MIRA INFORM REPORT
|
Report No. : |
357157 |
|
Report Date : |
30.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
THAIMAC STR
COMPANY LIMITED |
|
|
|
|
Registered Office : |
238/1 Ratchadapisek Road, Huaykwang,
Bangkok 10320 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
23.09.1999 |
|
|
|
|
Com. Reg. No.: |
0105542072941 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Distributor of Standard
Thai Rubber [STR] |
|
|
|
|
No. of Employees : |
200 |
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 |
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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
THAIMAC STR COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 238/1
RATCHADAPISEK ROAD, HUAYKWANG,
BANGKOK 10320,
THAILAND
TELEPHONE : [66] 2274-0471-7,
2692-5396
FAX :
[66] 2274-0231,
2274-0531, 2692-5398
E-MAIL
ADDRESS : thaimacstrbkk@gmail.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1999
REGISTRATION
NO. : 0105542072941
TAX
ID NO. : 3021049539
CAPITAL REGISTERED : BHT. 500,000,000
CAPITAL PAID-UP : BHT.
500,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MR.
KRAN KITTIPON, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 200
LINES
OF BUSINESS : STANDARD THAI
RUBBER [STR]
MANUFACTURER AND
DISTRIBUTOR
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 23,
1999 as a private
limited company under the
registered name THAIMAC STR
COMPANY LIMITED, by Thai group, with the
business objective to
manufacture and distribute
Standard Thai Rubber
products. It currently employs
approximately 200 staff.
The
subject is a
subsidiary of Thai
Hua Rubber Public
Company Limited.
It
achieved the standard
ISO 9001:2002 and ISO 9001: 2008 certifications for
products management systems;
and ISO 14001:2004 certification
for environmental management
systems; as well
as the accreditation
TLS 8001:2010 by the Department of Labour Protection and
Welfare, Ministry of Labour.
The
subject’s registered address
is 238/1 Ratchadapisek
Road, Huaykwang, Bangkok 10320, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kittaya Kittipon |
[x] |
Thai |
64 |
|
Mr. Surapon Meksilapasith |
[x] |
Thai |
75 |
|
Mr. Kran Kittipon |
[x] |
Thai |
43 |
|
Ms. Subin Saetiao |
|
Thai |
57 |
|
Mr. Anan Jesadavisut |
|
Thai |
61 |
|
Mr. Reyong Kittipol |
[x] |
Thai |
52 |
AUTHORIZED
PERSON
Any two of
the mentioned directors
[x] can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Kran Kittipon is
the Managing Director.
He is Thai
nationality with the
age of 43 years
old.
Mr. Preecha Anansiriprapa is
the Factory Manager [Trang].
He is Thai
nationality.
Mr. Suwat Polpatkul is
the Factory Manager
[Krabi 1].
He is Thai
nationality.
Ms. Kunakorn Kittipol is
the Factory Manager [Krabi 2].
She is Thai
nationality.
Ms. Janjaree Saeliw is
the Factory Manager [Rayong].
She is Thai nationality.
BUSINESS
OPERATIONS
The subject is engaged
in manufacturing and
distributing Standard Thai Rubber
with two grades
comprising STR 10 and STR 20 for
leading tire manufacturers
such as “Michelin”, “Goodyear”,
“Toyo”, “Yokohama”, “Kumho”, “Pirelli”, “Marubeni”, “Hankook”, “Sumitomo”, “Continental” , “Double Coin” and
“Bridgestone”.
PRODUCTION CAPACITY
60,000 tons per
annum
PURCHASE
100% of its
raw material is
purchased from local
suppliers.
SALES
100% of the products
is sold locally through
Thai Hua Rubber Public Company Limited, which
is the parent
company.
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
credit term of
30 days.
BANKING
N/A
EMPLOYMENT
The
subject employs approximately
200 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Branches
and Factories:
- 111
Moo 2, T. Pela,
A. Klongthom, Krabi 81120
- 338
Moo 1, T. Khaokram,
A. Muang, Krabi 81000
- 155, 294
Moo 5, T. Bangrak,
A. Muang, Trang 92000
- 167
Moo 13, T. Krasaebon,
A. Klaeng, Rayong 21110
COMMENT
An acceleration by increasing tire output in
China, while global motor vehicle production
accelerates from a weak base, as
well as the
continuing massive jump in
imports of tires has
led to a revenue decline for
domestic tire-manufacturers. However,
the subject has
increased its registered
capital to Bht.
500,000,000 with fully
paid-up, this would
assist on the
company’s liquidity flow and operation
to run smoothly.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 150,000,000 divided
into 15,000,000 shares
of
Bht. 10
each with fully
paid.
