MIRA INFORM REPORT
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Report No. : |
330040 |
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Report Date : |
03.07.2015 |
IDENTIFICATION DETAILS
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Name : |
MGC TRADING [THAILAND] LTD. |
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Registered Office : |
Unit 1810, 18th Floor, Empire Tower, 1 South Sathorn Road, Yannawa, Sathorn, Bangkok 10120 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
15.05.2006 |
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Com. Reg. No.: |
0105549059273 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The subject is engaged in importing and distributing wide range of industrial chemicals |
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No. of Employees : |
15 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
THAILAND ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand has historically had a strong economy due in part to 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 4 million migrant workers from neighboring countries, and faces labor shortages. Following the May 2014 coup d’�tat, 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
MGC
TRADING [THAILAND] LTD.
SUMMARY
BUSINESS
ADDRESS : UNIT
1810, 18th FLOOR,
EMPIRE TOWER,
1 SOUTH SATHORN
ROAD, YANNAWA,
SATHORN,
BANGKOK 10120, THAILAND
TELEPHONE : [66] 2670-3417-8
FAX :
[66] 2670-3419
E-MAIL
ADDRESS : sarinya@mgc.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION
NO. : 0105549059273
TAX
ID NO. : 3032243537
CAPITAL REGISTERED : BHT. 200,000,000
CAPITAL PAID-UP : BHT. 50,000,000
SHAREHOLDER’S PROPORTION : FOREIGN
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. TAKAHIRO MITARAI,
JAPANESE
PRESIDENT
NO.
OF STAFF : 15
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
IMPORTER 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 May 15,
2006 as a
private limited company
under the registered
name MGC TRADING [THAILAND] LTD., by
foreign groups, with the business objective to
import and distribute wide
range of industrial
chemicals to domestic
market. It currently
employs 15 staff.
The
subject is a
subsidiary of Mitsubishi
Gas Chemical Company
Inc., Japan.
The
subject’s registered address
was Unit 1810,
18th Flr., Empire Tower, 195 South Sathorn
Rd., Yannawa, Sathorn,
Bangkok 10120.
On
October 4, 2014, the
tower’s address number
was changed from
“195” to “1”
by the Sathorn
District Office, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Yoshihiro Kawamoto |
[x] |
Japanese |
48 |
|
Mr. Susumu Yoshida |
|
Japanese |
59 |
|
Mr. Nobuhisa Ariyoshi |
|
Japanese |
54 |
|
Mr. Takahiro Mitarai |
[x] |
Japanese |
53 |
|
Mr. Eiji Tsukiji |
|
Japanese |
56 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Takahiro Mitarai is
the President.
He is Japanese
nationality with the
age of 53
years old.
BUSINESS OPERATIONS
The subject
is engaged in
importing and distributing
wide range of
industrial chemicals, e.g. Melamine, Phenol, Phthalic
anhydride for various industries,
such as electronics,
consumer goods, cosmetics,
plastics, foods, pharmaceuticals, coating
and painting, oil & gas, petrochemical
industries and etc.
PURCHASE
80% of the
products is imported
from Japan, Singapore,
Taiwan, India and
Republic of China,
the remaining 20%
is purchased from
local suppliers.
MAJOR SUPPLIERS
Mitsubishi
Gas Chemical Company
Inc. : Japan
MGC
Pure Chemicals Singapore
Pte. Ltd. : Singapore
SALES
100% of the
products is sold
locally by wholesale
to manufacturers and
end-users.
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
credits term of
30-60 days.
Imports are by
T/T.
BANKING
The
Bank of Tokyo-Mitsubishi UFJ.
Ltd.
[Bangkok Branch, 54
North Sathorn Rd.,
Silom, Bangrak, Bangkok]
EMPLOYMENT
The
subject currently employs
15 staff.
LOCATION DETAILS
The
premises is rented for
administrative office at the heading
address. Premise is
located in a
prime commercial area.
COMMENT
The
subject was formed
in 2006 as
an importer and
distributor of industrial
chemicals. Its operating
performance in 2014
was considered good.
Since
the products have been
served various industries,
subject’s performance has
expanded accordingly to
strong consumption of
the related industries.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 200,000,000
divided into 200,000
shares of Bht.
1,000 each, with
the current capital
paid-up at Bht.
50,000,000 or 25%
of the total
shares.
