MIRA
INFORM REPORT
|
Report Date : |
29.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
ILHANLAR TEKSTIL SANAYI VE DIS TICARET A.S. |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
30.09.1993 |
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Com. Reg. No.: |
216 |
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|
Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and trade of yarn |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
ILHANLAR TEKSTIL SANAYI VE DIS TICARET A.S. |
|
ADDRESS |
: |
Head Office/Factory: |
|
PHONE NUMBER |
: |
90-344-629 25 42 (4 lines) |
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FAX NUMBER |
: |
90-344-629 24 58 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Turkoglu Mal Mudurlugu/4720035753 |
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REGISTRATION NUMBER |
: |
216 |
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|
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REGISTERED OFFICE |
: |
Kahramanmaras Chamber of Commerce |
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DATE ESTABLISHED |
: |
30.09.1993 (Commercial Registry Gazette
Date/No:06.10.1993 / 3378) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 500,000 |
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PAID-IN CAPITAL |
|
YTL 500,000 |
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|
HISTORY |
: |
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Previous Name |
: Ilhanlar Dis Ticaret A.S. |
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|
Name Changed On |
: 01.04.1996 (Commercial Registry Gazette
Date/No:04.04.1996/4012) |
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Other Historical Events |
The company was
firstly established in Istanbul and it was registered at Istanbul Commercial
Registry with registration no: 304109 on 30.09.1993.Then the head office of
the company moved to Kahramanmaras and registered at Kahramanmaras Commercial
Registry on 24.02.1998 under the registration no: 216 (Commercial
Registry Gazette Date/No:01.04.1998/4514) |
|
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Okkes Ilhan Hamza Ilhan Zekeriya Ilhan Mujgan Ilhan Secil Ilhan |
49 % 25 % 24 % 1 % 1 % |
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|
SISTER COMPANIES |
: |
Il-Teks Tekstil Sanayi ve Ticaret A.S. |
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GROUP PARENT COMPANY |
: |
None |
||
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SUBSIDIARIES |
: |
None |
||
|
BOARD OF DIRECTORS |
: |
Okkes Ilhan Zekeriya Ilhan Mujgan Ilhan |
Chairman Vice Chairman Member |
|
|
SIRECTORS |
: |
Hamza Ilhan |
General Manager |
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OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of yarn |
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SECTOR |
: |
Textile |
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||
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TRADEMARK(S) |
: |
“Il-teks” |
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NUMBER OF
EMPLOYEES |
: |
84 |
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||
|
NET SALES |
: |
(YTL) 7,846,279 8,412,402 7,906,992 13,151,105 6,741,404 |
(2003) (2004) (2005) (2006) (01.01.-30.06.2007) |
|
|
|
CAPACITY |
: |
(Kg/Yr) 3,040,800 3,040,800 |
(2006) (2007) |
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|
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|
Capacity utilization rate is around 95 % |
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IMPORT VALUE |
: |
USD 4,036,674 USD 3,463,988 USD 2,852,506+
EUR 7,310 |
(2005) (2006) (01.01.-30.06.2007) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE
IMPORTED |
: |
Raw materials, machinery spare parts,
cotton |
