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MIRA
INFORM REPORT
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Report No. : |
496228 |
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Report Date : |
06.03.2018 |
IDENTIFICATION DETAILS
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Name : |
THAI GLYCERINE CO., LTD. |
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Formerly Known As : |
THAI HAN KANG CO., LTD. |
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Registered Office : |
102 Moo 3, T. Thasao, A. Krathumbaen, Samutsakorn
74110 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
23.09.2011 |
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Com. Reg. No.: |
0105554127877 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The subject is
engaged in manufacturing, distributing and
exporting industrial chemicals
mainly as Glycerine [99.5% purified Glycerine], as well
as by-products such
as Methanol [MeOH], Sodium
Chloride [NaCi], Palm Fatty
Acid Distillate [PFAD]
and Matter Organic
Non-Glycerol [MONG], for
various industries such
as foods, pharmaceuticals, cosmetics,
consumer goods, petroleum,
agricultural |
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No. of Employees : |
90 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured 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 (30.09.2017) |
Current Rating (31.12.2017) |
|
Thailand |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 sustained strong growth and 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.
Growth has slowed in the last few years, however, due to domestic political turmoil and sluggish global demand. Nevertheless, 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, Thailand faces labor shortages, and
domestic debt levels, political uncertainty, and an aging population pose risks to growth.
|
Source
: CIA |
COMPANY NAME
THAI GLYCERINE CO., LTD.
[FORMER:
THAI HAN KANG CO., LTD.]
SUMMARY
BUSINESS
ADDRESS : 102
MOO 3, T. THASAO,
A. KRATHUMBAEN,
SAMUTSAKORN 74110,
THAILAND
TELEPHONE : [66] 34
440-999, 34 460-883-4,
061 389-9882
FAX : [66] 34
440-996, 34 460-885
E-MAIL
ADDRESS : info@thaiglycerine.com
infothaiglycerine@yahoo.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2011
REGISTRATION
NO. : 0105554127877
TAX
ID NO. : 3034720241
CAPITAL REGISTERED : BHT. 100,000,000
CAPITAL PAID-UP : BHT.
100,000,000
SHAREHOLDER’S PROPORTION : THAI :
80.00%
CHINESE :
20.00%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. SONGDET PORNTEPARAK,
THAI
MANAGING DIRECTOR
NO.
OF STAFF : 90
LINES
OF BUSINESS : INDUSTRIAL CHEMICALS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
LOW PERFORMANCE
HISTORY
The
subject was established
on September 23, 2011
as a private
limited company under
the originally registered
name “Thai Han Kang Co.,
Ltd.”, by Thai and Chinese
groups. On March
14, 2014, the
subject’s registered name was
changed to THAI
GLYCERINE CO., LTD. Its
business objective is to
manufacture and distribute industrial
chemicals to various
industries of both
domestic and overseas
markets. It currently
employs approximately 90
staff.
The subject achieved the ISO 9001 : 2008, HACCP & GMP certificated
for the production
management system.
The
subject’s registered address
is 102 Moo 3,
T. Thasao, A. Krathumbaen,
Samutsakorn 74110, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Veeradol Trakulhoon |
|
Thai |
49 |
|
Mr. Cheng Niruttinanon |
|
Thai |
74 |
|
Ms. Thipawan Mankong |
|
Thai |
46 |
|
Mr. Songdet Pornteparak |
|
Thai |
57 |
AUTHORIZED PERSON
Two of the
mentioned directors can
jointly sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Songdet Pornteparak is
the Managing Director.
He is Thai
nationality with the
age of 57
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting industrial
chemicals mainly as
Glycerine [99.5% purified
Glycerine], as well as
by-products such as
Methanol [MeOH], Sodium Chloride [NaCi], Palm
Fatty Acid Distillate
[PFAD] and Matter
Organic Non-Glycerol [MONG],
for various industries
such as foods,
pharmaceuticals, cosmetics, consumer
goods, petroleum, agricultural
and etc.
