MIRA
INFORM REPORT
|
Report Date : |
01.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CEL-MER CELIK ENDUSTRISI AS. |
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Formerly Known As : |
CEL-MER CELIK PROFIL CEKME SANAYI VE TICARET A.S. |
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Registered Office : |
Ataturk Mah. Fevzi Cakmak Cad. Sekerpinar Beldesi No:180 41400 Gebze
Kocaeli |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
22.07.1986 |
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Com. Reg. No.: |
5679 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing, hot rolling, cold drawing,
peeling, grindling and trading of
different kinds of steels. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2 million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
CEL-MER CELIK ENDUSTRISI AS. |
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ADDRESS |
: |
Head Office/Factory: Ataturk Mah. Fevzi
Cakmak Cad. Sekerpinar Beldesi No:180 41400 Gebze Kocaeli / Turkey The
address was changed from “Sekerpinar
Koyu Iplikderesi Mevkii Gebze Kocaeli” to “Ataturk Mah. Fevzi Cakmak Cad.
Sekerpinar Beldesi No:180 41400 Gebze Kocaeli” by the Municipality. |
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PHONE NUMBER |
: |
90-262-742 19 00 ( 8 lines) |
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FAX NUMBER |
: |
90-262-742 19 06 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Ilyasbey / 2330068587 |
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REGISTRATION NUMBER |
: |
5679 |
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REGISTERED OFFICE |
: |
Gebze Chamber of Commerce Kocaeli Chamber of Industry |
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DATE ESTABLISHED |
: |
22.07.1986 ( Commercial Registry Gazette Date
/No: 25.07.1986/1562) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 7,000,000 |
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PAID-IN CAPITAL |
: |
YTL 5,935,017 |
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HISTORY |
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Previous Name |
Cel-Mer Celik Profil Cekme Sanayi ve
Ticaret A.S. |
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Name Changed On |
:15.07.2002 (Commercial Registry Gazette
Date / No: 24.07.2002 / 5598) |
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Previous
Registered Capital |
:YTL 30,000 |
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Regist. Capital
Changed on |
:15.07.2002 (Commercial Registry Gazette
Date / No: 24.07.2002 / 5598) |
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Previous
Registered Capital |
:YTL 600,000 |
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Regist. Capital
Changed on |
:30.12.2004 (Commercial Registry Gazette
Date / No: 13.01.2005/6219) |
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Previous Registered
Capital |
:YTL 2,000,000 |
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Regist. Capital
Changed on |
:19.11.2007 (Commercial Registry Gazette
Date / No: 28.11.2007/6946) |
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Other Historical
Events |
: The
company was firstly established in Istanbul and it was registered at Istanbul
Chamber of Commerce with registration no:225814/173377. Then the company
moved to Gebze Kocaeli and registered at Gebze Chamber of Commerce on
18.04.2000 under the registration no:5679/10179. (Commercial Registry Gazette
Date / No: 27.04.2000 / 5033) |
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OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
Abdurrahman Yilmaz Anna Margarette Maria
Yilmaz Meryem Teresa Yilmaz Fikret Yilmaz Gursan Can |
90,23 % 5,80 % 2,96% 1 % 0,01 % |
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SISTER COMPANIES |
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-Ercelik Haddecilik Ltd. Sti. |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
-Ercelik Haddecilik Ltd. Sti. |
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BOARD OF DIRECTORS |
: |
Abdurrahman Yilmaz Gursan Can Anna Margarette Maria Yilmaz |
Chairman Vice Chairman Member |
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GENERAL MANAGER |
: |
Abdurrahman Yilmaz |
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OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Manufacturing, hot rolling, cold drawing,
peeling, grindling and trading
of different kinds of steels. Main product
types are: hardening and tempering steels, carbon steels, spring steels, free
cutting steels, cold heading steels, constructional steels, induction
hardening steels, case hardening steels, boron steels, bearing steels… |
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SECTOR |
: |
Steel |
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TRADEMARK(S) |
: |
“Cel-mer Celik” |
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NUMBER OF
EMPLOYEES |
: |
46 |
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NET SALES |
: |
(YTL) 28,263,944 38,327,504 14,159,445 |
(2006) (2007) (01.01.-31.03.2008) |
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IMPORT VALUE |
: |
EUR 2,644,576 |
(2007) |
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IMPORT COUNTRIES |
: |
Germany, Russia, Spain, India |
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MERCHANDISE
IMPORTED |
: |
Steel log and sheet |
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EXPORT VALUE |
: |
(YTL) 2,039,180 1,688,486 881,471 |
(2006) (2007) (01.01.-31.03.2008) |
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EXPORT COUNTRIES |
: |
Iran, Syria, Libya, Bulgaria,
Morocco, Saudi Arabia, Tunisia, Romania |
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MERCHANDISE
EXPORTED |
: |
Iron and steel bars, rods, angles, shapes |
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PREMISES |
: |
Head Office/Factory: Ataturk Mah. Fevzi Cakmak
Cad. Sekerpinar Beldesi No:180 41400 Gebze Kocaeli (owned) (30,000 sqm
covered area over a land of 120,000 sqm) |
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FIXED CAPITAL
INVESTMENTS |
: |
The firm is making a expansion and
modernization investments at the plant in Gebze. |
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TREND OF BUSINESS |
: |
Upwards
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SIZE
OF BUSINESS |
: |
Large |
FINANCE
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MAIN DEALING BANKERS |
: |
Halk Bankasi Gebze
branch in Kocaeli Akbank Gebze branch
in Kocaeli Yapi ve Kredi Bankasi
Kaynarca branch in Kocaeli |
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CREDIT FACILITIES |
: |
The subject company is making active use
of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
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COMMENT ON FINANCIAL POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Fair |
As of 31.12.2007 |
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LIQUIDITY |
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In order |
As of 31.12.2007 |
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PROFITABILITY |
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Fair |
In 2007 |
Low |
Between 01.01.-31.03.2008 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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In order |
In 2007 |
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GENERAL FINANCIAL POSITION |
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Fair |
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CREDIT OPINION
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CREDIT
OPINION WITHOUT OBLIGATION |
: |
We
are of the opinion that, a max. credit of USD 2 million may be granted to the
subject company. |
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Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
(1.1.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
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(1.1.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
BALANCE SHEETS
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YTL |
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31.12.07 |
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CURRENT ASSETS |
8.464.258 |
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0.48 |
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Cash and Banks |
3.373.746 |
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0.19 |
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Marketable Securities |
0 |
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0.00 |
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Account Receivable |
3.325.494 |
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0.19 |
