MIRA
INFORM REPORT
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Report No. : |
307551 |
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Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
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Name : |
MC METAL SERVICE ASIA [ |
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Registered Office : |
700/426 Moo 7, Amata Nakorn Industrial Estate, General Processing Zone, Donhualor, A. Muang, Chonburi 20000 |
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Country : |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
31.07.1997 |
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Com. Reg. No.: |
0105540070207 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in manufacturing, distributing and
exporting of flat
steels, special steels
and blanking steel
parts, as well
as servicing of
steel cutting and
rolling for automobile
and electric appliance
industries, e.g. Toyota, Mitsubishi,
Mazda, Izusu. |
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No. of Employees : |
468 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed
infrastructure, a free-enterprise economy, generally pro-investment policies,
and strong export industries, Thailand achieved steady growth due largely to
industrial and agriculture exports - mostly electronics, agricultural
commodities, automobiles and parts, and processed foods. Unemployment, at less
than 1% of the labor force, stands as one of the lowest levels in the world,
which puts upward pressure on wages in some industries. Thailand also attracts
nearly 2.5 million migrant workers from neighboring countries. 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 economy has weathered internal and external
economic shocks in recent years. The global economic recession severely cut
Thailand's exports, with most sectors experiencing double-digit drops. In late
2011 Thailand's recovery was interrupted by historic flooding in the industrial
areas in Bangkok and its five surrounding provinces, crippling the
manufacturing sector. The government approved flood mitigation projects worth
$11.7 billion, which were started in 2012, to prevent similar economic damage,
and an additional $75 billion for infrastructure over the following seven
years. This was expected to lead to an economic upsurge but growth has remained
slow, in part due to ongoing political unrest and resulting uncertainties.
Spending on infrastructure will require re-approval once a new government is
seated.
|
Source
: CIA |
Company summary
MC METAL SERVICE
ASIA [THAILAND] COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 700/426 MOO 7,
AMATA NAKORN INDUSTRIAL
ESTATE, GENERAL
PROCESSING ZONE,
DONHUALOR,
A. MUANG,
CHONBURI
20000, THAILAND
TELEPHONE : [66] 38
214-947-9, 38 717-352-4
FAX : [66] 38
214-951
E-MAIL ADDRESS : msat@msat.co.th
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1997
REGISTRATION NO. : 0105540070207
TAX ID NO. : 3011869222
CAPITAL REGISTERED : BHT.
430,000,000
CAPITAL PAID-UP : BHT.
430,000,000
SHAREHOLDER’S PROPORTION : JAPANESE :
100%
FISCAL YEAR CLOSING DATE : MARCH 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. YOSHITAKA OGAWA,
JAPANESE
PRESIDENT AND
CHIEF EXECUTIVE OFFICER
NO. OF STAFF : 468
LINES OF BUSINESS : METAL PARTS
FOR AUTOMOBILE AND
ELECTRIC
APPLIANCES MANUFACTURER,
DISTRIBUTOR, EXPORTER AND
STEEL SERVICE
|
|
|
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 July
31, 1997 as
a private limited
company under the
name style MC METAL SERVICE ASIA [THAILAND] COMPANY
LIMITED by Japanese groups, in
order to manufacture
metal parts with
BOI promoted, to
automobile and electric
appliance industry of
both local and
overseas markets. It
currently employs 468
staff.
The subject’s registered
address was initially
located at 700/426
Moo 7, Bangpakong Industrial
Estate, General Processing
Zone, T. Donhualor, A. Muang, Chonburi 20000.
Later, “Bangpakong Industrial
Estate” has been
changed to “Amata
Nakorn Industrial Estate”,
which actually is
the same location,
and this is
the subject’s current
operation
address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Norimasa Mizugaki |
|
Japanese |
49 |
|
Mr. Yoshitaka Ogawa |
[x] |
Japanese |
53 |
|
Mr. Shuhei Watanabe |
|
Japanese |
46 |
|
Mr. Sotaro Inoue |
|
Japanese |
56 |
AUTHORIZED PERSON
The director [x]
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Yoshitaka Ogawa is the President
and Chief Executive
Officer.
