MIRA
INFORM REPORT
|
Report Date : |
08.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MAVIDENIZ TEKSTIL SANAYI VE DIS TICARET LTD. STI. |
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Registered Office : |
Saridemir Mah. Kibelecesme Cad. Ahenkhan 43-45 Eminonu- Istanbul/ |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
10.08.2004 (Commercial Registry Gazette Date/No: 13.08.2004/6114) |
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Com. Reg. No.: |
530393 |
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Legal Form : |
Limited Company |
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Line of Business : |
Trade of Home Textile and Hardware Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Very Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
MAVIDENIZ TEKSTIL SANAYI VE DIS TICARET LTD. STI. |
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ADDRESS |
: |
Head Office & Sales Office: Saridemir Mah. Kibelecesme Cad.
Ahenkhan 43-45 Eminonu- Istanbul/ Turkey
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PHONE NUMBER |
: |
90-212-511 51 16 |
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FAX NUMBER |
: |
90-212-519 68 32 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Mercan / 6130500375 |
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REGISTRATION NUMBER |
: |
530393 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
10.08.2004 (Commercial Registry Gazette Date/No: 13.08.2004/6114) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 100,000 |
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PAID-IN CAPITAL |
: |
YTL 100,000 |
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HISTORY |
: |
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Previous Shareholders |
: Halit Kilic (95 %) Perihan Cikik (5 %) |
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Shareholders Changed On |
: 12.03.2007 (Commercial Registry Gazette Date/No: 15.03.2007/6766) |
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OWNERSHIP /
MANAGEMENT
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SHAREHOLDERS |
: |
Halit Kilic Birol Demirhap |
95 % 5 % |
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|
Halit Kilic has made an agreement for selling his
shares at the subject to Tevfik Riza Demirci at notary on 21.11.2007. However
it has not been registered at commercial registry yet. |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Tevfik Riza Demirci |
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OPERATIONS
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BUSINESS ACTIVITIES |
: |
The subject deals with trade of home textile and hardware products. However
the subject has declared that it has not been very active since 2006. |
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SECTOR |
: |
Commerce |
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TRADEMARK(S) |
: |
None |
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NUMBER OF EMPLOYEES |
: |
3 |
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NET SALES |
: |
(YTL) 113,639 12,325 43,841 |
(2005) (2006) (01.01-30.09.2007) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT VALUE |
: |
None None |
(2006) (01.01-30.11.2007) |
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IMPORT COUNTRIES |
: |
Pakistan, India… |
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MERCHANDISE IMPORTED |
: |
Home textile products |
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EXPORT VALUE |
: |
None None |
(2006) (01.01-30.09.2007) |
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PREMISES |
: |
Head Office & Sales Office: Saridemir Mah. Kibelecesme Cad.
Ahenkhan 43-45 Eminonu- Istanbul |
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FIXED CAPITAL INVESTMENTS |
: |
None |
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TREND OF BUSINESS |
: |
The subject has declared that it has not been very active since 2006. |
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COMMERCIAL MORALITY |
: |
Good |
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SIZE OF BUSINESS |
: |
Very small |
FINANCE
|
MAIN DEALING BANKERS |
: |
Finansbank Tarabya and Beyazit branches in Istanbul HSBC Bank Aksaray branch in Istanbul |
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CREDIT FACILITIES |
: |
The subject company rarely makes use of short- term credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding payments from banks. According to the official registries since its establishment on
10.08.2004 until 15.10.2007, there are no protested bills and non-paid
cheques registered in the name of
“Mavideniz Tekstil”. |
COMMENT ON FINANCIAL
POSITION
|
GENERAL FINANCIAL POSITION |
|
As the subject has not been very active since 2006, it had nearly no
indebtedness to third parties so capitalization and liquidity were high as of
31.12.2006. The subject had heavy operating losses and net losses in 2005 and
2006. |
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, the subject is suitable for dealing on
fully secured terms for any amount of business. |
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
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(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.-30.11.2007) |
5.78 % |
1.3190 |
1.7961 |
2.6363 |
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 |
68.447 |
|
0,68 |
|
43.593 |
|
0,91 |
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Cash and
Banks |
20.647 |
|
0,20 |
|
23.262 |
|
0,48 |
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Marketable Securities |
0 |
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0,00 |
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0 |
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0,00 |
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Account
Receivable |
40.711 |
|
0,40 |
|
13.814 |
|
0,29 |
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Other
Receivable |
0 |
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0,00 |
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0 |
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0,00 |
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Inventories |
2.500 |
|
0,02 |
|
3.098 |
|
0,06 |
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Advances
Given |
0 |
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0,00 |
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0 |
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0,00 |
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Other
Current Assets |
4.589 |
|
0,05 |
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3.419 |
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0,07 |
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NON-CURRENT ASSETS |
32.678 |
|
0,32 |
|
4.455 |
|
0,09 |
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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 |
0 |
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0,00 |
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0 |
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0,00 |
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Tangible
Fixed Assets (net) |
32.678 |
|
0,32 |
|
4.455 |
|
0,09 |
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Intangible Assets |
0 |
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0,00 |
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0 |
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0,00 |
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Other
Non-Current Assets |
0 |
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0,00 |
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0 |
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0,00 |
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TOTAL ASSETS |
101.125 |
|
1,00 |
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48.048 |
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1,00 |
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CURRENT LIABILITIES |
46.149 |
|
0,46 |
|
881 |
|
0,02 |
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Financial
Loans |
3.425 |
|
0,03 |
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0 |
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0,00 |
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Accounts
Payable |
41.644 |
|
