MIRA INFORM REPORT
|
Report Date : |
18.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
THAI PET RESIN CO., LTD. |
|
|
|
|
Registered Office : |
2nd Floor, Building No. 26, 1 Siam Cement Road, Bangsue, Bangkok 10800, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
31.05.2002 |
|
|
|
|
Com. Reg. No.: |
0105545056041 |
|
|
|
|
Legal Form : |
Private
Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in manufacturing, distributing
and exporting of
Polyethylene Terephthalate
[PET] resin, the
main raw material
for plastic packaging
and container, automobile
parts, electric appliances
industries |
|
|
|
|
No. of Employees |
189 |
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 in 2013 implemented a nation-wide 300 baht ($10) per day minimum wage policy and deployed 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. This was expected to lead to an economic upsurge but growth has remained slow, in part due to ongoing political unrest and resulting uncertainties. Spending on infrastructure will require re-approval once a new government is seated
|
Source
: CIA |
Company
name
THAI
PET RESIN CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 2nd FLOOR,
BUILDING NO. 26,
1
SIAM CEMENT ROAD,
BANGSUE,
BANGKOK
10800, THAILAND
TELEPHONE : [66] 2586-6400
FAX :
[66] 2586-6401
E-MAIL
ADDRESS : tpcrmkt@cementhai.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0105545056041
TAX
ID NO. : 3030586377
CAPITAL REGISTERED : BHT. 900,000,000
CAPITAL PAID-UP : BHT.
900,000,000
SHAREHOLDER’S PROPORTION : THAI :
20.00%
JAPANESE :
80.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. HIROHITO TAKABE,
JAPANESE
PRESIDENT
NO.
OF STAFF : 189
LINES
OF BUSINESS : PET
RESIN
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
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 May 31,
2002 as a
private limited company under
the registered name
THAI PET RESIN
CO., LTD., by
Thai and Japanese
groups, with the business
objective to manufacture
and distribute PET
resin with BOI
promoted to both
domestic and international
markets. It currently
employs 189 staff.
It
is a joint
venture among Mitsui Chemicals, Inc., Japan,
Toray Industries, Inc., Japan
and SCG Chemicals
Co., Ltd, Thailand,
which are holding
around 40%, 40%
and 20% of
the subject’s shares
respectively.
The subject’s registered address is 2nd
Flr., Building No. 26, 1 Siam
Cement Rd., Bangsue,
Bangkok 10800, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Cholanat Yanaranop |
|
Thai |
54 |
|
Mr. Sommai Sirilertsombat |
[-] |
Thai |
55 |
|
Mr. Satoshi Yamanobe |
[-] |
Japanese |
45 |
|
Mr. Masahiro Ishihara |
|
Japanese |
48 |
|
Mr. Mikio Kanda |
[-] |
Japanese |
52 |
|
Mr. Toru Takahashi |
|
Japanese |
51 |
|
Mr. Hirohito Takabe |
[x] |
Japanese |
51 |
|
Mr. Kazumasa Izawa |
|
Japanese |
50 |
|
Mr. Ryosuke Chono |
|
Japanese |
63 |
|
Mr. Akio Sato |
|
Japanese |
64 |
AUTHORIZED PERSON
Only the mentioned
director [x] can
sign or any
two of the
mentioned directors [-]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Hirohito Takabe is
the President.
He is Japanese
nationality with the
age of 51
years old.
Mr. Satoshi Yamanobe is
the Managing Director.
He is Japanese
nationality with the
age of 45
years old.
Mr. Mikio Kanda is
the Vice President
and Financial Director.
He is Japanese
nationality with the
age of 52
years old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, distributing and
exporting of Polyethylene
Terephthalate [PET] resin, the
main raw material
for plastic packaging
and container, automobile
parts, electric appliances
industries and etc.
PRODUCTION CAPACITY
100,000 tons per
annum
PURCHASE
Most
of raw materials
are purchased from
local suppliers, the
remaining is imported
from Japan, Singapore
and Germany.
MAJOR
SUPPLIERS
Mitsui Chemicals, Inc. : Japan
Toray Industries, Inc. : Japan
Mitsui & Co [Thailand] Ltd. : Thailand
Siam Mitsui PTA
Co., Ltd. : Thailand
SALES
60% of the products is exported to Japan, U.S.A., Hong Kong, Vietnam, Republic of China,
Malaysia, Singapore, Puerto
Rico, Malaysia and
European countries, the
remaining 40% is
sold locally through
SCG Chemicals Co.,
Ltd..
MAJOR CUSTOMERS
Mitsui Chemicals, Inc. : Japan
Mercasid S.A. :
Puerto Rico
SCG Group :
Thailand
etc.
