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MIRA INFORM REPORT
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Report No. : |
497658 |
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Report Date : |
19.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
S.R. SPINNING COMPANY LIMITED |
|
|
|
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Registered Office : |
108 Moo 2, Petchakasem Road, T.Tonmaprao, A. Muang, Petchaburi 76000 |
|
|
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|
Country : |
Thailand |
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|
|
|
Financials (as on) : |
31.12.2016 |
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|
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Date of Incorporation : |
20.01.1995 |
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|
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Com. Reg. No.: |
0105538009393 |
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|
Legal Form : |
Private Limited Company |
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|
|
|
Line of Business : |
Manufacturer,
Distributor and Exporter of Yarn Spinning. |
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|
No. of Employees : |
350 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
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
S.R. SPINNING COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 108 MOO
2, PETCHAKASEM ROAD,
T.
TONMAPRAO,
A. MUANG, PETCHABURI 76000,
THAILAND
TELEPHONE : [66] 32
446-755-6
FAX :
[66] 32
446-755
E-MAIL ADDRESS : info@sr-spinning.com
taveesak@sr-spinning.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1995
REGISTRATION NO. : 0105538009393
TAX ID NO. : 3011528402
CAPITAL REGISTERED : BHT. 500,000,000
CAPITAL PAID-UP : BHT. 500,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE
LIMITED COMPANY
EXECUTIVE : MR.
THEVEESAK BURANATRAKUL, THAI
MANAGING
DIRECTOR
NO. OF STAFF : 350
LINES OF BUSINESS : YARN
SPINNING
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 January 20,
1995 as a private
limited company under
the registered name
S.R. SPINNING COMPANY
LIMITED, by Thai
group, with the
business objective to
provide yarn spinning
for textile industry
of both domestic
and overseas. It
currently employs approximately
350 staff.
The subject’s registered
address is 108 Moo
2, Petchakasem Road, T. Tonmaprao, A. Muang, Petchaburi 76000, and this is the subject’s
current operation address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Surat Laipradit |
|
Thai |
68 |
|
Mr.
Thaveesak Buranatrakul |
|
Thai |
70 |
|
Mr. Surin Songthamjitti |
|
Thai |
75 |
|
Mr. Sem Anekpornpiboon |
|
Thai |
68 |
|
Mr. Somchai Thamrongvoraporn |
|
Thai |
65 |
AUTHORIZED PERSON
Any two of
the above directors
can jointly sign
on behalf of
the subject with company’s affixed.
MANAGEMENT
Mr.
Thaveesak Buranatrakul
is the Managing
Director.
He is
Thai nationality with
the age of
70 years old.
Mr. Chalat Buranatrakul
is the Assistant
Managing Director [Purchasing].
He is
Thai nationality.
Mr. Sem Anekpornpiboon is
the Factory Manager.
He is
Thai nationality with
the age of
68 years old.
Mr. Ekachai Buranatrakul is
the Sales & Marketing Manager.
He is
Thai nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing, distributing and
exporting various kinds
of yarn spinning
such as polyester
yarn, cotton yarn,
rayon yarn, viscose
yarn, siro yarn
for textile industry.
BRAND NAME
“SRS”
PRODUCTION CAPACITY
2.0 million
Ibs per month
PURCHASE
Raw materials
such as cotton
and polyester yarn,
as well as
chemical are purchased
from suppliers both
domestic and overseas
in Republic of
China, Brazil and
Australia.
MAJOR SUPPLIERS
Auscott Ltd. : Australia
Allenberg Cotton Inc. :
U.S.A.
Libero Commodities : Brazil
Thai Rayon Public
Company Limited : Thailand
Louis Dreyfus Commodities : Brazil
Allenbery Cotton Co.,
Inc. : U.S.A.
SALES
80% of
the products is
sold and serviced locally
to textile manufacturers
and end-users, the remaining
20% is exported
to India, Hong Kong, Republic
of China, Japan, Pakistan and
the country in
Europe.
RELATED AND AFFILIATED COMPANIES
S.R. Textile
Co., Ltd.
Business Type
: Importer and
exporter of fabric
S.R. Polyester
Co., Ltd.
Business Type
: Manufacturer and distributor
of yarn spinning
S.R. Twistex
Co., Ltd.
