MIRA INFORM REPORT
|
Report No. : |
355336 |
|
Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
DARAMIC [THAILAND] LIMITED |
|
|
|
|
Registered Office : |
227 Moo 7, 304 Industrial Park, T. Thatoom, A. Srimahaphote, Prachinburi 25140, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
21.01.1997 |
|
|
|
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Com. Reg. No.: |
0105540007581 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Plastic Sheets For Battery Inner Separation |
|
|
|
|
No. of Employees : |
320 |
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 : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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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'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
DARAMIC [THAILAND]
LIMITED
SUMMARY
BUSINESS
ADDRESS : 227
MOO 7, 304
INDUSTRIAL PARK,
T.
THATOOM, A. SRIMAHAPHOTE,
PRACHINBURI 25140,
THAILAND
TELEPHONE : [66] 38
270-800
FAX :
[66] 38
270-888, 37 270-889
E-MAIL
ADDRESS : tnwangwan@daramic.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1997
REGISTRATION
NO. : 0105540007581
TAX
ID NO. : 3011809228
CAPITAL REGISTERED : BHT. 936,000,000
CAPITAL PAID-UP : BHT.
936,000,000
SHAREHOLDER’S PROPORTION : FOREIGN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PUVANATH WIPUTHANUPHONGS, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 320
LINES OF
BUSINESS : PLASTIC
SHEETS FOR BATTERY INNER ` SEPARATION
MANUFACTURER,
DISTRIBUTOR AND EXPORTER
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 January 21, 1997 as
a private limited
company under the
registered name DARAMIC
[THAILAND] LIMITED by
foreign groups, with the
business objective to
manufacture plastic sheets
for automobile battery inner
separation to both
domestic and overseas
markets. The subject has
been granted a
promotional privilege for
investment by the Board of Investment [BOI].
It currently employs
approximately 320 staff.
Subject
is a wholly
owned subsidiary of Polypore
Acquisition GmbH., Germany.
The
subject’s registered address
is 227 Moo
7, 304 Industrial
Park, T. Thatoom,
A. Srimahaphote, Prachinburi
25140, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Lynn Keith Amos |
|
American |
50 |
|
Mr. Robert Bryan Toth |
|
American |
55 |
|
Mr. Puvanath Wiputhanuphongs |
[x] |
Thai |
58 |
|
Mr. Peter Alfred Smith |
|
American |
49 |
AUTHORIZED
PERSON
The above director
[x] can jointly
sign with one
of the rest
directors on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Puvanath Wiputhanuphongs is
the Managing Director.
He is Thai
nationality with the
age of 58
years old.
Mr. Songkrit Ubonchinda is
the Production Manager.
He is Thai nationality.
Mr. Saeng Saelaow
is the Sales
& Marketing Manager.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting plastic
sheets for automobile
battery inner separation.
Its products are
Polyethylene Separators, Plastic
Separator and etc., under
the brand names
“DARAMIC” and “DARAK”,
as well as providing
manufacturing service of
the products according to
customer’s requirement.
PRODUCTION CAPACITY
Approximately 89,000,000 square
meters per annum
BRAND NAMES
“DARAMIC” and “DARAK”
PURCHASE
Most of raw
materials mainly PVC resins [PE]
are purchased from
local suppliers, and
the remaining is imported from Germany,
U.S.A., Republic of
China, Singapore, Malaysia
and Japan.
MAJOR SUPPLIERS
IRPC Public Company
Limited : Thailand
Polypore International Inc. : U.S.A.
Polypore Acquisition GmbH. : Germany
Daramic Asia Inc. : U.S.A.
SALES
90% of the products
is exported to Australia, U.S.A., Republic of China,
Taiwan, Malaysia, India,
Indonesia, Japan, Korea,
Singapore and European
countries, and the
remaining 10% is
sold and serviced
locally.
MAJOR CUSTOMER
Sorfin Yoshimura Tokyo
Ltd. : Japan
Daramic Inc. : U.S.A.
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 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.
Exports are against
T/T.
BANKING
The Siam Commercial
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
320 office staff
and factory workers.
LOCATION
DETAILS
The
premise is owned
for administrative office
and factory on
624,000 square meters
of land at the
heading address. Premise
is located in
industrial area.
