MIRA
INFORM REPORT
|
Report Date : |
24.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
PRENS OTOMOTIV VE INSAAT TICARET LTD. STI. |
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Registered Office : |
Haramidere Beysan Sanayi Sitesi Dereboyu Cad. No:29 Buyukcekmece – |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
05.02.1998 |
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Com. Reg. No.: |
388996 |
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Legal Form : |
Limited Company |
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Line of Business : |
Trade of automotive spare parts and accessories. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
: |
PRENS OTOMOTIV VE INSAAT TICARET LTD. STI. |
|
ADDRESS |
: |
Head Office/Warehouse: Haramidere Beysan
Sanayi Sitesi Dereboyu Cad. No:29 Buyukcekmece – |
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PHONE NUMBER |
: |
90-212-422 70 70 |
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FAX NUMBER |
: |
90-212-422 71 61 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE / NO |
: |
Beylikduzu / 7330070634 |
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REGISTRATION NUMBER |
: |
388996 |
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REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
05.02.1998 (Commercial Registry Gazette Date/No:
16.03.1998 / 4502) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 100,000 |
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PAID-IN CAPITAL |
: |
YTL 100,000 |
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HISTORY |
: |
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Previous Address |
: Inebey Mah. Kucuk Langa Cad. No:36
Aksaray, Fatih – |
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Address Changed On |
: 25.08.2006 (Commercial Registry Gazette
Date/No: 31.08.2006 / 6632) |
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OWNERSHIP /
MANAGEMENT
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SHAREHOLDERS |
: |
Eyup Murat Caliskan Mahmut Caliskan |
50 % 50 % |
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SISTER COMPANIES |
: |
-Diyarbakir Otomotiv Ticaret Ltd. Sti. -D.P Grup Otomotiv Ltd. Sti. |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Eyup Murat Caliskan Mahmut Caliskan |
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OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Trade of automotive spare parts and
accessories. |
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SECTOR |
: |
Commerce |
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TRADEMARK(S) |
: |
None |
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NUMBER OF
EMPLOYEES |
: |
33 |
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NET SALES |
: |
(YTL) 3,636,139 6,292,668 3,890,316 |
(2005) (2006) (01.01.-30.06.2007) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
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MERCHANDISE
IMPORTED |
: |
Automotive spare parts |
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EXPORT VALUE |
: |
(YTL) 827,131 359,447 167,699 |
(2005) (2006) (01.01.-30.06.2007) |
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EXPORT COUNTRIES |
: |
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MERCHANDISE
EXPORTED |
: |
Automotive spare parts |
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PREMISES |
: |
Head Office/Warehouse: Haramidere Beysan
Sanayi Sitesi Dereboyu Cad. No:29 Buyukcekmece – Branch: Tiryaki Hasanpasa Cad. No:23 Kat:4
Aksaray, Fatih – |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF BUSINESS : Upwards
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Lower-medium
FINANCE
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MAIN DEALING BANKERS |
: |
Finansbank Aksaray branch in Fortisbank Aksaray branch in Turkiye Is Bankasi Aksaray 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 01.01.2000-15.08.2007, there are no protested bills and non-paid cheques registered in the name of “Prens Otomotiv” |
COMMENT ON
FINANCIAL POSITION
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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 due to financial
loans and accounts payable as of 31.12.2006. |
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LIQUIDITY |
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Liquidity may be regarded as being in order as of 31.12.2006
disregarding “loans from shareholders” from “current liabilities”. |
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PROFITABILITY |
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Low |
In 2006 |
Fair |
Between 01.01.-30.06.2007 |
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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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Liquidity may be regarded as being in order but capitalization and
profitability were low in 2006. Profitability was fair in the first 6 months
of 2007. |
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Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
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(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.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
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(1.1.-31.08.2007) |
3.93 % |
1.3597 |
1.8186 |
2.6959 |
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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 |
2.488.187 |
|
0,79 |
|
3.466.629 |
|
0,78 |
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Cash and
Banks |
452.967 |
|
0,14 |
|
879.947 |
|
0,20 |
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Marketable
Securities |
0 |
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0,00 |
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0 |
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0,00 |
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Account
Receivable |
991.799 |
|
0,32 |
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1.142.807 |
|
0,26 |
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Other
Receivable |
42.009 |
|
0,01 |
|
7.429 |
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0,00 |
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Inventories |
677.955 |
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0,22 |
|
1.021.667 |
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0,23 |
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Advances
Given |
276.663 |
|
0,09 |
|
330.417 |
|
0,07 |
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Other
Current Assets |
46.794 |
|
0,01 |
|
84.362 |
|
0,02 |
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NON-CURRENT ASSETS |
648.642 |
|
0,21 |
|
988.428 |
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0,22 |
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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 |
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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) |
647.957 |
|
0,21 |
|
988.238 |
|
0,22 |
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Intangible
Assets |
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 |
685 |
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0,00 |
|
190 |
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0,00 |
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TOTAL ASSETS |
3.136.829 |
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1,00 |
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4.455.057 |
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1,00 |
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CURRENT LIABILITIES |
2.899.567 |
|
0,92 |
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4.171.628 |
|
0,94 |
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Financial Loans |
450.574 |
|
0,14 |
|
872.626 |
|
0,20 |
