MIRA INFORM REPORT
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Report No. : |
322028 |
|
Report Date : |
15.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
TPT PETROCHEMICALS PUBLIC COMPANY LIMITED |
|
|
|
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Formerly Known As : |
TUNTEX PETROCHEMICALS [THAILAND] PUBLIC CO., LTD. |
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Registered Office : |
41st Floor, Ocean Tower 2, 75/116-117 Soi Sukhumvit 19, Sukhumvit Road, Klongtoeynua, Wattana, Bangkok 10110 |
|
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Country : |
Thailand |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
22.11.1991 |
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Com. Reg. No.: |
0107538000711 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Subject is engaged in manufacturing of petrochemicals specialized in Purified Terephtalic
Acid [PTA], a raw
material for textile,
PET bottle, automobile
parts, photo film
and roof lining
industries. |
|
|
|
|
No. of Employee : |
300 |
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 |
|
High |
B2 |
|
Very High |
C1 |
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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 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
TPT
PETROCHEMICALS PUBLIC COMPANY
LIMITED
[ FORMER : TUNTEX PETROCHEMICALS [THAILAND]
PUBLIC CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 41st FLOOR,
OCEAN TOWER 2,
75/116-117 SOI
SUKHUMVIT 19,
SUKHUMVIT ROAD,
KLONGTOEYNUA,
WATTANA, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2203-6900
FAX :
[66] 2661-6600
E-MAIL
ADDRESS : marketing@indorama.co.th
natnicha_k@tptpetro.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1991
REGISTRATION
NO. : 0107538000711 [Former
: BOR MOR JOR. 594]
TAX
ID NO. : 3011069783
CAPITAL REGISTERED : BHT. 2,955,000,000
CAPITAL PAID-UP : BHT.
2,955,000,000
SHAREHOLDER’S PROPORTION : THAI :
0.03%
FOREIGN :
99.97%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PUBLIC LIMITED
COMPANY
EXECUTIVE : MR. DILIP KUMAR
AGARWAL, INDIAN
CHIEF EXECUTIVE
OFFICER
NO.
OF STAFF : 300
LINES
OF BUSINESS : PETROCHEMICALS
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 November 22,
1991 as a
private limited company under
the registered name “Tuntex Petrochemicals [Thailand] Co., Ltd.”, by
Thai and Foreign
groups, with the business objective to manufacture petrochemicals for domestic and export markets.
On December 1, 1995, the
subject’s status was
converted to a
public limited company
under the name, “Tuntex
Petrochemicals [Thailand] Public
Co., Ltd.”.
It was granted a promotional privilege from the Board of Investment [BOI]
for the production in 1995.
The
subject is a
subsidiary of Indorama
Ventures Public Company
Limited, in Mauritius.
Subject also achieved the
standard ISO:14001 certificate
from AJA for environmental system
on June 28,
2004
On
April 8, 2005,
the subject’s name
was changed to
TPT PETROCHEMICALS PUBLIC
COMPANY LIMITED. It
currently employs 300
staff.
The
subject’s registered address
was initially at 54
Sukhumvit 21 Rd.,
Klongtoeynua, Wattana, Bangkok
10110.
In
2010, the subject’s
registered address was
relocated to 41st Floor,
Ocean Tower 2, 75/116-117 Soi
Sukhumvit 19, Sukhumvit Road,
Klongtoeynua, Wattana, Bangkok
10110, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Aloke Lohia |
[x] |
Indian |
57 |
|
Mr. Pisith Leeartham |
|
Thai |
64 |
|
Mr. Kanit Seeh |
|
Thai |
65 |
|
Mrs. Suchitra Lohia |
|
Indian |
51 |
|
Ms. Rapeephan Luangaramrat |
|
Thai |
59 |
|
Mr. Dilip Kumar
Agarwal |
[x] |
Indian |
58 |
|
Mr. Sunil Fotedar |
[x] |
Indian |
52 |
|
Mr. Sanjeev Sharma |
[x] |
Indian |
48 |
AUTHORIZED
PERSON
Any of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Dilip Kumar Agarwal
is the Chief
Executive Officer.
