MIRA
INFORM REPORT
|
Report Date : |
7th
November, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
BAYDEMIRLER TEKSTIL SANAYI VE TICARET A.S. |
|
|
|
|
Registered Office : |
Vasif
Cinar Cad. No: 89 Sultanhamam- Istanbul / Turkey |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
04.02.1980 |
|
|
|
|
Com. Reg. No.: |
170005-117481 |
|
|
|
|
Legal Form : |
Joint
Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trade of home textile products such as guipure, lace,
curtain, brode, embroidery. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
Status : |
Moderate
|
|
|
|
|
Payment Behaviour : |
Unknown
|
|
|
|
|
Litigation : |
Unknown
|
COMPANY IDENTIFICATION
|
NAME |
: |
BAYDEMIRLER TEKSTIL SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Vasif Cinar Cad. No: 89 Sultanhamam-
Istanbul / Turkey General Directorate: Asirefendi Cad. Hoca Kasim Koprusu Sok. No:2
Sirkeci- Istanbul / Turkey Factory: Hadimkoy Yolu Uzeri San. Bir Bulvari 3.
Bolge 6. Cad. No: 35 Buyukcekmece- Istanbul / Turkey Factory : San. Bir Bulvari 2. Bolge Ataturk Cad.
No:25 Kirac Mevki- Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-519 32 35 (6 lines) |
|
FAX NUMBER |
: |
90-212-519 32 42 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Dis Ticaret / 1520024360 |
|
|
REGISTRATION NUMBER |
: |
170005-117481 |
|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce and Industry |
|
|
DATE ESTABLISHED |
: |
04.02.1980 |
|
|
LEGAL FORM |
: |
Joint Stock Company |
|
|
TYPE OF COMPANY |
: |
Private |
|
|
REGISTERED CAPITAL |
: |
YTL 27,647,650 |
|
|
PAID-IN CAPITAL |
: |
YTL 27,647,650 |
|
HISTORY |
: |
|
|
|
|
|
Previous Name |
:Baydemirler Mefrusat Kollektif Sirketi –Nurettin Baydemir ve Ogullari |
|
|
|
Name Changed on |
: 05.05.1989 (Commercial Registry Gazette Date/No: 12.05.1989/2272) |
|
|
|
Previous Registered Capital |
: YTL 4 million |
|
|
|
Regist. Capital Changed on |
:22.12.2000 (Commercial Registry Gazette Date/No: 26.12.2000/5204) |
|
|
|
Previous Registered Capital |
: YTL 10 million |
|
|
|
Regist. Capital Changed on |
: 28.12.2001 (Commercial Registry Gazette Date/No:07.01.2002/5459) |
|
|
|
Previous Registered Capital |
:YTL 15,000,000 |
|
|
|
Regist. Capital Changed on |
:31.12.2002 (Commercial Registry Gazette Date/No:10.01.2003/5715) |
|
|
|
Other Historical Events |
:On 10.11.2004, the subject decided to take over and merge with its
sister company “Bayip Iplik Dokuma Sanayi ve Ticaret A.S.” (Commercial
Registry Gazette Date / No: 17.11.2004 / 6178). Legal procedure about the
merger has been completed and the registered capital of the subject was
increased from YTL 25,000,000 to YTL 27,647,650 on 16.01.2006 (Commercial
Registry Gazette Date / No: 18.01.2006 / 6473). The increase amount YTL
