MIRA
INFORM REPORT
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Report No. : |
347262 |
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Report Date : |
31.10.2015 |
IDENTIFICATION DETAILS
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Name : |
CAPSUGEL [ |
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Registered Office : |
18th Floor, |
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Country : |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
17.02.1983 |
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Com. Reg. No.: |
0105526006556 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in importing,
distributing and re-exporting wide
range of empty gelatin capsule
products, as well
as exporting of the
local products for pharmaceutical and
dietary supplement applications |
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|
No. of Employee : |
34 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
CAPSUGEL [THAILAND]
CO., LTD.
[FORMER :
INTERNATIONAL CAPSULE CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 18th FLOOR,
SERM-MIT TOWER,
159 SUKHUMVIT 21 [ASOKE]
ROAD,
KLONGTOEYNUA, WATTANA,
BANGKOK
10110, THAILAND
TELEPHONE : [66] 2260-3810-8
FAX :
[66] 2260-3819
E-MAIL
ADDRESS : kanthisa.sodsi@capsugel.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 1983
REGISTRATION
NO. : 0105526006556 [Former : 655/2526]
TAX
ID NO. : 3101221138
CAPITAL REGISTERED : BHT.
170,000,000
CAPITAL PAID-UP : BHT.
170,000,000
SHAREHOLDER’S PROPORTION : FOREIGN :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. GUIDO EDOUARD
DRIESEN, BELGIAN
GENERAL MANAGER
NO.
OF STAFF : 34
LINES
OF BUSINESS : EMPTY
GELATIN CAPSULE PRODUCTS
IMPORTER, DISTRIBUTOR AND
RE-EXPORTER
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
17, 1983 as a
private limited company under
the registered name “International Capsule
Co., Ltd.” by Thai
and Dutch Groups.
On February 12,
2002, the subject’s name
was changed to
CAPSUGEL [THAILAND] CO., LTD.
It currently employs
34 staff.
The subject was
initially an affiliate
of Capsugel, the
world’s leading two-piece
hard gelatin capsule
producer and a
division of Pfizer
Inc.
On February 1,
1999, the subject received the
International Standard ISO 9002
certification to manufacture hard
gelatin capsules by
RWTUV, and ISO
14001 certificate for
environmental system by
RWTUV on March
7, 2003.
On October 25,
2000, the subject invested about
500 million baht
and 270 million
baht to produce
5,250 million of
gelatin capsules and
5,250 million of
hard gelatin capsules
per year respectively,
with BOI promoted.
In April 2011,
Pfizer Inc, sold
Capsugel unit to
Kohlberg Kravis Roberts & Co. [K.K.R.], in
U.S.A, then the subject
becomes a wholly
owned subsidiary of
Capsugel Belgium BVBA,
in Belgium., which
is a member
of Kohlberg Kravis
Roberts & Co. [K.K.R.],
on August 1, 2011.
The subject adopts the Acceptable Quality Level (AQL) standard, in
addition to the ISO 9001:2000
quality management system,
to create quality consciousness.
During the last
quarter of 2011, its
plant had been
inundated by the
massive floods in Thailand.
This forced the
subject to stop production.
At present, the
subject is an
importer and distributor
of empty gelatin
capsule products to
customers both domestic
and international markets.
The subject’s registered
address was initially
at 1/82 Moo 5,
Rojana Industrial Estate,
Rojana Rd., T. Kamham,
A. Uthai, Ayutthaya 13210.
On August 1, 2013 the subject’s registered address was relocated to 18th Floor, Serm-Mit Tower, 159 Sukhumvit 21 [Asoke] Rd., Klongtoeynua, Wattana, Bangkok 10110, and this is the subject’s current operation address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Guido Edouard
Driesen |
|
Belgian |
59 |
|
Mr. Edward Thomas Prosapio |
|
American |
52 |
|
Mr. John Loras Shroyer |
|
American |
51 |
|
Mr. Domenico Angelini |
|
Italian |
61 |
|
Mrs. Phafan Chonchoochat |
|
Thai |
47 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Guido Edouard
Driesen is the
General Manager
He is Belgian
nationality with the
age of 59
years old.
Mrs. Phafan Chonchoochat is
the Financial & Accounting
Manager.
She is Thai nationality with
the age of 47 years
old.
Ms. Natkamol Vongtes is
the Personnel Manager.
She is Thai
nationality.7
BUSINESS OPERATIONS
The subject’s current
activities are engaged
in importing, distributing
and re-exporting wide
range of empty gelatin
capsule products, as
well as exporting of
the local products
for pharmaceutical and
dietary supplement applications.
Its products include
hard gelatin capsules, plus
HPMC capsules, DR caps
gastro resistant capsules,
flexible gelcaps, liquid capsules, over
encapsulation capsules,
pre-clinical capsules, pullulan
capsules, gelatin capsules,
fish gelatin capsules
and pearlescent capsules. Its
products are supplied to food
& dietary supplement and
pharmaceutical industries.
