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MIRA INFORM REPORT
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Report No. : |
484014 |
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Report Date : |
06.01.2018 |
IDENTIFICATION DETAILS
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Name : |
HUDSON'S BAY COMPANY |
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Registered Office : |
8925 Torbram Road, Brampton, Ontario, L6T 4G1 |
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Country : |
Canada |
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Financials (as on) : |
28.01.2017 (Consolidate) |
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Date of Incorporation : |
29.05.1970 |
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Legal Form : |
Corporation |
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Line of Business : |
Company operates department stores and other retail stores that offers
kitchen and bed and bath products. |
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No. of Employees : |
66,000 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Canada |
A1 |
A1 |
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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 |
CANADA - ECONOMIC OVERVIEW
Canada resembles the US in its market-oriented economic system, pattern of production, and high living standards. Since World War II, the impressive growth of the manufacturing, mining, and service sectors has transformed the nation from a largely rural economy into one primarily industrial and urban. Canada has a large oil and natural gas sector with the majority of crude oil production derived from oil sands in the western provinces, especially Alberta. Canada now ranks third in the world in proved oil reserves behind Venezuela and Saudi Arabia and is the world’s sixth-largest oil producer.
The 1989 Canada-US Free Trade Agreement and the 1994 North American Free Trade Agreement (which includes Mexico) dramatically increased trade and economic integration between the US and Canada. Canada and the US enjoy the world’s most comprehensive and highly balanced bilateral trade and investment relationship, with merchandise trade of $544 billion in 2016, services trade of over $80 billion, and two-way investment stocks of nearly $700 billion. Over three-fourths of Canada’s exports are destined for the US each year. Canada is the largest foreign supplier of energy to the US, including oil, natural gas, and electric power, and a top source of US uranium imports.
Given its abundant natural resources, highly skilled labor force, and modern capital stock, Canada enjoyed solid economic growth from 1993 through 2007. The global economic crisis of 2007-08 moved the Canadian economy into sharp recession by late 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of surplus. Canada's major banks emerged from the financial crisis of 2008-09 among the strongest in the world, owing to the financial sector's tradition of conservative lending practices and strong capitalization. Since the fall in world oil prices in 2014, Canada has achieved modest economic growth.
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Source
: CIA |
STATUTORY
INFORMATION
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Order: |
HBC (Hudson Bay) |
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Address in the order: |
1320 trans Canada hwy#300, Kamloops bc V1S 1J1, Canada // Hudson's Bay
Aberdeen Mall// |
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Legal Name: |
Hudson's Bay Company |
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Trade Names: |
The Bay (La Baie in French) |
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ID: |
1163693857 |
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Date Created: |
1670 |
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Date Incorporated: |
May 29 1970 |
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Legal Address: |
8925 Torbram Road Brampton, Ontario L6T 4G1 |
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Operative Address: |
8925 Torbram Road Brampton, Ontario L6T 4G1 |
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Telephone: |
(905) 792-4400 |
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Fax: |
(905) 792-4400 |
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Legal Form: |
CORPORATION |
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Email: |
investorrelations@hbc.com |
