MIRA INFORM REPORT
|
Report No. : |
315519 |
|
Report Date : |
03.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAP ACTIVE [THAILAND] LTD. |
|
|
|
|
Formerly Known As : |
T S LIFESTYLE [THAILAND] LIMITED |
|
|
|
|
Registered Office : |
Room 1807, 18th Floor,
Empire Tower, 1 South
Sathorn Road, Yannawa, Sathorn, Bangkok
10120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
23.08.2001 |
|
|
|
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Com. Reg. No.: |
0105544081599 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in importing
and Thailand’s authorized
distributing various kinds
of fashion apparels for men,
women and children including accessories as
well as toys
and shoes |
|
|
|
|
No. of Employees : |
100 |
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 : |
Slow but correct |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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
MAP ACTIVE
[THAILAND] LTD.
[FORMER: T S LIFESTYLE [THAILAND] LIMITED]
SUMMARY
BUSINESS ADDRESS : ROOM 1807, 18th FLOOR,
EMPIRE TOWER,
1 SOUTH
SATHORN ROAD, YANNAWA,
SATHORN,
BANGKOK 10120, THAILAND
TELEPHONE : [66] 2670-0184
FAX : [66] 2670-0183
E-MAIL ADDRESS : sales@mapactive.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2001
REGISTRATION NO. : 0105544081599
TAX ID NO. : 3030358295
CAPITAL REGISTERED : BHT.
360,000,000
CAPITAL PAID-UP : BHT.
360,000,000
SHAREHOLDER’S PROPORTION : INDONESIAN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
ALOK SHARMA, INDIAN
MANAGING DIRECTOR
NO. OF STAFF : 100
LINES OF BUSINESS : FASHION APPARELS
AND ACCESSORIES
IMPORTER AND
AUTHORIZED DISTRIBUTOR
|
|
|
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 August 23,
2001 as a
private limited company
under the originally
registered name “T S
Lifestyle [Thailand] Limited”
by Indonesian group,
with the business
objective to import
and distribute various
kinds of fashion
apparels and accessories
to domestic market.
On August 1, 2011,
its registered name
was changed to
MAP ACTIVE [THAILAND]
LTD. It currently
employs approximately 100
staff. The subject
is a wholly
owned subsidiary of PT. Mitra
Adiperkasa TBK, in
Indonesia.
The subject’s registered
address was initially located
at Room 1807,
18th Floor, Empire
Tower, 195 South
Sathorn Road, Yannawa, Sathorn, Bangkok 10120.
On September 1,
2014, Emprire Tower
has been changed
its address number
from “195” to
“1” by the
Sathorn District Office,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Indrawana Widjaja |
|
Indonesian |
50 |
|
Mrs. Sjeniwati Gusman |
|
Indonesian |
57 |
|
Mrs. Susianna Latif |
|
Indonesian |
57 |
|
Mr. Alok Sharma |
|
Indian |
43 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Alok Sharma is
the Managing Director.
He is Indian
nationality with the
age of 43
years old.
Ms. Nisanart Boonkaew is
the Sales &
Products Manager.
She is Thai
nationality.
Ms. Chalita Muakploy is
the Marketing Manager.
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in importing
and Thailand’s authorized
distributing various kinds
of fashion apparels for men,
women and children including accessories as
well as toys
and shoes under
various brands such
as “BLANCO”, “OSHKOSH
HASBRO”, “MONOPOLY”, “NERF”,
“KRE-O”, “MARVEL”, “BCBG”,
“NEXT”, “BABY ALIVE”,
“BEN 10”, “FURBY”, “STRIDE RITE”,
“CROCS BABY”, “NEW
LOOK”, “LEAD FROG”,
“BARBIE”, “PLAYSKOOL”, “MOXIE”,
“PUMPKIN PATCH”, “BCBGMAXAZRIA”, “CARTER’S”,
“TRANSFORMER” and etc.
PURCHASE
80% of the
products is imported
from U.S.A., Indonesia, Hong Kong, United Kingdom, Malaysia
and Republic of
China, the remaining
20% is purchased
from local suppliers.
MAJOR SUPPLIER
Carter’s Inc. : U.S.A.
SALES
100% of the
products is sold
locally to retailers
and end-users via
the subject’s shop and
counter at the
leading department stores
and shopping center,
e.g. Central Department
Store, Robinson Department Store, The Mall Department Store, Emporium Shopping
Center, Central World
Shopping Center, Mega
Bangna Shopping Center,
Siam Paragon Shopping Center and
etc.
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 credit term
of 30 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 100 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
COMMENT
Subject has good business
performance during the past several
years. However, consumption
slowdown from economic
uncertainties has pressured
many businesses including
fashion apparels.
The subject reported
good business in
the year 2013,
while slow sales
had seen in the
previous year. It
is expected the
market would see a
slow growth in
the year 2015
due to recovery
in domestic consumption
remains flat.
