MIRA INFORM REPORT
|
Report No. : |
301911 |
|
Report Date : |
15.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
GOLDEN M CO., LTD. |
|
|
|
|
Registered Office : |
338
Mahaesak Road, Suriyawongse, Bangrak, Bangkok
10500, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
23.02.1988 |
|
|
|
|
Com. Reg. No.: |
0105531013140 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in gems cutting
manufacture, distributing and
exporting various kinds
of precious stone
cut and pearl
for jewelry production
industry |
|
|
|
|
No. of Employees : |
180 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
No complaints |
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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
GOLDEN M
CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 338
MAHAESAK ROAD, SURIYAWONGSE,
BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2237-6978-9
FAX :
[66] 2236-3320
E-MAIL
ADDRESS : goldenm@loxinfo.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1988
REGISTRATION
NO. : 0105531013140
TAX
ID NO. : 3101500158
CAPITAL REGISTERED : BHT. 80,000,000
CAPITAL PAID-UP : BHT.
65,000,000
SHAREHOLDER’S PROPORTION : THAI : 95.00%
AMERICAN :
5.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. LUCIEN, YI-PEI
CHI, AMERICAN
MANAGING DIRECTOR
NO.
OF STAFF : 180
LINES
OF BUSINESS : GEMS
CUTTING
MANUFACTURE
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 February 23,
1988 as a
private limited company
under the originally
registered name “Golden Model
Co., Ltd.”, by
Thai and American
groups. On March
23, 1988, its
registered name was
changed to GOLDEN
M CO., LTD.
Its business objective
is a manufacturer
various gems cutting
for jewelry industry
both domestic and
international markets. It
currently employs approximately
180 staff.
The
subject’s registered address
is 338 Mahaesak Road, Suriyawongse,
Bangrak,
Bangkok
10500, and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Lucien, Yi-Pei Chi |
|
American |
62 |
|
Ms. Sukhon Suharitdamrong |
|
Thai |
52 |
|
Mrs. Sunipa Kosasih |
|
Thai |
54 |
AUTHORIZED PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Lucien, Yi-Pei Chi
is the Managing
Director.
He is American
nationality with the
age of 62
years old.
Ms. Sukhon Suharitdamrong is
the General Manager.
She is Thai
nationality with the
age of 52
years old.
BUSINESS OPERATIONS
The subject
is engaged in
gems cutting manufacture,
distributing and exporting
various kinds of
precious stone cut
and pearl for
jewelry production industry.
PURCHASE
Raw materials; gemstones,
semi-precious stones and
pearl, as well
as cutting tools
are purchased from
suppliers both domestic
and overseas, mainly in India.
SALES
100% of the
products is sold
by wholesale to
customers both local
and overseas, in
U.S.A., Japan and
Hong Kong.
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
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
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
The
subject was not
disclosed its banker’s
name.
EMPLOYMENT
The
subject employs approximately
180 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office
at the heading
address. Premise is located
in a prime
commercial area.
Factory
I : 251/4-5
Soi Charoennakorn 60,
Charoennakorn Road, Samrei,
Thonburi,
Bangkok
10600.
Factory
II : 130, 132, 134, 136 Soi
Charoennakorn 56, Charoennakorn
Road, Samrei,
Thonburi,
Bangkok 10600
COMMENT
The Golden M
is the quality mark of gem cutting
manufacture. The products
have been served
both local and
overseas market. During
the years 2013-2014
jewelry consumption in
local market was
likely slow caused
by various internal
factors, while export
of jewelry to
main markets like
USA, Japan and
China had been
slowing down from
economic sluggish and
financial burden.
FINANCIAL
INFORMATION
The
capital was registered at Bht. 2,000,000 divided into
200 shares of
Bht. 10,000 each with
fully paid.
The
capital was increased
later as follows:
Bht. 4,000,000
on January 20,
1992
Bht. 30,000,000
on July 5,
2011
Bht. 50,000,000
on November 25,
2011
Bht. 60,000,000
on December 18,
2012
Bht. 80,000,000
on October 20,
2014
The
latest registered capital
was increased to
Bht. 80,000,000 divided
into 8,000 shares
of Bht. 10,000 each.
