MIRA
INFORM REPORT
|
Report Date : |
25.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
ATAMIS ILAC SANAYI AS |
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Registered Office : |
Yukari Dudullu Mah. Akinci Sok. No:14 K.1 Umraniye- |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.09.2004 |
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Com. Reg. No.: |
532898 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and trade of medicine |
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/normal. |
Small |
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Status : |
Moderate |
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|
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
ATAMIS ILAC SANAYI AS |
|
ADDRESS |
: |
Head Office: Yukari Dudullu Mah. Akinci
Sok. No:14 K.1 Umraniye- |
|
PHONE NUMBER |
: |
90-216-364 99 99 |
|
FAX NUMBER |
: |
90-216-313 50 65 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Sarigazi / 0970270657 |
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REGISTRATION NUMBER |
: |
532898 |
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REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
13.09.2004 (Commercial Registry Gazette
Date/No:20.09.2004/6139) |
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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 1,487, 065 (as of 31.03.2007) |
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HISTORY |
: |
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Previous Registered Capital |
:YTL 100,000 |
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Regist. Capital Changed on |
:21.04.2005 (Commercial Registry Gazette
Date/No: 28.04.2005/6292) |
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Previous Address |
:Serifali Ciftligi Akif Inan Sok. No:20
K.4 Yukari Dudullu Umraniye- |
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Address Changed On |
:26.05.2005 (Commercial Registry Gazette Date/No:
02.06.2005/6316) |
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OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Yavuz Ozuguc Aysen Guven Daglar Ozuguc Ahmet Ilhan Kucuk Sengul Ozuguc |
96 % 1 % 1 % 1 % 1 % |
|
GROUP PARENT COMPANY |
: |
Atamis Group of Companies Some of the main companies operating
within Atamis group are declared to be as follows: -Farmaser Ilac Ecza Deposu Medikal ve
Kozmetik Ur San ve Tic Ltd Sti -Atlas Ilac Pazarlama Tic A.S. -Alemdaroglu Gida Ilac Dagitim Tanitim Tur
ve Yon Dan Org Hiz Ltd Sti -Yavuz Ilac Ecza Deposu Medikal Ur San ve
Tic A.S. -Ozuguc Organizasyon Gida Tur Ins Teks Ur
San ve Tic Ltd Sti -Atamis Ilac San A.S. -Atacan Ilac Tanitim Paz Tic ve San A.S. -Ozuguc Insaat Taah Tic San A.S. -Abis Ilac Sanayi A.S. -Atayurt Ilac Sanayi Ic ve Dis Tic. Ltd
Sti. |
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SUBSIDIARIES |
: |
None |
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BOARD OF DIRECTORS |
: |
Yavuz Ozuguc Aysen Guven Daglar Ozuguc |
Chairman Member Member |
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DIRECTORS |
: |
Aysen Guven |
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OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of medicine The firm was dealing with trade of
medicine but it started manufacture of medicine in March 2006. |
||
|
SECTOR |
: |
Chemicals |
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NUMBER OF
EMPLOYEES |
: |
415 |
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|
NET SALES |
: |
(YTL) None 1,518,950 28,760,924 4,447,265 |
(13.09-31.12.2004) (2005) (2006) (01.01.-31.03.2007) |
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|
IMPORT COUNTRIES |
: |
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MERCHANDISE
IMPORTED |
: |
Raw materials of medicine |
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|
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EXPORT VALUE |
: |
(YTL) 426,180 575,121 407,300 |
(2005) (2006) (01.01.-31.03.2007) |
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|
EXPORT COUNTRIES |
: |
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MERCHANDISE
EXPORTED |
: |
Medicine |
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PREMISES |
: |
Head Office: Yukari Dudullu Mah. Akinci Sok.
No:14 K.1 Umraniye- Factory: Tem Otoyolu Adapazari Cikisi
Kandaklar Mevkii Sakarya (owned) |
|
|
TREND OF BUSINESS : The firm was dealing with trade of medicine but it started manufacture of
medicine in March 2006. There was an upwards trend at sales volume in
2006.
