MIRA
INFORM REPORT
|
Report Date : |
01.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CAN YAPI INSAAT VE TICARET LTD. STI. |
|
|
|
|
Registered Office : |
Ataturk Mah. Alemdag Cad. Karanfil Sok. 2/26 Umraniye-Istanbul |
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|
|
|
Country : |
Turkey |
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|
|
|
Financials (as on) : |
31.12.2006 |
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|
|
|
Date of Incorporation : |
15.12.1992 |
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|
|
|
Com. Reg. No.: |
3036-8 |
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|
|
|
Legal Form : |
Limited Company |
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|
|
Line of Business : |
Trade of construction 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 |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATON
|
NAME |
: |
CAN YAPI INSAAT VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office & Warehouse: Ataturk Mah.
Alemdag Cad. Karanfil Sok. 2/26 Umraniye-Istanbul / Turkey Warehouse: Keyap Sitesi- Istanbul /
Turkey |
|
PHONE NUMBER |
: |
90-216-461 06 08 |
|
FAX NUMBER |
: |
90-216-412 81 84 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Umraniye / 1980022796 |
|
|
|
REGISTRATION NUMBER |
: |
3036-8 |
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|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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|
DATE ESTABLISHED |
: |
15.12.1992 (Commercial Registry Gazette
Date/No: 25.12.1992 / 3186) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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|
REGISTERED CAPITAL |
: |
YTL 1,500,000 |
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|
|
HISTORY |
: |
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|
|
|
|
Previous
Registered Capital |
: YTL 500 |
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|
|
|
Regist. Capital Changed on |
:16.07.2003 (Commercial Registry Gazette
Date/No:23.07.2003/5847) |
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|
|
|
Previous Registered
Capital |
: YTL 150,000 |
|
|
|
|
Regist. Capital Changed on |
: 25.11.2004 (Commercial Registry Gazette
Date/No:01.12.2004/6188) |
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|
|
|
Previous
Registered Capital |
: YTL 500,000 |
|
|
|
|
Regist. Capital Changed on |
: 27.12.2006 (Commercial Registry Gazette
Date/No: 05.01.2007 / 6717) The increase is decided to be financed by
cash. According to the capital increase decision ¼ of the increase has to be paid-up
within 3 months and the rest has to be paid-up until 31.12.2008. |
|
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mehmet Yeneray Ahmet Galip Yeneray Gulsen Yilmaz |
50 % 49,5 %
0,5 % |
|
SISTER COMPANIES |
: |
-Yeneray Insaat Sanayi Ticaret ve
Pazarlama Ltd. Sti. (Trade of construction materials) -Yeneray Yapi Elemanlari Pazarlama ve
Ticaret A.S. |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
DIRECTORS |
: |
Ahmet Galip Yeneray Mehmet Yeneray |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of construction materials |
||
|
SECTOR |
: |
Commerce |
||
NUMBER OF
EMPLOYEES |
: |
5 |
||
|
NET SALES |
|
(YTL) 32,010 1,416,799 2,696,444 5,505,554 10,181,191 5,158,845 |
(2002) (2003) (2004) (2005) (2006) |
|
|
CAPACITY |
: |
None |
||
|
PRODUCTION |
: |
None |
||
|
IMPORT VALUE |
: |
(YTL) 2,789,540 5,966,150 |
(2004) (2005) |
|
|
|
|
The firm has amounts of import in 2005 which
is over its sales volume, the firm is working with high amounts of
inventories. |
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|
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IMPORT COUNTRIES |
: |
China, Russia… |
||
|
MERCHANDISE
IMPORTED |
: |
Construction materials |
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|
PREMISES |
: |
Head Office & Warehouse : Ataturk Mah.
Alemdag Cad. Karanfil Sok. 2/26 Umraniye- Istanbul (owned) Warehouse : Keyap Sitesi- Istanbul (250
sqm) (rented) |
||
TREND OF BUSINESS : There was upwards trend at sales volume in 2005 and 2006 but there
appears a slowdown at sales volume in the first 9 months of 2007.
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Medium
FINANCE
|
MAIN DEALING BANKERS |
: |
Fortis Bank Umraniye branch in Istanbul Finansbank Kusdili
branch in Istanbul Garanti Bankasi
Umraniye branch in Istanbul Turk Ekonomi Bankasi
Umraniye branch in Istanbul Turkiye Is Bankasi
Umraiye branch in Istanbul Oyakbank Ataturk Cad.
branch in Istanbul |
|
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 01.01.2000-15.10.2007, there are no protested bills and
non-paid cheques registered in the name of
“Can Yapi”. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||||
|
Capitalization was low as of 31.12.2006.
