MIRA INFORM REPORT

 

 

Report Date :

06.06.2012

 

IDENTIFICATION DETAILS

 

Name :

MENDERES TEKSTIL SANAYI VE TICARET A.S.

 

 

Registered Office :

Universite Cad. No: 84 35100 Bornova Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

18.01.1984

 

 

Com. Reg. No.:

10464-K-2622

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of bedlinen, sheet, pillowcase and other home textiles, yarn, raw fabric and cloth.

 

 

No. of Employees :

3.195

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

 

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Turkey

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

COMPANY IDENTIFICATION

 

NAME

:

MENDERES TEKSTIL SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Universite Cad. No: 84 35100 Bornova Izmir / Turkey

PHONE NUMBER

:

90-232-435 05 65

90-258-429 12 12 (Factory)

 

FAX NUMBER

:

90-232-435 05 27

90-258-429 12 30 (Factory)

 

WEB-ADDRESS

:

www.menderes.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Hasan Tahsin

TAX NO

:

6140066220

REGISTRATION NUMBER

:

10464-K-2622

REGISTERED OFFICE

:

Izmir Chamber of Commerce

DATE ESTABLISHED

:

18.01.1984

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

AUTHORIZED CAPITAL

:

TL   250.000.000

PAID-IN CAPITAL

:

TL   225.000.000

REMARKS ON PAID-IN CAPITAL

:

At the Board of Directors meeting dated 30.05.2012 the paid-in capital was decided to be increased from TL 225.000.000 to TL 250.000.000. However legal procedure is still going on.

 

HISTORY

:

Other Changes

:

The authorized capital was increased from TL 200.000.000 to TL 250.000.000

Changed On

:

13.04.2011 (Commercial Gazette Date /Number 19.04.2011/ 7797)

Other Changes

:

The paid-in capital was increased from TL 184.000.000 to TL 225.000.000.

Changed On

:

20.06.2011 (Commercial Gazette Date /Number 24.06.2011/ 7844)

 

 

OWNERSHIP / MANAGEMENT

 

NOTES ON OWNERSHIP / MANAGEMENT

:

Quoted at Stock Exchange.

 

 

SHAREHOLDERS

:

Open to Public

51,93 %

Akca Holding A.S.

45,68 %

Others

2,39 %

 

 

GROUP PARENT COMPANY

:

AKCA HOLDING A.S.

 

SISTER COMPANIES

:

AKCA ENERJI URETIM OTOPRODUKTOR GRUBU A.S.

AKCA HOLDING A.S.

AKCA SARAYLI TEKSTIL SANAYI VE TICARET LTD. STI.

AKCAMEN TEKSTIL SANAYI VE TICARET A.S.

AK-SAN SIGORTA ARACILIK HIZMETLERI LTD. STI.

AKTUR ARAC MUAYENE ISTASYONLARI ISLETMECILIGI A.S.

MENDERES BULGARIA LTD.

MENDERES TEKSTIL PAZARLAMA A.S.

OSMAN AKCA TARIM URUNLERI ITHALAT IHRACAT SANAYI VE TICARET A.S.

SELIN TEKSTIL SANAYI VE TICARET A.S.

SMYRNA SERACILIK TICARET A.S.

TAN ELEKTRIK URETIM A.S.

 

SUBSIDIARIES

:

AKCA ENERJI URETIM OTOPRODUKTOR GRUBU A.S.  ( 20 % )

AKTUR ARAC MUAYENE ISTASYONLARI ISLETMECILIGI A.S. ( 48 % )

MENDERES BULGARIA LTD.  ( 90 % )

MENDERES TEKSTIL PAZARLAMA A.S.  ( 45 % )

SMYRNA SERACILIK TICARET A.S.  ( 79,14 % )

 

BOARD OF DIRECTORS

:

Riza Akca

Chairman

Ahmet Bilge Goksan

Vice-Chairman

Cemal Ipekoglu

Member

Ali Atlamaz

Member

Erbil Akca

Member

 

 

DIRECTORS

:

Ali Atlamaz                                                                                                                                                                                                                                                                                   

General Manager

Mehmet Tahran                                                                                                                                                                                                                                                                                   

Finance Director

Ilknur Elmastas                                                                                                                                                                                                                                                                                   

Export Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of bedlinen, sheet, pillowcase and other home textiles, yarn, raw fabric and cloth. 

