MIRA INFORM REPORT

 

 

Report Date :

13.07.2013

 

IDENTIFICATION DETAILS

 

Name :

FERNAS INSAAT A.S.

 

 

Registered Office :

Diyarbakir Cad. Nasiroglu Is Merkezi K:1 No:103 Batman

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

07.01.1982

 

 

Com. Reg. No.:

1657

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Construction and contracting of pipelines, highways, irrigation projects, industrial facilities, buildings and infrastructure developments.

 

 

No. of Employees :

490

 

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

:

FERNAS INSAAT A.S.

HEAD OFFICE ADDRESS

:

Diyarbakir Cad. Nasiroglu Is Merkezi K:1 No:103 Batman / Turkey

PHONE NUMBER

:

90-312-426 62 62 (Administrative Office)

 

FAX NUMBER

:

90-312-426 38 38 (Administrative Office)

90-312-426 58 18 (Administrative Office)

 

WEB-ADDRESS

:

www.fernas.com.tr

E-MAIL

:

bilgi@fernas.com.tr

 

REMARKS

:

"FERNAS CONSTRUCTION COMPANY INC" is the name of "FERNAS INSAAT A.S." in English.

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Batman

TAX NO

:

3850553335

REGISTRATION NUMBER

:

1657

REGISTERED OFFICE

:

Batman Chamber of Commerce and Industry

DATE ESTABLISHED

:

07.01.1982

ESTABLISHMENT GAZETTE DATE/NO

:

20.01.1982/423

 

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   78.000.000

PAID-IN CAPITAL

:

TL   78.000.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

01.06.2010 (Commercial Gazette Date /Number 10.06.2010/ 7582)

Previous Name

:

Fernas Insaat Nakliyat ve Ticaret Ltd. Sti.

Changed On

:

27.05.1998 (Commercial Gazette Date /Number 01.06.1998/ 4551)

Previous Name

:

Fernas Insaat Ltd. Sti.

Changed On

:

01.06.2010 (Commercial Gazette Date /Number 10.06.2010/ 7582)

Previous Registered Capital

:

TL 12.600.000

Changed On

:

11.08.2009 (Commercial Gazette Date /Number 20.08.2009/ 7380)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Ferhat Nasiroglu

49 %

Engin Nasiroglu

43,45 %

Necat Nasiroglu

5,55 %

Omer Faruk Nasiroglu

1 %

Leyla Nasiroglu

1 %

 

 

GROUP

:

FERNAS GROUP OF COMPANIES

 

SISTER COMPANIES

:

DIYARBAKIR DOGALGAZ DAGITIM A.S.

ENERSU MUHENDISLIK MUSAVIRLIK INSAAT TICARET LTD. STI.

FERCAN MAKINA SANAYI VE TICARET LTD. STI.

FERGUN MADENCILIK ASFALT URETIM INSAAT SANAYI VE TICARET LTD. STI.

FERNAS ALCI SANAYI VE TICARET A.S.

FERNAS ENERJI ELEKTRIK URETIM A.S.

FERNAS TURIZM OTELCILIK SANAYI VE TICARET LTD. STI.

FERNAS YALITIM MALZEMELERI SANAYI VE TICARET LTD. STI.

FERPA ALCI PLAKA URETIM PAZARLAMA TICARET LTD. STI.

FERPA INSAAT SANAYI PETROL URUNLERI TICARET VE PAZARLAMA LTD. STI.

MEGA ENDUSTRIYEL TESISLER SANAYI VE TICARET A.S.

MV INSAAT TAAHHUT TICARET PAZARLAMA LTD. STI.

NAS ENERJI A.S.

PETGAS DOGALGAZ SERVIS TEST MUHENDISLIK MUSAVIRLIK SANAYI VE TICARET A.S.

 

 

SUBSIDIARIES

:

ANKIRA ENERJI URETIM LTD. STI.

DEMIR EXPORT A.S.-FERNAS INSAAT A.S. ADI ORTAKLIGI  ( 25 % )

FERNAS ENERJI ELEKTRIK URETIM A.S.  ( 96 % )

FERNAS-GOKCE IS ORTAKLIGI

FERNAS-GOKCE-SIGMA IS ORTAKLIGI

GUNFER IS ORTAKLIGI

METGUN-FERNAS ORTAK GIRISIMI

NAS ENERJI A.S.  ( 48 % )

SUBOR GAP BORU SANAYI VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Ferhat Nasiroglu

Chairman

Engin Nasiroglu

Vice-Chairman

Leyla Nasiroglu

Member

 

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Construction and contracting of pipelines, highways, irrigation projects, industrial facilities, buildings and infrastructure developments.

