MIRA
INFORM REPORT
|
Report Date : |
18.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ZORLUTEKS TEKSTIL TICARET VE SANAYI A.S. |
|
|
|
|
Formerly Known as : |
TRAKYA ORME SANAYI VE TICARET A.S. |
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Registered Office : |
Vasifcinar Cad. No: 91 Eminonu- Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
11.02.1982 |
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Com. Reg. No.: |
185410 |
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|
Legal Form : |
Joint Stock Company |
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|
Line of Business : |
Manufacture and Trade of Cotton Home
Textile Mainly |
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 |
|
Maximum Credit Limit : |
USD 16 million |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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|
Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
ZORLUTEKS TEKSTIL TICARET VE SANAYI A.S. |
|
ADDRESS |
: |
Registered Head Office: Vasifcinar Cad.
No: 91 Eminonu- Istanbul/ Turkey Administrative Office/Factory: Buyukkaristiran
Koyu Tayyare Meydani Mevkii Luleburgaz Kirklareli/ Turkey Branch Office: Petrol Ofisi Ambarli Dolum
Tesisleri Yolu Avcilar 34840 Istanbul/ Turkey |
|
PHONE NUMBER |
: |
90-212-422 03 03 (Branch Office) 90-212-520 67 33 (Head Office) 90-288-436 22 90 (Administrative
Office/Factory) |
|
FAX NUMBER |
: |
90-212-512 17 12 (Head Office) 90-288-436 22 88 (Administrative
Office/Factory) |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Buyuk Mukellefler / 9990030180 |
|
REGISTRATION NUMBER |
: |
185410 |
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Industry Istanbul Chamber of Commerce |
|
DATE ESTABLISHED |
: |
11.02.1982 (Commercial Registry Gazette
Date / No: 15.02.1982 / 441) |
|
LEGAL FORM |
: |
Joint Stock Company |
|
TYPE OF COMPANY |
: |
Private |
|
REGISTERED CAPITAL |
: |
YTL 295,000,000 |
|
PAID-IN CAPITAL |
: |
YTL 294,703,530 ( As of 31.12.2007) |
|
HISTORY |
: |
On 11.02.1982, the company was founded
under the name of “Trakya Orme Sanayi
ve Ticaret A.S.”. The name of the subject was changed from “Trakya Orme
Sanayi ve Ticaret A.S.” to “Zorlu Boya ve Apre Sanayi A.S.” on 23.06.1989
(Commercial Registry Gazette Date / No: 29.06.1989 / 2305). The subject was
engaging with textile dyeing and finishing. The firm changed its line of business to
manufacture and trade of cotton home textile on 05.04.1996 (Commercial
Registry Gazette Date / No: 10.04.1996 / 4016). Meanwhile the name of the
company was changed from “Zorlu Boya ve Apre Sanayi A.S.” to “Zorlu Linen
Dokuma Emprime Konfeksiyon San. ve Tic. A.S.” on 05.04.1996 (Commercial
Registry Gazette Date / No: 10.04.1996 / 4016). In 1996 the company was at
the stage of investment. The factory of the firm was constructed in
Luleburgaz at which Zorlu Linen makes manufacture of cotton home textile. The
firm started manufacturing in the second week of May 1997. The registered capital which was increased
to YTL 15,000,000 on 28.04.1999 (Commercial Registry Gazette Date / No:
03.05.1999 / 4782) was further increased to YTL 55,000,000 on 21.09.2001.
