MIRA INFORM REPORT

 

 

Report No. :

305663

Report Date :

04.02.2015

 

IDENTIFICATION DETAILS

 

Name :

BOSSA TICARET VE SANAYI ISLETMELERI T.A.S.

 

 

Registered Office :

Guzelevler Mah. Girne Bulvari No:296 Yuregir Adana

 

 

Country :

Turkey

 

 

Financials (as on) :

30.09.2014

 

 

Date of Incorporation :

24.03.1951

 

 

Com. Reg. No.:

1327

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of yarn, grey fabric, outwear, shirting, denim and sportswear fabrics from polyester-viscose, wool, cotton and linen blends.

 

 

No. of Employee :

2.021

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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

:

BOSSA TICARET VE SANAYI ISLETMELERI T.A.S.

HEAD OFFICE ADDRESS

:

Guzelevler Mah. Girne Bulvari No:296 Yuregir Adana / Turkey

PHONE NUMBER

:

90-322-355 20 00

 

FAX NUMBER

:

90-322-346 75 33

90-322-346 75 54

 

WEB-ADDRESS

:

www.bossa.com.tr

E-MAIL

:

maliisler@bossa.com.tr

 

 

LEGAL STATUS AND HISTORY

 

TAX OFFICE

:

Yuregir

TAX NO

:

1800041427

REGISTRATION NUMBER

:

1327

REGISTERED OFFICE

:

Adana Chamber of Commerce

DATE ESTABLISHED

:

24.03.1951

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

AUTHORIZED CAPITAL

:

TL   135.000.000

PAID-IN CAPITAL

:

TL   108.000.000

HISTORY

:

Previous Registered Capital

:

TL 67.500.000

Changed On

:

03.06.2005 (Commercial Gazette Date /Number 08.06.2005/ 6320)

Previous Address

:

Ilbey Gunes Cad. No:130 Yuregir - Adana

Changed On

:

04.04.2005 (Commercial Gazette Date /Number 07.04.2005/ 6277)

Other Changes

:

The former shareholders "Haci Omer Sabanci Holding A.S." and "Sabanci Family" sold their shares at the company to "Akkardan Sanayi ve Ticaret A.S.". As a consequence of this change, the subject company is not operating with "Haci Omer Sabanci Holding A.S." anymore since then.

Changed On

:

22.10.2008

 

OWNERSHIP / MANAGEMENT

 

NOTES ON OWNERSHIP / MANAGEMENT

:

Quoted at Stock Exchange.

 

 

SHAREHOLDERS

:

Akkardan Sanayi ve Ticaret A.S.

93,75 %

Open to Public

6,25 %

 

 

BOARD OF DIRECTORS

:

Serap Kantul

Chairman

Can Ugurcan Kantul

Vice-Chairman

Akkardan Sanayi ve Ticaret A.S.

(Representative: Fatma Kivilcim Ilikci)

Member

Umit Abanoz

Member

Kadir Ozgen

Member

Tarik Ebubekir

Member

Mehmet Mumcuoglu

Member

 

 

DIRECTORS

:

Hakan Degirmenci                                                                                                                                                                                                                                                                                   

 

Sedef Uncu Aki                                                                                                                                                                                                                                                                                   

 

Fatma Kivilcim Ilikci                                                                                                                                                                                                                                                                                   

 

 

 

OPERATIONS

 

BUSINESS ACTIVITIES

:

Manufacture and trade of yarn, grey fabric, outwear, shirting, denim and sportswear fabrics from polyester-viscose, wool, cotton and linen blends.

 

NACE CODE

:

DB.17.20

 

SECTOR

:

Textile

 

TRADEMARKS OWNED

:

Bossa

 

NUMBER OF EMPLOYEES

:

2.021

 

NET SALES

:

293.033.402 TL

(2006) 

328.775.284 TL

(2007) 

271.083.293 TL

(2008) 

240.414.767 TL

(2009) 

311.395.636 TL

(2010) 

338.887.305 TL

(2011) 

362.771.351 TL

(2012) 

371.763 TL Thousand

(2013) 

297.084 TL Thousand

(01.01-30.09.2014) 

 

 

CAPACITY

:

  (ms/yr)

 

 

 

84.500.000

 

