MIRA
INFORM REPORT
|
Report Date : |
18.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PUMALAS DIS TICARET OTOMOTIV VE LASTIK SANAYI PAZARLAMA LTD. STI. |
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Registered Office : |
Kazim Dirik Mah. 283 Sk. No:11 Bornova – Izmir |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
23.12.1998 |
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Com. Reg. No.: |
Merkez-114573 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import and domestic trade of automotive tires and subordinate
products. |
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. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTE
The address at your inquiry “Fatih Cad. 105/2 Camdibi Izmir” is one of
the old addresses of the firm.
COMPANY IDENTIFICATION
|
NAME |
: |
PUMALAS DIS TICARET OTOMOTIV VE LASTIK SANAYI PAZARLAMA LTD. STI. |
|
ADDRESS |
: |
Head Office: Kazim Dirik Mah. 283 Sk.
No:11 Bornova – Izmir / Turkey |
|
PHONE NUMBER |
: |
90-232-462 00 01 |
|
FAX NUMBER |
: |
90-232-462 50 90 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Bornova / 7340158665 |
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REGISTRATION NUMBER |
: |
Merkez-114573 |
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REGISTERED OFFICE |
: |
Izmir Chamber of Commerce |
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DATE ESTABLISHED |
: |
23.12.1998 (Commercial Registry Gazette
Date/No:21.04.1999/4775) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 250,000 |
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PAID-IN CAPITAL |
: |
YTL 250,000 |
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HISTORY |
: |
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Previous
Registered Capital |
: YTL 1,000 |
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Regist.Capital
Changed On |
: 31.12.2002 (Commercial Registry Gazette
Date/No: 10.01.2003 / 5715) |
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Previous
Registered Capital |
: YTL 5,000 |
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Regist.Capital
Changed On |
: 07.12.2004 (Commercial Registry Gazette
Date/No: 17.12.2004 / 6200) |
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Previous Address |
: Okul Sokak No:23 Doganlar Bornova Izmir |
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Address Changed On |
: 20.07.2004 (Commercial Registry Gazette
Date/No: 26.07.2004 / 6100) |
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OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Cetin Kurtulus Hakan Serbetci Gurkan Serbetci Zehra Kurtulus |
60 % 15 % 15 % 10 % |
|
SISTER COMPANIES |
: |
Declared to be: -Ozlas Otomotiv Sanayi ve Ticaret Ltd.
Sti. |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Cetin Kurtulus Hakan Serbetci Gurkan Serbetci Zehra Kurtulus |
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OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Import and domestic trade of automotive
tires and subordinate products |
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SECTOR |
: |
Commerce |
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|
NUMBER OF
EMPLOYEES |
: |
25 |
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NET SALES |
: |
(YTL) 3,785,510 4,101,407 2,412,832 |
(2005) (2006) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
China, India, South Korea, Germany,
Lebanon |
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MERCHANDISE
IMPORTED |
: |
Automotive tires and subordinate products |
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EXPORT VALUE |
: |
None |
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PREMISES |
: |
Head Office: Kazim Dirik Mah. 283 Sk.
No:11 Bornova – Izmir (rented) Branch: Musallabaglari Mah. Elmali Cad.
Cakirli Sk. No:46 Konya (rented) |
|
TREND OF BUSINESS : Upwards
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Lower-medium
FINANCE
|
MAIN DEALING BANKERS |
: |
Yapi ve Kredi Bankasi
Hatay branch in Izmir Akbank Halit Ziya
branch in Izmir Finansbank Toptancilar Carsisi branch in
Izmir Turkiye Is Bankasi Gundogdu branch in
Izmir Turk Ekonomi Bankasi Carsi branch in Izmir Oyakbank Camdibi branch in Izmir Fortisbank Izmir branch in Izmir |
|
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 01.01.2000-15.09.2007, there are no protested bills and
non-paid cheques registered in the name of “Pumalas Dis”. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Capitalization was low as of 31.12.2006. A part of liabilities was due
to loans from shareholders but major part of liabilities was to third parties
as of 31.12.2006. |
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LIQUIDITY |
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Liquidity may be regarded as being satisfactory as of 31.12.2006
disregarding loans from shareholders from current liabilities. |
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PROFITABILITY |
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Low |
In 2006 |
Low |
Between 01.01.-30.06.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2006 |
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GENERAL
FINANCIAL POSITION |
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Fair |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, the subject is suitable for a max. credit
of USD 100,000.
