MIRA INFORM REPORT

 

 

Report Date :

04.12.2013

 

IDENTIFICATION DETAILS

 

Name :

EMEK ELEKTRIK ENDUSTRISI A.S.

 

 

Registered Office :

Balikhisar Mah. Koy Ici Kume Evleri No: 574 Akyurt  Ankara

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2013

 

 

Date of Incorporation :

31.01.1969

 

 

Com. Reg. No.:

474-Akyurt

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of  transformators, capacitors, disconnecting switches and separators

 

 

No. of Employees :

182

 

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 – 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

 

COMPANY IDENTIFICATION

 

NAME

:

EMEK ELEKTRIK ENDUSTRISI A.S.

HEAD OFFICE ADDRESS

:

Balikhisar Mah. Koy Ici Kume Evleri No: 574 Akyurt  Ankara / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from “Esenboga Yolu 23 Km 06044 Akyurt/Ankara/Turkey” to “Balikhisar Mah. Koy Ici Kume Evleri No: 574 Akyurt/Ankara” by the Municipality   

PHONE NUMBER

:

90-312-398 01 81

 

FAX NUMBER

:

90-312-398 04 74

 

WEB-ADDRESS

:

www.emek.com.tr

E-MAIL

:

emek@emek.com.tr

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Cubuk

TAX NO

:

3330060637

REGISTRATION NUMBER

:

474-Akyurt

REGISTERED OFFICE

:

Ankara Chamber of Commerce

DATE ESTABLISHED

:

31.01.1969

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

AUTHORIZED CAPITAL

:

TL   60.000.000

PAID-IN CAPITAL

:

TL   19.800.000

HISTORY

:

Other Changes

:

The paid-in capital was increased from TL 10.984.604 to TL 21.969.208.

Changed On

:

19.12.2005 (Commercial Gazette Date /Number 22.12.2005/ 6458)

Other Changes

:

The paid-in capital was increased from TL 21.969.208 to TL 33.000.000.

Changed On

:

04.04.2011 (Commercial Gazette Date /Number 07.04.2011/ 7789)

Other Changes

:

The authorized capital was increased from TL 33.000.000 to TL 60.000.000

Changed On

:

13.05.2011 (Commercial Gazette Date /Number 18.05.2011/ 7818)

Other Changes

:

The paid-in capital was reduced from TL 33.000.000 to TL 9.900.000 on 29.06.2012 with the decision of Akyurt Commercial Court of First Instance dated 10.10.2011 numbered 2011/26 and then on the same date the paid-in capital was increased from TL 9.900.000 to TL 19.800.000 with the permit dated 17.02.2012 numbered 7/1047 which was given by Capital Market Council.

Changed On

:

29.06.2012 (Commercial Gazette Date /Number 03.07.2012/ 8103)

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Open to Public

78,96 %

Baris Elektrik Endustrisi A.S.

21,04 %

 

 

SISTER COMPANIES

:

BARIS ELEKTRIK ENDUSTRISI A.S

BARMEK HOLDING A.S.

ETL DIS TICARET VE ELEKTRIK SANAYI A.S.

 

SUBSIDIARIES

:

V.A.E.S.T. SILIKON VE KOMPOZIT UYGULAMALARI IMALAT VE TICARET A.S.  ( 10 % )

 

BOARD OF DIRECTORS

:

Huseyin Arabul

Chairman

Ozcan Kanburoglu

Vice-Chairman

Nevzat Ozay

Member

Mehmet Levent Haciismailoglu

Member

Emel Billur

Member

Zafer Arabul

Member

Zeynep Ece Arabul Gunel

Member

 

 

DIRECTORS

:

Zafer Arabul                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of  transformators, capacitors, disconnecting switches and separators. 

 

NACE CODE

:

DL.31.10

 

NUMBER OF EMPLOYEES

:

182

 

NET SALES

:

11.946.711 TL

(2005) 

11.997.546 TL

(2006) 

19.230.264 TL

(2007) 

28.180.815 TL

(2008) 

44.083.773 TL

(2009) 

31.414.805 TL

(2010) 

40.621.323 TL

(2011) 

41.466 TL Thousand

(2012) 

41.435 TL Thousand

(01.01-30.09.2013) 

 

 

PRODUCTION

:

CAPACITOR 

( units )

SEPARATOR 

( units )

THREE-PHASE  (units)

 

 

16,80

51

219

(2009)

