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Report No. : |
355243 |
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Report Date : |
21.12.2015 |
IDENTIFICATION DETAILS
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Name : |
DELTA - GALIL INDUSTRIES LTD. |
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Registered Office : |
P.O. Box 137, Karmiel (2161002) P.O. Box 10265, Tel Aviv (6110102) 2 Kaufman Street Textile House Tel AVIV 6801294 |
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Country : |
Israel |
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Financials (as on) : |
30.09.2015 |
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Date of Incorporation : |
09.06.1975 |
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Legal Form : |
Private limited company |
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Line of Business : |
Subject
engaged in designers, manufacturers, marketers, retailers and exporters of
private label women’s lingerie and intimate apparel, seamless underwear, as
well as socks, leisurewear, nightwear and active-wear for men, ladies and children. |
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No. of Employee : |
1620 (2014) |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Israel |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
ISRAEL - ECONOMIC
OVERVIEW
Israel has a technologically advanced market economy. Cut diamonds, high-technology equipment, and pharmaceuticals are among the leading exports. Its major imports include crude oil, grains, raw materials, and military equipment. Israel usually posts sizable trade deficits, which are covered by tourism and other service exports, as well as significant foreign investment inflows. Between 2004 and 2013, growth averaged nearly 5% per year, led by exports. The global financial crisis of 2008-09 spurred a brief recession in Israel, but the country entered the crisis with solid fundamentals, following years of prudent fiscal policy and a resilient banking sector. Israel's economy also has weathered the Arab Spring because strong trade ties outside the Middle East have insulated the economy from spillover effects. Slowing demand domestically and internationally and reduced investment due to uncertainties caused by the Gaza conflict in summer 2014 have reduced GDP growth to about 2% during 2014. Natural gas fields discovered off Israel's coast since 2009 have brightened Israel's energy security outlook. The Tamar and Leviathan fields were some of the world's largest offshore natural gas finds this past decade. The massive Leviathan field is expected to come online no sooner than 2017, but production from Tamar provided a one percentage point boost to Israel's GDP in 2013 and a 0.5% boost in 2014. In mid-2011, public protests arose around income inequality and rising housing and commodity prices. Israel's income inequality and poverty rates are among the highest of OECD countries and there is a broad perception among the public that a small number of "tycoons" have a cartel-like grip over the major parts of the economy. The government formed committees and has started splitting up the oligopolies to address some of the grievances but has maintained that it will not engage in deficit spending to satisfy populist demands. Over the long term, Israel faces structural issues, including low labor participation rates for its fastest growing social segments - the ultra-orthodox and Arab-Israeli communities. Also, Israel's progressive, globally competitive, knowledge-based technology sector employs only 9% of the workforce, with the rest employed in manufacturing and services - sectors which face downward wage pressures from global competition.
|
Source
: CIA |
DELTA
- GALIL INDUSTRIES LTD.
Telephone 972 3 519 37 37; 519 37 44
972
4 990 36 36
Fax 972 3 519 37 05; 519 37 90
P.O. Box 137, KARMIEL (2161002)
P.O.
Box 10265, TEL AVIV (6110102)
2
Kaufman Street
Textile
House
TEL AVIV 6801294 ISRAEL
Originally incorporated as a private limited company under the
name of DELTA TEXTILE LTD. and registered as such as per file No. 51-086339-2
on the 09.06.1975.
On the
30.08.1983 merged with GALIL INDUSTRIES AND DEVELOPMENT (NAHARIA) LTD.,
originally incorporated on the 20.03.1961 under the name MULLER TEXTILE LTD.
(name changed on the 28.01.1981), registered as per file No. 52-002560-2. The
merged entity has been operating as a public limited company since August 1982,
following an Initial Public Offering and listing its shares for trade on the
public on the Tel Aviv Stock Exchange.
Name
changed to the present one on 21.02.1999.
On the 25.03.1999 issued American Depositary Shares
("ADS") on the NASDAQ Stock Exchange.