PRODUCTION CAPACITY
100 tons
per days
PURCHASE
Raw material mainly
palm oil is
purchased from both
domestic and overseas
suppliers in Japan,
Republic of China,
Germany and Malaysia.
SALES
80% of the
products is sold
locally by wholesale
to manufacturers and
end-users, the remaining 20% is
exported to Republic
of China, Japan,
Malaysia, Singapore, India,
Pakistan, Indonesia and
the country in Europe.
MAJOR CUSTOMERS
Siam Absolute Chemical
Co., Ltd. : Thailand
Lok Chemicals Pvt.
Ltd. : India
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 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
T/T.
Exports are against
T/T.
BANKING
Bangkok
Bank Public Company
Limited
EMPLOYMENT
The
subject employs approximately
90 staff.
LOCATION DETAILS
The
premise is owned for
administrative office, factory
and warehouse at the heading
address. Premise is
located in provincial.
COMMENT
The
subject’s sales income
in 2016 has
seen an improvement
with a sharp
increase in sales
figures, but an
increase in its
net loss which
was caused by higher
cost of goods
sold and other
operating expenses including
financial cost which
eroded the profit
margin. Moreover, its
accumulated loss (deficit
retained earning) remains
high which could
affect on its
normal business operation
and financial liquidity flow in
the future.
FINANCIAL INFORMATION
The capital was registered
at Bht. 100,000,000
divided into 1,000,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[as
at March 24,
2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Cheng Niruttinanon Nationality: Thai Address : 161/532
Charansanitwong Road, Bangkhunsri, Bangkoknoi,
Bangkok |
550,000 |
55.00 |
|
Mr. Zhang Jianlong Nationality: Chinese Address : 102
Moo 3, T. Thasao,
A. Krathumban,
Samutsakorn |
100,000 |
10.00 |
|
Mr. Wu Haihui Nationality: Chinese Address : 102
Moo 3, T. Thasao,
A. Krathumban,
Samutsakorn |
100,000 |
10.00 |
|
Mr. Songdet Pornteparak Nationality: Thai Address : 3769/160
Bangklo, Bangkorlaem, Bangkok |
100,000 |
10.00 |
|
Ms. Thipawan Mankong Nationality: Thai Address : 67/1344
Moo 2, T. Kokkrabue, A. Muang,
Samutsakorn |
50,000 |
5.00 |
|
Mr. Veeradol Trakulhoon Nationality: Thai Address : 5
Soi Petchkasem 15
Yaek 9,
Wadthaphra, Bangkokyai, Bangkok
|
50,000 |
5.00 |
|
Mr. Surasak Trakulhoon Nationality: Thai Address : 7
Soi Petchkasem 15
Yaek 9,
Wadthaphra, Bangkokyai, Bangkok
|
50,000 |
5.00 |
Total Shareholders : 7
SHARE STRUCTURE [AS AT
MARCH 24, 2017]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
5 |
800,000 |
80.00 |
|
Foreign-Chinese |
2 |
200,000 |
20.00 |
|
Total |
7 |
1,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Ms. Karnrawee Anuntaakarakul No.
