MIRA INFORM REPORT

 

 

Report Date :

23.03.2013

 

IDENTIFICATION DETAILS

 

Name :

MARMARA METAL MAMULLERI TICARET A.S.

 

 

Formerly Known as:

Marmara Metal Mamulleri Ticaret Ltd. Sti.

 

 

Registered Office :

Istasyon Mah. E-5 Ustu Fatih Otagi Sok. Ernak Garaj Yani Tuzla Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

02.01.1995

 

 

Com. Reg. No.:

15204-8

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Mining, manufacture and trade of cast raw materials, ferrous and non ferrous materials, hematite pig iron, nodular pig iron, refractory, recarburizers, petroleum cokes and other alloy materials

 

 

No. of Employees :

81

 

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 :

Usually Correct 

 

 

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

(31.03.2012)

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

:

MARMARA METAL MAMULLERI TICARET A.S.

HEAD OFFICE ADDRESS

:

Istasyon Mah. E-5 Ustu Fatih Otagi Sok. Ernak Garaj Yani Tuzla Istanbul / Turkey

PHONE NUMBER

:

90-216-447 29 55 (pbx)

 

FAX NUMBER

:

90-216-447 29 69 66

 

WEB-ADDRESS

:

www.marmarametal.com

E-MAIL

:

marmara@marmarametal.com

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Buyuk Mukellefler 

TAX NO

:

6120568270

REGISTRATION NUMBER

:

15204-8

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

02.01.1995

ESTABLISHMENT GAZETTE DATE/NO

:

09.01.1995/3699

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   54.750.000

PAID-IN CAPITAL

:

TL   54.750.000

HISTORY

:

Previous Legal Type

:

Limited Company

Changed On

:

04.06.2008 (Commercial Gazette Date /Number 10.06.2008/ 7080)

Previous Name

:

Marmara Metal Mamulleri Ticaret Ltd. Sti.

Changed On

:

04.06.2008 (Commercial Gazette Date /Number 10.06.2008/ 7080)

Previous Registered Capital

:

TL 20.000.000

Changed On

:

02.12.2008 (Commercial Gazette Date /Number 05.12.2008/ 7204)

Previous Registered Capital

:

TL 50.000.000

Changed On

:

28.05.2010 (Commercial Gazette Date /Number 03.06.2010/ 7577)

Previous Address

:

Turgut Reis Mah. Fatih Cad. Asalet Sok. No:4-6 Sultanbeyli / Istanbul

Changed On

:

13.06.2006 (Commercial Gazette Date /Number 19.06.2006/ 6580)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Huseyin Oner

59 %

Hasan Oner

20 %

Mehmet Ali Oner

10 %

Nihat Oner

10 %

Emine Oner

1 %

 

 

SISTER COMPANIES

:

ANALIZ KIMYA SANAYI VE DIS TICARET LTD. STI.

ATACELIK YAPI URETIM A.S.

EBRU TEKSTIL CELIK SANAYI VE TICARET A.S.

EBRU TEKSTIL NAKIS SANAYI VE TICARET LTD. STI.

EBRU TRIKO SANAYI VE TICARET A.S.

MAR TAS TRAVERTEN MERMER INSAAT SANAYI VE TICARET LTD. STI.

MARMARA MINERAL METAL DIS TICARET LTD. STI.

ZRG ENERJI VE DIS TICARET LTD. STI.

 

SUBSIDIARIES

:

ANALIZ KIMYA SANAYI VE DIS TICARET LTD. STI.  ( 25 % )

MARMARA MINERAL METAL DIS TICARET LTD. STI.  ( 25 % )

 

BOARD OF DIRECTORS

:

Huseyin Oner

Chairman

Nihat Oner

Vice-Chairman

Emine Oner

Member

 

 

DIRECTORS

:

Huseyin Oner                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Mining, manufacture and trade of cast raw materials, ferrous and non ferrous materials, hematite pig iron, nodular pig iron, refractory, recarburizers, petroleum cokes and other alloy materials. 

