MIRA INFORM REPORT
|
Report No. : |
340524 |
|
Report Date : |
14.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
METRO PARTICLE CO., LTD. |
|
|
|
|
Registered Office : |
39/5 Moo 4, Richuphan Road, Saiyai, Sainoi, Nonthaburi 11150 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
19.08.2002 |
|
|
|
|
Com. Reg. No.: |
0125545007309 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject is engaged in manufacturing various
kinds and sizes
of particle board,
melamine faced chipboard,
medium density fiberboard, veneered door skin, paper overlayed MDF/PB, plywood
and hardboard. |
|
|
|
|
No. of Employees : |
330 |
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 |
|
|
|
|
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
METRO PARTICLE CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 39/5
MOO 4, RICHUPHAN
ROAD,
SAIYAI, SAINOI,
NONTHABURI 11150,
THAILAND
TELEPHONE : [66] 2985-5433-40, 2968-0800,
2968-1235
FAX :
[66] 2527-5716,
2526-6106
E-MAIL
ADDRESS : metro@metroply.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2002
REGISTRATION
NO. : 0125545007309 [Former : 11754500727]
TAX
ID NO. : 3030640871
CAPITAL REGISTERED : BHT. 800,000,000
CAPITAL PAID-UP : BHT.
800,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
NARONG PIYASOMBATKUL, THAI
PRESIDENT
NO.
OF STAFF : 330
LINES
OF BUSINESS : PARTICLE BOARDS
MANUFACTURER,
DISTRIBUTOR AND 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 August 19, 2002 as
a private limited
company under the name style METRO PARTICLE CO., LTD., by
Thai group, the Piyasombatkul family,
with the
business objective to
manufacture and distribute
particle boards to both domestic
and international markets.
It currently employs
approximately 330 staff.
The
subject’s registered address
is 39/5 Moo
4, Richuphan Rd.,
Saiyai, Sainoi,
Nonthaburi
11150, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Narong Piyasombatkul |
|
Thai |
57 |
|
Mr. Chatchai Piyasombatkul |
|
Thai |
55 |
|
Ms. Luxamee Piyasombatkul |
|
Thai |
51 |
|
Mr. Piya Piyasombatkul |
|
Thai |
50 |
|
Ms. Yoauvaluk Piyasombatkul |
|
Thai |
45 |
AUTHORIZED
PERSON
Any two of the
above
directors can jointly
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Narong Piyasombatkul is
the President.
He is Thai
nationality with the
age of 57
years old.
Mr. Chatchai Piyasombatkul is the Managing
Director.
He is Thai
nationality with the
age of 55
years old.
Ms. Luxamee Piyasombatkul is
the General Manager.
She is Thai
nationality with the
age of 51
years old.
Mrs. Patra Chaiyosburana is
the Sales Manager.
She is Thai
nationality.
BUSINESS
OPERATIONS
The subject is engaged in
manufacturing various kinds
and sizes of
particle board, melamine
faced chipboard, medium density fiberboard, veneered door skin, paper overlayed MDF/PB, plywood
and hardboard.
PRODUCTION CAPACITY
420,000 cubic meters
per annum
MAJOR BRAND
“METRO”
PURCHASE
Most of raw materials
are purchased from
local suppliers, the
remaining as well
as wood are
imported from Germany, Myanmar, Laos,
India, Republic of
China, Malaysia, Indonesia
and Australia.
SALES
The products are sold
to both local and
overseas customers, which
70% is exported
to Singapore, Taiwan,
Korea, Vietnam, Japan, Indonesia,
Republic of China, India,
Laos, Myanmar, Hong Kong, Malaysia, Canada, Philippines,
New Zealand, South
Africa, Australia, United States of
America, and many countries in
Middle East and
Europe, the remaining
30% is sold
locally.
MAJOR
CUSTOMERS
S.B.
