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MIRA
INFORM REPORT
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Report No. : |
490973 |
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Report Date : |
13.02.2018 |
IDENTIFICATION DETAILS
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Name : |
SIAM MITSUI PTA CO., LTD. |
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Registered Office : |
1 Siam Cement Road, Bangsue, Bangkok 10800 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
25.09.1995 |
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Com. Reg. No.: |
0105538113808 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The subject’s activities are
manufacturer, distributor and
exporter of Purified
Terephthalic Acid [PTA],
which is a
key raw material
of textile polyester,
PET resin and
PVC resin production,
and widely used
in various applications, such
as fiber [clothing],
PET bottles [soft
drink packaging], films,
tape, and coating
[photographic and recording
materials]. |
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No. of Employees : |
300 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
THAILAND - ECONOMIC OVERVIEW
With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two-thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about one-third of the labor force. Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly from neighboring countries.
Over the last few decades, Thailand has reduced poverty substantially. In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners.
Thailand’s economy is recovering from slow growth during the years since the 2014 coup. Thailand’s economic fundamentals are sound, with low inflation, low unemployment, and reasonable public and external debt levels. Tourism and government spending - mostly on infrastructure and short-term stimulus measures – have helped to boost the economy, and The Bank of Thailand has been supportive, with several interest rate reductions.
Over the longer-term, household debt levels, political uncertainty, and an aging population pose risks to growth.
|
Source : CIA |
Company name
SIAM
MITSUI PTA CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 1
SIAM CEMENT ROAD,
BANGSUE,
BANGKOK 10800,
THAILAND
TELEPHONE : [66] 2586-5281,
2586-5286
FAX :
[66] 2586-5285
REGISTRATION
ADDRESS : SAME AS
BUSINESS ADDRESS
ESTABLISHED : 1995
REGISTRATION
NO. : 0105538113808
TAX
ID NO. : 3011641385
CAPITAL REGISTERED : BHT. 4,800,000,000
CAPITAL PAID-UP : BHT. 4,800,000,000
SHAREHOLDER’S PROPORTION : THAI :
50.00%
JAPANESE :
50.00 %
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
SOMMAI SIRILERTSOMBAT, THAI
MANAGING DIRECTOR
NO. OF
STAFF : 300
LINES
OF BUSINESS
: PURIFIED
TEREPHTHALIC ACID
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING
NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on September 25,
1995 as a private limited
company under the
registered name SIAM
MITSUI PTA CO., LTD.,
by SCG Chemicals
Co., Ltd. [former : Cementthai
Chemicals Co., Ltd.],
a member of
Siam Cement Public
Company Limited and
Mitsui Chemicals, Inc.,
in order to
produce Purified Terephthalic
Acid [PTA], for
both domestic and
international markets. It
currently employs approximately
300 staff.
The
subject’s registered address
is 1 Siam
Cement Rd., Bangsue, Bangkok
10800, and
this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Yutaka Watanabe |
|
Japanese |
47 |
|
Mr. Tadashi Yoshino |
|
Japanese |
57 |
|
Mr. Hirohito Takabe |
|
Japanese |
55 |
|
Mr. Cholanat Yanaranop |
|
Thai |
58 |
|
Mr. Chaovalit Ekabut |
|
Thai |
59 |
|
Mr. Sommai Sirilertsombat |
|
Thai |
60 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Sommai Sirilertsombat is
the Managing Director.
He is Thai
nationality with the
age of 60
years old.
Mr. Yutaka Watanabe
is the Deputy
Managing Director.
He is Japanese
nationality with the
age of 47
years old.
Mr. Sathaporn Singhapan
is the Factory
Manager.
He is Thai
nationality.
