MIRA INFORM REPORT

 

 

Report Date :

24.08.2013

 

IDENTIFICATION DETAILS

 

Name :

MIGROS TICARET A.S

 

 

Registered Office :

Turgut Ozal Bulvari No:7 34758 Atasehir Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

19.03.2008

 

 

Com. Reg. No.:

659896

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Administration of chain markets which mainly sell foodstuffs and consumer goods.

 

 

No. of Employees :

Not Available

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Turkey

B2

B2

 

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 9.2% in 2010, as exports returned to normal levels following the recession. Growth dropped to approximately 3% in 2012. Turkey's public sector debt to GDP ratio has fallen to about 40%, and at least one rating agency upgraded Turkey's debt to investment grade in 2012. Turkey remains dependent on often volatile, short-term investment to finance its large trade deficit. The stock value of FDI stood at $117 billion at year-end 2012. Inflows have slowed because of continuing economic turmoil in Europe, the source of much of Turkey's FDI. 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 is the former address.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

MIGROS TICARET A.S.

HEAD OFFICE ADDRESS

:

Turgut Ozal Bulvari No:7 34758 Atasehir Istanbul / Turkey

PHONE NUMBER

:

90-216-579 30 00

 

FAX NUMBER

:

90-216-579 35 00

 

WEB-ADDRESS

:

www.migroskurumsal.com

 

 

LEGAL STATUS AND HISTORY

 

 

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

6220529513

REGISTRATION NUMBER

:

659896

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

19.03.2008

ESTABLISHMENT GAZETTE DATE/NO

:

25.03.2008/7027

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

PAID-IN CAPITAL

:

TL   178.030.000

 

HISTORY

:

Previous Name

:

Moonlight Perakendecilik ve Ticaret A.S.

Changed On

:

30.04.2009 (Commercial Gazette Date /Number 06.05.2009/ 7305)

Previous Address

:

Turgut Ozal Cad. No:12 34758 Atasehir - Istanbul

Changed On

:

05.06.2013 (Commercial Gazette Date /Number 12.06.2013/ 8340)

Previous Address

:

Turgut Ozal Bulvari No:10 Atasehir - Istanbul

Changed On

:

06.08.2013 (Commercial Gazette Date /Number 13.08.2013/ 8382)

Merger

:

The subject took over and merged with "Migros Turk Ticaret A.S." (registration number:53358)

Changed On

:

30.04.2009 (Commercial Gazette Date /Number 06.05.2009/ 7305)

Merger

:

The subject took over and merged with "Ades Gida Sanayi Ticaret A.S.", "Amac Gida Ticaret Ve Sanayi A.S." and "Egeden Gida Tuketim Mallari Ticaret Ve Sanayi A.S."

Changed On

:

31.05.2011 (Commercial Gazette Date /Number 03.06.2011/ 7829)

Other Changes

:

The paid-in capital was increased from TL 174.323.340 to TL 178.030.000

Changed On

:

30.04.2009 (Commercial Gazette Date /Number 06.05.2009/ 7305)

 

 

OWNERSHIP / MANAGEMENT

 

 

NOTES ON OWNERSHIP / MANAGEMENT

:

Quoted at Stock Exchange.

 

SHAREHOLDERS

:

MH Perakendecilik ve Ticaret A.S.

80,51 %

Others

19,49 %

 

 

BOARD OF DIRECTORS

:

Fevzi Bulent Ozaydinli

Chairman

Jacob Cornelio Adriano de Jonge

Member

Glen Allen Osmond

Member

Hakki Hasan Yilmaz

Member

Tayfun Bayazit

Member

Giovanni Maria Cavallini

Member

Omer Ozgur Tort

Member

Stefano Ferraresi

Member

Nicholas Stathopoulos

Member

 

 

DIRECTORS

:

Omer Ozgur Tort                                                                                                                                                                                                                                                                                   

General Manager

Cem Lutfi Rodoslu                                                                                                                                                                                                                                                                                   

Deputy General Manager

Hakan Sevki Tuncer                                                                                                                                                                                                                                                                                   

Deputy General Manager

Muvaffak Ihsan Usel                                                                                                                                                                                                                                                                                   

Deputy General Manager

Ahmet Fuat Yanar                                                                                                                                                                                                                                                                                   

Deputy General Manager

Erkin Yilmaz                                                                                                                                                                                                                                                                                   

Deputy General Manager

Demir Aytac                                                                                                                                                                                                                                                                                   

Deputy General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Administration of chain markets which mainly sell foodstuffs and consumer goods.

