MIRA INFORM REPORT

 

 

Report Date :

16.08.2014              

 

IDENTIFICATION DETAILS

 

Name :

DEVA HOLDING A.S.

 

 

Formerly Known As :

D.E.V.A. DOKTORLAR ECZA VE ALAT SANAYI TICARET A.S.

 

 

Registered Office :

Halkali Merkez Mah. Basin Ekspres Cad. No:1 34303 Kucukcekmece Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

22.08.1958

 

 

Com. Reg. No.:

70061

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer and Trader of Pharmaceuticals, Veterinary Medicine and also Cosmetic Products.

 

 

No. of Employees :

1,805

 

 

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 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Turkey

B1

B1

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 around 9% in 2010-11, as exports returned to normal levels following the recession. Growth dropped to roughly 3-4% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 40%, and two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013. Turkey remains dependent on often volatile, short-term investment to finance its large current account deficit. The stock value of FDI reached nearly $195 billion at year-end 2013, reflecting Turkey's robust growth even in the face of economic turmoil in Europe, the source of much of Turkey's FDI. Turkey's relatively high current account deficit, domestic political uncertainty, and turmoil within Turkey's neighborhood leave the economy vulnerable to destabilizing shifts in investor confidence.

 

Source : CIA

 

 
COMPANY IDENTIFICATION

 

NAME

:

DEVA HOLDING A.S.

HEAD OFFICE ADDRESS

:

Halkali Merkez Mah. Basin Ekspres Cad. No:1 34303 Kucukcekmece Istanbul / Turkey

PHONE NUMBER

:

90-212-692 92 92

 

FAX NUMBER

:

90-212-697 02 08

 

WEB-ADDRESS

:

www.devaholding.com.tr

E-MAIL

:

deva@deva.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

2940000234

REGISTRATION NUMBER

:

70061

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

22.08.1958

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

AUTHORIZED CAPITAL

:

TL   500.000.000

PAID-IN CAPITAL

:

TL   200.000.000

 

HISTORY

:

Previous Name

:

D.E.V.A. Doktorlar Ecza ve Alat Sanayi Ticaret A.S.

Changed On

:

29.03.2001 (Commercial Gazette Date /Number 03.04.2001/ 5266)

Previous Address

:

Buyukdere Cad No.199/A 80640 4.Levent - Istanbul

Changed On

:

19.10.2007 (Commercial Gazette Date /Number 24.10.2007/ 6922)

Other Changes

:

An agreement was signed between "International Pharma Ltd" and "East Pharma SARL" (Luxemburg) to transfer majority shares at the subject company owned by  "International Pharma Ltd" to "East Pharma SARL"

Changed On

:

27.11.2006

Other Changes

:

The authorized capital was increased from TL 100.000.000 to TL 500.000.000

Changed On

:

15.12.2008 (Commercial Gazette Date /Number 02.01.2009/ 7219)

Other Changes

:

The paid-in capital was increased from TL 144.000.000 to TL 180.000.000

Changed On

:

30.03.2010 (Commercial Gazette Date /Number 05.04.2010/ 7536)

Other Changes

:

The paid-in capital was increased from TL 180.000.000 to TL 180.070.656.

Changed On

:

31.12.2010 (Commercial Gazette Date /Number 06.01.2011/ 7724)

Other Changes

:

The subject took over and merged with Deva Ilac Sanayi ve Ticaret A.S.

Changed On

:

31.12.2010 (Commercial Gazette Date /Number 06.01.2011/ 7724)

Other Changes

:

The paid-in capital was increased from TL 180.070.656  to TL 200.000.000.

Changed On

:

27.07.2011 (Commercial Gazette Date /Number 02.08.2011/ 7871)

 

 

OWNERSHIP / MANAGEMENT

 

NOTES ON OWNERSHIP / MANAGEMENT

:

Quoted at Stock Exchange.

 

 

SHAREHOLDERS

:

Eastpharma S.A.R.L

82,20 %

Others

17,80 %

 

 

REMARKS ON SHAREHOLDERS

:

We are informed that, the main shareholder "Eastpharma S.A.R.L" is a company located in Luxemburg.

 

 

 

GROUP

:

DEVA GROUP OF COMPANIES

 

SISTER COMPANIES

:

DEVA HOLDING SINGAPORE PTE LTD

DEVA HOLDINGS NZ LTD

DEVA HOLDINGS PTY LTD

EAST PHARMA CANADA LTD

VETAS VETERINER VE TARIM ILACLARI A.S.

 

BOARD OF DIRECTORS

:

Philipp Daniel Haas

Chairman

Vetas Veteriner ve Tarim Ilaclari A.S. (Representative: Mesut Cetin)

Vice-Chairman

Aysecik Haas

Member

Cuneyt Demirgures

Member

Beat Martin Schlagenhauf

Member

 

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of pharmaceuticals, veterinary medicine and also cosmetic products.