THE
SHAREHOLDERS LISTED WERE
: [as at
October 16, 2014]
at Bht. 65,000,000
of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Sukhon Suharitdamrong Nationality: Thai Address : 220
Pattanakarn Road, Suanluang,
Bangkok |
7,100 |
88.75 |
|
Mrs. Sunipa Kosasih Nationality: Thai Address : 338
Mahaesak Road, Suriyawongse,
Bangrak, Bangkok |
500 |
6.25 |
|
Mr. Lucien, Yi-Pei Chi Nationality: American Address : 67
Soi Saladaeng 2,
Silom, Bangrak, Bangkok |
400 |
5.00 |
Total Shareholders : 3
Share Structure [as
at October 16,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
7,600 |
95.00 |
|
Foreign-American |
1 |
400 |
5.00 |
|
Total |
3 |
8,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Jirapong Kuakij No. 5149
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 [Adjusted |
|
|
|
|
|
|
Cash and Cash Equivalents |
80,256.98 |
27,769.34 |
49,561.69 |
|
Trade Accounts Receivable |
35,969,870.96 |
47,366,167.52 |
35,185,426.34 |
|
Inventories |
55,689,337.35 |
55,659,678.45 |
79,476,798.29 |
|
Other Current Assets
|
745,598.31 |
347,370.18 |
2,481,780.27 |
|
|
|
|
|
|
Total Current Assets
|
92,485,063.60 |
103,400,985.49 |
117,193,566.59 |
|
Fixed Assets |
11,897,614.40 |
13,540,470.50 |
14,364,130.54 |
|
Intangible Assets |
400,193.35 |
338,628.60 |
428,647.60 |
|
Other Non-current Assets |
20,528.00 |
20,528.00 |
30,801.87 |
|
Total Assets |
104,803,399.35 |
117,300,612.59 |
132,017,746.60 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 [Adjusted |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institutions |
55,486,025.91 |
49,507,183.76 |
53,050,191.71 |
|
Trade Accounts Payable |
14,217,290.22 |
9,139,418.15 |
20,780,712.31 |
|
Short-term Loans |
8,805,484.51 |
5,958,484.51 |
14,558,484.51 |
|
Deposit for Goods |
10,547,334.09 |
12,302,782.88 |
655,930.68 |
|
Accrued Income Tax |
- |
- |
81,480.93 |
|
Other Current Liabilities |
2,482,384.93 |
2,285,440.46 |
1,466,103.16 |
|
|
|
|
|
|
Total Current Liabilities |
91,591,519.66 |
79,193,309.76 |
90,592,903.30 |
|
Provision for Employee Benefits |
800,000.00 |
800,000.00 |
400,000.00 |
|
Total Liabilities |
92,391,519.66 |
79,993,309.76 |
90,992,903.30 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10,000
par value authorized, issued
and fully paid share
capital 6,000 shares
in 2013 & 2012; 5,000 shares in 2011 |
60,000,000.00 |
60,000,000.00 |
50,000,000.00 |
|
|
|
|
|
|
Capital Paid |
60,000,000.00 |
60,000,000.00 |
50,000,000.00 |
|
Retained Earning Appropriated for Statutory
Reserve |
545,000.00 |
545,000.00 |
545,000.00 |
|
Unappropriated |
[48,133,120.31] |
[23,237,697.17] |
[9,520,756.70] |
|
Total Shareholders' Equity |
12,411,879.69 |
37,307,302.83 |
41,024,243.30 |
|
Total Liabilities &
Shareholders' Equity |
104,803,399.35 |
117,300,612.59 |
132,017,146.60 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 [Adjusted |
|
|
|
|
|
|
Sales & Services Income |
107,467,294.39 |
105,191,934.31 |
75,933,546.24 |
|
Other Income |
19,446.44 |
7,015,333.34 |
950,811.62 |
|
Total Revenues |
107,480,740.83 |
112,207,267.65 |
76,884,357.86 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Purchase of Goods |
- |
271,629.83 |
37,354,104.19 |
|
Change in Finished Goods |
1,372,144.24 |
3,666,527.99 |
[3,179,559.51] |
|
Change in Progress |
[1,471,073.74] |
4,912,747.15 |
[5,485,917.90] |
|
Raw Material and Material Supplies |
72,165,821.61 |
70,879,899.99 |
24,962,946.88 |
|
Employees Expenses |
27,957,366.59 |
24,805,873.75 |
17,530,667.93 |
|
Loss on Exchange Rate |
7,031,450.86 |
- |
- |
|
Commission |
4,857,497.08 |
2,792,419.01 |
1,052,156.71 |
|
Deliver Cost and Expenses |
2,461,184.89 |
1,641,707.90 |
1,655,916.54 |
|
Depreciation and Amortization |
3,122,768.70 |
2,886,992.04 |
2,585,689.79 |
|
Cost of Utilities |
1,885,884.37 |
1,829,572.13 |
1,166,008.45 |
|
Benefit Employees |
- |
400,000.00 |
400,000.00 |
|
Security Services |
610,320.78 |
571,720.31 |
344,090.26 |
|
Expenses |
323,590.21 |
600,200.07 |
236,253.43 |
|
Other Expenses |
9,891,844.68 |
7,808,173.38 |
4,112,858.08 |
|
Total Expenses |
130,208,800.27 |
123,067,463.55 |
82,735,214.85 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost |
[22,722,059.44] |
[10,860,195.90] |
[5,850,856.99] |
|
Financial Cost |
[2,173,363.70] |
[2,856,744.57] |
