MIRA
INFORM REPORT
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Report No. : |
307876 |
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Report Date : |
16.02.2015 |
IDENTIFICATION DETAILS
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Name : |
HAWAII FURNITURE & CONSTRUCTION COMPANY LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
10.01.1969 |
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Com. Reg. No.: |
0105512000224 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in manufacturing and
distributing wide range
of homemade rattan
and synthetic rattan
furniture, including rattan
wicker furniture, outdoor
furniture and related
accessories |
|
|
|
|
No. of Employees : |
200 |
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 |
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Status : |
Satisfactory |
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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 name
HAWAII FURNITURE
& CONSTRUCTION COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 2991/59-60
LADPRAO ROAD, KLONGJAN,
BANGKAPI, BANGKOK
10240, THAILAND
TELEPHONE : [66] 2376-0100-3
FAX : [66] 2376-0112
E-MAIL ADDRESS : hawaii@hawaiithai.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1969
REGISTRATION NO. : 0105512000224
TAX ID NO. : 3101075588
CAPITAL REGISTERED : BHT.
44,400,000
CAPITAL PAID-UP : BHT.
44,400,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
VIVAT VIPHAVAPHANICH, THAI
PRESIDENT
NO. OF STAFF : 200
LINES OF BUSINESS : RATTAN AND
SYNTHETIC RATTAN FURNITURE
MANUFACTURER AND DISTRIBUTOR
|
|
|
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 January 10, 1969 as
a private limited
company under the
registered name HAWAII FURNITURE & CONSTRUCTION COMPANY
LIMITED, by Thai group, with the
business objective to
manufacture and distribute
wide range of
rattan and synthetic
rattan furniture. It
currently employs approximately
200 staff.
The subject’s registered
address is 2991/59-60
Ladprao Road, Klongjan,
Bangkapi, Bangkok 10240,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vichai Viphavaphanich |
|
Thai |
57 |
|
Mr. Vivat Viphavaphanich |
|
Thai |
53 |
|
Mrs. Alisa Viphavapanich |
|
Thai |
48 |
|
Mrs. Wilawan Leelayuwaphan |
|
Thai |
55 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Vivat Viphavaphanich is
the President.
He is Thai
nationality with the
age of 53
years old.
Mrs. Alisa Viphavapanich is
the Managing Director.
She is Thai
nationality with the
age of 48
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and distributing wide
range of homemade
rattan and synthetic
rattan furniture, including
rattan wicker furniture,
outdoor furniture and
related accessories under
its own brands
“HAWAII THAI” & “DURAWERA”.
PURCHASE
Raw materials and
components are purchased
from suppliers both
domestic and overseas
in U.S.A. and Republic
of China.
MAJOR SUPPLIER
Hawaii Industry Co.,
Ltd. : Thailand
SALES
100% of the
products is sold
locally to wholesalers,
retailers, and end-users.
MAJOR CUSTOMER
Hawaii Thai Export
Co., Ltd. : Thailand
RELATED AND
AFFILIATED COMPANIES
Hawaii Industry Co.,
Ltd.
Business Type :
Manufacturer of rattan
furniture and accessories
Hawaii Thai Export
Co., Ltd.
Business Type :
Exporter of rattan furniture
Hawaii Thai Furniture
Co., Ltd.
Business Type :
Manufacturer of outdoor
furniture
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
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Suansiam Branch,
99/1 Serithai Road,
Kanayao, Bangkok]
Krung Thai Bank
Public Co., Ltd.
[The Mall
Bangkapi Branch, 3522
Ladprao Road, Klongjan,
Bangkapi, Bangkok]
Kasikornbank Public Co.,
Ltd.
[Ladprao 99
Branch, 188 Ladprao
99 Road, Klongjan,
Bangkapi, Bangkok]
EMPLOYMENT
The subject employs
approximately 200 staff.
LOCATION DETAILS
The premise is owned for
administrative office and factory
at the heading
address. Premise is located
in commercial/residential area.
Branches/Showrooms
- Unit 412,
Central City Bangna,
1091 Bangna-Trad Road,
Bangna, Bangkok 10260.
- 33, 33/1-2 Phet
Phraram Road, Bangkapi,
Huaykwang, Bangkok 10310.
Tel.: [66] 2319-4347.
COMMENT
The subject is a leading furniture contractor in Thailand
for over 40 years. It has served private homes, embassies, restaurants, hotels and organizations both
domestic and abroad.
Apart from being an expert in rattan/wicker furniture
production, interior design and decorations such as wooden and upholstery furniture, curtain
and cushion are
also its major
products.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000
divided into 200 shares of
Bht. 5,000 each with
fully paid.
