MIRA
INFORM REPORT
|
Report Date : |
12.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
SAMPA OTOMOTIV SANAYI VE TICARET LTD. STI. |
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|
|
Registered Office : |
Ornek Sanayi Sitesi Sahil Cad. No:47/4 Kutlukent - |
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Country : |
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|
Financials (as on) : |
31.12.2006 |
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|
|
Date of Incorporation : |
15.09.1994 |
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|
|
|
Com. Reg. No.: |
125 - Tekkekoy |
|
|
|
|
Legal Form : |
Limited Company |
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|
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|
Line of Business : |
Manufacture and trade of automotive spare parts. |
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 |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
SAMPA OTOMOTIV SANAYI
VE TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office & Production Plant: Ornek Sanayi
Sitesi Sahil Cad. No:47/4 Kutlukent - The door
number was changed from “25” to “47” by the Municipality. |
|
PHONE NUMBER |
: |
90-362-266 77 92 |
|
FAX NUMBER |
: |
90-362-266 93 58 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
19 Mayis / 7420050605 |
|
|
|
REGISTRATION NUMBER |
: |
125 - Tekkekoy |
|
|
|
REGISTERED OFFICE |
: |
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|
DATE ESTABLISHED |
: |
15.09.1994 (Commercial Registry Gazette
Date/No: 21.09.1994 / 3621) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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|
REGISTERED CAPITAL |
: |
YTL 2,100,000 |
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|
|
PAID-IN CAPITAL |
: |
YTL 2,100,000 |
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|
|
HISTORY |
: |
|
|
|
|
|
|
Previous
Registered Capital |
: YTL 50,000 |
|
|
|
|
Regist. Capital Changed on |
: 14.07.2005 (Commercial Registry Gazette
Date/No:21.07.2005 / 6351) |
|
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|
Previous Address |
: 19 Mayis Sanayi Sitesi 82 Blok No:132 Samsun |
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|
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|
Address Changed On |
: 26.02.1998 (Commercial Registry Gazette Date/No:
13.04.1998 / 4518) |
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|
Previous Address |
: Ornek Sanayi Sitesi 29.Blok N:6
Kutlukent |
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Address Changed On |
: 02.04.2003 (Commercial Registry Gazette
Date/No: 15.04.2003 / 5778) |
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|
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|
Other Historical Events |
: Sadi Hurrem Sahinkaya, shareholder of
the company, died and his share was transferred to his heirs on 01.07.2003
(Commercial Registry Gazette Date/No: 14.07.2003 / 5840) |
|
OWNERSHIP /
MANAGEMENT
|
SHAREHOLDERS |
: |
Tayfun Altuncu Tarik Altuncu Emine Sahinkaya Hasan Mufit Sahinkaya Sahin Sahinkaya |
33,33 % 33,33 % 11,90 % 10,72 % 10,72 % |
|
SISTER COMPANIES |
: |
Declared to be : -SMT Sac Metal Teknolojileri Sanayi ve
Ticaret Ltd. Sti. -Mettek Metal Isleme Teknolojileri Sanayi
ve Ticaret Ltd. Sti. -Samis Metal Isleme Sanayi ve Ticaret Ltd.
Sti. -Auger Auto Technic ( |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
-Elaskom Kaucuk Metal Sanayi ve Ticaret Ltd.
Sti. (50 %) -Ilmar Otomotiv Sanayi ve Ticaret Ltd.
