MIRA INFORM REPORT

 

 

Report Date :

17.09.2014              

 

IDENTIFICATION DETAILS

 

Name :

INOKSAN MUTFAK SANAYI VE TICARET A.S.

 

 

Registered Office :

Organize Sanayi Bolgesi Ormanlar Cad. No:5 Nilufer Bursa

 

 

Country :

Turkey

 

 

Financials (as on) :

30.06.2014

 

 

Date of Incorporation :

22.08.1980

 

 

Com. Reg. No.:

21207

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of industrial kitchen machinery and equipment. The subject also started manufacturing of medical equipment in 2007.

 

 

No. of Employees :

243

 

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 – 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

:

INOKSAN MUTFAK SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Organize Sanayi Bolgesi Ormanlar Cad. No:5 Nilufer Bursa / Turkey

PHONE NUMBER

:

90-224-242 00 10 (District Office)

90-224-294 74 74

 

FAX NUMBER

:

90-224-243 20 65

90-224-243 61 23 (District Office)

 

WEB-ADDRESS

:

www.inoksan.com.tr

E-MAIL

:

inoksan@inoksan.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Ertugrulgazi

TAX NO

:

4780047473

REGISTRATION NUMBER

:

21207

REGISTERED OFFICE

:

Bursa Chamber of Commerce and Industry

DATE ESTABLISHED

:

22.08.1980

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   7.194.345

PAID-IN CAPITAL

:

TL   7.194.345

 

HISTORY

:

Previous Registered Capital

:

TL 4.500.000

Changed On

:

27.05.2008 (Commercial Gazette Date /Number 12.06.2008/ 7082)

Previous Registered Capital

:

TL 6.175.000

Changed On

:

15.04.2013 (Commercial Gazette Date /Number 22.04.2013/ 8305)

Previous Registered Capital

:

TL 7.164.345

Changed On

:

31.12.2013 (Commercial Gazette Date /Number 09.01.2014/ 8482)

Previous Address

:

Fevzi Cakmak Cad. No:39 Bursa

Changed On

:

01.01.2002 (Commercial Gazette Date /Number 30.07.2002/ 5602)

Merger

:

The subject took over and merged with “Istanbul Inoksan Mutfak Sanayi ve Ticaret A.S.” and “Ankara Inoksan Mutfak Sanayi ve Ticaret A.S.”

Changed On

:

21.03.2008 (Commercial Gazette Date /Number 27.03.2008/ 7029)

Merger

:

The subject took over and merged with “Ekosan Mutfak ve Sogutma Ekipmanlari Sanayi ve Ticaret A.S.” and “Eksa Endustriyel Ekipman Sanayi A.S.”

Changed On

:

29.09.2011 (Commercial Gazette Date /Number 10.10.2011/ 7917)

Merger

:

The subject took over and merged with "Inoksan Dis Ticaret Ltd. Sti."

Changed On

:

31.12.2013 (Commercial Gazette Date /Number 09.01.2014/ 8482)

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Vehbi Varlik

100 %

 

 

SISTER COMPANIES

:

AKSIYON YAPI GERECLERI VE DAYANIKLI TUKETIM  MALLARI PAZARLAMA SANAYI VE TICARET LTD. STI.

 

INOKSAN SATIS PAZARLAMA SANAYI VE TICARET A.S.

 

SUBSIDIARIES

:

INOKSAN SATIS PAZARLAMA SANAYI VE TICARET A.S.

 

BOARD OF DIRECTORS

:

Vehbi Varlik

Chairman

 

 

DIRECTORS

:

Vehbi Varlik                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of industrial kitchen machinery and equipment. The subject also started manufacturing of medical equipment in 2007.

 

NACE CODE

:

DK.29.53

 

TRADEMARKS OWNED

:

Donence

Inoksan

Inoksmed

Klinoks

 

NUMBER OF EMPLOYEES

:

243

 

REMARKS ON NUMBER OF EMPLOYEES

:

The firm has declared that 112 employees has been transferred to its sister company '' INOKSAN SATIS PAZARLAMA SANAYI VE TICARET A.S.''