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Large
FINANCE
|
MAIN DEALING BANKERS |
: |
Akbank Imes Ticari branch in Sekerbank Imes Ticari branch in |
|
CREDIT FACILITIES |
: |
The subject company rarely makes use of 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 date 13.09.2004 until 15.06.2007, there are no protested bills and non-paid cheques registered in the name of “Atamis Ilac”. |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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|
The subject had negative stockholder’s equity as of 31.12.2006 and as
of 31.03.2007. |
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LIQUIDITY |
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Low |
As of 31.03.2007 |
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PROFITABILITY |
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|
The subject which had high operating and net losses in 2005 had gross,
operating and net losses in 2006 and between 01.01.-31.03.2007. |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Favorable |
Between 01.01.-31.03.2007 |
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GENERAL
FINANCIAL POSITION |
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Poor |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, business relation is not admissible with
the subject unless there is full security.
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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.-31.03.2007) |
1.88 % |
1.4068 |
1.8521 |
2.7609 |
|
(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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|
YTL |
|
|
|
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|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
31.3.07 |
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CURRENT
ASSETS |
1.255.989 |
|
0,86 |
|
14.921.817 |
|
0,98 |
|
14.468.332 |
|
0,98 |
|
|
|
Cash and Banks |
479.165 |
|
0,33 |
|
1.783.240 |
|
0,12 |
|
449.066 |
|
0,03 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
154.156 |
|
0,11 |
|
8.486.063 |
|
0,56 |
|
320.215 |
|
0,02 |
|
|
|
Other Receivable |
0 |
|
0,00 |
|
40.973 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Inventories |
122.961 |
|
0,08 |
|
3.932.516 |
|
0,26 |
|
13.162.302 |
|
0,89 |
|
|
|
Advances Given |
303.128 |
|
0,21 |
|
243.270 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Other Current Assets |
196.579 |
|
0,13 |
|
435.755 |
|
0,03 |
|
536.749 |
|
0,04 |
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NON-CURRENT
ASSETS |
211.812 |
|
0,14 |
|
280.592 |
|
0,02 |
|
307.397 |
|
0,02 |
|
|
|
Long-term Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Tangible Fixed Assets (net) |
45.211 |
|
0,03 |
|
74.633 |
|
0,00 |
|
101.952 |
|
0,01 |
|
|
|
Intangible Assets |
166.068 |
|
0,11 |
|
197.930 |
|
0,01 |
|
197.416 |
|
0,01 |
|
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Other Non-Current Assets |
533 |
|
0,00 |
|
8.029 |
|
0,00 |
|
8.029 |
|
0,00 |
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TOTAL
ASSETS |
1.467.801 |
|
1,00 |
|
15.202.409 |
|
1,00 |
|
14.775.729 |
|
1,00 |
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CURRENT
LIABILITIES |
1.051.771 |
|
0,72 |
|
17.737.582 |
|
1,17 |
|
19.270.463 |
|
1,30 |
|
|
|
Financial Loans |
0 |
|
0,00 |
|
500.000 |
|
0,03 |
|
28.000 |
|
0,00 |
|
|
|
Accounts Payable |
154.115 |
|
0,10 |
|
13.754.781 |
|
0,90 |
|
3.236.757 |
|
0,22 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Short-term Payable |
0 |
|
0,00 |
|
91.471 |
|
0,01 |
|
374.804 |
|
0,03 |
|
|
|
Advances from Customers |
870.000 |
|
0,59 |
|
0 |
|
0,00 |
|
15.125.640 |
|
1,02 |
|
|
|
Taxes Payable |
27.656 |
|
0,02 |
|
745.271 |
|
0,05 |
|
505.262 |
|
0,03 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Current Liabilities |
0 |
|
0,00 |
|
2.646.059 |
|
0,17 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
