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MIRA
INFORM REPORT
|
Report No. : |
497901 |
|
Report Date : |
19.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
H.V. FILA CO., LTD. |
|
|
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Registered Office : |
119/9 Moo 1, Soi Tonson, Sethakij 1 Road, T. Bankoh, A. Muang, Samutsakorn 74000 |
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Country : |
Thailand |
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|
|
|
Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
30.01.2003 |
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Com. Reg. No.: |
0105546013248 |
|
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Legal Form : |
Private Limited
Company |
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Line of Business : |
The
subject is engaged
in manufacturing, exporting
and distributing natural
rubber threads and
vulcanized extrusion rubber
threads. The products
include elastic webbings,
elastic tapes for
textile and garment
industries. |
|
|
|
|
No. of Employees : |
320 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Thailand |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
THAILAND - ECONOMIC OVERVIEW
With a relatively well-developed infrastructure, a free-enterprise economy, and generally pro-investment policies, Thailand is highly dependent on international trade, with exports accounting for about two-thirds of GDP. Thailand’s exports include electronics, agricultural commodities, automobiles and parts, and processed foods. The industry and service sectors produce about 90% of GDP. The agricultural sector, comprised mostly of small-scale farms, contributes only 10% of GDP but employs about one-third of the labor force. Thailand has attracted an estimated 3.0-4.5 million migrant workers, mostly from neighboring countries.
Over the last few decades, Thailand has reduced poverty substantially. In 2013, the Thai Government implemented a nationwide 300 baht (roughly $10) per day minimum wage policy and deployed new tax reforms designed to lower rates on middle-income earners.
Thailand’s economy is recovering from slow growth during the years since the 2014 coup. Thailand’s economic fundamentals are sound, with low inflation, low unemployment, and reasonable public and external debt levels. Tourism and government spending - mostly on infrastructure and short-term stimulus measures – have helped to boost the economy, and The Bank of Thailand has been supportive, with several interest rate reductions.
Over the longer-term, household debt levels, political uncertainty, and an aging population pose risks to growth
|
Source : CIA |
COMPANY NAME
H.V. FILA CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 119/9
MOO 1, SOI
TONSON, SETHAKIJ 1
ROAD,
T. BANKOH,
A. MUANG,
SAMUTSAKORN 74000,
THAILAND
TELEPHONE : [66] 34
468-890, 34 468-441-5
FAX :
[66] 34
468-666
E-MAIL
ADDRESS : info@hvfila.com
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2003
REGISTRATION
NO. : 0105546013248
TAX
ID NO. : 3030809889
CAPITAL REGISTERED : BHT. 390,000,000
CAPITAL PAID-UP : BHT.
390,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MRS. SUREE VIVATTANAKAJORNSUK, THAI
PRESIDENT
NO.
OF STAFF : 320
LINES
OF BUSINESS : NATURAL RUBBER
THREADS
MANUFACTURER, EXPORTER
AND DISTRIBUTOR
CORPORATE
PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on January 30,
2003 as a
private limited company
under the registered name “H.V. Filatex
Co., Ltd.” originally
by Thai and
Chinese groups.
On
April 9, 2003,
the subject’s name was
changed to H.V.
FILA CO., LTD.
Its business objective
is to manufacture natural
rubber threads for
both overseas and
domestic markets. It
currently employs approximately
320 staff.
Since
August 2017, the subject has
been 100% owned
by Thai groups.
The
subject’s registered address
is 119/9 Moo
1, Soi Tonson,
Sethakij 1 Rd.,
T. Bankoh,
A. Muang, Samutsakorn 74000,
and this is
the subject’s current
operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mrs. Suree Vivattanakajornsuk |
|
Thai |
71 |
|
Mr. Virach Vivattanakajornsuk |
|
Thai |
50 |
AUTHORIZED PERSON
Anyone of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mrs. Suree Vivattanakajornsuk is
the President.
She is Thai
nationality with the
age of 71
years old.
Mr. Virach
Vivattanakajornsuk is the
Managing Director.
He is Thai
nationality with the
age of 50
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing,
exporting and distributing
natural rubber threads
and vulcanized extrusion
rubber threads. The
products include elastic
webbings, elastic tapes
and etc., for
textile and garment
industries.
