MIRA
INFORM REPORT
|
Report Date : |
10.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
EREGE METAL DEMIR CELIK SANAYI VE TICARET A.S. |
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|
Registered Office : |
Yeni Foca Yolu 2. Km (Ege Metal Sahasi) Aliaga- Izmir |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.03.2000 |
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Com. Reg. No.: |
1372 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturer and Trader of liquid steel and iron bar. |
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
- |
COMPANY IDENTIFICATION
|
NAME |
: |
EREGE METAL DEMIR CELIK SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Yeni Foca Yolu 2. Km (Ege Metal Sahasi) Aliaga- Izmir / |
|
PHONE NUMBER |
: |
90-232-625 13 20 (6 lines) |
|
FAX NUMBER |
: |
90-232-625 13 28-29 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Aliaga / 7540138269 |
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|
REGISTRATION NUMBER |
: |
1372 |
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|
REGISTERED OFFICE |
: |
Aliaga Chamber of Commerce Aegean Region Chamber of Industry |
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DATE ESTABLISHED |
: |
01.03.2000 (Commercial Registry Gazette Date/No: 07.03.2000/4998) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 1,000,000 |
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PAID-IN CAPITAL |
: |
YTL 1,000,000 |
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|
HISTORY |
: |
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Previous Name |
:Say Metal Ticaret ve Sanayi A.S. |
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Name Changed On |
:16.07.2002 (Commercial Registry Gazette Date/No: 25.07.2002/5599) |
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Previous Name |
:Say Metal Demir Celik Sanayi ve Ticaret A.S. |
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Name Changed On |
:27.04.2004 (Commercial Registry Gazette Date/No: 04.05.2004/6042) |
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Previous Registered Capital |
:YTL 5,000 |
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Regist. Capital Changed on |
:16.06.2000 (Commercial Registry Gazette Date/No: 26.07.2000/5096) |
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Previous Registered Capital |
:YTL 250,000 |
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Regist. Capital Changed on |
:12.12.2000 (Commercial Registry Gazette Date/No: 26.01.2001/5223) |
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Previous Activity |
:Trade of iron block and iron
bar, and also manufacturing iron bar
in the name of other companies |
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|
Activity Changed On |
:16.07.2002 (Commercial Registry Gazette Date/No: 25.07.2002/5599) |
|
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
G.R. Insaat ve Gayrimenkul Yatirim San.ve Tic. Ltd. Sti. Gulderen Ardic Firat Ardic Ozgur Ciplak Remziye Sengul |
70 % 21,90 % |
|
TRUSTEES |
: |
Abdullah Saper Ibrahim Emre Bozkurt Mehmet Nihat Arcayurek |
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|
|
These trustees were assigned by the Savings Deposit Insurance Fund on 04.07.2006