 

NET SALES

:

70.363.406 TL

(2010) 

98.581.138 TL

(2011) 

79.680.491 TL

(2012) 

82.758 TL Thousand

(2013) 

51.913 TL Thousand

(01.01-30.06.2014) 

 

 

IMPORT VALUE

:

4.500.000 EUR

(2006)

5.150.000 EUR

(2007)

7.035.000 EUR

(2008)

4.985.031 EUR

(2009)

4.091.718 EUR

(2010)

6.286.237 EUR

(2011)

2.517.826 EUR

(01.01-30.06.2012)

 

 

IMPORT COUNTRIES

:

Germany

Belgium

Italy

Greece

Taiwan

 

MERCHANDISE IMPORTED

:

Industrial kitchen equipment

Stainless steel sheet

 

EXPORT VALUE

:

13.019.176 TL

(2010)

20.720.860 TL

(2011)

7.460.563 TL

(2012)

17.508 TL Thousand

(2013)

10.343 TL Thousand

(01.01-30.06.2014)

 

 

 

EXPORT COUNTRIES

:

Azerbaijan

Kuwait

Kazakhstan

Italy

France

Algeria

Turkmenistan

 

MERCHANDISE  EXPORTED

:

Kitchenware

Plywood

 

HEAD OFFICE ADDRESS

:

Organize Sanayi Bolgesi Ormanlar Cad. No:5 Nilufer  Bursa / Turkey ( owned )

 

BRANCHES

:

Head Office/Factory  :  Organize Sanayi Bolgesi Ormanlar Cad. No:5 Nilufer Bursa/Turkey (owned)

 

Administrative Office  :  Yeni Yalova Yolu 6. Km No:415 Bursa/Turkey (rented)

                                                                                

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in  2013. There appears an upwards trend in  1.1 - 30.6.2014.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Denizbank Nilufer Branch

Finansbank Demirtas Branch

T. Vakiflar Bankasi Bursa Branch

Yapi ve Kredi Bankasi Fomara 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

(01.01-30.06.2014) TL Thousand

Net Sales

70.363.406

98.581.138

79.680.491

82.758

51.913

Profit (Loss) Before Tax

2.046.363

-454.461

643.757

-2.743

24.988

Stockholders' Equity

16.073.055

8.498.942

23.451.265

20.738

31.909

Total Assets

63.690.462

62.824.455

76.941.882

68.990

103.000

Current Assets

49.373.101

49.514.778

48.612.845

41.544

68.395

Non-Current Assets

14.317.361

13.309.677

28.329.037

27.446

34.605

Current Liabilities

37.922.536

47.291.702

40.562.204

36.361

32.126

Long-Term Liabilities

9.694.871

7.033.811

12.928.413

11.891

38.965

Gross Profit (loss)

16.422.073

24.176.140

10.446.088

14.921

10.522

Operating Profit (loss)

3.347.578

8.953.285

3.003.737

5.909

5.438

Net Profit (loss)

1.540.719

-454.461

359.357

-2.743

24.988

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Fair As of 30.06.2014

Remarks on Capitalization

Major part of stockholders’ equity consists of profit.

Liquidity

High As of 30.06.2014

Remarks On Liquidity

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

Profitability

In Order Operating Profitability  in 2010

Fair Net Profitability  in 2010

Good Operating Profitability  in 2011

Net Loss  in 2011

In Order Operating Profitability  in 2012

Low Net Profitability  in 2012

Good Operating Profitability  in 2013

Net Loss  in 2013

High Operating Profitability (01.01-30.06.2014)

High Net Profitability (01.01-30.06.2014)

 

Gap between average collection and payable periods

Unfavorable in 01.01-30.06.2014

General Financial Position

Satisfactory

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.06.2012)

1,95 %

1,8028

2,3463

2,8462

 ( 2012 )

2,45 %

1,7995

2,3265

2,8593

 ( 2013 )