BRAND NAME
“HV FILA”
PRODUCTION CAPACITY
2,000 tons
per month
PURCHASE
Most of
raw materials such
as natural rubber,
latex and chemical
are purchased from
local suppliers, the
remaining is imported
from Taiwan, Japan,
India, Malaysia and
Republic of China.
SALES
90% of the products is exported
to U.S.A., Japan, Republic of
China, Taiwan, Singapore, Hong Kong,
Australia, India, Indonesia,
Philippines, Malaysia and
the countries in Europe, Pakistan, Africa, and Latin America, the
remaining 10% is sold
locally to wholesalers,
manufacturers and end-users.
MAJOR CUSTOMERS
United Yarn Products
Inc. : U.S.A.
H.M.F. Enterprises Pvt.
Ltd. :
Pakistan
Tejidos Industriales Coveta
SA. : Columbia
RELATED
AND AFFILIATED COMPANY
H. Watana Group Co.,
Ltd.
Business Type :
Manufacturer and distributor
of linoleum
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
according to IRICO’S
DATABASE for the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BANKING
Krung
Thai Bank Public
Company Limited
Kasikornbank
Public Company Limited
EMPLOYMENT
The
subject employs approximately
320 staff.
LOCATION
DETAILS
The
premise is owned
for administrative office,
factory I and warehouse at the heading
address. Premise is located
in provincial.
Factory
II is located
at 53/5 Moo 3, T.
Thakanoon, A. Thongphapoom, Karnchanaburi
71180.
COMMENT
The
subject is a manufacturer,
exporter and distributor of natural
rubber threads. Its operating
performance in the past years
was satisfactory from
many consecutive years
of net profit and
retained earnings. Its
business had grown
and expanding steadily.
However,
the subject encountered
a slow growth
in 2016 from
a decrease in
sales or service
income and a
net loss mainly
caused by slowdown of
economy and related
textile and garments
industries. Nevertheless, it
operates a moderate business.
FINANCIAL
INFORMATION
The
capital was registered
at Bht. 200,000,000
divided into 2,000,000
shares of Bht.
100
each.
On
December 26, 2007,
the capital was
increased to Bht.
390,000,000 divided into
39,000,000
shares of Bht. 10
each with fully
paid-up.
THE
SHAREHOLDERS LISTED WERE :
[as at August
11, 2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Virach Vivattanakajornsuk Nationality: Thai Address : 53/5
Moo 3, T. Thakanoon, A. Thongphapoom,
Karnchanaburi |
14,845,200 |
38.06 |
|
Mrs. Suree Vivattanakajornsuk Nationality: Thai Address : 212
Soi Chimplee 14/2,
Chimplee,
Talingchan, Bangkok |
6,848,040 |
17.56 |
|
Mrs. Busayaporn Viriyasiri Nationality: Thai Address : 71/71
Pravit and Friend
Rd., Ladyao,
Jatujak, Bangkok |
3,491,100 |
8.96 |
|
Master Suvijak Vivattanakajornsuk Nationality: Thai Address : 253/1
Charoenrath Rd., Klongsan, Bangkok |
2,969,040 |
7.61 |
|
Master Chakrapat Vivattanakajornsuk Nationality: Thai Address : 253/1
Charoenrath Rd., Klongsan, Bangkok |
2,969,040 |
7.61 |
|
Mr. Rapatsit Vivattanakajornsuk Nationality: Thai Address : 253/1
Charoenrath Rd., Klongsan, Bangkok |
2,969,040 |
7.61 |
|
Ms. Supichaya
Vivattanakajornsuk Nationality: Thai Address : 253/1
Charoenrath Rd., Klongsan, Bangkok |
2,969,040 |
7.61 |
|
Ms. Thipawan Prathumthin Nationality: Thai Address : 11/221
Moo 9, Bangkae,
Bangmod, Bangkok |
1,939,500 |
4.98 |
Total Shareholders : 8
SHARE STRUCTURE [AS
AT AUGUST 11,
2017]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
8 |
39,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
8 |
39,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Ms. Thienporn Takkachotilert No. 7560
FINANCIALS
H.V.
