MIRA
INFORM REPORT
|
Report Date : |
28.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KAPTAN DEMIR CELIK ENDUSTRISI VE TICARET A.S. |
|
|
|
|
Formerly Known As : |
KAPTAN DEMIR CELIK END. VE TIC. LTD .STI. |
|
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|
Registered Office : |
Barbaros Bulvari Kardesler Apt. No: 35 Besiktas- Istanbul |
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|
Country : |
Turkey |
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|
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|
Financials (as on) : |
31.12.2006 |
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|
|
|
Date of Incorporation : |
16.12.1983 |
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|
|
|
Com. Reg. No.: |
198822 |
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|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Manufacture and Trade of Long Products such
as Steel Billets, Finished Steel Products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 50 million |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
KAPTAN DEMIR CELIK ENDUSTRISI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Barbaros Bulvari Kardesler
Apt. No: 35 Besiktas- Istanbul / Turkey The door number was changed from “29” to
“35” by Municipality. |
|
PHONE NUMBER |
: |
90-212-236 75 76 |
|
FAX NUMBER |
: |
90-212-236 50 70 |
|
Website : |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Buyuk Mukellefler / 4990019453 |
|
REGISTRATION NUMBER |
: |
198822 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce Istanbul Chamber of Industry |
|
DATE ESTABLISHED |
: |
16.12.1983 (Commercial Registry Gazette
Date/No: 23.12.1983/909) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 160,000,000 |
|
HISTORY |
: |
|
|
|
|
|
Previous Legal Form |
: Limited Company |
|
|
|
Legal Form Changed on |
: 30.10.1987 (Commercial Registry Gazette
Date/No:06.11.1987/1886) |
|
|
|
Previous Name |
: Kaptan Demir Celik End. Ve Tic. Ltd
.Sti. |
|
|
|
Name Changed on |
: 30.10.1987 (Commercial Registry Gazette
Date/No:06.11.1987/1886) |
|
|
|
Previous
Registered Capital |
: YTL 400 thousand |
|
|
|
Regist. Capital
Changed on |
: 30.10.1998 (Commercial Registry Gazette
Date/No:04.11.1998/4662) |
|
|
|
Previous
Registered Capital |
: YTL 1.7 million |
|
|
|
Regist. Capital
Changed on |
: 29.09.2000 (Commercial Registry Gazette
Date/No:31.10.2000/5164) |
|
|
|
Previous Registered
Capital |
: YTL 15 million |
|
|
|
Regist. Capital
Changed on |
: 23.06.2004 (Commercial Registry Gazette
Date/No:28.06.2004/6080) |
|
|
|
Previous
Registered Capital |
: YTL 40 million |
|
|
|
Regist. Capital
Changed on |
: 28.12.2004 (Commercial Registry Gazette
Date/No: 31.12.2004/6210) |
|
|
|
Previous
Registered Capital |
:YTL 50 million |
|
|
|
Regist. Capital Changed on |
:04.09.2007 (Commercial Registry Gazette
Date / No: 07.09.2007 / 6890) YTL 106,426,393.1 of this increase is decided to be financed by equity
items and YTL 3,573,606.9 by cash. According to the capital increase
decision, ¼ of the cash portion has to be paid until 24.11.2007 and the rest has to be paid until
