MIRA INFORM REPORT

 

 

Report Date :

16.04.2013

 

IDENTIFICATION DETAILS

 

Name :

OZKAN DEMIR CELIK SANAYI A.S.

 

 

Registered Office :

Bozkoy Koyu 13. Cad. No:4 Aliaga Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Year of Incorporation :

1984

 

 

Com. Reg. No.:

1344

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Hot iron rolling, wholesale trade of iron and manufacture of raw materials. 

The company started manufacturing of raw materials in November 2010.

 

 

No. of Employees :

840

 

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 – 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

 

NOTES

:

Address at your inquiry was changed by the authority/municipality.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

OZKAN DEMIR CELIK SANAYI A.S.

HEAD OFFICE ADDRESS

:

Bozkoy Koyu 13. Cad. No:4 Aliaga Izmir / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from "Yeni Foca Yolu 2. Km" to "Bozkoy Koyu 13. Cad. No:4" by the municipality.

PHONE NUMBER

:

90-232-625 15 15

 

FAX NUMBER

:

90-232-625 20 86

 

WEB-ADDRESS

:

www.ozkandemir.com

E-MAIL

:

info@ozkansteel.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Aliaga

TAX NO

:

6980023010

REGISTRATION NUMBER

:

1344

REGISTERED OFFICE

:

Aliaga Chamber of Commerce

DATE ESTABLISHED

:

1984

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   120.000.000

PAID-IN CAPITAL

:

TL   120.000.000

HISTORY

:

Previous Registered Capital

:

TL 86.000.000

Changed On

:

14.04.2009 (Commercial Gazette Date /Number 22.04.2009/ 7297)

Previous Registered Capital

:

TL 100.000.000

Changed On

:

14.04.2010 (Commercial Gazette Date /Number 26.04.2010/ 7550)

Previous Registered Capital

:

TL 117.000.000

Changed On

:

12.07.2011 (Commercial Gazette Date /Number 20.07.2011/ 7862)

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Seyit Mehmet Ozkan

30,08 %

Mustafa Ozkan

28,77 %

Leyla Yavuz

13,64 %

Efe Yavuz

10,01 %

Kenan Ozkan

10,01 %

Berna Ozkan

5 %

Secil Kavur

 

Bekir Sami Altin

 

Ugur Ozkan

 

Emin Tufekciler

 

Cemal Sezai Oncu

 

 

 

SISTER COMPANIES

:

INDEM INSAAT DEMIRLERI SATIS VE PAZARLAMA LTD. STI.

 

KENAN OZKAN CELIK PROFILLER ARGE HIZMETLERI LTD. STI.

 

OYCELIK HADDECILIK SANAYI VE TICARET LTD. STI.

 

OZKAN DEMIR CELIK DIS TICARET A.S.

 

SUBSIDIARIES

:

OZKAN DEMIR CELIK DIS TICARET A.S.  ( 94,16 % )

 

BOARD OF DIRECTORS

:

Seyit Mehmet Ozkan

Chairman

Mustafa Ozkan

Vice-Chairman

Bekir Sami Altin

Member

Emin Tufekciler

Member

Cemal Sezai Oncu

Member

 

 

DIRECTORS

:

Bekir Sami Altin                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Hot iron rolling, wholesale trade of iron and manufacture of raw materials. 

 

We are informed that, the company started manufacturing of raw materials in November 2010.

