MIRA INFORM REPORT
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Report No. : |
321274 |
|
Report Date : |
12.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
LONG TEX RUBBER INDUSTRY COMPANY LIMITED |
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Registered Office : |
121/32 Moo 8, Soi Suksawad 74, Suksawad Road, Bangkru, Phrapradaeng, Samutprakarn 10130 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
20.03.1984 |
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Com. Reg. No.: |
0105527011707 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged
in manufacturing, exporting
and distributing of
extruded rubber thread
and related downstream
products, including yarn
covered rubber thread,
braided elastic cord,
and crochet knitted
elastic tapes. |
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|
|
|
No. of Employee : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 had a strong economy due in part to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand 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 both 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. Government approved flood mitigation projects, worth $11.7 billion, were started in 2012 to prevent a repeat. Thai growth slowed in 2013 and has remained low since, as the country faced political uncertainty and a coup in May 2014. The interim government is implementing a special $11 billion short-term stimulus package and has approved a budget of more than $80 billion to aid an economic rebound.
|
Source
: CIA |
Company
name and address
LONG TEX RUBBER
INDUSTRY COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 121/32 MOO 8,
SOI SUKSAWAD 74,
SUKSAWAD ROAD,
BANGKRU,
PHRAPRADAENG, SAMUTPRAKARN
10130,
THAILAND
TELEPHONE : [66]
2464-0450-2
FAX : [66]
246-0453
E-MAIL
ADDRESS : sales@longtex.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1984
REGISTRATION
NO. : 0105527011707
TAX
ID NO. : 3101290974
CAPITAL REGISTERED : BHT. 120,000,000
CAPITAL PAID-UP : BHT.
120,000,000
SHAREHOLDER’S PROPORTION : THAI :
98.50%
CHINESE :
1.50%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. WENG TA
FU, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 200
LINES
OF BUSINESS : EXTRUDED RUBBER
THREAD AND RELATED
DOWNSTREAM
PRODUCTS
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 March 20,
1984 as a
private limited company under
the name style
LONG TEX RUBBER
INDUSTRY COMPANY LIMITED
by Taiwanese and Thai groups,
in order to
manufacture and distribute extruded
rubber thread and
related downstream products to
both domestic and
international markets. It currently
employs approximately 200
staff.
The subject’s registered address is 121/32
Moo 8, Suksawad 74 Rd., Bangkru, Phrapradaeng,
Samutprakarn 10130, and this
is the subject’s
current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Weng Ta Fu |
[x] |
Thai |
71 |
|
Mr. Wang Wei Chen |
[x] |
Chinese |
45 |
|
Mr. Wong Yang Zong |
|
Chinese |
98 |
|
Mrs. Weng Lin Pang
Cheng |
|
Thai |
71 |
|
Mrs. Paksaran Wei |
[x] |
Thai |
44 |
|
Mr. Han Lin Wang |
|
Chinese |
50 |
AUTHORIZED
PERSON
Any of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Weng Ta Fu is
the Managing Director.
He is Thai
nationality with the
age of 71 years
old.
Mr. Wang Wei
Chen is the
Deputy Managing Director/Factory Manager.
He is Chinese
nationality with the
age of 45 years
old.
BUSINESS
OPERATIONS
The subject is
engaged in manufacturing, exporting
and distributing of
extruded rubber thread
and related downstream
products, including yarn
covered rubber thread,
braided elastic cord,
and crochet knitted
elastic tapes. The
products are supplied
to textile, garment
and related industries.
PRODUCTION
1,500 metric tons/year
BRAND
NAME
“LTX”
PURCHASE
Raw materials are
purchased from suppliers
and agents both
domestic and overseas
in United States of
America, Republic of
China, Malaysia and
Taiwan.
MAJOR
SUPPLIER
Global
Trading of Martinsville
Inc. : United
States of America
SALES
[LOCAL]
20% of the
products is sold
locally by wholesale
to manufacturers and
end-users.
