MIRA
INFORM REPORT
|
Report Date : |
12.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TURK HAVA YOLLARI ANONIM ORTAKLIGI |
|
|
|
|
Formerly Known As : |
HAVA YOLLARI DEVLET ISLETMESI (STATE AIRLINES ADMINISTRATION) |
|
|
|
|
Registered Office : |
Turk Hava Yollari Genel Yonetim Binasi, Ataturk Havalimani, 34149
Yesilkoy- Istanbul |
|
|
|
|
Country : |
Turkey |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
20.05.1933 |
|
|
|
|
Com. Reg. No.: |
75184 |
|
|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
National and International Air Transportation and Civil Aviation |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 575 million |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
REMARKS: The address of the company
stated at your inquiry “Turkish Airlines
General Building Ataturk Airport Yesilkoy 34149 Istanbul/ Turkey” is the address of “TURK HAVA YOLLARI ANONIM ORTAKLIGI” in English.
COMPANY IDENTIFICATION
|
NAME |
: |
TURK HAVA YOLLARI ANONIM ORTAKLIGI |
|
ADDRESS |
: |
Head Office: Turk Hava Yollari Genel
Yonetim Binasi, Ataturk Havalimani, 34149 Yesilkoy- Istanbul / Turkey |
|
PHONE NUMBER |
: |
90-212-463 63 63 (90 lines) |
|
FAX NUMBER |
: |
90-212-465 21 21 (5 lines) |
LEGAL STATUS AND HISTORY
|
TAX OFFICE/NO |
: |
Buyuk Mukellefler / 8760047464 |
|
||
|
REGISTRATION NUMBER |
: |
75184 |
|
||
|
REGISTERED OFFICE |
: |
Istanbul Chamber of Commerce |
|
||
|
DATE ESTABLISHED |
: |
20.05.1933 |
|
||
|
LEGAL FORM |
: |
Joint Stock Company |
|
||
|
AUTHORIZED CAPITAL |
: |
YTL 500.000.000 |
|
||
|
ISSUED CAPITAL |
: |
YTL 175.000.000 |
|
||
|
HISTORY |
: |
|
|||
|
|
|
Previous Name |
:Hava Yollari Devlet Isletmesi (State
Airlines Administration) |
||
|
|
|
Name Changed In |
:1956 |
||
|
|
|
Previous Authorized Capital |
:YTL 175.000.000 |
||
|
|
|
Auth. Capital Changed on |
:26.12.2000 (Commercial Registry Gazette Date
/ No: 09.01.2001 / 5210).
|
||
|
|
|
Previous Issued Capital |
:YTL 150.000.000 |
||
|
|
|
Issued Capital Changed On |
:20.04.2001 (Commercial Registry Gazette
Date /No: 26.04.2001 / 5282) |
||
|
|
|
Other Historical Events |
:Turkish Airlines was founded in Ankara on
20.05.1933 as a part of the Ministry of Defense under the name “Hava Yollari
Devlet Isletmesi” (State Airlines Administration). In 1956, the airline
attained a new organizational status that enabled it to function like a
privately held corporation and was renamed as “Turk Hava Yollari A.O.”
