MIRA
INFORM REPORT
|
Report Date : |
15.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TEKFEN INSAAT VE TESISAT A.S. |
|
|
|
|
Registered Office : |
Kultur Mah. Tekfen Sitesi Aydinlik Sok. B Blok No:3 Besiktas- Istanbul |
|
|
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|
Country : |
Turkey |
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|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
18.11.1968 |
|
|
|
|
Com. Reg. No.: |
100776 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Construction, Installation and Contracting. |
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 |
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTE
The name at your inquiry “Tekfen Construction and Installation” is the
English name of “TEKFEN INSAAT VE TESISAT A.S.”
COMPANY IDENTIFICATION
|
NAME |
: |
TEKFEN INSAAT VE TESISAT A.S. |
|
ADDRESS |
: |
Head Office: Kultur Mah. Tekfen Sitesi
Aydinlik Sok. B Blok No:3 Besiktas- Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-359 35 00 |
|
FAX NUMBER |
: |
90-212-257 51 07 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE |
: |
Buyuk Mukellefler / 8340052176 |
|
REGISTRATION NUMBER |
: |
100776 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber Commerce Istanbul Chamber of Industry |
|
DATE ESTABLISHED |
: |
18.11.1968 (Commercial Registry Gazette
Date: 22.12.1968) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 100,000,000 |
|
PAID-IN CAPITAL |
: |
The paid in capital is declared to be YTL
100,000,000. There is no certification for paid-in capital. |
|
HISTORY |
: |
The registered capital which was increased
from YTL 30,000 to YTL 60,000 on 31.12.1997 (Commercial Registry Gazette
Date/No: 09.03.1998/4497) was further
increased to YTL 2,210,000 on 02.08.2001 (Commercial Registry Gazette
Date/No: 07.08.2001/5355) The registered capital was increased from
YTL 2,210,000 to YTL 2,445,000 on 31.12.2004 (Commercial Registry
Gazette Date/ No: 07.01.2005/6215) The registered capital was increased from
YTL 2,445,000 to YTL 100,000,000 on 07.05.2007 (Commercial Registry
Gazette Date/ No: 10.05.2007/6805) YTL 13,000,000 of this increase is decided
to be financed by equity items and YTL 84,555,000 is decided to be financed
by cash. |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Tekfen Holding A.S. Necati Akcaglilar Feyyaz Berker Ali Nihat Gokyigit Yatirim Holding A.S. Adurrahman Gunay Unlusoy Naim Ozkazanc Mehmet Necdet Bozdogan |
|
GROUP PARENT COMPANY |
: |
Tekfen Holding A.S. Tekfen Holding A.S. was founded in 1971 to
coordinate the financial and administrative operations of the Tekfen group of
companies. Main companies operating within Tekfen
group are declared as follows: DOMESTIC Antalya Studyolari A.S. Gate Insaat Taahhut Sanayi ve Ticaret A.S.
Golden Horn Filimcilik Ltd. Sti. Goldenorn Filmcilik Ltd Sti. Hishtil – Toros Fidecilik Sanayi ve Ticaret A.S. Kablotek-Kablo Sebekeleri Tesis Isletme
Muh.Ins.Tic. ve San.A.S. Tayseb Toros Adana Yumurtalik Serb. Bol
Kurucusu ve Isleticisi A.S. Tekfen Dis Ticaret A.S. Tekfen Emlak Gelistirme Yatirim ve Tic.
A.S. Tekfen Endustri ve Ticaret A.S. Tekfen Finansal Kiralama A.S. Tekfen Holding A.S. Tekfen Imalat ve Muhendislik A.S. Tekfen Insaat ve Tesisat A.S. Tekfen Kultur Sanat Urunleri Yapim ve
Yayin San. Tic. A.S Tekfen Muhendislik A.S. Tekfen Sigorta Aracilik Hizmetleri A.S. Eurobank Tekfen |
|
|
|
Tekfen Ticari Yatirimlar A.S. Tekfen Turizm ve Isletmecilik A.S. Toros Enerji Elektrik Uretimi ve
Otoproduktor Grubu A.S. Toros Gayrimenkul Yatirimi A.S. Toros Gemi Acentelegi ve Ticaret A.S. Toros Tarim Sanayi ve Ticaret A.S. Toros Terminal Servisleri ve Denizcilik
A.S. ABROAD Hallesche Mitteldeutsche Bau- AG (Germany) Azfen J.V. (Azerbaijan) Geotek J.V. (Georgia) Cenub Tikinti Servis ASC (Azerbaijan) Papfen Joint Stock Company (Uzbekistan) Tekfen Construction and Installation Co.