THE SHAREHOLDERS
LISTED WERE : [as at
April 3, 2015] at
Bht. 50,000,000 of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mitsubishi Gas Chemical
Company Inc. Nationality: Japanese Address : 5-2
Mitsubishi Building, Marunouji
2-Chome,
Chiyoda-ku, Tokyo, Japan
|
179,500 |
89.75 |
|
Mitsubishi Gas Chemical
Singapore Pte. Ltd. Nationality: Singaporean Address : 24
Raffles Place 16-01
Clifford Center, Singapore |
20,000 |
10.00 |
|
MGC Pure Chemicals
Singapore Pte. Ltd. Nationality: Singaporean Address : 29
Tuas West Street,
Singapore |
100 |
0.05 |
|
Tokyo Shokai Ltd. Nationality: Japanese Address : 6-1
Kanda Surakadai 3- Chome,
Chiyoda-ku, Tokyo, Japan |
100 |
0.05 |
|
Ryoko Chemical Company
Ltd. Nationality: Japanese Address : 12-20
PMO Nihonbashi-Honshu Building,
4-Chome, Chow-ku, Tokyo,
Japan |
100 |
0.05 |
|
Ryoyo Trading Company
Ltd. Nationality: Japanese Address : 1-3
Tokyo Sakurada Building,
Nishi-Shinbashi 1- Chome, Minato-ku,
Tokyo, Japan |
100 |
0.05 |
|
|
|
|
|
Ryowa Enterprise Company
Ltd. Nationality: Japanese Address : 5-2
Mitsubishi Building, Marunouji
2-Chome,
Chiyoda-ku, Tokyo, Japan
|
100 |
0.05 |
Total Shareholders : 7
Share
Structure [as at
April 3, 2015]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
7 |
200,000 |
100.00 |
|
Total |
7 |
200,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Prasit Yuengsrikul No.
4174
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 |
60,844,088 |
27,706,571 |
36,330,974 |
|
Trade Accounts & Other
Receivable |
228,992,904 |
220,999,069 |
232,165,215 |
|
Inventories |
62,379,561 |
41,025,120 |
65,598,719 |
|
Receivables under Financial Derivatives |
- |
928,311 |
- |
|
Other Current Assets
|
18,288 |
8,862 |
3,138,424 |
|
|
|
|
|
|
Total Current Assets
|
352,234,841 |
290,667,933 |
337,233,332 |
|
|
|
|
|
|
Fixed Assets |
536,238 |
680,595 |
510,865 |
|
Intangible Assets |
800,945 |
935,082 |
1,080,555 |
|
Other Non - current Assets |
135,480 |
223,607 |
216,107 |
|
Total Assets |
353,707,504 |
292,507,217 |
339,040,859 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
276,407,343 |
222,275,705 |
271,819,784 |
|
Payables under Financial
Derivatives |
1,323,146 |
- |
2,738,935 |
|
Accrued Income Tax |
1,189,358 |
1,270,168 |
1,698,897 |
|
Current Portion of
Financial Lease Contract Liabilities |
51,975 |
47,431 |
43,284 |
|
Other Current Liabilities |
353,372 |
811,519 |
136,640 |
|
|
|
|
|
|
Total Current Liabilities |
279,325,194 |
224,404,823 |
276,437,540 |
|
Financial Lease Contract
Liabilities |
15,636 |
67,611 |
115,041 |
|
Employee Benefits Obligation |
710,110 |
573,499 |
560,927 |
|
Total Liabilities |
280,050,940 |
225,045,933 |
277,113,508 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, and
issued share capital 200,000 shares |
200,000,000 |
200,000,000 |
200,000,000 |
|
|
|
|
|
|
Capital Paid |
50,000,000 |
50,000,000 |
50,000,000 |
|
Retained Earnings: Appropriated for statutory reserve |
1,140,963 |
760,667 |
415,348 |
|
Unappropriated |
22,515,601 |
16,700,617 |
11,512,003 |
|
Total Shareholders' Equity |
73,656,564 |
67,461,284 |
61,927,351 |
|
Total Liabilities &
Shareholders' Equity |
353,707,504 |
292,507,217 |
339,040,859 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
1,145,011,386 |
984,938,887 |
896,885,610 |
|
Other Income |
1,858,931 |
1,871,915 |
11,281,855 |
|
Total Revenues |
1,146,870,317 |
986,810,802 |
908,167,465 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
1,114,634,238 |
944,087,860 |
874,291,765 |
|
Selling Expenses |
7,243,916 |
5,011,290 |
3,357,825 |
|
Administrative Expenses |
13,547,998 |
13,287,728 |
21,487,048 |
|
Loss on Exchange Rate |
660,627 |
13,652,218 |
- |
|
Other Expenses |
- |
3,001 |
4 |
|
Total Expenses |
1,136,086,779 |
976,042,097 |
899,136,642 |
|
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income
Tax |
10,783,538 |
10,768,705 |
9,030,823 |
|
Financial Cost |
[8,597] |
[12,744] |
[12,025] |
|
Profit / [Loss] before Income
Tax |
10,774,941 |
10,755,961 |
9,018,798 |
|
Income Tax |
[2,297,661] |
[3,150,028] |
[2,112,421] |
|
|
|
|
|
|
Net Profit / [Loss] |
8,477,280 |
7,605,933 |
6,906,377 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.26 |
1.30 |
1.22 |
|
QUICK RATIO |
TIMES |
1.04 |
1.11 |
0.97 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2,135.27 |
1,447.17 |
1,755.62 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.24 |
3.37 |
2.65 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
20.43 |
15.86 |
27.39 |
|
INVENTORY TURNOVER |