In March 2007, subject de-listed its ADS shares from NASDAQ
and listed shares for trade on the American "International Prime
OTCQX" stock market.
In view of the improvement in its financial results in 2011,
in early 2012 it was reported that subject aims at re-enlisting to NASDAQ.
In February 2003 two wholly-owned subsidiaries were merged
into subject: DELTA SOCKS LTD. (established 1981) and DELTA SPORTING LTD.
(established in 1982).
In December 2007, TAG-LI LTD. and DELTA TEXTILE MARKETING
LTD. were also fully merged into subject.
Authorized share capital NIS 36,000,000.00, divided into -
36,000,000 ordinary shares of
NIS 1.00 each,
of
which 26,743,049 shares amounting to NIS 26,743,049.00 were issued.
1. GMM CAPITAL LLC., 48.59%, controlled by Isaac Dabah, of the USA,
2. Noam Lautman (via controlled companies), 10%,
3. CLAL INSURANCE HOLDINGS LTD., 5.25%; institutional investor,
4. STERLING MAKRO Investment Fund, managed by Isaac Dabah, 5.26%,
5. Shares are also traded on the Tel Aviv Stock Exchange (TASE) and
on the American "International Prime OTCQX" stock market.
In
August 2005, Isaac Dabah, via GMM CAPITAL, acquired SARA LEE shares (23%) in
subject, for a sum of US$ 27.7 million.
In
July 2007, Dov Lautman, controlling shareholder and founder of subject, sold
the control in subject to shareholder No. 1, Isaac Dabah (via GMM CAPITAL),
selling 13.3% in consideration of around US$ 24 million.
1. Noam Lautman,
Chairman,
2. Isaac Dabah, General Manager,
3. Itzhak Weinstock,
4. Gideon Chitayat,
5. Israel Baum,
6. Shaul Ben-Zeev,
7. Ms. Tzipora
Carmon,
8. Yehezkel Dovrat.
Subject,
directly and through its
Group's
sales in Israel comprise around 12% of all sales in 2014 (around 11% in 2013),
55% of 2014 sales were to North America.
Designing
and development are carried out in Israel and USA, manufacturing is carried out
in the Middle East and the Far East, mainly via sub-contractors.
Also
(through a fully owned
In
January 2014 subject acquired all activities and brands of FIX BRANDS MARKETING
LTD. (aka LODZIA ROTEX Chain), an undergarments retail chain, holding rights
for several brand names, re-launched as "Fix" stores.
Via
subsidiary SCHIESSER operating 85 retail stores in Germany.
Marketing
international brands based on concession from Puma, Keds, Nike, Fox, Disney.,
as well as Kenneth Cole.
Main
customers: WAL-MART (U.S.A), comprising some 17% of sales in 2014.
Other
customers are leading retail chains, e.g. MARKS & SPENCER, TARGET,
MARVYN'S, J.C.PENNEY, VICTORIA’S SECRET, KOHL'S, HEMA (of the Netherlands), and
leading brands, e.g. Hugo Boss, Nike, Calvin Klein, Under Armour, Tommy
Hilfiger, Spanx, Columbia Sportswear.
Local
concessionaires for intl. brands: Wilson, Converse, Maidenform, Tommy Hilfiger,
Lucky, MLB, KN Karen Neuburger, P.J. Salvage, and Juicy Couture.
Among
local suppliers: ZAMIR KNITTING, NILIT, CHEMIART, ADA LISS, SALINA INDS., SVAV
OR, GROFIT PLASTICS, ARYOS MARKETING, B & E INTL., A. SHITZER, ALEXANDER
MANKET, WORKER, REAL.TEX AGENCIES, HILLEL SALLY & SON.
Operating
from headquarters, rented offices, on an area of 998 sq meters, in 2 Kaufman
Street, Textile House, Tel Aviv, and from:
1.