5702
FINANCIALS
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 |
63,133,041.75 |
10,918,841.43 |
34,836,528.59 |
|
Trade Accounts and
Other Receivable |
27,542,200.98 |
7,340,212.79 |
- |
|
Inventories |
54,151,632.00 |
116,295,258.35 |
33,238,477.50 |
|
Other Current Assets
|
47,956,618.33 |
32,142,571.63 |
19,848,714.17 |
|
Total Current Assets
|
192,423,493.06 |
166,696,884.20 |
87,923,720.26 |
|
|
|
|
|
|
Property, Plant and Equipment |
469,427,688.81 |
295,074,722.75 |
233,603,241.66 |
|
Intangible Assets |
4,249,999.96 |
4,750,000.00 |
5,000,000.00 |
|
Other Non-current Assets |
982,539.61 |
345,005.61 |
378,969.16 |
|
Total Assets |
667,083,721.44 |
466,866,612.56 |
326,905,931.08 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Trade Accounts and Other
Payable |
15,516,945.12 |
8,038,666.12 |
6,653,838.05 |
|
Current Portion of Long-term Liabilities |
4,939,116.00 |
4,939,116.00 |
4,176,000.00 |
|
Short-term Payable from Person or Related Company |
8,401,803.27 |
20,393,298.50 |
69,733,651.63 |
|
Other Current Liabilities |
10,488,235.49 |
1,747,586.29 |
7,032,393.24 |
|
Total Current Liabilities |
39,346,099.88 |
35,118,666.91 |
87,595,882.92 |
|
|
|
|
|
|
Long-term Payable from Person or Related Company |
627,349,546.68 |
377,172,145.54 |
150,000,000.00 |
|
Other Non-current Liabilities |
1,462,639.00 |
6,401,755.00 |
8,352,000.00 |
|
Total Liabilities |
668,158,285.56 |
418,692,567.45 |
245,947,882.92 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
value authorized, issued
and fully paid share
capital 1,000,000 shares |
100,000,000.00 |
100,000,000.00 |
100,000,000.00 |
|
Capital Paid |
100,000,000.00 |
100,000,000.00 |
100,000,000.00 |
|
Retained Earning -Unappropriated [Deficit] |
[101,074,564.12] |
[51,825,954.89] |
[19,041,951.84] |
|
Total Shareholders' Equity |
[1,074,564.12] |
48,174,045.11 |
80,958,048.16 |
|
Total Liabilities and
Shareholders' Equity |
667,083,721.44 |
466,866,612.56 |
326,905,931.08 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales or Services Income
|
173,970,093.15 |
18,651,678.26 |
72,050.00 |
|
Interest Income |
101,638.10 |
106,114.20 |
- |
|
Other Income |
33,278,999.68 |
868,144.39 |
545,474.10 |
|
Total Revenues |
207,350,730.93 |
19,625,936.85 |
617,524.10 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold or Services |
192,319,939.58 |
18,297,945.57 |
608,594.63 |
|
Selling Expenses |
12,215,795.35 |
2,599,389.36 |
821,121.45 |
|
Administrative Expenses |
26,603,566.72 |
19,700,118.74 |
9,029,233.77 |
|
Total Expenses |
231,139,301.65 |
40,597,453.67 |
10,458,949.85 |
|
Profit / [Loss] before
Financial Cost & Income Tax |
[23,788,570.72] |
[20,971,516.82] |
9,841,425.75 |
|
Financial Cost |
[18,880,038.51] |
[11,812,486.23] |
5,099,410.31 |
|
Profit / [Loss] before
Income Tax |
[42,668,609.23] |
[32,784,003.05] |
[14,940,836.06] |
|
Income Tax expenses |
- |
- |
- |
|
Net Profit / [Loss] |
[42,668,609.23] |
[32,784,003.05] |
[14,940,836.06] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
4.89 |
4.75 |
1.00 |
|
QUICK RATIO |
TIMES |
2.30 |
0.52 |
0.40 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
0.37 |
0.06 |
0.00 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.26 |
0.04 |
0.00 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
102.77 |
2,319.81 |
19,934.52 |
|
INVENTORY TURNOVER |
TIMES |
3.55 |
0.16 |
0.02 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
57.79 |
143.64 |
- |
|
RECEIVABLES TURNOVER |
TIMES |
6.32 |
2.54 |
- |
|
PAYABLES CONVERSION PERIOD |
DAYS |
29.45 |
160.35 |
3,990.59 |
|
CASH CONVERSION CYCLE |
DAYS |
131.11 |
2,303.10 |
15,943.94 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
110.55 |
98.10 |