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 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.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject currently employs
189 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area,
which is the
same office of
SCG group.
Factory
and warehouse are
located at 18
Soi G2, Eastern
Indsustrial Estate, Pakornsongkrohrath Rd.,
T. Huaypong, A. Muang, Rayong
21150.
Tel.:
[66] 38 685-900,
Fax: [66] 38
685-999.
COMMENT
The
subject is the
company in SCG
group producing PET
resin for domestic
industries and export
markets. PET resin demand has
risen sharply from
industrial expansion during
the past few
years, with manufacturing
production continue increasing,
as well as
exports projected to
resume positive year-on-year
growth.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 900,000,000 divided
into 9,000,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
January 10, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mitsui Chemicals, Inc. Nationality: Japanese Address : 3-2-5
Kasumigaseiki Shiyoda-ku, Tokyo, Japan |
3,600,000 |
40.00 |
|
Toray Industries, Inc. Nationality: Japanese Address : 2-2-1
Nihonbashi-Muromachi
Chuo-ku, Tokyo, Japan |
3,600,000 |
40.00 |
|
SCG Chemicals Co.,
Ltd. Nationality: Thai Address : 1
Siam Cement Rd.,
Bangsue, Bangkok |
1,800,000 |
20.00 |
Total Shareholders : 3
Share Structure [as
at January 10,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
1,800,000 |
20.00 |
|
Foreign-Japanese |
2 |
7,200,000 |
80.00 |
|
Total |
3 |
9,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Pornthip Rimdusit No.
5565
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
54,585,737 |
37,767,613 |
40,931,600 |
|
Trade Accounts &
Other Receivable |
651,489,873 |
702,899,952 |
577,040,174 |
|
Inventories |
544,250,835 |
438,103,463 |
519,322,962 |
|
Value Added Tax Receivable |
13,667,218 |
13,197,567 |
21,460,182 |
|
Other Current Assets |
22,825,950 |
16,510,032 |
27,927,851 |
|
|
|
|
|
|
Total Current Assets
|
1,286,819,613 |
1,208,478,627 |
1,186,682,769 |
|
Fixed Assets |
1,114,900,159 |
1,284,392,222 |
1,436,152,675 |
|
Intangible Assets |
6,768,266 |
8,408,861 |
10,244,859 |
|
Deferred Income Tax
Assets |
1,509,686 |
682,795 |
|
|
Other Assets |
536,102 |
934,520 |
10,542,940 |
|
Total Assets |
2,410,533,826 |
2,502,897,025 |
2,643,623,243 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from
Financial Institutions |
424,555,650 |
552,434,250 |
395,000,000 |
|
Trade Accounts &
Other Payable |
966,823,644 |
1,012,579,866 |
794,251,085 |
|
Current Portion of Long-term Loans from Financial Institution |
- |
- |
300,000,000 |
|
Current Portion of Financial Lease Contract Liabilities
|
85,500 |
54,000 |
54,000 |
|
Estimated Short-term Liabilities |
684,626 |
731,709 |
818,083 |
|
Other Current Liabilities |
1,026,554 |
893,364 |
44,272,862 |
|
|
|
|
|
|
Total Current Liabilities |
1,393,175,974 |
1,566,693,189 |
1,534,396,030 |
|
Long-term Loan Financial Institutions |
230,645,800 |
- |
- |
|
Financial Lease Contract Liabilities |
- |
85,500 |
135,000 |
|
Reserve for Employee Benefits |
8,301,806 |
7,429,774 |
6,965,884 |
|
Total Liabilities |
1,632,123,580 |
1,574,208,463 |
1,541,496,914 |
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 9,000,000 shares |
900,000,000 |
900,000,000 |
900,000,000 |
|
|
|
|
|
|
Capital Paid |
900,000,000 |
900,000,000 |
900,000,000 |
|
Retained Earning |
|
|
|
|
Appropriated for
Statutory Reserve |
6,762,829 |
6,762,829 |
- |
|
Unappropriated [Deficit] |
[128,352,583] |
21,925,733 |
202,126,329 |
|
Total Shareholders' Equity |
778,410,246 |
928,688,562 |
1,102,126,329 |
|
Total Liabilities &
Shareholders' Equity |
2,410,533,826 |
2,502,897,025 |
2,643,623,243 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Sales |
6,325,858,037 |
6,292,240,144 |
6,616,763,814 |
|
Gain on Exchange Rate |
11,410,284 |
22,773,311 |
40,647,430 |
|
Other Income |
29,645,555 |
28,969,644 |
32,553,323 |
|
Total Revenues |
6,366,913,876 |
6,343,983,099 |
6,689,964,567 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
6,303,788,108 |
6,222,705,625 |
6,336,077,190 |
|
Selling Expenses |
93,209,400 |
91,109,030 |
99,729,366 |
|
Administrative Expenses |
113,735,309 |
113,097,909 |
107,653,187 |
|
Total Expenses |
6,510,732,817 |
6,426,912,564 |
6,543,459,743 |
|
|
|
|
|
|
Profit /[Loss] before Financial Costs |
