MIRA
INFORM REPORT
|
Report Date : |
02.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MONROL NUKLEER URUNLER TICARET VE SANAYI A.S. |
|
|
|
|
Registered Office : |
Tubitak Marmara Teknoparki 41470 Gebze- Kocaeli |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2006 |
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|
|
|
Date of Incorporation : |
26.12.1985 |
|
|
|
|
Com. Reg. No.: |
7513-11952 |
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|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Manufacture and trade of radioactive materials |
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 : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
MONROL NUKLEER URUNLER TICARET VE SANAYI
A.S. |
|
ADDRESS |
: |
Head Office & 1st
Production Plant: Tubitak Marmara Teknoparki 41470 Gebze- Kocaeli/ Turkey Branch Office: Halil Rifat Pasa Mah. Perpa
Ticaret Merkezi A Blok No:9/0006 Sisli- Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-262-646 40 66 (Head Office) 90-212-222 38 28 (Branch Office) |
|
FAX NUMBER |
: |
90-262-646 40 39 (Head Office) 90-212-222 38 17 (Branch Office) |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Ulucinar / 6220049141 |
|
|
|
REGISTRATION NUMBER |
: |
7513-11952 |
|
|
|
REGISTERED OFFICE |
: |
Gebze Chamber of Commerce |
|
|
|
DATE ESTABLISHED |
: |
26.12.1985 (Commercial Registry Gazette
Date/No: 03.01.1986/1422) |
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LEGAL FORM |
: |
Joint Stock Company |
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|
|
TYPE OF COMPANY |
: |
Private |
|
|
|
REGISTERED CAPITAL |
: |
YTL 5,000,000 |
|
|
|
PAID-IN CAPITAL |
: |
YTL 5,000,000 |
|
|
|
HISTORY |
: |
|
||
|
|
|
Previous Name |
: Monrol Teknik
Malzeme Sanayi ve Ticaret A.S |
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|
|
|
Name Changed On |
: 03.04.1995 (Commercial Registry Gazette
Date/No: 10.04.1995/3763) |
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|
|
|
Previous Registered Capital |
: YTL 1,000,000 |
|
|
|
|
Regist. Capital Changed on |
: 12.10.2006 (Commercial Registry Gazette
Date/No: 19.10.2006/6667) |
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|
Previous Address |
: Halit Rifat Pasa Mah. Perpa Ticaret
Merkezi A Blok No:9/0006 Sisli- Istanbul |
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|
|
|
Address Changed On |
: 08.01.2004 (Commercial Registry Gazette
Date/No: 19.02.2004/5990) |
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|
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|
Other Historical Events |
: The
firm was firstly established in Istanbul and registered at Istanbul
Commercial Registry with registration no.”220274-167831” on 26.12.1985. After
that on 08.01.2004, the firm moved from Istanbul to Gebze- Kocaeli and
registered at Gebze Commercial Registry with registration no.”7513-11952”.
(Commercial Registry Gazette Date/No: 19.02.2004/5990) |
|
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Sukru Bozluolcay Ugur Bozluolcay Melda Bozluolcay Murat Bozluolcay Asli Bozluolcay |
60
% 30
%
9 % 0,5 % 0,5 % |
|
|
GROUP |
: |
“Bozluolcay Group” Some of the companies operating within
this group are declared to be as follows: -Monrol Nukleer Urunler Ticaret ve Sanayi
A.S. -Marmara Nukleer Tip Ticaret ve Sanayi
A.S. -Epsilon Elektronik Sanayi ve Ticaret Ltd.
