MIRA
INFORM REPORT
|
Report Date : |
24.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
MEPAS PASLANMAZ CELIK TICARET VE SANAYI LTD. STI. |
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Registered Office : |
Demirciler Sitesi 4.Cadde
No:12 Zeytinburnu-Istanbul |
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Country : |
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Date of Incorporation : |
20.11.1996 |
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Com. Reg. No.: |
356665 |
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Legal Form : |
Limited Company |
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Line of Business : |
Processing and trade of stainless steel |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 IDENTIFICATION
|
NAME |
: |
MEPAS PASLANMAZ CELIK TICARET VE SANAYI LTD. STI. |
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ADDRESS |
: |
Head Office/Processing Plant: Demirciler
Sitesi 4.Cadde No:12 Zeytinburnu-Istanbul / |
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PHONE NUMBER |
: |
90-212-665 76 31 90-212-664 91 93 |
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FAX NUMBER |
: |
90-212-665 76 33 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Mevlanakapi / 6150051537 |
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REGISTRATION NUMBER |
: |
356665 |
|
REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
20.11.1996 (Commercial Registry Gazette
Date/No:25.11.1996/4173) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 1,000,000 |
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PAID-IN CAPITAL |
: |
YTL 796,343 (As of 31.12.2006) |
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HISTORY |
: |
The registered capital was increased from
YTL 10,000 to YTL 75,000 on 30.10.2003 (Commercial Registry Gazette Date/No:
04.11.2003/5920) The registered capital was increased from
YTL 75,000 to YTL 500,000 on 12.10.2005 (Commercial Registry Gazette Date/No:
17.10.2005/6412) The registered capital was increased from
YTL 500,000 to YTL 1,000,000 on 11.12.2006
(Commercial Registry Gazette Date/No:15.12.2006/6705) The shareholder Kadriye Sahin transferred
7 % share at the subject, Aysel Sahin transferred 6 % share at the subject,
Ayfer Sahin transferred 6 % share at the subject to Melek Oktem on 21.12.2006
(Commercial Registry Gazette Date/No: 28.12.2006/6714) |
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Melek Oktem Ismail Hakki Sahin Mehmet Ali Sahin |
46 % 27 % |
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SISTER COMPANIES |
: |
Declared to be: None |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Melek Sahin Oktem Ismail Hakki Sahin |
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OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Processing and trade of stainless steel |
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NUMBER OF
EMPLOYEES |
: |
16 |
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NET SALES |
: |
(YTL) 6,046,683 10,215,257 4,329,855 |
(2005) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE
IMPORTED |
: |
Stainless steel |
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EXPORT |
: |
None |
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PREMISES |
: |
Head Office/Processing Plant: Demirciler
Sitesi 4.Cadde No:12 Zeytinburnu-Istanbul (rented) Branch Office/Processing Plant: DES Sanayi
Sitesi B10 Blok 104. Porsuk Sok No:6 Yukaridudullu Umraniye- |
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TREND OF BUSINESS : Upwards in 2006
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Upper-moderate
FINANCE
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MAIN DEALING BANKERS |
: |
Finansbank Des branch in Sekerbank Zeytinburnu branch in |
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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 01.01.2000-15.06.2007, there are no protested bills and non-paid cheques registered in the name of “Mepas Paslanmaz”. |
COMMENT ON FINANCIAL
POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Fair |
As of 31.12.2006 |
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LIQUIDITY |
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Good |
As of 31.12.2006 |
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PROFITABILITY |
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In order |
In 2006 |
Low |
Between 01.01.-31.3.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Favorable |
In 2006 |
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GENERAL
FINANCIAL POSITION |
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Capitalization was fair but liquidity was good as of 31.12.2006. The
firm which had in order profitability in 2006, had low profitability between
01.01.-31.3.2007. |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of EUR 225,000 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.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
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(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
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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 |
1.566.161 |
|
0,90 |
|
2.659.042 |
|
0,90 |
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Cash and
Banks |
144.359 |
|
0,08 |
|
545.268 |
|
0,18 |
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Marketable
Securities |
0 |
|
0,00 |
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0 |
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0,00 |
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Account
Receivable |
956.551 |
|
0,55 |
|
1.115.690 |
|
0,38 |
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Other
Receivable |
86.392 |
|
0,05 |
|
17.186 |
|
0,01 |
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Inventories |
260.777 |
|
0,15 |
|
886.078 |
|
0,30 |
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Advances
Given |
118.082 |
|
0,07 |
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0 |
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0,00 |
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Other
Current Assets |
0 |
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0,00 |
|
94.820 |
|
0,03 |
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NON-CURRENT ASSETS |
166.575 |
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0,10 |
|
299.020 |
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0,10 |
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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 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible
Fixed Assets (net) |
150.621 |
|
0,09 |
|
277.112 |
|
0,09 |
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Intangible
Assets |
15.735 |
|
0,01 |
|
21.908 |
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0,01 |
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Other
Non-Current Assets |
219 |
|
0,00 |
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0 |
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0,00 |
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TOTAL ASSETS |
1.732.736 |
|
1,00 |
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2.958.062 |
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1,00 |
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CURRENT LIABILITIES |
1.239.705 |
|
0,72 |
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1.860.271 |
|
0,63 |
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Financial
Loans |
79.807 |
|
0,05 |
|
571.897 |
|
0,19 |
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Accounts
Payable |
1.143.810 |
|
0,66 |
|
1.246.878 |
|
0,42 |
