MIRA
INFORM REPORT
|
Report Date : |
19.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GULUM LASTIK SANAYI VE DIS TICARET LTD STI |
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Registered Office : |
Merkez Mah. Deve Kaldirimi Cad. No:8 Mahmutbey Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
25.05.1995 |
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Com. Reg. No.: |
330598 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacture and Trade of Elastic Band, Latex Yarn and PP Yarn |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
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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Maximum Credit Limit : |
EUR 200,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
GULUM LASTIK SANAYI VE DIS TICARET LTD STI |
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ADDRESS |
: |
Head Office&Store: Merkez Mah. Deve
Kaldirimi Cad. No:8 Mahmutbey Istanbul / Turkey The
street name of the subject was changed from “Karsiyaka Mah.” to “Merkez Mah”
by the municipality Production Plant: Fabrikalar Mevkii E-5
Karayolu Uzeri Efes Pilsen Deposu Degirmenkoy Silivri Istanbul / Turkey |
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PHONE NUMBER |
: |
90-212-735 38 10 |
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FAX NUMBER |
: |
90-212-735 38 13 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Gunesli / 4230024592 |
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REGISTRATION NUMBER |
: |
330598 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
25.05.1995 (Commercial Registry Gazette
Date/No: 30.05.1995/3795) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 4,000,000 |
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PAID-IN CAPITAL |
: |
YTL 1,558,750 (As of 31.12.2007) |
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HISTORY |
: |
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Previous
Registered Capital |
:YTL 1,000,000 |
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Regist. Capital Changed on |
:28.12.2007 (Commercial Registry Gazette
Date/No: 03.01.2008/6969) |
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Previous Address |
:Karsiyaka Mah. Deve Kaldirimi Cad. No:13
Mahmutbey Istanbul |
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Address Changed On |
:25.03.2005 (Commercial Registry Gazette Date/No:
30.03.2005/6271) |
OWNERSHIP / MANAGEMENT
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SHAREHOLDERS |
: |
Hayrettin Kacar Bahattin Kacar |
99 % 1 % |
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SISTER COMPANIES |
: |
Makro Karton Bobin ve Plastik Ambalaj
Sanayi ve Ticaret Ltd Sti |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTORS |
: |
Hayrettin Kacar |
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OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Manufacture and trade of elastic band,
latex yarn and pp yarn |
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SECTOR |
: |
Textile |
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NUMBER OF
EMPLOYEES |
: |
33 |
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NET SALES |
: |
(YTL) 655,750 4,385,089 6,711,888 1,771,469 |
(2005) (2006) (2007) (01.01.-31.03.2008) |
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IMPORT COUNTRIES |
: |
Malaysia, Sri Lanka, India, Thailand… |
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MERCHANDISE
IMPORTED |
: |
Raw materials |
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EXPORT VALUE |
: |
None YTL 18,247 YTL 267,410 YTL 79,211 |
(2005) (2006) (2007) (01.01-31.03.2008) |
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EXPORT COUNTRIES |
: |
Bosnia-Herzegovina, Morocco, Croatia,
Italy… |
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MERCHANDISE
EXPORTED |
: |
Elastic band, latex yarn and pp yarn |
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PREMISES |
: |
Head Office&Store: Merkez Mah. Deve
Kaldirimi Cad. No:8 Mahmutbey Istanbul Production Plant: Fabrikalar Mevkii E-5
Karayolu Uzeri Efes Pilsen Deposu Degirmenkoy Silivri Istanbul(rented) |
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FIXED CAPITAL
INVESTMENTS |
: |
Machinery investments are going on |
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TREND OF
BUSINESS |
: |
Upwards |
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SIZE OF BUSINESS |
: |
Upper-medium |
FINANCE
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MAIN DEALING BANKERS |
: |
Eurobank Tekfen Corlu branch in Tekirdag Yapi ve Kredi Bankasi Silivri branch
Istanbul Turk Ekonomi Bankasi Corlu branch in
Tekirdag |
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CREDIT FACILITIES |
: |
The subject company is making active use of credit
facilities. |
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PAYMENT BEHAVIOUR |
: |
We are informed about a few payment delays which were
resolved later on. |
COMMENT ON FINANCIAL POSITION
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FINANCIAL STRUCTURE
(SUFFICENCY OF OWN RESOURCES) |
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Insufficient |
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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Profitability was low in 2007. The subject which had operating profit,
had net loss in the first 3 months of 2008 due to financial expenses. |
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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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Passable |
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CREDIT OPINION
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CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of EUR 200,000 may be granted to the subject company. |
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
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(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
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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.-31.03.2008) |
6.26 % |
1.2033 |
1.8179 |
2.3972 |
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(1.1.-31.05.2008) |
13.39 % |
1.2181 |
1.8583 |
2.4201 |
BALANCE SHEETS
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YTL |
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31.12.07 |
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CURRENT ASSETS |
7.248.764 |
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0,86 |
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Cash and Banks |
101.430 |
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0,01 |
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Marketable Securities |
0 |
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0,00 |
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Account Receivable |
5.770.137 |
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0,68 |
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Other Receivable |
171.840 |
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0,02 |
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Inventories |
527.021 |
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0,06 |
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Advances Given |
339.985 |
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0,04 |
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Other Current Assets |
338.351 |
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0,04 |
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NON-CURRENT ASSETS |
1.183.792 |
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0,14 |
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Long-term Receivable |
11.812 |
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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) |
275.215 |
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0,03 |
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Intangible Assets |
815.997 |
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0,10 |
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Other Non-Current Assets |
