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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

500846

Report Date :

31.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SILVAN SANAYI A.S.

 

 

Registered Office :

Cerkesli Osb Mah. Imes 3 Blv. No:12 Dilovasi  41455 Kocaeli

 

 

Country :

Turkey

 

 

Financials (as on) :

31.12.2017 

 

 

Date of Incorporation :

07.09.1962

 

 

Com. Reg. No.:

27042

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacture and trade of steel casting products and steel rolling mill. 

 

 

No. of Employees :

221

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

 

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

 

Status :

Moderate

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Turkey

B2

B2

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

TURKEY - ECONOMIC OVERVIEW

 

Turkey's largely free-market economy is driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are generating financial market volatility and weighing on Turkey’s economic outlook.

Current government policies emphasize populist spending measures and credit breaks, while implementation of structural economic reforms has slowed. The government is playing a more active role in some strategic sectors and has used economic institutions and regulators to target political opponents, undermining private sector confidence in the judicial system. Between July 2016 and March 2017, three credit ratings agencies downgraded Turkey’s sovereign credit ratings, citing concerns about the rule of law and the pace of economic reforms.

Turkey remains highly dependent on imported oil and gas but is pursuing energy relationships with a broader set of international partners and taking steps to increase use of domestic energy sources including renewables, nuclear, and coal. The joint Turkish-Azerbaijani Trans-Anatolian Natural Gas Pipeline is moving forward to increase transport of Caspian gas to Turkey and Europe, and when completed will help diversify Turkey's sources of imported gas.

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. An aggressive privatization program also reduced state involvement in basic industry, banking, transport, power generation, and communication. 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 growth rebounded to around 9% in 2010 and 2011, as exports and investment recovered following the crisis.

The growth of Turkish GDP since 2016 has revealed the persistent underlying imbalances in the Turkish economy. In particular, Turkey’s large current account deficit means it must rely on external investment inflows to finance growth, leaving the economy vulnerable to destabilizing shifts in investor confidence. Other troublesome trends include rising unemployment and inflation, which increased in 2017, given the Turkish lira’s continuing depreciation against the dollar. Although government debt remains low at about 30% of GDP, bank and corporate borrowing has almost tripled as a percent of GDP during the past decade, outpacing its emerging-market peers and prompting investor concerns about its long-term sustainability.

 

Source : CIA

 

 

NOTES

 

Address at your inquiry is the former address.                                                                                                                                                                          

 

 

COMPANY IDENTIFICATION

 

 

 

NAME

SILVAN SANAYI A.S.

HEAD OFFICE ADDRESS

Cerkesli Osb Mah. Imes 3 Blv. No:12 Dilovasi  41455 Kocaeli / Turkey

PHONE NUMBER

90-262-674 75 00

 

FAX NUMBER

90-262-674 75 99

 

WEB-ADDRESS

www.silvansanayi.com  (Under Construction)

E-MAIL

info@silvansanayi.com

 

 

LEGAL STATUS AND HISTORY

 

 

NOTES ON LEGAL STATUS AND HISTORY

Change at registration no.                                                                                                                                                                         

 

TAX OFFICE

Ulucinar

TAX NO

7700026662

REGISTRATION NUMBER

27042

REGISTERED OFFICE

Gebze Chamber of Commerce

COMMERCIAL REGISTRY

Gebze Commercial Registry

DATE ESTABLISHED

07.09.1962

LEGAL FORM

Joint Stock Company

TYPE OF COMPANY

Private

REGISTERED CAPITAL

TL   34.000.000

PAID-IN CAPITAL

TL   34.000.000

HISTORY

Previous Registered Capital   :  

TL 16.100.000    / Changed on : 14.06.2007/(Commercial Gazette Date /Number 20.06.2007 /6834)

Previous Registered Capital   :  

TL 18.000.000    / Changed on : 18.08.2009/(Commercial Gazette Date /Number 24.08.2009 /7382)

Previous Registered Capital   :  

TL 24.500.000    / Changed on : 27.06.2012/(Commercial Gazette Date /Number 03.07.2012 /8103)

Previous Registered Capital   :  