Sti. -Marmara Turizm Gida Sanayi ve Ticaret
A.S. -Molekuler Goruntuleme
Ticaret ve Sanayi A.S. -Epsilon NDT
Endustriyel Kontrol Sistemleri Sanayi ve Ticaret A.S -Globus Yapi Taahhut
Sanayi ve Ticaret A.S. -Continental
Otelcilik Turizm A.S. |
||
|
SUBSIDIARIES |
: |
None |
||
|
BOARD OF DIRECTORS |
: |
Sukru Bozluolcay Ugur Bozluolcay Melda Bozluolcay |
Chairman Vice-Chairman Member |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of radioactive
materials |
|||
|
SECTOR |
: |
Chemicals |
|||
|
TRADEMARK(S) |
: |
None |
|||
|
NUMBER OF
EMPLOYEES |
: |
82 |
|||
|
NET SALES |
: |
(YTL) 6,724,975 9,112,004 14,344,499 |
(2004) (2005) (2006) |
||
|
CAPACITY |
: |
(Units/Yr) 54,240 54,240 54,240 |
(2004) (2005) (2006) |
||
|
IMPORT VALUE |
: |
USD 1,206,000 +
EUR 318,000 USD 1,655,000 +
EUR 254,000 USD 1,569,000 +
EUR 154,500 |
(2004) (2005) (2006) |
||
|
IMPORT COUNTRIES |
: |
South Africa, Belgium, USA, Germany, Japan
|
|||
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MERCHANDISE
IMPORTED |
: |
Raw materials |
|||
|
EXPORT VALUE |
: |
(YTL) 611,412 932,391 925,684 |
(2004) (2005) (2006) |
||
|
EXPORT COUNTRIES |
: |
Algeria, Azerbaijan, Egypt, India, Jordan,
Lebanon, Norway, Pakistan |
|||
|
MERCHANDISE
EXPORTED |
: |
Radio-active materials, isotope compounds,
chemicals…etc |
|||
|
PREMISES |
: |
Head Office & 1st
Production Plant: Tubitak Marmara Teknoparki 41470 Gebze- Kocaeli (1,500 sqm)
Branch Office: Halil Rifat Pasa Mah. Perpa
Ticaret Merkezi A Blok No:9/0006 Sisli- Istanbul 2nd Production Plant: Hacettepe
Universitesi Beytepe Kampusu Ankara 3rd Production Plant: Adana
Organize Sanayi Bolgesi Adana (However
there is no production activity at this plant now. The firm has declared
that, production activity will start in 1 month) Warehouse: Esot San. Sitesi D Blok No:24
Ikitelli- Istanbul (owned by Sukru Bozluolcay) |
|||
|
FIXED CAPITAL
INVESTMENTS |
: |
The firm is investing in a new production
plant in Izmir. |
|||
|
TREND OF
BUSINESS |
: |
Upwards |
|
COMMERCIAL MORALITY |
: |
Good |
|
SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
T. Is Bankasi Gebze branch in Kocaeli Yapi ve Kredi Bankasi Gebze branch in
Kocaeli Oyakbank Gebze branch in Kocaeli |
|
CREDIT FACILITIES |
: |
The subject company is making active use
of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding
payments from banks. According to the official registries between 01.01.2000-28.02.2007, there are no protested bills and non-paid cheques registered in the name of “Monrol Nukleer”. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
|
The capitalization was fair (44 %) as of 31.12.2006 |
|
|
LIQUIDITY |
|
|
High |
As of 31.12.2006 |
|
PROFITABILITY |
|
|
High |
In 2006 |
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
|
|
Unfavorable but Short |
In 2006 |
|
GENERAL
FINANCIAL POSITION |
|
|
Satisfactory |
|
CREDIT OPINION
|
OUR RISK OPINION |
: |
Ba
|
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of
EUR 1.7 million may be granted to the subject company. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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 |
|
(1.1.-28.02.2007) |
0,89 % |
1.4134 |
1.8509 |
2.7760 |
|
BALANCE SHEETS |
|||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
2.920.108 |
|
0,55 |
|
4.638.471 |
|
0,45 |
|
9.175.571 |
|
0,51 |
|
|
|
Cash and
Banks |
686.691 |
|
0,13 |
|
1.472.625 |
|
0,14 |
|
3.866.853 |
|
0,22 |
|
|
|
Marketable Securities |
156.775 |
|
0,03 |
|
61.808 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
1.385.645 |
|
0,26 |
|
1.793.772 |
|
0,17 |
|
2.839.235 |
|
0,16 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
532.032 |
|
0,10 |
|
642.914 |
|
0,06 |
|
833.017 |
|
0,05 |
|
|
|
Advances
Given |
156.239 |
|
0,03 |
|
227.527 |
|
0,02 |
|
1.095.458 |
|
0,06 |
|
|
|
Other
Current Assets |
2.726 |
|
0,00 |
|
439.825 |
|
0,04 |
|
541.008 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
2.379.626 |
|
0,45 |
|
5.708.730 |
|
0,55 |
|
8.740.428 |
|
0,49 |
|
|
|
Long-term
Receivable |
12.297 |
|
0,00 |
|
13.714 |
|
0,00 |
|
13.774 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
1.948.683 |
|
0,37 |
|
4.268.169 |
|
0,41 |
|
7.128.260 |
|
0,40 |
|
|
|
Intangible Assets |
233.529 |
|
0,04 |
|
1.262.037 |
|
0,12 |
|
1.525.214 |
|
0,09 |
|
|
|
Other
Non-Current Assets |
185.117 |
|
0,03 |
|
164.810 |
|
0,02 |
|
73.180 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
5.299.734 |
|
1,00 |
|
10.347.201 |
|
1,00 |
|
17.915.999 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
1.877.392 |
|
0,35 |
|
2.819.157 |
|
0,27 |
|
1.621.443 |
|
0,09 |
|
|
|
Financial
Loans |
283.622 |
|
0,05 |
|
171.964 |
|
0,02 |
|
211.164 |
|
0,01 |
|
|
|
Accounts
Payable |
1.167.903 |
|
0,22 |
|
2.277.613 |
|
0,22 |
|
796.879 |
|
0,04 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances
from Customers |
48.140 |
|
0,01 |
|