The registered capital was increased from YTL 500,000 to YTL 1,500,000 on 27.12.2006.
The increase is decided to be financed by cash. According to the capital
increase decision ¼ of the increase has to be paid-up within 3 months and the
rest has to be paid-up until 31.12.2008. We expect an improvement at equity
total due to this increase as the increase is decided to be financed by cash.
However the amount of increase appears to be insufficient in comparison to
asset total of the firm. |
||||
|
LIQUIDITY |
||||
|
Good |
As of 31.12.2006 |
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|
PROFITABILITY |
||||
|
Fair |
In 2006 |
In order |
Between 01.01.-30.09.2007 |
|
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||||
|
Favorable |
In 2006 |
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|
GENERAL
FINANCIAL POSITION |
||||
|
Fair |
||||
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 380,000 may be
granted to the subject company.
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(1.1.-31.10.2007) |
4.84 % |
1.3308 |
1.7999 |
2.6527 |
|
BALANCE SHEETS |
|||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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CURRENT ASSETS |
677.562 |
|
0,77 |
|
2.688.918 |
|
0,85 |
|
5.735.543 |
|
0,89 |
|
|
|
Cash and
Banks |
195.357 |
|
0,22 |
|
1.137.076 |
|
0,36 |
|
3.974.001 |
|
0,62 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
117.118 |
|
0,13 |
|
441.563 |
|
0,14 |
|
712.171 |
|
0,11 |
|
|
|
Other
Receivable |
4.065 |
|
0,00 |
|
97.905 |
|
0,03 |
|
0 |
|
0,00 |
|
|
|
Inventories |
344.910 |
|
0,39 |
|
888.504 |
|
0,28 |
|
130.850 |
|
0,02 |
|
|
|
Advances
Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
873.262 |
|
0,14 |
|
|
|
Other
Current Assets |
16.112 |
|
0,02 |
|
123.870 |
|
0,04 |
|
45.259 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
200.571 |
|
0,23 |
|
466.851 |
|
0,15 |
|
689.119 |
|
0,11 |
|
|
|
Long-term
Receivable |
5.785 |
|
0,01 |
|
5.785 |
|
0,00 |
|
5.785 |
|
0,00 |
|
|
|
Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
192.574 |
|
0,22 |
|
363.252 |
|
0,12 |
|
591.861 |
|
0,09 |
|
|
|
Intangible Assets |
0 |
|
0,00 |
|
91.288 |
|
0,03 |
|
91.288 |
|
0,01 |
|
|
|
Other
Non-Current Assets |
2.212 |
|
0,00 |
|
6.526 |
|
0,00 |
|
185 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
TOTAL ASSETS |
878.133 |
|
1,00 |
|
3.155.769 |
|
1,00 |
|
6.424.662 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
CURRENT LIABILITIES |
553.501 |
|
0,63 |
|
2.236.419 |
|
0,71 |
|
5.590.962 |
|
0,87 |
|
|
|
Financial
Loans |
107.465 |
|
0,12 |
|
794.924 |
|
0,25 |
|
2.375.256 |
|
0,37 |
|
|
|
Accounts
Payable |
89.745 |
|
0,10 |
|
835.501 |
|
0,26 |
|
2.454.783 |
|
0,38 |
|
|
|
Loans
from Shareholders |
303.972 |
|
0,35 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
0 |
|
0,00 |
|
190.621 |
|
0,06 |
|
325.845 |
|
0,05 |
|
|
|
Advances
from Customers |
33.718 |
|
0,04 |
|
376.152 |
|
0,12 |
|
379.584 |
|
0,06 |
|
|
|
Taxes
Payable |
7.156 |
|
0,01 |
|
2.100 |
|
0,00 |
|
14.515 |
|
0,00 |
|
|
|
Provisions |
11.445 |
|
0,01 |
|
35.636 |
|
0,01 |
|
40.979 |
|
0,01 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
1.485 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
249.565 |
|
0,08 |
|
0 |
|
0,00 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
249.565 |
|
0,08 |
|
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 |
324.632 |
|
0,37 |
|
669.785 |
|
0,21 |
|
833.700 |
|
0,13 |
|
|
|
Paid-in
Capital |
238.000 |
|
0,27 |
|
500.000 |
|
0,16 |
|
500.000 |
|
0,08 |
|
|
|
Inflation Adjustment of Capital |
50.115 |
|
0,06 |
|
50.115 |
|
0,02 |
|
50.115 |
