MIRA INFORM REPORT
|
Report Date : |
13.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
IMAGE D’ASIE SOCIETE ANONYME |
|
|
|
|
Registered Office : |
11/440 Moo 10, Ladprao-Wanghin Road, Ladprao, Bangkok 10230 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
30.06.1998 |
|
|
|
|
Com. Reg. No.: |
0105541040140 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Tours and Travel Service. |
|
|
|
|
No. of Employees : |
14 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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
IMAGE D’ASIE SOCIETE ANONYME
SUMMARY
BUSINESS ADDRESS : 11/440 MOO
10, LADPRAO-WANGHIN ROAD,
LADPRAO, BANGKOK
10230, THAILAND
TELEPHONE : [66] 2530-2722-6,
081 820-4828
FAX : [66] 2539-6477
E-MAIL ADDRESS : info@imagedasie.com
imagedasie@hotmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1998
REGISTRATION NO. : 0105541040140
TAX ID NO. : 3011952153
CAPITAL REGISTERED
: BHT.
5,000,000
CAPITAL PAID-UP
: BHT.
5,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS.
MINGKWAN METMOWLEE, THAI
MANAGING DIRECTOR
& MARKETING DIRECTOR
NO. OF
STAFF : 14
LINES OF
BUSINESS : TOURS
AND TRAVEL SERVICE
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 June 30,
1998 as a private limited
company under the name style
IMAGE D’ASIE SOCIETE
ANONYME by Thai
groups, with the
business objective to
be engaged in
tour and travel
business both in-bound
and out-bound. It
currently employs 14
staff.
The
subject’s registered address
was at 11/440
Moo 10, Ladprao-Wanghin Rd.,
Ladprao, Bangkok 10230.
In
2010, the subject’s
address was changed
from 11/440 Moo 10 Ladprao-Wanghin Rd., Ladprao, Bangkok
10230 to 193
Ladprao-Wanghin Rd.,
Ladprao, Bangkok 10230,
by the Ladprao
District Office of
Bangkok Metropolitan Administration. Actually
both are the
same location.
However,
the subject is
still using the
address “11/440 Moo 10,
Ladprao-Wanghin Rd., Ladprao,
Bangkok 10230” as the registered
and current operation
address.
THE
BOARD OF DIRECTOR
Ms. Mingkwan
Metmowlee
AUTHORIZED
PERSON
The
above director signs
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Ms. Mingkwan Metmowlee
is the Managing
Director & Marketing
Director.
She
is Thai nationality
with the age
of 48 years
old.
Ms. Wisawarak Jitmana
is the Marketing
and Reservation Manager.
She
is Thai nationality.
Ms. Bulla Sereethamma
is the Operation Manager.
She
is Thai nationality.
Ms. Siriwan Noonoi
is the Accounting
Manager.
She
is Thai nationality.
Ms. Chutikan Suklim
is the Reservation
Manager.
She
is Thai nationality.
BUSINESS
OPERATIONS
The subject
is engaged in
tour and travel
business, to provide
in-bound, out-bound travel
service, e.g. cultural
tour and leisure
operation service both
in Thailand and
overseas, such as
Myanmar, Laos, Cambodia,
Malaysia, Indonesia [Bali]
and Japan. Ranges
of services are
as the followings:
The services
provided are as the followings:
-
Identify
event venue
-
Professional Conference Organizers
-
Destination
Management Services
-
Concepting
and coordinating Pre & Post event tours
-
Concepting
and managing Spouse
and Accompanying Persons programmes
-
Ground
handing for particular
Incentive Specialists:
-
Planning consultancy and
budget forecasting for
incentive groups
-
Concepting tailor-made
activities including special
interest programmes such as
team building, theme
parties
-
Planning
and coordinating pre-events
site inspections
-
Concepting
and managing suppliers
for teasers, souvenirs, room-drops
-
Entertainment
programs
Inbound Agency:
-
Ground
handling for Thailand,
Myanmar, Cambodia, and
Laos
-
Fully
organized for tour
operator and travel
agent
-
Specialization
for French and
English guide tour
-
Hotel
reservation & Airlines
ticket at competitive
rate & tours online
service
Additional Information:
-
Destination
Management Company
-
Professional
Conference Organization
-
Hotel
Reservation
-
Special
Interest Tours: Wedding Package,
Hill Tribe and Lodges, Day Excursions Tours, Boats Trips
and Cruise, Cycling Tours, Dive Package and
etc.
-
Pre & Post
Event Programmes
-
Business/Leisure
Travel
SALES/SERVICES
75%
of clients are
European tourists, the
remaining 20% is
Asian tourists and
5% is American
tourists.
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
to the past
two years.
CREDIT
Local
services are by
cash or on the credit
term of 30
days.
Foreign
services are against
T/T.
BANKING
Bangkok Bank
Public Co., Ltd.
Kasikornbank Public
Co., Ltd.