(Turkish Airlines Inc.). On September 25, 1990 the decision was taken to
privatize the airline with the scope of Law No.3291 and the shares of the
airline were transferred to the Prime Ministry Public Participation
Administration. In 1994, shares of
the subject were transferred to Prime Ministry Privatization Administration
(Basbakanlik Ozellestirme Idaresi Baskanligi) |
||
OWNERSHIP / MANAGEMENT
|
SHAREHOLDERS |
: |
Prime Ministry Privatization
Administration Others |
49,12 % 50,88 % |
|
|
REMARKS ON
SHAREHOLDERS |
: |
Prime Ministry Privatization Administration
(Basbakanlik Ozellestirme Idaresi Baskanligi) is a public establishment which
performs the privatization of public enterprises. Shares of the
subject are quoted at Istanbul Stock Exchange. |
||
|
BOARD OF DIRECTORS |
: |
Dr. Candan Karlitekin Hamdi Topcu Doc. Dr. Temel Kotil Prof. Dr. Cemal Sanli Mehmet Buyukeksi Mehmet Muzaffer Akpinar Orhan Birdal |
Chairman Vice-Chairman Member Member Member Member Member |
|
|
DIRECTORS |
: |
Doc. Dr. Temel Kotil |
General Manager |
|
OPERATIONS
|
BUSINESS
ACTIVITIES |
: |
National and international air
transportation and civil aviation The technical department and the technical
employees of Turk Hava Yollari AS. were transferred to Turk Hava Yollari
Teknik A.S. on 23.05.2006 (Commercial Registry Gazette Date/No: 31.05.2006 /
6567) There are totally 105 airplanes on the
fleet of the subject as of 30.06.2008 The subject “Turk Hava Yollari Anonim
Ortakligi (THY)” has flights to 32 domestic and 108 foreign points as totally
110 airports as of 30.06.2008. |
|
|
|
NUMBER OF
EMPLOYEES |
: |
11.348 |
|
|
|
NET SALES |
: |
(YTL Thousand) 2.950.540 2.499.793 2.793.356 3.107.072 4.049.383 4.772.608 2.613.632 |
(2002) (2003) (2004) (2005) (2006) (2007) (01.01.-30.06.2008) |
|
|
CAPACITY |
: |
Revenue Passenger -Km
(Million) 21.317 25.383 30.251 |
(2005) (2006) (2007) |
|
|
|
|
Carriage (Tons) 140.559 159.873 177.508 |
(2005) (2006) (2007) |
|
|
IMPORT VALUE |
: |
USD 617.900.000 USD 732.815.226 USD 756.581.513 USD 728.457.119 USD 831.683.746 YTL 548.729.895 YTL
1.093.983.448 YTL
1.267.177.427 YTL
1.277.610.591 USD 655.260.640 USD 975.545.794 USD
1.147.180.065 USD
1.110.336.019 YTL 742.716.350 |
(1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (01.01-30.06.2008) |
|
IMPORT COUNTRIES |
: |
Europe, USA, Japan, Canada... |
|
|
EXPORT VALUE |
: |
USD 955.360.612 USD
1.121.040.456 YTL
121.581.442 YTL
197.944.597 YTL 303.908.511 YTL
534.828.803 YTL 1.036.925.472 YTL
1.370.477.677 YTL
1.334.474.583 USD 451.127.358 YTL
2.309.065.207 USD
2.087.314.069 USD
2.659.019.943 YTL 1.881.714.921 |
(1995) (1996) (1997) (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (01.01-30.06.2008) |
|
REMARKS ON
EXPORT |
: |
As the subject is a transportation company, the
export value is due to foreign income
of transportation. |
|
|
PREMISES |
: |
Head Office: Turk Hava Yollari Genel Yonetim
Binasi, Ataturk Havalimani, 34149 Yesilkoy - Istanbul |
|
|
FIXED CAPITAL
INVESTMENTS |
: |
Investments are going on. |
|
|
TREND OF
BUSINESS |
: |
Steady |
|
SIZE OF BUSINESS |
: |
Giant |
FINANCE
|
MAIN DEALING BANKERS |
: |
Garanti Bankasi Bakirkoy Kurumsal branch
in Istanbul Turk Ekonomi Bankasi Gunesli branch in
Istanbul Yapi ve Kredi Bankasi Yesilkoy branch in
Istanbul Ziraat Bankasi Yesilkoy branch in Istanbul |
|
CREDIT FACILITIES |
: |
The subject company is making active use
of credit facilities. |
|