 

NACE CODE

:

DJ.27.10

 

REPRESENTATIVE OF

:

Eastlink   (U.K.)

Eramet   (France)

Snam Alloys   (India)

 

NUMBER OF EMPLOYEES

:

81

 

NET SALES

:

9.806.512 TL

(2001) 

24.482.905 TL

(2002) 

42.508.126 TL

(2003) 

82.595.412 TL

(2004) 

95.254.891 TL

(2005) 

144.876.346 TL

(2006) 

239.943 TL Thousand

(2007) 

275.357 TL Thousand

(2008) 

180.157 TL Thousand

(2009) 

326.791.065 TL

(2010) 

576.175.494 TL

(2011) 

346.495.986 TL

(2012) 

 

 

IMPORT VALUE

:

43.202.493 USD

(2004)

59.895.148 USD

(2005)

72.800.506 USD

(2006)

142.475.982 USD

(2007)

157.361.751 USD + 587.163 EUR

(2008)

63.314.504 USD + 1.237.440 EUR

(01.01-30.09.2009)

 

 

IMPORT COUNTRIES

:

Russia

India

China

U.S.A.

Iran

Brazil

Netherlands

Ukraine

 

MERCHANDISE IMPORTED

:

Carbon granules

Coal

Metalic silica

Nickel

Pig iron

Resin

 

EXPORT VALUE

:

414.711 TL

(2003)

3.388.505 TL

(2004)

9.052.621 TL

(2005)

6.456.122 TL

(2006)

29.456.285 TL

(2007)

43.310.080 TL

(2008)

29.065.151 TL

(2009)

45.886.450 TL

(2010)

63.756.291 TL

(2011)

30.849.894 TL

(2012)

 

 

EXPORT COUNTRIES

:

China

Jordan

Syria

Pakistan

Brazil

Germany

Belgium

Greece

Iran

Egypt

India

Senegal

Malaysia

Tunisia

Ukraine

Saudi Arabia

 

MERCHANDISE  EXPORTED

:

Chromium ore

Ferro-alloys

Manganese ore

 

HEAD OFFICE ADDRESS

:

Istasyon Mah. E-5 Ustu Fatih Otagi Sok. Ernak Garaj Yani Tuzla  Istanbul / Turkey ( owned )

 

BRANCHES

:

Warehouse  :  Doganlar Mah. 1500/1 Sokak No:14 Bornova Izmir/Turkey (owned) (6.000 sqm)

 

Warehouse  :  Dokumculer Sitesi 10. Sok. No: 135 Sincan Ankara/Turkey (rented) (1.500 sqm)

 

Warehouse  :  Fevzi Cakmak Mah. Efe Diyari Sok. No: 1 Karatay Konya/Turkey (rented) (2.000 sqm)

 

Processing Plant  :  Basbuyuk Koyu Pafta No: 58I38A3 Sivas/Turkey

 

Head Office/Production Plant  :  Istasyon Mah. E-5 Ustu Fatih Otagi Sok. Ernak Garaj Yani Tuzla Istanbul/Turkey (owned) (94.000 sqm)

                                                                                

 

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in 2012.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Pendik Branch

Halk Bankasi Dolayoba Branch

T. Is Bankasi Gebze Kurumsal Branch

Yapi ve Kredi Bankasi Pendik E-5 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 Thousand

(2009) TL Thousand

(2010) TL

(2011) TL

(2012) TL

Net Sales

275.357

180.157

326.791.065

576.175.494

346.495.986

Profit (Loss) Before Tax

5.262

5.882

8.596.282

7.235.973

13.120.909

Stockholders' Equity

63.137

72.544

79.325.158

123.766.307

 

Total Assets

157.549

242.247

362.470.129

711.876.993

 

Current Assets

108.454

177.353

294.180.539

571.092.153

 

Non-Current Assets

49.095

64.894

68.289.590

140.784.840

 

Current Liabilities

41.691

61.035

113.259.585

250.088.659

 

Long-Term Liabilities

52.721

108.668

169.885.386

338.022.027

 

Gross Profit (loss)

14.790

11.926

24.479.179

44.443.232

41.926.648

Operating Profit (loss)

7.159

4.664

14.548.615

27.612.386

23.055.910

Net Profit (loss)

4.174

4.680

6.780.477

5.429.452

10.434.539

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2011

Liquidity

High As of 31.12.2011

Remarks On Liquidity

The unfavorable gap between average collection and average payable period has an adverse effect on liquidity.

