MIRA INFORM REPORT
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Report No. : |
322076 |
|
Report Date : |
15.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
K. D. STAR CO., LTD. |
|
|
|
|
Registered Office : |
Room No. 18E, 12th Flr., Bangkok Gems & Jewelry Tower, 322/18 Surawongse Road, Siphya, Bangrak, Bangkok 10500 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
03.08.2011 |
|
|
|
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Com. Reg. No.: |
0105554102033 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
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Line of Business : |
Importer and Distributor of Gems and Jewelry. |
|
|
|
|
No. of Employees : |
2 |
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 |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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
K.D. STAR CO., LTD.
SUMMARY
BUSINESS ADDRESS : ROOM
236, 18th FLOOR,
JEWELRY TRADE CENTER,
919/236 SILOM ROAD,
SILOM, BANGRAK, BANGKOK
10500, THAILAND
TELEPHONE : [66] 2630-2290, 083 554-5238
FAX :
[66] 2630-0092
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2011
REGISTRATION NO. : 0105554102033
TAX ID NO. : 3034636580
CAPITAL REGISTERED
: BHT.
4,000,000
CAPITAL PAID-UP
: BHT.
4,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
INDIAN
: 49.00%
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. DHAMESH RAJUBHAI
ANGHAN, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 2
LINES OF
BUSINESS : GEMS
AND JEWELRY IMPORTER
AND DISTRIBUTOR
CORPORATE
PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The subject was
established on August 3,
2011 as a
private limited company under
the registered name K.D. STAR CO., LTD., by Thai and Indian
groups, with the business
objective to import and
distribute gemstones and jewelry to domestic
market. It currently
employs 2 staff.
The subject’s registered address was initially
at Room No. 18E, 12th
Flr., Bangkok Gems & Jewelry
Tower, 322/18 Surawongse
Road, Siphya, Bangrak,
Bangkok 10500.
In 2013,
the subject’s registered address
was relocated to Room
236, 18th Floor,
Jewelry Trade Center, 919/236 Silom Road,
Silom, Bangrak, Bangkok
10500, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Dhamesh Rajubhai
Anghan |
[ x] |
Indian |
25 |
|
Mr. Sandeepkumar Muljibhai
Anghan |
|
Indian |
28 |
AUTHORIZED
PERSON
The
mentioned director [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Dhamesh Rajubhai
Anghan is the
Managing Director.
He
is Indian nationality
with the age
of 25 years
old.
BUSINESS
OPERATIONS
The
subject is engaged
in importing and
distributing various kinds
of gemstones and
jewelry for jewelry
industry.
IMPORT
100%
of the products
is imported from
India and Hong Kong.
SALES
100%
of the products
is sold locally
to wholesalers, manufacturers
and end-users.
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
are by cash
or on the
credits term of
30-60 days.
Imports
are by L/C
at sight or
T/T.
BANKING
The banker’s
name was not
disclosed.
EMPLOYMENT
The subject
employs 2 staff.
LOCATION
DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is located
in a prime
commercial area.
COMMENT
The subject
posted an increase
in sales revenues
in 2013 comparing
to the same
period of the
previous year. However,
higher cost of
selling & administrative expenses
as well as
loss on exchange
rate have eroded
its profit margin
and ended up with net
loss at the end
of year.
However, in the year
2014, Thai economy
had slowed down
under the burden
of rising household
debt and consumers
were likely to cut
their spending especially
for non-essential items.
This may cause to
slow down the
subject’s performance as
well.
FINANCIAL
INFORMATION
The capital
was registered at Bht. 4,000,000 divided
into 40,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 30, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Dhamesh Rajubhai
Anghan Nationality: Indian Address
: 919/236 Silom
Road, Silom, Bangrak,
Bangkok |
12,000 |
30.00 |
|
Mr.
Sandeepkumar Muljibhai Anghan Nationality: Indian Address
: 919/236 Silom
Road, Silom, Bangrak,
Bangkok |
7,600 |
19.00 |
|
Ms.
