MIRA INFORM REPORT

 

 

Report No. :

346988  

Report Date :

31.10.2015

 

IDENTIFICATION DETAILS

 

Name :

SISECAM DIS TICARET A.S.

 

 

Registered Office :

4.Levent Is Kuleleri Kule-2 Besiktas Istanbul

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

20.04.2007

 

 

Com. Reg. No.:

623660

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

The Subject Performs the Foreign Trade Activities of Sisecam Group. 

 

 

No. of Employees :

19

 

 

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

:

SISECAM DIS TICARET A.S.

HEAD OFFICE ADDRESS

:

4.Levent Is Kuleleri Kule-2 Besiktas Istanbul / Turkey

PHONE NUMBER

:

90-212-313 47 17

 

FAX NUMBER

:

90-212-313 48 04

90-212-313 48 05

 

WEB-ADDRESS

:

www.sisecamdisticaret.com

 

LEGAL STATUS AND HISTORY

 

 

TAX OFFICE

:

Bogazici Kurumlar

TAX NO

:

8140456810

REGISTRATION NUMBER

:

623660

REGISTERED OFFICE

:

Istanbul Chamber of Commerce

DATE ESTABLISHED

:

20.04.2007

ESTABLISHMENT GAZETTE DATE/NO

:

27.04.2007/6796

LEGAL FORM

:

Joint Stock Company

TYPE OF COMPANY

:

Private

REGISTERED CAPITAL

:

TL   5.000.000

PAID-IN CAPITAL

:

TL   5.000.000

 

HISTORY

:

Previous Registered Capital

:

TL 2.000.000

Changed On

:

19.03.2008 (Commercial Gazette Date /Number 24.03.2008/ 7026)

Previous Address

:

Istiklal Cad. Terkos Cikmazi Istiklal Cad. No: 2 Beyoglu 34430 Istanbul(The door number was changed from "314" to "2" by the municipality.)

Changed On

:

29.01.2014 (Commercial Gazette Date /Number 05.02.2014/ 8501)

 

 

OWNERSHIP / MANAGEMENT

 

 

SHAREHOLDERS

:

Turkiye Sise ve Cam Fabrikalari A.S.

99,95 %

Sisecam Sigorta Aracilik Hizmetleri A.S.

0,05 %

 

 

GROUP PARENT COMPANY

:

TURKIYE SISE VE CAM FABRIKALARI A.S.

 

SISTER COMPANIES

:

ANADOLU CAM ESKISEHIR SANAYI A.S.

ANADOLU CAM INVESTMENT B.V.

ANADOLU CAM SANAYII A.S.

ANADOLU CAM YENISEHIR SANAYI A.S.

AUTOMOTIVE GLASS ALLIANCE RUS RUS TRADING OOO

AUTOMOTIVE GLASS ALLIANCE RUS ZAO

BALSAND B.V.

CAM ELYAF SANAYII A.S.

CAMIS AMBALAJ SANAYI A.S.

CAMIS EGYPT MINING LTD CO

CAMIS ELEKTRIK URETIM A.S.

CAMIS LIMITED

CAMIS MADENCILIK A.S.

CAMIS RUS ZAO

CAMIS YATIRIM HOLDING A.S.

CAYIROVA CAM SANAYII A.S.

CJSC BREWERY PIVDENNA

CROMITAL S.P.A.

DENIZLI CAM SANAYI VE TICARET A.S.

GLASS CORP S.A.

JSC MINA

MADENCILIK SANAYI VE TICARET A.S.

MEREFA GLASS COMPANY LTD.

OAO RUSCAM POKROVSKY

OMCO ISTANBUL KALIP SANAYI VE TICARET A.S.

OOO RUSCAM GLASS PACKAGING HOLDING

OOO RUSCAM MANAGEMENT COMPANY

OXYVIT KIMYA SANAYI VE TICARET A.S.

PASABAHCE CAM SANAYII VE TICARET A.S.

PASABAHCE GLAS GMBH

PASABAHCE INVESTMENT B.V.

PASABAHCE MAGAZALARI A.S.

PASABAHCE MAGAZALARI B.V.

PASABAHCE SRL

PASABAHCE USA INC

PASABAHCE YATIRIM VE PAZARLAMA A.S.