Profitability

Fair Operating Profitability  in 2008

Fair Net Profitability  in 2008

Fair Operating Profitability  in 2009

In Order Net Profitability  in 2009

In Order Operating Profitability  in 2010

Fair Net Profitability  in 2010

In Order Operating Profitability  in 2011

Low Net Profitability  in 2011

Good Operating Profitability  in 2012

In Order Net Profitability  in 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

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 01.01-28.02.2013)

-0,31 %

1,7828

2,3690

2,8041

 

 

BALANCE SHEETS

 

 

 ( 31.12.2008 )  TL Thousand

 

 ( 31.12.2009 )  TL Thousand

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

CURRENT ASSETS

108.454

0,69

177.353

0,73

294.180.539

0,81

571.092.153

0,80

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

77.653

0,49

123.752

0,51

142.776.806

0,39

281.869.108

0,40

Marketable Securities

0

0,00

0

0,00

38.357.643

0,11

74.404.554

0,10

Account Receivable

17.376

0,11

29.207

0,12

51.595.176

0,14

154.062.393

0,22

Other Receivable

234

0,00

207

0,00

21.230.050

0,06

5.242

0,00

Inventories

12.551

0,08

20.615

0,09

33.535.229

0,09

47.791.623

0,07

Advances Given

0

0,00

0

0,00

0

0,00

9.751.685

0,01

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

640

0,00

3.572

0,01

6.685.635

0,02

3.207.548

0,00

NON-CURRENT ASSETS

49.095

0,31

64.894

0,27

68.289.590

0,19

140.784.840

0,20

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

4.259

0,03

2.804

0,01

2.667.896

0,01

2.595.781

0,00

Financial Assets

77

0,00

77

0,00

3.077.037

0,01

3.077.037

0,00

Tangible Fixed Assets (net)

34.258

0,22

37.082

0,15

37.047.619

0,10

113.401.015

0,16

Intangible Assets

10.285

0,07

24.021

0,10

25.392.354

0,07

21.642.634

0,03

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

216

0,00

910

0,00

104.684

0,00

68.373

0,00

TOTAL ASSETS

157.549

1,00

242.247

1,00

362.470.129

1,00

711.876.993

1,00

CURRENT LIABILITIES

41.691

0,26

61.035

0,25

113.259.585

0,31

250.088.659

0,35

Not Detailed Current Liabilities

0

0,00

0

0,00

3.430

0,00

0

0,00

Financial Loans

33.108

0,21

60.011

0,25

106.714.185

0,29

235.300.363

0,33

Accounts Payable

8.444

0,05

870

0,00

5.978.071

0,02

13.029.871

0,02

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

7

0,00

64

0,00

51.004

0,00

528.740

0,00

Advances from Customers

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

Taxes Payable

31

0,00

23

0,00

30.866

0,00

1.074.769

0,00

Provisions

101

0,00

64

0,00

482.029

0,00

148.351

0,00

Other Current Liabilities

0

0,00

3

0,00

0

0,00

6.565

0,00

LONG-TERM LIABILITIES

52.721

0,33

108.668

0,45

169.885.386

0,47

338.022.027

0,47

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

52.721

0,33

108.668

0,45

169.526.199

0,47

337.940.061

0,47

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

81.966

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

359.187

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

63.137

0,40

72.544

0,30

79.325.158

0,22

123.766.307

0,17

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

50.000

0,32

50.000

0,21

54.750.000

0,15

54.750.000

0,08

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

2.295

0,01

2.295

0,01

2.294.826

0,01

2.294.826

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

7.364

0,05

16.265

0,07

16.195.573

0,04

61.987.748

0,09

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

-696

0,00

-696

0,00

-695.718

0,00

-695.719

0,00

Net Profit (loss)

4.174

0,03

4.680

0,02

6.780.477

0,02

5.429.452

0,01

TOTAL LIABILITIES AND EQUITY

157.549

1,00

242.247

1,00

362.470.129

1,00

711.876.993

1,00

 


 

REMARKS ON FINANCIAL STATEMENT

:

The income statement of 2012 has 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. 