6.875

115

 

(2010)

 

233

 

(2011)

 

240

 

(2012)

 

118

 

(01.01-30.09.2013)

 

 

 

 

TRANSFORMER  ( units )

 

 

 

 

5.357

 

 

(2009)

5.485

 

 

(2010)

5.643

 

 

(2011)

6.243

 

 

(2012)

7.859

 

 

(01.01-30.09.2013)

 

 

 

 

IMPORT VALUE

:

3.318.482 TL

(2005)

3.207.440 TL

(2006)

4.723.717 TL

(2007)

6.756.252 TL

(2008)

5.361.612 TL

(2009)

4.326.108 TL

(2010)

8.439.346 TL

(2011)

8.090.076 TL

(2012)

 

 

 

IMPORT COUNTRIES

:

Belgium

Germany

Switzerland

U.K.

 

MERCHANDISE IMPORTED

:

Raw materials

 

EXPORT VALUE

:

5.207.257 TL

(2005)

5.867.796 TL

(2006)

12.379.074 TL

(2007)

17.358.607 TL

(2008)

21.116.970 TL

(2009)

12.823.306 TL

(2010)

8.965.997 TL

(2011)

20.098.512 TL

(2012)

14.693.139 TL

(01.01-30.09.2013)

 

 

EXPORT COUNTRIES

:

Azerbaijan

Germany

Ireland

Egypt

Tajikistan

Morocco

Free Zone

Norway

Pakistan

Singapore

Iraq

India

Indonesia

Malaysia

U.K.

Australia

Bangladesh

Belgium

 

MERCHANDISE  EXPORTED

:

Capacitors

Separators

Transformators

 

HEAD OFFICE ADDRESS

:

Balikhisar Mah. Koy Ici Kume Evleri No: 574 Akyurt   Ankara / Turkey

 

BRANCHES

:

Head Office/Factory  :  Balikhisar Mah. Koy Ici Kume Evleri No: 574 Akyurt Ankara/Turkey  (10.836 sqm)

           

INVESTMENTS

:

Investments are going on.

 

TREND OF BUSINESS

:

Trend of business was steady in  2012. There appears an upwards trend in  1.1 - 30.9.2013.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

T. Halk Bankasi Mithatpasa Branch

T. Is Bankasi Ankara Branch

Yapi ve Kredi Bankasi Baskent 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

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL Thousand

(01.01-30.09.2013) TL Thousand

Net Sales

44.083.773

31.414.805

40.621.323

41.466

41.435

Profit (Loss) Before Tax

7.015.078

-745.567

930.353

-2.749

2.665

Stockholders' Equity

12.605.068

19.928.063

28.871.900

41.101

43.250

Total Assets

43.554.561

50.372.995

70.548.651

84.261

94.193

Current Assets

15.275.716

11.293.656

23.020.088

29.020

37.806

Non-Current Assets

28.278.845

39.079.339

47.528.563

55.241

56.387

Current Liabilities

21.043.628

21.654.112

27.745.425

30.698

36.818

Long-Term Liabilities

9.905.865

8.790.820

13.931.326

12.462

14.125

Gross Profit (loss)

13.689.825

7.712.664

10.189.631

6.396

11.159

Operating Profit (loss)

7.015.078

-1.563.010

3.520.436

-1.471

3.522

Net Profit (loss)

4.653.144

-1.100.357

533.588

-2.591

2.503

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 30.09.2013

Liquidity

Fair As of 30.09.2013

Remarks On Liquidity

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

Profitability

High Operating Profitability  in 2009

High Net Profitability  in 2009

Operating Loss  in 2010

Net Loss  in 2010

Good Operating Profitability  in 2011

Low Net Profitability  in 2011

Operating Loss  in 2012

Net Loss  in 2012

Good Operating Profitability (01.01-30.09.2013)

High Net Profitability (01.01-30.09.2013)

 

Gap between average collection and payable periods

Favorable in 01.01-30.09.2013

General Financial Position

Fair

 

 

 

 

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

 ( 2011 )

13,33 %

1,6797

2,3378

2,6863

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 ( 01.01-31.10.2013)

