MIRA INFORM REPORT

 

 

Report No. :

347006

Report Date :

31.10.2015

 

IDENTIFICATION DETAILS

 

Name :

MERSIN SEKER TARIM URUNLERI DOGAL MINARELLI SU VE ICECEKLER NAKLIYAT SANAYI TICARET A.S.

 

 

Registered Office :

Cilek Mah. 6355 Sok. No:15/A 33020 Akdeniz Mersin

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

34.07.1992

 

 

Com. Reg. No.:

12073

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Processing, packaging and trade of pulse. The subject also deals with filling and packaging of natural spring water.

 

 

No. of Employees :

260

 

 

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 :

Slow but correct

 

 

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

:

MERSIN SEKER TARIM URUNLERI DOGAL MINARELLI SU VE ICECEKLER NAKLIYAT SANAYI TICARET A.S.

HEAD OFFICE ADDRESS

:

Cilek Mah. 6355 Sok. No:15/A 33020 Akdeniz Mersin / Turkey

REMARKS ON HEAD OFFICE ADDRESS

:

The door number was changed from "183/A" to "15/A" by the municipality.

PHONE NUMBER

:

90-324-234 96 66

 

FAX NUMBER

:

90-324-234 96 68

 

 

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Uray

TAX NO

:

6180007229

REGISTRATION NUMBER

:

12073

REGISTERED OFFICE

:

Mersin Chamber of Commerce and Industry

DATE ESTABLISHED

:

24.07.1992

ESTABLISHMENT GAZETTE DATE/NO

:

05.08.1992/3085

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

 

REGISTERED CAPITAL

:

TL   30.000.000

PAID-IN CAPITAL

:

TL   30.000.000

HISTORY

:

Previous Name

:

Mersin Seker Sanayi Ve Ticaret A.S.

Changed On

:

01.04.2009 (Commercial Gazette Date /Number 09.04.2009/ 7288)

Previous Registered Capital

:

TL 6.000.000

Changed On

:

01.04.2009 (Commercial Gazette Date /Number 09.04.2009/ 7288)

Previous Registered Capital

:

TL 6.300.000

Changed On

:

31.12.2010 (Commercial Gazette Date /Number 06.01.2011/ 7724)

Previous Registered Capital

:

TL 11.010.000

Changed On

:

15.09.2011 (Commercial Gazette Date /Number 22.09.2011/ 7905)

Previous Registered Capital

:

TL 25.200.000

Changed On

:

17.05.2013 (Commercial Gazette Date /Number 23.05.2013/ 8326)

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Sabahattin Memis

16,66 %

Bulent Memis

16,66 %

Mehmet Memis

16,66 %

Murat Memis

16,66 %

Nizamettin Memis

16,66 %

Fahrettin Memis

16,66 %

 

 

GROUP

:

MEMIS GROUP OF COMPANIES

 

SISTER COMPANIES

:

ELGIN SU MAHSULLERI TARIM URUNLERI HAYVANCILIK SUT VE SUT URUNLERI MADENCILIK SANAYI VE TICARET A.S.

IDEAL MEMBA SULARI ENERJI MADENCILIK TARIM URUNLERI PETROL SANAYI VE TICARET A.S.

MAKS GIDA DAGITIM PAZARLAMA DEMIR CELIK INSAAT NAKLIYAT SANAYI TICARET LTD. STI.

MEMIS GIDA SANAYI VE TICARET LTD. STI.

 

BOARD OF DIRECTORS

:

Sabahattin Memis

Chairman

Bulent Memis

Vice-Chairman

Mehmet Memis

Member

Fahrettin Memis

Member

 

 

DIRECTORS

:

Murat Memis                                                                                                                                                                                                                                                                                   

General Manager

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

Processing, packaging and trade of pulse. The subject also deals with filling and packaging of natural spring water.