PAYMENT BEHAVIOUR |
: |
No payment delays have come to our knowledge. |
COMMENT ON FINANCIAL POSITION
BASIS OF PRESENTATION OF THE FINANCIAL
STATEMENTS
The financial statements of 31.12.2006, 31.12.2007
and 30.06.2008 are consolidated financial statements
which have been prepared by the consolidation of the financial statements of
the following firms:
|
|
Consolidated Companies |
Country |
Activity |
Participation ( % ) |
|
|
|
|
|
|
|
1. |
THY Teknik A.S. |
Turkey |
Techical Maintenance |
100 |
|
2. |
Gunes Ekspres Havacilik A.S. |
Turkey |
Air Transportation |
50 |
|
3. |
THY DO & CO Ikram Hizmetleri A.S. |
Turkey |
Service |
50 |
|
FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
|
|
Fair |
As of 30.06.2008 |
|
LIQUIDITY |
|
|
High |
As of 30.06.2008 |
|
PROFITABILITY |
|
|
High |
Between 01.01-30.06.2008 |
|
GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
|
|
Favorable |
Between 01.01-30.06.2008 |
|
GENERAL
FINANCIAL POSITION |
|
|
Satisfactory |
|
CREDIT OPINION
|
CREDIT OPINION WITHOUT OBLIGATION |
: |
We are of the opinion that, a max. credit
of USD 575 million may be granted to the subject company. |
|
|
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.-30.06.2008) |
13.76 % |
1.2197 |
1.8695 |
2.4232 |
|
(1.1.-31.10.2008) |
12.11 % |
1.2408 |
1.8598 |
2.3855 |
CONSOLIDATED
BALANCE SHEETS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
31.12.2006 |
|
|
|
31.12.2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
857.257.447 |
|
0,19 |
|
1.487.528.554 |
|
0,30 |
|
|
|
Cash and
Cash Equivalents |
365.057.959 |
|
0,08 |
|
552.951.215 |
|
0,11 |
|
|
|
Marketable
Securities |
0 |
|
0,00 |
|
219.265.000 |
|
0,04 |
|
|
|
Account
Receivable (net) |
273.400.852 |
|
0,06 |
|
245.335.636 |
|
0,05 |
|
|
|
Due from
Related Parties |
21.318.613 |
|
0,00 |
|
10.996.580 |
|
0,00 |
|
|
|
Other Receivable |
8.571.133 |
|
0,00 |
|
296.194.360 |
|
0,06 |
|
|
|
Inventories |
135.643.567 |
|
0,03 |
|
115.708.936 |
|
0,02 |
|
|
|
Other
Current Assets |
53.265.323 |
|
0,01 |
|
47.076.827 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
3.741.767.286 |
|
0,81 |
|
3.434.267.181 |
|
0,70 |
|
|
|
Long-term
Receivable |
1.971.731 |
|
0,00 |
|
20.494.308 |
|
0,00 |
|
|
|
Due from
Related Parties |
14.812.000 |
|
0,00 |
|
3.591.420 |
|
0,00 |
|
|
|
Financial
Assets |
29.327.501 |
|
0,01 |
|
41.386.607 |
|
0,01 |
|
|
|
Tangible
Fixed Assets (net) |
3.503.076.666 |
|
0,76 |
|
3.288.059.407 |
|
0,67 |
|
|
|
Intangible Assets |
7.508.620 |
|
0,00 |
|
10.445.317 |
|
0,00 |
|
|
|
Other Non-Current
Assets |
185.070.768 |
|
0,04 |
|
70.290.122 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
4.599.024.733 |
|
1,00 |
|
4.921.795.735 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
1.073.727.696 |
|
0,23 |
|
1.140.245.122 |
|
0,23 |
|
|
|
Financial
Loans |
223.575.454 |
|
0,05 |
|
229.795.999 |
|
0,05 |
|
|
|
Accounts
Payable |
318.114.700 |
|
0,07 |
|
362.856.916 |
|
0,07 |
|
|
|
Due to
Related Parties |
14.869.046 |
|
0,00 |
|
7.126.031 |
|
0,00 |
|
|
|
Advances
from Customers |
45.665.631 |
|
0,01 |
|
35.024.716 |
|
0,01 |
|
|
|
Provisions |
27.369.058 |
|
0,01 |
|
24.760.436 |
|
0,01 |
|
|
|
Other
Current Liabilities |
444.133.807 |
|
0,10 |
|
480.681.024 |
|
0,10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
1.915.578.585 |
|
0,42 |
|
1.877.243.056 |
|
0,38 |
|
|
|
Financial
Loans |
1.480.334.304 |
|
0,32 |
|
1.595.842.462 |
|
0,32 |
|
|
|
Long Term
