MIRA INFORM REPORT
|
Report No. : |
351169 |
|
Report Date : |
27.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
S. KIJCHAI MDF
COMPANY LIMITED |
|
|
|
|
Registered Office : |
99/9 Moo 7, T. Huayyang, A. Klang, Rayong 21110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
28.09.2010 |
|
|
|
|
Com. Reg. No.: |
0215553003928 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer,
Exporter and Distributor of MDF Boards. |
|
|
|
|
No. of Employees : |
200 |
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 |
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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 – 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
S. KIJCHAI MDF COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 99/9
MOO 7, T. HUAYYANG,
A. KLANG,
RAYONG 21110,
THAILAND
TELEPHONE : [66] 38
928-188
FAX :
[66] 38
928-178
E-MAIL
ADDRESS : sale_mdf@kijchai.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2010
REGISTRATION
NO. : 0215553003928
TAX
ID NO. : 3034129808
CAPITAL REGISTERED : BHT. 720,000,000
CAPITAL PAID-UP : BHT.
720,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. VICHIEN SAENGVONGKIJ,
THAI
MANAGING DIRECTOR
AND FACTORY MANAGER
NO.
OF STAFF : 200
LINES
OF BUSINESS : MDF BOARDS
MANUFACTURER, EXPORTER 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 September 28,
2010 as a
private limited company under
the registered name
S. KIJCHAI MDF COMPANY
LIMITED, by Thai groups,
with the business
objective to manufacture
MDF boards for
domestic and overseas
markets. It currently
employs approximately 200 staff.
The
subject’s registered address
is 99/9 Moo 7,
T. Huayyang, A. Klang, Rayong
21110, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Vichien Saengvongkij |
[x] |
Thai |
59 |
|
Mr. Vichai Saengvongkij |
[-] |
Thai |
55 |
|
Mr. Sanguan Saengvongkij |
[-] |
Thai |
43 |
|
Mr. Chaiwat Taweepiriya |
[-] |
Thai |
55 |
|
Mr. Supot Massayamas |
|
Thai |
47 |
|
Mr. Chaiya Yimwilai |
|
Thai |
62 |
|
Mr. Tarate Poshyananda |
|
Thai |
51 |
|
Pol. Maj. Gen. Sunchai
Chaiamporn |
|
Thai |
58 |
|
Mr. Suvit Thaniyavarn |
|
Thai |
61 |
AUTHORIZED
PERSON
The mentioned director [x]
can jointly sign
with anyone of
the mentioned directors
[-] on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Vichien Saengvongkij is
the Managing Director
and Factory Manager.
He is Thai
nationality with the
age of 59
years old.
Ms. Sunisa Saengwongkij is
the Deputy Managing
Director, Financial and
Accounting Manager.
She is Thai
nationality.
BUSINESS
OPERATIONS
The subject
is engaged in
manufacturing, exporting and
distributing Medium Density
Fiber Board [MDF
board], with various
sizes from 2.5 mm.
to 25.0 mm., under
its own brand
“S.KIJCHAI”, mainly supply
to furniture production
industry.
PRODUCTION CAPACITY
MDF board
: 900 cubic
meters per day
PURCHASE
Raw
materials, rubber wood, chemical and
accessories are purchased from local suppliers, while
machinery, rubber wood and
chemicals for the
production are imported
from Germany and Malaysia.
SALES
90% of the
products is exported to U.S.A., Republic of
China, Taiwan, Korea,
Vietnam, Japan, Indonesia,
Malaysia, Philippines, Myanmar,
Laos, Cambodia and
the countries in
Europe, the remaining
10% is sold
locally.
MAJOR CUSTOMER
S. Kijchai Co., Ltd. : Thailand
RELATED AND AFFILIATED COMPANIES
S. Kijchai group of
companies consists of:
S. Kijchai Wood Panel
Co., Ltd.
Business Type :
Manufacturer of lumbers
S. Kijchai Concrete Chantaburi
Co., Ltd.
Business Type :
Distributor of construction
equipment
S. Kijchai Co., Ltd.
Business Type :
Manufacturer of wooden
furniture
Thai Eastern Wood
[1987] Co., Ltd.
Business Type :
Manufacturer of wooden
furniture
S.E.P. Worldwide Co.,
Ltd.
Business Type :
Sawmill operator
Sahakij Klaeng Co.,
Ltd.
Business Type :
Sawmill operator
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
Bank
of Ayudhya Public
Co., Ltd.
Bangkok
Bank Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
200 office staff
and factory workers.
LOCATION
DETAILS
The
premise is owned for
administrative office, factory
and warehouse on
160,000 sq. m. of
area at the
heading address. Premise is
located in provincial,
in the Eastern region.