TL 31.000.000    / Changed on : 31.03.2015/(Commercial Gazette Date /Number 06.04.2015 /8794)

Previous Address   :  

Cevizli Mah. Kar Sokak No:4 Maltepe Istanbul    / Changed on : 25.11.2015/(Commercial Gazette Date /Number 01.12.2015 /8958)

Previous Address   :  

Cevizli Mah. Karton Sok. No:4 Maltepe Istanbul (The address has been changed from "Cevizli Tugay Yolu No:75 Maltepe" to "Cevizli Mah. Kar Sok. No:4 Maltepe" by the municipality. Then the street name has been changed from "Kar Sok." to "Karton Sok." by the municipality again.)    / Changed on : 05.09.2017/(Commercial Gazette Date /Number 13.09.2017 /9407)

Previous Commercial Registry   :  

Istanbul Commercial Registry    / Changed on : 05.09.2017/(Commercial Gazette Date /Number 13.09.2017 /9407)

Previous Registration Number   :  

82598    / Changed on : 05.09.2017/(Commercial Gazette Date /Number 13.09.2017 /9407)

 

 

OWNERSHIP/ MANAGEMENT

 

 

 

SHAREHOLDERS

Ali Orhan Tiner

22,50 %

E.Nese Mollaoglu

15,70 %

Ela Gulboy

15 %

Demir Mollaoglu

12 %

Emin Vedat Mollaoglu

12 %

Mehmet Rifat Ozalp

10 %

Fevziye Zeynep Ozalp

10 %

Tekin Mollaoglu

2,80 %

 

SISTER COMPANIES

 

 

 

- DMY DEMIR TAAHHUT PROJE VE DANISMANLIK TICARET LTD. STI. ( Origin: Turkey,  Tax Number: 3020488988 ,  Registration Number: 702232 )

- ISTANBUL MAKINA FABRIKASI A.S. ( Origin: Turkey,  Tax Number: 4810036753 ,  Registration Number: 131149 )

- SILVAN DIS VE IC TICARET A.S. ( Origin: Turkey,  Tax Number: 7700026605 ,  Registration Number: 223104 )

 

 

SUBSIDIARIES

 

 

 

- ISTANBUL MAKINA FABRIKASI A.S.  ( Tax Number: 4810036753,  Registration Number: 131149,  Origin: Turkey)

 

 

BOARD OF DIRECTORS

 

Demir Mollaoglu ( Chairman )

Emin Vedat Mollaoglu ( Vice-Chairman )

Ela Gulboy ( Member )

Mehmet Rifat Ozalp ( Member )

Fevziye Zeynep Ozalp ( Member )

 

 

 

DIRECTORS

Demir Mollaoglu ( General Manager )

 

 

 

OPERATIONS

 

 

 BUSINESS ACTIVITIES

Manufacture and trade of steel casting products and steel rolling mill. 

 

NACE CODE

DJ.27.52

 

SECTOR

Metal

 

NUMBER OF EMPLOYEES

221

 

 

NET SALES

18.104 TL Thousand

(2003) 

21.907 TL Thousand

(2004) 

30.180 TL Thousand

(2005) 

33.630.879 TL

(2006) 

45.721.540 TL

(2007) 

49.119.451 TL

(2008) 

35.207.039 TL

(2009) 

42.413.118 TL

(2010) 

52.517.839 TL

(2011) 

59.379 TL Thousand

(2012) 

61.758 TL Thousand

(2013) 

76.644 TL Thousand

(2014) 

81.509 TL Thousand

(2015) 

74.075 TL Thousand

(2016) 

100.289 TL Thousand

(2017) 

 

CAPACITY

Steel casting products

 ( kgs/yr)

Steel rolling mill

 ( units/yr)

 

10.000.000

2.812

(2017)

10.000.000

2.812

(2018)

 

IMPORT COUNTRIES

Austria

Germany

Italy

Poland

 

MERCHANDISE IMPORTED

Machineries

Raw materials

 

EXPORT VALUE

61.340 TL Thousand

(2015)

51.733 TL Thousand

(2016)

68.766 TL Thousand

(2017)

 

EXPORT COUNTRIES

Germany

Bulgaria

Iraq

Singapore

Syria

Colombia

U.S.A.