He is Indian nationality with
the age of
58 years old.
Mr. Sunil Fotedar is
the Chief Manufacturing
Officer.
He is Indian
nationality with the
age of 52
years old.
Mr. Atul Shridar
Badwe is the
Senior Manager [Marketing and
Sales Department].
He is Indian
nationality.
Mrs. Natnicha Kulcharattham is
the Human Resources
Manager.
She is Thai
nationality.
BUSINESS
OPERATIONS
The subject is engaged in manufacturing of petrochemicals specialized
in Purified Terephtalic Acid
[PTA], a raw material
for textile, PET
bottle, automobile parts,
photo film and
roof lining industries.
PRODUCTION
602,000 metric tons
per annum
PURCHASE
Most of raw
materials are purchased
from local suppliers,
the remaining and
machinery are imported
from Japan, Taiwan,
Republic of China,
Singapore, India, Germany,
and United States
of America.
MAJOR
SUPPLIERS
BASF
[Thai] Co., Ltd. : Thailand
PTT
Global Chemicals Public
Company Limited :
Thailand
EXPORT
80%
of the products
is exported to
India, Pakistan, United
States of America,
Taiwan, Republic of China, Japan, Korea,
Indonesia, Hong Kong, Vietnam,
Germany and France.
SALES
[LOCAL]
20% of the
products is sold
locally by wholesale
to manufacturers, dealers
and
end-users.
SUBSIDIARY
AND AFFILIATED COMPANY
TPT Utilities Co.,
Ltd.
Business Type :
Cogeneration 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 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 on the
credit term of
120 days &
T/T.
Exports are against
L/C at sight
or on the
credit term of
120 days &
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office : 333
Silom Rd., Silom,
Bangrak, Bangkok]
The Siam Commercial
Bank Public Co., Ltd.
[Head Office :
9 Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok]
Thanachart Bank Public
Co., Ltd.
[New Petchburi
Branch : 1101 New Petchburi
Rd., Makkasan, Rajthevee,
Bangkok]
EMPLOYMENT
The
subject employs approximately
300 staff. [office
staff and factory
workers]
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a prime
commercial area.
Factory
and warehouse are
located on 240,000
square meters of
area at 3,
I-7 Road, Maptaphut
Industrial Estate, Maptaphut,
Muang, Rayong.
Tel. [66] 38 683-288-98, Fax :
[66] 38 683-300
COMMENT
Subject is
the leading and
largest PTA manufacturer,
who is the major supplier of
such products to textile
manufactures both domestic and
international markets.
Sluggish
economic growth and
shrinking industrial
consumption have affected the
subject’s sales in
the previous years.
Meanwhile global economic
recovery remained hazy
and this also
had negative implications
for Thai exports.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 1,000,000
divided into 10,000
shares of Bht. 100
each.
The
capital was increased
later as following:
Bht. 250,000,000
on September 10,
1992
Bht.
4,625,000,000 on October
11, 1993
Bht.
6,903,000,000 in 2006
On
August 23, 2011,
the capital was
decreased to Bht.
2,955,000,000 divided into
492,500,000 shares of
Bht. 6 each
with fully paid.
MAIN
SHAREHOLDERS
[as at
April 21, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Indorama Ventures Public
Company Limited Nationality: Mauritius Address : 75/102
Sukhumvit 19 Rd.,
Klongtoeynua,
Wattana, Bangkok |
492,372,999 |
99.97 |
|
Other Shareholders |
127,001 |
0.03 |
Total Shareholders : 106
Share Structure [as
at April 21,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
100 |
91,149 |
0.03 |
|
Foreign |
6 |
492,408,851 |
99.97 |
|
Total |
106 |
492,500,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Orawan Chunhakitpaisan No.
