MIRA INFORM REPORT

 

 

Report No. :

334108

Report Date :

31.07.2015

 

IDENTIFICATION DETAILS

 

Name :

KIPAS MENSUCAT ISLETMELERI A.S.

 

 

Registered Office :

Karacasu Karaziyaret Mah. Fatih Sultan Mehmet Cad. No:1/A Dulkadiroglu Kahramanmaras

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

02.12.2004

 

 

Com. Reg. No.:

5630516480

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of yarn, fabric.  

 

 

No. of Employees :

4.032

 

 

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 will bring 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 FDI 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. It is clear from these developments that 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

:

KIPAS MENSUCAT ISLETMELERI A.S.

HEAD OFFICE ADDRESS

:

Karacasu Karaziyaret Mah. Fatih Sultan Mehmet Cad. No:1/A Dulkadiroglu Kahramanmaras / Turkey

PHONE NUMBER

:

90-344-236 38 00

FAX NUMBER

:

90-344-236 33 07

WEB-ADDRESS

:

www.kipasmensucat.com

E-MAIL

:

kipas@kipas.com.tr

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Aksu

TAX NO

:

5630516480

REGISTRATION NUMBER

:

7639

REGISTERED OFFICE

:

Kahramanmaras Chamber of Commerce and Industry

DATE ESTABLISHED

:

29.11.2004

ESTABLISHMENT GAZETTE DATE/NO

:

02.12.2004/6189

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   294.542.966,71

PAID-IN CAPITAL

:

TL   294.542.966,71

HISTORY

:

Previous Registered Capital

:

TL 190.000.000

Changed On

:

21.07.2009 (Commercial Gazette Date /Number 24.07.2009/ 7361)

Previous Registered Capital

:

TL 191.140.000

Changed On

:

17.11.2011 (Commercial Gazette Date /Number 28.11.2011/ 7971)

Previous Registered Capital

:

TL 191.240.000

Changed On

:

31.12.2013 (Commercial Gazette Date /Number 09.01.2014/ 8482)

Previous Address

:

Gaziantep Yolu Uzeri Erkenez Mevkii 7. Km Kahramanmaras

Changed On

:

01.07.2013 (Commercial Gazette Date /Number 31.07.2013/ 8375)

Merger

:

The subject took over and merged with “Kipas Denim Isletmeleri A.S."

Changed On

:

31.12.2013 (Commercial Gazette Date /Number 09.01.2014/ 8482)

 

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Kipas Kahramanmaras Iplik Pamuk Ticaret ve Sanayi A.S.

62,94 %

Kipas Holding A.S.

32,47 %

Kipas Tarim Isletmeleri Sanayi ve Ticaret A.S.

 

Bozkurt Konfeksiyon Sanayi A.S.

 

Others

 

 

 

GROUP PARENT COMPANY

:

KIPAS HOLDING A.S.

 

SISTER COMPANIES

:

AKEDAS ELEKTRIK DAGITIM A.S.

AKEDAS ELEKTRIK PERAKENDE SATIS A.S.

BOZKURT KONFEKSIYON SANAYI A.S.

ERDEM TEKSTIL SANAYI VE TICARET A.S.

GUMUSERLER IPLIK DOKUMA VE SANAYI YATIRIM A.S.

GUMUSERLER LASTIKCILIK OTOMOTIV GERI DONUSUM VE AMBALAJ SANAYI TICARET A.S.

HANBEY TARIM VE HAYVANCILIK ISLETMELERI A.S.

KAREN KAHRAMANMARAS ELEKTRIK URETIM A.S.

KCS KAHRAMANMARAS CIMENTO BETON SANAYI VE MADENCILIK ISLETMELERI A.S.

KEN KIPAS ELEKTRIK URETIM A.S.

KET KIPAS ELEKTRIK ENERJISI TOPTAN SATIS TICARET A.S.

KIPAS HAVACILIK KARGO TASIMACILIK VE TICARET A.S.

KIPAS HOLDING A.S.

KIPAS KAGIT SANAYI ISLETMELERI A.S.

KIPAS KAHRAMANMARAS IPLIK PAMUK TICARET VE SANAYI A.S.

