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Report No. : |
355243 |
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Report Date : |
22.12.2015 |
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, directly and through its |
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No. of Employees : |
8,500 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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) |
|
Israel |
B1 |
B1 |
|
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,
etc., 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, etc.
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, etc.
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.
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.66.32 |
|
|
1 |
Rs.98.98 |
|
Euro |
1 |
Rs.72.13 |
|
ILS |
1 |
Rs.17.07 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
TPT |
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.