MIRA INFORM REPORT

 

 

Report No. :

337257

Report Date :

21.08.2015

 

IDENTIFICATION DETAILS

 

Name :

MERINOS HALI SANAYI VE TICARET A.S.

 

 

Formerly Known As :

ERDEMOGLU YUNLU HALI SANAYI VE TICARET A.S.

 

 

Registered Office :

Mervesehir Mah Mehmet Erdemoglu Cad. No:4 Sehitkamil Gaziantep

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

09.02.1990

 

 

Com. Reg. No.:

13543

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Subject is manufacture and trade of carpet, acrylic yarn and polypropylene yarn, also masterbatch and fiber dyeing.

 

 

No. of Employee :

2.300

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 has brought up to 1 million barrels per day from the Caspian region to market. Several gas pipeline projects also are moving forward to help transport Caspian gas to Europe through Turkey, which over the long term will help address Turkey's dependence on imported oil and gas, which currently meets 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. Two rating agencies upgraded Turkey's debt to investment grade in 2012 and 2013, and Turkey's public sector debt to GDP ratio fell to 33% in 2014. The stock value of Foreign Direct Investment reached nearly $195 billion at year-end 2014.

Despite these positive trends, GDP growth dropped to 4.4% in 2013 and 2.9% in 2014. Growth slowed considerably in the last quarter of 2014, largely due to lackluster consumer demand both domestically and in Europe, Turkey’s most important export market. High interest rates have also contributed to the slowdown in growth, as Turkey sharply increased interest rates in January 2014 in order to strengthen the country’s currency and reduce inflation. Turkey then cut rates in February 2015 in a bid to spur economic growth.

The Turkish economy retains significant weaknesses. Specifically, 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. Turkey also remains dependent on often volatile, short-term investment to finance its large current account deficit.

 

Source : CIA

 

COMPANY IDENTIFICATION

 

 

NAME

:

MERINOS HALI SANAYI VE TICARET A.S.

HEAD OFFICE ADDRESS

:

Mervesehir Mah Mehmet Erdemoglu Cad. No:4 Sehitkamil Gaziantep / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The address was changed from “Araban Yolu 4. Km PK 191 Gaziantep” to “Mervesehir Mah Mehmet Erdemoglu Cad. No:4 Sehitkamil Gaziantep” by the Municipality.

PHONE NUMBER

:

90-342-329 00 41 (10 lines)

 

FAX NUMBER

:

90-342-329 00 19

90-342-329 01 97

 

WEB-ADDRESS

:

www.merinos.com.tr

E-MAIL

:

merinos@merinos.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Gazikent

TAX NO

:

3460016354

REGISTRATION NUMBER

:

13543

REGISTERED OFFICE

:

Gaziantep Chamber of Commerce

DATE ESTABLISHED

:

09.02.1990

 

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   200.050.000

PAID-IN CAPITAL

:

TL   200.050.000

HISTORY

:

Previous Name

:

Erdemoglu Yunlu Hali Sanayi ve Ticaret A.S.

Changed On

:

16.12.1997 (Commercial Gazette Date /Number 29.12.1997/ 4450)

Previous Registered Capital

:

TL 106.700.000

Changed On

:

25.03.2014 (Commercial Gazette Date /Number 02.04.2014/ 8541)

Previous Registered Capital

:

TL 190.000.000

Changed On

:

05.01.2015 (Commercial Gazette Date /Number 14.01.2015/ 8736)

Merger

:

The subject company took over and merged with “Akmer Akrilik Iplik Insaat Sanayi ve Ticaret A.S.”

Changed On

:

30.06.2009 (Commercial Gazette Date /Number 08.07.2009/ 7349)

Merger

:

The subject took over and merged with "Padisah Hali ve Yer Kaplamalari Sanayi ve Ticaret A.S."

Changed On

:

11.11.2010 (Commercial Gazette Date /Number 29.11.2010/ 7696)

Merger

:

The subject took over and merged with "Merinos Sigorta Aracilik Hizmetleri A.S." and "Erdemoglu Hali Mobilya ve Tekstil Urunleri Pazarlama A.S."

Changed On

:

05.01.2015 (Commercial Gazette Date /Number 14.01.2015/ 8736)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Erdemoglu Holding A.S.

97,87 %

Ibrahim Erdemoglu

0,83 %

Ali Erdemoglu

0,71 %

Mahmut Erdemoglu

0,48 %

Mustafa Erman

0,10 %

Sahin Borlu

 

Gulsum Erman

 

 

GROUP PARENT COMPANY

:

ERDEMOGLU HOLDING A.S.

