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MIRA INFORM REPORT
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Report No. : |
484453 |
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Report Date : |
08.01.2018 |
IDENTIFICATION DETAILS
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Name : |
PHILLIPS CORPORATION |
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Registered Office : |
1519 York Road, Lutherville MD 21093 |
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Country : |
United States |
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Date of Incorporation : |
03.03.1961 |
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Legal Form : |
Corporation |
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Line of Business : |
· Industrial Machinery and Equipment Merchant Wholesalers · Computer Systems Design Services · Machine Tool Manufacturing · Metalworking Machinery · Computer Integrated Systems Design · Presses: Forming, Stamping, Punching, Sizing (Machine Tools) |
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No. of Employees : |
250 |
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 : |
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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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United States |
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 |
UNITED STATES - ECONOMIC
OVERVIEW
The US has the most technologically powerful economy in the world, with a per capita GDP of $57,300. US firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals, and medical, aerospace, and military equipment; however, their advantage has narrowed since the end of World War II. Based on a comparison of GDP measured at purchasing power parity conversion rates, the US economy in 2014, having stood as the largest in the world for more than a century, slipped into second place behind China, which has more than tripled the US growth rate for each year of the past four decades.
In the US, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, businesses face higher barriers to enter their rivals' home markets than foreign firms face entering US markets.
Long-term problems for the US include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits.
The onrush of technology has been a driving factor in the gradual development of a "two-tier" labor market in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. But the globalization of trade, and especially the rise of low-wage producers such as China, has put additional downward pressure on wages and upward pressure on the return to capital. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income.
Imported oil accounts for nearly 55% of US consumption and oil has a major impact on the overall health of the economy. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. Because the US economy is energy-intensive, falling oil prices since 2013 have alleviated many of the problems the earlier increases had created.
The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the US into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, the US Congress established a $700 billion Troubled Asset Relief Program (TARP) in October 2008. The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009, Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012, the Federal Government reduced the growth of spending and the deficit shrank to 7.6% of GDP. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries.
Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2014, the direct costs of the wars totaled more than $1.5 trillion, according to US Government figures.
In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that was designed to extend coverage to an additional 32 million Americans by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on healthcare - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010.
In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight.
In December 2012, the Federal Reserve Board (Fed) announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short-term rates near zero until unemployment dropped below 6.5% or inflation rose above 2.5%. In late 2013, the Fed announced that it would begin scaling back long-term bond purchases to $75 billion per month in January 2014 and further reduce them as conditions warranted; the Fed ended the purchases during the summer of 2014. In 2014, the unemployment rate dropped to 6.2%, and continued to fall to 5.5% by mid-2015, the lowest rate of joblessness since before the global recession began; inflation stood at 1.7%, and public debt as a share of GDP continued to decline, following several years of increases. In December 2015, the Fed raised its target for the benchmark federal funds rate by 0.25%, the first increase since the recession began. With US GDP growth below 2%, the Fed has opted to raise rates three times since then, and in mid-June 2017, the range for the target rate stood at 1% to 1.25%.
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Source
: CIA |
STATUTORY
INFORMATION
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Legal Name: |
PHILLIPS CORPORATION |
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Trade Names: |
PHILLIPS CORPORATION |
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ID: |
D00172197 |
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Date Created: |
1961 |
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Date Incorporated: |
03/03/1961 |
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Legal Address: |
1519 YORK ROAD LUTHERVILLE MD 21093, USA |
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Operative Address: |
7390 COCA COLA DRIVE HANOVER MD 21076, USA |
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Telephone: |
410-564-2929 |
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Fax: |
410-564-2949 |
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Legal Form: |
CORPORATION |
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Email: |
- |
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Registered in: |
MARYLAND |
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Website: |
www.phillipscorp.com |
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Contact: |
Mr. Alan Phillips - Chief Executive Officer and President |
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Staff: |
250 |
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Activity: |
NAICS 1: Industrial Machinery and Equipment Merchant Wholesalers NAICS 2: Computer Systems Design Services NAICS 3: Machine Tool Manufacturing SIC 1: Metalworking Machinery SIC 2: Computer Integrated Systems Design SIC 3: Presses: Forming, Stamping, Punching, Sizing (Machine Tools) |
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Banks
BANK OF AMERICA |
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History
The company was founded in 1961 and is headquartered in Hanover,
Maryland. |
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Key Developments: |
Phillips Corporation Wins $1.72 Million Federal Contract Aug 23 17 Phillips Corp. won a $1,717,836 federal contract set aside for small
business from the U.S. Naval Sea Systems Command for the maintenance and
calibration analysis of machine tools and equipment. Phillips Corporation Wins $9.75 Million Federal Contract Jul 14 17 Phillips Corp. was awarded a share of a $9.75 million federal contract