EXPORT
80% of
the products is
exported to United States
of America, Taiwan,
Singapore,
Vietnam, Republic
of China, Indonesia
and European countries.
RELATED AND AFFILIATED COMPANY
Dexon Corporation Co.,
Ltd.
Business Type :
Manufacturer and distributor
of covered rubber
threads and
elastic cords
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 to 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
Kasikornbank Public Co., Ltd.
[ Head Office : 1
Kasikorn Lane, Rajburana
Rd, Rajburana, Bangkok]
Bangkok Bank Public
Co., Ltd.
[ Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok]
EMPLOYMENT
The
subject employs approximately
200 office staff
and factory workers.
LOCATION
DETAILS
The
premise is owned
for administrative office,
factory I and
warehouse at the
heading address. Premise
is located in
industrial area.
Factory
II is located
at 39/67 Moo 2,
Rama 2 Rd.,
Bangkrachao, Muang, Samutsakorn
74000. Tel. [66] 34 490-053-5, Fax. [66] 34 490-056.
COMMENT
Thai textile and garment industries with distinctive
designs and quality production
processing in world fashion are steadily gaining in international recognition. The subject, as the leading manufacture of
rubber thread (elastomeric fiber) for the global textile and garment industry. It designs to handle a complete spectrum from the coarsest of rubber to the finest of elastomeric fiber,
as well as ready to serve with
the increasing demand from both domestic and international markets.
The subject
maintains a strong business.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 2,000,000
divided into 2,000
shares of Bht. 1,000
each.
The
capital was increased
later as following:
Bht. 16,000,000 on
October 30, 1991
Bht. 45,000,000 on
September 20, 1995
Bht. 55,000,000 on
December 13, 2002
Bht. 65,000,000 on
December 28, 2004
Bht. 95,000,000 on
December 6, 2005
Bht. 120,000,000
on December 20,
2013
The
latest registered capital
was increased to
Bht. 120,000,000 divided into
120,000
shares
of Bht. 1,000
with fully paid.
THE
SHAREHOLDERS LISTED WERE
[as
at April 30,
2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Weng Ta Fu Nationality: Thai Address : 365/1197
Moo 2, Bangmod, Thungkru,
Bangkok |
46,500 |
38.75 |
|
Mr. Wang Wei Chen Nationality: Thai Address : 365/1199
Moo 2, Bangmod, Thungkru,
Bangkok |
30,000 |
25.00 |
|
Mrs. Weng Lin Pang
Cheng Nationality: Thai Address : 365/1197
Moo 2, Bangmod, Thungkru,
Bangkok |
20,000 |
16.67 |
|
Mrs. Paksaran Wei Nationality: Thai Address : 365/1199
Moo 2, Bangmod, Thungkru,
Bangkok |
14,500 |
12.08 |
|
Mr. Chalermpol Wangwithaya Nationality: Thai Address : 1215/3
Moo 16, Pattanakarn Rd.,
Suanluang, Bangkok |
3,700 |
3.08 |
|
Mr. Pornchai Wangwithaya Nationality: Thai Address : 1215/3
Moo 16, Pattanakarn Rd.,
Suanluang, Bangkok |
3,500 |
2.92 |
|
Mr. Weng Dang Su Nationality: Chinese Address : 299/1 Taksin Rd.,
Bukkalo, Thonburi,
Bangkok |
1,800 |
1.50 |
Total Shareholders : 7
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
6 |
118,200 |
98.50 |
|
Foreign-Chinese |
1 |
1,800 |
1.50 |
|
Total |
7 |
120,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Chaiyuth Suyarnvanichkul No. 3547
BALANCE
SHEET [BAHT]
The latest financial figures published
as at December
31, 2013, 2012
& 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
2,688,320.21 |
4,788,728.87 |
405,062.13 |
|
Trade Accounts &
Other Receivable |
132,744,419.27 |
89,265,392.49 |
79,520,212.05 |
|
Inventories |
