MIRA INFORM REPORT

 

 

Report Date :

25.01.2013

 

IDENTIFICATION DETAILS

 

Name :

UMUR BASIM SANAYI VE TICARET A.S.

 

 

Formerly Known As :

UMUR DIS TICARET LTD. STI.

 

 

Registered Office :

Esenkent Mah. Dudullu Organize Sanayi Bolgesi 2. Cad. No:5 Umraniye Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

11.07.1985

 

 

Com. Reg. No.:

216744

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of continuous forms used for printers, labels, notes and trade of stationery products. 

 

 

No. of Employees :

230

 

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

:

Name at your inquiry is the former name.

 

 

COMPANY IDENTIFICATION

 

 

NAME

:

UMUR BASIM SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Esenkent Mah. Dudullu Organize Sanayi Bolgesi 2. Cad. No:5 Umraniye Istanbul / Turkey

PHONE NUMBER

:

90-216-420 04 00

 

FAX NUMBER

:

90-216-420 04 34

 

WEB-ADDRESS

:

www.umur.com.tr

E-MAIL

:

info@umur.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

8920009512

REGISTRATION NUMBER

:

216744

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

11.07.1985

ESTABLISHMENT GAZETTE DATE/NO

:

12.08.1985/1325

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   61.800.000

PAID-IN CAPITAL

:

TL   61.800.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

11.11.1987 (Commercial Gazette Date /Number 24.11.1987/ 1898)

Previous Name

:

Umur Dis Ticaret Ltd. Sti.

Changed On

:

11.11.1987 (Commercial Gazette Date /Number 24.11.1987/ 1898)

Previous Name

:

Umur Dis Ticaret A.S.

Changed On

:

03.07.1996 (Commercial Gazette Date /Number 09.07.1996/ 4076)

Previous Name

:

Umur Bilgisayar Form Hassas Kagit Sanayi Ve Ticaret A.S.

Changed On

:

19.09.2003 (Commercial Gazette Date /Number 24.09.2003/ 5892)

Previous Name

:

Umur Basim Ve Kirtasiye Sanayi Ve Ticaret A.S.

Changed On

:

31.12.2012 (Commercial Gazette Date /Number 07.01.2013/ 8230)

Previous Registered Capital

:

TL 41.360.000

Changed On

:

27.08.2008 (Commercial Gazette Date /Number 01.09.2008/ 7139)

Previous Registered Capital

:

TL 54.250.000

Changed On

:

04.05.2011 (Commercial Gazette Date /Number 10.05.2011/ 7812)

Previous Address

:

Esensehir Mah. Dudullu Organize Sanayi Bolgesi 2. Cad. No:8 Umraniye-Istanbul

Changed On

:

25.01.2008 (Commercial Gazette Date /Number 31.01.2008/ 6989)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Mehmet Ali Umur

95,67 %

Emine Cobanoglu

3,20 %

Celal Hasan Umur

0,28 %

Ahmet Akin Umur

0,28 %

Aysegul Daloglu

0,28 %

Ayse Ozden Umur

0,28 %

Nedim Umur

0,01 %

 

 

GROUP

:

UMUR GROUP OF COMPANIES

 

SISTER COMPANIES

:

CENTUR TURIZM ITHALAT IHRACAT VE TICARET A.S.

EKIP GIDA SANAYI VE TICARET A.S.

ISTANBUL BILGISAYAR FORM SANAYI VE TICARET A.S.

OZAY BASIM SANAYI VE TICARET A.S.

PIRINTAS BASIM SANAYI VE TICARET A.S.

PIRINTAS BASIM VE MANYETIK URUNLER SANAYI VE TICARET A.S.

SARK-TUR SARK TURIZM YATCILIK VE HIZMET ISLETMELERI TICARET A.S.

T.T.L.TUTUN SANAYI VE DIS TICARET A.S.

UMUR BILISIM VE BASIM HIZMETLERI A.S.

UMUR KAGIT SANAYI VE TICARET A.S.

UMUR KIRTASIYE SANAYI VE TICARET A.S.

UMUR MATBAACILIK SANAYI VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Mehmet Ali Umur

Chairman

Ayse Ozden Umur

Member

Mahmut Nedim Umur

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of continuous forms used for printers, labels, notes and trade of stationery products. 

 

NACE CODE

:

DE.21.25

 

TRADEMARKS OWNED

:

Umix

Umur

 

NUMBER OF EMPLOYEES

:

230

 

NET SALES

:

103.912.865 TL

(2007) 

118.273.101 TL

(2008) 

106.055.385 TL

(2009) 

153.286.063 TL

(2010) 

219.746.307 TL

(2011) 

134.375.943 TL

(01.01-30.09.2012) 

 

 

IMPORT VALUE

:

36.996.000 USD

(2007)

46.057.000 USD

(2008)

24.128.000 USD

(2009)

72.666.000 USD

(2010)

92.022.800 USD

(2011)

 

 

IMPORT COUNTRIES

:

France

Germany

China

 

MERCHANDISE IMPORTED

:

Machinery

Paper

Raw material

 