Marketing Div. offices, in 20 Hamelacha
Street, Park Afek, Rosh Ha'ayin.
2.
Owned facilities on leased area of
24,000 sq. meters (14,000 sq.m. built) and leased 7,500 sq. meters, in
Caesarea, and in Industrial Zone, Karmiel.
3.
Logistics and design centers, on leased
built area of 9,440 sq. meters, in Industrial Park, Caesarea.
4.
Plants in Jordan, Egypt, Thailand,
Czech Rep. and Bulgaria; also having manufacturing subcontractors in Egypt,
Bulgaria, Turkey, Central America and the Far East.
5.
Offices and logistics centers in China,
U.S.A, U.K., Europe (incl. shops and facilities of SCHIESSER in Germany, Czech
Rep. & Slovakia) (all leased).
Having
8,500 employees in DELTA – GALIL Group, of which 1,620 employees in Israel as
of end of 2014.
In
January 2010, December 2010 and April 2012 subject
completed capital raises of NIS 113 million, NIS 98 million and NIS 192.3 million,
respectively, by issuing bonds to the public through TASE. In August 2013
subject raised NIS 178.54 million in bonds issue on the TASE. In May, June and
September 2014 subject raised NIS 174.67 million, 40.98 million and 168.42
million respectively issuing bonds on the TASE.
According
to a report from December 2014, DELTA – GALIL intends to invest NIS 10 million
in re-launching and rebranding of FIX BRANDS's retail stores, as well as
opening further shops.
Consolidated
B/S shows:
US$
(thousands)
31.12.2014 30.09.2015
ASSETS
Current
assets
Cash and cash
equivalents 167,327 128,544
Customers 108,559 122,291
Inventories 181,687 204,702
Other debtors and
assets 33,627 26,137
491,200 481,674
Non-current assets
Fixed assets, net 98,861 114,977
Intangible
assets, net 118,506 154,474
Other non-current assets 24,747 25,561
242,114 295,012
733,314 776,686
======= =======
LIABILITIES
Current liabilities 169,377 175,680
Non-current liabilities 231,338 251,152
Equity 332,599 349,854
733,314 776,686
======= =======
Current
market value US$ 765.7 million.
Subject
is an “Approved Enterprise” and as such entitled for State support and tax
relieves. In 2012, 2013 and
2014, subject invested US$ 30 million, US$ 35 million and US$ 36 million
respectively in R&D. 2015 investment is expected to be US$ 37 million. In
2010 subject sold a property in Nahariya for US$ 24 million.
There
are 31 charges for unlimited amounts registered on the company’s assets, in
favor of the State of Israel, local and foreign banks (last 8 charges placed
May-December 2014 all on vehicles, prior charge placed 1987).
REVENUES
Consolidated
Statement of Income
US$ (thousands)
Year
ended 31.12
2012 2013 2014
Sales 817,782 974,719 1,031,861
Gross
profit 183,381 294,293 318,063
Operating income 74,838 66,393 73,090
Pre-tax
income 66,006 55,412 57,284
Net income
(loss) 56,977 42,680 47,431
======= ======= =======
Consolidated
revenues for the first 9 months of 2015 were US$ 792,931,000 (5% increase
compared to the parallel period in 2014), making a gross profit of
US$
228,382,000, an operating income of US$ 51,044,000, and a net income of
US$
31,675,000.
Main
subsidiaries (100% unless otherwise stated)
DELTA GALIL
USA INC., USA,
DELTA
GALIL HOLLAND B.V., fully owns: THAI PROGRESS GARMENT CO. LTD. (in Thailand)
CENTURY WEAR CORPORATION (WLL) (in Jordan), 50%, DELTA TEXTILE BULGARIA LTD.
(in Bulgaria), DELTA TEXTILE (EGYPT) FREE ZONE S.A.E. (in Egypt).
DELTA
TEXTILES (LONDON) LTD., fully owns SCHIESSER AG, which fully owns PLEAS S.A.
