MIRA INFORM REPORT
|
Report No. : |
331874 |
|
Report Date : |
18.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
PANEL DECOR CO., LTD. |
|
|
|
|
Registered Office : |
25th Floor, Ploenchit Center Building, 2 Sukhumvit 2 Road, Klongtoey, Bangkok 10110, |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
19.07.2006 |
|
|
|
|
Com. Reg. No.: |
0105549086122 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer
& Distributor of Melamine Faced Paper Products. |
|
|
|
|
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 : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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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 |
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
PANEL DECOR CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 25th FLOOR,
PLOENCHIT CENTER BUILDING,
2
SUKHUMVIT 2
ROAD, KLONGTOEY,
BANGKOK 10110,
THAILAND
TELEPHONE : [66] 2656-8527,
2656-8188
FAX :
[66] 2656-8533-4,
2656-8135
E-MAIL
ADDRESS : sales@panelplus.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2006
REGISTRATION
NO. : 0105549086122
TAX
ID NO. : 3032292672
CAPITAL REGISTERED : BHT. 60,000,000
CAPITAL PAID-UP : BHT.
60,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. AMPORN KANJANAKAMNURD, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 72
LINES
OF BUSINESS : MELAMINE FACED
PAPER PRODUCTS
MANUFACTURER
& DISTRIBUTOR
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH GOOD
PERFORMANCE
HISTORY
The
subject was established
on July 19,
2006 as a
private limited company
under the name
style PANEL DECOR CO.,
LTD., by Thai
groups, with the
business objective to manufacture melamine faced paper and
melamine faced chipboard
for furniture industry.
It currently employs
72 staff.
The subject’s registered
address is 25th Flr.,
Ploenchit Center Bldg., 2
Sukhumvit 2 Rd.,
Klongtoey, Bangkok 10110,
and this is the
subject’s current
operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Krisda Monthienvichienchai |
[x] |
Thai |
57 |
|
Mr. Isara Vongkusolkit |
[x] |
Thai |
64 |
|
Mr. Attapol Vongkusolkit |
|
Thai |
40 |
|
Mr. Pariwat Kanchanathana |
|
Thai |
- |
|
Mrs. Amporn Kanjanakamnurd |
[x] |
Thai |
48 |
|
Ms. Teeranart Vongkusolkit |
|
Thai |
45 |
AUTHORIZED
PERSON
Any two of
the mentioned directors [x]
can jointly sign
on behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs. Amporn Kanjanakamnurd is
the Managing Director.
She is Thai
nationality with the
age of 48
years old.
Mr. Thanaphan Thavakarn is
the Factory Manager.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject
is engaged in
manufacturing of melamine
faced paper and
melamine faced chipboard for wooden
surface used in
furniture industry.
BRAND NAME
“PANEL PLUS”
PRODUCTION CAPACITY
23,500,000 square
meters per year
PURCHASE
Most of raw materials and components
are purchased from
local suppliers, the
remaining and chemicals
are imported from
Germany, United States of
America, United Kingdom, Sweden, Malaysia,
India, Republic of China, Japan
and Taiwan.
SALES
100% of the
products is sold
locally by wholesale
to wholesalers.
MAJOR CUSTOMERS
Panel Plus Co.,
Ltd. : Thailand
Modernform Group Public
Company Limited :
Thailand
S.B. Furniture Industry
Co., Ltd. :
Thailand
S.P.S. Cooperate Ltd. : Thailand
Index Interfurn Co.,
Ltd. : Thailand
Sangcharoen Housing Products
Co., Ltd. : Thailand
Roongsombat
[2528] Co., Ltd. : Thailand
PARENT
COMPANY
Panel Plus
Co., Ltd.
Address
: 2 Sukhumvit
2 Rd., Klongtoey,
Bangkok
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 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
The
Siam Commercial Bank
Public Co., Ltd.
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject currently employs
72 staff.
LOCATION
DETAILS
The
premise is rented
for operating an
administrative office at the heading
address. Premise is
located in a prime
commercial area.
Factory
is located at 417/116
Kanjanavanich Rd., T. Patong,
A. Hadyai, Songkhla 90230.
Tel. : [66] 74
291-130-4, Fax. : [66]
74 291-019-20.
COMMENT
The
subject was formed
in 2006 as
a manufacturer of melamine faced
paper products and chipboard for
wooden surface. The
products are mainly
for domestic industrial
users especially furniture industry.
Even though slow improvement
has seen in
export markets, furniture
and related industries
have also benefit
from increasing demand.
FINANCIAL
INFORMATION
The
capital was initially registered at
Bht. 1,000,000 divided into 10,000 shares of
Bht. 100 each.
On
December 29, 2006, the
capital was increased
to Bht. 60,000,000 divided
into 600,000 shares
of Bht. 100
each with fully
paid.
