MIRA
INFORM REPORT
|
Report Date : |
16.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SANGUAN WONGSE
STARCH CO., LTD. |
|
|
|
|
Registered Office : |
190 MOO
4, Ratchasima-Chokechai Road, T. Nongbuasala, A. Muang, Nakornratchasima 30000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
06.12.1989 |
|
|
|
|
Com. Reg. No.: |
0305532000783 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in manufacturing, exporting and
distributing of tapioca starch for food processing industry. |
|
|
|
|
No. of Employees |
50 |
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 and address
SANGUAN
WONGSE STARCH CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 190
MOO 4, RATCHASIMA-CHOKECHAI ROAD,
T.
NONGBUASALA, A. MUANG,
NAKORNRATCHASIMA 30000, THAILAND
TELEPHONE : [66] 44
212-953, 44 212-723-6
FAX :
[66] 44
212-727
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION
NO. : 0305532000783
TAX
ID NO. : 3301005927
CAPITAL REGISTERED : BHT.
187,000,000
CAPITAL PAID-UP : BHT.
187,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. THOSAPOL TANTIWONG,
THAI
PRESIDENT
NO.
OF STAFF : 50
LINES
OF BUSINESS : TAPIOCA STARCH
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
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 December 6,
1989 as a
private limited company
under the registered
name SANGUAN WONGSE
STARCH CO., LTD.,
by Thai groups,
with the business
objective to manufacture
and distribute tapioca
starch to both
domestic and international
markets. It currently
employs approximate 50
staff.
The
subject’s registered address
is 190 Moo
4, Ratchasima- Chokechai Road,
T. Nongbuasala, A.
Muang, Nakornratchasima
30000, and this
is the subject’s
current
operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Thosapol Tantiwong |
[x] |
Thai |
77 |
|
Mrs. Vareeporn Tantiwong |
|
Thai |
69 |
|
Mr. Kawee Tantiwong |
|
Thai |
51 |
|
Mr. Sarayut Tantiwong |
|
Thai |
47 |
|
Mrs. Laksana Supatkiat |
|
Thai |
44 |
|
Mrs. Chotima Leeangoon |
|
Thai |
43 |
|
Mrs. Thidarat Rodanan |
|
Thai |
49 |
AUTHORIZED PERSON
The mentioned director
[x] can jointly
sign with anyone
of the rest
directors on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Thosapol Tantiwong is
the President.
He is Thai
nationality with the
age of 77 years
old.
Mrs. Thidarat Rodanan is
the Vice President.
She is Thai
nationality with the
age of 49 years
old.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, exporting and
distributing of tapioca
starch for food processing industry.
PURCHASE
100%
of raw material,
mainly cassava root
is purchased from
local supplier.
SALES
90% of the
products is exported
to U.S.A., Japan,
Republic of China,
Malaysia,
Hong Kong, India
and the countries
in Europe, the
remaining 10% is
sold locally
to wholesalers, manufacturers
and end-users.
RELATED AND AFFILIATED
COMPANY
Sanguan Wongse Industries
Co., Ltd.
Business Type :
Manufacturer and distributor
of tapioca starches
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.
Exports are against
T/T
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
approximate 50 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in provincial.
COMMENT
Subject
reported slightly dropped
of its sales
2012, this was
due to price
of tapioca products
was dropped in line
with oversupply and
price cutting of cassava
root. However, the
market of tapioca
products remains strong
from various industries
especially from food processing
industry.
