MIRA INFORM REPORT
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Report No. : |
336303 |
|
Report Date : |
12.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
HWATAI INDUSTRY
COMPANY LIMITED |
|
|
|
|
Registered Office : |
582 Moo 14, Bangpoo Industrial Estate, Sukhumvit Road, Praeksa, Muang, Samutprakarn 10280 |
|
|
|
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Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
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Date of Incorporation : |
06.11.1991 |
|
|
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Com. Reg. No.: |
0105534105606 |
|
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|
Legal Form : |
Private Limited Company |
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|
|
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Line of Business : |
Manufacturer, Distributor and Exporter of Dyestuffs. |
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No. of Employees : |
54 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
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, and generally pro-investment policies Thailand has historically had a
strong economy due in part to competitive industrial and agriculture exports -
mostly electronics, agricultural commodities, automobiles and parts, and
processed foods. The economy experienced slow growth and declining exports in
2014, in part due to domestic political turmoil and sluggish global demand.
With full employment, Thailand attracts an estimated 2-4 million migrant
workers from neighboring countries, and faces labor shortages. Following the
May 2014 coup d’tat, tourism decreased 6-7% but is beginning to recover. The
household debt to GDP ratio is over 80%. 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 baht has
remained stable.
|
Source
: CIA |
Company name and Address
HWATAI INDUSTRY COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 582
MOO 14, BANGPOO
INDUSTRIAL ESTATE,
SUKHUMVIT ROAD,
PRAEKSA, MUANG,
SAMUTPRAKARN 10280,
THAILAND
TELEPHONE : [66] 2709-4996-8,
2709-6991-3
FAX :
[66] 2709-3946,
2323-0868
E-MAIL
ADDRESS : sales@hwa-tai.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1991
REGISTRATION
NO. : 0105534105606
TAX
ID NO. : 3011031193
CAPITAL REGISTERED : BHT. 158,000,000
CAPITAL PAID-UP : BHT.
158,000,000
SHAREHOLDER’S PROPORTION : THAI :
95.00%
CHINESE :
5.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MS.
YASINEE APITANOTAI, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 54
LINES
OF BUSINESS : DYESTUFFS
MANUFACTURER,
DISTRIBUTOR AND EXPORTER
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 November 6,
1991 as a
private limited company
under the name
style HWATAI INDUSTRY
COMPANY LIMITED, by
Thai and Chinese
groups, in order
to manufacture and
distribute wide range
of dyestuff to
both domestic and
international markets.
It achieved the
ISO 9002 : 1994 certification, with
the certificate No. B2000-013
by
BQR & ANSI-RAB. It
currently employs 54
staff.
The
subject’s registered address
is 582 Moo
14, Bangpoo Industrial
Estate, Sukhumvit Rd.,
Praeksa, Muang, Samutprakarn
10280, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pasit Apitanotai |
[x] |
Thai |
60 |
|
Mr. Chue Wei Chang |
|
Chinese |
46 |
|
Mrs. Nontaya Apitanotai |
[x] |
Thai |
58 |
|
Ms. Yasinee Apitanotai |
[x] |
Thai |
32 |
AUTHORIZED
PERSON
Anyone of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Ms. Yasinee Apitanotai is
the Managing Director.
She is Thai
nationality with the
age of 32
years old.
BUSINESS
OPERATIONS
The subject is
engaged in manufacturing
and distributing wide
range of dyestuffs
as follows:
Product Brand
Acid Dyes “Halon”, “Halan”, “Hellonol”,
“Hellonolset”
Disperse Dyes “Hellocron”
Reactive Dyes “Helllofix”
Direct Dyes “Hello Direct”
PURCHASE
Most of raw
materials and chemicals
are purchased from
local suppliers, the
remaining is
imported from Taiwan, Republic of
China, Germany, Singapore
and Malaysia.
MAJOR SUPPLIERS
Taiwan
Dyestuffs & Pigments
Corp. : Taiwan
Siam
Pro Trading Co.,
Ltd. : Thailand
SALES
80% of the
products is sold
locally by wholesale
to dealers, manufacturers
and end-users, and
the remaining 20%
is exported to
Republic of China,
Indonesia, Vietnam, Malaysia,
India, Bangladesh, Singapore,
Hong Kong, Japan
Australia and Taiwan.
RELATED AND AFFILIATED COMPANY
Siam Pro Dyechem
Group Co., Ltd.
Business Type :
Manufacturer and distributor
of textile chemical
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 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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject currently employs
54 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is located
in industrial area.
Branch/Warehouse:
1/108
Moo 2, Thonburi-Pakthor Road,
Thasai, Muang, Samutsakorn
74000.
COMMENT
The
subject’s sales in 2014 was outstanding,
despite slow market
had seen for
several months. In
2015 the market
remains slow growth,
as well as
subject’s business performance
is likely to grow at
slow pace.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000
shares of Bht. 100
each.
