MIRA
INFORM REPORT
|
Report Date : |
25.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUREE INTERFOODS CO., LTD. |
|
|
|
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Formerly Known As : |
KIJDEE CO., LTD. |
|
|
|
|
Registered Office : |
11/13 Moo 3,
T. Banbor, A. Muang,
Samutsakorn 74000 |
|
|
|
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Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
23.06.1995 |
|
|
|
|
Com. Reg. No.: |
0745538001460 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturing,
distributing and exporting
various kinds of
Thai foods and seasoning
products, such as coconut milk, sweet chili
sauce, dipping sauce,
seasoning sauce, Thai
curry paste, fishery & bamboo shoot,
rice stick & vegetable products,
canned sweet corn, rice
vermicelli, bean vermicelli |
|
|
|
|
No of Employees : |
140 |
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) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 & address
SUREE INTERFOODS CO., LTD.
[FORMER :
KIJDEE CO., LTD.]
SUMMARY
BUSINESS ADDRESS : 11/13 MOO 3, T.
BANBOR, A. MUANG,
SAMUTSAKORN 74000,
THAILAND
TELEPHONE : [66] 34
419-400
FAX : [66]
34 419-448
E-MAIL ADDRESS : marketing@sureefoods.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1995
REGISTRATION NO. : 0745538001460
TAX ID NO. : 3751015224
CAPITAL REGISTERED : BHT. 135,000,000
CAPITAL PAID-UP : BHT.
135,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. PRANEE KATSIRI,
THAI
MANAGING DIRECTOR
NO. OF STAFF : 140
LINES OF BUSINESS : THAI
FOODS AND SEASONING
PRODUCTS
MANUFACTURER AND
SERVICE PROVIDER
|
|
|
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 June 23, 1995 as
a private limited
company under the
originally registered name “Kijdee Co.,
Ltd.” by Thai
group. On December
2, 1998, its
registered name was
changed to SUREE
INTERFOODS CO., LTD.
Its business objective
is to manufacture
and provide manufacturing service various kinds
of Thai foods and
seasoning products to
both domestic and
international markets. It
currently employs approximate
140 staff.
The subject’s registered
address is 11/13 Moo 3,
T. Banbor, A. Muang, Samutsakorn
74000, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Pranee Katsiri |
[x] |
Thai |
55 |
|
Mrs. Nisa Chang |
[x] |
Thai |
38 |
|
Mr. Smith Wattanaporn |
|
Thai |
36 |
|
Mr. Sitthisak Wattanaporn |
|
Thai |
34 |
|
Ms. Ornjira Wattanaporn |
[x] |
Thai |
33 |
|
Mrs. Manee Pasokpakdee |
[x] |
Thai |
50 |
AUTHORIZED PERSON
Two of the
above directors [x]
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mrs. Pranee Katsiri is
the Managing Director.
She is Thai
nationality with the
age of 55
years old.
Mr. Smith Wattanaporn is
the General Manager/Factory Manager.
He is Thai
nationality with the
age of 36
years old.
Ms. Ornjira Wattanaporn is
the Accounting and
Finance Manager.
She is Thai
nationality with the
age of 33
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting various
kinds of Thai foods and seasoning products,
such as coconut milk, sweet chili
sauce, dipping sauce,
seasoning sauce, Thai
curry paste, fishery & bamboo shoot,
rice stick & vegetable products,
canned sweet corn, rice
vermicelli, bean vermicelli,
under its own
brand “SUREE”, as well as provide manufacturing service
of the products
under the customers’
brands.
PURCHASE
100% of raw
material is purchased
from local suppliers.
SALES
90% of the
products is exported
to over 40
worldwide countries, such
as Malaysia, Hong
Kong, Japan, Republic
of China, Taiwan,
India, Indonesia, Vietnam,
Singapore, Korea, and
the countries in Middle East
and Europe, the
remaining 10% is
sold locally.
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
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.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 140 staff.
LOCATION DETAILS
The premise is
owned for administrative office,
factory and warehouse
on 60,060 square
meters of land
at the heading
address. Premise is
located in provincial.
COMMENT
The subject is
a manufacturer of
Thai foods, ingredient
and seasoning products.
Most of the products
have been served
in overseas markets. Guided
by Thai experts,
its products are
manufactured with premium
quality ingredients and
fresh products. Methods
of production include
both traditional and
handcraft methods, adapted to
modern techniques.
Subject reports a
strong business in
the previous year,
and current business is expanding
steadily.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each with
fully paid.