[1,090,257.69] |
|
Profit / [Loss] before Income Tax |
[24,895,423.14] |
[13,716,940.47] |
[6,941,114.68] |
|
Income Tax |
- |
- |
[150,649.45] |
|
|
|
|
|
|
Net Profit / [Loss] |
[24,895,423.14] |
[13,716,940.47] |
[7,091,764.13] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.01 |
1.31 |
1.29 |
|
QUICK RATIO |
TIMES |
0.39 |
0.60 |
0.39 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
9.03 |
7.77 |
5.29 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.03 |
0.90 |
0.58 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
281.67 |
286.62 |
1,162.08 |
|
INVENTORY TURNOVER |
TIMES |
1.30 |
1.27 |
0.31 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
122.17 |
164.35 |
169.13 |
|
RECEIVABLES TURNOVER |
TIMES |
2.99 |
2.22 |
2.16 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
71.91 |
47.06 |
303.85 |
|
CASH CONVERSION CYCLE |
DAYS |
331.92 |
403.91 |
1,027.37 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
67.15 |
67.38 |
32.87 |
|
SELLING & ADMINISTRATION |
% |
44.90 |
33.77 |
32.89 |
|
INTEREST |
% |
2.02 |
2.72 |
1.44 |
|
GROSS PROFIT MARGIN |
% |
32.86 |
39.29 |
68.38 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(21.15) |
(10.32) |
(7.71) |
|
NET PROFIT MARGIN |
% |
(23.17) |
(13.04) |
(9.34) |
|
RETURN ON EQUITY |
% |
(200.58) |
(36.77) |
(17.29) |
|
RETURN ON ASSET |
% |
(23.75) |
(11.69) |
(5.37) |
|
EARNING PER SHARE |
BAHT |
(4,149.24) |
(2,286.16) |
(1,418.35) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.88 |
0.68 |
0.69 |
|
DEBT TO EQUITY RATIO |
TIMES |
7.44 |
2.14 |
2.22 |
|
TIME INTEREST EARNED |
TIMES |
(10.46) |
(3.80) |
(5.37) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
2.16 |
38.53 |
|
|
OPERATING PROFIT |
% |
109.28 |
85.62 |
|
|
NET PROFIT |
% |
(81.49) |
(93.42) |
|
|
FIXED ASSETS |
% |
(12.13) |
(5.73) |
|
|
TOTAL ASSETS |
% |
(10.65) |
(11.15) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 2.16%. Turnover has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
32.86 |
Acceptable |
Industrial
Average |
44.16 |
|
Net Profit Margin |
(23.17) |
Deteriorated |
Industrial
Average |
(0.44) |
|
Return on Assets |
(23.75) |
Deteriorated |
Industrial
Average |
(0.39) |
|
Return on Equity |
(200.58) |
Deteriorated |
Industrial
Average |
3.00 |
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 32.86%. 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 -23.17%.
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 -23.75%.
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 -200.58%.
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 |
1.01 |
Satisfactory |
Industrial
Average |
1.12 |
|
Quick Ratio |
0.39 |
|
|
|
|
Cash Conversion Cycle |
331.92 |
|
|
|
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 1.01 times in 2013, decreased from 1.31 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 0.39 times in 2013,
decreased from 0.6 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 332 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.88 |
Acceptable |
Industrial
Average |
0.85 |
|
Debt to Equity Ratio |
7.44 |
Risky |
Industrial
Average |
5.80 |
|
Times Interest Earned |
(10.46) |
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 -10.46 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 0.88 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 |
9.03 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.03 |
Impressive |
Industrial
Average |
0.89 |
|
Inventory Conversion Period |
281.67 |
|
|
|
|
Inventory Turnover |
1.30 |
Acceptable |
Industrial
Average |
1.83 |
|
Receivables Conversion Period |
122.17 |
|
|
|
|
Receivables Turnover |
2.99 |
Impressive |
Industrial
Average |
1.47 |
|
Payables Conversion Period |
71.91 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.99 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 decreased from 287 days at the
end of 2012 to 282 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 1.27 times in year 2012 to 1.3 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.03 times and 0.9
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 Uptrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.15 |
|
|
1 |
Rs.94.24 |
|
Euro |
1 |
Rs.73.30 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIS |
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.