MIRA INFORM REPORT
|
Report No. : |
322953 |
|
Report Date : |
20.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
HERRENKNECHT [ASIA] LTD. |
|
|
|
|
Registered Office : |
Federal Express Building, 12/621 Moo 15, Soi Sornhirun, Bangna-Trad Road, Bangkaew, Bangplee, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
30.05.1996 |
|
|
|
|
Com. Reg. No.: |
0105539061691 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged
in importing and
distributing mechanical tunneling
machines and systems for tunnel
construction works, as
well as providing
wide range of
services including design, consulting, training, installation, repair,
maintenance and rental
service of drilling
machine with diameters
ranging from 100 mm. to
14,200 mm. |
|
|
|
|
No. of Employee : |
75 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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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 |
|
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
HERRENKNECHT [ASIA] LTD.
SUMMARY
BUSINESS ADDRESS : FEDERAL EXPRESS
BUILDING,
12/621 MOO
15, SOI SORNHIRUN,
BANGNA-TRAD
ROAD, BANGKAEW, BANGPLEE, SAMUTPRAKARN
10540, THAILAND
TELEPHONE : [66] 2745-0843-4,
2743-1268
FAX : [66] 2745-0845
E-MAIL ADDRESS : info@herrenknecht.com
mallaney.alex@herrenknecht-asia.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1996
REGISTRATION NO. : 0105539061691 [Former : 1249/2539]
TAX ID NO. : 3011730027
CAPITAL
REGISTERED : BHT. 100,000,000
CAPITAL
PAID-UP : BHT. 29,500,000
SHAREHOLDER’S PROPORTION : FOREIGN
: 100%
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
ALEXANDER JAMES MALLANEY,
BRITISH
MANAGING DIRECTOR
NO. OF
STAFF : 75
LINES OF
BUSINESS : MECHANICAL TUNNELLING
MACHINES &
SYSTEMS
IMPORTER, DISTRIBUTOR &
SERVICE PROVIDER
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 May 30, 1996
as a private limited
company under the
name style HERRENKNECHT [ASIA]
LTD. by Foreign
group, with the
business objective to
provide products and
services of mechanical tunnelling machine systems for local and
export markets. It
currently employs 75 staff.
It is a
wholly owned subsidiary
of Herrenknecht Asia
Headquarters Pte., Ltd., of
Singapore, which is a
member of Herrenknecht
AG. in Germany, the
world leading manufacturer
and distributor of
the entire range
of mechanical tunnelling
machines for construction.
It has its
own service and
sales offices in
Switzerland, the Netherlands,
Great Britain, France,
Spain, Russia, United
States of America,
Australia, Singapore, Thailand
and Republic of
China.
The subject’s registered address is Federal Express Building, 12/621 Moo
15, Soi Sornhirun, Bangna-Trad Rd.,
Bangkaew, Bangplee, Samutprakarn 10540,
and this is
the company’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Ulrich Frank
Schaffhauser |
|
German |
51 |
|
Mr. Alexander James Mallaney |
|
British |
51 |
|
Mr. Jens Martins Steininger |
|
German |
42 |
AUTHORIZED
PERSON
Any of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Alexander James Mallaney
is the Managing
Director.
He is British
nationality with the
age of 51
years old.
BUSINESS
PERATIONS
The subject is
engaged in importing
and distributing mechanical
tunneling machines and systems
for tunnel construction works,
as well as
providing wide range
of services including design, consulting, training, installation,
repair, maintenance and
rental service of
drilling machine with
diameters ranging from 100 mm.
to 14,200 mm.
PURCHASE
80% of the
products is imported
from Germany and
Singapore, the remaining
20% is purchased
from local suppliers.
MAJOR
SUPPLIERS
Herrenknecht AG. : Germany
Herrenknecht Asia Headquarters
Pte. Ltd. : Singapore
SALES
80% of the products
is sold and
serviced locally, and
the remaining 20%
to overseas customers
in Taiwan, Malaysia,
Vietnam, Myanmar, Cambodia
and Laos.
PARENT
COMPANY
Herrenknecht
Asia Headquarters Pte.
Ltd. : Singapore
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 to IRICO’S
DATABASE for the
past two years.
CREDIT
Sales and services
are by cash
or on the
credits term of
30-60 days.
Local bills are
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.
BUSINESS
TRANSACTION
The products are
sold and serviced
mainly by credit
on negotiate term. The
subject is not
found to have
problem on its
account receivable from
customers.
BANKING
Hongkong &
Shanghai Banking Corporation
[Bangkok Branch
: 968 Rama
4 Rd., Silom,
Bangrak, Bangkok 10500]
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
75 staff. [office &
sales staff, engineers
and workers].