U.K.

Greece

Libya

Hong-Kong

China

Brazil

Mexico

Romania

Poland

Italy

Hungary

 

MERCHANDISE  EXPORTED

Molding patterns

Parts of rolling mill

Rolls

 

HEAD OFFICE ADDRESS

Cerkesli Osb Mah. Imes 3 Blv. No:12 Dilovasi   Kocaeli / Turkey

 

BRANCHES

Head Office/Production Plant  :  Cerkesli Osb Mah. Imes 3 Blv. No:12 Dilovasi Kocaeli/Turkey ( owned ) ( 59.994  sqm )

 

Production Plant  :  E-5 Karayolu Yanyol Uzeri Kosklu Cesme Mah. Ist. Cad. No:57 Gebze Kocaeli/Turkey  

           

GENERAL INFORMATION ON OPERATIONS

The firm has a considerable market potential.

 

 

TREND OF BUSINESS

There was a decline at business volume in nominal terms in 2016. There was an upwards trend in 2017.

SIZE OF BUSINESS

Giant

 

 

 

 

FINANCE

 

 

 

MAIN DEALING BANKS

T. Is Bankasi Kartal Sanayi Branch

T. Garanti Bankasi Kartal Branch

Akbank  Kartal Ticari 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

 

(2013)                                                                                TL Thousand

(2014)                                                                                TL Thousand

(2015)                                                                                TL Thousand

(2016)                                                                                TL Thousand

(2017)                                                                                TL Thousand

Net Sales

61.758

76.644

81.509

74.075

100.289

Profit (Loss) Before Tax

3.099

4.135

6.390

3.131

-3.934

Stockholders' Equity

38.055

40.602

46.347

45.608

41.674

Total Assets

66.179

112.102

164.159

238.756

318.598

Current Assets

33.313

72.535

81.571

61.149

84.474

Non-Current Assets

32.866

39.567

82.588

177.607

234.124

Current Liabilities

14.989

23.898

35.560

95.292

96.640

Long-Term Liabilities

13.135

47.602

82.252

97.856

180.284

Gross Profit (loss)

14.855

17.546

18.307

16.003

16.095

Operating Profit (loss)

5.261

6.581

7.492

2.884

-1.985

Net Profit (loss)

2.367

3.725

5.744

2.791

-3.934

 

 

COMMENT ON FINANCIAL POSITION

 

Capitalization

Insufficient As of 31.12.2017

Liquidity

Insufficient As of 31.12.2017

Remarks On Liquidity

 

The favorable gap between average collection and average payable period has a positive effect on liquidity.                                                                                                                                                 

 

Profitability

Good Operating Profitability  in 2013

In Order Net Profitability  in 2013

Good Operating Profitability  in 2014

Good Net Profitability  in 2014

Good Operating Profitability  in 2015

High Net Profitability  in 2015

Fair Operating Profitability  in 2016

In Order Net Profitability  in 2016

Operating Loss  in 2017

Net Loss  in 2017

 

Gap between average collection and payable periods

Favorable in 2017

General Financial Position

Unsatisfactory

 

 

CREDIT OPINION WITHOUT OBLIGATION

 

 

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

 ( 2015 )

5,71 %

2,7230

3,0254

4,1661

 ( 2016 )

9,94 %

3,0292

3,3349

4,1006

 ( 2017 )

15,47 %

3,6337

4,1120

4,7059

 ( 01.01-28.02.2018)

3,69 %

3,7820

4,6191

5,2464

 

 

LAST FINANCIAL STATEMENT DETAILS

 The financial statements of the last year have not become certain yet.                                                                                                                       

 

 

BALANCE SHEETS

 

 

31.12.2013  ( Full Year  )  TL Thousand

 

31.12.2014  ( Full Year  )  TL Thousand

 

31.12.2015  ( Full Year  )  TL Thousand

 

31.12.2016  ( Full Year  )  TL Thousand

 

31.12.2017  ( Full Year  )  TL Thousand

 

