MIRA INFORM REPORT

 

 

Report Date :

05.06.2013

 

IDENTIFICATION DETAILS

 

Name :

PETKIM PETROKIMYA HOLDING A.S.

 

 

Registered Office :

P.K. 12 Aliaga 35800 Izmir

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

03.04.1965

 

 

Com. Reg. No.:

314

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of petrochemical products.

 

 

No. of Employees :

2.346

 

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

:

PETKIM PETROKIMYA HOLDING A.S.

HEAD OFFICE ADDRESS

:

P.K. 12 Aliaga 35800 Izmir / Turkey

PHONE NUMBER

:

90-232-616 12 40 (20 lines)

90-232-616 32 40 (10 lines)

 

FAX NUMBER

:

90-232-616 12 48

90-232-616 14 39

 

WEB-ADDRESS

:

www.petkim.com.tr

E-MAIL

:

petkim@petkim.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Hasan Tahsin

TAX NO

:

7290012773

REGISTRATION NUMBER

:

314

REGISTERED OFFICE

:

Aliaga Chamber of Commerce

DATE ESTABLISHED

:

03.04.1965

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

AUTHORIZED CAPITAL

:

TL   4.000.000.000

PAID-IN CAPITAL

:

TL   1.000.000.000

HISTORY

:

Other Changes

:

The paid-in capital was increased from TL 204.750.000 to TL 1.000.000.000

Changed On

:

29.06.2010 (Commercial Gazette Date /Number 30.06.2010/ 7596)

Other Changes

:

The authorized capital was increased from TL 1.000.000.000 to TL 4.000.000.000

Changed On

:

01.04.2013 (Commercial Gazette Date /Number 08.04.2013/ 8295)

 

 

OWNERSHIP / MANAGEMENT

 

 

NOTES ON OWNERSHIP / MANAGEMENT

:

Quoted at Stock Exchange.

 

 

SHAREHOLDERS

:

Socar Turkey Petrokimya A.S.

51 %

Open to Public

38,68 %

Socar Izmir Petrokimya A.S.

10,32 %

 

 

BOARD OF DIRECTORS

:

Socar Turkey Petrokimya A.S. (Representative: Vagif Aliyev)

Chairman

David Mammadov

Vice-Chairman

Hulusi Kilic

Member

Mehmet Hayati Ozturk

Member

Suleyman Gasimov

Member

Ilhami Ozsahin

Member

Kenan Yavuz

Member

Socar Izmir Petrokimya A.S. (Representative: Farrukh Gasimov)

Member

Basbakanlik Ozellestirme Idaresi Baskanligi (Representative: Muammer Turker)

Member

 

 

DIRECTORS

:

Sadettin Korkut                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of petrochemical products.

 

NACE CODE

:

DF.23.20

 

NUMBER OF EMPLOYEES

:

2.346

 

NET SALES

:

55.149.661 TL

(1995) 

72.390.060 TL

(1996) 

133.045.469 TL

(1997) 

166.747.217 TL

(1998) 

281.398.590 TL

(1999) 

496.830.834 TL

(2000) 

776.301.718 TL

(2001) 

961.547.385 TL

(2002) 

1.089.286.257 TL

(2003) 

1.568.689.497 TL

(2004) 

1.344.249.050 TL

(2005) 

2.222.333.063 TL

(2006) 

2.178.559.421 TL

(2007) 

2.320.432.985 TL

(2008) 

2.057.459.379 TL

(2009) 

2.909.391.891 TL

(2010) 

3.891.322.098 TL

(2011) 

4.348.910.031 TL

(2012) 

990.029.741 TL

(01.01-31.03.2013) 

 

 

PRODUCTION

:

  ( ton )

 

 

 

2.888.838

 

 

(2007)

2.899.184

 

 

(2008)

2.956.786

 

 

(2009)

3.240.159

 

 

(2010)

2.921.113

 

 

(2011)

3.028.674

 

 

(2012)

745.364

 

 

(01.01-31.03.2013)

 

 

 

 

IMPORT VALUE

:

110.242.000 USD

(1998)

93.059.000 USD

(1999)

151.636.000 USD

(2000)

