MIRA INFORM REPORT

 

 

Report Date :

12.05.2014

 

IDENTIFICATION DETAILS

 

Name :

ORGANIK KIMYA SANAYI VE TICARET A.S.

 

 

Registered Office :

Mimarsinan Mah. Cendere Yolu No:146 34075 Eyup Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

11.08.1965

 

 

Com. Reg. No.:

90087

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer and trader of chemicals.

 

 

No of Employees :

254

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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% in 2012-13. Turkey's public sector debt to GDP ratio has fallen below 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 reached nearly $195 billion at year-end 2013, reflecting Turkey's good 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, 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

:

ORGANIK KIMYA SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Mimarsinan Mah. Cendere Yolu No:146 34075 Eyup Istanbul / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from “Cendere Yolu No:16 Organik Han Ayazaga Kemerburgaz Sisli Istanbul” to “Mimarsinan Mah. Cendere Yolu No:146 Eyup Istanbul” by the Municipality.

PHONE NUMBER

:

90-212-331 00 00

 

FAX NUMBER

:

90-212-331 00 01

 

WEB-ADDRESS

:

www.organikkimya.com

E-MAIL

:

organik@organikkimya.com

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Buyuk Mukellefler

TAX NO

:

6450040108

REGISTRATION NUMBER

:

90087

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

11.08.1965

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   20.000.000

PAID-IN CAPITAL

:

TL   20.000.000

 

 

OWNERSHIP / MANAGEMENT

 

SHAREHOLDERS

:

Chemorg Netherland B.V

49 %

Organik Holding A.S.

40,74 %

Livio Manzini

10,10 %

Bell Holding A.S.

0,16 %

Intur Insaat Nakliyat Turizm A.S.

 

 

 

REMARKS ON SHAREHOLDERS

:

49 % of the shares are held by Chemorg Netherland B.V. The other leading shareholder is a Turkish conglomerate (Organik Holding A.S.), which coordinates the financial and administrative operations of Organik group of companies.

 

SISTER COMPANIES

:

AKAS TURIZM YATIRIM TASIMACILIK INSAAT SANAYI VE TICARET A.S.

 

ELKASAN KIMYEVI MADDELER PAZARLAMA A.S.

 

EUROKIM KIMYA SANAYI VE TICARET A.S.

 

HILLTOP TURIZM YATIRIM TASIMACILIK INSAAT SANAYI VE TICARET A.S.

 

INTUR INSAAT NAKLIYAT TURIZM A.S.

 

ORGACHEM KIMYA SANAYI VE TICARET A.S.

 

ORGANIK HOLDING A.S.

 

ORGANIK KIMYA NETHERLANDS B.V.

 

SUBSIDIARIES

:

ELKASAN KIMYEVI MADDELER PAZARLAMA A.S.

 

BOARD OF DIRECTORS

:

Aldo Kaslowski

Chairman

Simone Kaslowski

Vice-Chairman

Stefano Kaslowski

Member

 

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacturer and trader of chemicals. 

 

NACE CODE

:

DG.24.10

 

SECTOR

:

Chemicals

 

TRADEMARKS OWNED

:

Orgal

Orgaprin

 

NUMBER OF EMPLOYEES

:

254

 

NET SALES

:

1.304 TL Thousand

(1996) 

2.598 TL Thousand

(1997) 

9.977 TL Thousand

(1998) 

14.133 TL Thousand

(1999) 

22.617 TL Thousand

(2000) 

45.570 TL Thousand

(2001) 

74.493 TL Thousand

(2002) 

97.449 TL Thousand

(2003) 

145.671 TL Thousand

(2004) 

160.386 TL Thousand

(2005) 

208.391 TL Thousand

(2006) 

202.063.608 TL

(2007) 

201.331.399 TL

(2008) 

188.874.580 TL

(2009) 

249.405.887 TL

(2010) 

319.087.201 TL

(2011) 

310.011.367 TL

(2012) 

346.025 TL Thousand

(2013) 

 

 

IMPORT VALUE

:

96.453.365 USD

(2008)

62.105.204 USD

(2009)

88.292.431 USD

(2010)

 

 

IMPORT COUNTRIES

:

Indonesia

Germany

France

Netherlands

Italy

Japan

China

Thailand

India

Belgium

U.S.A.

