|
Report Date : |
09.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
CAGDAS ADAM AYAKKABI ENDUSTRISI PAZARLAMA TICARET LTD. STI. |
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Registered Office : |
Keresteciler Sitesi Fatih Cad. Karadal Sok. 12/1-2 Bodrum-Teras Gungoren
Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
12.02.1998 |
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Com. Reg. No.: |
389577 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacture and trade of footwear. |
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No. of Employees : |
87 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2011
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Turkey |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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NAME |
: |
CAGDAS ADAM AYAKKABI ENDUSTRISI PAZARLAMA TICARET LTD. STI. |
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HEAD OFFICE ADDRESS |
: |
Keresteciler Sitesi Fatih Cad. Karadal Sok. 12/1-2 Bodrum-Teras
Gungoren Istanbul / Turkey |
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PHONE NUMBER |
: |
90-212-637 76 70 |
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FAX NUMBER |
: |
90-212-637 69 45 |
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WEB-ADDRESS |
: |
www.adamayakkabi.com.tr |
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E-MAIL |
: |
info@adamayakkabi.com.tr |
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TAX OFFICE |
: |
Merter |
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TAX NO |
: |
2170066956 |
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REGISTRATION NUMBER |
: |
389577 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
12.02.1998 |
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ESTABLISHMENT GAZETTE DATE/NO |
: |
19.03.1998/4505 |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
TL 1.500.000 |
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PAID-IN CAPITAL |
: |
TL 1.500.000 |
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HISTORY |
: |
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SHAREHOLDERS |
: |
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SISTER COMPANIES |
: |
Declared to be: None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
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BUSINESS ACTIVITIES |
: |
Manufacture and trade of footwear. |
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NACE CODE |
: |
DC.19.30 |
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TRADEMARKS OWNED |
: |
Adam |
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NUMBER OF EMPLOYEES |
: |
87 |
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NET SALES |
: |
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IMPORT COUNTRIES |
: |
Italy |
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MERCHANDISE IMPORTED |
: |
Footbed |
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EXPORT VALUE |
: |
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EXPORT COUNTRIES |
: |
Russia Iraq Iran |
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MERCHANDISE EXPORTED |
: |
Footwear |
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HEAD OFFICE ADDRESS |
: |
Keresteciler Sitesi Fatih Cad. Karadal Sok. 12/1-2 Bodrum-Teras
Gungoren Istanbul / Turkey ( rented ) |
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BRANCHES |
: |
Warehouse : A. Riza Gurcan Cad. Cipici Yolu No:1
Meridyen Is Merkezi Zemin Kat Merter Istanbul/Turkey Store : Halaskar Gazi Cad. No:192/A Sisli
Istanbul/Turkey Store : Harman Sok. No:48/A Flyinn Alisveris Yasam
Merkezi Zemin Kat 51/A Florya Istanbul/Turkey Store : Tesvikiye Cad. 71/A Sisli Istanbul/Turkey Head Office/Production Plant
: Keresteciler Sitesi Fatih
Cad. Karadal Sok. 12/1-2 Bodrum-Teras Gungoren Istanbul/Turkey (rented)
(3.000 sqm) |
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TREND OF BUSINESS |
: |
There was a slowdown at business volume in real terms in 2011. |
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SIZE OF BUSINESS |
: |
Large |
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MAIN DEALING BANKS |
: |
T. Halk Bankasi Eyup Branch T. Vakiflar Bankasi Merter Branch |
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CREDIT FACILITIES |
: |
The subject company is making active use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
We are informed about numerous payment delays in former years. |
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KEY FINANCIAL ELEMENTS |
: |
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Capitalization |
Low As of
31.12.2011 |
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Liquidity |
High As of
31.12.2011 |
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Remarks On
Liquidity |
The unfavorable
gap between average collection and average payable period has an adverse
effect on liquidity. |
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Profitability |
Good Operating
Profitability in 2011 Fair Net
Profitability in 2011 High Operating
Profitability (01.01-31.03.2012) Fair Net
Profitability (01.01-31.03.2012) |
|
Gap between
average collection and payable periods |
Unfavorable in
2011 |
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General
Financial Position |
Passable |
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Incr. in producers’ price index |
Average USD/TL |
Average EUR/TL |
Average GBP/ TL |
|
( 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 |
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( 31.12.2011 ) TL |
|
|
|
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CURRENT ASSETS |
13.102.425 |
0,98 |
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Not Detailed
Current Assets |
0 |
0,00 |
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Cash and Banks |
3.039.328 |
0,23 |
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Marketable
Securities |
0 |
0,00 |
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Account
Receivable |
6.831.548 |
0,51 |
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Other Receivable |
9.824 |
0,00 |
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Inventories |
