MIRA INFORM REPORT
|
Report Date : |
21.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
CRYOTECH ASIA CO., LTD. |
|
|
|
|
Registered Office : |
60/12
Moo 2, Phaholyothin Road,
T. Klongnueng, A.
Klongluang, Pathumthani 12120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
22.10.2009 |
|
|
|
|
Com. Reg. No.: |
0135552010042 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
engaged in providing complete
range of designing, manufacturing and
Assembly Services for
cryogenic bulk storage
vessel, transport tank,
pressure vessel, heat
exchanger tank, as
well as providing
of maintenance, refurbishment, repair
and modification services. |
|
|
|
|
No of Employees : |
120 |
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 – 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
CRYOTECH ASIA CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 60/12
MOO 2, PHAHOLYOTHIN
ROAD,
T.
KLONGNUENG, A. KLONGLUANG,
PATHUMTHANI 12120,
THAILAND
TELEPHONE : [66] 2901-3701-4
FAX
: [66] 2901-3705
E-MAIL
ADDRESS : contact@cryotech.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2009
REGISTRATION
NO. : 0135552010042
TAX ID NO. : 3033666069
CAPITAL REGISTERED : BHT. 80,000,000
CAPITAL PAID-UP : BHT.
60,000,000
SHAREHOLDER’S PROPORTION : THAI :
50.00%
DUTCH
: 50.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SOMBAT LORKITTIVANICH, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 120
LINES
OF BUSINESS : CRYOGENIC BULK
STORAGE VESSELS AND
RELATED PRODUCTS
MANUFACTURER AND
SERVICE PROVIDER
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 October 22,
2009 as a
private limited company
under the registered
name CRYOTECH ASIA
CO., LTD., by Thai and
Dutch groups, with
the business objective
to provide complete
range of services
for cryogenic bulk storage
vessels and related
products. It employs
approximately 120 staff.
The
subject’s registered address
is 60/12 Moo
2, Phaholyothin Road,
T. Klongnueng, A.
Klongluang, Pathumthani 12120,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Sombat Lorkittivanich |
|
Thai |
61 |
|
Mr. Attapol Lorkittivanich |
|
Thai |
51 |
|
Ms. Vimolpak Lorkittivanich |
|
Thai |
28 |
|
Mr. Willem Van Rootselaar |
|
Dutch |
51 |
|
Mr. Tijmen Van Rootselaar |
|
Dutch |
55 |
|
Mr. Tom Cornelis Gerardus
Van Der Lee |
|
Dutch |
36 |
AUTHORIZED
PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Sombat Lorkittivanich is
the Managing Director.
He is Thai
nationality with the
age of 61
years old.
Mr. Attapol Lorkittivanich is
the Deputy Managing Director.
He is Thai
nationality with the
age of 51 years
old.
BUSINESS
OPERATIONS
The subject
is engaged in
providing complete range
of design, manufacture
and assembly services
for cryogenic bulk
storage vessel, transport
tank, pressure vessel,
heat exchanger tank,
as well as
providing of maintenance,
refurbishment, repair and
modification services.
PURCHASE
Raw
materials are purchased
from suppliers both
in domestic and
overseas, mainly in
Japan, Singapore, Germany
and Malaysia.
SERVICES
Its products are
served to manufacturers
and end-users in
liquefied gases and
other industries both
locally and overseas,
mainly in Malaysia,
India and many
countries in Europe
and Middle East.
RELATED AND AFFILIATED
COMPANY
Cryotech Co., Ltd.
Business Type :
Manufacturer and distributor
of liquid storage
and transport tanks
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
T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
120 staff.
LOCATION DETAILS
The premise is owned for
administrative office and
factory at the
heading address. Premise is located
in provincial, the
outskirt of Bangkok.
COMMENT
The
subject provides complete
ranges of cryogenic
bulk storage vessels and
related products for
liquefied gases and
other industries. Its
operating performance in 2013
was satisfactory with
an increase in
both sales revenue
and net profit
comparing to the
same period of
the previous year.
In 2014, the
subject may have
an impact from
a slow growth
of related industries
due to an
economic slowdown and
political turmoil. Nevertheless,
the subject anticipates
to maintain a
moderate business.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 80,000,000 divided
into 800,000 shares
of Bht. 100
each, with a
current capital paid-up
at Bht. 60,000,000
or 800,000 shares
of Bht. 75
each.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Rota Holding B.V. Nationality: Dutch Address : Nijverheidsstraat 33 3861
RJ Nijkerk, Netherlands |
399,999 |
50.00 |
|
Ms. Vimolpak Lorkittivanich Nationality: Thai Address : 116
Trok Barnbart, Banbart,
Pomprabsattrupai, Bangkok |
200,000 |
25.00 |
|
Mr. Attapol Lorkittivanich Nationality: Thai Address : 116 Trok Barnbart,
Banbart,
Pomprabsattrupai, Bangkok |
200,000 |
25.00 |
|
Mr. Apichit Arjchinda Nationality: Thai Address : 47/70
Soi Charoenjai, Klongtonnua,
Wattana, Bangkok |
1 |
- |
Total Shareholders : 4
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
400,001 |
50.00 |
|
Foreign - Dutch |
1 |
399,999 |
50.00 |
|
Total |
4 |
800,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Araya Mahavanich No.