Branches :
-
108 Moo 1, T.
Ladtakian, A. Kabinburi, Prachinburi
25110
-
719/4
Moo 1, T. Nongkam,
A. Sriracha, Chonburi 20280
-
1/1 Moo 2, T. Khaohinsorn, A. Panomsarakam, Chachoengsao
24120
COMMENT
The company manufactures
and markets specialized
in plastic sheets
for battery inner
separation for automobile industry. Its
products are Polyethylene Separators, Plastic Separator and
etc. The products
and technologies are used
in primary segments such as
energy storage. The energy storage segment is
lithium batteries and
lead-acid batteries. Lithium batteries
are the power source
in a wide variety
of electronics applications
ranging from notebook
computers and mobile
phones to cordless power
tools, and are emerging in
applications such as electric
drive vehicle
("EDV") and electricity grid
storage.
The company produces a variety of separation and filtration products for end-markets with attractive growth characteristics, which in many cases are supported by a growing recurring revenue base. Subject maintains its solid business.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 200,000 shares
of Bht. 5 each.
The
capital was increased
later as following:
Bht. 736,000,000 on
January 6, 1998
Bht. 936,000,000 on
October 18, 2005
The
latest registered capital
was increased to
Bht. 936,000,000 divided into
187,200,000 shares of
Bht. 5 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as at April
30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Polypore Acquisition GmbH. Nationality: German Address : Germany |
187,199,994 |
100.00 |
|
Daramic Asia Inc. Nationality: American Address : Burlington
M.A., U.S.A. |
1 |
- |
|
Mr. Peter Alfred Smith Nationality: American Address : North
Carolina, U.S.A. |
1 |
- |
|
Mr. Lynn Keith Amos Nationality: American Address : New
Jersey U.S.A. |
1 |
- |
|
Mr. Robert Bryan Toth Nationality: American Address : 227
Moo 7, T. Thatoom,
A.Srimahaphote, Prachinburi |
1 |
- |
|
Mr. Puvanath Wiputhanuphongs Nationality: Thai Address : 71/549
Moo 4, T. Lakhok,
A. Muang, Pathumthani |
1 |
- |
|
Mr. James Robert Whitsett Nationality: American Address : New
Jersey, U.S.A. |
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
1 |
1 |
- |
|
Foreign |
6 |
187,199,999 |
100.00 |
|
Total |
7 |
187,200,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Kamolthip
Lertvitvorathep No. 4377
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 |
285,002,941 |
201,088,436 |
172,957,243 |
|
Trade Accounts &
Other Receivable |
491,783,386 |
470,950,788 |
461,952,680 |
|
Current Portion of Long-term
Loan |
162,977,870 |
- |
- |
|
Inventories |
211,418,245 |
224,604,273 |
263,338,623 |
|
Other Current Assets
|
10,565,509 |
16,915,024 |
16,097,711 |
|
|
|
|
|
|
Total Current Assets
|
1,161,747,951 |
913,558,521 |
914,346,257 |
|
Cash at Bank pledged as a Collateral |
2,737,000 |
2,737,000 |
2,737,000 |
|
Long-term Loan to Related Company |
435,667,672 |
423,060,660 |
165,034,020 |
|
Fixed Assets |
698,830,649 |
762,718,099 |
856,262,786 |
|
Other Non-current Assets |
725,735 |
708,080 |
489,080 |
|
Total Assets |
2,299,709,007 |
2,102,782,360 |
1,938,869,143 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
170,231,784 |
169,018,697 |
137,547,089 |
|
Accrued Income Tax |
10,131,458 |
6,640,861 |
- |
|
Accrued Expenses |
36,373,373 |
28,251,149 |
27,057,021 |
|
Other Current Liabilities |
9,742,515 |
4,357,040 |
14,418,008 |
|
|
|
|
|
|
Total Current Liabilities |
226,479,130 |
208,267,747 |
179,022,118 |
|
Provision for Employee Benefits
|
12,171,657 |
13,110,463 |
11,070,451 |
|
Total Liabilities |
238,650,787 |
221,378,210 |
190,092,569 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 5
par value authorized, issued
and fully paid share
capital 187,200,000 shares |
936,000,000 |
936,000,000 |
936,000,000 |
|
|
|
|
|
|
Capital Paid |
936,000,000 |
936,000,000 |
936,000,000 |
|
Retained Earnings: Appropriated for Statutory Reserve |
66,313,066 |
59,293,066 |
51,805,066 |
|
Unappropriated |
1,058,745,154 |
886,111,084 |
760,971,508 |
|
Total Shareholders' Equity |
2,061,058,220 |
1,881,404,150 |
1,748,776,574 |
|
Total Liabilities & Shareholders' Equity |
2,299,709,007 |
2,102,782,360 |
1,938,869,143 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
1,981,245,683 |
1,721,441,208 |
1,721,808,498 |
|
Gain on Exchange Rate |
- |
78,672,068 |
- |
|
Other Income |
18,521,484 |
11,555,349 |
7,576,804 |
|
Total Revenues |
1,999,767,167 |
1,811,668,025 |
