MIRA INFORM REPORT
|
Report No. : |
345132 |
|
Report Date : |
16.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
OSC SIAM
SILICA CO., LTD. |
|
|
|
|
Registered Office : |
7th Floor,
Asoke Tower, 213/6 Sukhumvit
21 Road, Klongtoeynua, Wattana, Bangkok
10110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Year of Establishment : |
1988 |
|
|
|
|
Com. Reg. No.: |
0105531042921 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is
engaged in manufacturing, exporting
and distributing industrial chemicals,
specialized in silicon dioxide and solid/liquid sodium
silicate. |
|
|
|
|
No. of Employee : |
160 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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’�tat, 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
OSC
SIAM SILICA CO.,
LTD.
[ FORMER
: TOKUYAMA SIAM
SILICA CO., LTD. ]
SUMMARY
BUSINESS
ADDRESS : 7th FLOOR,
ASOKE TOWER,
213/6 SUKHUMVIT
21 ROAD, KLONGTOEYNUA,
WATTANA, BANGKOK
10110, THAILAND
TELEPHONE : [66] 2664-3922
FAX :
[66] 2664-3933
E-MAIL
ADDRESS : osc-siam@apsilica.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1988
REGISTRATION
NO. : 0105531042921
TAX
ID NO. : 3101530544
CAPITAL REGISTERED : BHT. 389,267,500
CAPITAL PAID-UP : BHT.
389,267,500
SHAREHOLDER’S PROPORTION : FOREIGN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
PAO YI KENG,
TAIWANESE
PRESIDENT
NO.
OF STAFF : 160
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on June 13,
1988 as a
private limited company under
the originally registered name “Pornpat Chemicals
Co., Ltd.”, by Thai
and Japanese groups,
in order to produce
precipitated silica products
which is the
first silica factory
in Asean.
On May 31 2004, the
subject underwent a
major change when it
merged with Siam Silica Co., Ltd. (co-investing with
Lih Hsiang International
Ltd. of Taiwan
and Oriental Silica
Corporation, Taiwan), then its name was
changed to “Tokuyama Siam
Silica Co., Ltd.”
On
March 1, 2012,
its registered name
was finally changed
to OSC SIAM
SILICA CO., LTD.
The subject currently
employs approximately 160
staff.
The subject’s registered address was initially
at 38th Floor., Ocean Tower II, 75/106 Sukhumvit 19 Rd., Klongtoeynua,
Wattana, Bangkok 10110.
In
2015, its registered address
was relocated to 7th Floor,
Asoke Tower, 213/6
Sukhumvit
21 Rd., Klongtoeynua, Wattana,
Bangkok 10110, and
this is the
subject’s current operation
address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Lin Shiou Chyi |
[x] |
Taiwanese |
59 |
|
Mr. Hsu Chen Chi |
|
Taiwanese |
65 |
|
Mr. Li Wen Chun |
|
Taiwanese |
64 |
|
Mr. Pao Yi Keng |
[x] |
Taiwanese |
53 |
|
Mr. Li Ming Wei |
|
Taiwanese |
35 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Pao Yi Keng
is the President.
He is Taiwanese
nationality with the
age of 53
years old.
Mr. Pongthorn Maitreemitr is
the Plant Manager.
He is Thai
nationality.
Mr. Prachak Nuengla-or is
the Deputy Plant
Manager.
He is Thai
nationality.
Ms. Sudsaward Sanguansak is
the General Manager and
Finance & Accounting
Manager.
She is Thai
nationality.
Mr. Sombat Hongpaitoon is
the General Manager and
Sales & Marketing Manager.
He is Thai
nationality.
Mr. Pach Pacharakijcharoen is
the QA Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, exporting and
distributing industrial chemicals,
specialized in silicon dioxide and solid/liquid
sodium silicate, under
the “OSC” trademark. Its
products are widely used
in diverse applications
including footwear, elastomeric, rubbers, tire,
agricultural products, food ingredients and
dentifrice production industries.
PRODUCTION CAPACITY
Approximately 33,000 metric
tons per annum
PURCHASE
Raw
materials and chemicals are
purchased from suppliers
both domestic and overseas,
in Taiwan, Japan,
Germany, Republic of
China and India.
MAJOR SUPPLIERS
Oriental
Silica Corporation : Taiwan
Witcorp
Chemicals Ltd. : Thailand
PTT
Public Company Limited : Thailand
SALES
80% of the
products is exported
to Japan, Vietnam,
Indonesia, Singapore, Philippines,
India, Taiwan, Republic
of China, Malaysia,
Ecuador and the
countries in Europe,
the remaining 20% is
sold locally.
MAJOR CUSTOMER
Continental Tire Andina
S.A. : Ecuador
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
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
Bangkok
Bank Public Co.,
Ltd.
The
Siam Commercial Bank
Public Co., Ltd.
EMPLOYMENT
The
subject employs approximately
160 staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
Factory
I is located
at 2 I-3A
Road, Maptaphut Industrial
Estate, T. Maptaphut,
A. Muang,
Rayong 21150. Tel. : [66] 38 683-366-8,
Fax. : [66] 38 683-839.