COMMENT
The
subject is a
manufacture of MDF
Boards. The products are
mainly for export
markets. The subject
posted an outstanding sales
in the year
2014. Main
market that spurred
its sales are
in Asian region
especially in the
countries that expanding
their manufacturing products
like Taiwan, Indonesia
and Vietnam.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 600,000,000
divided into 6,000,000
shares of
Bht. 100 each with
fully paid.
On
December 29, 2014,
the capital was
increased to Bht.
720,000,000 divided into
7,200,000
shares of Bht.
100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
[as
at April 30,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Nattaporn Arayaprakarn Nationality: Thai Address : 284
Moo 2, T. Banklongsuan, A.
Phrasamutjaedi, Samutprakarn |
1,373,400 |
19.075 |
|
Mr. Vichien Saengvongkij Nationality: Thai Address : 4
Moo 3, T. Songsalung, A. Klang, Rayong |
1,222,200 |
16.975 |
|
Mr. Vichai Saengvongkij Nationality: Thai Address : 29
Moo 7, T. Huayyang, A. Klang, Rayong |
1,222,200 |
16.975 |
|
Ms. Sunisa Saengvongkij Nationality: Thai Address : 29/3
Moo 7, T. Huayyang, A. Klang, Rayong |
1,222,200 |
16.975 |
|
Mr. Somnuek Saengvongkij Nationality: Thai Address : 199
Moo 3, T. Krasaebon, A. Klang, Rayong |
720,000 |
10.00 |
|
Mr. Sanguan Saengvongkij Nationality: Thai Address : 199/3
Moo 3, T. Krasaebon, A. Klang, Rayong |
720,000 |
10.00 |
|
Ms. Saengchan Saengwongkij Nationality: Thai Address : 5
Moo 2, T. Huayyang, A. Klang, Rayong |
720,000 |
10.00 |
Total Shareholders : 7
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
7,200,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
7,200,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Banjong Pichayaprasart No. 7147
BALANCE
SHEET [BAHT]
The latest financial figures published as
at December 31,
2014, 2013 &
2012 were:
ASSETS
|
Current Assets |
2014 |
2013 [Adjusted] |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
129,405,129.24 |
3,285,606.43 |
21,488,724.94 |
|
Trade Accounts & Other Receivable |
20,627,492.88 |
63,605,795.23 |
3,568,161.60 |
|
Inventories |
109,624,291.76 |
153,139,414.67 |
- |
|
Other Current Assets
|
26,263,905.74 |
9,724,902.40 |
39,257,976.43 |
|
|
|
|
|
|
Total Current Assets
|
285,920,819.62 |
229,755,718.73 |
64,314,862.97 |
|
Cash at Bank pledged as a Collateral |
5,000,000.00 |
- |
- |
|
Long-term Loans |
- |
- |
101,000,000.00 |
|
Fixed Assets |
1,799,569,500.27 |
1,762,615,255.70 |
1,653,425,397.04 |
|
Deferred Income Tax |
186,096.82 |
97,356.82 |
17,970.89 |
|
Other Non-current Assets |
4,093.05 |
18,637.86 |
3,301,944.00 |
|
Total Assets |
2,090,680,509.76 |
1,992,486,969.11 |
1,822,060,174.90 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 [Adjusted] |
2012 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loans from Financial Institutions |
152,140,000.00 |
155,048,029.94 |
- |
|
Trade Accounts & Other Payable
|
282,234,019.61 |
162,343,177.59 |
33,483,441.83 |
|
Current Portion of
Long-term Loans |
168,626,444.37 |
146,585,137.73 |
30,000,000.00 |
|
Short-term Loans from Related Person |
15,780,000.00 |
70,120,000.00 |
- |
|
Other Current Liabilities |
44,831,309.35 |
24,085,035.21 |
471,729.58 |
|
|
|
|
|
|
Total Current Liabilities |
663,611,773.33 |
558,181,380.47 |
63,955,171.41 |
|
Long-term Loan |
907,411,859.96 |
1,075,050,748.85 |
1,171,621,000.00 |
|
Liabilities under Contract Financial Lease, net |
1,514,517.16 |
2,140,961.54 |
- |
|
Employee Benefits Obligation |
867,245.00 |
438,052.00 |
- |
|
Total Liabilities |
1,573,405,395.45 |
1,635,811,142.86 |
1,235,576,171.41 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value Authorized &
issued share capital 7,200,000 shares in
2014 6,000,000 shares in
2013 & 2012 |
720,000,000.00 |
600,000,000.00 |
600,000,000.00 |
|
|
|
|
|
|
Capital Paid |
720,000,000.00 |
600,000,000.00 |
600,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
[202,724,885.69] |
[243,324,173.75] |
[13,515,996.51] |
|
Total Shareholders' Equity |
517,275,114.31 |
356,675,826.75 |
586,484,003.49 |
|
Total Liabilities & Shareholders' Equity |
2,090,680,509.76 |
1,992,486,969.11 |
1,822,060,174.90 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 [Adjusted] |
2012 |
|
|
|
|
|
|
Sales & Services Income |
1,526,383,752.98 |
783,705,931.03 |
41,674,007.39 |
|
Other Income |
21,483,858.25 |
5,720,781.13 |
930,581.77 |
|
Total Revenues |
1,547,867,611.23 |
789,426,712.16 |
42,604,589.16 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Sold Goods & Services |