Mr. Kasem Deewongcharoen is
the Sales & Marketing Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject’s activities are
manufacturer, distributor and
exporter of Purified
Terephthalic Acid [PTA],
which is a
key raw material
of textile polyester,
PET resin and
PVC resin production,
and widely used
in various applications,
such as fiber
[clothing], PET bottles
[soft drink packaging],
films, tape, and
coating [photographic and
recording materials]. Its
production technology has
been supplied by
Mitsui Chemicals, Inc.,
Japan.
PRODUCTION CAPACITY
Full capacity 1,000,000
tons/year
PURCHASE
Raw materials are
purchased from suppliers
both domestic and
overseas in Japan,
Germany, Malaysia, Republic
of China, India
and France.
MAJOR SUPPLIERS
Mitsui Chemicals, Inc. :
Japan
SCG Chemicals Co.,
Ltd. : Thailand
IRPC Public Company
Limited :
Thailand
Thai MC Co.,
Ltd. : Thailand
SALES [LOCAL]
70% of the
products is sold
locally to manufacturers
and wholesalers.
EXPORT [COUNTRIES]
30% of the
products is exported
to Japan, Singapore,
Malaysia, Republic of
China,
United Kingdom, France,
Taiwan, Korea, India,
Indonesia, Vietnam, Pakistan
and
Hong Kong.
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
according to IRICO’S
DATABASE for the
past two years.
BANKING
Kasikornbank Public Company
Limited
[Head Office :
1 Kasikorn Lane,
Rajburana Road, Rajburana,
Bangkok]
EMPLOYMENT
The subject employs
approximately 300 staff. [office staff
and factory workers]
LOCATION DETAILS
The premise is rented
for operating administrative office
at the heading
address in commercial/residential area.
Premise is shared
with the Siam
Cement Group.
Factory is located
at 8 Eastern
Industrial Estate, Soi
G-2 Pakornsongkrohrat Road,
A. Muang, Rayong
21150. Tel: [66] 38 685-100,
Fax: [66] 38 685-099
COMMENT
The
subject’s operating performance
in 2016 has
seen an improvement
with an increase
in both sales
income and net profit comparing to the previous
year, caused by a
recovery and expansion
in various industries
which generated more
demand of Purified
Terephthalic Acid (PTA)
in the past year.
The subject is doing
a moderate business.
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. 400,000,000 on
February 27, 1996
Bht. 1,400,000,000
on December 3,
1996
Bht. 2,800,000,000
on October 5,
1997
Bht. 4,800,000,000
on February 25,
2009
The latest registered capital
was increased to Bht. 4,800,000,000 divided
into 48,000,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 4,
2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mitsui Chemicals, Inc.
Nationality: Japanese Address : Shiodome
City Center, 1-5-2
Higashi-
Shimbashi, Minato-ku, Tokyo,
Japan |
24,000,000 |
50.00 |
|
SCG Chemicals Co.,
Ltd. [Former : Cementthai
Chemicals Co., Ltd.] Nationality: Thai Address : 1
Siam Cement Road,
Bangsue, Bangkok |
23,999,999 |
50.00 |
|
Mr. Cholanat Yanaranop
Nationality: Thai Address : 69/31
Moo 1, Tiwanont
Road, T.