 

SISTER COMPANIES

:

BALI RUZGAR ELEKTRIK URETIM SANAYI VE TICARET A.S.

DINARSU IMALAT VE TICARET TURK A.S.

ERDEMOGLU DIS TICARET A.S.

ERDEMOGLU ENERJI ELEKTRIK URETIMI A.S.

ERDEMOGLU HOLDING A.S.

ERDEMOGLU PROJE MUSAVIRLIK INSAAT A.S.

EROZPA TEKSTIL IHRACAT VE PAZARLAMA A.S.

ILKE YER KAPLAMALARI MOBILYA VE TEKSTIL URUNLERI PAZARLAMA A.S.

MERINOS HALI MOBILYA VE TEKSTIL URUNLERI PAZARLAMA A.S.

MERINOS MOBILYA TEKSTIL SANAYI VE TICARET A.S.

OZERDEM MENSUCAT SANAYI VE TICARET A.S.

SASA POLYESTER SANAYI A.S.

 

BOARD OF DIRECTORS

:

Ali Erdemoglu

Chairman

Mahmut Erdemoglu

Vice-Chairman

Mustafa Erman

Member

Erdogan Seker

Member

Sahin Borlu

Member

Ibrahim Erdemoglu

Member

Gulsum Erman

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of carpet, acrylic yarn and polypropylene yarn, also masterbatch and fiber dyeing.

 

NACE CODE

:

DB.17.51

 

SECTOR

:

Textile

 

TRADEMARKS OWNED

:

Merinos

 

NUMBER OF EMPLOYEES

:

2.300

 

 

NET SALES

:

494.480.691 TL

(2011) 

488.794.513 TL

(2012) 

529.987 TL Thousand

(2013) 

625.816 TL Thousand

(2014) 

129.188 TL Thousand

(01.01-31.03.2015) 

 

 

CAPACITY

:

Acrylic Yarn  ( tons/yr)

Fiber Dyeing  ( tons/yr)

Machine Carpet  ( Sqm/yr)

 

25.000

27.000

20.000.000

(2010)

25.000

27.000

20.000.000

(2011)

25.000

27.000

20.000.000

(2012)

Masterbach Dyeing  ( tons/yr)

PP Yarn  ( tons/yr)

 

 

1.800

25.000

 

(2010)

1.800

25.000

 

(2011)

1.800

25.000

 

(2012)

 

 

 

 

IMPORT VALUE

:

5.391.192 USD

(2000)

4.942.871 USD

(2001)

14.229.414 USD

(2002)

36.736.971 USD

(2003)

50.530.424 USD

(2004)

83.270.000 USD

(2005)

47.246.120 USD

(2006)

46.500.000 USD

(2007)

38.917.000 USD

(2008)

33.400.000 USD

(2009)

86.748 TL Thousand

(2010)

117.847 TL Thousand

(2011)

 

 

IMPORT COUNTRIES

:

Belgium

India

Bangladesh

 

MERCHANDISE IMPORTED

:

Raw materials

 

 

EXPORT VALUE

:

195.440.931 TL

(2011)

178.487.920 TL

(2012)

50.278.655 TL

(2013)

86.940 TL Thousand

(2014)

13.257 TL Thousand

(01.01-31.03.2015)

 

 

EXPORT COUNTRIES

:

Canada

Lebanon

Belgium

France

Albania

Australia

Iraq

Greece

Libya

Tunisia

Algeria

Morocco

Kazakhstan

Azerbaijan

Russia

Ukraine

Bulgaria

Hungary

Czech Republic

Sweden

Austria

Italy

Netherlands

New Zealand

Japan

China

Malaysia

India

Yemen

Spain

Denmark

Indonesia

Kuwait

Jordan

Poland

 

MERCHANDISE  EXPORTED

:

Carpet

Yarn

 

 

HEAD OFFICE ADDRESS

:

Mervesehir Mah Mehmet Erdemoglu Cad. No:4 Sehitkamil  Gaziantep / Turkey

 

BRANCHES

:

Factory  :  3.Organize Sanayi Bolgesi Kamil Serbetci Bulvari No:25/27 Baspinar Gaziantep/Turkey (owned) (70.000 sqm)

 

Factory  :  4.Organize Sanayi Bolgesi 421 Ada 3-4-5 Parsel Sehitkamil Gaziantep/Turkey (owned) (150.000 sqm)

 

Head Office/Factory  :  Mervesehir Mah Mehmet Erdemoglu Cad. No:4 Sehitkamil Gaziantep/Turkey (owned) (55.000 sqm)

 

