MIRA INFORM REPORT
|
Report Date : |
26.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
INDO-THAI SYNTHETICS CO., LTD. |
|
|
|
|
Registered Office : |
16th Floor, Mahathun Plaza, 888/164-165 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
1969 |
|
|
|
|
Com. Reg. No.: |
0105512000801 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and
Exporter of Yarn Products |
|
|
|
|
No. of Employees : |
390 |
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 |
|
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
INDO-THAI SYNTHETICS
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 16th
FLOOR, MAHATHUN PLAZA,
888/164-165 PLOENCHIT
ROAD, LUMPINI,
PATHUMWAN, BANGKOK
10330, THAILAND
TELEPHONE : [66] 2253-6745-54
FAX : [66] 2254-3100
E-MAIL ADDRESS : export@indo-thai.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1969
REGISTRATION NO. : 0105512000801
TAX ID NO. : 3101092066
CAPITAL REGISTERED : BHT.
42,000,000
CAPITAL PAID-UP : BHT.
42,000,000
SHAREHOLDER’S PROPORTION : -
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VASHDEV TIKAMDAS
PURSWANI, INDIAN
PRESIDENT
NO. OF STAFF : 390
LINES OF BUSINESS : YARN
PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH LOW PERFORMANCE
HISTORY
The subject was
established on February
22, 1969 as
a private limited
company under the
registered name INDO-THAI
SYNTHETICS CO., LTD., by Thai
and Indian groups, with
the business objective
to manufacture and
distribute various kinds
of yarn products
to both domestic and
international markets. It currently
employs approximately 390 staff.
The subject is
one of various
companies in Aditya
Birla Group.
The subject’s registered address is 16th
Floor, Mahathun Plaza, 888/164-165 Ploenchit Road, Lumpini,
Pathumwan, Bangkok 10330,
and this is
the subject’s current
operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Harshil Kantilal Kothari |
|
Indian |
60 |
|
Mrs. Rajashree Birla |
|
Indian |
68 |
|
Mr. Vashdev Tikamdas Purswani |
|
Indian |
78 |
|
Mr. Shyam Mahansaria |
|
Indian |
80 |
|
Mr. Satpal Sachdev |
|
Indian |
78 |
|
Mr. Winai Sachdev |
|
Indian |
79 |
|
Mr. Kumar Mangalam Birla |
|
Indian |
48 |
|
Mrs. Neerja Birla |
|
Indian |
44 |
|
Mr. Deepak Mittal |
|
Indian |
70 |
|
Mr. Thomas Varghese |
|
Indian |
53 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Vashdev Tikamdas Purswani
is the President.
He is Indian
nationality with the
age of 78 years old.
Mr. Sanjeev B.K. Gupta
is the Vice
President.
He is Indian
nationality.
Mr. Ajeet Chauhan is
the G.M. [Production]
He is Indian
nationality.
Mr. Sundaresan Ganapathy is
the Production Manager.
He is Indian
nationality.
Mr. Sachin Kumar is
the Head of
Finance.
He is Indian
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting various
kinds of yarn
products, e.g. polyester
100%, rayon 100%,
polyester/cotton blends, rayon
and polyester blends
and etc.
BRAND NAME
“ITS”
PRODUCTION CAPACITY
27,000 metric tons per
annum
PURCHASE
Raw material and
machinery are purchased
from suppliers both
domestic and overseas,
mainly in India,
Australia, U.S.A., Switzerland,
Republic of China,
Africa, Japan, and
Germany.
MAJOR SUPPLIERS
Thai Rayon Public
company Limited :
Thailand
Kangwal Polyester Co.,
Ltd. : Thailand
Thai Acrylic Fibre Co., Ltd. : Thailand
Indo-Poly [Thailand] Ltd. : Thailand
SALES
The products are
sold by wholesale
to manufacturers and
end-users both local
and overseas, in
U.S.A., Canada, Brazil,
Argentina, Chile, Turkey,
Israel, Korea, Bangladesh,
Hong Kong, Taiwan and
the countries in
Europe.
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 or T/T.
Exports are against
T/T.
BANKING
The banker’s name
was not disclosed.
EMPLOYMENT
The subject currently
employs 390 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in a prime commercial area.
Factory and warehouse
are located at
25 Udomsorayuth Road,
T. Chiangraknoi,
A. Bangpa-in, Ayutthaya
13180. Tel. : [66] 35 742-222-5,
Fax.: [66] 35 742-226.
COMMENT
The company is
the preferred supplier
to the world's leading
fabric manufacturers. The undisputed quality
of its products
is the result
of effective implementation of
quality systems in tune
with international standards.