LOCATION
DETAILS
The premise is
rented for administrative office
and warehouse at the heading
address. Premise is
located in industrial
area.
COMMENT
The subject is the
Thailand sales office
of Herrenknecht AG.
It is occupied
a leading position
in the local
market for mechanical
tunnel construction. With
its pioneering innovations,
young, highly qualified
technical designers, engineers
and research teams ensure
that the company maintains
its position as
technology leader.
Despite overall construction
sector is downward,
the subject remains
occupied a leading
position in the
global market for
mechanical tunnel construction.
FINANCIAL
INFORMATION
The capital was initially
registered at Bht. 4,000,000
divided into 40,000
shares of Bht.
100 each.
The capital was
increased later as
follows:
Bht. 6,000,000
on December 30,
1987
Bht. 100,000,000 on December 29,
2006
The latest registered
capital was increased to
Bht. 100,000,000 divided
into 1,000,000 shares
of Bht. 100
each, with the
current capital paid-up
at Bht. 29,500,000
or 60,000 shares
of Bht. 100
each and 940,000
shares of Bht.
25 each.
THE SHAREHOLDERS
LISTED WERE
[as at April
30, 2014] at Bht. 29,500,000
of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Herrenknecht Asia
Headquarters Pte. Ltd. Nationality: Singaporean Address : 62
Julia Street, #48-02
OCBC Center,
Singapore 049513 |
999,998 |
100.00 |
|
Mr. Ulrich
Frank Schaffhauser Nationality: German Address : Germany |
1 |
- |
|
Mr. Alexander
James Mallaney Nationality: British Address : 12/621
Moo 15, Bangna-Trad
Rd.,
Bangkaew, Bangplee, Samutprakarn |
1 |
- |
Total Shareholders
: 3
Share Structure [as
at April 30,
2014]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
3 |
1,000,000 |
100% |
|
Total |
3 |
1,000,000 |
100% |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Niti Juengnijniran No. 3809
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 |
15,607,574 |
4,940,240 |
10,235,799 |
|
Trade Accounts and
Other Receivable |
173,768,165 |
135,359,621 |
101,129,862 |
|
Inventories |
13,702,225 |
13,435,643 |
12,010,750 |
|
Refundable Value Added Tax |
17,912,334 |
16,819,920 |
2,756,936 |
|
Other Current Assets
|
1,088,980 |
863,132 |
1,333,099 |
|
|
|
|
|
|
Total Current Assets
|
222,079,278 |
171,418,556 |
127,466,446 |
|
Cash at Bank pledged as
a Collateral |
3,074,250 |
3,000,000 |
2,000,000 |
|
Fixed Assets |
15,924,313 |
21,027,386 |
19,523,271 |
|
Other Non - current Assets |
907,795 |
921,795 |
962,095 |
|
Total Assets |
241,985,636 |
196,367,737 |
149,951,812 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade Accounts and
Other Payable |
151,084,098 |
101,039,938 |
67,804,235 |
|
Short-term Loan from Parent
Company |
- |
8,172,060 |
- |
|
Current Portion of Financial
Lease Contract Liabilities |
1,142,156 |
600,098 |
- |
|
Accrued Income Tax |
1,197,783 |
1,126,516 |
769,203 |
|
Other Current Liabilities |
916,662 |
872,177 |
387,680 |
|
|
|
|
|
|
Total Current Liabilities |
154,340,699 |
111,810,789 |
68,961,118 |
|
Financial Lease Contract
Liabilities |
2,517,579 |
1,871,729 |
- |
|
Employee Benefits Obligation |
2,523,080 |
1,105,050 |
- |
|
Total Liabilities |
159,381,358 |
114,787,568 |
68,961,118 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized &
issued share capital
1,000,000 shares |
100,000,000 |
100,000,000 |
100,000,000 |
|
|
|
|
|
|
Capital Paid |
29,500,000 |
29,500,000 |
29,500,000 |
|
Retained Earnings: Appropriated for statutory
reserve |
6,398,311 |
6,398,311 |
6,398,311 |
|
Unappropriated |
46,705,967 |
45,681,858 |
45,092,383 |
|
Total Shareholders' Equity |
82,604,278 |
81,580,169 |
80,990,694 |
|
Total Liabilities & Shareholders' Equity |
241,985,636 |
196,367,737 |
149,951,812 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales Income |
163,065,869 |
231,211,959 |
157,066,121 |
|
Service Income |
59,418,738 |
58,359,782 |
55,802,458 |
|
Commission Income |
26,758,605 |
23,705,462 |
15,422,381 |
|
Rental Equipment Income |
129,607,777 |
44,988,815 |
12,605,433 |
|
Other Income |
|
|
|
|
Gain on Exchange Rate |
- |
1,500,427 |
3,917,316 |
|
Other |
5,400,857 |
1,263,984 |
1,341,717 |
|
Total Revenues |
384,251,846 |
361,030,429 |
246,155,426 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
276,642,782 |
285,339,936 |
173,897,246 |
|
Selling Expenses |
25,239,832 |
23,462,375 |
22,838,562 |
|
Administrative Expenses |
72,231,433 |
49,311,254 |