 

(2009)

84.500.000

 

 

(2010)

84.500.000

 

 

(2011)

84.500.000

 

 

(2012)

84.500.000

 

 

(2013)

 

 

 

 

IMPORT VALUE

:

29.818.805 USD

(1999)

35.386.132 USD

(2000)

29.041.712 USD

(2001)

41.848.806 USD

(2002)

39.199.890 USD

(2003)

38.070.145 USD

(2004)

32.883.218 USD

(2005)

35.900.416 USD

(2006)

48.464.585 USD

(2007)

47.570.792 USD

(2008)

36.237.564 TL

(2009)

88.590.329 TL

(2010)

112.842.693 TL

(2011)

74.131.526 TL

(2012)

110.631 TL Thousand

(2013)

78.361 TL Thousand

(01.01-30.09.2014)

 

 

IMPORT COUNTRIES

:

Germany

China

U.S.A.

MERCHANDISE IMPORTED

:

Chemicals

Raw materials

EXPORT VALUE

:

21.318.318 TL

(1999)

35.129.315 TL

(2000)

101.086.562 TL

(2001)

104.773.138 USD

(2002)

115.423.374 USD

(2003)

124.924.027 USD

(2004)

129.571.801 TL

(2005)

135.506.297 TL

(2006)

151.360.718 TL

(2007)

133.913.505 TL

(2008)

119.641.471 TL

(2009)

156.394.091 TL

(2010)

181.115.754 TL

(2011)

194.583.154 TL

(2012)

216.174 TL Thousand

(2013)

166.488 TL Thousand

(01.01-30.09.2014)

 

 

EXPORT COUNTRIES

:

Greece

Belgium

Germany

Morocco

Serbia

Portugal

Netherlands

Tunisia

Hungary

Finland

Egypt

France

Italy

Denmark

China

Indonesia

Hong-Kong

India

 

MERCHANDISE  EXPORTED

:

Fabric

Ready-wear

 

HEAD OFFICE ADDRESS

:

Guzelevler Mah. Girne Bulvari No:296 Yuregir  Adana / Turkey

 

BRANCHES

:

Factory  :  Haci Sabanci Organize Sanayi Bolgesi Turgut Ozal Bulvari No:2 01300 Saricam Adana/Turkey

 

Factory  :  Yolgecen Mah. Turhan Cemal Beriker Bulvari No:609 01323 Seyhan Adana/Turkey

 

Head Office/Factory  :  Guzelevler Mah. Girne Bulvari No:296   Yuregir Adana/Turkey    

 

 

TREND OF BUSINESS

:

There was a slowdown at business volume in real terms in 2013. Trend of business appears to be steady in 1.1 - 30.9.2014.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

MAIN DEALING BANKS

:

Akbank Merkez Branch

Garanti Bankasi Merkez Branch

CREDIT FACILITIES

:

The subject company is making 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

(01.01-30.09.2014) TL Thousand

Net Sales

311.395.636

338.887.305

362.771.351

371.763

297.084

Profit (Loss) Before Tax

4.662.883

58.152.433

23.312.766

21.606

22.299

Stockholders' Equity

282.040.380

330.951.493

412.247.728

420.266

427.200

Total Assets

428.152.545

478.890.986

587.239.489

697.848

730.304

Current Assets

241.929.341

292.875.364

271.668.676

362.349

302.628

Non-Current Assets

186.223.204

186.015.622

315.570.813

335.499

427.676

Current Liabilities

134.302.882

125.674.471

126.620.820

212.693

175.224

Long-Term Liabilities

11.809.283

22.265.022

48.370.941

64.889

127.880

Gross Profit (loss)

60.006.490

94.958.261

73.581.584

90.795

80.799

Operating Profit (loss)

4.475.408

52.794.694

13.554.053

34.056

22.544

Net Profit (loss)

4.249.932

48.911.113

21.053.783

17.257

17.593

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 30.09.2014

Liquidity

Satisfactory As of 30.09.2014

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

Low Operating Profitability  in 2010

Low Net Profitability  in 2010

High Operating Profitability  in 2011

High Net Profitability  in 2011

In Order Operating Profitability  in 2012

High Net Profitability  in 2012

Good Operating Profitability  in 2013

Good Net Profitability  in 2013

Good Operating Profitability (01.01-30.09.2014)