Inc. (Saudi Arabia) Tek Bautrager GmbH Tekfen Int. Finance and Investments S.A.
(Luxembourg) Dairy International Limited (Ireland) TST International Trading Ltd. (Ireland) TST International Ltd. (Ireland) TST Investment Holding S.A. (Luxembourg) TST International Finance S.A.
(Luxembourg) Tekfen San. Tic. Ve Yat. Ltd (Cyprus) Tekfen Turistik Tes. Ltd (Cyprus) Tekfen International Italy Srl (Italy) Petrofertil Trading Italy Srl (Italy) Petrofertil Trading Ltd (UK) |
|
|
|
SUBSIDIARIES |
: |
Isedas Istanbul Elk. Dag. A.S Tekfen Imalat ve Muh.AS Tekfen Muhendislik A.S. Tekfen Kultur Sanat Urunleri Yapim ve
Yayin San. Tic. A.S Tayseb Toros Adana Yumurtalik Serb. Bol
Kurucusu ve Isleticisi A.S. Kablotek-Kablo Sebekeleri Tesis Isletme
Muh.Ins.Tic. ve San.A.S. Gate Insaat Taahhut Sanayi ve Ticaret A.S.
Azfen J.V. (Azerbaijan) Tekfen Int. Finance and Investments S.A.
(Luxembourg) Geotek J.V. (Georgia) Toros Tarim Sanayi ve Ticaret A.S TGO Insaat Taahhut Nakliyat Ticaret ve
Sanayi Ltd. Sti. Toros Terminal Servisleri ve Denizcilik
A.S. Toros Enerji Elektrik Uretimi ve
Otoproduktor Grubu A.S. Tekfen Turizm ve Isletmecilik A.S. |
||
|
BOARD OF DIRECTORS |
: |
Ali Nihat Gokyigit Feyyaz Berker Erhan Oner Ahmet Ipekci Ayse Leyla Akcaglilar |
Chairman Vice-chairman Member Member Member |
|
|
DIRECTORS |
: |
Umit Ozdemir Gurbuz Alp Kirec Osman Cengiz Birgili Mehmet Kerim Kazgan Mehmet Ali Beler Ismail Erdogan Celal Erbil Kani Bozbay |
General Manager Deputy General Manager Deputy General Manager Deputy General Manager Deputy General Manager Deputy General Manager Deputy General Manager Deputy General Manager |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Construction,
installation and contracting. The
subject also manufactures steel at the production plant in Adana mainly for
its own use. The subject generally undertakes the
following projects: petroleum projects, major civil & infrastructure
projects, electrical and communication projects, underground and pipe-lining,
construction of industrial plants, buildings, business centers, bridge and
cross-roads etc both in Turkey and abroad. Some of
the projects undertaken by the subject are as follows: -Afsin-Elbistan Thermal Power Plant B,
Turkey -Gaziantep-Birecik Motorway, Turkey -Persembe Bolaman Coastal Motorway -PCWU (Process, Compression, Water
Utilities Project) Topsides Platform in Azerbaijan -Motorway project in Morocco -Saudi Aramco / Quad-1 Seawater Pipeline and Support Facilities -Yanbu Refinery in Saudi Arabia -Bursa City 3rd Phase Gas
Distribution project -Azerbaijan Shah Deniz onshore terminal
project -Azerbaijan Chiraq Gunesli Full Field
Development projects -Atyrau Refinery in Kazakhstan -Ceyhan Marine Export Terminal Facilities
project -C&WP Topside Platform Fabrication
works in Azerbaijan -Bursa Stormwater collection system -Ciftehan-Pozanti Motorway -Western
Route Pipeline project (Baku-Supsa Pipeline System Azerbaijan) -Supsa
Terminal (Baku-Supsa Pipeline System Georgia) -Sangachal
Terminal (Baku-Supsa Pipeline System Azerbaijan) -Iraq-Turkey
First & Second Crude Oil Pipeline Systems (Turkey) |
|||
|
|
|
-Yumurtalik
Kirikkale Crude Oil Pipeline and Tankfarm (Turkey) -Ankara
Natural Gas Distribution & Regulations Stations (Turkey) -Toros
Fertilizer Plant -Yarimca
Fertilizer Plant -Asil
Celik Steel Industries Plant -Sinanoba
Satellite Town -Iskenderun-Divrigi
Railway Signalling Systems -Izmir
Petkim Naphta Steam Cracking Plant -Toros
Multipurpose Terminal -Tuncbilek
Coal Washing Plant -Bursa
Gas |
|||
|