Factory
II is located
at 6 I-3A
Road, Maptaphut Industrial
Estate, T. Maptaphut,
A. Muang,
Rayong 21150. Tel. : [66] 38 683-366-8,
Fax.: [66] 38 683-839.
COMMENT
Tokuyama
group is producing and selling
mainly chemical products such as soda
ash and caustic soda, vinyl
chloride monomer/polymer, film
products, fine chemicals, medical materials, electronics materials, cement,
plastic window sashes
and so on, as well
as providing services related
to the products.
The company is a member of Tokuyama
Group, which its
core business is a
manufacture high quality
precipitated silica. Since
establishment the company
has gained its
expertise in specialty chemical which
is excellent products
consistency.
Despite
current economic slowdown
and slow industrial
growth, the subject still
maintains its good
business.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 100,000,000
divided into 1,000,000
shares of Bht.
100 each with
fully paid.
The
capital was increased
later as follows:
Bht. 150,000,000
on June 6,
1989
Bht. 182,000,000
on April 29,
1999
Bht. 389,267,500
on May 31,
2004
The latest
registered capital was increased to Bht. 389,267,500 divided
into 3,892,675 shares
of Bht. 100 each
with fully paid.
THE SHAREHOLDERS
LISTED WERE
[as
at July 23,
2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Oriental Silica Corporation Nationality: Taiwanese Address : Taipei,
Taiwan |
3,041,475 |
78.13 |
|
Lih Hsiang International Ltd. Nationality: British Virgin
Islands Address : I-Lan,
Taiwan |
851,199 |
21.87 |
|
Mr. Lin Shiou Chyi Nationality: Taiwanese Address : 213/6
Sukhumvit 21 Road,
Klongtoeynua,
Wattana, Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at July 23,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
3 |
3,892,675 |
100.00 |
|
Total |
3 |
3,892,675 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Ms. Pornthip Rimdusit No. 5565
OSC SIAM
SILICA CO., LTD.
Financials
BALANCE SHEET [BAHT]
The latest financial figures published
as at December 31,
2014, 2013 &
2012 were:
ASSETS
|
Current Assets |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Cash and Cash Equivalents |
16,859,913 |
31,921,122 |
41,614,902 |
|
Trade Accounts Receivable
|
314,236,250 |
258,868,386 |
222,944,780 |
|
Other Receivable |
2,859,996 |
3,954,493 |
5,518,638 |
|
Inventories |
174,460,880 |
189,239,636 |
192,295,970 |
|
Value Added Tax |
93,274,854 |
49,067,293 |
10,621,603 |
|
Other Current Assets
|
6,723,487 |
5,717,335 |
5,484,990 |
|
|
|
|
|
|
Total Current Assets
|
608,415,380 |
538,768,265 |
478,480,883 |
|
Cash at Bank pledged as a Collateral |
41,000,000 |
51,000,000 |
63,000,000 |
|
Long-term Investment
|
314,626,016 |
347,520,316 |
361,918,423 |
|
Fixed Assets |
4,934,169 |
4,985,901 |
246,295 |
|
Deposits |
4,268,972 |
4,709,773 |
4,659,773 |
|
Total Assets |
973,244,537 |
946,984,255 |
908,305,374 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Short-term Loan from Financial Institutions |
148,783,418 |
203,878,745 |
219,194,623 |
|
Trade Accounts Payable
|
96,097,309 |
83,627,457 |
69,941,632 |
|
Other Payable |
33,155,118 |
23,277,503 |
30,665,363 |
|
Accrued Income Tax |
19,798,811 |
12,805,018 |
4,911,685 |
|
Other Current Liabilities |
2,066,147 |
1,511,861 |
2,308,658 |
|
|
|
|
|
|
Total Current Liabilities |
299,900,803 |
325,100,584 |
327,021,961 |
|
Long-term Liabilities |
14,959,520 |
15,083,270 |
12,359,253 |
|
Total Liabilities |
314,860,323 |
340,183,854 |
339,381,214 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital
3,892,675 shares |
389,267,500 |
389,267,500 |
389,267,500 |
|
|
|
|
|
|
Capital Paid |
389,267,500 |
389,267,500 |
389,267,500 |
|
Retained Earnings: [Deficit] Appropriated for statutory
reserve |
35,880,647 |
31,262,002 |
28,378,882 |
|
Unappropriated |
233,236,067 |
186,270,899 |
151,277,778 |
|
Total Shareholders' Equity |
658,384,214 |
606,800,401 |
568,924,160 |
|
Total Liabilities & Shareholders' Equity |
973,244,537 |
946,984,255 |
908,305,374 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
1,440,377,994 |
1,247,152,242 |
1,305,847,526 |
|
Gain on Exchange Rate |
5,975,560 |
10,619,060 |
- |
|
Other Income |
719,956 |
3,728,808 |
2,823,529 |
|
Total Revenues |
1,447,073,510 |
1,261,500,110 |
1,308,671,055 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold & Service |
1,159,531,341 |
1,023,761,833 |
1,120,053,261 |
|
Selling Expenses |
108,367,421 |
103,704,490 |
111,751,756 |
|
Administrative Expenses |
12,160,943 |
11,687,495 |
14,047,618 |
|
Loss on Exchange Rate |
- |
- |
2,755,021 |
|
Total Expenses |
1,280,059,705 |
1,139,153,818 |
1,248,607,656 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
167,013,805 |
122,346,292 |
60,063,399 |
|
Financial Cost |
[5,982,566] |
[6,427,583] |
[9,295,909] |
|
Profit / [Loss] before Income
Tax |
161,031,239 |
115,918,709 |
50,767,490 |
|
Income Tax |
[31,761,611] |
[23,545,018] |
[10,803,799] |
|
|
|
|
|
|
Net Profit / [Loss] |
129,269,628 |
92,373,691 |
39,963,691 |
OSC SIAM
SILICA CO., LTD.
