MIRA
INFORM REPORT
|
Report Date : |
09.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
BETAREKS METALIZE IPLIK VE AMBALAJ SANAYI A.S. |
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Registered Office : |
Savas Cad. Baris Sok. No:6 Merter |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
24.12.1992 |
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Com. Reg. No.: |
293103 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and trade of yarn |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
BETAREKS METALIZE IPLIK VE AMBALAJ SANAYI A.S. |
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ADDRESS |
: |
Head Office : Savas Cad. Baris Sok. No:6 Merter |
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PHONE NUMBER |
: |
90-212-637 53 73 |
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FAX NUMBER |
: |
90-212-637 53 72 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Merter / 1670011694 |
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REGISTRATION NUMBER |
: |
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REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
24.12.1992 (Commercial Registry Gazette
Date/No: 15.01.1993/3200) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 3,000,000 |
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PAID-IN CAPITAL |
: |
YTL 3,000,000 |
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HISTORY |
: |
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Previous Registered Capital |
: YTL 400,000 |
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Regist. Capital Changed on |
: 31.12.2002 (Commercial Registry Gazette Date/No:
20.01.2003/5721) |
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Previous Address |
:Keresteciler Sitesi Selvi Sok. No:18
Merter |
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Address Changed On |
: 04.12.1996 (Commercial Registry Gazette
Date/No: 09.12.1996/4183) |
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OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
Nejat Onen Zeliha Meral Onen Namik Duman Alper Onen Levent Onen |
87,48 % 12,50 % |
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SISTER COMPANIES |
: |
-Beta Dis Ticaret ve Sanayi Isletmeleri
A.S. -Baliksan Balik Isleme Sanayi ve Ticaret
A.S. -Supra Dis Ticaret Ltd Sti |
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GROUP PARENT COMPANY |
: |
None |
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SISTER COMPANIES |
: |
None |
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BOARD OF DIRECTORS |
: |
Nejat Onen Namik Duman Alper Onen |
Chairman Member Member |
OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Manufacture and trade of yarn |
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TRADEMARK(S) |
: |
“Betareks” |
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NET SALES |
: |
(YTL Thousand) 4,967 7,481 7,367 11,635 19,883 6,925 |
(2002) (2003) (2004) (2005) (2006) (01.01-31.03.2007) |
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CAPACITY |
: |
(Tons/Yr.) 6,044 6,044 |
(2006) (2007) |
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IMPORT VALUE |
: |
(USD) 1,751,771 2,176,795 2,384,079 3,430,700 6,000,000 4,286,000 |
(2002) (2003) (2004) (2005) (2006) (01.01-30.06.2007) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE
IMPORTED |
: |
Yarn, paint, film, machinery spare parts |
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EXPORT VALUE |
: |
(YTL) 2,045,589 3,958,626 1,091,212 |
(2005) (2006) (01.01-31.03.2007) |
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EXPORT COUNTRIES |
: |
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MERCHANDISE
EXPORTED |
: |
Yarn, pigments…. etc |
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PREMISES |
: |
Head Office : Savas Cad. Baris Sok. No:6 Merter Factory: Yaykil Koyu Mevkii Gerze Sinop
(40,000 sqm) (owned by sister company) |
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FIXED CAPITAL
INVESTMENTS |
: |
The subject has been investing in a new
factory in |
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TREND OF BUSINESS : Upwards
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Large
FINANCE
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MAIN DEALING BANKERS |
: |
Citibank Merter branch in Akbank Beyoglu branch in Fortisbank
Beyoglu branch in Asya Katilim Bankasi Ikitelli branch in Ziraat Bankasi Gerze branch in Sinop |
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CREDIT FACILITIES |
: |
The subject company makes use of credit
facilities. |
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PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding
payments from banks. According to the official registries between 01.01.2000-30.06.2007, there are no protested bills and non-paid cheques registered in the name of “Betareks Metalize”. |
COMMENT ON FINANCIAL
POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Good |
As of 31.12.2006 |
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LIQUIDITY |
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High |
As of 31.12.2006 |
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PROFITABILITY |
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Good |
In 2006 |
High |
In 1.1.-31.3.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavourable |
In 2006 |
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GENERAL
FINANCIAL POSITION |
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Good |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 2.7 million may be
granted to the subject company.