KIPAS OZEL EGITIM VE OGRETIM HIZMETLERI A.S.

KIPAS PAZARLAMA VE TICARET A.S.

KIPAS SIGORTA ARACILIK HIZMETLERI A.S.

KIPAS TARIM ISLETMELERI SANAYI VE TICARET A.S.

KIPER ELEKTRIK URETIM A.S.

MAREN MARAS ELEKTRIK URETIM SANAYI VE TICARET A.S.

OKSUZLER IPLIK DOKUMA VE SANAYI YATIRIM A.S.

SIMKOZA MAGAZACILIK A.S.

SIMKOZA TEKSTIL SANAYI A.S.

TEKSAN TEKSTIL VE AMBALAJ SANAYI TICARET A.S.

TOYMAR OTOMOTIV PETROL TICARET VE PAZARLAMA A.S.

 

BOARD OF DIRECTORS

:

Kipas Kahramanmaras Iplik Pamuk Ticaret ve Sanayi A.S. (Representative: Mehmet Hanifi Oksuz)

Chairman

Kipas Tarim Isletmeleri Sanayi ve Ticaret A.S. (Representative: Halil Ibrahim Gumuser)

Vice-Chairman

Kipas Holding A.S. (Representative: Okkas Gumuser)

Member

Bozkurt Konfeksiyon Sanayi A.S. (Representative: Ahmet Oksuz)

Member

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Manufacture and trade of yarn, fabric.  

NACE CODE

:

DB.18.22

SECTOR

:

Textile

NUMBER OF EMPLOYEES

:

4.032

NET SALES

:

107.428.384 TL

(2005) 

173.014.249 TL

(2006) 

195.588.955 TL

(2007) 

172.025.285 TL

(2008) 

171.146.507 TL

(2009) 

219.881.567 TL

(2010) 

303.248.525 TL

(2011) 

328.100.482 TL

(2012) 

344.706 TL Thousand

(2013) 

623.088 TL Thousand

(2014) 

150.848 TL Thousand

(01.01-31.03.2015) 

 

 

 

IMPORT COUNTRIES

:

Germany

France

Switzerland

China

Australia

Italy

U.S.A.

Indonesia

 

MERCHANDISE IMPORTED

:

Chemicals

Machine

Raw materials

 

EXPORT VALUE

:

22.701.891 TL

(2005)

30.874.792 TL

(2006)

11.698.244 TL

(2007)

21.268.476 TL

(2008)

1.488.326 TL

(2009)

1.094.238 TL

(2010)

3.702.684 TL

(2011)

39.387.531 TL

(2012)

22.934.196 TL

(2013)

11.986 TL Thousand

(2014)

7.692 TL Thousand

(01.01-31.03.2015)

 

 

EXPORT COUNTRIES

:

Egypt

Sweden

Italy

Germany

Poland

 

MERCHANDISE  EXPORTED

:

Cotton fibers

Fabric

Yarn

 

HEAD OFFICE ADDRESS

:

Karacasu Karaziyaret Mah. Fatih Sultan Mehmet Cad. No:1/A Dulkadiroglu  Kahramanmaras / Turkey ( owned )

 

BRANCHES

:

Factory  :  Organize Sanayi Bolgesi Kahramanmaras/Turkey

 

Factory  :  Karacasu Kahramanmaras/Turkey

 

Head Office/Factory  :  Karaziyaret Mah. Fatih Sultan Mehmet Cad. No:1/A Karacasu Dulkadiroglu Kahramanmaras/Turkey (owned) (99.748 sqm)

                                                                                

 

TREND OF BUSINESS

:

There was an upwards trend in  2014.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Denizbank Kahramanmaras Branch

Denizbank Gaziantep Kurumsal Branch

Finansbank Kahramanmaras Branch

Garanti Bankasi Kahramanmaras Branch

HSBC Bank Kahramanmaras Branch

T. Vakiflar Bankasi Kahramanmaras Branch

Yapi ve Kredi Bankasi Kahramanmaras 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