MAIN
SHAREHOLDERS
[as at March
31, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Panel Plus Co.,
Ltd. Nationality: Thai Address : 2
Sukhumvit 2 Rd., Klongtoey,
Bangkok |
360,280 |
60.05 |
|
Mr. Kamol Vongkusolkit Nationality: Thai Address : 44
Moo 3, Krubyai,
Banpong, Ratchburi |
40,000 |
6.67 |
|
Mr. Soonthorn Vongkusolkit Nationality: Thai Address : 27
Sukhumvit 43 Rd.,
Klongtonnua,
Wattana, Bangkok |
28,000 |
4.67 |
|
Mr. Isara Vongkusolkit Nationality: Thai Address : 106
Soi Moo Ban
Panya, Suanluang, Bangkok |
28,000 |
4.67 |
|
Mr. Vitoon Vongkusolkit Nationality: Thai Address : 102
Sukhumvit 33 Rd.,
Klongtoeynua,
Wattana, Bangkok |
28,000 |
4.67 |
|
Wg. Cdr. Laksamee Vongkusolkit Nationality: Thai Address : 14/1
Phaholyothin 30 Rd.,
Chankasem, Jatujak, Bangkok |
25,000 |
4.17 |
|
Eastern Sugar Co.,
Ltd. Nationality: Thai Address : 78
Charoenkrung 30 Rd.,
Bangrak, Bangkok |
21,740 |
3.62 |
|
Mrs. Vimol Kanjanakamnerd Nationality: Thai Address :
35/1 Moo 10,
Thamaka, Kanchanaburi |
20,000 |
3.33 |
|
Others |
48,980 |
8.15 |
Total Shareholders : 19
Share Structure [as
at March 31,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
19 |
600,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
19 |
600,000 |
100.00 |
NAME
OF AUDITOR CERTIFICATED PUBLIC ACCOUNTANT NO.
Mr. Krit Chatchawalwong No.
5016
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2014, 2013
and 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
1,537,820 |
8,784,426 |
16,387,491 |
|
Short-term Loan to
Parent company |
62,033,398 |
70,584,200 |
63,799,183 |
|
Trade Accounts Receivable - Related company |
32,807,714 |
28,677,640 |
34,373,687 |
|
- Other company |
88,159 |
- |
- |
|
Other Receivable - Other
company |
11,267 |
112,064 |
- |
|
Other Receivable - Parent
company |
65,651 |
124,793 |
2,659 |
|
Inventories |
74,950,077 |
89,224,185 |
82,700,309 |
|
Prepayment for Goods |
1,210,285 |
- |
- |
|
Other Current Assets |
338,041 |
163,952 |
43,728 |
|
|
|
|
|
|
Total Current Assets
|
173,042,412 |
197,671,260 |
197,307,057 |
|
Fixed Assets |
114,640,185 |
122,478,738 |
129,676,724 |
|
Other Assets |
4,000 |
4,000 |
4,000 |
|
Total Assets |
287,686,597 |
320,153,998 |
326,987,781 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts Payable |
|
|
|
|
- Other company |
15,413,145 |
24,409,292 |
21,333,306 |
|
- Related company |
14,396,189 |
16,698,338 |
12,815,606 |
|
Other Payable |
|
|
|
|
- Other
company |
2,455,211 |
1,511,637 |
1,277,382 |
|
- Related
company payable |
1,689,405 |
1,362,550 |
1,211,929 |
|
Current Portion of
Finance Lease Contract Liabilities |
49,941 |
42,681 |
42,681 |
|
Accrued Income Tax |
22,071 |
83,535 |
- |
|
Value Added Tax |
271,861 |
468,813 |
880,236 |
|
Accrued Expenses |
183,957 |
371,080 |
556,354 |
|
Other Current Liabilities |
82,976 |
52,440 |
36,883 |
|
|
|
|
|
|
Total Current Liabilities |
34,564,756 |
45,000,366 |
38,154,377 |
|
Finance Lease Contract
Liabilities, Net |
57,705 |
111,134 |
153,815 |
|
Employee Benefits Obligation |
247,932 |
207,032 |
223,314 |
|
Total Liabilities |
34,870,393 |
45,318,532 |
38,519,515 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized, issued
and fully paid
share capital
600,000 shares |
60,000,000 |
60,000,000 |
60,000,000 |
|
|
|
|
|
|
Capital Paid |
60,000,000 |
60,000,000 |
60,000,000 |
|
Retained Earning Appropriated - Statutory
Reserve |
6,000,000 |
6,000,000 |
6,000,000 |
|
Unappropriated |
186,816,204 |
208,835,466 |
222,456,275 |
|
Total Shareholders' Equity |
252,816,204 |
274,835,466 |
288,456,275 |
|
Total Liabilities & Shareholders' Equity |
287,686,597 |
320,153,998 |
326,987,781 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
433,674,760 |
367,736,579 |
361,027,291 |
|
Reversal for Provision
on Diminution of
Fixed Assets |
- |
- |
6,703,920 |
|
Others Income |
2,156,196 |
758,828 |
1,483,843 |
|
Total Revenues |
435,830,956 |
368,495,407 |
369,215,054 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
304,149,587 |
257,660,065 |
231,892,140 |
|
Selling Expenses |
1,770,745 |
1,822,281 |
2,268,987 |
|
Administrative Expenses |
1,329,506 |
1,271,829 |
971,783 |
|
Other Expenses - Loss on Exchange Rate |
76,392 |
1,075,677 |
- |
|
Total Expenses |
307,326,230 |
261,829,852 |
235,132,910 |
|
|
|
|
|
|
Profit before Financial
Cost & Income Tax |
128,504,726 |