112.918.000 USD

(2001)

247.787.000 USD

(2002)

278.732.000 USD

(2003)

285.051.083 USD

(2004)

420.751.000 USD

(2005)

466.873.000 USD

(2006)

694.998.000 USD

(2007)

1.133.401.590 TL

(2008)

1.240.975.178 TL

(2009)

1.832.554.920 TL

(2010)

1.437.298.641 TL

(2011)

3.055.783.703 TL

(2012)

606.943.839 TL

(01.01-31.03.2013)

 

 

IMPORT COUNTRIES

:

Saudi Arabia

Japan

Egypt

 

MERCHANDISE IMPORTED

:

Chemical materials

Machinery

 

EXPORT VALUE

:

20.391.641 TL

(1998)

37.077.967 TL

(1999)

73.325.966 TL

(2000)

133.404.446 TL

(2001)

163.335.796 TL

(2002)

199.509.987 TL

(2003)

279.018.258 TL

(2004)

295.104.504 TL

(2005)

596.837.259 TL

(2006)

464.311.723 TL

(2007)

657.802.264 TL

(2008)

538.982.342 TL

(2009)

795.836.608 TL

(2010)

667.107.147 TL

(2011)

1.863.754.413 TL

(2012)

412.577.923 TL

(01.01-31.03.2013)

 

 

EXPORT COUNTRIES

:

Belgium

U.A.E.

Syria

Brazil

Egypt

Algeria

Serbia

Ukraine

Spain

Portugal

Italy

Netherlands

France

Pakistan

 

MERCHANDISE  EXPORTED

:

Petrochemical products

 

HEAD OFFICE ADDRESS

:

P.K. 12 Aliaga 35800  Izmir / Turkey

 

BRANCHES

:

Factory  :  Aliaga Izmir/Turkey

           

INVESTMENTS

:

Investments are going on.

 

TREND OF BUSINESS

:

There was an upwards trend in  2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

T. Is Bankasi Izmir Branch

T. Is Bankasi Aliaga Branch

T. Vakiflar Bankasi Izmir 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

(01.01-31.03.2013) TL

Net Sales

2.057.459.379

2.909.391.891

3.891.322.098

4.348.910.031

990.029.741

Profit (Loss) Before Tax

64.731.190

139.932.200

117.795.725

21.156.071

-518.534

Stockholders' Equity

1.470.262.531

1.600.347.451

1.702.688.776

1.664.317.394

1.668.030.862

Total Assets

2.113.202.978

2.375.893.103

2.671.127.874

2.799.356.243

2.736.634.325

Current Assets

854.482.826

1.106.014.746

1.333.922.362

1.442.049.360

1.363.511.869

Non-Current Assets

1.258.720.152

1.269.878.357

1.337.205.512

1.357.306.883

1.373.122.456

Current Liabilities

566.076.485

681.908.766

841.240.908

1.019.243.711

956.531.864

Long-Term Liabilities

76.863.962

93.636.886

127.198.190

115.795.138

112.071.599

Gross Profit (loss)

113.866.414

229.206.840

174.696.649

76.241.921

53.558.571

Operating Profit (loss)

41.498.598

127.141.497

162.942.068

-10.313.723

6.381.072

Net Profit (loss)

114.035.094

130.084.920

102.341.325

17.428.618

3.133.806

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

High 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

Fair Operating Profitability  in 2009

Good Net Profitability  in 2009

In Order Operating Profitability  in 2010

Good Net Profitability  in 2010

In Order Operating Profitability  in 2011

In Order Net Profitability  in 2011

Operating Loss  in 2012

Low Net Profitability  in 2012

Low Operating Profitability (01.01-31.03.2013)

Low Net Profitability (01.01-31.03.2013)

 

Gap between average collection and payable periods

Favorable in 01.01-31.03.2013

General Financial Position

In Order

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2009 )

5,93 %

1,5460

2,1529

2,4094

 ( 2010 )

8,87 %

1,5128

2,0096

2,3410

 ( 01.01-31.03.2011)

5,40 %

1,5753

2,1664

2,5072

 ( 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

 ( 01.01-30.04.2013)

-0,01 %

1,7920

2,3566

2,7927

 

NOTES ON FINANCIAL STATEMENTS

:

Financial statements are consolidated..