 

The subject has branch offices in Iraq and Turkmenistan.

 

UNDERTAKEN PROJECTS

:

Name of Project :Batman Left Bank Irrigation Project

 

Name of Project :Batman Right Bank Irrigation Project

 

Name of Project :Batman University - Necat NASIROGLU Engineering Faculty Construction Project

 

Name of Project :Can Limestone Quarry

 

Name of Project :Construction of Artvin-Meydancik Highway

 

Name of Project :Construction of Aydin-Denizli Highway

 

Name of Project :Construction of Bodrum 5 Star Hotel

 

Name of Project :Dahej - Vijaipour Pipeline Upgradation (DVPL-II) Project

 

Name of Project :Epic of Consolidated Gas Supp. Proj. Within Mesaieed&Ras Laffan Areas

 

Name of Project :Eruh HEPP Construction

 

Name of Project :Fuel Gas Supply to QNCC-IV and GCC – I Plants at MM – BAB Area

 

Name of Project :Garzan HEPP Construction

 

Name of Project :GEMBOS Derivation and Yesildag Irrigation Project

 

Name of Project :Konya-Gembos Irrigation Project

 

Name of Project :Sirvan Dam & HEPP Construction

 

Name of Project :Sirvan Dam and HEPP project

 

Name of Project :The Natural Gas Distribution Project of Diyarbakir City

 

Name of Project :Trabzon-Gumushane Road Construction

 

NACE CODE

:

F .45.00

 

SECTOR

:

Construction

 

NUMBER OF EMPLOYEES

:

490

 

REMARKS ON NUMBER OF EMPLOYEES

:

The subject also uses subcontractors.

 

 

NET SALES

:

135.367.526 TL

(2007) 

38.281.260 TL

(2008) 

32.956.651 TL

(2009) 

36.852.028 TL

(2010) 

26.127.652 TL

(2011) 

278.251.402 TL

(2012) 

 

 

IMPORT COUNTRIES

:

European Countries

U.A.E.

 

MERCHANDISE IMPORTED

:

Construction materials

 

HEAD OFFICE ADDRESS

:

Diyarbakir Cad. Nasiroglu Is Merkezi K:1 No:103  Batman / Turkey

 

BRANCHES

:

Administrative Office  :  Elci Sokak No:21 Yukari Ayranci Cankaya Ankara/Turkey (owned)

                                                                                

 

TREND OF BUSINESS

:

The net sales appears to be fluctuating but  this is a normal case for firms operating on project basis  as firms operating on project basis  can not register their income at the income statement unless the project has been totally completed.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Asya Katilim Bankasi Baskent Kurumsal Branch

Denizbank Baskent Kurumsal Branch

HSBC Bank Kizilay Branch

Kuveyt Turk Katilim Bankasi Ulus Branch

Yapi ve Kredi Bankasi Baskent Kurumsal Branch

 

CREDIT FACILITIES

:

The subject rarely makes 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

(2012) TL

Net Sales

38.281.260

32.956.651

36.852.028

26.127.652

278.251.402

Profit (Loss) Before Tax

8.477.656

6.090.396

14.198.285

19.130.089

44.527.463

Stockholders' Equity

88.978.734

94.894.183

109.850.063

131.271.634

168.425.937

Total Assets

295.092.628

441.970.672

625.714.458

796.193.373

723.278.917

Current Assets

251.686.160

390.172.676

547.369.230

701.742.486

604.806.455

Non-Current Assets

43.406.468

51.797.996

78.345.228

94.450.887

118.472.462

Current Liabilities

206.105.274

343.412.460

513.392.879

663.922.249

554.850.420

Long-Term Liabilities

8.620

3.664.029

2.471.516

999.490

2.560

Gross Profit (loss)

1.854.336

5.597.355

5.894.319

1.873.615

37.474.670

Operating Profit (loss)

-979.659

3.737.647

2.793.124

541.349

36.542.266

Net Profit (loss)

6.782.125

3.890.720

11.781.575

16.717.283

37.760.339

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High As of 31.12.2012

Remarks on Capitalization

A part of total liabilities and equity consist of accumulated construction income which is in fact not an indicator of indebtedness indicating not too high indebtedness to third parties.

 

Profitability

Profitable  in 2012

 

Remarks on Profitability

The income statement does not point out the real profitability of firms operating on project basis as such firms can not register their income at the income statement unless the project has been totally completed.