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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 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(1.1.-30.11.2007) |
5.78 % |
1.3190 |
1.7961 |
2.6363 |
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BALANCE SHEETS |
|||||||||
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|
YTL |
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|
YTL |
|
|
|
|
|
|
31.12.05 |
|
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|
31.12.06 |
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CURRENT ASSETS |
2.540.026 |
|
0,89 |
|
3.717.718 |
|
0,92 |
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Cash and
Banks |
341.135 |
|
0,12 |
|
526.310 |
|
0,13 |
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Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Account
Receivable |
444.643 |
|
0,16 |
|
796.526 |
|
0,20 |
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Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Inventories |
1.538.080 |
|
0,54 |
|
1.832.030 |
|
0,45 |
|
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Advances
Given |
197.675 |
|
0,07 |
|
315.915 |
|
0,08 |
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Other
Current Assets |
18.493 |
|
0,01 |
|
246.937 |
|
0,06 |
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NON-CURRENT ASSETS |
309.840 |
|
0,11 |
|
310.602 |
|
0,08 |
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Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible
Fixed Assets (net) |
301.813 |
|
0,11 |
|
296.017 |
|
0,07 |
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Intangible Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Non-Current Assets |
8.027 |
|
0,00 |
|
14.585 |
|
0,00 |
|
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|
|
|
|
|
|
|
|
|
|
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TOTAL ASSETS |
2.849.866 |
|
1,00 |
|
4.028.320 |
|
1,00 |
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CURRENT LIABILITIES |
2.327.710 |
|
0,82 |
|
3.449.243 |
|
0,86 |
|
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Financial
Loans |
828.202 |
|
0,29 |
|
1.086.349 |
|
0,27 |
|
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|
Accounts
Payable |
59.288 |
|
0,02 |
|
150.165 |
|
0,04 |
|
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Loans
from Shareholders |
1.185.203 |
|
0,42 |
|
1.393.190 |
|
0,35 |
|
|
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Other
Short-term Payable |
0 |
|
0,00 |
|
15.212 |
|
0,00 |
|
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|
Advances
from Customers |
240.819 |
|
0,08 |
|
786.414 |
|
0,20 |
|
|
|
Taxes
Payable |
14.112 |
|
0,00 |
|
15.669 |
|
0,00 |
|
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|
Provisions |
86 |
|
0,00 |
|
167 |
|
0,00 |
|
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Other
Current Liabilities |
0 |
|
0,00 |
|
2.077 |
|
0,00 |
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|
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LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
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|
|
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|
|
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|
STOCKHOLDERS' EQUITY |
522.156 |
|
0,18 |
|
579.077 |
|
0,14 |
|
|
|
Paid-in
Capital |
250.000 |
|
0,09 |
|
250.000 |
|
0,06 |
|
|
|
Inflation
Adjustment of Capital |
5.551 |
|
0,00 |
|
5.551 |
|
0,00 |
|
|
|
Reserves |
209.788 |
|
0,07 |
|
266.605 |
|
0,07 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
56.817 |
|
0,02 |
|
56.921 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
TOTAL LIABILITIES AND EQUITY |
2.849.866 |
|
1,00 |
|
4.028.320 |
|
1,00 |
|
|
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INCOME STATEMENTS |
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|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.07 |
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|
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|
|
|
|
|
|
|
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|
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|
Net Sales |
3.785.510 |
|
1,00 |
|
4.101.407 |
|
1,00 |
|
2.412.832 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
2.880.682 |
|
0,76 |
|
3.115.391 |
|
0,76 |
|
1.873.012 |
|
0,78 |
|
|
|
Gross Profit |
904.828 |
|
0,24 |
|
986.016 |
|
0,24 |
|
539.820 |
|
0,22 |
|
|
|
Operating
Expenses |
624.942 |
|
0,17 |
|
664.362 |
|
0,16 |
|
291.432 |
|
0,12 |
|
|
|
Operating Profit |
279.886 |
|
0,07 |
|
321.654 |
|
0,08 |
|
248.388 |
|
0,10 |
|
|
|
Other
Income |
15.777 |
|
0,00 |
|
12.580 |
|
0,00 |
|
810 |
|
0,00 |
|
|
|
Other
Expenses |
0 |
|
0,00 |
|
26.820 |
|
0,01 |
|
13.070 |
|
0,01 |
|
|
|
Financial
Expenses |
214.317 |
|
0,06 |
|
235.025 |
|
0,06 |
|
182.929 |
|
0,08 |
|
|
|
Profit (loss) Before Tax |
81.346 |
|
0,02 |
|
72.389 |
|
0,02 |
|
53.199 |
|
0,02 |
|
|
|
Tax
Payable |
24.529 |
|
0,01 |
|
15.468 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
56.817 |
|
0,02 |
|
56.921 |
|
0,01 |
|
53.199 |
|
0,02 |
|
|
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FINANCIAL RATIOS |
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2005 |
|
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|
2006 |
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|
1.1.-30.06.07 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,09 |
|
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|
1,08 |
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|
|
-- |
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Acid-Test Ratio |
0,34 |
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|
0,38 |
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|
-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,54 |
|
|
|
0,45 |
|
|
|
-- |
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|
|
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Short-term Receivable/Total Assets |
0,16 |
|
|
|
0,20 |
|
|
|
-- |
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|
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Tangible Assets/Total Assets |
0,11 |
|
|
|
0,07 |
|
|
|
-- |
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TURNOVER RATIOS |
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Inventory Turnover |
1,87 |
|
|
|
1,70 |
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|
|
-- |
|
|
|
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Stockholders' Equity Turnover |
7,25 |
|
|
|
7,08 |
|
|
|
-- |
|
|
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Asset Turnover |
1,33 |
|
|
|
1,02 |
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|
|
-- |
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FINANCIAL STRUCTURE |
|
|
|
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|
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Stockholders' Equity/Total Assets |
0,18 |
|
|
|
0,14 |
|
|
|
-- |
|
|
|
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|
Current Liabilities/Total Assets |
0,82 |
|
|
|
0,86 |
|
|
|
-- |
|
|
|
|
|
Financial Leverage |
0,82 |
|
|
|
0,86 |
|
|
|
-- |
|
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,11 |
|
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|
0,10 |
|
|
|
-- |
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Operating Profit Margin |
0,07 |
|
|
|
0,08 |
|
|
|
0,10 |
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Net Profit Margin |
0,02 |
|
|
|
0,01 |
|
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|
0,02 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
42,29 |
|
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|
69,91 |
|
|
|
-- |
|
|
|
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Average Payable Period (days) |
7,41 |
|
|
|
17,35 |
|
|
|
-- |
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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%)