MIRA INFORM REPORT
|
Report No. : |
331517 |
|
Report Date : |
15.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
SANGUAN WONGSE STARCH CO., LTD. |
|
|
|
|
Registered Office : |
190 Moo 4, Ratchasima-Chokechai Road, T.
Nongbuasala, A. Muang, Nakornratchasima
30000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
06.12.1989 |
|
|
|
|
Com. Reg. No.: |
0305532000783 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer,
Exporter and Distributor of Tapioca Starch. |
|
|
|
|
No. of Employees : |
72 |
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 |
|
|
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
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 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
SANGUAN WONGSE
STARCH CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 190
MOO 4, RATCHASIMA-CHOKECHAI ROAD,
T. NONGBUASALA,
A. MUANG,
NAKORNRATCHASIMA 30000,
THAILAND
TELEPHONE : [66] 44
212-953, 44 212-723-6 ,
44 233-200
FAX :
[66] 44 212-727, 44
212-720
E-MAIL
ADDRESS : company@swi.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1989
REGISTRATION
NO. : 0305532000783
TAX
ID NO. : 3301005927
CAPITAL REGISTERED : BHT. 187,000,000
CAPITAL PAID-UP : BHT.
187,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. THOSAPOL TANTIWONG,
THAI
PRESIDENT
NO.
OF STAFF : 72
LINES
OF BUSINESS : TAPIOCA STARCH
MANUFACTURER, EXPORTER 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
December 6, 1989
as a private
limited company under
the registered name SANGUAN
WONGSE STARCH CO., LTD.,
by Thai groups,
with the business objective
to manufacture and
distribute tapioca starch
to both domestic
and international markets.
It currently employs 72
staff.
The
subject’s registered address
is 190 Moo 4, Ratchasima- Chokechai Road,
T. Nongbuasala, A.
Muang, Nakornratchasima
30000, and this
is the subject’s
current
operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Thosapol Tantiwong |
[x] |
Thai |
78 |
|
Mrs. Vareeporn Tantiwong |
|
Thai |
70 |
|
Mr. Kawee Tantiwong |
|
Thai |
52 |
|
Mr. Sarayut Tantiwong |
|
Thai |
48 |
|
Mrs. Laksana Supatkiat |
|
Thai |
45 |
|
Mrs. Chotima Leeangoon |
|
Thai |
44 |
|
Mrs. Thidarat Rodanan |
|
Thai |
50 |
AUTHORIZED
PERSON
The mentioned director
[x] can jointly
sign with anyone
of the rest
directors on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Thosapol Tantiwong is
the President.
He is Thai nationality with
the age of 78
years old.
Mrs. Thidarat Rodanan is
the Vice President.
She is Thai
nationality with the
age of 50 years
old.
Mrs. Sumatra Sertkratok is
the Sales Manager.
She is Thai
nationality.
Mrs. Rattaporn Pramuantanakit is
the Purchasing Manager.
She is Thai
nationality.
BUSINESS
OPERATIONS
The subject
is engaged in
manufacturing, exporting and
distributing of tapioca
starch for food processing
industry.
PURCHASE
100%
of raw material
mainly cassava root
is purchased from
local suppliers.
SALES
90% of the
products is exported
to U.S.A., Japan, Republic of
China, Malaysia, Ukraine, Hong Kong,
India and the
countries in Europe,
the remaining 10%
is sold locally
to wholesalers, manufacturers
and end-users.
RELATED
COMPANY
Sanguan Wongse Industries
Co., Ltd.
Business Type :
Manufacturer and distributor
of tapioca starches
Sanguan Wongse Energy Co.,
Ltd.
Business Type :
Power Plant
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.
Exports are against
T/T
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs 72
staff.
LOCATION
DETAILS
The
premise is owned
for administrative office,
factory and warehouse
at the heading
address. Premise is
located in provincial.
COMMENT
Subject
reported strong sales
in 2014. Its
business performance is
related to the
growth and improvement
of food processing
industry.
The
subject’s business remains
promising.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 20,000,000 divided
into 200,000 shares
of Bht. 100
each with fully
paid.
