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|
MIRA INFORM REPORT
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Report No. : |
508800 |
|
Report Date : |
14.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
INDUSTRIAL MINERAL DEVELOPMENT LTD. |
|
|
|
|
Registered Office : |
255 Soi Pattanakarn
61, Prawes, Bangkok 10250 |
|
|
|
|
Country : |
Thailand |
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|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
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Date of Incorporation : |
10.06.2002 |
|
|
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Com. Reg. No.: |
0105545059473 |
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|
Legal Form : |
Private Limited Company |
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Line of Business : |
The subject is
engaged in manufacturing, distributing and
exporting various kinds
of mineral raw
materials such as
ball clay, kaolin,
feldspar and quartz
for ceramic, sanitary
ware, wall and
floor tile production
industry. |
|
|
|
|
No. of Employees : |
160 |
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 |
Acceptable Risk |
Business dealings permissible with moderate
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
INDUSTRIAL MINERAL
DEVELOPMENT LTD.
SUMMARY
BUSINESS ADDRESS : 255
SOI PATTANAKARN 61,
PRAWES,
BANGKOK
10250, THAILAND
TELEPHONE : [66] 2321-3352
FAX : [66] 2321-9214
E-MAIL ADDRESS : info@imd-mineral.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2002
REGISTRATION NO. : 0105545059473
TAX ID NO. : 3030601285
CAPITAL REGISTERED : BHT.
10,000,000
CAPITAL PAID-UP : BHT.
10,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. NIPHON PHANICHSUKPHAISAL, THAI
MANAGING DIRECTOR
NO. OF STAFF : 160
LINES OF BUSINESS : INDUSTRIAL MINERAL
PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
|
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 June 10,
2002 as a
private limited company
under the registered
name INDUSTRIAL MINERAL DEVELOPMENT
LTD., by Thai group, with the
business objective to
manufacture and supply
mineral raw materials
for ceramic, sanitary
ware and tile production industry. It
currently employs approximately 160 staff.
The subject’s registered
address is 255
Soi Pattanakarn 61,
Prawes, Bangkok 10250,
and this is
the subject’s current
operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Niphon Phanichsukphaisal |
|
Thai |
67 |
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Niphon Phanichsukphaisal is
the Managing Director.
He is Thai
nationality with the
age of 67
years old.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing, distributing
and exporting various
kinds of mineral
raw materials such
as ball clay,
kaolin, feldspar and
quartz for ceramic,
sanitary ware, wall
and floor tile
production industry.
BRAND NAME
“IMD”
PURCHASE
Raw materials and
chemicals are purchased
from suppliers both
domestic and overseas
in Japan, U.S.A.,
and Republic of
China.
SALES
60% of the
products is sold
locally to manufactures
and end-users, the
remaining 40% is
exported to Republic
of China, India,
Hong Kong, Taiwan,
Indonesia, Korea, Japan,
Vietnam, Malaysia, France
and 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
credits term of
30-60 days.
Imports are by
T/T.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Company Limited
EMPLOYMENT
The subject employs
approximately 160 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factories and Warehouses:
49/10 Moo 6,
Soi Tessabal Sai
3, Soi 2,
Sukhumvit Road, T. Khaobaisi,
A. Thamai, Chanthaburi 22120.
- 86
Moo 2, Sethakit
1 Road, T. Klongmaduer, A. Krathumban,
Samutsakorn 74110.
18 Moo 8,
Klonghokkwa Road, T. Koktoom,
A. Nongkae, Saraburi 18250.
COMMENT
The subject manufactures,
distributes and exports
industrial mineral products
to domestics and overseas
markets. Its sales
or service income
in 2016 was
moderate but slightly decrease from
the previous year.
However, the subject
managed to obtain
net profit at
the end of
year resulted by
slow improvement from
related industries.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided
into 10,000 shares
of Bht. 100
each with fully
paid.
The capital was
increased later as
follows:
Bht. 5,000,000
on December 26,
2006
Bht. 10,000,000
on August 16,
2012
The latest registered
capital was increased
to Bht. 10,000,000
divided into 100,000
shares of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED
WERE : [as
at April 28,
2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mrs. Phacharawadee
Phanichsukphaisal Nationality: Thai Address : 255
Soi Pattanakarn 61,
Prawes, Bangkok |
50,500 |
50.50 |
|
Mrs. Teerapol Samphansap Nationality: Thai Address : 103
Moo 2, T. Klongmaduer, A.
Krathumban, Samutsakorn |
20,000 |
20.00 |
|
Mr. Prasobchoke Tatiyarat Nationality: Thai Address : 12
Soi Suksawad 20
Yaek 2, Bangpakok,
Ratburana, Bangkok |
20,000 |
20.00 |
|
Mrs. Vararat Changkham Berros Nationality: Thai Address : 100/837
Moo 8, T. Bangpood, A.