5,15 %

1,8889

2,4999

2,9446

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

15.275.716

0,35

11.293.656

0,22

23.020.088

0,33

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

293.747

0,01

85.059

0,00

1.609.621

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

1.965.555

0,05

3.309.258

0,07

7.836.537

0,11

Other Receivable

5.990.359

0,14

348.936

0,01

567.026

0,01

Inventories

6.891.658

0,16

7.016.118

0,14

11.579.618

0,16

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

134.397

0,00

534.285

0,01

1.427.286

0,02

NON-CURRENT ASSETS

28.278.845

0,65

39.079.339

0,78

47.528.563

0,67

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

9.186.774

0,21

13.093.896

0,26

12.474.084

0,18

Financial Assets

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

185.128

0,00

25.123.717

0,50

33.664.354

0,48

Intangible Assets

17.921.182

0,41

21.577

0,00

19.843

0,00

Deferred Tax Assets

950.285

0,02

840.149

0,02

1.343.196

0,02

Other Non-Current Assets

35.476

0,00

0

0,00

27.086

0,00

TOTAL ASSETS

43.554.561

1,00

50.372.995

1,00

70.548.651

1,00

CURRENT LIABILITIES

21.043.628

0,48

21.654.112

0,43

27.745.425

0,39

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

2.478.656

0,06

1.569.701

0,03

1.703.482

0,02

Accounts Payable

13.144.240

0,30

13.283.259

0,26

15.375.343

0,22

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Short-term Payable

168.337

0,00

215.749

0,00

4.176.057

0,06

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

0

0,00

455.749

0,01

Provisions

0

0,00

0

0,00

0

0,00

Other Current Liabilities

5.252.395

0,12

6.585.403

0,13

6.034.794

0,09

LONG-TERM LIABILITIES

9.905.865

0,23

8.790.820

0,17

13.931.326

0,20

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

6.605.292

0,15

4.572.477

0,09

3.647.880

0,05

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

1.474.282

0,03

1.847.777

0,04

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

3.407.003

0,05

Provisions

1.826.291

0,04

2.370.566

0,05

6.876.443

0,10

STOCKHOLDERS' EQUITY

12.605.068

0,29

19.928.063

0,40

28.871.900

0,41

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

21.969.208

0,50

21.969.208

0,44

33.000.000

0,47

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

11.680.878

0,27

11.680.878

0,23

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

2.776.165

0,06

2.776.165

0,06

2.776.164

0,04

Revaluation Fund

11.286.104

0,26

19.704.102

0,39

16.013.233

0,23

Accumulated Losses(-)

-39.760.431

-0,91

-35.101.933

-0,70

-23.451.085

-0,33

Net Profit (loss)

4.653.144

0,11

-1.100.357

-0,02

533.588

0,01

TOTAL LIABILITIES AND EQUITY

43.554.561

1,00

50.372.995

1,00

70.548.651

1,00

 

 

 

 ( 31.12.2012 )  TL Thousand

 

 ( 30.09.2013 )  TL Thousand

 

CURRENT ASSETS

29.020

0,34

37.806

0,40

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

1.567

0,02

4.091

0,04

Marketable Securities

33

0,00

0

0,00

Account Receivable

8.655

0,10

13.165

0,14

Other Receivable

2.522

0,03

3.275

0,03

Inventories

14.536

0,17

15.398

0,16

Advances Given

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

1.707

0,02

1.877

0,02

NON-CURRENT ASSETS

55.241

0,66

56.387

0,60

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

12.807

0,15

12.887

0,14

Financial Assets

200

0,00

680

0,01

Tangible Fixed Assets (net)

39.379

0,47

39.277

0,42

Intangible Assets

1.571

0,02

2.343

0,02

Deferred Tax Assets

1.250

0,01

1.177

0,01

Other Non-Current Assets

34

0,00

23

0,00

TOTAL ASSETS

84.261

1,00

94.193

1,00

CURRENT LIABILITIES

30.698

0,36

36.818

0,39

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

2.043

0,02

814

0,01

Accounts Payable

16.979

0,20

19.989

0,21

Loans from Shareholders

0

0,00

0

0,00

Other Short-term Payable

2.640

0,03

4.601

0,05

Advances from Customers

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

0

0,00

0

0,00

Provisions

0

0,00

811

0,01

Other Current Liabilities

9.036

0,11

10.603

0,11

LONG-TERM LIABILITIES

12.462

0,15

14.125

0,15

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

2.213

0,03

3.306

0,04

Securities Issued

0

0,00

0

0,00

Long-term Payable

3.273

0,04

3.695

0,04

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

4.890

0,06

4.890

0,05

Provisions

2.086

0,02

2.234

0,02

STOCKHOLDERS' EQUITY

41.101

0,49

43.250

0,46

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

19.800

0,23

19.800

0,21

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

3.962

0,05

2.776

0,03

Revaluation Fund

19.930

0,24

19.576

0,21

Accumulated Losses(-)