He is Japanese
nationality with the
age of 53
years old.
Mr. Koichiro Murata
is the Chief
Finance Officer.
He is Japanese
nationality.
Mr. Yoshinori Yamagushi
is the Factory Manager.
He is Japanese
nationality.
BUSINESS OPERATIONS
The subject is engaged
in manufacturing, distributing
and exporting of
flat steels, special
steels and blanking
steel parts, as
well as servicing
of steel cutting
and rolling for
automobile and electric
appliance industries, e.g. Toyota,
Mitsubishi, Mazda, Izusu.
PURCHASE
Raw materials such
as steel sheet
and aluminum are
purchased from both
local and overseas
suppliers in Japan,
Republic of China and
Indonesia
MAJOR SUPPLIER
Metal One Corporation
: Japan
SALES/SERVICES
85% of the
products is sold
locally to manufacturers, wholesalers
and end-users, the
remaining 15% is
exported to Japan, Indonesia, Malaysia
and Brazil.
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
Kasikornbank Public Co.
Ltd.
Bank of Ayudhya
Public Co., Ltd.
Sumitomo Mitsui Banking
Corporation
[Bangkok Office :
138 Silom Road,
Silom, Bangrak, Bangkok]
Credit Agricole Corporate
and Investment Bank
[Bangkok Office :
152 Wireless Road,
Lumpini, Pathumwan, Bangkok]
EMPLOYMENT
The subject employs
468 office staff
and factory workers.
LOCATION DETAILS
The premise is
rented for administrative office,
factory I and warehouse
at the heading
address. Premise is located
in industrial area
on approximately 6.67 acres.
Factory II : 700/927
Moo 6, Amata Nakorn
Industrial Estate, T.
Nongtamlueng,
Panthong, Chonburi 20000
Factory III : 49 Eastern
Seaboard Industrial Estate,
Pluakdaeng, Rayong 21140.
COMMENT
Subject is a manufacturer, distributor and exporter of metal
parts for automobile
and electric appliances
industries. Overall industrial
conditions as of
March 2014 have subsequently been
slowdown due to
a decrease in
demand of automobile
and parts from automotive industry
in particular. However,
the subject expects
an improvement in
demand of the
products in 2015.
Generally, its business
is still promising.
Note
Refer to your
given the subject’s
name, “METAL SERVICE
ASIA THAILAND CO., LTD.”,
please be informed
that the correct
registered name is
“MC METAL SERVICE
ASIA [THAILAND] COMPANY
LIMITED”.
FINANCIAL INFORMATION
The capital was
registered at Bht. 180,000,000 divided
into 1,800,000 shares of
Bht. 100 each.