Pakkred, Nonthaburi |
5,000 |
5.00 |
|
Mr. Niphon Phanichsukphaisal Nationality: Thai Address : 255
Soi Pattanakarn 61,
Prawes, Bangkok |
3,000 |
3.00 |
|
Mrs. Lawan Chancharoensin Nationality: Thai Address : 126/5
Soi Charoenjai, Klongtonnua,
Wattana, Bangkok |
500 |
0.50 |
|
Mrs. Chayapas Phanichsukphaisal Nationality: Thai Address : 255
Soi Pattanakarn 61,
Prawes, Bangkok |
400 |
0.40 |
|
Mr. Jesada Sarovart Nationality: Thai Address : 314/127
Moo 5, Thungkru,
Bangkok |
200 |
0.20 |
|
Ms. Sara Sarovart Nationality: Thai Address : 314/127
Moo 5, Thungkru,
Bangkok |
200 |
0.20 |
|
Mrs. Daranee Sarovart Nationality: Thai Address : 314/127
Moo 5, Thungkru,
Bangkok |
200 |
0.20 |
Total Shareholders : 10
Share Structure [as
at April 28,
2017]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
10 |
100,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
10 |
100,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Pornchai Reangrungroj No. 3320
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 |
270,738.53 |
244,287.88 |
329,292.24 |
|
Trade Accounts and
Other Receivable |
28,461,361.76 |
32,974,669.05 |
32,651,657.14 |
|
Inventories |
20,951,344.81 |
21,388,436.00 |
13,088,687.82 |
|
Other Current Assets |
899,490.77 |
341,538.26 |
538,386.07 |
|
Total Current Assets
|
50,583,935.87 |
54,948,931.19 |
46,608,023.27 |
|
|
|
|
|
|
Property, Plant and
Equipment |
28,853,983.36 |
28,536,619.54 |
31,037,536.62 |
|
Other Non-current Assets |
500,000.00 |
500,000.00 |
500,000.00 |
|
Total Assets |
79,937,919.23 |
83,985,550.73 |
78,145,559.89 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Bank Overdraft and Short-term Loan From Financial Institutions |
13,004,472.39 |
14,119,624.74 |
7,585,262.56 |
|
Trade Accounts and Other
Payable |
26,200,901.18 |
32,378,951.86 |
29,815,312.10 |
|
Current Portion of Long-term Liabilities |
2,895,020.00 |
2,146,098.00 |
2,188,638.00 |
|
Accrued Income Tax |
233,505.22 |
369,316.76 |
565,392.84 |
|
Other Current Liabilities |
- |
11,964.50 |
180.20 |
|
Total Current Liabilities |
42,333,898.79 |
49,025,955.86 |
40,154,785.70 |
|
|
|
|
|
|
Long-term Loan |
1,908,208.60 |
2,001,840.47 |
4,124,667.38 |
|
Other Non-current Liabilities |
4,029,069.13 |
3,500,000.00 |
7,300,000.00 |
|
Total Liabilities |
48,271,176.52 |
54,527,796.33 |
51,579,453.08 |
|
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, and
issued share capital
100,000 shares
|
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
Capital Paid |
10,000,000.00 |
10,000,000.00 |
10,000,000.00 |
|
Retained Earning -Unappropriated [Deficit] |
21,666,742.71 |
19,457,754.40 |
16,566,106.81 |
|
Total Shareholders’ Equity |
31,666,742.71 |
29,457,754.40 |
26,566,106.81 |
|
Total Liabilities and Shareholders’ Equity |
79,937,919.23 |
83,985,550.73 |
78,145,559.89 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales or Services Income |
184,963,401.46 |
187,630,215.84 |
180,971,070.63 |
|
Other Income |
191,398.33 |
1,737,077.43 |
822,203.57 |
|
Total Revenues |
185,154,799.79 |
189,367,293.27 |
181,793,274.20 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold or Services |
59,351,505.66 |
62,349,275.63 |
- |
|
Selling Expenses |
31,167,316.73 |
33,141,757.86 |
- |
|
Administrative Expenses |
31,293,450.51 |
28,791,493.76 |
- |
|
Change in Finished Goods and Work in
Progress |
- |
- |
533,950.05 |
|
Raw Material and Material Supplies |
- |
- |
73,576,657.34 |
|
Employees Expenses |
- |
- |
32,976,199.44 |
|
Depreciation and Amortization |
- |
- |
4,657,512.66 |
|
Freight and Transport |
- |
- |
24,743,910.73 |
|
Other Expenses |
59,058,044.05 |
60,210,515.40 |
39,135,255.99 |
|
Total Expenses |
180,870,316.95 |
184,493,042 |
175,623,486.21 |
|
|
|
|
|
|
Profit /[Loss] before
Financial Cost and Income Tax |
4,284,482.84 |
4,874,250.62 |
6,169,787.99 |
|
Financial Cost |
[1,521,989.31] |
[1,258,286.27] |
[1,170,181.53] |
|
|
|
|
|
|
Profit /[Loss] before Income
Tax |
2,762,493.53 |
3,615,964.35 |
4,999,606.46 |
|
Income Tax |
[553,505.22] |
[724,316.76] |
[1,002,642.84] |
|
Net Profit / [Loss] |
2,208,988.31 |
2,891,647.59 |
3,996,963.62 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.19 |
1.12 |
1.16 |
|
QUICK RATIO |
TIMES |
0.68 |
0.68 |
0.82 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
6.41 |