|
0,01 |
|
|
|
Reserves |
13.280 |
|
0,02 |
|
36.517 |
|
0,01 |
|
119.670 |
|
0,02 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated
Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
23.237 |
|
0,03 |
|
83.153 |
|
0,03 |
|
163.915 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
878.133 |
|
1,00 |
|
3.155.769 |
|
1,00 |
|
6.424.662 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
2.696.444 |
|
1,00 |
|
5.505.554 |
|
1,00 |
|
10.181.191 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
2.483.003 |
|
0,92 |
|
5.077.646 |
|
0,92 |
|
9.376.747 |
|
0,92 |
|
|
|
Gross Profit |
213.441 |
|
0,08 |
|
427.908 |
|
0,08 |
|
804.444 |
|
0,08 |
|
|
|
Operating
Expenses |
137.265 |
|
0,05 |
|
241.147 |
|
0,04 |
|
450.137 |
|
0,04 |
|
|
|
Operating Profit |
76.176 |
|
0,03 |
|
186.761 |
|
0,03 |
|
354.307 |
|
0,03 |
|
|
|
Other
Income |
0 |
|
0,00 |
|
657 |
|
0,00 |
|
65 |
|
0,00 |
|
|
|
Other
Expenses |
2.276 |
|
0,00 |
|
341 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Expenses |
39.218 |
|
0,01 |
|
68.287 |
|
0,01 |
|
149.478 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
34.682 |
|
0,01 |
|
118.790 |
|
0,02 |
|
204.894 |
|
0,02 |
|
|
|
Tax
Payable |
11.445 |
|
0,00 |
|
35.637 |
|
0,01 |
|
40.979 |
|
0,00 |
|
|
|
Net Profit (loss) |
23.237 |
|
0,01 |
|
83.153 |
|
0,02 |
|
163.915 |
|
0,02 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
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|||||||||||||
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|
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|
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,22 |
|
|
|
1,20 |
|
|
|
1,03 |
|
|
|
|
|
Acid-Test Ratio |
0,57 |
|
|
|
0,75 |
|
|
|
0,84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,39 |
|
|
|
0,28 |
|
|
|
0,02 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,14 |
|
|
|
0,17 |
|
|
|
0,11 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,22 |
|
|
|
0,12 |
|
|
|
0,09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
7,20 |
|
|
|
5,71 |
|
|
|
71,66 |
|
|
|
|
|
Stockholders' Equity Turnover |
8,31 |
|
|
|
8,22 |
|
|
|
12,21 |
|
|
|
|
|
Asset Turnover |
3,07 |
|
|
|
1,74 |
|
|
|
1,58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,37 |
|
|
|
0,21 |
|
|
|
0,13 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,63 |
|
|
|
0,71 |
|
|
|
0,87 |
|
|
|
|
|
Financial Leverage |
0,63 |
|
|
|
0,79 |
|
|
|
0,87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,07 |
|
|
|
0,12 |
|
|
|
0,20 |
|
|
|
|
|
Operating Profit Margin |
0,03 |
|
|
|
0,03 |
|
|
|
0,03 |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,02 |
|
|
|
0,02 |
|
|
|
|
|
|
|
|
|
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|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
16,41 |
|
|
|
29,25 |
|
|
|
25,39 |
|
|
|
|
|
Average Payable Period (days) |
13,01 |
|
|
|
59,24 |
|
|
|
94,25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
INCOME STATEMENT |
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|
|
|
YTL |
|
|
|
|
|
|
1.1.30.09.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
5.158.845 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
4.343.010 |
|
0,84 |
|
|
|
Gross Profit |
815.835 |
|
0,16 |
|
|
|
Operating
Expenses |
401.283 |
|
0,08 |
|
|
|
Operating Profit |
414.552 |
|
0,08 |
|
|
|
Other
Income |
68.430 |
|
0,01 |
|
|
|
Other
Expenses |
112.047 |
|
0,02 |
|
|
|
Financial
Expenses |
166.225 |
|
0,03 |
|
|
|
Profit (loss) Before Tax |
204.710 |
|
0,04 |
|
|
|
Tax
Payable |
40.942 |
|
0,01 |
|
|
|
Net Profit (loss) |
163.768 |
|
0,03 |
|
|
|
|
|
|
|
|
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%)