The capital was
increased later as
follows:
Bht. 5,000,000
on June
29, 2000
Bht. 10,000,000
on August
22, 2001
Bht. 135,000,000
on March
18, 2004
The latest registered capital
was increased to
Bht. 135,000,000 divided
into 1,350,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Pranee Katsiri Nationality: Thai Address : 11/13
Moo 3, T. Banbor,
A. Muang, Samutsakorn
|
675,000 |
50.00 |
|
Mrs. Nisa Chang Nationality: Thai Address : 117/2
Moo 1, T. Thajeen,
A. Muang,
Samutsakorn |
168,750 |
12.50 |
|
Mr. Smith Wattanaporn Nationality: Thai Address : 117/1
Moo 1, T. Thajeen,
A. Muang, Samutsakorn |
168,750 |
12.50 |
|
Mr. Sitthisak Wattanaporn Nationality: Thai Address : 117/2
Moo 1, T. Thajeen,
A. Muang, Samutsakorn |
168,750 |
12.50 |
|
Ms. Ornjira Wattanaporn Nationality: Thai Address : 117/2
Moo 1, T. Thajeen,
A. Muang, Samutsakorn |
168,750 |
12.50 |
Total Shareholders : 5
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
1,350,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
5 |
1,350,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Lapasronaporn
Pruthivilasayamol No. 8580
BALANCE SHEET
[BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
13,889,684.71 |
61,735,578.86 |
95,963,408.96 |
|
Trade Accounts Receivable
|
262,994,332.79 |
217,197,950.81 |
189,300,778.98 |
|
Other Receivable |
22,412,081.48 |
31,736,195.52 |
11,884,857.32 |
|
Short-term Loan to Related
Person |
- |
40,894,246.58 |
- |
|
Inventories |
95,363,985.86 |
129,594,227.65 |
121,145,147.44 |
|
Other Current Assets
|
2,504,043.29 |
1,837,526.66 |
- |
|
|
|
|
|
|
Total Current Assets
|
397,164,128.13 |
482,995,726.08 |
418,294,192.70 |
|
Cash at Bank pledged as a Collateral |
35,017,398.22 |
28,778,760.23 |
8,546,289.67 |
|
Fixed Deposit |
20,670,948.86 |
20,038,141.25 |
20,037,501.97 |
|
Fixed Assets |
209,921,811.38 |
138,007,448.63 |
107,876,431.21 |
|
Intangible Assets |
68,983.26 |
80,743.26 |
97,244.88 |
|
Other Non - current Assets |
1,217,400.00 |
1,217,400.00 |
1,215,000.00 |
|
Total Assets |
664,060,669.85 |
671,118,219.45 |
556,066,660.43 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft from Financial Institutions |
10,279,930.91 |
2,902.18 |
- |
|
Short-term Loan from Financial Institutions |
- |
130,000,000.00 |
- |
|
Trade Accounts Payable
|
158,962,804.59 |
101,162,168.68 |
171,080,542.45 |
|
Other Payable |
42,827,911.29 |
28,004,670.09 |
27,762,746.13 |
|
Accrued Income Tax |
3,472,697.19 |
767,609.53 |
1,627,298.20 |
|
Other Current Liabilities |
895,278.38 |
700,016.94 |
- |
|
|
|
|
|
|
Total Current Liabilities |
216,438,622.36 |
260,637,367.42 |
200,470,586.78 |
|
Total Liabilities |
216,438,622.36 |
260,637,367.42 |
200,470,586.78 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share capital
1,350,000 shares |
135,000,000.00 |
135,000,000.00 |
135,000,000.00 |
|
|
|
|
|
|
Capital Paid |
135,000,000.00 |
135,000,000.00 |
135,000,000.00 |
|
Retained Earning Unappropriated |
312,622,047.49 |
275,480,852.03 |
220,596,073.65 |
|
Total Shareholders' Equity |
447,622,047.49 |
410,480,852.03 |
355,596,073.65 |
|
Total Liabilities &
Shareholders' Equity |
664,060,669.85 |
671,118,219.45 |
556,066,660.43 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
1,487,947,603.34 |
1,328,898,871.66 |
1,387,969,719.62 |
|
Other Income |
25,897,313.38 |
26,494,226.70 |
37,750,667.42 |
|
Total Revenues |
1,513,844,916.72 |
1,355,393,098.36 |
1,425,720,387.04 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
1,315,839,157.38 |
1,160,912,812.97 |
1,217,000,998.29 |
|
Selling Expenses |
60,752,910.85 |
63,988,780.21 |
70,598,250.12 |
|
Administrative Expenses |
87,785,677.89 |
67,769,519.17 |
67,662,515.27 |
|
Total Expenses |
1,464,377,746.12 |
1,292,671,112.35 |
1,355,261,763.68 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
49,467,170.60 |
62,721,986.01 |
70,458,623.36 |
|
Financial Cost |
[3,404,042.08] |
[3,839,352.26] |
[1,290,142.06] |
|
Profit / [Loss] before Income
Tax |
46,063,128.52 |
58,882,633.75 |
69,168,481.30 |
|
Income Tax |
[8,921,933.06] |
[3,997,855.37] |
[5,729,249.72] |
|
|
|
|
|
|
Net Profit / [Loss] |
