MIRA
INFORM REPORT
|
Report Date : |
15.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SIRIKCIOGLU MENSUCAT SANAYI VE TICARET A.S. |
|
|
|
|
Formerly Known As : |
SIPA TEKSTIL DAYANIKLI TUKETIM MALLARI SANAYI VE TICARET LTD. STI. |
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|
Registered Office : |
Kayseri Yolu 5. Km. Kahramanmaras |
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|
Country : |
Turkey |
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|
Financials (as on) : |
31.12.2007 |
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|
|
|
Date of Incorporation : |
31.01.1996 |
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|
Com. Reg. No.: |
5378 |
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|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Manufacture and Trade of Raw Fabric and Denim. |
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 |
|
Maximum Credit Limit : |
USD 10 million |
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|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
SIRIKCIOGLU MENSUCAT SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office/Factory: Kayseri Yolu 5. Km.
Kahramanmaras-Turkey |
|
PHONE NUMBER |
: |
90-344-234 00 00 |
|
FAX NUMBER |
: |
90-344-234 38 86 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE/NO |
: |
Aslanbey / 8130600874 |
|
|
REGISTRATION NUMBER |
: |
5378 |
|
|
REGISTERED OFFICE |
: |
Kahramanmaras Chamber of Commerce and
Industry |
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|
DATE ESTABLISHED |
: |
31.01.1996 (Commercial Registry Gazette
Date/No: 07.02.1996/3974) |
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|
LEGAL FORM |
: |
Joint Stock Company |
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|
TYPE OF COMPANY |
: |
Private |
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|
REGISTERED CAPITAL |
: |
YTL 30,000,000 |
|
|
PAID-IN CAPITAL |
: |
YTL 23,694,196 (As of 31.12.2007) |
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|
HISTORY |
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|
Previous Name |
: Sipa Tekstil Dayanikli Tuketim Mallari
Sanayi ve Ticaret Ltd. Sti. |
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|
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|
Name Changed On |
: 21.12.2001 (Commercial Registry Gazette
Date/No: 16.01.2002/5466) |
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|
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|
Previous Name |
: Sirikcioglu Mensucat Sanayi ve Ticaret
Ltd. Sti. |
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|
|
|
Name Changed On |
:25.01.2006 (Commercial Registry Gazette
Date/No:06.02.2006/6486) |
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Previous Legal
Form |
:Limited Company |
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|
Legal Form
Changed On |
:25.01.2006 (Commercial Registry Gazette
Date/No:06.02.2006/6486) |
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|
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|
Previous
Registered Capital |
: YTL 160,000 |
|
|
|
|
Regist. Capital
Changed on |
: 21.12.2001 (Commercial Registry Gazette
Date/No: 16.01.2002/5466) |
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|
|
|
Previous
Registered Capital |
: YTL 2,000,000 |
|
|
|
|
Regist. Capital
Changed on |
: 25.12.2002 (Commercial Registry Gazette
Date/No: 23.01.2003/5724) |
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|
|
|
Previous
Registered Capital |
:YTL 3,000,000 |
|
|
|
|
Regist. Capital
Changed on |
:16.12.2005 (Commercial Registry Gazette
Date/No:27.12.2005/6461) |
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|
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|
Previous
Registered Capital |
: YTL 15,000,000 |
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|
|
|
Regist. Capital
Changed on |
:19.10.2006 (Commercial Registry Gazette
Date/No:08.11.2006/6678) |
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|
|
|
Previous
Registered Capital |
:YTL 21,000,000 |
|
|
|
|
Regist. Capital
Changed on |
:28.09.2007 (Commercial Registry Gazette
Date/No: 09.11.2007/6933) |
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Previous
Registered Address |
: Kurtulus Mah. Carsibasi Camii Sok. No: 35 Kahramanmaras |
