MIRA INFORM REPORT
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Report No. : |
335934 |
|
Report Date : |
12.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHINWA INTEC
CO., LTD. |
|
|
|
|
Registered Office : |
36th Floor, Phayathai Plaza,128/395-397 Phayathai Road, Thung Phayathai, Ratchathewi, Bangkok 10400 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.08.2014 |
|
|
|
|
Date of Incorporation : |
25.02.2000 |
|
|
|
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Com. Reg. No.: |
0105543019636 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Distributor & Service Provider of
Machineries and Automation Systems. |
|
|
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|
No. of Employees : |
40 |
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 |
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|
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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 |
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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
SHINWA INTEC CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 36th FLOOR,
PHAYATHAI PLAZA,
128/395-397 PHAYATHAI
ROAD, THUNG PHAYATHAI,
RATCHATHEWI, BANGKOK
10400, THAILAND
TELEPHONE : [66] 2215-2123,
2612-0385-7, 2216-1548
FAX :
[66] 2215-2124,
2216-1543
E-MAIL
ADDRESS : -
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION
NO. : 0105543019636
TAX
ID NO. : 3030064745
CAPITAL REGISTERED : BHT. 60,834,000
CAPITAL PAID-UP : BHT.
19,708,500
SHAREHOLDER’S PROPORTION : JAPANESE
: 100%
FISCAL YEAR CLOSING DATE : AUGUST 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. YOSHIRO TAKITANI,
JAPANESE
MANAGING DIRECTOR
NO.
OF STAFF : 40
LINES OF
BUSINESS : MACHINERIES AND AUTOMATION SYSTEMS
IMPORTER, DISTRIBUTOR & 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 February 25, 2000
as a private
limited company under
the registered name
SHINWA INTEC CO.,
LTD., by Japanese group,
with the business
objective to import and distribute wide
range of industrial
machineries, factory automation
systems and related
products. It currently
employs approximately 40 staff.
The
subject is a
subsidiary of Shinwa
Co., Ltd., Japan.
The
subject’s registered address
is 36th Floor,
Phayathai Plaza, 128/395-397
Phayathai Road, Thung
Phayathai, Ratchathewi, Bangkok
10400, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Tatsuya Morioka |
|
Japanese |
62 |
|
Mr. Yoshiro Takitani |
|
Japanese |
52 |
|
Mr. Tetsuo Nemoto |
|
Japanese |
63 |
AUTHORIZED
PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Yoshiro Takitani is
the Managing Director.
He is Japanese
nationality with the
age of 52
years old.
BUSINESS
OPERATIONS
The subject
is engaged in
importing and distributing
wide range of
industrial machineries, factory
automation systems and
related products, including
industrial tools, equipments and supplies,
as well as
providing installation and
maintenance services. Its
products are supplied
to various industries,
such as automobiles,
electrical, papers, textiles,
rubbers, paints, plastic
resin industries and
etc.
PURCHASE
Most of the
product are imported
from Japan, Republic
of China, Taiwan,
U.K., and India,
the remaining is
purchased from local
suppliers.
SALES
100% of the
products is sold
locally by wholesale
to dealers and
end-users.
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 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
T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
Bank
of Tokyo Mitsubishi
UFJ Ltd.
Mizuho
Corporate Bank Ltd.
EMPLOYMENT
The
subject employs approximately
40 staff.
LOCATION
DETAILS
The
premises is rented for
administrative office at
the heading address.
Premises is located
in a prime
commercial area.
Branch
and warehouse are
located at 98/2
Moo 1, T. Nongmaidaeng, A. Muang,
Chonburi
20000.
COMMENT
The
subject’s flexible and
versatile business style
spans across material sales, industrial machines installation,
Factory Automation (FA) system
construction, and
electronics-related equipment
including system development by
exceeding expectations in
both quality of products
and services. It
has built a foundation of trust
with its customers for more than
decade.
Subject
reported outstanding performance
in the year
2014 and continue
expanding.
FINANCIAL
INFORMATION
The
capital was registered at Bht. 6,000,000
divided into 60,000 shares of
Bht. 100 each with
fully paid.
On
August 24, 2005,
registered capital was
increased to Bht.
60,834,000 divided into
608,340 shares of
Bht. 100 each, with
the current capital
paid-up at Bht.
19,708,500 or 60,000
shares of Bht.
100 each and
548,340 shares of
Bht. 25 each.