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
2.03 |
1.66 |
1.46 |
|
QUICK RATIO |
TIMES |
1.11 |
0.91 |
0.83 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
291.92 |
250.14 |
5,301.97 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.48 |
1.32 |
1.44 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
54.92 |
67.47 |
62.66 |
|
INVENTORY TURNOVER |
TIMES |
6.65 |
5.41 |
5.82 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
79.63 |
75.76 |
62.32 |
|
RECEIVABLES TURNOVER |
TIMES |
4.58 |
4.82 |
5.86 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
30.25 |
29.82 |
22.79 |
|
CASH CONVERSION CYCLE |
DAYS |
104.30 |
113.42 |
102.19 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
80.50 |
82.09 |
85.77 |
|
SELLING & ADMINISTRATION |
% |
8.37 |
9.25 |
9.63 |
|
INTEREST |
% |
0.42 |
0.52 |
0.71 |
|
GROSS PROFIT MARGIN |
% |
19.96 |
19.06 |
14.44 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
11.60 |
9.81 |
4.60 |
|
NET PROFIT MARGIN |
% |
8.97 |
7.41 |
3.06 |
|
RETURN ON EQUITY |
% |
19.63 |
15.22 |
7.02 |
|
RETURN ON ASSET |
% |
13.28 |
9.75 |
4.40 |
|
EARNING PER SHARE |
BAHT |
33.21 |
23.73 |
10.27 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.32 |
0.36 |
0.37 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.48 |
0.56 |
0.60 |
|
TIME INTEREST EARNED |
TIMES |
27.92 |
19.03 |
6.46 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
15.49 |
(4.49) |
|
|
OPERATING PROFIT |
% |
36.51 |
103.70 |
|
|
NET PROFIT |
% |
39.94 |
131.14 |
|
|
FIXED ASSETS |
% |
(1.04) |
1,924.36 |
|
|
TOTAL ASSETS |
% |
2.77 |
4.26 |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 15.49%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
19.96 |
Deteriorated |
Industrial
Average |
58.17 |
|
Net Profit Margin |
8.97 |
Impressive |
Industrial
Average |
(3.84) |
|
Return on Assets |
13.28 |
Impressive |
Industrial
Average |
(4.81) |
|
Return on Equity |
19.63 |
Impressive |
Industrial
Average |
(9.50) |
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 19.96%. 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 8.97%,
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 13.28%, higher figure when compared
with those of its average competitors in the same industry, indicated that
business was an efficient profits in a dominant position within it 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 19.63%, 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 Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
2.03 |
Impressive |
Industrial
Average |
1.81 |
|
Quick Ratio |
1.11 |
|
|
|
|
Cash Conversion Cycle |
104.30 |
|
|
|
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 2.03 times in 2014, increased from 1.66 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 higher, indicated that company
was an efficient operator in a dominant position within its industry.
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 1.11 times in 2014,
increased from 0.91 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 105 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.32 |
Impressive |
Industrial
Average |
0.43 |
|
Debt to Equity Ratio |
0.48 |
Impressive |
Industrial
Average |
0.74 |
|
Times Interest Earned |
27.92 |
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 lower the percentage means that the company is using less
leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 27.92 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 0.32 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
291.92 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.48 |
Impressive |
Industrial
Average |
0.66 |
|
Inventory Conversion Period |
54.92 |
|
|
|
|
Inventory Turnover |
6.65 |
Impressive |
Industrial
Average |
1.48 |
|
Receivables Conversion Period |
79.63 |
|
|
|
|
Receivables Turnover |
4.58 |
Impressive |
Industrial
Average |
2.58 |
|
Payables Conversion Period |
30.25 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.58 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 67 days at the
end of 2013 to 55 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 5.41 times in year 2013 to 6.65 times
in year 2014.
The company's Total Asset Turnover is calculated as 1.48 times and 1.32
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.64.82 |
|
|
1 |
Rs.100.41 |
|
Euro |
1 |
Rs.74.50 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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.