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MIRA INFORM REPORT
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Report No. : |
510021 |
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Report Date : |
19.05.2018 |
IDENTIFICATION DETAILS
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Name : |
SMART ARTS JEWELLERY LIMITED |
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|
Formerly Known As : |
J.P.S. CREATION
LTD. |
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|
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Registered Office : |
13th Floor, Bangkok Gems & Jewellery Tower, 322/24-25 Surawong Road, Sipraya, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
26.07.2000 |
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Com. Reg. No.: |
0105543069838 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
The subject is engaged in importing, distributing and
exporting fine diamond jewelry, gold jewelry and silver jewelry such as ring,
earrings, bracelet, pendent, necklace, as well as diamonds and gemstones. |
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No. of Employees : |
7 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
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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 and address
SMART ARTS
JEWELLERY LIMITED
[ FORMER :
J.P.S. CREATION LTD. ]
SUMMARY
BUSINESS ADDRESS : 13th FLOOR,
BANGKOK GEMS & JEWELLERY TOWER, 322/24-25 SURAWONG
ROAD, SIPRAYA, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE
: [66] 2238-1286-8
FAX :
[66] 2238-1289-90
E-MAIL ADDRESS : info@smartartsjewellery.com
smartartjewellery@gmail.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2000
REGISTRATION NO. : 0105543069838
TAX ID NO. : 3030132390
CAPITAL REGISTERED : BHT.
20,000,000
CAPITAL PAID-UP
: BHT.
20,000,000
SHAREHOLDER’S PROPORTION : THAI :
57.75%
INDIAN
: 42.25%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE
: MR. PRADEEP RAGHUNATH
LODHA, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 7
LINES OF
BUSINESS : FINE
DIAMOND JEWELRY, GOLD JEWELRY
AND
SILVER JEWELRY
IMPORTER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject
was established on
July 26, 2000
as a private
limited company under
the registered name “J.P.S. CREATION LTD.”,
by Thai and Indian
groups.
On May
15, 2007 the
subject’s name was changed
to SMART ARTS
JEWELLERY LIMITED. Its business
objective is to
import, distribute and
export fine diamond
jewelry, gold jewelry
and silver jewelry,
as well as
diamonds and gemstones. It
currently employs 7
staff.
The subject’s registered address
was initially located at 22nd Floor, Bangkok Gems & Jewellery
Tower, 322/58 Surawong Rd., Sipraya, Bangrak,
Bangkok 10500.
On September
29, 2016, its
registered address was
moved to 13th Floor,
Bangkok Gems & Jewellery Tower,
322/24-25 Surawong Rd., Sipraya,
Bangrak, Bangkok 10500,
and this is
the subject’s current
operation address.
Note:
Please be
informed that “Surawong Wattanakarn Building” is
the Thai name,
whereas “Bangkok Gems &
Jewellery Tower” is the English name.
Both are the same
building.
THE BOARD
OF DIRECTOR
Mr. Pradeep Raghunath Lodha
AUTHORIZED PERSON
The above director
signs on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Pradeep
Raghunath Lodha is
the Managing Director.
He is Indian
nationality with the
age of 54
years old.
BUSINESS OPERATIONS
The subject is
engaged in importing,
distributing and exporting
fine diamond jewelry,
gold jewelry and
silver jewelry such
as ring, earrings,
bracelet, pendent, necklace
and etc., as
well as diamonds
and gemstones.
PURCHASE
The products are
purchased from suppliers both
domestic and overseas in India,
Belgium, Hong Kong, Pakistan
and Republic of
China.
SALES
The products are
sold locally by
wholesale to local
traders and manufacturers.
EXPORT
The products are
also exported to India, Hong Kong, Japan, United States of America, Malaysia
and Europe.
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 7 staff. [office
and sales staff]
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located
in a
prime commercial area.
Branch office
is located at 22nd Floor,
Bangkok Gems & Jewellery
Tower,
322/58 Surawong
Rd., Sipraya, Bangrak,
Bangkok 10500.
COMMENT
The subject’s
operating performance in
2016 has seen
an improvement with
an increase in
both sales income
and net profit comparing
to the previous year.
This was mainly
due to effective
market expansion on its customer
base in the
past year which
accelerated more income
and net profit. In
general, the jewelry
industry has not
been fully recovered
from slow growth
and low consumers’
spending, the subject
performed better from
effective expansion on its
customer base. So,
the subject is
able to maintain a
solid business.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 2,000,000 divided
into 20,000 shares
of
Bht. 100
each.