 

EXPORT VALUE

:

214 TL Thousand

(2001)

563 TL Thousand

(2002)

593 TL Thousand

(2003)

963 TL Thousand

(2004)

295 TL Thousand

(2005)

338 TL Thousand

(2006)

655 TL Thousand

(2007)

646.564 TL

(2008)

1.258.074 TL

(2009)

2.024.585 TL

(2010)

3.434.558 TL

(2011)

2.339.849 TL

(01.01-30.09.2012)

 

 

EXPORT COUNTRIES

:

Germany

Northern Cyprus Turkish Republic

Spain

Russia

Netherlands

Iraq

Georgia

Bulgaria

Austria

Azerbaijan

Tunisia

Switzerland

Belarus

Italy

Syria

U.K.

France

China

 

MERCHANDISE  EXPORTED

:

Account books

Book covers

Envelopes

Manifold business forms

Paper

Printed matter

Typewriter Ribbons

 

HEAD OFFICE ADDRESS

:

Esenkent Mah. Dudullu Organize Sanayi Bolgesi 2. Cad. No:5 Umraniye  Istanbul / Turkey ( owned )

 

 

BRANCHES

:

Liaison Office  :   Antalya/Turkey (rented)

 

Processing Plant  :   Kocaeli/Turkey (rented)

 

Head Office/Factory  :  Esenkent Mah. Dudullu Organize Sanayi Bolgesi 2. Cad. No:5 Umraniye Istanbul/Turkey (owned)

 

Branch Office  :   Kocaeli/Turkey (rented)

 

Branch Office  :   Izmir/Turkey

 

Branch Office  :   Ankara/Turkey

 

Branch Office  :   Eskisehir/Turkey         

 

TREND OF BUSINESS

:

There was an upwards trend in 2011. There appears a decline at business volume in nominal terms in  1.1 - 30.9.2012.

SIZE OF BUSINESS

:

Giant

 


 

FINANCE

 

 

MAIN DEALING BANKS

:

Alternatif Bank Maslak Branch

Denizbank Anadolu Kurumsal Branch

Garanti Bankasi Des Branch

Turk Ekonomi Bankasi Kozyatagi Branch

 

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

:

 

(2008) TL

(2009) TL

(2010) TL

(2011) TL

(01.01-30.09.2012) TL

Net Sales

118.273.101

106.055.385

153.286.063

219.746.307

134.375.943

Profit (Loss) Before Tax

-12.774.695

10.728.093

8.881.856

-21.891.450

15.777.511

Stockholders' Equity

43.750.404

54.478.497

61.815.484

39.924.033

 

Total Assets

133.104.300

117.551.156

173.930.404

267.079.888

 

Current Assets

86.050.670

60.968.868

105.586.726

188.992.085

 

Non-Current Assets

47.053.630

56.582.288

68.343.678

78.087.803

 

Current Liabilities

31.955.802

37.804.915

62.285.699

128.387.303

 

Long-Term Liabilities

57.398.094

25.267.744

49.829.221

98.768.552

 

Gross Profit (loss)

36.534.731

38.125.212

48.593.354

51.920.577

26.218.258

Operating Profit (loss)

14.584.838

20.362.011

18.123.703

13.972.512

10.955.990

Net Profit (loss)

-12.774.695

10.728.093

7.336.986

-21.891.450

15.777.511

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2011

Liquidity

Satisfactory As of 31.12.2011

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse 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

High Operating Profitability  in 2008

Net Loss  in 2008

High Operating Profitability  in 2009

High Net Profitability  in 2009

High Operating Profitability  in 2010

Good Net Profitability  in 2010

Good Operating Profitability  in 2011

Net Loss  in 2011

Good Operating Profitability (01.01-30.09.2012)

High Net Profitability (01.01-30.09.2012)

 

Gap between average collection and payable periods

Unfavorable in 2011

General Financial Position

Passable

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.09.2009)

3,60 %

1,5624

2,1386

2,3953

 ( 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

 ( 01.01-30.09.2012)