 

The real indicator of profitability of firms operating on project basis is the gap between the “accumulated construction income+ advances from customers” and “accumulated construction expense”.

 

This gap reveals that, the firm was profitable from its projects.

 

General Financial Position

Good

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.04.2013)

-0,01 %

1,7920

2,3566

2,7927

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

251.686.160

0,85

390.172.676

0,88

547.369.230

0,87

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

37.031.548

0,13

75.094.755

0,17

91.870.323

0,15

Marketable Securities

29.606

0,00

29.606

0,00

0

0,00

Account Receivable

25.159.707

0,09

11.556.505

0,03

19.791.186

0,03

Other Receivable

32.281.553

0,11

41.706.216

0,09

75.696.071

0,12

Inventories

4.985.272

0,02

2.749.460

0,01

2.510.446

0,00

Advances Given

390.715

0,00

354.718

0,00

3.871.986

0,01

Accumulated Construction Expense

147.992.805

0,50

257.815.353

0,58

353.031.053

0,56

Other Current Assets

3.814.954

0,01

866.063

0,00

598.165

0,00

NON-CURRENT ASSETS

43.406.468

0,15

51.797.996

0,12

78.345.228

0,13

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

Financial Assets

8.036.304

0,03

18.456.054

0,04

23.556.054

0,04

Tangible Fixed Assets (net)

20.688.131

0,07

21.960.115

0,05

38.789.689

0,06

Intangible Assets

34.859

0,00

42.076

0,00

794.179

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

14.647.174

0,05

11.339.751

0,03

15.205.306

0,02

TOTAL ASSETS

295.092.628

1,00

441.970.672

1,00

625.714.458

1,00

CURRENT LIABILITIES

206.105.274

0,70

343.412.460

0,78

513.392.879

0,82

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

4.521

0,00

Accounts Payable

16.174.111

0,05

13.236.167

0,03

22.847.208

0,04

Loans from Shareholders

7.859

0,00

0

0,00

438.880

0,00

Other Short-term Payable

17.856.165

0,06

13.126.845

0,03

38.062.742

0,06

Advances from Customers

250.000

0,00

250.000

0,00

2.606.241

0,00

Accumulated Construction Income

170.761.087

0,58

310.902.303

0,70

443.896.821

0,71

Taxes Payable

1.086.984

0,00

5.906.141

0,01

6.020.472

0,01

Provisions

-30.932

0,00

-8.996

0,00

-484.006

0,00

Other Current Liabilities

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

8.620

0,00

3.664.029

0,01

2.471.516

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

3.655.409

0,01

2.462.896

0,00

Securities Issued

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

8.620

0,00

8.620

0,00

8.620

0,00

Provisions

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

88.978.734

0,30

94.894.183

0,21

109.850.063

0,18

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

12.600.000

0,04

77.417.948

0,18

78.000.000

0,12

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

15.661.494

0,05

0

0,00

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

Reserves

53.935.115

0,18

13.585.515

0,03

20.068.488

0,03

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

Net Profit (loss)

6.782.125

0,02

3.890.720

0,01

11.781.575

0,02

TOTAL LIABILITIES AND EQUITY

295.092.628

1,00

441.970.672

1,00

625.714.458

1,00

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

701.742.486

0,88

604.806.455

0,84

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

105.528.191

0,13

81.416.794

0,11

Marketable Securities

177.051

0,00

211.269

0,00

Account Receivable

24.941.122

0,03

22.437.718

0,03

Other Receivable

48.510.727

0,06

58.656.410

0,08

Inventories

6.026.434

0,01

7.043.771

0,01

Advances Given

879.050

0,00

3.297.638

0,00

Accumulated Construction Expense

514.961.959

0,65

430.974.362

0,60

Other Current Assets

717.952

0,00

768.493

0,00

NON-CURRENT ASSETS

94.450.887

0,12

118.472.462

0,16

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

Financial Assets

33.933.588

0,04

65.630.338

0,09

Tangible Fixed Assets (net)