as Savings Deposit Insurance Fund has taken over the management of 20
companies including the subject company on 30.06.2006. The management of the companies has been taken over because of the
relationship with Erol Evcil who was arrested for his business fraud and
organizing for crime. Savings Deposit Insurance Fund claims that Erol Evcil
who has app. YTL 400 million debts to state, caused his relatives to
establish companies and control the money transfer of these companies. Public
prosecutor has claims that 20 companies were established by the 2nd
degree and 3rd degree relatives of Erol Evcil. These companies are declared to
be as follows: Erege Metal Demir Celik Sanayi ve Ticaret A.S. (Subject company) Aman Petrol Urunleri Turizm Ticaret ve Sanayi A.S. Denge Televizyon Yap. Ve Yay. Mat. San. Ve Tic. A.S. Elm Gida Pazarlama Sanayi A.S. ERK Bilgisayar Otomotiv Madencilik Iletisim Ltd. Sti. Ersoz Un Fabrikasi Sanayi ve Ticaret A.S. G.r. Insaat ve Gayrimenkul Yatirim Hizmetleri Sanayi Ticaret Ltd. Sti. Ideal Petrol Ticaret ve Sanayi A.S. Inkisaf Tekstil Sanayi ve Ticaret A.S. Kayapali Nilufer Turizm Seyahat ve Oto Isl. Ticaret Ltd. Sti. Kayapali Turistik Otel Lokanta Isletmeciligi Insaat Ltd. Sti. Ke-pet Petrol Urunleri Ins. Tur. Sanayi ve Ticaret Ltd. Sti. Kevser Kaynak Sulari Ltd. Sti. Mones Tekstil Ltd. Sti. Nilufer Lojistik Genel Ozel Antrepo Nak. Gum. A.S. Nilufer Sigorta Aracilik Hizmetleri Ltd. Sti. Sidemir Sivas Demir Celik Isletmeleri A.S. Sider Demir Celik Pazarlama ve Satis A.S. Sider Dis Ticaret A.S. Siv-yat Sivas Sanayi Yatirim Ticaret A.S. |
|
GENERAL MANAGER |
: |
Ramazan Tekir |
OPERATIONS
|
BUSINESS ACTIVITIES |
: |
The subject which was dealing with manufacture and trade of liquid
steel and iron bar transferred that activity to “Sider Dis Ticaret A.S.” at
the beginning of September, 2006; so the subject has not been active since
that time. |
|
|
NET SALES |
: |
(YTL) 27,475,766 80,432,364 47,322,292 210,640,253 357,320,358 217,208,963 79,235,311 15,011,960 |
(01.03-31.12.2000) (2001) (2002) (2003) (2004) (2005) (2006) (01.01.-31.03.2007) |
|
|
|
However, it has to be noted that, the subject which was dealing with
manufacture and trade of liquid steel and iron bar transferred that activity
to “Sider Dis Ticaret A.S.” at the beginning of September, 2006; so the
subject has not been active since that time. The sales figure of 01.01.-31.03.2007 stems from the works that the
subject undertook before it stopped active operation. |
|
|
IMPORT VALUE |
: |
The firm had no imports since September 2006. |
|
|
EXPORT VALUE |
: |
(USD) 10,393,248 4,332,000 2,559,000 None None |
(2003) (2004) (2005) (2006) (01.01.-31.03.2007) |
|
PREMISES |
: |
Head Office: Yeni Foca Yolu 2. Km (Ege Metal Sahasi) Aliaga-Izmir The subject which was dealing with manufacture and trade of liquid steel
and iron bar transferred that activity and its production plant located at
its head office address to “Sider Dis Ticaret A.S.” at the beginning of
September, 2006. |
|
TREND OF BUSINESS : The subject which was dealing with manufacture and trade of
liquid steel
and
iron bar transferred that activity to “Sider Dis Ticaret A.S.” at the
beginning
of September, 2006; so the subject has not been active since
that
time.