Around 70 per
cent of its products
are exported to quality
conscious customers across
more than 30 countries around
the world.
FINANCIAL INFORMATION
The capital was
registered at Bht.
42,000,000 divided into
4,200,000 shares of
Bht. 10 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as at
April 25, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Hallock International Co.,
Ltd. Nationality: Hong Kong Address : 12/F
Ruttonjee House, Duddell
Street, Hong Kong
|
542,500 |
12.92 |
|
Philay Co., Ltd. Nationality: Hong Kong Address : 12/F
Ruttonjee House, Duddell
Street, Hong Kong
|
526,600 |
12.54 |
|
Rama Trading Co.,
Ltd. Nationality: Thai Address : 77
Moo 6, Soi Sukhapiban 1,
Poochaosamingprai Road, Phrapradaeng,
Samutprakarn |
336,700 |
8.02 |
|
Thai Rayon Public
Company Limited Nationality: Thai Address : 888/160-161
Ploenchit Road, Lumpini, Pathumwan, Bangkok |
318,000 |
7.57 |
|
Kilimach Corporation Nationality: Hong Kong Address : G.P.O. Box
3050, Hong Kong |
232,000 |
5.52 |
|
Pilani Investment Corporation Nationality: Indian Address : India |
207,900 |
4.95 |
|
Mrs. Sopha Sachdev Nationality: Thai Address : 40
Sukhumvit 11 Road,
Prakanong, Bangkok |
172,000 |
4.09 |
|
Others Shareholders |
1,864,300 |
44.39 |
Total Shareholders : 200
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Sudwin Panyawongkhanti No.
3534
BALANCE
SHEET [BAHT]
The latest
financial figures published
for December 31,
2013, 2012 &
2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 [Adjusted] |
|
|
|
|
|
|
Cash and Cash Equivalents |
177,776,420 |
71,408,342 |
10,542,604 |
|
Trade Accounts & Other Receivable |
92,344,945 |
1,449,450,680 |
172,850,256 |
|
Inventories |
185,822,678 |
47,120,025 |
192,244,388 |
|
Value Added Tax |
28,630,137 |
- |
15,554,998 |
|
Other Current Assets
|
121,790 |
5,488 |
342,578 |
|
|
|
|
|
|
Total Current Assets
|
484,695,970 |
1,567,984,535 |
391,534,824 |
|
|
|
|
|
|
Fixed Assets |
1,145,796,529 |
339,178,045 |
505,058,318 |
|
Intangible Assets |
1,856,482 |
- |
- |
|
Prepaid Expenses |
524,000 |
643,000 |
964,500 |
|
Other Non-current Assets -
Deposit |
20,000 |
20,000 |
189,145 |
|
Total Assets |
1,632,892,981 |
1,907,825,580 |
897,746,787 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 [Adjusted] |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
257,007,443 |
356,880,400 |
330,219,400 |
|
Trade Accounts & Other Payable |
100,979,732 |
39,271,093 |
238,911,070 |
|
Short-term Loan from Related Company |
- |
92,340,000 |
- |
|
Value Added Tax |
- |
3,552,688 |
- |
|
Current Portion of Long-term
Loan |
- |
- |
28,850,000 |
|
Other Current Liabilities |
1,472,701 |
883,647 |
2,403,871 |
|
|
|
|
|
|
Total Current Liabilities |
359,459,876 |
492,927,828 |
600,384,341 |
|
|
|
|
|
|
Obligation for Employee
Benefits |
21,897,718 |
25,927,577 |
23,459,881 |
|
Creditors Employee |
938,425 |
961,425 |
1,143,412 |
|
Total Liabilities |
382,296,019 |
519,816,830 |
624,987,634 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 4,200,000 shares |
42,000,000 |
42,000,000 |
42,000,000 |
|
|
|
|
|
|
Capital Paid |
42,000,000 |
42,000,000 |
42,000,000 |
|
Retained Earning Appropriated Statutory reserve |
4,200,000 |
4,200,000 |
4,200,000 |
|
General reserve |
64,330,000 |
64,330,000 |
64,330,000 |
|
Unappropriated |
1,140,066,962 |
1,277,478,750 |
162,229,153 |
|
Total Shareholders' Equity |
1,250,596,962 |
1,388,008,750 |
272,759,153 |
|
Total Liabilities &
Shareholders' Equity |
1,632,892,981 |
1,907,825,580 |
897,746,787 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 [Adjusted] |
|
|
|
|
|
|
Sales Income |
250,354,437 |
36,516,243 |
2,300,688,290 |
|
Other Income |
19,412,715 |
8,631,283 |
12,205,715 |
|
Other Income from Flooding |
- |
1,453,134,939 |
- |
|
Total Revenues |
269,767,152 |
1,498,282,465 |
2,312,894,005 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
226,969,994 |
43,481,675 |
2,143,185,829 |
|
Selling Expenses |
3,665,179 |
927,973 |
72,269,663 |
|
Administrative Expenses |
166,135,475 |
324,341,519 |
111,696,974 |
|
Other Expenses |
6,860,342 |
- |
3,836,847 |
|
Total Expenses |
403,630,990 |
368,751,167 |
2,330,989,313 |
|
Profit before Financial Cost |