 

NACE CODE

:

DA.15.61

 

TRADEMARKS OWNED

:

Ideal

Memisler

Sahil

 

NUMBER OF EMPLOYEES

:

260

 

NET SALES

:

17.394.385 TL

(2003) 

24.913.316 TL

(2004) 

31.302.883 TL

(2005) 

38.588.684 TL

(2006) 

39.680.259 TL

(2007) 

56.083.158 TL

(2008) 

70.467.730 TL

(2009) 

118.519.954 TL

(2010) 

157.633.749 TL

(2011) 

158.551.828 TL

(2012) 

195.929 TL Thousand

(2013) 

274.133 TL Thousand

(2014) 

153.244 TL Thousand

(01.01-30.06.2015) 

 

 

IMPORT COUNTRIES

:

Egypt

China

Kyrgyzstan

Canada

Uzbekistan

Syria

Iran

Ukraine

Russia

India

 

MERCHANDISE IMPORTED

:

Bean

Chickpea

Lentil

Pulse

Rice

 

 

EXPORT VALUE

:

9.532.874 TL

(2003)

17.777.551 TL

(2004)

18.654.989 TL

(2005)

25.744.811 TL

(2006)

20.522.206 TL

(2007)

24.467.387 TL

(2008)

25.433.304 TL

(2009)

26.230.230 TL

(2010)

20.203.953 TL

(2011)

21.897.971 TL

(2012)

43.320.490 TL

(2013)

60.462 TL Thousand

(2014)

45.936 TL Thousand

(01.01-30.06.2015)

 

 

EXPORT COUNTRIES

:

France

U.K.

Germany

Northern Cyprus Turkish Republic

Afghanistan

Kuwait

Lebanon

Greece

 

MERCHANDISE  EXPORTED

:

Cereal grains

Chickpeas

Lentils

 

HEAD OFFICE ADDRESS

:

Cilek Mah. 6355 Sok. No:15/A 33020 Akdeniz  Mersin / Turkey (owned)

 

BRANCHES

:

Liaison Office  :  Mucahitler Cad. Yesil Cimen Is Hani No:1 Mersin/Turkey (owned)

Processing Plant  :  Nohut Koyu Bahce Osmaniye/Turkey (owned) (5.080 sqm)

 

Processing Plant  :  Cilek Mah. 6355. Sok No:110/B Akdeniz Mersin/Turkey (owned) (9.157 sqm)

 

Head Office/Processing Plant  :  Cilek Mah. 6355 Sok. No: 15/A 33020 Mersin/Turkey (owned) (9.157 sqm)

           

 

TREND OF BUSINESS

:

There was an upwards trend in 2014. Trend of business appears to be steady in 1.1 - 30.6.2015.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Akbank Liman Branch

Denizbank Mersin Branch

Finansbank Mersin Branch

Garanti Bankasi Mersin Branch

Kuveyt Turk Katilim Bankasi Mersin Branch

Yapi ve Kredi Bankasi Uray Branch

 

CREDIT FACILITIES

:

The subject company is making active use of credit facilities.

 

PAYMENT BEHAVIOUR

:

SLOW BUT CORRECT

KEY FINANCIAL ELEMENTS

:

 

(2011) TL

(2012) TL

(2013) TL Thousand

(2014) TL Thousand

(01.01-30.06.2015) TL Thousand

Net Sales

157.633.749

158.551.828

195.929

274.133

153.244

Profit (Loss) Before Tax

1.512.640

3.473.145

5.171

7.930

-298

Stockholders' Equity

39.970.725

43.234.984

48.430

55.359

 

Total Assets

140.743.522

125.354.936

169.968

195.335

 

Current Assets

108.009.319

93.786.064

139.790

165.638

 

Non-Current Assets

32.734.203

31.568.872

30.178

29.697

 

Current Liabilities

87.945.402

73.168.527

98.071

133.588

 

Long-Term Liabilities

12.827.395

8.951.425

23.467

6.388

 

Gross Profit (loss)

15.613.249

13.860.124

18.852

27.053

21.073

Operating Profit (loss)

7.678.558

5.348.934

9.775

13.966

11.456

Net Profit (loss)