FILA CO., LTD.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December 31,
2016, 2015 and
2014 were:
ASSETS
|
Current Assets |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Cash and Cash Equivalents |
45,288,334.47 |
54,549,281.33 |
18,862,735.84 |
|
Trade Accounts and
Other Receivable |
447,456,155.05 |
628,946,811.15 |
770,672,836.24 |
|
Inventories |
248,002,570.19 |
184,966,966.07 |
256,416,516.82 |
|
Other Current Assets |
11,568,096.43 |
15,297,724.86 |
20,185,744.78 |
|
Total Current Assets
|
752,315,156.14 |
883,760,783.41 |
1,066,137,833.68 |
|
|
|
|
|
|
Property, Plant and
Equipment |
722,313,891.36 |
758,611,644.05 |
802,588,864.19 |
|
Total Assets |
1,474,629,047.50 |
1,642,372,427.46 |
1,868,726,697.87 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Trade Accounts and Other
Payable |
226,443,570.66 |
312,076,456.43 |
269,507,950.42 |
|
Short-term Loans |
339,385,126.66 |
382,691,758.68 |
682,970,557.11 |
|
Other Current Liabilities |
26,764,262.79 |
1,071,289.81 |
1,284,723.11 |
|
Total Current Liabilities |
592,592,960.11 |
695,839,504.92 |
953,763,230.64 |
|
|
|
|
|
|
Provision for Employee Benefits |
2,789,503.00 |
- |
- |
|
Total Liabilities |
595,392,463.11 |
695,839,504.92 |
953,763,230.64 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, and
issued share capital
39,000,000 shares |
390,000,000.00 |
390,000,000.00 |
390,000,000.00 |
|
Capital Paid |
390,000,000.00 |
390,000,000.00 |
390,000,000.00 |
|
Retained Earning - [Deficit] Appropriated statutory
reserve |
39,000,000.00 |
- |
- |
|
Unappropriated |
450,246,584.39 |
556,532,922.54 |
524,963,467.23 |
|
Total Shareholders’ Equity |
879,246,584.39 |
946,532,922.54 |
914,963,467.23 |
|
Total Liabilities and
Shareholders’ Equity |
1,474,629,047.50 |
1,642,372,427.46 |
1,868,726,697.87 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales or Services Income |
1,822,539,419.23 |
1,926,618,332.60 |
2,041,927,680.54 |
|
Interest Income |
185,593.77 |
91,763.09 |
82,160.85 |
|
Other Income |
1,487,188.44 |
40,676.02 |
164,794.48 |
|
Total Revenues |
1,824,212,201.44 |
1,926,750,771.71 |
2,042,174,635.87 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold or Services |
1,656,766,065.86 |
1,777,952,313.71 |
1,883,146,104.90 |
|
Selling Expenses |
97,650,867.38 |
56,879,999.72 |
63,199,323.11 |
|
Administrative Expenses |
14,421,890.16 |
25,210,631.96 |
23,383,981.33 |
|
Other Expenses |
64,695,770.30 |
23,055,936.95 |
29,069,115.73 |
|
Total Expenses |
1,833,534,593.70 |
1,883,098,882.34 |
1,998,798,525.07 |
|
|
|
|
|
|
Profit /[Loss] before
Financial Cost and Income Tax |
[9,322,392.26] |
43,651,889.37 |
43,376,110.80 |
|
Financial Cost |
[8,967,743.89] |
[12,228,504.06] |
[11,755,273.13] |
|
|
|
|
|
|
Profit /[Loss] before Income
Tax |
[18,290,136.15] |
31,423,385.31 |
31,620,837.67 |
|
Income Tax |
- |
- |
- |
|
Net Profit / [Loss] |
[18,290,136.15] |
31,423,385.31 |
31,620,837.67 |
H.V. FILA CO.,
LTD.