The
capital was increased
later as follows:
Bht. 110,000,000
on March
19, 2003
Bht. 187,000,000
on February
5, 2013
The
latest registered capital
was increased to Bht. 187,000,000 divided
into 1,870,000 shares
of Bht. 100 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Thosapol Tantiwong Nationality: Thai Address : 120
Moo 4, T. Nongbuasala, A. Muang,
Nakornratchasima |
1,028,500 |
55.00 |
|
Mrs. Vareeporn Tantiwong Nationality: Thai Address : 120 Moo
4, T. Nongbuasala, A. Muang,
Nakornratchasima |
319,000 |
17.06 |
|
Mrs. Thidarat Rodanan Nationality: Thai Address : 50/8
Rajprarop Road, Phayathai,
Rajthewi, Bangkok |
93,500 |
5.00 |
|
Mr. Kawee Tantiwong Nationality: Thai Address : 120
Moo 4, T. Nongbuasala, A. Muang,
Nakornratchasima |
93,500 |
5.00 |
|
Mr. Kanit Tantiwong Nationality: Thai Address : 120
Moo 4, T. Nongbuasala, A. Muang,
Nakornratchasima |
93,500 |
5.00 |
|
Mrs. Laksana Supatkiat Nationality: Thai Address : 120
Moo 4, T. Nongbuasala, A. Muang,
Nakornratchasima |
93,500 |
5.00 |
|
Mrs. Chotima Leeangoon Nationality: Thai Address : 50/8
Rajprarop Road, Phayathai,
Rajthewi, Bangkok |
93,500 |
5.00 |
|
Mr. Sarayut Tantiwong Nationality: Thai Address : 120
Moo 4, T. Nongbuasala, A. Muang, Nakornratchasima |
55,000 |
2.94 |
Total Shareholders : 8
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
1,870,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
1,870,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Ratana Bamrungpong No. 0786
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
20,664,897.87 |
15,900,923.21 |
16,636,174.32 |
|
Trade Accounts & Other Receivable |
466,670,022.56 |
314,298,142.35 |
406,263,750.31 |
|
Inventories |
214,623,010.20 |
179,693,618.63 |
163,598,126.92 |
|
Prepayment for Machinery |
1,846,078.24 |
70,333,921.75 |
28,564,099.69 |
|
Revenue Department Receivable |
18,308,611.90 |
8,920,439.07 |
25,625,195.56 |
|
Other Current Assets
|
2,630,688.40 |
859,549.47 |
8,350,641.20 |
|
|
|
|
|
|
Total Current Assets
|
724,743,309.17 |
590,006,594.48 |
649,037,988.00 |
|
Cash at Bank pledged as a Collateral |
400,000.00 |
400,000.00 |
400,000.00 |
|
Fixed Assets |
767,003,247.51 |
440,967,092.12 |
360,588,679.25 |
|
Intangible Assets |
1.00 |
5,930.50 |
18,970.50 |
|
Other Non-current Assets |
6,384,206.00 |
7,647,568.97 |
72,511.00 |
|
Total Assets |
1,498,530,763.68 |
1,039,027,186.07 |
1,010,118,148.75 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institutions |
269,761,601.24 |
137,000,000.00 |
222,099,680.92 |
|
Trade Accounts & Other Payable |
251,926,295.63 |
554,765,454.05 |
340,399,564.53 |
|
Current Portion of Long-term Loans |
24,000,000.00 |
24,000,000.00 |
- |
|
Short-term Loans from Related Company |
584,000,000.00 |
- |
- |
|
Assets Payable |
50,546,371.92 |
1,556,074.19 |
6,952,752.48 |
|
Other Current Liabilities |
- |
- |
1,496,312.46 |
|
|
|
|
|
|
Total Current Liabilities |
1,180,234,268.79 |
717,321,528.24 |
570,948,310.39 |
|
Long-term Loan from Financial, Net |
48,977,658.84 |
72,977,658.84 |
- |
|
Total Liabilities |
1,229,221,927.63 |
790,299,187.08 |
570,948,310.39 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share capital
1,870,000 shares in 2014 & 2013;
1,100,000 shares in 2012 |
187,000,000.00 |
187,000,000.00 |
110,000,000.00 |
|
|
|
|
|
|
Capital Paid |
187,000,000.00 |
187,000,000.00 |
110,000,000.00 |
|
Retained Earning Appropriated for Statutory
Reserve |
18,700,000.00 |
18,700,000.00 |
11,000,000.00 |
|
Unappropriated |
63,618,836.05 |
43,027,998.99 |
318,169,838.36 |
|
Total Shareholders' Equity |
269,318,836.05 |
248,727,998.99 |
439,169,838.36 |
|
Total Liabilities &
Shareholders' Equity |
1,498,530,763.68 |
1,039,027,186.07 |
1,010,118,148.75 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales & Service Income |
2,401,295,884.67 |
2,268,964,057.42 |
2,184,523,882.76 |
|
Other Income |
18,196,782.97 |
62,288,547.26 |
51,423,501.73 |
|
Total Revenues |
2,419,492,667.64 |
2,331,252,604.68 |
2,235,947,384.49 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
2,128,316,934.19 |
2,050,726,328.91 |
1,866,619,807.38 |
|
Selling Expenses |
197,633,425.63 |
174,727,462.98 |
205,668,249.57 |
|
Administrative Expenses |
49,701,704.63 |
15,103,336.13 |
10,652,471.32 |
|
Total Expenses |
2,375,652,064.45 |
2,240,557,128.02 |
2,082,940,528.27 |
|
