MIRA
INFORM REPORT
|
Report Date : |
19.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
UCOK TEKSTIL VE PAZARLAMA LTD. STI. |
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Registered Office : |
Soganlik Yalniz Selvi Cad. No:21 Kartal-Istanbul |
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Country : |
Turkey |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
09.01.1992 |
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Com. Reg. No.: |
282443 |
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Legal Form : |
Limited Company |
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Line of Business : |
Mixing, Import and Domestic Trade of Textile Dye |
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 845,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY IDENTIFICATION
|
NAME |
: |
UCOK TEKSTIL VE
PAZARLAMA LTD. STI. |
|
ADDRESS |
: |
Head Office: Soganlik Yalniz Selvi Cad. No:21
Kartal-Istanbul/Turkey |
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PHONE NUMBER |
: |
90-216-377 09 41 90-216-377 09 55 |
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FAX NUMBER |
: |
90-216-377 11 71 |
LEGAL STATUS AND HISTORY
|
TAX OFFICE / NO |
: |
Anadolu Kurumlar / 9040053553 |
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REGISTRATION NUMBER |
: |
282443 |
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REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
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DATE ESTABLISHED |
: |
09.01.1992 (Commercial Registry Gazette
Date/No: 17.01.1992 / 2947) |
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LEGAL FORM |
: |
Limited Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 350,000 |
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PAID-IN CAPITAL |
: |
YTL 350,000 |
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HISTORY |
: |
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Previous Registered Capital |
:YTL 10,000 |
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Registered Capital Changed On |
:25.08.2000 (Commercial Registry Gazette
Date/No: 15.09.2000 / 5132) |
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Previous Registered Capital |
:YTL 50,000 |
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Registered Capital Changed In |
:03.12.2002 (Commercial Registry Gazette
Date/No: 11.12.2002 / 5694) |
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Previous Registered Capital |
:YTL 100,000 |
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Registered Capital Changed In |
:13.09.2006 (Commercial Registry Gazette
Date/No: 19.09.2006 / 6645) |
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Ferruh Ucer Kayra Ucer |
62,5 % 37,5 % |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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DIRECTOR |
: |
Ferruh Ucer |
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OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
Mixing, import and domestic trade of
textile dye |
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SECTOR |
: |
Commerce |
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NUMBER OF
EMPLOYEES |
: |
10 |
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NET SALES |
: |
(YTL) 6,172,366 6,877,652 1,526,843 |
(2006) (2007) (01.01.-31.03.2008) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT VALUE |
: |
EUR 1.8 million |
(2007) |
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IMPORT COUNTRIES |
: |
Germany, UK |
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MERCHANDISE
IMPORTED |
: |
Textile dye |
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EXPORT |
: |
None |
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PREMISES |
: |
Head Office: Soganlik Yalniz Selvi Cad.
No:21 Kartal-Istanbul (rented) Laboratory: Besevler Mah. Besevler Cad.
Simay Sitesi No:218/A Nilufer – Bursa (rented) |
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TREND OF
BUSINESS |
: |
Upwards in 2007 |
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SIZE OF BUSINESS |
: |
Lower-medium |
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FINANCE
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MAIN DEALING BANKERS |
: |
Turk Ekonomi Bankasi
Pendik E-5 branch in Istanbul T. Finans Katilim
Bankasi Kartal branch in Istanbul Citibank Kartal
branch in Istanbul |
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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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Good |
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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High |
In 2007 |
High |
Between 01.01.-31.03.2008 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Favorable |
In 2007 |
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GENERAL
FINANCIAL POSITION |
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Good |
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CREDIT OPINION
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CREDIT
OPINION WITHOUT OBLIGATION |
: |
We
are of the opinion that, a max. credit of USD 845,000 may be granted to the
subject company. |
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|
Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
|
(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(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
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YTL |
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|
31.12.07 |
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CURRENT ASSETS |
4.265.280 |
|
0,98 |
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Cash and Banks |
2.473.102 |
|
0,57 |
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Marketable Securities |
0 |
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0,00 |
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Account Receivable |
926.836 |
|
0,21 |
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Other Receivable |
0 |
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0,00 |
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Inventories |
865.342 |
|
0,20 |
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Advances Given |
0 |
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0,00 |
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Other Current Assets |
0 |
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0,00 |
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NON-CURRENT ASSETS |
69.094 |
|
0,02 |
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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) |
46.102 |
|
0,01 |
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Intangible Assets |
7.240 |
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0,00 |
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Other Non-Current Assets |
15.752 |
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0,00 |
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TOTAL ASSETS |
4.334.374 |
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1,00 |
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CURRENT LIABILITIES |
1.914.682 |
|
0,44 |
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Financial Loans |
84.708 |
|
0,02 |
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Accounts Payable |
1.751.551 |
|
0,40 |
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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 |
16.242 |
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0,00 |
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Taxes Payable |
60.725 |
|
0,01 |
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Provisions |
1.456 |
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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 |
166.652 |
|
0,04 |
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Financial Loans |
166.652 |
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0,04 |
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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 |
2.253.040 |
|
0,52 |
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Paid-in Capital |
350.000 |
|
0,08 |
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Inflation Adjustment of Capital |
195.762 |
|
0,05 |
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Reserves |
976.314 |
|
0,23 |
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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) |
730.964 |
|
0,17 |
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TOTAL LIABILITIES AND EQUITY |
4.334.374 |
|
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 |
6.877.652 |
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1,00 |
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1.526.843 |
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1,00 |
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Cost of
Goods Sold |
5.381.498 |
|
0,78 |
|
1.091.854 |
|
0,72 |
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Gross Profit |
1.496.154 |
|
0,22 |
|
434.989 |
|
0,28 |
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Operating
Expenses |
528.402 |
|
0,08 |
|
125.773 |
|
0,08 |
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Operating Profit |
967.752 |
|
0,14 |
|
309.216 |
|
0,20 |
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Other
Income |
276.970 |
|
0,04 |
|
118.170 |
|
0,08 |
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Other
Expenses |
297.638 |
|
0,04 |
|
246.636 |
|
0,16 |
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Financial
Expenses |
31.045 |
|
0,00 |
|
4.840 |
|
0,00 |
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Profit (loss) Before Tax |
916.039 |
|
0,13 |
|
175.910 |
|
0,12 |
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Tax
Payable |
185.075 |
|
0,03 |
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0 |
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0,00 |
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Net Profit (loss) |
730.964 |
|
0,11 |
|
175.910 |
|
0,12 |
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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 |
2,23 |
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-- |
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Acid-Test Ratio |
1,78 |
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-- |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,20 |
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|
-- |
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Short-term Receivable/Total Assets |
0,21 |
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|
-- |
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Tangible Assets/Total Assets |
0,01 |
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-- |
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TURNOVER RATIOS |
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Inventory Turnover |
6,22 |
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-- |
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Stockholders' Equity Turnover |
3,05 |
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|
-- |
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Asset Turnover |
1,59 |
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-- |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,52 |
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|
-- |
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Current Liabilities/Total Assets |
0,44 |
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|
-- |
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Financial Leverage |
0,48 |
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|
-- |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,32 |
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|
-- |
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Operating Profit Margin |
0,14 |
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|
0,20 |
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Net Profit Margin |
0,11 |
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|
0,12 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
48,51 |
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|
-- |
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Average Payable Period (days) |
117,17 |
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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%)