MIRA
INFORM REPORT
|
Report Date : |
14.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AKFEL MUHENDISLIK ENERJI TESISLERI SANAYI VE TICARET A.S. |
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|
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Formerly Known As : |
IPEKYOLU GIDA SANAYI VE TICARET LTD. STI. |
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|
Registered Office : |
Kisikli Alemdag Cad. Masaldan Is
Merkezi No:46 A Blok K.1 D: 5-6 Uskudar Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
16.01.1995 |
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Com. Reg. No.: |
325010 |
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|
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|
Legal Form : |
Joint Stock Company |
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|
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|
Line of Business : |
Manufacture and trade of natural gas distribution equipment |
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 1.8 million |
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|
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
AKFEL MUHENDISLIK ENERJI TESISLERI SANAYI VE TICARET A.S. |
|
ADDRESS |
: |
Head Office: Kisikli Alemdag Cad. Masaldan Is Merkezi No:46 A Blok K.1 D: 5-6
Uskudar Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-216-521 38 50-51 |
|
FAX NUMBER |
: |
90-216-521 38 55 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE/NO |
: |
Umraniye / 0230283370 |
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|
REGISTRATION NUMBER |
: |
325010 |
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|
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
16.01.1995 (Commercial Registry Gazette
Date / No: 19.01.1995 / 3707) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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|
REGISTERED CAPITAL |
: |
YTL 5,000,000 |
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|
|
PAID-IN CAPITAL |
: |
YTL 4,421,121 (as of 31.03.2008) |
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|
HISTORY |
: |
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||
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|
Previous Name |
:Ipekyolu Gida Sanayi ve Ticaret Ltd. Sti. |
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Name Changed On |
:28.08.1996 (Commercial Registry Gazette
Date/No:05.09.1996 /4117) |
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|
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|
Previous Name |
:Akfel Muhendislik Ic ve Dis Ticaret Ltd
Sti |
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|
Name Changed On |
: 03.02.2006(Commercial Registry Gazette
Date/No: 10.02.2006/6490) |
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Previous Legal Form |
:Limited Company |
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|
Legal Form
Changed On |
:03.02.2006 (Commercial Registry Gazette
Date/No: 10.02.2006/6490) |
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|
|
Previous
Registered Capital |
:YTL 30,000 |
|
|
|
Regist.Capital
Changed On |
:05.09.2002 (Commercial Registry Gazette
Date/No: 10.09.2002 / 5631) |
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|
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Previous
Registered Capital |
:YTL 1,000,000 |
|
|
|
Regist.Capital
Changed On |
:23.09.2003 (Commercial Registry Gazette
Date/No: 26.09.2003 / 5894) |
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|
|
Previous Registered
Capital |
:YTL 1,015,000 |
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|
|
Regist.Capital
Changed On |
: 31.08.2005(Commercial Registry Gazette
Date/No: 05.09.2005/6382) |
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Previous
Registered Capital |
:YTL 3,000,000 |
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|
|
Regist.Capital
Changed On |
: 31.12.2007 (Commercial Registry Gazette
Date/No: 07.01.2008/6971) |
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Previous Address |
: Kisikli Mah. Alemdag Cad. No: 48/4
Uskudar-Istanbul |
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Address Changed On |
: 16.08.2004 (Commercial Registry Gazette
Date/No: 23.08.2004/6120) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Mehmet Fatih Baltaci Murad Abdurrahman Baltaci Sukriye Baltaci Mehlika Betul Baltaci Melike Aydin |
83,75 % 14,78 %
0,49 %
0,49 %
0,49 % |
|
GROUP |
: |
Akfel Group of companies: Some of the companies operating within
Akfel Group are as follows: -Akpol Insaat Muhendislik Proje ve Ticaret
Ltd. Sti. -Akfel Uluslararasi Danismanlik ve Ticaret
Ltd. Sti. -Enerco Enerji Sanayi ve Ticaret A.S -Avrasya Enerji San. ve Ticaret A.S -Gastrans Enerji San. ve Ticaret A.S -Turen Enerji Insaat San. ve Ticaret A.S -Promet Insaat Proje
Kontrol ve Enformasyon Teknolojileri Ticaret A.S -Akfel Muhendislik Enerji Tesisleri Sanayi
ve Ticaret A.S. -Tez Elektronik Sanayi ve Ticaret Sanayi
ve Ticaret A.S. -Gazmarket Ic ve Dis Ticaret Ltd.Sti. -DBN Insaat Endustri ve Ticaret A.S. -Akpro Ic Ve Dis Ticaret Kollektif Sirketi
Murad Abdurrahman Baltaci Ve Ortagi |
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|
SUBSIDIARIES |
: |
Promet Insaat Proje
Kontrol ve Enformasyon Teknolojileri Tic A.S Turen Enerji Insaat
San. ve Tic. A.S Gastrans Enerji San.