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

(2014) TL Thousand

(01.01-31.03.2015) TL Thousand

Net Sales

303.248.525

328.100.482

344.706

623.088

150.848

Profit (Loss) Before Tax

54.588.624

16.870.003

41.255

133.373

33.421

Stockholders' Equity

306.341.230

320.860.396

563.887

682.480

 

Total Assets

443.618.325

576.789.525

951.233

1.243.709

 

Current Assets

266.861.701

416.088.474

699.206

1.007.091

 

Non-Current Assets

176.756.624

160.701.051

252.027

236.618

 

Current Liabilities

41.183.396

159.998.313

177.843

296.678

 

Long-Term Liabilities

96.093.699

95.930.816

209.503

264.551

 

Gross Profit (loss)

61.926.585

21.308.414

39.503

131.458

32.547

Operating Profit (loss)

49.139.415

5.313.602

22.301

96.008

21.131

Net Profit (loss)

45.666.189

14.519.165

35.998

118.593

28.688

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Good As of 31.12.2014

Remarks on Capitalization

A part of total liabilities and equity consist of loans from shareholders rather than liabilities to third parties indicating not too high indebtedness to third parties.

 

Liquidity

High As of 31.12.2014

Remarks On Liquidity

A part of current liabilities consist of short-term loans from shareholders rather than liabilities to third parties. 

 

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

 

Profitability

High Operating Profitability  in 2011

High Net Profitability  in 2011

Fair Operating Profitability  in 2012

Good Net Profitability  in 2012

Good 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)

High Net Profitability (01.01-31.03.2015)

 

Gap between average collection and payable periods

Unfavorable in 2014

General Financial Position

Good

 

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

 ( 01.01-30.06.2015)

5,49 %

2,5568

2,8727

3,9250

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

CURRENT ASSETS

266.861.701

0,60

416.088.474

0,72

699.206

0,74

1.007.091

0,81

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

39.900.705

0,09

38.174.081

0,07

16.710

0,02

17.022

0,01

Marketable Securities

12.949.379

0,03

12.563.786

0,02

14.395

0,02

11.927

0,01

Account Receivable

62.987.421

0,14

95.947.788

0,17

202.487

0,21

226.450

0,18

Other Receivable

83.799.653

0,19

195.995.203

0,34

319.428

0,34

579.635

0,47

Inventories

59.138.005

0,13

63.649.855

0,11

124.780

0,13

163.025

0,13

Advances Given

3.491.931

0,01

5.290.894

0,01

11.283

0,01

1.816

0,00

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

4.594.607

0,01

4.466.867

0,01

10.123

0,01

7.216

0,01

NON-CURRENT ASSETS

176.756.624

0,40

160.701.051

0,28

252.027

0,26

236.618

0,19

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

18.312.432

0,04

24.014.309

0,04

43.597

0,05

44.040

0,04

Tangible Fixed Assets (net)