On April 29, 1998,
the latest registered
capital was increased
to Bht. 430,000,000 divided into
4,300,000 shares of
Bht. 100 each
with fully paid
THE SHAREHOLDERS LISTED
WERE : [as
at July 1, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Metal One Corporation Nationality: Japanese Address : 23-1 Shiba 3-Chome, Minato-ku, Tokyo, Japan |
4,299,998 |
100.00 |
|
Mr. Yoshitaka Ogawa Nationality: Japanese Address : 1545
Omiya 1-Chome, Sukinami-ku, Tokyo, Japan |
1 |
- |
|
Mr. Yuichi Kuzuhara Nationality: Japanese Address : 6-3-4-4120
Kashikuki-shoku, Tokyo, Japan |
1 |
- |
Total Shareholders : 3
Share Structure [as
at July 1,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - Japanese |
3 |
4,300,000 |
100.00 |
|
Total |
3 |
4,300,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Manoon Manusuk No. 4292
BALANCE SHEET
[BAHT]
The latest financial
figures published for
March 31, 2014,
2013 & 2012
were:
ASSETS
|
Current Assets |
2014 |
2013 [Adjusted] |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalent |
272,602,463 |
319,382,164 |
200,825,025 |
|
Trade Accounts and Other Receivable |
4,366,346,836 |
6,148,853,018 |
5,119,358,663 |
|
Inventories |
4,192,909,435 |
5,844,636,301 |
6,673,317,370 |
|
Other Current Assets |
417,136,064 |
363,734,757 |
305,016,208 |
|
|
|
|
|
|
Total Current Assets
|
9,248,994,798 |
12,676,606,240 |
12,298,517,266 |
|
Fixed Assets |
1,643,350,291 |
1,834,146,954 |
1,169,425,632 |
|
Intangible Assets |
139,910,678 |
168,161,714 |
162,115,412 |
|
Deferred Income Tax |
13,298,568 |
19,350,990 |
17,729,892 |
|
Deposit |
3,119,080 |
3,119,080 |
3,089,079 |
|
Total Assets |
11,048,673,415 |
14,701,384,978 |
13,650,877,281 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 [Adjusted] |
2012 |
|
|
|
|
|
|
Short-term Loan from Financial
Institute |
3,430,000,000 |
4,300,000,000 |
2,165,000,000 |
|
Trade Accounts & Other
Payable |
2,795,517,165 |
5,507,352,678 |
7,185,086,361 |
|
Current Portion of Long-term Loans |
1,000,000,000 |
- |
- |
|
Accrued Income Tax |
26,283 |
51,843,597 |
29,232,043 |
|
Other Current Liabilities |
105,480,244 |
35,239,495 |
12,614,277 |
|
|
|
|
|
|
Total Current Liabilities |
7,331,023,692 |
9,894,435,770 |
9,391,932,681 |
|
|
|
|
|
|
Long-term Loan from Financial Institution |
- |
1,000,000,000 |
1,000,000,000 |
|
Employee Benefits |
17,642,615 |
10,387,008 |
4,668,412 |
|
Deposit Contract from
Sales of Scarp |
6,542,056 |
6,542,056 |
6,542,056 |
|
Total Liabilities |
7,355,208,363 |
10,911,364,834 |
10,403,143,149 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 4,300,000 shares |
430,000,000 |
430,000,000 |
430,000,000 |
|
|
|
|
|
|
Capital Paid |
430,000,000 |
430,000,000 |
430,000,000 |
|
Statutory Reserve |
43,000,000 |
43,000,000 |
43,000,000 |
|
Retained Earning-
Unappropriated |
3,220,465,052 |
3,317,020,144 |
2,774,734,132 |
|
Total Shareholders' Equity |
3,693,465,052 |
3,790,020,144 |
3,247,734,132 |
|
Total Liabilities &
Shareholders' Equity |
11,048,673,415 |
14,701,384,978 |
13,650,877,281 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 [Adjusted] |
2012 |
|
|
|
|
|
|
Sales & Services |
20,299,672,896 |
25,657,522,286 |
17,793,740,373 |
|
Gain on Exchange Rate |
- |
99,756,918 |
- |
|
Other Income |
26,666,431 |
37,526,747 |
35,594,971 |
|
Total Revenues |
20,326,339,327 |
25,794,805,951 |
17,829,335,344 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Services |
19,363,773,973 |
24,441,764,436 |
16,897,920,821 |
|
Selling Expenses |
132,559,221 |
155,801,716 |
104,923,172 |
|
Administrative Expenses |
256,111,370 |
248,777,555 |
228,071,220 |
|
Other Expenses |
30,847,565 |
23 |
- |
|
Loss on Exchange Rate |
123,355,596 |
- |
96,037,490 |
|
Total Expenses |
19,906,647,725 |
24,846,343,730 |
17,326,952,703 |
|
|
|
|
|
|
Profit before Financial
Cost & Income Tax |
419,691,602 |
948,462,221 |
502,382,641 |
|
Financial Cost |
[119,258,230] |
[125,094,309] |
[70,744,597] |
|
Profit / [Loss] before Income
Tax |
300,433,372 |
823,367,912 |
431,638,044 |
|
Income Tax |
[21,662,652] |
[94,369,830] |