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.03.2013 )  TL

 

CURRENT ASSETS

854.482.826

0,40

1.106.014.746

0,47

1.333.922.362

0,50

1.442.049.360

0,52

1.363.511.869

0,50

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

175.498.537

0,08

201.710.447

0,08

145.285.932

0,05

291.960.681

0,10

160.691.963

0,06

Marketable Securities

0

0,00

0

0,00

1.035.785

0,00

0

0,00

0

0,00

Account Receivable

337.627.264

0,16

415.088.623

0,17

584.120.034

0,22

544.542.888

0,19

606.419.404

0,22

Other Receivable

10.022.422

0,00

12.473.600

0,01

8.483.924

0,00

88.327.898

0,03

89.252.143

0,03

Inventories

313.304.900

0,15

434.803.848

0,18

462.549.922

0,17

462.483.548

0,17

443.582.449

0,16

Advances Given

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

18.029.703

0,01

41.938.228

0,02

132.446.765

0,05

54.734.345

0,02

63.565.910

0,02

NON-CURRENT ASSETS

1.258.720.152

0,60

1.269.878.357

0,53

1.337.205.512

0,50

1.357.306.883

0,48

1.373.122.456

0,50

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Assets

2.865

0,00

2.865

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

1.195.372.653

0,57

1.208.575.579

0,51

1.297.910.434

0,49

1.323.110.126

0,47

1.335.768.087

0,49

Intangible Assets

3.206.995

0,00

9.517.934

0,00

12.738.153

0,00

14.533.560

0,01

14.106.284

0,01

Deferred Tax Assets

29.257.925

0,01

19.410.645

0,01

5.188.890

0,00

1.461.437

0,00

4.968.862

0,00

Other Non-Current Assets

30.879.714

0,01

32.371.334

0,01

21.368.035

0,01

18.201.760

0,01

18.279.223

0,01

TOTAL ASSETS

2.113.202.978

1,00

2.375.893.103

1,00

2.671.127.874

1,00

2.799.356.243

1,00

2.736.634.325

1,00

CURRENT LIABILITIES

566.076.485

0,27

681.908.766

0,29

841.240.908

0,31

1.019.243.711

0,36

956.531.864

0,35

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

87.727.988

0,04

88.813.847

0,04

258.387.280

0,10

263.855.378

0,09

95.409.094

0,03

Accounts Payable

399.355.338

0,19

523.640.218

0,22

515.701.719

0,19

690.807.038

0,25

780.800.482

0,29

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

1.983.521

0,00

1.084.212

0,00

6.729.689

0,00

7.185.743

0,00

8.132.774

0,00

Advances from Customers

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

17.047.281

0,01

10.548.090

0,00

12.788.814

0,00

15.275.330

0,01

19.273.255

0,01

Other Current Liabilities

59.962.357

0,03

57.822.399

0,02

47.633.406

0,02

42.120.222

0,02

52.916.259

0,02

LONG-TERM LIABILITIES

76.863.962

0,04

93.636.886

0,04

127.198.190

0,05

115.795.138

0,04

112.071.599

0,04

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

7.730.000

0,00

41.231.989

0,02

25.282.361

0,01

25.652.534

0,01

Securities Issued

0

0,00

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

0

0,00

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Long-term Liabilities

320.225

0,00

5.644.732

0,00

5.215.996

0,00

5.676.542

0,00

5.772.938

0,00

Provisions

76.543.737

0,04

80.262.154

0,03

80.750.205

0,03

84.836.235

0,03

80.646.127

0,03

STOCKHOLDERS' EQUITY

1.470.262.531

0,70

1.600.347.451

0,67

1.702.688.776

0,64

1.664.317.394

0,59

1.668.030.862

0,61

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

204.750.000

0,10

1.000.000.000

0,42

1.000.000.000

0,37

1.000.000.000

0,36

1.000.000.000

0,37

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

1.282.102.283

0,61

486.852.283

0,20

486.852.283

0,18

486.852.283

0,17

486.852.283

0,18

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

0

0,00

0

0,00

113.495.168

0,04

160.036.493

0,06

178.044.773

0,07

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-130.624.846

-0,06

-16.589.752

-0,01

0

0,00

0

0,00

0

0,00

Net Profit (loss)

