MIRA
INFORM REPORT
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Report No. : |
346156 |
|
Report Date : |
23.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
THAI UNITED GLASS FIBRE COMPANY LIMITED |
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Registered Office : |
22 Moo 10, |
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Country : |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
02.07.1979 |
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Com. Reg. No.: |
0105522012667 |
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Legal Form : |
Private Limited Company |
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|
|
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Line of Business : |
The subject is engaged in manufacturing, distributing and exporting of
fiber glasses for battery industry. |
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No. of Employees : |
300 |
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 : |
Good |
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Payment Behaviour : |
No Complaints |
|
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 |
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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
THAI UNITED GLASS FIBRE COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 22 MOO
10,
T.
BANGKAEW, A. BANGPLEE,
SAMUTPRAKARN
10540, THAILAND
TELEPHONE : [66] 2316-7055,
2751-7063-4, 2316-6022
FAX : [66] 2316-8337,
2751-7065, 2316-8659
E-MAIL ADDRESS : sithchai@hotmail.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1979
REGISTRATION NO. : 0105522012667
TAX ID NO. : 3101109153
CAPITAL REGISTERED : BHT.
16,000,000
CAPITAL PAID-UP : BHT.
16,000,000
SHAREHOLDER’S PROPORTION : THAI
: 71.75%
FOREIGN :
28.25%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
SOMCHAI VONGCHANPEN, THAI
MANAGING DIRECTOR
NO. OF STAFF : 300
LINES OF BUSINESS : FIBER
GLASSES FOR
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
July 2, 1979
as a private
limited company under
the registered name
THAI UNITED GLASS
FIBRE COMPANY LIMITED,
by Thai and foreign
groups, in order
to manufacture, distribute
and export fiber glasses
for battery production. It
currently employs approximately
300 staff.
The subject’s registered
address is 22
Moo 10, Bangna-Trad
Rd., T. Bangkaew,
A. Bangplee, Samutprakarn
10540, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somchai Vongchanpen |
[x] |
Thai |
74 |
|
Mrs. Nalinee Vongchanpen |
[x] |
Thai |
72 |
|
Mr. Kingnarong Vongchanpen |
|
Thai |
45 |
|
Mr. Kingyuth Vongchanpen |
[x] |
Thai |
41 |
|
Mr. Tony, Chao Hi
Chen |
[x] |
Thai |
79 |
|
Mr. Goh Ban Swe |
|
Malaysian |
78 |
|
Mr. Richard Chen |
|
Taiwanese |
52 |
|
Mr. Cheng Hui Goh |
|
Thai |
47 |
|
Mr. Kingyong Vongchanpen |
|
Thai |
44 |
AUTHORIZED PERSON
Two of the
mentioned directors [x] can jointly sign
on behalf of the
subject with
company’s affixed.
MANAGEMENT
Mr. Somchai Vongchanpen is
the Managing Director.
He is Thai
nationality with the
age of 74
years old.
Mr. Kingyong Vongchanpen is
the Sales Manager.
He is Thai
nationality with the
age of 44
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting of
fiber glasses for
battery industry.
PRODUCTION CAPACITY
4,000,000 sheets per
annum
PURCHASE
Raw materials such as
glass scrap and
chemical are purchased
from suppliers both
domestic and overseas,
mainly in Republic of
China, Singapore, Japan
and Malaysia.
MAJOR SUPPLIER
Thai United Plastic
industry Co., Ltd. : Thailand
SALES
80% of the
products is exported
to France, United
Kingdom, Italy, Pakistan,
U.S.A., Japan, India,
Republic of China,
Malaysia, Vietnam, Taiwan,
Singapore and Germany,
the remaining 20% is sold
locally.
MAJOR CUSTOMERS
Exide Industries Ltd. : India
Atlas Battery Ltd. : Pakistan
RELATED AND AFFILIATED
COMPANIES
Thai United Industry
Co., Ltd.
Business Type :
Manufacturer of high
performance battery
Thai United Plastic
Industry Co., Ltd.
Business Type :
Manufacturer of high
quality battery container
set
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 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.
Krung Thai Bank
Public Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 300 staff.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is located
in industrial area.
Factory and Warehouse :
Factory I :
858/1 Moo 4, Banpoo
Industrial Estate, Sukhumvit
Rd., T. Praeksa,
Muang, Samutprakarn 10280
Tel. : [66] 2709-4460-1, Fax. :
[66] 2709-4341
Factory II : 595
Moo 2, T. Bangpoomai, A. Muang,
Samutprakarn 10280.
COMMENT
The subject’s operating
performance in 2014
was impressive with a
high increase in
sales revenue and
net profit comparing
to the previous
year. This was
mainly due to
effective market expansion
in overseas markets
in the past
year. As an
exporter, the subject
would have benefit
from weakness of
Thai baht against
other currencies at
the moment. Market of
fiber glass for
battery production is
promising. The subject’s
business is solid
with a steady
growth.
FINANCIAL INFORMATION
The capital was
registered at Bht.