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Other Receivable |
43.982 |
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0.00 |
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Inventories |
1.647.534 |
|
0.09 |
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Advances Given |
1.102 |
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0.00 |
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Other Current Assets |
72.400 |
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0.00 |
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NON-CURRENT ASSETS |
9.270.807 |
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0.52 |
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Long-term Receivable |
1.852 |
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0.00 |
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Financial Assets |
150.000 |
|
0.01 |
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Tangible Fixed Assets (net) |
5.866.392 |
|
0.33 |
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Intangible Assets |
3.228.185 |
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0.18 |
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Other Non-Current Assets |
24.378 |
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0.00 |
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TOTAL ASSETS |
17.735.065 |
|
1.00 |
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CURRENT LIABILITIES |
8.360.552 |
|
0.47 |
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Financial Loans |
3.729.470 |
|
0.21 |
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Accounts Payable |
3.423.773 |
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0.19 |
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Loans from Shareholders |
0 |
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0.00 |
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Other Short-term Payable |
83.114 |
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0.00 |
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Advances from Customers |
1.003.758 |
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0.06 |
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Taxes Payable |
96.608 |
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0.01 |
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Provisions |
0 |
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0.00 |
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Other Current Liabilities |
23.829 |
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0.00 |
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LONG-TERM LIABILITIES |
2.467.402 |
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0.14 |
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Financial Loans |
2.467.402 |
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0.14 |
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Securities Issued |
0 |
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0.00 |
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Long-term Payable |
0 |
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0.00 |
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Loans from Shareholders |
0 |
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0.00 |
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Other Long-term Liabilities |
0 |
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0.00 |
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Provisions |
0 |
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0.00 |
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STOCKHOLDERS' EQUITY |
6.907.111 |
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0.39 |
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Paid-in Capital |
5.935.017 |
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0.33 |
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Reserves |
98.910 |
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0.01 |
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Revaluation Fund |
0 |
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0.00 |
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Accumulated Losses(-) |
0 |
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0.00 |
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Net Profit (loss) |
873.184 |
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0.05 |
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TOTAL LIABILITIES AND EQUITY |
17.735.065 |
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1.00 |
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INCOME STATEMENTS
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YTL |
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YTL |
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2007 |
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01.01.-31.03.2008 |
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Net Sales |
38.327.504 |
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1.00 |
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14.159.445 |
|
1.00 |
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Cost of Goods Sold |
33.122.793 |
|
0.86 |
|
12.594.794 |
|
0.89 |
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Gross Profit |
5.204.711 |
|
0.14 |
|
1.564.651 |
|
0.11 |
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Operating Expenses |
1.522.048 |
|
0.04 |
|
443.256 |
|
0.03 |
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Operating Profit |
3.682.663 |
|
0.10 |
|
1.121.395 |
|
0.08 |
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Other Income |
554.980 |
|
0.01 |
|
156.301 |
|
0.01 |
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Other Expenses |
116.660 |
|
0.00 |
|
135.554 |
|
0.01 |
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Financial Expenses |
2.961.025 |
|
0.08 |
|
800.429 |
|
0.06 |
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Profit (loss)
Before Tax |
1.159.958 |
|
0.03 |
|
341.713 |
|
0.02 |
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Tax Payable |
286.774 |
|
0.01 |
|
0 |
|
0.00 |
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Net Profit
(loss) |
873.184 |
|
0.02 |
|
341.713 |
|
0.02 |
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FINANCIAL RATIOS
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2007 |
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01.01.-31.03.2008 |
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LIQUIDITY RATIOS |
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Current Ratio |
1.01 |
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-- |
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Acid-Test Ratio |
0.81 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0.09 |
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-- |
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Short-term Receivable/Total Assets |
0.19 |
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-- |
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Tangible Assets/Total Assets |
0.33 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
20.10 |
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-- |
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Stockholders' Equity Turnover |
5.55 |
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-- |
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Asset Turnover |
2.16 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0.39 |
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-- |
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Current Liabilities/Total Assets |
0.47 |
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-- |
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Financial Leverage |
0.61 |
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-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0.13 |
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-- |
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Operating Profit Margin |
0.10 |
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|
0.08 |
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Net Profit Margin |
0.02 |
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|
0.02 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
31.25 |
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-- |
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Average Payable Period (days) |
37.21 |
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-- |
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FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.37 |
|
UK Pound |
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.65.96 |
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%)