 

NACE CODE

:

DG.24.42

 

SECTOR

:

Chemicals

 

NUMBER OF EMPLOYEES

:

1,805

 

REMARKS ON NUMBER OF EMPLOYEES

:

The number of employees is consolidated.

 

 

 

NET SALES

:

3.342.711 TL

(1995) 

6.164.676 TL

(1996) 

9.975.615 TL

(1997) 

19.600.756 TL

(1998) 

42.626.016 TL

(1999) 

65.632.114 TL

(2000) 

77.039.233 TL

(2001) 

135.904.521 TL

(2002) 

195.831.684 TL

(2003) 

193.152.666 TL

(2004) 

228.600.431 TL

(2005) 

180.269.387 TL

(2006) 

267.264.879 TL

(2007) 

216.985.507 TL

(2008) 

332.640.465 TL

(2009) 

385.659.898 TL

(2010) 

404.973.563 TL

(2011) 

419.510.418 TL

(2012) 

418.391 TL Thousand

(2013) 

112.100 TL Thousand

(01.01-31.03.2014)  

 

 

PRODUCTION

:

  ( units )

 

75.700.000

(2009)

117.400.000

(2010)

109.200.000

(2011)

119.800.000

(2012)

123.700.000

(2013)

 

 

IMPORT VALUE

:

17.620.625 USD

(2003)

22.976.152 USD

(2004)

29.080.913 USD

(2005)

22.138.668 USD

(2006)

44.492.212 USD

(2007)

63.861.165 TL

(2008)

94.163.716 TL

(2009)

148.571.030 TL

(2010)

182.553.784 TL

(2011)

186.348.604 TL

(2012)

 

 

IMPORT COUNTRIES

:

European Countries

 

MERCHANDISE IMPORTED

:

Investment goods

Raw materials

 

 

EXPORT VALUE

:

3.981.974 USD

(1995)

3.946.683 USD

(1996)

1.461.769 TL

(1997)

1.953.481 TL

(1998)

5.074.344 TL

(1999)

5.003.332 USD

(2000)

5.194.390 USD

(2001)

11.236.070 TL

(2002)

7.282.572 USD

(2003)

5.281.947 USD

(2004)

11.344.598 TL

(2005)

12.860.610 TL

(2006)

9.546.653 USD

(2007)

15.915.869 TL

(2008)

13.110.705 TL

(2009)

13.283.657 TL

(2010)

14.445.617 TL

(2011)

13.724.093 TL

(2012)

 

 

EXPORT COUNTRIES

:

Malta

Singapore

Kenya

Guatamela

Romania

Switzerland

Austria

Portugal

U.K.

France

South Korea

India

U.A.E.

Iraq

Chile

Ukraine

Afghanistan

Macedonia Republic

 

MERCHANDISE  EXPORTED

:

Drugs

Vitamins

 

HEAD OFFICE ADDRESS

:

Halkali Merkez Mah. Basin Ekspres Cad. No:1 34303 Kucukcekmece  Istanbul / Turkey

 

 

BRANCHES

:

Factory  :  Ulus Mah. Ankara Cad. No:2 Kartepe Kocaeli/Turkey (16.500 sqm)

 

Factory  :  Organize Sanayi Bolgesi  Ataturk Mahallesi Fatih Bulvari No:26 Cerkezkoy Tekirdag/Turkey (owned) (18.742 sqm)

 

Factory  :  Organize Sanayi Bolgesi  Ataturk Cad. No:32 Cerkezkoy Tekirdag/Turkey (32.000 sqm)

                                                                                

 

TREND OF BUSINESS

:

There was a decline at business volume in nominal terms in  2013.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

T.Is Bankasi Rihtim Kadikoy 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

:

 

(2010) TL

(2011) TL

(2012) TL

(2013) TL Thousand

(01.01-31.03.2014) TL Thousand

Net Sales

385.659.898

404.973.563

419.510.418

418.391

112.100

Profit (Loss) Before Tax

-2.206.708

-14.469.430

41.203.555

24.134

-24

Stockholders' Equity

339.823.637

344.441.646

378.629.723

403.051

403.960

Total Assets

622.800.948

666.253.284

723.256.278

826.627

884.564

Current Assets

325.827.296

318.171.373

352.470.658

398.544

443.749

Non-Current Assets

296.973.652

348.081.911

370.785.620

428.083

440.815

Current Liabilities

229.790.972

231.415.746

271.891.553

221.711

288.328

Long-Term Liabilities

53.186.339

90.395.892

72.735.002

201.865

192.276

Gross Profit (loss)

141.475.437

136.526.947

168.416.054

156.897

38.542

Operating Profit (loss)