Narawadee Phu-eiam Nationality: Thai Address
: 62/3 Surawongse
Road, Suriyawongse, Bangrak, Bangkok |
6,800 |
17.00 |
|
Mr. Prasert Langsanti Nationality: Thai Address
: 5/78 Moo 1,
Kokfaed, Nongjok, Bangkok |
6,800 |
17.00 |
|
Mr. Surasak Sriboonrueng Nationality: Thai Address
: 922-924 New
Petchburi Road, Makkasan, Bangkok |
6,800 |
17.00 |
Total Shareholders
: 5
Share Structure
[as at April 30,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
20,400 |
51.00 |
|
Foreign - Indian |
2 |
19,600 |
49.00 |
|
Total |
5 |
40,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Apinya
Charoennithi No. 10860
BALANCE
SHEET [BAHT]
The latest
financial figures published
for December 31,
2013, 2012 &
2011 were:
ASSETS
|
Current Assets |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Cash
and Cash Equivalents |
3,833,640.71 |
410,485.30 |
17,254.38 |
|
Trade
Account & Other Receivable
|
16,390,691.94 |
4,657,153.34 |
1,176,701.48 |
|
Short-term Lending |
- |
- |
3,800,000.00 |
|
Inventories |
28,355,888.82 |
5,209,546.90 |
162,210.75 |
|
|
|
|
|
|
Total Current
Assets |
48,580,221.47 |
10,277,185.54 |
5,156,166.61 |
|
|
|
|
|
|
Office Equipment |
3,805.39 |
5,205.19 |
6,604.99 |
|
Total Assets
|
48,584,026.86 |
10,282,390.73 |
5,162,771.60 |
LIABILITIES & SHAREHOLDERS' EQUITY
[BAHT]
|
Current
Liabilities |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Trade
Account & Other Payable |
40,678,705.37 |
4,525,088.24 |
1,320,353.43 |
|
Loan from Director |
4,310,000.00 |
2,150,000.00 |
- |
|
Accrued
Income Tax |
204,720.90 |
8,281.04 |
- |
|
|
|
|
|
|
Total Current
Liabilities |
45,193,426.27 |
6,683,369.28 |
1,320,353.43 |
|
Total Liabilities |
45,193,426.27 |
6,683,369.28 |
1,320,353.43 |
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
Share
capital : Baht 100 value
authorized, issued and
fully
paid share capital
40,000 shares |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
|
|
|
|
|
Capital
Paid |
4,000,000.00 |
4,000,000.00 |
4,000,000.00 |
|
Retained
Earning - Unappropriated
[Deficit] |
[609,399.41] |
[400,978.55] |
[157,581.83] |
|
Total Shareholders' Equity |
3,390,600.59 |
3,599,021.46 |
3,842,418.17 |
|
Total Liabilities
& Shareholders' Equity |
48,584,026.85 |
10,282,390.73 |
5,162,771.60 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2013 |
2012 |
2011 |
|
|
|
|
|
|
Sales |
41,008,456.16 |
9,845,648.29 |
1,183,232.88 |
|
Other
Income |
- |
18,221.13 |
12,701.37 |
|
Total Revenues
|
41,008,456.16 |
9,863,869.42 |
1,195,934.25 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost
of Goods Sold
|
35,895,454.88 |
8,663,219.20 |
1,061,793.25 |
|
Selling Expenses |
491,656.00 |
110,468.23 |
- |
|
Administrative Expenses |
2,445,247.09 |
1,320,403.59 |
291,722.83 |
|
Loss
on Exchange Rate |
2,165,665.16 |
- |
- |
|
Total Expenses |
40,998,023.13 |
10,094,091.02 |
1,353,516.08 |
|
|
|
|
|
|
Profit / Loss] before
Financial Cost &
Income Tax |
10,433.03 |
[230,221.60] |
[157,581.83] |
|
Financial Cost |
[14,132.99] |
[4,894.08] |
- |
|
|
|
|
|
|
Profit / [Loss] before
Income Tax |
[3,699.96] |
[235,115.68] |
[157,581.83] |
|
Income Tax |
[204,720.90] |
[8,281.04] |
- |
|
Net Profit / [Loss] |
[208,420.86] |
[243,396.72] |
[157,581.83] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.07 |
1.54 |
3.91 |
|
QUICK RATIO |
TIMES |
0.45 |
0.76 |
3.78 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
10,776.44 |
1,891.51 |
179.14 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.84 |
0.96 |
0.23 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
288.33 |
219.49 |
55.76 |
|
INVENTORY TURNOVER |
TIMES |
1.27 |
1.66 |
6.55 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
145.89 |
172.65 |
362.99 |
|
RECEIVABLES TURNOVER |
TIMES |
2.50 |
2.11 |
1.01 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