 

The firm has taken a license from "Energy Market Regulatory Authority" to produce electricity on 31.10.2008 and electricity production has been added to business line of the firm since this date. 

 

NACE CODE

:

DB.17.40

 

SECTOR

:

Textile

 

TRADEMARKS OWNED

:

La Notte

 

NUMBER OF EMPLOYEES

:

3.195

 

NET SALES

:

213.731.188 TL

(2003) 

246.350.444 TL

(2004) 

232.178.704 TL

(2005) 

271.594.403 TL

(2006) 

302.937.104 TL

(2007) 

267.334.233 TL

(2008) 

274.810.450 TL

(2009) 

303.034.200 TL

(2010) 

380.177.701 TL

(2011) 

61.156.664 TL

(01.01-31.03.2012) 

 

 

 

CAPACITY

:

Bed lining 

( units/yr)

Duvet covers 

( units/yr)

Electricity 

( kilowatt/yr)

 

 

28.080.000

2.400.000

161.827.000

(2010)

28.080.000

2.400.000

161.827.000

(2011)

28.080.000

2.400.000

161.827.000

(2012)

 

 

 

 

Knitted fabric 

( kgs/yr)

Pillow slip 

( units/yr)

 

 

 

1.060.200

6.300.000

 

(2010)

1.060.200

6.300.000

 

(2011)

1.060.200

6.300.000

 

(2012)

 

 

 

 

IMPORT VALUE

:

8.969.320 USD

(2000)

9.309.316 USD

(2001)

14.441.290 USD

(2002)

50.869.821 USD

(2003)

45.128.194 USD

(2004)

60.554.618 USD

(2005)

74.314.914 USD

(2006)

111.931.648 USD

(2007)

89.499.234 TL

(2008)

100.467.129 TL

(2009)

114.830.332 TL

(2010)

150.711.932 TL

(2011)

35.952.635 TL

(01.01-31.03.2012)

 

 

IMPORT COUNTRIES

:

Netherlands

Germany

 

MERCHANDISE IMPORTED

:

Intermediary goods

Machinery

 

EXPORT VALUE

:

40.078.196 TL

(2000)

83.941.591 TL

(2001)

83.852.778 USD

(2002)

181.740.747 TL

(2003)

212.221.149 TL

(2004)

198.234.781 TL

(2005)

238.517.840 TL

(2006)

260.385.754 TL

(2007)

228.298.650 TL

(2008)

245.763.864 TL

(2009)

261.859.177 TL

(2010)

308.134.302 TL

(2011)

32.302.161 TL

(01.01-31.03.2012)

 

 

EXPORT COUNTRIES

:

Germany

U.S.A.

South Korea

Canada

Bulgaria

U.K.

China

Russia

Romania

Slovakia

Switzerland

Sweden

Netherlands

Malaysia

Belgium

Greece

France

Northern Cyprus Turkish Republic

Italy

 

MERCHANDISE  EXPORTED

:

Bed linen

Cotton

Crochet

Fabric

Fibre

Home textiles

Yarn

 

HEAD OFFICE ADDRESS

:

Universite Cad. No: 84 35100 Bornova  Izmir / Turkey

 

BRANCHES

:

Factory  :  Cumhuriyet Mah. Gazi Mustafa Kemal Pasa Bulvari No: 242 Saraykoy Denizli/Turkey

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2011. There appears a substantial decline at sales volume in the first 3 months of this year.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

T. Vakiflar Bankasi Denizli Branch

T.C. Ziraat Bankasi Izmir Branch

Turkiye Finans Katilim Bankasi Izmir Branch

 

