MIRA INFORM REPORT
|
Report No. : |
339279 |
|
Report Date : |
07.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
SIAM CELLULOSE CO.,LTD. |
|
|
|
|
Registered Office : |
99 Moo 6, Saeng-Xuto Road, T. Wangsala, A. Thamuang, Kanchanaburi 71130 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
23.03.1989 |
|
|
|
|
Com. Reg. No.: |
0105532027098 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Distributor
of Pulps |
|
|
|
|
No. of Employees : |
200 |
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 but correct |
|
|
|
|
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
SIAM CELLULOSE CO.,LTD.
SUMMARY
BUSINESS
ADDRESS : 99
MOO 6, SAENG-XUTO
ROAD,
T. WANGSALA,
A. THAMUANG,
KANCHANABURI 71130,
THAILAND
TELEPHONE : [66]
34
615-000-1
FAX :
[66] 34
615-079
E-MAIL
ADDRESS : surasak@scg.co.th
REGISTRATION
ADDRESS : 1
SIAM CEMENT ROAD,
BANGSUE,
BANGKOK 10800,
THAILAND
ESTABLISHED
: 1989
REGISTRATION
NO. : 0105532027098 [Former : 2707/2532]
TAX
ID NO. : 3101618655
CAPITAL REGISTERED : BHT. 7,770,000,000
CAPITAL PAID-UP : BHT.
6,567,500,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SURASAK AMAWAT, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 200
LINES
OF BUSINESS : PULPS
MANUFACTURER AND DISTRIBUTOR
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 March
23, 1989 as
a private limited
company under the registered
name SIAM CELLULOSE
CO., LTD., by Thai
groups, with the business
objective to manufacture pulp and related
products to domestic market.
It currently employs
approximately 200 staff.
Subject is a subsidiary of Phoenix Pulp & Paper Public
Company Limited, a member of
the Siam Cement Group
of Companies.
Honorary
The subject was
the first pulp
manufacturer in Thailand
to receive the
TIS/ISO 9002 quality
management standard, as
well as ISO
9001, ISO 9001 : 2000 and ISO
14001 : 2001 certificates on
March 15, 2001,
March 15, 2004
and May 12,
2006 respectively, from MASCI.
The subject’s registered
address is 1 Siam Cement
Road, Bangsue, Bangkok
10800, while the
current operating address
is 99 Moo
6, Saeng-Xuto Road,
T. Wangsala, A. Thamuang, Kanchanaburi
71130.
THE
BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Somchai Wangwattanapanich |
|
Thai |
57 |
|
Mr. Montri Mahaplerkpong |
|
Thai |
54 |
|
Mr. Tanawong Areeratchakul |
|
Thai |
52 |
|
Mr. Panthep Supachaiyakit |
|
Thai |
61 |
|
Mr. Surasak Amawat |
|
Thai |
49 |
AUTHORIZED
PERSON
Two of the above directors
can jointly sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Surasak Amawat is
the Managing Director.
He is Thai
nationality with the
age of 49 years old.
Mr. Prasong Jariyachotilert is the
Factory Manager.
He is Thai
nationality.
BUSINESS
OPERATIONS
The subject’s activity
is a manufacturer
and distributor of
pulp from eucalyptus
and bamboo, as
well as bleached
bamboo.
PRODUCTION CAPACITY
86,000 tons per
annum
PURCHASE
100% of raw
materials is purchased
local suppliers.
MAJOR SUPPLIERS
Siam Forestry Co., Ltd. : Thailand
SALES [LOCAL]
100% of the
products is sold
locally to the
Siam Pulp & Paper Group
of companies.
SUBSIDIARIES
& AFFILIATED COMPANIES
The Siam Pulp
& Paper Group
:
|
Name |
Country |
Business Type |
|
The Siam Pulp
& Paper Public Co., Ltd. |
Thailand |
Bleached pulp & holding company |
|
Thai Kraft Paper
Industry Co., Ltd. |
Thailand |
Manufacturer of Kraft
paper |
|
Thai Paper Co., Ltd. |
Thailand |
Manufacturer of printing & writing paper |
|
Thai Union Paper Public
Co., Ltd. |
Thailand |
Manufacturer of printing & writing paper |
|
Thai Union Paper
Industry Co., Ltd. |
Thailand |
Manufacturer of paper
industry |
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 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 credit term
of 30-60 days.
BANKING
Kasikornbank Public Co.,
Ltd.
[Bangsue Branch,
Rama 5 Rd., Bangsue, Bangkok]
Krung Thai Bank
Public Co., Ltd.
[Bangsue Branch,
Rama 5 Rd., Bangsue, Bangkok]
EMPLOYMENT
The subject employs
approximately 200 staff.
[office staff and
factory workers]
LOCATION
DETAILS
The premise is
owned for operating
office and factory I
at the heading
address in provincial.
Factory II is
located at 19 Moo 19,
Saeng-Xuto Road, T.
Wangsala, A. Thamuang,
Kanchanaburi 71130.