3,34 %

1,8029

2,3233

2,8527

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

86.050.670

0,65

60.968.868

0,52

105.586.726

0,61

188.992.085

0,71

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

19.152.775

0,14

9.298.796

0,08

29.268.375

0,17

12.104.039

0,05

Marketable Securities

0

0,00

0

0,00

0

0,00

51.443

0,00

Account Receivable

25.754.982

0,19

23.999.347

0,20

18.374.963

0,11

114.120.958

0,43

Other Receivable

0

0,00

0

0,00

2.284.802

0,01

0

0,00

Inventories

37.734.605

0,28

24.722.432

0,21

44.494.458

0,26

54.408.193

0,20

Advances Given

207.950

0,00

2.592.634

0,02

3.697

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

3.200.358

0,02

355.659

0,00

11.160.431

0,06

8.307.452

0,03

NON-CURRENT ASSETS

47.053.630

0,35

56.582.288

0,48

68.343.678

0,39

78.087.803

0,29

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

18.609

0,00

21.768

0,00

22.625

0,00

32.702

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

46.852.477

0,35

56.530.368

0,48

66.964.013

0,39

76.509.827

0,29

Intangible Assets

182.544

0,00

30.152

0,00

1.357.040

0,01

1.545.274

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

133.104.300

1,00

117.551.156

1,00

173.930.404

1,00

267.079.888

1,00

CURRENT LIABILITIES

31.955.802

0,24

37.804.915

0,32

62.285.699

0,36

128.387.303

0,48

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

23.389.248

0,18

31.646.721

0,27

53.743.235

0,31

117.972.507

0,44

Accounts Payable

4.102.234

0,03

4.050.208

0,03

5.055.776

0,03

840.755

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

371.745

0,00

268.790

0,00

495.671

0,00

687.821

0,00

Advances from Customers

2.860.000

0,02

115.000

0,00

1.155.000

0,01

5.924.000

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

473.621

0,00

856.721

0,01

695.911

0,00

1.194.633

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Liabilities

758.954

0,01

867.475

0,01

1.140.106

0,01

1.767.587

0,01

LONG-TERM LIABILITIES

57.398.094

0,43

25.267.744

0,21

49.829.221

0,29

98.768.552

0,37

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

57.398.094

0,43

25.267.744

0,21

49.829.221

0,29

98.768.552

0,37

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

43.750.404

0,33

54.478.497

0,46

61.815.484

0,36

39.924.033

0,15

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

54.250.000

0,41

54.250.000

0,46

54.250.000

0,31

61.800.000

0,23

Cross Shareholding Adjustment of Capital

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

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

2.275.099

0,02

2.275.099

0,02

13.003.192

0,07

15.483

0,00

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

-12.774.695

-0,11

-12.774.694

-0,07

0

0,00

Net Profit (loss)

-12.774.695

-0,10

10.728.093

0,09

7.336.986

0,04

-21.891.450

-0,08

TOTAL LIABILITIES AND EQUITY

133.104.300

1,00

117.551.156

1,00

173.930.404

1,00

267.079.888

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

 

(2011) TL

 

(01.01-30.09.2012) TL

 

Net Sales

118.273.101

1,00

106.055.385

1,00

153.286.063

1,00

219.746.307

1,00

134.375.943

1,00

Cost of Goods Sold

81.738.370

0,69

67.930.173

0,64

104.692.709

0,68

167.825.730

0,76

108.157.685

0,80

Gross Profit

36.534.731

0,31

38.125.212

0,36

48.593.354

0,32

51.920.577

0,24

26.218.258

0,20

Operating Expenses

21.949.893

0,19

17.763.201

0,17

30.469.651

0,20

37.948.065

0,17

15.262.268

0,11

Operating Profit

14.584.838

0,12

20.362.011

0,19

18.123.703

0,12

13.972.512

0,06

10.955.990

0,08

Other Income

7.337.377

0,06

6.234.624

0,06

8.164.388

0,05

19.655.678

0,09

15.843.968

0,12

Other Expenses

11.751.157

0,10

7.755.822

0,07

7.391.134

0,05

9.527.935

0,04

8.175.622

0,06

Financial Expenses

22.945.753

0,19

8.112.720

0,08

10.015.101

0,07

45.991.705

0,21

2.846.825

0,02

Minority Interests

0

0,00

0

0,00

0

0,00

0

0,00

0

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

-12.774.695

-0,11

10.728.093

0,10

8.881.856

0,06

-21.891.450

-0,10

15.777.511

0,12

Tax Payable

0

0,00

0

0,00

1.544.870

0,01

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

-12.774.695

-0,11

10.728.093

0,10

7.336.986

0,05

-21.891.450

-0,10

15.777.511

0,12

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

2,69

1,61

1,70

1,47

Acid-Test Ratio

1,41

0,88

0,80

0,98

Cash Ratio

0,60

0,25

0,47

0,09

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,28

0,21

0,26

0,20

Short-term Receivable/Total Assets

0,19

0,20

0,12

0,43

Tangible Assets/Total Assets

0,35

0,48

0,39

0,29

TURNOVER RATIOS

 

 

Inventory Turnover

2,17

2,75

2,35

3,08

Stockholders' Equity Turnover

2,70

1,95

2,48

5,50

Asset Turnover

0,89

0,90

0,88

0,82

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,33

0,46

0,36

0,15

Current Liabilities/Total Assets

0,24

0,32

0,36

0,48

Financial Leverage

0,67

0,54

0,64

0,85

Gearing Percentage

2,04

1,16

1,81

5,69

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

-0,29

0,20

0,12

-0,55

Operating Profit Margin

0,12

0,19

0,12

0,06

Net Profit Margin

-0,11

0,10

0,05

-0,10

Interest Cover

0,44

2,32

1,89

0,52

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

78,45

81,54

43,21

187,01

Average Payable Period (days)

18,07

21,46

17,38

1,80

WORKING CAPITAL

54094868,00

23163953,00

43301027,00

60604782,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.85

UK Pound

1

Rs.85.25

Euro

1

Rs.71.72

 

 

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.