102 |
|
0,00 |
|
79.443 |
|
0,00 |
|
|
|
Taxes
Payable |
82.702 |
|
0,02 |
|
40.904 |
|
0,00 |
|
252.217 |
|
0,01 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
72.523 |
|
0,00 |
|
|
|
Other
Current Liabilities |
295.025 |
|
0,06 |
|
328.574 |
|
0,03 |
|
209.217 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
1.162.845 |
|
0,22 |
|
4.231.653 |
|
0,41 |
|
8.494.928 |
|
0,47 |
|
|
|
Financial
Loans |
858.596 |
|
0,16 |
|
4.229.925 |
|
0,41 |
|
8.488.318 |
|
0,47 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
1.728 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
304.249 |
|
0,06 |
|
0 |
|
0,00 |
|
6.610 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
2.259.497 |
|
0,43 |
|
3.296.391 |
|
0,32 |
|
7.799.628 |
|
0,44 |
|
|
|
Paid-in
Capital |
1.000.000 |
|
0,19 |
|
1.000.000 |
|
0,10 |
|
5.000.000 |
|
0,28 |
|
|
|
Inflation
Adjustment of Capital |
1.235.226 |
|
0,23 |
|
1.235.226 |
|
0,12 |
|
0 |
|
0,00 |
|
|
|
Reserves |
26.902 |
|
0,01 |
|
67.766 |
|
0,01 |
|
102.289 |
|
0,01 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-463.464 |
|
-0,09 |
|
-43.496 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
460.833 |
|
0,09 |
|
1.036.895 |
|
0,10 |
|
2.697.339 |
|
0,15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQ. |
5.299.734 |
|
1,00 |
|
10.347.201 |
|
1,00 |
|
17.915.999 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
6.724.975 |
|
1,00 |
|
9.112.004 |
|
1,00 |
|
14.344.499 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
4.870.580 |
|
0,72 |
|
5.330.106 |
|
0,58 |
|
6.643.671 |
|
0,46 |
|
|
|
Gross Profit |
1.854.395 |
|
0,28 |
|
3.781.898 |
|
0,42 |
|
7.700.828 |
|
0,54 |
|
|
|
Operating
Expenses |
1.311.893 |
|
0,20 |
|
2.638.934 |
|
0,29 |
|
4.274.785 |
|
0,30 |
|
|
|
Operating Profit |
542.502 |
|
0,08 |
|
1.142.964 |
|
0,13 |
|
3.426.043 |
|
0,24 |
|
|
|
Other
Income |
459.735 |
|
0,07 |
|
608.368 |
|
0,07 |
|
1.764.705 |
|
0,12 |
|
|
|
Other
Expenses |
371.584 |
|
0,06 |
|
610.825 |
|
0,07 |
|
2.018.192 |
|
0,14 |
|
|
|
Financial
Expenses |
169.820 |
|
0,03 |
|
103.612 |
|
0,01 |
|
390.873 |
|
0,03 |
|
|
|
Profit (loss) Before Tax |
460.833 |
|
0,07 |
|
1.036.895 |
|
0,11 |
|
2.781.683 |
|
0,19 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
84.344 |
|
0,01 |
|
|
|
Net Profit (loss) |
460.833 |
|
0,07 |
|
1.036.895 |
|
0,11 |
|
2.697.339 |
|
0,19 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
|
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|||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,56 |
|
|
|
1,65 |
|
|
|
5,66 |
|
|
|
|
|
Acid-Test Ratio |
1,19 |
|
|
|
1,18 |
|
|
|
4,14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,10 |
|
|
|
0,06 |
|
|
|
0,05 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,26 |
|
|
|
0,17 |
|
|
|
0,16 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,37 |
|
|
|
0,41 |
|
|
|
0,40 |
|
|
|
|
|
|
|
|
|
|
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|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
9,15 |
|
|
|
8,29 |
|
|
|
7,98 |
|
|
|
|
|
Stockholders' Equity Turnover |
2,98 |
|
|
|
2,76 |
|
|
|
1,84 |
|
|
|
|
|
Asset Turnover |
1,27 |
|
|
|
0,88 |
|
|
|
0,80 |
|
|
|
|
|
|
|
|
|
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,43 |
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0,32 |
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0,44 |
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Current Liabilities/Total Assets |
0,35 |
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0,27 |
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0,09 |
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Financial Leverage |
0,57 |
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0,68 |
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0,56 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,20 |
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0,31 |
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0,35 |
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Operating Profit Margin |
0,08 |
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0,13 |
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0,24 |
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Net Profit Margin |
0,07 |
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0,11 |
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0,19 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
74,83 |
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71,41 |
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71,60 |
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Average Payable Period (days) |
86,32 |
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153,95 |
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43,18 |
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RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)