MIRA INFORM REPORT
|
Report No. : |
308407 |
|
Report Date : |
19.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
AYUTTHAYA GLASS INDUSTRY CO., LTD. |
|
|
|
|
Registered Office : |
32nd Floor, Ocean Tower 1 Building, 170/78 New Ratchadapisek Road, Klongtoey, Bangkok 10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
09.09.2008 |
|
|
|
|
Com. Reg. No.: |
0105551102504 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Distributor of Glass Bottles. |
|
|
|
|
No. of Employees : |
600 |
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 : |
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
AYUTTHAYA GLASS
INDUSTRY CO., LTD.
SUMMARY
BUSINESS ADDRESS : 32nd FLOOR,
OCEAN TOWER 1
BUILDING,
170/78 NEW
RATCHADAPISEK ROAD,
KLONGTOEY, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2648-6100
FAX :
[66] 2648-6199
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2008
REGISTRATION
NO. : 0105551102504
TAX
ID NO. : 3033211740
CAPITAL REGISTERED : BHT.
1,700,000,000
CAPITAL PAID-UP : BHT.
1,700,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SURASAK DECHARIN,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 600
LINES
OF BUSINESS : GLASS
BOTTLES
MANUFACTURER
& DISTRIBUTOR
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 September 9, 2008
as a private
limited company under the
registered name AYUTTHAYA GLASS
INDUSTRY CO., LTD. by
Thai groups, with the business
objective to manufacture glass bottles
for beverage and
pharmaceutical industries. It
currently employs 600
staff.
It
is a wholly
owned subsidiary of
Bangkok Glass Public
Company Limited, which is a
member of Boonrawd
Brewery Group.
The subject’s registered
address is 32nd Floor, Ocean Tower 1
Building, 170/87 New Ratchadapisek Rd.,
Klongtoey, Bangkok 10110,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Surasak Decharin |
|
Thai |
67 |
|
Mr. Pawin Bhirombhakdi |
|
Thai |
40 |
|
Mr. Somporn Temudomsomboon |
|
Thai |
55 |
|
Mrs. Amarat Puvaveeranin |
|
Thai |
58 |
AUTHORIZED
PERSON
Any two of the
above directors can jointly
sign on behalf
of the subject
with
company’s affixed.
MANAGEMENT
Mr. Surasak Decharin
is the Managing
Director.
He is Thai
nationality with the
age of 67 years old.
Mr. Sombat Nuangjakjoi is
the Factory Manager.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject
is engaged in
contract manufacturing of glass
bottles for beverage
and pharmaceutical industries.
PRODUCTION CAPACITY
Approximately 750
tons per day
PURCHASE
80% of its
raw material is
purchased from local
suppliers, the remaining
20% is imported
from Germany and
Republic of China.
SALES/SERVICES
Most of its
products are served
locally to Boon
Rawd Group of
companies, the
remaining is to
other companies.
MAJOR CUSTOMERS
Boon Rawd Group
Siam Winery Co.,
Ltd.
Pathumthani Brewery Co.,
Ltd.
T.C. Pharmaceutical Industries
Co., Ltd.
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 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.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The subject
employs approximately 600 staff.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Factory
is located at
55 Moo 3,
Rojana Industrial Park,
T. Sambandit, A. U-Thai,
Ayutthaya
13210. Total Area
: 441,600 square
meters, Tel.: [66] 35 334-100,
Fax.: [66] 35 334-149.
COMMENT
The subject provides manufacturing
of glass bottle
for beverage and
pharmaceutical products. It
is a subsidiary
company of Bangkok Glass
Public Co., Ltd.,
which is a
member of Boon
Rawd Brewery Group.
Attuned to
the ongoing demands
of the modern
business world, the
subject now boasts a full
range of containers
with its diversified
product lines encompassing
the varying needs of domestic market.
Under its operation,
products now are
various types of
glass containers for
beverage and pharmaceutical industries.
Since its inception,
its sales revenues
had elevated to
an outstanding 2,768
Million Baht in the
year 2013.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 1,700,000,000 divided into 17,000,000 shares
of Bht. 100
each with fully
paid.
