MIRA
INFORM REPORT
|
Report Date : |
11.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ESRA TEKSTIL ITHALAT IHRACAT NAKLIYE LTD. STI. |
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Registered Office : |
Tekye Mah. Beyrut Carsisi Orta Kat No: 212 Kilis |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1996 |
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Com. Reg. No.: |
2761 |
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Legal Form : |
Limited Company |
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Line of Business : |
Trade of dowry products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
NOTE
The address at your inquiry is the former address of the firm. The address
was changed from “Kuyumcular Bedesteni Beyrut Carsisi No:212 Kat:1 Kilis” to
“Tekye Mah. Beyrut Carsisi Orta Kat No:212 Kilis” on 12.10.2005 (Commercial
Registry Gazette Date/No:31.10.2005/6422)
COMPANY IDENTIFICATION
|
NAME |
: |
ESRA TEKSTIL ITHALAT IHRACAT NAKLIYE LTD. STI. |
|
ADDRESS |
: |
Head Office: Tekye Mah. Beyrut Carsisi
Orta Kat No:212 Kilis/Turkey |
|
PHONE NUMBER |
: |
90-348-813 56 94 |
|
FAX NUMBER |
: |
90-348-813 56 94 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Kilis/3800080772 |
|
REGISTRATION NUMBER |
: |
2761 |
|
REGISTERED OFFICE |
: |
Kilis Chamber of Commerce |
|
DATE ESTABLISHED |
: |
1996 (Commercial Registry Gazette
Date/No:25.12.1996/4195) |
|
LEGAL FORM |
: |
Limited Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 5,000 |
|
PAID-IN CAPITAL |
: |
YTL 5,000 |
|
HISTORY |
: |
Abdurrahman Satman sold 60 % of the shares
at the company to Ali Uzumcuoglu (born in 1983) on 12.10.2005 (Commercial Registry
Gazette Date/No:31.10.2005/6422) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Ali Uzumcuoglu (born in 1983) Ali Uzumcuoglu (born in 1962) |
60 % 40 % |
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SISTER COMPANIES |
: |
Declared to be: None |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Ali Uzumcuoglu (born in 1983) Ali Uzumcuoglu (born in 1962) |
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OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Trade of dowry products. |
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|
SECTOR |
: |
Commerce |
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|
NUMBER OF
EMPLOYEES |
: |
The firm has no employees. Operations are
carried out by shareholders. |
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|
NET SALES |
: |
(YTL) 154,580 244,257 148,122 |
(2005) (2006) (01.01.-30.09.2007) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT COUNTRIES |
: |
China, India |
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|
MERCHANDISE
IMPORTED |
: |
Dowry products. |
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EXPORT |
: |
None |
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PREMISES |
: |
Head Office: Tekye Mah. Beyrut Carsisi
Orta Kat No:212 Kilis |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
|
TREND OF BUSINESS : There was an upwards trend at business volume in 2006 but there appears a decline at
sales volume in nominal terms in the first 9 months of 2007.
SIZE OF BUSINESS : Modest
FINANCE
|
MAIN DEALING BANKERS |
: |
Turkiye Is Bankasi Kilis branch in Kilis Halk Bank Kilis branch in Kilis |
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CREDIT FACILITIES |
: |
No credit facility has come to our
knowledge. |
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PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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|
Capitalization was low as of 31.12.2006.
However it has to be noted that, 87 %
of total liabilities and equity was consisting of loans from shareholders rather
than liabilities to third parties as of 31.12.2006. The firm has no
indebtedness other than taxes payable. |
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LIQUIDITY |
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|
The subject has no indebtedness other than taxes payable but it had
very low liquid assets either as of 31.12.2006. |
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PROFITABILITY |
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|
Good |
In 2006 |
Good |
Between 01.01.-30.09.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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GENERAL
FINANCIAL POSITION |
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Fair |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, the subject is suitable for a max. credit
of USD 22,000.