Business Type
: Manufacturer and
distributor of fabric
and textile products
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 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 T/T.
Exports are
against T/T.
BANKING
Bangkok Bank Public
Company Limited
Kasikornbank Public Company
Limited
EMPLOYMENT
The subject employs
approximately 350 staff.
LOCATION DETAILS
The premise is
owned for administrative office,
factory and warehouse
on 96,000 square
meters plot of
land, at the
heading address. Premise
is located in
provincial.
Bangkok branch is
at 729/77-78 Ratchadapisek
Road, Bangpongpang, Yannawa,
Bangkok 10120.
Tel. [66] 2683-8723-6,
081 904-2482, Fax.
[66] 2683-8723
COMMENT
The subject operates as
a manufacturer, distributor
and exporter various kinds
of yarns for
textile industry. Its
sales has gradually
declined in the
previous years, while
market of such products
has grown at
slow pace due
to slowdown from
related industries in the
previous years. The
subject encounters a
slow growth with
a decrease in
sales or service
income and net
profit annually. However,
it has accumulated
a large amount of
retained earning which
would assist on its normal
business operation with
no difficulty.
FINANCIAL INFORMATION
The capital was registered at Bht. 10,000,000 divided into 100,000 shares
of Bht. 100 each with fully paid.
The capital was increased later as follows:
Bht. 200,000,000 on December
3, 1996
Bht. 250,000,000 on June
26, 1997
Bht. 280,000,000 on July
13, 2000
Bht. 400,000,000 on May
25, 2001
Bht. 500,000,000 on August
19, 2004
The latest registered capital was increased to Bht. 500,000,000 divided
into 5,000,000 shares of Bht.100 each with
fully paid.
THE SHAREHOLDERS LISTED WERE
[As at July 11, 2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Surat Laiprasert Nationality: Thai Address :
729/77-78 Ratchadapisek Road,
Bangpongpang, Yannawa,
Bangkok |
1,235,000 |
24.70 |
|
Mr.
Somchai Thamrongvoraporn Nationality: Thai Address :
729/77-78 Ratchadapisek Road,
Bangpongpang, Yannawa,
Bangkok |
1,000,000 |
20.00 |
|
Mr.
Thaveesak Buranatrakul Nationality: Thai Address :
729/77-78 Ratchadapisek Road,
Bangpongpang, Yannawa,
Bangkok |
550,000 |
11.00 |
|
Mr. Surin Songthamjitti Nationality: Thai Address :
729/77-78 Ratchadapisek Road,
Bangpongpang, Yannawa,
Bangkok |
515,000 |
10.30 |
|
Mr.
Surasak Buranatrakul Nationality: Thai Address :
729/77-78 Ratchadapisek Road,
Bangpongpang, Yannawa,
Bangkok |
450,000 |
9.00 |
|
Mr.
Udomdej Buranatrakul Nationality: Thai Address :
729/77-78 Ratchadapisek Road,
Bangpongpang, Yannawa,
Bangkok |
320,000 |
6.40 |
|
Mr. Sem Anekpornpiboon Nationality: Thai Address :
729/77-78 Ratchadapisek Road,
Bangpongpang, Yannawa,
Bangkok |
250,000 |
5.00 |
|
Mr.
Sunthorn Buranatrakul Nationality: Thai Address :
729/77-78 Ratchadapisek Road,
Bangpongpang, Yannawa,
Bangkok |
230,000 |
4.60 |
|
Mr.
Pornchai Yuvacharuskul Nationality: Thai Address :
729/77-78 Ratchadapisek Road,
Bangpongpang, Yannawa,
Bangkok |
225,000 |
4.50 |
|
Mr.
Pornthep Yuvacharuskul Nationality: Thai Address :
729/77-78 Ratchadapisek Road,
Bangpongpang, Yannawa,
Bangkok |
225,000 |
4.50 |
Total
Shareholders: 10
Share Structure
[As at July 11, 2017]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
10 |
5,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
10 |
5,000,000 |
100.00 |
NAME OF AUDITOR & CERTIFIED PUBLIC ACCOUNTANT NO.