1.494.168 |
0,11 |
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Advances Given |
1.565.382 |
0,12 |
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Accumulated
Construction Expense |
0 |
0,00 |
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Other Current
Assets |
162.175 |
0,01 |
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NON-CURRENT
ASSETS |
318.099 |
0,02 |
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Not Detailed
Non-Current Assets |
0 |
0,00 |
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Long-term
Receivable |
7.735 |
0,00 |
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Financial Assets |
0 |
0,00 |
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Tangible Fixed
Assets (net) |
287.512 |
0,02 |
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Intangible
Assets |
7.581 |
0,00 |
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Deferred Tax
Assets |
0 |
0,00 |
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Other
Non-Current Assets |
15.271 |
0,00 |
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TOTAL ASSETS |
13.420.524 |
1,00 |
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CURRENT
LIABILITIES |
8.109.623 |
0,60 |
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Not Detailed
Current Liabilities |
0 |
0,00 |
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Financial Loans |
3.796.100 |
0,28 |
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Accounts Payable |
4.246.528 |
0,32 |
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Loans from Shareholders |
0 |
0,00 |
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Other Short-term
Payable |
18.446 |
0,00 |
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Advances from
Customers |
0 |
0,00 |
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Accumulated
Construction Income |
0 |
0,00 |
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Taxes Payable |
37.448 |
0,00 |
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Provisions |
11.101 |
0,00 |
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Other Current
Liabilities |
0 |
0,00 |
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LONG-TERM
LIABILITIES |
3.146.302 |
0,23 |
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|
Not Detailed
Long-term Liabilities |
0 |
0,00 |
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Financial Loans |
3.146.302 |
0,23 |
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Securities
Issued |
0 |
0,00 |
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Long-term
Payable |
0 |
0,00 |
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Loans from
Shareholders |
0 |
0,00 |
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Other Long-term
Liabilities |
0 |
0,00 |
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Provisions |
0 |
0,00 |
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STOCKHOLDERS'
EQUITY |
2.164.599 |
0,16 |
|
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|
Not Detailed
Stockholders' Equity |
0 |
0,00 |
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Paid-in Capital |
1.500.000 |
0,11 |
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Cross
Shareholding Adjustment of Capital |
0 |
0,00 |
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Inflation
Adjustment of Capital |
0 |
0,00 |
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Equity of
Consolidated Firms |
0 |
0,00 |
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Reserves |
439.009 |
0,03 |
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Revaluation Fund |
0 |
0,00 |
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Accumulated
Losses(-) |
0 |
0,00 |
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Net Profit
(loss) |
225.590 |
0,02 |
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TOTAL
LIABILITIES AND EQUITY |
13.420.524 |
1,00 |
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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 will be given
under "Account Receivable" figure and "Account Payable"
figure respectively. At the last
income statement TL 212.311 of the other expenses is due to "Loss from
Foreign Currency Exchange". |
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|
(2011) TL |
|
(01.01-31.03.2012)
TL |
|
|
Net Sales |
13.725.402 |
1,00 |
3.234.323 |
1,00 |
|
Cost of Goods
Sold |
11.478.779 |
0,84 |
2.393.785 |
0,74 |
|
Gross Profit |
2.246.623 |
0,16 |
840.538 |
0,26 |
|
Operating
Expenses |
1.490.772 |
0,11 |
346.994 |
0,11 |
|
Operating Profit |
755.851 |
0,06 |
493.544 |
0,15 |
|
Other Income |
659.210 |
0,05 |
86.045 |
0,03 |
|
Other Expenses |
398.458 |
0,03 |
229.224 |
0,07 |
|
Financial
Expenses |
724.542 |
0,05 |
261.777 |
0,08 |
|
Minority
Interests |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss) of
consolidated firms |
0 |
0,00 |
0 |
0,00 |
|
Profit (loss)
Before Tax |
292.061 |
0,02 |
88.588 |
0,03 |
|
Tax Payable |
66.471 |
0,00 |
0 |
0,00 |
|
Postponed Tax
Gain |
0 |
0,00 |
0 |
0,00 |
|
Net Profit
(loss) |
225.590 |
0,02 |
88.588 |
0,03 |
|
|
(2011) |
|
|
LIQUIDITY RATIOS |
|
|
|
Current Ratio |
1,62 |
|
|
Acid-Test Ratio |
1,22 |
|
|
Cash Ratio |
0,37 |
|
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ASSET STRUCTURE
RATIOS |
|
|
|
Inventory/Total
Assets |
0,11 |
|
|
Short-term
Receivable/Total Assets |
0,51 |
|
|
Tangible
Assets/Total Assets |
0,02 |
|
|
TURNOVER RATIOS |
|
|
|
Inventory
Turnover |
7,68 |
|
|
Stockholders'
Equity Turnover |
6,34 |
|
|
Asset Turnover |
1,02 |
|
|
FINANCIAL
STRUCTURE |
|
|
|
Stockholders'
Equity/Total Assets |
0,16 |
|
|
Current
Liabilities/Total Assets |
0,60 |
|
|
Financial
Leverage |
0,84 |
|
|
Gearing
Percentage |
5,20 |
|
|
PROFITABILITY
RATIOS |
|
|
|
Net
Profit/Stockholders' Eq. |
0,10 |
|
|
Operating Profit
Margin |
0,06 |
|
|
Net Profit
Margin |
0,02 |
|
|
Interest Cover |
1,40 |
|
|
COLLECTION-PAYMENT |
|
|
|
Average
Collection Period (days) |
179,39 |
|
|
Average Payable
Period (days) |
133,18 |
|
|
WORKING CAPITAL |
4992802,00 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.36 |
|
|
1 |
Rs.85.64 |
|
Euro |
1 |
Rs.69.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.