80.768 |
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0,01 |
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TOTAL ASSETS |
8.432.556 |
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1,00 |
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CURRENT LIABILITIES |
5.146.384 |
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0,61 |
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Financial Loans |
2.822.053 |
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0,33 |
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Accounts Payable |
1.728.550 |
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0,20 |
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Loans from Shareholders |
57.363 |
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0,01 |
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Other Short-term Payable |
121.403 |
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0,01 |
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Advances from Customers |
276.415 |
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0,03 |
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Taxes Payable |
94.882 |
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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 |
45.718 |
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0,01 |
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LONG-TERM LIABILITIES |
1.555.091 |
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0,18 |
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Financial Loans |
1.555.091 |
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0,18 |
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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 |
0 |
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0,00 |
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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 |
1.731.081 |
|
0,21 |
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Paid-in Capital |
1.558.750 |
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0,18 |
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Inflation Adjustment of Capital |
616 |
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0,00 |
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Reserves |
155.285 |
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0,02 |
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Revaluation Fund |
0 |
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0,00 |
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Accumulated Losses(-) |
0 |
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0,00 |
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Net Profit (loss) |
16.430 |
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0,00 |
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TOTAL LIABILITIES AND EQUITY |
8.432.556 |
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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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01.01-31.03.2008 |
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Net Sales |
6.711.888 |
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1,00 |
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1.771.469 |
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1,00 |
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Cost of
Goods Sold |
5.390.906 |
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0,80 |
|
1.421.968 |
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0,80 |
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Gross Profit |
1.320.982 |
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0,20 |
|
349.501 |
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0,20 |
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Operating
Expenses |
418.234 |
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0,06 |
|
101.731 |
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0,06 |
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Operating Profit |
902.748 |
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0,13 |
|
247.770 |
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0,14 |
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Other
Income |
100.248 |
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0,01 |
|
31.854 |
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0,02 |
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Other
Expenses |
187.838 |
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0,03 |
|
33.462 |
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0,02 |
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Financial
Expenses |
751.524 |
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0,11 |
|
250.389 |
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0,14 |
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Profit (loss) Before Tax |
63.634 |
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0,01 |
|
-4.227 |
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0,00 |
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Tax
Payable |
47.204 |
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0,01 |
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0 |
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0,00 |
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Net Profit (loss) |
16.430 |
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0,00 |
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-4.227 |
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0,00 |
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FINANCIAL
RATIOS
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2007 |
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01.01-31.03.2008 |
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LIQUIDITY RATIOS |
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Current Ratio |
1,41 |
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-- |
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Acid-Test Ratio |
1,17 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,06 |
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-- |
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Short-term Receivable/Total Assets |
0,70 |
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-- |
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Tangible Assets/Total Assets |
0,03 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
10,23 |
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-- |
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Stockholders' Equity Turnover |
3,88 |
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-- |
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Asset Turnover |
0,80 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,21 |
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-- |
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Current Liabilities/Total Assets |
0,61 |
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-- |
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Financial Leverage |
0,79 |
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-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,01 |
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-- |
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Operating Profit Margin |
0,13 |
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|
0,14 |
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Net Profit Margin |
0,00 |
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|
0,00 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
310,12 |
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-- |
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Average Payable Period (days) |
115,43 |
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-- |
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RATING
EXPLANATIONS
|
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 |
|
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 |
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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%)