MIRA
INFORM REPORT
|
Report Date : |
11.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
BOMBARDIER TRANSPORTATION SIGNAL [ |
|
|
|
|
Registered Office : |
6th Floor,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
08.06.2001 |
|
|
|
|
Com. Reg. No.: |
0105540061216 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject provide design and installation service for railway signaling system, as well as electrics and mechanical system works |
|
|
|
|
No of Employees : |
160 |
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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
BOMBARDIER TRANSPORTATION SIGNAL [THAILAND] LTD.
SUMMARY
BUSINESS ADDRESS : 6th FLOOR, MANOROM
BUILDING,
3354/16-19 RAMA
4 ROAD, KLONGTON,
KLONGTOEY, BANGKOK
10110, THAILAND
TELEPHONE :
[66] 2672-8290
FAX : [66] 2249-8519
E-MAIL ADDRESS : pjuanch@th.transport.bombardier.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2001
REGISTRATION NO. : 0105540061216 [Former: [5] 1023/2540]
TAX ID NO. : 3011863794
CAPITAL REGISTERED : BHT.
683,760,000
CAPITAL PAID-UP : BHT.
683,760,000
SHAREHOLDER’S PROPORTION : THAI
: 51%
FOREIGN :
49%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. JOFFREY ARNAUD
LAUTHIER, FRENCH
MANAGING DIRECTOR
NO. OF STAFF : 160
LINES OF BUSINESS : RAILWAY SIGNALING,
ELECTRICAL AND
MECHANICAL SYSTEWM
WORKS
DESIGN AND
INSTALLATION CONTRACTOR
|
|
|
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 June 8, 2001 as a private limited company under the originally registered name “ABB Daimler-Benz Transportation [Signal] Ltd.” by Thai and German groups. On June 23, 1999, subject’s name was changed to “Daimler Chrysler Rail Systems [Signal] Ltd.”, and finally changed to Bombardier Transportation Signal [Thailand] Ltd. on June 8, 2001.
The subject’s business objective is to provide design and installation service for railway signaling system, as well as electrics and mechanical system works in Thailand. It currently employs approximately 160 staff.
It is a joint venture between Bombardier Transportation Holdings [Thailand] Ltd. and Bombardier Transportation GmbH, Germany.
The subject’s registered address is 6th Floor, Manorom Building, 3354/16-19 Rama 4 Rd., Klongton, Klongtoey, Bangkok 10110, and this is the subject’s current operation address.
THE BOARD OF
DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Philipp Meier |
|
Austrian |
37 |
|
Mr. Richard John
Hunter |
|
Brirish |
46 |
|
Mrs. Yuwaree Chulya |
|
Thai |
52 |
|
Mr. Joffrey Arnaud Lauthier |
|
French |
41 |
|
Mr. Gregory Yoann Matthieu
Enjalbert |
|
French |
39 |
|
Ms. Nathalie Florence Ninka
Mirkovich |
|
French |
41 |
|
Ms. Carolina Cagigas Amieva |
|
Spanish |
37 |
AUTHORIZED PERSON
Two of the
above directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Joffrey Arnaud Lauthier is
the Managing Director.
He is French
nationality with the
age of 41
years old.
Mr. Thomas Godfrey is
the Engineering Director.
He is British
nationality.
BUSINESS OPERATIONS
The subject’s activities are bidder
and contractor of
design, installation and
maintenance services for
railway signaling system, electric system
and mechanical system
works, as well
as supplying of
rail equipment, including
passenger rail vehicles
and total transit
systems. Most of
the projects are
supplied to The
State Railway of
Thailand and Bangkok
Mass Transit System
Public Company Limited.
IMPORT
Most of electronic
equipment, hardware and
software are imported
from Germany and
Canada.
MAJOR SUPPLIERS
Bombardier Transportation GmbH. : Germany
Transtector Systems Inc. : Canada
SERVICES
Its business are
served locally to
end-users and government
sectors.
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 IRICO’S
DATABASE 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
or T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
[Sirinrat Building
Branch : Rama 4
Rd., Klongtoey, Bangkok]
Deutsch Bank AG.
[Thailand Branch,
208 Wireless Road, Lumpini, Pathumwan,
Bangkok 10330]
EMPLOYMENT
The subject employs
approximately 160 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in a prime
commercial area.
COMMENT
Subject was formed
in 2001 as a
contractor of railway
signaling system. It
serves a diversified
customer base around
the world, as
well as the
world leader in
the rail equipment
manufacturing and servicing
industry.
However, the country’s
economic sluggish and
uncertainty political
situation were major
factors affecting on
several local businesses
with performances not
achieving targets as anticipated.