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Registered in: |
Ontario |
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Website: |
www.hbc.com |
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Contact: |
Richard A Baker Chairman/Interim CEO/Governor |
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Staff: |
66,000 |
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Activity: |
Industry Classification: merchandising - department stores |
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Banks: |
ROYAL BANK OF CANADA |
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History: |
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Hudson’s Bay Company is a Canadian corporation amalgamated under the
Canada Business Corporations Act. In January 2012, through an internal reorganization, Lord & Taylor
LLC a wholly owned subsidiary of HBC. On November 26, 2012, the Company completed an initial public offering
of its common shares, which trade on the Toronto Stock Exchange under the
symbol “HBC”. On November 4, 2013, the Company completed its acquisition of all of
the outstanding shares of Saks Incorporated, in an all-cash transaction
valued at U.S.$2,973 million, including assumed debt. On July 9, 2015, the Company and RioCan Real Estate Investment
Trust closed the first tranche of
their joint venture, RioCan-HBC Limited Partnership which focuses on real
estate growth opportunities in Canada. The second tranche of the RioCan-HBC
JV closed on November 25, 2015. As of January 28, 2017, HBC had an 88.1% ownership interest in the
RioCan-HBC JV. Also see the “Real Estate Joint Ventures” section of this
MD&A. On July 22, 2015, the Company and Simon Property Group Inc. closed
their joint venture, Simon HBC Opportunities LLC . On September 30, 2015,
prior to the Kaufhof Acquisition discussed below, the HBC-Simon JV became a
wholly-owned subsidiary of HBS Global Properties LLC, which focuses on credit
tenant, net-leased and multi-tenant retail buildings in the United States and
internationally. As of January 28, 2017, HBC had a 63.4% ownership interest
in the HBS Joint Venture. Also see the “Real Estate Joint Ventures” section
of this MD&A. As further described herein, on September 30, 2015 the Company completed
the acquisition of GALERIA Holding, the parent company of Germany’s leading
department store GALERIA Kaufhof and Belgium’s only department store Galeria
INNO, for a purchase price of €2.3 billion. In conjunction with the Kaufhof
Acquisition, the HBS Joint Venture acquired 41 properties from Kaufhof. Also
see the “Kaufhof Acquisition” section of this MD&A. On February 1, 2016 the Company completed the acquisition of Gilt
Groupe Holdings, Inc. for U.S.$237
million in cash, excluding debt. Also
see the “Gilt Acquisition” section of this MD&A. |
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PRINCIPAL
ACTIVITY
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Hudson's Bay Company offers a selection of branded merchandise in
Canada and the United States. The Company operates department stores and
other retail stores that offers kitchen and bed and bath products. |
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Products/Services description: |
Hudson’s Bay Company, established in 1670, is one of the largest
department store retailers in the world, based on its successful formula of growing
through acquisitions, driving the performance of high quality stores and
their all-channel offerings and unlocking the value of real estate holdings. HBC is diverse in terms of geography and consumer segment with nine
banners, in formats ranging from luxury to better department stores to
off-price. |
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Brands: |
HBC is a global retailer operating banners which include Hudson’s Bay,
Lord & Taylor, Saks Fifth Avenue, Saks OFF 5TH, Gilt, GALERIA Kaufhof and
Galeria INNO. |
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Sales are: |
Retail |
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Clients: |
General clients |
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Suppliers: |
DAMCO CHINA LTD. China NINGBO ESQUEL APPAREL CO., LTD. China Apex Mfg. Co., Ltd. Taiwan Apm Global Logistics O/B Chinamin Hong Kong Shenda Group Co Ltd China |
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Operations area: |
It operates more than 480 stores, has a global e-commerce presence. |
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The company imports from |