31.12.2008 |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Yasar Kaptan Cebi Cebi Metal San. Ve Tic. A.S. Ahmet Nur Cebi Tayfun Cebi Arzu Efe Cebi Ayten Cebi Kaptan Metal Dis Tic. Ve Nakl. A.S. |
34,265 % 25,192 % 16,125 % 16,125 % |
|
GROUP |
: |
Kaptan Group of Companies Some of the main companies of the group
are declared as follows: -Kaptan Demir Celik Endustri ve Ticaret
A.S. -Kaptan Metal Dis Ticaret ve Nakliyat A.S. -Cebi Metal Sanayi ve Ticaret A.S. -Martas Marmara Ereglisi Liman Tesisleri A.S. -Cebi Enerji Elektrik
Uretimi A.S -Nur Gemicilik ve
Ticaret A.S. -Cebi Denizcilik ve
Ticaret A.S. |
|
|
SUBSIDIARIES |
|
-Cebi Enerji Elektrik
Uretimi A.S (81,83 %) -Aset Madencilik
Sanayi ve Ticaret A.S. (93 %) |
|
|
BOARD OF DIRECTORS |
: |
Yasar Kaptan Cebi Ahmet Nur Cebi Tayfun Cebi Arzu Efe |
Chairman Vice-Chairman Member Member |
|
DIRECTOR |
: |
Sukru Kozik Ugur Akillioglu |
Deputy General Manager Finance Manager |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of long products
such as steel billets, finished steel products. |
|
|
NUMBER OF
EMPLOYEES |
: |
720 |
|
|
NET SALES |
: |
(YTL Thousand) 25,028 34,491 54,496 99,264 255,515 421,640 602,687 649,302 901,575 727,336 |
(1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (01.01.-30.09.2007) |
|
IMPORT VALUE |
: |
(USD) 181,764,313 267,809,439 286,050,217 395,243,610 |
(2003) (2004) (2005) (2006) |
|
IMPORT COUNTRIES |
: |
Russia, Ukraine, Romania,
Bulgaria, Netherlands, Germany, USA, Belgium, UK, Israel |
|
|
MERCHANDISE
IMPORTED |
: |
Iron blocks, scrap iron |
|
|
EXPORT VALUE |
: |
(YTL Thousand) 467,597 299,993 |
(2006) (01.01.-30.09.2007) |
|
PREMISES |
: |
Head Office: Barbaros Bulvari Kardesler
Apt. No: 35 Besiktas- Istanbul (rented) Factory: Istasyon Cad. No: 29 Karabuk
(owned) Factory: Asmaalti Mevki Corlu- Tekirdag
(owned) Factory: Seymen Yolu 2. Km Marmara
Ereglisi (owned) |
|
|
TREND OF BUSINESS |
: |
Upwards
|
|
SIZE
OF BUSINESS |
: |
Giant
|
FINANCE
|
MAIN DEALING BANKERS |
: |
Tekstilbank Merkez
branch in Istanbul Yapi Kredi Bankasi Galata branch
in Istanbul Fortis Bank Kurumsal branch in Istanbul Garanti Bankasi Istanbul
Kurumsal branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making use of short term and long
term credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
We are informed about a few payment delays in the last year
which were resolved later on. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|||
|
Capitalization was fair as of 31.12.2006.
It has to be noted that the registered capital was increased from YTL 50,000,000
to YTL 160,000,000 on 04.09.2007. YTL 106,426,393.1 of this increase is
decided to be financed by equity items and YTL 3,573,606.9 by cash. According
to the capital increase decision, ¼ of the cash portion has to be paid until
24.11.2007 and the rest has to be paid until 31.12.2008. However we do not
expect a considerable increase at total equity since 31.12.2006 as this
increase was financed mainly by equity items. |
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LIQUIDITY |
|||
|
In order |
As of 31.12.2006 |
||
|
PROFITABILITY |
|||
|
Good |
In 2006 |
Good |
Between 1.1.-30.9.07 |
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
|||
|
Favorable |