The capital
was increased and
decreased later as
following:
Bht. 17,000,000
on June 22,
2001
Bht. 6,000,000
on March 6,
2002
Bht. 10,000,000
on February 22,
2005
Bht. 15,000,000
on December 7, 2005
Bht. 20,000,000
on September 27,
2006
The latest
registered capital was
increased to Bht. 20,000,000 divided
into 200,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS
LISTED WERE : [as at
July 22, 2017]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Ms. Mahee Lodha Nationality: Thai Address : 1867/93
Charoennakorn Rd.,
Banglampulang, Klongsan, Bangkok
|
101,881 |
50.94 |
|
Mr. Pradeep Raghunath
Lodha Nationality: Indian Address : 322/23
Surawong Rd., Sipraya,
Bangrak, Bangkok |
60,000 |
30.00 |
|
Mrs. Sukaesi Lodha Nationality: Indian Address : 1867/85
Charoennakorn Rd.,
Banglampulang, Klongsan, Bangkok
|
20,500 |
10.25 |
|
Ms. Araya
Thirachawalit Nationality: Thai Address : 2/108
Rajpattana Rd., Sapansung,
Bangkok |
13,520 |
6.76 |
|
Ms. Nirmala Shashti Nationality: Indian Address : 1867/85
Charoennakorn Rd.,
Banglampulang, Klongsan, Bangkok
|
3,999 |
2.00 |
|
Mrs. Anupa Narula Nationality: Thai Address : 32/31-32
Sukhumvit 26 Rd.,
Klongton,
Klongtoey, Bangkok |
100 |
0.05 |
Total
Shareholders : 6
Share Structure [as at
July 22, 2017]
|
Nationality |
Shareholders |
No. of
Share |
% Shares |
|
|
|
|
|
|
Thai |
3 |
115,501 |
57.75 |
|
Foreign - Indian |
3 |
84,499 |
42.25 |
|
Total |
6 |
200,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Ms. Nongnuch
Ouitrakul No. 2241
Financial
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 |
3,003,389.69 |
1,892,465.47 |
271,818.73 |
|
Short-term Investment |
- |
10,000.00 |
- |
|
Trade Account and
Other Receivable |
12,543,284.45 |
19,902,283.44 |
9,134,246.62 |
|
Inventories
|
226,291,645.04 |
221,496,332.95 |
173,096,791.97 |
|
Other Current Assets
|
41,867.52 |
14,863.80 |
20,291.99 |
|
|
|
|
|
|
Total Current Assets |
241,880,186.70 |
243,315,945.66 |
182,523,149.31 |
|
Property, Plant and Equipment |
36,563,198.43 |
35,406,910.48 |
7,081,309.54 |
|
Intangible Assets |
350,631.25 |
97,739.57 |
132,315.02 |
|
Other Non-current Assets-Deposit |
7,880,863.31 |
- |
14,200.00 |
|
Total Assets |
286,674,879.69 |
278,820,595.71 |
189,750,973.87 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Bank Overdraft
and Short-term Loan from Financial
Institution |
98,952,282.99 |
119,367,075.30 |
118,628,055.02 |
|
Trade Accounts and
Other Payable |
125,495,315.77 |
98,057,838.71 |
33,494,590.65 |
|
Current
Portion of Long-term
Liabilities |
2,436,891.67 |
4,944,710.00 |
- |
|
Accrued Income Tax |
791,849.62 |
667,661.67 |
510,373.89 |
|
|
|
|
|
|
Total Current Liabilities |
227,676,340.05 |
223,037,285.68 |
152,633,019.56 |
|
Long-term Loans |
18,077,810.22 |
20,328,249.03 |
- |
|
Total Liabilities |
245,754,150.27 |
243,365,534.71 |
152,633,019.56 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 200,000 shares |
20,000,000.00 |
20,000,000.00 |
20,000,000.00 |
|
|
|
|
|
|
Capital Paid |
20,000,000.00 |
20,000,000.00 |
20,000,000.00 |
|
Retained Earning
- Unappropriated [Deficit] |
20,920,729.42 |
15,455,061.00 |
17,117,954.31 |
|
Total Shareholders'
Equity |
40,920,729.42 |
35,455,061.00 |
37,117,954.31 |
|
Total
Liabilities and Shareholders' Equity |
286,674,879.69 |
278,820,595.71 |
189,750,973.87 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2016 |
2015 |
2014 |
|
|
|
|
|
|
Sales or Services |
282,172,091.96 |
230,207,474.88 |
158,303,133.78 |
|
Other Income |
2,938,738.64 |
987,614.59 |
418,598.64 |
|
Total Revenues |
285,110,830.60 |
231,195,089.47 |
158,721,732.42 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold or Services |
243,580,842.18 |
192,655,688.82 |
135,309,110.82 |
|
Selling Expenses |
21,774,750.19 |
11,407,266.90 |
11,072,394.54 |
|
Administrative
Expenses |
6,711,861.83 |
6,817,737.52 |
4,015,241.66 |
|
Loss on Exchange
Rate |
- |
15,060,216.01 |
231,594.29 |
|
Total Expenses |
272,067,454.20 |
225,940,909.25 |
150,628,341.31 |
|
|
|
|
|
|
Profit / [Loss]
before Financial Cost and Income
Tax |
13,043,376.40 |
5,254,180.22 |
8,093,391.11 |
|
Financial Cost |
[6,165,858.36] |
[5,715,384.61] |
[3,673,373.66] |
|
|
|
|
|
|
Profit / [Loss]
before Income Tax |
6,877,518.04 |
[461,204.39] |
4,420,017.45 |
|
Income Tax Expenses |
[1,411,849.62] |
[1,201,688.92] |
[1,010,373.89] |
|
Net Profit / [Loss]
|
5,465,668.42 |
[1,662,893.31] |