ve Tic. A.S Avrasya Enerji San.
ve Tic. A.S |
|
|
BOARD OF DIRECTORS |
: |
Mehmet Fatih Baltaci Murad Abdurrahman Baltaci Mehlika Betul Baltaci |
Chairman Vice-Chairman Member |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of natural gas
distribution equipment The company has declared that it is the
representative of “Fancel” (France),
“Tartarini” (Italy), “Firiatec” (Germany), “Sifel” (France), “Steel Trade” (Italy),
“Enimex” (Greece).. |
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|
NUMBER OF
EMPLOYEES |
: |
60 |
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|
NET SALES |
: |
(YTL Thousand) 2,492 2,524 8,852 18,130 17,673 18,343 16,873 5,645 |
(2001) (2002) (2003) (2004) (2005) (2006) |
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|
IMPORT VALUE |
: |
(EUR) 1,941,139 589,132 |
(2007) (01.01-30.06.2008) |
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IMPORT COUNTRIES |
: |
France, Italy, Germany, Greece.. |
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MERCHANDISE
IMPORTED |
: |
Gas regulators and accessories |
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|
EXPORT VALUE |
: |
(YTL Thousand) 865 829 1,442 1,358 4,703 558 |
(2003) (2004) (2005) (2006) (01.01-30.06.2008) |
|
|
EXPORT COUNTRIES |
: |
Georgia, Germany, Istanbul Leather Free
Zone, Iran, Turkmenistan, Ukraine, Greece, Egypt.. |
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MERCHANDISE
EXPORTED |
: |
Fittings for tubes, valves, regulating or
controlling instruments, hoses… |
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PREMISES |
: |
Head Office: Kisikli Alemdag Cad. Masaldan Is Merkezi No:46 A Blok K.1 D: 5-6
Uskudar Istanbul (owned) Production Plant: Aksanayi Sitesi 1. Kisim No:1 Umraniye Istanbul
(1,000 sqm) (rented) |
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FIXED CAPITAL
INVESTMENTS |
: |
Investments are going on. |
|
TREND OF
BUSINESS |
: |
Fluctuating |
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SIZE OF BUSINESS |
: |
Large |
FINANCE
|
MAIN DEALING BANKERS |
: |
Turk Ekonomi Bankasi
Altunizade branch in Istanbul Asya Katilim Bankasi
Umraniye branch in Istanbul Denizbank Keyap
branch in Istanbul Fortisbank Umraniye
branch in Istanbul Garanti Bankasi Umraniye branch in
Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making use of
credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
We are informed about a single payment delay in the former
years which was resolved later on but no payment delays have come to our knowledge
in the last years. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Fair |
As of 31.03.2008 |
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LIQUIDITY |
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Satisfactory |
As of 31.03.2008 |
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PROFITABILITY |
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|
Profitability was low in the first 3 months of 2008 and in the first 6
months of 2008. |
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|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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|
Favorable |
Between 01.01.-31.03.2008 |
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GENERAL
FINANCIAL POSITION |
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|
Satisfactory |