In 2006 |
||
|
GENERAL
FINANCIAL POSITION |
|||
|
Satisfactory |
|||
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 50 million may be granted to the subject company. |
|
|
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 |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
|
(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
|
(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 Thousand |
|
|
YTL Thousand |
|
|
YTL Thousand |
|
|
|||
|
|
|
31.12.04 |
|
|
|
31.12.05 |
|
|
|
31.12.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
192.970 |
|
0,58 |
|
164.984 |
|
0,51 |
|
264.945 |
|
0,62 |
|
|
|
Cash and Banks |
42.291 |
|
0,13 |
|
41.766 |
|
0,13 |
|
85.218 |
|
0,20 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
47.772 |
|
0,14 |
|
49.524 |
|
0,15 |
|
53.110 |
|
0,12 |
|
|
|
Other Receivable |
422 |
|
0,00 |
|
122 |
|
0,00 |
|
198 |
|
0,00 |
|
|
|
Inventories |
87.316 |
|
0,26 |
|
63.267 |
|
0,20 |
|
117.643 |
|
0,28 |
|
|
|
Advances Given |
13.446 |
|
0,04 |
|
5.279 |
|
0,02 |
|
703 |
|
0,00 |
|
|
|
Other Current Assets |
1.723 |
|
0,01 |
|
5.026 |
|
0,02 |
|
8.073 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
138.248 |
|
0,42 |
|
157.454 |
|
0,49 |
|
160.905 |
|
0,38 |
|
|
|
Long-term Receivable |
10 |
|
0,00 |
|
11 |
|
0,00 |
|
7 |
|
0,00 |
|
|
|
Financial Assets |
6.450 |
|
0,02 |
|
9.697 |
|
0,03 |
|
11.608 |
|
0,03 |
|
|
|
Tangible Fixed Assets (net) |
120.384 |
|
0,36 |
|
135.967 |
|
0,42 |
|
139.572 |
|
0,33 |
|
|
|
Intangible Assets |
233 |
|
0,00 |
|
2.012 |
|
0,01 |
|
2.902 |
|
0,01 |
|
|
|
Other Non-Current Assets |
11.171 |
|
0,03 |
|
9.767 |
|
0,03 |
|
6.816 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
331.218 |
|
1,00 |
|
322.438 |
|
1,00 |
|
425.850 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
160.612 |
|
0,48 |
|
163.794 |
|
0,51 |
|
170.784 |
|
0,40 |
|
|
|
Financial Loans |
14.116 |
|
0,04 |
|
18.799 |
|
0,06 |
|
13.983 |
|
0,03 |
|
|
|
Accounts Payable |
143.120 |
|
0,43 |
|
137.543 |
|
0,43 |
|
136.448 |
|
0,32 |
|
|
|
Loans from Shareholders |
110 |
|
0,00 |
|
3.959 |
|
0,01 |
|
4.472 |
|
0,01 |
|
|
|
Other Short-term Payable |
0 |
|
0,00 |
|
31 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Advances from Customers |
1.672 |
|
0,01 |
|
2.591 |
|
0,01 |
|
2.237 |
|
0,01 |
|
|
|
Taxes Payable |
325 |
|
0,00 |
|
442 |
|
0,00 |
|
3.043 |
|
0,01 |
|
|
|
Provisions |
917 |
|
0,00 |
|
31 |
|
0,00 |
|
3.741 |
|
0,01 |
|
|
|
Other Current Liabilities |
352 |
|
0,00 |
|
398 |
|
0,00 |
|
6.860 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
49.451 |
|
0,15 |
|
35.182 |
|
0,11 |
|
98.227 |
|
0,23 |
|
|
|
Financial Loans |
49.451 |
|
0,15 |
|
35.182 |
|
0,11 |
|
98.227 |
|
0,23 |
|
|
|
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 |
|
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 |
121.155 |
|
0,37 |
|
123.462 |
|
0,38 |
|
156.839 |
|
0,37 |
|
|
|
Paid-in Capital |
50.000 |
|
0,15 |
|
50.000 |
|
0,16 |
|
50.000 |
|
0,12 |
|
|
|
Inflation Adjustment of Capital |
49.551 |
|
0,15 |
|
49.551 |
|
0,15 |
|
49.551 |
|
0,12 |
|
|
|
Reserves |
14.864 |
|
0,04 |
|
19.382 |
|
0,06 |
|
21.690 |
|
0,05 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