CREDIT FACILITIES

:

The subject company is making use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-31.03.2012) TL

Net Sales

267.334.233

274.810.450

303.034.200

380.177.701

61.156.664

Profit (Loss) Before Tax

-14.543.827

23.186.910

23.951.256

60.933.040

-4.688.434

Stockholders' Equity

212.589.001

232.554.912

253.874.628

278.814.345

274.583.106

Total Assets

357.048.790

362.977.227

389.203.666

444.829.650

433.427.980

Current Assets

150.006.330

145.642.908

176.366.849

262.305.436

254.587.621

Non-Current Assets

207.042.460

217.334.319

212.836.817

182.524.214

178.840.359

Current Liabilities

132.611.864

120.621.172

128.345.979

155.836.057

147.961.662

Long-Term Liabilities

11.847.925

9.801.143

6.983.059

10.179.248

10.883.212

Gross Profit (loss)

31.545.496

41.142.730

39.462.378

87.501.158

1.951.156

Operating Profit (loss)

12.368.370

19.080.200

17.611.764

62.389.960

-1.427.318

Net Profit (loss)

-11.267.858

18.128.512

20.055.707

49.412.456

-4.346.168

 

 

 

 

 

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.03.2012

Liquidity

Fair As of 31.03.2012

Remarks On Liquidity

The favorable gap between average collection and average payable period has a positive effect on liquidity. 

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

In Order Operating Profitability  in 2008

Net Loss  in 2008

Good Operating Profitability  in 2009

High Net Profitability  in 2009

Good Operating Profitability  in 2010

High Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

Operating Loss (01.01-31.03.2012)

Net Loss (01.01-31.03.2012)

 

Gap between average collection and payable periods

Favorable in 01.01-31.03.2012

General Financial Position

Passable

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 2000 )

32,70 %

0,6251

0,5774

0,9480

 ( 2001 )

88,60 %

1,1991

1,0714

1,7300

 ( 2002 )

30,80 %

1,5168

1,3741

2,2001

 ( 2003 )

13,90 %

1,5302

1,7141

2,4982

 ( 2004 )

13,84 %

1,4266

1,7666

2,6001

 ( 2005 )

2,66 %

1,3499

1,6882

2,4623

 ( 2006 )

11,58 %

1,4309

1,7987

2,6377

 ( 2007 )

5,94 %

1,3075

1,7901

2,6133

 ( 2008 )

8,11 %

1,2858

1,8876

2,3708

 ( 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

 ( 01.01-31.03.2012)

0,65 %

1,7995

2,3799

2,8402

 ( 01.01-30.04.2012)

0,73 %

1,7910

2,3688

2,8440

 

 

NOTES ON FINANCIAL STATEMENTS

:

Financial statements are consolidated..

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.03.2012 )  TL

 

CURRENT ASSETS

150.006.330

0,42

145.642.908

0,40

176.366.849

0,45

262.305.436

0,59

254.587.621

0,59

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

12.714.836

0,04

20.077.014

0,06

11.866.954

0,03

23.347.521

0,05

13.814.692

0,03

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

23.842.455

0,07

27.061.569

0,07

26.243.591

0,07

50.509.582

0,11

18.758.194

0,04

Other Receivable

31.773.203

0,09

39.183.581

0,11

69.010.523

0,18

62.235.065

0,14

73.396.925

0,17

Inventories

74.143.855

0,21

51.892.021

0,14

56.234.204

0,14

106.627.727

0,24

135.022.161

0,31

Advances Given

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

7.531.981

0,02

7.428.723

0,02

13.011.577

0,03

19.585.541

0,04

13.595.649

0,03

NON-CURRENT ASSETS

207.042.460

0,58

217.334.319

0,60

212.836.817

0,55

182.524.214

0,41

178.840.359

0,41

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

9.448

0,00

17.121

0,00

13.596

0,00

Financial Assets

100.940.087

0,28

113.831.097

0,31

119.263.077

0,31

96.721.038

0,22

0

0,00

Tangible Fixed Assets (net)