CURRENT ASSETS

33.313

0,50

72.535

0,65

81.571

0,50

61.149

0,26

84.474

0,27

Not Detailed Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Cash and Banks

2.103

0,03

33.509

0,30

39.059

0,24

962

0,00

5.064

0,02

Marketable Securities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Account Receivable

13.540

0,20

18.417

0,16

20.107

0,12

20.132

0,08

24.702

0,08

Other Receivable

1

0,00

1

0,00

2

0,00

4

0,00

145

0,00

Inventories

16.405

0,25

17.983

0,16

16.619

0,10

21.784

0,09

29.210

0,09

Advances Given

761

0,01

322

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

503

0,01

2.303

0,02

5.784

0,04

18.267

0,08

25.353

0,08

NON-CURRENT ASSETS

32.866

0,50

39.567

0,35

82.588

0,50

177.607

0,74

234.124

0,73

Not Detailed Non-Current Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Long-term Receivable

1.110

0,02

1.110

0,01

7

0,00

2

0,00

2

0,00

Financial Assets

0

0,00

0

0,00

1.104

0,01

1.105

0,00

1.105

0,00

Tangible Fixed Assets (net)

25.607

0,39

32.442

0,29

81.477

0,50

176.500

0,74

233.017

0,73

Intangible Assets

6.121

0,09

6.012

0,05

0

0,00

0

0,00

0

0,00

Deferred Tax Assets

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Other Non-Current Assets

28

0,00

3

0,00

0

0,00

0

0,00

0

0,00

TOTAL ASSETS

66.179

1,00

112.102

1,00

164.159

1,00

238.756

1,00

318.598

1,00

CURRENT LIABILITIES

14.989

0,23

23.898

0,21

35.560

0,22

95.292

0,40

96.640

0,30

Not Detailed Current Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

5.773

0,09

8.324

0,07

21.146

0,13

57.104

0,24

51.087

0,16

Accounts Payable

5.756

0,09

12.301

0,11

11.324

0,07

33.664

0,14

39.871

0,13

Loans from Shareholders

0

0,00

0

0,00

0

0,00

0

0,00

1.386

0,00

Other Short-term Payable

1.191

0,02

775

0,01

542

0,00

667

0,00

795

0,00

Advances from Customers

755

0,01

139

0,00

268

0,00

1.070

0,00

1.425

0,00

Accumulated Construction Income

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Taxes Payable

732

0,01

811

0,01

798

0,00

1.033

0,00

1.176

0,00

Provisions

688

0,01

727

0,01

1.482

0,01

1.754

0,01

900

0,00

Other Current Liabilities

94

0,00

821

0,01

0

0,00

0

0,00

0

0,00

LONG-TERM LIABILITIES

13.135

0,20

47.602

0,42

82.252

0,50

97.856

0,41

180.284

0,57

Not Detailed Long-term Liabilities

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Financial Loans

10.554

0,16

44.758

0,40

0

0,00

0

0,00

0

0,00

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

0

0,00

0

0,00

78.813

0,48

94.416

0,40

176.844

0,56

Provisions

2.581

0,04

2.844

0,03

3.439

0,02

3.440

0,01

3.440

0,01

STOCKHOLDERS' EQUITY

38.055

0,58

40.602

0,36

46.347

0,28

45.608

0,19

41.674

0,13

Not Detailed Stockholders' Equity

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Paid-in Capital

31.000

0,47

31.000

0,28

34.000

0,21

34.000

0,14

34.000

0,11

Cross Shareholding Adjustment of Capital

0

0,00

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

0

0,00

Equity of Consolidated Firms

0

0,00

0

0,00

0

0,00

0

0,00

0

0,00

Reserves

4.541

0,07

5.731

0,05

6.603

0,04

8.817

0,04

11.608

0,04

Revaluation Fund

147

0,00

146

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

0

0,00

Net Profit (loss)

2.367

0,04

3.725

0,03

5.744

0,03

2.791

0,01

-3.934

-0,01

TOTAL LIABILITIES AND EQUITY

66.179

1,00

112.102

1,00

164.159

1,00

238.756

1,00

318.598

1,00

 