93,350,795.44 |
119,625,633.53 |
147,516,204.88 |
|
Other Current Assets
|
4,504,675.80 |
1,949,277.42 |
371,545.90 |
|
|
|
|
|
|
Total Current Assets
|
233,288,210.72 |
215,629,032.31 |
227,813,024.96 |
|
Cash at Bank pledged as a Collateral |
4,092,146.58 |
4,092,146.58 |
4,092,146.58 |
|
Fixed Assets |
189,238,738.83 |
191,030,467.34 |
189,582,966.20 |
|
Other Non - current Assets |
105,344.80 |
19,100.00 |
615,537.82 |
|
Total Assets |
426,724,440.93 |
410,770,746.23 |
422,103,675.56 |
LIABILITIES & SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
190,733,264.99 |
188,847,848.70 |
208,201,559.66 |
|
Trade Accounts & Other
Payable |
140,817,647.21 |
137,658,632.22 |
118,344,039.54 |
|
Short-term Loan from Related
Person |
22,000,000.00 |
47,000,000.00 |
42,000,000.00 |
|
Current Portion of
Long-term Liabilities |
1,835,148.00 |
1,163,604.00 |
1,073,622.00 |
|
Accrued Income Tax |
1,181,504.02 |
7,451.91 |
929,034.86 |
|
Other Current Liabilities |
- |
- |
84,864.67 |
|
|
|
|
|
|
Total Current Liabilities |
356,567,564.22 |
374,677,536.83 |
370,633,120.73 |
|
|
|
|
|
|
Hire-purchase Payable |
3,729,336.00 |
2,208,120.00 |
2,418,408.00 |
|
Total Liabilities |
360,296,900.22 |
376,885,656.83 |
373,051,528.73 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share capital 120,000 shares
in 2013; 95,000 shares
in 2012 & 2011 |
120,000,000.00 |
95,000,000.00 |
95,000,000.00 |
|
|
|
|
|
|
Capital Paid |
120,000,000.00 |
95,000,000.00 |
95,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
[53,572,459.29] |
[61,114,910.60] |
[45,947,853.17] |
|
Total Shareholders' Equity |
66,427,540.71 |
33,885,089.40 |
49,052,146.83 |
|
Total Liabilities & Shareholders' Equity |
426,724,440.93 |
410,770,746.23 |
422,103,675.56 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
756,605,474.16 |
720,541,316.40 |
799,759,774.74 |
|
Other Income |
42,652,846.01 |
41,270,057.42 |
38,336,204.30 |
|
Total Revenues |
799,258,320.17 |
761,811,373.82 |
838,095,979.04 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Change in Finished
Goods and Work in
Process |
26,274,838.09 |
27,890,571.35 |
[27,350,811.99] |
|
Raw Material and Material Supplies |
560,736,420.26 |
587,993,015.63 |
723,620,846.60 |
|
Employees Expenses |
48,599,441.59 |
43,256,867.51 |
36,943,122.50 |
|
Depreciation and Amortization |
19,630,457.92 |
15,047,938.32 |
12,314,082.46 |
|
Other Expenses |
124,430,514.85 |
91,261,742.29 |
99,859,256.31 |
|
Total Expenses |
779,671,672.71 |
765,450,135.10 |
845,386,498.88 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
19,586,647.46 |
[3,638,761.28] |
[7,290,519.84] |
|
Financial Cost |
[10,029,098.65] |
[10,627,658.44] |
[6,554,734.33] |
|
Profit / [Loss] before Income
Tax |
9,557,548.81 |
[14,266,419.72] |
[13,845,254.17] |
|
Income Tax |
[2,015,097.50] |
[900,637.71] |
[2,348,456.93] |
|
|
|
|
|
|
Net Profit / [Loss] |
7,542,451.31 |
[15,167,057.43] |
[16,193,711.10] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.65 |
0.58 |
0.61 |
|
QUICK RATIO |
TIMES |
0.38 |
0.25 |
0.22 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
4.00 |
3.77 |
4.22 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.77 |
1.75 |
1.89 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
60.76 |
74.26 |
74.41 |
|
INVENTORY TURNOVER |
TIMES |
6.01 |
4.92 |
4.91 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
64.04 |
45.22 |
36.29 |
|
RECEIVABLES TURNOVER |