4995
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
|
32,504,438.92 |
20,782,986.70 |
8,497,695.82 |
|
Trade Accounts & Other
Receivable Trade Accounts
Receivable |
65,225,346.68 |
69,820,621.90 |
51,464,314.18 |
|
Other Receivable |
8,504,221.80 |
8,705,416.02 |
6,370,581.80 |
|
|
|
|
|
|
Total Trade Accounts &
Other Receivable |
73,729,568.48 |
78,526,037.92 |
57,836,895.98 |
|
Inventories |
33,983,635.59 |
46,976,976.03 |
52,673,500.48 |
|
|
|
|
|
|
Total Current Assets
|
140,217,642.99 |
146,286,000.65 |
119,008,092.28 |
|
Cash at Bank
under Obligation |
- |
- |
1,326,500.00 |
|
Fixed Assets |
40,504,266.35 |
31,326,740.71 |
36,980,679.74 |
|
Intangible Assets |
325,997.82 |
386,497.61 |
30,208.45 |
|
Total Assets |
181,047,907.16 |
177,999,238.97 |
157,345,480.47 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Short-term Loan from Financial Institution |
13,000,000.00 |
13,000,000.00 |
9,000,000.00 |
|
Trade Accounts & Other Payable Trade Accounts
Payable |
21,281,558.32 |
25,913,993.25 |
37,959,540.05 |
|
Other Payable |
6,655,675.12 |
4,387,389.35 |
2,344,502.06 |
|
|
|
|
|
|
Total Trade Accounts & Other Payable |
27,937,233.44 |
30,301,382.60 |
40,304,042.11 |
|
Advance Income from
Goods |
4,615,810.13 |
32,496,916.69 |
28,327,875.96 |
|
Current Portion of
Finance Lease Contract Liabilities |
- |
- |
245,729.00 |
|
Short-term Loan from
Person or Related Company |
- |
- |
10,334,925.00 |
|
Accrued Income Tax |
1,503,858.89 |
822,611.27 |
393,022.49 |
|
|
|
|
|
|
Total Current Liabilities |
47,056,902.46 |
76,620,910.56 |
88,605,594.56 |
|
Long-term Loan from
Related Company |
18,151,508.00 |
16,368,848.00 |
16,535,880.00 |
|
Employee Benefit Obligation |
3,063,681.46 |
2,653,986.51 |
- |
|
Total Liabilities |
68,272,091.92 |
95,643,745.07 |
105,141,474.56 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par
value Authorized &
issued share capital 800,000
shares |
80,000,000.00 |
80,000,000.00 |
80,000,000.00 |
|
|
|
|
|
|
Capital Paid |
60,000,000.00 |
40,000,000.00 |
40,000,000.00 |
|
Retained Earning
Appropriated for
- Statutory Reserve |
1,263,157.89 |
- |
- |
|
Unappropriated [Deficit] |
51,512,657.35 |
42,355,493.90 |
12,204,005.91 |
|
Total Shareholders' Equity |
112,775,815.24 |
82,355,493.90 |
52,204,005.91 |
|
Total Liabilities &
Shareholders' Equity |
181,047,907.16 |
177,999,238.97 |
157,345,480.47 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales & Service Income
|
199,344,612.08 |
193,389,076.17 |
87,434,277.98 |
|
Other Income |
725,493.93 |
820,200.51 |
13,388.10 |
|
Gain on Exchange
Rate |
- |
1,022,441.89 |
178,139.84 |
|
Total Revenues |
200,070,106.01 |
195,231,718.57 |
87,625,805.92 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
139,342,245.75 |
135,161,477.07 |
71,528,531.11 |
|
Selling Expenses |
5,534,948.26 |
9,451,980.62 |
2,375,592.53 |
|
Administrative Expenses |
15,467,597.14 |
14,179,655.63 |
9,479,400.78 |
|
Employee Benefit Expenses |
534,694.95 |
2,653,986.51 |
- |
|
Loss on Exchange
Rate |
935,176.00 |
- |
- |
|
Total Expenses |
161,814,662.10 |
161,447,099.83 |
83,383,524.42 |
|
|
|
|
|
|
Profit / Loss] before Financial
Cost & Income Tax |
38,255,443.91 |
33,784,618.74 |
4,242,281.50 |
|
Financial Cost |
[1,225,670.64] |
[1,699,085.89] |
[1,890,251.20] |
|
|
|
|
|
|
Profit / [Loss] before Income Tax
|
37,029,773.27 |
32,085,532.85 |
2,352,030.30 |
|
Income Tax |
[2,609,451.93] |
[1,934,044.86] |
[393,022.49] |
|
Net Profit / [Loss] |
34,420,321.34 |
30,151,487.99 |
1,959,007.81 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.98 |
1.91 |
1.34 |
|
QUICK RATIO |
TIMES |
2.26 |
1.30 |
0.75 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.92 |
6.17 |
2.36 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.10 |
1.09 |
0.56 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
89.02 |
126.86 |
268.79 |
|
INVENTORY TURNOVER |
TIMES |
4.10 |
2.88 |
1.36 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
