MIRA INFORM REPORT
|
Report No. : |
349825 |
|
Report Date : |
16.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
STAR MICRONICS
[THAILAND] CO., LTD. |
|
|
|
|
Registered Office : |
289/23 Moo 13, Soi Kingkaew 25/1, Kingkaew Road, T. Rachathewa, A. Bangplee, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
04.02.2005 |
|
|
|
|
Com. Reg. No.: |
0115548001522 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Distributor of Industrial
Machinery, Tools and Spare Parts. |
|
|
|
|
No. of Employees : |
26 |
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 : |
Slow but correct |
|
|
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Thailand |
A2 |
A2 |
|
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, and generally pro-investment policies Thailand has historically had a
strong economy due in part to competitive industrial and agriculture exports -
mostly electronics, agricultural commodities, automobiles and parts, and
processed foods. The economy experienced slow growth and declining exports in
2014, in part due to domestic political turmoil and sluggish global demand.
With full employment, Thailand attracts an estimated 2-4 million migrant
workers from neighboring countries, and faces labor shortages. Following the
May 2014 coup d'etat, tourism decreased 6-7% but is beginning to recover. The
household debt to GDP ratio is over 80%. 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 baht has remained stable.
|
Source
: CIA |
Company
Name
STAR MICRONICS [THAILAND] CO., LTD.
SUMMARY
BUSINESS ADDRESS : 289/23 MOO
13, SOI KINGKAEW
25/1,
KINGKAEW ROAD, T. RACHATHEWA,
A. BANGPLEE, SAMUTPRAKARN 10540,
THAILAND
TELEPHONE : [66] 2186-8945-7
FAX :
[66] 2186-7845
E-MAIL ADDRESS : bee_kanokwun@starthai.co.th
REGISTRATION ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 2005
REGISTRATION NO. : 0115548001522
TAX ID NO. : 3031686632
CAPITAL REGISTERED : BHT. 6,000,000
CAPITAL PAID-UP : BHT. 6,000,000
SHAREHOLDER’S PROPORTION : THAI :
51.00%
JAPANESE :
49.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. HIDENOBU
NII, JAPANESE
MANAGING
DIRECTOR
NO. OF STAFF : 26
LINES OF BUSINESS : INDUSTRIAL
MACHINERY, TOOLS AND
SPARE PARTS
IMPORTER
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
February 4, 2005 as
a private limited
company under the
registered name STAR MICRONICS [THAILAND] CO.,
LTD., by Thai and
Japanese groups, with
the business objective
to distribute machinery,
tools and spare
parts for industrial
users. It currently
employs 26 staff.
The major shareholders
are Matsui Plant
[Thailand] Co., Ltd.
and Star Micronics
Co., Ltd., with
holding around 49%
and 43% of
the subject’s shares
respectively.
The subject’s registered
address was initially
at 26/59 Moo
7, T. Rachathewa,
A. Bangplee, Samutprakarn 10540.
On June 3,
2014, the subject’s
registered address was
relocated to 289/23
Moo 13, Soi
Kingkaew 25/1, Kingkaew
Road, T. Rachathewa, A. Bangplee,
Samutprakarn 10540, and
this is the
subject’s current operation
address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Hiroshi Tanaka |
|
Japanese |
60 |
|
Mr. Hidenobu Nii |
[x] |
Japanese |
49 |
|
Mr. Fumio Masuda |
|
Japanese |
51 |
AUTHORIZED
PERSON
Only the
mentioned director [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Hidenobu Nii
is the Managing Director.
He is
Japanese nationality with
the age of 49
years old.
BUSINESS
OPERATIONS
The subject
is engaged in importing and
authorized distributing of
“STAR” automatic lathe machines,
tools and spare
parts, as well
as providing installation
and maintenance services
for lathing and
other industries.
PURCHASE
80% of
the products is imported from
Japan, Republic of
China and Taiwan,
the remaining 20%
is purchased from
local suppliers.