FIX
BRANDS MARKETING LTD.
Bank
Hapoalim Ltd., The Main Branch (No. 170), Tel Aviv.
Bank
Leumi Le’Israel Ltd., Principal Branch Tel Aviv (No. 800), Tel Aviv.
Union
Bank of Israel Ltd., Tel Aviv Main Branch (No. 063), Tel Aviv.
Mizrahi
Tefahot Bank Ltd., Tel Aviv Main Business Center Branch (No. 461), Tel Aviv.
Israel Discount Bank Ltd., Tel
Aviv Main Branch (No. 010), Tel Aviv.
Mercantile Discount Bank Ltd., Main
Business Branch (No. 720), Tel Aviv.
The First International Bank of
Israel Ltd., Tel Aviv Main Branch (No. 046), Tel Aviv.
HSBC Bank, Tel Aviv Main Branch,
Tel Aviv.
Nothing
unfavorable learned.
Subject is the largest textile
company in Israel. Estimated market share in the local sales of undergarments
and socks is 10% - 20%. In the Mass Market in USA (estimated US$ 6 billion)
subject holds 5%, and in the Upper Market in USA and UK (estimated at US$ 5
billion and US$ 6 billion, respectively) holds 3%-5%.
In
2000 subject purchased all of assets of DOMINION HOSIERY MILLS INC., a Canadian
socks manufacturer, for US$ 8.3 million.
Also
in 2000 it completed the acquisition of WUNDIES INDUSTRIES INC., of the USA, in
consideration of 6.8% of subject’s shares for WUNDIES. In 2001 subject, via
WUNDYES INDUSTRIES, acquired American INNER SECRETS, manufacturers of private
label bras and other ladies intimate apparel, for US$ 55 million (85% in cash
and 15% in shares).
Also
in 2001, subject acquired the "Taga Socks" brand and activities from
Kibbutz Hamaapil and merged it into its business.
In
2003, subject acquired 100% of AUBURN HOSIERY MILLS, an American socks
manufacturer, for a sum of US$ 17 million.
In 2004,
subject acquired BURLEN CORP., an American lingerie company, for a sum of US$
50 million.
In 2007, Dov Lautman, subject's
fuonder (till then the controlling shareholder), transferred the control to his
partner in recent years, Isaac Dabah, following deterioration in his health
condition. Mr. Dabah, over 30 years in the textile and apparel sectors,
controls GMM Fund, an American investment fund held by the Dabah family, which
also holds 15% in HABAS, a large local entrpreneur and real estate company, as
well as half of an apparel retail chain GOODY's FAMILY CLOTHING, USA of 385
stores and other global holdings in the textile business.
Facing
harsh competition from lower-cost production countries, subject was forced to
go through streamlining measures. During 2005 - 2007 it closed sewing plants
and other manufacturing activities in Israel and several abroad, shifting
activities to low labor cost countries. Then, facing the crisis in world markets since mid-2008,
in another strategic move, it closed the direct operations in England (leaving
only marketing office), after the diminishing orders from subject’s long
standing main client Marks & Spencer.
In February 2008, subject obtained an
exclusive concession to market underwear of "Tommy Hilfiger" in the
U.S.A and other world's markets, in a contract estimated at US$ 10 million per
year.
In
February 2009, subject acquired the socks manufacturing activities from local
GIBOR SPORT ACTIVE WEAR, including M&E in their Jordan and Turkey plants,
for NIS 23.5 million + estimated NIS 14 million for inventory. The acquisition
will turn subject to NIKE’s main socks supplier with estimated sales of US$ 21
million per annum. In June 2009 it was
reported that subjet received the fanchise for NIKE underwear.
In
2010 subject closed its socks activity in Jordan, sold its plant in India DELTA
TEXTILE (INDIA) PTY for US$ 2.3 million, and re-organization in its other
plants. Subject also united manufacturing plants and transfer to manufacturing
plants in China and Bulgaria. That included the closing down the Karmiel
facility.
