MIRA
INFORM REPORT
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Report Date : |
22.12.2008 |
IDENTIFICATION DETAILS
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Name : |
CAN TICARET VE ELEKTRONIK SANAYI LTD. STI. |
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Registered Office : |
Kemeralti Cad. Aynali Lokanta Sok. Buyuk Balikli Han Kat:2
No:16/34-35-51 Karakoy-Istanbul |
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Country : |
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Financials (as on) : |
30.09.2008 |
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Date of Incorporation : |
11.09.1992 |
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Com. Reg. No.: |
290096 |
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Legal Form : |
Limited Company |
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Line of Business : |
Trade of Electrical Materials |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
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NAME |
: |
CAN TICARET VE ELEKTRONIK SANAYI LTD. STI. |
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ADDRESS |
: |
Head Office/Store/Warehouse: Kemeralti
Cad. Aynali Lokanta Sok. Buyuk Balikli Han Kat:2 No:16/34-35-51 Karakoy-Istanbul / |
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PHONE NUMBER |
: |
90-212-244 46 68 90-212-252 45 55 |
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FAX NUMBER |
: |
90-212-252 45 55 |
LEGAL STATUS AND HISTORY
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TAX OFFICE / NO |
: |
Galata/1980021894 |
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REGISTRATION NUMBER |
: |
290096 |
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REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
11.09.1992 (Commercial Registry Gazette
Date/No: 21.09.1992/3118) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 5.000 |
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PAID-IN CAPITAL |
: |
YTL 5.000 |
OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
Ismail Turgut Cetmin Semiha Cetmin |
95 % 5
% |
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GROUP PARENT COMPANY |
: |
None |
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SISTER COMPANIES |
: |
Declared to be: None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Ismail Turgut Cetmin |
OPERATIONS
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BUSINESS ACTIVITIES |
: |
Trade of electrical materials |
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SECTOR |
: |
Commerce |
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NUMBER OF
EMPLOYEES |
: |
5 |
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NET SALES |
: |
(YTL) 93.070 258.779 277.068 |
(2006) (2007) (01.01.-30.09.2008) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
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MERCHANDISE
IMPORTED |
: |
Electrical materials |
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EXPORT VALUE |
: |
None |
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PREMISES |
: |
Head Office/Store/Warehouse: Kemeralti
Cad. Aynali Lokanta Sok. Buyuk Balikli Han Kat:2 No:16/34-35-51 Karakoy-Istanbul (rented) |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF
BUSINESS |
: |
Upwards |
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SIZE OF BUSINESS |
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Small |
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FINANCE
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MAIN DEALING BANKERS |
: |
T.Is Bankasi Karakoy branch in Turk Ekonomi Bankasi Karakoy branch in |
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CREDIT FACILITIES |
: |
The subject company is making use of credit facilities. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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YTL 169.952 of total liabilities and equity was due to long terms
loans from shareholders but the subject had negative stockholders’ equity as
of 31.12.2007. |
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LIQUIDITY |
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High |
As of 31.12.2007 |
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PROFITABILITY |
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The firm had net losses in 2007 and in the first 9 months of 2008. |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2007 |
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GENERAL
FINANCIAL POSITION |
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Poor |
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Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
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(1.1.-30.09.2008) |
11.48 % |
1.2146 |
1.8490 |
2.3755 |
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(1.1.-30.11.2008) |
12.08 % |
1.2682 |
1.8727 |
2.3877 |
BALANCE SHEETS
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YTL |
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31.12.07 |
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CURRENT ASSETS |
220.272 |
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0,81 |
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Cash and
Banks |
46.980 |
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0,17 |
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Marketable
Securities |
0 |
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0,00 |
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Account
Receivable |
62.049 |
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0,23 |
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Other
Receivable |
0 |
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0,00 |
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Inventories |
59.338 |
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0,22 |
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Advances
Given |
51.606 |
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0,19 |
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Other
Current Assets |
299 |
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0,00 |
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NON-CURRENT ASSETS |
51.927 |
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0,19 |
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Long-term
Receivable |
0 |
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0,00 |
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Financial
Assets |
0 |
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0,00 |
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Tangible
Fixed Assets (net) |
25.034 |
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0,09 |
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Intangible
Assets |
371 |
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0,00 |
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Other
Non-Current Assets |
26.522 |
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0,10 |
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TOTAL ASSETS |
272.199 |
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1,00 |
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CURRENT LIABILITIES |
74.994 |
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0,28 |
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Financial
Loans |
60.431 |
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0,22 |
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Accounts
Payable |
6.487 |
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0,02 |
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Loans from
Shareholders |
0 |
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0,00 |
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Other
Short-term Payable |
0 |
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0,00 |
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Advances from
Customers |
5.737 |
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0,02 |
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Taxes
Payable |
2.339 |
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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 |
0 |
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0,00 |
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LONG-TERM LIABILITIES |
198.605 |
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0,73 |
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Financial
Loans |
28.653 |
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0,11 |
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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 |
169.952 |
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0,62 |
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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 |
-1.400 |
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-0,01 |
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Paid-in
Capital |
5.000 |
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0,02 |
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Inflation
Adjustment of Capital |
82.968 |
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0,30 |
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Reserves |
8.899 |
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0,03 |
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Revaluation
Fund |
0 |
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0,00 |
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Accumulated Losses(-) |
-88.930 |
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-0,33 |
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Net Profit
(loss) |
-9.337 |
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-0,03 |
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TOTAL LIABILITIES AND EQUITY |
272.199 |
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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.-30.09.2008 |
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Net Sales |
258.779 |
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1,00 |
|
277.068 |
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1,00 |
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Cost of Goods
Sold |
180.693 |
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0,70 |
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224.547 |
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0,81 |
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Gross Profit |
78.086 |
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0,30 |
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52.521 |
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0,19 |
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Operating
Expenses |
71.694 |
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0,28 |
|
50.126 |
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0,18 |
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Operating Profit |
6.392 |
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0,02 |
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2.395 |
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0,01 |
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Other
Income |
340 |
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0,00 |
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0 |
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0,00 |
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Other
Expenses |
4.059 |
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0,02 |
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4.002 |
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0,01 |
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Financial
Expenses |
12.010 |
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0,05 |
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2.515 |
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0,01 |
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Profit (loss) Before Tax |
-9.337 |
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-0,04 |
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-4.122 |
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-0,01 |
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Tax
Payable |
0 |
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0,00 |
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0 |
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0,00 |
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Net Profit (loss) |
-9.337 |
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-0,04 |
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-4.122 |
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-0,01 |
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FINANCIAL RATIOS
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2007 |
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01.01.-30.09.2008 |
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LIQUIDITY RATIOS |
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Current Ratio |
2,94 |
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-- |
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Acid-Test Ratio |
1,45 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,22 |
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-- |
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Short-term Receivable/Total Assets |
0,23 |
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-- |
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Tangible Assets/Total Assets |
0,09 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
3,05 |
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-- |
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Stockholders' Equity Turnover |
-184,84 |
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-- |
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Asset Turnover |
0,95 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
-0,01 |
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-- |
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Current Liabilities/Total Assets |
0,28 |
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-- |
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Financial Leverage |
1,01 |
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-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
6,67 |
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-- |
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Operating Profit Margin |
0,02 |
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0,01 |
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Net Profit Margin |
-0,04 |
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-0,01 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
86,32 |
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-- |
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Average Payable Period (days) |
12,92 |
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-- |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.39 |
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|
1 |
Rs.70.65 |
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Euro |
1 |
Rs.66.33 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)