Furniture Co., Ltd. : Thailand
Modern
Form Group Public
Co., Ltd. : Thailand
Scanwolf
[Thailand] Co., Ltd. : Thailand
Saithong
Plywood Limited Partnership : Thailand
Ne
Wood Co., Ltd. : Thailand
Index
Interfurn Co., Ltd. : Thailand
Rockworth
Public Company Limited : Thailand
D.C.
Furniture International Co.,
Ltd. : Thailand
TNK
Wood Limited Partnership : Thailand
RELATED
AND AFFILIATED COMPANY
Metro Panel Co.,
Ltd.
Business Type :
Manufacturer of wooden
door
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
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
L/C at sight
or T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs 330 staff.
[office, sales staff
and factory workers]
LOCATION
DETAILS
The premise
is owned for
administrative office, factory
and warehouse on 800,000 square meters
of land at
the heading address.
Premise is located
in residential area.
COMMENT
The
subject was formed
in 2002 as a manufacturer,
distributor and exporter of
particle boards. Its products
have been used in various industries
particularly for knockdown
furniture. The subject has
advantage processing technology
competing in global
market. Its products remain
in strong demand
from both domestic
and export markets.
Despite
overall industrial sector
was slow in
the year 2014,
subject was able
to maintain its
strong business.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 400,000,000 divided
into 400,000 shares
of Bht. 1,000
each with fully
paid.
On
December 29, 2009, the capital
was increased to Bht. 800,000,000
divided into 800,000
shares of Bht.
1,000 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
April 30, 2015]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Luxamee Piyasombatkul Nationality: Thai Address : 39/3
Moo 4, Saiyai, Sainoi, Nonthaburi |
192,000 |
24.00 |
|
Ms. Yoauvaluk Piyasombatkul Nationality: Thai Address : 39/5
Moo 4, Saiyai,
Sainoi, Nonthaburi |
192,000 |
24.00 |
|
Mr. Vipas Piyasombatkul Nationality: Thai Address : 74
Moo 2, Bangkrasor, Muang,
Nonthaburi |
136,000 |
17.00 |
|
Mr. Narong Piyasombatkul Nationality: Thai Address : 70
Bangsue, Bangkok |
60,000 |
7.50 |
|
Mr. Chatchai Piyasombatkul Nationality: Thai Address : 74
Moo 2, Bangkrasor, Muang,
Nonthaburi |
60,000 |
7.50 |
|
Mr. Piya Piyasombatkul Nationality: Thai Address : 99/9
Moo 5, Waineaw,
Thamaka,
Kanchanaburi |
60,000 |
7.50 |
|
Mrs. I-yee Sae-harn Nationality: Thai Address : 617
Pracharaj 1 Rd., Bangsue,
Bangkok |
50,000 |
6.25 |
|
Mrs. Chantana Piyasombatkul Nationality: Thai Address : 74
Moo 2, Bangkrasor, Muang,
Nonthaburi |
50,000 |
6.25 |
Total Shareholders : 8
Share Structure : [as at
April 30, 2015]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
800,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
800,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Anupong Techa-amnuayporn
No. 3700
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 |
91,166,687.91 |
68,397,192.45 |
65,933,533.96 |
|
Trade Account Receivable
|
468,845,560.66 |
505,780,270.27 |
394,777,543.52 |
|
Other Receivable |
6,648,772.53 |
5,797,315.32 |
14,174,120.98 |
|
Inventories |
491,567,659.95 |
815,182,129.54 |
689,679,570.26 |
|
Other Current Assets
|
28,139,693.10 |
25,023,057.75 |
36,880,830.79 |
|
Total Current Assets
|
1,086,368,374.15 |
1,420,179,965.33 |
1,201,445,599.51 |
|
|
|
|
|
|
Fixed Assets |
2,860,731,432.14 |
3,101,258,077.10 |
3,368,514,910.13 |
|
Other Non-current Assets |
