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MIRA INFORM REPORT
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Report No. : |
498331 |
|
Report Date : |
21.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
IWK (THAILAND) LIMITED |
|
|
|
|
Formerly Known As : |
OYSTAR (THAILAND) LIMITED |
|
|
|
|
Registered Office : |
333/97 Moo 6, Leabklongsongnam Suvarnabhumi Road, T. Bangpla, A. Bangplee, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
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Date of Incorporation : |
31.03.1999 |
|
|
|
|
Com. Reg. No.: |
0115542001792 [Former: SOR
POR. 8828] |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
The subject’s core business is
engaged in designing,
manufacturing and contract
manufacturing of packaging
machinery assembly, as
well as importing,
distributing and exporting
of spare parts
and related equipments,
mainly for consumer
goods, pharmaceutical and
cosmetic industries. |
|
|
|
|
No. of Employees : |
86 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
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
|
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
IWK (THAILAND) LIMITED
[FORMER: OYSTAR (THAILAND) LIMITED]
SUMMARY
BUSINESS ADDRESS : 333/97
MOO 6, LEABKLONGSONGNAM
SUVARNABHUMI
ROAD, T. BANGPLA,
A.
BANGPLEE, SAMUTPRAKARN 10540, THAILAND
TELEPHONE : [66]
081 831-2489
FAX : [66] -
E-MAIL ADDRESS : info@iwk-thai.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1999
REGISTRATION NO. : 0115542001792 [Former: SOR POR.
8828]
TAX ID NO. : 3021012519
CAPITAL REGISTERED : BHT.
2,100,000
CAPITAL PAID-UP : BHT.
2,100,000
SHAREHOLDER’S PROPORTION : GERMAN : 100%
FISCAL YEAR CLOSING
DATE : MARCH
31, [Former : DECEMBER 31]
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR.
MATTHIAS YUENGLING, GERMAN
MANAGING DIRECTOR
NO. OF STAFF : 86
LINES OF BUSINESS : PACKAGING
MACHINERY & EQUIPMENT
MANUFACTURER, DISTRIBUTOR
AND
SERVICE PROVIDER
|
CORPORATE PROFILE |
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING
NORMALLY
REPUTATION : GOOD
FOR NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was
established on March
31, 1999 as
a private limited
company under the
originally registered name “IWK Packaging
Machinery Limited” by
German groups, in
order to manufacture,
distribute and service
of packaging machinery
assembly, as well
as to import
and distribute packaging
equipment and spare
parts to both
local and international
market.
On May 12, 2010,
its name was
changed to “Oystar
(Thailand) Limited”, and
was finally changed
to IWK (THAILAND) LIMITED
on October 14,
2013. Subject currently
employs 86 staff.
It is a
wholly owned subsidiary
of IWK Verpackungstechnik GmbH
from Germany.
The subject’s registered
address was initially
at 49/45 Moo
9, Srinakarin Rd.,
Bangna, Bangkok 10260.
In June 2006,
its registered address
was moved to
888/45 Moo 19, Soi Yingcharoen, Bangplee-Tamru Rd.,
Bangpleeyai, Bangplee, Samutprakarn 10540.
On March 9,
2018, its registered
address was finally
relocated to 333/97
Moo 6, Leabklongsongnam Suvarnabhumi
Rd., T. Bangpla, A. Bangplee,
Samutprakarn 10540, and
this is the company’s current
operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Matthias Yuengling |
|
German |
51 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with the company’s
affixed.
MANAGEMENT
Mr. Matthias Yuengling
is the Managing
Director.
He is German
nationality with the
age of 51 years
old.
Mr. Andreas Julianto
is the Engineering
Manager.
He is German
nationality.
BUSINESS OPERATIONS
The subject’s core business
is engaged in
designing, manufacturing and
contract manufacturing of
packaging machinery assembly,
as well as
importing, distributing and
exporting of spare
parts and related
equipments, mainly for
consumer goods, pharmaceutical and
cosmetic industries.
