MIRA
INFORM REPORT
|
Report Date : |
12.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CSA PAZARLAMA A.S. |
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Registered Office : |
Organize Sanayi Bolgesi No:1 20065 Honaz Denizli / |
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Country : |
Turkey |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
05.03.2004 (Commercial Registry Gazette Date/No:10.03.2004/6004) |
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Com. Reg. No.: |
2150174068 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Trade of yarn |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
CSA PAZARLAMA A.S. |
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ADDRESS |
: |
Head Office: Organize Sanayi Bolgesi No:1 20065 Honaz Denizli / Turkey |
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PHONE NUMBER |
: |
90-258-269 24 20 |
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FAX NUMBER |
: |
90-258-269 11 56 |
LEGAL STATUS AND
HISTORY
|
TAX NO |
: |
2150174068 |
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REGISTRATION NUMBER |
: |
459-Honaz |
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REGISTERED OFFICE |
: |
Denizli Chamber of Commerce |
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DATE ESTABLISHED |
: |
05.03.2004 (Commercial Registry Gazette Date/No:10.03.2004/6004) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 2,000,000 |
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PAID-IN CAPITAL |
: |
YTL 2,000,000 |
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HISTORY |
: |
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Previous Registered Capital |
:YTL 1,000,000 |
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Regist. Capital Changed on |
: 27.12.2006(Commercial Registry Gazette Date/No: 08.01.2007/6718) |
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OWNERSHIP /
MANAGEMENT
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SHAREHOLDERS |
: |
Abalioglu Tekstil Sanayi A.S. Cafer Sadik Abalioglu Holding A.S. Zumrut Erikoglu M.Ali Abalioglu Ismet Abalioglu Benay Abalioglu Cafer Sadik Abalioglu Beyza Abalioglu Meral Abalioglu Oguz Abalioglu Ahmet Abalioglu Beril Abalioglu Ozharat Huseyin Erikoglu |
71,25 % 24,99 % 0,57 % 0,5495 % 0,442 % 0,376 % 0,376 % 0,376 % 0,314 % 0,2355 % 0,2355 % 0,2355 % 0,05 % |
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GROUP PARENT COMPANY |
: |
Cafer Sadik Abalioglu Holding A.S. Cafer Sadik Abalioglu Holding A.S. is a conglomerate which coordinates
the financial and administrative operations of Abalioglu group of companies. The companies operating within the group are declared to be as
follows: -Er-Bakir Elektrolitik Bakir Mamulleri A.S. -Dentas Ambalaj ve Kagit Sanayi A.S. -Abalioglu Tekstil Sanayi A.S. -Abalioglu Tarim Urunleri Lisansli Depoculuk ve Sanayi A.S. -CSA Pazarlama A.S. -C.N. Wire Corporation |
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SUBSIDIARIES |
: |
None |
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BOARD OF DIRECTORS |
: |
M.Ali Abalioglu Ismet Abalioglu Oguz Abalioglu Ahmet Abalioglu |
Chairman Vice-Chairman Member Member |
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OPERATIONS
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BUSINESS ACTIVITIES |
: |
Trade of yarn |
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SECTOR |
: |
Commerce |
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NUMBER OF EMPLOYEES |
: |
3 |
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NET SALES |
: |
(YTL) 4,327,087 19,903,285 17,079,972 |
(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 |
: |
(USD) 13,245,803 |
(2006) (01.01.-30.09.2007) |
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The firm had amounts of import which was over its sales volume in the
first 9 months of 2007, the firm was working with high amounts of inventories
in the first 9 months of 2007. |
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IMPORT COUNTRIES |
: |
Pakistan, China, Uzbekistan, Taiwan, Portugal, China, India… |
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MERCHANDISE IMPORTED |
: |
Yarn |
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EXPORT VALUE |
: |
(YTL) 532,754 10,870,235 3,621,647 |
(2005) (2006) (01.01-30.09.2007) |
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EXPORT COUNTRIES |
: |
Portugal, Italy, Belgium, US, Belgium, Greece, Ireland, Germany,
France… |
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MERCHANDISE EXPORTED |
: |
Yarn |
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PREMISES |
: |
Head Office: Organize Sanayi Bolgesi No:1 20065 Honaz Denizli (owned
by the sister company “Abalioglu Teksil”) Liaison Office: Istanbul Buyukdere Cad. USO Center No:61 Kat: 16
Maslak-Istanbul (owned by the sister company “Abalioglu Teksil”) |
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FIXED CAPITAL INVESTMENTS |
: |
None |
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TREND OF BUSINESS |
: |
Upwards |
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COMMERCIAL MORALITY |
: |
Good |
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SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Turk Ekonomi Bankasi Denizli branch in Denizli Oyakbank Denizli branch in Denizli Yapi ve Kredi Bankasi Denizli branch in Denizli Fortisbank Denizli branch in Denizli |