The
capital was increased
later as following:
Bht. 45,000,000
on January 13,
1992
Bht. 115,000,000
on June 27,
1994
Bht. 158,000,000
on November 29,
1999
The
latest registered capital
was increased to
Bht. 158 million, divided
into 15,800,000 shares
of Bht. 10
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
[as
at April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pasit Apitanotai Nationality: Thai Address : 701/1606
Pattanakarn 30 Rd.,
Suanluang, Bangkok |
7,900,000 |
50.00 |
|
Mrs. Nontaya Apitanotai Nationality: Thai Address : 2031 Moo
9, Samrongnua, Muang,
Samutprakarn |
4,740,000 |
30.00 |
|
Ms. Yasinee Apitanotai Nationality: Thai Address : 701/1606
Pattanakarn 30 Rd.,
Suanluang, Bangkok |
790,000 |
5.00 |
|
Mr. Thitipong Apitanotai Nationality: Thai Address : 701/1606
Pattanakarn 30 Rd.,
Suanluang, Bangkok |
790,000 |
5.00 |
|
Mr. Krongwich Apitanotai Nationality: Thai Address : 701/1606
Pattanakarn 30 Rd.,
Suanluang, Bangkok |
790,000 |
5.00 |
|
Mr. Chue Wei Chang Nationality: Chinese Address : 16/80
Srinakarin Rd., Nongbon,
Praves, Bangkok |
474,000 |
3.00 |
|
Mrs. Chue Hui Chang Nationality: Chinese Address : 16/80
Srinakarin Rd., Nongbon,
Praves, Bangkok |
316,000 |
2.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
15,010,000 |
95.00 |
|
Foreign - Chinese |
2 |
790,000 |
5.00 |
|
Total |
7 |
15,800,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Patcharat
Thanapornbenyapat No. 11528
BALANCE
SHEET [BAHT]
The latest financial figures published as
at December 31,
2014, 2013 &
2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
10,476,260.82 |
8,041,271.69 |
6,070,911.52 |
|
Short-term Investments |
5,000,000.00 |
- |
- |
|
Trade Accounts and
Other Receivable |
186,432,920.97 |
122,331,890.24 |
75,169,351.12 |
|
Inventories |
323,249,649.84 |
225,249,623.35 |
160,600,153.13 |
|
Value Added Tax Receivable |
2,856,408.77 |
531,005.22 |
- |
|
Other Current Assets
|
7,038,553.90 |
18,635,314.68 |
733,606.10 |
|
|
|
|
|
|
Total Current Assets
|
535,053,794.30 |
374,789,105.18 |
242,574,021.87 |
|
Fixed Assets |
54,208,003.83 |
55,962,098.63 |
62,939,540.04 |
|
Other Non-current Assets |
194,961.51 |
194,940.23 |
194,906.10 |
|
Total Assets |
589,456,759.64 |
430,946,144.04 |
305,708,468.01 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
292,148,626.00 |
210,221,410.61 |
111,806,239.92 |
|
Trade Accounts and
Other Payable |
68,703,869.85 |
28,925,028.41 |
5,185,613.67 |
|
Current Portion of Long-term Liabilities |
533,434.52 |
585,493.02 |
1,943,901.07 |
|
Short-term Loan from Related
Company |
78,143,994.00 |
80,428,139.00 |
96,453,576.25 |
|
Accrued Income Tax |
5,080,806.56 |
3,080,236.53 |
2,557,979.52 |
|
Other Current Liabilities |
124,774.54 |
89,149.97 |
670,367.65 |
|
|
|
|
|
|
Total Current Liabilities |
444,735,505.47 |
323,329,457.54 |
218,617,678.08 |
|
|
|
|
|
|
Long-term Loans |
788,551.33 |
182,967.20 |
782,764.50 |
|
Total Liabilities |
445,524,056.80 |
323,512,424.74 |
219,400,442.58 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value Authorized and
issued share capital
15,800,000 shares |
158,000,000.00 |
158,000,000.00 |
158,000,000.00 |
|
|
|
|
|
|
Capital Paid |
158,000,000.00 |
158,000,000.00 |
158,000,000.00 |
|
Retained Earnings Unappropriated [Deficit] |
[14,067,297.16] |
[50,566,280.70] |
[71,691,974.57] |
|
Total Shareholders' Equity |
143,932,702.84 |
107,433,719.30 |
86,308,025.43 |
|
Total Liabilities & Shareholders' Equity |
589,456,759.64 |
430,946,144.04 |
305,708,468.01 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
590,751,872.79 |
356,741,604.89 |
298,928,849.43 |
|
Other Income |
3,038,622.50 |
954,472.81 |
4,727,552.92 |
|
Total Revenues |
593,790,495.29 |
357,696,077.70 |
303,656,402.35 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
497,151,462.41 |
279,151,887.16 |
244,310,865.87 |
|
Selling Expenses |
17,043,238.56 |
15,223,904.89 |
15,181,510.31 |
|
Administrative Expenses |
26,955,262.52 |
23,192,865.73 |
19,478,577.55 |
|
Other Expenses |
851,353.48 |
9,783,309.10 |
- |
|
Total Expenses |
542,001,316.97 |
327,351,966.88 |
278,970,953.73 |
|
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
51,789,178.32 |
30,344,110.82 |
24,685,448.62 |
|
Financial Costs |
[5,793,388.22] |
[3,348,180.42] |
[3,782,526.40] |
|
Profit before Income
Tax |
45,995,790.10 |
26,995,930.40 |
20,902,922.22 |
|
Income Tax |
[9,496,806.56] |
[5,870,236.53] |
[5,179,979.52] |
|
|
|
|
|
|
Net Profit / [Loss] |
36,498,983.54 |
21,125,693.87 |
15,722,942.70 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.20 |
1.16 |
1.11 |
|
QUICK RATIO |
TIMES |
0.45 |
0.40 |
0.37 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10.90 |
6.37 |
