MIRA INFORM REPORT
|
Report No. : |
354319 |
|
Report Date : |
16.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
L. LIGHTING GLASS COMPANY LIMITED |
|
|
|
|
Registered Office : |
71/9 Moo 5, Bangna-Trad Road, K.M. 52, T. Thakam, A. Bangpakong, Chachoengsao 24130 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
10.05.1989 |
|
|
|
|
Com. Reg. No.: |
0105532043077 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in manufacturing and
servicing various kinds
of glass tubes
for lighting productions of
LED, fluorescent lamp, incandescent lamp, decorative lamp, wedge
lamp, auto lamp,
miniature lamp, refrigerator lamp,
microwave lamp, oven
lamp and etc.
The products can
also be applied
for souvenir and
bottle products. |
|
|
|
|
No. of Employee : |
300 |
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 |
|
|
|
|
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 – 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'etat, 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
L. LIGHTING GLASS COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 71/9
MOO 5, BANGNA-TRAD
ROAD, K.M. 52,
T. THAKAM,
A. BANGPAKONG,
CHACHOENGSAO 24130,
THAILAND
TELEPHONE : [66] 38
828-513-8, 38 573-118-9
FAX : [66] 38
828-314-5, 38 573-120
E-MAIL
ADDRESS : leg@loxinfo.co.th
supoj@legthai.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION
NO. : 0105532043077
TAX
ID NO. : 3101621334
CAPITAL REGISTERED : BHT. 695,000,000
CAPITAL PAID-UP : BHT.
695,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SOMCHAI OVUTHITHAM, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 300
LINES
OF BUSINESS : GLASS TUBES
MANUFACTURER,
DISTRIBUTOR AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established
on May 10,
1989 as a
private limited company
under the registered
name L. LIGHTING GLASS COMPANY LIMITED, by Thai groups, to
manufacture wide range of
glass tubes for
lighting production to
both domestic and
overseas markets. It
currently employs approximately
300 staff.
The
subject’s registered address
is 71/9 Moo 5,
Bangna-Trad Rd., K.M.
52, T. Thakam, A.
Bangpakong, Chachoengsao 24130,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somchai Ovuthitham |
|
Thai |
53 |
|
Ms. Nattaya Jitnasilp |
|
Thai |
47 |
|
Ms. Yanattha Ovuthitham |
|
Thai |
26 |
AUTHORIZED
PERSON
Any two of
the above directors can
jointly sign on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Somchai Ovuthitham is
the Managing Director.
He is Thai
nationality with the
age of 53 years old.
Ms. Nattaya Jitnasilp is
the Deputy Managing
Director/Administration Manager.
She is Thai
nationality with the
age of 47
years old.
Mr. Supoj Sukwilai is the
Marketing Manager.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject is
engaged in manufacturing
and servicing various
kinds of glass tubes for
lighting productions of LED,
fluorescent lamp, incandescent
lamp, decorative lamp, wedge lamp,
auto lamp, miniature
lamp, refrigerator lamp,
microwave lamp, oven
lamp and etc.
The products can
also be applied
for souvenir and
bottle products.
PRODUCTION
CAPACITY
6,000 tons per
month
PURCHASE
Most of raw materials
and glasses are
purchased from local
suppliers, the remaining
is imported from
Republic of China,
Taiwan, Chile, Japan,
Malaysia, Germany
and Spain.
SALES
85% of the products
is exported to
Japan, Taiwan, Korea,
Vietnam, Malaysia, Singapore, India, Republic of China,
Indonesia, Hong Kong, Myanmar,
Laos, New Zealand,
Australia, Mexico, U.S.A.,
and Europe, and
the remaining 15% is
sold locally.
MAJOR
CUSTOMERS
Philips Electronics [Thailand]
Co., Ltd. :
Thailand
Thai Toshiba Lighting
Co., Ltd. :
Thailand
LED Lighting Co.,
Ltd. : Thailand
Philips Mexicana C/O : U.S.A.
SUBSIDIARYAND
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 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.
Exports are against
L/C & T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 300 staff.
LOCATION
DETAILS
The
premise is owned for administrative office, factory and warehouse
at the heading address.
Premise is located
in provincial.
COMMENT
The
subject was formed in 1989
as a
manufacturer, distributor and
exporter of glass
tubes for lighting productions
e.g. florescent lamps and LCD
television. Its products are
mainly served to industrial
sectors both domestic and international
markets. The products
have been widely used
in many industries.
Sales
in the year
2014 had been increasing
from the previous
year due largely
on expansion of
lighting productions. Its
business has potential
in long-term prospect.
FINANCIAL
INFORMATION
The
capital was initially
registered at Bht.
70,000,000 divided into
700,000 shares of
Bht. 100
each.
