MIRA INFORM REPORT
|
Report No. : |
349347 |
|
Report Date : |
16.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
WORLD FLEX PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
59/1 Moo 5, Highway
No. 3191, T. Maenamkoo, A. Pluakdaeng, Rayong
21140 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
02.05.1991 |
|
|
|
|
Com. Reg. No.: |
0107545000390 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
The subject is
engaged in manufacturing, distributing and
exporting rubber thread
products, including rubber
thread coated with
talcum and rubber
coated with polymer, mainly for
socks, stockings, trouser
bands, lingerie and
all kinds of
rubber bands, textile,
garment and related
industries. |
|
|
|
|
No. of Employees : |
240 |
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 |
|
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 |
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, 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
WORLD FLEX PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 59/1
MOO 5, HIGHWAY NO. 3191,
T.
MAENAMKOO, A. PLUAKDAENG,
RAYONG 21140,
THAILAND
TELEPHONE : [66] 38
637-559
FAX : [66] 38
637-560-1
E-MAIL ADDRESS : chalongkwan@thaitexgroup.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1991
REGISTRATION NO. : 0107545000390 [Former : 40854500712]
TAX ID NO. : 3101982268
CAPITAL REGISTERED : BHT.
308,000,000
CAPITAL PAID-UP : BHT.
308,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : MR. VORATHEP WONGSASUTHIKUL, THAI
PRESIDENT
NO. OF STAFF : 240
LINES OF BUSINESS : RUBBER THREAD
PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
|
|
|
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 originally
registered on May 2,
1991 as a
private limited company
under the registered name “World Flex
Company Limited” by Thai groups. On
December 26, 2002,
its status was
converted to a
public limited company
under the name
WORLD FLEX PUBLIC
COMPANY LIMITED. Its
business objective is a manufacturer
and distributor wide
range of rubber
thread products for
domestic and overseas
markets. The subject
currently employs approximately
240 staff.
Subject is a
subsidiary of Thai
Rubber Latex Corporation
[Thailand] Public Company
Limited, which is the world’s
largest producer of
latex concentrate.
The subject’s registered address
is 59/1 Moo 5,
Highway No. 3191, T. Maenamkoo,
A. Pluakdaeng,
Rayong 21140, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vorathep Wongsasuthikul |
|
Thai |
66 |
|
Mr. Paiboon Woraprateep |
|
Thai |
76 |
|
Mr. Prachnon Temritthikulchai |
|
Thai |
69 |
|
Mr. Prawit Voraprateep |
[+] |
Thai |
43 |
|
Ms. Chalongkwan Wongsasuthikul |
[x] |
Thai |
43 |
|
Mr. Phatrapol Wongsasutthikul |
[x] |
Thai |
41 |
|
Mr. Nat Vongsasutthikul |
[x] |
Thai |
38 |
|
Mr. Wanchai Srihiranrasmee |
[+] |
Thai |
56 |
AUTHORIZED PERSON
[1] Two of
the mentioned directors
[x] can jointly
sign with one
of the directors
[+]
on behalf
of the subject
with company’s affixed.
[2] One of
the mentioned directors
[x] can jointly
sign with both
of the directors
[+]
on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Vorathep Wongsasuthikul is
the President.
He is Thai
nationality with the
age of 66
years old.
Mr. Paiboon Woraprateep is
the Vice President.
He is Thai
nationality with the
age of 76 years old.
Mr. Prachnon
Temritthikulchai is the
Vice President.
He is Thai
nationality with the
age of 69
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting rubber
thread products, including
rubber thread coated
with talcum and
rubber coated with
polymer, mainly for socks,
stockings, trouser bands,
lingerie and all
kinds of rubber
bands, textile, garment
and related industries.
BRAND NAME
“THAITEX”
REAL PRODUCTION
CAPACITY
15,819 tons per
annum
PURCHASE
100% of its
raw materials mainly
concentrated latex and
chemical are purchased
from local suppliers.
MAJOR SUPPLIERS
Thai Rubber Latex
Corporation [Thailand] Public
Company Limited
BASF [Thai] Ltd.
SALES
The products are sold
by wholesale to
customers both local
and overseas, which 85%
is exported to Japan, U.S.A.,
Germany, Taiwan, Republic of China, Pakistan, Turkey, Korea, Malaysia, Indonesia,
Vietnam, India, Iran,
Spain, Italy, United Kingdom, Australia,
Singapore and Middle
East countries, and
the remaining 15%
is sold locally.
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.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The subject employs
approximately 240 staff.
LOCATION DETAILS
The premise is
owned for administrative office
and factory at
the heading address.
Premise is located
in provincial.
Bangkok Office:
30 Bangna Complex,
Soi Bangna-Trad 25,
Bangna-Trad Rd., Bangna, Bangkok
10260
Tel.: [66] 2744-0888, Fax. : [66]
2744-0350
COMMENT
The company has
been recognized as
one of the
leading rubber threads
manufacturers in Thailand.