6,97 %

1,9179

2,5530

3,0178

 ( 01.01-30.06.2014)

5,12 %

2,1608

2,9618

3,6153

 ( 01.01-31.08.2014)

6,33 %

2,1583

2,9382

3,6128

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 30.06.2014 )  TL Thousand

 

CURRENT ASSETS

49.373.101

0,78

49.514.778

0,79

48.612.845

0,63

41.544

0,60

68.395

0,66

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

465.806

0,01

948.765

0,02

222.706

0,00

436

0,01

12.450

0,12

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

21.547.441

0,34

31.899.398

0,51

27.264.032

0,35

21.237

0,31

36.495

0,35

Other Receivable

9.701.024

0,15

219.485

0,00

6.305.064

0,08

4.859

0,07

5.115

0,05

Inventories

11.471.340

0,18

12.249.283

0,19

11.478.649

0,15

10.719

0,16

10.733

0,10

Advances Given

3.276.307

0,05

3.153.909

0,05

1.681.323

0,02

3.086

0,04

2.153

0,02

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

2.911.183

0,05

1.043.938

0,02

1.661.071

0,02

1.207

0,02

1.449

0,01

NON-CURRENT ASSETS

14.317.361

0,22

13.309.677

0,21

28.329.037

0,37

27.446

0,40

34.605

0,34

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

3.047.271

0,05

2.227.334

0,04

4.035.684

0,05

4.021

0,06

4.030

0,04

Tangible Fixed Assets (net)

9.313.435

0,15

8.852.627

0,14

22.233.977

0,29

21.606

0,31

2.020

0,02

Intangible Assets

1.883.727

0,03

2.157.149

0,03

1.975.018

0,03

1.679

0,02

28.432

0,28

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

72.928

0,00

72.567

0,00

84.358

0,00

140

0,00

123

0,00

TOTAL ASSETS

63.690.462

1,00

62.824.455

1,00

76.941.882

1,00

68.990

1,00

103.000

1,00

CURRENT LIABILITIES

37.922.536

0,60

47.291.702

0,75

40.562.204

0,53

36.361

0,53

32.126

0,31

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

24.865.866

0,39

27.030.599

0,43

17.624.039

0,23

19.621

0,28

19.353

0,19

Accounts Payable

6.593.435

0,10

6.891.289

0,11

7.841.569

0,10

10.048

0,15

8.852

0,09

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

376.887

0,01

402.407

0,01

595.904

0,01

144

0,00

128

0,00

Advances from Customers

4.277.706

0,07

11.482.890

0,18

12.209.432

0,16

5.902

0,09

2.791

0,03

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

906.536

0,01

948.959

0,02

1.197.363

0,02

517

0,01

372

0,00

Provisions

505.645

0,01

0

0,00

9.633

0,00

0

0,00

0

0,00

Other Current Liabilities

396.461

0,01

535.558

0,01

1.084.264

0,01

129

0,00

630

0,01

LONG-TERM LIABILITIES

9.694.871

0,15

7.033.811

0,11

12.928.413

0,17

11.891

0,17

38.965

0,38

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

7.198.952

0,11

6.979.373

0,11

12.923.139

0,17

11.891

0,17

38.965

0,38

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

70.640

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

0

0,00

54.438

0,00

5.274

0,00

0

0,00

0

0,00

Provisions

2.425.279

0,04

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

16.073.055

0,25

8.498.942

0,14

23.451.265

0,30

20.738

0,30

31.909

0,31

Not Detailed Stockholders' Equity

0

0,00

8.498.942

0,14

0

0,00

0

0,00

0

0,00

Paid-in Capital

6.175.000

0,10

0

0,00

6.175.000

0,08

7.194

0,10

7.194

0,07

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

5.733.082

0,09

0

0,00

5.733.082

0,07

5.733

0,08

5.733

0,06

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

2.575.157

0,04

0

0,00

6.541.155

0,09

6.900

0,10

6.901

0,07

Revaluation Fund

168.691

0,00

0

0,00

14.975.128

0,19

13.986

0,20

169

0,00

Accumulated Losses(-)