EMPLOYMENT
The subject
currently employs 14
permanent staff [8
office staff and
6 tour leaders].
It also hires
20 freelance tour
leaders.
LOCATION
DETAILS
The premise
is rented for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
COMMENT
Despite the
stiff competitive market,
the subject can
maintain its moderate
business. In 2013,
sales of airline
ticket and hotel
reservation were the
key driver its sales.
Inbound and outbound
tours has continued
increasing.
The
subject was doing fine
business, as well as
continue expanding customer
base. The subject expects a business expansion in the year
2014. Return on Equity
especially in Japan
would drive its growth
rate.
FINANCIAL
INFORMATION
The capital
was registered at Bht. 500,000
divided into 50,000
shares of Bht. 10
each with fully
paid.
The capital
was increased later
as follows:
Bht.
1,000,000 on September
16, 1998
Bht.
3,000,000 on January
23, 2003
Bht.
5,000,000 on January
30, 2008
The latest
registered capital was
increased to Bht. 5,000,000 divided
into 500,000 shares
of Bht. 10 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms.
Mingkwan Metmowlee Nationality: Thai Address
: 11/440 Moo
10, Ladprao-Wanghin Rd., Ladprao, Bangkok |
249,750 |
49.95 |
|
Mr.
Teerawat Ruangsuwan Nationality: Thai Address
: 61/1 Moo 4, Jorakaebua, Ladprao,
Bangkok |
249,750 |
49.95 |
|
Mr. Pasit Metmowlee Nationality: Thai Address
: 11/143 Moo
10, Ladprao-Wanghin Rd., Ladprao, Bangkok |
100 |
0.02 |
|
Mrs.
Euang-aroon Metmowlee Nationality: Thai Address
: 11/143 Moo
10, Ladprao-Wanghin Rd.,
Ladprao, Bangkok |
100 |
0.02 |
|
Mr. Poolsak Metmowlee Nationality: Thai Address
: 33 Dindaeng
Rd., Samsennai, Dindaeng, Bangkok |
100 |
0.02 |
|
Mr.
Charnchai Prapakunakorn Nationality: Thai Address
: 924/1 Apibarnbancha Rd.,
Muang, Nakornpanom |
100 |
0.02 |
|
Mr. Bandit Chaiwat Nationality: Thai Address
: 1 Moo
2, Klongnakornnuengkhet, Muang, Chachoengsao |
100 |
0.02 |
Total Shareholders
: 7
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
500,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
500,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Yaowares Saenchai
No. 6206
BALANCE
SHEET [BAHT]
The latest
financial figures published
for December 31,
2013, 2012 & 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash
and Cash Equivalent |
29,959.30 |
29,240.82 |
15,745.00 |
|
Short-term
Investment |
200,000.00 |
200,000.00 |
200,000.00 |
|
Trade
Accounts & Other Receivable |
93,381.20 |
76,729.32 |
60,613.99 |
|
Short-term
Lending |
4,801,000.00 |
3,961,000.00 |
4,196,000.00 |
|
|
|
|
|
|
Total Current
Assets |
5,124,340.50 |
4,266,970.14 |
4,472,358.99 |
|
Fixed Assets |
465,562.28 |
474,960.31 |
447,599.56 |
|
Other
Non-current Assets |
2,079,347.94 |
1,184,899.76 |
623,674.79 |
|
Total Assets
|
7,669,250.72 |
5,926,830.21 |
5,543,633.34 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank
Overdraft from Financial
Institutions |
1,594,754.18 |
1,026,987.22 |
306,667.40 |
|
Trade
Accounts & Notes
Payable |
120,354.42 |
124,456.29 |
1,519,555.46 |
|
Other
Current Liabilities |
44,288.79 |
42,218.78 |
48,657.85 |
|
|
|
|
|
|
Total Current
Liabilities |
1,759,397.39 |
1,193,662.29 |
1,874,880.71 |
|
Total Liabilities |
1,759,397.39 |
1,193,662.29 |
1,874,880.71 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share
capital : Baht 10 par
value
authorized, issued and
fully
paid share capital
500,000 shares |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
|
|
|
|
|
Capital
Paid |
5,000,000.00 |
5,000,000.00 |
5,000,000.00 |
|
Retained
Earning - Unappropriated |
909,853.33 |
[266,832.08] |
[1,331,247.37] |
|
Total Shareholders' Equity |
5,909,853.33 |
4,733,167.92 |
3,668,752.63 |
|
Total Liabilities
& Shareholders' Equity |
7,669,250.72 |
5,926,830.21 |
5,543,633.34 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Service
Income |
27,891,976.51 |
27,741,441.76 |
21,530,017.78 |
|
Other
Income |
360,080.04 |
319,848.53 |
157,353.95 |
|
Total Revenues
|
28,252,056.55 |
28,061,290.29 |
21,687,371.73 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost
of Goods Sold
and Service |
24,353,329.75 |
24,947,479.84 |
19,700,019.86 |
|
Administrative Expenses |
2,501,023.87 |
1,801,779.76 |
1,277,439.78 |
|
Other
Expenses |
- |
- |
9,731.12 |
|
