MIRA INFORM REPORT
|
Report No. : |
322370 |
|
Report Date : |
19.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
THAI MFC CO., LTD. |
|
|
|
|
Registered Office : |
1 Siam Cement Road, Bangsue, Bangkok 10800 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
16.12.1993 |
|
|
|
|
Com. Reg. No.: |
0105536140387 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturing melamine compound
and related products such as
glazing powder, white
coating, foil powder for
automotive and packaging industry. |
|
|
|
|
No. of Employees : |
210 |
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 – 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 |
|
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 achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also 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 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. The government approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the following seven years. This was expected to lead to an economic upsurge but growth has remained slow, in part due to ongoing political unrest and resulting uncertainties. Spending on infrastructure will require re-approval once a new government is seated.
|
Source : CIA |
Company
name
THAI MFC CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 1
SIAM CEMENT ROAD,
BANGSUE,
BANGKOK 10800,
THAILAND
TELEPHONE : [66] 2586-3881-4,
2586-3894-6
FAX :
[66] 2586-4878
E-MAIL
ADDRESS : tawatcla@scg.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1993
REGISTRATION
NO. : 0105536140387 [Former : [1] 2743/2536]
TAX
ID NO. : 3011364444
CAPITAL REGISTERED : BHT. 200,000,000
CAPITAL PAID-UP : BHT.
200,000,000
SHAREHOLDER’S PROPORTION : THAI :
90.00%
JAPANESE :
10.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. YUTHANA JIAMTRAKARN,
THAI
MANAGING DIRECTOR AND
ACTING FACTORY
MANAGER
NO.
OF STAFF : 210
LINES
OF BUSINESS : MELAMINE COMPOUND
FOR HOUSEHOLD
MELAMINE WARES
MANUFACTURER,
DISTRIBUTOR & EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on December 16,
1993 as a
private limited company under
the name style THAI
MFC CO., LTD., by
Thai and Japanese
groups, in order
to manufacture and
distribute melamine
compound, the main
raw material in
production of household
melamine wares. It
currently employs approximately
210 staff.
The
major shareholders are
Srithai Superware Public Company Limited, SCG Chemicals Co., Ltd.,
Nippon Carbide Industries
Co., Inc., and
Nomura Trading Co., Ltd.,
which are holding
around 45%, 45%,
7% and 3%
of the subject’s shares
respectively.
At
present, the subject
is the Thailand’s
largest manufacturer of
melamine compound, and
also achieved the certificate ISO 9002
quality management and
ISO 14001 environmental management
standards by SGS on October
3, 2002.
The
subject’s registered address
is 1 Siam
Cement Rd., Bangsue,
Bangkok 10800, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Yuthana Jiamtrakarn |
|
Thai |
51 |
|
Mr. Cholanath Yarnaranop |
|
Thai |
55 |
|
Mr. Masataka Nakamura |
|
Japanese |
53 |
|
Mr. Sanan Ang-ubonkul |
|
Thai |
69 |
|
Mr. Manit Adivanichayapong |
|
Thai |
70 |
|
Mr. Chokchai Montreeamornchet |
|
Thai |
43 |
|
Mr. Prin Pholnivas |
|
Thai |
59 |
AUTHORIZED PERSON
Two of the
above directors can jointly sign
on behalf of the subject
with company’s affixed.
MANAGEMENT
Mr. Yuthana Jiamtrakarn is
the Managing Director
and Acting Factory
Manager.
He is Thai
nationality with the
age of 51
years old.
Mr. Thawatchai La-ongchan is
the Sales and
Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing melamine
compound and related
products such as glazing
powder, white coating,
foil powder for automotive
and packaging industry.
The advanced machinery
and production technology
are supplied from Nippon Carbide
Industries Co., Inc.,
Japan.
MAJOR BRANDS
“THAI MFC” & “THAILAMINE”
PRODUCTION
Approximately 16,000 tons
per annum
PURCHASE
80% of raw
materials are purchased
from local suppliers,
and the remaining
20%
as well as
machinery and spare
parts are imported
from Japan, Republic
of China, Taiwan,
Singapore and Germany.
MAJOR SUPPLIERS
Nippon
Carbide Industries Co., Inc. :
Japan
Nomura
Trading Co., Ltd. : Japan
SCG
Chemicals Co., Ltd. : Thailand
SALES
Its products are
sold to customer
both locally and
overseas in Taiwan,
Singapore, Malaysia, Indonesia,
Vietnam, Philippines, India,
Republic of China,
Australia and Japan.
MAJOR CUSTOMER
Srithai Superware Public
Co., Ltd. : Thailand
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
L/C at sight
or T/T.
Exports are against
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]
EMPLOYMENT
The
subject employs approximately
210 office staff
and factory workers.
LOCATION DETAILS
The premise
is owned for
administrative office at
the heading address.