 

At the last income statement TL 41.582.044 of the other income is due to "Profit from Foreign Currency Exchange".

 

At the last income statement, TL 32.822.114 of the other income is due to "Profit on Sale of Marketable Securities" . 

 

At the last income statement TL 36.524.589 of the other expenses is due to "Loss from Foreign Currency Exchange" . 

 

At the last income statement TL 32.079.403 of the other expenses is due to "Marketable Securities Sales Loss".

 

 

INCOME STATEMENTS

 

 

(2008) TL Thousand

 

(2009) TL Thousand

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

Net Sales

275.357

1,00

180.157

1,00

326.791.065

1,00

576.175.494

1,00

346.495.986

1,00

Cost of Goods Sold

260.567

0,95

168.231

0,93

302.311.886

0,93

531.732.262

0,92

304.569.338

0,88

Gross Profit

14.790

0,05

11.926

0,07

24.479.179

0,07

44.443.232

0,08

41.926.648

0,12

Operating Expenses

7.631

0,03

7.262

0,04

9.930.564

0,03

16.830.846

0,03

18.870.738

0,05

Operating Profit

7.159

0,03

4.664

0,03

14.548.615

0,04

27.612.386

0,05

23.055.910

0,07

Other Income

10.656

0,04

14.915

0,08

26.140.487

0,08

219.529.053

0,38

93.106.760

0,27

Other Expenses

8.734

0,03

9.021

0,05

21.961.423

0,07

220.654.246

0,38

69.127.149

0,20

Financial Expenses

3.819

0,01

4.676

0,03

10.131.397

0,03

19.251.220

0,03

33.914.612

0,10

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

5.262

0,02

5.882

0,03

8.596.282

0,03

7.235.973

0,01

13.120.909

0,04

Tax Payable

1.088

0,00

1.202

0,01

1.815.805

0,01

1.806.521

0,00

2.686.370

0,01

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

4.174

0,02

4.680

0,03

6.780.477

0,02

5.429.452

0,01

10.434.539

0,03

 

FINANCIAL RATIOS

 

 

(2008)

(2009)

(2010)

(2011)

LIQUIDITY RATIOS

 

 

Current Ratio

2,60

2,91

2,60

2,28

Acid-Test Ratio

2,28

2,51

2,24

2,04

Cash Ratio

1,86

2,03

1,60

1,42

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,08

0,09

0,09

0,07

Short-term Receivable/Total Assets

0,11

0,12

0,20

0,22

Tangible Assets/Total Assets

0,22

0,15

0,10

0,16

TURNOVER RATIOS

 

 

Inventory Turnover

20,76

8,16

9,01

11,13

Stockholders' Equity Turnover

4,36

2,48

4,12

4,66

Asset Turnover

1,75

0,74

0,90

0,81

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,40

0,30

0,22

0,17

Current Liabilities/Total Assets

0,26

0,25

0,31

0,35

Financial Leverage

0,60

0,70

0,78

0,83

Gearing Percentage

1,50

2,34

3,57

4,75

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,07

0,06

0,09

0,04

Operating Profit Margin

0,03

0,03

0,04

0,05

Net Profit Margin

0,02

0,03

0,02

0,01

Interest Cover

2,38

2,26

1,85

1,38

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

28,29

63,97

59,78

97,88

Average Payable Period (days)

11,67

1,86

7,12

8,88

WORKING CAPITAL

66763,00

116318,00

180920954,00

321003494,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency

Unit

Indian Rupees

US Dollar

1

Rs.54.34

UK Pound

1

Rs.82.56

Euro

1

Rs.70.10

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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

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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.