103.282.699

0,29

100.376.488

0,28

89.048.513

0,23

79.646.696

0,18

172.293.877

0,40

Intangible Assets

222.035

0,00

235.601

0,00

209.832

0,00

235.121

0,00

219.481

0,00

Deferred Tax Assets

2.597.639

0,01

2.721.355

0,01

4.142.536

0,01

5.747.194

0,01

6.156.361

0,01

Other Non-Current Assets

0

0,00

169.778

0,00

163.411

0,00

157.044

0,00

157.044

0,00

TOTAL ASSETS

357.048.790

1,00

362.977.227

1,00

389.203.666

1,00

444.829.650

1,00

433.427.980

1,00

CURRENT LIABILITIES

132.611.864

0,37

120.621.172

0,33

128.345.979

0,33

155.836.057

0,35

147.961.662

0,34

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

71.808.552

0,20

63.189.512

0,17

66.751.246

0,17

84.526.623

0,19

84.842.276

0,20

Accounts Payable

51.719.267

0,14

44.817.863

0,12

40.414.250

0,10

29.768.021

0,07

31.513.089

0,07

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

8.725.482

0,02

8.904.215

0,02

15.743.621

0,04

28.217.827

0,06

31.006.055

0,07

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

14.566

0,00

3.482.243

0,01

5.222.844

0,01

12.625.354

0,03

78.590

0,00

Provisions

343.997

0,00

195.193

0,00

193.228

0,00

196.380

0,00

163.629

0,00

Other Current Liabilities

0

0,00

32.146

0,00

20.790

0,00

501.852

0,00

358.023

0,00

LONG-TERM LIABILITIES

11.847.925

0,03

9.801.143

0,03

6.983.059

0,02

10.179.248

0,02

10.883.212

0,03

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

7.186.090

0,02

4.250.469

0,01

1.664.323

0,00

4.872.920

0,01

5.565.644

0,01

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

1.433.347

0,00

529.112

0,00

212.492

0,00

60.240

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

260.754

0,00

1.960.625

0,01

1.019.237

0,00

207.720

0,00

196.031

0,00

Provisions

2.967.734

0,01

3.060.937

0,01

4.087.007

0,01

5.038.368

0,01

5.121.537

0,01

STOCKHOLDERS' EQUITY

212.589.001

0,60

232.554.912

0,64

253.874.628

0,65

278.814.345

0,63

274.583.106

0,63

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

184.000.000

0,52

184.000.000

0,51

184.000.000

0,47

225.000.000

0,51

225.000.000

0,52

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

485.133

0,00

485.133

0,00

Equity of Consolidated Firms

-188.376

0,00

2.131.715

0,01

2.252.788

0,01

2.409.946

0,01

2.456.570

0,01

Reserves

39.560.102

0,11

27.809.552

0,08

47.081.000

0,12

5.131.675

0,01

50.987.571

0,12

Revaluation Fund

485.133

0,00

485.133

0,00

485.133

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

-3.624.865

-0,01

0

0,00

Net Profit (loss)

-11.267.858

-0,03

18.128.512

0,05

20.055.707

0,05

49.412.456

0,11

-4.346.168

-0,01

TOTAL LIABILITIES AND EQUITY

357.048.790

1,00

362.977.227

1,00

389.203.666

1,00

444.829.650

1,00

433.427.980

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements of “MENDERES TEKSTIL SANAYI VE TICARET A.S” have been prepared by the consolidation of the financial statements of the following firms: Menderes Bulgaria Ltd (* On 06.12.2005, Menderes Bulgaria Ltd has been decided to be liquidated but the legal procedure has not been completed yet.), Menderes Tekstil Pazarlama A.S., Aktur Arac Muayene Istasyon Isletmeleri A.S., Smyrna Seracilik Ticaret. A.S., Akca Enerji Uretim Otoproduktor Grubu A.S.