 

MERCHANDISE IMPORTED

:

Chemicals

 

EXPORT VALUE

:

5.000.000 USD

(1996)

5.610.444 USD

(1997)

6.805.414 USD

(1998)

8.500.000 USD

(1999)

9.094.420 USD

(2000)

15.324.000 TL

(2001)

22.147.000 TL

(2002)

33.786.000 TL

(2003)

48.870.000 TL

(2004)

60.437.000 TL

(2005)

93.864.000 TL

(2006)

93.314.000 TL

(2007)

88.562.871 TL

(2008)

89.661.167 TL

(2009)

101.701.267 TL

(2010)

132.118.543 TL

(2011)

139.450.637 TL

(2012)

160.671.879 TL

(2013)

 

 

EXPORT COUNTRIES

:

Australia

Italy

Netherlands

U.K.

Pakistan

Romania

Poland

Jordan

Egypt

Germany

Azerbaijan

Greece

Brazil

France

Sudan

Czech Republic

Iran

Syria

 

MERCHANDISE  EXPORTED

:

Chemicals

 

HEAD OFFICE ADDRESS

:

Mimarsinan Mah. Cendere Yolu No:146 34075 Eyup  Istanbul / Turkey

( owned )

 

BRANCHES

:

Head Office/Factory  :  Mimarsinan Mah. Cendere Yolu No:146 Eyup Istanbul/Turkey (owned)

 

Branch Office  :  Tuzla Serbest Bolgesi Istanbul/Turkey

 

Branch Office/Warehouse  :  Cumhuriyet Mah. Kucuksanayi 3. Cad. 230. Sok. No:175 Demirtas Bursa/Turkey (rented)

Branch Office/Warehouse  :  Karacaoglan Mah. Bornova Cad. Ozti Is Merkezi No:9 Kat:9 Isikkent Bornova Izmir/Turkey (rented)

                                                                                

 

 

TREND OF BUSINESS

:

There was an upwards trend in  2013.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Finansbank Merkez Branch

Garanti Bankasi Maslak Branch

HSBC Bank Merkez Branch

T. Is Bankasi Istanbul Branch

Yapi ve Kredi Bankasi Esentepe 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

:

 

(2009) TL

(2010) TL

(2011) TL

(2012) TL

(2013) TL Thousand

Net Sales

188.874.580

249.405.887

319.087.201

310.011.367

346.025

Profit (Loss) Before Tax

10.493.220

13.117.381

9.170.813

8.214.793

15.102

Stockholders' Equity

44.901.506

56.210.159

48.738.923

56.422.624

54.360

Total Assets

130.213.627

161.516.113

207.846.631

215.008.986

266.542

Current Assets

101.612.198

126.362.214

151.176.112

154.543.400

203.705

Non-Current Assets

28.601.429

35.153.899

56.670.519

60.465.586

62.837

Current Liabilities

82.570.597

85.880.333

102.569.014

122.867.037

129.045

Long-Term Liabilities

2.741.524

19.425.621

56.538.694

35.719.325

83.137

Gross Profit (loss)

55.391.423

64.400.410

76.963.693

64.742.938

81.493

Operating Profit (loss)

17.241.733

18.952.556

28.842.211

11.650.711

23.610

Net Profit (loss)

10.493.220

13.117.381

9.170.813

8.214.793

15.102

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2013

Liquidity

Satisfactory As of 31.12.2013

Remarks On Liquidity

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

 

The liquid assets consist mainly of receivables the amount of cash&banks or marketable securities (which are more liquid) are low.