China |
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The company exports to |
Worldwide |
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The subject employs |
It has more than 66,000 employees internationally. |
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Payments: |
Regular |
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LOCATION
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Headquarters : |
8925 Torbram Road Brampton, Ontario L6T 4G1 CANADA |
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Comments on Address: |
NA |
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Branches: |
Hudson's Bay Aberdeen Mall 300-1320 Trans Canada Hwy W, Kamloops, BC V1S 1J1. Mailing Address: 8925 Torbram Road Brampton, Ontario L6T 4G1 401 Bay Street Suite 500 Toronto, ON M5H 2Y4 Canada It operates more than 480 stores |
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Related Companies: |
On September 30, 2015, HBC and the HBS Joint Venture completed the Kaufhof
Acquisition by acquiring GALERIA Holding, the parent company of Germany’s
leading department store GALERIA Kaufhof and Belgium’s only department store,
Galeria INNO, for a total purchase price of €2.3 billion ($3.5 billion). In
conjunction with the Kaufhof Acquisition, the HBS Joint Venture acquired 41
Kaufhof properties. The transaction was structured such that the Company effectively
acquired the operating business and certain properties of Kaufhof for €0.7
billion ($1.1 billion) while the HBS Joint Venture acquired the property
business valued at €1.6 billion ($2.4 billion), in each case, for accounting
purposes. The acquisition was financed in part by new real estate debt
secured by 41 Kaufhof properties acquired by the HBS Joint Venture that had a
transaction value of €2.6 billion ($4.0 billion). Additional financing for
the transaction was provided by a new term loan at HBC and cash contributions
by Simon to the HBS Joint Venture. The Kaufhof Acquisition creates an international retail platform for
the Company and provides the Company with an opportunity to grow
internationally both through acquisitions and the eventual introduction of
Saks Fifth Avenue and Saks OFF 5TH into the German market. The Kaufhof Acquisition also provided the Company with a strong
foundation to explore additional strategic growth prospects throughout
Europe, such as the launch of Hudson’s Bay and Saks OFF 5TH stores in the
Netherlands. |
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GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
Stock Exchange: TSX Stock Symbol: HBC |
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Capital: |
$2,140.27 |
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Size of Issuer (Assets): |
Over $1,000,000,000 |
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Shareholders: |
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Management: |
Executives Richard A Baker Chairman/Interim CEO/Governor Alison Coville President Edward J Record "Ed" Chief Financial Officer Janet M Schalk Chief Technology Officer Milton Pappas Chief Marketing Officer Todd Zator Chief Accounting Officer Janis Leigh Chief Human Resources Officer Andrew Blecher Chief Communications Officer Kerry Ross Mader Chief Business Officer Wolfgang Link CEO:Europe Jonathan Greller President:HBC Off-Price Elizabeth Rodbell "Liz" Pres:Lord & Taylor Marc J Metrick President:Saks Fifth Avenue Ian Putnam Exec VP/Chief Corp Dev Ofcr David J Schwartz Exec VP/Secy/Gen Cnsl Elliot Grundmanis Investor Relations Board Members Richard A Baker Hudson's Bay Co Bill Mack Mack Real Estate Group M Steven Langman Rhone Capital LLC Andrea L Wong David G Leith Matthew E Rubel "Matt" Kidkraft Inc Earl Rotman Lee S Neibart Ares Management LLC Robert C Baker National Realty & Development Corp Denise Pickett American Express Canada Credit Corp Wayne Pommen Eric Gross WeWork Property Investors LP |
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FINANCIAL
INFORMATION
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We attach latest
company’s FS2016 Fourth Quarter Events • On November 4, 2016, the Company unveiled a new state-of-the-art
robotic fulfillment system in Scarborough, Ontario. The highly innovative
technology is the first of its kind in Canada and showcases some of the most
advanced automated distribution technology in the retail sector. This
distribution centre is expected to contribute to a seamless experience for