SECTOR |
: |
Construction |
|||
|
NUMBER OF
EMPLOYEES |
: |
680 |
|||
|
NET SALES |
: |
(YTL) 3,345,973 7,147,965 3,499,177 12,682,940 25,117,863 151,868,410 122,304,468 111,318,716 127,404,872 62,025,999 80,904,933 |
(1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) |
||
|
TURNOVER |
: |
USD
61,713,223+YTL 64,290,164 |
(2006) |
||
|
IMPORT VALUE |
: |
USD 7,533,000 USD 19 million USD 26 million YTL 50 million |
(2002) (2003) (2004) (2005) |
||
|
IMPORT COUNTRIES |
: |
Europe |
|||
|
MERCHANDISE
IMPORTED |
: |
Construction machinery and materials |
|||
|
FOREIGN INCOME |
: |
YTL 251,872 YTL 173,198 YTL 147,507 YTL 2,541,377 YTL 3,843,659 YTL 8,530,272 YTL13,864,177 USD 14,833,683 YTL 52,759,376 YTL 41,693,306 YTL 49,437,314 USD 61,713,223 |
(1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) |
||
|
EXPORT COUNTRIES |
: |
Azerbaijan, Kazakhstan, Morocco, Saudi
Arabia… |
|
MERCHANDISE
EXPORTED |
: |
Materials for its overseas sub-contracting
facilities such as tube, fittings, parts of construction machines, parts of
surveying instruments, engines and motors, iron, steel… |
|
PREMISES |
: |
Head Office: Kultur Mah. Tekfen Sitesi
Aydinlik Sok. B Blok No: 3 Besiktas- Istanbul (owned) Office: Kultur Mah. Tekfen Sitesi Aydinlik
Sok. C Blok No:1 Besiktas- Istanbul (owned by Tekfen Holding A.S.) Factory : E-5 Karayolu Ceyhan- Adana
(10,000 sqm covered area over a land of 129,000 sqm) |
|
TREND OF
BUSINESS |
: |
The sales volume appears to be
fluctuating, but this is a normal
case for construction companies as construction companies can not register
their income at the income statement unless the project has been totally
completed. |
|
SIZE OF BUSINESS |
: |
Giant |
FINANCE
|
MAIN DEALING BANKERS |
: |
Eurobank Tekfen Etiler branch in Istanbul Turkiye Is Bankasi Levent branch in
Istanbul Fortisbank Bogazici Kurumsal branch in Istanbul Garanti Bankasi Kurumsal branch in Istanbul |
||
|
CREDIT FACILITIES |
: |
The subject company makes use of credit
facilities. |
||
|
PAYMENT BEHAVIOR |
: |
No payment delays have come to our knowledge. |
||
|
KEY FINANCIAL ELEMENTS |
: |
Turnover Profit Before Tax |
2006 USD 61,713,223+YTL 64,290,164 YTL 9,887,011 |
|
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
As of 31.12.2005, 18 % of the total
liabilities and equity consists of “accumulated construction income” which is
in fact not an indicator of indebtedness, anyway financial structure of the
subject was fair. The registered capital was increased from
YTL 2,445,000 to YTL 100,000,000 on 07.05.2007 (Commercial Registry
Gazette Date/ No: 10.05.2007/6805) YTL 13,000,000 of this increase is decided
to be financed by equity items and YTL 84,555,000 is decided to be financed
by cash. But the increase appears to be insufficient in comparison asset
total of the firm |
|
PROFITABILITY |
|
The subject which had operating loss had
in order net profitability due to other income in 2005 and it had low net
profitability in 2006. However it has to be noted that, the income statement
does not point out the real profitability of construction firms as
construction companies can not register their income at the income statement
unless the project has been totally completed. The real indicator of profitability of construction companies is the
gap between the “accumulated construction income + advances from customers”
and “accumulated construction expense”. According to the data of 31.12.2005,
this gap reveals that, the firm was not profitable from its construction