The
capital was increased
later as following:
Bht. 100,000,000
on September 18,
1998
Bht. 150,000,000
on January 25,
2005
Bht. 200,000,000
on June 16,
2006
Bht. 500,000,000
on December 20,
2006
Bht. 570,000,000
on September 5,
2007
Bht. 595,000,000
on December 15,
2010
Bht. 695,000,000
on December 26,
2013
The
latest registered capital
was increased to
Bht. 695 million, divided
into 6,950,000
shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
[as
at April 30,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Somchai Ovuthitham Nationality: Thai Address : 112
Soi Suksawad 29,
Rajburana, Bangkok |
3,822,500 |
55.00 |
|
Ms. Nattaya Jinasilp Nationality: Thai Address : 122
Soi Suksawad 29,
Rajburana, Bangkok |
1,390,000 |
20.00 |
|
Ms. Yanattha Ovuthitham Nationality: Thai Address : 114
Soi Suksawad 29,
Rajburana, Bangkok |
347,500 |
5.00 |
|
Ms. Chittinand Ovuthitham Nationality: Thai Address : 112
Soi Suksawad 29,
Rajburana, Bangkok |
347,500 |
5.00 |
|
Ms. Tatchamon Ovuthitham Nationality: Thai Address : 112
Soi Suksawad 29,
Rajburana, Bangkok |
347,500 |
5.00 |
|
Mr. Teerapat Ovuthitham Nationality: Thai Address : 112
Soi Suksawad 29,
Rajburana, Bangkok |
347,500 |
5.00 |
|
Mr. Vacharapol Ovuthitham Nationality: Thai Address : 112
Soi Suksawad 29,
Rajburana, Bangkok |
347,500 |
5.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
6,950,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
6,950,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mrs. Buppha Chawapong No. 7640
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2014, 2013 & 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalent |
12,562,933.48 |
20,662,279.31 |
15,433,978.47 |
|
Trade Accounts & Notes Receivable |
131,889,443.33 |
141,968,018.80 |
145,519,992.89 |
|
Inventories |
510,557,797.71 |
540,069,380.16 |
580,655,746.41 |
|
Other Current Assets |
36,589,977.09 |
81,094,426.74 |
13,333,677.77 |
|
|
|
|
|
|
Total Current Assets
|
691,600,151.61 |
783,794,105.01 |
754,943,395.54 |
|
|
|
|
|
|
Fixed Assets |
2,774,124,226.41 |
2,210,305,948.48 |
1,156,420,445.66 |
|
Other Non-current Assets |
18,224,354.44 |
114,729,956.92 |
19,462,225.13 |
|
Total Assets |
3,483,948,732.46 |
3,108,830,010.41 |
1,930,826,066.33 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft |
36,052,918.60 |
5,760,299.93 |
30,648,952.92 |
|
Trade Accounts & Notes Payable |
340,552,768.30 |
576,620,761.34 |
197,515,195.74 |
|
Current Portion of Long-term
Loans |
158,700,000.00 |
105,600,000.00 |
121,030,000.00 |
|
Other Current Liabilities |
18,439,990.21 |
24,055,542.52 |
51,305,541.37 |
|
|
|
|
|
|
Total Current Liabilities |
553,745,677.11 |
712,036,603.79 |
400,499,690.03 |
|
|
|
|
|
|
Long-term Loan from
Financial Institution, Net |
2,355,200,000.00 |
1,676,100,000.00 |
912,700,000.00 |
|
Estimated Liabilities from Employee’s Benefit |
19,483,023.02 |
17,403,276.88 |
16,425,113.88 |
|
Total Liabilities |
2,928,428,700.13 |
2,405,539,880.67 |
1,329,624,803.91 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital 6,950,000 shares in 2014 & 2013 5,950,000 shares in 2012 |
695,000,000.00 |
695,000,000.00 |
595,000,000.00 |
|
|
|
|
|
|
Capital Paid |
695,000,000.00 |
695,000,000.00 |
595,000,000.00 |
|
Retained Earning Appropriated - statutory
reserve |
6,464,665.89 |
6,464,665.89 |
6,464,665.89 |
|
Unappropriated |
[145,944,633.56] |
1,825,463.85 |
[263,403.47] |
|
Total Shareholders' Equity |
555,520,032.33 |
703,290,129.74 |
601,201,262.42 |
|
Total Liabilities & Shareholders' Equity |
3,483,948,732.46 |
3,108,830,010.41 |
1,930,826,066.33 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales |
1,070,991,302.20 |
914,638,546.45 |
1,127,148,923.05 |
|
Other Income |
4,979,320.05 |
6,519,184.77 |
11,846,990.36 |
|
Total Revenues |
1,075,970,622.25 |
921,157,731.22 |
1,138,995,913.41 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,058,110,044.31 |
764,523,000.49 |
956,904,755.56 |
|
Selling Expenses |
76,227,407.72 |
83,206,902.45 |
85,188,439.78 |
|
Administrative Expenses |
44,354,446.51 |
42,183,274.88 |
51,519,329.38 |
|
Total Expenses |
1,178,691,898.54 |
889,913,177.82 |
1,093,612,524.72 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income Tax |
[102,721,276.29] |
31,244,553.40 |
45,383,388.69 |
|
Financial Cost |
[45,048,821.12] |
[28,299,784.01] |
[39,999,695.79] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
[147,770,097.41] |
2,944,769.39 |
5,383,692.90 |