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Accounts
Payable |
1.279.182 |
|
0,41 |
|
1.491.975 |
|
0,33 |
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Loans from
Shareholders |
1.152.312 |
|
0,37 |
|
1.792.386 |
|
0,40 |
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Other
Short-term Payable |
4.899 |
|
0,00 |
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0 |
|
0,00 |
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Advances
from Customers |
4.545 |
|
0,00 |
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0 |
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0,00 |
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Taxes
Payable |
7.071 |
|
0,00 |
|
14.564 |
|
0,00 |
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Provisions |
0 |
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0,00 |
|
77 |
|
0,00 |
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Other
Current Liabilities |
984 |
|
0,00 |
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0 |
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0,00 |
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LONG-TERM LIABILITIES |
0 |
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0,00 |
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0 |
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0,00 |
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Financial
Loans |
0 |
|
0,00 |
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0 |
|
0,00 |
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Securities
Issued |
0 |
|
0,00 |
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0 |
|
0,00 |
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Long-term
Payable |
0 |
|
0,00 |
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0 |
|
0,00 |
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Loans from
Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
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0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
237.262 |
|
0,08 |
|
283.429 |
|
0,06 |
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Paid-in
Capital |
100.000 |
|
0,03 |
|
100.000 |
|
0,02 |
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Inflation
Adjustment of Capital |
589.654 |
|
0,19 |
|
589.654 |
|
0,13 |
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Reserves |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accumulated Losses(-) |
-495.651 |
|
-0,16 |
|
-452.392 |
|
-0,10 |
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Net Profit
(loss) |
43.259 |
|
0,01 |
|
46.167 |
|
0,01 |
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TOTAL LIABILITIES AND EQUITY |
3.136.829 |
|
1,00 |
|
4.455.057 |
|
1,00 |
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INCOME STATEMENTS |
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YTL |
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|
YTL |
|
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|
YTL |
|
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|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.06.2007 |
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Net Sales |
3.636.139 |
|
1,00 |
|
6.292.668 |
|
1,00 |
|
3.890.316 |
|
1,00 |
|
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Cost of
Goods Sold |
3.094.586 |
|
0,85 |
|
5.505.033 |
|
0,87 |
|
3.340.227 |
|
0,86 |
|
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Gross Profit |
541.553 |
|
0,15 |
|
787.635 |
|
0,13 |
|
550.089 |
|
0,14 |
|
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Operating
Expenses |
439.154 |
|
0,12 |
|
645.758 |
|
0,10 |
|
406.460 |
|
0,10 |
|
|
|
Operating Profit |
102.399 |
|
0,03 |
|
141.877 |
|
0,02 |
|
143.629 |
|
0,04 |
|
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Other
Income |
30.485 |
|
0,01 |
|
78.090 |
|
0,01 |
|
13.854 |
|
0,00 |
|
|
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Other
Expenses |
32.792 |
|
0,01 |
|
87.068 |
|
0,01 |
|
42.133 |
|
0,01 |
|
|
|
Financial
Expenses |
34.264 |
|
0,01 |
|
73.421 |
|
0,01 |
|
15.027 |
|
0,00 |
|
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Profit (loss) Before Tax |
65.828 |
|
0,02 |
|
59.478 |
|
0,01 |
|
100.323 |
|
0,03 |
|
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Tax Payable |
22.569 |
|
0,01 |
|
13.311 |
|
0,00 |
|
0 |
|
0,00 |
|
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Net Profit (loss) |
43.259 |
|
0,01 |
|
46.167 |
|
0,01 |
|
100.323 |
|
0,03 |
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FINANCIAL RATIOS |
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2005 |
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2006 |
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1.1.-30.06.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
0,86 |
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|
0,83 |
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-- |
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Acid-Test Ratio |
0,51 |
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|
0,49 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,22 |
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|
0,23 |
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|
-- |
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Short-term Receivable/Total Assets |
0,33 |
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|
0,26 |
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|
-- |
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Tangible Assets/Total Assets |
0,21 |
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|
0,22 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
4,56 |
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|
5,39 |
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|
-- |
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Stockholders' Equity Turnover |
15,33 |
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|
22,20 |
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|
-- |
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Asset Turnover |
1,16 |
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|
1,41 |
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|
-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,08 |
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|
0,06 |
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|
-- |
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Current Liabilities/Total Assets |
0,92 |
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|
0,94 |
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|
-- |
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Financial Leverage |
0,92 |
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|
0,94 |
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|
-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,18 |
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|
0,16 |
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|
-- |
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Operating Profit Margin |
0,03 |
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|
0,02 |
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|
0,04 |
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Net Profit Margin |
0,01 |
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|
0,01 |
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|
0,03 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
98,19 |
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|
65,38 |
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|
-- |
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Average Payable Period (days) |
148,81 |
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|
97,57 |
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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. |
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%)