The
subject’s business remains
upbeat.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 20,000,000 divided
into 200,000 shares
of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 110,000,000
on March
19, 2003
Bht. 187,000,000
on February
5, 2013
The
latest registered capital
was increased to Bht. 187,000,000 divided
into 1,870,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at April 30,
2013]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Thosapol Tantiwong Nationality: Thai Address : 120
Moo 4, T. Nongbuasala, A. Muang,
Nakornratchasima |
1,028,500 |
55.00 |
|
Mrs. Vareeporn Tantiwong Nationality: Thai Address : 120
Moo 4, T. Nongbuasala, A. Muang,
Nakornratchasima |
319,000 |
17.06 |
|
Mrs. Thidarat Rodanan Nationality: Thai Address : 50/8
Rajprarop Road, Phayathai,
Rajthewi, Bangkok |
93,500 |
5.00 |
|
Mr. Kawee Tantiwong Nationality: Thai Address : 120
Moo 4, T. Nongbuasala, A. Muang,
Nakornratchasima |
93,500 |
5.00 |
|
Mr. Kanit Tantiwong Nationality: Thai Address : 120
Moo 4, T. Nongbuasala, A. Muang,
Nakornratchasima |
93,500 |
5.00 |
|
Mrs. Laksana Supatkiat Nationality: Thai Address : 120
Moo 4, T. Nongbuasala, A. Muang, Nakornratchasima |
93,500 |
5.00 |
|
Mrs. Chotima Leeangoon Nationality: Thai Address : 50/8
Rajprarop Road, Phayathai,
Rajthewi, Bangkok |
93,500 |
5.00 |
|
Mr. Sarayut Tantiwong Nationality: Thai Address : 120
Moo 4, T. Nongbuasala, A. Muang,
Nakornratchasima |
55,000 |
2.94 |
Total Shareholders : 8
Share Structure [as
at April 30,
2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
1,870,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
1,870,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO. :
Mrs. Ratana Bamrungpong No. 0786
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
16,636,174.32 |
7,624,890.46 |
15,761,761.73 |
|
Trade Accounts & Other Receivable |
406,263,750.31 |
342,651,031.95 |
361,875,023.49 |
|
Inventories |
163,598,126.92 |
242,341,034.67 |
109,226,498.80 |
|
Prepayment for Machinery |
28,564,099.69 |
43,058,652.92 |
- |
|
Revenue Department Receivable |
25,625,195.56 |
7,859,895.94 |
9,763,906.16 |
|
Other Current Assets
|
8,350,641.20 |
2,031,244.06 |
3,744,325.97 |
|
|
|
|
|
|
Total Current Assets
|
649,037,988.00 |
645,566,750.00 |
500,371,516.15 |
|
Cash at Bank pledged as a Collateral |
400,000.00 |
400,000.00 |
400,000.00 |
|
Non-current Assets Held for
Sale |
- |
- |
4,374,014.43 |
|
Fixed Assets |
360,588,679.25 |
177,179,066.99 |
250,638,424.95 |
|
Intangible Assets |
18,970.50 |
32,010.50 |
45,050.51 |
|
Other Non-current Assets |
72,511.00 |
72,511.00 |
72,511.00 |
|
Total Assets |
1,010,118,148.75 |
823,250,338.49 |
755,901,517.04 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
222,099,680.92 |
157,570,905.15 |
219,831,648.27 |
|
Trade Accounts & Other Payable |
340,399,564.53 |
224,850,952.02 |
242,360,487.03 |
|
Current Portion of Long-term Loans |
- |
- |
9,505,600.00 |
|
Assets Payable |
6,952,752.48 |
3,608,449.26 |
17,452,365.97 |
|
Other Current Liabilities |
1,496,312.46 |
3,688,098.84 |
15,612.92 |
|
|
|
|
|
|
Total Current Liabilities |
570,948,310.39 |
389,718,405.27 |
489,165,714.19 |
|
Total Liabilities |
570,948,310.39 |
389,718,405.27 |
489,165,714.19 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,100,000 shares |
110,000,000.00 |
110,000,000.00 |
110,000,000.00 |
|
|
|
|
|
|
Capital Paid |
110,000,000.00 |
110,000,000.00 |
110,000,000.00 |
|
Retained Earning Appropriated for Statutory
Reserve |
11,000,000.00 |
10,776,825.56 |
5,688,285.93 |
|
Unappropriated |
318,169,838.36 |
312,755,107.66 |
151,047,516.92 |
|
Total Shareholders' Equity |
439,169,838.36 |
433,531,933.22 |
266,735,802.85 |
|
Total Liabilities &
Shareholders' Equity |
1,010,118,148.75 |
823,250,338.49 |
755,901,517.04 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales & Service Income |
2,184,523,882.76 |
2,242,223,621.05 |
1,439,671,893.31 |
|
Other Income |
51,423,501.73 |
42,013,587.93 |
10,222,063.92 |
|
Gain on Disposal of Segment |
- |
2,722,890.56 |
- |
|
Total Revenues |
2,235,947,384.49 |
2,286,960,099.54 |
1,449,893,957.23 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
1,866,619,807.38 |
1,858,769,570.01 |
1,250,050,245.42 |
|
Selling Expenses |
205,668,249.57 |
160,507,663.45 |
84,511,264.17 |
|
Administrative Expenses |
10,652,471.32 |
9,152,400.44 |
8,440,672.96 |
|
Total Expenses |
2,082,940,528.27 |
2,028,429,633.90 |
1,343,002,182.55 |