FINANCIAL INFORMATION
The capital was registered at
Bht. 12,000,000 divided
into 120,000 shares
of Bht. 100 each.
The capital was
increased later as
following:
Bht. 30,000,000 on
November 17, 1997
Bht. 233,760,000
on February 4,
1999
Bht. 683,760,000
on August 17,
2007
The latest registered
capital was increased
to Bht. 683,760,000 divided
into 6,837,600 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bombardier Transportation Holdings [Thailand] Ltd. Nationality: Thai Address : 3354/16-19
Rama 4 Rd.,
Klongton,
Klongtoey, Bangkok |
3,487,176 |
51.00 |
|
Bombardier Transportation GmbH. Nationality: German Address : Berlin,
Germany |
3,350,423 |
49.00 |
|
Mr. David William Penhorwood Nationality: Canadian Address : Katowice,
Poland |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
3,487,176 |
51.00 |
|
Foreign |
2 |
3,350,424 |
49.00 |
|
Total |
3 |
6,837,600 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Termpong Opanaphan No. 4501
BOMBABDIER TRANSPORTATION SIGNAL [THAILAND] LTD.
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 |
299,373,162 |
596,153,721 |
1,084,512,013 |
|
Trade Accounts &
Other Receivable |
407,267,505 |
442,774,369 |
567,368,553 |
|
Short-term Loans |
849,699,000 |
917,815,449 |
124,184,649 |
|
Value of Completed
but Unbilled |
430,117,699 |
464,490,098 |
653,208,579 |
|
Inventories |
132,422,358 |
71,974,640 |
35,019,127 |
|
Other Current Assets
|
13,486,727 |
10,505,965 |
11,087,750 |
|
|
|
|
|
|
Total Current Assets
|
2,132,366,451 |
2,503,714,242 |
2,475,380,671 |
|
|
|
|
|
|
Investment in Subsidiaries |
473,120,600 |
4,590,000 |
- |
|
Fixed Assets |
26,445,001 |
29,973,694 |
18,521,596 |
|
Intangible Assets |
956,399 |
578,452 |
930,344 |
|
Deferred Income Tax |
23,524,151 |
22,877,937 |
24,053,260 |
|
Retention |
99,498,899 |
79,295,282 |
83,876,473 |
|
Withholding Income Tax |
35,334,332 |
35,334,332 |
35,864,594 |
|
Deposits |
5,155,826 |
4,589,356 |
5,279,607 |
|
Total Assets |
2,796,401,659 |
2,680,953,295 |
2,643,906,545 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
441,734,319 |
378,089,724 |
555,089,078 |
|
Advance Received from Customers
on Contracts |
340,019,708 |
722,588,557 |
806,951,266 |
|
Material fee is
Charged to Contract Exceeds Value
of Work Completed |
286,683,209 |
142,646,429 |
103,374,429 |
|
Construction Costs Browse Archive
by Contract Exceeds work Completed |
- |
16,047,794 |
66,241,638 |
|
Accrued Income Tax |
43,004,714 |
55,738,683 |
176,677,530 |
|
Other Current Liabilities |
85,543,275 |
35,538,632 |
25,816,177 |
|
|
|
|
|
|
Total Current Liabilities |
1,196,985,225 |
1,350,649,819 |
1,734,150,118 |
|
Reserve Project Warranty |
79,557,238 |
83,279,294 |
65,536,400 |
|
Reserve for Long-term Employee Benefits |
21,520,288 |
16,602,192 |
12,510,166 |
|
Total Liabilities |
1,298,062,751 |
1,450,531,305 |
1,812,196,684 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 6,837,600 shares |
683,760,000 |
683,760,000 |
683,760,000 |
|
|
|
|
|
|
Capital Paid |
683,760,000 |
683,760,000 |
683,760,000 |
|
Retained Earning Unappropriated |
814,578,908 |
546,661,990 |
147,949,861 |
|
Total Shareholders' Equity |
1,498,338,908 |
1,230,421,990 |
831,709,861 |
|
Total Liabilities & Shareholders' Equity |
2,796,401,659 |
2,680,953,295 |
2,643,906,545 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
1,402,125,224 |
1,435,119,348 |
1,977,324,643 |
|
Sales Spare Parts Income |
163,814,779 |
243,527,453 |
303,930,984 |
|
Service Income |
204,035,005 |
277,106,620 |
264,049,564 |
|
Other Income |
14,954,196 |
58,655,206 |
49,781,879 |
|
Total Revenues |
1,784,929,204 |
2,014,408,627 |
2,595,087,070 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Construction |
799,893,587 |
749,121,500 |
1,095,334,075 |
|
Cost of Spare Parts |
53,045,587 |
63,466,509 |
49,620,832 |
|
Cost of Service |
196,505,967 |
292,668,567 |
254,934,160 |
|
Administrative Expenses |
386,244,714 |
398,488,533 |
448,715,131 |
|
Total Expenses |
1,435,689,855 |
1,503,745,109 |
1,848,604,198 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
349,239,349 |
510,663,518 |
746,482,872 |
|
Financial Costs |
- |
- |
[8,361,840] |
|
Profit before Income
Tax |
349,239,349 |
510,663,518 |
738,121,032 |
|
Income Tax |
[81,322,431] |
[111,951,389] |
[231,612,742] |
|
|
|
|
|
|
Net Profit / [Loss] |
267,916,918 |
398,712,129 |
506,508,290 |
BOMBABDIER TRANSPORTATION SIGNAL
[THAILAND] LTD.