PURCHASE
Most of products
are imported from
Japan, Indonesia, Republic of
China, India, Belgium,
U.S.A., and France,
as well as
are purchased from
local suppliers.
MAJOR SUPPLIERS
Capsugel Belgium BVBA : Belgium
Capsugel Healthcare Ltd. : India
Zuhhou Capsugel Ltd. : Republic
of China
Capsugel Inc. : U.S.A.
SALES
90% of the products
is sold locally
to manufacturers, wholesalers
and end-users, the remaining 10%
is exported and
re-exported to Singapore,
Philippines, Malaysia,
Vietnam, Australia and
Pakistan.
MAJOR CUSTOMER
Thai Government Pharmaceutical Organization
PARENT COMPANY
Capsugel Belgium BVBA
Business Address :
Rijksweg 11, 2880 Bornem, Belgium
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.
[Rojana Branch : Rojana Rd., Uthai,
Ayutthaya 13210]
Citibank, NA
[Bangkok Branch : 82
North Sathorn Rd.,
Bangrak, Bangkok 10500]
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject currently
employs 34 staff.
[office and sales
staff]
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in a prime
commercial area.
Warehouse is located
at 1/82 Moo 5,
Rojana Industrial Estate,
Rojana Rd., T. Kamham,
A. Uthai, Ayutthaya 13210.
COMMENT
Growth of capsule products
consumption remains strong
from dietary supplement products,
for health, skin
and weight control. Pharmaceutical
and food supplement
industries which have
shown stable growth
both local and
international markets.
However, subject reported
outstanding slowdown its
sales in the
year 2014. This
was due to
its imported products
are at higher
price than those
made locally in
accordance with shrinking
domestic consumptions.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each.
The capital was
increased later as
followings :
Bht. 30,000,000 on
April 3, 1986
Bht. 70,000,000 on
April 12, 1988
Bht. 90,000,000 on
June 17, 1998
Bht. 170,000,000 on August
9, 2004
The latest registered
capital was increased
to Bht. 170,000,000 divided into 1,700,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Capsugel Belgium BVBA Nationality: Belgian Address : Rijksweg
11, 2880 Bornem,
Belgium |
1,699,998 |
100.00 |
|
Capsugel FinanceCo S.a.r.L. Nationality: Luxembourg Address : 63
Rue de Rollinggergrund, L-2440,
Luxembourg |
1 |
- |
|
Capsugel FinanceCo II
S.a.r.L. Nationality: Luxembourg Address : 63
Rue de Rollinggergrund, L-2440,
Luxembourg |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 30,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign |
3 |
1,700,000 |
100.00 |
|
Total |
3 |
1,700,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Ms. Marisa Taratornbanpakul No. 5752
Financials
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 |
62,572,441 |
307,733,994 |
123,855,467 |
|
Trade Accounts & Other
Receivable |
252,057,942 |
268,485,523 |
252,677,961 |
|
Advance Payment to
Person or Related Company |
- |
- |
152,428,500 |
|
Inventories |
39,889,698 |
55,798,325 |
116,610,711 |
|
Value Added Tax |
27,184,858 |
10,110,824 |
66,568,554 |
|
Other Current Assets
|
1,948,164 |
1,401,589 |
1,951,978 |
|
|
|
|
|
|
Total Current Assets
|
383,653,103 |
643,530,255 |
714,093,171 |
|
Fixed Assets |
6,840,813 |
6,447,224 |
49,963,958 |
|
Goodwill |
110,771,886 |
123,079,874 |
- |
|
Refundable Value Added Tax |
56,196,259 |
56,196,259 |
|
|
Deposit |
2,896,268 |
1,249,618 |
1,003,618 |
|
Total Assets |
560,358,329 |
830,503,230 |
765,060,747 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Trade Accounts &
Other Payable |
39,865,224 |
209,934,533 |
645,588,613 |
|
Accrued Expenses |
13,003,439 |
6,218,147 |
15,409,404 |
|
Other Current Liabilities |
12,100,812 |
11,535,265 |
11,611,340 |
|
|
|
|
|
|
Total Current Liabilities |
64,969,475 |
227,687,945 |
672,609,357 |
|
Employee Benefits Obligation |
8,626,136 |
23,442,997 |
23,900,757 |
|
Total Liabilities |
73,595,611 |
251,130,942 |
696,510,114 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital
1,700,000 shares |
170,000,000 |
170,000,000 |
170,000,000 |
|
|
|
|
|
|
Capital Paid |
170,000,000 |
170,000,000 |
170,000,000 |
|
Retained Earning Appropriated for statutory
reserve |
17,000,000 |
17,000,000 |
17,000,000 |
|
Unappropriated |
299,762,718 |
392,372,288 |
[118,449,367] |
|
Total Shareholders' Equity |
486,762,718 |
579,372,288 |
68,550,633 |
|
Total Liabilities &
Shareholders' Equity |
560,358,329 |
830,503,230 |
765,060,747 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales |
663,071,350 |
651,277,249 |
744,654,219 |
|
Compensation Insurance Income |
- |
879,512,753 |
599,910,000 |
|
Gain on Exchange
Rate |
3,522,182 |
26,428,513 |
8,111,189 |
|
Other Income |
15,481,360 |
54,025,206 |
10,776,341 |
|
Total Revenues |
682,074,892 |
1,611,243,721 |
1,363,451,749 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
501,598,804 |
569,141,237 |
733,238,076 |
|
Selling Expenses |
66,138,333 |
53,302,526 |
105,117,455 |
|
Administrative Expenses |
80,576,850 |
75,581,017 |
171,301,812 |
|
Total Expenses |
648,313,987 |
698,024,780 |
1,009,657,343 |
|
|
|
|
|
|
Profit/[Loss] before Finance Cost & Income Tax |
33,760,905 |
913,218,941 |
353,794,406 |
|
Finance Cost |
[1,370,691] |
[2,397,286] |
[1,347,767] |
|
|
|
|
|
|
Profit/[Loss] before Income Tax |
32,390,214 |
910,821,655 |
352,446,639 |
|
Income Tax |
- |
- |
- |
|
|
|
|
|
|
Net Profit / [Loss] |
32,390,214 |
910,821,655 |
352,446,639 |
CAPSUGEL
[THAILAND] CO., LTD.