|
Profit before Financial Cost & Income Tax |
153,006,856.22 |
258,530,465.64 |
106,891,774.68 |
|
Financial Cost |
[7,198,502.46] |
[7,527,195.51] |
[5,049,731.42] |
|
Profit before Income Tax |
145,808,353.76 |
251,003,270.13 |
101,842,043.26 |
|
Income Tax |
[2,670,448.62] |
[3,907,139.76] |
[71,250.65] |
|
Net Profit / [Loss] |
143,137,905.14 |
247,096,130.37 |
101,770,792.61 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.14 |
1.66 |
1.02 |
|
QUICK RATIO |
TIMES |
0.74 |
0.90 |
0.77 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.06 |
12.66 |
5.74 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.16 |
2.72 |
1.90 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
31.99 |
47.59 |
31.89 |
|
INVENTORY TURNOVER |
TIMES |
11.41 |
7.67 |
11.44 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
67.88 |
55.78 |
91.75 |
|
RECEIVABLES TURNOVER |
TIMES |
5.38 |
6.54 |
3.98 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
66.56 |
44.15 |
70.77 |
|
CASH CONVERSION CYCLE |
DAYS |
33.31 |
59.21 |
52.87 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
85.45 |
82.90 |
86.83 |
|
SELLING & ADMINISTRATION |
% |
9.90 |
7.57 |
6.46 |
|
INTEREST |
% |
0.33 |
0.34 |
0.35 |
|
GROSS PROFIT MARGIN |
% |
16.91 |
19.10 |
13.88 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.00 |
11.53 |
7.42 |
|
NET PROFIT MARGIN |
% |
6.55 |
11.02 |
7.07 |
|
RETURN ON EQUITY |
% |
32.59 |
57.00 |
38.15 |
|
RETURN ON ASSET |
% |
14.17 |
30.01 |
13.46 |
|
EARNING PER SHARE |
BAHT |
130.13 |
224.63 |
92.52 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.57 |
0.47 |
0.65 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.30 |
0.90 |
1.83 |
|
TIME INTEREST EARNED |
TIMES |
21.26 |
34.35 |
21.17 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(2.57) |
55.75 |
|
|
OPERATING PROFIT |
% |
(40.82) |
141.86 |
|
|
NET PROFIT |
% |
(42.07) |
142.80 |
|
|
FIXED ASSETS |
% |
103.52 |
(29.31) |
|
|
TOTAL ASSETS |
% |
22.70 |
8.91 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -2.57%. Turnover has decreased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
16.91 |
Deteriorated |
Industrial
Average |
56.50 |
|
Net Profit Margin |
6.55 |
Impressive |
Industrial
Average |
2.09 |
|
Return on Assets |
14.17 |
Impressive |
Industrial
Average |
4.16 |
|
Return on Equity |
32.59 |
Impressive |
Industrial
Average |
12.26 |
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 16.91%. 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 6.55% 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
14.17%, 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 32.59%, 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 :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.14 |
Satisfactory |
Industrial
Average |
1.40 |
|
Quick Ratio |
0.74 |
|
|
|
|
Cash Conversion Cycle |
33.31 |
|
|
|
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 1.14 times in 2012, decreased from 1.66 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 0.74 times in 2012,
decreased from 0.9 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 34 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.57 |
Impressive |
Industrial
Average |
0.66 |
|
Debt to Equity Ratio |
1.30 |
Satisfactory |
Industrial
Average |
1.95 |
|
Times Interest Earned |
21.26 |
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 21.26 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 0.57 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.06 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
2.16 |
Impressive |
Industrial
Average |
1.99 |
|
Inventory Conversion Period |
31.99 |
|
|
|
|
Inventory Turnover |
11.41 |
Impressive |
Industrial
Average |
4.91 |
|
Receivables Conversion Period |
67.88 |
|
|
|
|
Receivables Turnover |
5.38 |
Impressive |
Industrial
Average |
4.46 |
|
Payables Conversion Period |
66.56 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.38 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 48 days at the end of 2011 to 32 days at the end of
2012. This represents a positive trend. And Inventory turnover has increased from 7.67 times in year 2011 to
11.41 times in year 2012.
The company's Total Asset Turnover is calculated as 2.16 times and 2.72
times in 2012 and 2011 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.59.47 |
|
|
1 |
Rs.99.70 |
|
Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
PDT |
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.