Profit before Financial Cost & Income Tax |
43,840,603.19 |
90,695,476.66 |
153,006,856.22 |
|
Financial Cost |
[15,769,766.13] |
[7,097,510.45] |
[7,198,502.46] |
|
Profit before Income Tax |
28,070,837.06 |
83,597,966.21 |
145,808,353.76 |
|
Income Tax |
- |
[139,805.58] |
[2,670,448.62] |
|
Net Profit / [Loss] |
28,070,837.06 |
83,458,160.63 |
143,137,905.14 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.61 |
0.82 |
1.14 |
|
QUICK RATIO |
TIMES |
0.41 |
0.46 |
0.74 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.13 |
5.15 |
6.06 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.60 |
2.18 |
2.16 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
36.81 |
31.98 |
31.99 |
|
INVENTORY TURNOVER |
TIMES |
9.92 |
11.41 |
11.41 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
70.93 |
50.56 |
67.88 |
|
RECEIVABLES TURNOVER |
TIMES |
5.15 |
7.22 |
5.38 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
43.20 |
98.74 |
66.56 |
|
CASH CONVERSION CYCLE |
DAYS |
64.54 |
(16.20) |
33.31 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
88.63 |
90.38 |
85.45 |
|
SELLING & ADMINISTRATION |
% |
10.30 |
8.37 |
9.90 |
|
INTEREST |
% |
0.66 |
0.31 |
0.33 |
|
GROSS PROFIT MARGIN |
% |
12.13 |
12.36 |
16.91 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.83 |
4.00 |
7.00 |
|
NET PROFIT MARGIN |
% |
1.17 |
3.68 |
6.55 |
|
RETURN ON EQUITY |
% |
10.42 |
33.55 |
32.59 |
|
RETURN ON ASSET |
% |
1.87 |
8.03 |
14.17 |
|
EARNING PER SHARE |
BAHT |
15.01 |
44.63 |
130.13 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.82 |
0.76 |
0.57 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.56 |
3.18 |
1.30 |
|
TIME INTEREST EARNED |
TIMES |
2.78 |
12.78 |
21.26 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
5.83 |
3.87 |
|
|
OPERATING PROFIT |
% |
(51.66) |
(40.72) |
|
|
NET PROFIT |
% |
(66.37) |
(41.69) |
|
|
FIXED ASSETS |
% |
73.94 |
22.29 |
|
|
TOTAL ASSETS |
% |
44.22 |
2.86 |
|
ANNUAL
GROWTH : SATISFACTORY
An annual sales growth is 5.83%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
12.13 |
Impressive |
Industrial
Average |
11.73 |
|
Net Profit Margin |
1.17 |
Impressive |
Industrial
Average |
1.13 |
|
Return on Assets |
1.87 |
Satisfactory |
Industrial
Average |
1.99 |
|
Return on Equity |
10.42 |
Impressive |
Industrial
Average |
4.08 |
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 12.13%. 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 1.17%,
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. When compared with the
industry average, it was lower, the
company's figure is 1.87%.
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 10.42%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.61 |
Risky |
Industrial
Average |
1.13 |
|
Quick Ratio |
0.41 |
|
|
|
|
Cash Conversion Cycle |
64.54 |
|
|
|
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 0.61 times in 2014, decreased from 0.82 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 0.41 times in 2014,
decreased from 0.46 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 65 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.82 |
Acceptable |
Industrial
Average |
0.44 |
|
Debt to Equity Ratio |
4.56 |
Risky |
Industrial
Average |
0.79 |
|
Times Interest Earned |
2.78 |
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 2.79 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 0.82 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 |
3.13 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.60 |
Satisfactory |
Industrial
Average |
1.76 |
|
Inventory Conversion Period |
36.81 |
|
|
|
|
Inventory Turnover |
9.92 |
Impressive |
Industrial
Average |
7.34 |
|
Receivables Conversion Period |
70.93 |
|
|
|
|
Receivables Turnover |
5.15 |
Acceptable |
Industrial
Average |
7.29 |
|
Payables Conversion Period |
43.20 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.15 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 32 days at the
end of 2013 to 37 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 11.41 times in year 2013 to 9.92
times in year 2014.
The company's Total Asset Turnover is calculated as 1.6 times and 2.18
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 Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.50 |
|
|
1 |
Rs.98.20 |
|
Euro |
1 |
Rs.69.73 |
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.