Mr. Sorakit Siripongwutikorn No. 6311
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 |
14,565,191.98 |
19,375,703.28 |
25,315,239.05 |
|
Trade Accounts
and Other Receivable
|
90,219,876.81 |
106,218,275.47 |
133,046,630.77 |
|
Inventories |
247,268,941.22 |
258,633,343.33 |
219,549,072.32 |
|
Other Current
Assets |
7,439,709.42 |
1,898,251.71 |
2,051,450.00 |
|
Total Current
Assets |
359,493,719.43 |
386,125,573.79 |
379,962,392.14 |
|
|
|
|
|
|
Property,
Plant and Equipment |
375,146,079.08 |
412,563,092.40 |
424,575,178.07 |
|
Total Assets |
734,639,798.51 |
798,688,666.19 |
804,537,570.21 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Bank
Overdraft and Short-term Loans from Financial Institutions |
60,000,000.00 |
90,000,000.00 |
90,000,000.00 |
|
Trade
Accounts and Other Payable |
16,518,315.54 |
12,003,269.19 |
48,568,770.91 |
|
Current Portion of Long-term Liabilities |
19,464,000.00 |
19,464,000.00 |
- |
|
Other Current
Liabilities |
1,283,164.89 |
2,052,661.24 |
- |
|
Total Current
Liabilities |
97,265,480.43 |
123,519,930.43 |
138,568,770.91 |
|
|
|
|
|
|
Long-term Loans |
4,778,474.49 |
24,242,474.49 |
- |
|
Total Liabilities
|
102,043,954.92 |
147,762,404.92 |
138,568,770.91 |
|
|
|
|
|
|
Shareholders’
Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100 par
value authorized,
and issued share
capital 5,000,000
shares |
500,000,000.00 |
500,000,000.00 |
500,000,000.00 |
|
Capital Paid |
500,000,000.00 |
500,000,000.00 |
500,000,000.00 |
|
Retained Earning
-Unappropriated [Deficit] |
132,595,843.59 |
150,926,261.27 |
165,968,799.30 |
|
Total Shareholders’ Equity |
632,595,843.59 |
650,926,261.27 |
665,968,799.30 |
|
Total Liabilities
and Shareholders’ Equity |
734,639,798.51 |
798,688,666.19 |
804,537,570.21 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales or Services Income |
579,053,716.63 |
643,524,954.56 |
722,762,827.19 |
|
Other Income |
1,763,238.39 |
3,609,241.42 |
1,635,815.34 |
|
Total Revenues |
580,816,955.02 |
647,134,195.98 |
724,398,642.53 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of
Goods Sold or
Services |
564,889,727.55 |
625,089,793.19 |
714,900,886.38 |
|
Selling Expenses |
4,566,100.00 |
5,828,026.81 |
5,511,338.28 |
|
Administrative
Expenses |
28,793,511.15 |
30,175,518.55 |
30,018,044.58 |
|
Other Expenses |
- |
- |
311,064.53 |
|
Total Expenses
|
598,249,338.70 |
661,093,338.55 |
750,741,333.77 |
|
|
|
|
|
|
Profit /[Loss]
before Financial Cost |
[17,432,383.68] |
[13,959,142.57] |
[26,342,691.24] |
|
Financial Cost |
[898,034.00] |
[1,083,395.46] |
[304,625.34] |
|
Net Profit / [Loss] |
[18,330,417.68] |
[15,042,538.03] |
[26,647,316.58] |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
3.70 |
3.13 |
2.74 |
|
QUICK RATIO |
TIMES |
1.08 |
1.02 |
1.14 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS
TURNOVER |
TIMES |
1.54 |
1.56 |
1.70 |
|
TOTAL ASSETS
TURNOVER |
TIMES |
0.79 |
0.81 |
0.90 |
|
INVENTORY
CONVERSION PERIOD |
DAYS |
159.77 |
151.02 |
112.09 |
|
INVENTORY
TURNOVER |
TIMES |
2.28 |
2.42 |
3.26 |
|
RECEIVABLES
CONVERSION PERIOD |
DAYS |
56.87 |
60.25 |
67.19 |
|
RECEIVABLES
TURNOVER |
TIMES |
6.42 |
6.06 |
5.43 |
|
PAYABLES
CONVERSION PERIOD |
DAYS |
10.67 |
7.01 |
24.80 |
|
CASH CONVERSION
CYCLE |
DAYS |
205.97 |
204.26 |
154.49 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS
SOLD |
% |
97.55 |
97.14 |
98.91 |
|
SELLING &
ADMINISTRATION |
% |
5.76 |
5.59 |
4.92 |
|
INTEREST |
% |
0.16 |
0.17 |
0.04 |
|
GROSS PROFIT
MARGIN |
% |
2.75 |