The capital was
increased later as
follows:
Bht. 10,000,000
on August 13,
1998
Bht. 20,000,000
on December 16,
1999
Bht. 30,000,000
on April 29,
2002
Bht. 44,400,000
on September 30,
2013
The latest registered
capital was increased
to Bht. 44,400,000
divided into 29,600
shares of Bht. 1,500
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
October 27, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Hawaii Industry Co.,
Ltd. Nationality: Thai Address : 2991/59-60
Ladprao Road, Klongjan,
Bangkapi, Bangkok |
9,600 |
32.43 |
|
Mrs. Wilawan Leelayuwaphan Nationality: Thai Address : 2991/59-60
Ladprao Road, Klongjan,
Bangkapi, Bangkok |
5,680 |
19.19 |
|
Mr. Vichai Viphavaphanich Nationality: Thai Address : 12
Soi Prachankadee 3,
Klongtonnua,
Wattana, Bangkok |
4,880 |
16.49 |
|
Mr. Vivat Viphavaphanich Nationality: Thai Address : 10/1
Soi Prachankadee 3,
Klongtonnua,
Wattana, Bangkok |
4,880 |
16.49 |
|
Mr. Jan Viphavaphanich Nationality: Thai Address : 2991/59-60
Ladprao Road, KlongJan,
Bangkapi, Bangkok |
1,480 |
5.00 |
|
Mrs. Parnjit Viphavaphanich Nationality: Thai Address : 10/1
Soi Prachankadee 3, Klongtonnua,
Wattana, Bangkok |
1,480 |
5.00 |
|
Mrs. Alisa Viphavapanich Nationality: Thai Address : 12
Soi Prachankadee 3,
Klongtonnua,
Wattana, Bangkok |
800 |
2.70 |
|
Mrs. Vacharaporn Viphavapanich Nationality: Thai Address : 1 Soi
Nawathani 8, Kannayao, Bangkok |
800 |
2.70 |
Total Shareholders : 8
Share Structure [as
at October 27,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
29,600 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
29,600 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Thanakorn
Rangsimantuchart No. 4920
BALANCE SHEET
[BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
344,844.07 |
1,451,279.65 |
348,528.80 |
|
Trade Accounts &
Other Receivable |
13,564,924.28 |
10,944,186.11 |
10,420,512.97 |
|
Short-term Loan to Related Person |
- |
982,000.00 |
- |
|
Inventories |
11,004,293.66 |
9,641,570.16 |
5,571,662.93 |
|
Other Current Assets
|
288,020.16 |
1,270,407.01 |
1,369,555.92 |
|
|
|
|
|
|
Total Current Assets
|
25,202,082.17 |
24,289,442.93 |
17,710,260.62 |
|
|
|
|
|
|
Long-term Investment-Fixed Deposit |
707,241.29 |
707,134.94 |
651,877.22 |
|
Long-term Loan to Related Person |
- |
- |
982,000.00 |
|
Fixed Assets |
49,754,198.74 |
52,351,109.31 |
45,313,204.60 |
|
Other Non - current Assets |
|
|
|
|
Deferred leasehold |
3,729,429.43 |
4,122,001.15 |
4,514,572.87 |
|
Others |
2,238,201.86 |
4,578,886.23 |
6,879,589.65 |
|
Total Assets |
81,631,153.49 |
86,048,574.56 |
76,051,504.96 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
5,301,756.92 |
- |
8,116,812.90 |
|
Trade Accounts & Other
Payable |
14,234,793.30 |
38,143,124.37 |
26,081,484.09 |
|
Accrued Income Tax |
190,439.30 |
- |
- |
|
Other Current Liabilities |
342,648.16 |
1,208,095.32 |
6,196,117.94 |
|
|
|
|
|
|
Total Current Liabilities |
20,069,637.68 |
39,351,219.69 |
40,394,414.93 |
|
Long-term Loan from Related Person
|
16,245,600.00 |
18,745,600.00 |
6,470,000.00 |
|
Total Liabilities |
36,315,237.68 |
58,096,819.69 |
46,864,414.93 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,500
par value authorized, issued
and fully paid share
capital 29,600 shares in 2013; 20,000 shares in
2012 & 2011 |
44,400,000.00 |
30,000,000.00 |
30,000,000.00 |
|
|
|
|
|
|
Capital Paid |
44,400,000.00 |
30,000,000.00 |
30,000,000.00 |
|
Retained Earnings: Appropriated for Statutory Reserve |
1,074,451.12 |
1,074,451.12 |
1,074,451.12 |
|
Unappropriated |
[158,535.31] |
[3,122,696.25] |
[1,887,361.09] |
|
Total Shareholders' Equity |
45,315,915.81 |
27,951,754.87 |
29,187,090.03 |
|
Total Liabilities & Shareholders' Equity |
81,631,153.49 |
86,048,574.56 |
76,051,504.96 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
48,304,443.48 |
50,218,368.37 |
32,057,261.85 |
|
Service Income |
709,338.90 |
224,141.13 |
86,430.85 |
|
Other Income |
3,075,949.63 |
2,389,315.98 |
2,474,262.35 |
|
Total Revenues |
52,089,732.01 |
52,831,825.48 |
34,617,955.05 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
29,587,852.54 |
31,354,559.78 |
18,951,597.12 |
|
Selling Expenses |
5,744,461.92 |
7,753,610.60 |
5,050,065.54 |
|
Administrative Expenses |
13,219,826.37 |
14,575,192.72 |
13,916,211.74 |
|
Total Expenses |
48,552,140.83 |
53,683,363.10 |
37,917,874.40 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
3,537,591.18 |
[851,537.62] |
[3,299,919.35] |
|