On
February 4, 2015,
the registered capital
was increased to
Bht. 500,000,000 divided
into
50,000,000 shares of
Bht. 10 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
[As
at April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Thai Hua Rubber
Public Company Limited Nationality: Thai Address : 238/1 Ratchadapisek Road,
Huaykwang,
Bangkok |
44,999,997 |
90.00 |
|
Mr. Kittaya Kittipon Nationality: Thai Address : 7/1
Moo 4, T. Krached,
A, Muang, Rayong |
5,000,001 |
10.00 |
|
Mr. Luckchai Kittipol Nationality: Thai Address : 7/1 Moo
4, T. Krached, A, Muang, Rayong |
1 |
- |
|
Mr. Kran Kittipon Nationality: Thai Address : 110 Moo 2,
T. Pela, A. Klongthom, Krabi |
1 |
- |
Total Shareholders : 4
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
50,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
50,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Bongkot Umsangiam No. 3684
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 |
6,251,679 |
4,448,130 |
3,718,875 |
|
Advances Insurance |
22,300,764 |
29,292,059 |
14,910,546 |
|
Trade Accounts &
Other Receivable |
75,722,739 |
186,443,974 |
124,613,694 |
|
Inventories |
161,585,495 |
174,241,136 |
491,128,866 |
|
Other Current Assets
|
43,517,105 |
180,839,485 |
43,730,554 |
|
|
|
|
|
|
Total Current Assets
|
309,377,782 |
575,264,784 |
678,102,535 |
|
Investment in Associated |
101,487,984 |
101,487,984 |
- |
|
Long-term Investment
|
64,600,626 |
18,700,626 |
- |
|
Cash at Bank pledged as a Collateral |
25,325,925 |
25,220,641 |
25,064,378 |
|
Advances for Purchase of Land Building and Equipment |
150,000,000 |
- |
- |
|
Fixed Assets |
200,143,445 |
185,774,385 |
126,229,836 |
|
Other Non-current Assets |
23,857,534 |
21,008,957 |
20,941,067 |
|
Total Assets |
874,793,296 |
927,457,377 |
850,337,816 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
413,400,000 |
263,400,000 |
365,400,000 |
|
Trade Accounts Payable
|
33,432,325 |
33,962,554 |
18,238,792 |
|
Payables for Purchases of Large Long-term Investments |
- |
120,188,610 |
- |
|
Accrued Dividend |
- |
50,001,000 |
- |
|
Accrued Income Tax |
- |
1,417,576 |
5,060,216 |
|
Other Current Liabilities |
7,802,391 |
21,239,370 |
20,102,189 |
|
|
|
|
|
|
Total Current Liabilities |
454,634,716 |
490,209,110 |
408,801,197 |
|
Financial Lease Contract Liabilities |
1,164,125 |
92,274 |
476,887 |
|
Employee Benefits Obligation |
4,286,985 |
3,617,886 |
3,426,884 |
|
Total Liabilities |
460,085,826 |
493,919,270 |
412,704,968 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized and
issued share capital
15,000,000 shares |
150,000,000 |
150,000,000 |
150,000,000 |
|
|
|
|
|
|
Capital Paid |
150,000,000 |
150,000,000 |
150,000,000 |
|
Retained Earnings: Appropriated for statutory
reserve |
10,000,000 |
10,000,000 |
5,000,000 |
|
Unappropriated |
254,707,470 |
273,538,107 |
282,632,848 |
|
Total Shareholders' Equity |
414,707,470 |
433,538,107 |
437,632,848 |
|
Total Liabilities & Shareholders' Equity |
874,793,296 |
927,457,377 |
850,337,816 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
1,311,224,155 |
2,842,970,924 |
4,327,033,099 |
|
Gain on Exchange Rate |
- |
15,136,502 |
20,187,480 |
|
Other Income |
3,307,631 |
1,035,743 |
1,469,004 |
|
Total Revenues |
1,314,531,786 |
2,859,143,169 |
4,348,689,583 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,223,121,976 |
2,630,744,593 |
3,948,477,153 |
|
Selling Expenses |
60,935,915 |
130,250,054 |
236,104,084 |
|
Administrative Expenses |
32,495,659 |
36,456,071 |
35,142,003 |
|
Loss on Exchange Rate |
1,157,080 |
- |
- |
|
Total Expenses |
1,317,710,630 |
2,797,450,718 |
4,219,723,240 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
[3,178,844] |
61,692,451 |
128,966,343 |
|
Financial Cost |
[15,651,793] |
[10,641,172] |
[24,515,349] |
|
Profit / [Loss] before Income
Tax |
[18,830,637] |
51,051,279 |
104,450,994 |
|
Income Tax |
- |
[5,145,020] |
[10,299,548] |
|
|
|
|
|
|
Net Profit / [Loss] |
[18,830,637] |
45,906,259 |
94,151,446 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.68 |
1.17 |
1.66 |
|
QUICK RATIO |
TIMES |
0.23 |
0.45 |
0.35 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.74 |