(Commercial Registry Gazette Date / No: 26.09.2001 / 5390) The registered capital was increased from
YTL 55,000,000 to YTL 130,000,000 on 29.12.2006 (Commercial Registry Gazette
Date/No: 09.01.2007 / 6719) |
|
|
|
The registered capital was increased from
YTL 130,000,000 to YTL 283,000,000 on 02.04.2007 (Commercial Registry Gazette
Date/No: 24.05.2007 / 6815). This increase is decided to be financed by participation
of “Korteks Mensucat Sanayi Ve Ticaret A.S.”. “Korteks Mensucat Sanayi Ve
Ticaret A.S.” transferred a part of its tangible fixed assets, receivable and
inventories such as machineries, vehicles etc. at Bursa curtain factory and
Luleburgaz curtain factory with machineries, vehicles, inventories to “Zorlu
Linen Dokuma Emprime Konf. San Ve Tic. A.S” |
|
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|
The subject took over and merged with
“Zorluteks Tekstil Ticaret ve Sanayi A.S.”(registration number: 161803) on
31.10.2007. And then on the same date, on 31.10.2007 the name of the subject
company changed from “Zorlu Linen Dokuma Emprime Konfeksiyon Sanayi ve
Ticaret A.S.” to “Zorluteks Tekstil Ticaret ve Sanayi A.S.” (Commercial Registry Gazette Date / No:
05.11.2007/6929). As
a consequence of the merger the registered capital was increased from YTL
283,000,000 to YTL 295,000,000
on 31.10.2007 (Commercial Registry Gazette Date / No: 05.11.2007/6929).YTL
11,703,530.06 of this increase is decided to be financed by the equity of
“Zorluteks Tekstil Ticaret ve Sanayi A.S.”(registration number: 161803) and
YTL 296,469.94 is decided to be financed by cash. According to the capital
increase decision, the cash portion has to be paid within 3 months. |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Korteks Mensucat Sanayi Ve Ticaret A.S. Zorlu Holding A.S. Ahmet Nazif Zorlu Zeki Zorlu Olgun Zorlu Turkan Zorlu Zulal Zorlu |
51,58 % 48,39 % |
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The main shares are held by large companies
operating within Zorlu Group and members of Zorlu family. |
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GROUP PARENT COMPANY |
: |
Zorlu Holding A.S |
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Zorlu Holding A.S. which was established
on 20.08.1990 is a conglomerate, which coordinates the financial and administrative
operations of Zorlu group of
companies. |
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Zorlu Group is Turkey’s one of the
well-established home textile conglomerates, with a history dates back to
1950s. Zorlu Group developed from home-based production to centralized large-scale
manufacturing, ultimately becoming one of the world’s largest
vertically-integrated curtain manufacturing operations. |
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Zorlu Group employs app. 15,000 people and
its textile operations encompass every stage of the curtain manufacturing
process: polyester chips and yarn, lace, voile and embroidered fabric,
dyeing, finishing, and ready-made curtains. The Zorlu Group’s textile
capacity: |
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Polyester chips and yarn Textured yarn Jacquard satin fabric Jacquard lace fabric Voile Embroidered curtain fabric Guipure Dying and finishing |
25,000 tons 25,000 tons 3,000,000 m2 70,000,000 m2 30,000,000 m2 15,000,000 m2 8,000,000 m2 120 million m2 |
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Zorlu Group, which is specialized mainly
in textile sector, entered also electronics sector with its acquisition of
Vestel in November 1994. |
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The main companies operating within Zorlu
Group are declared as follows: |
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Anz Insaat Turizm San. Ve Tic. A.S. Atlas –Tac Co. (Iran) Bel Air Gardinen (Germany) Bel Air Industries SA (France) Collar Holding B.V. Deksar Multimedya ve Telekomunikasyon A.S. Deniz Destek Oto
Kiralama Temizlik Hizm. Ve Ins. A.S. Gazdas Gaziantep Dogal
Gaz Dagitim A.S. Korteks Mensucat
Sanayi Ve Ticaret A.S. Korteks Tekstil / Africa (PTY) Ltd. |
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Linens Pazarlama A.S. Trakya Birlik Dogalgaz Dagitim A.S. Veseg Video Handelsges GmbH (Germany) Vestek Elektronik Arastirma
Gelistirme A.S. Vestel Beyaz Esya
Sanayi Ve Ticaret A.S. Vestel Dayanikli
Tuketim Mallari Pazarlama A.S. Vestel Dijital Uretim Sanayi A.S. Vestel Dis Ticaret A.S. Vestel Elektronik Sanayi Ve Ticaret A.S. Vestel France SA (France) Vestel Holland B.V. Vestel Iberia (Spain) Vestel Italy Vestel Komunikasyon
Sanayi ve Ticaret A.S. Vestel Savunma San.