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|
Address Changed
on |
:16.07.2007 (Commercial Registry Gazette
Date/No: 08.08.2007/6869) |
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OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
H. Ali Sirikci Mehmet Arif Sirikci Atif Sirikci Halit Kaynak Fatma Kaynak |
30 % 30 % 30 % 5 % 5 % |
|
SISTER COMPANIES |
: |
Declared to be: Sirikciler Dayanikli
Tuketim Mallari Sanayi ve Ticaret A.S. Sirikcioglu Elektrik
Uretim A.S. Ekonomik Grup Enerji
Uretim Sanayi ve Ticaret A.S. Grup Elektrik Uretim
Sanayi ve Ticaret A.S. Samir Mensucat Sanayi
ve Ticaret A.S. |
|
|
GROUP PARENT COMPANY |
: |
None |
|
|
SUBSIDIARIES |
: |
Sirikcioglu Elektrik
Uretim A.S. Samir Mensucat Sanayi
ve Ticaret A.S. |
|
|
BOARD OF DIRECTORS |
: |
Atif Sirikci Mehmet Arif Sirikci H. Ali Sirikci |
Chairman Vice-Chairman Member |
|
GENERAL MANAGER |
: |
Mehmet Arif Sirikci |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of raw fabric
and denim. |
||
|
SECTOR |
: |
Textile |
||
|
NUMBER OF
EMPLOYEES |
: |
400 |
||
|
NET SALES |
: |
(YTL) 5,238,441 7,342,799 14,768,622 17,506,456 29,331,272 35,474,116 43,620,734 |
(2001) (2002) (2003) (2004) (2005) (2006) (2007) |
|
|
CAPACITY |
: |
(Mt/Yr.) 2,873,800 2,873,800 5,997,312 5,997,312 5,997,312 5,997,312 |
(2001) (2002) (2003) (2004) (2005) (2006) |
|
|
IMPORT VALUE |
: |
USD 325,557 +
EUR 127,149 + CHF 18,420 USD 56,511 + EUR
123,791 |
(2005) (1.1-31.07.2006) |
|
|
IMPORT COUNTRIES |
: |
Germany, Italy, Mersin and Trakya Free
Zone, China, Switzerland |
||
|
MERCHANDISE
IMPORTED |
: |
Weaving machinery, raw materials, chemical
materials |
||
|
EXPORT VALUE |
: |
(YTL) 972,485 45,498 1,143,959 1,445,089 |
(2004) (2005) (2006) (2007) |
|
EXPORT COUNTRIES |
: |
Germany, Macedonia, Serbia, Slovakia,
Spain, Portugal, Italy, Bulgaria… |
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|
MERCHANDISE
EXPORTED |
: |
Weaving machines, cotton fibers, yarn… |
|
|
PREMISES |
: |
Head Office/Factory: Kayseri Yolu 5. Km.
Kahramanmaras There are 4 stores in Kahramanmaras |
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|
FIXED CAPITAL
INVESTMENTS |
: |
There is a new factory investment at
Organize Sanayi Bolgesi / Kahramanmaras. |
|
|
TREND OF
BUSINESS |
: |
Upwards |
|
SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Finansbank Kahramanmaras branch in
Kahramanmaras Oyakbank Kahramanmaras branch in
Kahramanmaras Fortisbank Gaziantep Ticari branch in
Gaziantep Turk Ekonomi Bankasi Kahramanmaras branch
in Kahramanmaras HSBC Bank Kahramanmaras branch in
Kahramanmaras T. Is Bankasi Kahramanmaras branch in
Kahramanmaras |
|
CREDIT FACILITIES |
: |
The subject company is making active use
of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
In order |
As of 31.12.2007 |
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LIQUIDITY |
||
|
High |
As of 31.12.2007 |
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PROFITABILITY |
||
|
Good |
In 2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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|
Unfavorable |
In 2007 |
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GENERAL
FINANCIAL POSITION |
||
|
In order |
||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 10 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 |
|
(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 |
|
|
|
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
20.062.587 |
|
0,66 |
|
23.333.919 |
|
0,58 |
|
34.800.290 |
|
0,53 |
|
|
|
Cash and
Banks |
72.222 |
|
0,00 |
|
3.963.491 |
|
0,10 |
|
11.474.010 |
|
0,18 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account
Receivable |
8.616.141 |
|
0,28 |
|
6.583.795 |
|
0,16 |
|
9.855.784 |
|
0,15 |
|
|
|
Other
Receivable |
0 |
|
0,00 |
|
5.493 |
|
0,00 |
|
671.596 |
|
0,01 |
|
|
|
Inventories |
10.378.055 |
|
0,34 |
|
11.501.137 |
|
0,28 |
|
10.263.933 |
|
0,16 |
|
|
|
Advances
Given |
963.631 |
|
0,03 |
|
619.762 |
|
0,02 |
|
1.184.251 |
|
0,02 |
|
|
|
Other
Current Assets |
32.538 |
|
0,00 |
|
660.241 |
|
0,02 |
|
1.350.716 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
10.525.736 |
|
0,34 |
|
17.095.542 |
|
0,42 |
|
30.636.388 |
|
0,47 |
|
|
|
Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Assets |
285.359 |
|
0,01 |
|
54.018 |
|
0,00 |
|