15.30 |
34.28 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.50 |
3.07 |
5.09 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
48.22 |
24.17 |
45.40 |
|
INVENTORY TURNOVER |
TIMES |
7.57 |
15.10 |
8.04 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
21.08 |
23.94 |
10.51 |
|
RECEIVABLES TURNOVER |
TIMES |
17.32 |
15.25 |
34.72 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
9.98 |
4.71 |
1.69 |
|
CASH CONVERSION CYCLE |
DAYS |
59.32 |
43.40 |
54.23 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
93.28 |
92.54 |
91.25 |
|
SELLING & ADMINISTRATION |
% |
7.13 |
5.86 |
6.27 |
|
INTEREST |
% |
1.19 |
0.37 |
0.57 |
|
GROSS PROFIT MARGIN |
% |
6.97 |
8.03 |
9.25 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.24) |
2.17 |
2.98 |
|
NET PROFIT MARGIN |
% |
(1.44) |
1.61 |
2.18 |
|
RETURN ON EQUITY |
% |
(4.54) |
10.59 |
21.51 |
|
RETURN ON ASSET |
% |
(2.15) |
4.95 |
11.07 |
|
EARNING PER SHARE |
BAHT |
(1.26) |
3.06 |
6.28 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.53 |
0.53 |
0.49 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.11 |
1.14 |
0.94 |
|
TIME INTEREST EARNED |
TIMES |
(0.20) |
5.80 |
5.26 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(53.88) |
(34.30) |
|
|
OPERATING PROFIT |
% |
(105.15) |
(52.16) |
|
|
NET PROFIT |
% |
(141.02) |
(51.24) |
|
|
FIXED ASSETS |
% |
88.48 |
47.17 |
|
|
TOTAL ASSETS |
% |
(5.68) |
9.07 |
|
ANNUAL
GROWTH: RISKY
An annual sales growth is -53.88%. Turnover has decreased from THB 2,842,970,924.00
in 2013 to THB 1,311,224,155.00 in 2014. While net profit has decreased from
THB 45,906,259.00 in 2013 to THB -18,830,637.00 in 2014. And total assets has
decreased from THB 927,457,377.00 in 2013 to THB 874,793,296.00 in 2014.
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
6.97 |
Deteriorated |
Industrial
Average |
103.42 |
|
Net Profit Margin |
(1.44) |
Deteriorated |
Industrial
Average |
8.53 |
|
Return on Assets |
(2.15) |
Deteriorated |
Industrial
Average |
13.27 |
|
Return on Equity |
(4.54) |
Deteriorated |
Industrial
Average |
21.33 |
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 6.97%. 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 -1.44%.
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 -2.15%.
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 -4.54%.
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 |
0.68 |
Risky |
Industrial
Average |
1.88 |
|
Quick Ratio |
0.23 |
|
|
|
|
Cash Conversion Cycle |
59.32 |
|
|
|
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 0.68 times in 2014, decreased from 1.17 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 0.23 times in 2014,
decreased from 0.45 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 60 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.53 |
Acceptable |
Industrial
Average |
0.35 |
|
Debt to Equity Ratio |
1.11 |
Risky |
Industrial
Average |
0.54 |
|
Times Interest Earned |
(0.20) |
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 -0.21 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 0.53 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 |
3.74 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.50 |
Satisfactory |
Industrial
Average |
1.56 |
|
Inventory Conversion Period |
48.22 |
|
|
|
|
Inventory Turnover |
7.57 |
Satisfactory |
Industrial
Average |
7.61 |
|
Receivables Conversion Period |
21.08 |
|
|
|
|
Receivables Turnover |
17.32 |
Impressive |
Industrial
Average |
6.07 |
|
Payables Conversion Period |
9.98 |
|
|
|
The company's Account Receivable Ratio is calculated as 17.32 and 15.25
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 increased from 24 days at the
end of 2013 to 48 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 15.1 times in year 2013 to 7.57 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.5 times and 3.07
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 Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.37 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.72.85 |
|
Thai Baht |
1 |
Rs.1.84 |
Note :
Above are approximate rates obtained from sources believed to be correct
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.