6105
BALANCE
SHEET [BAHT]
The
latest financial figures
published for December
31, 2013, 2012
& 2011 were:
ASSETS
[Unit :
Thousand Baht]
|
Current Assets |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents |
16,360 |
63,494 |
60,331 |
|
Trade Accounts Receivable |
2,154,799 |
1,502,161 |
2,118,849 |
|
Inventories |
947,521 |
1,197,061 |
1,360,911 |
|
Other Current Assets
|
308,934 |
168,887 |
299,930 |
|
|
|
|
|
|
Total Current Assets
|
3,427,614 |
2,931,603 |
3,840,021 |
|
|
|
|
|
|
Fixed Assets |
5,333,293 |
5,647,956 |
5,499,064 |
|
Intangible Assets |
10,573 |
12,808 |
13,366 |
|
Deferred Income Tax |
323,866 |
289,207 |
- |
|
Other Non-current Assets |
12,187 |
12,092 |
12,072 |
|
Total Assets |
9,107,533 |
8,893,669 |
9,364,523 |
LIABILITIES & SHAREHOLDERS'
EQUITY [BAHT]
[Unit
: Thousand Baht]
|
Current
Liabilities |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan from Financial Institution |
1,256,526 |
1,187,818 |
1,281,688 |
|
Trade Accounts Payable |
1,871,831 |
1,685,733 |
1,473,762 |
|
Other Current Liabilities |
157,468 |
119,888 |
179,430 |
|
|
|
|
|
|
Total Current Liabilities |
3,285,825 |
2,993,439 |
2,934,880 |
|
Long-term Loan from
Financial Institution |
993,317 |
993,317 |
1,564,404 |
|
Long-term Loan from Related Company |
1,725,000 |
1,725,000 |
1,153,000 |
|
Employee Benefits Obligation |
34,411 |
30,342 |
27,583 |
|
Estimated Liabilities |
136,647 |
160,936 |
141,979 |
|
Total Liabilities |
6,175,200 |
5,903,034 |
5,821,846 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 6
par value Authorized & issued share
capital 492,500 |
2,955,000 |
2,955,000 |
2,955,000 |
|
|
|
|
|
|
Capital Paid |
2,955,000 |
2,955,000 |
2,955,000 |
|
Surplus on Share
Capital |
61,200 |
61,200 |
61,200 |
|
Loss on Actuarial Mathematics Insurance |
- |
- |
[2,434] |
|
Retained Earning Appropriated for statutory
reserve |
295,500 |
295,500 |
295,500 |
|
Unappropriated |
[379,367] |
[321,065] |
233,411 |
|
Total Shareholders' Equity |
2,932,333 |
2,990,635 |
3,542,677 |
|
Total Liabilities &
Shareholders' Equity |
9,107,533 |
8,893,669 |
9,364,523 |
PROFIT
& LOSS ACCOUNT
[Unit :
Thousand Baht]
|
Revenue |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Sales |
19,722,863 |
17,507,320 |
20,801,508 |
|
Gain from Exchange
Rate |
18,867 |
21,733 |
109,317 |
|
Other Income |
32,260 |
31,450 |
29,235 |
|
Total Revenues |
19,773,990 |
17,560,503 |
20,940,060 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
19,396,009 |
17,873,903 |
19,130,477 |
|
Selling Expenses |
160,912 |
211,221 |
230,287 |
|
Administrative Expenses |
82,541 |
81,818 |
147,718 |
|
Remuneration Expenses |
18,184 |
18,151 |
21,330 |
|
Loss on Exchange
Rate |
208,855 |
214,742 |
163,594 |
|
Total Expenses |
19,866,501 |
18,399,835 |
19,693,406 |
|
|
|
|
|
|
Profit / [Loss] before Income Tax
|
[92,511] |
[839,332] |
1,246,654 |
|
Income Tax Benefit |
34,568 |
125,384 |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
[57,943] |
[713,948] |
1,246,654 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.04 |
0.98 |
1.31 |
|
QUICK RATIO |
TIMES |
0.66 |
0.52 |
0.74 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.70 |
3.10 |
3.78 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.17 |
1.97 |
2.22 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
17.83 |
24.44 |
25.97 |
|
INVENTORY TURNOVER |
TIMES |
20.47 |
14.93 |
14.06 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
39.88 |
31.32 |
37.18 |
|
RECEIVABLES TURNOVER |
TIMES |
9.15 |
11.65 |
9.82 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