37,141,195.46 |
54,884,778.38 |
63,439,231.58 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.83 |
1.85 |
2.09 |
|
QUICK RATIO |
TIMES |
1.38 |
1.35 |
1.48 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
7.09 |
9.63 |
12.87 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.24 |
1.98 |
2.50 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
26.45 |
40.75 |
36.33 |
|
INVENTORY TURNOVER |
TIMES |
13.80 |
8.96 |
10.05 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
64.51 |
59.66 |
49.78 |
|
RECEIVABLES TURNOVER |
TIMES |
5.66 |
6.12 |
7.33 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
44.09 |
31.81 |
51.31 |
|
CASH CONVERSION CYCLE |
DAYS |
46.87 |
68.60 |
34.80 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
88.43 |
87.36 |
87.68 |
|
SELLING & ADMINISTRATION |
% |
9.98 |
9.91 |
9.96 |
|
INTEREST |
% |
0.23 |
0.29 |
0.09 |
|
GROSS PROFIT MARGIN |
% |
13.31 |
14.63 |
15.04 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.32 |
4.72 |
5.08 |
|
NET PROFIT MARGIN |
% |
2.50 |
4.13 |
4.57 |
|
RETURN ON EQUITY |
% |
8.30 |
13.37 |
17.84 |
|
RETURN ON ASSET |
% |
5.59 |
8.18 |
11.41 |
|
EARNING PER SHARE |
BAHT |
27.51 |
40.66 |
46.99 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.33 |
0.39 |
0.36 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.48 |
0.63 |
0.56 |
|
TIME INTEREST EARNED |
TIMES |
14.53 |
16.34 |
54.61 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
11.97 |
(4.26) |
|
|
OPERATING PROFIT |
% |
(21.13) |
(10.98) |
|
|
NET PROFIT |
% |
(32.33) |
(13.48) |
|
|
FIXED ASSETS |
% |
52.11 |
27.93 |
|
|
TOTAL ASSETS |
% |
(1.05) |
20.69 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 11.97%. Turnover has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.31 |
Acceptable |
Industrial Average |
24.16 |
|
Net Profit Margin |
2.50 |
Deteriorated |
Industrial Average |
5.42 |
|
Return on Assets |
5.59 |
Acceptable |
Industrial Average |
8.60 |
|
Return on Equity |
8.30 |
Acceptable |
Industrial Average |
13.75 |
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 13.31%. 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 2.5%. 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 5.59%.
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 8.3%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.83 |
Satisfactory |
Industrial Average |
2.29 |
|
Quick Ratio |
1.38 |
|
|
|
|
Cash Conversion Cycle |
46.87 |
|
|
|
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 1.83 times in 2013, decreased from 1.85 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 1.38 times in 2013,
increased from 1.35 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 47 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.33 |
Acceptable |
Industrial Average |
0.32 |
|
Debt to Equity Ratio |
0.48 |
Impressive |
Industrial Average |
0.47 |
|
Times Interest Earned |
14.53 |
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 14.54 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 0.33 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 Downtrend
Times Interest Earned Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
7.09 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.24 |
Impressive |
Industrial Average |
1.59 |
|
Inventory Conversion Period |
26.45 |
|
|
|
|
Inventory Turnover |
13.80 |
Impressive |
Industrial Average |
7.37 |
|
Receivables Conversion Period |
64.51 |
|
|
|
|
Receivables Turnover |
5.66 |
Impressive |
Industrial Average |
5.42 |
|
Payables Conversion Period |
44.09 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.66 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 41 days at the
end of 2012 to 26 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 8.96 times in year 2012 to 13.8 times
in year 2013.
The company's Total Asset Turnover is calculated as 2.24 times and 1.98
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 Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.77 |
|
|
1 |
Rs.96.78 |
|
Euro |
1 |
Rs.76.59 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TPT |
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.