155.677.922

0,35

133.496.392

0,23

205.296

0,22

189.229

0,15

Intangible Assets

2.766.270

0,01

2.778.634

0,00

2.865

0,00

2.985

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

0

0,00

411.716

0,00

269

0,00

364

0,00

TOTAL ASSETS

443.618.325

1,00

576.789.525

1,00

951.233

1,00

1.243.709

1,00

CURRENT LIABILITIES

41.183.396

0,09

159.998.313

0,28

177.843

0,19

296.678

0,24

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

14.991.169

0,03

49.311.583

0,09

91.462

0,10

136.324

0,11

Accounts Payable

9.302.586

0,02

17.294.633

0,03

45.522

0,05

24.505

0,02

Loans from Shareholders

91.720

0,00

12.636.478

0,02

19.274

0,02

93.375

0,08

Other Short-term Payable

14.472.367

0,03

76.840.018

0,13

10.265

0,01

35.295

0,03

Advances from Customers

472.197

0,00

251.293

0,00

2.965

0,00

108

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

1.594.007

0,00

1.348.527

0,00

2.185

0,00

2.347

0,00

Provisions

1.219

0,00

151.519

0,00

1.412

0,00

3.496

0,00

Other Current Liabilities

258.131

0,00

2.164.262

0,00

4.758

0,01

1.228

0,00

LONG-TERM LIABILITIES

96.093.699

0,22

95.930.816

0,17

209.503

0,22

264.551

0,21

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

96.093.699

0,22

95.930.816

0,17

209.503

0,22

264.551

0,21

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

0

0,00

0

0,00

0

0,00

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

306.341.230

0,69

320.860.396

0,56

563.887

0,59

682.480

0,55

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

191.240.000

0,43

191.240.000

0,33

294.542

0,31

294.542

0,24

Cross Shareholding Adjustment of Capital

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

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

45.435.041

0,10

91.101.231

0,16

105.641

0,11

141.639

0,11

Revaluation Fund

24.000.000

0,05

24.000.000

0,04

127.706

0,13

127.706

0,10

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

45.666.189

0,10

14.519.165

0,03

35.998

0,04

118.593

0,10

TOTAL LIABILITIES AND EQUITY

443.618.325

1,00

576.789.525

1,00

951.233

1,00

1.243.709

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 155 is "Doubtful Trade Receivables" and -TL thousand 155 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:3.845,Due From Participations:371.643,Due From Affiliated Companies:0,Due From Personnel:31,Other Miscellaneous Receivables:204.116,Other Receivable Total:579.635 

 

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

 

At the last income statement TL thousand 27.070 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

303.248.525

1,00

328.100.482

1,00

344.706

1,00

623.088

1,00

150.848

1,00

Cost of Goods Sold

241.321.940

0,80

306.792.068

0,94

305.203

0,89

491.630

0,79

118.301

0,78

Gross Profit

61.926.585

0,20

21.308.414

0,06

39.503

0,11

131.458

0,21

32.547

0,22

Operating Expenses

12.787.170

0,04

15.994.812

0,05

17.202

0,05

35.450

0,06

11.416

0,08

Operating Profit

49.139.415

0,16

5.313.602

0,02

22.301

0,06

96.008

0,15

21.131

0,14

Other Income

60.088.747

0,20

51.659.458

0,16

107.596

0,31

176.712

0,28

62.643

0,42

Other Expenses

45.331.363

0,15

25.114.526

0,08

40.067

0,12

90.783

0,15

27.567

0,18

Financial Expenses

9.308.175

0,03

14.988.531

0,05

48.575

0,14

48.564

0,08

22.786

0,15

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

54.588.624

0,18

16.870.003

0,05

41.255

0,12

133.373

0,21

33.421

0,22

Tax Payable

8.922.435

0,03

2.350.838

0,01

5.257

0,02

14.780

0,02

4.733

0,03

Postponed Tax Gain

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

45.666.189

0,15

14.519.165

0,04

35.998

0,10

118.593

0,19

28.688

0,19

 

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

(2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

6,48

2,60

3,93

3,39

 

Acid-Test Ratio

4,85

2,14

3,11

2,81

 

Cash Ratio

1,28

0,32

0,17

0,10

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,13

0,11

0,13

0,13

 

Short-term Receivable/Total Assets

0,33

0,51

0,55

0,65

 

Tangible Assets/Total Assets

0,35

0,23

0,22

0,15

 

TURNOVER RATIOS

 

 

Inventory Turnover

4,08

4,82

2,45

3,02

 

Stockholders' Equity Turnover

0,99

1,02

0,61

0,91

 

Asset Turnover

0,68

0,57

0,36

0,50

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,69

0,56

0,59

0,55

 

Current Liabilities/Total Assets

0,09

0,28

0,19

0,24

 

Financial Leverage

0,31

0,44

0,41

0,45

 

Gearing Percentage

0,45

0,80

0,69

0,82

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,15

0,05

0,06

0,17

 

Operating Profit Margin

0,16

0,02

0,06

0,15

 

Net Profit Margin

0,15

0,04

0,10

0,19

 

Interest Cover

6,86

2,13

1,85

3,75

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

74,78

105,28

211,47

130,84

 

Average Payable Period (days)

13,88

20,29

53,70

17,94

 

WORKING CAPITAL

225678305,00

256090161,00

521363,00

710413,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.01

UK Pound

1

Rs.99.83

Euro

1

Rs.70.07

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TRU

 

               

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.