 

Profitability

Good Operating Profitability  in 2009

Good Net Profitability  in 2009

Good Operating Profitability  in 2010

Good Net Profitability  in 2010

Good Operating Profitability  in 2011

Fair Net Profitability  in 2011

In Order Operating Profitability  in 2012

Fair Net Profitability  in 2012

Good Operating Profitability  in 2013

In Order Net Profitability  in 2013

 

Gap between average collection and payable periods

Unfavorable in 2013

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

 ( 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

 ( 01.01-30.09.2013)

4,43 %

1,8785

2,4774

2,9189

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-31.03.2014)

5,52 %

2,1961

3,0116

3,6488

 

 

BALANCE SHEETS

 

 

 ( 31.12.2009 )  TL

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

CURRENT ASSETS

101.612.198

0,78

126.362.214

0,78

151.176.112

0,73

154.543.400

0,72

203.705

0,76

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

24.811.121

0,19

27.903.476

0,17

7.395.473

0,04

1.938.231

0,01

2.729

0,01

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

34.233.231

0,26

47.106.857

0,29

88.967.047

0,43

92.090.025

0,43

100.829

0,38

Other Receivable

19.033.891

0,15

21.911.548

0,14

5.690.932

0,03

25.159.857

0,12

47.201

0,18

Inventories

19.668.229

0,15

24.434.144

0,15

43.341.340

0,21

32.035.010

0,15

47.425

0,18

Advances Given

197.573

0,00

37.448

0,00

29.398

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

3.668.153

0,03

4.968.741

0,03

5.751.922

0,03

3.320.277

0,02

5.521

0,02

NON-CURRENT ASSETS

28.601.429

0,22

35.153.899

0,22

56.670.519

0,27

60.465.586

0,28

62.837

0,24

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

66.105

0,00

160.239

0,00

87.503

0,00

153.251

0,00

256

0,00

Financial Assets

154.430

0,00

184.420

0,00

15.626.418

0,08

15.559.410

0,07

15.559

0,06

Tangible Fixed Assets (net)

26.057.300

0,20

29.374.540

0,18

33.212.683

0,16

34.576.520

0,16

35.157

0,13

Intangible Assets

1.983.476

0,02

5.136.215

0,03

7.344.934

0,04

9.777.324

0,05

11.644

0,04

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

340.118

0,00

298.485

0,00

398.981

0,00

399.081

0,00

221

0,00

TOTAL ASSETS

130.213.627

1,00

161.516.113

1,00

207.846.631

1,00

215.008.986

1,00

266.542

1,00

CURRENT LIABILITIES

82.570.597

0,63

85.880.333

0,53

102.569.014

0,49

122.867.037

0,57

129.045

0,48

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

62.853.184

0,48

59.805.959

0,37

81.894.511

0,39

102.175.843

0,48

102.345

0,38

Accounts Payable

18.433.087

0,14

21.518.376

0,13

15.401.400

0,07

19.252.225

0,09

24.110

0,09

Loans from Shareholders

0

0,00

0

0,00

504.326

0,00

0

0,00

0

0,00

Other Short-term Payable

55.338

0,00

24.700

0,00

71.035

0,00

24.746

0,00

75

0,00

Advances from Customers

0

0,00

0

0,00

95.500

0,00

4.844

0,00

9

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

607.465

0,00

776.193

0,00

2.025.753

0,01

757.129

0,00

859

0,00

Provisions

571.513

0,00

3.702.019

0,02

2.483.546

0,01

514.971

0,00

1.528

0,01

Other Current Liabilities

50.010

0,00

53.086

0,00

92.943

0,00

137.279

0,00

119

0,00

LONG-TERM LIABILITIES

2.741.524

0,02

19.425.621

0,12

56.538.694

0,27

35.719.325

0,17

83.137

0,31

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

2.473.603

0,02

19.425.621

0,12

56.474.308

0,27

35.719.325

0,17

83.137

0,31

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

239.616

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

28.305

0,00

0

0,00

64.386

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

44.901.506

0,34

56.210.159

0,35

48.738.923

0,23

56.422.624

0,26

54.360

0,20

Not Detailed Stockholders' Equity

44.901.506

0,34

56.210.159

0,35

48.738.923

0,23

0

0,00

0

0,00

Paid-in Capital

0

0,00

0

0,00

0

0,00

20.000.000

0,09

20.000

0,08

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

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

0

0,00

28.212.196

0,13

19.258

0,07

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

-4.365

0,00

0

0,00

Net Profit (loss)

0

0,00

0

0,00

0

0,00

8.214.793

0,04

15.102

0,06

TOTAL LIABILITIES AND EQUITY

130.213.627

1,00

161.516.113

1,00

207.846.631

1,00

215.008.986

1,00

266.542

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.