Taladkwan, A. Muang, Nonthaburi |
1 |
- |
Total Shareholders : 3
SHARE STRUCTURE [AS
AT APRIL 4,
2017]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
2 |
24,000,000 |
50.00 |
|
Foreign - Japanese |
1 |
24,000,000 |
50.00 |
|
Total |
3 |
48,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Sureerat Thongaroonsaeng No. 4409
Financials
SIAM MITSUI PTA
CO., LTD.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December 31,
2016, 2015 and
2014 were:
ASSETS
|
Current Assets |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Cash and Cash Equivalents |
73,173,544 |
73,763,167 |
126,484,150 |
|
Trade Accounts and
Other Receivable |
1,603,035,058 |
1,297,282,505 |
1,256,592,067 |
|
Inventories |
1,477,547,656 |
1,589,924,144 |
1,482,035,797 |
|
Other Current Assets
|
239,051,763 |
146,729,471 |
134,920,979 |
|
|
|
|
|
|
Total Current Assets
|
3,392,808,021 |
3,107,699,287 |
3,000,032,993 |
|
|
|
|
|
|
Property, Plant and Equipment |
6,151,445,711 |
6,599,550,398 |
7,914,002,364 |
|
Intangible Assets |
6,288,698 |
5,840,954 |
6,708,955 |
|
Other Non-current Assets |
165,388,295 |
172,876,681 |
178,491,896 |
|
Total Assets |
9,719,224,747 |
9,885,967,320 |
11,099,236,208 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Bank Overdraft and Short-term Loan from Financial Institutions |
1,425,205,216 |
1,483,467,226 |
1,428,991,652 |
|
Trade Accounts and Other
Payable |
2,338,408,889 |
2,369,366,966 |
2,026,209,391 |
|
Current Portion of Long-term
Liabilities |
115,000,000 |
115,000,000 |
1,770,660,000 |
|
Other Current Liabilities |
49,684,859 |
43,145,404 |
50,425,561 |
|
|
|
|
|
|
Total Current Liabilities |
3,928,298,964 |
4,010,979,596 |
5,276,286,604 |
|
|
|
|
|
|
Long-term Loan from Financial Institutions |
1,555,000,000 |
1,670,000,000 |
285,000,000 |
|
Employee Benefits Obligation |
43,879,906 |
39,590,827 |
30,826,164 |
|
Total Liabilities |
5,527,178,870 |
5,720,570,423 |
5,592,112,768 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 48,000,000 shares |
4,800,000,000 |
4,800,000,000 |
4,800,000,000 |
|
|
|
|
|
|
Capital Paid |
4,800,000,000 |
4,800,000,000 |
4,800,000,000 |
|
Retained Earning Appropriated for Statutory
Reserve |
480,000,000 |
480,000,000 |
480,000,000 |
|
Unappropriated |
[1,087,954,123] |
[1,114,603,103] |
227,123,440 |
|
Total Shareholders' Equity |
4,192,045,877 |
4,165,396,897 |
5,507,123,440 |
|
Total Liabilities and
Shareholders' Equity |
9,719,224,747 |
9,885,967,320 |
11,099,236,208 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales or Services Income |
22,076,741,572 |
20,391,937,730 |
28,324,897,897 |
|
Other Income |
64,341,664 |
131,843,567 |
170,821,416 |
|
Total Revenues |
22,141,083,236 |
20,523,781,297 |
28,495,719,313 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold or Services |
21,461,918,751 |
20,085,841,043 |
29,148,469,202 |
|
Selling Expenses |
322,803,939 |
268,516,803 |
294,774,961 |
|
Administrative Expenses |
240,562,880 |
215,763,203 |
186,518,706 |
|
Other Expenses |
[378,738] |
1,206,924,815 |
388,382,173 |
|
Total Expenses |
22,024,906,832 |
21,777,045,864 |
30,018,145,042 |
|
Profit /[Loss] before Financial Cost & Income Tax |
116,176,404 |
[1,253,264,567] |
[1,522,425,729] |
|
Financial Cost |
[89,234,622] |
[90,011,834] |
[64,898,058] |
|
Profit /[Loss] before Income
Tax |
26,941,782 |
[1,343,276,401] |
[1,587,323,787] |
|
Expenses [Income] Income
Tax |
[292,802] |
1,549,858 |
766,550 |
|
Net Profit / [Loss] |
26,648,980 |
[1,341,726,543] |
[1,586,557,237] |
SIAM MITSUI
PTA CO., LTD.