1,729,385,302 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,324,153,008 |
1,279,400,705 |
1,238,364,740 |
|
Selling Expenses |
88,907,770 |
78,642,340 |
94,794,016 |
|
Administrative Expenses |
172,794,278 |
160,808,877 |
144,555,639 |
|
Loss on Exchange Rate |
71,580,995 |
- |
9,094,273 |
|
Total Expenses |
1,657,436,051 |
1,518,851,922 |
1,486,808,668 |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
342,331,116 |
292,816,703 |
242,576,634 |
|
Income Tax |
[22,277,050] |
[10,429,132] |
[10,821,292] |
|
|
|
|
|
|
Net Profit / [Loss] |
320,054,066 |
282,387,571 |
231,755,342 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
5.13 |
4.39 |
5.11 |
|
QUICK RATIO |
TIMES |
4.15 |
3.23 |
3.55 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.84 |
2.26 |
2.01 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.86 |
0.82 |
0.89 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
58.28 |
64.08 |
77.62 |
|
INVENTORY TURNOVER |
TIMES |
6.26 |
5.70 |
4.70 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
90.60 |
99.86 |
97.93 |
|
RECEIVABLES TURNOVER |
TIMES |
4.03 |
3.66 |
3.73 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
46.92 |
48.22 |
40.54 |
|
CASH CONVERSION CYCLE |
DAYS |
101.95 |
115.71 |
135.00 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
66.83 |
74.32 |
71.92 |
|
SELLING & ADMINISTRATION |
% |
13.21 |
13.91 |
13.90 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
34.10 |
30.92 |
28.52 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
17.28 |
17.01 |
14.09 |
|
NET PROFIT MARGIN |
% |
16.15 |
16.40 |
13.46 |
|
RETURN ON EQUITY |
% |
15.53 |
15.01 |
13.25 |
|
RETURN ON ASSET |
% |
13.92 |
13.43 |
11.95 |
|
EARNING PER SHARE |
BAHT |
1.71 |
1.51 |
1.24 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.10 |
0.11 |
0.10 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.12 |
0.12 |
0.11 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
15.09 |
(0.02) |
|
|
OPERATING PROFIT |
% |
16.91 |
20.71 |
|
|
NET PROFIT |
% |
13.34 |
21.85 |
|
|
FIXED ASSETS |
% |
(8.38) |
(10.92) |
|
|
TOTAL ASSETS |
% |
9.37 |
8.45 |
|
ANNUAL
GROWTH: IMPRESSIVE
An annual sales growth is 15.09%. Turnover has increased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
34.10 |
Impressive |
Industrial
Average |
6.40 |
|
Net Profit Margin |
16.15 |
Impressive |
Industrial
Average |
6.53 |
|
Return on Assets |
13.92 |
Impressive |
Industrial
Average |
8.31 |
|
Return on Equity |
15.53 |
Impressive |
Industrial
Average |
13.76 |
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 34.1%. 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 16.15%,
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
13.92%, 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 15.53%, 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 :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
5.13 |
Impressive |
Industrial
Average |
1.92 |
|
Quick Ratio |
4.15 |
|
|
|
|
Cash Conversion Cycle |
101.95 |
|
|
|
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 5.13 times in 2014, increased from 4.39 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 4.15 times in 2014,
increased from 3.23 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 102 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.10 |
Impressive |
Industrial
Average |
0.36 |
|
Debt to Equity Ratio |
0.12 |
Impressive |
Industrial
Average |
0.56 |
|
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 0.1 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 :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.84 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.86 |
Acceptable |
Industrial Average |
1.27 |
|
Inventory Conversion Period |
58.28 |
|
|
|
|
Inventory Turnover |
6.26 |
Impressive |
Industrial
Average |
4.98 |
|
Receivables Conversion Period |
90.60 |
|
|
|
|
Receivables Turnover |
4.03 |
Satisfactory |
Industrial
Average |
4.84 |
|
Payables Conversion Period |
46.92 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.03 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 decreased from 64 days at the
end of 2013 to 58 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 5.7 times in year 2013 to 6.26 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.86 times and 0.82
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 Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.30 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.72.33 |
|
Thai Baht |
1 |
Rs.1.84 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.