Total Expenses |
26,854,353.62 |
26,749,259.60 |
20,987,190.76 |
|
|
|
|
|
|
Profit / [Loss] before
Financial Cost &
Income Tax |
1,397,702.93 |
1,312,030.69 |
700,180.97 |
|
Financial
Cost |
[45,390.73] |
[55,116.42] |
[144,660.23] |
|
Profit / [Loss] before
Income Tax |
1,352,312.20 |
1,256,914.27 |
555,520.74 |
|
Income
Tax |
[175,626.79] |
[192,498.98] |
[60,898.14] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,176,685.41 |
1,064,415.29 |
494,622.60 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.91 |
3.57 |
2.39 |
|
QUICK RATIO |
TIMES |
2.91 |
3.57 |
2.39 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
59.91 |
58.41 |
48.10 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.64 |
4.68 |
3.88 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
- |
- |
- |
|
INVENTORY TURNOVER |
TIMES |
- |
- |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
1.22 |
1.01 |
1.03 |
|
RECEIVABLES TURNOVER |
TIMES |
298.69 |
361.55 |
355.20 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
1.80 |
1.82 |
28.15 |
|
CASH CONVERSION CYCLE |
DAYS |
(0.58) |
(0.81) |
(27.13) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
87.31 |
89.93 |
91.50 |
|
SELLING & ADMINISTRATION |
% |
8.97 |
6.49 |
5.93 |
|
INTEREST |
% |
0.16 |
0.20 |
0.67 |
|
GROSS PROFIT MARGIN |
% |
13.98 |
11.22 |
9.23 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.01 |
4.73 |
3.25 |
|
NET PROFIT MARGIN |
% |
4.22 |
3.84 |
2.30 |
|
RETURN ON EQUITY |
% |
19.91 |
22.49 |
13.48 |
|
RETURN ON ASSET |
% |
15.34 |
17.96 |
8.92 |
|
EARNING PER SHARE |
BAHT |
2.35 |
2.13 |
0.99 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.23 |
0.20 |
0.34 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.30 |
0.25 |
0.51 |
|
TIME INTEREST EARNED |
TIMES |
30.79 |
23.80 |
4.84 |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
0.54 |
28.85 |
|
|
OPERATING PROFIT |
% |
6.53 |
87.38 |
|
|
NET PROFIT |
% |
10.55 |
115.20 |
|
|
FIXED ASSETS |
% |
(1.98) |
6.11 |
|
|
TOTAL ASSETS |
% |
29.40 |
6.91 |
|
ANNUAL
GROWTH: IMPRESSIVE
An annual sales growth is 0.54%. Turnover has increased from THB
PROFITABILITY
: IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.98 |
Deteriorated |
Industrial Average |
55.12 |
|
Net Profit Margin |
4.22 |
Impressive |
Industrial Average |
0.65 |
|
Return on Assets |
15.34 |
Impressive |
Industrial Average |
1.33 |
|
Return on Equity |
19.91 |
Impressive |
Industrial Average |
3.70 |
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 13.98%. 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 4.22%, 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
15.34%, 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 19.91%, 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
: EXCELLENT
LIQUIDITY
RATIO
|
Current Ratio |
2.91 |
Impressive |
Industrial Average |
1.39 |
|
Quick Ratio |
2.91 |
|
|
|
|
Cash Conversion Cycle |
(0.58) |
|
|
|
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 2.91 times in 2013, decreased from 3.57 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 2.91 times in 2013,
decreased from 3.57 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 -1 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE
: EXCELLENT
LEVERAGE
RATIO
|
Debt Ratio |
0.23 |
Impressive |
Industrial Average |
0.66 |
|
Debt to Equity Ratio |
0.30 |
Impressive |
Industrial Average |
1.94 |
|
Times Interest Earned |
30.79 |
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 30.8 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 0.23 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
: EXCELLENT
ACTIVITY
RATIO
|
Fixed Assets Turnover |
59.91 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
3.64 |
Impressive |
Industrial Average |
2.04 |
|
Inventory Conversion Period |
- |
|
|
|
|
Inventory Turnover |
- |
|
Industrial Average |
21.27 |
|
Receivables Conversion Period |
1.22 |
|
|
|
|
Receivables Turnover |
298.69 |
Impressive |
Industrial Average |
3.07 |
|
Payables Conversion Period |
1.80 |
|
|
|
The company's Account Receivable Ratio is calculated as 298.69 and
The company's Total Asset Turnover is calculated as 3.64 times and 4.68
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.61.48 |
|
|
1 |
Rs.97.92 |
|
Euro |
1 |
Rs.76.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.