MIRA
INFORM REPORT
|
Report Date : |
04.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ALP METAL PASLANMAZ CELIK TICARET VE SANAYI A.S. |
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Registered Office : |
Demirciler Sitesi 2. Cad. No:51 Zeytinburnu Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
17.02.1982 |
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Com. Reg. No.: |
185599 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Trade of stainless steel |
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 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
ALP METAL PASLANMAZ CELIK TICARET VE SANAYI A.S. |
|
ADDRESS |
: |
Head Office: Demirciler Sitesi 2. Cad.
No:51 Zeytinburnu Istanbul / Turkey |
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PHONE NUMBER |
: |
90-212-558 16 65 |
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FAX NUMBER |
: |
90-212-546 26 73 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Davutpasa / 3870048449 |
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REGISTRATION NUMBER |
: |
185599 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
17.02.1982 (Commercial Registry Gazette
Date/No: 19.02.1982/445) |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 50,000 |
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PAID-IN CAPITAL |
: |
YTL 50,000 |
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HISTORY |
: |
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Previous Name |
: Fikret Eraslan Paslanmaz Celik Ticaret
ve Sanayi A.S. |
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Name Changed On |
:01.06.1995 (Commercial Registry Gazette
Date/No: 06.06.1995/3800) |
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OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
Ertugrul Alpagut Esra Alpagut Mehmet Altug Alpagut Fatih Gullulu Songul Alpagut |
70 % |
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SISTER COMPANIES |
: |
Alp Metal Ticaret- Ertugrul Alpagut
(sole-proprietorship) |
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|
GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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BOARD OF DIRECTORS |
: |
Ertugrul Alpagut Esra Alpagut Mehmet Altug Alpagut |
Chairman Vice-Chairman Member |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of stainless steel |
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|
SECTOR |
: |
Commerce |
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NUMBER OF
EMPLOYEES |
: |
4 |
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|
NET SALES |
: |
(YTL) 2,378,861 4,004,159 2,102,473 |
(2005) (2006) (01.01.-30.09.2007) |
|
CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
Belgium, Italy, India, China, Taiwan,
Finland |
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MERCHANDISE
IMPORTED |
: |
Stainless Steel |
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EXPORT VALUE |
: |
None |
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PREMISES |
: |
Head Office: Demirciler Sitesi 2. Cad.
No:51 Zeytinburnu Istanbul (rented from the shareholder Ertugrul Alpagut) Warehouse: Demirciler Sitesi 2. Yol. No:64
Zeytinburnu Istanbul (rented from the shareholder Ertugrul Alpagut) |
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TREND OF BUSINESS : There was an upwards trend in 2006 but there appears a slowdown at sales volume in
the first 9 months of 2007.
SIZE OF BUSINESS : Upper-moderate
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi E-5 Pendik branch in
Istanbul T.Is Bankasi Tuzla branch in Istanbul |
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CREDIT FACILITIES |
: |
The subject company makes 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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|
Capitalization was insufficient as of 31.12.2006. However it has to be
noted that, 61 % of “total liabilities and equity” was consisting of
“long-term loans from shareholders” rather than liabilities to third parties
indicating not too high indebtedness to third parties. |
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LIQUIDITY |
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High |
As of 31.12.2006 |
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PROFITABILITY |
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High |
In 2006 |
Good |
Between 01.01.-30.09.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable |
In 2006 |
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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 125,000 may be
granted to the subject company.
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(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 |
|
(1.1.-30.11.2007) |
5.78 % |
1.3190 |
1.7961 |
2.6363 |
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BALANCE SHEETS |
||||||||
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|
YTL |
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|
YTL |
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|
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|
|
|
31.12.05 |
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|
31.12.06 |
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CURRENT ASSETS |
1.676.299 |
|
0,97 |
|
2.489.545 |
|
0,95 |
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Cash and
Banks |
128.879 |
|
0,07 |
|
11.477 |
|
0,00 |
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Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Account
Receivable |
539.819 |
|
0,31 |
|
1.148.810 |
|
0,44 |
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Other
Receivable |
799 |
|
0,00 |
|
0 |
|
0,00 |
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Inventories |
710.001 |
|
0,41 |
|
950.249 |
|
0,36 |
|
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Advances
Given |
240.816 |
|
0,14 |
|
344.631 |
|
0,13 |
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Other
Current Assets |
55.985 |
|
0,03 |
|
34.378 |
|
0,01 |
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NON-CURRENT ASSETS |
60.361 |
|
0,03 |
|
125.746 |
|
0,05 |
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Long-term
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Financial
Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Tangible
Fixed Assets (net) |
54.043 |
|
0,03 |
|
118.885 |
|
0,05 |
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Intangible Assets |
4.850 |
|
0,00 |
|
4.548 |
|
0,00 |
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Other
Non-Current Assets |
1.468 |
|
0,00 |
|
2.313 |
|
0,00 |
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TOTAL ASSETS |
1.736.660 |
|
1,00 |
|
2.615.291 |
|
1,00 |
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CURRENT LIABILITIES |
321.558 |
|
0,19 |
|
408.934 |
|
0,16 |
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Financial
Loans |