2,647,650 is the value of taken company Bayip Iplik Dokuma San. ve Tic. A.S. |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Baydemirler Dis Tic.ve Tekstil A.S. Nurettin Baydemir Erdogan Baydemir Ergun Baydemir Mustafa Baydemir Busra Baydemir Turcihan Baydemir Beypa Tekstil Urunleri Paz.Tic.A.S. |
40,54 % 17,30 % 10,27 % 10,27 % 10,27 % 7,15 % 3,34 % 0,86 % |
|||
|
GROUP |
: |
Baydemirler group of companies Some of the main companies operating with group are declared as
follows: -Baydemirler Tekstil San. Ve Tic.AS. -Nabay Tekstil San.Ve Tic.AS. -Baydok Dokuma Sanayi Ve Ticaret AS. -Bayfil Iplik San.Ve Tic.AS. -Bayev Evtekstil Urunleri Sanayi ve Ticaret Pazarlama
A.S. -Baypa Tekstil Urun.Paz.Tic.AS. -Baydemirler Dis Ticaret Ve Teks.AS. -Ajansbay Tanitim Hizmetleri Ve Produksiyon.Ltd.Sti. (not active now) -Euro-Bay
GmbH (not active now) (located in Germany) |
||||
|
SUBSIDIARIES |
: |
Name of the Subsidiary Nabay Tekstil San. ve Tic. A.S. Ajansbay Tanitim Hizmetleri Ve Produksiyon.Ltd.Sti |
Share 3,5 % 50 % |
Occupation Manufacture and trade of home
textiles Advertisement (not active) |
||
|
BOARD OF DIRECTORS |
: |
Erdogan Baydemir Mustafa Baydemir Ergun Baydemir |
||||
|
DIRECTORS |
: |
Nail Ozcoban Banu Turkcan Soysal |
General Manager Deputy General Manager |
|||
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
Manufacture and trade of home textile products such as guipure, lace, curtain, brode, embroidery... |
|
|||
|
SECTOR |
: |
Textile |
|
|||
|
|
|
|
|
|||
|
TRADEMARK(S) |
: |
"Brillant" (well known trademark in Turkey) |
||||
|
NUMBER OF EMPLOYEES |
: |
1,893 |
||||
NET SALES |
: |
(YTL) 1,787,549 5,901,056 12,516,101 20,214,821 47,404,455 76,860,771 125,907,574 167,695,205 205,788,318 199,085,431 110,618,927 |
(1996) (1997) (1998) (1999) (2000) (2001) (2003) (2004) (2005) (1.1-30.06.2006) |
|||
|
IMPORT VALUE |
: |
USD 10,739,845 USD 3,450,000 USD 6,890,000 USD 12,563,294 USD 12,340,000 USD 22 million USD 56,900,000 USD 57,075,000 USD 33,098,766 USD 33,127,357 |
(1997) (1998) (1999) (2000) (2004) (2005) (1.1-30.06.2006) |
|||
|
IMPORT COUNTRIES |
: |
Germany, Switzerland, Japan, Korea, Singapore, China, Pakistan.…
|
||||
|
MERCHANDISE IMPORTED |
: |
Yarn, tulle, spare parts of machinery, cotton fabric |
||||
|
EXPORT VALUE |
: |
(YTL) 358,687 377,977 149,324 71,813 137,782 2,920,198 57,590,015 |
(2000) (2004) (2005) (1.1-30.06.2006) |
|||
|
EXPORT COUNTRIES |
: |
Belgium, Egypt, Germany, Iran, Italy, Japan, Netherlands, South
Africa, South Korea, Spain… |
||||
|
MERCHANDISE EXPORTED |
: |
Tulle |
||||
|
PREMISES |
: |
Head office: Vasif Cinar Cad. No: 89 Sultanhamam- Istanbul ( rented) General Directorate: Asirefendi Cad. Hoca Kasim Koprusu Sok. No:2
Sirkeci- Istanbul (owned by Baydemirler Dis Ticaret Ve Teks.AS.) 1st Factory: Hadimkoy Yolu Uzeri San. Bir Bulvari 3. Bolge