Premise is located
in commercial/residential area.
Factory
and warehouse are
located at 10
I-1 Rd., Maptaphud
Industrial Estate, Muang,
Rayong 21150. Tel
[66] 38 683-054, 684-241.
Fax. [66] 38 684-250.
COMMENT
THAI MFC Co., Ltd., is the melamine moulding powder
manufacturer, producing melamine Formaldehyde Compound and other related products for making
Melamine Tableware. The product is
under the brand name
of THAILAMINE. It
is also ISO 9002, 14000 certified.
And as a result of its
trustworthy quality and thoughtful services, it has
won widespread acclaim from customers both in Thailand (Srithai Superware
Plc.), the country’s leading in
manufacturing of melamine
household products, and international.
Generally, the subject’s
business is solid
and growing considerably.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 200,000,000
divided into 2,000,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE
[as at
March 23, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Srithai Superware Public
Company Limited Nationality: Thai Address : 355
Moo 4, Suksawad Rd.,
Bangpakok,
Rajburana, Bangkok |
900,000 |
45.00 |
|
SCG Chemicals Co., Ltd. Nationality: Thai Address : 1
Siam Cement Rd.,
Bangsue, Bangkok |
899,993 |
45.00 |
|
Nippon Carbide Industries
Co., Inc. Nationality: Japanese Address : Tokyo,
Japan |
140,000 |
7.00 |
|
Nomura Trading Co., Ltd. Nationality: Japanese Address : Tokyo,
Japan |
60,000 |
3.00 |
|
Mr. Cholanath Yarnaranop Nationality: Thai Address : 69/31
Moo 1, Taladkwan,
Muang, Nonthaburi |
7 |
- |
Total Shareholders : 5
Share Structure
[as at
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
1,800,000 |
90.00 |
|
Foreign - Japanese |
2 |
200,000 |
10.00 |
|
Total |
5 |
2,000,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mr. Vichien Kingmontri No. 3977
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 |
8,205,406 |
34,349,266 |
18,162,935 |
|
Short-term Investment |
100,000,000 |
139,991,397 |
114,508,137 |
|
Trade Accounts & Other Receivable |
157,767,772 |
136,682,882 |
126,955,957 |
|
Inventories |
118,264,986 |
142,170,709 |
158,671,065 |
|
Refundable Value Added Tax
|
3,244,739 |
2,621,460 |
15,596,224 |
|
Other Current Assets
|
4,165,816 |
4,135,202 |
3,732,159 |
|
|
|
|
|
|
Total Current Assets
|
391,648,719 |
459,950,916 |
437,626,477 |
|
Non-current Assets Held for Sale |
83,500 |
83,500 |
164,500 |
|
Fixed Assets |
46,319,866 |
53,842,189 |
57,917,338 |
|
Intangible Assets |
1,148,253 |
1,345,024 |
3,629,819 |
|
Deferred Income Tax Assets |
3,354,013 |
3,252,265 |
4,119,755 |
|
Other Assets |
328,838 |
591,908 |
1,261,547 |
|
Total Assets |
442,883,189 |
519,065,802 |
504,719,436 |
LIABILITIES & SHAREHOLDERS’ EQUITY
[BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts & Other
Payable |
84,519,346 |
75,537,266 |
79,921,482 |
|
Accrued Income Tax |
10,521,322 |
5,448,588 |
13,536,451 |
|
Other Current Liabilities |
2,157,892 |
319,395 |
276,772 |
|
|
|
|
|
|
Total Current Liabilities |
97,198,560 |
81,305,249 |
93,734,705 |
|
|
|
|
|
|
Estimated Liabilities for Employee’s Benefit |
6,149,917 |
5,608,134 |
4,978,659 |
|
Total Liabilities |
103,348,477 |
86,913,383 |
98,713,364 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 2,000,000 shares |
200,000,000 |
200,000,000 |
200,000,000 |
|
|
|
|
|
|
Capital Paid |
200,000,000 |
200,000,000 |
200,000,000 |
|
Retained Earning |
|
|
|
|
Appropriated for
statutory reserve |
20,000,000 |
20,000,000 |
20,000,000 |
|
Unappropriated |
119,534,712 |
212,152,419 |
186,006,072 |
|
Total Shareholders' Equity |
339,534,712 |
432,152,419 |
406,006,072 |
|
Total Liabilities &
Shareholders' Equity |
442,883,189 |
519,065,802 |
504,719,436 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales |
826,915,210 |
709,066,515 |
772,606,092 |
|
Gain on Exchange Rate |
3,635,324 |
4,224,194 |
2,394,679 |
|
Other Income |
6,558,793 |
5,518,196 |
4,485,663 |
|
Total Revenues |
837,109,327 |
718,808,905 |
779,486,434 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
643,043,505 |
567,284,782 |
626,596,666 |
|
Selling Expenses |
28,408,805 |
11,773,280 |
13,972,158 |
|
Administrative Expenses |
60,149,762 |
57,157,982 |
54,717,922 |
|
Other Expenses |
- |
- |
11,351,007 |
|
Total Expenses |
731,602,072 |
636,216,044 |
706,637,753 |
|
|
|
|
|
|
Profit before Financial
Costs & Income Tax |
105,507,255 |
82,592,861 |
72,848,681 |
|