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||
|
EXPORT VALUE |
: |
None YTL 553,174 YTL 527,533 YTL 1,165,263 YTL 1,277,908 |
(2003) (2004) (2005) (2006) (01.01.-30.06.2007) |
||
|
EXPORT COUNTRIES |
: |
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MERCHANDISE
EXPORTED |
: |
Yarn |
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PREMISES |
: |
Head Office/Factory: Adana Yolu Uzeri Kilili
Kum Ocagi Yolku Uzeri Turkoglu Kahramanmaras (8,500 sqm closed area over a
land of 36,500 sqm) (owned) |
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||
TREND OF BUSINESS : Fluctuating
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Upper-medium
FINANCE
|
MAIN DEALING BANKERS |
: |
Finansbank Kahramanmaras Sanayi branch in Kahramanmaras TEB Kahramanmaras branch in Kahramanmaras Garanti Bankasi Kahramanmaras branch in
Kahramanmaras Denizbank Kahramanmaras branch in
Kahramanmaras HSBC Bank Kahramanmaras branch in
Kahramanmaras Oyakbank Kahramanmaras branch in
Kahramanmaras |
|
CREDIT FACILITIES |
: |
The subject company is making 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 01.01.2000-15.07.2007, there are no protested bills and non-paid cheques registered in the name of “Ilhanlar Tekstil” |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
|
High |
As of 30.06.2007 |
|
LIQUIDITY |
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|
High |
As of 30.06.2007 |
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PROFITABILITY |
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|
High |
Between
01.01.-30.06.2007 |
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
|
|
Unfavorable/Long |
Between 01.01.-30.06.2007 |
|
GENERAL
FINANCIAL POSITION |
|
|
Good |
|
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(1.1.-31.07.2007) |
3,05 % |
1.3633 |
1.8196 |
2.6989 |
|
BALANCE SHEETS |
|||||||||||||
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|
YTL |
|
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|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
30.6.07 |
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|
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CURRENT ASSETS |
4.513.685 |
|
0,51 |
|
5.402.271 |
|
0,55 |
|
5.564.543 |
|
0,56 |
|
|
|
Cash and
Banks |
640.505 |
|
0,07 |
|
2.120.367 |
|
0,22 |
|
933.899 |
|
0,09 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
1.230.323 |
|
0,14 |
|
1.495.158 |
|
0,15 |
|
2.398.181 |
|
0,24 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
2.358.462 |
|
0,27 |
|
1.216.498 |
|
0,12 |
|
1.817.951 |
|
0,18 |
|
|
|
Advances
Given |
148.901 |
|
0,02 |
|
416.880 |
|
0,04 |
|
211.871 |
|
0,02 |
|
|
|
Other
Current Assets |
135.494 |
|
0,02 |
|
153.368 |
|
0,02 |
|
202.641 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
4.337.096 |
|
0,49 |
|
4.409.284 |
|
0,45 |
|
4.422.234 |
|
0,44 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
4.337.096 |
|
0,49 |
|
4.409.284 |
|
0,45 |
|
4.422.234 |
|
0,44 |
|
|
|
Intangible
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
8.850.781 |
|
1,00 |
|
9.811.555 |
|
1,00 |
|
9.986.777 |
|
1,00 |
|
|
|
|
|
|
|
|
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|
|
|
|
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|
CURRENT LIABILITIES |
2.768.650 |
|
0,31 |
|
2.715.529 |
|
0,28 |
|
3.091.630 |
|
0,31 |
|
|
|
Financial
Loans |
722.097 |
|
0,08 |
|
902.502 |
|
0,09 |
|
1.575.509 |
|
0,16 |
|
|
|
Accounts
Payable |
239.746 |
|
0,03 |
|
307.186 |
|
0,03 |
|
710.539 |
|
0,07 |
|
|
|
Loans from
Shareholders |
1.523.410 |
|
0,17 |
|
1.339.755 |
|
0,14 |
|
238.707 |
|
0,02 |
|
|
|
Other
Short-term Payable |
165.729 |
|
0,02 |
|
0 |
|
0,00 |
|
69.630 |
|
0,01 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
4.376 |
|
0,00 |
|
4.377 |
|