Bangkok office is
located at 1
Siam Cement Road,
Bangsue, Bangkok 10800.
Tel. [66]
2568-3333, 2568-6083, Fax.
[66] 2568-2164.
COMMENT
Through
the year 2014, the company has been sticking to its policy of sustainable
growth through developing products which suit market needs. Developing new
markets and making new investments
allowed the company to maintain continual expansion all
along. This also makes it possible to
provide persistently satisfactory returns.
FINANCIAL
INFORMATION
The capital was
registered at Bht.
100,000 divided into
1,000 shares of Bht. 100
each.
The capital was
increased later as
follows :
Bht. 350,000,000 on
January 22, 1990
Bht. 500,000,000 on
March 19, 1992
Bht. 750,000,000 on
September 5, 1994
Bht. 4,070,000,000
on February 28,
2014
Bht. 7,770,000,000
on January 23,
2015
On January 23, 2015, the capital was increased to Bht. 7,770,000,000 divided into 77,700,000
shares of Bht.
100 each, with
the current capital
paid-up at Bht.
6,567,500,000 or 40,700,000
shares of Bht.
100 each and
37,000,000 shares of
Bht. 67.50 each.
THE SHAREHOLDERS LISTED
WERE : [as
at April 28,
2015] at Bht.
6,567,500,000 of capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Phoenix Pulp & Paper Public
Company Limited Nationality: Thai Address : 1
Siam Cement Road,
Bangsue, Bangkok |
77,699,998 |
100.00 |
|
Mrs. Pornpen Namwong Nationality: Thai Address : 185
Soi Phaholyothin 53,
Anusawaree,
Bangkhen, Bangkok |
1 |
- |
|
Mr. Prapanrat
Tangwiriyapaiboon Nationality: Thai Address : 388/74 Soi Romklao 22, Romklao Road, Minburi, Bangkok |
1 |
- |
Total Shareholders : 3
Share Structure [as
at April 28,
2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
77,700,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
3 |
77,700,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Pornthip Rimdusit No. 5565
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 |
56,572 |
39,100 |
41,628 |
|
Trade Accounts &
Other Receivable |
316,606,191 |
205,175,017 |
157,597,956 |
|
Short-term Loans to Related
Company |
3,904,675,460 |
- |
100,975,400 |
|
Inventories |
224,394,524 |
133,551,045 |
160,512,297 |
|
Other Current Assets
|
79,768,568 |
256,784 |
2,509,546 |
|
|
|
|
|
|
Total Current Assets
|
4,525,501,315 |
339,021,946 |
421,636,827 |
|
|
|
|
|
|
Investment in Subsidiaries |
2,377,708,130 |
- |
- |
|
Fixed Assets |
2,098,447,543 |
661,372,102 |
623,907,140 |
|
Intangible Assets |
1,299,383 |
127,784 |
196,598 |
|
Deferred Income Tax |
74,774,510 |
4,006,852 |
3,986,958 |
|
Other Non-current Assets |
327,276 |
57,031 |
86,786 |
|
Total Assets |
9,078,058,157 |
1,004,585,715 |
1,049,814,309 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Bank Overdraft |
- |
- |
76,229 |
|
Trade Accounts & Other
Payable |
388,093,970 |
188,584,957 |
204,389,163 |
|
Short-term Loan from Related Company |
4,722,995,603 |
381,675,652 |
- |
|
Accrued Income Tax |
- |
2,970,659 |
4,169,001 |
|
Short-term Liabilities |
1,127,516 |
644,175 |
744,114 |
|
Other Current Liabilities |
7,848,838 |
4,254,206 |
3,303,970 |
|
|
|
|
|
|
Total Current Liabilities |
5,120,065,927 |
578,129,649 |
212,682,477 |
|
|
|
|
|
|
Provision for Employee
Benefits |
35,701,223 |
16,124,253 |
15,778,984 |
|
Total Liabilities |
5,155,767,150 |
594,253,902 |
228,461,461 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized and
issued share capital
40,700,000 shares
in 2014; 3,000,000 shares
in 2013 & 2012 |
4,070,000,000 |
300,000,000 |
300,000,000 |
|
|
|
|
|
|
Capital Paid |
4,070,000,000 |
300,000,000 |
300,000,000 |
|
Retained Earnings: Appropriated for statutory
reserve |
75,000,000 |
75,000,000 |
75,000,000 |
|
Unappropriated |
19,974,456 |
35,331,813 |
446,352,848 |
|
Other Components of Shareholders’
Equity |
[242,683,449] |
- |
- |
|
Total Shareholders' Equity |
3,922,291,007 |
410,331,813 |
821,352,848 |
|
Total Liabilities & Shareholders' Equity |
9,078,058,157 |
1,004,585,715 |
1,049,814,309 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales Income |
2,551,449,471 |
1,649,071,290 |
1,466,605,238 |
|
Other Income |
21,284,802 |
7,634,131 |
11,673,007 |
|
Total Revenues |
2,572,734,273 |
1,656,705,421 |
1,478,278,245 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
2,477,197,102 |
1,362,227,007 |
1,275,702,009 |
|
Selling Expenses |
15,031,729 |
18,116,884 |
12,317,405 |
|
Administrative Expenses |
99,857,900 |
47,540,261 |
30,627,141 |
|
Loss on Exchange Rate |
12,125,999 |
208,102 |