activity. However as there is no data on the amount of “accumulated construction
income + advances from customers” and “accumulated construction expense” as
of 31.12.2006, we have no idea about the profitability from the firm’s
construction activity in 2006. |
|
GENERAL
FINANCIAL POSITION |
|
Unsatisfactory |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(1998) |
54.30 % |
0.2657 |
0.2967 |
0.4410 |
|
(1999) |
62.90 % |
0.4278 |
0.4518 |
0.6843 |
|
(2000) |
32.70 % |
0.6251 |
0.5774 |
0.9480 |
|
(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 |
|
(1.1.-30.09.2006) |
11.54 % |
1.4266 |
1.7739 |
2.5892 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.03 |
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
580.895.013 |
|
0,90 |
|
963.695.556 |
|
0,74 |
|
1.196.049.050 |
|
0,77 |
|
|
|
Cash and Banks |
1.229.229 |
|
0,00 |
|
2.773.446 |
|
0,00 |
|
1.553.741 |
|
0,00 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
20.852.485 |
|
0,03 |
|
12.437.478 |
|
0,01 |
|
12.510.376 |
|
0,01 |
|
|
|
Other Receivable |
467.333.054 |
|
0,73 |
|
650.047.364 |
|
0,50 |
|
816.171.940 |
|
0,52 |
|
|
|
Inventories |
4.234.366 |
|
0,01 |
|
9.939.577 |
|
0,01 |
|
10.295.564 |
|
0,01 |
|
|
|
Advances Given |
2.099.140 |
|
0,00 |
|
261.469 |
|
0,00 |
|
610.264 |
|
0,00 |
|
|
|
Accumulated Constr. Expenses |
80.889.632 |
|
0,13 |
|
276.988.996 |
|
0,21 |
|
335.843.763 |
|
0,22 |
|
|
|
Other Current Assets |
4.257.107 |
|
0,01 |
|
11.247.226 |
|
0,01 |
|
19.063.402 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
61.340.082 |
|
0,10 |
|
345.757.756 |
|
0,26 |
|
361.651.109 |
|
0,23 |
|
|
|
Long-term Receivable |
2.489.233 |
|
0,00 |
|
105.778 |
|
0,00 |
|
311.137 |
|
0,00 |
|
|
|
Financial Assets |
44.323.763 |
|
0,07 |
|
241.919.403 |
|
0,18 |
|
242.093.239 |
|
0,16 |
|
|
|
Tangible Fixed Assets (net) |
14.137.493 |
|
0,02 |
|
101.075.231 |
|
0,08 |
|
111.439.529 |
|
0,07 |
|
|
|
Intangible Assets |
389.593 |
|
0,00 |
|
2.610.924 |
|
0,00 |
|
4.490.288 |
|
0,00 |
|
|
|
Other Non-Current Assets |
0 |
|
0,00 |
|
46.420 |
|
0,00 |
|
3.316.916 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
642.235.095 |
|
1,00 |
|
1.309.453.312 |
|
1,00 |
|
1.557.700.159 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
259.513.974 |
|
0,40 |
|
407.873.090 |
|
0,31 |
|
435.600.019 |
|
0,28 |
|
|
|
Financial Loans |
163.453.471 |
|
0,25 |
|
134.453.809 |
|
0,10 |
|
132.476.765 |
|
0,09 |
|
|
|
Accounts Payable |
14.345.186 |
|
0,02 |
|
20.239.849 |
|
0,02 |
|
14.229.482 |
|
0,01 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
11.473.890 |
|
0,01 |
|
|
|
Other Short-term Payable |
28.712.621 |
|
0,04 |
|
21.407.682 |
|
0,02 |
|
512.705 |
|
0,00 |
|
|
|
Advances from Customers |
1.118.834 |
|
0,00 |
|
7.551 |
|
0,00 |
|
113 |
|
0,00 |
|
|
|
Taxes Payable |
0 |
|
0,00 |
|
1.679.140 |
|
0,00 |
|
1.632.488 |
|
0,00 |
|
|
|
Accumulated Const. Income |
51.876.925 |
|
0,08 |
|
228.310.540 |
|
0,17 |
|
274.833.590 |
|
0,18 |
|
|
|
Provisions |
2.790 |
|
0,00 |
|
296.063 |
|
0,00 |
|
-1.021.020 |
|
0,00 |
|
|
|
Other Current Liabilities |
4.147 |
|
0,00 |
|
1.478.456 |
|
0,00 |
|
1.462.006 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
342.820.779 |
|
0,53 |
|
580.455.722 |
|
0,44 |
|
813.148.205 |
|
0,52 |
|
|
|
Financial Loans |
11.565.324 |
|
0,02 |
|
43.836.683 |
|
0,03 |
|
46.691.044 |
|
0,03 |
|
|
|
Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Long-term Payable |
288.032.879 |
|
0,45 |
|
498.860.743 |
|
0,38 |
|
696.160.127 |
|
0,45 |
|
|
|