0,00 |
|
|
|
Taxes
Payable |
20.760 |
|
0,00 |
|
39.228 |
|
0,00 |
|
57.280 |
|
0,01 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
302.559 |
|
0,03 |
|
|
|
Other
Current Liabilities |
96.908 |
|
0,01 |
|
122.482 |
|
0,01 |
|
133.029 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
1.051.056 |
|
0,12 |
|
1.435.856 |
|
0,15 |
|
568.456 |
|
0,06 |
|
|
|
Financial
Loans |
1.051.056 |
|
0,12 |
|
1.435.856 |
|
0,15 |
|
568.456 |
|
0,06 |
|
|
|
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 |
5.031.075 |
|
0,57 |
|
5.660.170 |
|
0,58 |
|
6.326.691 |
|
0,63 |
|
|
|
Paid-in
Capital |
500.000 |
|
0,06 |
|
500.000 |
|
0,05 |
|
500.000 |
|
0,05 |
|
|
|
Inflation
Adjustment of Capital |
4.420.027 |
|
0,50 |
|
4.420.027 |
|
0,45 |
|
4.420.027 |
|
0,44 |
|
|
|
Reserves |
1.617.443 |
|
0,18 |
|
1.617.443 |
|
0,16 |
|
2.248.634 |
|
0,23 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-1.227.115 |
|
-0,14 |
|
-1.506.395 |
|
-0,15 |
|
-1.506.395 |
|
-0,15 |
|
|
|
Net Profit
(loss) |
-279.280 |
|
-0,03 |
|
629.095 |
|
0,06 |
|
664.425 |
|
0,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
8.850.781 |
|
1,00 |
|
9.811.555 |
|
1,00 |
|
9.986.777 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1-30.6.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
7.906.992 |
|
1,00 |
|
13.151.105 |
|
1,00 |
|
6.741.404 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
7.872.232 |
|
1,00 |
|
11.732.747 |
|
0,89 |
|
5.829.906 |
|
0,86 |
|
|
|
Gross Profit |
34.760 |
|
0,00 |
|
1.418.358 |
|
0,11 |
|
911.498 |
|
0,14 |
|
|
|
Operating
Expenses |
601.406 |
|
0,08 |
|
570.418 |
|
0,04 |
|
359.163 |
|
0,05 |
|
|
|
Operating Profit |
-566.646 |
|
-0,07 |
|
847.940 |
|
0,06 |
|
552.335 |
|
0,08 |
|
|
|
Other
Income |
441.870 |
|
0,06 |
|
462.765 |
|
0,04 |
|
152.327 |
|
0,02 |
|
|
|
Other
Expenses |
66.949 |
|
0,01 |
|
874 |
|
0,00 |
|
12.066 |
|
0,00 |
|
|
|
Financial
Expenses |
87.555 |
|
0,01 |
|
680.736 |
|
0,05 |
|
28.171 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
-279.280 |
|
-0,04 |
|
629.095 |
|
0,05 |
|
664.425 |
|
0,10 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
-279.280 |
|
-0,04 |
|
629.095 |
|
0,05 |
|
664.425 |
|
0,10 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
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|||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1-30.6.07 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,63 |
|
|
|
1,99 |
|
|
|
1,80 |
|
|
|
|
|
Acid-Test Ratio |
0,68 |
|
|
|
1,33 |
|
|
|
1,08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,27 |
|
|
|
0,12 |
|
|
|
0,18 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,14 |
|
|
|
0,15 |
|
|
|
0,24 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,49 |
|
|
|
0,45 |
|
|
|
0,44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
3,34 |
|
|
|
9,64 |
|
|
|
3,21 |
|
|
|
|
|
Stockholders' Equity Turnover |
1,57 |
|
|
|
2,32 |
|
|
|
1,07 |
|
|
|
|
|
Asset Turnover |
0,89 |
|
|
|
1,34 |
|
|
|
0,68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,57 |
|
|
|
0,58 |
|
|
|
0,63 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,31 |
|
|
|
0,28 |
|
|
|
0,31 |
|
|
|
|
|
Financial Leverage |
0,43 |
|
|
|
0,42 |
|
|
|
0,37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
-0,06 |
|
|
|
0,11 |
|
|
|
0,11 |
|
|
|
|
|
Operating Profit Margin |
-0,07 |
|
|
|
0,06 |
|
|
|
0,08 |
|
|
|
|
|
Net Profit Margin |
-0,04 |
|
|
|
0,05 |
|
|
|
0,10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
56,02 |
|
|
|
40,93 |
|
|
|
128,07 |
|
|
|
|
|
Average Payable Period (days) |
10,96 |
|
|
|
9,43 |
|
|
|
43,88 |
|
|
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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. |
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%)