MIRA INFORM REPORT

 

 

Report Date :

04.03.2013

 

IDENTIFICATION DETAILS

 

Name :

SISECAM DIS TICARET A.S.

 

 

Registered Office :

Istiklal Caddesi Terkos Cikmazi Sok. No:2 Beyoglu 34430 Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

20.04.2007

 

 

Com. Reg. No.:

623660

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

The subject performs the foreign trade activities of Sisecam group. 

 

 

No. of Employees :

22

 

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

COMPANY IDENTIFICATION

 

 

NAME

:

SISECAM DIS TICARET A.S.

HEAD OFFICE ADDRESS

:

Istiklal Caddesi Terkos Cikmazi Sok. No:2 Beyoglu 34430 Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from "314" to "2" by the Municipality.

 

 

PHONE NUMBER

:

90-212-313 47 00

 

FAX NUMBER

:

90-212-313 48 04

90-212-313 48 05

 

WEB-ADDRESS

:

www.sisecam.com.tr

E-MAIL

:

 internet@sisecam.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

8140456810

REGISTRATION NUMBER

:

623660

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

20.04.2007

ESTABLISHMENT GAZETTE DATE/NO

:

27.04.2007/6796

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

PAID-IN CAPITAL

:

TL   5.000.000

HISTORY

:

Previous Registered Capital

:

TL 2.000.000

Changed On

:

19.03.2008 (Commercial Gazette Date /Number 24.03.2008/ 7026)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Turkiye Sise ve Cam Fabrikalari A.S.

99,80 %

Camis Madencilik A.S.

 

Sisecam Sigorta Aracilik Hizmetleri A.S.

 

Pasabahce Cam Sanayi Ve Ticaret A.S.

 

Cam Elyaf Sanayi A.S.

 

 

 

GROUP PARENT COMPANY

:

TURKIYE SISE VE CAM FABRIKALARI A.S.

 

SISTER COMPANIES

:

ANADOLU CAM ESKISEHIR SANAYI A.S.

ANADOLU CAM SANAYII A.S.

ANADOLU CAM YENISEHIR SANAYI A.S.

ASMAS AGIR SANAYI MAKINALARI A.S.

AVEA ILETISIM HIZMETLERI A.S.

CAM ELYAF SANAYII A.S.

CAMIS AMBALAJ SANAYI A.S.

CAMIS EGYPT MINING LTD CO

CAMIS ELEKTRIK URETIM A.S.

CAMIS LIMITED

CAMIS MADENCILIK A.S.

CAMIS RUS ZAO

CAYIROVA CAM SANAYII A.S.

CROMITAL S.P.A.

DENIZLI CAM SANAYI VE TICARET A.S.

DOST GAZ DEPOLAMA A.S.

MADENCILIK SANAYI VE TICARET A.S.

OMCO ISTANBUL KALIP SANAYI VE TICARET A.S.

OXYVIT KIMYA SANAYI VE TICARET A.S.

PASABAHCE CAM SANAYII VE TICARET A.S.

PASABAHCE GLAS GMBH

PASABAHCE MAGAZALARI A.S.

PASABAHCE MAGAZALARI B.V.

PASABAHCE USA INC

PASABAHCE YATIRIM VE PAZARLAMA A.S.

POSUDA LIMITED

RUSCAM LTD

SISECAM (SHANGHAI) TRADING CO. LTD.

SISECAM BULGARIA LTD

SISECAM SIGORTA ARACILIK HIZMETLERI A.S.

SISECAM SODA LUKAVAC D.O.O.

SODA SANAYII A.S.

SOLVAY SISECAM HOLDING AG

TOPKAPI YATIRIM HOLDING A.S.

TRAKYA CAM INVESTMENT B.V.

TRAKYA CAM SANAYII A.S.

TRAKYA GLASS BULGARIA EAD

TRAKYA GLASS KUBAN OOO

TRAKYA GLASS LOGISTICS EAD

TRAKYA INVESTMENT B.V.

TRAKYA POLATLI CAM SANAYII A.S.

TRAKYA YENISEHIR CAM SANAYII A.S.