set aside for small business by the U.S. Naval Air Warfare Center for the
manufacture of tools and components. The place of performance will be in
China Lake, California; Bixby, Oklahoma; Chatsworth, California; Hanover,
Maryland; and Hudgins, Virginia. Phillips Corp. Wins $1 Million Federal Contract Mar 25 16 Phillips Corp., Hanover, Maryland, won $1,004,885 federal contract
from the Defense Logistics Agency, Richmond, Virginia, for closed loop water
jets. |
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PRINCIPAL
ACTIVITY
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Phillips Corporation supplies manufacturing technology products and
services for CNC machine tools. |
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Products/Services description: |
It offers various technology products, including vertical and
horizontal machining centers, vertical and horizontal spindles, CNC lathes,
rotary tables and indexers, high-productivity solutions, insertion solutions,
special applications, machine accessories, automatic tooling solutions, oxide
removal solutions, insertion logic solutions, auto feed systems, and
self-clinching fasteners. |
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Brands: |
PHILLIPS |
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Sales are: |
Wholesale |
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Clients: |
Omira Machinetec Pvt Ltd. |
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Suppliers: |
Cnc Servicing And Solutions India Damco Taiwan Co., Ltd. |
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Operations area: |
National and International |
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The company imports from |
INDIA TAIWAN |
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The company exports to |
INDIA |
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The subject employs |
250 employees |
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Payments: |
Regular |
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LOCATION
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Headquarters : |
7390 COCA COLA DRIVE HANOVER MD 21076, USA |
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Comments on Address: |
- |
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Branches: |
Commercial South/West 8500 Triad Drive Colfax, NC 27235, USA Commercial North 3599 Marshall Lane Bensalem, Pennsylvania 19020, USA Haeger 811 Wakefield Drive Oakdale, CA 95361, USA |
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Related Companies: |
Phillips Machine Tools India Pvt. Ltd. W-225, TTC Industrial Area, MIDC Khairne,
Koparkhairne,Navi, Mumbai: 400709. |
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GROUP STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
NO |
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Capital: |
NA |
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Shareholders: |
This is a private company. The major holders are: Albert Phillips Alan Phillips Matthew Phillips |
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Management: |
Mr. Alan Phillips - Chief Executive Officer and President Mr. Matthew Phillips - Chief Financial Officer Kimberly Russell – Human Resources Mr. – Joel - Corporate Controller Mr. – Rupesh - General Manager of CNC Servicing & Solutions (Pune,
India) |
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FINANCIAL
INFORMATION
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The company does not make its financial
statements public. The following information has been provided by private
sources: |
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USD 2016 / Estimated / |
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Net Revenue |
15,400,000 |
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Cash flow |
Normal |
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LEGAL
FILINGS
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PATENTS |
No found. |
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GOVERNMENT CONTRACTS |
Government Contractor: PHILLIPS CORPORATION Name & Address: 7390 COCA COLA DR STE 200 HANOVER, MD 21076-1768 Number of Defense Contracts Awarded :
1,486 Dollar Amount of Defense Contracts Awarded: $222,606,833 |
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CASES |
No records found. |
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TRADEMARKS |
JEFFREYS Distributorship services in the field of machine tools, boring
machines, lathes, digital readouts, EDM machines, engine… Owned by: Phillips Corporation Serial Number: 86736057 LANCE CO Distributorship services in the field of machine tools, boring
machines, lathes, digital readouts, EDM machines, engine… Owned by: Phillips Corporation Serial Number: 86736154 PHILLIPS CORPORATION Distributorship services in the field of machine tools, boring
machines, lathes, digital readouts, EDM machines, engine… Owned by: Phillips Corporation Serial Number: 86766830 OPTO Customized training and onsite training in the fields of applied engineering
manufacturing engineering and in the use and… Owned by: Phillips Corporation Serial Number: 87105668 O OPTO BY PHILLIPS CORPORATION Customized training and onsite training in the fields of applied
engineering manufacturing engineering and in the use and… Owned by: Phillips Corporation Serial Number: 87105729 PHILLIPS Distributorship services in the field of machine tools, boring
machines, lathes, digital readouts, EDM machines, engine… Owned by: Phillips Corporation Serial Number: 87224727 |
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RENEWAL HISTORY |
Item Date/Time Filed Film Folio RESOLUTION 3/16/2015 11:37:00 AM RESOLUTION 7/7/2014 3:29:00 PM RESIDENT AGENT CHANGE OF
ADDRESS 4/7/2014 3:31:00 PM 2 CHANGE OF P.O. 3/9/1998
9:29:00 AM F4027 1549 |
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UCC |
No records found. |
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OFAC Sanctions List Search |
The company is not listed in the OFAC list. |
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SUMMARY
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Founded in 1961, Phillips Corporation is a large-sized organization in
the industrial machinery and equipment company’s industry located in Hanover,
MD. It has 250 full time employees and generates an estimated $15.4
million in annual revenue. The company operates nationally and
internationally, mainly importing from India and Taiwan. It is ACTIVE in business with no negative records. |
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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 |
Amanda |
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POSITION |
Operator |
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COMMENTS |
She confirmed the name of the company, the address of the headquarters
and location, the date of creation of the company, the number of employees
and the name of the President. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.38 |
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1 |
INR 86.02 |
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Euro |
1 |
INR 76.50 |
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USD |
1 |
INR 63.27 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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.