Financial Cost |
[165,260.24] |
[383,797.54] |
[187,694.99] |
|
Profit / [Loss] before Income
Tax |
3,372,330.94 |
[1,235,335.16] |
[3,487,614.34] |
|
Income Tax |
[408,170.00] |
- |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
2,964,160.94 |
[1,235,335.16] |
[3,487,614.34] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.26 |
0.62 |
0.44 |
|
QUICK RATIO |
TIMES |
0.69 |
0.34 |
0.27 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.99 |
0.96 |
0.71 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.60 |
0.59 |
0.42 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
135.75 |
112.24 |
107.31 |
|
INVENTORY TURNOVER |
TIMES |
2.69 |
3.25 |
3.40 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
101.02 |
79.19 |
118.33 |
|
RECEIVABLES TURNOVER |
TIMES |
3.61 |
4.61 |
3.08 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
175.60 |
444.03 |
502.32 |
|
CASH CONVERSION CYCLE |
DAYS |
61.16 |
(252.60) |
(276.68) |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
60.37 |
62.16 |
58.96 |
|
SELLING & ADMINISTRATION |
% |
38.69 |
44.27 |
59.00 |
|
INTEREST |
% |
0.34 |
0.76 |
0.58 |
|
GROSS PROFIT MARGIN |
% |
45.91 |
42.58 |
48.74 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.22 |
(1.69) |
(10.27) |
|
NET PROFIT MARGIN |
% |
6.05 |
(2.45) |
(10.85) |
|
RETURN ON EQUITY |
% |
6.54 |
(4.42) |
(11.95) |
|
RETURN ON ASSET |
% |
3.63 |
(1.44) |
(4.59) |
|
EARNING PER SHARE |
BAHT |
100.14 |
(61.77) |
(174.38) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.44 |
0.68 |
0.62 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.80 |
2.08 |
1.61 |
|
TIME INTEREST EARNED |
TIMES |
21.41 |
(2.22) |
(17.58) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(2.83) |
56.93 |
|
|
OPERATING PROFIT |
% |
(515.44) |
(74.20) |
|
|
NET PROFIT |
% |
339.95 |
64.58 |
|
|
FIXED ASSETS |
% |
(4.96) |
15.53 |
|
|
TOTAL ASSETS |
% |
(5.13) |
13.15 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -2.83%. Turnover has decreased from THB
PROFITABILITY : IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
45.91 |
Impressive |
Industrial Average |
37.61 |
|
Net Profit Margin |
6.05 |
Impressive |
Industrial Average |
2.59 |
|
Return on Assets |
3.63 |
Impressive |
Industrial Average |
3.21 |
|
Return on Equity |
6.54 |
Satisfactory |
Industrial Average |
8.41 |
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. Gross Profit Margin is 45.91%. 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. Net Profit Margin ratio is 6.05%,
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
3.63%, 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. When compared with the
industry average, it was lower, the company's figure is 6.54%.
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 |
Satisfactory |
Industrial Average |
1.30 |
|
Quick Ratio |
0.69 |
|
|
|
|
Cash Conversion Cycle |
61.16 |
|
|
|
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 2013, increase from 0.62 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 0.69 times in 2013,
increase from 0.34 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 62 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.44 |
Impressive |
Industrial Average |
0.62 |
|
Debt to Equity Ratio |
0.80 |
Impressive |
Industrial Average |
1.61 |
|
Times Interest Earned |
21.41 |
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 lower the percentage means that the company is using less leverage
and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 21.41 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 0.44 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.99 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.60 |
Deteriorated |
Industrial Average |
1.24 |
|
Inventory Conversion Period |
135.75 |
|
|
|
|
Inventory Turnover |
2.69 |
Satisfactory |
Industrial Average |
2.86 |
|
Receivables Conversion Period |
101.02 |
|
|
|
|
Receivables Turnover |
3.61 |
Satisfactory |
Industrial Average |
3.92 |
|
Payables Conversion Period |
175.60 |
|
|
|
The company's Account Receivable Ratio is calculated as 3.61 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 112 days at the
end of 2012 to 136 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 3.25 times in year 2012 to 2.69 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.6 times and 0.59
times in 2013 and 2012 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.62.14 |
|
|
1 |
Rs.95.77 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.