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Loans from
Shareholders |
0 |
|
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 |
|
1.375 |
|
0,00 |
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Advances
from Customers |
0 |
|
0,00 |
|
0 |
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0,00 |
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Taxes
Payable |
16.088 |
|
0,01 |
|
7.249 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
|
32.872 |
|
0,01 |
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Other
Current Liabilities |
0 |
|
0,00 |
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0 |
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0,00 |
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LONG-TERM LIABILITIES |
0 |
|
0,00 |
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0 |
|
0,00 |
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Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Securities
Issued |
0 |
|
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 |
|
0,00 |
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Loans from
Shareholders |
0 |
|
0,00 |
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0 |
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0,00 |
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Other
Long-term Liabilities |
0 |
|
0,00 |
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0 |
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0,00 |
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Provisions |
0 |
|
0,00 |
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0 |
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0,00 |
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STOCKHOLDERS' EQUITY |
493.031 |
|
0,28 |
|
1.097.791 |
|
0,37 |
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Paid-in
Capital |
181.250 |
|
0,10 |
|
796.343 |
|
0,27 |
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Inflation
Adjustment of Capital |
135.389 |
|
0,08 |
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0 |
|
0,00 |
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Reserves |
88.543 |
|
0,05 |
|
15.439 |
|
0,01 |
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Revaluation Fund |
0 |
|
0,00 |
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0 |
|
0,00 |
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Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Net Profit
(loss) |
87.849 |
|
0,05 |
|
286.009 |
|
0,10 |
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TOTAL LIABILITIES AND EQUITY |
1.732.736 |
|
1,00 |
|
2.958.062 |
|
1,00 |
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INCOME STATEMENTS |
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YTL |
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YTL |
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|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
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|
1.1.-31.03.2007 |
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Net Sales |
6.046.683 |
|
1,00 |
|
10.215.257 |
|
1,00 |
|
4.329.855 |
|
1,00 |
|
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Cost of
Goods Sold |
5.753.392 |
|
0,95 |
|
9.439.812 |
|
0,92 |
|
4.058.902 |
|
0,94 |
|
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Gross Profit |
293.291 |
|
0,05 |
|
775.445 |
|
0,08 |
|
270.953 |
|
0,06 |
|
|
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Operating
Expenses |
164.943 |
|
0,03 |
|
280.654 |
|
0,03 |
|
112.631 |
|
0,03 |
|
|
|
Operating Profit |
128.348 |
|
0,02 |
|
494.791 |
|
0,05 |
|
158.322 |
|
0,04 |
|
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Other Income |
15.913 |
|
0,00 |
|
2.741 |
|
0,00 |
|
0 |
|
0,00 |
|
|
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Other
Expenses |
11.108 |
|
0,00 |
|
63.943 |
|
0,01 |
|
7.404 |
|
0,00 |
|
|
|
Financial
Expenses |
6.940 |
|
0,00 |
|
75.007 |
|
0,01 |
|
42.892 |
|
0,01 |
|
|
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Profit (loss) Before Tax |
126.213 |
|
0,02 |
|
358.582 |
|
0,04 |
|
108.026 |
|
0,02 |
|
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|
Tax
Payable |
38.364 |
|
0,01 |
|
72.573 |
|
0,01 |
|
0 |
|
0,00 |
|
|
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Net Profit (loss) |
87.849 |
|
0,01 |
|
286.009 |
|
0,03 |
|
108.026 |
|
0,02 |
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FINANCIAL RATIOS |
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2005 |
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2006 |
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1.1.-31.03.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,26 |
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|
1,43 |
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-- |
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Acid-Test Ratio |
0,96 |
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|
0,90 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,15 |
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|
0,30 |
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|
-- |
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Short-term Receivable/Total Assets |
0,60 |
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|
0,38 |
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|
-- |
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Tangible Assets/Total Assets |
0,09 |
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|
0,09 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
22,06 |
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|
10,65 |
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-- |
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Stockholders' Equity Turnover |
12,26 |
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|
9,31 |
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-- |
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Asset Turnover |
3,49 |
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|
3,45 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,28 |
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|
0,37 |
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|
-- |
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Current Liabilities/Total Assets |
0,72 |
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|
0,63 |
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|
-- |
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Financial Leverage |
0,72 |
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|
0,63 |
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|
-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,18 |
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|
0,26 |
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-- |
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Operating Profit Margin |
0,02 |
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|
0,05 |
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|
0,04 |
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Net Profit Margin |
0,01 |
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|
0,03 |
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|
0,02 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
56,95 |
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|
39,32 |
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|
-- |
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Average Payable Period (days) |
71,57 |
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|
47,55 |
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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/normal. |
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%)