THE
SHAREHOLDERS LISTED WERE
[as at
December 31, 2014] at
Bht. 19,708,500
|
NAME |
HOLDING |
% |
|
|
|
|
|
Shinwa Co., Ltd. Nationality: Japanese Address : 2-9-3, Naeshiro, Moriyama, Nagoya, Aichi
463-0046 Japan |
607,840 |
99.92 |
|
Mr. Hirosuke Goto Nationality: Japanese Address : Japan
|
100 |
|
|
Mr. Kohei Shimokawa Nationality: Japanese Address : Japan |
100 |
|
|
Mr. Masahiko Nakamura Nationality: Japanese Address : Nagoya,
Japan |
100 |
= 0.08 |
|
Mr. Tetsuo Nemoto Nationality: Japanese Address : Nagoya,
Japan |
100 |
|
|
Mr. Tatsuya Morioka Nationality: Japanese Address : Nagoya,
Japan |
100 |
|
Total Shareholders : 6
Share Structure [as
at December 31,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - Japanese |
6 |
608,340 |
100.00 |
|
Total |
6 |
608,340 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Wachara Tamnukasetthai No.
5039
BALANCE
SHEET [BAHT]
The latest financial figures published
as at August 31,
2014, 2013 &
2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
135,669,532.87 |
73,913,271.98 |
70,052,531.92 |
|
Short-term Investment-Fixed Deposits |
- |
842,299.51 |
- |
|
Trade Accounts Receivable
|
136,039,834.44 |
82,951,564.43 |
276,925,987.18 |
|
Less: Allowance for Doubtful |
- |
- |
- |
|
Trade Accounts Receivable-Net |
136,039,834.44 |
82,951,564.43 |
276,925,987.18 |
|
Other Receivable |
2,669,449.24 |
1,697,453.15 |
1,608,828.86 |
|
Revenue Department Receivable |
833,334.25 |
1,425,328.70 |
211,870.56 |
|
Inventories |
276,855,180.31 |
170,655,098.84 |
66,382,124.20 |
|
|
5,591,269.97 |
253,639.35 |
- |
|
Other Current Assets
|
1,250,687.90 |
1,569,704.39 |
2,801,550.00 |
|
|
|
|
|
|
Total Current Assets
|
558,909,288.98 |
333,308,360.35 |
417,982,892.72 |
|
Cash at Bank pledged as a Collateral |
- |
2,000,000.00 |
- |
|
Investment in Subsidiaries |
29,757,335.84 |
18,557,335.84 |
8,587,735.84 |
|
Fixed Assets |
13,543,711.19 |
13,186,653.62 |
12,468,681.10 |
|
Golf Member |
546,512.07 |
738,871.67 |
931,231.27 |
|
Other Non - current Assets |
3,048,396.14 |
2,404,044.79 |
794,644.79 |
|
Total Assets |
605,805,244.22 |
370,195,266.27 |
440,765,185.72 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts Payable
|
27,096,914.97 |
26,623,871.36 |
74,338,042.79 |
|
Trade Accounts Payable - Related Company |
202,955,613.99 |
103,984,280.21 |
181,250,725.36 |
|
Prepayment to Related Company |
1,126,300.74 |
1,945,553.39 |
2,859,166.28 |
|
Other Payable |
4,887,351.87 |
2,773,929.81 |
1,725,554.27 |
|
Revenue Department Payable |
- |
- |
8,001,033.86 |
|
Advance Receipt for Goods |
85,367,462.84 |
6,495,203.03 |
8,340,681.67 |
|
Accrued Income Tax |
6,053,279.30 |
14,922,629.42 |
12,530,457.92 |
|
Other Current Liabilities |
3,904,311.94 |
918,497.02 |
866,246.53 |
|
|
|
|
|
|
Total Current Liabilities |
331,391,235.65 |
157,663,964.24 |
289,911,908.68 |
|
|
|
|
|
|
Provision for Employee
Benefits |
1,610,069.00 |
1,212,007.00 |
1,000,000.00 |
|
Total Liabilities |
333,001,304.65 |
158,875,971.24 |
290,911,908.68 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital
608,340 shares |
60,834,000.00 |
60,834,000.00 |
60,834,000.00 |
|
|
|
|
|
|
Capital Paid |
19,708,500.00 |
19,708,500.00 |
19,708,500.00 |
|
Retained Earnings: Appropriated for Statutory
Reserve |
6,083,400.00 |
6,083,400.00 |
6,083,400.00 |
|
Unappropriated |
247,012,039.57 |
185,527,395.03 |
124,061,377.04 |
|
Total Shareholders' Equity |
272,803,939.57 |
211,319,295.03 |
149,853,277.04 |
|
Total Liabilities & Shareholders' Equity |
605,805,244.22 |
370,195,266.27 |
440,765,185.72 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales & Services Income |
1,341,615,235.32 |
998,058,779.65 |
856,542,447.69 |
|
Other Income |
6,982,362.03 |
11,966,771.87 |
9,484,504.44 |
|
Total Revenues |
1,348,597,597.35 |
1,010,025,551.52 |
866,026,952.13 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
1,158,383,584.78 |
818,940,662.18 |
739,991,686.41 |
|
Selling Expenses |
15,044,272.87 |
13,503,008.17 |
13,590,259.18 |
|
Administrative Expenses |
57,682,616.38 |
45,190,201.69 |
36,913,973.18 |
|
Total Expenses |
1,231,110,474.03 |
877,633,872.04 |
790,495,918.77 |
|
Profit / [Loss] before Income
Tax |
117,487,123.32 |
132,391,679.48 |
75,531,033.36 |
|
Income Tax |
[23,869,578.78] |
[30,925,661.49] |