836 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
6.740 |
|
0,02 |
|
4.529 |
|
0,01 |
|
34.762 |
|
0,08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
EQUITY |
331.218 |
|
1,00 |
|
322.438 |
|
1,00 |
|
425.850 |
|
1,00 |
|
INCOME STATEMENTS
|
|
|
YTL Thousand |
|
|
YTL Thousand |
|
|
YTL Thousand |
|
|
|||
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
602.687 |
|
1,00 |
|
649.302 |
|
1,00 |
|
901.575 |
|
1,00 |
|
|
|
Cost of Goods Sold |
596.566 |
|
0,99 |
|
637.249 |
|
0,98 |
|
847.925 |
|
0,94 |
|
|
|
Gross Profit |
6.121 |
|
0,01 |
|
12.053 |
|
0,02 |
|
53.650 |
|
0,06 |
|
|
|
Operating Expenses |
4.808 |
|
0,01 |
|
7.809 |
|
0,01 |
|
16.097 |
|
0,02 |
|
|
|
Operating Profit |
1.313 |
|
0,00 |
|
4.244 |
|
0,01 |
|
37.553 |
|
0,04 |
|
|
|
Other Income |
8.596 |
|
0,01 |
|
421 |
|
0,00 |
|
137 |
|
0,00 |
|
|
|
Other Expenses |
2.489 |
|
0,00 |
|
136 |
|
0,00 |
|
63 |
|
0,00 |
|
|
|
Financial Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
7.420 |
|
0,01 |
|
4.529 |
|
0,01 |
|
37.627 |
|
0,04 |
|
|
|
Tax |
680 |
|
0,00 |
|
0 |
|
0,00 |
|
2865 |
|
0,00 |
|
|
|
Net Profit (loss) |
6.740 |
|
0,01 |
|
4.529 |
|
0,01 |
|
34.762 |
|
0,04 |
|
FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
2006 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,20 |
|
|
|
1,01 |
|
|
|
1,55 |
|
|
|
|
|
Acid-Test Ratio |
0,56 |
|
|
|
0,56 |
|
|
|
0,81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,26 |
|
|
|
0,20 |
|
|
|
0,28 |
|
|
|
|
|
Short-term
Receivable/Total Assets |
0,15 |
|
|
|
0,15 |
|
|
|
0,13 |
|
|
|
|
|
Tangible Assets/Total
Assets |
0,36 |
|
|
|
0,42 |
|
|
|
0,33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
6,83 |
|
|
|
10,07 |
|
|
|
7,21 |
|
|
|
|
|
Stockholders' Equity
Turnover |
4,97 |
|
|
|
5,26 |
|
|
|
5,75 |
|
|
|
|
|
Asset Turnover |
1,82 |
|
|
|
2,01 |
|
|
|
2,12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity/Total Assets |
0,37 |
|
|
|
0,38 |
|
|
|
0,37 |
|
|
|
|
|
Current Liabilities/Total
Assets |
0,48 |
|
|
|
0,51 |
|
|
|
0,40 |
|
|
|
|
|
Financial Leverage |
0,63 |
|
|
|
0,62 |
|
|
|
0,63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders'
Eq. |
0,06 |
|
|
|
0,04 |
|
|
|
0,22 |
|
|
|
|
|
Operating Profit Margin |
0,00 |
|
|
|
0,01 |
|
|
|
0,04 |
|
|
|
|
|
Net Profit Margin |
0,01 |
|
|
|
0,01 |
|
|
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period
(days) |
28,54 |
|
|
|
27,46 |
|
|
|
21,21 |
|
|
|
|
|
Average Payable Period
(days) |
86,37 |
|
|
|
77,70 |
|
|
|
57,93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT
|
|
|
YTL Thousand |
|
|
|
|
|
|
1.1-30.09.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
727.336 |
|
1,00 |
|
|
|
Cost of Goods Sold |
668.185 |
|
0,92 |
|
|
|
Gross Profit |
59.151 |
|
0,08 |
|
|
|
Operating Expenses |
14.036 |
|
0,02 |
|
|
|
Operating Profit |
45.115 |
|
0,06 |
|
|
|
Other Income |
678 |
|
0,00 |
|
|
|
Other Expenses |
319 |
|
0,00 |
|
|
|
Financial Expenses |
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
45.474 |
|
0,06 |
|
|
|
Tax Payable |
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
45.474 |
|
0,06 |
|
|
|
|
|
|
|
|
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%)