Its high-quality
rubber thread, is well-determined to satisfy
all demands of
customers with high-quality
rubber thread products, reliable standards, and continuous product development. All these
are achieved through
the environmentally-friendly process
and fulfilled by skillful
staff.
Despite slowly grown
in the previous year, the
company’s business remains
promising.
FINANCIAL INFORMATION
The capital was
registered at Bht. 90,000,000 divided
into 900,000 shares
of
Bht. 100 each.
The capital was
increased later as
follows:
Bht. 270,000,000
on January 30,
2007
Bht. 308,000,000
on May 30, 2012
The latest registered capital was increased to Bht. 308,000,000 divided
into 77,000,000 shares of
Bht. 4 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE : [as at
April 27, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Thai Rubber Latex
Corporation [Thailand] Public
Company Limited Nationality: Thai Address : 99/1-3
Moo 13, Bangna-Trad
Rd.,
Bangkaew, Bangplee, Samutprakarn |
75,799,454 |
98.44 |
|
Mr. Viroj Wongpiyasathit Nationality: Thai Address : 102
Super Highway, Ladyao,
Bangkhen, Bangkok |
1,200,000 |
1.56 |
|
Other Shareholders |
546 |
- |
Total Shareholders : 61
Share Structure [as
at April 27,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
61 |
77,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
61 |
77,000,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Niran Leelamethawat No.
2316
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2014, 2013
& 2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 [Adjusted] |
|
|
|
|
|
|
Cash and Cash Equivalents |
41,081,211 |
10,408,045 |
55,077,919 |
|
Trade Accounts Receivable
|
178,331,526 |
181,642,896 |
125,820,106 |
|
Other Receivable |
9,326,882 |
8,570,318 |
- |
|
Inventories |
102,923,383 |
157,289,609 |
165,053,087 |
|
Unrealized Profit from
Forward Contract |
- |
- |
4,445,776 |
|
Other Current Assets
|
20,721,780 |
12,081,070 |
9,113,539 |
|
|
|
|
|
|
Total Current Assets
|
352,384,782 |
369,991,938 |
359,510,427 |
|
Investment Properties |
270,790,000 |
- |
- |
|
Fixed Assets |
588,159,031 |
709,177,563 |
597,293,787 |
|
Intangible Assets |
1 |
115,771 |
242,288 |
|
Deferred Expenses |
- |
- |
893,333 |
|
Deposits |
- |
- |
20,000,000 |
|
Deferred Income Tax Assets |
2,390,474 |
13,943,741 |
13,077,069 |
|
Other Non-current Assets |
1,160,154 |
1,155,132 |
8,607,790 |
|
Total Assets |
1,214,884,442 |
1,094,384,145 |
999,624,694 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 [Adjusted] |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial Institutions |
558,385,260 |
488,605,552 |
307,300,000 |
|
Trade Accounts Payable |
168,779,735 |
155,879,416 |
225,406,990 |
|
Other Payable |
1,487,848 |
5,080,802 |
- |
|
Short-term Loan from Person |
- |
19,000,000 |
- |
|
Current Portion of Financial Lease Contract Liabilities |
859,329 |
1,047,833 |
619,538 |
|
Advance Income from Customers |
9,022,104 |
5,780,683 |
8,352,571 |
|
Accrued Expenses |
35,459,685 |
25,697,470 |
38,757,128 |
|
Other Current Liabilities |
391,594 |
657,731 |
979,603 |
|
|
|
|
|
|
Total Current Liabilities |
774,385,555 |
701,749,487 |
581,415,830 |
|
Financial Lease Contract Liabilities |
111,241 |
970,570 |
1,016,966 |
|
Employee Benefits Obligation |
3,061,717 |
2,319,741 |
1,740,330 |
|
Total Liabilities |
777,558,513 |
705,039,798 |
584,173,126 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 4
par value authorized and issued
share capital 77,000,000 shares |
308,000,000 |
308,000,000 |
308,000,000 |
|
|
|
|
|
|
Capital Paid |
308,000,000 |
308,000,000 |
308,000,000 |
|
Retained Earnings: Appropriated for statutory reserve |
12,800,000 |
12,800,000 |
12,800,000 |
|
Unappropriated [Deficit] |
[93,091,083] |
[28,717,779] |
[12,385,665] |
|
Other Components of Shareholders’ Equity |
209,617,012 |
97,262,126 |
107,037,233 |
|
Total Shareholders' Equity |
437,325,929 |
389,344,347 |
415,451,568 |
|
Total Liabilities & Shareholders'
Equity |
1,214,884,442 |
1,094,384,145 |
999,624,694 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 [Adjusted] |
|
|
|
|
|
|
Sales Income |
1,405,390,338 |
1,617,879,976 |
1,602,868,280 |
|
Other Income |
38,114,568 |
41,142,981 |
35,211,607 |
|
Total Revenues |
1,443,504,906 |
1,659,022,957 |
1,638,079,887 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
1,405,931,724 |
1,533,567,075 |
1,648,366,700 |
|
Selling Expenses |
42,426,699 |
44,181,787 |
38,871,341 |
|