TURKIYE SISE VE CAM FABRIKALARI A.S.

 

SUBSIDIARIES

:

CAMIS MADENCILIK A.S.

TRAKYA POLATLI CAM SANAYII A.S.

 

BOARD OF DIRECTORS

:

Ibrahim Babayigit

Chairman

Aytac Saniye Mutluguller

Vice-Chairman

Mufit Ozkara

Member

Mediha Ince

Member

Asuman Akman

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

The subject performs the foreign trade activities of Sisecam group. 

 

NACE CODE

:

G .51.19

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

22

 

NET SALES

:

489.519.751 TL

(20.04-31.12.2007) 

1.142.609.915 TL

(2008) 

1.140.871.149 TL

(2009) 

1.257.250.318 TL

(2010) 

1.551.849.915 TL

(2011) 

1.565.074.981 TL

(2012) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

South Africa

 

MERCHANDISE IMPORTED

:

Chromite

 

 

EXPORT VALUE

:

476.184.208 TL

(20.04-31.12.2007)

1.104.017.664 TL

(2008)

1.088.994.044 TL

(2009)

1.192.787.196 TL

(2010)

844.381.366 USD

(2011)

1.464.340.327 TL

(2012)

 

 

EXPORT COUNTRIES

:

Bulgaria

Czech Republic

European Countries

 

MERCHANDISE  EXPORTED

:

Plate

Sheet

Synthetic rubber

 

HEAD OFFICE ADDRESS

:

Istiklal Caddesi Terkos Cikmazi Sok. No:2 Beyoglu 34430  Istanbul / Turkey

( owned by shareholder(s) )

 

INVESTMENTS

:

None

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Turkiye Is Bankasi Istanbul Kurumsal Branch

 

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

1.142.609.915

1.140.871.149

1.257.250.318

1.551.849.915

1.565.074.981

Profit (Loss) Before Tax

3.737.593

-41.015

2.272.523

5.141.534

5.358.919

Stockholders' Equity

9.671.789

6.880.774

9.153.297

12.544.830

17.903.750

Total Assets

548.486.696

489.629.156

295.517.746

325.220.490

423.774.942

Current Assets

548.371.701

489.510.503

295.403.041

325.158.723

423.555.492

Non-Current Assets

114.995

118.653

114.705

61.767

219.450

Current Liabilities

538.735.657

482.590.025

286.130.302

312.434.891

405.595.158

Long-Term Liabilities

79.250

158.357

234.147

240.769

276.034

Gross Profit (loss)

35.107.856

39.859.599

45.376.365

59.736.141

58.129.405

Operating Profit (loss)

1.769.657

1.412.760

2.012.105

3.747.559

3.389.962

Net Profit (loss)

3.737.593

-41.015

2.272.523

5.141.534

5.358.919

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Remarks on General Financial Position

Fair; As the firm buys and exports the products mainly of Sisecam Group the accounts payable mainly consists of the debts to the group companies and as the subject company exports the products mainly of group companies, it buys the products nearly at the export price so the gross profit margin of the company was low due to high cost of goods sold. Liquidity was 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

 ( 01.01-31.01.2013)

-0,18 %

1,7748

2,3734

2,8382

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

CURRENT ASSETS

548.371.701

1,00

489.510.503

1,00

295.403.041

1,00

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

Cash and Banks

76.046.765

0,14

18.588.011

0,04

9.473.091

0,03

Marketable Securities

0

0,00

0

0,00

0

0,00

Account Receivable

204.474.266

0,37

220.017.008

0,45

232.217.028

0,79

Other Receivable

266.816.109

0,49

250.807.582

0,51

53.674.761

0,18

Inventories

0

0,00

0

0,00

0

0,00

Advances Given

0

0,00

40.442

0,00

15.516

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

Other Current Assets

1.034.561

0,00

57.460

0,00

22.645

0,00

NON-CURRENT ASSETS

114.995

0,00

118.653

0,00

114.705

0,00

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

Long-term Receivable

102

0,00

102

0,00

102

0,00

Financial Assets

2.500

0,00

2.500

0,00

2.848

0,00

Tangible Fixed Assets (net)