Payable |
8.988.621 |
|
0,00 |
|
7.058.322 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
0 |
|
0,00 |
|
0 |
|
0,00 |
|
|
|
Provisions |
117.304.910 |
|
0,03 |
|
131.959.011 |
|
0,03 |
|
|
|
Deferred
Tax Liability |
308.950.750 |
|
0,07 |
|
142.383.261 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
1.609.718.452 |
|
0,35 |
|
1.904.307.557 |
|
0,39 |
|
|
|
Paid-in
Capital |
175.000.000 |
|
0,04 |
|
175.000.000 |
|
0,04 |
|
|
|
Reserves |
8.223.909 |
|
0,00 |
|
8.223.909 |
|
0,00 |
|
|
|
Revaulation Fund |
1.922.017.534 |
|
0,42 |
|
1.872.838.374 |
|
0,38 |
|
|
|
Accumulated Profits (Losses) |
-681.272.417 |
|
-0,15 |
|
-443.647.349 |
|
-0,09 |
|
|
|
Net
Profit (loss) |
185.749.426 |
|
0,04 |
|
291.892.623 |
|
0,06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
4.599.024.733 |
|
1,00 |
|
4.921.795.735 |
|
1,00 |
|
CONSOLIDATED
INCOME STATEMENTS
|
|
|
YTL |
|
|
|
YTL |
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
4.049.382.765 |
|
1,00 |
|
4.772.608.331 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
3.247.648.431 |
|
0,80 |
|
3.453.757.947 |
|
0,72 |
|
|
|
Gross Profit |
801.734.334 |
|
0,20 |
|
1.318.850.384 |
|
0,28 |
|
|
|
Operating
Expenses |
712.312.403 |
|
0,18 |
|
772.820.320 |
|
0,16 |
|
|
|
Operating Profit |
89.421.931 |
|
0,02 |
|
546.030.064 |
|
0,11 |
|
|
|
Other
Income |
875.813.548 |
|
0,22 |
|
112.828.538 |
|
0,02 |
|
|
|
Other
Expenses |
671.072.706 |
|
0,17 |
|
418.985.940 |
|
0,09 |
|
|
|
Financial
Income-Expenses(net) |
-98.102.328 |
|
-0,02 |
|
164.350.843 |
|
0,03 |
|
|
|
Profit (loss) Before Tax |
196.060.445 |
|
0,05 |
|
404.223.505 |
|
0,08 |
|
|
|
Tax
Payable |
10.311.019 |
|
0,00 |
|
112.330.882 |
|
0,02 |
|
|
|
Net Profit (loss) |
185.749.426 |
|
0,05 |
|
291.892.623 |
|
0,06 |
|
FINANCIAL RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2006 |
|
|
|
2007 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Current Ratio |
0,80 |
|
|
|
1,30 |
|
|
|
|
|
Acid-Test Ratio |
0,62 |
|
|
|
1,16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory/Total Assets |
0,03 |
|
|
|
0,02 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,07 |
|
|
|
0,11 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,76 |
|
|
|
0,67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
|
|
|
|
Inventory Turnover |
23,94 |
|
|
|
29,85 |
|
|
|
|
|
Stockholders' Equity Turnover |
2,52 |
|
|
|
2,51 |
|
|
|
|
|
Asset Turnover |
0,88 |
|
|
|
0,97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,35 |
|
|
|
0,39 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,23 |
|
|
|
0,23 |
|
|
|
|
|
Financial Leverage |
0,65 |
|
|
|
0,61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,12 |
|
|
|
0,15 |
|
|
|
|
|
Operating Profit Margin |
0,02 |
|
|
|
0,11 |
|
|
|
|
|
Net Profit Margin |
0,05 |
|
|
|
0,06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
|
|
|
|
Average Collection Period (days) |
24,48 |
|
|
|
20,05 |
|
|
|
|
|
Average Payable Period (days) |
36,26 |
|
|
|
38,56 |
|
|
|
CONSOLIDATED BALANCE
SHEET
|
|
|
YTL |
|
|
|
|
|
|
30.6.08 |
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
2.076.176.488 |
|
0,34 |
|
|
|
Cash and
Cash Equivalents |
533.921.248 |
|
0,09 |
|
|
|
Marketable Securities |
685.262.256 |
|
0,11 |
|
|
|
Account
Receivable (net) |
459.131.365 |
|
0,08 |
|
|
|
Other
Receivable |
222.204.983 |
|
0,04 |
|
|
|
Inventories |
118.315.414 |
|
0,02 |
|
|
|
Other
Current Assets |
57.341.222 |
|