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.27 |
1.27 |
1.12 |
|
QUICK RATIO |
TIMES |
0.83 |
0.98 |
0.83 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
2.52 |
2.54 |
2.54 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.24 |
1.17 |
1.09 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
54.64 |
37.97 |
49.70 |
|
INVENTORY TURNOVER |
TIMES |
6.68 |
9.61 |
7.34 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
89.61 |
119.15 |
137.76 |
|
RECEIVABLES TURNOVER |
TIMES |
4.07 |
3.06 |
2.65 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
49.89 |
64.07 |
52.24 |
|
CASH CONVERSION CYCLE |
DAYS |
94.36 |
93.06 |
135.22 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
90.90 |
92.28 |
92.22 |
|
SELLING & ADMINISTRATION |
% |
6.15 |
4.26 |
4.24 |
|
INTEREST |
% |
0.49 |
0.63 |
0.58 |
|
GROSS PROFIT MARGIN |
% |
9.19 |
7.72 |
7.79 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.51) |
2.27 |
2.12 |
|
NET PROFIT MARGIN |
% |
(1.00) |
1.63 |
1.55 |
|
RETURN ON EQUITY |
% |
(2.08) |
3.32 |
3.46 |
|
RETURN ON ASSET |
% |
(1.24) |
1.91 |
1.69 |
|
EARNING PER SHARE |
BAHT |
(0.47) |
0.81 |
0.81 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.40 |
0.42 |
0.51 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.68 |
0.74 |
1.04 |
|
TIME INTEREST EARNED |
TIMES |
(1.04) |
3.57 |
3.69 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(5.40) |
(5.65) |
|
|
OPERATING PROFIT |
% |
(121.36) |
0.64 |
|
|
NET PROFIT |
% |
(158.21) |
(0.62) |
|
|
FIXED ASSETS |
% |
(4.78) |
(5.48) |
|
|
TOTAL ASSETS |
% |
(10.21) |
(12.11) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -5.4%. Turnover has decreased from THB
PROFITABILITY :
RISKY
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.19 |
Acceptable |
Industrial Average |
24.13 |
|
Net Profit Margin |
(1.00) |
Deteriorated |
Industrial Average |
(1.70) |
|
Return on Assets |
(1.24) |
Deteriorated |
Industrial Average |
(2.99) |
|
Return on Equity |
(2.08) |
Deteriorated |
Industrial Average |
(8.22) |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company's figure is 9.19%. When
compared with the industry average, the ratio of the company was lower. This
indicated that company may have problems with control over its costs.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. Net Profit Margin ratio is -1%,
higher figure when compared with those
of its average competitors in the same industry, indicated that business was an
efficient operator in a dominant position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
-1.24%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a
dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is -2.08%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a
dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
1.27 |
Impressive |
Industrial Average |
0.97 |
|
Quick Ratio |
0.83 |
|
|
|
|
Cash Conversion Cycle |
94.36 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 1.27 times in 2016, same
figure as in 2015, then it is generally considered to
have good short-term financial strength. When compared with the industry
average, the ratio of the company was higher, indicated that company was an
efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.83 times in 2016,
decrease from 0.98 times, by excluding inventory, the company may have problems
meeting current liabilities.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 95 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
SATISFACTORY
LEVERAGE RATIO
|
Debt Ratio |
0.40 |
Impressive |
Industrial Average |
0.66 |
|
Debt to Equity Ratio |
0.68 |
Impressive |
Industrial Average |
1.95 |
|
Times Interest Earned |
(1.04) |
Risky |
Industrial Average |
- |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -1.04 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.4 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
ACTIVITY RATIO
|
Fixed Assets Turnover |
2.52 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.24 |
Satisfactory |
Industrial Average |
1.76 |
|
Inventory Conversion Period |
54.64 |
|
|
|
|
Inventory Turnover |
6.68 |
Impressive |
Industrial Average |
3.82 |
|
Receivables Conversion Period |
89.61 |
|
|
|
|
Receivables Turnover |
4.07 |
Acceptable |
Industrial Average |
8.25 |
|
Payables Conversion Period |
49.89 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.07 and
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 38 days at the
end of 2015 to 55 days at the end of 2016. This represents a negative trend.
And Inventory turnover has decreased from 9.61 times in year 2015 to 6.68 times
in year 2016.
The company's Total Asset Turnover is calculated as 1.24 times and 1.17
times in 2016 and 2015 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the
average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.87 |
|
|
1 |
INR 90.49 |
|
Euro |
1 |
INR 79.91 |
|
Thai baht |
1 |
INR 2.09 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
SYL |
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.