MIRA INFORM REPORT

 

 

Report Date :

24.12.2012

 

IDENTIFICATION DETAILS

 

Name :

KURTSAN OTOMOTIV SANAYI VE TICARET LTD. STI.

 

 

 

 

Registered Office :

Konya Organize Sanayi Bolgesi Lalehan Cad. No:47 Selcuklu Konya

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

03.02.1994

 

 

Com. Reg. No.:

31317

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture and trade of automotive spare parts.

 

 

No. of Employees :

60

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

Payment Behaviour :

No Complaints

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, construction, and electronics industries, are rising in importance and have surpassed textiles within Turkey's export mix. Oil began to flow through the Baku-Tbilisi-Ceyhan pipeline in May 2006, marking a major milestone that will bring up to 1 million barrels per day from the Caspian to market. Several gas pipelines projects also are moving forward to help transport Central Asian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas to meet 97% of its energy needs. After Turkey experienced a severe financial crisis in 2001, Ankara adopted financial and fiscal reforms as part of an IMF program. The reforms strengthened the country's economic fundamentals and ushered in an era of strong growth - averaging more than 6% annually until 2008. Global economic conditions and tighter fiscal policy caused GDP to contract in 2009, but Turkey's well-regulated financial markets and banking system helped the country weather the global financial crisis and GDP rebounded strongly to 8.2% in 2010, as exports returned to normal levels following the recession. Turkey's public sector debt to GDP ratio has fallen to roughly 40%. Continued strong growth has pushed inflation to the 8% level, however, and worsened an already high current account deficit. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $99 billion at year-end 2011. Inflows have slowed considerably in light of continuing economic turmoil in Europe, the source of much of Turkey's FDI. Further economic and judicial reforms and prospective EU membership are expected to boost Turkey's attractiveness to foreign investors. However, Turkey's relatively high current account deficit, uncertainty related to monetary policy-making, and political turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

Source : CIA

COMPANY IDENTIFICATION

 

 

NAME

:

KURTSAN OTOMOTIV SANAYI VE TICARET LTD. STI.

HEAD OFFICE ADDRESS

:

Konya Organize Sanayi Bolgesi Lalehan Cad. No:47 Selcuklu Konya / Turkey

PHONE NUMBER

:

90-332-239 07 73

 

FAX NUMBER

:

90-332-239 07 75

 

WEB-ADDRESS

:

www.kurt-san.com

E-MAIL

:

bilgi@kurt-san.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Selcuk

TAX NO

:

5960032846

REGISTRATION NUMBER

:

31317

REGISTERED OFFICE

:

Konya Chamber of Commerce

DATE ESTABLISHED

:

03.02.1994

ESTABLISHMENT GAZETTE DATE/NO

:

21.03.1994/3493

LEGAL FORM

:

Limited Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   850.000

PAID-IN CAPITAL

:

TL   700.000

HISTORY

:

Previous Registered Capital

:

TL 100.000

Changed On

:

20.03.2006 (Commercial Gazette Date /Number 31.03.2006/ 6525)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Nizamettin Kurt

99,97 %

Dudu Kurt

0,03 %

 

 

SUBSIDIARIES

:

None

 

DIRECTORS

:

Nizamettin Kurt

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of automotive spare parts.

 

NACE CODE

:

DM.34.30

 

TRADEMARKS OWNED

:

Kurtsan

 

NUMBER OF EMPLOYEES

:

60

 

NET SALES

:

2.454.413 TL

(2009) 

4.652.615 TL

(2010) 

9.022.938 TL

(2011) 

8.750.211 TL

(01.01-30.09.2012) 

 

 

CAPACITY

:

  ( units/yr)

 

 

 

36.000

 

 

(2009)

48.000

 

 

(2010)

66.000

 

 

(2011)

 

 

 

 

PRODUCTION

:

  ( units )

 

 

 

20.527

 

 

(2009)

36.112

 

 

(2010)

13.925

 

 

(01.01-31.03.2011)

 

 

 

 

IMPORT VALUE

:

0 TL

(2009)

260.826 TL

(2010)

756.433 TL

(2011)

1.686.562 TL

(01.01-30.09.2012)

 

 

IMPORT COUNTRIES

:

Spain

India

 

MERCHANDISE IMPORTED

:

Bearing

 

EXPORT VALUE

:

1.179.569 TL

(2009)

2.768.775 TL

(2010)

5.679.138 TL

(2011)

5.456.710 TL

(01.01-30.09.2012)

 

 

EXPORT COUNTRIES

:

Kuwait

Korea

Tunisia

Hungary

Austria

Italy

Malaysia

Thailand

Iran

Syria

Morocco

Kyrgyzstan

Belarus

Czech Republic

Poland

Finland

U.K.

Germany

 

MERCHANDISE  EXPORTED

:

Motor vehicles parts

 

HEAD OFFICE ADDRESS

:

Konya Organize Sanayi Bolgesi Lalehan Cad. No:47 Selcuklu  Konya / Turkey  (owned)

 

BRANCHES

:

Head Office/Production Plant  :  Konya Organize Sanayi Bolgesi Lalehan Cad. No:47 Selcuklu Konya/Turkey (owned) (4.750 sqm)

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears an upwards trend in  1.1 - 30.9.2012.

