66 |
2.28 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.23 |
5.77 |
6.33 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.03 |
1.24 |
1.51 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
141.81 |
146.01 |
75.46 |
|
INVENTORY TURNOVER |
TIMES |
2.57 |
2.50 |
4.84 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
49.94 |
72.94 |
104.57 |
|
RECEIVABLES TURNOVER |
TIMES |
7.31 |
5.00 |
3.49 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
66.71 |
100.84 |
58.87 |
|
CASH CONVERSION CYCLE |
DAYS |
125.04 |
118.11 |
121.16 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
71.89 |
64.16 |
68.84 |
|
SELLING & ADMINISTRATION |
% |
34.17 |
30.23 |
21.64 |
|
INTEREST |
% |
0.26 |
0.03 |
0.08 |
|
GROSS PROFIT MARGIN |
% |
31.14 |
36.81 |
32.69 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(3.03) |
5.56 |
11.06 |
|
NET PROFIT MARGIN |
% |
(3.29) |
4.36 |
7.61 |
|
RETURN ON EQUITY |
% |
(4.18) |
7.32 |
14.86 |
|
RETURN ON ASSET |
% |
(3.40) |
5.42 |
11.48 |
|
EARNING PER SHARE |
BAHT |
(87.85) |
160.10 |
301.33 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.19 |
0.26 |
0.23 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.23 |
0.35 |
0.30 |
|
TIME INTEREST EARNED |
TIMES |
(11.58) |
196.18 |
139.92 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(27.38) |
(7.17) |
|
|
OPERATING PROFIT |
% |
(139.56) |
(53.31) |
|
|
NET PROFIT |
% |
(154.88) |
(46.87) |
|
|
FIXED ASSETS |
% |
(1.06) |
1.91 |
|
|
TOTAL ASSETS |
% |
(12.47) |
12.52 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -27.38%. Turnover has decreased from THB
661,702,307.00 in 2012 to THB 480,560,881.00 in 2013. While net profit has
decreased from THB 28,817,438.00 in 2012 to THB -15,813,575.00 in 2013. And
total assets has decreased from THB 531,788,503.00 in 2012 to THB
465,488,605.00 in 2013.
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
31.14 |
Impressive |
Industrial Average |
17.61 |
|
Net Profit Margin |
(3.29) |
Deteriorated |
Industrial Average |
0.95 |
|
Return on Assets |
(3.40) |
Deteriorated |
Industrial Average |
1.35 |
|
Return on Equity |
(4.18) |
Deteriorated |
Industrial Average |
3.87 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from sales 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 31.14%. 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 -3.29%.
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 -3.4%.
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 -4.18%.
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 |
4.25 |
Impressive |
Industrial Average |
1.26 |
|
Quick Ratio |
2.27 |
|
|
|
|
Cash Conversion Cycle |
125.04 |
|
|
|
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 4.25 times in 2013, increased from 3.12 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 2.27 times in 2013,
increased from 1.66 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 126 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.19 |
Impressive |
Industrial Average |
0.81 |
|
Debt to Equity Ratio |
0.23 |
Impressive |
Industrial Average |
2.15 |
|
Times Interest Earned |
(11.58) |
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 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 -11.58 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 0.19 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.23 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.03 |
Acceptable |
Industrial Average |
1.73 |
|
Inventory Conversion Period |
141.81 |
|
|
|
|
Inventory Turnover |
2.57 |
Acceptable |
Industrial Average |
4.83 |
|
Receivables Conversion Period |
49.94 |
|
|
|
|
Receivables Turnover |
7.31 |
Satisfactory |
Industrial Average |
9.42 |
|
Payables Conversion Period |
66.71 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.31 and 5.00 in
2013 and 2012 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate sales. 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 2013
increased from 2012. 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 decreased from 146 days at the
end of 2012 to 142 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 2.5 times in year 2012 to 2.57 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.03 times and 1.24
times in 2013 and 2012 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.59.14 |
|
UK Pound |
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.80.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MNL |
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.