Financial Costs |
[2,829] |
[173,796] |
[169,513] |
|
|
|
|
|
|
Profit before Income Tax |
105,504,426 |
82,419,065 |
72,679,168 |
|
Income Tax |
[18,122,133] |
[16,272,718] |
[17,128,488] |
|
Net Profit / [Loss] |
87,382,293 |
66,146,347 |
55,550,680 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.03 |
5.66 |
4.67 |
|
QUICK RATIO |
TIMES |
2.74 |
3.83 |
2.77 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
17.85 |
13.17 |
13.34 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.87 |
1.37 |
1.53 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
67.13 |
91.47 |
92.43 |
|
INVENTORY TURNOVER |
TIMES |
5.44 |
3.99 |
3.95 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
69.64 |
70.36 |
59.98 |
|
RECEIVABLES TURNOVER |
TIMES |
5.24 |
5.19 |
6.09 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
47.97 |
48.60 |
46.56 |
|
CASH CONVERSION CYCLE |
DAYS |
88.79 |
113.23 |
105.85 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
77.76 |
80.00 |
81.10 |
|
SELLING & ADMINISTRATION |
% |
10.71 |
9.72 |
8.89 |
|
INTEREST |
% |
0.00 |
0.02 |
0.02 |
|
GROSS PROFIT MARGIN |
% |
23.47 |
21.37 |
19.79 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
12.76 |
11.65 |
9.43 |
|
NET PROFIT MARGIN |
% |
10.57 |
9.33 |
7.19 |
|
RETURN ON EQUITY |
% |
25.74 |
15.31 |
13.68 |
|
RETURN ON ASSET |
% |
19.73 |
12.74 |
11.01 |
|
EARNING PER SHARE |
BAHT |
43.69 |
33.07 |
27.78 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.23 |
0.17 |
0.20 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.30 |
0.20 |
0.24 |
|
TIME INTEREST EARNED |
TIMES |
37,294.89 |
475.23 |
429.75 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
16.62 |
(8.22) |
|
|
OPERATING PROFIT |
% |
27.74 |
13.38 |
|
|
NET PROFIT |
% |
32.10 |
19.07 |
|
|
FIXED ASSETS |
% |
(13.97) |
(7.04) |
|
|
TOTAL ASSETS |
% |
(14.68) |
2.84 |
|
ANNUAL GROWTH :
SATISFACTORY
An annual sales growth is 16.62%.
Turnover has increased from THB
709,066,515.00 in 2013 to THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
23.47 |
Deteriorated |
Industrial
Average |
58.98 |
|
Net Profit Margin |
10.57 |
Impressive |
Industrial
Average |
6.12 |
|
Return on Assets |
19.73 |
Impressive |
Industrial
Average |
7.53 |
|
Return on Equity |
25.74 |
Impressive |
Industrial
Average |
12.08 |
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 23.47%. 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. Net Profit Margin ratio is 10.57%,
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
19.73%, 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 25.74%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
4.03 |
Impressive |
Industrial
Average |
2.23 |
|
Quick Ratio |
2.74 |
|
|
|
|
Cash Conversion Cycle |
88.79 |
|
|
|
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 4.03 times in 2014, decrease from 5.66 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 2.74 times in 2014,
decrease from 3.83 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 89 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.23 |
Impressive |
Industrial
Average |
0.34 |
|
Debt to Equity Ratio |
0.30 |
Impressive |
Industrial
Average |
0.51 |
|
Times Interest Earned |
37,294.89 |
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 37294.9 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 0.23 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 Downtrend
Times Interest Earned Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
17.85 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.87 |
Impressive |
Industrial
Average |
1.23 |
|
Inventory Conversion Period |
67.13 |
|
|
|
|
Inventory Turnover |
5.44 |
Impressive |
Industrial
Average |
3.47 |
|
Receivables Conversion Period |
69.64 |
|
|
|
|
Receivables Turnover |
5.24 |
Impressive |
Industrial
Average |
4.48 |
|
Payables Conversion Period |
47.97 |
|
|
|
The company's Account Receivable Ratio is calculated as 5.24 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 91 days at the
end of 2013 to 67 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 3.99 times in year 2013 to 5.44 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.87 times and 1.37
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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.55 |
|
|
1 |
Rs.99.86 |
|
Euro |
1 |
Rs.72.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
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.