0

0,00

-1.405

-0,01

Net Profit (loss)

-2.591

-0,03

2.503

0,03

TOTAL LIABILITIES AND EQUITY

84.261

1,00

94.193

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

The paid-in capital was reduced from TL 33.000.000 to TL 9.900.000 on 29.06.2012 with the decision of Akyurt Commercial Court of First Instance dated 10.10.2011 numbered 2011/26 and then on the same date the paid-in capital was increased from TL 9.900.000 to TL 19.800.000 with the permit dated 17.02.2012 numbered 7/1047 which was given by Capital Market Council.

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

Net Sales

44.083.773

1,00

31.414.805

1,00

40.621.323

1,00

Cost of Goods Sold

30.393.948

0,69

23.702.141

0,75

30.431.692

0,75

Gross Profit

13.689.825

0,31

7.712.664

0,25

10.189.631

0,25

Operating Expenses

6.674.747

0,15

9.275.674

0,30

6.669.195

0,16

Operating Profit

7.015.078

0,16

-1.563.010

-0,05

3.520.436

0,09

Other Income

0

0,00

3.462.469

0,11

2.848.934

0,07

Other Expenses

0

0,00

2.645.026

0,08

0

0,00

Financial Expenses

0

0,00

0

0,00

5.439.017

0,13

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

7.015.078

0,16

-745.567

-0,02

930.353

0,02

Tax Payable

2.361.934

0,05

244.654

0,01

396.765

0,01

Postponed Tax Gain

0

0,00

-110.136

0,00

0

0,00

Net Profit (loss)

4.653.144

0,11

-1.100.357

-0,04

533.588

0,01

 

 

 

(2012) TL Thousand

 

(01.01-30.09.2013) TL Thousand

 

Net Sales

41.466

1,00

41.435

1,00

Cost of Goods Sold

35.070

0,85

30.276

0,73

Gross Profit

6.396

0,15

11.159

0,27

Operating Expenses

7.867

0,19

7.637

0,18

Operating Profit

-1.471

-0,04

3.522

0,09

Other Income

2.634

0,06

0

0,00

Other Expenses

0

0,00

0

0,00

Financial Expenses

3.912

0,09

857

0,02

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

-2.749

-0,07

2.665

0,06

Tax Payable

0

0,00

162

0,00

Postponed Tax Gain

158

0,00

0

0,00

Net Profit (loss)

-2.591

-0,06

2.503

0,06

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

(01.01-30.09.2013)

LIQUIDITY RATIOS

 

Current Ratio

0,73

0,52

0,83

0,95

1,03

Acid-Test Ratio

0,39

0,17

0,36

0,42

0,56

Cash Ratio

0,01

0,00

0,06

0,05

0,11

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,16

0,14

0,16

0,17

0,16

Short-term Receivable/Total Assets

0,18

0,07

0,12

0,13

0,17

Tangible Assets/Total Assets

0,00

0,50

0,48

0,47

0,42

TURNOVER RATIOS

 

Inventory Turnover

4,41

3,38

2,63

2,41

1,97

Stockholders' Equity Turnover

3,50

1,58

1,41

1,01

0,96

Asset Turnover

1,01

0,62

0,58

0,49

0,44

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,29

0,40

0,41

0,49

0,46

Current Liabilities/Total Assets

0,48

0,43

0,39

0,36

0,39

Financial Leverage

0,71

0,60

0,59

0,51

0,54

Gearing Percentage

2,46

1,53

1,44

1,05

1,18

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,37

-0,06

0,02

-0,06

0,06

Operating Profit Margin

0,16

-0,05

0,09

-0,04

0,09

Net Profit Margin

0,11

-0,04

0,01

-0,06

0,06

Interest Cover

 

 

1,17

0,30

4,11

COLLECTION-PAYMENT

 

Average Collection Period (days)

91,07

187,97

180,00

186,33

226,35

Average Payable Period (days)

173,15

229,82

181,89

207,89

281,62

WORKING CAPITAL

-5767912,00

-10360456,00

-4725337,00

-1678,00

988,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.34

UK Pound

1

Rs.102.06

Euro

1

Rs.84.46

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.