In January 2010 AUBURN
HOSIERY MILLS INC was merged into DELTA GALIL USA INC., as part of Group's re-organization,
followed by layoff of 40 employees.
In 2011 subject launched a new chain
for kids apparel (“Delta Kids”), separately from its existing retail chain,
intending to invest NIS 20 million in the new chain.
In 2011 subject
sold its headquarters premises property in 2 Kaufman St., Textile House,
Tel Aviv, for US$ 3.5 million, and leased it back from the buyers.
During
Q2-Q3 2012 subject moved its logistics center from Rosh Ha'ayin to Caesarea
(offices to remain), with total investment (mostly by CAESAREA DEVELOPMENT CO.
and rest by subject) of US$ 14 million.
In June 2011 subject, via subsidiary
DELTA USA, signed an agreement to acquire the American branded women's
Sleepwear activity, under the brand "KN Karen Neuburger" for US$ 4 million.
The acquisition does not include the manufacturing activities, carried out by
sub-contractors in the Far East.
In May 2012 subject reported it
signed an agreement to fully acquire SCHIESSER, Germany's leading undergarment
manufacturer (which was in Receivership), for € 68 million. Deal was finalized in July 2012.
In July 2012 subject opened a retail store in a CARREFOUR
store in Georgia.
In December 2012 subject acquired the children's
undergarments brand 'LittleMissMatched' for several US million.
In January 2013 it was reported that subject received the
global representatives (developing, manufacturing, marketing) of socks of 'Columbia
Sportswear' brand.
In October 2013 it was reported that subject will manufacture
undergarments for LACOSTE, in volume of US$ 20 million-US$ 30 million per year.
In
January 2014 subject acquired all activities of FIX BRANDS MARKETING LTD.
(including stock, brand names and retail stores) from ARGAMAN INDUSTRIES for NIS 7.5 million for brand names, NIS 220,000 for stock
and 4% of future sales for the next 5 years. "FIX",
established 1989, operated a retail chain for undergarments. According to a
report from December 2014 having 4 shops, holding the brand rights of
"FIX", "VETO", "FIX MEN", "FIXON-MEN",
"FIXON-U. Subject converted theese shops to
"Delta" outlet shops.
In
March 2015 it was reported that subject is re-launching the "Fix"
retail chain, which will sell undergarments, home apparel accessories and
cosmetics, catering young women. Subject plans to reach 50 shops in 4 years, as
well as expanding abroad. In May 2015 it was reported that the first 5 shops
have been launched.
In the beginning of 2015 subject launched its new seamless
R&D center at
NIKE headquarters in Portland, Oregon, USA.
In May 2015 it was reported that subject is intending to
launch during 2015 an undergarment line for LACOSTE and MARC-O-POLO, as well as
continue the erection of a plant in Vietnam.
In July 2015 it was reported that subject is intending to open
a woman sport apparel chain, to be launched in 2016, in a store in store
format.
In August 2015 subject acuired the P.J. SALVAGE brand of USA
(sleep apparel, leasure apparel and
undergarments), from LOOMWORKS APPAREL, for US$ 37.1 million (+ additional
payment accordingt to sales). 2015 sales of this brand are expected to reach
US$ 25 million.
In November 2015 subject received the local representation of
the 'Juicy Couture' brand.
The
under garment sector in Israel is valued at NIS 1.95 billion in 2012 (a 5%
increase from 2011). As of end of 2010, there were some 1,100 points of sale
for under garment products, of which 510 of under garment retail chains (2 main
players are subject and HAMASHBIR 365, holding 56.4% of market sales). In 2012,
braziers and fitters are the main product - 48% of under garment sales, under
ware 19%, sox and stockings 15%, sleep dressing 11% and undershirts 7%. In 2012
import of under garment was of NIS 930 million.