6. Cad. No: 35 Buyukcekmece- Istanbul (13,574 sqm area) (owned) 2nd Factory : San. Bir Bulvari 2. Bolge Ataturk Cad.
No:25 Kirac Mevki- Istanbul (owned) (24,125 sqm area) |
||||
|
FIXED CAPITAL INVESTMENTS |
: |
None |
||||
|
|
|
|
||||
|
TREND OF BUSINESS |
: |
There
was an upwards trend between 2002-2004 but there was a decline at business
volume in nominal terms in 2005. |
|||
|
COMMERCIAL MORALITY |
: |
Fair |
|||
|
SIZE OF BUSINESS |
: |
Giant |
|||
FINANCE
|
MAIN DEALING BANKERS |
: |
Finansbank Yenibosna branch in Istanbul T. Is Bankasi Sultanhamam branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making use of short-term and long-term credit
facilities. |
|
PAYMENT BEHAVIOR |
: |
According to the official registries between 01.01.2000-30.09.2006,
there are 2 protested bills in 2001 and 6 non-paid cheques in 2006 registered
in the name of “Baydemirler Tekstil”. However the bills in 2001 and 4 of the
non-paid cheques in 2006 were paid later on. |
COMMENT ON FINANCIAL POSITION
BASIS OF
PRESENTATION OF THE FINANCIAL STATEMENTS
The statements of
31.12.2003 are prepared according to historical cost accounting. The
statements of 31.12.2004 are prepared according to inflation adjustment
accounting. As there was a decline at cumulative inflation rate, inflation adjustment has not been applied
to the financial statements of 31.12.2005 and 30.06.2006. However the
“inflation adjustment of capital” figure, high amount of “reserves” and
“accumulated losses” figures are still situated at the balance sheet of
31.12.2005 (as they were once positioned at the balance
sheet when the statements were reflected in real terms due to the inflation
adjustment in 2004).
It has
to be noted that at the beginning of the first period of application, the
difference between adjusted asset value and adjusted equity value &
adjusted liabilities value is shown at accumulated profit (in other words
reserves) or accumulated losses item. And this accumulated profit is not
subjected to tax and this accumulated loss is not considered as a loss.
FINANCIAL STRUCTURE (SUFFICENCY
OF OWN RESOURCES)
|
Capitalization
was in order as of 31.12.2005. It has to be noted that 5 % of total
liabilities and equity was due to long term loans from shareholders rather
than liabilities to third parties as of 31.12.2005. However we
expect a deterioration at total equity since then as the firm had loss in the first 6 months of 2006. |
|||
|
LIQUIDITY |
|||
|
In order |
As of
31.12.2005 |
||
|
PROFITABILITY |
|||
|
Low |
In
2005 |
High
Loss |
Between
1.1.-30.6.2006 |
|
GAP BETWEEN COLLECTION-PAYMENT PERIODS |
|||
|
Favorable |
In
2005 |
||
|
GENERAL FINANCIAL POSITION |
|||
|
Profitability
was low but capitalization and liquidity were in order in 2005. The subject
had high loss in the first 6 months of 2006. So, we expect a
deterioration at total equity. |
|||
CREDIT OPINION
|
PROPOSED CREDIT AMOUNT |
: |
|
|
OUR RATING OPINION |
: |
B |
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, the subject is suitable for dealing on
secured terms for any amount of business. |
|
|
Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(1998) |
54.30 % |
0.2657 |
0.2967 |
0.4410 |
|
(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 |
|
(1.1.-30.06.2006) |
11.68 % |
1.3979 |
1.7196 |
2.4977 |
|
(1.1.-31.10.2006) |
12.04 % |
1.4294 |
1.7812 |
2.6055 |
(Statements of 31.12.2003 are perepared according to historical cost
accounting)
(Statements of 31.12.2004 are prepared according to inflation adjustment
accounting)
(Inflation adjustment has not been applied to the statements of 31.12.2005
and 30.06.2006)
BALANCE SHEETS
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
31.12.03 |
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
61.135.142 |
|
0,30 |
|
64.044.690 |
|
