MIRA
INFORM REPORT
|
Report Date : |
21.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
STYROLUTION [THAILAND] CO., LTD. |
|
|
|
|
Formerly Known As : |
INEOS ABS [THAILAND]
CO., LTD. |
|
|
|
|
Registered Office : |
4/2 I-8 Road, Mab Ta Phut Industrial Estate, T. Mab Ta Phut, A. Muang, Rayong 21150 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
2004 |
|
|
|
|
Com. Reg. No.: |
0215547000670 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Plastic Resin |
|
|
|
|
No. of Employees : |
320 |
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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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
STYROLUTION
[THAILAND] CO., LTD.
[FORMER : INEOS
ABS [THAILAND] CO.,
LTD.]
SUMMARY
BUSINESS ADDRESS : 4/2 I-8 ROAD,
MAB TA PHUT INDUSTRIAL ESTATE,
T. MAB
TA PHUT, A.
MUANG,
RAYONG 21150,
THAILAND
TELEPHONE : [66] 38
910-700, 38 910-981
FAX : [66] 38
910-777
E-MAIL ADDRESS : vichai.sakulbongkoch@lustran-polymers.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2004
REGISTRATION NO. : 0215547000670 [Former : 0217354700674]
TAX ID NO. : 3031319783
CAPITAL REGISTERED : BHT.
470,000,000
CAPITAL PAID-UP : BHT.
470,000,000
SHAREHOLDER’S PROPORTION : FOREIGN : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
MANAGEMENT : MR. PHON
WONGRIANTHONG, THAI
MANAGING DIRECTOR
NO. OF STAFF : 320
LINES OF BUSINESS : PLASTIC RESIN
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 February 26,
2004 as a
private limited company under
the registered name “Styrenics
[Thailand] Ltd.”, by German groups, to manufacture and market
wide range of
plastic resin to
both domestic and
international markets.
On March 25, 2004, subject’s
name was changed to “Lanxess [Thailand]
Ltd.”, and changed
to “Ineos ABS
[Thailand] Co., Ltd.”,
on October 1,
2007.
In 2011, there
was a joint
venture between BASF,
in Germany and
INEOS Industries Holdings
Limited, in U.K,
then the subject’s
name was changed
to STYROLUTION [THAILAND] CO.,
LTD., on October 3, 2011. It currently employs
320 staff.
Subject is currently
a wholly owned
subsidiary of Styrolution [Jersey] Ltd.,
which is a
member of INEOS Group
Co., Ltd. in
United Kingdom.
The subject’s registered address
is 4/2 I-8 Rd., Mab
Ta Phut Industrial
Estate, T. Mab Ta Phut, A. Muang,
Rayong 21150, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Phon Wongrianthong |
|
Thai |
44 |
|
Mr. Hyung Tae Chang |
|
Korean |
62 |
|
Mr. Tan Jit Teng |
|
Malaysian |
45 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Phon Wongrianthong is
the Managing Director.
He is Thai
nationality with the
age of 44
years old.
Ms. Kanya Chotemaneerin is
the Sales &
Marketing Manager.
She is Thai
nationality.
Mr. Nopporn Pruekudom is
the Procurement &
Purchasing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and marketing wide
range of plastic
resin as the
followings:
ABS [made from
acrylonitrile, butadiene and
styrene]
SAN [a product for
injection molding application
based on styrene
and acrylonitrile].
BRAND NAMES
“LUSTRAN”, “TRIAX”, “NOVODUR”
PRODUCTION CAPACITY
120,000 tons per
annum
PURCHASE
Raw materials such
as plastic resin
and chemicals are
purchased from suppliers
and agents both
domestic and overseas,
mainly in Germany, Japan,
United Kingdom, Singapore,
Republic of China
and Taiwan.
MAJOR SUPPLIERS
Bayer Thai Ltd. : Thailand
BASF [Thai] Co.,
Ltd. : Thailand
SALES
80% of the
products is exported to Africa, Puerto Rico, Republic of China,
Japan, Taiwan, Korea, Australia, Germany, Brazil,
Argentina, U.S.A., India, Singapore, Hong Kong, Vietnam, United
Kingdom, France, Malaysia and
Philippines, and the remaining
20% is sold
locally to manufacturers, wholesalers
and end-users.
MAJOR CUSTOMER
Eastern Polymer Industry
Co., Ltd. : Thailand
Thai Polymer Supply
Co., Ltd. : Thailand
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
L/C at sight or T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 320 office
staff and factory
workers.
LOCATION DETAILS
The premise is rented for
administrative office, factory and warehouse at
the heading address. Premise
is located in
industrial area.