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.78 |
1.85 |
1.43 |
|
QUICK RATIO |
TIMES |
1.66 |
1.79 |
1.40 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
66.93 |
65.25 |
137.42 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.63 |
0.73 |
0.96 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
46.06 |
23.77 |
9.13 |
|
INVENTORY TURNOVER |
TIMES |
7.92 |
15.36 |
39.97 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
83.99 |
82.63 |
81.36 |
|
RECEIVABLES TURNOVER |
TIMES |
4.35 |
4.42 |
4.49 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
153.64 |
124.86 |
144.73 |
|
CASH CONVERSION CYCLE |
DAYS |
(23.59) |
(18.46) |
(54.24) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
59.29 |
56.51 |
55.00 |
|
SELLING & ADMINISTRATION |
% |
21.82 |
20.38 |
17.63 |
|
INTEREST |
% |
- |
- |
0.33 |
|
GROSS PROFIT MARGIN |
% |
41.55 |
46.49 |
46.96 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
19.73 |
26.11 |
29.33 |
|
NET PROFIT MARGIN |
% |
15.14 |
20.39 |
19.90 |
|
RETURN ON EQUITY |
% |
17.88 |
32.40 |
60.90 |
|
RETURN ON ASSET |
% |
9.58 |
14.87 |
19.16 |
|
EARNING PER SHARE |
BAHT |
39.18 |
58.31 |
74.08 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.46 |
0.54 |
0.69 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.87 |
1.18 |
2.18 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
89.27 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(9.50) |
(23.16) |
|
|
OPERATING PROFIT |
% |
(31.61) |
(31.59) |
|
|
NET PROFIT |
% |
(32.80) |
(21.28) |
|
|
FIXED ASSETS |
% |
(11.77) |
61.83 |
|
|
TOTAL ASSETS |
% |
4.31 |
1.40 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -9.5%. Turnover has decreased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
41.55 |
Impressive |
Industrial Average |
11.97 |
|
Net Profit Margin |
15.14 |
Impressive |
Industrial Average |
1.70 |
|
Return on Assets |
9.58 |
Impressive |
Industrial Average |
3.11 |
|
Return on Equity |
17.88 |
Impressive |
Industrial Average |
9.98 |
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 41.55%. When
compared with the industry average, the ratio of the company was higher,
indicated that company was more profitable than the same industry.
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 15.14%,
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 9.58%, 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 17.88%, 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 Downtrend
Return on Equity Uptrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
1.78 |
Impressive |
Industrial Average |
1.33 |
|
Quick Ratio |
1.66 |
|
|
|
|
Cash Conversion Cycle |
(23.59) |
|
|
|
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 1.78 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 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 1.66 times in 2013,
decreased from 1.79 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 -24 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.46 |
Impressive |
Industrial Average |
0.70 |
|
Debt to Equity Ratio |
0.87 |
Impressive |
Industrial Average |
2.29 |
|
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 lower the percentage means that the company is
using less leverage and has a stronger equity position.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.46 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
66.93 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.63 |
Deteriorated |
Industrial Average |
1.83 |
|
Inventory Conversion Period |
46.06 |
|
|
|
|
Inventory Turnover |
7.92 |
Impressive |
Industrial Average |
5.73 |
|
Receivables Conversion Period |
83.99 |
|
|
|
|
Receivables Turnover |
4.35 |
Impressive |
Industrial Average |
3.24 |
|
Payables Conversion Period |
153.64 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.35 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 increased from 24 days at the
end of 2012 to 46 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 15.36 times in year 2012 to 7.92
times in year 2013.
The company's Total Asset Turnover is calculated as 0.63 times and 0.73
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.83 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.78.65 |
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.