6.58 |
5.83 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.31 |
2.23 |
2.32 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
128.85 |
125.21 |
64.93 |
|
INVENTORY TURNOVER |
TIMES |
2.83 |
2.92 |
5.62 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
56.16 |
64.15 |
65.86 |
|
RECEIVABLES TURNOVER |
TIMES |
6.50 |
5.69 |
5.54 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
161.13 |
189.55 |
147.91 |
|
CASH CONVERSION CYCLE |
DAYS |
23.88 |
(0.19) |
(17.12) |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
32.09 |
33.23 |
40.66 |
|
SELLING & ADMINISTRATION |
% |
33.77 |
33.01 |
34.47 |
|
INTEREST |
% |
0.82 |
0.67 |
0.65 |
|
GROSS PROFIT MARGIN |
% |
68.02 |
67.70 |
59.80 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
2.32 |
2.60 |
3.41 |
|
NET PROFIT MARGIN |
% |
1.19 |
1.54 |
2.21 |
|
RETURN ON EQUITY |
% |
6.98 |
9.82 |
15.05 |
|
RETURN ON ASSET |
% |
2.76 |
3.44 |
5.11 |
|
EARNING PER SHARE |
BAHT |
22.09 |
28.92 |
39.97 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.60 |
0.65 |
0.66 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.52 |
1.85 |
1.94 |
|
TIME INTEREST EARNED |
TIMES |
2.82 |
3.87 |
5.27 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(1.42) |
3.68 |
|
|
OPERATING PROFIT |
% |
(12.10) |
(21.00) |
|
|
NET PROFIT |
% |
(23.61) |
(27.65) |
|
|
FIXED ASSETS |
% |
1.11 |
(8.06) |
|
|
TOTAL ASSETS |
% |
(4.82) |
7.47 |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -1.42%.
Turnover has decreased from THB
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
68.02 |
Impressive |
Industrial Average |
10.58 |
|
Net Profit Margin |
1.19 |
Satisfactory |
Industrial Average |
1.34 |
|
Return on Assets |
2.76 |
Impressive |
Industrial Average |
1.79 |
|
Return on Equity |
6.98 |
Impressive |
Industrial Average |
6.64 |
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 68.02%. When
compared with the industry average, the ratio of the company was higher,
indicated that company was more profitable than the same industry.
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 1.19%.
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. Return on Assets ratio is
2.76%, 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 6.98%, 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 Stable
Return on Equity Downtrend
LIQUIDITY :
SATISFACTORY
LIQUIDITY RATIO
|
Current Ratio |
1.19 |
Satisfactory |
Industrial Average |
1.39 |
|
Quick Ratio |
0.68 |
|
|
|
|
Cash Conversion Cycle |
23.88 |
|
|
|
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 1.19 times in 2016, increase from 1.12 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 lower.
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 0.68 times in 2016,
same figure as 0.68 times in 2015, 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 24 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE :
IMPRESSIVE
LEVERAGE RATIO
|
Debt Ratio |
0.60 |
Impressive |
Industrial Average |
0.74 |
|
Debt to Equity Ratio |
1.52 |
Acceptable |
Industrial Average |
2.80 |
|
Times Interest Earned |
2.82 |
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 2.82 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 0.6 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 :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
6.41 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
2.31 |
Impressive |
Industrial Average |
1.34 |
|
Inventory Conversion Period |
128.85 |
|
|
|
|
Inventory Turnover |
2.83 |
Impressive |
Industrial Average |
2.18 |
|
Receivables Conversion Period |
56.16 |
|
|
|
|
Receivables Turnover |
6.50 |
Impressive |
Industrial Average |
5.53 |
|
Payables Conversion Period |
161.13 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.50 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 125 days at the
end of 2015 to 129 days at the end of 2016. This represents a negative trend.
And Inventory turnover has decreased from 2.92 times in year 2015 to 2.83 times
in year 2016.
The company's Total Asset Turnover is calculated as 2.31 times and 2.23
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 67.22 |
|
|
1 |
INR 90.87 |
|
Euro |
1 |
INR 80.09 |
|
Thai Baht |
1 |
INR 2.12 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
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.