|
|
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 |
|
(2007) |
5.94 % |
1.3075 |
1.7901 |
2.6133 |
|
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 |
53.927 |
|
1,00 |
|
508.288 |
|
1,00 |
|
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|
Cash and
Banks |
605 |
|
0,01 |
|
538 |
|
0,00 |
|
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|
Marketable Securities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Account
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Other
Receivable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Inventories |
47.830 |
|
0,89 |
|
406.112 |
|
0,80 |
|
|
|
Advances
Given |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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Other
Current Assets |
5.492 |
|
0,10 |
|
101.638 |
|
0,20 |
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|
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NON-CURRENT ASSETS |
109 |
|
0,00 |
|
109 |
|
0,00 |
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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) |
109 |
|
0,00 |
|
109 |
|
0,00 |
|
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Intangible Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Non-Current Assets |
0 |
|
0,00 |
|
0 |
|
0,00 |
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TOTAL ASSETS |
54.036 |
|
1,00 |
|
508.397 |
|
1,00 |
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CURRENT LIABILITIES |
3.004 |
|
0,06 |
|
444.434 |
|
0,87 |
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Financial
Loans |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Accounts
Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Loans
from Shareholders |
1.426 |
|
0,03 |
|
443.567 |
|
0,87 |
|
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Other
Short-term Payable |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
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Advances
from Customers |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
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|
Taxes
Payable |
1.578 |
|
0,03 |
|
867 |
|
0,00 |
|
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|
Provisions |
0 |
|
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 |
0 |
|
0,00 |
|
0 |
|
0,00 |
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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 |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
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Provisions |
0 |
|
0,00 |
|
0 |
|
0,00 |
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STOCKHOLDERS' EQUITY |
51.032 |
|
0,94 |
|
63.963 |
|
0,13 |
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Paid-in
Capital |
5.000 |
|
0,09 |
|
5.000 |
|
0,01 |
|
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Inflation
Adjustment of Capital |
39.166 |
|
0,72 |
|
39.166 |
|
0,08 |
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Reserves |
4.711 |
|
0,09 |
|
6.866 |
|
0,01 |
|
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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) |
2.155 |
|
0,04 |
|
12.931 |
|
0,03 |
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TOTAL LIABILITIES AND EQUITY |
54.036 |
|
1,00 |
|
508.397 |
|
1,00 |
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INCOME STATEMENTS |
||||||||||||
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|
YTL |
|
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|
YTL |
|
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|
YTL |
|
|
|
|
|
|
2005 |
|
|
|
2006 |
|
|
|
1.1.-30.09.07 |
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Net Sales |
154.580 |
|
1,00 |
|
244.257 |
|
1,00 |
|
148.122 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
144.178 |
|
0,93 |
|
224.987 |
|
0,92 |
|
136.977 |
|
0,92 |
|
|
|
Gross Profit |
10.402 |
|
0,07 |
|
19.270 |
|
0,08 |
|
11.145 |
|
0,08 |
|
|
|
Operating
Expenses |
7.323 |
|
0,05 |
|
3.106 |
|
0,01 |
|
1.711 |
|
0,01 |
|
|
|
Operating Profit |
3.079 |
|
0,02 |
|
16.164 |
|
0,07 |
|
9.434 |
|
0,06 |
|
|
|
Other
Income |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Other
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Financial
Expenses |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
3.079 |
|
0,02 |
|
16.164 |
|
0,07 |
|
9.434 |
|
0,06 |
|
|
|
Tax
Payable |
924 |
|
0,01 |
|
3.233 |
|
0,01 |
|
0 |
|
0,00 |
|
|
|
Net Profit (loss) |
2.155 |
|
0,01 |
|
12.931 |
|
0,05 |
|
9.434 |
|
0,06 |
|
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FINANCIAL RATIOS |
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2005 |
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|
2006 |
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|
1.1.-30.09.07 |
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LIQUIDITY RATIOS |
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Current Ratio |
17,95 |
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|
1,14 |
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|
-- |
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Acid-Test Ratio |
0,20 |
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|
0,00 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,89 |
|
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|
0,80 |
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|
-- |
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Short-term Receivable/Total Assets |
0,00 |
|
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|
0,00 |
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|
-- |
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Tangible Assets/Total Assets |
0,00 |
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|
0,00 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
3,01 |
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|
0,55 |
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|
-- |
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Stockholders' Equity Turnover |
3,03 |
|
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|
3,82 |
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|
-- |
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Asset Turnover |
2,86 |
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|
0,48 |
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|
-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,94 |
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|
0,13 |
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|
-- |
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Current Liabilities/Total Assets |
0,06 |
|
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|
0,87 |
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|
|
-- |
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Financial Leverage |
0,06 |
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|
0,87 |
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|
-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,04 |
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|
0,20 |
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-- |
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Operating Profit Margin |
0,02 |
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|
0,07 |
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|
0,06 |
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Net Profit Margin |
0,01 |
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|
0,05 |
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|
0,06 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
0,00 |
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|
0,00 |
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|
-- |
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Average Payable Period (days) |
0,00 |
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|
0,00 |
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|
-- |
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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%)