Sti. (90 %) |
|
|
DIRECTORS |
: |
Tayfun Altuncu |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of automotive spare
parts |
|
|
NUMBER OF
EMPLOYEES |
: |
75 |
|
|
NET SALES |
: |
(YTL Thousand) 1,639 3,955 7,700 13,098 13,384 18,041 14,509 |
(2001) (2002) (2003) (2004) (2005) (2006) (01.01.-30.06.2007) |
|
IMPORT VALUE |
: |
YTL 360,747 USD 160,000 USD 210,000 USD 78,927 YTL 569,929 USD 250,000 |
(2002) (2003) (2004) (2005) (2006) (01.01.-04.09.2007) |
|
IMPORT COUNTRIES |
: |
|
|
|
MERCHANDISE
IMPORTED |
: |
Automobile spare parts |
|
|
EXPORT VALUE |
: |
(YTL Thousand) 3,407 7,095 11,463 11,744 16,221 11,329 |
(2002) (2003) (2004) (2005) (2006) (01.01.-30.06.2007 |
|
EXPORT COUNTRIES |
: |
Germany, Italy, Belgium, Australia,
Bulgaria, France, Iran, Macedonia, Hungary, Poland, Spain, Greece, U.K, Hong
Kong, Saudi Arabia, United Arab Emirates, Ethiopia, Tunisia, Morocco, Bosnia-Herzegovina,
Russia, Albania, Romania, Slovakia, Estonia, Finland, Portugal, Ireland,
Italy, Malaysia, Chile, Ecuador, Yemen… |
|
|
MERCHANDISE
EXPORTED |
: |
Automotive spare parts, roller bearings… |
|
|
PREMISES |
: |
Head Office & Production Plant: Ornek Sanayi Sitesi Sahil Cad. No:47/4 Kutlukent Samsun (rented) |
|
TREND OF BUSINESS : Upwards
COMMERCIAL MORALITY : Fair
SIZE OF BUSINESS : Large
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Samsun branch in Akbank Samsun Ticari branch in Turkiye Is Bankasi
Merkez branch in Samsun Oyakbank Merkez
branch in Samsun |
|
CREDIT FACILITIES |
: |
The
subject company is making use of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
According to the official registries
between 01.01.2001-15.07.2007, there are protested bills in 2003 and two
non-paid cheques in 2006 registered in
the name of “Sampa Otomotiv”. However the non-paid cheques of 2006 were paid
later on. |
COMMENT ON FINANCIAL
POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|||
|
In order |
As of 31.12.2006 |
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LIQUIDITY |
|||
|
High
|
As of 31.12.2006 |
||
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PROFITABILITY |
|||
|
Low |
In 2006 |
Low |
Between 01.01.-30.06.2007 |
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
|||
|
Favorable |
In 2006 |
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GENERAL
FINANCIAL POSITION |
|||
|
Liquidity was high and capitalization was
in order as of 31.12.2006. Profitability was low in 2006 and between
01.01.-30.06.2007 |
|||
CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 1.4 million may be
granted to the subject company.
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2001) |
88.60 % |
1.1991 |
1.0714 |
1.7300 |
|
(2002) |
30.80 % |
1.5168 |
1.3741 |
2.2001 |
|
(2003) |
13.90 % |
1.5302 |
1.7141 |
2.4982 |
|
(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.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
|
(1.1.-31.08.2007) |
3.93 % |
1.3597 |
1.8186 |
2.6959 |
|
BALANCE SHEETS |
|||||||||||||
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|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
31.12.06 |
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|
|
|
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|
CURRENT ASSETS |
4.980 |
|
0,77 |
|
5.729 |
|
0,63 |
|
8.833 |
|
0,67 |
|
|
|
Cash and
Banks |
250 |
|
0,04 |
|
334 |
|
0,04 |
|
182 |
|
0,01 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
2.891 |
|
0,44 |
|
2.460 |
|
0,27 |
|
5.213 |
|
0,40 |
|
|
|
Other
Receivable |
249 |
|
0,04 |
|
335 |
|
0,04 |
|
361 |
|
0,03 |
|
|
|
Inventories |
1.210 |
|
0,19 |
|
772 |
|
0,09 |
|
2.311 |
|
0,18 |
|
|
|
Advances
Given |
0 |
|
0,00 |
|
1.401 |
|
0,15 |
|
0 |
|
0,00 |
|
|
|
Other
Current Assets |
380 |
|
0,06 |
|
427 |
|
0,05 |
|
766 |
|
0,06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
1.518 |
|
0,23 |
|
3.345 |
|
0,37 |
|
4.312 |
|
0,33 |
|
|
|
Long-term Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
160 |
|
0,01 |
|
|
|
Financial
Assets |
162 |
|
0,02 |
|
752 |
|
0,08 |
|
752 |
|
0,06 |
|
|
|
Tangible
Fixed Assets (net) |
1.344 |
|
0,21 |
|
2.520 |
|
0,28 |
|
3.363 |
|
0,26 |
|
|
|
Intangible
Assets |
12 |
|
0,00 |
|
73 |
|
0,01 |
|
37 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
6.498 |
|