SIZE OF BUSINESS

:

Medium

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

T. Halk Bankasi Karatay Sanayi Branch

Yapi ve Kredi Bankasi Busan Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge in the last years.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL

(2010) TL

(2011) TL

(01.01-30.09.2012) TL

 

Net Sales

2.454.413

4.652.615

9.022.938

8.750.211

 

Profit (Loss) Before Tax

377.531

1.009.535

1.833.824

1.744.883

 

Stockholders' Equity

1.478.905

2.285.775

4.832.019

 

 

Total Assets

2.347.540

3.316.881

5.922.208

 

 

Current Assets

1.292.704

1.925.890

3.021.321

 

 

Non-Current Assets

1.054.836

1.390.991

2.900.887

 

 

Current Liabilities

868.635

983.180

1.031.633

 

 

Long-Term Liabilities

0

47.926

58.556

 

 

Gross Profit (loss)

881.434

1.727.590

3.375.835

2.768.014

 

Operating Profit (loss)

463.101

1.002.565

2.490.387

1.735.669

 

Net Profit (loss)

301.992

806.870

1.297.176

1.744.883

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2011

Liquidity

High As of 31.12.2011

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability (01.01-30.09.2012)

High Net Profitability (01.01-30.09.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Good

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 01.01-30.11.2012)

2,58 %

1,8006

2,3240

2,8569

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

1.292.704

0,55

1.925.890

0,58

3.021.321

0,51

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

468.091

0,20

1.254.936

0,38

1.857.549

0,31

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

786.617

0,34

355.522

0,11

906.603

0,15

Other Receivable

924

0,00

14.208

0,00

118.562

0,02

Inventories

5.500

0,00

175.345

0,05

114.955

0,02

Advances Given

3.794

0,00

40.609

0,01

20.830

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

27.778

0,01

85.270

0,03

2.822

0,00

NON-CURRENT ASSETS

1.054.836

0,45

1.390.991

0,42

2.900.887

0,49

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

1.054.836

0,45

1.386.976

0,42

2.900.887

0,49

Intangible Assets

0

0,00

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

4.015

0,00

0

0,00

TOTAL ASSETS

2.347.540

1,00

3.316.881

1,00

5.922.208

1,00

CURRENT LIABILITIES

868.635

0,37

983.180

0,30

1.031.633

0,17

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

532.885

0,23

433.324

0,13

0

0,00

Accounts Payable

135.860

0,06

379.305

0,11

493.067

0,08

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

0

0,00

0

0,00

62.049

0,01

Advances from Customers

142.094

0,06

42.461

0,01

134.075

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

23.651

0,01

35.028

0,01

56.480

0,01

Provisions

22.305

0,01

69.041

0,02

285.862

0,05

Other Current Liabilities

11.840

0,01

24.021

0,01

100

0,00

LONG-TERM LIABILITIES

0

0,00

47.926

0,01

58.556

0,01

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

47.926

0,01

58.556

0,01

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

1.478.905

0,63

2.285.775

0,69

4.832.019

0,82

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

700.000

0,30

700.000

0,21

700.000

0,12

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

81.770

0,03

81.770

0,02

81.770

0,01

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

395.143

0,17

697.135

0,21

1.504.006

0,25

Revaluation Fund

0

0,00

0

0,00

1.249.067

0,21

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

301.992

0,13

806.870

0,24

1.297.176

0,22

TOTAL LIABILITIES AND EQUITY

2.347.540

1,00

3.316.881

1,00

5.922.208

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

At the financial statements according to TAS, "Cheques Received" and "Outstanding Cheques" figures are under "Cash And Banks" figure.  Beginning from the financial statements of 31.12.2011, "Cheques Received" and "Outstanding Cheques" figures are given under "Account Receivable" figure and "Account Payable" figure respectively.                

 

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-30.09.2012) TL

 

Net Sales

2.454.413

1,00

4.652.615

1,00

9.022.938

1,00

8.750.211

1,00

Cost of Goods Sold

1.572.979

0,64

2.925.025

0,63

5.647.103

0,63

5.982.197

0,68

Gross Profit

881.434

0,36

1.727.590

0,37

3.375.835

0,37

2.768.014

0,32

Operating Expenses

418.333

0,17

725.025

0,16

885.448

0,10

1.032.345

0,12

Operating Profit

463.101

0,19

1.002.565

0,22

2.490.387

0,28

1.735.669

0,20

Other Income

56.120

0,02

119.514

0,03

325.908

0,04

205.552

0,02

Other Expenses

124.857

0,05

88.434

0,02

967.431

0,11

194.212

0,02

Financial Expenses

16.833

0,01

24.110

0,01

15.040

0,00

2.126

0,00

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

377.531

0,15

1.009.535

0,22

1.833.824

0,20

1.744.883

0,20

Tax Payable

75.539

0,03

202.665

0,04

536.648

0,06

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

301.992

0,12

806.870

0,17

1.297.176

0,14

1.744.883

0,20

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

1,49

1,96

2,93

Acid-Test Ratio

1,45

1,65

2,79

Cash Ratio

0,54

1,28

1,80

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,00

0,05

0,02

Short-term Receivable/Total Assets

0,34

0,11

0,17

Tangible Assets/Total Assets

0,45

0,42

0,49

TURNOVER RATIOS

 