114.035.094

0,05

130.084.920

0,05

102.341.325

0,04

17.428.618

0,01

3.133.806

0,00

TOTAL LIABILITIES AND EQUITY

2.113.202.978

1,00

2.375.893.103

1,00

2.671.127.874

1,00

2.799.356.243

1,00

2.736.634.325

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements of "PETKIM PETROKIMYA HOLDING A.S." have been prepared by the consolidation of the financial statements of "PETLIM LIMANCILIK TICARET A.S. (99,99 %)".

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(01.01-31.03.2013) TL

 

Net Sales

2.057.459.379

1,00

2.909.391.891

1,00

3.891.322.098

1,00

4.348.910.031

1,00

990.029.741

1,00

Cost of Goods Sold

1.943.592.965

0,94

2.680.185.051

0,92

3.716.625.449

0,96

4.272.668.110

0,98

936.471.170

0,95

Gross Profit

113.866.414

0,06

229.206.840

0,08

174.696.649

0,04

76.241.921

0,02

53.558.571

0,05

Operating Expenses

72.367.816

0,04

102.065.343

0,04

11.754.581

0,00

86.555.644

0,02

47.177.499

0,05

Operating Profit

41.498.598

0,02

127.141.497

0,04

162.942.068

0,04

-10.313.723

0,00

6.381.072

0,01

Other Income

106.732.564

0,05

146.702.807

0,05

150.880.512

0,04

140.668.974

0,03

26.037.314

0,03

Other Expenses

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Expenses

83.499.972

0,04

133.912.104

0,05

196.026.855

0,05

109.199.180

0,03

32.936.920

0,03

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

64.731.190

0,03

139.932.200

0,05

117.795.725

0,03

21.156.071

0,00

-518.534

0,00

Tax Payable

0

0,00

0

0,00

1.232.645

0,00

0

0,00

0

0,00

Postponed Tax Gain

49.303.904

0,02

-9.847.280

0,00

-14.221.755

0,00

-3.727.453

0,00

3.652.340

0,00

Net Profit (loss)

114.035.094

0,06

130.084.920

0,04

102.341.325

0,03

17.428.618

0,00

3.133.806

0,00

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

(01.01-31.03.2013)

LIQUIDITY RATIOS

 

Current Ratio

1,51

1,62

1,59

1,41

1,43

Acid-Test Ratio

0,92

0,92

0,88

0,91

0,90

Cash Ratio

0,31

0,30

0,17

0,29

0,17

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,15

0,18

0,17

0,17

0,16

Short-term Receivable/Total Assets

0,16

0,18

0,22

0,23

0,25

Tangible Assets/Total Assets

0,57

0,51

0,49

0,47

0,49

TURNOVER RATIOS

 

Inventory Turnover

6,20

6,16

8,04

9,24

2,11

Stockholders' Equity Turnover

1,40

1,82

2,29

2,61

0,59

Asset Turnover

0,97

1,22

1,46

1,55

0,36

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,70

0,67

0,64

0,59

0,61

Current Liabilities/Total Assets

0,27

0,29

0,31

0,36

0,35

Financial Leverage

0,30

0,33

0,36

0,41

0,39

Gearing Percentage

0,44

0,48

0,57

0,68

0,64

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,08

0,08

0,06

0,01

0,00

Operating Profit Margin

0,02

0,04

0,04

0,00

0,01

Net Profit Margin

0,06

0,04

0,03

0,00

0,00

Interest Cover

1,78

2,04

1,60

1,19

0,98

COLLECTION-PAYMENT

 

Average Collection Period (days)

59,08

51,36

54,04

45,08

220,51

Average Payable Period (days)

73,97

70,33

49,95

58,20

300,16

WORKING CAPITAL

288406341,00

424105980,00

492681454,00

422805649,00

406980005,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.64

UK Pound

1

Rs.86.68

Euro

1

Rs.73.97

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.