-119.594

0,00

0

0,00

-10.332.457

-0,13

-10.332

-0,15

-13.076

-0,13

Net Profit (loss)

1.540.719

0,02

0

0,00

359.357

0,00

-2.743

-0,04

24.988

0,24

TOTAL LIABILITIES AND EQUITY

63.690.462

1,00

62.824.455

1,00

76.941.882

1,00

68.990

1,00

103.000

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 3.654 is "Doubtful Trade Receivables" and -TL thousand 3.654 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: 0,Other Miscellaneous Receivables: 729,Other Doubtful Receivables : 4.386,Other Receivable Total: 5.115. 

 

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 20.837  of the other income is due to "Other Extraordinary Income" .                                                                                                                                     

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(01.01-30.06.2014) TL Thousand

 

Net Sales

70.363.406

1,00

98.581.138

1,00

79.680.491

1,00

82.758

1,00

51.913

1,00

Cost of Goods Sold

53.941.333

0,77

74.404.998

0,75

69.234.403

0,87

67.837

0,82

41.391

0,80

Gross Profit

16.422.073

0,23

24.176.140

0,25

10.446.088

0,13

14.921

0,18

10.522

0,20

Operating Expenses

13.074.495

0,19

15.222.855

0,15

7.442.351

0,09

9.012

0,11

5.084

0,10

Operating Profit

3.347.578

0,05

8.953.285

0,09

3.003.737

0,04

5.909

0,07

5.438

0,10

Other Income

5.053.239

0,07

4.662.845

0,05

4.035.597

0,05

2.491

0,03

21.887

0,42

Other Expenses

4.035.136

0,06

10.540.314

0,11

3.201.912

0,04

8.641

0,10

1.087

0,02

Financial Expenses

2.319.318

0,03

3.530.277

0,04

3.193.665

0,04

2.502

0,03

1.250

0,02

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

2.046.363

0,03

-454.461

0,00

643.757

0,01

-2.743

-0,03

24.988

0,48

Tax Payable

505.644

0,01

0

0,00

284.400

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)

1.540.719

0,02

-454.461

0,00

359.357

0,00

-2.743

-0,03

24.988

0,48

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(2013)

(01.01-30.06.2014)

LIQUIDITY RATIOS

 

Current Ratio

1,30

1,05

1,20

1,14

2,13

Acid-Test Ratio

0,84

0,70

0,83

0,73

1,68

Cash Ratio

0,01

0,02

0,01

0,01

0,39

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,18

0,19

0,15

0,16

0,10

Short-term Receivable/Total Assets

0,49

0,51

0,44

0,38

0,40

Tangible Assets/Total Assets

0,15

0,14

0,29

0,31

0,02

TURNOVER RATIOS

 

Inventory Turnover

4,70

6,07

6,03

6,33

3,86

Stockholders' Equity Turnover

4,38

11,60

3,40

3,99

1,63

Asset Turnover

1,10

1,57

1,04

1,20

0,50

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,25

0,14

0,30

0,30

0,31

Current Liabilities/Total Assets

0,60

0,75

0,53

0,53

0,31

Financial Leverage

0,75

0,86

0,70

0,70

0,69

Gearing Percentage

2,96

6,39

2,28

2,33

2,23

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,10

-0,05

0,02

-0,13

0,78

Operating Profit Margin

0,05

0,09

0,04

0,07

0,10

Net Profit Margin

0,02

0,00

0,00

-0,03

0,48

Interest Cover

1,88

0,87

1,20

-0,10

20,99

COLLECTION-PAYMENT

 

Average Collection Period (days)

110,24

116,49

123,18

92,38

253,08

Average Payable Period (days)

44,48

33,34

40,77

53,32

76,99

WORKING CAPITAL

11450565,00

2223076,00

8050641,00

5183,00

36269,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.10

UK Pound

1

Rs.99.04

Euro

1

Rs.79.03

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

PDT

 

               

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.