MIRA INFORM REPORT
|
Report No. : |
357156 |
|
Report Date : |
25.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
CARTINO GELATIN
CO., LTD. |
|
|
|
|
Formerly Known As : |
GELTECH CO., LTD. |
|
|
|
|
Registered Office : |
111 Moo 2,
Soi Pudsri, Prakasa
Road, Prakasa, Muang,
Samutprakarn 10280 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
25.09.2000 |
|
|
|
|
Com. Reg. No.: |
0115543006119 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is
engaged in manufacturing and distributing gelatin
and pure gelatin
for functional beverage, foods & pharmaceuticals, cosmetics,
and supplement food
productions, as well
as manufacturing and distributing collagen
supplement food products. |
|
|
|
|
No. of Employees : |
120 |
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 |
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, 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
CARTINO GELATIN
CO., LTD.
[FORMER: GELTECH CO., LTD.]
SUMMARY
BUSINESS ADDRESS : 111 MOO 2,
SOI PUDSRI, PRAKASA
ROAD, PRAKASA,
MUANG, SAMUTPRAKARN
10280, THAILAND
TELEPHONE : [66] 2728-5427-30
FAX : [66] 2728-5431
E-MAIL ADDRESS : sales@cartinogelatin.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 2000
REGISTRATION NO. : 0115543006119
TAX ID NO. : 3030440105
CAPITAL REGISTERED : BHT.
100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. THONGCHAI TAWEECHOKSAPSIN, THAI
MANAGING DIRECTOR
NO. OF STAFF : 120
LINES OF BUSINESS : GELATIN, PURE
COLLAGEN AND COLLAGEN
SUPPLEMENT FOOD
PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
|
|
|
CORPORATE PROFILE |
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on September
25, 2000 as
a private limited
company under the originally
registered name “Geltech
Co., Ltd.” by
Thai groups. On
March 15, 2006,
its registered name was changed
to CARTINO GELATIN
CO., LTD. Its business
objective is to manufacture and
distribute gelatin, pure
collagen and collagen supplement
food products to both domestic and
international markets. It currently
employs approximately 120
staff. The subject
is also a member
of Taveesin Tannery
group.
The subject’s registered address
is 111 Moo 2, Soi Pudsri, Prakasa Rd., Prakasa,
Muang, Samutprakarn 10280,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Thongchai Taweechoksapsin |
|
Thai |
65 |
|
Mr. Pisol [Somkiat] Chinmahapipat |
|
Thai |
65 |
|
Mr. Treeroj Chinmahapipat [Mr. Pornchai Taweechoksapsin] |
|
Thai |
65 |
Note.
Mr. Somkiat Chinmahapipat changed
his name to Mr.
Pisol on
January 10, 2012.
Mr. Pornchai Taweechoksapsin changed
his name and
last name to Mr. Treeroj
Chinmahapipat on December
14, 2011.
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Thongchai
Taweechoksapsin is the
Managing Director.
He is Thai
nationality with the
age of 65 years
old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and distributing gelatin and
pure gelatin for
functional beverage, foods &
pharmaceuticals, cosmetics, and
supplement food productions,
as well as
manufacturing and
distributing collagen supplement
food products.
The products are
as follows:
1. Gelatin Products
The products is
intended for human
consumption and mainly
used as a
gelling agent, a
clarifying agent [drink], a binding
agent, an emulsifier,
a stabilizer, an
adhesive agent and
a thickening agents and
etc.
Gelatin for food
industry is used
in bakery, dairy
products, confectionery, jelly,
ice-cream, meat and butcher, drink
and etc.
Gelatin for pharmaceutical is
used for
coating tablets, soft/ hard
capsule production, protein
nutrition, plasma substitution [expand
blood volume], and in surgical implants and
etc.
2. Collagen Products
Collagen is 100%
pure fish collagen,
used in many
applications such as
food, supplement products,
cosmetics and functional
drinks
3. Collagen Supplement
Food Products under
its own brand “COLLAHEALTH”.
The
products are as
follows:
Collagen with vitamin C
mixed with size
1,000 mg.
Powder pure fish
collagen with size
200 grams
Powder collagen with
size 30 grams
Calcium L-Threonate compound
Collagen with powder
milk and calcium
mixed
PRODUCTION CAPACITY
1,000 tons per
annum
PURCHASE
100% of raw
materials such as
raw hide and
cattle bones [BSE/FMD] are purchased
from local suppliers,
while machinery is
imported from Japan.
SALES
80% of the
products is exported
to Japan, Vietnam,
Malaysia, Taiwan, India,
Hong Kong, U.S.A.,
Laos, Indonesia and
the countries in
Europe and Middle
East, the remaining
20% is sold
locally.
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 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
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Krung Thai Bank
Public Co., Ltd.
EMPLOYMENT
The subject currently
employs approximately 120
staff.