1.189.489

2.925.209

4.508

6.929

-298

 

 

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

In Order Operating Profitability  in 2011

Low Net Profitability  in 2011

Fair Operating Profitability  in 2012

Fair Net Profitability  in 2012

In Order Operating Profitability  in 2013

Fair Net Profitability  in 2013

In Order Operating Profitability  in 2014

In Order Net Profitability  in 2014

Good Operating Profitability (01.01-30.06.2015)

Net Loss (01.01-30.06.2015)

 

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

 ( 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

 ( 2014 )

6,36 %

2,1891

2,8989

3,6060

 ( 01.01-30.06.2015)

5,49 %

2,5568

2,8727

3,9250

 ( 01.01-30.09.2015)

7,81 %

2,6640

2,9843

4,0944

 

 

BALANCE SHEETS

 

 

 ( 31.12.2011 )  TL

 

 ( 31.12.2012 )  TL

 

 ( 31.12.2013 )  TL Thousand

 

 ( 31.12.2014 )  TL Thousand

 

CURRENT ASSETS

108.009.319

0,77

93.786.064

0,75

139.790

0,82

165.638

0,85

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

918.338

0,01

1.548.010

0,01

1.167

0,01

7.745

0,04

Marketable Securities

0

0,00

0

0,00

0

0,00

1

0,00

Account Receivable

49.159.662

0,35

64.567.586

0,52

95.538

0,56

82.429

0,42

Other Receivable

147.810

0,00

147.810

0,00

0

0,00

123

0,00

Inventories

37.246.622

0,26

16.191.495

0,13

34.065

0,20

32.653

0,17

Advances Given

18.540.394

0,13

9.093.483

0,07

5.832

0,03

37.876

0,19

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

Other Current Assets

1.996.493

0,01

2.237.680

0,02

3.188

0,02

4.811

0,02

NON-CURRENT ASSETS

32.734.203

0,23

31.568.872

0,25

30.178

0,18

29.697

0,15

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

1.890

0,00

1.890

0,00

2

0,00

2

0,00

Financial Assets

0

0,00

0

0,00

0

0,00

0

0,00

Tangible Fixed Assets (net)

32.638.763

0,23

31.522.656

0,25

30.176

0,18

29.639

0,15

Intangible Assets

0

0,00

0

0,00

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

93.550

0,00

44.326

0,00

0

0,00

56

0,00

TOTAL ASSETS

140.743.522

1,00

125.354.936

1,00

169.968

1,00

195.335

1,00

CURRENT LIABILITIES

87.945.402

0,62

73.168.527

0,58

98.071

0,58

133.588

0,68

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

51.555.912

0,37

38.513.568

0,31

60.964

0,36

82.888

0,42

Accounts Payable

22.209.872

0,16

28.587.236

0,23

31.274

0,18

44.788

0,23

Loans from Shareholders

0

0,00

37.298

0,00

74

0,00

0

0,00

Other Short-term Payable

143.222

0,00

175.178

0,00

400

0,00

565

0,00

Advances from Customers

13.501.142

0,10

5.263.814

0,04

4.353

0,03

3.551

0,02

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

353.183

0,00

350.669

0,00

550

0,00

795

0,00

Provisions

182.071

0,00

240.764

0,00

456

0,00

1.001

0,01

Other Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

12.827.395

0,09

8.951.425

0,07

23.467

0,14

6.388

0,03

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

12.827.395

0,09

8.951.425

0,07

8.913

0,05

6.388

0,03

Securities Issued

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Payable

0

0,00

0

0,00

8.976

0,05

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

5.578

0,03

0

0,00

Provisions

0

0,00

0

0,00

0

0,00

0

0,00

STOCKHOLDERS' EQUITY

39.970.725

0,28

43.234.984

0,34

48.430

0,28

55.359

0,28

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

25.200.000

0,18

25.200.000

0,20

30.000

0,18

30.000

0,15

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

107

0,00

1.528.646

0,01

341

0,00

4.849

0,02

Revaluation Fund

13.581.129

0,10

13.581.129

0,11

13.581

0,08

13.581

0,07

Accumulated Losses(-)

0

0,00

0

0,00

0

0,00

0

0,00

Net Profit (loss)

1.189.489

0,01

2.925.209

0,02

4.508

0,03

6.929

0,04

TOTAL LIABILITIES AND EQUITY

140.743.522

1,00

125.354.936

1,00

169.968

1,00

195.335

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 1.371 is "Doubtful Trade Receivables" and -TL thousand 1.371 is "Provision for Doubtful Trade Receivables".

