MIRA
INFORM REPORT
|
Report Date : |
12.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PST GIDA MADDELERI INSAAT SANAYI VE TICARET LTD. STI. |
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Registered Office : |
G Ada 2/1 Parsel Serbest Bolge (Free Zone) Mersin |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
23.03.2000 |
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Com. Reg. No.: |
22092 |
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Legal Form : |
Limited Company |
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Line of Business : |
Trade of dairy products at free zone |
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 |
COMPANY IDENTIFICATION
|
NAME |
: |
PST GIDA MADDELERI INSAAT SANAYI VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office & Warehouse: G Ada 2/1
Parsel Serbest Bolge (Free Zone) Mersin / Turkey |
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PHONE NUMBER |
: |
90-324-238 37 71-72 |
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FAX NUMBER |
: |
90-324-231 56 84 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Uray / 3880406783 |
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REGISTRATION NUMBER |
: |
22092 |
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REGISTERED OFFICE |
: |
Mersin Chamber of Commerce |
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DATE ESTABLISHED |
: |
23.03.2000(Commercial Registry Gazette
Date/No: 28.03.2000/5011) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 10,000 |
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HISTORY |
: |
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Previous Name |
:Form Gida Maddeleri Sanayi ve Ticaret Ltd
Sti |
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Name Changed On |
:20.10.2003 (Commercial Registry Gazette Date/No:
31.10.2003/5918) |
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Previous Name |
:PST Gida Maddeleri Sanayi ve Ticaret Ltd
Sti |
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Name Changed On |
:13.04.2005 (Commercial Registry Gazette
Date/No: 20.04.2005/6286) |
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Previous Address |
:Gama Is Mrk 2-02A Serbest Bolge Mersin |
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Address Changed On |
:28.12.2004 (Commercial Registry Gazette
Date/No: 07.01.2005/6215) |
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OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
Fatih Mehmet Kamac Rahmi Kamac Selcuk Uygur Kais N. Muhsin Ahmad K. Nazal |
25 % 25 % 25 % 20 % 5 % |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Yahya Kemal Gungor |
General Manager |
OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Trade of dairy products at free zone |
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SECTOR |
: |
Commerce |
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TRADEMARK(S) |
: |
None |
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NUMBER OF
EMPLOYEES |
: |
12 |
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NET SALES |
: |
(YTL) 5,705,704 12,761,451 |
(2005) (2006) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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MERCHANDISE
IMPORTED |
: |
Milk powder, butter |
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EXPORT |
: |
As the subject company is located at
"Free Zone" all of its sales are regarded as exports. |
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PREMISES |
: |
Head Office & Warehouse: G Ada 2/1
Parsel Serbest Bolge (Free Zone) Mersin |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF BUSINESS : Upwards in 2006
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Lower-medium
FINANCE
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MAIN DEALING BANKERS |
: |
Garanti Bankasi Serbest Bolge branch in
Mersin Denizbank
Serbest Bolge branch in Mersin |
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CREDIT FACILITIES |
: |
No credit facility has come to our
knowledge. |
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PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding
payments from banks. According to the official registries
between 01.01.2000-15.10.2007, there are no protested bills and non-paid
cheques registered in the former name of (Form Gida) or the current name (PST
Gida) of the subject company. |
COMMENT ON FINANCIAL POSITION
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FINANCIAL STRUCTURE
(SUFFICENCY OF OWN RESOURCES) |
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The capitalization was low as of 31.12.2006. A part of liabilities was
due to loans from shareholders but the major part of liabilities was due to
accounts payable. |
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LIQUIDITY |
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High |
As of 31.12.2006 |
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PROFITABILITY |
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Low |
In 2006 |
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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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Profitability and capitalization were low but liquidity was high in
2006. |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 95,000 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 |
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(1.1.-31.10.2007) |
4.84 % |
1.3308 |
1.7999 |
2.6527 |
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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 |
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2.152.437 |
|
1,00 |
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3.969.838 |
|
1,00 |
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Cash and
Banks |
|
5.852 |
|
0,00 |
|
138.432 |
|
0,03 |
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Marketable
Securities |
|
0 |
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0,00 |
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0 |
|
0,00 |
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Account
Receivable |
|
1.042.540 |
|
0,48 |
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3.445.492 |
|
0,87 |
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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 |
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1.104.045 |
|
0,51 |
|
385.914 |
|
0,10 |
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Advances
Given |
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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 |
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0 |
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0,00 |
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0 |
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0,00 |
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NON-CURRENT ASSETS |
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0 |
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0,00 |
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0 |
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0,00 |
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Long-term
Receivable |
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0 |
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0,00 |
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0 |
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0,00 |
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Financial
Assets |
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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) |
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0 |
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0,00 |
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0 |
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0,00 |
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Intangible Assets |