It is an
exclusive agent of
IWK Verpackungstechnik GmbH
in Germany, providing
engineering consultancy, repair
and maintenance services
of the products.
IMPORT [COUNTRIES]
Most of the
products are imported
from United Kingdom, Republic
of China, Korea,
India, Taiwan, United
States of America,
Canada, Netherlands, Malaysia
and Germany, the
rest is purchased
locally.
MAJOR SUPPLIERS
Benz & Hilgers GmbH : Germany
ATS Automation Tooling
System Inc :
Canada
IWK Verpackungstechnik GmbH. : Germany
UBMI B.V. : Netherlands
SALES [LOCAL]
90% of the
products is sold
and serviced locally
to end-users mainly
manufacturers.
EXPORT
10% of the
products is exported
to Indonesia, Myanmar
and Vietnam.
PARENT COMPANY
IWK Verpackungstechnik GmbH :
Germany
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary
or affiliated company
here in Thailand.
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 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
credit term of
30-60 days.
Imports are by
L/C at sight
or T/T.
Exports are against
T/T.
BUSINESS TRANSACTION
The products are
sold to customers
by cash and
credit, with the
maximum credit given
at 30-60 days. The
subject is not
found to have
problem on both
accounts receivable and accounts
payable.
BANKING
Bangkok Bank Public
Company Limited
[Head Office
: 333 Silom
Rd., Silom, Bangrak,
Bangkok 10500]
Kasikornbank Public Company
Limited
The Siam Commercial
Bank Public Company
Limited
EMPLOYMENT
The subject employs
86 staff. [office,
sales staff, engineers
and workers]
LOCATION DETAILS
The premise is
rented for administrative office,
factory and warehouse
at the heading
address. Premise is
located in industrial
area.
COMMENT
The packaging sector remains strong. High technology for the packaging
industry also has potential
for local industries
in order to upgrade
their products and
playing the great
role to improve
competitiveness in world
market.
The subject’s operating
performance as of
March 31, 2017
was satisfactory with
an increase in
both sales or
service income and
net profit comparing to
the previous year.
The subject has attained
a solid business and
remains profitable for over
decade.
FINANCIAL INFORMATION
The capital was
registered at Bht.
2,100,000 divided into
21,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE: [as at
June 30, 2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
IWK Verpackungstechnik GmbH Nationality: German Address : Lorenzstraze 6, D-76297
Stutensee, Germany |
20,998 |
100.00 |
|
Mr. Matthias Yuengling Nationality: German Address : Germany |
1 |
- |
|
Mr. Deter V.
Greulich Nationality: German Address : Germany |
1 |
- |
Total Shareholders : 3
Share Structure [as
at June 30,
2017]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
- |
- |
- |
|
Foreign - German |
3 |
21,000 |
100.00 |
|
Total |
3 |
21,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Opawadee Metheetrairat No. 3685
BALANCE SHEET
[BAHT
The latest financial figures published
as at March
31, 2017, 2016
and 2015 were:
ASSETS
|
Current Assets |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Cash and Cash Equivalents |
4,372,948 |
2,420,579 |
6,739,574 |
|
Short-term Investment |
- |
- |
2,368 |
|
Trade Accounts and
Other Receivable |
102,288,744 |
74,960,877 |
50,381,408 |
|
Inventories |
76,789,993 |
94,610,447 |
86,336,476 |
|
Other Current Assets
|
101,711,151 |
87,222,774 |
77,757,451 |
|
Total Current Assets
|
285,162,836 |
259,214,677 |
221,217,277 |
|
Property, Plant and Equipment
|
10,783,705 |
8,479,074 |
8,823,342 |
|
Intangible Assets |
2,821,652 |
4,195,559 |
5,985,597 |
|