[214,789] |
|
Total Expenses |
2,604,212,730 |
1,428,092,254 |
1,318,431,766 |
|
|
|
|
|
|
Profit / [Loss] before Financial Cost & Income
Tax |
[31,478,457] |
228,613,167 |
159,846,479 |
|
Financial Cost |
[528,287] |
[1,544,298] |
[34,374] |
|
Profit / [Loss] before Income
Tax |
[32,006,744] |
227,068,869 |
159,812,105 |
|
Income Tax |
16,649,387 |
[9,589,904] |
[12,055,610] |
|
|
|
|
|
|
Net Profit / [Loss] |
[15,357,357] |
217,478,965 |
147,756,495 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.88 |
0.59 |
1.98 |
|
QUICK RATIO |
TIMES |
0.82 |
0.35 |
1.22 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.22 |
2.49 |
2.35 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.28 |
1.64 |
1.40 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
33.06 |
35.78 |
45.93 |
|
INVENTORY TURNOVER |
TIMES |
11.04 |
10.20 |
7.95 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
45.29 |
45.41 |
39.22 |
|
RECEIVABLES TURNOVER |
TIMES |
8.06 |
8.04 |
9.31 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
57.18 |
50.53 |
58.48 |
|
CASH CONVERSION CYCLE |
DAYS |
21.17 |
30.67 |
26.67 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.09 |
82.61 |
86.98 |
|
SELLING & ADMINISTRATION |
% |
4.50 |
3.98 |
2.93 |
|
INTEREST |
% |
0.02 |
0.09 |
0.00 |
|
GROSS PROFIT MARGIN |
% |
3.74 |
17.86 |
13.81 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(1.23) |
13.86 |
10.90 |
|
NET PROFIT MARGIN |
% |
(0.60) |
13.19 |
10.07 |
|
RETURN ON EQUITY |
% |
(0.39) |
53.00 |
17.99 |
|
RETURN ON ASSET |
% |
(0.17) |
21.65 |
14.07 |
|
EARNING PER SHARE |
BAHT |
(0.38) |
72.49 |
49.25 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.57 |
0.59 |
0.22 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.31 |
1.45 |
0.28 |
|
TIME INTEREST EARNED |
TIMES |
(59.59) |
148.04 |
4,650.21 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
54.72 |
12.44 |
|
|
OPERATING PROFIT |
% |
(113.77) |
43.02 |
|
|
NET PROFIT |
% |
(107.06) |
47.19 |
|
|
FIXED ASSETS |
% |
217.29 |
6.00 |
|
|
TOTAL ASSETS |
% |
803.66 |
(4.31) |
|
GROWTH:
SATISFACTORY
An annual sales growth is 54.72%. Turnover has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.74 |
Deteriorated |
Industrial
Average |
10.40 |
|
Net Profit Margin |
(0.60) |
Deteriorated |
Industrial
Average |
18.16 |
|
Return on Assets |
(0.17) |
Deteriorated |
Industrial
Average |
2.95 |
|
Return on Equity |
(0.39) |
Deteriorated |
Industrial
Average |
5.16 |
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 3.74%. 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 -0.6%.
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 -0.17%.
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 -0.39%.
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 |
0.88 |
Risky |
Industrial
Average |
0.75 |
|
Quick Ratio |
0.82 |
|
|
|
|
Cash Conversion Cycle |
21.17 |
|
|
|
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 0.88 times in 2014, increased from 0.59 times, then the company may
have problems meeting its short-term obligations. 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 0.82 times in 2014,
increased from 0.35 times, by excluding inventory, the company may have
problems meeting current liabilities.
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 22 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.57 |
Acceptable |
Industrial
Average |
0.40 |
|
Debt to Equity Ratio |
1.31 |
Risky |
Industrial
Average |
0.67 |
|
Times Interest Earned |
(59.59) |
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 -59.59 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 0.57 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
1.22 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.28 |
Impressive |
Industrial
Average |
0.16 |
|
Inventory Conversion Period |
33.06 |
|
|
|
|
Inventory Turnover |
11.04 |
Impressive |
Industrial
Average |
6.25 |
|
Receivables Conversion Period |
45.29 |
|
|
|
|
Receivables Turnover |
8.06 |
Impressive |
Industrial
Average |
2.92 |
|
Payables Conversion Period |
57.18 |
|
|
|
The company's Account Receivable Ratio is calculated as 8.06 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 33 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 10.2 times in year 2013 to 11.04
times in year 2014.
The company's Total Asset Turnover is calculated as 0.28 times and 1.64
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.40 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.