97.391

0,00

110.464

0,00

89.587

0,00

Intangible Assets

11.236

0,00

5.587

0,00

22.168

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

3.766

0,00

0

0,00

0

0,00

TOTAL ASSETS

548.486.696

1,00

489.629.156

1,00

295.517.746

1,00

CURRENT LIABILITIES

538.735.657

0,98

482.590.025

0,99

286.130.302

0,97

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

313.992.487

0,57

236.452.043

0,48

24.366.735

0,08

Accounts Payable

206.437.095

0,38

222.743.585

0,45

234.215.515

0,79

Loans from Shareholders

583.253

0,00

6.835.592

0,01

935.496

0,00

Other Short-term Payable

12.124.926

0,02

10.988.896

0,02

24.325.651

0,08

Advances from Customers

536.195

0,00

2.469.904

0,01

924.616

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

Taxes Payable

141.375

0,00

1.838.997

0,00

277.052

0,00

Provisions

4.665.270

0,01

785.484

0,00

459.972

0,00

Other Current Liabilities

255.056

0,00

475.524

0,00

625.265

0,00

LONG-TERM LIABILITIES

79.250

0,00

158.357

0,00

234.147

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

Financial Loans

0

0,00

0

0,00

0

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

0

0,00

0

0,00

0

0,00

Provisions

79.250

0,00

158.357

0,00

234.147

0,00

STOCKHOLDERS' EQUITY

9.671.789

0,02

6.880.774

0,01

9.153.297

0,03

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

Paid-in Capital

5.000.000

0,01

5.000.000

0,01

5.000.000

0,02

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

0

0,00

0

0,00

0

0,00

Reserves

934.196

0,00

1.921.789

0,00

1.921.789

0,01

Revaluation Fund

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

-41.015

0,00

Net Profit (loss)

3.737.593

0,01

-41.015

0,00

2.272.523

0,01

TOTAL LIABILITIES AND EQUITY

548.486.696

1,00

489.629.156

1,00

295.517.746

1,00

 

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

CURRENT ASSETS

325.158.723

1,00

423.555.492

1,00

Not Detailed Current Assets

0

0,00

0

0,00

Cash and Banks

413.851

0,00

628.258

0,00

Marketable Securities

0

0,00

0

0,00

Account Receivable

287.094.524

0,88

328.021.012

0,77

Other Receivable

28.899.578

0,09

94.781.612

0,22

Inventories

0

0,00

0

0,00

Advances Given

8.727.538

0,03

80.786

0,00

Accumulated Construction Expense

0

0,00

0

0,00

Other Current Assets

23.232

0,00

43.824

0,00

NON-CURRENT ASSETS

61.767

0,00

219.450

0,00

Not Detailed Non-Current Assets

0

0,00

0

0,00

Long-term Receivable

102

0,00

102

0,00

Financial Assets

2.868

0,00

15.358

0,00

Tangible Fixed Assets (net)

45.762

0,00

47.832

0,00

Intangible Assets

13.035

0,00

148.663

0,00

Deferred Tax Assets

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

7.495

0,00

TOTAL ASSETS

325.220.490

1,00

423.774.942

1,00

CURRENT LIABILITIES

312.434.891

0,96

405.595.158

0,96

Not Detailed Current Liabilities

0

0,00

0

0,00

Financial Loans

3.400.020

0,01

30.523.252

0,07

Accounts Payable

290.195.838

0,89

330.697.479

0,78

Loans from Shareholders

16.309.111

0,05

27.441.572

0,06

Other Short-term Payable

0

0,00

14.730.596

0,03

Advances from Customers

240.320

0,00

505.431

0,00

Accumulated Construction Income

0

0,00

0

0,00

Taxes Payable

1.624.659

0,00

1.116.971

0,00

Provisions

22.943

0,00

78.447

0,00

Other Current Liabilities

642.000

0,00

501.410

0,00

LONG-TERM LIABILITIES

240.769

0,00

276.034

0,00

Not Detailed Long-term Liabilities

0

0,00

0

0,00

Financial Loans

0

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

0

0,00

0

0,00

Provisions

240.769

0,00

276.034

0,00

STOCKHOLDERS' EQUITY

12.544.830

0,04

17.903.750

0,04

Not Detailed Stockholders' Equity

0

0,00

0

0,00

Paid-in Capital

5.000.000

0,02

5.000.000

0,01

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

2.403.296

0,01

7.544.831

0,02

Revaluation Fund

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

Net Profit (loss)