MAJOR SUPPLIER
Star Micronics
Co., Ltd. : Japan
SALES
100% of
the products is
sold and serviced
locally to 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 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 T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Mizuho Corporate Bank
[Bangkok Branch,
Tisco Tower, 48
North Sathorn Road,
Silom, Bangrak, Bangkok]
EMPLOYMENT
The subject currently
employs 26 staff.
LOCATION
DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in industrial area.
COMMENT
The subject had
strong business performance in
the previous years.
However, economy slowdown
in accordance with
slow domestic industrial
growth has caused
to decrease subject’s
sales in previous
years, as well
as, the impact
of slow spending
and delay of industrial
expansion would effect
its business growth
this year.
NOTE
Refer to your given
address at “18th Floor,
Tower, 48 North
Sathorn Road, Silom, Bangrak,
Bangkok 10500”, please
be informed that,
it is the
operating address of
Mizuho Corporate Bank.
FINANCIAL
INFORMATION
The capital was
registered at Bht. 4,000,000 divided
into 40,000 shares of
Bht. 100 each with fully
paid.
On January 6, 2011, the
registered capital was
increased to Bht.
6,000,000 divided into
60,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
: [as
at March 16,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Matsui Plant
[Thailand] Co., Ltd. Nationality: Thai Address :
26/59 Moo 7, Soi
Kingkaew 62/2, Kingkaew Rd.,
T. Rachathewa, A. Bangplee, Samutprakarn |
29,400 |
49.00 |
|
Star Micronics
Co., Ltd. Nationality: Japanese Address :
1500-34, Kitanoya, Misawa, Kikugawa, Shizuoka 439-0023, Japan |
25,800 |
43.00 |
|
Mr. Fumio Masuda Nationality: Japanese Address :
1500-34, Kitanoya, Misawa, Kikugawa, Shizuoka 439-0023, Japan |
3,600 |
6.00 |
|
Ms. Kanya Khao-on Nationality: Thai Address :
99/277 Moo 1, Wadsrivareenoi Rd.,
T. Seesajarakaenoi, A. Bangsaothong, Samutprakarn |
1,200 |
2.00 |
Total Shareholders
: 4
Share Structure
[as at
March 16, 2015]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
30,600 |
51.00 |
|
Foreign -
Japanese |
2 |
29,400 |
49.00 |
|
Total |
4 |
60,000 |
100.00 |
NAME
OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Mr. Vachara Tamnukasetthai No.
5039
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 |
81,385,419.54 |
76,244,183.63 |
103,975,366.32 |
|
Trade Accounts
Receivable |
103,202,943.21 |
49,703,234.40 |
63,647,039.84 |
|
Other Receivable |
259,877.30 |
416,384.16 |
101,911.07 |
|
Inventories |
13,157,313.25 |
2,702,141.59 |
8,282,277.68 |
|
Other Current
Assets |
550,087.71 |
118,204.17 |
118,143.03 |
|
|
|
|
|
|
Total Current
Assets |
198,555,641.01 |
129,184,147.95 |
176,124,737.94 |
|
Investment in
Subsidiaries |
1,020,000.00 |
1,020,000.00 |
1,020,000.00 |
|
Fixed Assets |
9,481,142.96 |
5,514,266.68 |
3,761,328.34 |
|
Intangible Assets |
49,126.36 |
80,092.81 |
70,132.09 |
|
Other Non-current
Assets |
1,076,000.00 |
986,630.00 |
833,630.00 |
|
Total Assets |
210,181,910.33 |
136,785,137.44 |
181,809,828.37 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts
& Other Payable |
2,678,648.70 |
16,210.00 |
- |
|
Trade Accounts
Payable -Related company |
105,584,998.12 |
40,874,017.19 |
85,469,464.80 |
|
Current Portion of
Liabilities under Financial
Lease Agreements |
94,070.31 |
580,517.69 |
890,630.46 |
|
Accrued Expenses |
1,443,241.06 |
566,947.42 |
750,251.00 |
|
Other
Payable-Purchase Assets |
1,444,500.00 |
- |
- |
|
Other Payable |
159,698.15 |
161,018.30 |