 

The firm has 981 stores as of 31.07.2013.

NACE CODE

:

G .52.11

 

SECTOR

:

Commerce

 

NET SALES

:

5.711.268 TL Thousand

(2009) 

6.365.124 TL Thousand

(2010) 

5.753.112 TL Thousand

(2011) 

6.482.402 TL Thousand

(2012) 

1.590.678 TL Thousand

(01.01-31.03.2013) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT VALUE

:

39.693 TL Thousand

(2009)

48.523 TL Thousand

(2010)

57.855 TL Thousand

(2011)

74.715 TL Thousand

(2012)

18.046 TL Thousand

(01.01-31.03.2013)

 

 

IMPORT COUNTRIES

:

European Countries

 

MERCHANDISE IMPORTED

:

Consumer goods

 

EXPORT VALUE

:

270.521 TL Thousand

(2010)

353.347 TL Thousand

(2011)

394.733 TL Thousand

(2012)

97.471 TL Thousand

(01.01-31.03.2013)

 

 

EXPORT COUNTRIES

:

Kazakhstan

Macedonia Republic

Azerbaijan

 

MERCHANDISE  EXPORTED

:

Black tea

Broken rice

Butter

Cinnamon

Cream

Ketchup

Marmalades

Nutmeg

Nuts

Pepper

Spice

Vanilla

Yogurt

 

HEAD OFFICE ADDRESS

:

Turgut Ozal Bulvari No:7 34758 Atasehir  Istanbul / Turkey

 

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in 2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

No payment delays have come to our knowledge.

 

KEY FINANCIAL ELEMENTS

:

 

(2009) TL Thousand

(2010) TL Thousand

(2011) TL Thousand

(2012) TL Thousand

(01.01-31.03.2013) TL Thousand

Net Sales

5.711.268

6.365.124

5.753.112

6.482.402

1.590.678

Profit (Loss) Before Tax

132.976

78.735

-109.889

128.837

42.620

Stockholders' Equity

1.495.869

1.347.153

1.195.707

1.262.076

1.296.940

Total Assets

5.642.467

5.567.345

5.480.964

5.624.345

5.506.660

Current Assets

1.935.294

1.745.344

1.797.570

1.908.550

1.797.719

Non-Current Assets

3.707.173

3.822.001

3.683.394

3.715.795

3.708.941

Current Liabilities

1.443.242

1.717.981

1.578.694

1.875.140

1.755.314

Long-Term Liabilities

2.703.356

2.502.211

2.706.563

2.487.129

2.454.406

Gross Profit (loss)

1.433.558

1.583.721

1.494.490

1.705.335

422.043

Operating Profit (loss)

265.431

218.297

232.412

247.923

48.718

Net Profit (loss)

108.024

42.581

-163.245

88.063

34.872

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

 

Capitalization

Insufficient As of 31.03.2013

Liquidity

Satisfactory As of 31.03.2013

Remarks On Liquidity

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

 

Profitability

In Order Operating Profitability  in 2009

Fair Net Profitability  in 2009

Fair Operating Profitability  in 2010

Low Net Profitability  in 2010

In Order Operating Profitability  in 2011

Net Loss  in 2011

In Order Operating Profitability  in 2012

Low Net Profitability  in 2012

Fair Operating Profitability (01.01-31.03.2013)

Fair Net Profitability (01.01-31.03.2013)

 

Gap between average collection and payable periods

Favorable in 01.01-31.03.2013

General Financial Position

Passable

 

 

 

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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-31.03.2013)

0,50 %

1,7901

2,3575

2,7927

 ( 01.01-31.07.2013)

3,48 %

1,8387

2,4151

2,8409

 

 

NOTES ON FINANCIAL STATEMENTS

:

Financial statements are consolidated.