Other Non-current Assets
-Deposit |
2,373,214 |
2,955,462 |
6,760,742 |
|
Total Assets |
301,141,407 |
274,844,772 |
242,786,958 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Bank Overdraft and Short-term Loan from Financial Institutions |
35,490,808 |
49,892,593 |
39,142,216 |
|
Trade Accounts and
Other Payable |
88,917,520 |
96,384,638 |
77,398,823 |
|
Accrued Income Tax |
6,936,044 |
- |
3,140,028 |
|
Other Current Liabilities |
19,236,669 |
3,901,621 |
5,574,753 |
|
|
|
|
|
|
Total Current Liabilities |
150,581,041 |
150,178,852 |
125,255,820 |
|
Reserve for Employee
Benefit |
1,670,440 |
689,938 |
689,938 |
|
Total Liabilities |
152,251,481 |
150,868,790 |
125,945,758 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 21,000 shares |
2,100,000 |
2,100,000 |
2,100,000 |
|
|
|
|
|
|
Capital Paid |
2,100,000 |
2,100,000 |
2,100,000 |
|
Retained Earning Appropriated for Statutory Reserve |
210,000 |
210,000 |
210,000 |
|
Unappropriated |
146,579,926 |
121,665,982 |
114,531,200 |
|
Total Shareholders' Equity |
148,889,926 |
123,975,982 |
116,841,200 |
|
Total Liabilities and
Shareholders' Equity |
301,141,407 |
274,844,772 |
242,786,958 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2017 |
2016 |
2015 |
|
|
|
|
|
|
Sales or Services Income
|
506,261,425 |
399,082,907 |
441,975,666 |
|
Other Income |
2,442,102 |
2,480,565 |
8,536,137 |
|
Total Revenues |
508,703,527 |
401,563,472 |
450,511,803 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold or Services |
379,141,240 |
309,756,686 |
352,759,466 |
|
Selling Expenses |
16,665,304 |
12,672,938 |
12,543,414 |
|
Administrative Expenses |
76,787,406 |
66,335,834 |
56,711,996 |
|
Total Expenses |
472,593,950 |
388,765,458 |
422,014,876 |
|
|
|
|
|
|
Profit /[Loss] before Financial
Cost & Income Tax |
36,109,577 |
12,798,014 |
28,496,927 |
|
Financial Cost |
[2,238,780] |
[2,493,456] |
[1,328,701] |
|
Profit /[Loss] before Income Tax |
33,870,797 |
10,304,558 |
27,168,226 |
|
Income Tax |
[8,956,853] |
[3,169,776] |
[6,267,019] |
|
|
|
|
|
|
Net Profit/[Loss] |
24,913,944 |
7,134,782 |
20,901,207 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2017 |
2016 |
2015 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.89 |
1.73 |
1.77 |
|
QUICK RATIO |
TIMES |
0.71 |
0.52 |
0.46 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
46.95 |
47.07 |
50.09 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.68 |
1.45 |
1.82 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
73.93 |
111.48 |
89.33 |
|
INVENTORY TURNOVER |
TIMES |
4.94 |
3.27 |
4.09 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
73.75 |
68.56 |
41.61 |
|
RECEIVABLES TURNOVER |
TIMES |
4.95 |
5.32 |
8.77 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
85.60 |
113.57 |
80.08 |
|
CASH CONVERSION CYCLE |
DAYS |
62.07 |
66.47 |
50.85 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
74.89 |
77.62 |
79.81 |
|
SELLING & ADMINISTRATION |
% |
18.46 |
19.80 |
15.67 |
|
INTEREST |
% |
0.44 |
0.62 |
0.30 |
|
GROSS PROFIT MARGIN |
% |
25.59 |
23.00 |
22.12 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
7.13 |
3.21 |
6.45 |
|
NET PROFIT MARGIN |
% |
4.92 |
1.79 |
4.73 |
|
RETURN ON EQUITY |
% |
16.73 |
5.75 |
17.89 |
|
RETURN ON ASSET |
% |
8.27 |
2.60 |
8.61 |
|
EARNING PER SHARE |
BAHT |
1,186.38 |
339.75 |
995.30 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.51 |
0.55 |
0.52 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.02 |
1.22 |
1.08 |
|
TIME INTEREST EARNED |
TIMES |
16.13 |
5.13 |
21.45 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
26.86 |
(9.70) |
|
|