LOCATION DETAILS
The premise is
owned for administrative office,
factory and warehouse
on approximately 24,000
square meters of
land, at the
heading address. Premise
is located in
industrial area.
COMMENT
The subject is
a pharmaceutical and
an edible grade
bovine limed bone
gelatin manufacturer in
Thailand. Its main
raw materials for
production are bones
from healthy Thai
local cattle which
has absolutely no BSE
(Bovine Spongiform Encephalopathy/Mad
Cow Disease and FMD (Food
and Mouth Disease). With
its modern facilities
and experienced technicians,
it ensures that
good quality control
and consistency products
have been supplied to all its
customers.
The subject’s operating
performance in 2014
was slightly drop
comparing to the
previous year, with
a decrease in
both sales revenue
and net profit
due to a
slowdown of consumption
in both local
and overseas industries, nevertheless it was
able to maintain
a net profit
at the end of
year.
FINANCIAL INFORMATION
The capital was
registered at Bht. 10,000,000 divided
into 100,000 shares
of Bht. 100
each with fully
paid.
The capital was
increased later as
follows:
Bht. 30,000,000
on December
14, 2001
Bht. 50,000,000
on February
14, 2003
Bht. 100,000,000
on December
21, 2005
The latest registered
capital was increased
to Bht. 100 million, divided
into 1,000,000 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Thongchai Taweechoksapsin Nationality: Thai Address : 183
Moo 1, T. Taiban,
A. Muang,
Samutprakarn |
400,000 |
40.00 |
|
Mr. Treeroj Chinmahapipat Nationality: Thai Address : 182
Moo 1, T. Taiban,
A. Muang,
Samutprakarn |
200,000 |
20.00 |
|
Mr. Pisol Chinmahapipat Nationality: Thai Address : 7/128
Moo 7, T. Bangmuang, A. Muang,
Samutprakarn |
200,000 |
20.00 |
|
Mr. Thanasit Chinmahapipat Nationality: Thai Address : 7/130
Moo 7, T. Bangmuang, A. Muang, Samutprakarn |
65,000 |
6.50 |
|
Mrs. Sasinan Chinmahapipat Nationality: Thai Address : 7/131
Moo 7, T. Bangmuang, A. Muang,
Samutprakarn |
45,000 |
4.50 |
|
Mrs. Chatravee Chinmahapipat Nationality: Thai Address : 7/128
Moo 7, T. Bangmuang, A. Muang,
Samutprakarn |
45,000 |
4.50 |
|
|
|
|
|
Mrs.
Jarunee Taveechokesapsin Nationality: Thai Address : 232/20
Soi Sukhumvit 22,
Klongtoey, Bangkok |
45,000 |
4.50 |
Total Shareholders : 7
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
1,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
1,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC ACCOUNTANT
NO. :
Mr. Sathaporn Premwithayapuri
No. 2275
BALANCE SHEET
[BAHT]
The latest financial figures published
as at December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash in Hand
& at Bank
|
4,693,988.84 |
9,230,790.05 |
15,536,706.28 |
|
Trade Accounts Receivable
|
17,765,474.60 |
24,102,084.46 |
41,336,020.62 |
|
Inventories |
39,601,902.00 |
20,309,650.00 |
9,897,030.00 |
|
Other Current Assets
|
445,721.76 |
34,111.87 |
2,145,045.68 |
|
|
|
|
|
|
Total Current Assets
|
62,507,087.20 |
53,676,636.38 |
68,914,772.58 |
|
Fixed Assets |
171,787,934.86 |
185,324,045.99 |
190,309,987.93 |
|
Other Non-current Assets |
376,100.00 |
376,100.00 |
376,100.00 |
|
Total Assets |
234,671,122.06 |
239,376,782.37 |
259,600,860.51 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts & Other Payable |
81,088,998.66 |
43,224,312.71 |
48,495,607.92 |
|
Accrued Income Tax |
383,219.87 |
334,680.80 |
424,924.24 |
|
Other Current Liabilities |
3,829,649.92 |
7,562,705.61 |
7,702,543.23 |
|
|
|
|
|
|
Total Current Liabilities |
85,301,868.45 |
51,121,699.12 |
56,623,075.39 |
|
Loan from Related
Person |
86,726,000.00 |
128,818,000.00 |
146,863,425.09 |
|
Total Liabilities |
172,027,868.45 |
179,939,699.12 |
203,486,500.48 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and issued
share capital 1,000,000 shares |
100,000,000.00 |
100,000,000.00 |
100,000,000.00 |
|
|
|
|
|
|
Capital Paid |
100,000,000.00 |
100,000,000.00 |
100,000,000.00 |
|
Retained Earning -
Unappropriated |
[37,356,746.39] |
[40,562,916.75] |
[43,885,639.97] |
|
Total Shareholders' Equity |
62,643,253.61 |
59,437,083.25 |
56,114,360.03 |
|
Total Liabilities &
Shareholders' Equity |
234,671,122.06 |
239,376,782.37 |
259,600,860.51 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
264,451,737.07 |
279,039,948.67 |
270,684,930.25 |
|
Other Income |
- |
5,908,886.08 |
2,342,585.26 |
|
Total Revenues |
264,451,737.07 |
284,948,834.75 |
273,027,515.51 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
196,109,942.41 |