 

 

INCOME STATEMENTS

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(01.01-31.03.2012) TL

 

Net Sales

267.334.233

1,00

274.810.450

1,00

303.034.200

1,00

380.177.701

1,00

61.156.664

1,00

Cost of Goods Sold

235.788.737

0,88

233.667.720

0,85

263.571.822

0,87

292.676.543

0,77

59.205.508

0,97

Gross Profit

31.545.496

0,12

41.142.730

0,15

39.462.378

0,13

87.501.158

0,23

1.951.156

0,03

Operating Expenses

19.177.126

0,07

22.062.530

0,08

21.850.614

0,07

25.111.198

0,07

3.378.474

0,06

Operating Profit

12.368.370

0,05

19.080.200

0,07

17.611.764

0,06

62.389.960

0,16

-1.427.318

-0,02

Other Income

0

0,00

28.381.014

0,10

32.603.702

0,11

51.595.759

0,14

12.729.906

0,21

Other Expenses

959.357

0,00

0

0,00

0

0,00

0

0,00

2.525.524

0,04

Financial Expenses

25.952.840

0,10

24.330.002

0,09

26.143.393

0,09

52.860.790

0,14

13.425.685

0,22

Minority Interests

0

0,00

55.698

0,00

-120.817

0,00

-191.889

0,00

-39.813

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

-14.543.827

-0,05

23.186.910

0,08

23.951.256

0,08

60.933.040

0,16

-4.688.434

-0,08

Tax Payable

0

0,00

3.482.243

0,01

5.222.844

0,02

12.658.782

0,03

78.590

0,00

Postponed Tax Gain

3.275.969

0,01

-1.576.155

-0,01

1.327.295

0,00

1.138.198

0,00

420.856

0,01

Net Profit (loss)

-11.267.858

-0,04

18.128.512

0,07

20.055.707

0,07

49.412.456

0,13

-4.346.168

-0,07

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

(01.01-31.03.2012)

LIQUIDITY RATIOS

 

 

 

 

 

Current Ratio

1,13

1,21

1,37

1,68

1,72

Acid-Test Ratio

0,52

0,72

0,83

0,87

0,72

Cash Ratio

0,10

0,17

0,09

0,15

0,09

ASSET STRUCTURE RATIOS

 

 

 

 

 

Inventory/Total Assets

0,21

0,14

0,14

0,24

0,31

Short-term Receivable/Total Assets

0,16

0,18

0,24

0,25

0,21

Tangible Assets/Total Assets

0,29

0,28

0,23

0,18

0,40

TURNOVER RATIOS

 

 

 

 

 

Inventory Turnover

3,18

4,50

4,69

2,74

0,44

Stockholders' Equity Turnover

1,26

1,18

1,19

1,36

0,22

Asset Turnover

0,75

0,76

0,78

0,85

0,14

FINANCIAL STRUCTURE

 

 

 

 

 

Stockholders' Equity/Total Assets

0,60

0,64

0,65

0,63

0,63

Current Liabilities/Total Assets

0,37

0,33

0,33

0,35

0,34

Financial Leverage

0,40

0,36

0,35

0,37

0,37

Gearing Percentage

0,68

0,56

0,53

0,60

0,58

PROFITABILITY RATIOS

 

 

 

 

 

Net Profit/Stockholders' Eq.

-0,05

0,08

0,08

0,18

-0,02

Operating Profit Margin

0,05

0,07

0,06

0,16

-0,02

Net Profit Margin

-0,04

0,07

0,07

0,13

-0,07

Interest Cover

0,44

1,95

1,92

2,15

0,65

COLLECTION-PAYMENT

 

 

 

 

 

Average Collection Period (days)

32,11

35,45

31,19

47,85

110,50

Average Payable Period (days)

81,15

69,86

55,49

36,69

191,62

WORKING CAPITAL

17394466,00

25021736,00

48020870,00

106469379,00

106625959,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.56

UK Pound

1

Rs.85.52

Euro

1

Rs.69.50

 

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

 

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%)

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.