6.823.017

30.327.667

63.642.106

47.428

12.640

Net Profit (loss)

-1.603.508

-15.638.653

34.240.843

24.604

1.063

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

In Order As of 31.03.2014

Liquidity

Satisfactory As of 31.03.2014

Remarks On Liquidity

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

Profitability

Fair Operating Profitability  in 2010

Net Loss  in 2010

Good Operating Profitability  in 2011

Net Loss  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

High Operating Profitability  in 2013

Good Net Profitability  in 2013

High Operating Profitability (01.01-31.03.2014)

Low Net Profitability (01.01-31.03.2014)

 

Gap between average collection and payable periods

Unfavorable in 01.01-31.03.2014

General Financial Position

In Order

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

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

 ( 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

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 ( 01.01-31.07.2014)

5,89 %

2,1578

2,9492

3,6152

 

 

NOTES ON FINANCIAL STATEMENTS

:

Financial statements are consolidated..

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.03.2014 )  TL Thousand

 

CURRENT ASSETS

325.827.296

0,52

318.171.373

0,48

352.470.658

0,49

398.544

0,48

443.749

0,50

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

465.843

0,00

17.635.947

0,03

16.578.628

0,02

55.450

0,07

71.811

0,08

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

150.867.144

0,24

167.073.315

0,25

192.060.730

0,27

178.969

0,22

209.871

0,24

Other Receivable

777.636

0,00

420.531

0,00

709.143

0,00

1.150

0,00

1.831

0,00

Inventories

129.325.530

0,21

109.133.697

0,16

116.770.976

0,16

146.146

0,18

140.847

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

44.391.143

0,07

23.907.883

0,04

26.351.181

0,04

16.829

0,02

19.389

0,02

NON-CURRENT ASSETS

296.973.652

0,48

348.081.911

0,52

370.785.620

0,51

428.083

0,52

440.815

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

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

193.972.899

0,31

229.896.238

0,35

262.221.601

0,36

280.901

0,34

281.730

0,32

Intangible Assets

54.497.219

0,09

68.964.987

0,10

84.935.437

0,12

113.792

0,14

122.776

0,14

Deferred Tax Assets

28.468.473

0,05

27.876.476

0,04

21.033.544

0,03

21.503

0,03

22.590

0,03

Other Non-Current Assets

20.035.061

0,03

21.344.210

0,03

2.595.038

0,00

11.887

0,01

13.719

0,02

TOTAL ASSETS

622.800.948

1,00

666.253.284

1,00

723.256.278

1,00

826.627

1,00

884.564

1,00

CURRENT LIABILITIES

229.790.972

0,37

231.415.746

0,35

271.891.553

0,38

221.711

0,27

288.328

0,33

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

109.087.942

0,18

155.225.977

0,23

214.934.415

0,30

167.079

0,20

224.959

0,25

Accounts Payable

71.919.459

0,12

35.684.662

0,05

24.062.094

0,03

26.450

0,03

33.726

0,04

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

7.219.288

0,01

7.118.709

0,01

4.223.893

0,01

5.716

0,01

5.797

0,01

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

483.203

0,00

276.357

0,00

69

0,00

0

0,00

Provisions

22.251.433

0,04

18.711.057

0,03

12.995.362

0,02

20.389

0,02

21.414

0,02

Other Current Liabilities

19.312.850

0,03

14.192.138

0,02

15.399.432

0,02

2.008

0,00

2.432

0,00

LONG-TERM LIABILITIES

53.186.339

0,09

90.395.892

0,14

72.735.002

0,10

201.865

0,24

192.276

0,22

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

44.473.267

0,07

73.711.717

0,11

53.881.346

0,07

181.893

0,22

172.532

0,20

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

4.570.035

0,01

10.908.438

0,02

13.420.505

0,02

15.099

0,02

14.685

0,02

Provisions

4.143.037

0,01

5.775.737

0,01

5.433.151

0,01

4.873

0,01

5.059

0,01

STOCKHOLDERS' EQUITY

339.823.637

0,55

344.441.646

0,52

378.629.723

0,52

403.051

0,49

403.960

0,46

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

180.070.656

0,29

200.000.000

0,30

200.000.000

0,28

200.000

0,24

200.000

0,23

Cross Shareholding Adjustment of Capital

0

0,00

-28.847

0,00

-28.847

0,00

-28

0,00

-29

0,00

Inflation Adjustment of Capital

140.080.696

0,22

140.080.696

0,21

140.080.696

0,19

140.081

0,17

140.081

0,16

Equity of Consolidated Firms

141.676

0,00

76.247

0,00

77.924

0,00

63

0,00

65

0,00

Reserves

150.692.762

0,24

151.012.104

0,23

150.957.661

0,21

150.789

0,18

150.634

0,17

Revaluation Fund

2.797.398

0,00

2.870.803

0,00

2.870.803

0,00

2.871

0,00

2.871

0,00

Accumulated Losses(-)