POSUDA LIMITED

RICHARD FRITZ HOLDING GMBH

RICHARD FRITZ KFT

RICHARD FRITZ PROTOTYPE+SPARE PARTS GMBH

RICHARD FRITZ SPOL S.R.O.

RUDNIK KRECNJAKA VIJENAC D.O.O.

RUSCAM LTD

SAINT GOBAIN GLASS EGYPT SAE

SC GLASS TRADING B.V.

SISECAM (SHANGHAI) TRADING CO. LTD.

SISECAM BULGARIA EOOD

SISECAM BULGARIA LTD

SISECAM CHEM INVESTMENT B.V.

SISECAM ENERJI A.S.

SISECAM SIGORTA ARACILIK HIZMETLERI A.S.

SISECAM SODA LUKAVAC D.O.O.

SODA SANAYII A.S.

SOLVAY SISECAM HOLDING AG

SOLVAY SODI AD

TRAKYA AUTOGLASS HOLDING B.V.

TRAKYA CAM INVESTMENT B.V.

TRAKYA CAM SANAYII A.S.

TRAKYA GLASS BULGARIA EAD

TRAKYA GLASS KUBAN OOO

TRAKYA GLASS LOGISTICS EAD

TRAKYA GLASS RUS TRADING OOO

TRAKYA GLASS RUS ZAO

TRAKYA INVESTMENT B.V.

TRAKYA POLATLI CAM SANAYII A.S.

TRAKYA YENISEHIR CAM SANAYII A.S.

TRSG AUTOGLASS HOLDING BV

TRSG GLASS HOLDING BV

TURKIYE SISE VE CAM FABRIKALARI A.S.

 

BOARD OF DIRECTORS

:

Mustafa Gorkem Elverci

Chairman

Aytac Saniye Mutluguller

Vice-Chairman

Mufit Ozkara

Member

Mediha Ince

Member

Ulfet Yeseren Karacik

Member

 

 

OPERATIONS

 

 

BUSINESS ACTIVITIES

:

The subject performs the foreign trade activities of Sisecam group. 

 

NACE CODE

:

G .51.19

 

SECTOR

:

Commerce

 

NUMBER OF EMPLOYEES

:

19

 

NET SALES

:

489.519.751 TL

(20.04-31.12.2007) 

1.142.609.915 TL

(2008) 

1.140.871.149 TL

(2009) 

1.257.250.318 TL

(2010) 

1.551.849.915 TL

(2011) 

1.565.074.981 TL

(2012) 

1.703.345 TL Thousand

(2013) 

1.912.101 TL Thousand

(2014) 

994.963 TL Thousand

(01.01-30.06.2015) 

 

 

CAPACITY

:

None

 

PRODUCTION

:

None

 

IMPORT COUNTRIES

:

South Africa

 

MERCHANDISE IMPORTED

:

Chromite

 

EXPORT VALUE

:

476.184.208 TL

(20.04-31.12.2007)

1.104.017.664 TL

(2008)

1.088.994.044 TL

(2009)

1.192.787.196 TL

(2010)

844.381.366 USD

(2011)

1.464.340.327 TL

(2012)

1.594.035.748 TL

(2013)

1.833.647 TL Thousand

(2014)

953.733 TL Thousand

(01.01-30.06.2015)

 

 

EXPORT COUNTRIES

:

Bulgaria

Czech Republic

European Countries

Egypt

Lebanon

China

U.S.A.

 

MERCHANDISE  EXPORTED

:

Plate

Sheet

Synthetic rubber

 

HEAD OFFICE ADDRESS

:

4.Levent Is Kuleleri Kule-2 Besiktas  Istanbul / Turkey

 

INVESTMENTS

:

None

 

TREND OF BUSINESS

:

There was an upwards trend in  2014. There appears a slowdown at business volume in real terms in  1.1 - 30.6.2015.