413.64 |
190.65 |
453.88 |
|
CASH CONVERSION CYCLE |
DAYS |
20.58 |
201.49 |
(35.14) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
87.53 |
87.99 |
89.74 |
|
SELLING & ADMINISTRATION |
% |
7.16 |
14.53 |
24.65 |
|
INTEREST |
% |
0.03 |
0.05 |
- |
|
GROSS PROFIT MARGIN |
% |
12.47 |
12.19 |
11.34 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.03 |
(2.34) |
(13.32) |
|
NET PROFIT MARGIN |
% |
(0.51) |
(2.47) |
(13.32) |
|
RETURN ON EQUITY |
% |
(6.15) |
(6.76) |
(4.10) |
|
RETURN ON ASSET |
% |
(0.43) |
(2.37) |
(3.05) |
|
EARNING PER SHARE |
BAHT |
(5.21) |
(6.08) |
(3.94) |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.93 |
0.65 |
0.26 |
|
DEBT TO EQUITY RATIO |
TIMES |
13.33 |
1.86 |
0.34 |
|
TIME INTEREST EARNED |
TIMES |
0.74 |
(47.04) |
- |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
316.51 |
732.10 |
|
|
OPERATING PROFIT |
% |
(104.53) |
46.10 |
|
|
NET PROFIT |
% |
14.37 |
(54.46) |
|
|
FIXED ASSETS |
% |
(26.89) |
(21.19) |
|
|
TOTAL ASSETS |
% |
372.50 |
99.16 |
|
ANNUAL
GROWTH: SATISFACTORY
An annual sales growth is 316.51%. Turnover
has increased from THB
PROFITABILITY
: ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
12.47 |
Impressive |
Industrial Average |
7.19 |
|
Net Profit Margin |
(0.51) |
Deteriorated |
Industrial Average |
0.65 |
|
Return on Assets |
(0.43) |
Deteriorated |
Industrial Average |
3.61 |
|
Return on Equity |
(6.15) |
Deteriorated |
Industrial Average |
8.28 |
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
12.47%. 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 -0.51%. 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 -0.43%.
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
-6.15%.
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 |
1.07 |
Deteriorated |
Industrial Average |
2.20 |
|
Quick Ratio |
0.45 |
|
|
|
|
Cash Conversion Cycle |
20.58 |
|
|
|
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 1.07 times in 2013, decreased from 1.54 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 0.45 times in 2013, decreased from 0.76 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
21 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: RISKY
LEVERAGE
RATIO
|
Debt Ratio |
0.93 |
Acceptable |
Industrial Average |
0.55 |
|
Debt to Equity Ratio |
13.33 |
Risky |
Industrial Average |
1.20 |
|
Times Interest Earned |
0.74 |
Risky |
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 0.74 lower than 1, so the
company is not generating enough cash from EBIT to meet its interest
obligations.
Debt Ratio shows the proportion of a
company's assets which are financed through debt. The company's figure is 0.93
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
: ACCEPTABLE
ACTIVITY
RATIO
|
Fixed Assets Turnover |
10,776.44 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.84 |
Deteriorated |
Industrial Average |
5.58 |
|
Inventory Conversion Period |
288.33 |
|
|
|
|
Inventory Turnover |
1.27 |
Deteriorated |
Industrial Average |
9.74 |
|
Receivables Conversion Period |
145.89 |
|
|
|
|
Receivables Turnover |
2.50 |
Deteriorated |
Industrial Average |
15.08 |
|
Payables Conversion Period |
413.64 |
|
|
|
The company's Account Receivable Ratio is
calculated as 2.50 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 219 days
at the end of 2012 to 288 days at the end of 2013. This represents a negative
trend. And Inventory turnover has decreased from 1.66 times in year 2012 to
1.27 times in year 2013.
The company's Total Asset Turnover is
calculated as 0.84 times and 0.96 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 Uptrend
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.58 |
|
|
1 |
Rs.100.30 |
|
Euro |
1 |
Rs.72.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SDA |
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.