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CREDIT FACILITIES |
: |
The subject company is making active 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 05.03.2004
until 15.10.2007, there are no protested bills and non-paid cheques
registered in the name of “CSA
Pazarlama” |
COMMENT ON FINANCIAL
POSITION
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FINANCIAL STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Capitalization was low as of 30.09.2007. A part of liabilities was due
to loans from shareholders but major part of liabilities was due to financial
loans as of 30.09.2007. |
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LIQUIDITY |
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Satisfactory |
As of 30.09.2007 |
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PROFITABILITY |
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Low |
Between 01.01.-30.09.2007 |
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GAP BETWEEN COLLECTION-PAYMENT PERIODS |
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Unfavorable |
Between 01.01.-30.09.2007 |
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GENERAL FINANCIAL POSITION |
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Capitalization and profitability were low but liquidity was satisfactory
in the first 9 months of 2007. |
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CREDIT OPINION
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CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit of USD 275,000 may be
granted to the subject company. |
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Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
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(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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|
31.12.06 |
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30.9.07 |
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CURRENT ASSETS |
14.354.942 |
|
1,00 |
|
12.116.921 |
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1,00 |
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Cash and
Banks |
1.794.118 |
|
0,12 |
|
2.396.127 |
|
0,20 |
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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 |
4.305.031 |
|
0,30 |
|
3.175.808 |
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0,26 |
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Other
Receivable |
1.069.267 |
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0,07 |
|
722.221 |
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0,06 |
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Inventories |
3.957.291 |
|
0,27 |
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4.213.266 |
|
0,35 |
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Advances
Given |
2.849.258 |
|
0,20 |
|
794.588 |
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0,07 |
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Other Current
Assets |
379.977 |
|
0,03 |
|
814.911 |
|
0,07 |
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NON-CURRENT ASSETS |
35.430 |
|
0,00 |
|
24.313 |
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0,00 |
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Long-term
Receivable |
0 |
|
0,00 |
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0 |
|
0,00 |
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible
Fixed Assets (net) |
33.837 |
|
0,00 |
|
22.740 |
|
0,00 |
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Intangible Assets |
1.510 |
|
0,00 |
|
1.510 |
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0,00 |
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Other
Non-Current Assets |
83 |
|
0,00 |
|
63 |
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0,00 |
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TOTAL ASSETS |
14.390.372 |
|
1,00 |
|
12.141.234 |
|
1,00 |
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CURRENT LIABILITIES |
12.918.670 |
|
0,90 |
|
10.502.367 |
|
0,87 |
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Financial
Loans |
8.931.794 |
|
0,62 |
|
7.012.326 |
|
0,58 |
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Accounts
Payable |
1.978.957 |
|
0,14 |
|
986.219 |
|
0,08 |
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Loans
from Shareholders |
1.868.400 |
|
0,13 |
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2.324.386 |
|
0,19 |
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Other
Short-term Payable |
6.237 |
|
0,00 |
|
6.194 |
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0,00 |
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Advances
from Customers |
19.952 |
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0,00 |
|
45.003 |
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0,00 |
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Taxes
Payable |
15.695 |
|
0,00 |
|
13.081 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
|
0 |
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0,00 |
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Other
Current Liabilities |
97.635 |
|
0,01 |
|
115.158 |
|
0,01 |
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LONG-TERM LIABILITIES |