Branch Office  :  Merkez Mah. 29 Ekim Cad. No:21 Yenibosna Istanbul/Turkey

                                                                                

 

TREND OF BUSINESS

:

There was an upwards trend in  2014.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Finansbank Gaziantep Branch

HSBC Bank Gaziantep Branch

ING Bank Gaziantep Branch

T. Is Bankasi Gaziantep Branch

Turk Ekonomi Bankasi Guneydogu Kurumsal Branch

Yapi ve Kredi Bankasi Gaziantep 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

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

(2014) TL Thousand

(01.01-31.03.2015) TL Thousand

Net Sales

494.480.691

488.794.513

529.987

625.816

129.188

Profit (Loss) Before Tax

55.659.777

51.332.325

47.231

53.317

3.002

Stockholders' Equity

245.022.960

233.076.771

220.206

278.909

 

Total Assets

504.132.101

572.007.638

784.749

1.015.914

 

Current Assets

277.811.921

317.071.398

463.314

515.651

 

Non-Current Assets

226.320.180

254.936.240

321.435

500.263

 

Current Liabilities

114.475.092

192.422.357

334.928

324.746

 

Long-Term Liabilities

144.634.049

146.508.510

229.615

412.259

 

Gross Profit (loss)

99.252.599

117.759.394

106.412

112.777

28.885

Operating Profit (loss)

62.070.576

63.962.337

56.933

60.489

21.817

Net Profit (loss)

55.659.777

51.332.325

39.868

50.003

3.002

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2014

Liquidity

Insufficient As of 31.12.2014

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

High Operating Profitability  in 2011

High Net Profitability  in 2011

High Operating Profitability  in 2012

High Net Profitability  in 2012

High Operating Profitability  in 2013

High Net Profitability  in 2013

High Operating Profitability  in 2014

High Net Profitability  in 2014

High Operating Profitability (01.01-31.03.2015)

Fair Net Profitability (01.01-31.03.2015)

 

Gap between average collection and payable periods

Unfavorable in 2014

General Financial Position

Passable

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 01.01-31.03.2015)

2,60 %

2,4709

2,8023

3,7626

 ( 01.01-31.07.2015)

5,15 %

2,5858

2,8956

3,9782

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

 

 

CURRENT ASSETS

277.811.921

0,55

317.071.398

0,55

463.314

0,59

515.651

0,51

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

2.850.056

0,01

8.188.345

0,01

4.730

0,01

5.333

0,01

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

198.047.058

0,39

202.808.769

0,35

274.640

0,35

309.160

0,30

 

 

Other Receivable

0

0,00

29.277.054

0,05

56.033

0,07

82.893

0,08

 

 

Inventories

71.562.680

0,14

74.171.766

0,13

109.093

0,14

106.261

0,10

 

 

Advances Given

2.629.520

0,01

1.653.072

0,00

17.678

0,02

6.559

0,01

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

2.722.607

0,01

972.392

0,00

1.140

0,00

5.445

0,01

 

 

NON-CURRENT ASSETS

226.320.180

0,45

254.936.240

0,45

321.435

0,41

500.263

0,49

 

 

Not Detailed Non-Current Assets

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

 

 

Financial Assets

21.783.250

0,04

21.435.579

0,04

21.436

0,03

21.436

0,02

 

 

Tangible Fixed Assets (net)

203.273.791

0,40

225.946.616

0,40

287.274

0,37

421.124

0,41

 

 

Intangible Assets

128.240

0,00

5.991.058

0,01

12.725

0,02

57.698

0,06

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

1.134.899

0,00

1.562.987

0,00

0

0,00

5

0,00

 

 

TOTAL ASSETS

504.132.101

1,00

572.007.638

1,00

784.749

1,00

1.015.914

1,00

 

 

CURRENT LIABILITIES

114.475.092

0,23

192.422.357

0,34

334.928

0,43

324.746

0,32

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

14.516.957

0,03

37.638.251

0,07

176.260

0,22

133.238

0,13

 

 

Accounts Payable

97.060.538

0,19

75.753.492

0,13

91.204

0,12

136.427

0,13

 

 

Loans from Shareholders

0

0,00

0

0,00

1.438

0,00

0

0,00

 

 

Other Short-term Payable

166.565

0,00

208.387

0,00

276

0,00

20.467

0,02

 

 

Advances from Customers

2.206.256

0,00

74.538.875

0,13

53.044

0,07

24.195

0,02

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

5.067.701

0,01

1.699.646

0,00

3.224

0,00

3.377

0,00

 

 

Provisions

-6.549.870

-0,01

0

0,00

4.165

0,01

1.080

0,00

 