16,000,000 divided into
16,000 shares of
Bht. 1,000
each.
MAIN SHAREHOLDERS
: [as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Somchai Vongchanphen Nationality: Thai Address : 85
Soi Chalermkhet 2, Watthepsirin,
Pomprab, Bangkok |
2,480 |
15.50 |
|
Ms. Somporn Vongchanphen Nationality: Thai Address : 217 Yaowaraj Rd.,
Samphantawong, Bangkok |
1,760 |
11.00 |
|
Mr. Tony, Chao Hi
Chen Nationality: Thai Address : 27/44
Sukhumvit 19 Rd.,
Klongtoeynua,
Klongtoey, Bangkok |
1,700 |
10.63 |
|
Mrs. Nalinee Vongchanphen Nationality: Thai Address : 83/2
Ekamai Rd., Klongton,
Prakanong, Bangkok |
1,480 |
9.25 |
|
Mrs. Kathy, Wang Lee
Chu Zen Nationality: Thai Address : 27/44
Sukhumvit 19 Rd.,
Klongtoeynua,
Klongtoey, Bangkok |
1,300 |
8.12 |
|
Mr. Richard Chen Nationality: Taiwanese Address : 8
Nanjing West Rd.,
Taiwan |
1,000 |
6.25 |
|
Mrs. Lin, Mei Yun
Wang Nationality: Taiwanese Address : 8
Nanjing West Rd.,
Taiwan |
1,000 |
6.25 |
|
Ms. Chen I-Ching Nationality: Taiwanese Address : 8
Nanjing West Rd.,
Taiwan |
1,000 |
6.25 |
|
Others |
4,280 |
26.75 |
Total Shareholders : 17
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
10 |
11,480 |
71.75 |
|
Foreign |
7 |
4,520 |
28.25 |
|
Total |
17 |
16,000 |
100.00 |
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO. :
Mr. Suthep Dansiriviroj No.
3855
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 |
61,540,478.94 |
17,513,201.73 |
22,524,844.46 |
|
Trade Accounts Receivable
|
34,269,752.70 |
31,046,233.08 |
30,962,831.91 |
|
Inventories |
16,606,318.30 |
15,756,155.15 |
7,549,785.40 |
|
Value Added Tax |
3,036,703.95 |
3,603,470.77 |
2,486,629.38 |
|
Other Current Assets
|
8,736,798.65 |
5,957,553.13 |
9,476,524.67 |
|
|
|
|
|
|
Total Current Assets
|
124,190,052.54 |
73,876,613.86 |
73,000,615.82 |
|
|
|
|
|
|
Fixed Assets |
230,822,005.99 |
249,645,294.11 |
251,318,563.18 |
|
Total Assets |
355,012,058.53 |
323,521,907.97 |
324,319,179.00 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft and Loan from Bank |
157,918.45 |
- |
645,722.47 |
|
Trade Accounts Payable
|
28,776,842.32 |
34,640,663.49 |
38,143,078.35 |
|
Accrued Income Tax |
18,388,235.31 |
9,646,698.52 |
14,259,655.42 |
|
Other Current Liabilities |
18,480,395.49 |
19,071,882.86 |
21,128,109.95 |
|
|
|
|
|
|
Total Current Liabilities |
65,803,391.57 |
63,359,244.87 |
74,176,566.19 |
|
Long-term Lending |
- |
28,125,000.00 |
40,625,000.00 |
|
Employee Benefits Obligation |
1,441,460.00 |
1,147,290.00 |
835,500.00 |
|
Total Liabilities |
67,244,851.57 |
92,631,534.87 |
115,637,066.19 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized and
issued share capital
16,000 shares |
16,000,000.00 |
16,000,000.00 |
16,000,000.00 |
|
|
|
|
|
|
Capital Paid |
16,000,000.00 |
16,000,000.00 |
16,000,000.00 |
|
Retained Earnings: Appropriated for statutory
reserve |
16,000,000.00 |
16,000,000.00 |
16,000,000.00 |
|
Unappropriated |
255,767,206.96 |
198,890,373.10 |
176,682,112.81 |
|
Total Shareholders' Equity |
287,767,206.96 |
230,890,373.10 |
208,682,112.81 |
|
Total Liabilities & Shareholders' Equity |
355,012,058.53 |
323,521,907.97 |
324,319,179.00 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
421,333,509.50 |
366,244,511.70 |
342,642,676.04 |
|
Other Income |
10,159,771.09 |
10,764,227.24 |
9,265,609.54 |
|
Total Revenues |
431,493,280.59 |
377,008,738.94 |
351,908,285.58 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
261,552,789.69 |
261,548,329.94 |
226,393,868.92 |
|
Selling Expenses |
42,768,031.68 |
32,572,255.46 |
31,883,626.95 |
|
Administrative Expenses |
35,182,629.77 |
32,971,615.11 |
29,354,317.17 |
|
Total Expenses |
339,503,451.14 |
327,092,200.51 |
287,631,813.04 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
91,989,829.45 |
49,916,538.43 |
64,276,472.54 |
|
Financial Cost |
[724,760.28] |
[2,061,579.62] |
[2,564,055.70] |
|
Profit / [Loss] before Income Tax |
91,265,069.17 |
47,854,958.81 |
61,712,416.84 |
|
Income Tax |
[18,388,235.31] |
[9,646,698.52] |
[14,259,655.42] |
|
Net Profit / [Loss] |
72,876,833.86 |
38,208,260.29 |
47,452,761.42 |
|
Retained Earning, Beginning
of Year |
198,890,373.10 |
176,682,112.81 |
129,229,351.39 |
|
Less: Dividend |
[16,000,000.00] |
[16,000,000.00] |
- |
|
|
|
|
|
|
Retained Earning, End
of Year |
255,767,206.96 |