SIZE OF BUSINESS

:

Giant

 

 

FINANCE

 

 

MAIN DEALING BANKS

:

Turkiye Is Bankasi Istanbul Kurumsal 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

(01.01-30.06.2015) TL Thousand

Net Sales

1.551.849.915

1.565.074.981

1.703.345

1.912.101

994.963

Profit (Loss) Before Tax

5.141.534

5.358.919

5.840

7.973

4.167

Stockholders' Equity

12.544.830

17.903.750

19.744

27.716

 

Total Assets

325.220.490

423.774.942

509.718

460.346

 

Current Assets

325.158.723

423.555.492

509.536

460.194

 

Non-Current Assets

61.767

219.450

182

152

 

Current Liabilities

312.434.891

405.595.158

489.671

432.313

 

Long-Term Liabilities

240.769

276.034

303

317

 

Gross Profit (loss)

59.736.141

58.129.405

71.928

75.154

40.025

Operating Profit (loss)

3.747.559

3.389.962

4.256

5.269

2.574

Net Profit (loss)

5.141.534

5.358.919

5.840

7.973

4.167

 

 

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Low As of 31.12.2014

Liquidity

Satisfactory As of 31.12.2014

Remarks 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 2011

Low Net Profitability  in 2011

Low Operating Profitability  in 2012

Low Net Profitability  in 2012

Low Operating Profitability  in 2013

Low Net Profitability  in 2013

Low Operating Profitability  in 2014

Low Net Profitability  in 2014

Low Operating Profitability (01.01-30.06.2015)

Low Net Profitability (01.01-30.06.2015)

 

Gap between average collection and payable periods

Favorable in 2014

General Financial Position

Passable

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

Incr. in producers’ price index

 

Average USD/TL

Average EUR/TL

Average GBP/ TL

 ( 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

325.158.723

1,00

423.555.492

1,00

509.536

1,00

460.194

1,00

 

 

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Cash and Banks

413.851

0,00

628.258

0,00

1.001

0,00

1.214

0,00

 

 

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Account Receivable

287.094.524

0,88

328.021.012

0,77

406.360

0,80

422.864

0,92

 

 

Other Receivable

28.899.578

0,09

94.781.612

0,22

101.077

0,20

31.176

0,07

 

 

Inventories

0

0,00

0

0,00

33

0,00

0

0,00

 

 

Advances Given

8.727.538

0,03

80.786

0,00

0

0,00

31

0,00

 

 

Accumulated Construction Expense

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Current Assets

23.232

0,00

43.824

0,00

1.065

0,00

4.909

0,01

 

 

NON-CURRENT ASSETS

61.767

0,00

219.450

0,00

182

0,00

152

0,00

 

 

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Long-term Receivable

102

0,00

102

0,00

0

0,00

0

0,00

 

 

Financial Assets

2.868

0,00

15.358

0,00

52

0,00

56

0,00

 

 

Tangible Fixed Assets (net)

45.762

0,00

47.832

0,00

51

0,00

59

0,00

 

 

Intangible Assets

13.035

0,00

148.663

0,00

75

0,00

37

0,00

 

 

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Other Non-Current Assets

0

0,00

7.495

0,00

4

0,00

0

0,00

 

 

TOTAL ASSETS

325.220.490

1,00

423.774.942

1,00

509.718

1,00

460.346

1,00

 

 

CURRENT LIABILITIES

312.434.891

0,96

405.595.158

0,96

489.671

0,96

432.313

0,94

 

 

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

3.400.020

0,01

30.523.252

0,07

73.434

0,14

24

0,00

 

 

Accounts Payable

290.195.838

0,89

330.697.479

0,78

409.880

0,80

427.644

0,93

 

 

Loans from Shareholders

16.309.111

0,05

27.441.572

0,06

1.686

0,00

2.457

0,01

 

 

Other Short-term Payable

0

0,00

14.730.596

0,03

848

0,00

128

0,00

 

 

Advances from Customers

240.320

0,00

505.431

0,00

913

0,00

1.094

0,00

 

 

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Taxes Payable

1.624.659

0,00

1.116.971

0,00

1.034

0,00

81

0,00

 

 

Provisions

22.943

0,00

78.447

0,00

1.185

0,00

0

0,00

 

 

Other Current Liabilities

642.000

0,00

501.410

0,00

691

0,00

885

0,00

 

 

LONG-TERM LIABILITIES

240.769

0,00

276.034

0,00

303

0,00

317

0,00

 

 

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Financial Loans

0

0,00

0

0,00

0

0,00

0

0,00

 

 

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

240.769

0,00

276.034

0,00

303

0,00

317

0,00

 

 

STOCKHOLDERS' EQUITY

12.544.830

0,04

17.903.750

0,04

19.744

0,04

27.716

0,06

 

 

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

 

 

Paid-in Capital

5.000.000

0,02

5.000.000

0,01

5.000

0,01

5.000

0,01

 