8,555,929.31 |
16,250,284.98 |
28,337,152.42 |
|
Total Assets |
3,955,655,735.60 |
4,537,688,327.41 |
4,598,297,662.06 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Short-term Loan from Financial Institution |
2,427,249,838.06 |
3,019,954,720.00 |
3,067,909,310.71 |
|
Trade Account Payable |
393,699,973.84 |
409,531,279.30 |
471,191,377.51 |
|
Other Payable |
65,524,859.37 |
95,154,969.86 |
63,458,224.74 |
|
Other Current Liabilities |
1,112,435.27 |
1,059,228.47 |
778,400.17 |
|
Total Current Liabilities |
2,887,587,106.54 |
3,525,700,197.63 |
3,603,337,313.13 |
|
Total Liabilities |
2,887,587,106.54 |
3,525,700,197.63 |
3,603,337,313.13 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized,
issued and fully
paid share
capital 800,000 shares |
800,000,000.00 |
800,000,000.00 |
800,000,000.00 |
|
Capital Paid |
800,000,000.00 |
800,000,000.00 |
800,000,000.00 |
|
Retained Earning - Unappropriated |
268,068,629.06 |
211,988,129.78 |
194,960,348.93 |
|
Total Shareholders' Equity |
1,068,068,629.06 |
1,011,988,129.78 |
994,960,348.93 |
|
Total Liabilities &
Shareholders' Equity |
3,955,655,735.60 |
4,537,688,327.41 |
4,598,297,662.06 |
PROFIT
& LOSS ACCOUNT
|
Revenue |
2014 |
2013 |
2012 |
|
|
|
|
|
|
Sales |
3,645,560,513.01 |
2,857,616,024.54 |
3,139,306,262.04 |
|
Compensation Export Income |
5,965,172.87 |
4,800,944.07 |
7,516,457.08 |
|
Gain on Exchange Rate |
6,025,252.01 |
14,667,440.03 |
8,815,619.08 |
|
Compensation Income |
4,607,817.89 |
2,692,310.05 |
4,470,518.17 |
|
Interest Income |
360,902.73 |
489,826.05 |
488,107.76 |
|
Other Income |
36,046.20 |
420,789.80 |
80,844.25 |
|
Total Revenues |
3,662,555,704.71 |
2,880,687,334.54 |
3,160,677,808.38 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,167,059,728.71 |
2,517,426,359.65 |
2,731,959,355.10 |
|
Selling Expenses |
364,909,326.91 |
267,252,286.16 |
320,858,761.21 |
|
Administrative Expenses |
33,979,378.93 |
32,845,833.42 |
30,360,819.57 |
|
Total Expenses |
3,565,948,434.55 |
2,817,524,479.23 |
3,083,178,935.88 |
|
Profit / [Loss] before Financial Cost |
96,607,270.16 |
63,162,855.31 |
77,498,872.50 |
|
Financial Cost |
[40,526,770.88] |
[46,135,074.46] |
[54,396,169.88] |
|
Net Profit / [Loss] |
56,080,499.28 |
17,027,780.85 |
23,102,702.62 |
FINANCIAL
ANALYSIS
|
ITEM |
UNIT |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.38 |
0.40 |
0.33 |
|
QUICK RATIO |
TIMES |
0.20 |
0.16 |
0.13 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
1.27 |
0.92 |
0.93 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.92 |
0.63 |
0.68 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
56.65 |
118.19 |
92.14 |
|
INVENTORY TURNOVER |
TIMES |
6.44 |
3.09 |
3.96 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
46.94 |
64.60 |
45.90 |
|
RECEIVABLES TURNOVER |
TIMES |
7.78 |
5.65 |
7.95 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
45.37 |
59.38 |
62.95 |
|
CASH CONVERSION CYCLE |
DAYS |
58.22 |
123.42 |
75.09 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
86.87 |
88.10 |
87.02 |
|
SELLING & ADMINISTRATION |
% |
10.94 |
10.50 |
11.19 |
|
INTEREST |
% |
1.11 |
1.61 |
1.73 |
|
GROSS PROFIT MARGIN |
% |
13.59 |
12.71 |
13.66 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.65 |
2.21 |
2.47 |
|
NET PROFIT MARGIN |
% |
1.54 |
0.60 |
0.74 |
|
RETURN ON EQUITY |
% |
5.25 |
1.68 |
2.32 |
|
RETURN ON ASSET |
% |
1.42 |
0.38 |
0.50 |
|
EARNING PER SHARE |
BAHT |