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CREDIT OPINION
|
CREDIT
OPINION WITHOUT OBLIGATION |
: |
We
are of the opinion that, a max. credit of USD 1.8 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 |
|
(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 |
|
(1.1.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
|
(1.1.-31.07.2008) |
15.18 % |
1.2161 |
1.8679 |
2.4151 |
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
31.3.08 |
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CURRENT ASSETS |
12.205.182 |
|
0,76 |
|
11.506.449 |
|
0,64 |
|
11.523.818 |
|
0,65 |
|
|
|
Cash and
Banks |
4.795.087 |
|
0,30 |
|
1.920.113 |
|
0,11 |
|
2.452.832 |
|
0,14 |
|
|
|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Account Receivable |
3.744.078 |
|
0,23 |
|
4.483.723 |
|
0,25 |
|
3.779.608 |
|
0,21 |
|
|
|
Other
Receivable |
163.570 |
|
0,01 |
|
198.024 |
|
0,01 |
|
236.834 |
|
0,01 |
|
|
|
Inventories |
2.318.971 |
|
0,15 |
|
1.446.270 |
|
0,08 |
|
3.575.133 |
|
0,20 |
|
|
|
Advances
Given |
999.764 |
|
0,06 |
|
2.260.284 |
|
0,13 |
|
919.826 |
|
0,05 |
|
|
|
Other
Current Assets |
183.712 |
|
0,01 |
|
1.198.035 |
|
0,07 |
|
559.585 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
NON-CURRENT ASSETS |
3.768.198 |
|
0,24 |
|
6.355.263 |
|
0,36 |
|
6.169.342 |
|
0,35 |
|
|
|
Long-term
Receivable |
47 |
|
0,00 |
|
4.271 |
|
0,00 |
|
4.271 |
|
0,00 |
|
|
|
Financial
Assets |
1.738.533 |
|
0,11 |
|
3.504.033 |
|
0,20 |
|
3.504.033 |
|
0,20 |
|
|
|
Tangible
Fixed Assets (net) |
586.539 |
|
0,04 |
|
731.028 |
|
0,04 |
|
659.848 |
|
0,04 |
|
|
|
Intangible Assets |
1.381.477 |
|
0,09 |
|
2.072.421 |
|
0,12 |
|
2.001.190 |
|
0,11 |
|
|
|
Other
Non-Current Assets |
61.602 |
|
0,00 |
|
43.510 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
15.973.380 |
|
1,00 |
|
17.861.712 |
|
1,00 |
|
17.693.160 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
9.917.605 |
|
0,62 |
|
10.337.171 |
|
0,58 |
|
9.895.601 |
|
0,56 |
|
|
|
Financial
Loans |
3.633.017 |
|
0,23 |
|
1.525.831 |
|
0,09 |
|
1.645.272 |
|
0,09 |
|
|
|
Accounts Payable |
3.990.145 |
|
0,25 |
|
4.490.575 |
|
0,25 |
|
5.357.841 |
|
0,30 |
|
|
|
Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
86.560 |
|
0,00 |
|
|
|
Other
Short-term Payable |
200.000 |
|
0,01 |
|
200.000 |
|
0,01 |
|
26.881 |
|
0,00 |
|
|
|
Advances
from Customers |
2.019.377 |
|
0,13 |
|
2.386.496 |
|
0,13 |
|
2.161.775 |
|
0,12 |
|
|
|
Taxes
Payable |
71.998 |
|
0,00 |
|
170.982 |
|
0,01 |
|
277.272 |
|
0,02 |
|
|
|
Provisions |
3.068 |
|
0,00 |
|
78.666 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Current Liabilities |
0 |
|
0,00 |
|
1.484.621 |
|
0,08 |
|
340.000 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
1.407.453 |
|
0,09 |
|
1.425.823 |
|
0,08 |
|
1.482.438 |
|
0,08 |
|
|
|
Financial
Loans |
1.407.453 |
|
0,09 |
|
1.425.823 |
|
0,08 |
|
1.482.438 |
|
0,08 |
|
|
|
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 |
4.648.322 |
|
0,29 |
|
6.098.718 |
|
0,34 |
|
6.315.121 |
|
0,36 |
|
|
|
Paid-in
Capital |
3.000.000 |
|
0,19 |
|
4.225.555 |
|
0,24 |
|
4.421.121 |
|
0,25 |
|
|
|
Inflation
Adjustment of Capital |
923.344 |
|
0,06 |
|
923.344 |
|
0,05 |
|
923.344 |
|
0,05 |
|
|
|
Reserves |
898.810 |
|
0,06 |
|
1.210.398 |
|
0,07 |
|
1.435.239 |
|
0,08 |
|
|
|
Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Accumulated Losses(-) |
-485.420 |
|