Administrative Expenses |
58,839,458 |
74,176,358 |
35,574,770 |
|
Financial Cost |
27,848,929 |
34,071,630 |
15,089,869 |
|
Total Expenses |
1,535,046,810 |
1,685,996,850 |
1,737,902,680 |
|
|
|
|
|
|
Loss on Income Tax |
[91,541,904] |
[26,973,893] |
[99,822,793] |
|
Income Tax [benefit] |
18,662,084 |
866,672 |
14,795,116 |
|
|
|
|
|
|
Net Profit / [Loss] |
[72,879,820] |
[26,107,221] |
[85,027,677] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.46 |
0.53 |
0.62 |
|
QUICK RATIO |
TIMES |
0.30 |
0.29 |
0.31 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.39 |
2.28 |
2.68 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.16 |
1.48 |
1.60 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
26.72 |
37.44 |
36.55 |
|
INVENTORY TURNOVER |
TIMES |
13.66 |
9.75 |
9.99 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
46.32 |
40.98 |
28.65 |
|
RECEIVABLES TURNOVER |
TIMES |
7.88 |
8.91 |
12.74 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
43.82 |
37.10 |
49.91 |
|
CASH CONVERSION CYCLE |
DAYS |
29.22 |
41.31 |
15.29 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
100.04 |
94.79 |
102.84 |
|
SELLING & ADMINISTRATION |
% |
7.21 |
7.32 |
4.64 |
|
INTEREST |
% |
1.98 |
2.11 |
0.94 |
|
GROSS PROFIT MARGIN |
% |
2.67 |
7.75 |
(0.64) |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(6.51) |
(1.67) |
(6.23) |
|
NET PROFIT MARGIN |
% |
(5.19) |
(1.61) |
(5.30) |
|
RETURN ON EQUITY |
% |
(16.66) |
(6.71) |
(20.47) |
|
RETURN ON ASSET |
% |
(6.00) |
(2.39) |
(8.51) |
|
EARNING PER SHARE |
BAHT |
(0.95) |
(0.34) |
(1.10) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.64 |
0.64 |
0.58 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.78 |
1.81 |
1.41 |
|
TIME INTEREST EARNED |
TIMES |
(3.29) |
(0.79) |
(6.62) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(13.13) |
0.94 |
|
|
OPERATING PROFIT |
% |
239.37 |
(72.98) |
|
|
NET PROFIT |
% |
(179.16) |
69.30 |
|
|
FIXED ASSETS |
% |
(17.06) |
18.73 |
|
|
TOTAL ASSETS |
% |
11.01 |
9.48 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is -13.13%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
2.67 |
Deteriorated |
Industrial Average |
103.42 |
|
Net Profit Margin |
(5.19) |
Deteriorated |
Industrial Average |
8.53 |
|
Return on Assets |
(6.00) |
Deteriorated |
Industrial Average |
13.27 |
|
Return on Equity |
(16.66) |
Deteriorated |
Industrial Average |
21.33 |
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 2.67%. 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 -5.19%.
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 -6%.
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 -16.66%.
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 |
0.46 |
Risky |
Industrial Average |
1.88 |
|
Quick Ratio |
0.30 |
|
|
|
|
Cash Conversion Cycle |
29.22 |
|
|
|
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 0.46 times in 2014, decreased from 0.53 times, then the company may not be
efficiently using its current assets. 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 0.3 times in 2014,
increased from 0.29 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 30 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.64 |
Acceptable |
Industrial Average |
0.35 |
|
Debt to Equity Ratio |
1.78 |
Risky |
Industrial Average |
0.54 |
|
Times Interest Earned |
(3.29) |
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 -3.29 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 0.64 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 |
2.39 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.16 |
Acceptable |
Industrial Average |
1.56 |
|
Inventory Conversion Period |
26.72 |
|
|
|
|
Inventory Turnover |
13.66 |
Impressive |
Industrial Average |
7.61 |
|
Receivables Conversion Period |
46.32 |
|
|
|
|
Receivables Turnover |
7.88 |
Impressive |
Industrial Average |
6.07 |
|
Payables Conversion Period |
43.82 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.88 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 37 days at the
end of 2013 to 27 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 9.75 times in year 2013 to 13.66
times in year 2014.
The company's Total Asset Turnover is calculated as 1.16 times and 1.48
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 Downtrend
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.71.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
TPT |
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.