[133,863,838] |
1,129,531,298 |
[18,095,308] |
|
Financial Cost - Interest Paid |
[3,547,950] |
[14,281,701] |
[15,052,301] |
|
Net Profit / [Loss] |
[137,411,788] |
1,115,249,597 |
[33,147,609] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.35 |
3.18 |
0.65 |
|
QUICK RATIO |
TIMES |
0.75 |
3.09 |
0.31 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.22 |
0.11 |
4.56 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.15 |
0.02 |
2.56 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
298.83 |
395.54 |
32.74 |
|
INVENTORY TURNOVER |
TIMES |
1.22 |
0.92 |
11.15 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
134.63 |
14,488.06 |
27.42 |
|
RECEIVABLES TURNOVER |
TIMES |
2.71 |
0.03 |
13.31 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
162.39 |
329.65 |
40.69 |
|
CASH CONVERSION CYCLE |
DAYS |
271.07 |
14,553.95 |
19.47 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
90.66 |
119.07 |
93.15 |
|
SELLING & ADMINISTRATION |
% |
67.82 |
890.75 |
8.00 |
|
INTEREST |
% |
1.42 |
39.11 |
0.65 |
|
GROSS PROFIT MARGIN |
% |
17.09 |
3,983.98 |
7.38 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(53.47) |
3,093.23 |
(0.79) |
|
NET PROFIT MARGIN |
% |
(54.89) |
3,054.12 |
(1.44) |
|
RETURN ON EQUITY |
% |
(10.99) |
80.35 |
(12.15) |
|
RETURN ON ASSET |
% |
(8.42) |
58.46 |
(3.69) |
|
EARNING PER SHARE |
BAHT |
(32.72) |
265.54 |
(7.89) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.23 |
0.27 |
0.70 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.31 |
0.37 |
2.29 |
|
TIME INTEREST EARNED |
TIMES |
(37.73) |
79.09 |
(1.20) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
585.60 |
(98.41) |
|
|
OPERATING PROFIT |
% |
(111.85) |
(6,342.12) |
|
|
NET PROFIT |
% |
(112.32) |
3,464.49 |
|
|
FIXED ASSETS |
% |
237.82 |
(32.84) |
|
|
TOTAL ASSETS |
% |
(14.41) |
112.51 |
|
ANNUAL
GROWTH : ACCEPTABLE
An annual sales growth is 585.6%. Turnover has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
17.09 |
Satisfactory |
Industrial Average |
19.82 |
|
Net Profit Margin |
(54.89) |
Deteriorated |
Industrial Average |
(1.00) |
|
Return on Assets |
(8.42) |
Deteriorated |
Industrial Average |
(1.16) |
|
Return on Equity |
(10.99) |
Deteriorated |
Industrial Average |
(2.56) |
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 17.09%. 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 -54.89%.
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 -8.42%.
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 -10.99%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.35 |
Satisfactory |
Industrial Average |
1.76 |
|
Quick Ratio |
0.75 |
|
|
|
|
Cash Conversion Cycle |
271.07 |
|
|
|
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 1.35 times in 2013, decrease
from 3.18 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 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 0.75 times in 2013,
decrease from 3.09 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 272 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.23 |
Impressive |
Industrial Average |
0.72 |
|
Debt to Equity Ratio |
0.31 |
Impressive |
Industrial Average |
1.62 |
|
Times Interest Earned |
(37.73) |
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 -37.73 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 0.23 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 |
0.22 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.15 |
Deteriorated |
Industrial Average |
1.44 |
|
Inventory Conversion Period |
298.83 |
|
|
|
|
Inventory Turnover |
1.22 |
Deteriorated |
Industrial Average |
3.76 |
|
Receivables Conversion Period |
134.63 |
|
|
|
|
Receivables Turnover |
2.71 |
Deteriorated |
Industrial Average |
6.45 |
|
Payables Conversion Period |
162.39 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.71 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 decreased from 396 days at the
end of 2012 to 299 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 0.92 times in year 2012 to 1.22 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.15 times and 0.02
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.102.28 |
|
Euro |
1 |
Rs.82.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.