0,41 |
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0 |
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0,00 |
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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 |
0 |
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0,00 |
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0 |
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0,00 |
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Advances
from Customers |
0 |
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0,00 |
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0 |
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0,00 |
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Taxes
Payable |
1.080 |
|
0,01 |
|
881 |
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0,02 |
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Provisions |
0 |
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0,00 |
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0 |
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0,00 |
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Other
Current Liabilities |
0 |
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0,00 |
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0 |
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0,00 |
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LONG-TERM LIABILITIES |
0 |
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0,00 |
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0 |
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0,00 |
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Financial
Loans |
0 |
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0,00 |
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0 |
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0,00 |
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Securities Issued |
0 |
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0,00 |
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0 |
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0,00 |
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Long-term
Payable |
0 |
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0,00 |
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0 |
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0,00 |
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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
Long-term Liabilities |
0 |
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0,00 |
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0 |
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0,00 |
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Provisions |
0 |
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0,00 |
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0 |
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0,00 |
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STOCKHOLDERS' EQUITY |
54.976 |
|
0,54 |
|
47.167 |
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0,98 |
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Paid-in
Capital |
100.000 |
|
0,99 |
|
100.000 |
|
2,08 |
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Inflation
Adjustment of Capital |
834 |
|
0,01 |
|
834 |
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0,02 |
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Reserves |
0 |
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0,00 |
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0 |
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0,00 |
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Revaluation Fund |
0 |
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0,00 |
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0 |
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0,00 |
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Accumulated Losses(-) |
-12.427 |
|
-0,12 |
|
-45.858 |
|
-0,95 |
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Net
Profit (loss) |
-33.431 |
|
-0,33 |
|
-7.809 |
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-0,16 |
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TOTAL LIABILITIES AND EQUITY |
101.125 |
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1,00 |
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48.048 |
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1,00 |
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INCOME STATEMENTS
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YTL |
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YTL |
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2005 |
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2006 |
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Net Sales |
113.639 |
|
1,00 |
|
12.325 |
|
1,00 |
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Expenses |
147.070 |
|
1,29 |
|
17.445 |
|
1,42 |
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Operating Profit |
-33.431 |
|
-0,29 |
|
-5.120 |
|
-0,42 |
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Other
Income |
0 |
|
0,00 |
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0 |
|
0,00 |
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Other
Expenses |
0 |
|
0,00 |
|
2.689 |
|
0,22 |
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Financial
Expenses |
0 |
|
0,00 |
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0 |
|
0,00 |
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Profit (loss) Before Tax |
-33.431 |
|
-0,29 |
|
-7.809 |
|
-0,63 |
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Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Net Profit (loss) |
-33.431 |
|
-0,29 |
|
-7.809 |
|
-0,63 |
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FINANCIAL RATIOS
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2005 |
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2006 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,48 |
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|
49,48 |
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Acid-Test Ratio |
1,33 |
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|
42,08 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,02 |
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|
0,06 |
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Short-term Receivable/Total Assets |
0,40 |
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|
0,29 |
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Tangible Assets/Total Assets |
0,32 |
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|
0,09 |
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TURNOVER RATIOS |
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Inventory Turnover |
58,83 |
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|
5,63 |
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Stockholders' Equity Turnover |
2,07 |
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|
0,26 |
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Asset Turnover |
1,12 |
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|
0,26 |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,54 |
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|
0,98 |
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Current Liabilities/Total Assets |
0,46 |
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|
0,02 |
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Financial Leverage |
0,46 |
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|
0,02 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
-0,61 |
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|
-0,17 |
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Operating Profit Margin |
-0,29 |
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|
-0,42 |
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Net Profit Margin |
-0,29 |
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|
-0,63 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
128,97 |
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|
403,49 |
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Average Payable Period (days) |
--- |
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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. |
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%)