39.602.603

0,05

36.878.740

0,05

Intangible Assets

829.183

0,00

815.680

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

20.085.513

0,03

15.147.704

0,02

TOTAL ASSETS

796.193.373

1,00

723.278.917

1,00

CURRENT LIABILITIES

663.922.249

0,83

554.850.420

0,77

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

0

0,00

381.122

0,00

Accounts Payable

20.495.501

0,03

24.323.521

0,03

Loans from Shareholders

1.838.160

0,00

1.089.549

0,00

Other Short-term Payable

10.533.817

0,01

15.948.331

0,02

Advances from Customers

452.941

0,00

5.087.529

0,01

Accumulated Construction Income

624.180.463

0,78

505.984.438

0,70

Taxes Payable

5.896.300

0,01

2.035.930

0,00

Provisions

8.294

0,00

0

0,00

Other Current Liabilities

516.773

0,00

0

0,00

LONG-TERM LIABILITIES

999.490

0,00

2.560

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

996.930

0,00

0

0,00

Securities Issued

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

Loans from Shareholders

0

0,00

0

0,00

Other Long-term Liabilities

2.560

0,00

2.560

0,00

Provisions

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

131.271.634

0,16

168.425.937

0,23

Not Detailed Stockholders' Equity

131.271.634

0,16

168.425.937

0,23

Paid-in Capital

0

0,00

0

0,00

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

0

0,00

0

0,00

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

0

0,00

0

0,00

TOTAL LIABILITIES AND EQUITY

796.193.373

1,00

723.278.917

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

38.281.260

1,00

32.956.651

1,00

36.852.028

1,00

Cost of Goods Sold

36.426.924

0,95

27.359.296

0,83

30.957.709

0,84

Gross Profit

1.854.336

0,05

5.597.355

0,17

5.894.319

0,16

Operating Expenses

2.833.995

0,07

1.859.708

0,06

3.101.195

0,08

Operating Profit

-979.659

-0,03

3.737.647

0,11

2.793.124

0,08

Other Income

12.127.199

0,32

12.107.621

0,37

17.529.013

0,48

Other Expenses

2.669.884

0,07

9.754.872

0,30

5.723.198

0,16

Financial Expenses

0

0,00

0

0,00

400.654

0,01

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

8.477.656

0,22

6.090.396

0,18

14.198.285

0,39

Tax Payable

1.695.531

0,04

2.199.676

0,07

2.416.710

0,07

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

6.782.125

0,18

3.890.720

0,12

11.781.575

0,32

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

Net Sales

26.127.652

1,00

278.251.402

1,00

Cost of Goods Sold

24.254.037

0,93

240.776.732

0,87

Gross Profit

1.873.615

0,07

37.474.670

0,13

Operating Expenses

1.332.266

0,05

932.404

0,00

Operating Profit

541.349

0,02

36.542.266

0,13

Other Income

23.224.549

0,89

16.284.977

0,06

Other Expenses

4.295.011

0,16

7.934.891

0,03

Financial Expenses

340.798

0,01

364.889

0,00

Minority Interests

0

0,00

0

0,00

Profit (loss) of consolidated firms

0

0,00

0

0,00

Profit (loss) Before Tax

19.130.089

0,73

44.527.463

0,16

Tax Payable

2.412.806

0,09

6.767.124

0,02

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

16.717.283

0,64

37.760.339

0,14

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

Current Ratio

1,22

1,14

1,07

1,06

1,09

Acid-Test Ratio

0,46

0,37

0,36

0,27

0,29

Cash Ratio

0,18

0,22

0,18

0,16

0,15

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,02

0,01

0,00

0,01

0,01

Short-term Receivable/Total Assets

0,19

0,12

0,15

0,09

0,11

Tangible Assets/Total Assets

0,07

0,05

0,06

0,05

0,05

TURNOVER RATIOS

 

Inventory Turnover

7,31

9,95

12,33

4,02

34,18

Stockholders' Equity Turnover

0,43

0,35

0,34

0,20

1,65

Asset Turnover

0,13

0,07

0,06

0,03

0,38

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,30

0,21

0,18

0,16

0,23

Current Liabilities/Total Assets

0,70

0,78

0,82

0,83

0,77

Financial Leverage

0,70

0,79

0,82

0,84

0,77

Gearing Percentage

2,32

3,66

4,70

5,07

3,29

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,08

0,04

0,11

0,13

0,22

Operating Profit Margin

-0,03

0,11

0,08

0,02

0,13

Net Profit Margin

0,18

0,12

0,32

0,64

0,14

Interest Cover

 

 

36,44

57,13

123,03

COLLECTION-PAYMENT

 

Average Collection Period (days)

236,60

126,24

193,34

343,65

29,03

Average Payable Period (days)

159,85

174,16

265,68

304,21

36,37

WORKING CAPITAL

45580886,00

46760216,00

33976351,00

37820237,00

49956035,00

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.89

UK Pound

1

Rs.90.88

Euro

1

Rs.78.32

 

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.