0 |
|
0,00 |
|
138.707 |
|
0,05 |
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Accounts
Payable |
198.260 |
|
0,11 |
|
199.872 |
|
0,08 |
|
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Loans
from Shareholders |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Advances
from Customers |
120.744 |
|
0,07 |
|
54.540 |
|
0,02 |
|
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|
Taxes
Payable |
1.679 |
|
0,00 |
|
15.815 |
|
0,01 |
|
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|
Provisions |
875 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Current Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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LONG-TERM LIABILITIES |
1.164.984 |
|
0,67 |
|
1.605.045 |
|
0,61 |
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Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Securities Issued |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Long-term
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Loans
from Shareholders |
1.164.984 |
|
0,67 |
|
1.605.045 |
|
0,61 |
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Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
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0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
250.118 |
|
0,14 |
|
601.312 |
|
0,23 |
|
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Paid-in
Capital |
50.000 |
|
0,03 |
|
50.000 |
|
0,02 |
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Inflation
Adjustment of Capital |
44.532 |
|
0,03 |
|
44.532 |
|
0,02 |
|
|
|
Reserves |
99.311 |
|
0,06 |
|
155.586 |
|
0,06 |
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Revaluation Fund |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accumulated Losses(-) |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Net
Profit (loss) |
56.275 |
|
0,03 |
|
351.194 |
|
0,13 |
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TOTAL LIABILITIES AND EQUITY |
1.736.660 |
|
1,00 |
|
2.615.291 |
|
1,00 |
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INCOME STATEMENTS |
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|
YTL |
|
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|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.2007 |
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Net Sales |
2.378.861 |
|
1,00 |
|
4.004.159 |
|
1,00 |
|
2.102.473 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
2.180.142 |
|
0,92 |
|
3.321.286 |
|
0,83 |
|
1.845.828 |
|
0,88 |
|
|
|
Gross Profit |
198.719 |
|
0,08 |
|
682.873 |
|
0,17 |
|
256.645 |
|
0,12 |
|
|
|
Operating
Expenses |
122.640 |
|
0,05 |
|
233.258 |
|
0,06 |
|
105.487 |
|
0,05 |
|
|
|
Operating Profit |
76.079 |
|
0,03 |
|
449.615 |
|
0,11 |
|
151.158 |
|
0,07 |
|
|
|
Other
Income |
3.031 |
|
0,00 |
|
27.717 |
|
0,01 |
|
6.940 |
|
0,00 |
|
|
|
Other
Expenses |
1.632 |
|
0,00 |
|
13.822 |
|
0,00 |
|
24.274 |
|
0,01 |
|
|
|
Financial
Expenses |
901 |
|
0,00 |
|
24.136 |
|
0,01 |
|
14.974 |
|
0,01 |
|
|
|
Profit (loss) Before Tax |
76.577 |
|
0,03 |
|
439.374 |
|
0,11 |
|
118.850 |
|
0,06 |
|
|
|
Tax
Payable |
20.302 |
|
0,01 |
|
88.180 |
|
0,02 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
56.275 |
|
0,02 |
|
351.194 |
|
0,09 |
|
118.850 |
|
0,06 |
|
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FINANCIAL RATIOS |
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2005 |
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2006 |
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|
1.1.-30.09.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
5,21 |
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|
6,09 |
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|
-- |
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Acid-Test Ratio |
2,08 |
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|
2,84 |
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|
-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,41 |
|
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|
0,36 |
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|
|
-- |
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Short-term Receivable/Total Assets |
0,31 |
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|
0,44 |
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|
-- |
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Tangible Assets/Total Assets |
0,03 |
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|
0,05 |
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|
-- |
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TURNOVER RATIOS |
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Inventory Turnover |
3,07 |
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|
3,50 |
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|
-- |
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Stockholders' Equity Turnover |
9,51 |
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|
6,66 |
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|
-- |
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Asset Turnover |
1,37 |
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|
1,53 |
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|
-- |
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FINANCIAL STRUCTURE |
|
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Stockholders' Equity/Total Assets |
0,14 |
|
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|
0,23 |
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|
|
-- |
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|
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Current Liabilities/Total Assets |
0,19 |
|
|
|
0,16 |
|
|
|
-- |
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Financial Leverage |
0,86 |
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|
0,77 |
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|
|
-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,22 |
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|
0,58 |
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|
-- |
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Operating Profit Margin |
0,03 |
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|
0,11 |
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|
0,07 |
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Net Profit Margin |
0,02 |
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|
0,09 |
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|
0,06 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
81,69 |
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|
|
103,29 |
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|
|
-- |
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Average Payable Period (days) |
32,74 |
|
|
|
21,66 |
|
|
|
-- |
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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%)