[143,818,941] |
[82,929,465] |
146,504,824 |
|
Financial Costs |
[7,286,267] |
[10,191,097] |
[11,248,249] |
|
|
|
|
|
|
Profit /[Loss] before Income
Tax & Income Tax
Benefits |
[151,105,208] |
[93,120,562] |
135,256,575 |
|
Income Tax &
Income Tax Benefits |
826,892 |
[873,999] |
- |
|
Net Profit / [Loss] |
[150,278,316] |
[93,994,561] |
135,256,575 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.92 |
0.77 |
0.77 |
|
QUICK RATIO |
TIMES |
0.51 |
0.47 |
0.40 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.67 |
4.90 |
4.61 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.62 |
2.51 |
2.50 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
31.51 |
25.70 |
29.92 |
|
INVENTORY TURNOVER |
TIMES |
11.58 |
14.20 |
12.20 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
37.59 |
40.77 |
31.83 |
|
RECEIVABLES TURNOVER |
TIMES |
9.71 |
8.95 |
11.47 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
55.98 |
59.39 |
45.75 |
|
CASH CONVERSION CYCLE |
DAYS |
13.12 |
7.08 |
15.99 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
99.65 |
98.89 |
95.76 |
|
SELLING & ADMINISTRATION |
% |
3.27 |
3.25 |
3.13 |
|
INTEREST |
% |
0.12 |
0.16 |
0.17 |
|
GROSS PROFIT MARGIN |
% |
1.00 |
1.93 |
5.35 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(2.27) |
(1.32) |
2.21 |
|
NET PROFIT MARGIN |
% |
(2.38) |
(1.49) |
2.04 |
|
RETURN ON EQUITY |
% |
(19.31) |
(10.12) |
12.27 |
|
RETURN ON ASSET |
% |
(6.23) |
(3.76) |
5.12 |
|
EARNING PER SHARE |
BAHT |
(16.70) |
(10.44) |
15.03 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.68 |
0.63 |
0.58 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.10 |
1.70 |
1.40 |
|
TIME INTEREST EARNED |
TIMES |
(19.74) |
(8.14) |
13.02 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
0.53 |
(4.90) |
|
|
OPERATING PROFIT |
% |
73.42 |
(156.61) |
|
|
NET PROFIT |
% |
(59.88) |
(169.49) |
|
|
FIXED ASSETS |
% |
(13.20) |
(10.57) |
|
|
TOTAL ASSETS |
% |
(3.69) |
(5.32) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 0.53%. Turnover has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
1.00 |
Deteriorated |
Industrial
Average |
49.41 |
|
Net Profit Margin |
(2.38) |
Deteriorated |
Industrial
Average |
6.29 |
|
Return on Assets |
(6.23) |
Deteriorated |
Industrial
Average |
9.60 |
|
Return on Equity |
(19.31) |
Deteriorated |
Industrial
Average |
20.01 |
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 1%. 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 -2.38%.
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 -6.23%.
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 -19.31%.
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 |
0.92 |
Risky |
Industrial
Average |
1.50 |
|
Quick Ratio |
0.51 |
|
|
|
|
Cash Conversion Cycle |
13.12 |
|
|
|
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 0.92 times in 2013, increased from 0.77 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 0.51 times in 2013,
increased from 0.47 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 14 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.68 |
Impressive |
Industrial
Average |
0.75 |
|
Debt to Equity Ratio |
2.10 |
Acceptable |
Industrial
Average |
2.25 |
|
Times Interest Earned |
(19.74) |
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 higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -19.74 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 0.68 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 |
5.67 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
2.62 |
Acceptable |
Industrial
Average |
3.88 |
|
Inventory Conversion Period |
31.51 |
|
|
|
|
Inventory Turnover |
11.58 |
Acceptable |
Industrial
Average |
15.86 |
|
Receivables Conversion Period |
37.59 |
|
|
|
|
Receivables Turnover |
9.71 |
Impressive |
Industrial
Average |
8.06 |
|
Payables Conversion Period |
55.98 |
|
|
|
The company's Account Receivable Ratio is calculated as 9.71 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 26 days at the
end of 2012 to 32 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 14.2 times in year 2012 to 11.58
times in year 2013.
The company's Total Asset Turnover is calculated as 2.62 times and 2.51
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.60.37 |
|
|
1 |
Rs.102.48 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
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.