COMMERCIAL MORALITY : Not
in order
SIZE OF BUSINESS : Giant
FINANCE
|
MAIN DEALING BANKERS |
: |
Vakiflar Bankasi Finans Market
branch in Denizbank Izmir branch in Yapi ve Kredi Bankasi Aliaga branch in |
|
PAYMENT BEHAVIOUR |
: |
According to the official registries between 01.01.2000-30.06.2007,
there are 2 non- paid cheques in 2004 (paid later on), 34 non paid- Cheques
(5 of them were paid later on) and also one protested bill in 2005 registered
in the name of “Erege Metal”. Furthermore, it has to be noted that, the management of the firm has
been taken over by Savings Deposit Insurance Fund. |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Negative Stockholders’ Equity |
As of 31.03.2007 |
|
|
LIQUIDITY |
||
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Low |
As of 31.03.2007 |
|
|
PROFITABILITY |
||
|
The subject which had gross, operating and net losses in 2005 had
operating loss but high net profitability due to other income in 2006. The firm
had good profitability between 01.01.-31.03.2007. |
||
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
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Unfavorable |
In 1.1.-31.3.2007 |
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GENERAL
FINANCIAL POSITION |
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Poor |
||
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, business
relation is not admissible
with the subject unless there is full
security
|
|
Incr. in producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
|
(1.1.-31.07.2007) |
3,05 % |
1.3633 |
1.8196 |
2.6989 |
|
BALANCE SHEETS |
|||||||||||||
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|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
31.3.07 |
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|
|
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|
|
|
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|
CURRENT ASSETS |
74.484.823 |
|
0,62 |
|
77.422.648 |
|
0,55 |
|
28.997.583 |
|
0,31 |
|
|
|
Cash and
Banks |
6.371.033 |
|
0,05 |
|
7.527.794 |
|
0,05 |
|
7.001.623 |
|
0,08 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
35.919.774 |
|
0,30 |
|
36.997.674 |
|
0,26 |
|
-3.808.742 |
|
-0,04 |
|
|
|
Other
Receivable |
13.976.570 |
|
0,12 |
|
15.154.057 |
|
0,11 |
|
15.893.207 |
|
0,17 |
|
|
|
Inventories |
5.281.997 |
|
0,04 |
|
380.534 |
|
0,00 |
|
72.207 |
|
0,00 |
|
|
|
Advances
Given |
9.185.295 |
|
0,08 |
|
8.563.225 |
|
0,06 |
|
1.155.566 |
|
0,01 |
|
|
|
Other
Current Assets |
3.750.154 |
|
0,03 |
|
8.799.364 |
|
0,06 |
|
8.683.722 |
|
0,09 |
|
|
|
|
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|
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|
NON-CURRENT ASSETS |
45.104.732 |
|
0,38 |
|
63.393.402 |
|
0,45 |
|
64.235.142 |
|
0,69 |
|
|
|
Long-term
Receivable |
11.863 |
|
0,00 |
|
11.863 |
|
0,00 |
|
11.863 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
39.679.601 |
|
0,33 |
|
55.156.924 |
|
0,39 |
|
55.998.664 |
|
0,60 |
|
|
|
Intangible
Assets |
24.593 |
|
0,00 |
|
14.505 |
|
0,00 |
|
14.505 |
|
0,00 |
|
|
|
Other Non-Current
Assets |
5.388.675 |
|
0,05 |
|
8.210.110 |
|
0,06 |
|
8.210.110 |
|
0,09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
119.589.555 |
|
1,00 |
|
140.816.050 |
|
1,00 |
|
93.232.725 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
138.348.906 |
|
1,16 |
|
151.659.953 |
|
1,08 |
|
103.416.121 |
|
1,11 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accounts
Payable |
60.092.006 |
|
0,50 |
|
89.176.950 |
|
0,63 |
|
49.628.115 |
|
0,53 |
|
|
|
Loans from
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
2.173.109 |
|
0,02 |
|
921.463 |
|
0,01 |
|
849.052 |
|
0,01 |
|
|
|
Advances
from Customers |
53.520.246 |
|
0,45 |
|
37.890.747 |
|
0,27 |