122,896.00 |
|
Accrued Income
Tax |
665,854.55 |
822,057.44 |
6,376,326.83 |
|
Other Current
Liabilities |
399,080.25 |
280,666.75 |
1,344,968.85 |
|
|
|
|
|
|
Total Current
Liabilities |
112,470,091.14 |
43,301,434.79 |
94,954,537.94 |
|
|
|
|
|
|
Liabilities under Financial Lease
Agreements, Net of
Current Portion |
- |
94,070.31 |
674,588.00 |
|
Total Liabilities
|
112,470,091.14 |
43,395,505.10 |
95,629,125.94 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized,
issued and fully
paid
share capital 60,000
shares |
6,000,000.00 |
6,000,000.00 |
6,000,000.00 |
|
|
|
|
|
|
Capital Paid |
6,000,000.00 |
6,000,000.00 |
6,000,000.00 |
|
Retained Earning
- Unappropriated [Deficit] |
91,711,819.19 |
87,389,632.34 |
80,180,702.43 |
|
Total Shareholders' Equity |
97,711,819.19 |
93,389,632.34 |
76,180,702.43 |
|
Total Liabilities & Shareholders' Equity |
210,181,910.33 |
136,785,137.44 |
181,809,828.37 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
254,935,878.78 |
191,265,381.66 |
570,814,732.07 |
|
Service Income |
9,747,187.24 |
6,847,148.34 |
10,586,721.78 |
|
Gain on
Exchange Rate |
469,552.29 |
5,692,169.31 |
7,948,545.67 |
|
Gain on
Disposal of Assets |
- |
102,996.00 |
356,652.97 |
|
Other Income |
821,466.70 |
356,326.13 |
59,512.83 |
|
Total Revenues |
265,974,085.01 |
204,264,021.44 |
589,766,165.32 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of
Goods Sold & Services |
235,889,151.33 |
175,278,730.70 |
535,707,252.31 |
|
Selling Expenses
|
8,172,619.98 |
6,882,760.04 |
5,802,627.04 |
|
Administrative Expenses |
16,494,129.42 |
13,120,686.81 |
10,945,495.09 |
|
Total Expenses
|
260,555,900.73 |
195,282,177.55 |
552,455,374.44 |
|
|
|
|
|
|
Profit before
Financial Cost & Income Tax |
5,418,184.28 |
8,981,843.89 |
37,310,790.88 |
|
Financial Cost |
[19,669.33] |
[67,142.46] |
[102,753.12] |
|
|
|
|
|
|
Profit before
Income Tax |
5,398,514.95 |
8,914,701.43 |
37,208,037.76 |
|
Income Tax |
[1,076,328.10] |
[1,705,771.52] |
[8,523,380.18] |
|
Net Profit / [Loss] |
4,322,186.85 |
7,208,929.91 |
28,684,657.58 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.77 |
2.98 |
1.85 |
|
QUICK RATIO |
TIMES |
1.64 |
2.92 |
1.77 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS
TURNOVER |
TIMES |
27.92 |
35.93 |
154.57 |
|
TOTAL ASSETS
TURNOVER |
TIMES |
1.26 |
1.45 |
3.20 |
|
INVENTORY CONVERSION
PERIOD |
DAYS |
20.36 |
5.63 |
5.64 |
|
INVENTORY
TURNOVER |
TIMES |
17.93 |
64.87 |
64.68 |
|
RECEIVABLES
CONVERSION PERIOD |
DAYS |
142.32 |
91.57 |
39.96 |
|
RECEIVABLES
TURNOVER |
TIMES |
2.56 |
3.99 |
9.13 |
|
PAYABLES
CONVERSION PERIOD |
DAYS |
4.14 |
0.03 |
- |
|
CASH CONVERSION
CYCLE |
DAYS |
158.53 |
97.17 |
45.60 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS
SOLD |
% |
89.12 |
88.47 |
92.14 |
|
SELLING &
ADMINISTRATION |
% |
9.32 |
10.10 |
2.88 |
|
INTEREST |
% |
0.01 |
0.03 |
0.02 |
|
GROSS PROFIT
MARGIN |
% |
11.37 |
14.63 |
9.30 |
|
NET PROFIT MARGIN
BEFORE EX. ITEM |
% |
2.05 |
4.53 |
6.42 |
|
NET PROFIT MARGIN |
% |
1.63 |
3.64 |
4.93 |
|
RETURN ON EQUITY |
% |
4.42 |
7.72 |
33.28 |
|
RETURN ON ASSET |
% |
2.06 |
5.27 |
15.78 |
|
EARNING PER SHARE |
BAHT |
72.04 |
120.15 |
478.08 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.54 |
0.32 |
0.53 |
|
DEBT TO EQUITY
RATIO |
TIMES |
1.15 |
0.46 |
1.11 |
|
TIME INTEREST
EARNED |
TIMES |
275.46 |
133.77 |
363.11 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
33.60 |
(65.93) |
|
|
OPERATING PROFIT |
% |
(39.68) |
(75.93) |
|
|
NET PROFIT |
% |