46,854,479 |
|
Loss on Exchange Rate |
2,601,383 |
- |
- |
|
Total Expenses |
376,715,430 |
358,113,565 |
243,590,287 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
7,536,416 |
2,916,864 |
2,565,139 |
|
Financial Costs |
[202,155] |
[115,129] |
[164,807] |
|
Profit / [Loss] before Income
Tax |
7,334,261 |
2,801,735 |
2,400,332 |
|
Income Tax |
[6,310,152] |
[2,212,260] |
[1,817,393] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,024,109 |
589,475 |
582,939 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.44 |
1.53 |
1.85 |
|
QUICK RATIO |
TIMES |
1.23 |
1.25 |
1.61 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
23.79 |
17.04 |
12.34 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.57 |
1.82 |
1.61 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
18.08 |
17.19 |
25.21 |
|
INVENTORY TURNOVER |
TIMES |
20.19 |
21.24 |
14.48 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
167.42 |
137.90 |
153.23 |
|
RECEIVABLES TURNOVER |
TIMES |
2.18 |
2.65 |
2.38 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
199.34 |
129.25 |
142.32 |
|
CASH CONVERSION CYCLE |
DAYS |
(13.85) |
25.84 |
36.12 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
73.02 |
79.64 |
72.19 |
|
SELLING & ADMINISTRATION |
% |
25.73 |
20.31 |
28.93 |
|
INTEREST |
% |
0.05 |
0.03 |
0.07 |
|
GROSS PROFIT MARGIN |
% |
28.40 |
21.13 |
30.00 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.99 |
0.81 |
1.06 |
|
NET PROFIT MARGIN |
% |
0.27 |
0.16 |
0.24 |
|
RETURN ON EQUITY |
% |
1.24 |
0.72 |
0.72 |
|
RETURN ON ASSET |
% |
0.42 |
0.30 |
0.39 |
|
EARNING PER SHARE |
BAHT |
3.47 |
2.00 |
1.98 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.66 |
0.58 |
0.46 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.93 |
1.41 |
0.85 |
|
TIME INTEREST EARNED |
TIMES |
37.28 |
25.34 |
15.56 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
5.75 |
48.72 |
|
|
OPERATING PROFIT |
% |
158.37 |
13.71 |
|
|
NET PROFIT |
% |
73.73 |
1.12 |
|
|
FIXED ASSETS |
% |
(24.27) |
7.70 |
|
|
TOTAL ASSETS |
% |
23.23 |
30.95 |
|
ANNUALGROWTH
: IMPRESSIVE
An annual sales growth is 5.75%. Turnover has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
28.40 |
Deteriorated |
Industrial Average |
76.42 |
|
Net Profit Margin |
0.27 |
Deteriorated |
Industrial Average |
4.15 |
|
Return on Assets |
0.42 |
Deteriorated |
Industrial Average |
4.00 |
|
Return on Equity |
1.24 |
Deteriorated |
Industrial Average |
6.71 |
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 28.4%. 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 0.27%.
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 0.42%.
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 1.24%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.44 |
Deteriorated |
Industrial Average |
3.53 |
|
Quick Ratio |
1.23 |
|
|
|
|
Cash Conversion Cycle |
(13.85) |
|
|
|
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 1.44 times in 2013, decrease from 1.53 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 1.23 times in 2013,
decrease from 1.25 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 -14 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.66 |
Acceptable |
Industrial Average |
0.28 |
|
Debt to Equity Ratio |
1.93 |
Risky |
Industrial Average |
0.40 |
|
Times Interest Earned |
37.28 |
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 37.29 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 0.66 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 |
23.79 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.57 |
Impressive |
Industrial Average |
0.96 |
|
Inventory Conversion Period |
18.08 |
|
|
|
|
Inventory Turnover |
20.19 |
Impressive |
Industrial Average |
4.67 |
|
Receivables Conversion Period |
167.42 |
|
|
|
|
Receivables Turnover |
2.18 |
Satisfactory |
Industrial Average |
2.44 |
|
Payables Conversion Period |
199.34 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.18 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 17 days at the
end of 2012 to 18 days at the end of 2013. This represents a negative trend.
And Inventory turnover has decreased from 21.24 times in year 2012 to 20.19
times in year 2013.
The company's Total Asset Turnover is calculated as 1.57 times and 1.82
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.63.69 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.71.90 |
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.