5.141.534

0,02

5.358.919

0,01

TOTAL LIABILITIES AND EQUITY

325.220.490

1,00

423.774.942

1,00

 

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements of 2012 have not become certain yet. 

 

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

1.142.609.915

1,00

1.140.871.149

1,00

1.257.250.318

1,00

Cost of Goods Sold

1.107.502.059

0,97

1.101.011.550

0,97

1.211.873.953

0,96

Gross Profit

35.107.856

0,03

39.859.599

0,03

45.376.365

0,04

Operating Expenses

33.338.199

0,03

38.446.839

0,03

43.364.260

0,03

Operating Profit

1.769.657

0,00

1.412.760

0,00

2.012.105

0,00

Other Income

10.540.796

0,01

8.300.340

0,01

4.989.691

0,00

Other Expenses

3.099.177

0,00

4.455.508

0,00

3.058.048

0,00

Financial Expenses

5.473.683

0,00

5.298.607

0,00

1.671.225

0,00

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

3.737.593

0,00

-41.015

0,00

2.272.523

0,00

Tax Payable

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

Net Profit (loss)

3.737.593

0,00

-41.015

0,00

2.272.523

0,00

 

 

 

(2011) TL

 

(2012) TL

 

Net Sales

1.551.849.915

1,00

1.565.074.981

1,00

Cost of Goods Sold

1.492.113.774

0,96

1.506.945.576

0,96

Gross Profit

59.736.141

0,04

58.129.405

0,04

Operating Expenses

55.988.582

0,04

54.739.443

0,03

Operating Profit

3.747.559

0,00

3.389.962

0,00

Other Income

3.494.571

0,00

5.141.059

0,00

Other Expenses

993.621

0,00

451.442

0,00

Financial Expenses

1.106.975

0,00

2.720.660

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

5.141.534

0,00

5.358.919

0,00

Tax Payable

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

Net Profit (loss)

5.141.534

0,00

5.358.919

0,00

 

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

(2012)

LIQUIDITY RATIOS

 

Current Ratio

1,02

1,01

1,03

1,04

1,04

Acid-Test Ratio

1,02

1,01

1,03

1,01

1,04

Cash Ratio

0,14

0,04

0,03

0,00

0,00

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,00

0,00

0,00

0,00

0,00

Short-term Receivable/Total Assets

0,86

0,96

0,97

0,97

1,00

Tangible Assets/Total Assets

0,00

0,00

0,00

0,00

0,00

TURNOVER RATIOS

 

Inventory Turnover

 

 

 

 

 

Stockholders' Equity Turnover

118,14

165,81

137,35

123,70

87,42

Asset Turnover

2,08

2,33

4,25

4,77

3,69

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,02

0,01

0,03

0,04

0,04

Current Liabilities/Total Assets

0,98

0,99

0,97

0,96

0,96

Financial Leverage

0,98

0,99

0,97

0,96

0,96

Gearing Percentage

55,71

70,16

31,29

24,92

22,67

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,39

-0,01

0,25

0,41

0,30

Operating Profit Margin

0,00

0,00

0,00

0,00

0,00

Net Profit Margin

0,00

0,00

0,00

0,00

0,00

Interest Cover

1,68

0,99

2,36

5,64

2,97

COLLECTION-PAYMENT

 

Average Collection Period (days)

64,42

69,43

66,49

66,60

75,45

Average Payable Period (days)

67,10

72,83

69,58

70,02

79,00

WORKING CAPITAL

9636044,00

6920478,00

9272739,00

12723832,00

17960334,00

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.48

UK Pound

1

Rs.82.72

Euro

1

Rs.71.27

 

 

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.