|
Income Tax |
- |
[855,902.07] |
[1,775,935.54] |
|
|
|
|
|
|
Net Profit / [Loss] |
[147,770,097.41] |
2,088,867.32 |
3,607,757.36 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.25 |
1.10 |
1.89 |
|
QUICK RATIO |
TIMES |
0.26 |
0.23 |
0.40 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.39 |
0.41 |
0.97 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.31 |
0.29 |
0.58 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
176.12 |
257.84 |
221.48 |
|
INVENTORY TURNOVER |
TIMES |
2.07 |
1.42 |
1.65 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
44.95 |
56.65 |
47.12 |
|
RECEIVABLES TURNOVER |
TIMES |
8.12 |
6.44 |
7.75 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
117.48 |
275.29 |
75.34 |
|
CASH CONVERSION CYCLE |
DAYS |
103.59 |
39.20 |
193.27 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
98.80 |
83.59 |
84.90 |
|
SELLING & ADMINISTRATION |
% |
11.26 |
13.71 |
12.13 |
|
INTEREST |
% |
4.21 |
3.09 |
3.55 |
|
GROSS PROFIT MARGIN |
% |
1.67 |
17.13 |
16.16 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(9.59) |
3.42 |
4.03 |
|
NET PROFIT MARGIN |
% |
(13.80) |
0.23 |
0.32 |
|
RETURN ON EQUITY |
% |
(26.60) |
0.30 |
0.60 |
|
RETURN ON ASSET |
% |
(4.24) |
0.07 |
0.19 |
|
EARNING PER SHARE |
BAHT |
(21.26) |
0.30 |
0.61 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.84 |
0.77 |
0.69 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.27 |
3.42 |
2.21 |
|
TIME INTEREST EARNED |
TIMES |
(2.28) |
1.10 |
1.13 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
17.09 |
(18.85) |
|
|
OPERATING PROFIT |
% |
(428.77) |
(31.15) |
|
|
NET PROFIT |
% |
(7,174.17) |
(42.10) |
|
|
FIXED ASSETS |
% |
25.51 |
91.13 |
|
|
TOTAL ASSETS |
% |
12.07 |
61.01 |
|
ANNUAL GROWTH : SATISFACTORY
An annual sales growth is 17.09%. Turnover has increased from THB 914,638,546.45
in 2013 to THB 1,070,991,302.20 in 2014. While net profit has decreased from
THB 2,088,867.32 in 2013 to THB -147,770,097.41 in 2014. And total assets has
increased from THB 3,108,830,010.41 in 2013 to THB 3,483,948,732.46 in 2014.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
1.67 |
Deteriorated |
Industrial Average |
20.95 |
|
Net Profit Margin |
(13.80) |
Deteriorated |
Industrial Average |
(0.91) |
|
Return on Assets |
(4.24) |
Deteriorated |
Industrial Average |
(0.75) |
|
Return on Equity |
(26.60) |
Deteriorated |
Industrial Average |
(2.14) |
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 1.67%. 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 -13.8%.
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 -4.24%.
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 -26.6%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.25 |
Satisfactory |
Industrial Average |
1.60 |
|
Quick Ratio |
0.26 |
|
|
|
|
Cash Conversion Cycle |
103.59 |
|
|
|
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 1.25 times in 2014, decrease from 1.1 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 0.26 times in 2014,
decrease from 0.23 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 104 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.84 |
Acceptable |
Industrial Average |
0.65 |
|
Debt to Equity Ratio |
5.27 |
Risky |
Industrial Average |
1.89 |
|
Times Interest Earned |
(2.28) |
Risky |
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 -2.29 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.84 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 Stable
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.39 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.31 |
Deteriorated |
Industrial Average |
0.83 |
|
Inventory Conversion Period |
176.12 |
|
|
|
|
Inventory Turnover |
2.07 |
Impressive |
Industrial Average |
1.98 |
|
Receivables Conversion Period |
44.95 |
|
|
|
|
Receivables Turnover |
8.12 |
Impressive |
Industrial Average |
2.97 |
|
Payables Conversion Period |
117.48 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.12 and 6.44 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 258 days at the
end of 2013 to 176 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 1.42 times in year 2013 to 2.07 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.31 times and 0.29
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.04 |
|
|
1 |
Rs.101.67 |
|
Euro |
1 |
Rs.73.93 |
|
BHT |
1 |
Rs.1.85 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
ANK |
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.