119.43 |
131.78 |
214.84 |
|
RECEIVABLES TURNOVER |
TIMES |
3.06 |
2.77 |
1.70 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
55.75 |
69.98 |
193.70 |
|
CASH CONVERSION CYCLE |
DAYS |
152.70 |
188.66 |
289.92 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
69.90 |
69.89 |
81.81 |
|
SELLING & ADMINISTRATION |
% |
10.54 |
12.22 |
13.56 |
|
INTEREST |
% |
0.61 |
0.88 |
2.16 |
|
GROSS PROFIT MARGIN |
% |
30.46 |
31.06 |
18.41 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
19.19 |
17.47 |
4.85 |
|
NET PROFIT MARGIN |
% |
17.27 |
15.59 |
2.24 |
|
RETURN ON EQUITY |
% |
30.52 |
36.61 |
3.75 |
|
RETURN ON ASSET |
% |
19.01 |
16.94 |
1.25 |
|
EARNING PER SHARE |
BAHT |
57.37 |
75.38 |
4.90 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.38 |
0.54 |
0.67 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.61 |
1.16 |
2.01 |
|
TIME INTEREST EARNED |
TIMES |
31.21 |
19.88 |
2.24 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
3.08 |
121.18 |
|
|
OPERATING PROFIT |
% |
13.23 |
696.38 |
|
|
NET PROFIT |
% |
14.16 |
1,439.12 |
|
|
FIXED ASSETS |
% |
29.30 |
(15.29) |
|
|
TOTAL ASSETS |
% |
1.71 |
13.13 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 3.08%. Turnover has increased from THB
193,389,076.17 in 2012 to THB 199,344,612.08 in 2013. While net profit has
increased from THB 30,151,487.99 in 2012 to THB 34,420,321.34 in 2013. And
total assets has increased from THB 177,999,238.97 in 2012 to THB
181,047,907.16 in 2013.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
30.46 |
Deteriorated |
Industrial Average |
98.72 |
|
Net Profit Margin |
17.27 |
Impressive |
Industrial Average |
7.40 |
|
Return on Assets |
19.01 |
Impressive |
Industrial Average |
10.14 |
|
Return on Equity |
30.52 |
Impressive |
Industrial Average |
20.36 |
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 30.46%. 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. Net Profit Margin ratio is 17.27%, 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
19.01%, 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 30.52%, 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 :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
2.98 |
Impressive |
Industrial Average |
1.99 |
|
Quick Ratio |
2.26 |
|
|
|
|
Cash Conversion Cycle |
152.70 |
|
|
|
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 2.98 times in 2013, increase from 1.91 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 2.26 times in 2013,
increase from 1.3 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 153 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.38 |
Impressive |
Industrial Average |
0.64 |
|
Debt to Equity Ratio |
0.61 |
Impressive |
Industrial Average |
1.26 |
|
Times Interest Earned |
31.21 |
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 31.22 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 0.38 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 :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
4.92 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.10 |
Acceptable |
Industrial Average |
1.77 |
|
Inventory Conversion Period |
89.02 |
|
|
|
|
Inventory Turnover |
4.10 |
Acceptable |
Industrial Average |
5.47 |
|
Receivables Conversion Period |
119.43 |
|
|
|
|
Receivables Turnover |
3.06 |
Deteriorated |
Industrial Average |
6.85 |
|
Payables Conversion Period |
55.75 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.06 and 2.77 in
2013 and 2012 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. 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 127 days at the
end of 2012 to 89 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 2.88 times in year 2012 to 4.1 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.1 times and 1.09
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.60.28 |
|
UK Pound |
1 |
Rs.102.77 |
|
Euro |
1 |
Rs.82.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.