FINANCIAL INFORMATION
The capital was
registered at Bht. 4,000,000 divided
into 40,000 shares
of Bht. 100
each.
The capital was
increased later as
follows:
Bht. 204,000,000
on November 10,
2008
Bht. 240,000,000
on March 1,
2012
Bht. 360,000,000
on March 25,
2013
The latest registered
capital was increased
to Bht. 360,000,000 divided
into 3,600,000 shares of Bht.
100 each with
fully paid
THE SHAREHOLDERS LISTED
WERE : [as
at April 30,
2014] at Bht. 360,000,000
of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
PT. Mitra Adiperkasa
TBK Nationality: Indonesian Address : Wisma
BNI 46 Jln.
Jend, Sudirman,
Jarkarta, Indonesia |
3,599,998 |
99.99 |
|
PT. Panen Lestari Internusa Nationality: Indonesian Address : Wisma
BNI 46 Kota BNILT 33 JL
Jend,
Sudirman, Kav. 1 Jarkarta,
Indonesia |
1 |
= 0.01 |
|
PT. Premier Capital Investment Nationality: Indonesian Address : Wisma
BNI 46 Kota BNILT 33 JL
Jend,
Sudirman, Kav. 1 Jarkarta,
Indonesia |
1 |
|
Total Shareholders : 3
Share Structure [as
at April 30,
2014]
|
|
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - Indonesian |
3 |
3,600,000 |
100.00 |
|
Total |
3 |
3,600,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Wisit Chalermkul No.
4961
BALANCE SHEET
[BAHT]
The latest financial
figures published for December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
11,148,300.83 |
21,446,966.45 |
11,604,500.69 |
|
Short-term Investment |
- |
- |
25,647,672.23 |
|
Trade Accounts & Other Receivable |
368,429,575.94 |
334,799,328.39 |
239,143,963.28 |
|
Inventories |
320,753,341.83 |
106,290,326.15 |
55,183,879.61 |
|
Other Current Assets
|
10,913,321.09 |
4,750,658.90 |
177,515.50 |
|
|
|
|
|
|
Total Current Assets
|
711,244,539.69 |
467,287,279.89 |
331,757,531.31 |
|
Cash at Bank pledged as a Collateral |
- |
4,500,000.00 |
- |
|
Fixed Assets |
49,986,502.86 |
45,681,002.59 |
17,454,797.56 |
|
Intangible Assets |
922,075.72 |
1,668,095.46 |
2,430,894.55 |
|
Other Non-current Assets |
25,824,098.12 |
23,267,906.03 |
13,344,559.52 |
|
Total Assets |
787,977,216.39 |
542,404,283.97 |
364,987,782.94 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
61,400,365.71 |
45,440,343.47 |
- |
|
Trade Accounts & Other Payable |
223,205,946.71 |
139,320,729.92 |
58,918,423.17 |
|
Short-term Loan from
Person or Related Company |
33,603,720.01 |
34,778,820.00 |
3,183,190.00 |
|
Other Short-term Loans |
28,937,246.71 |
12,959,719.69 |
- |
|
Accrued Income Tax |
3,790,819.19 |
2,981,689.24 |
10,004,603.23 |
|
Other Current Liabilities |
3,797,570.52 |
3,627,659.74 |
3,352,919.84 |
|
|
|
|
|
|
Total Current Liabilities |
354,735,668.85 |
239,108,962.06 |
75,459,136.24 |
|
|
|
|
|
|
Obligation for Employee
Benefits |
6,097,414.00 |
4,595,578.00 |
3,197,334.00 |
|
Total Liabilities |
360,833,082.85 |
243,704,540.06 |
78,656,470.24 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share capital 3,600,000
shares in 2013; 2,400,000 shares
in 2012 & 2,040,000 shares
in 2011 |
360,000,000.00 |
240,000,000.00 |
204,000,000.00 |
|
|
|
|
|
|
Capital Paid |
360,000,000.00 |
240,000,000.00 |
204,000,000.00 |
|
Advance for Shares Prior
to Registration |
- |
- |
36,000,000.00 |
|
Retained Earning - Unappropriated |
67,144,133.54 |
58,699,743.91 |
46,331,312.70 |
|
Total Shareholders' Equity |
427,144,133.54 |
298,699,743.91 |
286,331,312.70 |
|
Total Liabilities &
Shareholders' Equity |
787,977,216.39 |
542,404,283.97 |
364,987,782.94 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
488,125,194.31 |
362,027,483.86 |
287,581,968.39 |
|
Other Income |
3,335,737.43 |
7,903,553.55 |
7,916,690.18 |
|
Total Revenues |
491,460,931.74 |
369,931,037.41 |
295,498,658.57 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
206,605,649.71 |
184,971,275.49 |
129,576,013.52 |
|
Selling Expenses |
197,728,506.40 |
118,897,350.52 |
76,033,581.83 |
|
Administrative Expenses |
68,433,648.41 |
46,944,980.39 |
51,371,066.57 |
|
Other Expenses |
1,048,707.55 |
474,515.71 |
137,279.36 |
|
Total Expenses |
473,816,512.07 |
351,288,122.11 |
257,117,941.28 |
|
Profit before Financial Cost & Income Tax |
17,644,419.67 |
18,642,915.30 |
38,380,717.29 |
|
Financial Cost |
[4,332,269.20] |
[658,453.35] |
- |
|
Profit before Income Tax |