-132.356.043

-0,21

-133.930.704

-0,20

-149.569.357

-0,21

-115.329

-0,14

-90.725

-0,10

Net Profit (loss)

-1.603.508

0,00

-15.638.653

-0,02

34.240.843

0,05

24.604

0,03

1.063

0,00

TOTAL LIABILITIES AND EQUITY

622.800.948

1,00

666.253.284

1,00

723.256.278

1,00

826.627

1,00

884.564

1,00

 

REMARKS ON FINANCIAL STATEMENT

:

The financial statements as of 31.12.2010 of "Deva Holding A.S." have been prepared by the consolidation of the financial statements of the following firms: "Deva Ilac Sanayi ve Tic. A.S.", "Vetas Veteriner Ve Tarim Ilaclari A.S." and "Deva Holding NZ Ltd.".  However on 31.12.2010 Deva Ilac Sanayi ve Tic. A.S was taken over by and merged with the subject company so the financial statement of 31.12.2011, 31.12.2012 and 31.12.2013 have been prepared by the consolidation of the financial statements of the following firms: "Vetas Veteriner Ve Tarim Ilaclari A.S. (99,6 %)" and "Deva Holdings NZ Ltd.(100 %)". 

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(01.01-31.03.2014) TL Thousand

 

Net Sales

385.659.898

1,00

404.973.563

1,00

419.510.418

1,00

418.391

1,00

112.100

1,00

Cost of Goods Sold

244.184.461

0,63

268.446.616

0,66

251.094.364

0,60

261.494

0,62

73.558

0,66

Gross Profit

141.475.437

0,37

136.526.947

0,34

168.416.054

0,40

156.897

0,38

38.542

0,34

Operating Expenses

134.652.420

0,35

106.199.280

0,26

104.773.948

0,25

109.469

0,26

25.902

0,23

Operating Profit

6.823.017

0,02

30.327.667

0,07

63.642.106

0,15

47.428

0,11

12.640

0,11

Other Income

8.250.787

0,02

40.527.871

0,10

50.362.322

0,12

13.343

0,03

178

0,00

Other Expenses

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Expenses

17.277.895

0,04

85.320.270

0,21

72.799.196

0,17

36.652

0,09

12.841

0,11

Minority Interests

-2.617

0,00

-4.698

0,00

-1.677

0,00

15

0,00

-1

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

-2.206.708

-0,01

-14.469.430

-0,04

41.203.555

0,10

24.134

0,06

-24

0,00

Tax Payable

0

0,00

1.349.334

0,00

119.780

0,00

0

0,00

0

0,00

Postponed Tax Gain

603.200

0,00

180.111

0,00

-6.842.932

-0,02

470

0,00

1.087

0,01

Net Profit (loss)

-1.603.508

0,00

-15.638.653

-0,04

34.240.843

0,08

24.604

0,06

1.063

0,01

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(2013)

(01.01-31.03.2014)

LIQUIDITY RATIOS

 

Current Ratio

1,42

1,37

1,30

1,80

1,54

Acid-Test Ratio

0,66

0,80

0,77

1,06

0,98

Cash Ratio

0,00

0,08

0,06

0,25

0,25

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,21

0,16

0,16

0,18

0,16

Short-term Receivable/Total Assets

0,24

0,25

0,27

0,22

0,24

Tangible Assets/Total Assets

0,31

0,35

0,36

0,34

0,32

TURNOVER RATIOS

 

Inventory Turnover

1,89

2,46

2,15

1,79

0,52

Stockholders' Equity Turnover

1,13

1,18

1,11

1,04

0,28

Asset Turnover

0,62

0,61

0,58

0,51

0,13

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,55

0,52

0,52

0,49

0,46

Current Liabilities/Total Assets

0,37

0,35

0,38

0,27

0,33

Financial Leverage

0,45

0,48

0,48

0,51

0,54

Gearing Percentage

0,83

0,93

0,91

1,05

1,19

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,00

-0,05

0,09

0,06

0,00

Operating Profit Margin

0,02

0,07

0,15

0,11

0,11

Net Profit Margin

0,00

-0,04

0,08

0,06

0,01

Interest Cover

0,87

0,83

1,57

1,66

1,00

COLLECTION-PAYMENT

 

Average Collection Period (days)

140,83

148,52

164,82

153,99

673,98

Average Payable Period (days)

106,03

47,85

34,50

36,41

165,06

WORKING CAPITAL

96036324,00

86755627,00

80579105,00

176833,00

155421,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.06

UK Pound

1

Rs.101.84

Euro

1

Rs.81.56

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

               

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.