THE
SHAREHOLDERS LISTED WERE
[As
at April 4, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Bangkok Glass Public
Company Limited Nationality: Thai Address : 170/87
Ocean Tower 1
Bldg., New
Ratchadapisek Rd., Klongtoey,
Bangkok |
16,999,994 |
100.00 |
|
Mr. Wapee Bhirombhakdi Nationality: Thai Address : 2571
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok |
1 |
- |
|
Mr. Chutinant Bhirombhakdi Nationality: Thai Address : 91
Ramkhamhaeng 12 Rd.,
Huamark, Bangkapi,
Bangkok |
1 |
- |
|
Mr. Rojrith Thepakham Nationality: Thai Address : 15/8
Soi Prapinij, Thungmahamek,
Sathorn, Bangkok |
1 |
- |
|
Mr. Surasak Decharin Nationality: Thai Address : 114
Ramindra 67 Rd.,
Kannayao, Bangkok |
1 |
- |
|
Mr. Pawin Bhirombhakdi Nationality: Thai Address : 563
Ramkhamhaeng Rd., Huamark,
Bangkapi, Bangkok |
1 |
- |
|
Mrs. Amarat Puvaveeranin Nationality: Thai Address : 98/160 Moo
5, Bangkuwieng, Bangkruay,
Nonthaburi |
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 4,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
17,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
17,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Vissuta Jariyatanakorn No.
3853
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
13,046,712 |
66,007,417 |
22,344,594 |
|
Trade Accounts &
Other Receivable |
339,726,282 |
308,213,848 |
140,760,463 |
|
Inventories |
453,289,936 |
140,026,896 |
92,931,524 |
|
Refundable Value Added Tax |
173,359,751 |
92,726,783 |
41,642,677 |
|
Input Duties Refundable |
37,968,364 |
8,827,515 |
- |
|
Other Current Assets
|
2,136,981 |
2,792,852 |
23,067,000 |
|
|
|
|
|
|
Total Current Assets |
1,019,528,026 |
618,595,311 |
320,746,258 |
|
|
|
|
|
|
Fixed Assets |
5,799,777,404 |
3,052,081,961 |
1,887,823,711 |
|
Deposits |
34,571,600 |
30,201,758 |
30,429,008 |
|
Other Non - current Assets |
1,152,687 |
441,594 |
- |
|
Total Assets |
6,855,029,717 |
3,701,320,624 |
2,238,998,977 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
1,035,000,000 |
605,000,000 |
190,000,000 |
|
Trade Accounts & Other
Payable |
759,618,291 |
389,424,044 |
94,552,898 |
|
Short-term Loan from Parent Company |
1,094,000,000 |
416,000,000 |
- |
|
Current Portion of
Long-term Loans from Bank |
390,000,000 |
210,000,000 |
126,000,000 |
|
Accrued Income Tax |
- |
421,407 |
157,314 |
|
Other Current Liabilities |
3,427,854 |
664,675 |
134,768 |
|
|
|
|
|
|
Total Current Liabilities |
3,282,046,145 |
1,621,510,126 |
410,844,980 |
|
Long-term Loan from Bank,
Net of Current Portion
|
1,358,000,000 |
206,000,000 |
374,000,000 |
|
Provision for Employee
Benefits |
4,684,973 |
2,207,968 |
1,200,000 |
|
Total Liabilities |
4,644,731,118 |
1,829,718,094 |
786,044,980 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 17,000,000 shares |
1,700,000,000 |
1,700,000,000 |
1,700,000,000 |
|
|
|
|
|
|
Capital Paid |
1,700,000,000 |
1,700,000,000 |
700,000,000 |
|
Advance Receipt for Shares |
- |
- |
790,000,000 |
|
Retained Earning - Unappropriated |
510,298,599 |
171,602,530 |
[37,046,003] |
|
Total Shareholders' Equity |
2,210,298,599 |
1,871,602,530 |
1,452,953,997 |
|
Total Liabilities & Shareholders' Equity |
6,855,029,717 |
3,701,320,624 |
2,238,998,977 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Sales Income |
2,715,673,469 |
1,540,200,821 |
742,736,393 |
|
Other Income |
53,032,587 |
3,588,503 |
2,103,766 |
|
Total Revenues |
2,768,706,056 |
1,543,789,324 |
744,840,159 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,154,893,855 |
1,206,295,372 |
550,434,830 |
|
Selling Expenses |
84,069,843 |
33,226,551 |
26,831,487 |
|
Administrative Expenses |
140,369,702 |
46,558,780 |
3,863,784 |
|
Other Expenses |
- |
12,221,027 |
234,393,741 |
|
Total Expenses |
2,379,333,400 |
1,298,301,730 |
815,523,842 |
|
|
|
|
|
|
Profit before Financial Expenses & Income
Tax |
389,372,656 |
245,487,594 |
[70,683,683] |
|
Financial Expenses |
[51,387,680] |
[36,470,675] |
[21,655,521] |
|
Profit / [Loss] before Income
Tax |
337,984,976 |
209,016,919 |
[92,339,204] |
|
Income (expenses) Income Tax |