13,312,150.47 |
17,984,461.95 |
38,380,717.29 |
|
Income Tax |
[4,693,604.84] |
[5,057,692.74] |
[12,746,374.19] |
|
Net Profit / [Loss] |
8,618,545.63 |
12,926,769.21 |
25,634,343.10 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.00 |
1.95 |
4.40 |
|
QUICK RATIO |
TIMES |
1.07 |
1.49 |
3.66 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
9.77 |
7.93 |
16.48 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.62 |
0.67 |
0.79 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
566.66 |
209.74 |
155.45 |
|
INVENTORY TURNOVER |
TIMES |
0.64 |
1.74 |
2.35 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
275.50 |
337.55 |
303.52 |
|
RECEIVABLES TURNOVER |
TIMES |
1.32 |
1.08 |
1.20 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
394.33 |
274.92 |
165.97 |
|
CASH CONVERSION CYCLE |
DAYS |
447.83 |
272.37 |
293.00 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
42.33 |
51.09 |
45.06 |
|
SELLING & ADMINISTRATION |
% |
54.53 |
45.81 |
44.30 |
|
INTEREST |
% |
0.89 |
0.18 |
- |
|
GROSS PROFIT MARGIN |
% |
58.36 |
51.09 |
57.70 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
3.61 |
5.15 |
13.35 |
|
NET PROFIT MARGIN |
% |
1.77 |
3.57 |
8.91 |
|
RETURN ON EQUITY |
% |
2.02 |
4.33 |
8.95 |
|
RETURN ON ASSET |
% |
1.09 |
2.38 |
7.02 |
|
EARNING PER SHARE |
BAHT |
2.39 |
5.39 |
12.57 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.46 |
0.45 |
0.22 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.84 |
0.82 |
0.27 |
|
TIME INTEREST EARNED |
TIMES |
4.07 |
28.31 |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
34.83 |
25.89 |
|
|
OPERATING PROFIT |
% |
(5.36) |
(51.43) |
|
|
NET PROFIT |
% |
(33.33) |
(49.57) |
|
|
FIXED ASSETS |
% |
9.43 |
161.71 |
|
|
TOTAL ASSETS |
% |
45.27 |
48.61 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 34.83%.
Turnover has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
58.36 |
Acceptable |
Industrial Average |
95.97 |
|
Net Profit Margin |
1.77 |
Satisfactory |
Industrial Average |
1.82 |
|
Return on Assets |
1.09 |
Deteriorated |
Industrial Average |
2.71 |
|
Return on Equity |
2.02 |
Deteriorated |
Industrial Average |
8.07 |
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 58.36%. 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 1.77%. 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 1.09%.
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 2.02%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY : ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
2.00 |
Impressive |
Industrial Average |
1.52 |
|
Quick Ratio |
1.07 |
|
|
|
|
Cash Conversion Cycle |
447.83 |
|
|
|
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 times in 2013, increased from 1.95 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 1.07 times in 2013,
decreased from 1.49 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 448 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.46 |
Impressive |
Industrial Average |
0.66 |
|
Debt to Equity Ratio |
0.84 |
Impressive |
Industrial Average |
1.96 |
|
Times Interest Earned |
4.07 |
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 4.08 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 0.46 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 Downtrend
Times Interest Earned Stable
ACTIVITY :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
9.77 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.62 |
Deteriorated |
Industrial Average |
1.48 |
|
Inventory Conversion Period |
566.66 |
|
|
|
|
Inventory Turnover |
0.64 |
Deteriorated |
Industrial Average |
2.17 |
|
Receivables Conversion Period |
275.50 |
|
|
|
|
Receivables Turnover |
1.32 |
Acceptable |
Industrial Average |
1.90 |
|
Payables Conversion Period |
394.33 |
|
|
|
The company's Account Receivable Ratio is calculated as 1.32 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 210 days at the end of 2012 to
567 days at the end of 2013. This represents a negative trend. And Inventory
turnover has decreased from 1.74 times in year 2012 to 0.64 times in year 2013.
The company's Total Asset Turnover is calculated as 0.62 times and 0.67
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.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.