High Net Profitability (01.01-30.09.2014)

 

Gap between average collection and payable periods

Unfavorable in 01.01-30.09.2014

General Financial Position

In Order

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 1999 )

62,90 %

0,4278

0,4518

0,6843

 ( 2000 )

32,70 %

0,6251

0,5774

0,9480

 ( 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

 ( 01.01-30.06.2014)

5,12 %

2,1608

2,9618

3,6153

 ( 01.01-30.09.2014)

7,24 %

2,1706

2,9323

3,6222

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 

 

BALANCE SHEETS

 

 

 ( 31.12.2010 )  TL

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 30.09.2014 )  TL Thousand

 

CURRENT ASSETS

241.929.341

0,57

292.875.364

0,61

271.668.676

0,46

362.349

0,52

302.628

0,41

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

22.482.127

0,05

23.662.500

0,05

10.192.855

0,02

10.594

0,02

14.719

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

82.840.393

0,19

100.364.955

0,21

179.919.528

0,31

102.786

0,15

83.476

0,11

Other Receivable

37.103.573

0,09

65.297.879

0,14

3.359.826

0,01

154.650

0,22

105.803

0,14

Inventories

89.077.430

0,21

98.808.675

0,21

74.456.643

0,13

89.858

0,13

95.216

0,13

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

10.425.818

0,02

4.741.355

0,01

3.739.824

0,01

4.461

0,01

3.414

0,00

NON-CURRENT ASSETS

186.223.204

0,43

186.015.622

0,39

315.570.813

0,54

335.499

0,48

427.676

0,59

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

10.388.950

0,02

19.406.695

0,03

46.619

0,07

148.910

0,20

Financial Assets

86.062

0,00

86.062

0,00

86.062

0,00

86

0,00

86

0,00

Tangible Fixed Assets (net)

180.185.865

0,42

170.546.761

0,36

285.011.622

0,49

275.344

0,39

268.012

0,37

Intangible Assets

4.241.457

0,01

4.993.849

0,01

11.066.434

0,02

13.450

0,02

10.668

0,01

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

1.709.820

0,00

0

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

428.152.545

1,00

478.890.986

1,00

587.239.489

1,00

697.848

1,00

730.304

1,00

CURRENT LIABILITIES

134.302.882

0,31

125.674.471

0,26

126.620.820

0,22

212.693

0,30

175.224

0,24

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

90.647.987

0,21

79.608.416

0,17

77.635.758

0,13

124.541

0,18

79.018

0,11

Accounts Payable

36.721.183

0,09

37.164.138

0,08

39.088.375

0,07

76.046

0,11

85.654

0,12

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Short-term Payable

1.267.907

0,00

1.530.969

0,00

3.017.321

0,01

3.463

0,00

4.995

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

851.663

0,00

789.297

0,00

989.822

0,00

1.300

0,00

-17

0,00

Provisions

1.734.945

0,00

2.031.001

0,00

3.077.938

0,01

2.660

0,00

3.378

0,00

Other Current Liabilities

3.079.197

0,01

4.550.650

0,01

2.811.606

0,00

4.683

0,01

2.196

0,00

LONG-TERM LIABILITIES

11.809.283

0,03

22.265.022

0,05

48.370.941

0,08

64.889

0,09

127.880

0,18

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

2.333.333

0,01

11.166.727

0,02

24.466.185

0,04

40.453

0,06

104.036

0,14

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

1.729.774

0,00

3.184.754

0,01

14.211.445

0,02

14.431

0,02

13.507

0,02

Provisions

7.746.176

0,02

7.913.541

0,02

9.693.311

0,02

10.005

0,01

10.337

0,01

STOCKHOLDERS' EQUITY

282.040.380

0,66

330.951.493

0,69

412.247.728

0,70

420.266

0,60

427.200

0,58

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

108.000.000

0,25

108.000.000

0,23

108.000.000

0,18

108.000

0,15

108.000

0,15

Cross Shareholding Adjustment of Capital

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Inflation Adjustment of Capital