 

The details of "Other Receivable" figure at the last balance sheet (TL Thousand):  Due From Shareholders: 123, Due From Participations: 0, Due From Affiliated Companies:0,Due From Personnel: 0 ,Other Miscellaneous Receivables:0,Other Receivable Total: 123.

 

TL thousand 182 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 10.008 of the other expenses is due to "Loss from Foreign Currency Exchange".

 

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-30.06.2015) TL Thousand

 

Net Sales

157.633.749

1,00

158.551.828

1,00

195.929

1,00

274.133

1,00

153.244

1,00

Cost of Goods Sold

142.020.500

0,90

144.691.704

0,91

177.077

0,90

247.080

0,90

132.171

0,86

Gross Profit

15.613.249

0,10

13.860.124

0,09

18.852

0,10

27.053

0,10

21.073

0,14

Operating Expenses

7.934.691

0,05

8.511.190

0,05

9.077

0,05

13.087

0,05

9.617

0,06

Operating Profit

7.678.558

0,05

5.348.934

0,03

9.775

0,05

13.966

0,05

11.456

0,07

Other Income

6.214.832

0,04

7.138.118

0,05

10.121

0,05

8.699

0,03

1.962

0,01

Other Expenses

9.839.440

0,06

4.751.322

0,03

11.687

0,06

9.313

0,03

10.308

0,07

Financial Expenses

2.541.310

0,02

4.262.585

0,03

3.038

0,02

5.422

0,02

3.408

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

1.512.640

0,01

3.473.145

0,02

5.171

0,03

7.930

0,03

-298

0,00

Tax Payable

323.151

0,00

547.936

0,00

663

0,00

1.001

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)

1.189.489

0,01

2.925.209

0,02

4.508

0,02

6.929

0,03

-298

0,00

 

 

FINANCIAL RATIOS

 

 

 

(2011)

(2012)

(2013)

(2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,23

1,28

1,43

1,24

 

Acid-Test Ratio

0,57

0,91

0,99

0,68

 

Cash Ratio

0,01

0,02

0,01

0,06

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,26

0,13

0,20

0,17

 

Short-term Receivable/Total Assets

0,35

0,52

0,56

0,42

 

Tangible Assets/Total Assets

0,23

0,25

0,18

0,15

 

TURNOVER RATIOS

 

 

Inventory Turnover

3,81

8,94

5,20

7,57

 

Stockholders' Equity Turnover

3,94

3,67

4,05

4,95

 

Asset Turnover

1,12

1,26

1,15

1,40

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,28

0,34

0,28

0,28

 

Current Liabilities/Total Assets

0,62

0,58

0,58

0,68

 

Financial Leverage

0,72

0,66

0,72

0,72

 

Gearing Percentage

2,52

1,90

2,51

2,53

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,03

0,07

0,09

0,13

 

Operating Profit Margin

0,05

0,03

0,05

0,05

 

Net Profit Margin

0,01

0,02

0,02

0,03

 

Interest Cover

1,60

1,81

2,70

2,46

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

112,27

146,61

175,55

108,25

 

Average Payable Period (days)

56,30

71,13

81,83

65,26

 

WORKING CAPITAL

20063917,00

20617537,00

41719,00

32050,00

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.22

UK Pound

1

Rs.99.93

Euro

1

Rs.71.67

 

INFORMATION DETAILS

 

Analysis Done by :

HNA

 

 

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.