 

 

 

BALANCE SHEETS

 

 

 

 ( 31.12.2009 )  TL Thousand

 

 ( 31.12.2010 )  TL Thousand

 

 ( 31.12.2011 )  TL Thousand

 

CURRENT ASSETS

1.935.294

0,34

1.745.344

0,31

1.797.570

0,33

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

1.281.287

0,23

884.180

0,16

1.010.255

0,18

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

38.047

0,01

49.920

0,01

67.174

0,01

Other Receivable

643

0,00

24.641

0,00

1.037

0,00

Inventories

576.718

0,10

746.590

0,13

679.000

0,12

Advances Given

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

38.599

0,01

40.013

0,01

40.104

0,01

NON-CURRENT ASSETS

3.707.173

0,66

3.822.001

0,69

3.683.394

0,67

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

1.341

0,00

1.475

0,00

1.165

0,00

Financial Assets

9.830

0,00

6.842

0,00

1.695

0,00

Tangible Fixed Assets (net)

1.136.635

0,20

1.246.084

0,22

1.170.246

0,21

Intangible Assets

2.550.949

0,45

2.556.213

0,46

2.501.697

0,46

Deferred Tax Assets

0

0,00

603

0,00

0

0,00

Other Non-Current Assets

8.418

0,00

10.784

0,00

8.591

0,00

TOTAL ASSETS

5.642.467

1,00

5.567.345

1,00

5.480.964

1,00

CURRENT LIABILITIES

1.443.242

0,26

1.717.981

0,31

1.578.694

0,29

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

87.965

0,02

104.539

0,02

13.796

0,00

Accounts Payable

1.240.576

0,22

1.463.546

0,26

1.387.042

0,25

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

9.052

0,00

16.169

0,00

684

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

0

0,00

1

0,00

2.521

0,00

Provisions

43.017

0,01

48.197

0,01

53.505

0,01

Other Current Liabilities

62.632

0,01

85.529

0,02

121.146

0,02

LONG-TERM LIABILITIES

2.703.356

0,48

2.502.211

0,45

2.706.563

0,49

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

2.569.376

0,46

2.369.117

0,43

2.573.754

0,47

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

4.863

0,00

3.811

0,00

3.602

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

115.143

0,02

119.014

0,02

118.691

0,02

Provisions

13.974

0,00

10.269

0,00

10.516

0,00

STOCKHOLDERS' EQUITY

1.495.869

0,27

1.347.153

0,24

1.195.707

0,22

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

178.030

0,03

178.030

0,03

178.030

0,03

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

Equity of Consolidated Firms

461

0,00

506

0,00

476

0,00

Reserves

504.174

0,09

420.856

0,08

475.266

0,09

Revaluation Fund

705.180

0,12

705.180

0,13

705.180

0,13

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

108.024

0,02

42.581

0,01

-163.245

-0,03

TOTAL LIABILITIES AND EQUITY

5.642.467

1,00

5.567.345

1,00

5.480.964

1,00

 

 

 

 

 ( 31.12.2012 )  TL Thousand

 

 ( 31.03.2013 )  TL Thousand

 

CURRENT ASSETS

1.908.550

0,34

1.797.719

0,33

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

1.040.867

0,19

900.946

0,16

Marketable Securities

15

0,00

0

0,00

Account Receivable

47.345

0,01

54.003

0,01

Other Receivable

1.233

0,00

2.554

0,00

Inventories

786.036

0,14

773.523

0,14

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

33.054

0,01

66.693

0,01

NON-CURRENT ASSETS

3.715.795

0,66

3.708.941

0,67

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

1.302

0,00

1.311

0,00

Financial Assets

1.936

0,00

1.968

0,00

Tangible Fixed Assets (net)

1.188.119

0,21

1.186.739

0,22

Intangible Assets

2.499.937

0,44

2.498.047

0,45

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

24.501

0,00

20.876

0,00

TOTAL ASSETS

5.624.345

1,00

5.506.660

1,00

CURRENT LIABILITIES

1.875.140

0,33

1.755.314

0,32

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

166.324

0,03

57.840

0,01

Accounts Payable

1.538.112

0,27

1.512.623

0,27

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

1.701

0,00

2.068

0,00

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

8.473

0,00

9.020

0,00

Provisions

64.735

0,01

69.195

0,01

Other Current Liabilities

95.795

0,02

104.568

0,02

LONG-TERM LIABILITIES

2.487.129

0,44

2.454.406

0,45

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

2.341.389

0,42

2.307.429

0,42

Securities Issued

0

0,00

0

0,00

Long-term Payable

3.288

0,00

3.032

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

106.618

0,02

105.372

0,02

Provisions

35.834

0,01

38.573

0,01

STOCKHOLDERS' EQUITY

1.262.076

0,22

1.296.940

0,24

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

178.030

0,03

178.030

0,03

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

522

0,00

564

0,00

Reserves

396.829

0,07

396.779

0,07

Revaluation Fund

705.180

0,13

705.180

0,13

Accumulated Losses(-)

-106.548

-0,02

-18.485

0,00

Net Profit (loss)

88.063

0,02

34.872

0,01

TOTAL LIABILITIES AND EQUITY

5.624.345

1,00

5.506.660

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statement of the firm are consolidated with financial statements of its follwing participations

-Ramstore Bulgaria E.A.D.(100 %),

-Ramstore Kazakhstan LLC (100%),

-Ramstore Macedonia DOO (99%) and

-Sanal Merkez Ticaret A.S. (%100).