0,01 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
4.004.587.241 |
|
0,66 |
|
|
|
Long-term
Receivable |
16.886.854 |
|
0,00 |
|
|
|
Financial
Assets |
24.664.038 |
|
0,00 |
|
|
|
Tangible
Fixed Assets (net) |
3.843.783.366 |
|
0,63 |
|
|
|
Intangible Assets |
14.193.027 |
|
0,00 |
|
|
|
Other
Non-Current Assets |
105.059.956 |
|
0,02 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
6.080.763.729 |
|
1,00 |
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
1.563.424.729 |
|
0,26 |
|
|
|
Financial
Loans |
287.139.916 |
|
0,05 |
|
|
|
Accounts
Payable |
451.430.474 |
|
0,07 |
|
|
|
Other
Short-term Payable |
106.772.001 |
|
0,02 |
|
|
|
Advances
from Customers |
0 |
|
0,00 |
|
|
|
Taxes
Payable |
1.237.842 |
|
0,00 |
|
|
|
Provisions |
38.384.094 |
|
0,01 |
|
|
|
Other
Current Liabilities |
678.460.402 |
|
0,11 |
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
2.357.884.161 |
|
0,39 |
|
|
|
Financial
Loans |
1.979.581.038 |
|
0,33 |
|
|
|
Long Term
Payable |
7.664.232 |
|
0,00 |
|
|
|
Other
Long-term Liabilities |
24.025.525 |
|
0,00 |
|
|
|
Provisions |
140.411.053 |
|
0,02 |
|
|
|
Deferred
Tax Liability |
206.202.313 |
|
0,03 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
2.159.454.839 |
|
0,36 |
|
|
|
Paid-in
Capital |
175.000.000 |
|
0,03 |
|
|
|
Reserves |
0 |
|
0,00 |
|
|
|
Revaluation Fund |
1.729.307.557 |
|
0,28 |
|
|
|
Accumulated
Profits (Losses) |
0 |
|
0,00 |
|
|
|
Net
Profit (loss) |
255.147.282 |
|
0,04 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
6.080.763.729 |
|
1,00 |
|
CONSOLIDATED INCOME STATEMENT
|
|
|
YTL |
|
|
|
|
|
|
01.01.-30.06.2008 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
2.613.631.634 |
|
1,00 |
|
|
|
Cost of
Goods Sold |
2.050.976.856 |
|
0,78 |
|
|
|
Gross Profit |
562.654.778 |
|
0,22 |
|
|
|
Operating
Expenses |
234.996.364 |
|
0,09 |
|
|
|
Operating Profit |
327.658.414 |
|
0,13 |
|
|
|
Financial
Income-Expenses(net) |
4.820.147 |
|
0,00 |
|
|
|
Profit
(loss) of consolidated firms |
10.697.019 |
|
0,00 |
|
|
|
Profit (loss) Before Tax |
321.781.542 |
|
0,12 |
|
|
|
Tax
Payable |
2.210.320 |
|
0,00 |
|
|
|
Postponed
Tax Gain |
64.423.940 |
|
0,02 |
|
|
|
Net Profit (loss) |
255.147.282 |
|
0,10 |
|
FINANCIAL RATIOS
|
|
|
01.01.-30.06.2008 |
|
|
|
|
|
LIQUIDITY RATIOS |
|
|
|
|
|
|
Current Ratio |
1,33 |
|
|
|
|
|
Acid-Test Ratio |
1,22 |
|
|
|
|
|
|
|
|
|
|
|
|
ASSET STRUCTURE RATIOS |
|
|
|
|
|
|
Inventory/Total Assets |
0,02 |
|
|
|
|
|
Short-term Receivable/Total Assets |
0,11 |
|
|
|
|
|
Tangible Assets/Total Assets |
0,63 |
|
|
|
|
|
|
|
|
|
|
|
|
TURNOVER RATIOS |
|
|
|
|
|
|
Inventory Turnover |
17,33 |
|
|
|
|
|
Stockholders' Equity Turnover |
1,21 |
|
|
|
|
|
Asset Turnover |
0,43 |
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STRUCTURE |
|
|
|
|
|
|
Stockholders' Equity/Total Assets |
0,36 |
|
|
|
|
|
Current Liabilities/Total Assets |
0,26 |
|
|
|
|
|
Financial Leverage |
0,64 |
|
|
|
|
|
|
|
|
|
|
|
|
PROFITABILITY RATIOS |
|
|
|
|
|
|
Net Profit/Stockholders' Eq. |
0,12 |
|
|
|
|
|
Operating Profit Margin |
0,13 |
|
|
|
|
|
Net Profit Margin |
0,10 |
|
|
|
|
|
|
|
|
|
|
|
|
COLLECTION-PAYMENT |
|
|
|
|
|
|
Average Collection Period (days) |
65,57 |
|
|
|
|
|
Average Payable Period (days) |
80,58 |
|
|
|
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.79 |
|
UK Pound |
1 |
Rs.75.41 |
|
Euro |
1 |
Rs.61.48 |
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%)