TIMES |
5.70 |
8.07 |
10.06 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
91.66 |
85.45 |
59.69 |
|
CASH CONVERSION CYCLE |
DAYS |
33.14 |
34.02 |
51.01 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
74.11 |
81.60 |
90.48 |
|
SELLING & ADMINISTRATION |
% |
9.02 |
8.09 |
6.16 |
|
INTEREST |
% |
1.33 |
1.47 |
0.82 |
|
GROSS PROFIT MARGIN |
% |
31.53 |
24.12 |
14.31 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.59 |
(0.51) |
(0.91) |
|
NET PROFIT MARGIN |
% |
1.00 |
(2.10) |
(2.02) |
|
RETURN ON EQUITY |
% |
11.35 |
(44.76) |
(33.01) |
|
RETURN ON ASSET |
% |
1.77 |
(3.69) |
(3.84) |
|
EARNING PER SHARE |
BAHT |
62.85 |
(159.65) |
(170.46) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.84 |
0.92 |
0.88 |
|
DEBT TO EQUITY RATIO |
TIMES |
5.42 |
11.12 |
7.61 |
|
TIME INTEREST EARNED |
TIMES |
1.95 |
(0.34) |
(1.11) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
5.01 |
(9.91) |
|
|
OPERATING PROFIT |
% |
(638.28) |
(50.09) |
|
|
NET PROFIT |
% |
149.73 |
6.34 |
|
|
FIXED ASSETS |
% |
(0.94) |
0.76 |
|
|
TOTAL ASSETS |
% |
3.88 |
(2.68) |
|
ANNUAL
GROWTH : SATISFACTORY
An annual sales growth is 5.01%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
31.53 |
Impressive |
Industrial
Average |
13.35 |
|
Net Profit Margin |
1.00 |
Impressive |
Industrial
Average |
0.98 |
|
Return on Assets |
1.77 |
Acceptable |
Industrial
Average |
2.80 |
|
Return on Equity |
11.35 |
Impressive |
Industrial
Average |
7.36 |
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 31.53%. 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%
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 1.77%.
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 11.35%, 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 |
0.65 |
Risky |
Industrial
Average |
1.10 |
|
Quick Ratio |
0.38 |
|
|
|
|
Cash Conversion Cycle |
33.14 |
|
|
|
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 0.65 times in 2013, increased from 0.58 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 0.38 times in 2013,
increased from 0.25 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 34 days.
Trend of the average
competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.84 |
Acceptable |
Industrial
Average |
0.66 |
|
Debt to Equity Ratio |
5.42 |
Risky |
Industrial
Average |
1.90 |
|
Times Interest Earned |
1.95 |
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 1.96 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 0.84 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 |
4.00 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.77 |
Acceptable |
Industrial
Average |
2.86 |
|
Inventory Conversion Period |
60.76 |
|
|
|
|
Inventory Turnover |
6.01 |
Satisfactory |
Industrial
Average |
6.92 |
|
Receivables Conversion Period |
64.04 |
|
|
|
|
Receivables Turnover |
5.70 |
Acceptable |
Industrial
Average |
8.14 |
|
Payables Conversion Period |
91.66 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.70 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 74 days at the
end of 2012 to 61 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 4.92 times in year 2012 to 6.01 times
in year 2013.
The company's Total Asset Turnover is calculated as 1.77 times and 1.75
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.63.85 |
|
|
1 |
Rs.98.47 |
|
Euro |
1 |
Rs.71.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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.