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
5.91 |
2.83 |
1.06 |
|
QUICK RATIO |
TIMES |
4.84 |
2.53 |
0.79 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
96.93 |
101.02 |
14.90 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.18 |
0.78 |
0.97 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
29.03 |
35.78 |
58.05 |
|
INVENTORY TURNOVER |
TIMES |
12.57 |
10.20 |
6.29 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
138.75 |
150.47 |
123.85 |
|
RECEIVABLES TURNOVER |
TIMES |
2.63 |
2.43 |
2.95 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
29.01 |
134.63 |
321.37 |
|
CASH CONVERSION CYCLE |
DAYS |
138.77 |
51.62 |
(139.47) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
75.65 |
87.39 |
98.47 |
|
SELLING & ADMINISTRATION |
% |
22.13 |
19.79 |
37.12 |
|
INTEREST |
% |
0.21 |
0.37 |
0.18 |
|
GROSS PROFIT MARGIN |
% |
27.22 |
160.01 |
84.63 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.09 |
140.22 |
47.51 |
|
NET PROFIT MARGIN |
% |
4.88 |
139.85 |
47.33 |
|
RETURN ON EQUITY |
% |
6.65 |
157.21 |
514.14 |
|
RETURN ON ASSET |
% |
5.78 |
109.67 |
46.07 |
|
EARNING PER SHARE |
BAHT |
19.05 |
535.78 |
207.32 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.13 |
0.30 |
0.91 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.15 |
0.43 |
10.16 |
|
TIME INTEREST EARNED |
TIMES |
24.63 |
380.94 |
262.50 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
1.81 |
(12.54) |
|
|
OPERATING PROFIT |
% |
(96.30) |
158.12 |
|
|
NET PROFIT |
% |
(96.44) |
158.43 |
|
|
FIXED ASSETS |
% |
6.10 |
(87.10) |
|
|
TOTAL ASSETS |
% |
(32.53) |
8.55 |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 1.81%. Turnover has increased from THB
PROFITABILITY :
ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
27.22 |
Impressive |
Industrial
Average |
25.04 |
|
Net Profit Margin |
4.88 |
Deteriorated |
Industrial
Average |
11.89 |
|
Return on Assets |
5.78 |
Deteriorated |
Industrial
Average |
19.58 |
|
Return on Equity |
6.65 |
Deteriorated |
Industrial
Average |
36.57 |
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 27.22%. 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. The company's figure is 4.88%.
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 5.78%.
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 6.65%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
5.91 |
Impressive |
Industrial
Average |
1.74 |
|
Quick Ratio |
4.84 |
|
|
|
|
Cash Conversion Cycle |
138.77 |
|
|
|
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 5.91 times in 2014, increased from 2.83 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 4.84 times in 2014,
increased from 2.53 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 139 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
EXCELLENT
LEVERAGE RATIO
|
Debt Ratio |
0.13 |
Impressive |
Industrial
Average |
0.47 |
|
Debt to Equity Ratio |
0.15 |
Impressive |
Industrial
Average |
0.88 |
|
Times Interest Earned |
24.63 |
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 24.64 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 0.13 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 :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
96.93 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
1.18 |
Acceptable |
Industrial
Average |
1.65 |
|
Inventory Conversion Period |
29.03 |
|
|
|
|
Inventory Turnover |
12.57 |
Impressive |
Industrial
Average |
3.98 |
|
Receivables Conversion Period |
138.75 |
|
|
|
|
Receivables Turnover |
2.63 |
Acceptable |
Industrial
Average |
3.82 |
|
Payables Conversion Period |
29.01 |
|
|
|
The company's Account Receivable Ratio is calculated as 2.63 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 36 days at the
end of 2013 to 29 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 10.2 times in year 2013 to 12.57
times in year 2014.
The company's Total Asset Turnover is calculated as 1.18 times and 0.78
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.65.22 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.