Bangkok Sales Office:
Unit 25/A2, 25th Floor,
Silom Complex Building, 191
Silom Rd., Bangrak,
Bangkok 10500. Tel.:
[66] 2632-1953-6, Fax
[66] 2632-1952.
COMMENT
The subject manufactures, distributes and
exports of plastic resin
for various industries.
The subject’s business performance
in 2013 was
satisfactory with an increase in
both sales revenue
and net profit comparing
to the previous
year’s level. However,
the subject’s business
this year would
have an impact
from unfavourable factors
such as economic
uncertainly and political
turmoil.
Nevertheless, the subject has
maintained a moderate
business.
FINANCIAL INFORMATION
The capital was
initially registered at Bht.
300,000,000 divided into 300,000 shares
of Bht. 1,000 each.
On July 5,
2004, the capital
was increased to
Bht. 470,000,000 divided
into 470,000 shares
of Bht. 1,000 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at April
25, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Styrolution [Jersey] Ltd. [Former :
Ineos ABS [Jersey] Ltd.] Nationality: British Address : U.K. |
469,994 |
100.00 |
|
Styrolution Southeast Asia
Pte. Ltd. Nationality: Singaporean Address : 7
Temasek Boulevard, #35-01 Suntek Tower One,
Singapore 038987 |
3 |
- |
|
Styrolution East Asia
Company Limited Nationality: Hong Kong Address : 45th Floor, Jardine House, 1 Connaught Place, Central,
Hong Kong |
3 |
- |
Total Shareholders : 3
Share Structure :
[as at April
25, 2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
3 |
470,000 |
100.00 |
|
Total |
3 |
470,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Santi Pongcharoenpith No.
4623
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 |
50,535,231 |
304,189,064 |
534,121,055 |
|
Trade Accounts Receivable |
848,503,563 |
411,590,128 |
829,377,164 |
|
Other Account Receivable
|
21,086,918 |
16,449,931 |
5,629,807 |
|
Deferred Value Added Tax |
- |
- |
10,630,026 |
|
Inventories |
467,397,079 |
363,390,279 |
449,896,435 |
|
Other Current Assets
|
33,064,019 |
33,064,019 |
18,088,383 |
|
Total Current Assets
|
1,420,586,810 |
1,131,250,292 |
1,847,742,870 |
|
Fixed Assets |
680,861,531 |
621,236,177 |
589,660,395 |
|
Intangible Assets |
2,260,163 |
3,166,227 |
4,726,720 |
|
Other Non-current Assets
|
1,652,053 |
1,672,638 |
2,072,639 |
|
Total Assets |
2,105,360,557 |
1,757,325,334 |
2,444,202,624 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts Payable |
|
|
|
|
- Person |
- |
- |
578,449,456 |
|
- Related Company |
476,430,316 |
587,737,160 |
22,453,560 |
|
|
|
|
|
|
Total Trade Accounts
Payable |
476,430,316 |
587,737,160 |
600,903,016 |
|
Other Account Payable |
173,545,884 |
175,624,995 |
12,320,908 |
|
Accrued Expenses |
- |
- |
164,157,741 |
|
Other Current Liabilities |
37,628,341 |
27,369,597 |
20,398,578 |
|
Total Current Liabilities |
687,604,541 |
790,731,752 |
797,780,243 |
|
|
|
|
|
|
Long-term Loan from
Related Company |
800,000,000 |
400,000,000 |
930,000,000 |
|
Employee Benefit Obligation |
52,702,074 |
39,277,145 |
31,495,797 |
|
Estimated Long-term Liabilities |
25,661,966 |
24,232,307 |
22,787,435 |
|
Total Liabilities |
1,565,968,581 |
1,254,241,204 |
1,782,063,475 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 470,000 shares |
470,000,000 |
470,000,000 |
470,000,000 |
|
Capital Paid |
470,000,000 |
470,000,000 |
470,000,000 |
|
Retained Earning- Unappropriated |
69,391,976 |
33,084,130 |
192,139,149 |
|
Total Shareholders' Equity |
539,391,976 |
503,084,130 |
662,139,149 |
|
Total Liabilities & Shareholders' Equity |
2,105,360,557 |
1,757,325,334 |
2,444,202,624 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales |
6,772,619,170 |
6,008,354,988 |
7,819,736,220 |
|
Commission Income |
14,343,542 |
15,890,618 |
- |
|
Other Income |
50,502,113 |
64,880,684 |
101,936,174 |
|
Total Revenues |
6,837,464,825 |
6,089,126,290 |
7,921,672,394 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
6,409,355,228 |
5,885,884,030 |
7,401,482,317 |
|
Selling Expense |
225,356,278 |
238,207,410 |
201,669,005 |
|
Administrative Expenses |
149,004,844 |
103,889,135 |
54,339,215 |
|
Total Expenses |
6,783,716,350 |
6,227,980,575 |
7,657,490,537 |
|
Profit/ [Loss] before Financial