2.139.098 |
|
0,03 |
|
|
|
Tangible
Fixed Assets (net) |
9.469.081 |
|
0,31 |
|
11.160.425 |
|
0,28 |
|
20.480.042 |
|
0,31 |
|
|
|
Intangible Assets |
729.399 |
|
0,02 |
|
5.649.362 |
|
0,14 |
|
7.845.410 |
|
0,12 |
|
|
|
Other
Non-Current Assets |
41.897 |
|
0,00 |
|
231.737 |
|
0,01 |
|
171.838 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
30.588.323 |
|
1,00 |
|
40.429.461 |
|
1,00 |
|
65.436.678 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
9.146.542 |
|
0,30 |
|
10.530.552 |
|
0,26 |
|
21.173.447 |
|
0,32 |
|
|
|
Financial
Loans |
0 |
|
0,00 |
|
6.660.746 |
|
0,16 |
|
18.384.688 |
|
0,28 |
|
|
|
Accounts
Payable |
7.728.716 |
|
0,25 |
|
3.267.359 |
|
0,08 |
|
2.256.132 |
|
0,03 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Short-term Payable |
1.234 |
|
0,00 |
|
0 |
|
0,00 |
|
184.732 |
|
0,00 |
|
|
|
Advances
from Customers |
1.332.131 |
|
0,04 |
|
376.908 |
|
0,01 |
|
36.756 |
|
0,00 |
|
|
|
Taxes
Payable |
83.658 |
|
0,00 |
|
81.936 |
|
0,00 |
|
300.425 |
|
0,00 |
|
|
|
Provisions |
0 |
|
0,00 |
|
132.889 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
803 |
|
0,00 |
|
10.714 |
|
0,00 |
|
10.714 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
8.321.674 |
|
0,27 |
|
9.333.400 |
|
0,23 |
|
14.700.093 |
|
0,22 |
|
|
|
Financial
Loans |
8.321.674 |
|
0,27 |
|
9.134.039 |
|
0,23 |
|
14.700.093 |
|
0,22 |
|
|
|
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 |
|
199.361 |
|
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 |
13.120.107 |
|
0,43 |
|
20.565.509 |
|
0,51 |
|
29.563.138 |
|
0,45 |
|
|
|
Paid-in
Capital |
11.304.240 |
|
0,37 |
|
17.563.669 |
|
0,43 |
|
23.694.196 |
|
0,36 |
|
|
|
Reserves |
1.581.456 |
|
0,05 |
|
1.815.867 |
|
0,04 |
|
2.663.381 |
|
0,04 |
|
|
|
Revaluation
Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
234.411 |
|
0,01 |
|
1.185.973 |
|
0,03 |
|
3.205.561 |
|
0,05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES &EQUITY |
30.588.323 |
|
1,00 |
|
40.429.461 |
|
1,00 |
|
65.436.678 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
29.331.272 |
|
1,00 |
|
35.474.116 |
|
1,00 |
|
43.620.734 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
28.450.770 |
|
0,97 |
|
33.366.149 |
|
0,94 |
|
39.951.812 |
|
0,92 |
|
|
|
Gross Profit |
880.502 |
|
0,03 |
|
2.107.967 |
|
0,06 |
|
3.668.922 |
|
0,08 |
|
|
|
Operating
Expenses |
745.504 |
|
0,03 |
|
914.036 |
|
0,03 |
|
1.373.031 |
|
0,03 |
|
|
|
Operating Profit |
134.998 |
|
0,00 |
|
1.193.931 |
|
0,03 |
|
2.295.891 |
|
0,05 |
|
|
|
Other
Income |
1.110.466 |
|
0,04 |
|
2.093.360 |
|
0,06 |
|
3.518.808 |
|
0,08 |
|
|
|
Other
Expenses |
265.804 |
|
0,01 |
|
883.176 |
|
0,02 |
|
1.225.106 |
|
0,03 |
|
|
|
Financial
Expenses |
745.249 |
|
0,03 |
|
1.218.142 |
|
0,03 |
|
1.384.032 |
|
0,03 |
|
|
|
Profit (loss) Before Tax |
234.411 |
|
0,01 |
|
1.185.973 |
|
0,03 |
|
3.205.561 |
|
0,07 |
|
|
|
Tax
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
234.411 |
|
0,01 |
|
1.185.973 |
|
0,03 |
|
3.205.561 |
|
0,07 |
|
FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
2,19 |
|
|
|
2,22 |
|
|
|
1,64 |
|
|
|
|
|
Acid-Test Ratio |
0,95 |
|
|
|
1,00 |
|
|
|
1,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,34 |
|
|
|
0,28 |
|
|
|
0,16 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,28 |
|
|
|
0,16 |
|
|
|
0,16 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,31 |
|
|
|
0,28 |
|
|
|
0,31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
2,74 |
|
|
|
2,90 |
|
|
|
3,89 |
|
|
|
|
|
Stockholders' Equity Turnover |
2,24 |
|
|
|
1,72 |
|
|
|
1,48 |
|
|
|
|
|
Asset Turnover |
0,96 |
|
|
|
0,88 |
|
|
|
0,67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,43 |
|
|
|
0,51 |
|
|
|
0,45 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,30 |
|
|
|
0,26 |
|
|
|
0,32 |
|
|
|
|
|
Financial Leverage |
0,57 |
|
|
|
0,49 |
|
|
|
0,55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,02 |
|
|
|
0,06 |
|
|
|
0,11 |
|
|
|
|
|
Operating Profit Margin |
0,00 |
|
|
|
0,03 |
|
|
|
0,05 |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,03 |
|
|
|
0,07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
105,75 |
|
|
|
66,81 |
|
|
|
81,34 |
|
|
|
|
|
Average Payable Period (days) |
97,79 |
|
|
|
35,25 |
|
|
|
20,33 |
|
|
|
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%)