customers and further support Hudson's Bay's all-channel retail capabilities.
6 • On December 5, 2016, the Company declared a quarterly dividend, which
was paid on January 13, 2017, to shareholders of record at the close of
business on December 30, 2016 in the amount of $0.05 per Common Share. • The Company opened one Saks Fifth Avenue store in Miami, Florida, as
well as one Saks OFF 5TH store in Braintree, Massachusetts. The Company
closed two Saks OFF 5TH stores located in Folsom, California and Kansas City,
Kansas, one GALERIA Kaufhof store in Karlsruhe, Germany and three Home
Outfitters stores located in Calgary, Alberta; Edmonton, Alberta and Langford,
British Columbia. Subsequent Events • On February 7, 2017, the Company announced the closing of an
amendment to its asset-based revolving credit facility (“Global ABL”) that
increased its total capacity by U.S.$350 million to a total of U.S.$2.25
billion. Of this U.S.$350 million increase, U.S.$100 million will be
allocated to financing the working capital requirements and other general
corporate purposes of the Company's operations in the Netherlands. All other
terms remain substantially the same. • On February 23, 2017, after an ongoing operational review, the
Company announced an initiative to reduce expenses by rationalizing its
corporate functions and overhead across North America. Annualized savings
from this initiative are currently expected to be approximately $75 million,
the majority of which are expected to be realized in Fiscal 2017. In
conjunction with this initiative, the Company anticipates incurring one-time
severance related charges approaching $30 million. The Company’s management
is continuing to review and evaluate additional opportunities to identify
efficiencies. Through this process, the Company expects to reinvest in
customer-facing activities while reducing costs in back office and support
areas. These cost reduction opportunities are currently expected to leverage
best practices to include more efficient inventory management, a reduction in
total supply chain costs and the optimization of scheduling practices to
ensure associates are placed where they can most improve the customers’
experiences. Additional details on the progress of these initiatives will be
provided in due course. • On February 28, 2017, the Company announced a new
location for a Hudson’s Bay store to be opened in the city of Utrecht in the
Netherlands. HBC expects to start refurbishments of this location in
mid-2018. Highlights of
the thirteen week period ended January 28, 2017 compared to the thirteen week
period ended January 30, 2016 • Retail sales, which include digital sales from all banners, were $4,600
million, an increase of $114 million or 2.5% from $4,486 million. • Consolidated comparable sales decreased by 3.7% and on a constant
currency basis, decreased by 1.2%. On a constant currency basis, comparable
sales increased by 0.6% at DSG, increased by 0.1% at Saks Fifth Avenue,
decreased by 5.9% at HBC Off Price and decreased by 2.0% at HBC Europe. See
“Factors Affecting Our Performance - Comparable Sales”. • Digital sales increased by 52.8% while comparable digital sales increased
by 13.3% on a constant currency basis, reflecting the Company’s continued
strategic focus on growing this channel. Excluding Gilt, comparable digital
sales increased by 20.9% on a constant currency basis. • Gross profit1 , as a percentage of retail sales, was 40.2%, a 50
basis point improvement. • Adjusted EBITDAR1 was $564 million compared to $626 million, a
decrease of $62 million. As a percentage of retail sales, Adjusted EBITDAR1
was 12.3% compared to 14.0%. • Adjusted EBITDA1 was $404 million compared to $455 million, a
decrease of $51 million. As a percentage of retail sales, Adjusted EBITDA1
was 8.8% compared to 10.1%. • Net loss was $152 million compared to net earnings of $370 million,
a decrease of $522 million. • Normalized net earnings1 were $2 million compared to $145 million, a
decrease of $143 million. Highlights of
the fifty-two week period ended January 28, 2017 compared to the fifty-two
week period ended January 30, 2016 • Retail sales, which include digital sales from all banners were
$14,455 million, an increase of $3,293 million or 29.5% from $11,162 million.
• Consolidated comparable sales decreased by 0.7% and decreased on a
constant currency basis by 1.7%. On a constant currency basis, comparable
sales increased by 0.4% at DSG, decreased by 2.8% at Saks Fifth Avenue,