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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 |
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0 |
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0,00 |
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0 |
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0,00 |
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TOTAL ASSETS |
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2.152.437 |
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1,00 |
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3.969.838 |
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1,00 |
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CURRENT LIABILITIES |
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1.859.296 |
|
0,86 |
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3.514.111 |
|
0,89 |
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Financial
Loans |
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0 |
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0,00 |
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0 |
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0,00 |
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Accounts
Payable |
|
520.179 |
|
0,24 |
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1.992.916 |
|
0,50 |
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Loans
from Shareholders |
|
1.328.716 |
|
0,62 |
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1.518.869 |
|
0,38 |
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Other
Short-term Payable |
|
8.576 |
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0,00 |
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0 |
|
0,00 |
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Advances
from Customers |
|
0 |
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0,00 |
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0 |
|
0,00 |
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Taxes
Payable |
|
1.825 |
|
0,00 |
|
2.326 |
|
0,00 |
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Provisions |
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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 |
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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 |
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0 |
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0,00 |
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0 |
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0,00 |
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Financial
Loans |
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0 |
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0,00 |
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0 |
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0,00 |
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Securities Issued |
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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 |
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0 |
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0,00 |
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0 |
|
0,00 |
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Loans
from Shareholders |
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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 |
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0 |
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0,00 |
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0 |
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0,00 |
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Provisions |
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0 |
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0,00 |
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0 |
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0,00 |
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STOCKHOLDERS' EQUITY |
|
293.141 |
|
0,14 |
|
455.727 |
|
0,11 |
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TOTAL LIABILITIES AND EQUITY |
|
2.152.437 |
|
1,00 |
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3.969.838 |
|
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 |
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5.705.704 |
|
1,00 |
|
12.761.451 |
|
1,00 |
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Cost of
Goods Sold |
|
5.495.038 |
|
0,96 |
|
12.166.376 |
|
0,95 |
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Gross Profit |
|
210.666 |
|
0,04 |
|
595.075 |
|
0,05 |
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Operating
Expenses |
|
108.588 |
|
0,02 |
|
433.608 |
|
0,03 |
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Operating Profit |
|
102.078 |
|
0,02 |
|
161.467 |
|
0,01 |
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Other
Income |
|
10.658 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Expenses |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
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Financial
Expenses |
|
50.653 |
|
0,01 |
|
12.930 |
|
0,00 |
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Profit (loss) Before Tax |
|
62.083 |
|
0,01 |
|
148.537 |
|
0,01 |
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Tax
Payable |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
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Net Profit (loss) |
|
62.083 |
|
0,01 |
|
148.537 |
|
0,01 |
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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 |
|
1,16 |
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|
1,13 |
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Acid-Test Ratio |
|
0,56 |
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|
1,02 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
|
0,51 |
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|
0,10 |
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Short-term Receivable/Total Assets |
|
0,48 |
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|
0,87 |
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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 |
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4,98 |
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|
31,53 |
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Stockholders' Equity Turnover |
|
19,46 |
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|
28,00 |
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Asset Turnover |
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2,65 |
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|
3,21 |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
|
0,14 |
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|
0,11 |
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Current Liabilities/Total Assets |
|
0,86 |
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|
0,89 |
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Financial Leverage |
|
0,86 |
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|
0,89 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
|
0,21 |
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|
0,33 |
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Operating Profit Margin |
|
0,02 |
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|
0,01 |
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Net Profit Margin |
|
0,01 |
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|
0,01 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
|
65,78 |
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|
97,20 |
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Average Payable Period (days) |
|
34,08 |
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|
58,97 |
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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%)