Loans from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other Long-term Liabilities |
0 |
|
0,00 |
|
5.242.974 |
|
0,00 |
|
10.599.893 |
|
0,01 |
|
|
|
Advances from Customers |
43.222.576 |
|
0,07 |
|
32.515.322 |
|
0,02 |
|
59.697.141 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
39.900.342 |
|
0,06 |
|
321.124.500 |
|
0,25 |
|
308.951.935 |
|
0,20 |
|
|
|
Paid-in Capital |
2.210.000 |
|
0,00 |
|
2.445.000 |
|
0,00 |
|
2.445.000 |
|
0,00 |
|
|
|
Inflation Adjustment of
Capital |
not applic. |
|
|
|
10.675.732 |
|
0,01 |
|
10.675.732 |
|
0,01 |
|
|
|
Reserves |
11.050.842 |
|
0,02 |
|
303.132.198 |
|
0,23 |
|
293.206.279 |
|
0,19 |
|
|
|
Revaluation Fund |
8.475.848 |
|
0,01 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
18.163.652 |
|
0,03 |
|
4.871.570 |
|
0,00 |
|
2.624.924 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQ. |
642.235.095 |
|
1,00 |
|
1.309.453.312 |
|
1,00 |
|
1.557.700.159 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2003 |
|
|
|
2004 |
|
|
|
2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
127.404.872 |
|
1,00 |
|
62.025.999 |
|
1,00 |
|
80.904.933 |
|
1,00 |
|
|
|
Expenses |
106.516.189 |
|
0,84 |
|
61.842.726 |
|
1,00 |
|
83.612.615 |
|
1,03 |
|
|
|
Operating Profit |
20.888.683 |
|
0,16 |
|
183.273 |
|
0,00 |
|
-2.707.682 |
|
-0,03 |
|
|
|
Other Income |
7.163.116 |
|
0,06 |
|
8.534.785 |
|
0,14 |
|
6.529.578 |
|
0,08 |
|
|
|
Other Expenses |
2.697.539 |
|
0,02 |
|
2.570.438 |
|
0,04 |
|
1.196.972 |
|
0,01 |
|
|
|
Financial Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
25.354.260 |
|
0,20 |
|
6.147.620 |
|
0,10 |
|
2.624.924 |
|
0,03 |
|
|
|
Tax Payable |
7.190.608 |
|
0,06 |
|
1.276.050 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
18.163.652 |
|
0,14 |
|
4.871.570 |
|
0,08 |
|
2.624.924 |
|
0,03 |
|
FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2003 |
|
|
|
2004 |
|
|
|
2005 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
2,24 |
|
|
|
2,36 |
|
|
|
2,75 |
|
|
|
|
|
Acid-Test Ratio |
1,89 |
|
|
|
1,63 |
|
|
|
1,91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,01 |
|
|
|
0,01 |
|
|
|
0,01 |
|
|
|
|
|
Short-term Receiv./Total Assets |
0,76 |
|
|
|
0,51 |
|
|
|
0,53 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,02 |
|
|
|
0,08 |
|
|
|
0,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
|
|
Stockholders' Equity Turnover |
3,19 |
|
|
|
0,19 |
|
|
|
0,26 |
|
|
|
|
|
Asset Turnover |
0,20 |
|
|
|
0,05 |
|
|
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,06 |
|
|
|
0,25 |
|
|
|
0,20 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,40 |
|
|
|
0,31 |
|
|
|
0,28 |
|
|
|
|
|
Financial Leverage |
0,94 |
|
|
|
0,75 |
|
|
|
0,80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,46 |
|
|
|
0,02 |
|
|
|
0,01 |
|
|
|
|
|
Operating Profit Margin |
0,16 |
|
|
|
0,00 |
|
|
|
-0,03 |
|
|
|
|
|
Net Profit Margin |
0,14 |
|
|
|
0,08 |
|
|
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
65,96 |
|
|
|
72,80 |
|
|
|
57,05 |
|
|
|
|
|
Average Payable Period (days) |
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT
|
|
|
YTL |
|
|
|
|
|
1.1.-30.09.2006 |
|
|
|
|
|
|
|
|
|
|
Net Sales |
115.868.655 |
|
1,00 |
|
|
Expenses |
123.990.324 |
|
1,07 |
|
|
Operating Profit |
-8.121.669 |
|
-0,07 |
|
|
Other Income |
6.189.664 |
|
0,05 |
|
|
Other Expenses |
0 |
|
0,00 |
|
|
Financial Expenses |
0 |
|
0,00 |
|
|
Profit (loss) Before Tax |
-1.932.005 |
|
-0,02 |
|
|
Tax Payable |
0 |
|
0,00 |
|
|
Net Profit (loss) |
-1.932.005 |
|
-0,02 |
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%)