844.68 |
|
SELLING & ADMINISTRATION |
% |
22.31 |
119.56 |
13,671.55 |
|
INTEREST |
% |
10.85 |
63.33 |
7,077.60 |
|
GROSS PROFIT MARGIN |
% |
8.64 |
7.12 |
12.39 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(13.67) |
(112.44) |
(13,659.16) |
|
NET PROFIT MARGIN |
% |
(24.53) |
(175.77) |
(20,736.76) |
|
RETURN ON EQUITY |
% |
- |
(68.05) |
(18.46) |
|
RETURN ON ASSET |
% |
(6.40) |
(7.02) |
(4.57) |
|
EARNING PER SHARE |
BAHT |
(42.67) |
(32.78) |
(14.94) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
1.00 |
0.90 |
0.75 |
|
DEBT TO EQUITY RATIO |
TIMES |
(621.79) |
8.69 |
3.04 |
|
TIME INTEREST EARNED |
TIMES |
(1.26) |
(1.78) |
(1.93) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
832.73 |
25,787.13 |
|
|
OPERATING PROFIT |
% |
13.43 |
113.09 |
|
|
NET PROFIT |
% |
(30.15) |
(119.43) |
|
|
FIXED ASSETS |
% |
59.09 |
26.31 |
|
|
TOTAL ASSETS |
% |
42.89 |
42.81 |
|
ANNUAL GROWTH: IMPRESSIVE
An annual sales growth is 832.73%. Turnover has increased from THB
18,651,678.26 in 2015 to THB 173,970,093.15 in 2016. While net profit has
decreased from THB -32,784,003.05 in 2015 to THB -42,668,609.23 in 2016. And
total assets has increased from THB 466,866,612.56 in 2015 to THB
667,083,721.44 in 2016.
PROFITABILITY: RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
8.64 |
Deteriorated |
Industrial Average |
21.62 |
|
Net Profit Margin |
(24.53) |
Deteriorated |
Industrial Average |
7.85 |
|
Return on Assets |
(6.40) |
Deteriorated |
Industrial Average |
8.51 |
|
Return on Equity |
- |
Industrial Average |
16.71 |
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 8.64%. 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 -24.53%.
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 -6.4%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
4.89 |
Impressive |
Industrial Average |
1.50 |
|
Quick Ratio |
2.30 |
|
||
|
Cash Conversion Cycle |
131.11 |
|
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 4.89 times in 2016, increase from 4.75 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 2.3 times in 2016,
increase from 0.52 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 132 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
1.00 |
Risky |
Industrial Average |
0.44 |
|
Debt to Equity Ratio |
(621.79) |
Risky |
Industrial Average |
0.78 |
|
Times Interest Earned |
(1.26) |
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 -1.26 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 1 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:
ACCEPTABLE
ACTIVITY RATIO
|
Fixed Assets Turnover |
0.37 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
0.26 |
Deteriorated |
Industrial Average |
1.08 |
|
Inventory Conversion Period |
102.77 |
|
||
|
Inventory Turnover |
3.55 |
Deteriorated |
Industrial Average |
11.07 |
|
Receivables Conversion Period |
57.79 |
|
||
|
Receivables Turnover |
6.32 |
Deteriorated |
Industrial Average |
7.27 |
|
Payables Conversion Period |
29.45 |
|
The company's Account Receivable Ratio is calculated as 6.32 and 2.54 in
2016 and 2015 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 2016
increased from 2015. 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 2320 days at the
end of 2015 to 103 days at the end of 2016. This represents a positive trend.
And Inventory turnover has increased from 0.16 times in year 2015 to 3.55 times
in year 2016.
The company's Total Asset Turnover is calculated as 0.26 times and 0.04
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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.05 |
|
|
1 |
INR 89.70 |
|
Euro |
1 |
INR 80.03 |
|
Thai Baht |
1 |
INR 2.07 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.