 

Inventory Turnover

286,00

16,68

49,12

Stockholders' Equity Turnover

1,66

2,04

1,87

Asset Turnover

1,05

1,40

1,52

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,63

0,69

0,82

Current Liabilities/Total Assets

0,37

0,30

0,17

Financial Leverage

0,37

0,31

0,18

Gearing Percentage

0,59

0,45

0,23

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,20

0,35

0,27

Operating Profit Margin

0,19

0,22

0,28

Net Profit Margin

0,12

0,17

0,14

Interest Cover

23,43

42,87

122,93

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

115,38

27,51

36,17

Average Payable Period (days)

31,09

46,68

31,43

WORKING CAPITAL

424069,00

942710,00

1989688,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.08

UK Pound

1

Rs.89.53

Euro

1

Rs.72.77

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

 

--

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

MIRA INFORM REPORT

 

 

Report Date :

24.12.2012

 

 

 

 

 

Tel. No.:

968 24450716

Fax No.:

968 24450723

 

IDENTIFICATION DETAILS

 

Name :

LOCAL LINE LLC

 

 

 

 

Registered Office :

Building No. 63, Block 48 Way No. 71, Al Masarat Street Al Mabailah South PO Box 690 Muscat 116

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

23.05.2004

 

 

Com. Reg. No.:

1/75655/9, Muscat

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Distributors of drilling chemicals, emulsifiers, corrosion inhibitors, drilling  mud deformers, polymers and bulk products

 

 

No. of Employees :

12

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Oman

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

OMAN - ECONOMIC OVERVIEW

 

Oman is a middle-income economy that is heavily dependent on dwindling oil resources. Because of declining reserves and a rapidly growing labor force, Muscat has actively pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP to 9% by 2020 and creating more jobs to employ the rising numbers of Omanis entering the workforce. Tourism and gas-based industries are key components of the government's diversification strategy. By using enhanced oil recovery techniques, Oman succeeded in increasing oil production, giving the country more time to diversify, and the increase in global oil prices through 2011 provided the government greater financial resources to invest in non-oil sectors.

Source : CIA

 

 

 

SUMMARY

 

Company Name                                    : LOCAL LINE LLC

Country of Origin                                   : Oman

Legal Form                                           : Limited Liability Company – LLC

Registration Date                                  : 23rd May 2004

Commercial Registration Number           : 1/75655/9, Muscat

Chamber Membership Number               : 11169

Issued Capital                                       : RO 100,000

Paid up Capital                                     : RO 100,000

Total Workforce                                     : 12

Activities                                               : Distributors of drilling chemicals, emulsifiers, corrosion inhibitors, drilling

                                                              mud deformers, polymers and bulk products

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

 

COMPANY NAME

 

LOCAL LINE LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Building No. 63, Block 48

Street               : Way No. 71, Al Masarat Street

Area                 : Al Mabailah South

 

PO Box                        : 690

 

Town                : Muscat 116

Country             : Oman

 

Telephone         : (968) 24450716

Facsimile          : (968) 24450723

Email                : info@locallineoman.com

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Muscat.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                                 Position

 

·       Khalid Mohamed Al Salehi                            Omani                                       Managing Director

 

·       Saleem Zaher Al Ismaili                                 Omani                                       Director

 

·       Zaher Ayoub Al Hadidi                                  Omani                                       Director

 

·       Said Saif Ali Al Muqbali                                Omani                                       Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 23rd May 2004

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.   : 1/75655/9, Muscat

 

Chamber Member No.  : 11169

 

Issued Capital              : RO 100,000

 

Paid up Capital            : RO 100,000

 

Name of Shareholder (s)                                    

 

·       Khalid Mohamed Al Salehi                           

 

·       Saleem Zaher Al Ismaili                                

 

·       Zaher Ayoub Al Hadidi                                 

 

·       Said Saif Ali Al Muqbali

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of drilling chemicals, emulsifiers, corrosion inhibitors, drilling mud  deformers, polymers and bulk products.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 12 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Riyal Omani (RO)

 

                                                Year Ending 31/12/10:               Year Ending 31/12/11:

 

Total Sales                                RO 1,680,000                            RO 1,900,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       HSBC Bank Middle East

Muttrah Business District

PO Box: 240, Ruwi 112

Muscat

Tel: (968) 24700810 / 24799920 / 24799927

Fax: (968) 24704241

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.08

UK Pound

1

Rs.89.53

Euro

1

Rs.72.77

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

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NB

New Business

 

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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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.