TIMES |
17.87 |
23.01 |
13.33 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
73.00 |
81.90 |
94.48 |
|
RECEIVABLES TURNOVER |
TIMES |
5.00 |
4.46 |
3.86 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
90.51 |
85.94 |
113.48 |
|
CASH CONVERSION CYCLE |
DAYS |
2.91 |
11.82 |
8.39 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.35 |
95.85 |
97.48 |
|
SELLING & ADMINISTRATION |
% |
1.82 |
1.86 |
2.77 |
|
INTEREST |
% |
0.00 |
0.00 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
2.82 |
4.34 |
3.78 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.94 |
1.09 |
1.01 |
|
NET PROFIT MARGIN |
% |
0.74 |
0.77 |
0.77 |
|
RETURN ON EQUITY |
% |
11.51 |
11.27 |
11.15 |
|
RETURN ON ASSET |
% |
2.40 |
2.60 |
2.04 |
|
EARNING PER SHARE |
BAHT |
16.95 |
15.21 |
13.81 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.79 |
0.77 |
0.82 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.80 |
3.34 |
4.47 |
|
TIME INTEREST EARNED |
TIMES |
1,254.34 |
845.00 |
751.00 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
16.25 |
9.82 |
|
|
OPERATING PROFIT |
% |
0.14 |
19.24 |
|
|
NET PROFIT |
% |
11.46 |
10.13 |
|
|
FIXED ASSETS |
% |
(21.21) |
33.22 |
|
|
TOTAL ASSETS |
% |
20.92 |
(13.73) |
|
ANNUAL
GROWTH : IMPRESSIVE
An annual sales growth is 16.25%. Turnover has increased from THB
984,938,887.00 in 2013 to THB 1,145,011,386.00 in 2014. While net profit has
increased from THB 7,605,933.00 in 2013 to THB 8,477,280.00 in 2014. And total
assets has increased from THB 292,507,217.00 in 2013 to THB 353,707,504.00 in
2014.
PROFITABILITY
: ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
2.82 |
Impressive |
Industrial Average |
0.91 |
|
Net Profit Margin |
0.74 |
Deteriorated |
Industrial Average |
2.22 |
|
Return on Assets |
2.40 |
Deteriorated |
Industrial Average |
7.20 |
|
Return on Equity |
11.51 |
Satisfactory |
Industrial Average |
12.95 |
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 2.82%. 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 0.74%.
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 2.4%.
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 11.51%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY
: SATISFACTORY
LIQUIDITY
RATIO
|
Current Ratio |
1.26 |
Acceptable |
Industrial Average |
1.76 |
|
Quick Ratio |
1.04 |
|
|
|
|
Cash Conversion Cycle |
2.91 |
|
|
|
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, decreased from 1.3 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 1.04 times in 2014,
decreased from 1.11 times, although excluding inventory so the company still have
good short-term financial strength.
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 3 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: ACCEPTABLE
LEVERAGE
RATIO
|
Debt Ratio |
0.79 |
Acceptable |
Industrial Average |
0.51 |
|
Debt to Equity Ratio |
3.80 |
Risky |
Industrial Average |
1.05 |
|
Times Interest Earned |
1,254.34 |
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 1254.34 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 0.79 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
: SATISFACTORY
ACTIVITY
RATIO
|
Fixed Assets Turnover |
2,135.27 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
3.24 |
Satisfactory |
Industrial Average |
3.24 |
|
Inventory Conversion Period |
20.43 |
|
|
|
|
Inventory Turnover |
17.87 |
Acceptable |
Industrial Average |
25.28 |
|
Receivables Conversion Period |
73.00 |
|
|
|
|
Receivables Turnover |
5.00 |
Satisfactory |
Industrial Average |
6.54 |
|
Payables Conversion Period |
90.51 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.00 and 4.46 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 16 days at the
end of 2013 to 20 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 23.01 times in year 2013 to 17.87
times in year 2014.
The company's Total Asset Turnover is calculated as 3.24 times and 3.37
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
|
Key Areas |
Score |
Weight |
Weighted
Score |
|
LIQUIDITY RATIO |
2.22 |
25.00 |
55.50 |
|
ACTIVITY RATIO |
2.67 |
20.00 |
53.40 |
|
PROFITABILITY
RATIO |
1.67 |
25.00 |
41.75 |
|
LEVERAGE RATIO |
1.78 |
10.00 |
17.80 |
|
ANNUAL GROWTH |
3.20 |
20.00 |
64.00 |
|
Total Weight
(excluding - - Score) |
|
100.00 |
|
|
|
|
|
232.45 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.57 |
|
|
1 |
Rs. 99.20 |
|
Euro |
1 |
Rs. 70.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
DPT |
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.