149.104.739

0,35

149.104.739

0,31

149.104.739

0,25

149.104

0,21

149.105

0,20

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

34.394.022

0,08

34.728.473

0,07

50.675.395

0,09

148.711

0,21

157.328

0,22

Revaluation Fund

3.435

0,00

3.435

0,00

83.413.811

0,14

-2.806

0,00

-4.826

-0,01

Accumulated Losses(-)

-13.711.748

-0,03

-9.796.267

-0,02

0

0,00

0

0,00

0

0,00

Net Profit (loss)

4.249.932

0,01

48.911.113

0,10

21.053.783

0,04

17.257

0,02

17.593

0,02

TOTAL LIABILITIES AND EQUITY

428.152.545

1,00

478.890.986

1,00

587.239.489

1,00

697.848

1,00

730.304

1,00

 

 

INCOME STATEMENTS

 

 

(2010) TL

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(01.01-30.09.2014) TL Thousand

 

Net Sales

311.395.636

1,00

338.887.305

1,00

362.771.351

1,00

371.763

1,00

297.084

1,00

Cost of Goods Sold

251.389.146

0,81

243.929.044

0,72

289.189.767

0,80

280.968

0,76

216.285

0,73

Gross Profit

60.006.490

0,19

94.958.261

0,28

73.581.584

0,20

90.795

0,24

80.799

0,27

Operating Expenses

55.531.082

0,18

42.163.567

0,12

60.027.531

0,17

56.739

0,15

58.255

0,20

Operating Profit

4.475.408

0,01

52.794.694

0,16

13.554.053

0,04

34.056

0,09

22.544

0,08

Other Income

14.682.115

0,05

30.833.960

0,09

37.841.255

0,10

21.297

0,06

20.060

0,07

Other Expenses

0

0,00

25.476.221

0,08

0

0,00

2

0,00

108

0,00

Financial Expenses

14.494.640

0,05

0

0,00

28.082.542

0,08

33.745

0,09

20.197

0,07

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

4.662.883

0,01

58.152.433

0,17

23.312.766

0,06

21.606

0,06

22.299

0,08

Tax Payable

1.053.776

0,00

7.860.403

0,02

1.509.066

0,00

4.185

0,01

4.506

0,02

Postponed Tax Gain

640.825

0,00

-1.380.917

0,00

-749.917

0,00

-164

0,00

-200

0,00

Net Profit (loss)

4.249.932

0,01

48.911.113

0,14

21.053.783

0,06

17.257

0,05

17.593

0,06

 

 

FINANCIAL RATIOS

 

 

(2010)

(2011)

(2012)

(2013)

(01.01-30.09.2014)

LIQUIDITY RATIOS

 

Current Ratio

1,80

2,33

2,15

1,70

1,73

Acid-Test Ratio

1,06

1,51

1,53

1,26

1,16

Cash Ratio

0,17

0,19

0,08

0,05

0,08

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,21

0,21

0,13

0,13

0,13

Short-term Receivable/Total Assets

0,28

0,35

0,31

0,37

0,26

Tangible Assets/Total Assets

0,42

0,36

0,49

0,39

0,37

TURNOVER RATIOS

 

Inventory Turnover

2,82

2,47

3,88

3,13

2,27

Stockholders' Equity Turnover

1,10

1,02

0,88

0,88

0,70

Asset Turnover

0,73

0,71

0,62

0,53

0,41

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,66

0,69

0,70

0,60

0,58

Current Liabilities/Total Assets

0,31

0,26

0,22

0,30

0,24

Financial Leverage

0,34

0,31

0,30

0,40

0,42

Gearing Percentage

0,52

0,45

0,42

0,66

0,71

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,02

0,15

0,05

0,04

0,04

Operating Profit Margin

0,01

0,16

0,04

0,09

0,08

Net Profit Margin

0,01

0,14

0,06

0,05

0,06

Interest Cover

1,32

 

1,83

1,64

2,10

COLLECTION-PAYMENT

 

Average Collection Period (days)

95,77

117,65

197,80

144,68

281,60

Average Payable Period (days)

52,59

54,85

48,66

97,44

142,57

WORKING CAPITAL

107626459,00

167200893,00

145047856,00

149656,00

127404,00

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.74

UK Pound

1

Rs.92.71

Euro

1

Rs.69.94

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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.