|
29.758.411 |
|
0,32 |
|
|
|
Taxes
Payable |
22.602.086 |
|
0,19 |
|
23.670.700 |
|
0,17 |
|
23.179.820 |
|
0,25 |
|
|
|
Provisions |
-188.252 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
149.711 |
|
0,00 |
|
93 |
|
0,00 |
|
723 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities
Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans from
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
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 |
-18.759.351 |
|
-0,16 |
|
-10.843.903 |
|
-0,08 |
|
-10.183.396 |
|
-0,11 |
|
|
|
Paid-in
Capital |
1.000.000 |
|
0,01 |
|
1.000.000 |
|
0,01 |
|
1.000.000 |
|
0,01 |
|
|
|
Inflation Adjustment of Capital |
2.233.424 |
|
0,02 |
|
2.233.424 |
|
0,02 |
|
2.233.424 |
|
0,02 |
|
|
|
Reserves |
1.819.238 |
|
0,02 |
|
1.819.238 |
|
0,01 |
|
1.819.238 |
|
0,02 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-1.919.535 |
|
-0,02 |
|
-23.812.013 |
|
-0,17 |
|
-15.896.566 |
|
-0,17 |
|
|
|
Net Profit
(loss) |
-21.892.478 |
|
-0,18 |
|
7.915.448 |
|
0,06 |
|
660.508 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQ. |
119.589.555 |
|
1,00 |
|
140.816.050 |
|
1,00 |
|
93.232.725 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1-31.03.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
217.208.963 |
|
1,00 |
|
79.235.311 |
|
1,00 |
|
15.011.960 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
231.505.958 |
|
1,07 |
|
73.500.418 |
|
0,93 |
|
14.223.857 |
|
0,95 |
|
|
|
Gross Profit |
-14.296.995 |
|
-0,07 |
|
5.734.893 |
|
0,07 |
|
788.103 |
|
0,05 |
|
|
|
Operating
Expenses |
8.087.166 |
|
0,04 |
|
6.997.964 |
|
0,09 |
|
197.790 |
|
0,01 |
|
|
|
Operating Profit |
-22.384.161 |
|
-0,10 |
|
-1.263.071 |
|
-0,02 |
|
590.313 |
|
0,04 |
|
|
|
Other
Income |
2.617.371 |
|
0,01 |
|
13.945.134 |
|
0,18 |
|
295.976 |
|
0,02 |
|
|
|
Other
Expenses |
2.008.159 |
|
0,01 |
|
4.728.982 |
|
0,06 |
|
213.945 |
|
0,01 |
|
|
|
Financial
Expenses |
117.529 |
|
0,00 |
|
37.633 |
|
0,00 |
|
11.836 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
-21.892.478 |
|
-0,10 |
|
7.915.448 |
|
0,10 |
|
660.508 |
|
0,04 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
-21.892.478 |
|
-0,10 |
|
7.915.448 |
|
0,10 |
|
660.508 |
|
0,04 |
|
|
|
FINANCIAL RATIOS |
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|
2005 |
|
|
|
2006 |
|
|
|
1.1-31.03.07 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
0,54 |
|
|
|
0,51 |
|
|
|
0,28 |
|
|
|
|
|
Acid-Test Ratio |
0,41 |
|
|
|
0,39 |
|
|
|
0,18 |
|
|
|
|
|
|
|
|
|
|
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|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,04 |
|
|
|
0,00 |
|
|
|
0,00 |
|
|
|
|
|
Short-term Receiv./Total Assets |
0,42 |
|
|
|
0,37 |
|
|
|
0,13 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,33 |
|
|
|
0,39 |
|
|
|
0,60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
43,83 |
|
|
|
193,15 |
|
|
|
196,99 |
|
|
|
|
|
Stockholders' Equity Turnover |
-11,58 |
|
|
|
-7,31 |
|
|
|
-1,47 |
|
|
|
|
|
Asset Turnover |
1,82 |
|
|
|
0,56 |
|
|
|
0,16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
-0,16 |
|
|
|
-0,08 |
|
|
|
-0,11 |
|
|
|
|
|
Current Liabilities/Total Assets |
1,16 |
|
|
|
1,08 |
|
|
|
1,11 |
|
|
|
|
|
Financial Leverage |
1,16 |
|
|
|
1,08 |
|
|
|
1,11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
1,17 |
|
|
|
-0,73 |
|
|
|
-0,06 |
|
|
|
|
|
Operating Profit Margin |
-0,10 |
|
|
|
-0,02 |
|
|
|
0,04 |
|
|
|
|
|
Net Profit Margin |
-0,10 |
|
|
|
0,10 |
|
|
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
59,55 |
|
|
|
168,15 |
|
|
|
-91,05 |
|
|
|
|
|
Average Payable Period (days) |
93,45 |
|
|
|
436,78 |
|
|
|
1256,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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%)