711,093 |
[608,386] |
[198,911] |
|
|
|
|
|
|
Net Profit / [Loss] |
338,696,069 |
208,408,533 |
[92,538,115] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.31 |
0.38 |
0.78 |
|
QUICK RATIO |
TIMES |
0.11 |
0.23 |
0.40 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.47 |
0.50 |
0.39 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.40 |
0.42 |
0.33 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
76.78 |
42.37 |
61.62 |
|
INVENTORY TURNOVER |
TIMES |
4.75 |
8.61 |
5.92 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
45.66 |
73.04 |
69.17 |
|
RECEIVABLES TURNOVER |
TIMES |
7.99 |
5.00 |
5.28 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
128.67 |
117.83 |
62.70 |
|
CASH CONVERSION CYCLE |
DAYS |
(6.23) |
(2.42) |
68.10 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
79.35 |
78.32 |
74.11 |
|
SELLING & ADMINISTRATION |
% |
8.26 |
5.18 |
4.13 |
|
INTEREST |
% |
1.89 |
2.37 |
2.92 |
|
GROSS PROFIT MARGIN |
% |
22.60 |
21.91 |
26.17 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
14.34 |
15.94 |
(9.52) |
|
NET PROFIT MARGIN |
% |
12.47 |
13.53 |
(12.46) |
|
RETURN ON EQUITY |
% |
15.32 |
11.14 |
(6.37) |
|
RETURN ON ASSET |
% |
4.94 |
5.63 |
(4.13) |
|
EARNING PER SHARE |
BAHT |
19.92 |
12.26 |
(13.22) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.68 |
0.49 |
0.35 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.10 |
0.98 |
0.54 |
|
TIME INTEREST EARNED |
TIMES |
7.58 |
6.73 |
(3.26) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
76.32 |
107.37 |
|
|
OPERATING PROFIT |
% |
58.61 |
(447.30) |
|
|
NET PROFIT |
% |
62.52 |
325.21 |
|
|
FIXED ASSETS |
% |
90.03 |
61.67 |
|
|
TOTAL ASSETS |
% |
85.20 |
65.31 |
|
ANNUAL
GROWTH: EXCELLENT
An annual sales growth is 76.32%. Turnover has increased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
22.60 |
Impressive |
Industrial
Average |
4.33 |
|
Net Profit Margin |
12.47 |
Impressive |
Industrial
Average |
3.34 |
|
Return on Assets |
4.94 |
Impressive |
Industrial
Average |
2.17 |
|
Return on Equity |
15.32 |
Impressive |
Industrial
Average |
4.03 |
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 22.6%. 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 12.47%, 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
4.94%, 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 15.32%, 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:
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.31 |
Risky |
Industrial
Average |
1.12 |
|
Quick Ratio |
0.11 |
|
|
|
|
Cash Conversion Cycle |
(6.23) |
|
|
|
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 0.31 times in 2013, decreased from 0.38 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 0.11 times in 2013,
decreased from 0.23 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 -7 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.68 |
Acceptable |
Industrial
Average |
0.52 |
|
Debt to Equity Ratio |
2.10 |
Risky |
Industrial
Average |
1.07 |
|
Times Interest Earned |
7.58 |
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 7.58 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 0.68 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.47 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.40 |
Acceptable |
Industrial
Average |
0.65 |
|
Inventory Conversion Period |
76.78 |
|
|
|
|
Inventory Turnover |
4.75 |
Impressive |
Industrial
Average |
4.00 |
|
Receivables Conversion Period |
45.66 |
|
|
|
|
Receivables Turnover |
7.99 |
Impressive |
Industrial Average |
3.32 |
|
Payables Conversion Period |
128.67 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.99 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 42 days at the
end of 2012 to 77 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 8.61 times in year 2012 to 4.75 times
in year 2013.
The company's Total Asset Turnover is calculated as 0.4 times and 0.42
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.25 |
|
|
1 |
Rs.95.57 |
|
Euro |
1 |
Rs.71.01 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.