 

NACE CODE

:

DJ.27.30

 

SECTOR

:

Metal

 

TRADEMARKS OWNED

:

Ozkan

 

NUMBER OF EMPLOYEES

:

840

 

NET SALES

:

237.615.586 TL

(2005) 

330.374.681 TL

(2006) 

518.082.809 TL

(2007) 

707.987.173 TL

(2008) 

389.165.369 TL

(2009) 

442.760.893 TL

(2010) 

734.639.162 TL

(2011) 

817.507.809 TL

(2012) 

 

 

CAPACITY

:

Hot Iron Rolling  ( kgs/yr)

Ingot Steel 

( kgs/yr)

 

 

 

331.968.000

697.680.000

 

(2010)

331.968.000

697.680.000

 

(2011)

331.968.000

697.680.000

 

(2012)

 

 

 

 

IMPORT VALUE

:

44.372.000 USD

(2009)

24.085.000 USD

(2010)

146.904.291 USD

(01.01-30.11.2011)

 

 

IMPORT COUNTRIES

:

Ukraine

Romania

Italy

Switzerland

U.K.

U.S.A.

 

MERCHANDISE IMPORTED

:

Iron

Metal sheet

Scrap

Steel plant equipments

 

 

EXPORT VALUE

:

123.350.765 TL

(2005)

202.793.768 TL

(2006)

324.878.368 TL

(2007)

506.284.655 TL

(2008)

284.620.188 TL

(2009)

293.025.970 TL

(2010)

525.396.021 TL

(2011)

497.434.434 TL

(2012)

 

 

EXPORT COUNTRIES

:

Portugal

U.K.

Sri Lanka

Sudan

Egypt

Jordan

Saudi Arabia

Morocco

Romania

Norway

Belgium

Spain

Greece

Italy

Germany

Singapore

U.A.E.

Canada

 

MERCHANDISE  EXPORTED

:

Iron

Steel profiles

 

HEAD OFFICE ADDRESS

:

Bozkoy Koyu 13. Cad. No:4 Aliaga  Izmir / Turkey

 

BRANCHES

:

Warehouse  :  Tatlikuyu Mah. 319 Sok. No: 27 Gebze Kocaeli/Turkey (owned)

 

Factory  :  Horozgedigi Koyu Sanayi Cad. No:39 Aliaga Izmir/Turkey (owned) (57.024 sqm)

 

Head Office/Factory  :  Bozkoy Koyu 13. Cad. No:4 Aliaga Izmir/Turkey (owned) (57.740 sqm)

                                                                                

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Finansbank Izmir Kurumsal Branch

Garanti Bankasi Kurumsal Branch

HSBC Bank Ege Kurumsal Branch

Yapi ve Kredi Bankasi Fuar Branch

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

We are informed about a single payment delay in the last years which was resolved later on.

 

KEY FINANCIAL ELEMENTS

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(2012) TL

Net Sales

707.987.173

389.165.369

442.760.893

734.639.162

817.507.809

Profit (Loss) Before Tax

5.285.323

8.608.471

5.297.142

6.360.391

8.151.883

Stockholders' Equity

171.709.579

186.230.258

199.746.838

201.946.032

 

Total Assets

500.907.925

545.376.434

836.515.062

867.308.301

 

Current Assets

223.771.773

171.801.545

309.657.710

260.876.286

 

Non-Current Assets

277.136.152

373.574.889

526.857.352

606.432.015

 

Current Liabilities

232.931.689

168.242.209

292.994.602

254.814.393

 

Long-Term Liabilities

96.266.657

190.903.967

343.773.622

410.547.876

 

Gross Profit (loss)

60.044.585

50.420.117

60.903.969

98.663.506

115.859.554

Operating Profit (loss)

30.348.163

33.235.404

41.318.852

60.214.951

80.521.747

Net Profit (loss)

4.008.086

6.686.743

5.297.142

4.471.265

8.151.883

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2011

Liquidity

Fair As of 31.12.2011

Profitability

In Order Operating Profitability  in 2008

Low Net Profitability  in 2008

Good Operating Profitability  in 2009

Fair Net Profitability  in 2009

Good Operating Profitability  in 2010

Low Net Profitability  in 2010

Good Operating Profitability  in 2011

Low Net Profitability  in 2011

High Operating Profitability  in 2012

Low Net Profitability  in 2012

 

Gap between average collection and payable periods

In order in 2011

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.11.2011)