0,20 |
|
81.629.945 |
|
0,26 |
|
Cash and Banks |
9.837.194 |
|
0,05 |
|
12.966.947 |
|
0,04 |
|
16.275.263 |
|
0,05 |
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Account
Receivable |
30.426.632 |
|
0,15 |
|
22.712.817 |
|
0,07 |
|
38.155.976 |
|
0,12 |
|
Other
Receivable |
104.891 |
|
0,00 |
|
260.699 |
|
0,00 |
|
412.450 |
|
0,00 |
|
Inventories |
18.434.685 |
|
0,09 |
|
26.706.285 |
|
0,08 |
|
17.370.780 |
|
0,05 |
|
Advances Given |
563.452 |
|
0,00 |
|
536.660 |
|
0,00 |
|
8.629.447 |
|
0,03 |
|
Other Current
Assets |
1.768.288 |
|
0,01 |
|
861.282 |
|
0,00 |
|
786.029 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
142.915.233 |
|
0,70 |
|
258.057.466 |
|
0,80 |
|
237.141.837 |
|
0,74 |
|
Long-term Receivable |
0 |
|
0,00 |
|
174 |
|
0,00 |
|
8.500.000 |
|
0,03 |
|
Financial
Assets |
351.000 |
|
0,00 |
|
2.380.186 |
|
0,01 |
|
2.380.186 |
|
0,01 |
|
Tangible Fixed
Assets (net) |
131.056.133 |
|
0,64 |
|
240.025.160 |
|
0,75 |
|
210.505.719 |
|
0,66 |
|
Intangible
Assets |
10.706.509 |
|
0,05 |
|
13.259.336 |
|
0,04 |
|
12.772.087 |
|
0,04 |
|
Other
Non-Current Assets |
801.591 |
|
0,00 |
|
2.392.610 |
|
0,01 |
|
2.983.845 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
204.050.375 |
|
1,00 |
|
322.102.156 |
|
1,00 |
|
318.771.782 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
56.612.831 |
|
0,28 |
|
72.995.955 |
|
0,23 |
|
69.893.001 |
|
0,22 |
|
Financial Loans |
27.164.854 |
|
0,13 |
|
11.520.562 |
|
0,04 |
|
13.107.866 |
|
0,04 |
|
Accounts
Payable |
27.580.001 |
|
0,14 |
|
34.872.654 |
|
0,11 |
|
33.835.832 |
|
0,11 |
|
Loans from
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Other
Short-term Payable |
931.515 |
|
0,00 |
|
1.975.844 |
|
0,01 |
|
1.297.814 |
|
0,00 |
|
Advances from
Customers |
0 |
|
0,00 |
|
23.296.041 |
|
0,07 |
|
20.464.873 |
|
0,06 |
|
Taxes Payable |
936.461 |
|
0,00 |
|
1.330.854 |
|
0,00 |
|
1.186.616 |
|
0,00 |
|
Other Current
Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
79.926.742 |
|
0,39 |
|
110.667.350 |
|
0,34 |
|
105.528.611 |
|
0,33 |
|
Financial Loans |
11.544.397 |
|
0,06 |
|
25.603.396 |
|
0,08 |
|
26.877.301 |
|
0,08 |
|
Long-term
Payable |
52.737.644 |
|
0,26 |
|
82.679.387 |
|
0,26 |
|
62.058.196 |
|
0,19 |
|
Loans from
Shareholders |
15.644.701 |
|
0,08 |
|
2.384.567 |
|
0,01 |
|
16.593.114 |
|
0,05 |
|
Other Long-term
Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
67.510.802 |
|
0,33 |
|
138.438.851 |
|
0,43 |
|
143.350.170 |
|
0,45 |
|
Paid-in Capital |
25.000.000 |
|
0,12 |
|
27.647.650* |
|
0,09 |
|
27.647.650* |
|
0,09 |
|
Inflation
Adjustment of Capital |
not applic. |
|
|
|
63.900.528 |
|
0,20 |
|
63.900.528 |
|
0,20 |
|
Reserves |
773.986 |
|
0,00 |
|
46.715.653 |
|
0,15 |
|
49.777.398 |
|
0,16 |
|
Revaluation
Fund |
39.153.414 |
|
0,19 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Accumulated
Losses(-) |
0 |
|
0,00 |
|
-2.886.726 |
|
-0,01 |
|
-2.886.726 |
|
-0,01 |
|
Net Profit (loss) |
2.583.402 |
|
0,01 |
|
3.061.746 |
|
0,01 |
|
4.911.320 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
204.050.375 |
|
1,00 |
|
322.102.156 |
|
1,00 |
|
318.771.782 |
|
1,00 |
*The registered capital of firm was YTL 25,000,000 as of 31.12.2003,
31.12.2004 and 31.12.2005. However as the subject is decided to take over and
merge with Bayip Iplik Dokuma Sanayi ve Ticaret AS on 10.11.2004, the capital
figure was reflected as YTL 27,647,650 at the balance sheet of 31.12.2004 and
31.12.2005. It has to be noted that, legal procedure about the merger has been
completed and the registered capital of the subject was increased from YTL
25,000,000 to YTL 27,647,650 on 16.01.2006. (Commercial Registry Gazette
Date/No: 18.01.2006 / 6473).The increase amount YTL 2,647,650 is the value of
taken company Bayip Iplik Dokuma San. ve Tic.A.S.