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|
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|
LONG-TERM
LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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 |
416.030 |
|
0,28 |
|
-2.535.173 |
|
-0,17 |
|
-4.494.734 |
|
-0,30 |
|
|
|
Paid-in Capital |
1.435.500 |
|
0,98 |
|
1.435.500 |
|
0,09 |
|
1.487.065 |
|
0,10 |
|
|
|
Reserves |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-68.499 |
|
-0,05 |
|
-1.019.470 |
|
-0,07 |
|
-3.970.674 |
|
-0,27 |
|
|
|
Net Profit (loss) |
-950.971 |
|
-0,65 |
|
-2.951.203 |
|
-0,19 |
|
-2.011.125 |
|
-0,14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND EQUITY |
1.467.801 |
|
1,00 |
|
15.202.409 |
|
1,00 |
|
14.775.729 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-31.3.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales |
1.518.950 |
|
1,00 |
|
28.760.924 |
|
1,00 |
|
4.447.265 |
|
1,00 |
|
|
|
Cost of Goods Sold |
229.631 |
|
0,15 |
|
30.955.687 |
|
1,08 |
|
6.175.888 |
|
1,39 |
|
|
|
Gross
Profit |
1.289.319 |
|
0,85 |
|
-2.194.763 |
|
-0,08 |
|
-1.728.623 |
|
-0,39 |
|
|
|
Operating Expenses |
2.235.261 |
|
1,47 |
|
1.511.152 |
|
0,05 |
|
442.516 |
|
0,10 |
|
|
|
Operating
Profit |
-945.942 |
|
-0,62 |
|
-3.705.915 |
|
-0,13 |
|
-2.171.139 |
|
-0,49 |
|
|
|
Other Income |
9.323 |
|
0,01 |
|
990.039 |
|
0,03 |
|
266.643 |
|
0,06 |
|
|
|
Other Expenses |
13.022 |
|
0,01 |
|
187.647 |
|
0,01 |
|
71.100 |
|
0,02 |
|
|
|
Financial Expenses |
1.330 |
|
0,00 |
|
47.680 |
|
0,00 |
|
35.529 |
|
0,01 |
|
|
|
Profit
(loss) Before Tax |
-950.971 |
|
-0,63 |
|
-2.951.203 |
|
-0,10 |
|
-2.011.125 |
|
-0,45 |
|
|
|
Tax Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
-950.971 |
|
-0,63 |
|
-2.951.203 |
|
-0,10 |
|
-2.011.125 |
|
-0,45 |
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,19 |
|
|
|
0,84 |
|
|
|
0,75 |
|
|
|
|
|
Acid-Test Ratio |
0,60 |
|
|
|
0,58 |
|
|
|
0,04 |
|
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ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,08 |
|
|
|
0,26 |
|
|
|
0,89 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,11 |
|
|
|
0,56 |
|
|
|
0,02 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,03 |
|
|
|
0,00 |
|
|
|
0,01 |
|
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|
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TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
1,87 |
|
|
|
7,87 |
|
|
|
0,47 |
|
|
|
|
|
Stockholders' Equity Turnover |
3,65 |
|
|
|
-11,34 |
|
|
|
-0,99 |
|
|
|
|
|
Asset Turnover |
1,03 |
|
|
|
1,89 |
|
|
|
0,30 |
|
|
|
|
|
|
|
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FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,28 |
|
|
|
-0,17 |
|
|
|
-0,30 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,72 |
|
|
|
1,17 |
|
|
|
1,30 |
|
|
|
|
|
Financial Leverage |
0,72 |
|
|
|
1,17 |
|
|
|
1,30 |
|
|
|
|
|
|
|
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|
|
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PROFITABILITY RATIOS |
|
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|
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|
|
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|
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|
|
|
Net Profit/Stockholders' Eq. |
-2,29 |
|
|
|
1,16 |
|
|
|
0,45 |
|
|
|
|
|
Operating Profit Margin |
-0,62 |
|
|
|
-0,13 |
|
|
|
-0,49 |
|
|
|
|
|
Net Profit Margin |
-0,63 |
|
|
|
-0,10 |
|
|
|
-0,45 |
|
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|
|
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COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
36,54 |
|
|
|
106,22 |
|
|
|
25,92 |
|
|
|
|
|
Average Payable Period (days) |
241,61 |
|
|
|
159,96 |
|
|
|
188,67 |
|
|
|
|
|
|
|
|
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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%)