1,204,183,029.90 |
789,700,681.38 |
- |
|
Selling Expenses |
203,776,923.71 |
117,096,060.04 |
- |
|
Administrative Expenses |
19,695,183.01 |
13,860,723.63 |
55,126,610.72 |
|
Total Expenses |
1,427,655,136.62 |
920,657,465.05 |
55,126,610.72 |
|
|
|
|
|
|
Profit/[Loss] before Financial Cost |
120,212,474.61 |
[131,230,752.89] |
[12,522,021.56] |
|
Financial Cost |
[79,613,186.55] |
[86,905,780.85] |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
40,599,288.06 |
[218,136,533.74] |
[12,522,021.56] |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.43 |
0.41 |
1.01 |
|
QUICK RATIO |
TIMES |
0.23 |
0.12 |
0.39 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.85 |
0.44 |
0.03 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.73 |
0.39 |
0.02 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
33.23 |
70.78 |
- |
|
INVENTORY TURNOVER |
TIMES |
10.98 |
5.16 |
- |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
4.93 |
29.62 |
31.25 |
|
RECEIVABLES TURNOVER |
TIMES |
74.00 |
12.32 |
11.68 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
85.55 |
75.04 |
- |
|
CASH CONVERSION CYCLE |
DAYS |
(47.39) |
25.37 |
31.25 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
78.89 |
100.76 |
- |
|
SELLING & ADMINISTRATION |
% |
14.64 |
16.71 |
132.28 |
|
INTEREST |
% |
5.22 |
11.09 |
- |
|
GROSS PROFIT MARGIN |
% |
22.52 |
(0.03) |
102.23 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.88 |
(16.74) |
(30.05) |
|
NET PROFIT MARGIN |
% |
2.66 |
(27.83) |
(30.05) |
|
RETURN ON EQUITY |
% |
7.85 |
(61.16) |
(2.14) |
|
RETURN ON ASSET |
% |
1.94 |
(10.95) |
(0.69) |
|
EARNING PER SHARE |
BAHT |
5.64 |
(36.36) |
(2.09) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.75 |
0.82 |
0.68 |
|
DEBT TO EQUITY RATIO |
TIMES |
3.04 |
4.59 |
2.11 |
|
TIME INTEREST EARNED |
TIMES |
1.51 |
(1.51) |
- |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
94.76 |
1,780.56 |
|
|
OPERATING PROFIT |
% |
(191.60) |
948.00 |
|
|
NET PROFIT |
% |
118.61 |
(1,642.02) |
|
|
FIXED ASSETS |
% |
2.10 |
6.60 |
|
|
TOTAL ASSETS |
% |
4.93 |
9.35 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 94.76%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
22.52 |
Deteriorated |
Industrial
Average |
63.82 |
|
Net Profit Margin |
2.66 |
Impressive |
Industrial
Average |
(0.05) |
|
Return on Assets |
1.94 |
Impressive |
Industrial
Average |
(0.05) |
|
Return on Equity |
7.85 |
Impressive |
Industrial
Average |
(0.17) |
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 22.52%. 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 2.66%,
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
1.94%, 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 7.85%, 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 :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.43 |
Risky |
Industrial
Average |
1.02 |
|
Quick Ratio |
0.23 |
|
|
|
|
Cash Conversion Cycle |
(47.39) |
|
|
|
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 0.43 times in 2014, increased from 0.41 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 0.23 times in 2014,
increased from 0.12 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 -48 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.75 |
Acceptable |
Industrial
Average |
0.70 |
|
Debt to Equity Ratio |
3.04 |
Risky |
Industrial
Average |
2.32 |
|
Times Interest Earned |
1.51 |
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 1.51 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 0.75 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.85 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.73 |
Acceptable |
Industrial
Average |
1.05 |
|
Inventory Conversion Period |
33.23 |
|
|
|
|
Inventory Turnover |
10.98 |
Impressive |
Industrial
Average |
3.55 |
|
Receivables Conversion Period |
4.93 |
|
|
|
|
Receivables Turnover |
74.00 |
Impressive |
Industrial
Average |
4.79 |
|
Payables Conversion Period |
85.55 |
|
|
|
The company's Account Receivable Ratio is calculated as 74.00 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 71 days at the
end of 2013 to 33 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 5.16 times in year 2013 to 10.98
times in year 2014.
The company's Total Asset Turnover is calculated as 0.73 times and 0.39
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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.55 |
|
|
1 |
Rs.100.64 |
|
Euro |
1 |
Rs.70.70 |
|
Thai Baht |
1 |
Rs.1.87 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.