198,890,373.10 |
176,682,112.81 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.89 |
1.17 |
0.98 |
|
QUICK RATIO |
TIMES |
1.46 |
0.77 |
0.72 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.83 |
1.47 |
1.36 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.19 |
1.13 |
1.06 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
23.17 |
21.99 |
12.17 |
|
INVENTORY TURNOVER |
TIMES |
15.75 |
16.60 |
29.99 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
29.69 |
30.94 |
32.98 |
|
RECEIVABLES TURNOVER |
TIMES |
12.29 |
11.80 |
11.07 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
40.16 |
48.34 |
61.50 |
|
CASH CONVERSION CYCLE |
DAYS |
12.70 |
4.59 |
(16.34) |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
62.08 |
71.41 |
66.07 |
|
SELLING & ADMINISTRATION |
% |
18.50 |
17.90 |
17.87 |
|
INTEREST |
% |
0.17 |
0.56 |
0.75 |
|
GROSS PROFIT MARGIN |
% |
40.33 |
31.53 |
36.63 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
21.83 |
13.63 |
18.76 |
|
NET PROFIT MARGIN |
% |
17.30 |
10.43 |
13.85 |
|
RETURN ON EQUITY |
% |
25.32 |
16.55 |
22.74 |
|
RETURN ON ASSET |
% |
20.53 |
11.81 |
14.63 |
|
EARNING PER SHARE |
BAHT |
4,554.80 |
2,388.02 |
2,965.80 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.19 |
0.29 |
0.36 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.23 |
0.40 |
0.55 |
|
TIME INTEREST EARNED |
TIMES |
126.92 |
24.21 |
25.07 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
15.04 |
6.89 |
|
|
OPERATING PROFIT |
% |
84.29 |
(22.34) |
|
|
NET PROFIT |
% |
90.74 |
(19.48) |
|
|
FIXED ASSETS |
% |
(7.54) |
(0.67) |
|
|
TOTAL ASSETS |
% |
9.73 |
(0.25) |
|
ANNUAL GROWTH :
IMPRESSIVE
An annual sales growth is 15.04%. Turnover has increased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
40.33 |
Impressive |
Industrial Average |
- |
|
Net Profit Margin |
17.30 |
Impressive |
Industrial Average |
9.05 |
|
Return on Assets |
20.53 |
Impressive |
Industrial Average |
14.23 |
|
Return on Equity |
25.32 |
Satisfactory |
Industrial Average |
27.36 |
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. Gross Profit Margin is
40.33%. 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. Net Profit Margin ratio is 17.3%,
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
20.53%, 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. When compared with the
industry average, it was lower, the company's figure is 25.32%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
IMPRESSIVE
LIQUIDITY RATIO
|
Current Ratio |
1.89 |
Impressive |
Industrial Average |
1.23 |
|
Quick Ratio |
1.46 |
|
|
|
|
Cash Conversion Cycle |
12.70 |
|
|
|
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 1.89 times in 2014, increase from 1.17 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 1.46 times in 2014,
increase from 0.77 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 13 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.19 |
Impressive |
Industrial Average |
0.46 |
|
Debt to Equity Ratio |
0.23 |
Impressive |
Industrial Average |
0.85 |
|
Times Interest Earned |
126.92 |
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 126.93 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 0.19 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 Uptrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.83 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.19 |
Satisfactory |
Industrial Average |
1.57 |
|
Inventory Conversion Period |
23.17 |
|
|
|
|
Inventory Turnover |
15.75 |
Impressive |
Industrial Average |
10.72 |
|
Receivables Conversion Period |
29.69 |
|
|
|
|
Receivables Turnover |
12.29 |
Impressive |
Industrial Average |
9.12 |
|
Payables Conversion Period |
40.16 |
|
|
|
The company's Account Receivable Ratio is calculated as 12.29 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 22 days at the
end of 2013 to 23 days at the end of 2014. This represents a negative trend.
And Inventory turnover has decreased from 16.6 times in year 2013 to 15.75
times in year 2014.
The company's Total Asset Turnover is calculated as 1.19 times and 1.13
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 Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.15 |
|
|
1 |
Rs.100.54 |
|
Euro |
1 |
Rs.73.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.