 

INCOME STATEMENTS

 

 

(2013)  ( Full Year  )  TL Thousand

 

(2014)  ( Full Year  )  TL Thousand

 

(2015)  ( Full Year  )  TL Thousand

 

(2016)  ( Full Year  )  TL Thousand

 

(2017)  ( Full Year  )  TL Thousand

 

Net Sales

61.758

1,00

76.644

1,00

81.509

1,00

74.075

1,00

100.289

1,00

Cost of Goods Sold

46.903

0,76

59.098

0,77

63.202

0,78

58.072

0,78

84.194

0,84

Gross Profit

14.855

0,24

17.546

0,23

18.307

0,22

16.003

0,22

16.095

0,16

Operating Expenses

9.594

0,16

10.965

0,14

10.815

0,13

13.119

0,18

18.080

0,18

Operating Profit

5.261

0,09

6.581

0,09

7.492

0,09

2.884

0,04

-1.985

-0,02

Other Income

973

0,02

2.752

0,04

20.123

0,25

3.200

0,04

3.192

0,03

Other Expenses

2.742

0,04

4.066

0,05

20.316

0,25

2.300

0,03

3.807

0,04

Financial Expenses

393

0,01

1.132

0,01

909

0,01

653

0,01

1.334

0,01

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

3.099

0,05

4.135

0,05

6.390

0,08

3.131

0,04

-3.934

-0,04

Tax Payable

732

0,01

410

0,01

646

0,01

340

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)

2.367

0,04

3.725

0,05

5.744

0,07

2.791

0,04

-3.934

-0,04

 

 

 

 

LAST FINANCIAL STATEMENT DETAILS

 

 

TL Thousand

Cash

57

Banks

5.007

Doubtful Trade Receivables

109

Provision for Doubtful Trade Receivables

-109

Other Miscellaneous Receivables (in Other Receivable)

145

Overdue, Delayed or Deferred Tax by Installments and Other Liabilities

2

 

 

FINANCIAL RATIOS

 

 

(2013)

(2014)

(2015)

(2016)

(2017)

LIQUIDITY RATIOS

 

Current Ratio

2,22

3,04

2,29

0,64

0,87

Acid-Test Ratio

1,04

2,17

1,66

0,22

0,31

Cash Ratio

0,14

1,40

1,10

0,01

0,05

ASSET STRUCTURE RATIOS

 

Inventory/Total Assets

0,25

0,16

0,10

0,09

0,09

Short-term Receivable/Total Assets

0,20

0,16

0,12

0,08

0,08

Tangible Assets/Total Assets

0,39

0,29

0,50

0,74

0,73

TURNOVER RATIOS

 

Inventory Turnover

2,86

3,29

3,80

2,67

2,88

Stockholders' Equity Turnover

1,62

1,89

1,76

1,62

2,41

Asset Turnover

0,93

0,68

0,50

0,31

0,31

FINANCIAL STRUCTURE

 

Stockholders' Equity/Total Assets

0,58

0,36

0,28

0,19

0,13

Current Liabilities/Total Assets

0,23

0,21

0,22

0,40

0,30

Financial Leverage

0,42

0,64

0,72

0,81

0,87

Gearing Percentage

0,74

1,76

2,54

4,23

6,65

PROFITABILITY RATIOS

 

Net Profit/Stockholders' Eq.

0,06

0,09

0,12

0,06

-0,09

Operating Profit Margin

0,09

0,09

0,09

0,04

-0,02

Net Profit Margin

0,04

0,05

0,07

0,04

-0,04

Interest Cover

8,89

4,65

8,03

5,79

-1,95

COLLECTION-PAYMENT

 

Average Collection Period (days)

85,40

91,72

88,84

97,85

88,68

Average Payable Period (days)

44,18

74,93

64,50

208,69

170,48

WORKING CAPITAL

18324,00

48637,00

46011,00

-34143,00

-12166,00

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.04

UK Pound

1

INR 92.28

Euro

1

INR 80.62

TRY

1

INR 16.46

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

NIT

 

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.