decreased by 7.4% at HBC Off Price and decreased by 1.2% at HBC Europe. See
“Factors Affecting Our Performance - Comparable Sales”. • Digital sales increased by 69.6% while comparable digital sales
increased by 8.1% on a constant currency basis, reflecting the Company’s
continued strategic focus on growing this channel. Excluding Gilt, comparable
digital sales increased by 16.6% on a constant currency basis. • Gross profit1 , as a percentage of retail sales, was 41.3%, an 80
basis point improvement. • Adjusted EBITDAR1 was $1,353 million compared to $1,200 million, an
increase of $153 million. As a percentage of retail sales, Adjusted EBITDAR1
was 9.4% compared to 10.8%. • Adjusted EBITDA1 was $636 million compared to $781 million, a
decrease of $145 million. As a percentage of retail sales, Adjusted EBITDA1
was 4.4% compared to 7.0%. • Net loss was $516 million compared to net earnings of $387 million,
a decrease of $903 million. • Normalized net loss1 was $313 million compared to Normalized net
earnings1 of $55 million, a decrease of $368 million. |
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LEGAL FILINGS
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CASES |
1. Beaudoin v. Hudson’s Bay Company, 2009 HRTO 1136 (CanLII) — 2009-07-24 Tribunal des droits de la personne de l'Ontario — Ontario abbreviated — non-attendance — evidence — proceeding — waited 2. Hudson's Bay Company (Re), 2006 BCSECCOM 209 (CanLII) — 2006-03-14 British Columbia Securities Commission — Colombie-Britannique prospectus-level disclosure — indebtedness of directors — executive —
issuer — securities 3. Battell v. Hudson’s Bay Company, 1908 CanLII 120 (SK QB) — 1908-07-06 Cour du Banc de la Reine de la Saskatchewan — Saskatchewan land — contract — forfeited — purchase — abandonment cited by 1 document 4. Hudson's Bay Company v Mang, 2011 CanLII 33287 (ON LRB) — 2011-06-07 Commission des relations de travail de l'Ontario — Ontario documents — produce — severance — arguably — requested 5. Kowalczyk v. Hudson's Bay Company, 2007 CanLII 51118 (ON LRB)—
2007-11-23 Commission des relations de travail de l'Ontario — Ontario settlement — adjourns — application for review — whichever — die 6. Hudson’s Bay Company v Kubaj, 2012 CanLII 47021 (ON LRB) — 2012-08-09 Commission des relations de travail de l'Ontario — Ontario adjourns — settlement agreement — application for review — whichever —
die 7. Khouzam v. Hudson's Bay Company, 2012 CanLII 14969 (ON LRB)—
2012-03-21 Commission des relations de travail de l'Ontario — Ontario settlement — adjourns — application for review — whichever — die 8. Evans v. Hudson's Bay Company, 1930 CanLII 316 (BC SC) — 1930-05-27 Supreme Court of British Columbia — Colombie-Britannique jury — negligence — stairway — maxim — handrail 9. Hudson's Bay Company v. Mang, 2011 CanLII 43012 (ON LRB) — 2011-07-04 Commission des relations de travail de l'Ontario — Ontario adjourns — settlement agreement — application for review — whichever —
die 10. Kowalczyk v. Hudson's Bay Company, 2007 CanLII 40764 (ON LRB)—
2007-09-25 Commission des relations de travail de l'Ontario — Ontario letter — mail — application — copy — certificate 11. Sutherland v. Hudson's Bay Company, 2011 ONCA 606 (CanLII) — 2011-09-22 Cour d'appel de l'Ontario — Ontario trust — surplus — termination — original — exclusive benefit cited by 1 document 12. Sutherland v. Hudson's Bay Company, 2006 CanLII 16545 (ON SC)—
2006-05-23 Cour supérieure de justice — Ontario motion to certify the proceedings — costs — indemnity — docketed —
fees 13. Kowalczyk v. Hudson’s Bay Company, 2009 HRTO 2281 (CanLII) — 2009-12-30 Tribunal des droits de la personne de l'Ontario — Ontario subject-matter of the complaint — allegations — scope of the complaint
— sexualized — form the subject-matter cited by 2 documents 14. Cruz v. Hudson’s Bay Company, 2009 HRTO 1214 (CanLII) — 2009-08-06 Tribunal des droits de la personne de l'Ontario — Ontario consents — leave — withdraw — requests — amended 15. Regan v. Hudson’s Bay Company, 2015 HRTO 1650 (CanLII) — 2015-12-04 Tribunal des droits de la personne de l'Ontario — Ontario adjournments — rescheduling — witness — hrto — extraordinary 16. Hudson's Bay Company v. Bacvic-Khan, 2011 CanLII 59485 (ON LRB) — 2011-09-20 Commission des relations de travail de l'Ontario — Ontario withdrawn — request — application 17. Hudson's Bay Company v. Ge Money, 2007 CanLII 9883 (ON SC) — 2007-03-23 Cour supérieure de justice — Ontario inclusion of propensity scoring — credit card — disputes — factual