INCOME STATEMENTS
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
2003 |
|
|
|
2004 |
|
|
|
2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
167.695.205 |
|
1,00 |
|
205.788.318 |
|
1,00 |
|
199.085.431 |
|
1,00 |
|
Cost of Goods
Sold |
163.875.479 |
|
0,98 |
|
217.356.141 |
|
1,06 |
|
188.753.191 |
|
0,95 |
|
Gross Profit |
3.819.726 |
|
0,02 |
|
-11.567.823 |
|
-0,06 |
|
10.332.240 |
|
0,05 |
|
Operating
Expenses |
2.907.218 |
|
0,02 |
|
3.984.935 |
|
0,02 |
|
6.353.844 |
|
0,03 |
|
Operating Profit |
912.508 |
|
0,01 |
|
-15.552.758 |
|
-0,08 |
|
3.978.396 |
|
0,02 |
|
Other Income |
28.625.545 |
|
0,17 |
|
88.419.978 |
|
0,43 |
|
31.323.228 |
|
0,16 |
|
Other Expenses |
25.599.818 |
|
0,15 |
|
63.070.747 |
|
0,31 |
|
22.373.396 |
|
0,11 |
|
Financial
Expenses |
1.354.833 |
|
0,01 |
|
6.734.727 |
|
0,03 |
|
8.016.908 |
|
0,04 |
|
Profit (loss) Before Tax |
2.583.402 |
|
0,02 |
|
3.061.746 |
|
0,01 |
|
4.911.320 |
|
0,02 |
|
Tax |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
Net Profit (loss) |
2.583.402 |
|
0,02 |
|
3.061.746 |
|
0,01 |
|
4.911.320 |
|
0,02 |
FINANCIAL RATIOS
|
|
2003 |
|
|
|
2004 |
|
|
|
2005 |
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,08 |
|
|
|
0,88 |
|
|
|
1,17 |
|
Acid-Test Ratio |
0,71 |
|
|
|
0,49 |
|
|
|
0,78 |
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,09 |
|
|
|
0,08 |
|
|
|
0,05 |
|
Short-term Receivable/Total Assets |
0,15 |
|
|
|
0,07 |
|
|
|
0,12 |
|
Tangible Assets/Total Assets |
0,64 |
|
|
|
0,75 |
|
|
|
0,66 |
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
8,89 |
|
|
|
8,14 |
|
|
|
10,87 |
|
Stockholders' Equity Turnover |
2,48 |
|
|
|
1,49 |
|
|
|
1,39 |
|
Asset Turnover |
0,82 |
|
|
|
0,64 |
|
|
|
0,62 |
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,33 |
|
|
|
0,43 |
|
|
|
0,45 |
|
Current Liabilities/Total Assets |
0,28 |
|
|
|
0,23 |
|
|
|
0,22 |
|
Financial Leverage |
0,67 |
|
|
|
0,57 |
|
|
|
0,55 |
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,04 |
|
|
|
0,02 |
|
|
|
0,03 |
|
Operating Profit Margin |
0,01 |
|
|
|
-0,08 |
|
|
|
0,02 |
|
Net Profit Margin |
0,02 |
|
|
|
0,01 |
|
|
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
65,32 |
|
|
|
39,73 |
|
|
|
84,37 |
|
Average Payable Period (days) |
176,44 |
|
|
|
194,70 |
|
|
|
182,89 |
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT
|
|
|
YTL |
|
|
|
|
1.1-30.6.2006 |
|
|
|
|
|
|
|
|
Net Sales |
110.618.927 |
1,00 |
|
|
Cost of Goods
Sold |
106.258.241 |
0,96 |
|
|
Gross Profit |
4.360.686 |
0,04 |
|
|
Operating
Expenses |
3.810.434 |
0,03 |
|
|
Operating Profit |
550.252 |
0,00 |
|
|
Other Income |
14.885.282 |
0,13 |
|
|
Other Expenses |
31.098.496 |
0,28 |
|
|
Financial
Expenses |
17.002.422 |
0,15 |
|
|
Profit (loss) Before Tax |
-32.665.384 |
-0,30 |
|
|
Tax |
0 |
0,00 |
|
|
Net Profit (loss) |
-32.665.384 |
-0,30 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|