MIRA
INFORM REPORT
|
Report Date : |
05.09.2014 |
IDENTIFICATION DETAILS
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Name : |
GEA REFRIGERATION [ |
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Formerly Known As : |
GEA GRASSO [ |
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Registered Office : |
29/90 Moo 2, Arunsoontaree Project, Sapan Nonthaburi-Bangbuathong Road, T. Lampho,
A. Bangbuathong,
Nonthaburi 11110 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
03.10.1995 |
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Com. Reg. No.: |
0105538118273 [Former :
[2] 4590/2538] |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer & Distributor of Compressor &
Related Products |
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|
No. of Employees |
60 |
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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
GEA REFRIGERATION [THAILAND] CO. LTD.
[FORMER : GEA
GRASSO [THAILAND] CO., LTD.]
SUMMARY
BUSINESS ADDRESS : 29/90 MOO 2,
ARUNSOONTAREE PROJECT,
SAPAN
NONTHABURI-BANGBUATHONG,
ROAD,
T. LAMPHO, A. BANGBUATHONG,
NONTHABURI
11110, THAILAND
TELEPHONE : [66] 2525-8500
FAX : [66] 2525-8555
E-MAIL ADDRESS : info.grasso.th@geagroup.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1995
REGISTRATION NO. : 0105538118273 [Former
: [2] 4590/2538]
TAX ID NO. : 3011633557
CAPITAL REGISTERED : BHT.
100,000,000
CAPITAL PAID-UP : BHT. 43,750,000
SHAREHOLDER’S PROPORTION : FOREIGN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
ROBERT MARTIN DEN
HARTOG, DUTCH
MANAGING DIRECTOR
NO. OF STAFF : 60
LINES OF BUSINESS : COMPRESSOR &
RELATED PRODUCTS
IMPORTER &
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 October
3, 1995 as
a private limited
company under the
registered name “Grasso
Kab [Thailand] Ltd.” to
provide products and
services of refrigeration
spare parts and
related products for
local market. It
was initially formed
by Thai and
Dutch Groups, “Grasso International
[Thailand] Co., Ltd.”
and “Grasso KMF
N.V.” Netherlands respectively.
On February 8, 1996, the name
was changed to “Grasso [Thailand] Co., Ltd.”, to “Gea
Grasso [Thailand] Co., Ltd.”,
on August 27,
2008, and finally
to GEA REFRIGERATION
[THAILAND] CO., LTD., on April
5, 2011. Subject
currently employs approximately
60 staff.
At present, the subject
is a wholly owned
subsidiary of GEA
Refrigeration Technologies GmbH., Germany, which
is a member
of GEA Group
Aktiengesellschaft in Germany.
The subject’s registered
address was initially
at 93/20 Ladprao 87
Rd., Wangthonglang, Bangkok 10310.
In 2006, the
subject’s registered address
was relocated to
29/90 Moo 2, Arunsoontaree Project,
Sapan Nonthaburi-Bangbuathong,
345 Rd.,
T. Lampho, A. Bangbuathong,
Nonthaburi 11110, and
this is the
company’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Robert Martin
Den Hartog |
|
Dutch |
59 |
|
Mr. Chunhaporn Samitsuwan
|
|
Thai |
54 |
|
Ms. Beatrice Marie Bernadettebruey |
|
French |
50 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Robert Martin
Den Hartog is
the Managing Director.
He is Dutch
nationality with the
age of 59
years old.
Mr. Suwat Weratanthana is
the Sales Manager.
He is Thai
nationality.
Ms. Malee Boonpitak is
the Human Resources
Manager.
She is Thai
nationality.
Mr. Jacob Groenenboom is
the Project Manager.
He is Dutch
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing various
brands of refrigeration
components and parts,
including compressors, screw
compressor, liquid chiller,
automatic air purifier,
and dryer equipment,
under the “GRASSO”
brand, as well
as “GENEGLACE” ice
maker, “REVALCO” industrial
valves, “ECOFLEX” heat
exchanger machine and
“GOEDHART” air coolers.
The subject also
provides installation and
maintenance service for
compressor to cold
storage industry.
MAJOR BRANDS
“GRASSO”, “GENEGLACE”, “REVALCO”,
“ECOFLEX” and etc.
PURCHASE
80% of its
products is imported
from France, Netherlands,
Germany, Italy, and the
remaining 20% is purchased
locally. At present, there
are over 20
suppliers both domestic
and overseas.
MAJOR SUPPLIERS
|
Name |
Country |
|
|
|
|
GEA Grasso B.V. |
Netherlands |
|
GEA Grasso GmbH. |
Germany |
|
Revalco S.r.L. |
Italy |
|
GEA Goedhart B.V. |
Netherlands |
SALES [LOCAL]
100% of its
products is sold
locally to manufacturers in
ice making factory,
cold storage and
frozen food industries.
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 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
& T/T.
BANKING
ABN - AMRO Bank NV
[Bangkok office,
179/3 South Sathorn
Road, Thungmahamek, Sathorn,
Bangkok]
EMPLOYMENT
The subject employs
approximately 60 staff.