OPERATING PROFIT |
% |
182.15 |
(55.09) |
|
|
NET PROFIT |
% |
249.19 |
(65.86) |
|
|
FIXED ASSETS |
% |
27.18 |
(3.90) |
|
|
TOTAL ASSETS |
% |
9.57 |
13.20 |
|
ANNUAL GROWTH :
EXCELLENT
An annual sales growth is 26.86%. Turnover has increased from THB
PROFITABILITY :
SATISFACTORY
%20LIMITED%20-%20498331%2021-Mar-2018_files/image022.gif)
PROFITABILITY
RATIO
|
Gross Profit Margin |
25.59 |
Satisfactory |
Industrial Average |
27.23 |
|
Net Profit Margin |
4.92 |
Satisfactory |
Industrial Average |
5.10 |
|
Return on Assets |
8.27 |
Satisfactory |
Industrial Average |
9.68 |
|
Return on Equity |
16.73 |
Satisfactory |
Industrial Average |
22.25 |
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 25.59%. 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. The company's figure is 4.92%.
When compared with the industry average, the ratio of the company was lower.
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. When compared with the
industry average, it was lower, the company's figure is 8.27%.
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. When compared with the
industry average, it was lower, the company's figure is 16.73%.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
%20LIMITED%20-%20498331%2021-Mar-2018_files/image024.gif)
LIQUIDITY RATIO
|
Current Ratio |
1.89 |
Impressive |
Industrial Average |
1.83 |
|
Quick Ratio |
0.71 |
|
|
|
|
Cash Conversion Cycle |
62.07 |
|
|
|
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 1.89 times in 2017, increase from 1.73 times, 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 0.71 times in 2017,
increase from 0.52 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
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 63 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
IMPRESSIVE
%20LIMITED%20-%20498331%2021-Mar-2018_files/image026.gif)
%20LIMITED%20-%20498331%2021-Mar-2018_files/image028.gif)
LEVERAGE RATIO
|
Debt Ratio |
0.51 |
Impressive |
Industrial Average |
0.58 |
|
Debt to Equity Ratio |
1.02 |
Acceptable |
Industrial Average |
1.40 |
|
Times Interest Earned |
16.13 |
Impressive |
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 higher the percentage means that the company is using less
equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 16.13 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.51 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Stable
ACTIVITY :
IMPRESSIVE
%20LIMITED%20-%20498331%2021-Mar-2018_files/image030.gif)
ACTIVITY RATIO
|
Fixed Assets Turnover |
46.95 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.68 |
Satisfactory |
Industrial Average |
1.90 |
|
Inventory Conversion Period |
73.93 |
|
|
|
|
Inventory Turnover |
4.94 |
Satisfactory |
Industrial Average |
5.05 |
|
Receivables Conversion Period |
73.75 |
|
|
|
|
Receivables Turnover |
4.95 |
Satisfactory |
Industrial Average |
5.02 |
|
Payables Conversion Period |
85.60 |
|
|
|
The company's Account Receivable Ratio is calculated as 4.95 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 decreased from 111 days at the
end of 2016 to 74 days at the end of 2017. This represents a positive trend.
And Inventory turnover has increased from 3.27 times in year 2016 to 4.94 times
in year 2017.
The company's Total Asset Turnover is calculated as 1.68 times and 1.45
times in 2017 and 2016 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 Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.20 |
|
|
1 |
INR 91.49 |
|
Euro |
1 |
INR 80.46 |
|
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 : |
TPT |
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.