[70,947,504] |
|
|
|
|
|
|
Net Profit / [Loss] |
278,770,720 |
728,998,082 |
360,690,540 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.26 |
1.28 |
1.31 |
|
QUICK RATIO |
TIMES |
0.63 |
0.65 |
0.57 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
12.35 |
13.99 |
15.22 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.84 |
1.75 |
1.30 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
79.03 |
87.28 |
144.15 |
|
INVENTORY TURNOVER |
TIMES |
4.62 |
4.18 |
2.53 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
78.51 |
87.47 |
105.01 |
|
RECEIVABLES TURNOVER |
TIMES |
4.65 |
4.17 |
3.48 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
52.69 |
82.24 |
155.20 |
|
CASH CONVERSION CYCLE |
DAYS |
104.85 |
92.51 |
93.96 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
95.39 |
95.26 |
94.97 |
|
SELLING & ADMINISTRATION |
% |
1.91 |
1.58 |
1.87 |
|
INTEREST |
% |
0.59 |
0.49 |
0.40 |
|
GROSS PROFIT MARGIN |
% |
4.74 |
5.27 |
5.23 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.07 |
3.70 |
2.82 |
|
NET PROFIT MARGIN |
% |
1.37 |
2.84 |
2.03 |
|
RETURN ON EQUITY |
% |
7.55 |
19.23 |
11.11 |
|
RETURN ON ASSET |
% |
2.52 |
4.96 |
2.64 |
|
EARNING PER SHARE |
BAHT |
64.83 |
169.53 |
83.88 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.67 |
0.74 |
0.76 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.99 |
2.88 |
3.20 |
|
TIME INTEREST EARNED |
TIMES |
3.52 |
7.58 |
7.10 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(20.88) |
44.19 |
|
|
OPERATING PROFIT |
% |
(55.75) |
88.79 |
|
|
NET PROFIT |
% |
(61.76) |
102.11 |
|
|
FIXED ASSETS |
% |
(10.40) |
56.84 |
|
|
TOTAL ASSETS |
% |
(24.85) |
7.70 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -20.88%. Turnover has decreased from THB 25,657,522,286.00
in 2013 to THB 20,299,672,896.00 in 2014. While net profit has decreased from
THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
4.74 |
Deteriorated |
Industrial Average |
11.42 |
|
Net Profit Margin |
1.37 |
Satisfactory |
Industrial Average |
1.52 |
|
Return on Assets |
2.52 |
Acceptable |
Industrial Average |
4.61 |
|
Return on Equity |
7.55 |
Acceptable |
Industrial Average |
10.69 |
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 4.74%. 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 1.37%.
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 2.52%.
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 7.55%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.26 |
Impressive |
Industrial Average |
1.17 |
|
Quick Ratio |
0.63 |
|
|
|
|
Cash Conversion Cycle |
104.85 |
|
|
|
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 1.26 times in 2014, decrease from 1.28 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 0.63 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 105 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.67 |
Acceptable |
Industrial Average |
0.55 |
|
Debt to Equity Ratio |
1.99 |
Risky |
Industrial Average |
1.20 |
|
Times Interest Earned |
3.52 |
Impressive |
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 3.52 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.67 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 : ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
12.35 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.84 |
Acceptable |
Industrial Average |
3.03 |
|
Inventory Conversion Period |
79.03 |
|
|
|
|
Inventory Turnover |
4.62 |
Acceptable |
Industrial Average |
9.16 |
|
Receivables Conversion Period |
78.51 |
|
|
|
|
Receivables Turnover |
4.65 |
Deteriorated |
Industrial Average |
12.96 |
|
Payables Conversion Period |
52.69 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.65 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 87 days at the
end of 2013 to 79 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 4.18 times in year 2013 to 4.62 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.84 times and 1.75
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.62.43 |
|
|
1 |
Rs.95.02 |
|
Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.