[office staff and
sales]
LOCATION DETAILS
The premise is
owned for administrative office
at the heading address.
Premise is located
in residential area.
COMMENT
The subject was established itself as a
prominent distributor of compressor
and related products
for refrigeration and
cooling systems. Its products and services are renowned for reliability,
cost competitiveness and uncompromising
standards of international quality
supplying the products
to leading local
manufactures.
Subject reports good
business in the
previous year and
continued expanding in
2014.
FINANCIAL INFORMATION
The capital was registered at
Bht. 3,000,000 divided into 30,000
shares of Bht.
100 each.
The capital was
increased later as
follows:
Bht. 25,000,000 on
October 31, 1997
Bht. 100,000,000 on
September 20, 2004
The latest registered
capital was increased to Bht. 100,000,000 divided
into 1,000,000 shares of
Bht. 100 each,
with the current capital
paid-up at Bht.
43,750,000 or 750,000
shares of Bht.
25 each and
250,000 shares of Bht. 100
each.
THE SHAREHOLDERS LISTED WERE
[as at April
30, 2014] at
Bht. 43,750,000 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
GEA Refrigeration Technologies GmbH. Nationality: German Address : Dorstener Straße 484, 44809 Bochum, Germany |
999,994 |
99.99 |
|
Mr. Chunhaporn Samitsuwan Nationality: Thai Address : 55/384 Moo 7, T.
Lakhok, A. Muang, Pathumthani |
1 |
|
|
Mr. Damri Machasompop Nationality: Thai Address : 56/1 Moo 6,
T. Taladkwan, A. Muang,
Nonthaburi |
1 |
|
|
Mr. Suwat Weratanthana Nationality: Thai Address : 29/5 Moo
5, T. Salaya, A. Budhamonthon,
Nakornpathom |
1 |
= 0.01 |
|
Mrs. Malee Boonpithak Nationality: Thai Address : 49/101
Budthamonthon Sai 4
Rd.,
Taweewatana, Bangkok |
1 |
|
|
Mr. Robert Martin Den
Hartog Nationality: Dutch Address : 29/90 Moo 2, Sapan Nonthaburi-Bangbuathong, 345 Rd.,
T. Lampho, A.
Bangbuathong, Nonthaburi |
1 |
|
|
Mr. Jacob Groenenboom
Nationality: Dutch Address : 29/90 Moo 2, Sapan Nonthaburi-Bangbuathong,
345
Rd., T. Lampho, A. Bangbuathong, Nonthaburi |
1 |
|
Total Shareholders : 7
Share Structure
[as at April
30, 2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
4 |
- |
|
Foreign |
3 |
999,996 |
100.00 |
|
Total |
7 |
1,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Waiyawat Gorsamanchaikij No.
6333
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 |
128,397,306 |
126,186,272 |
130,753,458 |
|
Trade Accounts Receivable
|
113,851,013 |
65,310,095 |
80,301,560 |
|
Other Receivable |
4,342,888 |
4,766,783 |
3,090,172 |
|
Short-term Lending to Related Company |
4,248,395 |
- |
322,642 |
|
Inventories |
45,529,247 |
35,063,316 |
47,968,292 |
|
Total Current Assets
|
296,368,849 |
231,326,466 |
262,436,124 |
|
|
|
|
|
|
Fixed Assets |
6,141,852 |
4,511,122 |
4,454,304 |
|
Other Non-current Assets |
808,750 |
1,731,128 |
813,223 |
|
Total Assets |
303,319,451 |
237,568,716 |
267,703,651 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 [Adjusted] |
|
|
|
|
|
|
Trade Accounts Payable |
100,655,689 |
37,907,638 |
69,950,480 |
|
Other Payable |
40,346,299 |
44,704,244 |
64,803,947 |
|
Current Portion of Long-term
Financial Lease
Contract Liabilities |
- |
- |
159,917 |
|
Advance Income from Customer |
3,973,537 |
- |
- |
|
Accrued Income Tax |
11,014,637 |
2,290,370 |
14,678,809 |
|
Other Current Liabilities |
1,111,619 |
868,893 |
1,155,658 |
|
Total Current Liabilities |
157,101,781 |
85,771,145 |
150,748,811 |
|
|
|
|
|
|
Employee Benefit Obligation |
8,704,626 |
7,083,440 |
7,269,700 |
|
Estimated Liabilities for
Employees’ Benefit |
25,848,458 |
18,231,704 |
16,737,936 |
|
Total Liabilities |
191,654,865 |
111,086,289 |
174,756,447 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized & issued
share capital 1,000,000 shares |
100,000,000 |
100,000,000 |
100,000,000 |
|
Capital Paid |
43,750,000 |
43,750,000 |
43,750,000 |
|
Retained Earning Appropriated Statutory Reserve |
4,424,405 |
1,061,210 |
1,061,210 |
|
Unappropriated |
63,490,181 |
81,671,217 |
48,135,994 |
|
Total Shareholders' Equity |
111,664,586 |
126,482,427 |
92,947,204 |
|
Total Liabilities & Shareholders' Equity |
303,319,451 |
237,568,716 |
267,703,651 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 [Adjusted] |
|
|
|
|
|
|
Sales & Services
Income |
631,676,144 |
465,301,988 |
611,389,042 |
|
Other Income |
11,543,004 |
22,086,201 |
6,659,620 |
|
Gain on Exchange Rate |
11,394,216 |
1,421,968 |
11,584,467 |
|
Total Revenues |
654,613,364 |
488,810,157 |
629,633,129 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
501,590,056 |
369,154,174 |