 

 

INCOME STATEMENTS

 

 

(2009) TL Thousand

 

(2010) TL Thousand

 

(2011) TL Thousand

 

Net Sales

5.711.268

1,00

6.365.124

1,00

5.753.112

1,00

Cost of Goods Sold

4.277.710

0,75

4.781.403

0,75

4.258.622

0,74

Gross Profit

1.433.558

0,25

1.583.721

0,25

1.494.490

0,26

Operating Expenses

1.168.127

0,20

1.365.424

0,21

1.262.078

0,22

Operating Profit

265.431

0,05

218.297

0,03

232.412

0,04

Other Income

117.185

0,02

177.553

0,03

382.979

0,07

Other Expenses

0

0,00

0

0,00

0

0,00

Financial Expenses

247.969

0,04

317.022

0,05

725.205

0,13

Minority Interests

-1.671

0,00

-93

0,00

-75

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

0

0,00

Profit (loss) Before Tax

132.976

0,02

78.735

0,01

-109.889

-0,02

Tax Payable

33.451

0,01

34.057

0,01

47.939

0,01

Postponed Tax Gain

8.499

0,00

-2.097

0,00

-5.417

0,00

Net Profit (loss)

108.024

0,02

42.581

0,01

-163.245

-0,03

 

 

 

 

 

 

 

 

(2012) TL Thousand

 

(01.01-31.03.2013) TL Thousand

 

Net Sales

6.482.402

1,00

1.590.678

1,00

Cost of Goods Sold

4.777.067

0,74

1.168.635

0,73

Gross Profit

1.705.335

0,26

422.043

0,27

Operating Expenses

1.457.412

0,22

373.325

0,23

Operating Profit

247.923

0,04

48.718

0,03

Other Income

178.240

0,03

46.211

0,03

Other Expenses

0

0,00

0

0,00

Financial Expenses

297.253

0,05

52.291

0,03

Minority Interests

-73

0,00

-18

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

128.837

0,02

42.620

0,03

Tax Payable

36.506

0,01

9.568

0,01

Postponed Tax Gain

-4.268

0,00

1.820

0,00

Net Profit (loss)

88.063

0,01

34.872

0,02

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

(01.01-31.03.2013)

LIQUIDITY RATIOS

 

Current Ratio

1,34

1,02

1,14

1,02

1,02

Acid-Test Ratio

0,91

0,56

0,68

0,58

0,55

Cash Ratio

0,89

0,51

0,64

0,56

0,51

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,10

0,13

0,12

0,14

0,14

Short-term Receivable/Total Assets

0,01

0,01

0,01

0,01

0,01

Tangible Assets/Total Assets

0,20

0,22

0,21

0,21

0,22

TURNOVER RATIOS

 

Inventory Turnover

7,42

6,40

6,27

6,08

1,51

Stockholders' Equity Turnover

3,82

4,72

4,81

5,14

1,23

Asset Turnover

1,01

1,14

1,05

1,15

0,29

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,27

0,24

0,22

0,22

0,24

Current Liabilities/Total Assets

0,26

0,31

0,29

0,33

0,32

Financial Leverage

0,73

0,76

0,78

0,78

0,76

Gearing Percentage

2,77

3,13

3,58

3,46

3,25

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,07

0,03

-0,14

0,07

0,03

Operating Profit Margin

0,05

0,03

0,04

0,04

0,03

Net Profit Margin

0,02

0,01

-0,03

0,01

0,02

Interest Cover

1,54

1,25

0,85

1,43

1,82

COLLECTION-PAYMENT

 

Average Collection Period (days)

2,48

2,91

4,28

2,70

12,52

Average Payable Period (days)

104,81

110,48

117,56

116,16

466,90

WORKING CAPITAL

492052,00

27363,00

218876,00

33410,00

42405,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 64.69

UK Pound

1

Rs. 100.80

Euro

1

Rs. 86.30

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.