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Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2002) |
30.80 % |
1.5168 |
1.3741 |
2.2001 |
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(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
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(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
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(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(1.1.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
|
(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
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(1.1.-31.07.2007) |
3,05 % |
1.3633 |
1.8196 |
2.6989 |
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BALANCE SHEETS |
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YTL |
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YTL |
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31.12.05 |
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31.12.06 |
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CURRENT ASSETS |
7.627.641 |
|
0,60 |
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7.473.864 |
|
0,54 |
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Cash and
Banks |
3.158.499 |
|
0,25 |
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2.380.428 |
|
0,17 |
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Marketable
Securities |
4.400 |
|
0,00 |
|
163.703 |
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0,01 |
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Account
Receivable |
1.228.792 |
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0,10 |
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1.647.971 |
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0,12 |
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Other
Receivable |
89.319 |
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0,01 |
|
418.982 |
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0,03 |
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Inventories |
2.621.962 |
|
0,21 |
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1.938.323 |
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0,14 |
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Advances
Given |
488.829 |
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0,04 |
|
766.653 |
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0,05 |
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Other
Current Assets |
35.840 |
|
0,00 |
|
157.804 |
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0,01 |
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NON-CURRENT ASSETS |
5.129.108 |
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0,40 |
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6.467.949 |
|
0,46 |
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Long-term
Receivable |
0 |
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0,00 |
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0 |
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0,00 |
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Financial
Assets |
192.723 |
|
0,02 |
|
192.723 |
|
0,01 |
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Tangible
Fixed Assets (net) |
3.616.927 |
|
0,28 |
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3.851.748 |
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0,28 |
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Intangible
Assets |
1.318.536 |
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0,10 |
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2.422.557 |
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0,17 |
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Other
Non-Current Assets |
922 |
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0,00 |
|
921 |
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0,00 |
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TOTAL ASSETS |
12.756.749 |
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1,00 |
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13.941.813 |
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1,00 |
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CURRENT LIABILITIES |
3.305.593 |
|
0,26 |
|
3.480.719 |
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0,25 |
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Financial
Loans |
1.139.953 |
|
0,09 |
|
188.508 |
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0,01 |
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Accounts
Payable |
622.698 |
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0,05 |
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795.280 |
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0,06 |
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Loans from
Shareholders |
0 |
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0,00 |
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0 |
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0,00 |
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Other
Short-term Payable |
781.757 |
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0,06 |
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1.525.315 |
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0,11 |
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Advances
from Customers |
632.195 |
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0,05 |
|
746.982 |
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0,05 |
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Taxes
Payable |
86.984 |
|
0,01 |
|
212.430 |
|
0,02 |
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Provisions |
0 |
|
0,00 |
|
-825 |
|
0,00 |
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Other
Current Liabilities |
42.006 |
|
0,00 |
|
13.029 |
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0,00 |
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LONG-TERM LIABILITIES |
2.018.873 |
|
0,16 |
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2.439.344 |
|
0,17 |
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Financial
Loans |
2.018.873 |
|
0,16 |
|
2.284.061 |
|
0,16 |
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Securities
Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Long-term
Payable |
0 |
|
0,00 |
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0 |
|
0,00 |
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Loans from
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
|
155.283 |
|
0,01 |
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STOCKHOLDERS' EQUITY |
7.432.283 |
|
0,58 |
|
8.021.750 |
|
0,58 |
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Paid-in
Capital |
3.000.000 |
|
0,24 |
|
3.000.000 |
|
0,22 |
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Share
Capital Premium |
1.811.900 |
|
0,14 |
|
1.811.900 |
|
0,13 |
|
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Reserves |
2.051.186 |
|
0,16 |
|
2.407.080 |
|
0,17 |
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Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Net Profit
(loss) |
569.197 |
|
0,04 |
|
802.770 |
|
0,06 |
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TOTAL LIABILITIES AND EQUITY |
12.756.749 |
|
1,00 |
|
13.941.813 |
|
1,00 |
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INCOME STATEMENTS |
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YTL |
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YTL |
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YTL |
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|
2005 |
|
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|
2006 |
|
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|
1.1-31.03.07 |
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Net Sales |
11.634.925 |
|
1,00 |
|
19.883.828 |
|
1,00 |
|
6.925.395 |
|
1,00 |
|
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Cost of
Goods Sold |
10.196.814 |
|
0,88 |
|
16.946.764 |
|
0,85 |
|
5.912.971 |
|
0,85 |
|
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Gross Profit |
1.438.111 |
|
0,12 |
|
2.937.064 |
|
0,15 |
|
1.012.424 |
|
0,15 |
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Operating
Expenses |
674.975 |
|
0,06 |
|
1.389.888 |
|
0,07 |
|
292.961 |
|
0,04 |
|
|
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Operating Profit |
763.136 |
|
0,07 |
|
1.547.176 |
|
0,08 |
|
719.463 |
|
0,10 |
|
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Other
Income |
267.372 |
|
0,02 |
|
1.031.708 |
|
0,05 |
|
111.283 |
|
0,02 |
|
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Other
Expenses |
236.583 |
|
0,02 |
|
1.198.908 |
|
0,06 |
|
118.680 |
|
0,02 |
|
|
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Financial
Expenses |
224.728 |
|
0,02 |
|
326.689 |
|
0,02 |
|
52.283 |
|
0,01 |
|
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Profit (loss) Before Tax |
569.197 |
|
0,05 |
|
1.053.287 |
|
0,05 |
|
659.783 |
|
0,10 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
250.517 |
|
0,01 |
|
0 |
|
0,00 |
|
|
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Net Profit (loss) |
569.197 |
|
0,05 |
|
802.770 |
|
0,04 |
|
659.783 |
|
0,10 |
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FINANCIAL RATIOS |
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2005 |
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2006 |
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1.1-31.03.07 |
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LIQUIDITY RATIOS |
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Current Ratio |
2,31 |
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|
2,15 |
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-- |
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Acid-Test Ratio |
1,36 |
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|
1,32 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,21 |
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|
0,14 |
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|
-- |
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Short-term Receivable/Total Assets |
0,10 |
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|
0,15 |
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|
-- |
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Tangible Assets/Total Assets |
0,28 |
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|
0,28 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
3,89 |
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|
8,74 |
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|
-- |
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Stockholders' Equity Turnover |
1,57 |
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|
2,48 |
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|
-- |
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Asset Turnover |
0,91 |
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|
1,43 |
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|
-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,58 |
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|
0,58 |
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|
-- |
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Current Liabilities/Total Assets |
0,26 |
|
|
|
0,25 |
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|
|
-- |
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Financial Leverage |
0,42 |
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|
0,42 |
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|
-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,08 |
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|
0,10 |
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-- |
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Operating Profit Margin |
0,07 |
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|
0,08 |
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|
0,10 |
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Net Profit Margin |
0,05 |
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|
0,04 |
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|
0,10 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
38,02 |
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|
29,84 |
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|
-- |
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Average Payable Period (days) |
21,98 |
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|
16,89 |
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|
-- |
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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 |
|
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%)