A.S. Vestel USA Vestelnet |
|
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|
Zorlu Air Havacilik A.S. Zorlu Ambalaj Sanayi Ve Ticaret A.S. Zorlu Belair A.S Zorlu Dis Ticaret Zorlu Dogalgaz Ithalat Ihracat Ve Toptan
Tic. A.S. Zorlu Elektrik Enerjisi Ith. Ihr. Ve
Toptan Tic. A.S: Zorlu Endustriyel Ve Enerji Tesisleri
Insaat Tic. A.S. Zorlu Enerji Elektrik Uretim A.S. Zorlu Ev Tekstil Urunleri Tic. A.S. Zorlu Financial (Ireland) Zorlu Gmbh (Germany) Zorlu Grand Hotel Isletmeleri Zorlu Holland B.V. |
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Zorlu Hometeks Tekstil Urunleri Sanayi ve
Ticaret A.S. Zorlu Mensucat Sanayi Ve Ticaret A.S. Zorlu MFG Co. L.L.C. (USA) Zorlu O/M A.S Zorlu Petrogas A.S Zorlu Polimer Sentetik
Iplik San. Ve Tic. A.S. Zorlu Polimer-Neva
Inc. Zorlu Sigorta
Aracilik Hizmetleri A.S. Zorlu Srl Zorlu Tekstil
Urunleri Pazarlama A.S. Zorlu Turizm Ve
Ticaret A.S. Zorlu Turkmenistan Zorlu UK Ltd. (UK) Zorlu USA Inc. (USA) Zorluteks D.O.O. (Macedonia) Zorluteks Tekstil Tic. Ve San. A.S. Zorpas Sanayi Urunleri Ihracat Ve Tic.
A.S. Zorpet Zorlu Petrolculuk Nakliyat Oto
Kiralama Insaat Gida San. Ve Tic. A.S. |
|
SUBSIDIARIES |
: |
Zorlu Enerji Elektrik Uretim A.S. Zorlu O/M Enerji Tesisleri Isletme Ve
Bakim Hizm. A.S Zorlu Endustriyel Ve Enerji Tesisleri Ins.
Tic. A.S Zorlu Dis Ticaret A.S. Zorluteks D.O.O. (Macedonia) Zorluteks SNG |
|
|
BOARD OF DIRECTORS |
: |
Zeki Zorlu Ahmet Nazif Zorlu Olgun Zorlu |
Chairman Vice-Chairman Member |
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Manufacture and trade of cotton home
textile mainly; -Bed-Linen (quilt-cover, flat-fitted
sheet, all kinds of pillow cases, etc...) -Table-Linen -Upholstery -Drapery –Ready made curtains -Curtain The firm manufactures home textiles in a
vertically integrated way, starting from weaving, dying and printing of
fabric. The subject has started to manufacturing
curtain in 2007 after taking the tangible fixed assets, receivable and
inventories of “Korteks Mensucat Sanayi Ve Ticaret A.S.” |
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SECTOR |
: |
Textile |
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TRADEMARKS |
: |
“Tac”, “Linens” |
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|
NUMBER OF
EMPLOYEES |
: |
2,222 |
|
|
NET SALES |
: |
(YTL Thousand) 50 97 30 1,514 16,352 41,831 77,341 167,084 250,222 321,610 473,079 374,764 399,065 448,311 |
(1994) (1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) |
|
IMPORT VALUE |
: |
USD 34,888,137 USD 60,205,493 USD 101,769,488 USD 79,718,498 USD 79.8 million USD 102.9
million USD 23.5 million
|
(2002) (2003) (2004) (2005) (2006) (01.01-31.03.2008) |
|
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IMPORT COUNTRIES |
: |
India, China, Pakistan, Turkmenistan |
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MERCHANDISE
IMPORTED |
: |
Raw materials |
||
|
EXPORT VALUE |
: |
YTL 1,098 thousand YTL 11,680
thousand YTL 28,935
thousand USD
77,760,730.96 YTL 128,832
thousand USD
131,095,472.93 USD 148,532,998 USD 215,168,963 YTL 245,352
thousand YTL 255,242
thousand YTL 283,524
thousand |
(1997) (1998) (1999) (2000) (2001) (2003) (2004) (2005) (2006) |
|
|
EXPORT COUNTRIES |
: |
Bosnia- Herzegovina, Bulgaria, U.S.A,
Austria, Germany |
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MERCHANDISE
EXPORTED |
: |
Bed linen, knitted crochet, curtains,
interior blinds, furnishing articles… |
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PREMISES |
: |
Head Office: Vasifcinar Cad. No: 91