12,20 %

1,6616

2,3280

2,6658

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

CURRENT ASSETS

223.771.773

0,45

171.801.545

0,32

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

43.791.933

0,09

21.303.764

0,04

Marketable Securities

0

0,00

0

0,00

Account Receivable

52.620.685

0,11

38.447.864

0,07

Other Receivable

80.896

0,00

114.605

0,00

Inventories

91.341.296

0,18

56.772.684

0,10

Advances Given

26.017.159

0,05

43.391.161

0,08

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

9.919.804

0,02

11.771.467

0,02

NON-CURRENT ASSETS

277.136.152

0,55

373.574.889

0,68

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

2.935.314

0,01

2.935.314

0,01

Tangible Fixed Assets (net)

266.945.945

0,53

344.171.194

0,63

Intangible Assets

7.215.500

0,01

23.693.523

0,04

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

39.393

0,00

2.774.858

0,01

TOTAL ASSETS

500.907.925

1,00

545.376.434

1,00

CURRENT LIABILITIES

232.931.689

0,47

168.242.209

0,31

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

160.073.633

0,32

135.136.324

0,25

Accounts Payable

56.264.696

0,11

23.866.405

0,04

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

6.494

0,00

7.232

0,00

Advances from Customers

14.301.125

0,03

8.460.795

0,02

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

402.471

0,00

264.476

0,00

Provisions

0

0,00

377.398

0,00

Other Current Liabilities

1.883.270

0,00

129.579

0,00

LONG-TERM LIABILITIES

96.266.657

0,19

190.903.967

0,35

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

96.266.657

0,19

140.544.508

0,26

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

41.885.158

0,08

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

8.474.301

0,02

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

171.709.579

0,34

186.230.258

0,34

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

86.000.000

0,17

100.000.000

0,18

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

3.741.157

0,01

3.934.652

0,01

Revaluation Fund

91.965.086

0,18

89.613.613

0,16

Accumulated Losses(-)

-14.004.750

-0,03

-14.004.750

-0,03

Net Profit (loss)

4.008.086

0,01

6.686.743

0,01

TOTAL LIABILITIES AND EQUITY

500.907.925

1,00

545.376.434

1,00

 

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

309.657.710

0,37

260.876.286

0,30

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

113.969.622

0,14

26.838.545

0,03

Marketable Securities

0

0,00

0

0,00

Account Receivable

29.125.643

0,03

103.090.280

0,12

Other Receivable

142.325

0,00

107.733

0,00

Inventories

121.956.785

0,15

121.230.366

0,14

Advances Given

20.818.191

0,02

7.727.313

0,01

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

23.645.144

0,03

1.882.049

0,00

NON-CURRENT ASSETS

526.857.352

0,63

606.432.015

0,70

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

2.935.314

0,00

2.935.314

0,00

Tangible Fixed Assets (net)

487.089.460

0,58

563.444.779

0,65

Intangible Assets

35.284.388

0,04

39.804.615

0,05

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

1.548.190

0,00

247.307

0,00

TOTAL ASSETS

836.515.062

1,00

867.308.301

1,00

CURRENT LIABILITIES

292.994.602

0,35

254.814.393

0,29

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

164.949.589

0,20

196.006.015

0,23

Accounts Payable

95.680.939

0,11

45.207.720

0,05

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

5.999

0,00

124.608

0,00

Advances from Customers

18.283.923

0,02

10.501.745

0,01

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

1.349.253

0,00

1.713.076

0,00

Provisions

12.020.274

0,01

585.428

0,00

Other Current Liabilities

704.625

0,00

675.801

0,00

LONG-TERM LIABILITIES

343.773.622

0,41

410.547.876

0,47

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

292.377.432

0,35

336.789.797

0,39

Securities Issued

0

0,00

0

0,00

Long-term Payable

38.035.100

0,05

46.533.578

0,05

Loans from Shareholders

900.357

0,00

12.000.000

0,01

Other Long-term Liabilities

12.460.733

0,01

15.224.501

0,02

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

199.746.838

0,24

201.946.032

0,23

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

117.000.000

0,14

120.000.000

0,14

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

Reserves

4.621.395

0,01

4.828.606

0,01

Revaluation Fund

86.833.051

0,10

86.650.911

0,10

Accumulated Losses(-)