 

In the sub-items of "Account Receivable", TL thousand 507 is "Doubtful Trade Receivables" and -TL thousand 507 is "Provision for Doubtful Trade Receivables" at the last balance sheet.                                                                                                                                   

The details of "Other Receivable" figure at the last balance sheet (TL Thousand):     Due From Shareholders:0,Due From Participations: 0,Due From Affiliated Companies:0          ,Due From Personnel:21,Other Miscellaneous Receivables:47.180,Other Receivable Total:47.201.                         

 

TL thousand 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.                                                                                       

At the last income statement TL thousand 54.067 of the other income is due to "Profit from Foreign Currency Exchange".                                                                             

At the last income statement TL thousand 38.273 of the other expenses is due to "Loss from Foreign Currency Exchange" .                                                                                                                                                                                

 

 

INCOME STATEMENTS

 

 

(2009) TL

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

Net Sales

188.874.580

1,00

249.405.887

1,00

319.087.201

1,00

310.011.367

1,00

346.025

1,00

Cost of Goods Sold

133.483.157

0,71

185.005.477

0,74

242.123.508

0,76

245.268.429

0,79

264.532

0,76

Gross Profit

55.391.423

0,29

64.400.410

0,26

76.963.693

0,24

64.742.938

0,21

81.493

0,24

Operating Expenses

38.149.690

0,20

45.447.854

0,18

48.121.482

0,15

53.092.227

0,17

57.883

0,17

Operating Profit

17.241.733

0,09

18.952.556

0,08

28.842.211

0,09

11.650.711

0,04

23.610

0,07

Other Income

14.710.590

0,08

18.219.563

0,07

37.704.624

0,12

23.885.329

0,08

73.601

0,21

Other Expenses

14.369.107

0,08

17.039.430

0,07

30.007.013

0,09

23.965.034

0,08

47.675

0,14

Financial Expenses

7.089.996

0,04

7.015.308

0,03

27.369.009

0,09

3.356.213

0,01

34.434

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

10.493.220

0,06

13.117.381

0,05

9.170.813

0,03

8.214.793

0,03

15.102

0,04

Tax Payable

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

10.493.220

0,06

13.117.381

0,05

9.170.813

0,03

8.214.793

0,03

15.102

0,04

 

 

FINANCIAL RATIOS

 

 

(2009)

(2010)

(2011)

(2012)

(2013)

LIQUIDITY RATIOS

 

Current Ratio

1,23

1,47

1,47

1,26

1,58

Acid-Test Ratio

0,95

1,13

0,99

0,97

1,17

Cash Ratio

0,30

0,32

0,07

0,02

0,02

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,15

0,15

0,21

0,15

0,18

Short-term Receivable/Total Assets

0,41

0,43

0,46

0,55

0,56

Tangible Assets/Total Assets

0,20

0,18

0,16

0,16

0,13

TURNOVER RATIOS

 

Inventory Turnover

6,79

7,57

5,59

7,66

5,58

Stockholders' Equity Turnover

4,21

4,44

6,55

5,49

6,37

Asset Turnover

1,45

1,54

1,54

1,44

1,30

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,34

0,35

0,23

0,26

0,20

Current Liabilities/Total Assets

0,63

0,53

0,49

0,57

0,48

Financial Leverage

0,66

0,65

0,77

0,74

0,80

Gearing Percentage

1,90

1,87

3,26

2,81

3,90

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,23

0,23

0,19

0,15

0,28

Operating Profit Margin

0,09

0,08

0,09

0,04

0,07

Net Profit Margin

0,06

0,05

0,03

0,03

0,04

Interest Cover

2,48

2,87

1,34

3,45

1,44

COLLECTION-PAYMENT

 

Average Collection Period (days)

65,38

68,23

100,47

107,12

105,17

Average Payable Period (days)

50,36

41,87

22,90

28,26

32,81

WORKING CAPITAL

19041601,00

40481881,00

48607098,00

31676363,00

74660,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.05

UK Pound

1

Rs.101.65

Euro

1

Rs.83.08

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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

--

 

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.