 

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

2.403.296

0,01

7.544.831

0,02

8.904

0,02

14.743

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

0

0,00

 

 

Net Profit (loss)

5.141.534

0,02

5.358.919

0,01

5.840

0,01

7.973

0,02

 

 

TOTAL LIABILITIES AND EQUITY

325.220.490

1,00

423.774.942

1,00

509.718

1,00

460.346

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 45  is "Doubtful Trade Receivables" and -TL thousand 45  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:26.685,Due From Participations:0,Due From Affiliated Companies:0,Due From Personnel:3,Other Miscellaneous Receivables:4.488,Other Receivable Total:31.176.  

 

TL thousand 0 of "Tax Payable" is due to "Overdue, Delayed or Deferred Tax by Installments and Other Liabilities" at the last balance sheet.  

 

INCOME STATEMENTS

 

 

(2011) TL

 

(2012) TL

 

(2013) TL Thousand

 

(2014) TL Thousand

 

(01.01-30.06.2015) TL Thousand

 

Net Sales

1.551.849.915

1,00

1.565.074.981

1,00

1.703.345

1,00

1.912.101

1,00

994.963

1,00

Cost of Goods Sold

1.492.113.774

0,96

1.506.945.576

0,96

1.631.417

0,96

1.836.947

0,96

954.938

0,96

Gross Profit

59.736.141

0,04

58.129.405

0,04

71.928

0,04

75.154

0,04

40.025

0,04

Operating Expenses

55.988.582

0,04

54.739.443

0,03

67.672

0,04

69.885

0,04

37.451

0,04

Operating Profit

3.747.559

0,00

3.389.962

0,00

4.256

0,00

5.269

0,00

2.574

0,00

Other Income

3.494.571

0,00

5.141.059

0,00

2.564

0,00

4.130

0,00

2.216

0,00

Other Expenses

993.621

0,00

451.442

0,00

700

0,00

838

0,00

592

0,00

Financial Expenses

1.106.975

0,00

2.720.660

0,00

280

0,00

588

0,00

31

0,00

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

5.141.534

0,00

5.358.919

0,00

5.840

0,00

7.973

0,00

4.167

0,00

Tax Payable

0

0,00

0

0,00

0

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)

5.141.534

0,00

5.358.919

0,00

5.840

0,00

7.973

0,00

4.167

0,00

 

FINANCIAL RATIOS

 

 

(2011)

(2012)

(2013)

(2014)

 

LIQUIDITY RATIOS

 

 

Current Ratio

1,04

1,04

1,04

1,06

 

Acid-Test Ratio

1,01

1,04

1,04

1,05

 

Cash Ratio

0,00

0,00

0,00

0,00

 

ASSET STRUCTURE RATIOS

 

 

Inventory/Total Assets

0,00

0,00

0,00

0,00

 

Short-term Receivable/Total Assets

0,97

1,00

1,00

0,99

 

Tangible Assets/Total Assets

0,00

0,00

0,00

0,00

 

TURNOVER RATIOS

 

 

Inventory Turnover

 

 

49436,88

 

 

Stockholders' Equity Turnover

123,70

87,42

86,27

68,99

 

Asset Turnover

4,77

3,69

3,34

4,15

 

FINANCIAL STRUCTURE

 

 

Stockholders' Equity/Total Assets

0,04

0,04

0,04

0,06

 

Current Liabilities/Total Assets

0,96

0,96

0,96

0,94

 

Financial Leverage

0,96

0,96

0,96

0,94

 

Gearing Percentage

24,92

22,67

24,82

15,61

 

PROFITABILITY RATIOS

 

 

Net Profit/Stockholders' Eq.

0,41

0,30

0,30

0,29

 

Operating Profit Margin

0,00

0,00

0,00

0,00

 

Net Profit Margin

0,00

0,00

0,00

0,00

 

Interest Cover

5,64

2,97

21,86

14,56

 

COLLECTION-PAYMENT

 

 

Average Collection Period (days)

66,60

75,45

85,88

79,61

 

Average Payable Period (days)

70,02

79,00

90,45

83,81

 

WORKING CAPITAL

12723832,00

17960334,00

19865,00

27881,00

 

 

 

 

 

 

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 :

HEE

 

 

Report Prepared by :

TPT

 

               

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.