212,105,117.02 |
234,023,061.47 |
|
Selling Expenses |
43,123,799.71 |
45,047,404.55 |
15,862,157.89 |
|
Administrative Expenses |
21,208,604.72 |
23,298,563.51 |
18,796,283.25 |
|
Total Expenses |
260,442,346.84 |
280,451,085.08 |
268,681,502.61 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
4,009,390.23 |
4,497,749.67 |
4,346,012.90 |
|
Financial Costs |
- |
[344,345.65] |
[98,175.29] |
|
|
|
|
|
|
Profit / [Loss] before Income
Tax |
4,009,390.23 |
4,153,404.02 |
4,247,837.61 |
|
Income Tax |
[803,219.87] |
[830,680.80] |
[990,149.24] |
|
|
|
|
|
|
Net Profit / [Loss] |
3,206,170.36 |
3,322,723.22 |
3,257,688.37 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.73 |
1.05 |
1.22 |
|
QUICK RATIO |
TIMES |
0.26 |
0.65 |
1.00 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.54 |
1.51 |
1.42 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.13 |
1.17 |
1.04 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
73.71 |
34.95 |
15.44 |
|
INVENTORY TURNOVER |
TIMES |
4.95 |
10.44 |
23.65 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
24.52 |
31.53 |
55.74 |
|
RECEIVABLES TURNOVER |
TIMES |
14.89 |
11.58 |
6.55 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
150.92 |
74.38 |
75.64 |
|
CASH CONVERSION CYCLE |
DAYS |
(52.70) |
(7.91) |
(4.46) |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
74.16 |
76.01 |
86.46 |
|
SELLING & ADMINISTRATION |
% |
24.33 |
24.49 |
12.80 |
|
INTEREST |
% |
- |
0.12 |
0.04 |
|
GROSS PROFIT MARGIN |
% |
25.84 |
26.11 |
14.41 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.52 |
1.61 |
1.61 |
|
NET PROFIT MARGIN |
% |
1.21 |
1.19 |
1.20 |
|
RETURN ON EQUITY |
% |
5.12 |
5.59 |
5.81 |
|
RETURN ON ASSET |
% |
1.37 |
1.39 |
1.25 |
|
EARNING PER SHARE |
BAHT |
3.21 |
3.32 |
3.26 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.73 |
0.75 |
0.78 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.75 |
3.03 |
3.63 |
|
TIME INTEREST EARNED |
TIMES |
- |
13.06 |
44.27 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(5.23) |
3.09 |
|
|
OPERATING PROFIT |
% |
(10.86) |
3.49 |
|
|
NET PROFIT |
% |
(3.51) |
2.00 |
|
|
FIXED ASSETS |
% |
(7.30) |
(2.62) |
|
|
TOTAL ASSETS |
% |
(1.97) |
(7.79) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -5.23%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
25.84 |
Deteriorated |
Industrial Average |
120.34 |
|
Net Profit Margin |
1.21 |
Deteriorated |
Industrial Average |
3.22 |
|
Return on Assets |
1.37 |
Deteriorated |
Industrial Average |
3.62 |
|
Return on Equity |
5.12 |
Acceptable |
Industrial Average |
7.69 |
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 25.84%. 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 1.21%.
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 1.37%.
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 5.12%.
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 |
0.73 |
Risky |
Industrial Average |
1.27 |
|
Quick Ratio |
0.26 |
|
|
|
|
Cash Conversion Cycle |
(52.70) |
|
|
|
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 0.73 times in 2014, decrease from 1.05 times, then the company may not be
efficiently using its current assets. 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 0.65 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 -53 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.73 |
Acceptable |
Industrial Average |
0.45 |
|
Debt to Equity Ratio |
2.75 |
Risky |
Industrial Average |
0.80 |
|
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 0.73 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 |
1.54 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.13 |
Satisfactory |
Industrial Average |
1.13 |
|
Inventory Conversion Period |
73.71 |
|
|
|
|
Inventory Turnover |
4.95 |
Impressive |
Industrial Average |
4.32 |
|
Receivables Conversion Period |
24.52 |
|
|
|
|
Receivables Turnover |
14.89 |
Impressive |
Industrial Average |
2.50 |
|
Payables Conversion Period |
150.92 |
|
|
|
The company's Account Receivable Ratio is calculated as 14.89 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 35 days at the
end of 2013 to 74 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 10.44 times in year 2013 to 4.95
times in year 2014.
The company's Total Asset Turnover is calculated as 1.13 times and 1.17
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.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
Thai Baht |
1 |
Rs.1.83 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.