70.10 |
21.28 |
28.88 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.73 |
0.78 |
0.78 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.70 |
3.48 |
3.62 |
|
TIME INTEREST EARNED |
TIMES |
2.38 |
1.37 |
1.42 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
27.57 |
(8.97) |
|
|
OPERATING PROFIT |
% |
52.95 |
(18.50) |
|
|
NET PROFIT |
% |
229.35 |
(26.30) |
|
|
FIXED ASSETS |
% |
(7.76) |
(7.93) |
|
|
TOTAL ASSETS |
% |
(12.83) |
(1.32) |
|
ANNUAL
GROWTH: SATISFACTORY
An annual sales growth is 27.57%. Turnover has increased from THB
2,857,616,024.54 in 2013 to THB 3,645,560,513.01 in 2014. While net profit has
increased from THB 17,027,780.85 in 2013 to THB 56,080,499.28 in 2014. And
total assets has decreased from THB 4,537,688,327.41 in 2013 to THB
3,955,655,735.60 in 2014.
PROFITABILITY :
SATISFACTORY
PROFITABILITY
RATIO
|
Gross Profit Margin |
13.59 |
Impressive |
Industrial
Average |
3.45 |
|
Net Profit Margin |
1.54 |
Impressive |
Industrial
Average |
1.41 |
|
Return on Assets |
1.42 |
Acceptable |
Industrial
Average |
1.91 |
|
Return on Equity |
5.25 |
Acceptable |
Industrial
Average |
7.22 |
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 13.59%. 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 1.54%, 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. When compared with the
industry average, it was lower, the company's figure is 1.42%.
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 5.25%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Uptrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
0.38 |
Risky |
Industrial
Average |
0.83 |
|
Quick Ratio |
0.20 |
|
|
|
|
Cash Conversion Cycle |
58.22 |
|
|
|
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 0.38 times in 2014, decreased from 0.4 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 0.2 times in 2014,
increased from 0.16 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 59 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.73 |
Impressive |
Industrial
Average |
0.75 |
|
Debt to Equity Ratio |
2.70 |
Acceptable |
Industrial
Average |
2.70 |
|
Times Interest Earned |
2.38 |
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 2.39 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 0.73 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 |
1.27 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.92 |
Satisfactory |
Industrial
Average |
1.21 |
|
Inventory Conversion Period |
56.65 |
|
|
|
|
Inventory Turnover |
6.44 |
Impressive |
Industrial
Average |
3.48 |
|
Receivables Conversion Period |
46.94 |
|
|
|
|
Receivables Turnover |
7.78 |
Impressive |
Industrial
Average |
5.06 |
|
Payables Conversion Period |
45.37 |
|
|
|
The company's Account Receivable Ratio is calculated as 7.78 and 5.65 in
2014 and 2013 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2014
increased from 2013. This would suggest the company had good performance in the
management of its debt collections.
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 118 days at the
end of 2013 to 57 days at the end of 2014. This represents a positive trend.
And Inventory turnover has increased from 3.09 times in year 2013 to 6.44 times
in year 2014.
The company's Total Asset Turnover is calculated as 0.92 times and 0.63
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.66.39 |
|
|
1 |
Rs.102.59 |
|
Euro |
1 |
Rs.74.90 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.