Eminonu- Istanbul Administrative Office/Factory:
Buyukkaristiran Koyu Tayyare Meydani Mevkii Luleburgaz- Kirklareli (owned) Branch Office: Petrol Ofisi Ambarli Dolum
Tesisleri Yolu Avcilar 34840 Istanbul (1,500 sqm) |
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TREND OF
BUSINESS |
: |
Upwards |
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SIZE OF BUSINESS |
: |
Giant |
||
FINANCE
|
MAIN DEALING BANKERS |
: |
T.Is Bankasi Gunesli Kurumsal branch in
Istanbul HSBC Bank Merkez branch in Istanbul Akbank Bati Kurumsal branch in Istanbul Yapi ve Kredi Bankasi Gunesli Center
branch in Istanbul Finansbank Merkez branch in Istanbul Denizbank Istanbul Kurumsal branch in
Istanbul |
|
CREDIT FACILITIES |
: |
The subject rarely makes use of credit facilities. |
|
PAYMENT BEHAVIOR |
: |
No payment delays have come to our
knowledge. |
COMMENT ON FINANCIAL POSITION
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
||
|
Capitalization was in high as of 31.12.2007. Furthermore it has to be noted
that 24 % of total liabilities and equity was due to long term loans from
shareholders rather than liabilities to third parties as of 31.12.2007
indicating low indebtedness to third parties. |
||
|
LIQUIDITY |
||
|
High |
As of 31.12.2007 |
|
|
PROFITABILITY |
||
|
The subject which had operating and net losses in 2006 had operating
loss and low net profitability in 2007. |
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|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
||
|
Unfavorable |
In 2007 |
|
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GENERAL
FINANCIAL POSITION |
||
|
The subject which had operating and net losses in 2006 had operating
loss and low net profitability in 2007. But capitalization and liquidity were
high in 2007. |
||
CREDIT OPINION
|
CREDIT
OPINION WITHOUT OBLIGATION |
: |
The
subject is a giant company which operates within a reputable group. Although
the firm had losses in 2006 and in 2007, we consider a max. credit of USD 16
million may be granted to the subject in view of its size, reputation
business background, capitalization and liquidity. |
|
|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(1998) |
54.30 % |
0.2657 |
0.2967 |
0.4410 |
|
(1999) |
62.90 % |
0.4278 |
0.4518 |
0.6843 |
|
(2000) |
32.70 % |
0.6251 |
0.5774 |
0.9480 |
|
(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.-31.05.2008) |
13.39 % |
1.2181 |
1.8583 |
2.4201 |
BALANCE SHEETS
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
31.12.06 |
|
|
|
31.12.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
257.392 |
|
0.56 |
|
468.479 |
|
0.64 |
|
|
|
Cash and Banks |
32.148 |
|
0.07 |
|
48.877 |
|
0.07 |
|
|
|
Marketable Securities |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Account Receivable |
106.142 |
|
0.23 |
|
243.524 |
|
0.33 |
|
|
|
Other Receivable |
1.511 |
|
0.00 |
|
511 |
|
0.00 |
|
|
|
Inventories |
104.613 |
|
0.23 |
|
156.408 |
|
0.21 |
|
|
|
Advances Given |
7.688 |
|
0.02 |
|
12.508 |
|
0.02 |
|
|
|
Other Current Assets |
5.290 |
|
0.01 |
|
6.651 |
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
198.646 |
|
0.44 |
|
269.138 |
|
0.36 |
|
|
|
Long-term Receivable |
0 |
|
0.00 |
|
2 |
|
0.00 |
|
|
|
Financial Assets |
4.022 |
|
0.01 |
|
4.102 |
|
0.01 |
|
|
|
Tangible Fixed Assets (net) |
140.384 |
|
0.31 |
|
207.823 |
|
0.28 |
|
|
|
Intangible Assets |
53.693 |
|
0.12 |
|
57.211 |
|
0.08 |
|
|
|
Other Non-Current Assets |
547 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
456.038 |
|
1.00 |
|