-0,03 |
|
-485.420 |
|
-0,03 |
|
-485.420 |
|
-0,03 |
|
|
|
Net
Profit (loss) |
311.588 |
|
0,02 |
|
224.841 |
|
0,01 |
|
20.837 |
|
0,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
15.973.380 |
|
1,00 |
|
17.861.712 |
|
1,00 |
|
17.693.160 |
|
1,00 |
|
INCOME
STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1.-31.03.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
18.343.459 |
|
1,00 |
|
16.872.657 |
|
1,00 |
|
3.672.021 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
13.658.674 |
|
0,74 |
|
12.443.555 |
|
0,74 |
|
2.559.998 |
|
0,70 |
|
|
|
Gross Profit |
4.684.785 |
|
0,26 |
|
4.429.102 |
|
0,26 |
|
1.112.023 |
|
0,30 |
|
|
|
Operating
Expenses |
1.858.959 |
|
0,10 |
|
1.827.363 |
|
0,11 |
|
521.555 |
|
0,14 |
|
|
|
Operating Profit |
2.825.826 |
|
0,15 |
|
2.601.739 |
|
0,15 |
|
590.468 |
|
0,16 |
|
|
|
Other
Income |
1.067.922 |
|
0,06 |
|
404.736 |
|
0,02 |
|
477.157 |
|
0,13 |
|
|
|
Other
Expenses |
977.030 |
|
0,05 |
|
917.723 |
|
0,05 |
|
748.824 |
|
0,20 |
|
|
|
Financial
Expenses |
2.514.357 |
|
0,14 |
|
1.785.245 |
|
0,11 |
|
297.964 |
|
0,08 |
|
|
|
Profit (loss) Before Tax |
402.361 |
|
0,02 |
|
303.507 |
|
0,02 |
|
20.837 |
|
0,01 |
|
|
|
Tax
Payable |
90.773 |
|
0,00 |
|
78.666 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
311.588 |
|
0,02 |
|
224.841 |
|
0,01 |
|
20.837 |
|
0,01 |
|
FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
1.1.-31.03.08 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Ratio |
1,23 |
|
|
|
1,11 |
|
|
|
1,16 |
|
|
|
|
|
Acid-Test Ratio |
0,88 |
|
|
|
0,64 |
|
|
|
0,65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,15 |
|
|
|
0,08 |
|
|
|
0,20 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,24 |
|
|
|
0,26 |
|
|
|
0,23 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,04 |
|
|
|
0,04 |
|
|
|
0,04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
5,89 |
|
|
|
8,60 |
|
|
|
0,72 |
|
|
|
|
|
Stockholders' Equity Turnover |
3,95 |
|
|
|
2,77 |
|
|
|
0,58 |
|
|
|
|
|
Asset Turnover |
1,15 |
|
|
|
0,94 |
|
|
|
0,21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,29 |
|
|
|
0,34 |
|
|
|
0,36 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,62 |
|
|
|
0,58 |
|
|
|
0,56 |
|
|
|
|
|
Financial Leverage |
0,71 |
|
|
|
0,66 |
|
|
|
0,64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,07 |
|
|
|
0,04 |
|
|
|
0,00 |
|
|
|
|
|
Operating Profit Margin |
0,15 |
|
|
|
0,15 |
|
|
|
0,16 |
|
|
|
|
|
Net Profit Margin |
0,02 |
|
|
|
0,01 |
|
|
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
73,48 |
|
|
|
95,76 |
|
|
|
370,97 |
|
|
|
|
|
Average Payable Period (days) |
105,17 |
|
|
|
129,92 |
|
|
|
753,45 |
|
|
|
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
|
|
1.1.-30.06.2008 |
|
|
|
|
|
|
|
|
|
|
Net Sales |
5.644.615 |
|
1,00 |
|
|
Cost of
Goods Sold |
3.345.770 |
|
0,59 |
|
|
Gross Profit |
2.298.845 |
|
0,41 |
|
|
Operating
Expenses |
1.094.756 |
|
0,19 |
|
|
Operating Profit |
1.204.089 |
|
0,21 |
|
|
Other
Income |
796.069 |
|
0,14 |
|
|
Other
Expenses |
1.174.791 |
|
0,21 |
|
|
Financial
Expenses |
793.466 |
|
0,14 |
|
|
Profit (loss) Before Tax |
31.901 |
|
0,01 |
|
|
Tax Payable |
0 |
|
0,00 |
|
|
Net Profit (loss) |
31.901 |
|
0,01 |
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.67 |
|
UK Pound |
1 |
Rs.80.92 |
|
Euro |
1 |
Rs.63.71 |
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%)