Costs |
53,748,475 |
[138,854,285] |
264,181,857 |
|
Financial Costs |
[17,440,629] |
[20,200,734] |
[43,110,514] |
|
Net Profit / [Loss] |
36,307,846 |
[159,055,019] |
221,071,343 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.07 |
1.43 |
2.32 |
|
QUICK RATIO |
TIMES |
1.34 |
0.93 |
1.73 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
9.95 |
9.67 |
13.26 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.22 |
3.42 |
3.20 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
26.62 |
22.53 |
22.19 |
|
INVENTORY TURNOVER |
TIMES |
13.71 |
16.20 |
16.45 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
45.73 |
25.00 |
38.71 |
|
RECEIVABLES TURNOVER |
TIMES |
7.98 |
14.60 |
9.43 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
- |
- |
28.53 |
|
CASH CONVERSION CYCLE |
DAYS |
72.35 |
47.54 |
32.37 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
94.64 |
97.96 |
94.65 |
|
SELLING & ADMINISTRATION |
% |
2.20 |
1.73 |
0.69 |
|
INTEREST |
% |
0.26 |
0.34 |
0.55 |
|
GROSS PROFIT MARGIN |
% |
6.32 |
3.38 |
6.65 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.79 |
(2.31) |
3.38 |
|
NET PROFIT MARGIN |
% |
0.54 |
(2.65) |
2.83 |
|
RETURN ON EQUITY |
% |
6.73 |
(31.62) |
33.39 |
|
RETURN ON ASSET |
% |
1.72 |
(9.05) |
9.04 |
|
EARNING PER SHARE |
BAHT |
77.25 |
(338.41) |
470.36 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.74 |
0.71 |
0.73 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.90 |
2.49 |
2.69 |
|
TIME INTEREST EARNED |
TIMES |
3.08 |
(6.87) |
6.13 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
12.72 |
(23.16) |
|
|
OPERATING PROFIT |
% |
(138.71) |
(152.56) |
|
|
NET PROFIT |
% |
122.83 |
(171.95) |
|
|
FIXED ASSETS |
% |
9.60 |
5.35 |
|
|
TOTAL ASSETS |
% |
19.80 |
(28.10) |
|
ANNUAL GROWTH : IMPRESSIVE
An annual sales growth is 12.72%. Turnover has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.32 |
Deteriorated |
Industrial Average |
49.41 |
|
Net Profit Margin |
0.54 |
Deteriorated |
Industrial Average |
6.29 |
|
Return on Assets |
1.72 |
Deteriorated |
Industrial Average |
9.60 |
|
Return on Equity |
6.73 |
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 6.32%. 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 0.54%.
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 1.72%.
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 6.73%.
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 |
2.07 |
Impressive |
Industrial Average |
1.50 |
|
Quick Ratio |
1.34 |
|
|
|
|
Cash Conversion Cycle |
72.35 |
|
|
|
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 2.07 times in 2013, increase from 1.43 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 1.34 times in 2013,
increase from 0.93 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 73 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.74 |
Impressive |
Industrial Average |
0.75 |
|
Debt to Equity Ratio |
2.90 |
Risky |
Industrial Average |
2.25 |
|
Times Interest Earned |
3.08 |
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 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 3.09 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 0.74 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
9.95 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
3.22 |
Satisfactory |
Industrial Average |
3.88 |
|
Inventory Conversion Period |
26.62 |
|
|
|
|
Inventory Turnover |
13.71 |
Satisfactory |
Industrial Average |
15.86 |
|
Receivables Conversion Period |
45.73 |
|
|
|
|
Receivables Turnover |
7.98 |
Satisfactory |
Industrial Average |
8.06 |
|
Payables Conversion Period |
- |
|
|
|
The company's Account Receivable Ratio is calculated as 7.98 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 23 days at the
end of 2012 to 27 days at the end of 2013. This represents a negative trend. And
Inventory turnover has decreased from 16.2 times in year 2012 to 13.71 times in
year 2013.
The company's Total Asset Turnover is calculated as 3.22 times and 3.42
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 |
|
|
1 |
Rs.102.77 |
|
Euro |
1 |
Rs.82.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NNA |
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.