737.617 |
|
1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
122.054 |
|
0.27 |
|
94.578 |
|
0.13 |
|
|
|
Financial Loans |
13.707 |
|
0.03 |
|
1.828 |
|
0.00 |
|
|
|
Accounts Payable |
100.112 |
|
0.22 |
|
78.469 |
|
0.11 |
|
|
|
Loans from Shareholders |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Other Short-term Payable |
91 |
|
0.00 |
|
803 |
|
0.00 |
|
|
|
Advances from Customers |
5.084 |
|
0.01 |
|
9.264 |
|
0.01 |
|
|
|
Taxes Payable |
1.337 |
|
0.00 |
|
1.744 |
|
0.00 |
|
|
|
Provisions |
0 |
|
0.00 |
|
177 |
|
0.00 |
|
|
|
Other Current Liabilities |
1.723 |
|
0.00 |
|
2.293 |
|
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
71.836 |
|
0.16 |
|
199.447 |
|
0.27 |
|
|
|
Financial Loans |
3.185 |
|
0.01 |
|
3.699 |
|
0.01 |
|
|
|
Securities Issued |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Long-term Payable |
1.001 |
|
0.00 |
|
9.120 |
|
0.01 |
|
|
|
Loans from Shareholders |
63.071 |
|
0.14 |
|
179.049 |
|
0.24 |
|
|
|
Other
Long-term Liabilities |
1.798 |
|
0.00 |
|
3.689 |
|
0.01 |
|
|
|
Provisions |
2.781 |
|
0.01 |
|
3.890 |
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
262.148 |
|
0.57 |
|
443.592 |
|
0.60 |
|
|
|
Paid-in
Capital |
130.000 |
|
0.29 |
|
294.704 |
|
0.40 |
|
|
|
Inflation Adjustment of Capital |
132.953 |
|
0.29 |
|
132.952 |
|
0.18 |
|
|
|
Reserves |
31.177 |
|
0.07 |
|
46.673 |
|
0.06 |
|
|
|
Revaluation Fund |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Accumulated Losses(-) |
0 |
|
0.00 |
|
-31.982 |
|
-0.04 |
|
|
|
Net Profit (loss) |
-31.982 |
|
-0.07 |
|
1.245 |
|
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
456.038 |
|
1.00 |
|
737.617 |
|
1.00 |
|
INCOME STATEMENTS
|
|
|
YTL Thousand |
|
|
|
YTL Thousand |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
399.065 |
|
1.00 |
|
448.311 |
|
1.00 |
|
|
|
Cost of Goods Sold |
368.384 |
|
0.92 |
|
417.500 |
|
0.93 |
|
|
|
Gross Profit |
30.681 |
|
0.08 |
|
30.811 |
|
0.07 |
|
|
|
Operating Expenses |
45.791 |
|
0.11 |
|
49.571 |
|
0.11 |
|
|
|
Operating Profit |
-15.110 |
|
-0.04 |
|
-18.760 |
|
-0.04 |
|
|
|
Other Income |
38.729 |
|
0.10 |
|
61.531 |
|
0.14 |
|
|
|
Other Expenses |
6.605 |
|
0.02 |
|
15.354 |
|
0.03 |
|
|
|
Financial Expenses |
48.996 |
|
0.12 |
|
26.172 |
|
0.06 |
|
|
|
Profit (loss) Before Tax |
-31.982 |
|
-0.08 |
|
1.245 |
|
0.00 |
|
|
|
Tax Payable |
0 |
|
0.00 |
|
0 |
|
0.00 |
|
|
|
Net Profit (loss) |
-31.982 |
|
-0.08 |
|
1.245 |
|
0.00 |
|
FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Current Ratio |
2.11 |
|
|
|
4.95 |
|
|
|
|
|
Acid-Test Ratio |
1.15 |
|
|
|
3.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0.23 |
|
|
|
0.21 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0.24 |
|
|
|
0.33 |
|
|
|
|
|
Tangible Assets/Total Assets |
0.31 |
|
|
|
0.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
3.52 |
|
|
|
2.67 |
|
|
|
|
|
Stockholders' Equity Turnover |
1.52 |
|
|
|
1.01 |
|
|
|
|
|
Asset Turnover |
0.88 |
|
|
|
0.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0.57 |
|
|
|
0.60 |
|
|
|
|
|
Current Liabilities/Total Assets |
0.27 |
|
|
|
0.13 |
|
|
|
|
|
Financial Leverage |
0.43 |
|
|
|
0.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
-0.12 |
|
|
|
0.00 |
|
|
|
|
|
Operating Profit Margin |
-0.04 |
|
|
|
-0.04 |
|
|
|
|
|
Net Profit Margin |
-0.08 |
|
|
|
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
95.75 |
|
|
|
195.55 |
|
|
|
|
|
Average Payable Period (days) |
98.81 |
|
|
|
75.53 |
|
|
|
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%)