-14.004.750

-0,02

-14.004.750

-0,02

Net Profit (loss)

5.297.142

0,01

4.471.265

0,01

TOTAL LIABILITIES AND EQUITY

836.515.062

1,00

867.308.301

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

 

 

(2008) TL

 

(2009) TL

 

(2010) TL

 

Net Sales

707.987.173

1,00

389.165.369

1,00

442.760.893

1,00

Cost of Goods Sold

647.942.588

0,92

338.745.252

0,87

381.856.924

0,86

Gross Profit

60.044.585

0,08

50.420.117

0,13

60.903.969

0,14

Operating Expenses

29.696.422

0,04

17.184.713

0,04

19.585.117

0,04

Operating Profit

30.348.163

0,04

33.235.404

0,09

41.318.852

0,09

Other Income

72.179.754

0,10

39.195.238

0,10

23.408.004

0,05

Other Expenses

33.925.675

0,05

21.947.416

0,06

13.094.941

0,03

Financial Expenses

63.316.919

0,09

41.874.755

0,11

46.334.773

0,10

Minority Interests

0

0,00

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

5.285.323

0,01

8.608.471

0,02

5.297.142

0,01

Tax Payable

1.277.237

0,00

1.921.728

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

4.008.086

0,01

6.686.743

0,02

5.297.142

0,01

 

 

 

(2011) TL

 

(2012) TL

 

Net Sales

734.639.162

1,00

817.507.809

1,00

Cost of Goods Sold

635.975.656

0,87

701.648.255

0,86

Gross Profit

98.663.506

0,13

115.859.554

0,14

Operating Expenses

38.448.555

0,05

35.337.807

0,04

Operating Profit

60.214.951

0,08

80.521.747

0,10

Other Income

50.606.469

0,07

40.581.070

0,05

Other Expenses

33.816.945

0,05

13.773.393

0,02

Financial Expenses

70.644.084

0,10

99.177.541

0,12

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

6.360.391

0,01

8.151.883

0,01

Tax Payable

1.889.126

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

4.471.265

0,01

8.151.883

0,01

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

0,96

1,02

1,06

1,02

Acid-Test Ratio

0,41

0,36

0,49

0,51

Cash Ratio

0,19

0,13

0,39

0,11

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,18

0,10

0,15

0,14

Short-term Receivable/Total Assets

0,11

0,07

0,03

0,12

Tangible Assets/Total Assets

0,53

0,63

0,58

0,65

TURNOVER RATIOS

 

 

Inventory Turnover

7,09

5,97

3,13

5,25

Stockholders' Equity Turnover

4,12

2,09

2,22

3,64

Asset Turnover

1,41

0,71

0,53

0,85

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,34

0,34

0,24

0,23

Current Liabilities/Total Assets

0,47

0,31

0,35

0,29

Financial Leverage

0,66

0,66

0,76

0,77

Gearing Percentage

1,92

1,93

3,19

3,29

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,02

0,04

0,03

0,02

Operating Profit Margin

0,04

0,09

0,09

0,08

Net Profit Margin

0,01

0,02

0,01

0,01

Interest Cover

1,08

1,21

1,11

1,09

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

26,76

35,57

23,68

50,52

Average Payable Period (days)

31,26

69,88

126,06

51,93

WORKING CAPITAL

-9159916,00

3559336,00

16663108,00

6061893,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.62

UK Pound

1

Rs.83.69

Euro

1

Rs.71.41

 

 

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%)

 

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.