0 |
|
0,00 |
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0 |
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0,00 |
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Financial
Loans |
0 |
|
0,00 |
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0 |
|
0,00 |
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Securities Issued |
0 |
|
0,00 |
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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 |
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0 |
|
0,00 |
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Other
Long-term Liabilities |
0 |
|
0,00 |
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0 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
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0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
1.471.702 |
|
0,10 |
|
1.638.867 |
|
0,13 |
|
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Paid-in
Capital |
2.000.000 |
|
0,14 |
|
2.000.000 |
|
0,16 |
|
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Inflation
Adjustment of Capital |
12.528 |
|
0,00 |
|
12.528 |
|
0,00 |
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Reserves |
0 |
|
0,00 |
|
39.060 |
|
0,00 |
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Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accumulated Losses(-) |
-579.886 |
|
-0,04 |
|
-579.886 |
|
-0,05 |
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Net
Profit (loss) |
39.060 |
|
0,00 |
|
167.165 |
|
0,01 |
|
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TOTAL LIABILITIES AND EQUITY |
14.390.372 |
|
1,00 |
|
12.141.234 |
|
1,00 |
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INCOME STATEMENTS
|
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|
YTL |
|
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|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
1.1.-30.9.2007 |
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Net Sales |
19.903.285 |
|
1,00 |
|
17.079.972 |
|
1,00 |
|
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Cost of
Goods Sold |
18.147.553 |
|
0,91 |
|
15.586.220 |
|
0,91 |
|
|
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Gross Profit |
1.755.732 |
|
0,09 |
|
1.493.752 |
|
0,09 |
|
|
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Operating
Expenses |
1.525.349 |
|
0,08 |
|
1.183.374 |
|
0,07 |
|
|
|
Operating Profit |
230.383 |
|
0,01 |
|
310.378 |
|
0,02 |
|
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Other
Income |
2.270.786 |
|
0,11 |
|
1.606.724 |
|
0,09 |
|
|
|
Other
Expenses |
1.984.111 |
|
0,10 |
|
1.186.857 |
|
0,07 |
|
|
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Financial
Expenses |
477.998 |
|
0,02 |
|
563.080 |
|
0,03 |
|
|
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Profit (loss) Before Tax |
39.060 |
|
0,00 |
|
167.165 |
|
0,01 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Net Profit (loss) |
39.060 |
|
0,00 |
|
167.165 |
|
0,01 |
|
FINANCIAL RATIOS
|
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|
2006 |
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|
1.1.-30.9.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,11 |
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|
1,15 |
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Acid-Test Ratio |
0,55 |
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|
0,60 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,27 |
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|
0,35 |
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Short-term Receivable/Total Assets |
0,37 |
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|
0,32 |
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Tangible Assets/Total Assets |
0,00 |
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|
0,00 |
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TURNOVER RATIOS |
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Inventory Turnover |
4,59 |
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|
3,70 |
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Stockholders' Equity Turnover |
13,52 |
|
|
|
10,42 |
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Asset Turnover |
1,38 |
|
|
|
1,41 |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,10 |
|
|
|
0,13 |
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Current Liabilities/Total Assets |
0,90 |
|
|
|
0,87 |
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Financial Leverage |
0,90 |
|
|
|
0,87 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,03 |
|
|
|
0,10 |
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Operating Profit Margin |
0,01 |
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|
0,02 |
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Net Profit Margin |
0,00 |
|
|
|
0,01 |
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COLLECTION-PAYMENT |
|
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|
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|
|
|
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Average Collection Period (days) |
77,87 |
|
|
|
66,94 |
|
|
|
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Average Payable Period (days) |
39,26 |
|
|
|
22,78 |
|
|
|
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%)