Sales by local Textile, Clothing and
Fashion Industries have been experiencing decrease in sales over the last
years. Some 60% of the textile industry production is sold in the local market
and the rest for export. Most exports are the North American
market, and the industries have been suffering from the global economic crisis,
mainly in the USA, as well as the slow-down in local market.
Sales
for export from Manufacture of Textiles, Wearing Apparel & Leather fell by
6.6%, 6.7% and 5.3% in the years 2011, 2012 and 2013, respectively (from the
previous year). In 2014 the trend reversed and export rose by close to 10%,
reaching US$ 836 million.
In the
first 7 months of 2015, export from Textiles, Wearing Apparel & Leather
Manufacture fell slightly – by 2.5%, compared to the parallel period in 2014.
Besides
the weakness of global markets, the local industry has been in state of crisis in face of amounting import
from foreign competitors with cheaper production costs, forcing streamlining
process, plants closure, and mostly resulting in the shift of textile
manufacturing to low labor cost countries. There are around 14,000 employed in
the textile sector in some 130 plants. In order to deal with the situation, the
local textile industry diverted mainly to advanced technologies production,
niches and design aspects.
Reportedly, total revenues of the local fashion market in 2013 reached
NIS 12 billion per annum. In 2012 sales reached NIS 11 billion. 40% of sales
are in the large fashion chains, 34% in other smaller chains, and the rest in
private shops.
Based on surveys, around 50% and more
is women's fashion. Moreover, 40% of fashion stores in Israel belong to fashion
chains, the rest being private shops.
Children's fashion market is valued
at NIS 2 billion per annum, sold in 1,600 shops (900 of which belong to branded
chains, rest are private shops).
The local fashion market has been
significantly influenced by the entrance of new international fashion players
to the already highly competitive local market.
To many players in the branch, the
fierce competition, coupled with the slow-down in local economy resulted in
stagnation in sales and drop in revenues. There have been also few collapses of
veteran and big retailers in some niches, including in the ladies fashion and
children's apparel.
Moreover, in particular for the
recent period, local businesses in general, and the fashion market in
particular, sufferred a blow from the fighting situation in Israel during
July-August 2014 in the south of Israel, causing freeze in sales. An
improvement has been noticed in 2015.
From RIS data, a firm that measures revenues from sales of
2,600 shops in Israel, in 2014 local consumers reduced their purchasing in the
apparel branches, witnessed in 1.5% reduction in revenues per meter in
commercial centers (after 2013 ended in freeze compared to 2012).
According
to the Central Bureau of Statistics (CBS), import of Clothing and Footwear in
2014 increased by 8.3% (in NIS terms, rose by 9.5% in $ terms), summing up to NIS
7,421.6 million. This comes after in 2013 import rose by mere 0.9% from 2012,
after climbing by 13% in 2012. Import rose by 5.6% (fell by 6% in $ terms) in
the first half of 2015 (comparing to the 1st half 2014).
Most
import comes from China. Main other countries of origin for textile goods are
France, Italy, Hong Kong and Turkey, Spain and the U.S.A.
From
the CBS National Accounts for 2014, it turns that private consumption
expenditure, in fixed prices, grew by 4% from 2013 (rose 3.3% in 2013 and 3.1%
in 2012). Per-capita expenditure in 2014 rose by 2% (after rise of 1.4% in 2013
and 1.2% in 2012).
Consumption
expenditure by households on semi-durable goods rose in 2014 by 7.6% from 2013
(after 1.8% rise in 2013, and 7.4% in 2012), of which expenditure on Clothing
and Footwear in 2014 rose by 10.7% from 2013 (after 2.2% rise in 2013 and by
8.5% in 2012).
Good for trade engagements.
Maximum
unsecured credit recommended several US$ millions.
Note: Since February 2013 Israel
Post has started using a new area code method of 7 digits (the old method of 5
digits is no longer valid).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.14 |
|
ILS |
1 |
Rs.17.00 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TRU |
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.