[22,963,860.05] |
|
|
|
|
|
|
Net Profit / [Loss] |
93,617,544.54 |
101,466,017.99 |
52,567,173.31 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.69 |
2.11 |
1.44 |
|
QUICK RATIO |
TIMES |
0.83 |
1.02 |
1.20 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
99.06 |
75.69 |
68.70 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.21 |
2.70 |
1.94 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
87.24 |
76.06 |
32.74 |
|
INVENTORY TURNOVER |
TIMES |
4.18 |
4.80 |
11.15 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
37.01 |
30.34 |
118.01 |
|
RECEIVABLES TURNOVER |
TIMES |
9.86 |
12.03 |
3.09 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
8.54 |
11.87 |
36.67 |
|
CASH CONVERSION CYCLE |
DAYS |
115.71 |
94.53 |
114.08 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
86.34 |
82.05 |
86.39 |
|
SELLING & ADMINISTRATION |
% |
5.42 |
5.88 |
5.90 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
14.18 |
19.15 |
14.71 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
8.76 |
13.26 |
8.82 |
|
NET PROFIT MARGIN |
% |
6.98 |
10.17 |
6.14 |
|
RETURN ON EQUITY |
% |
34.32 |
48.02 |
35.08 |
|
RETURN ON ASSET |
% |
15.45 |
27.41 |
11.93 |
|
EARNING PER SHARE |
BAHT |
475.01 |
514.83 |
266.72 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.55 |
0.43 |
0.66 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.22 |
0.75 |
1.94 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
34.42 |
16.52 |
|
|
OPERATING PROFIT |
% |
(11.26) |
75.28 |
|
|
NET PROFIT |
% |
(7.74) |
93.02 |
|
|
FIXED ASSETS |
% |
2.71 |
5.76 |
|
|
TOTAL ASSETS |
% |
63.64 |
(16.01) |
|
ANNUAL
GROWTH: SATISFACTORY
An annual sales growth is 34.42%. Turnover has increased from THB 998,058,779.65
in 2013 to THB 1,341,615,235.32 in 2014. While net profit has decreased from
THB 101,466,017.99 in 2013 to THB 93,617,544.54 in 2014. And total assets has
increased from THB 370,195,266.27 in 2013 to THB 605,805,244.22 in 2014.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
14.18 |
Deteriorated |
Industrial
Average |
41.60 |
|
Net Profit Margin |
6.98 |
Impressive |
Industrial
Average |
5.75 |
|
Return on Assets |
15.45 |
Impressive |
Industrial
Average |
14.22 |
|
Return on Equity |
34.32 |
Impressive |
Industrial
Average |
25.71 |
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 14.18%. 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 6.98%, 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 15.45%, 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 34.32%,
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 |
1.69 |
Acceptable |
Industrial
Average |
2.46 |
|
Quick Ratio |
0.83 |
|
|
|
|
Cash Conversion Cycle |
115.71 |
|
|
|
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 1.69 times in 2014, decreased from 2.11 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 0.83 times in 2014,
decreased from 1.02 times, by excluding inventory, the company may have
problems meeting current liabilities.
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 116 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.55 |
Acceptable |
Industrial
Average |
0.42 |
|
Debt to Equity Ratio |
1.22 |
Risky |
Industrial
Average |
0.73 |
|
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 0.55 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 |
99.06 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
2.21 |
Satisfactory |
Industrial
Average |
2.47 |
|
Inventory Conversion Period |
87.24 |
|
|
|
|
Inventory Turnover |
4.18 |
Acceptable |
Industrial
Average |
5.64 |
|
Receivables Conversion Period |
37.01 |
|
|
|
|
Receivables Turnover |
9.86 |
Impressive |
Industrial
Average |
7.34 |
|
Payables Conversion Period |
8.54 |
|
|
|
The company's Account Receivable Ratio is calculated as 9.86 and 12.03
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 decreased from 2013. This would suggest the company had deteriorated 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 increased from 76 days at the
end of 2013 to 87 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 4.8 times in year 2013 to 4.18 times
in year 2014.
The company's Total Asset Turnover is calculated as 2.21 times and 2.7
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.64.76 |
|
|
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.