1,00 |
|
9.074 |
|
1,00 |
|
13.145 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
2.960 |
|
0,46 |
|
3.965 |
|
0,44 |
|
5.689 |
|
0,43 |
|
|
|
Financial
Loans |
366 |
|
0,06 |
|
1.049 |
|
0,12 |
|
1.859 |
|
0,14 |
|
|
|
Accounts
Payable |
2.052 |
|
0,32 |
|
2.790 |
|
0,31 |
|
3.715 |
|
0,28 |
|
|
|
Loans from
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
496 |
|
0,08 |
|
28 |
|
0,00 |
|
36 |
|
0,00 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Taxes
Payable |
46 |
|
0,01 |
|
98 |
|
0,01 |
|
79 |
|
0,01 |
|
|
|
Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
1.250 |
|
0,10 |
|
|
|
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 |
|
1.250 |
|
0,10 |
|
|
|
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 |
3.538 |
|
0,54 |
|
5.109 |
|
0,56 |
|
6.206 |
|
0,47 |
|
|
|
Paid-in
Capital |
50 |
|
0,01 |
|
1.243 |
|
0,14 |
|
2.100 |
|
0,16 |
|
|
|
Inflation
Adjustment of Capital |
3.382 |
|
0,52 |
|
3.382 |
|
0,37 |
|
3.382 |
|
0,26 |
|
|
|
Reserves |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
484 |
|
0,04 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
106 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit
(loss) |
106 |
|
0,02 |
|
378 |
|
0,04 |
|
240 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
6.498 |
|
1,00 |
|
9.074 |
|
1,00 |
|
13.145 |
|
1,00 |
|
|
|
INCOME STATEMENTS |
||||||||||||
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
13.098 |
|
1,00 |
|
13.384 |
|
1,00 |
|
18.041 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
10.698 |
|
0,82 |
|
10.759 |
|
0,80 |
|
13.656 |
|
0,76 |
|
|
|
Gross Profit |
2.400 |
|
0,18 |
|
2.625 |
|
0,20 |
|
4.385 |
|
0,24 |
|
|
|
Operating
Expenses |
1.837 |
|
0,14 |
|
1.900 |
|
0,14 |
|
3.914 |
|
0,22 |
|
|
|
Operating Profit |
563 |
|
0,04 |
|
725 |
|
0,05 |
|
471 |
|
0,03 |
|
|
|
Other
Income |
124 |
|
0,01 |
|
110 |
|
0,01 |
|
383 |
|
0,02 |
|
|
|
Other
Expenses |
497 |
|
0,04 |
|
307 |
|
0,02 |
|
276 |
|
0,02 |
|
|
|
Financial
Expenses |
32 |
|
0,00 |
|
109 |
|
0,01 |
|
278 |
|
0,02 |
|
|
|
Profit (loss) Before Tax |
158 |
|
0,01 |
|
419 |
|
0,03 |
|
300 |
|
0,02 |
|
|
|
Tax
Payable |
52 |
|
0,00 |
|
41 |
|
0,00 |
|
60 |
|
0,00 |
|
|
|
Net Profit (loss) |
106 |
|
0,01 |
|
378 |
|
0,03 |
|
240 |
|
0,01 |
|
|
|
FINANCIAL RATIOS |
||||||||||||
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|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,68 |
|
|
|
1,44 |
|
|
|
1,55 |
|
|
|
|
|
Acid-Test Ratio |
1,15 |
|
|
|
0,79 |
|
|
|
1,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,19 |
|
|
|
0,09 |
|
|
|
0,18 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,48 |
|
|
|
0,31 |
|
|
|
0,42 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,21 |
|
|
|
0,28 |
|
|
|
0,26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
8,84 |
|
|
|
13,94 |
|
|
|
5,91 |
|
|
|
|
|
Stockholders' Equity Turnover |
3,70 |
|
|
|
2,62 |
|
|
|
2,91 |
|
|
|
|
|
Asset Turnover |
2,02 |
|
|
|
1,47 |
|
|
|
1,37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,54 |
|
|
|
0,56 |
|
|
|
0,47 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,46 |
|
|
|
0,44 |
|
|
|
0,43 |
|
|
|
|
|
Financial Leverage |
0,46 |
|
|
|
0,44 |
|
|
|
0,53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,03 |
|
|
|
0,07 |
|
|
|
0,04 |
|
|
|
|
|
Operating Profit Margin |
0,04 |
|
|
|
0,05 |
|
|
|
0,03 |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,03 |
|
|
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
79,46 |
|
|
|
66,17 |
|
|
|
107,22 |
|
|
|
|
|
Average Payable Period (days) |
69,05 |
|
|
|
93,35 |
|
|
|
130,89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT |
||||
|
|
|
YTL Thousand |
|
|
|
|
|
|
1.1.-30.06.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
14.509 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
12.303 |
|
0,85 |
|
|
|
Gross Profit |
2.206 |
|
0,15 |
|
|
|
Operating
Expenses |
1.850 |
|
0,13 |
|
|
|
Operating Profit |
356 |
|
0,02 |
|
|
|
Other
Income |
25 |
|
0,00 |
|
|
|
Other
Expenses |
106 |
|
0,01 |
|
|
|
Financial
Expenses |
212 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
63 |
|
0,00 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
63 |
|
0,00 |
|
|
|
|
|
|
|
|
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%)