3,409,643.56 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2016 |
2015 |
2014 |
|
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.06 |
1.09 |
1.20 |
|
QUICK RATIO |
TIMES |
0.07 |
0.10 |
0.06 |
|
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
7.72 |
6.50 |
22.36 |
|
TOTAL ASSETS TURNOVER |
TIMES |
0.98 |
0.83 |
0.83 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
339.09 |
419.64 |
466.93 |
|
INVENTORY TURNOVER |
TIMES |
1.08 |
0.87 |
0.78 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
16.23 |
31.56 |
21.06 |
|
RECEIVABLES TURNOVER |
TIMES |
22.50 |
11.57 |
17.33 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
188.05 |
185.78 |
90.35 |
|
CASH CONVERSION CYCLE |
DAYS |
167.27 |
265.42 |
397.64 |
|
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
86.32 |
83.69 |
85.47 |
|
SELLING & ADMINISTRATION |
% |
10.10 |
7.92 |
9.53 |
|
INTEREST |
% |
2.19 |
2.48 |
2.32 |
|
GROSS PROFIT MARGIN |
% |
14.72 |
16.74 |
14.79 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
4.62 |
2.28 |
5.11 |
|
NET PROFIT MARGIN |
% |
1.94 |
(0.72) |
2.15 |
|
RETURN ON EQUITY |
% |
13.36 |
(4.69) |
9.19 |
|
RETURN ON ASSET |
% |
1.91 |
(0.60) |
1.80 |
|
EARNING PER SHARE |
BAHT |
27.33 |
(8.31) |
17.05 |
|
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.86 |
0.87 |
0.80 |
|
DEBT TO EQUITY RATIO |
TIMES |
6.01 |
6.86 |
4.11 |
|
TIME INTEREST EARNED |
TIMES |
2.12 |
0.92 |
2.20 |
|
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
22.57 |
45.42 |
|
|
OPERATING PROFIT |
% |
148.25 |
(35.08) |
|
|
NET PROFIT |
% |
428.68 |
(148.77) |
|
|
FIXED ASSETS |
% |
3.27 |
400.01 |
|
|
TOTAL ASSETS |
% |
2.82 |
46.94 |
|
ANNUAL
GROWTH : EXCELLENT
An annual sales growth is
22.57%. Turnover has increased from THB
PROFITABILITY
: IMPRESSIVE
PROFITABILITY RATIO
|
Gross Profit Margin |
14.72 |
Impressive |
Industrial
Average |
12.73 |
|
Net Profit Margin |
1.94 |
Satisfactory |
Industrial
Average |
2.45 |
|
Return on Assets |
1.91 |
Satisfactory |
Industrial
Average |
3.03 |
|
Return on Equity |
13.36 |
Impressive |
Industrial
Average |
7.53 |
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. Gross Profit Margin is 14.72%. 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 1.94%. 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 1.91%.
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 13.36%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY
: RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.06 |
Acceptable |
Industrial
Average |
2.20 |
|
Quick Ratio |
0.07 |
|
|
|
|
Cash Conversion Cycle |
167.27 |
|
|
|
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 1.06 times in 2016, decrease from 1.09 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 0.07 times
in 2016, decrease from 0.1 time, 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 168 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE
: ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.86 |
Acceptable |
Industrial
Average |
0.50 |
|
Debt to Equity Ratio |
6.01 |
Risky |
Industrial
Average |
0.98 |
|
Times Interest Earned |
2.12 |
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 2.12 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 0.86 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 Downtrend
Times Interest Earned Stable
ACTIVITY
: IMPRESSIVE
ACTIVITY
RATIO
|
Fixed Assets Turnover |
7.72 |
Impressive |
Industrial
Average |
- |
|
Total Assets Turnover |
0.98 |
Satisfactory |
Industrial
Average |
1.24 |
|
Inventory Conversion Period |
339.09 |
|
|
|
|
Inventory Turnover |
1.08 |
Satisfactory |
Industrial
Average |
1.58 |
|
Receivables Conversion Period |
16.23 |
|
|
|
|
Receivables Turnover |
22.50 |
Impressive |
Industrial
Average |
3.00 |
|
Payables Conversion Period |
188.05 |
|
|
|
The company's Account Receivable Ratio is calculated as
22.50 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 decreased from 420 days at the
end of 2015 to 339 days at the end of 2016. This represents a positive trend.
And Inventory turnover has increased from 0.87 times in year 2015 to 1.08 times
in year 2016.
The company's Total Asset Turnover is calculated as 0.98 times
and 0.83 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 Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.96 |
|
|
1 |
INR 91.88 |
|
Euro |
1 |
INR 80.28 |
|
THB |
1 |
INR 2.12 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
TRU |
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.