35.22 |
34.42 |
28.12 |
|
CASH CONVERSION CYCLE |
DAYS |
22.48 |
21.34 |
35.03 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
98.34 |
102.09 |
91.97 |
|
SELLING & ADMINISTRATION |
% |
1.23 |
1.67 |
1.82 |
|
INTEREST |
% |
- |
- |
- |
|
GROSS PROFIT MARGIN |
% |
1.92 |
(1.79) |
8.70 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.47) |
(4.79) |
5.99 |
|
NET PROFIT MARGIN |
% |
(0.29) |
(4.08) |
5.99 |
|
RETURN ON EQUITY |
% |
(1.98) |
(23.87) |
35.19 |
|
RETURN ON ASSET |
% |
(0.64) |
(8.03) |
13.31 |
|
EARNING PER SHARE |
BAHT |
(0.12) |
(1.45) |
2.53 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.68 |
0.66 |
0.62 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.11 |
1.97 |
1.64 |
|
TIME INTEREST EARNED |
TIMES |
- |
- |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
12.65 |
(15.84) |
|
|
OPERATING PROFIT |
% |
(88.98) |
(167.33) |
|
|
NET PROFIT |
% |
91.88 |
(157.27) |
|
|
FIXED ASSETS |
% |
(5.57) |
2.71 |
|
|
TOTAL ASSETS |
% |
2.40 |
(5.03) |
|
ANNUAL
GROWTH : SATISFACTORY
An annual sales growth is 12.65%. Turnover has increased from THB
17,507,320,000.00 in 2012 to THB 19,722,863,000.00 in 2013. While net profit
has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
1.92 |
Deteriorated |
Industrial
Average |
62.38 |
|
Net Profit Margin |
(0.29) |
Deteriorated |
Industrial
Average |
6.26 |
|
Return on Assets |
(0.64) |
Deteriorated |
Industrial
Average |
6.99 |
|
Return on Equity |
(1.98) |
Deteriorated |
Industrial
Average |
11.35 |
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 1.92%. 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 -0.29%.
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 -0.64%.
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 -1.98%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.04 |
Deteriorated |
Industrial
Average |
2.09 |
|
Quick Ratio |
0.66 |
|
|
|
|
Cash Conversion Cycle |
22.48 |
|
|
|
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 1.04 times in 2013, increase from 0.98 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 0.66 times in 2013,
increase from 0.52 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 23 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.68 |
Acceptable |
Industrial
Average |
0.36 |
|
Debt to Equity Ratio |
2.11 |
Risky |
Industrial
Average |
0.56 |
|
Times Interest Earned |
- |
|
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.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.68 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
3.70 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
2.17 |
Impressive |
Industrial
Average |
1.12 |
|
Inventory Conversion Period |
17.83 |
|
|
|
|
Inventory Turnover |
20.47 |
Impressive |
Industrial
Average |
4.66 |
|
Receivables Conversion Period |
39.88 |
|
|
|
|
Receivables Turnover |
9.15 |
Impressive |
Industrial
Average |
4.83 |
|
Payables Conversion Period |
35.22 |
|
|
|
The company's Account Receivable Ratio is calculated as 9.15 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 decreased from 24 days at the
end of 2012 to 18 days at the end of 2013. This represents a positive trend.
And Inventory turnover has increased from 14.93 times in year 2012 to 20.47
times in year 2013.
The company's Total Asset Turnover is calculated as 2.17 times and 1.97
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 Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.84 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.72.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.