4.75 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.00 |
0.83 |
0.98 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
237.32 |
294.52 |
239.94 |
|
INVENTORY TURNOVER |
TIMES |
1.54 |
1.24 |
1.52 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
115.19 |
125.16 |
91.78 |
|
RECEIVABLES TURNOVER |
TIMES |
3.17 |
2.92 |
3.98 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
50.44 |
37.82 |
7.75 |
|
CASH CONVERSION CYCLE |
DAYS |
302.07 |
381.86 |
323.97 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
84.16 |
78.25 |
81.73 |
|
SELLING & ADMINISTRATION |
% |
7.45 |
10.77 |
11.59 |
|
INTEREST |
% |
0.98 |
0.94 |
1.27 |
|
GROSS PROFIT MARGIN |
% |
16.36 |
22.02 |
19.85 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.77 |
8.51 |
8.26 |
|
NET PROFIT MARGIN |
% |
6.18 |
5.92 |
5.26 |
|
RETURN ON EQUITY |
% |
25.36 |
19.66 |
18.22 |
|
RETURN ON ASSET |
% |
6.19 |
4.90 |
5.14 |
|
EARNING PER SHARE |
BAHT |
2.31 |
1.34 |
1.00 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.76 |
0.75 |
0.72 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.10 |
3.01 |
2.54 |
|
TIME INTEREST EARNED |
TIMES |
8.94 |
9.06 |
6.53 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
65.60 |
19.34 |
|
|
OPERATING PROFIT |
% |
70.67 |
22.92 |
|
|
NET PROFIT |
% |
72.77 |
34.36 |
|
|
FIXED ASSETS |
% |
(3.13) |
(11.09) |
|
|
TOTAL ASSETS |
% |
36.78 |
40.97 |
|
ANNUAL
GROWTH: IMPRESSIVE
An annual sales growth is 65.6%. Turnover has increased from THB 356,741,604.89
in 2013 to THB 590,751,872.79 in 2014. While net profit has increased from THB
21,125,693.87 in 2013 to THB 36,498,983.54 in 2014. And total assets has
increased from THB 430,946,144.04 in 2013 to THB 589,456,759.64 in 2014.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
16.36 |
Impressive |
Industrial
Average |
5.14 |
|
Net Profit Margin |
6.18 |
Impressive |
Industrial
Average |
3.65 |
|
Return on Assets |
6.19 |
Acceptable |
Industrial Average |
11.03 |
|
Return on Equity |
25.36 |
Impressive |
Industrial
Average |
18.62 |
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
16.36%. 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
6.18%, 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. When compared with the
industry average, it was lower, the company's figure is 6.19%.
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 25.36%, 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 : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.20 |
Acceptable |
Industrial
Average |
1.99 |
|
Quick Ratio |
0.45 |
|
|
|
|
Cash Conversion Cycle |
302.07 |
|
|
|
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 1.2 times in 2014, increased from 1.16 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 0.45 times in 2014,
increased from 0.4 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 303 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.76 |
Acceptable |
Industrial
Average |
0.32 |
|
Debt to Equity Ratio |
3.10 |
Risky |
Industrial
Average |
0.48 |
|
Times Interest Earned |
8.94 |
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 higher the percentage means that the company is using less
equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 8.94 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 0.76 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 :
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
10.90 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.00 |
Deteriorated |
Industrial
Average |
3.02 |
|
Inventory Conversion Period |
237.32 |
|
|
|
|
Inventory Turnover |
1.54 |
Deteriorated |
Industrial
Average |
13.64 |
|
Receivables Conversion Period |
115.19 |
|
|
|
|
Receivables Turnover |
3.17 |
Deteriorated |
Industrial
Average |
15.69 |
|
Payables Conversion Period |
50.44 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.17 and 2.92 in
2014 and 2013 respectively. This ratio measures the efficiency of the company in
managing its trade debtors to generate revenue. A lower ratio may indicate over
extension and collection problems. Conversely, a higher ratio may indicate an
overtly stringent policy. In this case, the company's A/R ratio in 2014
increased from 2013. This would suggest the company had good performance in the
management of its debt collections.
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 295 days at the
end of 2013 to 237 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 1.24 times in year 2013 to 1.54 times
in year 2014.
The company's Total Asset Turnover is calculated as 1 times and 0.83
times in 2014 and 2013 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.64.17 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.70.36 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.