 

Other Current Liabilities

2.006.945

0,00

2.583.706

0,00

5.317

0,01

5.962

0,01

 

 

LONG-TERM LIABILITIES

144.634.049

0,29

146.508.510

0,26

229.615

0,29

412.259

0,41

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

108.904.576

0,22

146.508.510

0,26

229.615

0,29

412.259

0,41

 

 

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

0

0,00

 

 

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Long-term Liabilities

35.729.473

0,07

0

0,00

0

0,00

0

0,00

 

 

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

 

 

STOCKHOLDERS' EQUITY

245.022.960

0,49

233.076.771

0,41

220.206

0,28

278.909

0,27

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

106.700.000

0,21

106.700.000

0,19

106.700

0,14

200.050

0,20

 

 

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Inflation Adjustment of Capital

15.414.569

0,03

15.414.569

0,03

15.415

0,02

11

0,00

 

 

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Reserves

67.248.614

0,13

59.629.877

0,10

58.223

0,07

33.910

0,03

 

 

Revaluation Fund

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

-5.065

0,00

 

 

Net Profit (loss)

55.659.777

0,11

51.332.325

0,09

39.868

0,05

50.003

0,05

 

 

TOTAL LIABILITIES AND EQUITY

504.132.101

1,00

572.007.638

1,00

784.749

1,00

1.015.914

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 0 is "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:82.893, Other Receivable Total:82.893 

 

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 13.506 of the other income is due to "Profit from Foreign Currency Exchange".    

                                                                                                 

At the last income statement TL thousand 26.107 of the other expenses is due to "Loss from Foreign Currency Exchange" .                   

                                                                                                 

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-31.03.2015) TL Thousand

 

Net Sales

494.480.691

1,00

488.794.513

1,00

529.987

1,00

625.816

1,00

129.188

1,00

Cost of Goods Sold

395.228.092

0,80

371.035.119

0,76

423.575

0,80

513.039

0,82

100.303

0,78

Gross Profit

99.252.599

0,20

117.759.394

0,24

106.412

0,20

112.777

0,18

28.885

0,22

Operating Expenses

37.182.023

0,08

53.797.057

0,11

49.479

0,09

52.288

0,08

7.068

0,05

Operating Profit

62.070.576

0,13

63.962.337

0,13

56.933

0,11

60.489

0,10

21.817

0,17

Other Income

24.837.770

0,05

9.902.829

0,02

62.247

0,12

66.504

0,11

18.513

0,14

Other Expenses

17.933.112

0,04

11.116.779

0,02

51.689

0,10

39.105

0,06

26.107

0,20

Financial Expenses

13.315.457

0,03

11.416.062

0,02

20.260

0,04

34.571

0,06

11.221

0,09

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

55.659.777

0,11

51.332.325

0,11

47.231

0,09

53.317

0,09

3.002

0,02

Tax Payable

0

0,00

0

0,00

7.363

0,01

3.314

0,01

0

0,00

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

55.659.777

0,11

51.332.325

0,11

39.868

0,08

50.003

0,08

3.002

0,02

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

(2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

2,43

1,65

1,38

1,59

 

Acid-Test Ratio

1,75

1,25

1,00

1,22

 

Cash Ratio

0,02

0,04

0,01

0,02

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,14

0,13

0,14

0,10

 

Short-term Receivable/Total Assets

0,39

0,41

0,42

0,39

 

Tangible Assets/Total Assets

0,40

0,40

0,37

0,41

 

TURNOVER RATIOS

 

 

Inventory Turnover

5,52

5,00

3,88

4,83

 

Stockholders' Equity Turnover

2,02

2,10

2,41

2,24

 

Asset Turnover

0,98

0,85

0,68

0,62

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,49

0,41

0,28

0,27

 

Current Liabilities/Total Assets

0,23

0,34

0,43

0,32

 

Financial Leverage

0,51

0,59

0,72

0,73

 

Gearing Percentage

1,06

1,45

2,56

2,64

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,23

0,22

0,18

0,18

 

Operating Profit Margin

0,13

0,13

0,11

0,10

 

Net Profit Margin

0,11

0,11

0,08

0,08

 

Interest Cover

5,18

5,50

3,33

2,54

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

144,19

149,37

186,55

177,84

 

Average Payable Period (days)

88,41

73,50

77,52

95,73

 

WORKING CAPITAL

163336829,00

124649041,00

128386,00

190905,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.24

UK Pound

1

Rs.102.21

Euro

1

Rs.72.57

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

Report Prepared by :

ASH

 

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.