(40.04) |
(74.87) |
|
|
FIXED ASSETS |
% |
71.94 |
46.60 |
|
|
TOTAL ASSETS |
% |
53.66 |
(24.76) |
|
ANNUAL GROWTH : SATISFACTORY
An annual sales
growth is 33.6%. Turnover has increased from THB 198,112,530.00 in 2013 to THB 264,683,066.02
in 2014. While net profit has decreased from THB 7,208,929.91 in 2013 to THB
4,322,186.85 in 2014. And total assets has increased from THB 136,785,137.44 in
2013 to THB 210,181,910.33 in 2014.
PROFITABILITY : RISKY
PROFITABILITY RATIO
|
Gross Profit
Margin |
11.37 |
Deteriorated |
Industrial Average |
41.60 |
|
Net Profit Margin |
1.63 |
Deteriorated |
Industrial Average |
5.75 |
|
Return on Assets |
2.06 |
Deteriorated |
Industrial Average |
14.22 |
|
Return on Equity |
4.42 |
Deteriorated |
Industrial Average |
25.71 |
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 11.37%. 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 1.63%. 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 2.06%.
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 4.42%.
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 |
1.77 |
Acceptable |
Industrial Average |
2.46 |
|
Quick Ratio |
1.64 |
|
|
|
|
Cash Conversion
Cycle |
158.53 |
|
|
|
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 1.77 times in 2014,
decreased from 2.98 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 1.64 times in 2014, decreased from 2.92 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 159 days.
Trend of the average competitors in the same
industry for last 5 years
Current Ratio Uptrend
LEVERAGE : ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.54 |
Acceptable |
Industrial Average |
0.42 |
|
Debt to Equity
Ratio |
1.15 |
Risky |
Industrial Average |
0.73 |
|
Times Interest
Earned |
275.46 |
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
275.47 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 0.54 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 : SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets
Turnover |
27.92 |
Impressive |
Industrial Average |
- |
|
Total Assets
Turnover |
1.26 |
Acceptable |
Industrial Average |
2.47 |
|
Inventory Conversion
Period |
20.36 |
|
|
|
|
Inventory
Turnover |
17.93 |
Impressive |
Industrial Average |
5.64 |
|
Receivables
Conversion Period |
142.32 |
|
|
|
|
Receivables
Turnover |
2.56 |
Deteriorated |
Industrial Average |
7.34 |
|
Payables Conversion
Period |
4.14 |
|
|
|
The company's
Account Receivable Ratio is calculated as 2.56 and 3.99 in 2014 and 2013
respectively. This ratio measures the efficiency of the company in managing its
trade debtors to generate revenue. A lower ratio may indicate over extension
and collection problems. Conversely, a higher ratio may indicate an overtly
stringent policy. In this case, the company's A/R ratio in 2014 decreased from
2013. This would suggest the company had deteriorated in the management of its
debt collections.
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 6 days at the end of 2013 to 20 days at the end of 2014. This
represents a negative trend. And Inventory turnover has decreased from 64.87
times in year 2013 to 17.93 times in year 2014.
The company's Total
Asset Turnover is calculated as 1.26 times and 1.45 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 Uptrend
Receivables
Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.14 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.71.26 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
NIT |
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.