504,579,253 |
|
Selling Expenses |
44,718,867 |
39,694,555 |
31,772,576 |
|
Administrative Expenses |
44,432,521 |
40,959,402 |
61,309,727 |
|
Total Expenses |
590,741,444 |
449,808,131 |
597,661,556 |
|
Profit before Financial Cost &
Income Tax |
63,871,920 |
39,002,026 |
31,971,573 |
|
Financial Cost |
- |
[762] |
[20,942] |
|
Profit before Income Tax |
63,871,920 |
39,001,264 |
31,950,631 |
|
Income Tax |
[14,789,063] |
[5,466,041] |
[20,603,880] |
|
Net Profit / [Loss] |
49,082,857 |
33,535,223 |
11,346,751 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.89 |
2.70 |
1.74 |
|
QUICK RATIO |
TIMES |
1.60 |
2.29 |
1.42 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
102.85 |
103.15 |
137.26 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.08 |
1.96 |
2.28 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
33.13 |
34.67 |
34.70 |
|
INVENTORY TURNOVER |
TIMES |
11.02 |
10.53 |
10.52 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
65.79 |
51.23 |
47.94 |
|
RECEIVABLES TURNOVER |
TIMES |
5.55 |
7.12 |
7.61 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
73.25 |
37.48 |
50.60 |
|
CASH CONVERSION CYCLE |
DAYS |
25.67 |
48.42 |
32.04 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
79.41 |
79.34 |
82.53 |
|
SELLING & ADMINISTRATION |
% |
14.11 |
17.33 |
15.22 |
|
INTEREST |
% |
- |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
24.22 |
25.72 |
20.45 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
10.11 |
8.38 |
5.23 |
|
NET PROFIT MARGIN |
% |
7.77 |
7.21 |
1.86 |
|
RETURN ON EQUITY |
% |
43.96 |
26.51 |
12.21 |
|
RETURN ON ASSET |
% |
16.18 |
14.12 |
4.24 |
|
EARNING PER SHARE |
BAHT |
112.19 |
76.65 |
25.94 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.63 |
0.47 |
0.65 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.72 |
0.88 |
1.88 |
|
TIME INTEREST EARNED |
TIMES |
- |
51,183.76 |
1,526.67 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
35.76 |
(23.89) |
|
|
OPERATING PROFIT |
% |
63.77 |
21.99 |
|
|
NET PROFIT |
% |
46.36 |
195.55 |
|
|
FIXED ASSETS |
% |
36.15 |
1.28 |
|
|
TOTAL ASSETS |
% |
27.68 |
(11.26) |
|
ANNUAL GROWTH : EXCELLENT
An annual sales growth is 35.76%. Turnover has increased from THB
PROFITABILITY : IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
24.22 |
Satisfactory |
Industrial Average |
26.94 |
|
Net Profit Margin |
7.77 |
Impressive |
Industrial Average |
2.30 |
|
Return on Assets |
16.18 |
Impressive |
Industrial Average |
5.39 |
|
Return on Equity |
43.96 |
Impressive |
Industrial Average |
15.74 |
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 24.22%. 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 7.77%,
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
16.18%, 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 43.96%, 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 : IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
1.89 |
Impressive |
Industrial Average |
1.38 |
|
Quick Ratio |
1.60 |
|
|
|
|
Cash Conversion Cycle |
25.67 |
|
|
|
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 1.89 times in 2013, decreased from 2.7 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 1.6 times in 2013,
decreased from 2.29 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 26 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.63 |
Acceptable |
Industrial Average |
0.63 |
|
Debt to Equity Ratio |
1.72 |
Acceptable |
Industrial Average |
1.73 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.63 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 Downtrend
Times Interest Earned Stable
ACTIVITY : IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
102.85 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.08 |
Satisfactory |
Industrial Average |
2.34 |
|
Inventory Conversion Period |
33.13 |
|
|
|
|
Inventory Turnover |
11.02 |
Impressive |
Industrial Average |
3.48 |
|
Receivables Conversion Period |
65.79 |
|
|
|
|
Receivables Turnover |
5.55 |
Impressive |
Industrial Average |
5.51 |
|
Payables Conversion Period |
73.25 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.55 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 35 days at the
end of 2012 to 33 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 10.53 times in year 2012 to 11.02
times in year 2013.
The company's Total Asset Turnover is calculated as 2.08 times and 1.96
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.60.45 |
|
UK Pound |
1 |
Rs.99.46 |
|
Euro |
1 |
Rs.79.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SDA |
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.