3.43 |
1.31 |
|
NET PROFIT MARGIN
BEFORE EX. ITEM |
% |
(3.01) |
(2.17) |
(3.64) |
|
NET PROFIT MARGIN |
% |
(3.17) |
(2.34) |
(3.69) |
|
RETURN ON EQUITY |
% |
(2.90) |
(2.31) |
(4.00) |
|
RETURN ON ASSET |
% |
(2.50) |
(1.88) |
(3.31) |
|
EARNING PER SHARE |
BAHT |
(3.67) |
(3.01) |
(5.33) |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.14 |
0.19 |
0.17 |
|
DEBT TO EQUITY
RATIO |
TIMES |
0.16 |
0.23 |
0.21 |
|
TIME INTEREST
EARNED |
TIMES |
(19.41) |
(12.88) |
(86.48) |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(10.02) |
(10.96) |
|
|
OPERATING PROFIT |
% |
24.88 |
(47.01) |
|
|
NET PROFIT |
% |
(21.86) |
43.55 |
|
|
FIXED ASSETS |
% |
(9.07) |
(2.83) |
|
|
TOTAL ASSETS |
% |
(8.02) |
(0.73) |
|
ANNUAL GROWTH: RISKY
An annual sales
growth is -10.02%. Turnover has decreased from THB
PROFITABILITY : RISKY
PROFITABILITY RATIO
|
Gross Profit
Margin |
2.75 |
Satisfactory |
Industrial Average |
4.69 |
|
Net Profit Margin |
(3.17) |
Deteriorated |
Industrial Average |
13.81 |
|
Return on Assets |
(2.50) |
Deteriorated |
Industrial Average |
10.50 |
|
Return on Equity |
(2.90) |
Deteriorated |
Industrial Average |
21.10 |
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 2.75%. 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 -3.17%. 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 -2.5%.
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 -2.9%.
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 |
3.70 |
Impressive |
Industrial Average |
0.96 |
|
Quick Ratio |
1.08 |
|
|
|
|
Cash Conversion
Cycle |
205.97 |
|
|
|
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 3.7 times in 2016,
increase from 3.13 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 1.08 times in 2016, increase from 1.02
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 206 days.
Trend of the average competitors in the same
industry for last 5 years
Current Ratio Downtrend
LEVERAGE: SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.14 |
Impressive |
Industrial Average |
0.46 |
|
Debt to Equity
Ratio |
0.16 |
Impressive |
Industrial Average |
0.84 |
|
Times Interest
Earned |
(19.41) |
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 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
-19.42 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 0.14 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 : EXCELLENT
ACTIVITY RATIO
|
Fixed Assets
Turnover |
1.54 |
Impressive |
Industrial Average |
- |
|
Total Assets
Turnover |
0.79 |
Impressive |
Industrial Average |
0.76 |
|
Inventory
Conversion Period |
159.77 |
|
|
|
|
Inventory
Turnover |
2.28 |
Impressive |
Industrial Average |
2.21 |
|
Receivables
Conversion Period |
56.87 |
|
|
|
|
Receivables
Turnover |
6.42 |
Impressive |
Industrial Average |
5.99 |
|
Payables
Conversion Period |
10.67 |
|
|
|
The company's
Account Receivable Ratio is calculated as 6.42 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
increased from 151 days at the end of 2015 to 160 days at the end of 2016. This
represents a negative trend. And Inventory turnover has decreased from 2.42
times in year 2015 to 2.28 times in year 2016.
The company's Total
Asset Turnover is calculated as 0.79 times and 0.81 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 Uptrend
Inventory Turnover Downtrend
Receivables
Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.87 |
|
|
1 |
INR 90.49 |
|
Euro |
1 |
INR 79.91 |
|
Thai Baht |
1 |
INR 2.08 |
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.