106,665,555 |
134,082,144 |
|
Financial Cost |
[409,769] |
[88,824] |
[549,293] |
|
|
|
|
|
|
Profit before Income Tax |
128,094,957 |
106,576,731 |
133,532,851 |
|
Income Tax |
[114,219] |
[197,540] |
- |
|
Net Profit / [Loss] |
127,980,738 |
106,379,191 |
133,532,851 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
5.01 |
4.39 |
5.17 |
|
QUICK RATIO |
TIMES |
2.79 |
2.41 |
3.00 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.78 |
3.00 |
2.78 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.51 |
1.15 |
1.10 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
89.95 |
126.39 |
130.17 |
|
INVENTORY TURNOVER |
TIMES |
4.06 |
2.89 |
2.80 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
0.07 |
- |
- |
|
RECEIVABLES TURNOVER |
TIMES |
4,919.23 |
- |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
18.50 |
34.58 |
33.58 |
|
CASH CONVERSION CYCLE |
DAYS |
71.52 |
91.82 |
96.59 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
70.13 |
70.07 |
64.23 |
|
SELLING & ADMINISTRATION |
% |
0.71 |
0.84 |
0.90 |
|
INTEREST |
% |
0.09 |
0.02 |
0.15 |
|
GROSS PROFIT MARGIN |
% |
30.36 |
30.14 |
38.04 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
29.63 |
29.01 |
37.14 |
|
NET PROFIT MARGIN |
% |
29.51 |
28.93 |
36.99 |
|
RETURN ON EQUITY |
% |
50.62 |
38.71 |
46.29 |
|
RETURN ON ASSET |
% |
44.49 |
33.23 |
40.84 |
|
EARNING PER SHARE |
BAHT |
213.30 |
177.30 |
222.55 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.12 |
0.14 |
0.12 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.14 |
0.16 |
0.13 |
|
TIME INTEREST EARNED |
TIMES |
313.60 |
1,200.86 |
244.10 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
17.93 |
1.86 |
|
|
OPERATING PROFIT |
% |
20.47 |
(20.45) |
|
|
NET PROFIT |
% |
20.31 |
(20.33) |
|
|
FIXED ASSETS |
% |
(6.40) |
(5.55) |
|
|
TOTAL ASSETS |
% |
(10.14) |
(2.09) |
|
ANNUAL
GROWTH: SATISFACTORY
An annual sales growth is 17.93%. Turnover has increased from THB
PROFITABILITY :
EXCELLENT
PROFITABILITY
RATIO
|
Gross Profit Margin |
30.36 |
Impressive |
Industrial
Average |
(31.20) |
|
Net Profit Margin |
29.51 |
Impressive |
Industrial
Average |
(0.64) |
|
Return on Assets |
44.49 |
Impressive |
Industrial
Average |
(0.47) |
|
Return on Equity |
50.62 |
Impressive |
Industrial
Average |
(1.84) |
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 30.36%. 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
29.51%, 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
44.49%, 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 50.62%, 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 : IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
5.01 |
Impressive |
Industrial
Average |
1.42 |
|
Quick Ratio |
2.79 |
|
|
|
|
Cash Conversion Cycle |
71.52 |
|
|
|
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 5.01 times in 2014, increased from 4.39 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 2.79 times in 2014,
increased from 2.41 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 72 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.12 |
Impressive |
Industrial
Average |
0.94 |
|
Debt to Equity Ratio |
0.14 |
Impressive |
Industrial
Average |
15.30 |
|
Times Interest Earned |
313.60 |
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 313.61 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 0.12 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.78 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.51 |
Impressive |
Industrial
Average |
0.74 |
|
Inventory Conversion Period |
89.95 |
|
|
|
|
Inventory Turnover |
4.06 |
Impressive |
Industrial
Average |
3.89 |
|
Receivables Conversion Period |
0.07 |
|
|
|
|
Receivables Turnover |
4,919.23 |
Impressive |
Industrial
Average |
3.71 |
|
Payables Conversion Period |
18.50 |
|
|
|
The company's Account Receivable Ratio is calculated as 4,919.23 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 126 days at the end of 2013
to 90 days at the end of 2014. This represents a positive trend. And Inventory
turnover has increased from 2.89 times in year 2013 to 4.06 times in year 2014.
The company's Total Asset Turnover is calculated as 1.51 times and 1.15
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 Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.49 |
|
|
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.