matrix surrounding the entering — deadlock 18. Brown v. Hudson's Bay Company, 2012 ONCA 631 (CanLII) — 2012-09-14 Cour d'appel de l'Ontario — Ontario without merit — motion judge found — seeked — store — confrontation cited by 1 document 19. Hudson's Bay Company v. Hosie, 1925 CanLII 229 (SK QB) — 1925-12-18 Cour du Banc de la Reine de la Saskatchewan — Saskatchewan shares — transferred — brother — stock — gratuitously cited by 1 document 20. Sutherland v. Hudson's Bay Company, 2009 CanLII 43661 (ON SC)—
2009-08-20 Cour supérieure de justice — Ontario settlement — class members — trust — persons — beneficiaries 21. Lilliman v. Hudson’s Bay Company, 2014 HRTO 547 (CanLII) — 2014-04-16 Tribunal des droits de la personne de l'Ontario — Ontario identify any acts of alleged — ground of record of offences — outside
the s jurisdiction — ground protected — acts of alleged discrimination 22. Hudson's Bay Company c. Montréal (Ville ), 2006 CanLII 71984 (QC TAQ) — 2006-09-28 Tribunal administratif du Québec — Québec unité d évaluation — ré-amendée — ententes — informations — évaluateur cited by 1 document 23. Hudson's Bay Company v. Bacvic-Khan, 2011 CanLII 17937 (ON LRB) — 2011-04-01 Commission des relations de travail de l'Ontario — Ontario statutory deductions — paid into trust — gross amount — application
for review — withheld 24. Hudson's Bay Company c. Québec (Ville), 2003 CanLII 57718 (QC TAQ) — 2003-05-05 Tribunal administratif du Québec — Québec évaluation — comparatif — médiane — éa — rôle 25. Giaouzis v. Hudson’s Bay Company, 2012 HRTO 1699 (CanLII) — 2012-09-07 Tribunal des droits de la personne de l'Ontario — Ontario re-activate — deferred — consents — request — seized 26. Hadaway v. Hudson’s Bay Company, 2013 HRTO 24 (CanLII) — 2013-01-07 Tribunal des droits de la personne de l'Ontario — Ontario grievance — union — defer — arbitration — proceeding 27. Kowalczyk v. Hudson’s Bay Company, 2010 HRTO 1312 (CanLII) — 2010-06-09 Tribunal des droits de la personne de l'Ontario — Ontario evidence — allegation — proposes — reprisal — complaint 28. Temor v. Hudson’s Bay Company, 2015 HRTO 1114 (CanLII) — 2015-08-21 Tribunal des droits de la personne de l'Ontario — Ontario request — adjournment — rescheduling — travel — dates 29. Davenport v. Hudson's Bay Company, 2006 CanLII 31299 (ON SC)—
2006-09-11 Cour supérieure de justice — Ontario unvested — last day of active employment — pro-rata based on active
service — sub-parts — contra proferentem 30. Hudson's Bay Company v. Burwash, 1931 CanLII 205 (SK QB) — 1931-12-22 Cour du Banc de la Reine de la Saskatchewan — Saskatchewan demand — truth — exceptional circumstances — appearance — districts |
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SUMMARY |
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The Hudson's Bay Company (HBC; French: Compagnie de la Baie d'Hudson),
commonly referred to as The Bay (La Baie in French), is a Canadian retail business group. A fur trading business for much of its existence, HBC now owns and
operates retail stores in Canada, the United States and parts of Europe,
including Belgium, The Netherlands, and Germany. The company's namesake business division is Hudson's Bay, and other
divisions include Galeria Kaufhof, Gilt, Home Outfitters, Lord & Taylor,
and Saks Fifth Avenue. HBC's head office was in the Simpson Tower in Toronto,
Ontario, but it is now located outside Toronto in Brampton. The company is listed on the Toronto Stock Exchange under the symbol
"HBC" |
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RISK
INFORMATION
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DEBTS |
CONTROLLED |
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PAYMENTS |
REGULAR |
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CASH FLOW |
NORMAL |
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STATUS |
Active |
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INTERVIEW
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NAME |
Paul |
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|
POSITION |
Assistant |
||||||||||||||||||||||||||||||||||
|
COMMENTS |
He confirmed address, branch location, management, ownership and stock
symbol, |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.38 |
|
|
1 |
INR 86.02 |
|
Euro |
1 |
INR 76.50 |
|
CAD |
1 |
INR 51.02 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
KET |
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.