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.86 |
0.77 |
0.57 |
|
QUICK RATIO |
TIMES |
0.43 |
0.34 |
0.26 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
3.59 |
3.09 |
3.58 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.27 |
2.06 |
2.55 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
25.13 |
28.89 |
18.56 |
|
INVENTORY TURNOVER |
TIMES |
14.53 |
12.63 |
19.67 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
26.50 |
23.22 |
16.19 |
|
RECEIVABLES TURNOVER |
TIMES |
13.77 |
15.72 |
22.54 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
39.77 |
43.06 |
25.37 |
|
CASH CONVERSION CYCLE |
DAYS |
11.86 |
9.06 |
9.38 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
97.22 |
98.50 |
102.91 |
|
SELLING & ADMINISTRATION |
% |
2.55 |
2.37 |
1.70 |
|
INTEREST |
% |
0.40 |
0.44 |
0.23 |
|
GROSS PROFIT MARGIN |
% |
3.08 |
2.15 |
(2.30) |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
0.53 |
(6.15) |
(5.37) |
|
NET PROFIT MARGIN |
% |
0.12 |
(6.58) |
(5.60) |
|
RETURN ON EQUITY |
% |
0.64 |
(32.21) |
(28.81) |
|
RETURN ON ASSET |
% |
0.27 |
(13.57) |
(14.29) |
|
EARNING PER SHARE |
BAHT |
0.56 |
(27.95) |
(33.05) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.57 |
0.58 |
0.50 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.32 |
1.37 |
1.02 |
|
TIME INTEREST EARNED |
TIMES |
1.30 |
(13.92) |
(23.46) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
8.26 |
(28.01) |
|
|
OPERATING PROFIT |
% |
(109.27) |
(17.68) |
|
|
NET PROFIT |
% |
101.99 |
15.43 |
|
|
FIXED ASSETS |
% |
(6.79) |
(16.61) |
|
|
TOTAL ASSETS |
% |
(1.69) |
(10.93) |
|
ANNUAL GROWTH :
ACCEPTABLE
An annual sales growth is 8.26%. Turnover has increased from THB
20,391,937,730.00 in 2015 to THB 22,076,741,572.00 in 2016. While net profit
has increased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
3.08 |
Deteriorated |
Industrial Average |
14.10 |
|
Net Profit Margin |
0.12 |
Deteriorated |
Industrial Average |
3.01 |
|
Return on Assets |
0.27 |
Deteriorated |
Industrial Average |
3.24 |
|
Return on Equity |
0.64 |
Deteriorated |
Industrial Average |
4.91 |
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 3.08%. 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 0.12%.
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 0.27%.
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 0.64%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.86 |
Risky |
Industrial Average |
1.91 |
|
Quick Ratio |
0.43 |
|
|
|
|
Cash Conversion Cycle |
11.86 |
|
|
|
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 0.86 times in 2016, increase from 0.77 times, then the company may
have problems meeting its short-term obligations. 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 0.43 times in 2016,
increase from 0.34 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 12 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.57 |
Acceptable |
Industrial Average |
0.38 |
|
Debt to Equity Ratio |
1.32 |
Risky |
Industrial Average |
0.61 |
|
Times Interest Earned |
1.30 |
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 1.31 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 0.57 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 |
3.59 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.27 |
Impressive |
Industrial Average |
1.07 |
|
Inventory Conversion Period |
25.13 |
|
|
|
|
Inventory Turnover |
14.53 |
Impressive |
Industrial Average |
7.47 |
|
Receivables Conversion Period |
26.50 |
|
|
|
|
Receivables Turnover |
13.77 |
Impressive |
Industrial Average |
6.22 |
|
Payables Conversion Period |
39.77 |
|
|
|
The company's Account Receivable Ratio is calculated as 13.77 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 29 days at the
end of 2015 to 25 days at the end of 2016. This represents a positive trend.
And Inventory turnover has increased from 12.63 times in year 2015 to 14.53
times in year 2016.
The company's Total Asset Turnover is calculated as 2.27 times and 2.06
times in 2016 and 2015 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 Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.28 |
|
|
1 |
INR 89.02 |
|
Euro |
1 |
INR 78.93 |
|
Thai baht |
1 |
INR 2.04 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.